Document:

EXHIBIT
10.28

 

Employment
agreement

 

NUTRIBAND
INC.

 

THIS
EMPLOYMENT AGREEMENT (“Agreement”) is made as of February 1, 2022 (“Effective Date”), by and between SERGUEI
MELNIK of 121 South Orange Ave., Suite 1500, Orlando, Florida 32801 (“Executive”), and NUTRIBAND Inc., a Nevada corporation
(the “Company”). 

 

PREAMBLE

 

WHEREAS, the Board of Directors of the Company recognizes Executive’s previous and potential contribution to the growth and success
of the Company and desires to assure the Company of Executive’s continued employment in an executive capacity as President and to
compensate him therefore;

 

WHEREAS,
Executive wants to be employed by the Company and to commit himself to serve the Company on the terms herein provided;

 

NOW,
THEREFORE, in consideration of the foregoing and of the respective covenants and agreements of the parties, the parties agree as follows:

 

	1	General
                                            Definitions.

 

“Exchange
Act” shall refer to the Securities Exchange Act of 1934, as amended.

 

“Benefits”
shall mean all the fringe benefits approved by the Board from time to time and established by the Company for the benefit of Executives
generally and/or for key Executives of the Company as a class, including, but not limited to, regular holidays, vacations, absences resulting
from illness or accident, health insurance, disability and medical plans (including dental and prescription drug), group life insurance,
and pension, profit-sharing and stock bonus plans or their equivalent.

 

“Board”
shall mean the Board of Directors of the Company, together with an executive committee thereof (if any), as same shall be constituted
from time to time.

 

“Business”
shall refer to the business of the Company which is described as: Medical Products Development.

 

“Chairman”
shall mean the individual designated by the Board from time to time as its Chairman.

 

“Change
of Control” shall mean a change in control that would be required to be reported in response to Item 5.01 of Form 8-K under
the Exchange Act; provided that, without limitation, such a change in control shall be deemed to have occurred if i) any “person”
(as that term is used in Sections 13(d) and 14(d) of the Exchange Act), other than the Company, as constituted, is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 25%
or more of the combined voting power of the Company’s then outstanding securities, (ii) during any period of three consecutive years
during the term of this Agreement, individuals who at the beginning of such period constitute the Board cease for any reason to constitute
at least a majority thereof, unless the election of each director who was not a Director at the beginning of such period has been approved
in advance by Directors representing at least two-thirds of the Directors then in office who were Directors at the beginning of the period.

 

     

     

    

 

Notwithstanding
anything to the contrary in this Agreement, Executive acknowledges that the Company is seeking to raise capital from investors which
would result in such investors acquiring a significant interest in the Company. Provided that Executive consents in writing to or votes
as a director in favor of the infusion of capital to the Company in exchange for a significant equity interest in the Company, no Change
in Control shall be deemed to have occurred.

 

“President”
shall mean that, in the absence or disability of the Chief Executive Officer the President shall perform all the duties of the Chief
Executive Officer and when so acting shall have all the powers of, and be subject to all the restrictions upon, the Chief Executive Officer.
The President shall have such other powers and perform such other duties as from time to time may be prescribed for him or her by the
Board of Directors, these bylaws, the Chief Executive Officer or the Board.

 

“Code”
shall refer to the Internal Revenue Code of 1986, as amended.

 

“Company”
shall mean Nutriband Inc., a Nevada corporation, together with such subsidiaries and affiliates of the Company, as may from time to
time exist.

 

Z

 

“Competitor” shall mean any person, entity, company, or corporation engaged in the same Business in
the same Territory as the Company.

 

“Disability”
shall mean a written determination by a physician mutually agreeable to the Company and Executive (or, in the event of Executive’s total
physical or mental disability, Executive’s legal representative) that Executive is physically or mentally unable to perform his duties
of President under this Agreement and that such disability can reasonably be expected to continue for a period of six (6) consecutive
months or for shorter periods aggregating one hundred and eighty (180) days in any twelve (12)-month period.

 

“Executive”
shall mean Serguei Melnik and, if the context requires, his heirs, personal representatives, and permitted successors and assigns.

 

“Person”
shall mean any natural person, incorporated entity, limited or general partnership, business trust, association, agency (governmental
or private), division, political sovereign, or subdivision or instrumentality, including those groups identified as “persons”
in §§13(d)(3) and 14(d)(2) of the Exchange Act.

 

“Term”
shall mean a period Three (3) years commencing with the Effective Date hereof (the “Initial Term”). On the third (3rd)
anniversary of the Effective Date, and on each subsequent annual anniversary of the effective date thereafter, this Agreement shall be
automatically extended for an additional year (the “Renewal Term(s)”) unless either party notifies the other in writing more
than ninety (90) days prior to the relevant anniversary date that this Agreement is no longer to be extended. The Initial Term and each
subsequent Renewal Term shall constitute the “Term” of this Agreement and all references to the “Term” shall
apply accordingly.

 

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	2.	Positions,
                                            Responsibilities, and Terms of Employment.

 

2.01
Position. Executive shall serve as President and in such additional management position(s) as the Board shall designate. In this
capacity Executive shall, subject to the bylaws of the Company, and to the direction of the Board, serve the Company by performing such
duties and carrying out such responsibilities as are normally related to the position of President in accordance with the standards of
the industry.

 

2.02
Best Efforts Covenant. Executive will, to the best of his ability, devote a substantial portion of his professional and business
time and best efforts to the performance of his duties for the Company and its subsidiaries and affiliates. However, this will not prevent
Executive from engaging in other business activities with other business entities that do not interfere with his responsibilities as
President.

 

2.03
Non-Exclusivity; No Adverse Participation. During this Agreement’s Term, Executive will be free to engage in any other employment,
occupation or business enterprise so long as they do not interfere with his ability to perform his duties under this Agreement. However,
Executive agrees not to acquire, assume, or participate in, directly or indirectly, any position, investment, or interest in the Territory
adverse or antagonistic to the Company, its business or prospects, financial or otherwise, or take any action towards any of the foregoing,
except that such acquisition, assumption or participation shall be permitted if such position, investment or interest is approved by
the Board of Directors of the Company. The provisions of this Section shall not prevent Executive from owning shares of any Competitor
of the Company so long as such shares (i) do not constitute more than 5% of the outstanding equity of such Competitor, and (ii) are regularly
traded on a recognized securities exchange or listed for trading in the over-the-counter market.

 

2.04
Post-Employment Non-competition/Non-Solicitation Covenant. Except with the prior written consent of the Board, Executive shall
not during the Term and for one year thereafter:

 

		(i)	Persuade
                                            or attempt to persuade any person or entity which is or was a customer, client, licensee
                                            or licensor of the Company to cease doing business with the Company, or to reduce the amount
                                            of business it does with the Company (the terms “customer,” “licensee,”
                                            “licensor,” and “client” as used in this Section 8 to include any
                                            potential customer, licensee, licensor or client to whom the Company submitted bids or proposals,
                                            or with whom the Company conducted negotiations, during the term of Executive’s employment
                                            or during the twelve (12) months preceding the termination of his employment;

 

		(ii)	Solicit
                                            for himself or any other person or entity other than the Company the business of any person
                                            or entity which is a customer or client of the Company, or was a customer or client of the
                                            Company within two (2) years prior to the termination of his employment; or

 

		(iii)	Persuade
                                            or attempt to persuade any employee of the Company, or any individual who was an employee
                                            of the Company during the one (1) year period prior to the termination of this Agreement,
                                            to leave the Company’s employ, or to become employed by any person or entity other
                                            than the Company.

 

Executive
acknowledges that the restrictive covenants (the “Restrictive Covenants”) contained in this Section 2.04 of this Agreement
are a condition of his employment and are reasonable and valid in geographical and temporal scope and in all other respects. If any court
or arbitrator determines that any of the Restrictive Covenants, or any part of any of the Restrictive Covenants, is invalid or unenforceable,
the remainder of the Restrictive Covenants and parts thereof shall not thereby be affected and shall remain in full force and effect,
without regard to the invalid portion. If any court or arbitrator determines that any of the Restrictive Covenants, or any part thereof,
is invalid or unenforceable because of the geographic or temporal scope of such provision, such court or arbitrator shall have the power
to reduce the geographic or temporal scope of such provision, as the case may be, and, in its reduced form, such provision shall then
be enforceable.

 

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2.05
Confidential Information. Executive recognizes and acknowledges that the Company’s trade secrets and proprietary information
and know-how, as they may exist from time to time (“Confidential Information”), are valuable, special and unique assets of
theCompany’s business, access to and knowledge of which are essential to the performance of Executive’s duties hereunder. Executive
will not, during or after the term of his employment by the Company, in whole or in part, disclose such secrets, information or know-how
to any Person for any reason or purpose whatsoever, nor shall Executive make use of any such property for his own purposes or for the
benefit of any Person (except the Company) under any circumstances during or after the term of his employment, provided that after the
term of his employment these restrictions shall not apply to such secrets, information and know-how which are then in the public domain
(provided that Executive was not responsible, directly or indirectly, for such secrets, information or processes entering the public
domain without the Company’s consent). Executive shall have no obligation hereunder to keep confidential any Confidential Information
if and to the extent disclosure of any thereof is specifically required by law; provided, however, that in the event disclosure is required
by applicable law, Executive shall provide the Company with prompt notice of such requirement, prior to making any disclosure, so that
the Company may seek an appropriate protective order. Executive agrees to hold as the Company’s property all memoranda, books,
papers, letters, customer lists, processes, computer software, records, financial information, policy and procedure manuals, training
and recruiting procedures and other data, and all copies thereof and therefrom, in any way relating to the Company’s business and
affairs, whether made by him or otherwise coming into his possession, and on termination of his employment, or on demand of the Company
at any time, to deliver the same to the Company. Executive agrees that he will not use or disclose to other executives of the Company,
during the term of this Agreement, confidential information belonging to his former employers.

 

Executive
shall use his best efforts to prevent the removal of any Confidential Information from the premises of the Company, except as required
in his normal course of employment by the Company. Executive shall use his best efforts to cause all persons or entities to whom any
Confidential Information shall be disclosed by him hereunder to observe the terms and conditions set forth herein as though each such
person or entity was bound hereby.

 

2.06
Records, Files. All records, files, drawings, documents, equipment and the like relating to the business of the Company which
are prepared or used by Executive during the Term of his employment under this Agreement shall be and shall remain the sole property
of the Company.

 

2.07
Hired to Invent. Executive agrees that every improvement, invention, process, apparatus, method, design and any other creation
that Executive may invent, discover, conceive, or originate by himself or in conjunction with any other Person during the term of Executive’s
employment under this Agreement that relates to the business carried on by the Company during the Term of Executive’s employment under
this Agreement shall be the exclusive property of the Company. Executive agrees to disclose to the Company every patent application,
notice of copyright, or other action taken by Executive or any affiliate or assignee to protect intellectual property during the twelve
(12) months following Executive’s termination of employment at the Company, for whatever reason, so that the Company may determine whether
to assert a claim under this Section or any other provision of this Agreement.

 

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2.08
Equitable Relief. Executive acknowledges that his services to the Company are of a unique character which give them a special
value to the Company. Executive further recognizes that violations by Executive of any one or more of the provisions of this Section
2 may give rise to losses or damages for which the Company cannot be reasonably or adequately compensated in an action at law and that
such violations may result in irreparable and continuing harm to the Company. Executive agrees that, therefore, in addition to any other
remedy which the Company may have at law and equity, including the right to withhold any payment of compensation under Section 4 of this
Agreement, the Company shall be entitled to injunctive relief, without posting any bond or showing actual damages, to restrain any violation,
actual or threatened, by Executive of the provisions of this Agreement.

