Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is
made this 24th day of August 2017 (the “Effective Date”), by and between MYOS RENS Technology, Inc., a Nevada
corporation (the “Company”), and Joseph Mannello (the “Executive”).

 

WHEREAS, the Company desires to employ
the Executive and the Executive desires to be employed by the Company on the terms and conditions herein provided.

 

NOW, THEREFORE, in consideration of
the mutual agreements contained herein and intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

		1.	Employment. The Company hereby agrees to employ the Executive, and the Executive hereby agrees to be employed by the
Company, on the terms and conditions set forth herein.

 

		2.	Term. The employment of the Executive by the Company shall commence on the Effective Date and terminate on the second
anniversary of the Effective Date (the “Initial Term”), unless sooner terminated as hereinafter provided. Following
the Initial Term, this Agreement shall be automatically renewed for successive additional one (1) year terms (each a “Renewal
Term” and together with the Initial Term, the “Term”), unless either party gives prior written notice of non-renewal
to the other party at least sixty (60) days prior to the termination date of the Initial Term or the then current Renewal Term,
as applicable.

 

		3.	Positions and Duties. The Executive shall serve as Chief Executive Officer of the Company and shall have such duties
and responsibilities commensurate with such positions and such mutually agreed-on additional duties and responsibilities commensurate
with such position as may be assigned to him from time to time by the Company’s Board of Directors. Executive shall have
the authority as is commensurate for performance of his duties and responsibilities, subject to the terms of this Agreement and
to the authority of the Company’s Board of Directors. During the Term, the Executive shall devote his full business time,
attention, skill and efforts to the business and affairs of the Company. Notwithstanding the foregoing, the Executive may devote
reasonable amounts of time to charitable, educational, religious, civic, professional and investor activities, provided that such
activities do not materially interfere with the services required to be rendered to the Company hereunder and do not violate the
restrictive covenants set forth in Section 10 below. Executive shall not engage in, or serve on the board of directors of, any
other new for-profit business without the written consent of the Company’s Board of Directors (which consent shall not be
unreasonably withheld), but this restriction shall not apply to Executive’s existing investments as of the Effective Date.

 

     

     

    

 

		4.	Compensation and Related Matters. For services rendered by the Executive hereunder during the Term, the Executive shall
be compensated as follows:

 

		(a)	Base Salary. The Company shall pay the Executive a base salary (the “Base Salary”) to be determined, from
time to time, by the Company’s Board of Directors (or the Compensation Committee of the Board of Directors). The initial
Base Salary for the first year following the Effective Date shall be not less than $455.00 (four hundred fifty five dollars) per
week. The Base Salary shall be payable in accordance with the Company’s customary payroll practices in installments no less
frequent than monthly. The Company shall review the Executive’s performance and Base Salary at least annually during normal
Company salary reviews, and any increases to the Base Salary shall be determined by the Company’s Board of Directors (or
the Compensation Committee of the Board of Directors), in its sole discretion.

 

		(b)	Bonus. The Executive may receive an annual bonus, payable in cash or equity of the Company, as may be determined by
the Board of Directors (or the Compensation Committee of the Board of Directors), in its sole discretion, in light of the Company’s
then existing and expected business, the Executive’s performance, the then prevailing industry standards (for similarly situated
companies) and the bonuses to be paid to other officers of the Company. The bonus will be determined and paid no later than seventy-five
(75) days following the end of the calendar year.

 

		(c)	Benefits. The Executive shall be entitled to participate in all compensation and employee benefit plans or programs
generally available to all employees of the Company, to the fullest extent permissible under the general terms and provisions of
such plans or programs and in accordance with the provisions thereof including, without limitation, incentive compensation, bonus,
group hospitalization, health, dental care, life, disability or other insurance, tax-qualified and nonqualified pension, savings,
thrift and profit-sharing plans, termination or severance pay programs, sick-leave plans, travel or accident insurance, automobile
allowance or automobile lease plans, and executive compensation plans, and equity compensation programs, including, without limitation,
capital accumulation programs, stock purchase, restricted stock and stock option plans (such plans and programs, collectively,
the “Employee Benefit Plans”).

 

		(d)	Expenses. The Company shall reimburse the Executive for all reasonable out-of-pocket travel or other business expenses
actually incurred or paid by the Executive in connection with the performance of his duties and obligations under this Agreement,
subject to the Executive’s presentation of itemized vouchers, receipts and documentation and consistent with the reimbursement
policies and procedures as the Company may, from time to time, establish for senior officers.

 

		(e)	Vacation. Executive shall be entitled to six (6) weeks of paid vacation per year. The Executive shall take his vacation
at such time or times as the Executive and the Company shall determine to be mutually convenient. In addition, Executive shall
be entitled to all other holidays, sick days and personal days as are consistent with the Company’s policies in effect from
time to time.

 

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		(f)	Directors and Officers Insurance. During the Term, in addition to Executive’s separate indemnification rights
referred to in Section 13 below, the Company shall maintain insurance covering its directors and officers, including the Executive,
against claims and lawsuits for errors, omissions and other liabilities, and related attorney fees and expenses, containing a minimum
coverage amount of $5,000,000 in the aggregate; provided, however, that the amount of the insurance coverage may be adjusted by
the Company with the Executive’s written approval.

 

		(g)	Stock Option Grant. Executive shall be granted an initial stock option to purchase Three Hundred Thousand (300,000)
shares of the Company’s common stock (the “Stock Option”) pursuant to the Company’s 2012 Equity Incentive
Plan, as amended (the “Incentive Plan”). The Stock Option shall have an exercise price of $4.00 per share and vest
in eight (8) equal quarterly installments commencing on the last day of each fiscal quarter starting with the quarter ending September
30, 2017, subject to Executive’s employment with the Company on the applicable vesting date. The Stock Option shall have
a 10-year term, and, once vested, shall remain exercisable for the balance of the remaining term of the Stock Option while Executive
is still employed by the Company, subject to any applicable securities law restrictions. Except as otherwise stated in this Agreement,
all terms and conditions of the Stock Option award, including any vesting or exercise rights upon termination of employment, shall
be governed by the terms and conditions of the Incentive Plan and the applicable award agreement.

 

The Executive agrees and acknowledges that any sale
of shares issued upon the exercise of the Stock Option shall comply with the Company’s insider trading policy. The Executive
further agrees and acknowledges that the shares issued upon the exercise of the Stock Option are “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act of 1933, as amended, and therefore may not be sold or otherwise disposed
of by Executive in any manner that would constitute a violation of any applicable federal or state securities laws, any rules of
any national securities exchange on which the Company’s securities may be traded, listed or quoted, or in violation of any
Company policy.

 

Upon the termination of the Executive’s employment
by the Company for any reason or Executive’s resignation for any reason, any unvested portion of the Stock Option shall immediately
be deemed forfeited and cancelled as of the Date of Termination (as defined below). Notwithstanding the foregoing or any other
provision, upon the consummation of a transaction resulting in a “Change in Control” (as defined below), any unvested
portion of the Stock Option shall be accelerated and deemed fully vested as of the effective date of the consummation of such Change
in Control transaction.

 

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		5.	Early Termination. This Agreement may terminate prior to expiration of the Initial Term or the then-current Renewal
Term by mutual written agreement, or as provided in accordance with Section 2 above, or by reason of any of the following:

 

		(a)	By Company for Cause. The Company may terminate this Agreement for “Cause” (as defined below). For purposes
of this Agreement, “Cause” shall mean: (i) the gross and willful misconduct on the part of the Executive in connection
with the performance of his duties and responsibilities hereunder; (ii) the breach by Executive of any material provision of this
Agreement, which breach shall remain uncured by Executive thirty (30) days after receipt of the Company’s written notice
of breach (provided, however, that if, in the reasonable judgment of the Board of Directors, such breach is not curable, then the
Company is not obligated to provide such thirty (30) day cure period and shall have the right to immediately terminate this Agreement);
(iii) commission by Executive of fraud, embezzlement, misrepresentation or an act of dishonesty in connection with his duties hereunder;
(iv) the commission of a felony or a misdemeanor involving moral turpitude and materially adversely impacting the business or reputation
of the Company; (v) Executive has willfully and repeatedly refused or failed to follow specific, lawful and reasonable written
directions of the Board of Directors and the failure of the Executive to remedy such refusal or failure within thirty (30) days
after of receipt of the Company’s written notice thereof; or (vi) the material violation by Executive of any statutory or
common law duty of loyalty to the Company as determined in a final non-appealable judgment by a court of competent jurisdiction.

