Document:

IMM-X (IDFF)

 

 

Form of Guarantee Agreement

 

between the

 

 

European Investment Bank

 

 

and

 

 

Immunic, Inc.

 

 

and

 

 

Immunic AG

 

 

Luxembourg and Munich [●] 2020

 

     

     

    

  

	Article 1 INTERPRETATION AND DEFINITIONS	4
	 	 
	1.01   Interpretation	4
	 	 
	1.02   Definitions	5
	 	 
	Article 2 FINANCE DOCUMENTS	8
	 	 
	Article 3 GUARANTEE	8
	 	 
	3.01   Guarantee (Garantie) and Indemnity (Ausfallhaftung)	8
	 	 
	3.02   Demands and payments	9
	 	 
	3.03   Independent payment obligation	9
	 	 
	3.04   No defence	9
	 	 
	3.05   Immediate recourse	10
	 	 
	3.06   Appropriations	10
	 	 
	3.07   Deferral of Guarantor’s rights	11
	 	 
	3.08   Additional Security	11
	 	 
	Article 4 TERM OF THE GUARANTEE	11
	 	 
	4.01   Term	11
	 	 
	4.02   Reinstatement	11
	 	 
	Article 5 REPRESENTATIONS AND WARRANTIES	12
	 	 
	5.01   Representations and Warranties of the Guarantor	12
	 	 
	5.02   Undertakings of the Guarantor	16
	 	 
	Article 6 INFORMATION TO THE BANK	18
	 	 
	6.01   Financial Information	18
	 	 
	6.02   Information duties	18
	 	 
	Article 7 DEFAULT INTEREST AND TAXES	19
	 	 
	7.01   Taxes	19
	 	 
	7.02   Interest on overdue sums	19
	 	 
	7.03   Other charges	19
	 	 
	7.04   Currency conversion	20
	 	 
	7.05   Set-off	20
	 	 
	Article 8 CONTINUING OBLIGATIONS	20

 

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	Article 9 NON WAIVER	20
	 	 
	Article 10 LAW AND JURISDICTION, miscellaneous	20
	 	 
	10.01   Governing Law	20
	 	 
	10.02   Jurisdiction	21
	 	 
	10.03   Service of process	21
	 	 
	10.04   Place of performance	21
	 	 
	10.05   Evidence of sums due	21
	 	 
	10.06   Entire Agreement	22
	 	 
	10.07   Invalidity	22
	 	 
	10.08   Amendments	22
	 	 
	10.09   Counterparts	22
	 	 
	10.10   Assignment and transfer by the Bank	22
	 	 
	Article 11 Final Articles	24
	 	 
	11.01   Form of notice	24
	 	 
	11.02   Addresses	25
	 	 
	11.03   Demand after notice to remedy	25
	 	 
	11.04   English language	25
	 	 
	11.05   Conclusion of this Guarantee Agreement (Vertragsschluss)	25
	 	 
	11.06   Waiver of trial by jury	26

 

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THIS GUARANTEE AGREEMENT IS MADE ON
[●] 2020 BETWEEN:

 

	The European Investment Bank having its seat at 100 blvd Konrad Adenauer, Luxembourg, L-2950 Luxembourg, represented by [●] and [●]	(the "Bank")
	 	 
	
        and

         
	 
	Immunic, Inc., a Delaware corporation, having its principal office at 1200 Avenue of the Americas, Suite 200, New York, NY 10036, USA, represented by Dr. Daniel Vitt	(the "Guarantor")
	 	 
	 	 
	
        and

         
	 
	Immunic AG, a public limited liability company (Aktiengesellschaft) incorporated in Germany, having its registered office at Lochhamer Schlag 21, 82166 Gräfelfing, Germany and registered with the commercial register (Handelsregister) of the local court (Amtsgericht) of Munich under HRB 223333, represented by Dr. Daniel Vitt	(the "Borrower")

 

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WHEREAS:

 

		(A)	Pursuant to a finance contract dated [●] 2020 and entered into between the Bank as lender,
the Borrower as borrower and the Guarantor as original guarantor, the Bank has agreed to grant in favour of the Borrower a credit
in the amount of EUR 24,500,000 (twenty-four million five hundred thousand euro euro) (the "Finance Contract").

 

		(B)	As a condition precedent to any disbursement under the Finance Contract, the Borrower has undertaken
that the Guarantor shall, and the Guarantor has agreed to, grant a guarantee (Garantie) in favour of the Bank pursuant to
the terms of this guarantee agreement (the "Guarantee Agreement").

 

		(C)	The processing of personal data shall be carried out by the Bank in accordance with applicable
European Union legislation on the protection of individuals with regard to the processing of personal data by the European Union
institutions and bodies and on the free movement of such data.

 

		(D)	Under current law, the Bank is exempted from withholding under FATCA (as defined below) pursuant
to the intergovernmental agreement entered into between the Grand Duchy of Luxembourg and the US (as defined below) signed on 28
March 2014, ratified in Luxembourg on 25 July 2015 and in full force and effect from 29 July 2015, implementing the FATCA provisions
of the US Hiring Incentives to Restore Employment Act of 2010.

 

		(E)	The parties to this Guarantee Agreement expressly agree that any reference in this Guarantee Agreement
to the Finance Contract shall under no circumstances be construed as affecting the independent, unconditional and irrevocable nature
of the guarantee (Garantie) granted pursuant to this Guarantee Agreement.

 

NOW THEREFORE
it is hereby agreed as follows:

 

Article
1

INTERPRETATION AND DEFINITIONS

 

1.01       
Interpretation

 

In this Guarantee Agreement, unless a contrary
indication appears:

 

		(a)	"Guarantor(s)", the "Bank" and the "Borrower" shall be construed
as to include its and any subsequent successors in title, permitted assigns and permitted transferees;

 

		(b)	references to Articles, Recitals, Schedules and (Sub-)Paragraphs are, save if explicitly stipulated
otherwise, references respectively to articles of, and recitals, schedules and (sub-)paragraphs of schedules to, this Guarantee
Agreement. All Recitals and Schedules form part of this Guarantee Agreement;

 

		(c)	references to "law" or "laws" mean (i) any applicable law and any applicable
treaty, constitution, statute, legislation, decree, normative act, rule, regulation, judgement, order, writ, injunction, determination,
award or other legislative or administrative measure or judicial or arbitral decision in any jurisdiction which is binding or applicable
case law, and (ii) EU Law;

 

		(d)	references to applicable law, applicable laws or applicable jurisdiction means (i) a law or jurisdiction
applicable to the Guarantor, its respective rights and/or obligations (in each case arising out of or in connection with the Finance
Documents), its capacity and/or assets, and/or, as applicable, (ii) a law or jurisdiction (including in each case the Bank’s
statute) applicable to the Bank, its rights, obligations, capacity and/or assets;

 

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		(e)	references to a provision of law are references to that provision as amended or re-enacted;

 

		(f)	references to this Guarantee Agreement and any other Finance Document or other agreement or instrument
are references to that Finance Document or other agreement or instrument as amended, novated, supplemented, extended or restated;

 

		(g)	words and expressions in plural shall include singular and vice versa;

 

		(h)	a "person" includes any person, firm, company, corporation, government, state or agency
of a state or any association, trust or partnership (whether having separate legal personality or not); and

 

		(i)	a Default (other than an Event of Default) is "continuing" if it has not been remedied
or waived and an Event of Default is "continuing" if it has not been waived.

 

A term used
in any notice given under or in connection with this Guarantee Agreement has the same meaning as ascribed to it in this Guarantee
Agreement. This Guarantee Agreement is made in the English language. For the avoidance of doubt, the English language version of
this Guarantee Agreement shall prevail over any translation of this Guarantee Agreement. However, where a German translation of
a word or phrase appears in the text of this Guarantee Agreement, the German translation of such word or phrase shall prevail.

 

1.02       
Definitions

 

A reference to a term defined in the Finance
Contract has the same meaning in this Guarantee Agreement, unless otherwise defined herein. In this Guarantee Agreement:

 

"Bank’s Account"
has the meaning ascribed to such term in Article 3.02(c) (Demands and payments).

 

"BGB" means the German
Civil Code (Bürgerliches Gesetzbuch).

 

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

 

"Demand" has the meaning
ascribed to such term in Article 3.02 (Demands and payments).

 

"EUR" or "euro"
means the lawful currency of the Member States of the European Union which adopt or have adopted it as their currency in accordance
with the relevant provisions of the Treaty on European Union and the Treaty on the Functioning of the European Union or their succeeding
treaties.

 

"FATCA" means:

 

		(a)	Sections 1471 to 1474 of the Code or any associated regulations or other official guidance;

 

		(b)	any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating
to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation
of paragraph (a) above; or

 

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		(c)	any agreement pursuant to the implementation of paragraphs (a) or (b) above with the US Internal
Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction.

 

"Fee Letters" means Finance
Fee Letter and the Initial Fee Letter.

 

"Finance Documents" means
this Guarantee Agreement, the Finance Contract, the Fee Letters, the MAR Side Letter and any other document designated a "Finance
Document" by the Borrower and the Bank.

 

"Finance Fee Letter" means
the fee letter from the Bank to the Borrower, dated [l] 2020.

 

“Fraudulent Transfer Law”
means any applicable United States bankruptcy and State fraudulent transfer and conveyance statute and any related case law, and
terms used in Articles 3.01(d) and 5.01(n) are to be construed in accordance with the Fraudulent Transfer Laws.

 

"GAAP" means generally
accepted accounting principles in the jurisdiction of incorporation of the respective Obligor, including, if applicable, IFRS.

 

"Guarantee" means the
guarantee and indemnity granted pursuant to Article 3.01 (Guarantee (Garantie) and Indemnity (Ausfallhaftung)).

 

"Initial Fee Letter" means
the letter from the Bank to the Borrower dated 18 June 2020.

 

“Investment Company”
has the meaning given to it in the United States Investment Company Act of 1940.

 

"InsO" means the German
Insolvency Code (Insolvenzordnung).

 

“Margin Regulations”
means Regulations T, U and X issued by the Board of Governors of the United States Federal Reserve System.

 

“Margin Stock” means
“margin stock” or “margin securities” as defined in the Margin Regulations.

 

"MAR Side Letter" means
the side letter regarding the market abuse, dated [l] 2020 and entered into between
the Guarantor, the Borrower and the Bank.

 

"Notification" has the
meaning ascribed to such term in Article 3.02 (Demands and payments).

 

“Obligor” means the
Borrower, the Guarantor and each Material Subsidiary which enters into a guarantee and indemnity agreement as guarantor in accordance
with the Finance Contract.

 

"Payment Period" has the
meaning ascribed to such term in Article 3.02 (Demands and payments).

 

"Security" means any mortgage,
land charge (including security purpose agreement), pledge, lien, charge, assignment, transfer for security purposes, abstract
acknowledgement or promise of debt, (extended) retention of title arrangement, hypothecation, or other security interest securing
any obligation of any person or any other agreement or arrangement having a similar effect.

 

"Tax" means any tax, levy,
impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any
failure to pay or any delay in paying any of the same).

 

"US" means the United
States of America, its territories, possessions and other areas subject to the jurisdiction of the United States of America.

 

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"US Bankruptcy Code" means
Title 11 of the United States Code, 11 U.S.C. 101 et seq., entitled “Bankruptcy”.

 

"ZPO" means the German
Code of Civil Procedure (Zivilprozessordnung).

 

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Article
2

FINANCE DOCUMENTS

 

The Guarantor hereby confirms
that it has received a copy of the Finance Documents and that it is aware of the contents of the Finance Documents and the transactions
contemplated thereby. The Guarantor further confirms that, to the extent the Finance Documents are in the English language, it
is in command of the English language or has obtained a translation thereof, and to the extent necessary, has made itself familiar
with the contents of the Finance Documents and the transactions contemplated thereby.

 

Article
3

GUARANTEE

 

3.01       
Guarantee (Garantie) and Indemnity (Ausfallhaftung)

 

		(a)	The Guarantor irrevocably and unconditionally guarantees (garantiert) by way of an independent
payment obligation (selbständiges Zahlungsversprechen) to the Bank to pay to the Bank any amount of principal, interest,
costs, expenses or other amount under or in connection with the Finance Documents that has not been fully and irrevocably paid
by the Borrower or any other Obligor, in each case including, for the avoidance of doubt, any obligation arising out of damages
(Schadenersatz), unjust enrichment (ungerechtfertigte Bereicherung), tort (unerlaubte Handlung) or any claims
arising from the insolvency administrator’s discretion to perform obligations in agreements according to Section 103
InsO; and

 

		(b)	The Guarantor irrevocably and unconditionally undertakes vis-à-vis the Bank to indemnify
(schadlos halten) the Bank against any cost, loss or liability suffered by the Bank if any obligation of the Borrower under
or in connection with any Finance Document or any obligation guaranteed by it is or becomes unenforceable, invalid or illegal.
The amount of the cost, loss or liability shall be equal to the amount which the Bank would otherwise have been entitled to recover
(Ersatz des positiven Interesses).

 

		(c)	For the avoidance of doubt this Guarantee does not constitute a surety (Bürgschaft)
or a guarantee upon first demand (Garantie auf erstes Anfordern) and, in particular, receipt of such written demand shall
not preclude any rights and/or defences the Guarantor may have with respect to any payment requested by the Bank under this Guarantee.

 

		(d)	Notwithstanding any term or provision of this Article 3.01 or any other term in this Guarantee
Agreement or any Finance Document, the Guarantor's liabilities under this Article, without the requirement of amendment or any
other formality, shall be limited to a maximum aggregate amount equal to the largest amount that would not render its liability
hereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of Title 11 of the US Bankruptcy Code or
any applicable provision of comparable state law, in each case after giving effect to all other liabilities of the Guarantor, contingent
or otherwise, that are relevant under the Fraudulent Transfer Laws and after giving effect as assets to the value (as determined
under the applicable provisions of the Fraudulent Transfer Laws) of any rights to subrogation, reimbursement, indemnification or
contribution of the Guarantor pursuant to applicable law or pursuant to the terms of any agreement.