 

	3.	Compensation.

 

(c)
3.01 Minimum Annual Compensation. For his services to the Company during the Term, the Company shall pay Executive an annual salary
(“Salary”) at the rate of $250,000. The Executive’s Salary shall be reviewed at least annually by the compensation
committee of the Board and may be increased (but not decreased) in the sole discretion of the compensation committee. All Salary payments
shall be payable in such installments as the Company regularly pays its executive officers, but not less frequently than semi-monthly.
In the event that the Company does not have a compensation committee, all references in this Agreement to the compensation committee
shall be deemed to refer to the Board without the participation or attendance by the Executive unless such participation is required
in order that there be a quorum.

 

Executive’s
salary shall be payable in periodic installments in accordance with the Company’s usual practice for Executives of the Company.

 

3.02
Incentive Compensation. In addition to the Minimum Annual Compensation, Executive shall be entitled to receive payments as set
forth herein:

 

(a)
Bonus Programs. Under the Company’s incentive compensation and/or bonus program(s) (as in effect from time to time), if
any (“Incentive Compensation”), in such amounts as are determined by the Company to be appropriate for Executives of the
Company. Any Incentive Compensation which is not deductible, in the opinion of the Company’s counsel, under § 162(m) of the
Internal Revenue Code shall except as otherwise provided in this Agreement be deferred and paid, without interest, in the first (1st)
year or years when and to the extent such payment may be deducted, Executive’s right to such payment being absolute, subject only to
the provisions of Section 2.08.

 

(b)(1)
Performance Bonus. Notwithstanding anything to the contrary in this Agreement, in addition to the payments and other benefits described
in this Section 3 above, Executive shall be entitled to a Performance Bonus while rendering services as President or in such similar
capacity.  Such bonus shall be based on the Net Operating Profit Before Income Taxes as shown on the Annual Financial Statements
or as provided by the accountants regularly engaged by the Company.  In the event Executive’s employment becomes less than
the entire year covered by the Annual Financial Statements, Executive shall be entitled to a prorated bonus. The prorated bonus shall
be the amount Executive would have received if Executive had been employed as President or in such similar capacity for the entire annual
period, prorated to the portion of the annual period Executive was actually employed as such.

 

    Page 5 of 18

     

    

 

(2) The
Performance Bonus shall be calculated as follows:

 

	Net Operating Profit Before Income Taxes	 	Performance Bonus	 
	 	 	 	 
	On the First $10 Million	 	 	3.5	%
	 	 	 	 	 
	On the Next $40 Million	 	 	3.5	%
	 	 	 	 	 
	On the Next $50 Million	 	 	3.0	%
	 	 	 	 	 
	On all Amounts Over $100 Million	 	 	2.5	%

 

(b)
Notwithstanding anything to the contrary in this Agreement, all bonuses described herein shall be paid within thirty (30) days after
the audited Annual Financial Statements are completed and furnished to the Company or filed with the SEC, whichever is earlier. In the
event Executive’s employment is for a period less than the entire year covered by the Annual Financial Statements, Executive shall be
entitled to a prorated bonus. The prorated bonus shall be the amount Executive would have received if Executive had been employed as
President or in such similar capacity for the entire annual period, prorated to the portion of the annual period Executive was actually
employed as such.

 

(d) Stock
Compensation. The Employee shall be entitled to receive in the form of Common Stock options in an amount as determined annually
by the Compensation Committee of the Board. In the event the Employee’s employment by the Company is terminated on or before January
31, 2025 or following a Change of Control, any stock options provided for above shall be deemed to be earned in full and shall be
paid by the Company simultaneously with such change in control.

 

3.03
Participating in Benefits. Executive shall be entitled to all Benefits for as long as such Benefits may remain in effect and/or
any substitute or additional Benefits made available in the future to Executives of the Company, subject to and on a basis consistent
with the terms, conditions, and overall administration of such Benefits adopted by the Company. Benefits paid to Executive shall not
be deemed to be in lieu of other compensation to Executive hereunder as described in this Section 3.

 

3.04
Specific Benefits. During the term of this Agreement (and thereafter to the extent this Agreement shall require):

 

		(i)	Executive
                                            shall be entitled to five (5) weeks of paid vacation time per year, to be taken at times
                                            mutually acceptable to the Company and Executive.

 

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		(ii)	The
                                            Company shall provide fully paid accident and health insurance for Executive and his family
                                            unless waived by Executive in writing. Any waiver of such benefits may be revoked at any
                                            time by Executive.

 

		(iii)	In
                                            recognition of the necessity of the use of an automobile to the efficient and expeditious
                                            performance of Executive’s services, duties and obligations to and on behalf of the Company,
                                            the Company shall provide to Executive, at the Company’s sole cost and expense, one
                                            vehicles to be chosen by Executive, in the Orlando, Florida, metropolitan region, with an
                                            aggregate car allowance cost to the Company for the vehicle of not more than one]/ thousand
                                            and 00/100 dollars ($2,000) per month. In addition thereto, the Company shall bear the expense
                                            of insurance, fuel, and maintenance of said vehicle.

 

		(iii)	In
                                            addition to the vacation provided pursuant to Section 3.04 (A) hereof, Executive shall be
                                            entitled to not less than ten (10) paid holidays (other than weekends) per year, generally
                                            on such days on which the New York Stock Exchange is closed to trading.

 

		(iv)	Executive
                                            shall be entitled to receive prompt reimbursement for all reasonable business expenses incurred
                                            by him (in accordance with the policies and procedures established by the Company or the
                                            Board for the similarly situated Executives of the Company) in performing services hereunder.

 

		(vi)	Upon
                                            submission of travel and expense reports accompanied by proper vouchers, the Company will
                                            pay or reimburse Executive for all transportation, hotel, living, and related expenses incurred
                                            by Executive on business trips away from the Company’s principal office, and for all
                                            other business and entertainment expenses reasonably incurred by him in connection with the
                                            business of the Company and its subsidiaries and affiliates during the term of this Agreement.

 

		(vii)	Executive
                                            shall be eligible to participate during the Employment Period in Benefits not inconsistent
                                            or duplicative of those set forth in this Section 3.04 as the Company shall establish or
                                            maintain for its Executives or executives generally.

 

		(viii)	During
                                            and following the Term of this Agreement, the Company shall indemnify and hold the Executive
                                            harmless to the maximum extent permitted under the Private Corporations Law of Nevada for
                                            acts taken within the scope of his employment. To the extent that the Company obtains coverage
                                            under a director and officer indemnification policy, the Executive shall be entitled to such
                                            coverage on a basis that is no less favorable than the coverage provided to any other officer
                                            or director of the Company. This provision shall survive termination of this Agreement.

 

3.05
Indemnification. The Company will indemnify and hold harmless the Executive to the fullest extent permitted in Nevada Revised
Statutes Chapter 78 (Private Corporations Law) in connection with the defense of any action, suit or proceeding to which he is a party
or threatened thereby, by reason of his being or having been an officer or director of the Company. The right to indemnification provided
by this Section 3.06 shall be superseded as of the effective date of any indemnification agreement entered into between the Company and
its directors and executives by the terms of such indemnification agreement.

 

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	4.	Termination
                                            of Employment.

 

4.01.
Death or Permanent Disability. The Executive’s employment shall terminate automatically upon the Executive’s death
during the Term hereof. If the Company determines in good faith that the Permanent Disability of the Executive has occurred during the
Term of this Agreement (pursuant to the definition of Permanent Disability set forth below), it may provide the Executive with written
notice in accordance with Section 8.09 of this Agreement of its intention to terminate the Executive’s employment. In such event,
the Executive’s employment with the Company shall terminate effective on the thirtieth (30th) day after receipt of such notice
by the Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, the Executive shall
not have returned to full-time performance of the Executive’s duties. For purposes of this Agreement, “Permanent Disability”
shall have such meaning as under the Company’s disability plan in which the Executive participates or, if the Executive does not
participate in any such plan, shall mean the absence of the Executive from the Executive’s duties with the Company on a full-time
basis for one hundred eighty (180) consecutive business days as a result of incapacity due to mental or physical illness, as determined
by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive’s legal representative.

 

4.02.
Termination for Cause. The Company may terminate the Executive’s employment during the Term hereof either with or without
Cause. For purposes of this Agreement, “Cause” shall mean:

 

		(i)	the
                                            willful failure of the Executive to perform the Executive’s duties with the Company
                                            (other than any such failure resulting from incapacity due to physical or mental illness)
                                            which Executive fails to correct within fifteen (15) days of receiving written notice of
                                            the Board’s intention to terminate Executive if such failure or conduct is not corrected;

 

		(ii)	the
                                            willful engaging by the Executive in illegal conduct or willful misconduct which is materially
                                            and demonstrably injurious to the Company;

 

		(iii)	the
                                            Executive’s indictment for, or plea of guilty or nolo contendere to, a charge of commission
                                            of a felony;

 

		(iv)	the
                                            Executive’s disclosure of confidential information in violation of the Company’s
                                            written policies which is materially and demonstrably injurious to the Company which Executive
                                            fails to correct within fifteen (15) days of receiving written notice of the Board’s
                                            intention to terminate Executive if such failure o r conduct is not corrected; or

 

		(v)	the
                                            Executive’s material willful breach of this Agreement which Executive fails to correct
                                            within fifteen (15) days of receiving written notice of the Board’s intention to terminate
                                            Executive if such failure or conduct is not corrected.

 

For
purposes of this Section, no act or failure to act, on the part of the Executive, shall be considered “willful” unless it
is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission
was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted
by the Board or upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive
in good faith and in the best interests of the Company. The cessation of employment of the Executive shall not be deemed to be for Cause
unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not
less than a majority of the entire membership of the Board at a meeting of the Board called and held for such purpose (after reasonable
notice is provided to the Executive and the Executive is given an opportunity, together with counsel, to be heard before the Board),
finding that, in the good faith opinion of the Board, the Executive is guilty of the conduct described in clauses (i), (ii) or (iv) above,
and specifying the particulars thereof in detail.

 

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4.03
Good Reason. “Good Reason” shall mean (in the absence of the written consent of the Executive):

 

		(i)	any
                                            failure by the Company to comply with any of the provisions of Section 3 of this Agreement,
                                            other than an isolated, insubstantial and inadvertent failure not occurring in bad faith
                                            and that is remedied by the Company promptly after receipt of notice thereof given by the
                                            Executive;

 

		(ii)	any
                                            other material breach of this Agreement by the Company;

 

		(iii)	any
                                            failure by the Company to comply with Section 8.01 of this Agreement; or

 

		(iv)	an
                                            event that results in a Change of Control occurs.

 

The
Executive’s mental or physical incapacity following the occurrence of an event described above in clauses (i) through (iv) shall
not affect the Executive’s ability to terminate employment for Good Reason and the Executive’s death following delivery of
a Notice of Termination for Good Reason shall not affect the Executive’s estate’s entitlement to any severance payments or
benefits under Section 5(a) of this Agreement. For purposes of providing notice pursuant to this Section, either Executive or Executives
attorney-in-fact, personal representative, executor, or other legal representative (including but not limited to Executive’s attorney)
may deliver the requisite notices described herein.

 

4.04
Notice of Termination. Any termination by the Company for Cause, or by the Executive for Good Reason, shall be communicated by
Notice of Termination to the other party hereto given in accordance with Section 8.04 of this Agreement. For purposes of this Agreement,
a “Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Agreement
relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Executive’s employment under the provision so indicated and (iii) if the Date of Termination (as defined below)
is other than the date of receipt of such notice, specifies the termination date (which date shall be not more than 30 days after the
giving of such notice). The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance
which contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company, respectively, hereunder
or preclude the Executive or the Company, respectively, from asserting such fact or circumstance in enforcing the Executive’s or
the Company’s rights hereunder.