 

		(b)	By Executive for Good Reason. The Executive may terminate this Agreement for “Good Reason” (as defined below).
For purposes of this Agreement, “Good Reason” shall mean: (i) the breach by the Company of any material provision of
this Agreement, which breach shall remain uncured by the Company within thirty (30) days after receipt of the Executive’s
written notice of breach; (ii) the relocation of the principal location of Executive’s employment outside of a 50-mile radius
from 45 Horsehill Road, Cedar Knolls, New Jersey, without Executive’s prior written consent; (iii) any material diminution
in Executive’s title, position, duties, responsibilities or compensation or benefits, without Executive’s prior written
consent; (iv) any material reduction or adverse change in Executive’s D&O insurance coverage and/or D&O indemnification
rights under this Agreement or otherwise, without the Executive’s prior written consent; or (v) following a Change of Control,
if there shall be: (A) any material diminution in the title, position, duties or responsibilities of Executive, or (B) any material
reduction in the compensation or benefits due the Executive pursuant to Section 4 hereof or any material diminution of any of the
rights granted to the Executive under this Agreement or otherwise based on his status as an officer of the Company, except for
across-the-board salary reductions up to 10% similarly affecting all executives or senior officers of the Company.

 

		(c)	Death or Disability of Executive. Subject to Executive’s applicable rights with respect to his Stock Option referred
to above in the event of his death or Disability, this Agreement shall terminate immediately upon the death of Executive or the
Company’s determination of Executive’s “Disability” (as defined below). For purposes of this Agreement,
and the Stock Option referred to above, “Disability” shall mean: (i) that the Executive is permanently disabled so
as to qualify for full benefits under the Company’s then-existing disability insurance policy; or (ii) if the Company does
not maintain any such disability policy on the date of determination, the inability of the Executive to work for a period of six
(6) full calendar months during any nine (9) consecutive calendar month period due to illness or injury of a physical or mental
nature, supported by the completion by the Executive’s attending physician or a doctor for the Company or its insurer of
a medical certification form outlining the disability and treatment, if at the end of such disability period, there is no reasonable
probability of Executive promptly resuming devoting his full business time and attention to the Company’s business pursuant
to Section 3 of this Agreement.

 

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		6.	Severance Provisions Generally.

 

		(a)	Any termination of Executive’s employment by the Company shall be communicated by written Notice of Termination to Executive
and any termination by the Executive of his employment shall be communicated by written Notice of Termination to the Company. For
purposes of this Agreement, a “Notice of Termination” shall mean a notice that shall indicate the specific termination
provision in this Agreement relied upon and shall set 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.

 

		(b)	For purposes of this Agreement, the “Date of Termination” shall mean (i) if the Executive’s employment is
terminated by his death, the date of his death, (ii) if the Executive’s employment is terminated for Cause or without Cause
by the Company, the date (which may not be retroactive) specified in the Notice of Termination, (iii) if the Executive’s
employment is terminated as a result of a Disability, the date (which may not be retroactive) on which the Company determines pursuant
to Section 5(a) that the Executive is Disabled, and (iv) if the Executive terminates his employment for Good Reason or otherwise
voluntarily terminates his employment without Good Reason, the date (which may not be retroactive) specified by the Executive in
the Notice of Termination.

 

		(c)	If this Agreement is terminated by the Company for Cause, or by reason of Executive’s death or Disability, or if this
Agreement is terminated by the Executive without Good Reason, then the Company shall pay Executive the following accrued obligations:

 

(i) Any and all accrued and unpaid Base Salary (if
any) up to and including the Date of Termination;

 

(ii) Any unreimbursed reasonable business expenses
incurred by the Executive prior to termination; and

 

(iii) Any and all accrued and unpaid benefits earned
by the Executive under the Company’s Employee Benefit Plans up to and including the Date of Termination.

 

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In the case of termination by reason of Executive’s
death, the Executive’s surviving designated beneficiary, and, if none, his estate shall retain all of Executive’s rights
to exercise the Stock Option to the extent vested as of the date immediately prior to the date of death. In the case of termination
by reason of Executive’s Disability, the Executive (or his legal representative in the event of Executive’s incapacity)
shall retain all of Executive’s rights to exercise the Stock Option to the extent vested as of the date immediately prior
to the Date of Termination due to Disability.

 

For the avoidance of doubt, any unvested portion of
the Stock Option shall be deemed forfeited and cancelled as of the Date of Termination in the case of termination by the Company
for Cause or by Executive without Good Reason.

 

		(d)	If this Agreement is terminated by the Company (other than a termination by the Company for Cause or by reason of Executive’s
death or Disability) or by the Executive with Good Reason, and the Executive signs a General Release Agreement in the Form annexed
hereto as Exhibit “A” (“the “Release”), within 30 days after his employment terminates,
then the Company shall pay Executive the applicable accrued obligation and severance payments as set forth in Section 7 below within
fourteen days after the Release becomes effective. Any severance payments shall be payable in equal installments every two weeks
over the applicable severance period in accordance with the Company’s customary payroll practices.

 

		(e)	If this Agreement is terminated by the Company (or its successor) in connection with or as a result of or following a Change
in Control and Executive signs the Release within 30 days after his Employment terminates, then the Company shall pay Executive
the accrued obligations and severance payments as set forth in Section 8 below within fourteen days after the Release becomes effective.

 

		(f)	Executive shall not be required to mitigate (by seeking any other employment, self-employment or any other income producing
pursuit) any amounts or benefits payable to him upon termination of this Agreement for any reason.

 

		(g)	Executive shall not be required to set off against any amounts or benefits payable to him upon termination of his employment
for any reason under this Agreement, any compensation or benefits received at any time for other employment or consultancy or any
unemployment benefits received while or after he is receiving payments and benefits under this Agreement.

 

		7.	Accrued Obligation and Severance Amounts Payable on Termination.  In the event of a termination covered under Section
6(d) above, the Company shall provide Executive the following accrued obligation payments (items described in Section 7(a)-(e)
below) and severance payments (items described in Section 7(f) below):

 

		(a)	Accrued and unpaid Base Salary (if any) up to and including the Date of Termination;

 

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		(b)	The full timely reimbursement of any and all business expenses incurred by Executive on behalf of the Company prior to termination;

 

		(c)	Accrued and unpaid benefits to the Executive under Employee Benefit Plans up to and including the Date of Termination;

 

		(d)	The retention of all of Executive’s rights regarding the Stock Option to the extent vested as of the date immediately
prior to the Date of Termination;

 

		(e)	Any applicable COBRA-related health insurance continuation rights to the extent provided for under applicable law or based
on the Company’s practice; and

 

		(f)	An amount equal to 100% of the COBRA premiums for Executive and his immediate family for twelve (12) months following the Date
of Termination.

 

		8.	Severance Due to a Change in Control.

 

		(a)	For purposes of this Agreement, a “Change in Control” shall mean: (i) the sale, conveyance or disposition (in one
or a series of related transactions) of all or substantially all of the stock or assets of the Company, or (ii) a consolidation
or merger of the Company with or into any other corporation or corporations; provided, however, that a consolidation or merger
involving the Company shall not be deemed to be a Change in Control if (A) the other party (or, if more than one, one of the other
parties) to such transaction is an affiliate of the Company (unless one or more non-affiliates end up, after the transaction, controlling
a majority of the voting power of the surviving entity) or (B) following completion of the transaction, the holders of shares of
the Company’s capital stock immediately prior to the transaction, own shares which represent a majority of voting power of
the surviving corporation (it being understood that for purposes of this Section 8, (X) the phrase “majority of the voting
power” of a corporation shall mean a majority of all of the then outstanding capital stock of the corporation having voting
power, and (Y) the phrase “affiliate of the Company” shall mean, with respect to the Company, any other person or entity
which directly or indirectly controls, is controlled by or under common control with the Company.

 

		(b)	If, at any time after the Effective Date, this Agreement or Executive’s employment is terminated by the Company (or its
successor) without Cause in connection with or as a result of a Change in Control or by the Executive for Good Reason in connection
with or following a Change in Control, then the Company (or its successor) shall promptly provide Executive with the following
accrued obligation payments and severance: (i) Any and all accrued and unpaid Base Salary (if any) up to and including the Date
of Termination; (ii) The full timely reimbursement of any and all business expenses incurred by Executive on behalf of the Company
prior to termination; (iii) Any and all accrued and unpaid benefits earned by the Executive under any Employee Benefit Plans of
the Company up to and including the Date of Termination; (iv) Any applicable COBRA-related health insurance continuation rights
under applicable law or Company practice; (v) The retention (for the balance of the term of the Stock Option) of 100% of the Stock
Option referred to above which shall be deemed fully vested as of the effective date of the consummation of the Change in Control
transaction; and (vi) an amount equal to 100% of the COBRA premiums for Executive and his immediate family for twelve (12) months
following the Date of Termination.

 

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		9.	Confidentiality.