 

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3.02       
Demands and payments

 

Any demand made by the Bank to
the Guarantor under this Guarantee Agreement (each, a "Demand") shall be made by way of a written notification
addressed by the Bank to the Guarantor, sent in accordance with the provisions set forth in Article 11.01 (Form of notice)
below and having the following content (each a "Notification"):

 

		(a)	specifying that the Bank is making a Demand under this Guarantee Agreement;

 

		(b)	specifying the amount due and payable by the Guarantor and that such amount is an amount of principal,
interest, costs, expenses or other amount under or in connection with the Finance Documents that has not been fully and irrevocably
paid by the Borrower or any other Obligor as well as the currency of payment of such sums; and

 

		(c)	providing details of the relevant bank account into which payment should be made (the "Bank’s
Account") together with relevant instructions as to how payment should be made (if any),

 

it being understood
that:

 

		(d)	the Bank shall be under no obligation to provide the Guarantor with any additional document nor
to support its claim with any other justification or evidence; and

 

		(e)	the payment obligation of the Guarantor under this Guarantee Agreement is not subject to the accuracy
or the merit of any statement, declaration or information contained in any Notification.

 

The Guarantor shall make the
payment requested in the Notification within three (3) Business Days as from the date of receipt (included) of the relevant Notification
(the "Payment Period") and in the currency as requested within the Notification.

 

The Bank is entitled to request
the payment of any amount in one or several instalments.

 

3.03       
Independent payment obligation

 

This Guarantee:

 

		(a)	is independent and separate from the other obligations of the Borrower and is a continuing guarantee
and indemnity which will extend to the ultimate balance of sums payable by the Borrower under the Finance Documents, regardless
of any intermediate payment or discharge in whole or in part; and

 

		(b)	shall extend to any additional obligations of the Borrower resulting from any amendment, novation,
supplement, extension, restatement or replacement of any Finance Document, including without limitation any extension of or increase
in any Loan or the addition of a new loan or tranche under the Finance Contract.

 

3.04       
Excluded defences

 

		(a)	The obligations of the Guarantor under this Guarantee Agreement will not be affected by an act,
omission, matter or thing which relates to the principal obligation (or purported obligation) of the Borrower or any other Obligor
and which would reduce, release or prejudice any of its obligations under this Guarantee Agreement, including any personal defences
of the Borrower (Einreden des Hauptschuldners) or any right of revocation (Anfechtung) or set-off (Aufrechnung)
of the Borrower. In particular, each Guarantor by its execution of this Guarantee Agreement:

 

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		(i)	consents (willigt ein), as required pursuant or analogue to Section 418 sub-section
1 sentence 3 BGB, to any assumption of debt (Schuldübernahme) or assignment and transfer by assumption of contract
(Vertragsübernahme) which relates to any such principal obligation (or purported obligation); and

 

		(ii)	waives (verzichtet auf) any defences (Einreden) to which a Borrower in its respective
capacity as principal debtor (Hauptschuldner) of any such principal obligation (or purported obligation) may be entitled.

 

		(b)	The obligations of the Guarantor under this Guarantee Agreement are independent from any other
security or guarantee which may have been or will be given to the Bank. In particular, the obligations of the Guarantor under this
Guarantee Agreement will not be affected by any of the following:

 

		(i)	the release of, or any time (Stundung), waiver or consent granted to, the Borrower or any
other Obligor from or in respect of its obligations under or in connection with any Finance Document,

 

		(ii)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect,
take up or enforce, any rights against, or Security over assets of, the Borrower or any other Obligor or any other person or any
failure to realise the full value of any Security,

 

		(iii)	any incapacity or lack of power, authority or legal personality of or dissolution or a deterioration
of the financial condition of the Borrower or any other Obligor, or

 

		(iv)	any unenforceability, illegality or invalidity of any obligation of the Borrower or any other Obligor
under the Finance Documents.

 

		(c)	For the avoidance of doubt nothing in this Article 3.04 (Excluded defences) shall preclude
any defences that the Guarantor (in its capacity as Guarantor only) may have against the Bank that the Guarantee does not constitute
its legal, valid, binding or enforceable obligations.

 

3.05       
Immediate recourse

 

The Bank will not be required
to proceed against or enforce any other rights or Security or claim payment from any person before claiming from the Guarantor
under this Guarantee. This applies irrespective of any law or provision of a Finance Document to the contrary.

 

3.06       
Appropriations

 

Until all amounts which may be
or become payable by the Borrower and the Guarantor under or in connection with the Finance Documents have been unconditionally
and irrevocably paid in full, the Bank may:

 

		(a)	refrain from applying or enforcing any other moneys, Security or rights held or received by the
Bank in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those
amounts or otherwise) and the Guarantor shall not be entitled to the benefit of the same; and

 

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		(b)	hold in an account any moneys received from the Guarantor or on account of the Guarantor's liability
under this Guarantee.

 

3.07       
Deferral of Guarantor’s rights

 

		(a)	Until all amounts which may be or become payable by the Borrower and the Guarantor under or in
connection with the Finance Documents have been irrevocably paid in full and unless the Bank otherwise directs, the Guarantor will
not exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason
of any amount being payable, or liability arising, under this Guarantee:

 

		(i)	to be indemnified by the Borrower or any other Obligor;

 

		(ii)	to claim any contribution from any other guarantor of any Borrower's or the Guarantor's obligations
under the Finance Documents;

 

		(iii)	to exercise any right of set-off against the Borrower or any other Obligor; and/or

 

		(iv)	to take the benefit (in whole or in part and whether by way of legal subrogation or otherwise)
of any rights of the Bank under the Finance Documents or of any other guarantee or Security taken pursuant to, or in connection
with, the Finance Documents by the Bank.

 

		(b)	If the Guarantor receives any benefit, payment or distribution in relation to such rights it shall
hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the
Bank by the Borrower and any other Obligor under or in connection with the Finance Documents to be repaid in full on trust for
the Bank and shall promptly pay or transfer the same to the Bank or as the Bank may direct.

 

3.08       
Additional Security

 

This Guarantee
is in addition to and is not in any way prejudiced by any other guarantee or Security now or subsequently held by the Bank.

 

Article
4

TERM OF THE GUARANTEE

 

4.01       
Term

 

This Guarantee shall take effect
on the date of execution of this Guarantee Agreement and expire on the date on which all sums which the Bank may claim under or
in connection with any Finance Document have been unconditionally and irrevocably paid to the satisfaction of the Bank.

 

4.02       
Reinstatement

 

If any payment by the Borrower
or the Guarantor is avoided or reduced as a result of insolvency or any similar event:

 

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		(a)	the liability of any (other) Obligor shall continue as if the payment, discharge, avoidance or
reduction had not occurred; and

 

		(b)	the Bank shall be entitled to recover the value or amount of that security or payment from the
Guarantor, as if the payment, discharge, avoidance or reduction had not occurred.

 

Article
5

REPRESENTATIONS AND WARRANTIES

 

5.01       
Representations and Warranties of the Guarantor

 

The Guarantor hereby represents
and warrants (selbständiges Garantieversprechen im Sinne von § 311 BGB) to the Bank that:

 

		(a)	Authorisations and Binding Obligations

 

		(i)	It is duly incorporated and validly existing as a corporation under the laws of its jurisdiction
of incorporation.

 

		(ii)	Its place of incorporation or establishment is not (a) a jurisdiction classified by any Lead Organisation
as being weakly regulated and/or weakly supervised and/or non-transparent and/or uncooperative or any equivalent classification
used by any Lead Organisation, in connection with activities such as money laundering, financing of terrorism, tax fraud and tax
evasion or harmful tax practices, and/or (b) a jurisdiction that is blacklisted by any Lead Organisation in connection with such
activities.1

 

		(iii)	It has the power to carry on its business as it is now being conducted and to own its property
and other assets, and to execute, deliver and perform its obligations under this Guarantee Agreement.

 

		(iv)	It has obtained all necessary Authorisations in connection with the execution, delivery and performance
of this Guarantee Agreement and in order to lawfully comply with its obligations thereunder, and in respect of the Investment,
and all such Authorisations are in full force and effect and admissible in evidence.

 

		(v)	The execution and delivery of, the performance of its respective obligations under and compliance
with the provisions of this Guarantee Agreement do not and will not contravene or conflict with:

 

		(A)	any applicable law, statute, rule or regulation, or any judgement, decree or permit to which it
is subject;

 

________________________

1 Relevant jurisdictions may
be identified on the basis of lists of Lead Organisations, as such lists are updated, amended or supplemented from time to time,
including: jurisdictions with strategic deficiencies in the area of AML-CFT as identified by FATF (http://www.fatf-gafi.org/countries/#high-risk);
jurisdictions listed “partially compliant”, “provisionally partially compliant” or “non-compliant”
in the OECD Global Forum progress reports/ Global Forum rating (http://www.oecd.org/tax/transparency/GFratings.pdf; http://www.oecd.org/tax/transparency/exchange-of-information-on-request/ratings/);
jurisdictions identified in EU delegated regulation 2016/1675 of 14.7.2016 supplementing Directive (EU) 2015/849 as high-risk
third countries with strategic deficiencies

(http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32016R1675); and jurisdictions included in the EU list of non-cooperative
jurisdictions for tax purposes (https://ec.europa.eu/taxation_customs/tax-common-eu-list_en).

 

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		(B)	any agreement or other instrument binding upon it which might reasonably be expected to have a
material adverse effect on its ability to perform its respective obligations under this Guarantee Agreement; or

 

		(C)	any provision of its constitutional documents.

 

		(vi)	The execution and delivery of the Guarantee Agreement and the performance and compliance with its
respective duties under this Guarantee Agreement do not and will not cause any representations made pursuant to this Article 5.01
to be untrue.

 

		(vii)	The obligations expressed to be assumed by it in this Guarantee Agreement are legal, valid, binding
and enforceable obligations, subject to any legal reservations in any legal opinion provided in connection with this Guarantee
Agreement.

 

		(b)	No default or other adverse event

 

		(i)	There has been no Material Adverse Change since 9 September 2020. (Non-repeating)

 

		(ii)	No event or circumstance which constitutes an Event of Default has occurred and is continuing.

 

		(c)	No Insolvency

 

		(i)	It is able to pay its debts as they fall due and the entering into of this Guarantee Agreement
and the performance of its respective obligations hereunder do not and will not cause it to be or to be deemed to be unable to
pay its debts as they fall due.

 

		(ii)	It has not taken any corporate action nor have any other steps been taken in relation to the suspension
of payments, a moratorium of any indebtedness, dissolution, administration or reorganisation (by way of voluntary arrangement,
scheme of arrangement or otherwise) or legal proceedings been started or, to its knowledge, threatened against it for its winding-up,
dissolution, administration, reorganisation, or any analogous procedure or step or for the appointment of a liquidator, receiver,
administrator, administrative receiver, trustee, compulsory manager or similar officer of it or of any or all of its assets or
revenues.

 

		(iii)	The aggregate amount of its debts (including its obligations under the Finance Documents) is less
than the aggregate value (being the lesser of fair valuation and present fair saleable value) of its assets.

 

		(iv)	Its capital is not unreasonably small to carry on its business as it is being conducted.

 

		(v)	It has not incurred and does not intend to incur debts beyond its ability to pay as they mature.

 

		(vi)	It has not made a transfer or incurred any obligation under any Finance Document with the intent
to hinder, delay or defraud any of its present or future creditors.

 

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For purposes
of the foregoing, the amount of contingent liabilities have been computed as the amount that, in light of all the facts and circumstances
existing on the date this representation and warranty is made, can reasonably be expected to become an actual or matured liability.

 

		(d)	No Proceedings

 

		(i)	No litigation, arbitration, administrative proceedings or investigation is current or to its knowledge
is threatened or pending before any court, arbitral body or agency which has resulted or if adversely determined is reasonably
likely to result in a Material Adverse Change, nor is there subsisting against it any unsatisfied judgement or award. (Non-repeating)

 

		(ii)	To the best of its knowledge and belief (having made due and careful enquiry) no material Environmental
Claim has been commenced or is threatened against it.

 

		(iii)	As at the date of this Guarantee Agreement, it has not taken any action to commence proceedings
for, nor have any other steps been taken or legal proceedings commenced or, so far as it is aware, threatened against it for its
insolvency, winding up or dissolution, or for it to enter into any arrangement or compositions for the benefit of creditors, or
for the appointment of an administrator, receiver, administrative receiver, examiner, trustee or similar officer.

 

		(e)	Security

 

At the date
of this Guarantee Agreement, no Security exists over its assets other than any Permitted Security.

 

		(f)	Ranking

 

		(i)	Its payment obligations under this Guarantee Agreement rank not less than pari passu in
right of payment with all other present and future secured and unsubordinated obligations under any of its respective debt instruments
except for obligations mandatorily preferred by law applying to companies generally.

 

		(ii)	No financial covenants have been concluded with any other of its creditors.

 

		(iii)	No Voluntary Non-EIB Prepayment has occurred.

 

		(g)	Anti-Corruption

 

		(i)	It is in compliance with all applicable European Union and national legislation, including any
applicable anti-corruption legislation.

 

		(ii)	To the best of its knowledge, no funds invested in the Investment by the Guarantor is of illicit
origin, including products of money laundering or linked to the financing of terrorism.

 

		(iii)	It is not engaged in any Criminal Activities and to the best of its knowledge no Criminal Activities
have occurred in connection with the Investment. (Non-repeating).

 

    Page 14/27 

     

    

 

		(h)	Accounting and Tax

 

		(i)	The latest of its available consolidated and unconsolidated audited accounts have been prepared
on a basis consistent with previous years and have been approved by its auditors as representing a true and fair view of the results
of its operations for that year and accurately disclose or reserve against all of its liabilities (actual or contingent).