 

4.05
Date of Termination. “Date of Termination” means (i) if the Executive’s employment is terminated by the Company
for Cause or by the Executive with or without Good Reason, the date of receipt of the Notice of Termination or any later date specified
therein within thirty (30) days of such notice, as the case may be, (ii) if the Executive’s employment is terminated by the Company
other than for Cause or Permanent Disability, the Date of Termination shall be the date on which the Company notifies the Executive of
such termination, and (iii) if the Executive’s employment is terminated by reason of death or Permanent Disability, the Date of
Termination shall be the date of death of the Executive or the Disability Effective Date, as the case may be. The Company and the Executive
shall take all steps necessary (including with regard to any post-termination services by the Executive) to ensure that any termination
described in this Section 4 constitutes a “separation from service” within the meaning of Section 409A of the Code, and notwithstanding
anything contained herein to the contrary, the date on which such separation from service takes place shall be the “Date of Termination.”

 

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	5	Obligations
                                            of the Company upon Termination.

 

5.01
Good Reason or Without Cause. Subject to the Executive’s execution of the “Waiver and Release” attached hereto
as Exhibit A (the “Waiver and Release”) no later than thirty (30) days after the Date of Termination, if, during the Term
of this Agreement, the

Company
shall terminate the Executive’s employment without Cause or the Executive shall

terminate
employment for Good Reason:

 

		(i)	The
                                            Company shall pay to the Executive in a lump sum in cash within thirty (30) days after the
                                            Date of Termination (or, if later, five (5) days after the effective date of the Waiver and
                                            Release), the aggregate of the following amounts:

 

		A.	the
                                            sum of (1) the Executive’s Annual Minimum Salary through the Date of Termination to
                                            the extent not theretofore paid, (2) any annual incentive payment earned by the Executive
                                            for a prior period to the extent not theretofore paid and not theretofore deferred, (3) any
                                            Annual Performance Bonus Payment earned by the Executive for a prior period to the extent
                                            not theretofore paid and not theretofore deferred, (4) any accrued and unused vacation pay
                                            and (5) any business expenses incurred by the Executive that are unreimbursed as of the Date
                                            of Termination (the sum of the amounts described in clauses (1)-(5), shall be hereinafter
                                            referred to as the “Accrued Obligations”);

 

		B.	the
                                            product of (1) the Performance Bonus Payment and (2) a fraction, the numerator of which is
                                            the number of days that have elapsed in the fiscal year of the Company in which the Date
                                            of Termination occurs as of the Date of Termination, and the denominator of which is 365
                                            (the “Pro-Rata Performance Bonus”);

 

		C.	the
                                            amount equal to the sum of (i) Five times the Executive’s Annual Minimum Salary; (ii)three
                                            times the Performance Bonus Payment and (iii) the Incentive Payment (i-iii collectively,
                                            the “Severance Payment”);

 

		D.	in
                                            the event Executive is not fully vested in any retirement benefits with the Company from
                                            pension, profit sharing, or any other qualified or non-qualified retirement plan(s), the
                                            difference between the amounts Executive would have been paid if he had been vested on the
                                            date his employment was terminated and the amounts paid or owed to the Executive pursuant
                                            to such retirement plans;

 

		E.	the
                                            product of (1) the Incentive Payment and (2) a fraction, the numerator of which is the number
                                            of days that have elapsed in the fiscal year of the Company in which the Date of Termination
                                            occurs as of the Date of Termination, and the denominator of which is 365 (the “Pro-Rata
                                            Incentive Payment”); and

 

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		F.	the
                                            present value of the amount equal to the sum of five (5) years’ Performance Bonus pay
                                            with such amount being calculated based on the Performance Bonus paid to the Employee the
                                            year prior to Termination.

 

		(ii)	Notwithstanding
                                            anything to the contrary contained in any stock incentive plan or grant or award agreement,
                                            as applicable:

 

		A.	All
                                            stock options and warrants outstanding as of the Date of Termination and held by the Executive
                                            shall vest in full and become immediately exercisable for the remainder of their full term;

 

		B.	All
                                            restricted stock shall no longer be restricted to the extent permitted by law. The Company
                                            will use its best efforts, at its sole cost to register such restricted stock as expeditiously
                                            as possible (A and B collectively, the “Equity Benefits”).

 

		(iii)	To
                                            the extent not theretofore paid or provided, the Company shall timely pay or provide to the
                                            Executive any other amounts or benefits required to be paid or provided or which the Executive
                                            is eligible to receive under any plan, program, policy or practice or contract or agreement
                                            of the Company through the Date of Termination, and, to the extent the Executive satisfies
                                            any “retirement” based rule of any of the foregoing that provides for more beneficial
                                            treatment to the Executive, the Executive shall be afforded such more beneficial treatment
                                            (such other amounts and benefits and such more beneficial treatment shall be hereinafter
                                            referred to as the “Other Benefits”).

 

5.02
Death. If the Executive’s employment is terminated by reason of the Executive’s death during the Employment Period,
this Agreement shall terminate without further obligations to the Executive’s legal representatives under this Agreement, other
than for payment of Accrued Obligations, the Pro-Rata Performance Bonus Payment, the Pro-Rata Incentive Payment, the Equity Benefits,
the provision of the Retiree Coverage for the Executive’s spouse as of the date hereof and the timely payment or provision of the
Other Benefits. Accrued Obligations, the Pro- Rata Performance Bonus Payment, and Pro-Rata Incentive Payment shall be paid to the Executive’s
estate or beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of Termination, and the payment in respect of
the Retiree Coverage (which will be in addition to any rights to COBRA Coverage) shall be paid as soon as reasonably practicable following
the Executive’s death but in no event later than the end of the COBRA Coverage period. With respect to the provision of Other Benefits,
the term Other Benefits as utilized in this Section 5.02 shall include, and the Executive’s estate shall be entitled after the
Date of Termination to receive, death benefits as in effect at the Date of Termination generally with respect to senior executives of
the Company.

 

5.03
Permanent Disability. If the Executive’s employment is terminated by reason of the Executive’s Permanent Disability
during the Employment Period, this Agreement shall terminate without further obligations to the Executive, other than for payment of
Accrued Obligations, the Pro-Rata Performance Bonus Payment, the Pro-Rata Incentive Payment and the Severance Payment, the Equity Benefits,
the provision of the Medical Benefits in accordance with the 409A Medical Benefits Treatment, and the timely payment or provision of
the Other Benefits. Accrued Obligations, the Pro-Rata Performance Bonus Payment, the Pro-Rata Incentive Payment, and the Severance Payment
shall be paid to the Executive in a lump sum in cash within 30 days of the Date of Termination, provided, that in the event that the
Executive is a Specified Executive, the Pro-Rata Performance Bonus Payment and the Severance Payment shall be paid, with Interest, to
the Executive on the Delayed Payment Date. In addition, in the event that the Executive is a Specified Executive, any cash payments in
respect of the Retiree Coverage shall be paid to the Executive (or, as applicable, his spouse on the date hereof) on the later of (i)
the Delayed Payment Date and (ii) the date that such payments would have otherwise been paid pursuant to the Retiree Coverage. With respect
to the provision of Other Benefits, the term Other Benefits as utilized in this Section 5.03 shall include, and the Executive shall be
entitled after the Disability Effective Date to receive, disability and other benefits as in effect at any time thereafter generally
with respect to senior executives of the Company.

 

    Page 11 of 18

     

    

 

5.04
Cause. If the Executive’s employment shall be terminated for Cause this Agreement shall terminate without further obligations
to the Executive other than the obligation to pay or provide to the Executive (A) the Accrued Obligations and (B) the Other Benefits.
Accrued Obligations shall be paid to the Executive in a lump sum in cash within 30 days of the Date of Termination.

 

5.05
Other than for Good Reason. If the Executive’s employment shall be terminated by the Executive without Good Reason, this
Agreement shall terminate without further obligations to the Executive other than the obligation to pay or provide to the Executive (A)
the Accrued Obligations, (B) the Other Benefits, and (C) the Retiree Coverage. Accrued Obligations shall be paid to the Executive in
a lump sum in cash within 30 days of the Date of Termination. In addition, in the event that the Executive is a Specified Executive,
any cash payments in respect of the Retiree Coverage shall be paid to the Executive (or, as applicable, his spouse on the date hereof)
on the later of (i) the Delayed Payment Date and (ii) the date that such payments would have otherwise been paid pursuant to the Retiree
Coverage.

 

6.
Full Settlement; Legal Fees. The Company’s obligation to make the payments provided for in this Agreement and otherwise to
perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right, or action
which the Company may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or
take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and
such amounts shall not be reduced whether or not the Executive obtains other employment. The Company agrees to pay as incurred, to the
full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest by the Company,
the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of
performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement),
plus, in each case, Interest, provided that the Executive prevails on any material issue in such contest. In order to comply with Section
409A of the Code, (i) in no event shall the payments by the Company under this Section 6 be made later than the end of the calendar year
next following the calendar year in which such fees and expenses were incurred, provided, that the Executive shall have submitted an
invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such
fees and expenses were incurred; (ii) the amount of such legal fees and expenses that the Company is obligated to pay in any given calendar
year shall not affect the legal fees and expenses that the Company is obligated to pay in any other calendar year; (iii) the Company’s
obligation to pay the Executive’s legal fees shall terminate on the 20th anniversary of the Effective Date; and (iv) the Executive’s
right to have the Company pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.

 

    Page 12 of 18

     

    

 

	7.	Certain
                                            Additional Payments by the Company.

 

7.01
Anything in this Agreement to the contrary notwithstanding and except as set forth below, in the event it shall be determined that any
payment or distribution by, or benefit from, the Company  or any person who acquires ownership or effective control or ownership
of a substantial portion of the Company’s assets (within the meaning of section 280G of the Code) or by any affiliate of such person,
to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or
otherwise, but determined without regard to any additional payments required under this Section 7) (a “Payment”) would
be subject to the excise tax imposed by section 4999 of the Code or any interest or penalties are incurred by Executive with respect
to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise
Tax”), then Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount
such that after payment by Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including
without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up
Payment, Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments.  Any Gross-Up
Payment that the Company is required to make to reimburse Executive for federal, state and local taxes imposed upon Executive, including
the amount of additional taxes imposed upon Executive due to the Company’s payment of the initial taxes on such amounts, shall
be made by the Company by the end of Executive’s taxable year next following Executive’s taxable year in which Executive
remits the related taxes to the taxing authority.

 

7.02
Subject to the provisions of Section 7.03, all determinations required to be made under this Section 7, including whether and when a
Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination,
shall be made by a certified public accounting firm that is (i) not serving as accountant or auditor for the person who acquires ownership
or effective control or ownership of a substantial portion of the Company’s assets (within the meaning of section 280G of the Code)
or any Affiliate of such person and (ii) agreed upon by the Company and Executive (the “Accounting Firm”).  The
Accounting Firm shall provide detailed supporting calculations both to the Company and Executive within 15 business days after appointment
by the Company and Executive and receipt of notice from Executive that there has been a Payment, or such earlier time as is requested
by the Company.  All fees and expenses of the Accounting Firm shall be borne solely by the Company.  Any Gross-Up
Payment, as determined pursuant to this Section 7 shall be paid by the Company to Executive within five days after the receipt of the
Accounting Firm’s determination and in no event later than the payment deadline specified in Section 7.01  Any determination
by the Accounting Firm shall be binding upon the Company and Executive.  As a result of the uncertainty in the application
of section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments
that will not have been made by the Company should have been made (“Underpayment”), consistent with the calculations
required to be made hereunder.  In the event that the Company exhausts its remedies pursuant to Section 7.03 and Executive
thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has
occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of Executive.