 

		(a)	“Confidential Information” shall mean all non-public information (in written, oral or electronic form) of the Company
and its affiliates that is reasonably designated by the Company in writing as being confidential or should have been reasonably
understood by Executive to be confidential. Confidential Information shall include, without limitation, all documentation provided
by the Company, including but not limited to, all inventions, technology, trade secrets, know-how, technical information and data,
improvements, formulas, research, development, laboratory notebooks, processes, diagrams, designs, drawings, engineering, test
procedures and specifications, manufacturing specifications, configurations, packaging, search results, and any documents or materials
relating thereto, business, financial, accounting, insurance, and marketing information, analyses, forecasts, predictions or projections,
documents, systems, specifications, research and development information, prices, proposed transaction terms and other commercial
information and/or trade and business secrets.

 

		(b)	Confidential Information shall not include information that: (i) is or becomes known in the public domain through no action
on the part of Executive; (ii) is or becomes known within the Company’s industry outside of the Company other than through
the fault of the Executive; (iii) is lawfully obtained from any source other than the Company, without an obligation to the Company
to keep it confidential; (iii) is previously known to Executive without an obligation to the Company to keep it confidential; (iv)
is required to be disclosed pursuant to any applicable law, regulation, judicial or administrative order or decree, or request
by other regulatory organization having authority pursuant to the law; provided, however, that, for purposes of this Section 9(b)(iv)
only, Executive shall first have given prior written notice to the Company so that the Company may seek a protective order requiring
that the Confidential Information not be disclosed; or (v) is independently developed by Executive without the use of the Confidential
Information.

 

		(c)	Executive hereby agrees that, during the Term and for three (3) years thereafter, he: (i) shall use the Confidential Information
solely in connection with the performance of his duties under this Agreement, and not for any other purpose whatsoever without
the prior express written consent of the Company; (ii) shall not copy, disclose or reveal any of the Confidential Information to
any third party without the prior express written consent of the Company unless previously authorized to do so by the Board in
his capacity as a senior officer of the Company; (iii) shall take reasonable strict precautions to maintain the confidentiality
of the Confidential Information received; (iv) shall, within five (5) business days of a written request by the Company, destroy
or return any and all copies on any media containing the Confidential Information. Notwithstanding the above, nothing in this Section
9 shall restrict Executive’s rights to retain copies of this Agreement or his related compensation and benefit information,
or his personal business files. In addition, nothing in this Section 9 shall preclude Executive from responding truthfully to any
governmental agency inquiry or to any legal process, or from taking any reasonable actions to enforce his rights under this Agreement.

 

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		(d)	Unauthorized disclosure or use of Confidential Information may give rise to irreparable injury, which may not be adequately
compensated by damages. In the event of a breach or threatened breach of this Section 9, the Company shall be entitled to seek
a preliminary injunction and a temporary restraining order restraining the Executive from using or disclosing the Confidential
Information or such other equitable relief as may be necessary to protect the interests of the Company. Such remedy shall be additional
to and not a limitation upon any other remedy which may otherwise be legally available to the Company, including but not limited
to a remedy for actual damages occasioned by the breach of the terms of this Section 9 (which damages may include costs, expenses
and reasonable attorneys’ fees).

 

		(e)	Executive acknowledges and agrees that he is aware that: (i) the Confidential Information may contain material, non-public
information regarding the Company and/or its affiliates (“Insider Information”) and (ii) the United States securities
laws prohibit any persons who have material, non-public information concerning the Company and/or its affiliates from purchasing
or selling securities of the Company or from communicating such information to any person under circumstances in which it is reasonably
foreseeable that such person is likely to purchase or sell such securities in reliance upon such information. Accordingly, the
Executive acknowledges and agrees, on a best efforts basis, to maintain as confidential all Confidential Information and material
non-public information of the Company and/or its affiliates. The Executive acknowledges and agrees that he will exercise his best
efforts to abide by all laws, rules and regulations relating to the handling of and acting upon Insider Information (including
trading (directly or indirectly) while in possession of Insider Information or disclosing or utilizing Insider Information in connection
with the purchase or sale of securities). Further, the Executive will not, and will use his best efforts to ensure that his affiliates
(and any person acting on their behalf or in concert with them) will not, trade in the securities of the Company (including any
securities convertible into such securities, or any other right to acquire such securities) on the basis of, or if and while it
or its representatives are in possession of Insider Information until such time as the Company has publicly disclosed such information.

 

		(f)	Nothing in this Agreement prohibits or restricts the Executive (or Executive’s attorney) from initiating communications
directly with, responding to an inquiry from, or providing testimony before the Securities and Exchange Commission (“SEC”),
the Financial Industry Regulatory Authority (“FINRA”), any other self-regulatory organization or any other federal
or state regulatory authority regarding this Agreement, or its underlying facts or circumstances, or the Company’s business
activities, or a possible securities law violation. The Executive further understands that this Agreement does not limit the Executive’s
ability to communicate with any securities regulatory agency or authority/government agencies or otherwise participate in any investigation
or proceeding that may be conducted by any securities regulatory agency or authority/government agency. This Agreement does not
limit the Executive’s right to receive an award for information provided to any government agency/to the SEC staff or any
other securities regulatory agency or authority. Nothing in this Agreement in any way prohibits or is intended to restrict or impede
the Executive from exercising protected rights under Section 7 of the National Labor Relations Act/exercising protected rights,
to the extent that such rights cannot be waived by agreement, or otherwise disclosing information to the United States Equal Employment
Opportunity Commission or state or local fair employment practices agency as permitted by law.

 

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		10.	Non-Competition and Non-Solicitation.

 

		(a)	The Executive covenants and agrees that during the applicable Term hereof (including any shortened Term) and for a period of
two (2) years following the termination of his employment hereunder (the “Restricted Period”), that he will not, directly
or indirectly, anywhere within the continental United States:

 

(i) without the Board’s written consent, own,
operate, manage, join, control, participate in the ownership, management, operation or control of, or be paid or employed by, or
acquire any securities of, or otherwise become associated with or provide assistance to, as an employee, consultant, director,
officer, shareholder, partner, agent, associate, principal, representative or in any other capacity, any business entity which
engages in any directly competitive line of business in which the Company is actively engaged during the Executive’s employment
with the Company after the Effective Date (including, but not limited to, the development and commercialization of therapeutic
and dietary supplement products relating to myostatin inhibition); provided, however, that the foregoing shall not prevent the
Executive from owning, in the aggregate, an amount not exceeding five percent (5%) of the issued and outstanding voting securities
of any class of any corporation whose voting capital stock traded or listed on a national securities exchange or in the over-the-counter
market; and

 

(ii) knowingly solicit to employ or engage, for or
on behalf of himself or any third party, any employee, vendor or agent of the Company.

 

		(b)	The Executive hereby agrees that, without the Board’s written consent, he will not, directly or indirectly, for or on
behalf of himself or any third party, at any time during the Term and/or the Restricted Period, solicit any customers of the Company
(and/or its successor) with respect to products or services directly competitive with products or services being sold by the Company
(and/or its successor) while Executive is or was employed by the Company.

 

		(c)	If any of the restrictions in this Section 10 shall be held by a court of competent jurisdiction to be unenforceable, illegal
or invalid by reason of the extent, duration or geographical scope thereof or otherwise, then the court making such determination
shall have the right to reduce such extent, duration, geographical scope or other provisions hereof, and this Section 10, in its
reduced form, shall be remain valid, in full force and effect and enforceable in the manner contemplated hereby.

 

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		11.	Ownership of Product Ideas and Assignment.

 

		(a)	The Executive will disclose to the Company all Product Ideas as defined herein. For purposes of this Agreement, “Product
Ideas” shall mean all ideas, potential marketing and sales relationships, inventions, copyrightable expressions, research,
plans for products or services, marketing plans, original works of authorship, know how, trade secrets, information, data, developments,
discoveries, improvements, modifications, technology and designs, whether or not eligible for patent or copyright protection, which
relate to the business of the Company, made, conceived, expressed, developed, or actually or constructively reduced to practice
by the Executive during the period of and within the scope of Executive’s employment, whether solely or jointly with other Company
employees or consultants retained by Company during the Term.

 

		(b)	The Executive acknowledges and agrees that the Product Ideas (if any) and any resulting patents or trademarks shall be the
exclusive property of the Company, and that all of said Product Ideas (if any) shall be considered as “work made for hire”
belonging to the Company. To the extent any such Product Ideas, under applicable law, may not be considered work made for hire
by the Executive for the Company, the Executive hereby assigns and, upon its creation, automatically and irrevocably assigns to
the Company, without any further consideration, all right, title and interest in and to such Product Ideas, including, without
limitation, any copyright, other intellectual property rights, all contract and licensing rights, and all claims and causes of
action of any kind with respect to such materials. The Company shall have the exclusive right to use the Product Ideas (if any),
whether original or derivative, for all purposes without additional compensation to the Executive. At the Company’s expense,
the Executive will reasonably assist the Company to perfect the Company’s rights in the Product Ideas and to protect the
Product Ideas throughout the world, including, without limitation, promptly executing and delivering such patent, copyright, trademark
or other applications, assignments, descriptions and other instruments and to take such actions for and on behalf of the Executive
as may be necessary to vest title to and/or defend or enforce the rights of the Company in the Product Ideas (if any).