 

		(ii)	Its accounting reference date is 31 December.

 

		(iii)	It is not required to make any deduction for or on account of any Tax from any payment it may make
under this Guarantee Agreement. (Non-repeating)

 

		(iv)	All Tax returns required to have been filed by it or on its behalf under any applicable law have
been filed when due and contain the information required by applicable law to be contained in them.

 

		(v)	It has paid when due all Taxes payable by it under applicable law except to the extent that it
is contesting payment in good faith and by appropriate means.

 

		(vi)	With respect to Taxes which have not fallen due or which it is contesting, it is maintaining reserves
adequate for their payment and in accordance, where applicable, with GAAP.

 

		(vii)	Under the laws of the jurisdiction of incorporation of the Guarantor, it is not necessary that
this Guarantee Agreement be filed, recorded or enrolled with any court or other authority, except to the extent this Guarantee
Agreement may need to be disclosed by the Guarantor as a material contract to be filed as an exhibit to its report on Form 10-Q
or Annual Report on Form 10-K or a Current Report on Form 8-K with the Securities and Exchange Commission, or that any stamp, registration
or similar tax be paid on or in relation to this Guarantee Agreement, or the transactions contemplated by this Guarantee Agreement.
(Non-repeating)

 

		(i)	Information provided

 

Any factual
information provided by it for the purposes of entering into this Guarantee Agreement and any related documentation was true and
accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated and continues
to be true and accurate in all material respect as at the date of this Guarantee Agreement.

 

		(j)	No indebtedness

 

It has no Indebtedness outstanding other than any
Indebtedness already existing on the date hereof and any Permitted Indebtedness. (Non-repeating)

 

		(k)	No Immunity

 

Neither it nor any of its respective assets, is entitled
to immunity from suit, execution, attachment or other legal process.

 

		(l)	Pensions

 

The pension schemes for the time
being operated by it (if any) are funded in accordance with their rules and to the extent required by law or otherwise comply with
the requirements of any law applicable in the jurisdiction in which the relevant pension scheme is maintained.

 

    Page 15/27 

     

    

 

		(m)	Environment

 

It is in compliance
with Paragraph 5 (Environment) of Schedule H (General Undertakings) of the Finance Contract, as if all references
to the Borrower were to the Guarantor.

 

		(n)	Fraudulent Transfer Law

 

		(i)	It will receive valuable direct or indirect benefits as a result of the transactions financed by
the Finance Documents; and

 

		(ii)	those benefits will constitute reasonably equivalent value and fair consideration for the purpose
of any Fraudulent Transfer Law.

 

		(o)	United States laws

 

It is not:

 

		(i)	required to be registered as an investment company or subject to regulation under the United States
Investment Company Act of 1940; or

 

		(ii)	subject to regulation under any United States Federal or State law or regulation that limits its
ability to incur or guarantee indebtedness.

 

		(p)	Other

 

In respect
of this Guarantee Agreement and the transaction contemplated by, referred to in, provided for or effected by this Guarantee Agreement,
it has entered into this Guarantee Agreement (i) in good faith and for the purpose of carrying out its business, (ii) on arms’
length commercial terms and (iii) without any intention to defraud or deprive of any legal benefit of any other parties (such as
third parties and in particular creditors other than the Bank) or to circumvent any applicable mandatory laws or regulations of
any jurisdiction. The granting of this Guarantee Agreement is not disproportionate to its financial means.

 

The representations
and warranties set out in this Article 5.01 – other than those paragraphs which are identified with the words "(Non-repeating)"
at the end of the Paragraphs - shall survive the execution of this Guarantee and shall be repeated on each Disbursement Date Acceptance,
each Disbursement Date and each Payment Date, by reference to the facts and circumstances then prevailing.

 

The Guarantor
hereby confirms that it has made the representations and warranties contained in this Article with the intention of inducing the
Bank to enter into the Finance Contract and accepting this Guarantee as security for the Finance Contract and that the Bank has
entered into the Finance Contract and has accepted this Guarantee as security for the Finance Contract on the basis of, and in
full reliance on, each of such representations and warranties.

 

5.02       
Undertakings of the Guarantor

 

The Guarantor acknowledges and
agrees that during the subsistence of this Guarantee Agreement:

 

    Page 16/27 

     

    

 

		(a)	Authorisations

 

It shall obtain, comply with
the terms of and do all that is necessary to maintain in full force and effect all authorisations, approvals, licences and consents
required in or by the laws and regulations of its jurisdiction of incorporation to enable it lawfully to enter into, exercise its
rights and perform the obligations expressed to be assumed by it under this Guarantee Agreement and to ensure the legality, validity,
enforceability and admissibility in evidence of this Guarantee Agreement in its jurisdiction of incorporation and in Germany.

 

		(b)	No Security

 

It shall not create or permit
to subsist any Security over any of its assets other than:

 

		(i)	any Permitted Security; and

 

		(ii)	any Security created with the prior approval of the Bank.

 

		(c)	Pari passu with other creditors

 

The Guarantor shall ensure that
its payment obligations under this Guarantee Agreement rank, and will rank not less than pari passu in right and priority
of payment with all other present and future secured and unsubordinated obligations under any of its debt instruments except for
obligations mandatorily preferred by law applying to companies generally.

 

		(d)	No action

 

It shall not
take any action which would cause any of the representations made in Article 5.01 above to be untrue at any time during the
continuation of this Guarantee Agreement.

 

		(e)	Know your Customer

 

The Guarantor shall deliver to
the Bank any such information or further document concerning customer due diligence matters of or for the Guarantor as the Bank
may reasonably require within a reasonable timeframe.

 

		(f)	Notification duty

 

It shall notify the Bank of the
occurrence of any event of which it becomes aware that results in or may reasonably be expected to result in any of the representations
made in Article 5.01 above being untrue.

 

		(g)	United States laws

 

		(i)	No Obligor may:

 

		(A)	extend credit for the purpose, directly or indirectly, of buying or carrying Margin Stock; or

 

		(B)	use any Loan, directly or indirectly, to buy or carry Margin Stock or for any other purpose in
violation of the Margin Regulations.

 

    Page 17/27 

     

    

 

		(ii)	No Obligor may use any part of any Loan to acquire any security in violation of section 13 or 14
of the United States Securities Exchange Act of 1934.

 

Article
6

INFORMATION TO THE BANK

 

6.01       
Financial Information

 

The Guarantor shall
deliver to the Bank:

 

		(a)	as soon as they become available but in any event within 120 (one hundred and twenty) days after
the end of each of its financial years, a copy of its audited consolidated annual reports, balance sheets, cash flow statements,
profit and loss accounts and auditors reports for that financial year, it being understood that this requirement can be satisfied
by filing of the Guarantor’s Annual Report on Form 10-K, together with all other such information as the Bank may reasonably
require as to the Guarantor's financial situation; and

 

		(b)	from time to time, such further information on its general financial position, business and operation
as the Bank may reasonably request.

 

6.02       
Information duties

 

During the subsistence of this
Guarantee Agreement, the Guarantor shall immediately inform the Bank of:

 

		(a)	any material alteration to its constitutional documents and of any proposal or decision known to
it which envisages the introduction of such alteration as well as of any material change in its corporate status or powers, in
each case in so far as such event could reasonably be expected to affect the validity and enforceability of this Guarantee Agreement
or the ability of the Guarantor to perform the obligations expressed to be assumed by it under this Guarantee Agreement;

 

		(b)	a Change-of-Law Event (as defined below) with respect to the Guarantor of which it becomes aware;
and

 

		(c)	deliver any other information on its financial position likely to have a detrimental effect on
its ability to perform the obligations expressed to be assumed by it under this Guarantee Agreement.

 

For the purposes of this Article
6.02, "Change-of-Law Event" means the enactment, promulgation, execution or ratification of or any change in or
amendment to any law, rule or regulation (or in the application or official interpretation of any law, rule or regulation) that
occurs after the date of this Guarantee Agreement and which, in the reasonable opinion of the Bank, would materially impair the
Guarantor's ability to perform its obligations under this Guarantee Agreement.

 

    Page 18/27 

     

    

 

Article
7

DEFAULT INTEREST AND TAXES

 

7.01       
Taxes

 

All Taxes, duly documented charges,
duties and fees as well as any other duly documented expenses or impositions of whatsoever nature, arising out or in connection
with this Guarantee Agreement shall be borne by the Guarantor. The Guarantor shall make all payments under this Guarantee Agreement
gross without withholding or deduction of any Tax, charges, duties, fees, expenses or impositions of whatsoever nature.

 

If any amount in respect of any
applicable Taxes, charges, duties, fees as well as any other expenses or impositions must be deducted, withheld or retained from
any amount due under this Guarantee Agreement, the Guarantor undertakes to pay such additional amount as may be necessary to ensure
that the Bank receives a net amount equal to the full amount to which it is entitled under this Guarantee Agreement.

 

The Guarantor undertakes to pay
and indemnify the Bank against any amount, cost or loss incurred by the Bank in relation to any stamp duty, registration or similar
Tax or notarial fee payable in respect of the Guarantor.

 

7.02       
Interest on overdue sums

 

If the Guarantor
fails to pay any amount (other than any interest amount) payable by it under this Guarantee Agreement within the relevant Payment
Period in accordance with Article 3.02 (Demands and payments), interest shall accrue on any overdue amount (other than any
interest amount) payable under the terms of this Guarantee Agreement, as from the expiration of the relevant Payment Period up
to the date of payment by such Guarantor, at the rate and on the terms specified in Article 4.4 (a) (Interest on overdue
sums) of the Finance Contract.

 

If the Guarantor
fails to pay interest payable by it under this Guarantee Agreement on its due date, Article 4.4 (b) (Interest on overdue
sums) of the Finance Contract shall apply.

 

For the purpose
of determining EURIBOR, the relevant periods within the meaning of Schedule B (Definition of EURIBOR) of the Finance Contract
shall be successive periods of one month commencing on the expiration of the Payment Period. If the overdue sum is in a currency
other than the currency of the Loan, the following rate per annum shall apply, namely the relevant interbank rate that is generally
retained by the Bank for transactions in that currency plus 2% (200 basis points), calculated in accordance with the market practice
for such rate.

 

7.03       
Other charges

 

All reasonable and duly documented
fees, charges and expenses (including legal fees) incurred as result or in connection with the negotiation, preparation, execution,
implementation, registration, enforcement, termination or translation of this Guarantee Agreement or any related document, any
amendment, supplement or waiver in respect of this Guarantee Agreement or any related document shall be borne by the Guarantor.

 

    Page 19/27 

     

    

 

7.04       
Currency conversion

 

Any payment to be made by the
Guarantor under this Guarantee Agreement shall be made in the currency as set out in the relevant Notification. The Bank shall
apply the exchange rate published by the European Central Bank in Frankfurt am Main for the purpose of any currency conversion.

 

If the Bank has received a payment
under this Guarantee in a currency other than the currency requested in the relevant Notification and must convert this payment,
the Guarantor shall indemnify the Bank, upon first demand, for any loss resulting from the difference in exchange rates between
the date of conversion and the date on which the payment is received in the other currency, as well as for any fees (including
legal fees, Taxes and any other charges) connected with this conversion.

 

7.05       
Set-off

 

All payments to be made by the
Guarantor under this Guarantee Agreement shall be made without (and free and clear of any deduction for) set-off or counterclaim
unless the counterclaim is undisputed or has been confirmed in a final non-appealable judgement.

 

Article
8

CONTINUING OBLIGATIONS

 

It is hereby
expressly agreed that any change, whatsoever, in the legal situation of the Guarantor shall not affect its obligations under this
Guarantee Agreement and that in particular, in case of merger, demerger or absorption, the absorbing new or beneficiary company
shall take over, under the merger treaty or agreement, the commitments of the Guarantor under this Guarantee Agreement and in case
of demerger, the demerger companies benefiting from the partial assignment of assets resulting from the split will be bound to:

 

		(a)	take over with joint liability the commitments of the Guarantor under this Guarantee Agreement;
and

 

		(b)	if requested by the Bank, grant additional security or guarantees.

 

Article
9

NON WAIVER

 

No failure or delay or single
or partial exercise by the Bank in exercising any of its rights or remedies under this Guarantee Agreement shall be construed as
a waiver of such right or remedy and the Bank shall not be liable for any such failure, delay or single or partial exercise of
any such right and remedy.

 

Article
10

LAW AND JURISDICTION, miscellaneous

 

10.01    
Governing Law

 

This Guarantee
Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by the laws of Germany.

 

    Page 20/27 

     

    

 

10.02    
Jurisdiction

 

		(a)	The courts of Munich, Germany, have exclusive jurisdiction to settle any dispute (a "Dispute")
arising out of or in connection with this Contract (including a dispute regarding the existence, validity or termination of this
Guarantee Agreement or the consequences of its nullity) or any non-contractual obligation arising out of or in connection with
this Guarantee Agreement .

 

		(b)	The parties agree that the courts of Munich, Germany, are the most appropriate and convenient courts
to settle Disputes between them and, accordingly, that they will not argue to the contrary

 

		(c)	This Article 10.02 is for the benefit of the Bank only. As a result and notwithstanding Sub-Paragraph
(a) above, it does not prevent the Bank from taking proceedings relating to a Dispute in any other courts with jurisdiction. To
the extent allowed by law, the Bank may take concurrent proceedings in any number of jurisdictions.

 

10.03    
Service of process

 

		(a)	Without prejudice to any other mode of service allowed under any relevant law, the Guarantor:

 

		(i)	irrevocably appoints the Borrower (the "Process Agent") as its agent for service
of process in relation to any proceedings before the German courts in connection with any Finance Document;

 

		(ii)	agrees that failure by the Process Agent to notify the Guarantor of the process will not invalidate
the proceedings concerned; and

 

		(iii)	undertakes to deliver to the Process Agent within five Business Days upon request of the Bank a
process agent appointment letter and to send a copy of such executed letter to the Bank.