 

    Page 13 of 18

     

    

 

7.03
Executive shall notify the Company in writing of any claim by the Internal Revenue Service, state or other taxing authority (“Taxing
Authority”) that, if successful, would require the payment by the Company of the Gross-Up Payment (or an additional Gross-Up
Payment) in the event the Taxing Authority seeks higher payment.  Such notification shall be given as soon as practicable,
but no later than ten business days after Executive is informed in writing of such claim, and shall apprise the Company of the nature
of such claim and the date on which such claim is requested to be paid.  Executive shall not pay such claim prior to the expiration
of the 30-day period following the date on which he gives such notice to the Company (or such shorter period ending on the date that
any payment of taxes with respect to such claim is due).  If the Company notifies Executive in writing prior to the expiration
of such period that it desires to contest such claim, Executive shall:

 

		(i)	give
                                            the Company any information reasonably requested by the Company relating to such claim,

 

		(ii)	take
                                            such action in connection with contesting such claim as the Company shall reasonably request
                                            in writing from time to time, including without limitation, accepting legal representation
                                            with respect to such claim by an attorney reasonably selected by the Company,

 

		(iii)	cooperate
                                            with the Company in good faith in order to effectively contest such claim, and

 

		(iv)	permit
                                            the Company to participate in any proceedings relating to such claim; provided, however,
                                            that the Company shall bear and pay directly all costs and expenses (including additional
                                            interest and penalties) incurred at any time during the period that ends ten years following
                                            the lifetime of Executive in connection with such proceedings and shall indemnify and hold
                                            Executive harmless, on an after-tax basis, for any Excise Tax and income tax (including interest
                                            and penalties with respect thereto) imposed as a result of such representation and payment
                                            of costs and expenses.  Without limitation on the foregoing provisions of this
                                            Section 7.03, the Company shall control all proceedings taken in connection with such contest
                                            and, at its sole option, may pursue or forego any and all administrative appeals, proceedings,
                                            hearings and conferences with the Taxing Authority in respect of such claim and may, at its
                                            sole option, either direct Executive to pay the tax claimed and sue for a refund or contest
                                            the claim in any permissible manner, and Executive agrees to prosecute such contest to determination
                                            before any administrative tribunal, in a court of initial jurisdiction and in one or more
                                            appellate courts, as the Company shall determine; provided, however, that if the Company
                                            directs Executive to pay such claim and sue for a refund, the Company shall advance the amount
                                            of such payment to Executive, on an interest-free basis and shall indemnify and hold Executive
                                            harmless, on an after-tax basis, from any Excise Tax or income tax (including interest or
                                            penalties with respect thereto) imposed with respect to such advance or with respect to any
                                            imputed income with respect to such advance; and further provided that any extension of the
                                            statute of limitations relating to payment of taxes for the taxable year of Executive with
                                            respect to which such contested amount is claimed to be due is limited solely to such contested
                                            amount.  The Company shall not direct Executive to pay such a claim and sue for
                                            a refund if, due to the prohibitions of section 402 of the Sarbanes-Oxley Act of 2002, the
                                            Company may not advance to Executive the amount necessary to pay such claim.  The
                                            Company’s control of the contest shall be limited to issues with respect to which a
                                            Gross-Up Payment would be payable hereunder and Executive shall be entitled to settle or
                                            contest, as the case may be, any other issues raised by the Taxing Authority.  The
                                            costs and expenses that are subject to be paid pursuant to this Section 7.03 shall not be
                                            limited as a result of when the costs or expenses are incurred.  The amounts of
                                            costs or expenses that are eligible for payment pursuant to this Section 7.03 (iv) during
                                            a given taxable year of Executive shall not affect the amount of costs or expenses eligible
                                            for payment in any other taxable year of Executive.  The right to payment of costs
                                            and expenses pursuant to this Section 7.03 (iv) is not subject to liquidation
                                            or exchange for another benefit.  Any payment due under this Section 7.03 (iv)
                                            to reimburse Executive for any taxes shall be made to Executive by the Company by the end
                                            of Executive’s taxable year following Executive’s taxable year in which Executive
                                            remits the related taxes to the applicable taxing authorities.

 

    Page 14 of 18

     

    

 

7.04
If, after the receipt by Executive of an amount advanced by the Company pursuant to Section 7.03, Executive becomes entitled to receive
any refund with respect to such claim, Executive shall (subject to the Company’s complying with the requirements of Section 7.03
promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto.  If,
after the receipt by Executive of an amount advanced by the Company pursuant to Section 7.03, a determination is made that Executive
shall not be entitled to any refund with respect to such claim and the Company does not notify Executive in writing of its intent to
contest such denial of refund prior to the expiration of 30 days after such determination, then such advance shall not be required to
be repaid.

 

	8.	Miscellaneous.

 

8.01
Assignment. This Agreement and the rights and obligations of the parties hereto shall bind and inure to the benefit of each of
the parties hereto and shall also bind and inure to the benefit of any successor or successors of the Company in a reorganization, merger,
or consolidation and any assignee of all or substantially all of the Company’s business and properties, but, except as to any such
successor of the Company, neither this Agreement nor any rights or benefits hereunder may be assigned by the Company or Executive. This
Agreement and any rights and benefits hereunder shall inure to the benefit of and be enforceable by the Executive’s legal representatives,
heirs and legatees.

 

8.02
Governing Law; Jurisdiction; Venue. This Agreement shall be construed in accordance with and governed for all purposes by the
laws of the State of New York, without giving effect to any principles of conflicts of law thereunder. In any action brought to enforce
this Agreement, the exclusive jurisdiction and venue shall be the Business Court of Orange County, Florida, without regard to any conflicts
of law.

 

8.03
Interpretation. In case any one or more of the provisions contained in this Agreement shall, for any reason, be held to be invalid,
illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this
Agreement, but this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein.

 

8.04
Notice. Any notice required or permitted to be given hereunder shall be effective when received and shall be sufficient if in
writing and if personally delivered or sent by prepaid cable, telex or registered air mail, return receipt requested, to the party to
receive such notice at its address set forth above or at the end of this Agreement or at such other address as a party may by notice
specify to the other. With respect to electronic mail communications, such communications shall be deemed effective only upon receipt
of responsive electronic mail confirmation from the receiving party to the delivering party that such mail was, in fact, received (read
e-mail confirmations satisfy this notice requirement).

 

    Page 15 of 18

     

    

 

8.05
Amendment and Waiver. This Agreement may not be amended, supplemented or waived except by a writing signed by the party against
which such amendment or waiver is to be enforced. The waiver by any party of a breach of any provision, of this Agreement shall not operate
to, or be construed as a waiver of, any other breach of that provision nor as a waiver of any breach of another provision.

 

8.06
Binding Effect. Subject to the provisions of Sections 5 and 8.01 hereof, this Agreement shall be binding on, and inure to the
benefit of, the successors and assigns of the parties hereto.

 

8.08
Survival of Rights and Obligations. All rights and obligations of Executive or the Company arising during the term of this Agreement
shall continue to have full force and effect after the termination of this Agreement unless otherwise provided herein.

 

8.09
Effective Date and Prior Employment Agreement. Executive and the Company agree that the Effective Date of this Agreement is the
date first written at the beginning of this Agreement. All prior employment agreements between the Company and Executive are hereby terminated
and superseded as of the Effective Date, provided that all rights of the Executive to any compensation or benefits which have accrued
under the prior agreements and any time or vesting accrued in the Company or any of its benefit, pension, profit-sharing, bonus, incentive
or other plans shall be carried over.

 

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

  

	COMPANY:	 	EXECUTIVE:
	Nutriband Inc.	 	 
	a Nevada corporation	 	 
	 	 	 
	By:	/s/
    Gareth Sheridan	 	/s/
    Serguei Melnik
	Print Name:	Gareth
    Sheridan,	 	Serguei
    Melnik
	Title:	CEO	 	 

 

    Page 16 of 18

     

    

 

Exhibit
A

 

WAIVER
AND RELEASE

 

PLEASE
READ THIS WAIVER AND RELEASE CAREFULLY. IT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS UP TO AND INCLUDING THE DATE THAT THIS
AGREEMENT AND RELEASE IS EXECUTED BY THE EXECUTIVE.

 

For
and in consideration of the payments and other benefits due to Serguei Melnik (the “Executive”) pursuant to the
Employment Agreement (the “Employment Agreement”) entered into as of February 1, 2021 (the “Effective
Date”), between Nutriband Inc. the Executive and for other good and valuable consideration, the Executive irrevocably and
unconditionally releases and forever discharges the Company and each and all of its present and former officers, agents, directors,
managers, Executives, representatives, affiliates, shareholders, members, and each of their successors and assigns, and all persons
acting by, through, under or in concert with it, and in each case individually and in their official capacities (collectively, the
“Released Parties”), from any and all charges, complaints, grievances, claims and liabilities of any kind or nature
whatsoever, known or unknown, suspected or unsuspected (hereinafter referred to as “claim” or “claims”)
which the Executive at any time heretofore had or claimed to have or which the Executive may have or claim to have regarding events
that have occurred up to and including the date of the Executive’s execution of this Release, including, without limitation,
any and all claims related, in any manner, to the Executive’s employment or the termination thereof. In particular, the
Executive understands and agrees that the Executive’s release includes, without limitation, all matters arising under any
federal, state, or local law, including civil rights laws and regulations prohibiting employment discrimination on the basis of
race, color, religion, age, sex, national origin, ancestry, disability, medical condition, veteran status, marital status and sexual
orientation, or any other characteristic protected by federal, state or local law including, but not limited to, claims under Title
VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act of 1967, as amended, the Older Workers
Benefit Protection Act of 1990, as amended, the Americans with Disabilities Act, the Rehabilitation Act, the Occupational Safety and
Health Act, the Family and Medical Leave Act, the Executive Retirement Income Security Act of 1974 (except as to vested benefits, if
any), the Worker Adjustment and Retraining Notification Act, the Equal Pay Act, the Fair Labor Standards Act, as amended , the
District of Columbia Human Rights Act, as amended, the New York City Administrative Code, as amended, the New York Labor Law, as
amended, the Maryland Human Relations Act, the New York Executive Law, as amended, the District of Columbia Wage Payment and Wage
Collection Law, as amended, the Maryland Wage Payments and Collection Act, as amended, claims arising out of any legal restrictions
on an employer’s right to terminate its employees in any jurisdiction, such as claims for wrongful or constructive discharge, breach
of any express or implied contract, and/or any claims on any basis whatsoever regarding your status, pay position, or title while
employed by the Company, federal and state wage and hour laws, or any common law, public policy, contract (whether oral or written,
express or implied) or tort law, or any other federal, state or local law, regulation, ordinance or rule having any bearing
whatsoever.

 

The
Executive shall have thirty (30) days from the Date of Termination to sign and return this Release by personal or guaranteed overnight
delivery to the attention of Nutriband Inc. a Nevada corporation. Notwithstanding anything to the contrary in this Release, the Executive
can revoke this Release within seven days after executing the Release by sending written notification to the Company of Executive’s
intent to revoke the Release, and this Release shall not become effective or enforceable until such revocation period has expired. The
Executive’s written notification of the intent to revoke the Release must be sent to Nutriband I., a Nevada corporation by personal
delivery or guaranteed overnight delivery, at:

 

121
S. Orange Ave

Suite
1500

Orlando,
FL 32801

 

,
within seven (7) days after the Executive executed the Release.