 

		12.	Specific Performance; Injunctive Relief. The Company and the Executive each acknowledge and agree that irreparable damage
could occur in the event that the provisions of Sections 9, 10 or 11 of this Agreement were not performed in accordance with its
specific terms or were otherwise materially breached. It is accordingly agreed that the parties shall be entitled to seek an injunction
or injunctions to prevent breaches of the such provisions of this Agreement and to enforce specifically the terms and provisions
thereof in any court of the United States or any state thereof having jurisdiction, this being in addition to any other remedy
to which they may be entitled at law or equity.

 

		13.	Indemnification. The Company shall fully indemnify and hold harmless Executive to the maximum extent permitted by the
Company’s Articles of Incorporation, By-Laws, and the Nevada Revised Statutes, as amended with respect to any all claims
and liabilities asserted against Executive in his capacity as an executive and/or director of the Company, and any related defense-related
reasonable attorney fees and expenses.

 

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		14.	Withholding. The Company shall be entitled to deduct and withhold, from the Base Salary, bonuses, severance payments
and/or any other amounts otherwise payable pursuant to this Agreement, such amounts as the Company reasonably determines that it
is required to deduct and withhold under the Internal Revenue Code of 1986, as amended, or any applicable provision of state or
local tax law, with respect to the making of such payment.

 

		15.	Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement other than Section 4 (it being acknowledged by the Parties
that Section 4 is an integral and material part of this Agreement) is held to be invalid, illegal or unenforceable in any respect
under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other
provision or any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision had never been contained herein.

 

		16.	Notice. For the purposes of this Agreement, notices, demands and all other communications provided for in this Agreement
shall be in writing and shall be deemed to have been duly given when personally delivered or (unless otherwise specified) mailed
by United States certified mail, return receipt requested, postage prepaid, or one day after delivery to an overnight air courier
guaranteeing next day delivery, addressed as follows:

 

If to Executive:

 

Joseph Mannello

137 Jockey Hollow
Road

Bernardsville, New
Jersey 07924

 

If to the Company:

 

MYOS RENS Technology
Inc.

45 Horsehill Road,
Suite 106

Cedar Knolls, NJ  07927

Attention: Chairman
of the Board

 

with a copy (which
shall not constitute notice) to:

 

Ellenoff Grossman
& Schole LLP

1345 Avenue of
the Americas, 11th Floor

New York, New York
10105

Attn: Stuart Neuhauser,
Esq.

 

		17.	Validity. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity
or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

 

    	 	12	 

     

    

 

		18.	Assignment. This Agreement may not be assigned by the Executive, but may be assigned (after written notice to the Executive)
by the Company to any successor to, or assign of, its business and will inure to the benefit and be binding upon any such successor
or assign. The term “the Company” as used throughout this Agreement shall include (i) any successors or assigns of
Company, and (ii) any successor, individual, association, partnership or corporation to which all or substantially all of the business,
stock or assets of the Company shall have been transferred, and (iii) any other corporation into or with which Company shall have
or has been merged, consolidated, reorganized or absorbed, all of whom shall be bound by the provisions of this Agreement, provided
that no such assignment, sale of assets, merger or other such event shall relieve the Company, of any of its obligations hereunder.

 

		19.	Counterparts. This Agreement may be executed in several counterparts, each of which may be delivered by and among the
parties by facsimile or other electronic transmission and each of which shall be deemed to be an original but all of which together
will constitute one and the same instrument.

 

		20.	Entire Agreement. This Agreement (including, without limit the Stock Option provisions set forth herein) constitutes
the entire agreement between the parties pertaining to the subject matter hereof, and fully supersedes any and all prior agreements
between the parties hereto respecting the Executive’s employment. In addition, no amendment or modification to this Agreement
shall be valid unless set forth in writing and signed by each of the parties or by the party against which it is being enforced.
The parties acknowledge that they have not relied upon any oral statement or any written statement not contained in this Agreement
in deciding whether to enter into this Agreement.

 

		21.	Headings. The headings contained herein are for reference purposes only and shall not in any way affect the meaning
or interpretation of this Agreement.

 

		22.	Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the
laws of the State of New Jersey without regard to its conflicts of law principles.

 

		23.	Representations.

 

		(a)	Executive’s Representations. Executive hereby represents and warrant to the Company that, to the best of his knowledge,
(i) the execution, delivery and performance of this Agreement by Executive does not and will not conflict with, breach, violate
or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which
he is bound, (ii) Executive is not a party to or bound by any employment agreement, non-compete agreement or confidentiality agreement
with any other person or entity, and (iii) upon the execution and delivery of this Agreement by all of the parties hereto, this
Agreement shall be valid and binding obligation of Executive, enforceable in accordance with its terms.

 

		(b)	Company’s Representations. Company and the board of Directors hereby represent and warrant to the Executive that
(i) the execution, delivery and performance of this Agreement by Company does not and will not conflict with, breach, violate or
cause a default under any contract, agreement, instrument, order, judgment or decree to which Company is a party or by which Company
is bound, (ii) this Agreement has been duly approved by its Board of Directors (and the Compensation Committee of the Board of
Directors) and the undersigned signatory of the Company has full authority to execute this Agreement on behalf of the Company and
the Board, and (iii) upon the execution and delivery of this Agreement by all parties hereto, this Agreement shall be the valid
and binding obligation of Company, enforceable in accordance with its terms.

 

		24.	Survival. Sections 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 16, 17, 18, 20, 22, 23, 24 and 25 shall survive the termination
of this Agreement.

 

		25.	Attorneys Fees. The parties shall be responsible for their own respective costs and expenses incurred in connection with
negotiation and execution of this Agreement and any dispute involving this Agreement including attorney fees and costs.

 

[Balance of Page Is Blank]

 

[Signature Page Follows]

 

    	 	13	 

     

    

 

IN WITNESS WHEREOF, the parties have executed this Employment
Agreement on the date and year first above written.

 

	MYOS RENS TECHNOLOGY INC.	 
	 	 
	
        

        By:
	
        

        /s/ Christopher Pechock
	 
	Name:	Christopher Pechock	 
	Title:	Chairman of the Compensation Committee	 

 

EXECUTIVE

 

	
        /s/ Joseph Mannello
	 
	Joseph Mannello	 

 

    	 	14	 

     

    

 

EXHIBIT A

 

FORM OF

RELEASE AND WAIVER OF CLAIMS

 

TO BE SIGNED FOLLOWING TERMINATION WITHOUT
CAUSE, RESIGNATION FOR 

GOOD REASON, OR CHANGE OF CONTROL TERMINATION

 

In consideration of,
and conditioned on my receipt of, the severance payments set forth in the Employment Agreement made effective as of August 23,
2017 (the “Employment Agreement”), to which this form is attached, I, Joseph Mannello, hereby furnish MYOS RENS Technology,
Inc., a Nevada corporation (the “Company”), with the following release and waiver (this “Release”). Any
capitalized term used but not defined in this Release will have the meaning ascribed to such term in the Employment Agreement.
In exchange for, and conditioned on my receipt of, the severance consideration provided to me by Section 7 or 8 of the attached
Employment Agreement that I am not otherwise entitled to receive, I hereby generally and completely release the Company and its
affiliates and their respective directors, officers, employees, shareholders, partners, agents, attorneys, representatives, insurers,
predecessors, successors and assigns from any and all claims, liabilities and obligations, both known and unknown, that both (i)
arise out of or are in any way related to my post-Effective-Date employment at the Company (or the termination of such employment)
and (ii) arise prior to my signing this Release, except claims that the law does not permit me to waive by signing this Release.
This general release includes, and is limited to: (1) all claims arising out of or in any way related to my employment with the
Company or the termination of that employment; (2) all claims related to my compensation or benefits from the Company, including
salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any
other ownership interests in the Company; (3) all claims for breach of contract, wrongful termination, and breach of the implied
covenant of good faith and fair dealing; (4) all tort claims, including claims for fraud, defamation, emotional distress, and discharge
in violation of public policy; and (5) all foreign, federal, state, and local statutory claims, including claims for discrimination,
harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended),
the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”),
the California Fair Employment and Housing Act or any comparable Canadian statute.