 

		(b)	The Process Agent hereby accepts its appointment pursuant to Article 10.03(a) above. The Process
Agent shall ensure that documents to be served to the Guarantor may validly be served by delivery to the Process Agent. The Process
Agent shall notify the Bank of any change of address, accept any documents delivered to it on behalf of the Guarantor, fulfil any
requirements of Section 171 ZPO and present the original process agent appointment letter to any person effecting the service of
process as required pursuant to Section 171 sentence 2 ZPO.

 

10.04    
Place of performance

 

Unless otherwise
specifically agreed by the Bank in writing, the place of performance under this Guarantee Agreement, shall be the seat of the Bank.

 

10.05    
Evidence of sums due

 

In any legal
action arising out of this Guarantee Agreement the certificate of the Bank as to any amount or rate due to the Bank under this
Guarantee Agreement shall, in the absence of manifest error, be prima facie evidence of such amount or rate.

 

    Page 21/27 

     

    

 

10.06    
Entire Agreement

 

This Guarantee
Agreement constitutes the entire agreement between the Bank and the Guarantor in relation to the provision of this Guarantee Agreement
hereunder, and supersedes any previous agreement, whether express or implied, on the same matter.

 

10.07    
Invalidity

 

If at any time
any term of this Guarantee Agreement is or becomes illegal (nichtig), invalid or unenforceable in any respect, or this Guarantee
Agreement is or becomes ineffective (unwirksam) in any respect, under the laws of any jurisdiction, such illegality (Nichtigkeit),
invalidity, unenforceability or ineffectiveness (Unwirksamkeit) shall indisputably (unwiderlegbar) not affect:

 

		(a)	the legality, validity or enforceability in that jurisdiction of any other term of this Guarantee
Agreement or the effectiveness in any other respect of this Guarantee Agreement in that jurisdiction; or

 

		(b)	the legality, validity or enforceability in other jurisdictions of that or any other term of this
Guarantee Agreement or the effectiveness of this Guarantee Agreement under the laws of such other jurisdictions,

 

without any
party to this Guarantee Agreement having to argue (darlegen) and prove (beweisen) such parties' intent to uphold
this Guarantee Agreement even without the void, invalid or ineffective provisions.

 

The illegal,
invalid, unenforceable or ineffective provision shall be deemed replaced by such legal, valid, enforceable and effective provision
that in legal and economic terms comes closest to what the parties to this Guarantee Agreement intended or would have intended
in accordance with the purpose of this Guarantee Agreement if they had considered the point at the time of conclusion of this Guarantee
Agreement. The same applies in the event that this Guarantee Agreement does not contain a provision which it needs to contain in
order to achieve the economic purpose as expressed herein (Regelungslücke).

 

10.08    
Amendments

 

Any amendment
to this Guarantee Agreement (including this Article 10.08) shall be made in writing (or in notarial form, if required) and
shall be signed by the parties hereto. Any amendment to this Guarantee Agreement shall be made in writing (or in notarial form,
if required) and shall be signed by the parties hereto.

 

10.09    
Counterparts

 

This Guarantee
Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.
Each counterpart is an original, but all counterparts shall together constitute one and the same instrument.

 

10.10    
Assignment and transfer by the Bank

 

		(a)	Subject to sub-paragraph (b) of this Article 10.10 (Assignment and transfer by the Bank),
the consent of the Guarantor is required for an assignment or transfer (by way of assumption of contract (Vertragsübernahme),
sub-participation or otherwise) by the Bank of all or part of its rights, benefits or obligations under this Guarantee Agreement,
unless the assignment or transfer:

 

    Page 22/27 

     

    

 

		(i)	is to a Bank Affiliate (as defined below); or

 

		(ii)	is made at a time when an Event of Default has occurred and is continuing; or

 

		(iii)	is made in respect of a sub-participation or securitisation (or similar transaction of broadly
equivalent economic effect) where the Bank remains the lender of record of the Loan.

 

		(b)	The consent of the Guarantor to an assignment or transfer must not be unreasonably withheld or
delayed. The Guarantor will be deemed to have given its consent (10) ten Business Days after the Bank has requested it unless consent
is expressly refused by the Guarantor within that time.

 

		(c)	The Bank shall have the right to disclose all information relating to or concerning the Guarantor,
the Group, the Finance Documents and the Loan to the assignee or transferee, as applicable, if required in connection with or in
contemplation of any such assignment or transfer.

 

For the purpose
of this Article 10.10 (Assignment and transfer by the Bank):

 

"Affiliate"
means any entity directly or indirectly Controlling, Controlled by or under common Control with the Bank.

 

"Bank Affiliate"
means an Affiliate of the Bank and any other entity or platform initiated, managed or advised by the Bank.

 

“Control”
means with respect to a given entity, the power to:

 

		(a)	cast, or control the casting of, votes corresponding to more than 50% of the issued voting share
capital of that entity; or

 

		(b)	appoint or remove all, or the majority, of the directors or other equivalent officers of that entity;
or

 

		(c)	give directions with respect to the operating and financial policies of that entity with which
the directors or other equivalent officers of such entity are obliged to comply, and

 

“Controlling”
and “Controlled” have corresponding meanings.

 

    Page 23/27 

     

    

 

Article
11

Final Articles

 

11.01    
Form of notice

 

		(a)	Any notice or other communication given under this Guarantee Agreement must be in writing and,
unless otherwise stated, may be made by letter and electronic mail.

 

		(b)	Notices and other communications for which fixed periods are laid down in this Guarantee Agreement
or which themselves fix periods binding on the addressee, may be made by hand delivery, registered letter or by electronic mail.
Such notices and communications shall be deemed to have been received by the other party:

 

		(i)	on the date of delivery in relation to a hand-delivered or registered letter; or

 

		(ii)	in the case of any electronic mail, when the electronic mail is received in readable form.

 

		(c)	Any notice provided by the Guarantor or the Borrower to the Bank by electronic mail shall:

 

		(i)	mention the Contract Number in the subject line; and

 

		(ii)	be in the form of a non-editable electronic image (pdf, tif or other common non-editable file format
agreed between the parties) of the notice signed by one or more Authorised Signatories of the Guarantor or the Borrower as appropriate,
attached to the electronic mail.

 

		(d)	Notices issued by the Guarantor or the Borrower pursuant to any provision of this Guarantee Agreement
shall, where required by the Bank, be delivered to the Bank together with satisfactory evidence of the authority of the person
or persons authorised to sign such notice on behalf of the Guarantor or the Borrower and the authenticated specimen signature of
such person or persons, unless such person is listed in the then current List of Authorised Signatories.

 

		(e)	Without affecting the validity of electronic mail or communication made in accordance with this
Article 11 (Final Articles), the following notices, communications and documents shall also be sent by registered letter
to the relevant party at the latest on the immediately following Business Day:

 

		(i)	Disbursement Acceptance;

 

		(ii)	any notices and communication in respect of the cancellation of a disbursement of any Tranche,
Prepayment Request, Prepayment Notice, Event of Default, any demand for prepayment, and

 

		(iii)	any other notice, communication or document required by the Bank.

 

		(f)	The parties agree that any above communication (including via electronic mail) is an accepted form
of communication, shall constitute admissible evidence in court and shall have the same evidential value as an agreement under
hand.

 

    Page 24/27 

     

    

 

11.02    
Addresses

 

The address
and electronic mail address (and the department or officer, if any, for whose attention the communication is to be made) of each
party for any communication to be made or document to be delivered under or in connection with this Guarantee Agreement is:

 

	 	
        For the Bank

         
	
        Attention: OPS/ENPST/3-GC&IF

         

        98 - 100 boulevard Konrad
        Adenauer, L-2950 Luxembourg

         

        Email address: [●]

         

	 	For the Guarantor	
        Attention: Management

         

        1200 Avenue of the
        Americas, Suite 200, New York, NY 10036, United States

         

        Email address: [●]

         

	 	For the Borrower	
        Attention: Management

         

        Lochhamer Schlag 21,
        82166 Gräfelfing, Germany

         

        Email address: [●]

         

11.03    
Demand after notice to remedy

 

The Bank, the
Guarantor and the Borrower shall promptly notify the other parties in writing of any change in their respective communication details.

 

11.04    
English language

 

		(a)	Any notice or communication given under or in connection with this Guarantee Agreement must be
in English.

 

		(b)	All other documents provided under or in connection with this Guarantee Agreement must be:

 

		(i)	in English; or

 

		(ii)	if not in English, and if so required by the Bank, accompanied by a certified English translation
and, in this case, the English translation will prevail.

 

11.05    
Conclusion of this Guarantee Agreement (Vertragsschluss)

 

		(a)	The parties to this Guarantee Agreement may choose to conclude this Guarantee Agreement by an exchange
of signed signature page(s), transmitted by any means of telecommunication (telekommunikative Übermittlung) such as
by way of electronic photocopy.

 

		(b)	If the parties to this Guarantee Agreement choose to conclude this Guarantee Agreement pursuant
to this Article 11.05 (Conclusion of this Guarantee Agreement (Vertragsschluss)), they will transmit the signed signature
page(s) of this Guarantee Agreement to Dr Tobias Wintermantel and Tom Haeseler of Allen & Overy LLP, Frankfurt at tobias.wintermantel@allenovery.com
and tom.haeseler@allenovery.com (each a "Recipient"). This Guarantee Agreement will be considered concluded
once a Recipient has actually received the signed signature page(s) (Zugang der Unterschriftsseite(n)) from all Parties
(whether electronic photocopy or other means of telecommunication and at the time of the receipt of the last outstanding signature
page(s) by such one Recipient).

 

    Page 25/27 

     

    

 

		(c)	For the purposes of this Article 11.05 (Conclusion of this Guarantee Agreement (Vertragsschluss))
only, the parties to this Guarantee Agreement appoint each Recipient as their attorney (Empfangsvertreter) and expressly
allow (gestatten) each Recipient to collect the signed signature page(s) from all and for all parties to this Guarantee
Agreement. For the avoidance of doubt, each Recipient will have no further duties connected with its position as Recipient. In
particular, each Recipient may assume the conformity to the authentic original(s) of the signature page(s) transmitted to it by
means of telecommunication, the genuineness of all signatures on the original signature page(s) and the signing authority of the
signatories.

 

		(d)	For the purposes of proof and confirmation, each party to this Guarantee Agreement has to provide
the Recipients with original signature page(s) promptly after signing this Guarantee Agreement in accordance with this Article 11.05
(Conclusion of this Guarantee Agreement (Vertragsschluss)). The Bank may demand that the Guarantor subsequently sign one
or more copies of this Guarantee Agreement.

 

11.06    
Waiver of trial by jury

 

EACH PARTY
WAIVES ANY RIGHT IT MAY HAVE TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION IN CONNECTION WITH ANY FINANCE DOCUMENT OR ANY TRANSACTION
CONTEMPLATED BY ANY FINANCE DOCUMENT. THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY THE COURT.

 

IN WITNESS WHEREOF the parties hereto
have caused this Guarantee Agreement to be executed in three (3) originals (two (2) originals for the Bank and one (1) original
for the Guarantor) in the English language.

 

This Guarantee Agreement has been entered into on the date stated
at the beginning of this Guarantee Agreement.

 

    Page 26/27 

     

    

 

	
        Signed for and on behalf of

         

        EUROPEAN INVESTMENT BANK

         
	
        

        

        

         

Signed for and on behalf of

 

IMMUNIC, INC.

 

___________________________

 

Name/Title

 

 

Signed for and on behalf of

 

IMMUNIC AG

 

___________________________

 

Name/Title

 

 

 

Page 27/27Exhibit 10.1

  

  

  

  
    EMPLOYMENT AGREEMENT

     

    THIS EMPLOYMENT AGREEMENT (this “Agreement”)

      is entered into effective as of 2020‐10‐15 (the “Effective Date”) by and between Nu Skin Enterprises, Inc., a Delaware corporation (the “Company”) and Joseph Y. Chang, an individual (the “Executive”).

     

    WHEREAS, the Executive has been employed since May 17, 1997 by the Company or one of its affiliates;

     

    WHEREAS, the Executive and the Company entered into an Employment Agreement dated April 16, 2015 and an Amendment to Employment Agreement dated March
      8, 2018 (collectively the “Prior Employment Agreement”); and

     

    WHEREAS, the Company and the Executive desire to terminate the Prior Employment Agreement and establish new terms and conditions of the Executive’s
      employment;

     

    NOW, THEREFORE, in consideration of the covenants and agreements hereinafter set forth, the parties hereto agree as follows:

     

    1.           Duties and Responsibilities.

     

    A.          The Executive shall serve as the Company’s Chief
        Scientific Officer and Executive Vice President of Product Development, reporting directly to the Company’s Chief Executive Officer.  The Executive shall have the duties and powers at the Company that are customary for an individual holding such
        positions.

     

    B.         The Executive agrees to use the Executive’s best
        efforts to advance the business and welfare of the Company, to render the Executive’s services under this Agreement faithfully, diligently and to the best of the Executive’s ability.

     

    C.         Except as may otherwise be approved in advance by the
        Nominating and Corporate Governance Committee (the “Nominating and Corporate Governance Committee”) of the Company’s Board of Directors
        (the “Board”), and except during vacation periods and reasonable periods of absence due to sickness, personal injury or other disability,
        the Executive shall devote the Executive’s full working time to the services required of him hereunder, and shall use the Executive’s best efforts, judgment and energy to improve and advance the business and interests of the Company in a manner
        consistent with the duties of the Executive’s position.  The Executive may participate in charitable, civic and professional activities as long as the activities do not interfere with the performance of the Executive’s duties hereunder.  The
        Executive shall not serve on the board of directors of any entity, other than an affiliate of the Company, without the approval of the Nominating and Corporate Governance Committee.