 

    Page 17 of 18

     

    

 

The
Executive acknowledges that he/she may have sustained losses that are currently unknown or unsuspected, and that such damages or losses
could give rise to additional causes of action, claims, demands and debts in the future. Nevertheless, the Executive acknowledges that
this Release has been agreed upon in light of this realization and, being fully aware of this situation, the Executive nevertheless intends
to release the Company from any and all such unknown claims, including damages which are unknown or unanticipated. The parties understand
the word “claims” to include all actions, claims, and grievances, whether actual or potential, known or unknown, and specifically
but not exclusively all claims arising out of the Executive’s employment and the termination thereof. All such “claims”
(including related attorneys’ fees and costs) are forever barred by this Release and without regard to whether those claims are
based on any alleged breach of a duty arising in a statute, contract, or tort; any alleged unlawful act, including, without limitation,
age discrimination; any other claim or cause of action; and regardless of the forum in which it might be brought.

 

Notwithstanding
anything else herein to the contrary, this Release shall not affect, and the Executive does not waive: (i) rights to indemnification
the Executive may have under (A) applicable law, (B) any other agreement between the Executive and a Released Party and (C) as an insured
under any director’s and officer’s liability insurance policy now or previously in force; (ii) any right the Executive may
have to obtain contribution in the event of the entry of judgment against the Executive as a result of any act or failure to act for
which both the Executive and any of its affiliates or subsidiaries (collectively, the “Affiliated Entities”) are jointly
responsible; (iii) the Executive’s rights to benefits and payments under any stock options, restricted stock, restricted stock
units or other incentive plans or under any retirement plan, welfare benefit plan or other benefit or deferred compensation plan, all
of which shall remain in effect in accordance with the terms and provisions of such benefit and/or incentive plans and any agreements
under which such stock options, restricted shares, restricted stock units or other awards or incentives were granted or benefits were
made available; (iv) the Executive’s rights as a stockholder of any of the Affiliated Entities; or (v) any obligations of the Affiliated
Entities under the Employment Agreement.

 

The
Executive acknowledges and agrees that the Executive: (a) has been given at least 21 days within which to consider this Release and its
ramifications and discuss the terms of this Release with the Company before executing it (and that any modification of this Release,
whether material or immaterial, will not restart or change the original consideration period) and the Executive fully understands that
by signing below the Executive is voluntarily giving up any right which the Executive may have to sue or bring any other claims against
the Released Parties; (b) has been given seven days after returning the Release to the Company to revoke this Release; (c) has been advised
to consult legal counsel regarding the terms of this Release; (d) has carefully read and fully understands all of the provisions of this
Release; (e) knowingly and voluntarily agrees to all of the terms set forth in this Release; and (f) knowingly and voluntarily intends
to be legally bound by the same. The Executive also agrees that to the extent permitted by law, Executive shall not (i) file a charge
or complaint with the Equal Employment Opportunity Commission or Department of Fair Employment and Housing or any other federal, state
or local administrative or regulatory agency, or (ii) participate in any investigation or proceedings conducted by the Equal Employment
Opportunity Commission or Department of Fair Employment and Housing or any other federal, state or local administrative or regulatory
agency. Notwithstanding anything in this Release to the contrary, nothing in this Release shall be construed to prohibit the Executive
from (i) filing a charge or complaint with the Equal Employment Opportunity Commission or Department of Fair Employment and Housing or
any other federal, state or local administrative or regulatory agency, or (ii) participating in any investigation or proceedings conducted
by the Equal Employment Opportunity Commission or Department of Fair Employment and Housing or any other federal, state or local administrative
or regulatory agency if Executive’s waiver of such rights under the preceding sentence is deemed unenforceable, illegal or against
public policy. However, in such event, the Executive expressly waives the right to any relief of any kind should the Equal Employment
Opportunity Commission or Department of Fair Employment and Housing or any other federal, state or local administrative or regulatory
agency pursue any claim on the Executive’s behalf.

 

This
Release is final and binding and may not be changed or modified except in a writing signed by both parties.

 

	Nutriband Inc.	 	 
	a Nevada corporation	 	 
	 	 	 
	Print Name:	 	 	Title:	 
	Date:	 	 	Date:	 

 

 

Page 18 of 18EXHIBIT 10.29

 

Employment
agreement

 

NUTRIBAND INC.

 

THIS EMPLOYMENT AGREEMENT (“Agreement”)
is made as of February 1, 2022 (“Effective Date”),
by and between GERALD GOODMAN, of 7 Briarwood Road, Rumson NJ 07760 (“Executive”) and NUTRIBAND Inc., a Nevada corporation
(the “Company”). 

 

PREAMBLE

 

WHEREAS, the Board of Directors of the Company
recognizes Executive’s previous and potential contribution to the growth and success of the Company and desires to assure the Company
of Executive’s continued employment in an executive capacity as Chief Financial Officer and to compensate him therefore;

 

WHEREAS, Executive wants to be employed by the
Company and to commit himself to serve the Company on the terms herein provided;

 

NOW, THEREFORE, in consideration of the foregoing
and of the respective covenants and agreements of the parties, the parties agree as follows:

 

1 General Definitions.

 

“Exchange Act” shall refer to the Securities Exchange
Act of 1934, as amended.

 

“Benefits” shall mean all the
fringe benefits approved by the Board from time to time and established by the Company for the benefit of Executives generally and/or
for key Executives of the Company as a class, including, but not limited to, regular holidays, vacations, absences resulting from illness
or accident, health insurance, disability and medical plans (including dental and prescription drug), group life insurance, and pension,
profit-sharing and stock bonus plans or their equivalent.

 

“Board” shall mean the Board
of Directors of the Company, together with an executive committee thereof (if any), as same shall be constituted from time to
time.

 

“Business” shall refer to
the business of the Company which is described as: Medical Products Development.

 

“Chairman” shall mean the individual
designated by the Board from time to time as its Chairman.

 

     

     

    

 

“Change
of Control” shall mean a change in control that would be required to be reported in response to Item 5.01 of Form 8-K under
the Exchange Act; provided that, without limitation, such a change in control shall be deemed to have occurred if i) any “person”
(as that term is used in Sections 13(d) and 14(d) of the Exchange Act), other than the Company, as constituted, is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 25%
or more of the combined voting power of the Company’s then outstanding securities, (ii) during any period of three consecutive
years during the term of this Agreement, individuals who at the beginning of such period constitute the Board cease for any reason to
constitute at least a majority thereof, unless the election of each director who was not a Director at the beginning of such period has
been approved in advance by Directors representing at least two-thirds of the Directors then in office who were Directors at the beginning
of the period.

 

Notwithstanding anything to the contrary in this
Agreement, Executive acknowledges that the Company is seeking to raise capital from investors which would result in such investors acquiring
a significant interest in the Company. Provided that Executive consents in writing to or votes as a director in favor of the infusion
of capital to the Company in exchange for a significant equity interest in the Company, no Change in Control shall be deemed to have occurred.

 

“Chief Financial Officer” shall
mean the individual having responsibility to the Board for keeping and maintaining, or causing to be kept and maintained, adequate and
correct books and records of accounts of the properties and business transactions of the Company, including accounts of its assets, liabilities,
receipts, disbursements, gains, losses, capital, retained earnings and shares. The books of account shall at all reasonable times be open
to inspection by any member of the Board of Directors.

 

“Code” shall refer to the Internal Revenue Code
of 1986, as amended.

 

“Company” shall mean Nutriband
Inc., a Nevada corporation, together with such subsidiaries and affiliates of the Company, as may from time to time exist.

 

“Competitor” shall mean any person,
entity, company, or corporation engaged in the same Business in the same Territory as the Company.

 

“Disability” shall mean a written
determination by a physician mutually agreeable to the Company and Executive (or, in the event of Executive’s total physical or mental
disability, Executive’s legal representative) that Executive is physically or mentally unable to perform his duties of Chief Officer under
this Agreement and that such disability can reasonably be expected to continue for a period of six (6) consecutive months or for shorter
periods aggregating one hundred and eighty (180) days in any twelve (12)-month period.

 

“Executive” shall mean Gerald
Goodman and, if the context requires, his heirs, personal representatives, and permitted successors and assigns.

 

“Person” shall mean any
natural person, incorporated entity, limited or general partnership, business trust, association, agency (governmental or private),
division, political sovereign, or subdivision or instrumentality, including those groups identified as “persons”
in §§13(d)(3) and 14(d)(2) of the Exchange Act.

 

    Page 2 of 17

     

    

 

“Term” shall mean a period
Three (3) years commencing with the Effective Date hereof (the “Initial Term”). On the third (3rd) anniversary
of the Effective Date, and on each subsequent annual anniversary of the effective date thereafter, this Agreement shall be automatically
extended for an additional year (the “Renewal Term(s)”) unless either party notifies the other in writing more than ninety
(90) days prior to the relevant anniversary date that this Agreement is no longer to be extended. The Initial Term and each subsequent
Renewal Term shall constitute the “Term” of this Agreement and all references to the “Term” shall apply accordingly.

 

2. Positions, Responsibilities,
and Terms of Employment.

 

2.01 Position. Executive shall serve as
Chief Financial Officer and in such additional management position(s) as the Board shall designate. In this capacity Executive shall,
subject to the bylaws of the Company, and to the direction of the Board, keep and maintain, or cause to be kept and maintained, adequate
and correct books and records of accounts of the properties and business transactions of the corporation, including accounts of its assets,
liabilities, receipts, disbursements, gains, losses, capital, retained earnings and shares. The books of account shall at all reasonable
times be open to inspection by any member of the Board of Directors. The Chief Financial Officer shall render to the Chief Executive Officer,
the President, or the Board of Directors, upon request, an account of all his transactions as Chief Financial Officer and of the financial
condition of the Company.

 

2.02 Best Efforts Covenant. Executive will,
to the best of his ability, devote a substantial portion of his professional and business time and best efforts to the performance of
his duties for the Company and its subsidiaries and affiliates. However, this will not prevent Executive from engaging in other business
activities with other business entities that do not interfere with his responsibilities as Chief Financial Officer.

 

2.03 Non-Exclusivity; No Adverse Participation.
During this Agreement’s Term, Executive will be free to engage in any other employment, occupation or business enterprise so long
as they do not interfere with his ability to perform his duties under this Agreement. However, Executive agrees not to acquire, assume,
or participate in, directly or indirectly, any position, investment, or interest in the Territory adverse or antagonistic to the Company,
its business or prospects, financial or otherwise, or take any action towards any of the foregoing, except that such acquisition, assumption
or participation shall be permitted if such position, investment or interest is approved by the Board of Directors of the Company. The
provisions of this Section shall not prevent Executive from owning shares of any Competitor of the Company so long as such shares (i)
do not constitute more than 5% of the outstanding equity of such Competitor, and (ii) are regularly traded on a recognized securities
exchange or listed for trading in the over-the-counter market.

 

    Page 3 of 17

     

    

 

2.04 Post-Employment Non-competition/Non-Solicitation
Covenant. Except with the prior written consent of the Board, Executive shall not during the Term and for one year thereafter:

 

(i) Persuade
or attempt to persuade any person or entity which is or was a customer, client, licensee or licensor of the Company to cease doing business
with the Company, or to reduce the amount of business it does with the Company (the terms “customer,” “licensee,”
“licensor,” and “client” as used in this Section 7 to include any potential customer, licensee, licensor or client
to whom the Company submitted bids or proposals, or with whom the Company conducted negotiations, during the term of Executive’s
employment or during the twelve (12) months preceding the termination of his employment;

 

(ii) Solicit
for himself or any other person or entity other than the Company the business of any person or entity which is a customer or client of
the Company, or was a customer or client of the Company within two (2) years prior to the termination of his employment; or

 

(iii) Persuade
or attempt to persuade any employee of the Company, or any individual who was an employee of the Company during the one (1) year period
prior to the termination of this Agreement, to leave the Company’s employ, or to become employed by any person or entity other than
the Company.