 

Notwithstanding the
foregoing, nothing in this Release shall constitute a release by me of, and I expressly reserve all of my rights with respect to:
(i) any claims or damages based on any right I may have to enforce the Company’s executory and other obligations under, and/or
any accrued obligation and severance amounts payable to me under, the Employment Agreement, and/or (ii) my eligibility for and
participation in any D&O insurance coverage and/or any D&O indemnification under applicable law, Company governance documents
or under any applicable insurance policy with respect to any asserted claim or liability (and any related attorney fees and expenses
and other legal defense costs incurred by me or on my behalf in disputing such asserted claim or liability) brought or threatened
against me as an director, officer or employee of the Company, and/or (iii) any of my rights pursuant to my Stock Option and any
other stock-based awards (including any stock options, stock appreciation rights, restricted stock, restricted stock unit or other
stock-based awards granted to me by Parent) pursuant to their terms, and/or (iv) my separate rights as a shareholder of the Company.

 

    	 	15	 

     

    

 

I acknowledge, subject
to the express exceptions stated above and in my Employment Agreement, that, among other rights, I am waiving and releasing any
rights I may have under ADEA, that this Release is knowing and voluntary, and that the consideration given for this Release is
in addition to anything of value to which I was already entitled as an executive of the Company. If I am 40 years of age or older
upon execution of this Release, I further acknowledge that I have been advised, as required by the Older Workers Benefit Protection
Act, that: (a) the release and waiver granted herein does not relate to claims under the ADEA which may arise after this Release
is executed; (b) I should consult with an attorney prior to executing this Release; (c) I have at least twenty-one (21) days from
the date of termination of my employment with the Company in which to consider this Release (although I may choose voluntarily
to execute this Release earlier); (d) I have seven (7) days following the execution of this Release to revoke my consent to this
Release; and (e) this Release shall not be effective until the seven (7) day revocation period has expired.

 

I acknowledge my continuing
obligations under my Employment Agreement with the Company. Pursuant to, and subject to any applicable exceptions set forth in,
my Employment Agreement, I understand that, among other things, I must not use or disclose any confidential or proprietary information
of the Company or its affiliates (as defined in the Employment Agreement) and I must promptly return all property and documents
(including all embodiments of proprietary information) of the Company and its affiliates and all copies thereof in my possession
or control, subject to the express exceptions set forth in my Employment Agreement. I understand and agree that my right to the
severance pay I am receiving in exchange for my agreement to the terms of this Release is contingent upon my continued compliance
with my Employment Agreement.

 

This Release covers
both claims that I know about or suspect, as well as those I do not know about or suspect. I expressly waive all rights afforded
by any statute that limits the effect of a release with respect to unknown and unsuspected claims, including, without limitation,
§ 1542 of the Civil Code of the State of California, and any other similar foreign, state, provincial or local laws, which
states as follows:

 

“A GENERAL RELEASE
DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE
RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

This Release, subject to the release provisions (including express exceptions) set forth in my Employment Agreement, constitutes
the complete, final and exclusive embodiment of the entire agreement between the Company and me with regard to the subject matter
hereof (i.e., the release). I am not relying on any promise or representation by or on behalf of the Company that is not expressly
stated herein or in the Employment Agreement. This Release may only be modified by a writing signed by both me and a duly authorized
officer of the Company.

 

	Date:		 	
        By:

        
	
	 	 	 	 	Joseph Mannello

 

 

16EX-10.1

 Exhibit 10.1 

CONDUENT INCORPORATED 

EXECUTIVE CHANGE IN CONTROL SEVERANCE PLAN 

Article I 
 Introduction

 The Board of Directors of Conduent Incorporated considers the maintenance of a sound management to be essential to protecting and
enhancing the best interests of the Company (as hereinafter defined) and its shareholders. In this connection, the Company recognizes that, as with many publicly held corporations, the possibility of a Change in Control (as hereinafter defined) may
exist from time to time, and that this possibility, and the uncertainty raised by this possibility may cause the departure or distraction of management personnel to the detriment of the Company and its shareholders. Accordingly, the Board (as
hereinafter defined) has determined that appropriate steps should be taken to encourage the continued attention and dedication of members of the Company’s management to their assigned duties without the distraction which may arise from the
possibility of a Change in Control, although no such change is now contemplated. 
 This Executive Change in Control Severance Plan does not
alter the status of Participants (as hereinafter defined) as at-will employees of the Company. Just as Participants remain free to leave the employ of the Company at any time, so too does the Company retain its right to terminate the employment of
Participants without notice, at any time, for any reason. However, the Company believes that, both prior to and at the time a Change in Control is anticipated or occurring, it is necessary to have the continued attention and dedication of
Participants to their assigned duties without distraction, and this Plan is intended as an inducement for Participants’ willingness to continue to serve as employees of the Company (subject, however, to either party’s right to terminate
such employment at any time). Therefore, should a Participant still be an employee of the Company at such time, the Company agrees that such Participant shall receive the severance benefits hereinafter set forth in the event the Participant’s
employment with the Company terminates under the circumstances described below. 
 Article II 

Establishment of Plan 
 As
of October 1, 2017, the Company establishes the Conduent Incorporated Executive Change in Control Severance Plan, as set forth in this document. All payments pursuant to the Plan shall be made from the general funds of the Company and no
special or separate fund shall be established or other segregation of assets made to assure payment. No Participant or other person shall have under any circumstances any interest in any particular property or assets of the Company as a result of
participating in the Plan. Notwithstanding the foregoing, the Company may (but shall not be obligated to) create one 

 
(1) or more grantor trusts, the assets of which are subject to the claims of the Company’s creditors, to assist it in accumulating funds to pay its obligations under the Plan. It is intended
that this Plan comply with Section 409A of the Code (as hereinafter defined) and the regulations thereunder and shall be construed and interpreted in a manner consistent with such intention. This Plan is intended to replace the “Amended
and Restated Severance Letter Agreement Providing Certain Benefits Upon A Termination of Employment Following a Change in Control” (or the “Prior Agreement”) that Participants entered into with the Xerox Corporation prior to
January 1, 2017. A schedule of the Prior Agreements is attached as Appendix A. The Plan shall be administered by the Compensation Committee of the Board (the “Committee”), except as provided Article XVIII. 

Article III 
 Definitions

 (a) Board shall mean the Board of Directors of the Company. 

(b) Change in Control of the Company shall be deemed to have occurred if: 

(i) Any “Person” is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its affiliates) representing 50% or more of the combined voting power of the
Company’s then outstanding securities; 
 (ii) The following individuals (referred to herein as the “Incumbent Board”) cease
for any reason to constitute a majority of the directors then serving: (A) individuals who, on the date hereof constitute the Board, and (B) any new director (other than a director whose initial assumption of office is in connection with
an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s
shareholders was approved or recommended by a vote of at least two-thirds of the directors then still in office who were directors on the date hereof or whose appointment, election or nomination for election was previously so approved or
recommended; 
 (iii) There is consummated a merger or consolidation of the Company with any other corporation, other than (A) a merger
or consolidation which results in the directors of the Company who were members of the Incumbent Board immediately before such merger or consolidation continuing to constitute at least a majority of the board of directors of the Company, the
surviving entity or any parent thereof for a period of 90 days or (B) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the beneficial owner, directly or
indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its affiliates) representing 50% or more of the combined voting power of the
Company’s then outstanding voting securities; or 

  
 2 

 (iv) The shareholders of the Company approve a plan of complete liquidation or dissolution of the
Company, or upon the closing of the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity,
at least 50% of the combined voting power of the voting securities of which are owned by stockholders immediately after the sale or disposition of the Company in substantially the same proportions as their ownership of the Company immediately before
such sale. For purposes of the definition of Change in Control, Person shall have the meaning given in Section 3(a)(9) of the 1934 Act, as modified and used in Section 13(d) and 14(d) of the 1934 Act, except that such term shall not
include Excluded Persons. “Excluded Persons” shall mean (1) the Company and its subsidiaries, (2) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any subsidiary of the Company,
(3) any company owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company, (4) any person who becomes a beneficial owner in connection with a
transaction described in sub clause (A) of clause (iii) above, (5) an underwriter temporarily holding securities of the Company pursuant to an offering of such securities, or (6) an individual, entity or group who is permitted
to, and actually does, report its beneficial ownership on Schedule 13G (or any successor Schedule), provided that if any Excluded Person described in clause (6) subsequently becomes required to or does report its beneficial ownership on
Schedule 13D (or any successor Schedule), then, for purposes of this definition, such individual, entity or group shall no longer be considered an Excluded Person and shall be deemed to have first acquired beneficial ownership of securities of the
Company on the first date on which such individual, entity or group becomes required to or does so report on such Schedule. 
 (c)
Code shall mean the Internal Revenue Code of 1986, as amended. 
 (d) Company shall mean Conduent Incorporated or any
successor thereto, including any successor to its business and/or assets which assumes and agrees to perform the duties of the Company described in this Plan by operation of law or otherwise. 