     

    2.          Employment Period. The Executive shall be employed by the Company under the terms of this Agreement for the period commencing on the Effective Date and ending on December 31, 2025 (the “Employment Period”).  Notwithstanding the foregoing, the Executive and the Company may terminate the Employment Period and this Agreement prior
        to December 31, 2025 in accordance with Section 7 hereof.  Notwithstanding the termination of this Agreement, the provisions of Sections 7 and 8 shall survive the termination of this Agreement and shall remain in full force and effect in accordance
        with the terms thereof unless otherwise agreed to by the parties in writing.

     

    
      
        

    

    
    3.           Cash Compensation.

     

    A.         Annual Salary.  The Executive’s annual base salary (the “Annual Salary”) shall be determined by
        the Compensation Committee of the Board (the “Compensation Committee”), and shall be payable in accordance with the Company’s standard
        payroll schedule for its executive officers (but in no event less frequent than on a monthly basis).  The Compensation Committee shall review the Executive’s Annual Salary at least annually and shall make a determination regarding any changes to
        the Annual Salary.  Any changed annual salary shall thereupon be the “Annual Salary” for the purposes hereof.

     

    B.         Bonus.  The Executive shall be eligible to participate in the Company’s cash incentive plan as adopted by the Compensation Committee at levels and upon attainment of such corporate and/or individual
        performance targets as shall be established by the Compensation Committee from time to time.  The Executive shall be entitled to receive bonuses, cash or otherwise, in the discretion of the Compensation Committee, from time to time.

     

    C.        Applicable Withholdings.  The Company shall deduct and withhold from the compensation payable to the Executive under this Agreement any and all applicable federal, state and local income and employment
        withholding taxes and any other amounts required to be deducted or withheld by the Company under applicable statutes, regulations, ordinances or orders governing or requiring the withholding or deduction of amounts otherwise payable as compensation
        or wages to employees.

     

    4.          Equity Compensation.  The Executive shall be eligible to participate in any equity incentive plans of the Company in which other executive officers of the Company are eligible to participate.  All options
        or other equity awards granted under the equity incentive plans will be made at the discretion of the Compensation Committee pursuant and subject to the terms and conditions of the applicable equity incentive plan.  To the extent the Company grants
        any time-based equity awards (i.e., equity that vests with the passage of time) to the Executive during the Employment Period, the grant documentation for such equity awards shall provide that if a Change in Control (as defined below) is
        consummated during the Employment Period, and within six months prior to and in connection with such Change in Control or within two years following such Change in Control, the Executive’s employment is terminated (i) by the Company without Cause
        (as defined in the applicable equity plan or award agreement) or (ii) by the Executive for Good Reason (as defined in the applicable equity plan or award agreement), then all of such equity awards shall vest in full.  The vesting of any
        performance-based equity awards shall be determined in accordance with the applicable equity incentive plan and grant documentation. For purposes of this Agreement, “Change in Control” shall mean the consummation of any of the following transactions effecting a change in ownership or control of the Company:

     

    (i)         During any 24 month period, individuals who, as of
        the beginning of such period, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of
        the Board, provided that any person becoming a director subsequent to the beginning of such period whose election or nomination for election was approved by a vote of at least a majority of the Incumbent Directors then on the Board (either by a
        specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual
        initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person
        other than the Board shall be deemed to be an Incumbent Director;

     

    
      2

      
        

    

    (ii)       Any “person” (as such term is defined in the Exchange
        Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the
        combined voting power of the Company’s then outstanding securities eligible to vote for the election of the Board (“Company Voting Securities”);

        provided, however, that the event described in this paragraph (ii) shall not be deemed to be a Change in Control by virtue of any of the following acquisitions:  (A) by the Company or any Subsidiary, (B) by any employee benefit plan (or related
        trust) sponsored or maintained by the Company or any Subsidiary, (C) by any underwriter temporarily holding securities pursuant to an offering of such securities, (D) pursuant to a Non-Qualifying Transaction, as defined in paragraph (iii), or (E)
        by any person of Company Voting Securities from the Company, if a majority of the Incumbent Board approves in advance the acquisition of beneficial ownership of 50% or more of Company Voting Securities by such person;

     

    (iii)      The consummation of a merger, consolidation,
        statutory share exchange or similar form of corporate transaction involving the Company or any of its Subsidiaries that requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities in the
        transaction (a “Business Combination”), unless immediately following such Business Combination:  (A) more than 50% of the total voting
        power of (x) the corporation resulting from such Business Combination (the “Surviving Corporation”), or (y) if applicable, the ultimate
        parent corporation that directly or indirectly has beneficial ownership of at least 90% of the voting securities eligible to elect directors of the Surviving Corporation (the “Parent Corporation”), is represented by Company Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which such
        Company Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the voting power of such Company Voting Securities among the holders thereof
        immediately prior to the Business Combination, (B) no person (other than any employee benefit plan (or related trust) sponsored or maintained by the Surviving Corporation or the Parent Corporation), is or becomes the beneficial owner, directly or
        indirectly, of 50% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) and (C) at least a majority of the
        members of the board of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) following the consummation of the Business Combination were Incumbent Directors at the time of the Board’s approval of
        the execution of the initial agreement providing for such Business Combination (any Business Combination which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”); or

     

    (iv)       The stockholders of the Company approve a plan of
        complete liquidation or dissolution of the Company or the consummation of a sale of all or substantially all of the Company’s assets.

     

    “Subsidiary” shall mean any corporation
      (other than the Company) in an unbroken chain of corporations beginning with the Company if, at the relevant time each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined
      voting power of all classes of stock in one of the other corporations in the chain.

     

    5.           Expense Reimbursement.  In addition to the compensation specified in Section 3, the Executive shall be entitled to receive reimbursement from the Company for all reasonable business expenses incurred
        by the Executive in the performance of the Executive’s duties hereunder, provided that the Executive furnishes the Company with vouchers, receipts and other details of such expenses in the form reasonably required by the Company to substantiate a
        deduction for such business expenses under all applicable rules and regulations of federal and state taxing authorities.

     

    
      3

      
        

    

    6.           Employee Benefits.  The Executive shall, throughout the Employment Period, be eligible to participate in all of the life insurance plans, health plans, accidental death and dismemberment plans,
        short-term disability programs, retirement plans, profit sharing plans or other employee benefit plans that are available to the executive officers of the Company, for which the Executive qualifies as provided under the terms of such plans.

     

    7.          Termination of Employment.  During the Employment Period, the Executive’s employment with the Company may be terminated by either the Company or the Executive at any time, and for any reason.  Upon such
        termination, the Executive (or, in the case of the Executive’s death, the Executive’s estate and beneficiaries) shall have no further rights to any other compensation or benefits from the Company on or after the termination of employment except as
        follows:

     

    A.          Executive Severance Policy.  The Executive shall be a participant in the Company’s Executive Severance Policy and shall be entitled to the rights and payments provided therein.

     

    B.          Consulting Agreement.  If the Executive’s employment terminates pursuant to Section 3 or 6 of the Executive Severance Policy as in effect on the date of this Agreement, then the Company and the Executive
        agree to enter into a consulting agreement, in substantially the form attached hereto as Exhibit A (the “Consulting Agreement”).

     

    8.          Key-Employee Covenants.  The Executive agrees to perform the Executive’s obligations and duties and to be bound by the terms of the Key-Employee Covenants attached hereto as Exhibit B which are
        incorporated into this Section 8 by reference, and which may be modified from time to time.

     

    9.          Successors and Assigns.  This Agreement is personal in its nature and the Executive shall not assign or transfer the Executive’s rights under this Agreement.  The provisions of this Agreement shall inure
        to the benefit of, and shall be binding on, each successor of the Company whether by merger, consolidation, transfer of all or substantially all assets, or otherwise, and the heirs and legal representatives of the Executive.

     

    10.         Notices.  Any notices, demands or other communications required or desired to be given by any party shall be in writing and shall be validly given to another party if served either personally or via an
        overnight delivery service such as Federal Express, postage prepaid, return receipt requested.  If such notice, demand or other communication shall be served personally, service shall be conclusively deemed made at the time of such personal
        service.  If such notice, demand or other communication is given by overnight delivery, such notice shall be conclusively deemed given two business days after the deposit thereof with such service, properly addressed to the party to whom such
        notice, demand or other communication is to be given as hereinafter set forth:

     

    
      	
              To the Company:

            	
              Nu Skin Enterprises, Inc.

              75 West Center Street

              Provo, Utah 84601

              Attn: General Counsel

            
	 	 
	
              To the Executive:

            	
              At the Executive’s last residence as provided by the Executive to the Company for payroll records.

            

    

     

    

    Any party may change such party’s address for the purpose of receiving notices, demands and other communications by providing written notice to the other party in the
      manner described in this Section 10.

     

    
      4

      
        

    

    11.        Governing Documents.  This Agreement, along with the documents expressly referenced in this Agreement, including the Key Employee Covenants and equity incentive plans and grant documents, constitute the
        entire agreement and understanding of the Company and the Executive with respect to the terms and conditions of the Executive’s employment with the Company and the payment of severance benefits, and supersedes all prior and contemporaneous written
        or verbal agreements and understandings (including the 2009 Employment Agreement and any other offer letter and any other existing employment agreements or arrangements, and any amendments thereto) between the Executive and the Company relating to
        such subject matter.  Any and all other prior agreements, understandings or representations relating to the Executive’s employment with the Company, including the 2009 Employment Agreement, are terminated and cancelled in their entirety and are of
        no further force or effect. This Agreement may only be amended by written instrument signed by the Executive and an authorized officer of the Company.

     

    12.         Governing Law.  The provisions of this Agreement will be construed and interpreted under the laws of the State of Utah, without regard to principles of conflict of laws.  If any provision of this
        Agreement as applied to any party or to any circumstance should be adjudged by a court of competent jurisdiction to be void or unenforceable for any reason, the invalidity of that provision shall in no way affect (to the maximum extent permissible
        by law) the application of such provision under circumstances different from those adjudicated by the court, the application of any other provision of this Agreement, or the enforceability or invalidity of this Agreement as a whole.  Should any
        provision of this Agreement become or be deemed invalid, illegal or unenforceable in any jurisdiction by reason of the scope, extent or duration of its coverage, then such provision shall be deemed amended to the extent necessary to conform to
        applicable law so as to be valid and enforceable or, if such provision cannot be so amended without materially altering the intention of the parties, then such provision will be stricken and the remainder of this Agreement shall continue in full
        force and effect.

     

    13.         Remedies.  The parties to this Agreement agree that:  (i) the Executive’s services are unique because of the particular skill, knowledge, experience and reputation of the Executive; (ii) if the Executive
        breaches this Agreement, the damage to the Company will be substantial and difficult to ascertain, and further, that money damages will not afford the Company an adequate remedy. Consequently, if the Executive is in breach of any provision of this
        Agreement, or threatens a breach of this Agreement, the Company shall be entitled, in addition to all other rights and remedies as may be provided by law, to seek specific performance and injunctive and other equitable relief to prevent or restrain
        a breach of any provision of this Agreement notwithstanding Section 14 hereof.  All rights and remedies provided pursuant to this Agreement or by law shall be cumulative, and no such right or remedy shall be exclusive of any other. All claims for
        damages for a breach of this Agreement shall be submitted to mediation and arbitration in accordance with Section 14 of this Agreement.

     

    14.        Dispute Resolution.  Except for the right of the Company to seek specific performance and injunctive and other equitable relief in court as set forth in Section 13 hereof, any controversy, claim or
        dispute of any type arising out of, in connection with, or in relation to the interpretation, performance or breach of this Agreement shall be resolved in accordance with this Section 14 of this Agreement, regarding resolution of disputes.  This
        Agreement shall be enforced in accordance with the Federal Arbitration Act, the enforcement provisions of which are incorporated by this reference.

     

    A.         Mediation.  The Company and the Executive will make a good faith attempt to resolve any and all claims and disputes under this Agreement through good faith negotiations.  If such claims and disputes
        cannot be settled through negotiation, the Company and the Executive agree to submit them to mediation in Salt Lake City, Utah before resorting to arbitration or any other dispute resolution procedure.  The mediation of any such claim or dispute
        must be conducted in accordance with the then-current American Arbitration Association (“AAA”) procedures for the resolution of disputes by
        mediation, by a mediator (“Mediator”) who has had both training and experience as a mediator of general non-competition and commercial
        matters.  If the parties to this Agreement cannot agree on a Mediator, then the Mediator will be selected by AAA in accordance with AAA’s strike list method.  Within 30 days after the selection of the Mediator, the Company and the Executive and
        their respective attorneys will meet with the Mediator for one mediation session of at least four hours.  If the claim or dispute cannot be settled during such mediation session or mutually agreed continuation of the session, either the Company or
        the Executive may give the Mediator and the other party to the claim or dispute written notice declaring the end of the mediation process.  All discussions connected with this mediation provision will be confidential and treated as compromise and
        settlement discussions.  Nothing disclosed in such discussions, which is not independently discoverable, may be used for any purpose in any later proceeding.  If the mediation process is ended without resolution, the Mediator’s fees will be paid in
        equal portions by the Company and the Executive.

     

    
      5

      
        

    

    B.        Arbitration.  If a claim or dispute under this Agreement has not been resolved in accordance with Section 14A above, then the claim or dispute will be determined by arbitration in accordance with the
        then-current AAA comprehensive arbitration rules and procedures, except as modified herein.  The arbitration will be conducted in Salt Lake City, Utah by a sole neutral arbitrator (“Arbitrator”) who has had both training and experience as an arbitrator of general non-competition and commercial matters and who is, and for at least 10 years has been, a partner, a shareholder, or a
        member in a law firm.  If the Company and the Executive cannot agree on an Arbitrator, then the Arbitrator will be selected by AAA in accordance with AAA’s comprehensive arbitration rules and procedures.  No person who has served as a Mediator
        under the mediation provision, however, may be selected as the Arbitrator for the same claim or dispute.  Reasonable discovery will be permitted and the Arbitrator may decide any issue as to discovery.  The Arbitrator may decide any issue as to
        whether or as to the extent to which a dispute is subject to the dispute resolution provisions in this Section 14 and the Arbitrator may award any relief permitted by law.  The Arbitrator must base the arbitration award on the provisions of this
        Section 14B and applicable law and must render the award in writing, including an explanation of the reasons for the award.  Judgment upon the award may be entered by any court having jurisdiction of the matter.  The statute of limitations
        applicable to the commencement of a lawsuit will apply to the commencement of an arbitration under this Section 14B.  At the request of any party, the Arbitrator, attorneys, parties to the arbitration, witnesses, experts, court reporters or other
        persons present at the arbitration shall agree in writing to maintain the strict confidentiality of the arbitration proceedings.  The Arbitrator’s fee will be paid in full by the Company, unless the Executive agrees in writing to pay some or all of
        the fee.