 

Executive acknowledges that the restrictive covenants
(the “Restrictive Covenants”) contained in this Section 2.04 of this Agreement are a condition of his employment and are reasonable
and valid in geographical and temporal scope and in all other respects. If any court or arbitrator determines that any of the Restrictive
Covenants, or any part of any of the Restrictive Covenants, is invalid or unenforceable, the remainder of the Restrictive Covenants and
parts thereof shall not thereby be affected and shall remain in full force and effect, without regard to the invalid portion. If any court
or arbitrator determines that any of the Restrictive Covenants, or any part thereof, is invalid or unenforceable because of the geographic
or temporal scope of such provision, such court or arbitrator shall have the power to reduce the geographic or temporal scope of such
provision, as the case may be, and, in its reduced form, such provision shall then be enforceable.

 

2.05 Confidential Information. Executive
recognizes and acknowledges that the Company’s trade secrets and proprietary information and know-how, as they may exist from time
to time (“Confidential Information”), are valuable, special and unique assets of theCompany’s business, access to and
knowledge of which are essential to the performance of Executive’s duties hereunder. Executive will not, during or after the term of his
employment by the Company, in whole or in part, disclose such secrets, information or know-how to any Person for any reason or purpose
whatsoever, nor shall Executive make use of any such property for his own purposes or for the benefit of any Person (except the Company)
under any circumstances during or after the term of his employment, provided that after the term of his employment these restrictions
shall not apply to such secrets, information and know-how which are then in the public domain (provided that Executive was not responsible,
directly or indirectly, for such secrets, information or processes entering the public domain without the Company’s consent). Executive
shall have no obligation hereunder to keep confidential any Confidential Information if and to the extent disclosure of any thereof is
specifically required by law; provided, however, that in the event disclosure is required by applicable law, Executive shall provide the
Company with prompt notice of such requirement, prior to making any disclosure, so that the Company may seek an appropriate protective
order. Executive agrees to hold as the Company’s property all memoranda, books, papers, letters, customer lists, processes, computer
software, records, financial information, policy and procedure manuals, training and recruiting procedures and other data, and all copies
thereof and therefrom, in any way relating to the Company’s business and affairs, whether made by him or otherwise coming into his
possession, and on termination of his employment, or on demand of the Company at any time, to deliver the same to the Company. Executive
agrees that he will not use or disclose to other executives of the Company, during the term of this Agreement, confidential information
belonging to his former employers.

 

    Page 4 of 17

     

    

 

Executive shall use his best efforts to prevent
the removal of any Confidential Information from the premises of the Company, except as required in his normal course of employment by
the Company. Executive shall use his best efforts to cause all persons or entities to whom any Confidential Information shall be disclosed
by him hereunder to observe the terms and conditions set forth herein as though each such person or entity was bound hereby.

 

2.06 Records, Files. All records, files,
drawings, documents, equipment and the like relating to the business of the Company which are prepared or used by Executive during the
Term of his employment under this Agreement shall be and shall remain the sole property of the Company.

 

2.07 Hired to Invent. Executive agrees
that every improvement, invention, process, apparatus, method, design and any other creation that Executive may invent, discover, conceive,
or originate by himself or in conjunction with any other Person during the term of Executive’s employment under this Agreement that relates
to the business carried on by the Company during the Term of Executive’s employment under this Agreement shall be the exclusive property
of the Company. Executive agrees to disclose to the Company every patent application, notice of copyright, or other action taken by Executive
or any affiliate or assignee to protect intellectual property during the twelve (12) months following Executive’s termination of employment
at the Company, for whatever reason, so that the Company may determine whether to assert a claim under this Section or any other provision
of this Agreement.

 

2.08 Equitable Relief. Executive acknowledges
that his services to the Company are of a unique character which give them a special value to the Company. Executive further recognizes
that violations by Executive of any one or more of the provisions of this Section 2 may give rise to losses or damages for which the Company
cannot be reasonably or adequately compensated in an action at law and that such violations may result in irreparable and continuing harm
to the Company. Executive agrees that, therefore, in addition to any other remedy which the Company may have at law and equity, including
the right to withhold any payment of compensation under Section 4 of this Agreement, the Company shall be entitled to injunctive relief,
without posting any bond or showing actual damages, to restrain any violation, actual or threatened, by Executive of the provisions of
this Agreement.

 

3. Compensation.

 

(d) 3.01
Minimum Annual Compensation. For his services to the Company during the Term, the Company shall pay Executive an annual salary
(“Salary”) at the rate of $210,000. The Executive’s Salary shall be reviewed at least annually by the compensation committee
of the Board and may be increased (but not decreased) in the sole discretion of the compensation committee. All Salary payments shall
be payable in such installments as the Company regularly pays its executive officers, but not less frequently than semi-monthly. In the
event that the Company does not have a compensation committee, all references in this Agreement to the compensation committee shall be
deemed to refer to the Board without the participation or attendance by the Executive unless such participation is required in order that
there be a quorum.

 

Executive’s salary shall be payable in periodic
installments in accordance with the Company’s usual practice for Executives of the Company.

 

    Page 5 of 17

     

    

 

3.02 Incentive Compensation. In addition
to the Minimum Annual Compensation, Executive shall be entitled to receive payments as set forth herein:

 

(a) Bonus Programs. Under the Company’s
incentive compensation and/or bonus program(s) (as in effect from time to time), if any (“Incentive Compensation”), in such
amounts as are determined by the Company to be appropriate for Executives of the Company. Any Incentive Compensation which is not deductible,
in the opinion of the Company’s counsel, under § 162(m) of the Internal Revenue Code shall except as otherwise provided in
this Agreement be deferred and paid, without interest, in the first (1st) year or years when and to the extent such payment may be deducted,
Executive’s right to such payment being absolute, subject only to the provisions of Section 2.07.

 

(b Notwithstanding anything to the contrary in this Agreement, all
bonuses described herein shall be paid within thirty (30) days after the audited Annual Financial Statements are completed and furnished
to the Company or filed with the SEC, whichever is earlier. In the event Executive’s employment is for a period less than the entire year
covered by the Annual Financial Statements, Executive shall be entitled to a prorated bonus. The prorated bonus shall be the amount Executive
would have received if Executive had been employed as Chief Financial Officer or in such similar capacity for the entire annual period,
prorated to the portion of the annual period Executive was actually employed as such.

(e)
Stock Compensation. The Employee shall be entitled to receive in the form of Common Stock options in an amount as determined
annually by the Compensation Committee of the Board. In the event the Employee’s employment by the Company is terminated on or before
January 31, 2025 or following a Change of Control, any stock options provided for above shall be deemed to be earned in full and shall
be paid by the Company simultaneously with such change in control.

 

3.03 Participating in Benefits. Executive
shall be entitled to all Benefits for as long as such Benefits may remain in effect and/or any substitute or additional Benefits made
available in the future to Executives of the Company, subject to and on a basis consistent with the terms, conditions, and overall administration
of such Benefits adopted by the Company. Benefits paid to Executive shall not be deemed to be in lieu of other compensation to Executive
hereunder as described in this Section 3.

 

3.04 Specific Benefits. During the term of this Agreement (and
thereafter to the extent this Agreement shall require):

 

(i) Executive shall be entitled to five (5) weeks
of paid vacation time per year, to be taken at times mutually acceptable to the Company and Executive.

 

(ii) The Company shall provide fully paid accident
and health insurance for Executive and his family unless waived by Executive in writing. Any waiver of such benefits may be revoked at
any time by Executive.

 

    Page 6 of 17

     

    

 

(iii) In recognition of the necessity of the use
of an automobile to the efficient and expeditious performance of Executive’s services, duties and obligations to and on behalf of the
Company, the Company shall provide to Executive, at the Company’s sole cost and expense, one vehicle to be chosen by Executive garaged
in New Jersey with a car allowance cost to the Company for the vehicle of not more than one thousand and 00/100 dollars ($1,000) per month.
In addition thereto, the Company shall bear the expense of insurance, fuel, and maintenance of said vehicle.

 

(iii) In addition to the vacation provided pursuant
to Section 3.04 (A) hereof, Executive shall be entitled to not less than ten (10) paid holidays (other than weekends) per year, generally
on such days on which the New York Stock Exchange is closed to trading.

 

(iv) Executive shall be entitled to receive prompt
reimbursement for all reasonable business expenses incurred by him (in accordance with the policies and procedures established by the
Company or the Board for the similarly situated Executives of the Company) in performing services hereunder.

 

(vi) Upon submission of travel and expense reports
accompanied by proper vouchers, the Company will pay or reimburse Executive for all transportation, hotel, living, and related expenses
incurred by Executive on business trips away from the Company’s principal office, and for all other business and entertainment expenses
reasonably incurred by him in connection with the business of the Company and its subsidiaries and affiliates during the term of this
Agreement.

 

(vii) Executive shall be eligible to participate
during the Employment Period in Benefits not inconsistent or duplicative of those set forth in this Section 3.04 as the Company shall
establish or maintain for its Executives or executives generally.

 

(viii) During and following the Term of this Agreement,
the Company shall indemnify and hold the Executive harmless to the maximum extent permitted under the Private Corporations Law of Nevada
for acts taken within the scope of his employment. To the extent that the Company obtains coverage under a director and officer indemnification
policy, the Executive shall be entitled to such coverage on a basis that is no less favorable than the coverage provided to any other
officer or director of the Company. This provision shall survive termination of this Agreement.

 

3.05 Indemnification.
The Company will indemnify and hold harmless the Executive to the fullest extent permitted in Nevada Revised Statutes Chapter 78 (Private
Corporations Law) in connection with the defense of any action, suit or proceeding to which he is a party or threatened thereby, by reason
of his being or having been an officer or director of the Company. The right to indemnification provided by this Section 3.06 shall be
superseded as of the effective date of any indemnification agreement entered into between the Company and its directors and executives
by the terms of such indemnification agreement.

 

    Page 7 of 17

     

    

 

4. Termination of Employment.

 

4.01. Death or Permanent Disability. The
Executive’s employment shall terminate automatically upon the Executive’s death during the Term hereof. If the Company determines
in good faith that the Permanent Disability of the Executive has occurred during the Term of this Agreement (pursuant to the definition
of Permanent Disability set forth below), it may provide the Executive with written notice in accordance with Section 7.09 of this Agreement
of its intention to terminate the Executive’s employment. In such event, the Executive’s employment with the Company shall
terminate effective on the thirtieth (30th) day after receipt of such notice by the Executive (the “Disability Effective Date”),
provided that, within the 30 days after such receipt, the Executive shall not have returned to full-time performance of the Executive’s
duties. For purposes of this Agreement, “Permanent Disability” shall have such meaning as under the Company’s disability
plan in which the Executive participates or, if the Executive does not participate in any such plan, shall mean the absence of the Executive
from the Executive’s duties with the Company on a full-time basis for one hundred eighty (180) consecutive business days as a result
of incapacity due to mental or physical illness, as determined by a physician selected by the Company or its insurers and acceptable to
the Executive or the Executive’s legal representative.