(e) Date of Termination shall mean: 

(i) If the Participant’s employment is terminated pursuant to a Termination by the Company For Disability, thirty (30) days after
Notice of Termination is given (if the Participant does not return to the performance of his/her duties on a full-time basis during such thirty (30) day period); and 

(ii) If the Participant’s employment is terminated for any other reason, the date specified in the Notice of Termination, subject to
clauses (iii), (iv) and (vi) of this subsection. 
 (iii) In the case of a Termination by the Company Without Cause, the specified
date shall not be less than thirty (30) days from the date the Notice of Termination is given. 
  

  
 3 

 (iv) In the case of a Termination by the Participant For Good Reason, the specified date shall
not be less than fifteen (15) days nor more than sixty (60) days, from the date the Notice of Termination is given subject to subsection (o) of Article III. 

(v) In the case of a Termination By the Death of the Participant, the specified date shall be the date of the Participant’s death. 

(vi) In no event shall the Date of Termination occur until the Participant experiences a “separation from service” within the
meaning of Section 409A of the Code, and the date on which such separation from service takes place shall be the “Date of Termination.” 

(f) Disability shall mean a physical or mental incapacity incurred after a Potential Change in Control which would allow the
Participant to receive benefits under the Company’s Long-Term Disability Income Plan (or any substitute plans adopted before a Change in Control). 

(g) Exchange Act shall mean the Securities Exchange Act of 1934, as amended. 

(h) Notice of Termination shall mean the notice required to be given by the Participant or the Company in accordance with the terms of
Article XI. 
 (i) Participant shall mean an employee of the Company who has been designated from time to time by the Committee
in writing as a Participant. The Committee shall approve the participation of (1) any Section 16(b) officer (as defined in Section 16(b) of the Exchange Act) or elected officer of the Company, and (2) any direct report to the
Chief Executive Officer of the Company. At its discretion, the Committee may approve additional management personnel. Appendix B of this Plan, as it may be updated from time to time by the Committee, shall at all times contain a current list of
Participants. Notwithstanding the foregoing, a Participant shall not be entitled to receive separation benefits (or any other benefits under the Plan) if the Participant has entered into an agreement with the Company that provides for benefits
similar to the separation benefits in the event of a termination of employment following (or prior to and in connection with) a Change in Control, unless such agreement specifically provides otherwise. 

(j) Plan shall mean the Conduent Incorporated Executive Change in Control Severance Plan set forth herein. 

(k) Qualifying Termination shall mean a termination of employment that occurs within two years for the Chief Executive Officer, or
within one year for any other Participant following or within ninety (90) days preceding a Change in Control and during the term of this Plan, and is not (i) because of Participant’s death, (ii) a Termination by the Company For
Cause, (iii) a Termination by the Company For Disability, or (iv) a Termination by the Participant Without Good Reason. 
 (l)
Severance Period shall mean the period for which the Participant is entitled to receive benefits pursuant to a Qualifying Termination under this Plan, as set forth in Appendix C. 

  
 4 

 (m) Termination by the Company For Cause shall mean termination by the Company of the
Participant’s employment upon: 
 (i) The willful and continued failure by the Participant to substantially perform his/her duties with
the Company or its subsidiary (other than any such failure resulting from Participant’s incapacity due to physical or mental illness or any such actual or anticipated failure after the issuance of a Notice of Termination by Participant For Good
Reason), after a written demand for substantial performance is delivered to the Participant by the Committee which specifically identifies the manner in which the Committee believes that the Participant has not substantially performed his/her
duties; 
 (ii) The willful engaging by the Participant in conduct which is demonstrably and materially injurious to the Company, monetarily
or otherwise, or is deemed by the Committee to be morally repugnant; or 
 (iii) The Participant’s conviction, or entering into a plea
of either guilty or nolo contendere to, any felony, or any misdemeanor involving material acts of moral turpitude, embezzlement, theft, or other similar act. 

(iv) For purposes of this subsection, no act or failure to act on the Participant’s part shall be considered “willful” unless
done, or omitted to be done, by the Participant not in good faith and without reasonable belief that the Participant’s action or omission was in the best interest of the Company. 

(v) A termination of the Participant’s employment is not a Termination by the Company For Cause until there is delivered to the
Participant a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the entire membership of the Board at a meeting of the Board called and held for the purpose (after reasonable notice to the Participant and
an opportunity for the Participant, together with Participant’s counsel, to be heard before the Board), finding that in the good faith opinion of the Board the Participant was guilty of conduct set forth in this subsection, and specifying the
particulars thereof in detail. 
 (n) Termination by the Company For Disability shall mean a termination by the Company of
Participant’s employment following a Change in Control and during the term of this Plan as follows. If, as a result of the Participant’s incapacity due to physical or mental illness, the Participant fails to perform his/her duties and
shall have been receiving payments under the Company’s Long-Term Disability Income Plan, or any substitute plans adopted before the Change in Control, for a period of twelve (12) consecutive months and, within thirty (30) days after
Notice of Termination is given, the Participant shall not have returned to the full-time performance of his/her duties, the Company may terminate the Participant’s employment pursuant to a Termination by the Company For Disability. The
Participant shall continue to receive full base salary at the rate then in effect and Participant’s bonus and all compensation shall be paid during the period until the Participant is terminated pursuant to this subsection. The
Participant’s benefits shall thereafter be determined in accordance with the Company’s welfare benefits programs then in effect and the Company’s retirement plans then in effect. 

  
 5 

 (o) Termination by the Participant For Good Reason shall mean the termination by the
Participant of employment within two years for the Chief Executive Officer, or within one year for all other Participants, of the initial occurrence of any of the following circumstances, provided that (1) such circumstance occurs without the
Participant’s express written consent, after a Change in Control, and during the term of this Plan, (2) the Participant properly notifies the Company within ninety (90) days of the initial occurrence of such circumstance and the
Company does not remedy the circumstance within thirty (30) days of such notice, and (3) the Participant actually terminates employment within ten (10) business days of close of the Company’s failure to remedy the circumstance:

 (i) Subject to subsection (o) of Article III herein, the material diminution of the Participant’s authority, duties, or
responsibilities from those in effect immediately prior to a Change in Control (including, without limitation, if the Participant is an executive officer of the Company prior to a Change in Control, ceasing to be an executive officer of the
surviving company); 
 (ii) A material reduction in the Participant’s annual base salary and/or annual target bonus and/or employee
benefits in aggregate as in effect on the date of the Change in Control, or as the same may be increased from time to time, except that this clause (ii) shall not apply to across-the-board salary reductions similarly affecting all executives of
the Company and all executives of any person in control of the Company, nor shall this clause (ii) apply to any changes to employee benefits plans made in accordance with the terms of each plan that apply to all participants of such employee
benefit plan; 
 (iii) A material adverse change in the geographic location at which the Participant is required to be based
(including, the Company requiring the Participant to relocate in order to report to a location 150 miles or more from the Company location in the Participant was based immediately prior to the Change in Control), except for required travel on
the Company’s business to an extent substantially consistent with the Participant’s present business travel obligations; or 

(vi) A Termination by the Participant For Good Reason shall be deemed to occur if, after a Change in Control, there occurs any termination by
the Company of the Participant’s employment which is not accompanied by any Notice of Termination required by Article XI, and does not comply with the notice requirements (if applicable) of subsection (l) of this section (defining
Termination by the Company For Cause). 
 (vii) A termination by the Participant of his/her employment shall not fail to be a Termination by
the Participant For Good Reason merely because of the Participant’s incapacity due to physical or mental illness, or because the Participant’s employment continued after the occurrence of any of the events listed in this subsection. 

(p) Termination by the Participant Without Good Reason shall mean a termination by the Participant of employment that is not a
Termination by the Participant For Good Reason. 
 (q) Termination by Death of the Participant shall mean a termination by the
Participant of employment that is the result of the death of the Participant, except where the Participant has already incurred a Termination by the Company for Disability. 
  

  
 6 

 Article IV 

Term of Plan 
 (a) This
Plan shall be effective on October 1, 2017, and shall continue in effect through December 31, 2017 or the later date provided by subsection (b) or (c) of this section. 

(b) Commencing on January 1, 2018, and each January 1 thereafter, the term of this Plan shall automatically be extended for one
additional year unless, (i) not later than the later of November 1 or thirty days following the meeting of the Committee held in October of the preceding year, the Company gives notice that it does not wish to extend this Plan; or
(ii) at any time, the Company gives notice that a Participant is no longer in a position considered to be a key role in the event of a Change in Control. No such notice may be given during the pendency of a Change in Control (that is, ninety
(90) days prior to an actual Change in Control). 
 (c) If a Change in Control occurs while this Plan is in effect, then
notwithstanding subsections (a) and (b) of this section, this Plan shall continue in effect until the last day of the 24th month following the month in which occurs such Change in Control. 