     

    C.         Interim Actions.  Notwithstanding the foregoing, a party may apply to a court of competent jurisdiction within the State of Utah for relief in the form of a temporary restraining order or preliminary
        injunction, pending appointment of an Arbitrator or pending determination of a claim through arbitration in accordance with this Section 14.  If a dispute is submitted to arbitration hereunder during the term of this Agreement, the parties shall
        continue to perform their respective obligations hereunder, subject to any interim relief that may be ordered by the Arbitrator or by a court of competent jurisdiction pursuant to the previous sentence.

     

    D.         Fees.  Unless otherwise agreed, the prevailing party (if a prevailing party is determined to exist by the Arbitrator or judge) will be entitled to its costs and attorneys’ fees incurred in any arbitration
        or other proceeding under this Section 14 relating to the interpretation or enforcement of this Agreement.

     

    E.         Acknowledgement.  EXECUTIVE HAS READ AND UNDERSTANDS THIS SECTION 14, WHICH DISCUSSES MEDIATION AND ARBITRATION.  EXECUTIVE UNDERSTANDS THAT BY SIGNING THIS AGREEMENT, EXECUTIVE AGREES TO SUBMIT ANY
        CLAIMS ARISING OUT OF, RELATING TO, OR IN CONNECTION WITH THIS AGREEMENT, OR THE INTERPRETATION, VALIDITY, CONSTRUCTION, PERFORMANCE, BREACH OR TERMINATION THEREOF TO MEDIATION AND ARBITRATION, AND THAT THE DISPUTE RESOLUTION PROVISIONS SET FORTH
        IN THIS AGREEMENT CONSTITUTE A WAIVER OF EXECUTIVE’S RIGHT TO A JURY TRIAL.

     

    
      6

      
        

    

    15.         No Waiver.  The waiver by either party of a breach of any provision of this Agreement shall not operate as, or be construed as, a waiver of any later breach of that provision.

     

    16.         Taxes.  Except as otherwise provided under Section 3C, each party agrees to be responsible for its own taxes and penalties.

     

    17.         Counterparts.  This Agreement may be executed in more than one counterpart, each of which shall be deemed an original, but all of which together shall constitute but one and the same instrument.

     

    18.       Representation of the Executive; Interpretation of this Agreement.  The Executive represents and warrants to the Company that the Executive has read and understands this Agreement, has consulted with
        independent counsel of the Executive’s choice prior to agreeing to the terms of this Agreement and is entering into this Agreement, knowingly, willingly and voluntarily.  The parties agree that this Agreement shall not be construed for or against
        either party in any interpretation thereof.

     

    [Signature Page Follows]

     

    

    
      7

      
        

    

    IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

     

    

    	 	
            NU SKIN ENTERPRISES, INC.

          
	 	 
	 	
            /s/ Ritch Wood

          
	 	
            Ritch Wood

          
	 	
            Chief Executive Officer

          

    

    

    	 	
            EXECUTIVE

          
	 	 
	 	
            /s/ Joseph Chang

          
	 	
            Joseph Y. Chang

          

    

    

    
      [Signature Page to Employment Agreement]

       

      

    

    
      
        

    

    EXHIBIT A

     

    CONSULTING AGREEMENT

     

    
      
        

    

    
    CONSULTING AGREEMENT

    

    

    This Consulting Agreement (this “Agreement”) is entered into effective as of [________] (the “Effective Date”), by and between Nu Skin Enterprises, Inc., a Delaware
      corporation (the “Company”) and Joseph Y. Chang, an individual (“Consultant”). The Company and Employee are sometimes hereinafter referred to as “party” or “parties.”

    

    

    RECITALS

    

    

    	A.	
            Prior to the termination of Consultant’s employment, Consultant served as an Executive of the Company, pursuant to an employment agreement dated _________, 2020, as amended from time
              to time (the “Employment Agreement”).

          

    

    

    	B.	
            The Company desires to obtain certain rights related to Consultant and to retain Consultant as an independent contractor to provide certain consulting services to the Company.

          

    

    

    	C.	
            The Consultant is willing to grant such rights and provide such services pursuant to the terms and conditions set forth in this Agreement.

          

    

    

    AGREEMENT

    

    

    In consideration of the mutual promises and covenants set forth herein, and for other good and valuable consideration, the receipt, adequacy, and legal sufficiency of
      which are hereby acknowledged, the parties hereby mutually agree as follows:

    

    

    	

          	1.	
            Term. This Agreement shall commence on the Effective Date and shall continue for four
              years, unless otherwise terminated or extended (the “Consulting Term”). Either party may terminate this Agreement immediately if the other party commits a material breach of this Agreement. Upon termination of this Agreement, all obligations
              of the parties hereunder shall terminate except that (i) each party shall remain liable for any breach by such party of any covenant or obligation under this Agreement prior to the termination of this Agreement, and (ii) Consultant shall
              remain obligated and liable under the provisions of Sections 7.5, 7.8, 8, 9, 10, 12, 18 and 19, which shall survive the expiration or termination of this Agreement.

          

     

    	

          	2.	
            Engagement.  The Company hereby engages Consultant as an independent contractor to provide
              certain rights and consulting services as set forth in Section 3 below (the “Rights and Consulting Services”) to the Company and its affiliated entities during the Consulting Term, and Consultant hereby accepts such engagement on the terms
              and conditions set forth herein.  Consultant may provide the Rights and Consulting Services as an individual in his own name, or through a business entity established for that purpose.  In the event that Consultant provides the Rights and
              Consulting Services through a business entity, then both Consultant and the business entity shall be subject to all of the obligations hereunder.

          

     

    	

          	3.	
            Rights and Consulting Services.  During the Consulting Term, Consultant shall provide the
              following Rights and Consulting Services to the Company:

          

     

    	

          	a.	
            Consulting services up to 10 hours per month;

          

     

    	

          	b.	
            Service as a member of the Company’s Scientific Advisory Board;

          

     

    	

          	c.	
            Appearances and speaking engagements up to 10 days per year; and

          

     

    
      A-1

      
        

    

    	

          	d.	
            Full rights and authorization to use Consultant’s name and likeness for the Company’s marketing and other purposes.

          

     

    	

          	4.	
            Consulting Fees. During the Consulting Term, the Company agrees to pay Consultant an annual
              consulting fee of $287,500 less any severance payments pursuant to Section 3 or 6 of the Executive Severance Policy (other than Accrued Rights, as defined in such policy) paid to Consultant during the year (the “Consulting Fee”). The
              Consulting Fee shall be paid in equal monthly installments.

          

     

    	

          	5.	
            Reimbursement of Expenses. The Company agrees to reimburse Consultant for, or pay directly,
              reasonable expenses Consultant incurs in connection with the services provided hereunder, provided such expenses have been approved in advance by the Company and Consultant submits adequate documentation for such expenses including the
              purpose of the expense and the names of all persons who participated in any meetings or meals covered by such expenses.

          

     

    	

          	6.	
            Independent Contractor. Consultant acknowledges that he is an independent contractor and the
              Company shall not be responsible to compensate Consultant for, or make any withholdings such as, FICA, worker’s compensation, unemployment taxes, or any other similar taxes or fees associated with employment.  Under no circumstances is
              Consultant to be considered an employee of the Company.

          

     

    	

          	7.	
            Restrictive Covenants.

          

     

    7.1          Definitions.  For purposes of this Agreement, the following defined terms shall have the meaning indicated:

     

    (i)          “Competitive Business” shall mean
        Direct Selling.

     

    (ii)          “Competing Entity” shall mean any
        entity or person that is engaged, directly or indirectly, in a Competitive Business.

     

    (iii)        “Direct Selling” means (i) the
        multi-level marketing channel through which products and services are marketed directly to consumers through a sales force of independent contractors (including, without limitation, through person to person contact, via the telephone or through the
        Internet) who receive rewards or commissions based upon a compensation plan which contemplates a genealogical sales force of multiple levels, with such commissions paid for by (A) sales of products and services by such contractor, and/or (B) sales
        of products and services by other independent contractors in such contractor’s genealogical downline, and (ii)  a home-based business opportunity focused on selling products directly to the consumers.

     

    (iv)        “Territory” shall mean those
        countries where the Company, or any of its affiliates, engages in business or sells products or plans to conduct business.  This definition is intended to reflect the Consultant’s knowledge about the operations and activities of the Company as a
        whole.

     

    7.2         Non-Competition. Consultant shall not in any way, directly or indirectly, at any time during the Consulting Term, within the Territory: (i) engage in any Competitive Business; (ii)
        undertake to plan or organize any Competing Entity; (iii) become associated or connected in any way with, participate in, be employed by, render services to, or consult with, any Competing Entity (nor shall Consultant discuss the possibility of
        employment or other relationship with any Competing Entity); or (iv) own any direct or indirect interest in any other Competing Entity; provided, however, this limitation shall not be interpreted as prohibiting Consultant from investing in a
        Competing Entity that is a public company so long as such investment does not exceed 1% of the outstanding securities of such public company and Consultant discloses in writing to the Company (a) the name of the public company and the number of
        shares which he owns, and (b) any material change in Consultant’s ownership. This Section 7.2 shall not restrict the right of the Employee to practice law in violation of any applicable rules of professional conduct.

     

    
      A-2

      
        

    

    7.3        Non-Solicitation. Consultant shall not in any way, directly or indirectly, at any time during the Consulting Term solicit any employee, independent contractor, consultant or other person
        or entity in the employment or service of the Company or any of its respective subsidiaries or affiliates (each of the preceding, a “Group Company”), at the time of such solicitation, in any case to (i) terminate such employment or service, and/or
        (ii) accept employment, or enter into any consulting or other service arrangement, with any person or entity other than a Group Company.

     

    7.4        Non-Endorsement. Consultant shall not in any way, directly or indirectly, at any time during the Consulting Term endorse any Competitive Business or competing product, promote or speak
        on behalf of any Competitive Business or competing product, or allow Consultant’s name or likeness to be used in any way to promote any Competitive Business or competing product.

     

    7.5         Non-Disparagement. Consultant shall not in any way, directly or indirectly at any time during or after the Consulting Term, disparage the Company or the Company’s products or sales
        force.

     

    7.7         Acknowledgement. Consultant acknowledges that the Rights and Consulting Services are critical and vital to the on-going success of the Company’s operation in each product category and in
        each geographic location in which the Company operates.  In addition, the Consultant acknowledges that Consultant’s experience with, and knowledge of the Company’s operations as a whole constitute skills and knowledge which are special, unique and
        extraordinary with respect to Consultant’s service to the Company.  Therefore, Consultant acknowledges that the non-competition, non-solicitation, non-endorsement and non-disparagement covenants hereunder are fair, reasonable and necessary to
        protect the legitimate business interests of the Company.  These covenants, and each of them, should be construed to apply to the fullest extent possible by applicable laws. Consultant has carefully read this Agreement, has consulted with
        independent legal counsel to the extent Consultant deems appropriate, and has given careful consideration to the restraints imposed by this Agreement. Consultant acknowledges that the terms of this Agreement are enforceable regardless of the manner
        in which this Agreement is terminated.

     

    7.8          Remedies. Consultant acknowledges: (a) that compliance with the restrictive covenants contained in this Section 7 are necessary to protect the business and goodwill of the Company or its
        affiliates and (b) that a breach of the restrictive covenants contained in this Section 7 may result in irreparable and continuing damage to the Company or its affiliates, for which money damages may not provide adequate relief.  Consequently,
        Consultant agrees that, in the event that Consultant breaches or threatens to breach these restrictive covenants, the Company or its affiliates shall be entitled to (1) a preliminary or permanent injunction, without bond, to prevent the
        continuation of harm and (2) money damages insofar as they can be determined with respect to a material breach.  Nothing in this Agreement shall be construed to prohibit the Company or its affiliates from also pursuing any other remedy, the parties
        having agreed that all remedies are cumulative.

     

    
      A-3

      
        

    

    	

          	8.	
            Work Product. The Company shall have the sole proprietary interest in the work product
              produced by Consultant pursuant to the Rights and Consulting Services provided under this Agreement (the “Work Product”) in accordance with applicable laws.  Further, Consultant expressly assigns to the Company or its designee all rights,
              title and interest in and to all copyrights, patents, trade secrets, improvements, inventions, sketches, models and all documents related thereto, innovations, business plans, designs and any other Work Product developed by Consultant in
              connection with the Rights and Consulting Services in accordance with applicable laws. Consultant further agrees to promptly disclose any and all Work Product to Company.

          

     

    	

          	9.	
            Confidential Information. Consultant acknowledges that during the Consulting Term he may
              develop, learn and be exposed to information about the Company and its business, including but not limited to formulas, business plan and processes, financial data, vendor lists, product and marketing plans, sales force lists and other trade
              secrets which information is secret and confidential (“Confidential Information”). Consultant agrees that Consultant will not at any time during or after the Consulting Term, without the express written consent of the Company, disclose, copy,
              retain, remove from the Company’s premises or make any use of such Confidential Information except as may be required in the course of the Rights and Consulting Services.  At the end of the Consulting Term, or at the earlier request of the
              Company, Consultant shall promptly return to the Company all Confidential Information. Consultant expressly assigns to the Company or its designee all rights, title and interest in all Confidential Information. Notwithstanding the foregoing,
              for purposes of this Agreement, Confidential Information does not include any information which is currently in the public domain or which hereafter becomes public knowledge in a way that does not involve a breach of an obligation of
              confidentiality.