 

4.02. Termination for Cause. The Company
may terminate the Executive’s employment during the Term hereof either with or without Cause. For purposes of this Agreement, “Cause”
shall mean:

 

(i) the willful failure of the Executive to perform
the Executive’s duties with the Company (other than any such failure resulting from incapacity due to physical or mental illness)
which Executive fails to correct within fifteen (15) days of receiving written notice of the Board’s intention to terminate Executive
if such failure or conduct is not corrected;

 

(ii) the willful engaging by the Executive in
illegal conduct or willful misconduct which is materially and demonstrably injurious to the Company;

 

(iii) the Executive’s indictment for, or plea
of guilty or nolo contendere to, a charge of commission of a felony;

 

(iv) the Executive’s disclosure of confidential
information in violation of the Company’s written policies which is materially and demonstrably injurious to the Company which Executive
fails to correct within fifteen (15) days of receiving written notice of the Board’s intention to terminate Executive if such failure
o r conduct is not corrected; or

 

(v) the Executive’s material willful breach
of this Agreement which Executive fails to correct within fifteen (15) days of receiving written notice of the Board’s intention
to terminate Executive if such failure or conduct is not corrected.

 

For purposes of this Section, no act or failure
to act, on the part of the Executive, shall be considered “willful” unless it is done, or omitted to be done, by the Executive
in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company. Any
act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon the advice of counsel for
the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests
of the Company. The cessation of employment of the Executive shall not be deemed to be for Cause unless and until there shall have been
delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership
of the Board at a meeting of the Board called and held for such purpose (after reasonable notice is provided to the Executive and the
Executive is given an opportunity, together with counsel, to be heard before the Board), finding that, in the good faith opinion of the
Board, the Executive is guilty of the conduct described in clauses (i), (ii) or (iv) above, and specifying the particulars thereof in
detail.

 

    Page 8 of 17

     

    

 

4.03 Good Reason. “Good Reason”
shall mean (in the absence of the written consent of the Executive):

 

(i) any failure by the Company to comply with any
of the provisions of Section 3 of this Agreement, other than an isolated, insubstantial and inadvertent failure not occurring in bad faith
and that is remedied by the Company promptly after receipt of notice thereof given by the Executive;

 

(ii) any
other material breach of this Agreement by the Company;

 

(iii) any
failure by the Company to comply with Section 7.01 of this Agreement; or

 

(iv) an
event that results in a Change of Control occurs.

 

The Executive’s mental or physical incapacity following the occurrence
of an event described above in clauses (i) through (iv) shall not affect the Executive’s ability to terminate employment for Good
Reason and the Executive’s death following delivery of a Notice of Termination for Good Reason shall not affect the Executive’s
estate’s entitlement to any severance payments or benefits under Section 5(a) of this Agreement. For purposes of providing notice
pursuant to this Section, either Executive or Executives attorney-in-fact, personal representative, executor, or other legal representative
(including but not limited to Executive’s attorney) may deliver the requisite notices described herein.

 

4.04 Notice of Termination. Any termination
by the Company for Cause, or by the Executive for Good Reason, shall be communicated by Notice of Termination to the other party hereto
given in accordance with Section 7.04 of this Agreement. For purposes of this Agreement, a “Notice of Termination” means a
written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets
forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment
under the provision so indicated and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice,
specifies the termination date (which date shall be not more than 30 days after the giving of such notice). The failure by the Executive
or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause
shall not waive any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively,
from asserting such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder.

  

4.05  Date
of Termination. “Date of Termination” means (i) if the Executive’s employment is terminated by the Company for Cause
or by the Executive with or without Good Reason, the date of receipt of the Notice of Termination or any later date specified therein
within thirty (30) days of such notice, as the case may be, (ii) if the Executive’s employment is terminated by the Company other
than for Cause or Permanent Disability, the Date of Termination shall be the date on which the Company notifies the Executive of such
termination, and (iii) if the Executive’s employment is terminated by reason of death or Permanent Disability, the Date of Termination
shall be the date of death of the Executive or the Disability Effective Date, as the case may be. The Company and the Executive shall
take all steps necessary (including with regard to any post-termination services by the Executive) to ensure that any termination described
in this Section 4 constitutes a “separation from service” within the meaning of Section 409A of the Code, and notwithstanding
anything contained herein to the contrary, the date on which such separation from service takes place shall be the “Date of Termination.”

 

    Page 9 of 17

     

    

 

5  Obligations of the Company
upon Termination.

 

5.01 Good Reason or Without Cause. Subject
to the Executive’s execution of the “Waiver and Release” attached hereto as Exhibit A (the “Waiver and Release”)
no later than thirty (30) days after the Date of Termination, if, during the Term of this Agreement, the Company shall terminate the
Executive’s employment without Cause or the Executive shall terminate employment for Good Reason:

 

(i) The Company shall pay to the Executive in
a lump sum in cash within thirty (30) days after the Date of Termination (or, if later, five (5) days after the effective date of the
Waiver and Release), the aggregate of the following amounts:

 

A. the sum of (1) the Executive’s Annual
Minimum Salary through the Date of Termination to the extent not theretofore paid, (2) any annual incentive payment earned by the Executive
for a prior period to the extent not theretofore paid and not theretofore deferred, (3) any Annual Performance Bonus Payment earned by
the Executive for a prior period to the extent not theretofore paid and not theretofore deferred, (4) any accrued and unused vacation
pay and (5) any business expenses incurred by the Executive that are unreimbursed as of the Date of Termination (the sum of the amounts
described in clauses (1)-(5), shall be hereinafter referred to as the “Accrued Obligations”);

 

B. the product of (1) the Performance Bonus Payment
and (2) a fraction, the numerator of which is the number of days that have elapsed in the fiscal year of the Company in which the Date
of Termination occurs as of the Date of Termination, and the denominator of which is 365 (the “Pro-Rata Performance Bonus”);

 

C. the amount equal to the sum of (i) Five times
the Executive’s Annual Minimum Salary; (ii)three times the Performance Bonus Payment and (iii) the Incentive Payment (i-iii collectively,
the “Severance Payment”);

 

D. in the event Executive is not fully vested
in any retirement benefits with the Company from pension, profit sharing, or any other qualified or non-qualified retirement plan(s),
the difference between the amounts Executive would have been paid if he had been vested on the date his employment was terminated and
the amounts paid or owed to the Executive pursuant to such retirement plans;

 

    Page 10 of 17

     

    

 

E. the product of (1) the Incentive Payment and
(2) a fraction, the numerator of which is the number of days that have elapsed in the fiscal year of the Company in which the Date of
Termination occurs as of the Date of Termination, and the denominator of which is 365 (the “Pro-Rata Incentive Payment”);
and

 

F. the present value of the amount equal to the
sum of five (5) years’ Performance Bonus pay with such amount being calculated based on the Performance Bonus paid to the Employee
the year prior to Termination.

 

(ii) Notwithstanding anything to the contrary
contained in any stock incentive plan or grant or award agreement, as applicable:

 

A. All stock options and warrants outstanding
as of the Date of Termination and held by the Executive shall vest in full and become immediately exercisable for the remainder of their
full term;

 

B. All restricted stock shall no longer be restricted
to the extent permitted by law. The Company will use its best efforts, at its sole cost to register such restricted stock as expeditiously
as possible (A and B collectively, the “Equity Benefits”).

 

(iii) To the extent not theretofore paid or provided,
the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive
is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company through the Date of Termination,
and, to the extent the Executive satisfies any “retirement” based rule of any of the foregoing that provides for more beneficial
treatment to the Executive, the Executive shall be afforded such more beneficial treatment (such other amounts and benefits and such more
beneficial treatment shall be hereinafter referred to as the “Other Benefits”).

 

5.02 Death. If the Executive’s employment
is terminated by reason of the Executive’s death during the Employment Period, this Agreement shall terminate without further obligations
to the Executive’s legal representatives under this Agreement, other than for payment of Accrued Obligations, the Pro-Rata Performance
Bonus Payment, the Pro-Rata Incentive Payment, the Equity Benefits, the provision of the Retiree Coverage for the Executive’s spouse
as of the date hereof and the timely payment or provision of the Other Benefits. Accrued Obligations, the Pro- Rata Performance Bonus
Payment, and Pro-Rata Incentive Payment shall be paid to the Executive’s estate or beneficiary, as applicable, in a lump sum in
cash within 30 days of the Date of Termination, and the payment in respect of the Retiree Coverage (which will be in addition to any rights
to COBRA Coverage) shall be paid as soon as reasonably practicable following the Executive’s death but in no event later than the
end of the COBRA Coverage period. With respect to the provision of Other Benefits, the term Other Benefits as utilized in this Section
5.02 shall include, and the Executive’s estate shall be entitled after the Date of Termination to receive, death benefits as in
effect at the Date of Termination generally with respect to senior executives of the Company.

 

    Page 11 of 17

     

    

 

5.03 Permanent Disability. If the Executive’s
employment is terminated by reason of the Executive’s Permanent Disability during the Employment Period, this Agreement shall terminate
without further obligations to the Executive, other than for payment of Accrued Obligations, the Pro-Rata Performance Bonus Payment, the
Pro-Rata Incentive Payment and the Severance Payment, the Equity Benefits, the provision of the Medical Benefits in accordance with the
409A Medical Benefits Treatment, and the timely payment or provision of the Other Benefits. Accrued Obligations, the Pro-Rata Performance
Bonus Payment, the Pro-Rata Incentive Payment, and the Severance Payment shall be paid to the Executive in a lump sum in cash within 30
days of the Date of Termination, provided, that in the event that the Executive is a Specified Executive, the Pro-Rata Performance Bonus
Payment and the Severance Payment shall be paid, with Interest, to the Executive on the Delayed Payment Date. In addition, in the event
that the Executive is a Specified Executive, any cash payments in respect of the Retiree Coverage shall be paid to the Executive (or,
as applicable, his spouse on the date hereof) on the later of (i) the Delayed Payment Date and (ii) the date that such payments would
have otherwise been paid pursuant to the Retiree Coverage. With respect to the provision of Other Benefits, the term Other Benefits as
utilized in this Section 5.03 shall include, and the Executive shall be entitled after the Disability Effective Date to receive, disability
and other benefits as in effect at any time thereafter generally with respect to senior executives of the Company.

 

5.04 Cause. If the Executive’s
employment shall be terminated for Cause this Agreement shall terminate without further obligations to the Executive other than the
obligation to pay or provide to the Executive (A) the Accrued Obligations and (B) the Other Benefits. Accrued Obligations shall be
paid to the Executive in a lump sum in cash within 30 days of the Date of Termination.

 

5.05 Other than for Good Reason. If the
Executive’s employment shall be terminated by the Executive without Good Reason, this Agreement shall terminate without further
obligations to the Executive other than the obligation to pay or provide to the Executive (A) the Accrued Obligations, (B) the Other Benefits,
and (C) the Retiree Coverage. Accrued Obligations shall be paid to the Executive in a lump sum in cash within 30 days of the Date of Termination.
In addition, in the event that the Executive is a Specified Executive, any cash payments in respect of the Retiree Coverage shall be paid
to the Executive (or, as applicable, his spouse on the date hereof) on the later of (i) the Delayed Payment Date and (ii) the date that
such payments would have otherwise been paid pursuant to the Retiree Coverage.