(d) A Participant’s coverage under this Plan shall terminate upon the Participant’s termination of employment (which for this
purpose shall include commencement of salary continuance or other severance amounts), other than a termination of employment that occurs after a Change in Control. 

Article V 
 Benefits Upon
A Qualifying Termination 
 (a) Participants shall be entitled to the benefits provided by this section upon termination of employment,
if such termination is a Qualifying Termination, and benefits shall be conditioned upon the execution by the Participant of a release and waiver of claims in the form provided by the Company. Such release shall be delivered to the Company within 45
days of the Date of Termination, and shall be subject to a seven-day revocation period. 
 (b) The Company shall pay a Participant who
experiences a Qualifying Termination a lump sum in cash within ten (10) days after the expiration of the revocation period for the release and waiver of claims described in Section (a) above (except that, for a Date of Termination on or
after November 1, such payment shall be made not before the first business day of the next succeeding calendar year, to the extent required for compliance with Code section 409A and guidance thereunder), the aggregate of the following amounts
which benefits, except as otherwise provided herein, shall be in addition to any other benefits to which the Participant is entitled by reason of this Plan: 

(i) unpaid salary with respect to any paid time off accrued but not taken as of the Date of Termination; 

  
 7 

 (ii) accrued but unpaid salary through the Date of Termination; 

(iii) any earned but unpaid annual incentive bonuses from the fiscal year immediately preceding the year in which the Date of Termination
occurs (unless (A) such annual incentive bonus is “nonqualified deferred compensation” within the meaning of Section 409A, in which case such bonus shall be paid at the time that bonuses with respect to such fiscal year are or
otherwise would be paid in accordance with the terms of the applicable plan or (B) the Participant has made an irrevocable election under any deferred compensation arrangement subject to Section 409A to defer any portion of such annual
incentive bonuses, in which case any such deferred bonuses shall be paid in accordance with such election); 
 (iv) In lieu of any further
salary payments to Participant for periods after separation from service, the Company shall pay a lump sum severance payment equal to the factor provided in Appendix C as the Severance Period times the sum of: 

(A) the Participant’s annual rate of base salary in effect on the date Notice of Termination is given, and 

(B) the annual target bonus applicable to the Participant for the year in which Notice of Termination is given. 

(c) In addition to all other amounts payable to the Participant under this section, the Participant shall be entitled to receive all benefits
payable under any other plan or agreement relating to retirement benefits or to compensation previously earned and not yet paid, in accordance with the terms of such plans or agreements, including prorated annual performance incentives for the year
in which the Date of Termination occurs, subject to the terms and conditions of the applicable performance incentive plan and award agreements and subject to Article VII. 

(d) The Participant shall continue to be eligible to participate in the medical, dental and health care reimbursement account coverage in
effect at the Date of Termination (or generally comparable coverage) for himself or herself and, where applicable, his or her spouse or domestic partner and dependents, as the same may be changed from time to time for employees of the Company
generally, as if Participant had continued in employment during the lesser of (i) the Severance Period or (ii) twelve (12) months. The Participant shall be responsible for the payment of the employee portion of the medical,
dental and health care reimbursement account contributions that are required during the Severance Period and such contributions shall be made within the time period and in the amounts that other employees are required to pay to the Company for
similar coverage. The Participant’s failure to pay the applicable contributions shall result in the cessation of the applicable medical and dental coverage for the Participant and his or her spouse or domestic partner and dependents. In the
event that the Severance Period exceeds 

  
 8 

 
twelve months, the Participant will receive a cash lump-sum payment from the Company equal to the projected value of the employer portion of the premiums for medical and dental benefits for the
time period between the end of the Coverage Period and the remainder of the Severance Period. Such payment shall be made within sixty (60) days following the end of the Coverage Period. Notwithstanding any other provision of this Plan to
the contrary, in the event that a Participant commences employment with another company at any time during the Severance Period and becomes eligible for medical and/or dental coverage under the plan(s) of such other company, the Participant will
cease receiving coverage under the Company’s medical and dental plans. Within thirty (30) days of Participant’s commencement of employment with another company, Participant shall provide the Company written notice of such employment
and provide information to the Company regarding the medical and dental benefits provided to Participant by his or her new employer. The COBRA continuation coverage period under section 4980B of the Code shall run concurrently with the Severance
Period. 
 (e) Deeming rules for certain terminations of employment before a Change in Control. For purposes of this Plan: 

(i) Termination of the Participant’s employment shall be deemed to occur after a Change in Control if (A) employment is terminated
by the Company within ninety (90) days prior to a Change in Control, (B) such termination was not a Termination by the Company For Cause, and (C) either such termination was at the request or direction of a person who has entered into
an agreement with the Company the consummation of which would constitute a Change in Control, or the Participant reasonably demonstrates that such termination was otherwise in connection with or in anticipation of a Change in Control. 

(ii) Termination of employment shall be deemed to be a Termination by the Participant For Good Reason after a Change in Control if
(A) within ninety (90) days prior to a Change in Control, the Participant incurs a Termination by the Participant For Good Reason (or what would be such but for the fact that it occurs before a Change in Control), and (B) the
circumstance or event which constitutes Good Reason occurs at the request or direction of a person who has entered into an agreement with the Company the consummation of which would constitute a Change in Control. 

(f) All payments under the Plan are subject to the reduction or potential reduction set forth in Article VII. 

(g) Benefits upon Termination For Cause or Without Good Reason. If, following a Change in Control, Participant’s employment is
terminated pursuant to a Termination by the Company For Cause, or a Termination by the Participant Without Good Reason, the Company shall pay the Participant full base salary through Participant’s separation from service at the rate in effect
at the time Notice of Termination is given, plus all other amounts to which Participant is entitled under any compensation plan of the Company at the time such payments are due. 

  
 9 

 (h) Benefits upon Termination By Death of the Participant. If, following a Change in
Control, Participant’s employment is terminated pursuant to the death of the Participant (excluding when the Participant has experienced a Termination by the Company for Disability), the Company shall pay the Participant full base salary
through Participant’s separation from service at the rate in effect at the time of Death, plus all other amounts to which you are entitled under any compensation plan of the Company at the time such payments are due. 

Article VI 
 No Duty to
Mitigate 
 Participant shall not be required to mitigate the amount of any payment provided for in Articles V, IX, or XI herein by
seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for in such sections be reduced by any compensation earned by the Participant as the result of employment by another employer or by retirement benefits
after the Date of Termination, or otherwise, other than under subsection (d) of Article V (relating to certain continuing welfare benefits) and Article VII. 

Article VII 
 Offset for
Certain Severance Pay 
 If the Participant becomes entitled to the lump sum severance benefit under subsection (c) of Article V
herein, the Participant shall not be entitled to receive severance pay under any severance pay plan, policy or arrangement maintained by the Company or any of its subsidiaries. If the Company is obligated by law or by contract to pay severance pay,
a termination indemnity, notice pay, or the like, or if the Company is obligated by law or by contract to provide advance notice of separation, then the lump sum severance benefit under subsection (c) of Article V herein shall be reduced, but
not below zero, by the amount of any such severance pay, termination indemnity, notice pay or the like, as applicable, and by the amount of any compensation received by the Participant during the period of such advance notice. No offset or reduction
of amounts shall be permitted to the extent it results in a prohibited substitution under Code Section 409A and regulations thereunder. 

Article VIII 
 Payment
Calculation 
 (a) Generally, Total Payments (defined below) in connection with a Change in Control, including but not limited to
payments under this Plan, may be subject to an Excise Tax (defined below) payable by the Participant. The Excise Tax applies only if Total Payments exceed a threshold computed under the Code and IRS regulations. Accordingly, if it is determined that
the Excise Tax would 

  
 10 

 
apply to any payments to the Participant in connection with a Change in Control, payments under the Plan shall be reduced by this section if it is determined by the Accounting Firm (defined
below) that such Cutback (defined below) causes the Net After Tax Amount to be greater than the Net After Tax Amount (defined below) without such Cutback. 

(b) For purposes of this Section, the following terms have the following meanings: 

(i) “Total Payments” shall mean all of the payments or benefits, paid or payable to the Participant or for the Participant’s
benefit, subject to the excise tax under Section 4999 of the Code (before any reduction pursuant to this section), including any vesting of awards subject to Section 83 of the Code, whether pursuant to the terms of this Plan or any other
plan, arrangement or agreement with the Company, any person whose actions result in a Change in Control, or any person affiliated with the Company or such person. 

(ii) “Excise Tax” shall mean the excise tax (if any) imposed under section 4999 of the Code on Total Payments. 