          

     

    

    	

          	10.	
            Cooperation.  Consultant agrees that, upon the Company’s reasonable request, Consultant in
              good faith and using diligent efforts shall cooperate and assist the Company in any dispute, controversy or litigation in which the Company may be involved including, without limitation, Consultant’s participation in any court or arbitration
              proceedings, the giving of testimony, the signing of affidavits or such other personal cooperation as counsel for the Company may reasonably request.  Such cooperation shall not be unreasonably burdensome without reasonable compensation.

          

     

    

    	

          	11.	
            Compliance with Laws.  Consultant agrees to comply with all applicable laws in the
              performance of his obligations under this Agreement.

          

     

    	

          	12.	
            Indemnification. Consultant shall indemnify and hold the Company and its affiliates, and
              each of their respective officers, directors, employees and agents, harmless from any and all liabilities, damages, judgments, or expenses, including reasonable attorney’s fees, resulting or arising from, directly or indirectly, any acts or
              omissions by Consultant. Consultant further agrees to indemnify and hold each of the Company and its affiliates, and each of their officers, directors, employees and agents, harmless from any withholding tax, unemployment payments, fees,
              penalties, expenses, assessments or other liabilities that the Company or its affiliates may incur as a result of any determination or claim that Consultant is an employee of the Company.

          

     

    	

          	13.	
            Assignment. This Agreement is for the unique personal services of Consultant and is not
              assignable or delegable in whole or in part by Consultant or the Company without the prior written consent of the other party; provided the Company may assign its rights and obligations hereunder to an Affiliate of the Company or in
              connection with the sale of its business, and provided Consultant may perform his personal services through a business entity established for those purposes.

          

     

    
      A-4

      
        

    

    	

          	14.	
            Waiver and Modification.  Any waiver, change, modification, extension, discharge, or
              amendment of any provision of this Agreement shall be effective only if in writing in a document that specifically refers to this Agreement and the party against whom enforcement of such waiver, change, modification, extension, discharge, or
              amendment is sought signs such document.  The waiver by either party of a breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver of any other provision hereof or any subsequent breach of the
              same provision.

          

     

    	

          	15.	
            Severability, Interpretation.  If any provision of this Agreement is found to be
              unenforceable by a court of competent jurisdiction, the remaining provisions hereof shall nevertheless remain in full force and effect.  Notwithstanding any rule or maxim of construction to the contrary, any ambiguity or uncertainty in this
              Agreement shall not be construed against either of the parties based upon authorship of any of the provisions hereof.

          

     

    	

          	16.	
            Reformation. The Company intends to restrict the activities of the Consultant only to the
              extent necessary for the protection of the legitimate business interests of the Company and its affiliates.  It is the intention and agreement of the parties that all of the terms and conditions hereof be enforced to the fullest extent
              permitted by law.  If the provisions of this Agreement should ever be deemed or adjudged by a court of competent jurisdiction to exceed the time or geographical limitations permitted by applicable law, then such provisions shall nevertheless
              be valid and enforceable to the extent necessary for such protection as determined by such court, and such provisions will be reformed to the maximum time or geographic limitations as determined by such court.

          

     

    	

          	17.	
            Notices.  Any notice required or permitted hereunder to be given by either party shall be in
              writing and shall be delivered personally or sent by certified or registered mail, postage prepaid, or by private overnight courier, or by facsimile (with a conforming copy sent by overnight mail) to the address or fax number set forth below
              or to such other address as either party may designate from time to time according to the terms of this Section 17:

          

     

    
      
        	If to Consultant:	Joseph Chang	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              

      

      

      

      
        	
                If to the Company:

              	
                Nu Skin Enterprises, Inc.

              	
                 

              
	
                 

              	
                 

              	
                 

              
	 	 	 
	 	 	 

      

      

    

    A notice delivered personally shall be effective upon receipt.  A notice sent by facsimile shall be effective the date delivered, provided
      confirmation of delivery is obtained and a copy is delivered by overnight mail, 24 hours after the dispatch thereof.  A notice delivered by private overnight courier shall be effective on the day delivered or if delivered by mail, the third day after
      the day of mailing.  Either party may change its address for purposes of this Section 17 by providing the other party notice as required herein.

     

    
      A-5

      
        

    

    	

          	18.	
            Attorneys’ Fees.  In the event of any action at law or in equity to enforce or interpret the
              terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees and court costs in addition to any other relief to which such party may be entitled.

          

     

    	

          	19.	
            Governing Law, Jurisdiction and Venue.  The validity of this Agreement and the
              interpretation and performance of all of its terms shall be governed by the substantive and procedural laws of the State of Utah.  Each party expressly submits and consents to exclusive personal jurisdiction and venue in the courts of Utah
              County, State of Utah or in any Federal District Court in Utah.

          

     

    	

          	20.	
            Entire Agreement.  This Consulting Agreement, together with the Separation and Release
              Agreement entered into pursuant to the Company’s Executive Severance Policy, the Employment Agreement and the Key-Employee Covenants Agreement as amended by the Employment Agreement, and the agreements related to the Company’s deferred
              compensation plan, the Company’s 401(k) plan, and Consultant’s stock option agreements (the “Sole Agreements”), constitute the entire and sole agreements between Consultant and the Company and its affiliates.  No other promises or agreements
              have been made to Consultant or the Company other than those contained in the Sole Agreements. Consultant and the Company acknowledge that they have read this Consulting Agreement carefully, fully understand the meaning of the terms of this
              Consulting Agreement, and are signing this Consulting Agreement knowingly and voluntarily.  This Consulting Agreement may not be modified except by an instrument in writing signed by all of the parties hereto.

          

    

    

    [Signature page follows]

    

    

    
      A-6

      
        

    

    IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date first set forth above.

     

    

    	 	
            NU SKIN ENTERPRISES, INC.

          
	 	 
	 	
            By:

          
	 	
            Its:

          

     

    	 	
            EMPLOYEE

          
	 	 
	 	
            Joseph Y. Chang

          

    

    

    
      A-7

      
        

    

    EXHIBIT B

     

    KEY EMPLOYEE COVENANTS

     

    
      
        

    

    
    KEY EMPLOYEE COVENANTS AGREEMENT

    

    

    
      	Joseph Y. Chang

              	“Employee”
	(PRINT NAME)	
               

            

      

    

    Nu Skin Enterprises, Inc. and its affiliated companies (“Company”) operate in the highly competitive direct selling marketplace competing for product market share as
      well as recruitment and retention of independent distributors.  The success of Company depends on maintaining a competitive edge in this industry through the introduction of innovative products and attracting and retaining distributors. Accordingly,
      as a condition of and in consideration of employment or continued employment with Company and participation in the Executive Severance Policy maintained by Company, the parties hereby acknowledge and agree as follows.

    

    

    	1.	
            Conflict of Interest:  During employment with Company, Employee shall not have any
              personal interest that is incompatible with the loyalty and responsibility owed to the Company.  Employee must discharge his/her responsibility solely on the basis of what is in the best interest of Company and independent of personal
              considerations or relationships. Employee shall maintain impartial relationships with vendors, suppliers and distributors. Should Employee have any questions regarding this matter, Employee should consult with his/her director or supervisor. 
              If any conflict of interest or potential conflict of interest arises, the Employee must notify his director or supervisor and seek an appropriate waiver or resolution of such conflict of interest. Although it is difficult to identify every
              activity that might give rise to a conflict of interest, and not by way of making an all-inclusive list, the following provisions apply to common areas for potential conflicts of interests:

          

    

    

    	

          	1.1	
            Related Party Transactions.  Employees should not have a direct or indirect ownership or
              financial interest in vendors of Company nor any company doing or seeking to do business with Company. Employees should also not have a financial or other interest in any transaction involving the Company.  In the event such a conflict
              arises, the Employee must notify his/her director or supervisor and the Company may not do business with such vendor or enter into any such transaction unless it has been approved in accordance with the Company’s policy with respect to
              related party transactions.

          

    

    

    	

          	1.2	
            Other Employment.  Employee shall not perform services of any kind for any entity doing or
              seeking to do business with Company. As to employment with or service to another company, Employee shall not provide service to any company that competes with the Company, and shall not allow any such activity to detract from his/her job
              performance, use Company’s time, resources or personnel, or require such long hours to affect his/her physical or mental effectiveness.

          

    

    

    	

          	1.3	
            Distributorships.  While employed by Company and for a period of three (3) months after
              termination of an employment relationship with Company, Employee shall not directly or indirectly own any interest in a Company distributorship or similar account.  Additionally, during the course of employment, neither the Employee’s spouse,
              nor any member of the Employee’s household shall own any interest in, or otherwise be associated with, a Company distributorship without the prior written consent of the Company. Employee’s spouse, or significant other living in the same
              household, will not, without the prior written consent of the Company, own any interest in, or otherwise be affiliated with, another direct sales distributorship or be employed by another direct sales or multilevel marketing company.  Any
              pre-existing ownership interests or employment covered in this paragraph must be disclosed to the Company at the time of the execution of this Agreement.  Employee shall disclose to his/her immediate director or supervisor any and all areas
              posing a potential or actual conflict of interest.  Said disclosure shall be made as promptly as possible after such conflict arises.

          

    

    

    
      B-1

      
        

    

    	2.	
            Work Product:

          

     

    

    	

          	2.1	
            Company shall have the sole proprietary interest in the work product of Employee created  during his/her employment with Company (“Work Product”), and Employee expressly assigns to
              Company or its designee all rights, title and interest in and to all copyrights, patents, trade secrets, improvements, inventions, sketches, models and all documents related thereto, manufacturing processes and innovations, special
              calibration techniques, software, service code, systems designs and any other Work Product developed by Employee, either solely or jointly with others, where said Work Product relates to any business activity or research and development
              activity in which Company is involved or plans to be involved at the time of or prior to Employee’s creating such Work Product, or where such Work Product is developed with the use of Company’s time, material, or facilities; and Employee
              further agrees to disclose any and all such Work Product to Company without delay.

          

     

    

    	

          	2.2	
            Employee will promptly disclose to the Company all Work Product, whether or not patentable or registrable under patent, copyright or similar statutes, made or conceived or reduced to
              practice or learned by Employee, either alone or jointly with others, during the period of his/her employment that (i) at the time of conception or reduction to practice are related to the actual or demonstrably anticipated business of the
              Company, (ii) result from tasks performed by Employee for the Company, or (iii) are developed on any amount of the Company’s time or result from the use of premises or property (including computer systems and engineering facilities) owned,
              leased, or contracted for by the Company (collectively, “Inventions”).

          

     

    

    	3.	
            Non-Disclosure and Assignment:

          

     

    

    	

          	3.1	
            Employee acknowledges that during the term of employment with Company he/she may develop, learn and be exposed to information about Company and its business, including but not
              limited to formulas, business plans, financial data, vendor lists, product and marketing plans, distributor lists, and other trade secrets which information is secret, confidential and vital to the continued success of Company (“Confidential
              Information”).  All Confidential Information and/or Inventions, as well as all intellectual property rights therein, are and shall be the sole property of the Company.  Employee hereby assigns and agrees to assign to the Company any rights he
              or she may have or acquire in such Confidential Information and/or Inventions.

          

     

    

    	

          	3.2	
            During and after Employee’s employment, Employee shall hold the Confidential Information and/or Inventions in confidence and shall protect them with utmost care. Employee shall not
              disclose, copy, remove from the Company’s premises, or permit any person to disclose or copy any of the Confidential Information and/or Inventions, and Employee shall not use any of the Confidential Information and/or Inventions, except as
              necessary to perform his/her duties as an employee of Company.  In the event that Employee has or has had access to any confidential information belonging to any third party, including but not limited to any of Employee’s previous employers,
              Employee shall hold all such confidential information in confidence and shall comply with the terms of any and all agreements between Employee or Company and the third party with respect to such confidential information. Upon hire, Employee
              shall disclose to Company the existence of agreements Employee has with prior employers.

          

     

    

    
      B-2

      
        

    

    	

          	3.3	
            This Agreement will not be interpreted to prevent the use or disclosure of information that (i) is required by law to be disclosed, but only to the extent that such disclosure is
              legally required, (ii) becomes a part of the public knowledge other than by a breach of an obligation of confidentiality, or (iii) is rightfully received from a third party not obligated to hold such information confidential.  The Defend
              Trade Secrets Act provides immunity to individuals under any federal or state trade secret law for the disclosure of a trade secret that is made: (i) in confidence to a federal, state, or local government official, either directly or
              indirectly, or to an attorney for the sole purpose of reporting or investigating a suspected violation of law; or (ii) in a complaint or other document filed in a lawsuit or other proceedings, if such filing is made under seal.  If an
              individual files a lawsuit against his or her employer alleging retaliation for reporting a suspected violation of law, the individual may disclose the trade secret to his or her attorney.  The individual may also use the trade secret
              information in the court proceedings, provided that he or she files any documents containing the trade secret under seal and does not disclose the trade secret except pursuant to court order.

          

     

    

    	

          	3.4	
            Upon Company’s request, and in any event upon termination of Employee’s employment for any reason, Employee shall promptly return to Company all materials in his/her possession or
              control that represent, contain or reasonably could contain Confidential Information and/or Inventions, including but not limited to passwords, documents, drawings, diagrams, flow charts, computer programs, memoranda, notes, and every other
              medium, and all copies thereof.