 

6. Full Settlement; Legal Fees. The Company’s
obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected
by any set-off, counterclaim, recoupment, defense or other claim, right, or action which the Company may have against the Executive or
others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts
payable to the Executive under any of the provisions of this Agreement and such amounts shall not be reduced whether or not the Executive
obtains other employment. The Company agrees to pay as incurred, to the full extent permitted by law, all legal fees and expenses that
the Executive may reasonably incur as a result of any contest by the Company, the Executive or others of the validity or enforceability
of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest
by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, Interest, provided that the Executive
prevails on any material issue in such contest. In order to comply with Section 409A of the Code, (i) in no event shall the payments by
the Company under this Section 6 be made later than the end of the calendar year next following the calendar year in which such fees and
expenses were incurred, provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before
the end of the calendar year next following the calendar year in which such fees and expenses were incurred; (ii) the amount of such legal
fees and expenses that the Company is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the
Company is obligated to pay in any other calendar year; (iii) the Company’s obligation to pay the Executive’s legal fees shall
terminate on the 20th anniversary of the Effective Date; and (iv) the Executive’s right to have the Company pay such legal fees
and expenses may not be liquidated or exchanged for any other benefit.

 

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7. Miscellaneous.

 

7.01 Assignment. This Agreement and the
rights and obligations of the parties hereto shall bind and inure to the benefit of each of the parties hereto and shall also bind and
inure to the benefit of any successor or successors of the Company in a reorganization, merger, or consolidation and any assignee of all
or substantially all of the Company’s business and properties, but, except as to any such successor of the Company, neither this
Agreement nor any rights or benefits hereunder may be assigned by the Company or Executive. This Agreement and any rights and benefits
hereunder shall inure to the benefit of and be enforceable by the Executive’s legal representatives, heirs and legatees.

 

7.02 Governing Law; Jurisdiction; Venue.
This Agreement shall be construed in accordance with and governed for all purposes by the laws of the State of New York, without giving
effect to any principles of conflicts of law thereunder. In any action brought to enforce this Agreement, the exclusive jurisdiction and
venue shall be the Business Court of Orange County, Florida, without regard to any conflicts of law.

 

7.03 Interpretation. In case any one or
more of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal, or unenforceable in any respect,
such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, but this Agreement shall be
construed as if such invalid, illegal or unenforceable provision had never been contained herein.

 

7.04 Notice. Any notice required or permitted
to be given hereunder shall be effective when received and shall be sufficient if in writing and if personally delivered or sent by prepaid
cable, telex or registered air mail, return receipt requested, to the party to receive such notice at its address set forth above or at
the end of this Agreement or at such other address as a party may by notice specify to the other. With respect to electronic mail communications,
such communications shall be deemed effective only upon receipt of responsive electronic mail confirmation from the receiving party to
the delivering party that such mail was, in fact, received (read e-mail confirmations satisfy this notice requirement).

 

7.05 Amendment and Waiver. This Agreement
may not be amended, supplemented or waived except by a writing signed by the party against which such amendment or waiver is to be enforced.
The waiver by any party of a breach of any provision, of this Agreement shall not operate to, or be construed as a waiver of, any other
breach of that provision nor as a waiver of any breach of another provision.

 

7.06 Binding Effect. Subject to the provisions
of Sections 5 and 7.01 hereof, this Agreement shall be binding on, and inure to the benefit of, the successors and assigns of the parties
hereto.

 

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7.08 Survival of Rights and Obligations.
All rights and obligations of Executive or the Company arising during the term of this Agreement shall continue to have full force and
effect after the termination of this Agreement unless otherwise provided herein.

 

7.09 Effective Date and Prior Employment Agreement.
Executive and the Company agree that the Effective Date of this Agreement is the date first written at the beginning of this Agreement.
All prior employment agreements between the Company and Executive are hereby terminated and superseded as of the Effective Date, provided
that all rights of the Executive to any compensation or benefits which have accrued under the prior agreements and any time or vesting
accrued in the Company or any of its benefit, pension, profit-sharing, bonus, incentive or other plans shall be carried over.

 

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

 

 

	COMPANY:	 	EXECUTIVE:
	Nutriband Inc.	 	 
	a Nevada corporation	 	 
	 	 	 
	By:	/s/ Gareth Sheridan	 	/s/ Gerald
    Goodman
	Print Name:		 	Gerald Goodman
	Title:		 	 

  

    Page 14 of 17

     

    

 

Exhibit A

 

WAIVER AND RELEASE

 

PLEASE READ THIS WAIVER AND RELEASE CAREFULLY.
IT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS UP TO AND INCLUDING THE DATE THAT THIS AGREEMENT AND RELEASE IS EXECUTED BY THE
EXECUTIVE.

 

For and in consideration of the payments and other benefits due to
Gerald Goodman (the “Executive”) pursuant to the Employment Agreement (the “Employment Agreement”) entered
into as of February1, 2021 (the “Effective Date”), between Nutriband Inc. the Executive and for other good and valuable consideration,
the Executive irrevocably and unconditionally releases and forever discharges the Company and each and all of its present and former
officers, agents, directors, managers, Executives, representatives, affiliates, shareholders, members, and each of their successors and
assigns, and all persons acting by, through, under or in concert with it, and in each case individually and in their official capacities
(collectively, the “Released Parties”), from any and all charges, complaints, grievances, claims and liabilities of any kind
or nature whatsoever, known or unknown, suspected or unsuspected (hereinafter referred to as “claim” or “claims”)
which the Executive at any time heretofore had or claimed to have or which the Executive may have or claim to have regarding events that
have occurred up to and including the date of the Executive’s execution of this Release, including, without limitation, any and
all claims related, in any manner, to the Executive’s employment or the termination thereof. In particular, the Executive understands
and agrees that the Executive’s release includes, without limitation, all matters arising under any federal, state, or local law,
including civil rights laws and regulations prohibiting employment discrimination on the basis of race, color, religion, age, sex, national
origin, ancestry, disability, medical condition, veteran status, marital status and sexual orientation, or any other characteristic protected
by federal, state or local law including, but not limited to, claims under Title VII of the Civil Rights Act of 1964, as amended, the
Age Discrimination in Employment Act of 1967, as amended, the Older Workers Benefit Protection Act of 1990, as amended, the Americans
with Disabilities Act, the Rehabilitation Act, the Occupational Safety and Health Act, the Family and Medical Leave Act, the Executive
Retirement Income Security Act of 1974 (except as to vested benefits, if any), the Worker Adjustment and Retraining Notification Act,
the Equal Pay Act, the Fair Labor Standards Act, as amended , the District of Columbia Human Rights Act, as amended, the New York City
Administrative Code, as amended, the New York Labor Law, as amended, the Maryland Human Relations Act, the New York Executive Law, as
amended, the District of Columbia Wage Payment and Wage Collection Law, as amended, the Maryland Wage Payments and Collection Act, as
amended, claims arising out of any legal restrictions on an employer’s right to terminate its employees in any jurisdiction, such as
claims for wrongful or constructive discharge, breach of any express or implied contract, and/or any claims on any basis whatsoever regarding
your status, pay position, or title while employed by the Company, federal and state wage and hour laws, or any common law, public policy,
contract (whether oral or written, express or implied) or tort law, or any other federal, state or local law, regulation, ordinance or
rule having any bearing whatsoever.

 

    Page 15 of 17

     

    

 

The Executive shall have thirty (30) days from
the Date of Termination to sign and return this Release by personal or guaranteed overnight delivery to the attention of Nutriband Inc.
a Nevada corporation. Notwithstanding anything to the contrary in this Release, the Executive can revoke this Release within seven days
after executing the Release by sending written notification to the Company of Executive’s intent to revoke the Release, and this
Release shall not become effective or enforceable until such revocation period has expired. The Executive’s written notification
of the intent to revoke the Release must be sent to Nutriband I., a Nevada corporation by personal delivery

or guaranteed overnight delivery, at:

 

121 S. Orange Ave

Suite 1500

Orlando, FL 32801

 

, within seven (7) days after the Executive executed the Release.

 

The Executive acknowledges that he/she may have
sustained losses that are currently unknown or unsuspected, and that such damages or losses could give rise to additional causes of action,
claims, demands and debts in the future. Nevertheless, the Executive acknowledges that this Release has been agreed upon in light of this
realization and, being fully aware of this situation, the Executive nevertheless intends to release the Company from any and all such
unknown claims, including damages which are unknown or unanticipated. The parties understand the word “claims” to include
all actions, claims, and grievances, whether actual or potential, known or unknown, and specifically but not exclusively all claims arising
out of the Executive’s employment and the termination thereof. All such “claims” (including related attorneys’
fees and costs) are forever barred by this Release and without regard to whether those claims are based on any alleged breach of a duty
arising in a statute, contract, or tort; any alleged unlawful act, including, without limitation, age discrimination; any other claim
or cause of action; and regardless of the forum in which it might be brought.

 

Notwithstanding anything else herein to the contrary,
this Release shall not affect, and the Executive does not waive: (i) rights to indemnification the Executive may have under (A) applicable
law, (B) any other agreement between the Executive and a Released Party and (C) as an insured under any director’s and officer’s
liability insurance policy now or previously in force; (ii) any right the Executive may have to obtain contribution in the event of the
entry of judgment against the Executive as a result of any act or failure to act for which both the Executive and any of its affiliates
or subsidiaries (collectively, the “Affiliated Entities”) are jointly responsible; (iii) the Executive’s rights to benefits
and payments under any stock options, restricted stock, restricted stock units or other incentive plans or under any retirement plan,
welfare benefit plan or other benefit or deferred compensation plan, all of which shall remain in effect in accordance with the terms
and provisions of such benefit and/or incentive plans and any agreements under which such stock options, restricted shares, restricted
stock units or other awards or incentives were granted or benefits were made available; (iv) the Executive’s rights as a stockholder
of any of the Affiliated Entities; or (v) any obligations of the Affiliated Entities under the Employment Agreement.

 

    Page 16 of 17

     

    

  

The Executive acknowledges and agrees that the
Executive: (a) has been given at least 21 days within which to consider this Release and its ramifications and discuss the terms of this
Release with the Company before executing it (and that any modification of this Release, whether material or immaterial, will not restart
or change the original consideration period) and the Executive fully understands that by signing below the Executive is voluntarily giving
up any right which the Executive may have to sue or bring any other claims against the Released Parties; (b) has been given seven days
after returning the Release to the Company to revoke this Release; (c) has been advised to consult legal counsel regarding the terms
of this Release; (d) has carefully read and fully understands all of the provisions of this Release; (e) knowingly and voluntarily agrees
to all of the terms set forth in this Release; and (f) knowingly and voluntarily intends to be legally bound by the same. The Executive
also agrees that to the extent permitted by law, Executive shall not (i) file a charge or complaint with the Equal Employment Opportunity
Commission or Department of Fair Employment and Housing or any other federal, state or local administrative or regulatory agency, or
(ii) participate in any investigation or proceedings conducted by the Equal Employment Opportunity Commission or Department of Fair Employment
and Housing or any other federal, state or local administrative or regulatory agency. Notwithstanding anything in this Release to the
contrary, nothing in this Release shall be construed to prohibit the Executive from (i) filing a charge or complaint with the Equal Employment
Opportunity Commission or Department of Fair Employment and Housing or any other federal, state or local administrative or regulatory
agency, or (ii) participating in any investigation or proceedings conducted by the Equal Employment Opportunity Commission or Department
of Fair Employment and Housing or any other federal, state or local administrative or regulatory agency if Executive’s waiver of
such rights under the preceding sentence is deemed unenforceable, illegal or against public policy. However, in such event, the Executive
expressly waives the right to any relief of any kind should the Equal Employment Opportunity Commission or Department of Fair Employment
and Housing or any other federal, state or local administrative or regulatory agency pursue any claim on the Executive’s behalf.

 

This Release is final and binding and may not be changed or modified
except in a writing signed by both parties.

 

	Nutriband Inc.	 	 
	a Nevada corporation	 	 
	 	 	 
	Print Name:	 	 	Title:	 
	Date:	 	 	Date:	 
	 	 	 	 	 

 

 

Page 17 of 17

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