(iii) “Net After Tax Amount” shall mean the amount of Total Payments net of any applicable taxes under the Code and any State or
local income taxes applicable on the date of payment. The determination of the Net After Tax Amount shall be made using the highest combined effective rate imposed by the foregoing taxes on income of the same character as the payments, as in effect
on the date of payment. 
 (c) Amounts payable to the Participant under the Plan shall be reduced by an amount (“the Cutback”) if
and only if it is determined that the Net After Tax Amount is greater if the Cutback is imposed than if the Cutback is not imposed. 
 (d)
All determinations required to be made under this Article VIII shall be made by the accounting firm that was, immediately before the Change in Control, the Company’s independent auditor (the “Accounting Firm”), which shall provide
detailed supporting calculations both to the Company and to the Participant within fifteen (15) business days after the Participant’s Notice of Termination, or such earlier time as requested by the Company. In the event that such
accounting firm is also serving as accountant or auditor for the individual, entity or group effecting the Change in Control, the Company shall appoint another nationally recognized accounting firm to make the determinations required hereunder
(which accounting firm instead shall be the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any determination by the Accounting Firm shall be binding upon the Company and the
Participant. 

  
 11 

 Article IX 

Legal Fees 
 (a) The
Company also shall pay to the Participant all reasonable legal fees and expenses incurred by the Participant with respect to the initial determination by the Accounting Firm with respect to the amount of Cutback (if any), as well as in disputing in
good faith any issue hereunder relating to the termination of the Participant’s employment, in seeking in good faith to obtain or enforce any benefit or right provided by this Plan or in connection with any tax audit or proceeding to the extent
attributable to the application of Section 4999 of the Code to any payment or benefit provided hereunder. Such payment shall be made immediately upon the completion of the dispute if the Participant prevails on at least one material claim with
such evidence of fees and expenses incurred as the Company reasonably may require. 
 (b) To the extent required by Section 409A of the
Code and guidance thereunder, any payment by the Company under this section shall be made no later than December 31 of the calendar year following the calendar year in which the Participant incurs such fees and expenses. Notwithstanding the
foregoing, to the extent required by Section 409A of the Code, in the case of a payment by the Company to reimburse expenses incurred due to a tax audit or litigation, payment shall be made no later than December 31 of the calendar year
following the calendar year in which the Participant remits the Excise Tax or, where as a result of such audit or litigation, no taxes are remitted, December 31 of the calendar year following the calendar year in which the audit is completed or
there is a final and nonappealable settlement or other resolution of the litigation. 
 Article X 

Successors; Binding Agreement 

(a) The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Plan in the same manner and to the same extent that the Company would be required to perform it if no succession had taken place. 

(b) Failure of the Company to obtain such assumption and agreement before the effectiveness of any such succession shall be a breach of this
Plan and shall entitle the Participant to compensation from the Company in the same amount and on the same terms as the Participant would be entitled hereunder if the Participant terminated employment for Good Reason following a Change in Control,
except that for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination. 

(c) This Plan shall inure to the benefit of and be enforceable by the Participant’s personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees. If the Participant should die while any amount would still be payable to the Participant hereunder if the Participant had continued to live, all such amounts, unless otherwise
provided herein, shall be paid in accordance with the terms of this Plan to the Participant’s devisee, legatee or other designee or if no such designee, to the Participant’s estate. 

  
 12 

 Article XI 

Notice Requirement 
 Any
termination or purported termination of the Participant’s employment (except by reason of the Participant’s death) by the Company or by the Participant following a Change in Control and during the term of this Plan shall be communicated by
written Notice of Termination to the other party hereto in accordance with this section. The Notice of Termination shall indicate the specific termination provision in this Plan relied upon and shall set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of Participant’s employment under the provision so indicated. For the purposes of this Plan, notices and all other communications provided for in the Plan shall be in writing and shall be
deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth on the first page of this Plan, provided that all notices to the
Company shall be directed to the attention of the Board with a copy to the Secretary of the Company, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address
shall be effective only upon receipt. 
 Article XII 

No Payment Earlier Than Permitted Under Code Section 409A 

In no event shall any amount that is deferred compensation under Code Section 409A (other than a short term deferral) payable under this
Plan upon the Participant’s separation from service be paid to the Participant under this Plan before the date of separation from service plus six (6) months after such date if the Participant is a specified employee (as defined for
purposes of Code Section 409A(a)(2)(B)). 
 Article XIII 

Amendment 
 (a) Except as
provided in subsection (b) and (c), no provision of this Plan may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by all affected Participants and such officer as may be
specifically designated by the Committee, and except as such modification, waiver, or discharge is not materially adverse to the Participant 

(b) To the extent deemed necessary or desirable by the Committee the Plan may be amended by an affirmative vote of the Committee in order to
comply with Code Section 409A and to avoid any additional tax or penalty related solely to Code Section 409A. Such amendments will be effective if signed by such officer as may be specifically designated by the Committee. The provisions of
this subsection (b) shall not apply at any time after the occurrence of either a Potential Change in Control or a Change in Control. 

  
 13 

 (c) The Chief Executive Officer of Conduent Incorporated or his delegate may amend the Plan as
she or he in his or her sole discretion deems necessary or appropriate to comply with Section 409A of the Internal Revenue Code and guidance thereunder. 

Article XIV 

Miscellaneous 
 No waiver
by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Plan to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions
at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Plan. The
validity, interpretation, construction and performance of this Plan shall be governed by the laws of the State of New York without regard to its conflicts of law principles. All references to sections of the Exchange Act or the Code shall be deemed
also to refer to any successor provisions to such sections. Any payments provided for hereunder shall be paid net of any applicable withholding required under federal, state or local law. The obligations of the Company under Articles V, VII, and IX
shall survive the expiration of the term of this Plan. This Plan shall not be construed as creating an express or implied contract of employment and, except as otherwise agreed in writing between each Participant and the Company, Participant shall
not have any right to be retained in the employ of the Company. No interest of any Participant or spouse of any Participant or any other beneficiary under this Plan, or any right to receive payment hereunder, shall be subject in any manner to sale,
transfer, assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any kind, nor may such interest or right to receive a payment or distribution be taken, voluntarily or involuntarily, for the satisfaction of the
obligations or debts of, or other claims against, a Participant or spouse of a Participant or other beneficiary, including for alimony. 

Article XV 
 Validity

 The invalidity or unenforceability of any provision of this Plan shall not affect the validity or enforceability of any other
provision of this Plan, which shall remain in full force and effect. 
 Article XVI 

Counterparts 
 This Plan
may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 

  
 14 

 Article XVII 

Entire Plan 
 This Plan
sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and during the term of the Plan supersedes the provisions of all prior agreements, promises, covenants, arrangements, communications,
representations or warranties, whether oral or written, by any officer, employee or representative of any party hereto with respect to the subject matter hereof (including, without limitation, the Severance Agreement previously entered into between
the Participant and the Company as thereafter amended and/or extended). 
 Article XVIII 

Plan Administration 
 This
Plan shall be administered by the Committee except that subsection (m) of Article III (relating to Terminations for Cause) shall be administered by the Board. In the event of an impending Change in Control, the Committee may appoint a person
(or persons) independent of the third-party effectuating the Change in Control to be the Committee effective upon the occurrence of a Change in Control and such Committee shall not be removed or modified following a Change in Control, other than at
its own initiative (the “Independent Committee The Board may delegate its authority to administer subsection (m) of Article III to such Independent Committee. Except as otherwise provided in this Plan, the decision of the Committee
and the Board (including the Independent Committee) upon all matters within the scope of their respective authority shall be conclusive and binding on all parties, provided that in the event that no Independent Committee is appointed, any
determination by the Committee of whether “Cause” or “Good Reason” exists shall be subject to de novo review. 
  

			
	CONDUENT INCORPORATED
		
	By:	 	/s/ Ashok Vemuri
	Name:	 	Ashok Vemuri
	Title:	 	Chairman and Chief Executive Officer

  
 15 

 Appendix A 

Schedule of Prior Agreements 

  
 16 

 Appendix B 

List of Participants 

  
 17 

 Appendix C 

Severance Period 
  

			
	 	 
	Title	  	Severance Period
	 	 
	 CEO

 
	  	 2x

 

	 	 
	 CFO

 
	  	 2x

 

	 	 
	 President and Head of Public
Sector
  
	  	 2x

 

	 	 
	 General Counsel and Secretary

 
	  	 2x

 

	 	 
	 Chief People Officer

 
	  	 2x

 

	 	 
	 Operations Head

 
	  	 1x

 

	 	 
	 Group Chief Executive Financial
Services and Healthcare
  
	  	 1x

 

	 	 
	 Group Chief Executive Consumer and
Industrials
  
	  	 1x

 

	 	 
	 Group Chief Executive
Europe
  
	  	 1x

 

  

  
 18

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