          

     

    

    	

          	3.5	
            Subject to Paragraph 17 below, during and after Employee’s employment, regardless of the circumstances of Employee’s termination, Employee shall not communicate to, or use for
              his/her benefit, or for the benefit of any person, firm, or other entity, without the prior approval of the Company, any Confidential Information or information about Inventions; provided, however, that Employee may communicate such
              information as required pursuant to law or as necessary or appropriate in connection with any suit or action, or any potential suit or action, brought by Employee against the Company in connection with his/her employment relationship with the
              Company. Except as outlined in Paragraph 17 below, Employee must advise Company prior to disclosure of Confidential Information to be communicated pursuant to law or in connection with a suit or action as described above so that the Company
              may obtain a protective order as necessary to protect its confidentiality interests. Employee will return to Company all Company-owned materials including, without limitation, computer and office equipment, supplies and internal Company
              manuals, customer lists and information, passwords, and marketing materials.

          

     

    

    	4.	
            Future Inventions:  Employee recognizes that Inventions relating to his/her activities
              while working for Company and conceived or made by Employee, whether alone or with others, within one year after termination of Employee’s employment may have been conceived in significant part while employed by Company.  Accordingly,
              Employee agrees that such Inventions shall be presumed to have been conceived during Employee’s employment with Company and are to be, and hereby are, assigned to Company unless and until Employee has established the contrary.

          

     

    

    	5.	
            Cooperation:  Employee shall assist Company in every way deemed necessary or desirable
              by the Company (but at the Company’s expense) to obtain and enforce patents, copyrights, trademarks and other rights and protections relating to any Confidential Information and Inventions in any and all countries, and to that end Employee
              will execute all documents for use in obtaining and enforcing such patents, copyrights, trademarks and other rights and protections as Company may desire, together with any assignments thereof to Company or persons designated by it.  If
              Company is unable for any reason to secure Employee’s signature to any document required to apply for or execute any patent, copyright, mask work or other applications with respect to any Inventions (including improvements, renewals,
              extensions, continuations, divisions or continuations in part thereof), Employee hereby irrevocably designates Company and its duly authorized officers and agents as Employee’s agents and attorneys-in-fact for and on Employee’s behalf to
              execute and file any such application and to do all other lawfully permitted acts to further the prosecution and issuance of patents, copyrights, mask works or other rights thereon with the same legal force and effect as if executed by
              Employee.  Employee’s duty to assist Company extends to enforcement of patents, copyrights, trademarks, and other rights and protections described above, of which were executed and signed on Employee’s behalf pursuant to Employee’s
              designation of Company for signatory authority.  Employee’s obligation to assist Company shall continue beyond the termination of his/her employment, but Company shall compensate him/her at a reasonable rate after his/her termination for time
              actually spent by Employee at Company’s request on such assistance.

          

     

    

    
      B-3

      
        

    

    	6.	
            Ethical Standards:  Employee agrees to maintain the highest ethical and legal
              standards in his/her conduct, to be scrupulously honest and straight-forward in all of his/her dealings and to avoid all situations which might project the appearance of being unethical or illegal.

          

    

    

    	7.	
            Product Resale:  As an employee of Company, Employee may receive Company products and
              materials either at no charge or at a discount as specified from time to time by Company in its sole discretion.  Employee agrees that the products received shall be used strictly in accordance with the policies of the Company regarding
              products received by employees from the Company and shall not be sold, distributed or transferred in any manner that would violate such policies, as they may be amended from time to time.

          

    

    

    	8.	
            Gratuities:  Employee shall neither seek nor retain gifts, gratuities, entertainment
              or other forms of compensation, benefit, or persuasion from suppliers, distributors, vendors or their representatives without the consent of a Company Vice President with the exception of meals provided in the ordinary course of business on
              an infrequent basis.

          

    

    

    	9.	
            Non-Solicitation:  Employee shall not in any way, directly or indirectly, at any time
              during employment or within two (2) years after either a voluntary or involuntary employment termination: (a) solicit, divert, take away, or unreasonably interfere with Company’s distributors; (b) in any manner solicit, divert, take away, or
              interfere unreasonably with Company’s employees or vendors; or (c) assist any other person(s) in any manner  in an attempt to do any of the foregoing.

          

    

    

    	10.	
            Non-Disparagement:  Subject to Paragraph 17 below, employee shall not in any way,
              directly or indirectly at any time during employment or after either voluntary or involuntary employment termination, disparage Company, Company products or Company Distributors.

          

    

    

    	11.	
            Non-Endorsement:  Employee shall not in any way, directly or indirectly, at any time
              during employment or within one (1) year after either a voluntary or involuntary employment termination endorse any sales compensation plan of another company or product that competes with products of Company, promote or speak on behalf of
              any company whose products compete with those of Company, or allow Employee’s name or likeness to be used in any way to promote any company or product that competes with Company or any products of Company.

          

    

    

    	12.	
            Non-Competition:  Because of the Company’s legitimate business interest, in exchange
              for the benefits of continued employment by Company and participation in the Executive Severance Policy maintained by Company, Employee shall not accept employment with, contribute Employee’s knowledge, engage in or participate, directly or
              indirectly, individually or as an officer, director, employee, shareholder, consultant, partner, joint venturer, agent, equity owner, distributor or in any other capacity whatsoever, with any entity engaged in the same or similar business as
              the Company, including those engaged in the business of LED light source growing, or direct selling that competes with the business of Company whether for market share of products or for independent distributors in a territory in which
              Company is doing business; provided, however, Employee may own publicly-traded securities of a company’s whose securities are publicly traded on either the NYSE, American or NASDAQ stock exchanges if the Employee’s ownership interest is less
              than 1% of the total outstanding securities of such company.  The Employee shall not engage in activities that may require or inevitably require disclosure of trade secrets, proprietary information, or Confidential Information.  The
              restrictions set forth in this paragraph shall remain in effect during the Employee’s employment with Company and during a period of one (1) year following the Employee’s termination of employment.  Within fifteen (15) days of termination of Employee’s employment, Company shall notify Employee
              whether it elects to enforce the Employee’s obligation set forth in this paragraph. Notwithstanding the foregoing, in the event Company decides, in its sole discretion, to enforce Employee’s non-competition obligation(s) with regard to an
              Employee whose employment ended as a result of the Employee’s voluntary termination of employment without Good Reason (as defined in the Executive Severance Policy maintained by Company), Company may elect, in its sole discretion, to pay
              Employee a sum of up to seventy-five percent of the Employee’s annual base salary at termination of employment, less applicable withholding taxes, for the one year period following the termination of employment during which the restrictive
              covenants in this paragraph remain in effect. Unless other arrangements are made at Company’s sole discretion, such payment may be made in equal periodic installments in accordance with Company’s regular payroll practices until all payments
              are completed. Such ongoing payments shall be contingent upon Employee’s ongoing compliance with his/her continuing obligations under this Agreement.

          

    

    

    
      B-4

      
        

    

    	13.	
            Acknowledgement:  Employee acknowledges that his/her position and work activities with
              the Company are “key” and vital to the on-going success of Company’s operation in each product category and in each geographic location in which Company operates. In addition, Employee acknowledges that his/her employment or involvement with
              any other entity or company engaged in the business of LED light source growing, or direct selling or multilevel marketing would create the impression that Employee has left Company for a “better opportunity,” which could damage Company by
              this perception in the minds of Company’s employees, independent distributors, or other persons. Therefore, Employee acknowledges that his/her confidentiality, non-solicitation, non-disparagement, non-endorsement and non-competition covenants
              are fair and reasonable and should be construed to apply to the fullest extent possible by applicable laws.  Employee has carefully read this Agreement, has consulted with independent legal counsel to the extent Employee deems appropriate,
              and has given careful consideration to the restraints imposed by the Agreement. Employee acknowledges that the terms of this Agreement are enforceable regardless of the manner in which Employee’s employment is terminated, whether voluntary or
              involuntary. In the event that Employee is to be employed as an attorney for a competitive business, Company and Employee acknowledge that paragraph 12 is not intended to restrict the right of the Employee to practice law in violation of any
              applicable rules of professional conduct.

          

    

    

    	14.	
            Return of Equipment and Information upon Termination:  Upon termination of employment,
              Employee shall return to Company all assets and equipment of Company along with any Confidential Information and Work Product including any distributor and vendor contact information and notes or summaries of all of the above.  Employee shall
              not retain any copies of the returned items.

          

    

    

    	15.	
            Remedies:  Employee acknowledges: (a) that compliance with the restrictive covenants
              contained in this Agreement are necessary to protect the business and goodwill of Company and (b) that a breach will result in irreparable and continuing damage to Company, for which money damages may not provide adequate relief.
              Consequently, Employee agrees that, in the event that he/she breaches or threatens to breach these restrictive covenants, Company shall be entitled to both: (1) a preliminary or permanent injunction to prevent the continuation of harm and (2)
              money damages insofar as they can be determined. Nothing in this Agreement shall be construed to prohibit Company from also pursuing any other remedy, the parties having agreed that all remedies are cumulative.  It is further recognized and
              agreed that the covenants set forth herein are for the purpose of restricting Employee’s activities to the extent necessary for the protection of the legitimate business interests of Company and that Employee agrees that said covenants do not
              and will not preclude him/her from engaging in activities sufficient for the purposes of earning a living.

          

    

    

    
      B-5

      
        

    

    	16.	
            Attorney’s Fees:  If any party to this Agreement breaches any of the terms of this
              Agreement, then that party shall pay to the non-defaulting party all of the non-defaulting party’s costs and expenses, including reasonable attorney’s fees, incurred by that party in enforcing the terms of this Agreement.

          

    

    

    	17.	
            Protected Activity. Nothing in this document is intended, or should be interpreted,
              to restrict, impede, or otherwise limit the rights of all employees, including Key Employees, to report possible violations of law or regulation to any governmental agency or entity tasked with enforcing such laws and regulations, including
              but not limited to the United States Department of Justice, the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Department of Labor, Congress, and any agency Inspector General, or participate in an
              investigation by any such administrative agencies; nor is this document intended to limit employees’ rights to discuss among themselves or others wages, benefits, and other terms and conditions of employment or workplace matters of mutual
              concern, as protected by the National Labor Relations Act.  Employee is not required to notify the Company of his or her intention to file such a report or participate in such an investigation prior to contacting the agency.

          

    

    

    	18.	
            Court’s Right to Modify Restriction:  The parties have attempted to limit the
              Employee’s right to compete only to the extent necessary to protect Company from unfair competition. The parties recognize, however, that reasonable people may differ in making such a determination. Consequently, the parties agree that, if
              the scope or enforceability of the restrictive covenants contained in this Agreement is in any way disputed at any time, a court or other trier of fact may modify and enforce the covenants to the extent that it believes to be reasonable under
              the circumstances existing at that time.

          

    

    

    	19.	
            Severability:  If any provision, paragraph, or subparagraph of this Agreement is
              adjudged by any court or administrative agency to be void or unenforceable in whole or in part, this adjudication shall not affect the validity of the remainder of the Agreement, including any other provision, paragraph, or subparagraph. Each
              provision, paragraph, and subparagraph of this Agreement is severable from every other provision, paragraph, and subparagraph and constitutes a separate and distinct covenant.

          

    

    

    	20.	
            Governing Law and Forum:  This Agreement shall be governed and enforced in accordance
              with the laws of the State of Utah, and any litigation between the parties relating to this Agreement shall be conducted in the courts of Utah County or Salt Lake City where necessary for federal court matters.

          

    

    

    
      B-6

      
        

    

    	21.	
            Employment At Will:  Employee understands that employment with Company is at-will,
              meaning that employment with Company is completely voluntary and for an indefinite term and that either Employee or Company is free to terminate the employment relationship at any time, with or without cause or advance notice, provided that
              termination is not done for an unlawful or discriminatory purpose.

          

    

    

    	22.	
            Employment Subject to Company’s Policies and Procedures:  The Parties acknowledge and
              agree that Company has established, and may establish, various workplace policies and procedures, which the Company may modify in its sole discretion from time to time.  Employee acknowledges such policies and procedures, and agrees to abide
              by such policies and procedures as they may be implemented or modified from time to time.

          

    

    

    	23.	
            Entire Agreement:  Company and Employee understand and agree that this Agreement and
              the Employment Agreement by and between Company and Employee shall constitute the entire agreement between them regarding the subject matter contained herein, and that all prior understandings or agreements regarding these matters are hereby
              superseded and replaced, including, without limitation, the Key-Employee Covenants Agreement previously signed by the parties.  Any amendment to or modification of this Agreement must be in writing signed by the parties hereto and stating the
              intent of the parties to amend or modify this Agreement.

          

    

    

    	24.	
            Survivability of Obligations:  This Agreement sets forth several obligations which
              continue after the termination of Employee’s employment with Company, including without limitation those obligations set forth in paragraphs 1, 2, 3, 4, 5, 6, 9, 10, 11, and 12, and the Parties specifically acknowledge and agree that such
              obligations shall survive the termination of Employee’s employment for any reason.

          

    

    

    	25.	
            Enforcement of Restrictive Covenants:  If Employee breaches any of the provisions of
              Paragraphs 3, 9, 10, 11, or 12 of this Agreement, the Parties acknowledge and agree that such breach is likely to cause the Company serious, immediate and irreparable damage.  Accordingly, if Employee breaches or threatens to breach any such
              provision, the Company shall have no adequate remedy at law and may obtain injunctive relief against Employee in any court of competent jurisdiction.  The seeking and/or obtaining of such injunctive relief shall be without prejudice to the
              Company’s right to seek any other remedies available to the Company for such breach or threatened breach, including the recovery of damages from Employee.  Employee agrees that the Company does not need to post a bond to obtain an injunction
              and waives Employee’s right to require such a bond.   The remedies provided for under this provision are intended to be in addition to, not in place of, remedies available under federal and state laws, including the Federal Defend Trade
              Secrets Act (“FDTSA”).  If the Company pursues claims against Employee under the FDTSA, the Company may recover damages from Employee that include, but are not limited to, monetary damages and punitive or exemplary damages and may obtain
              injunctive relief against Employee.

          

    

    

    THIS AGREEMENT HAS BEEN READ, UNDERSTOOD AND FREELY ACCEPTED BY:

    

    

    
      	/s/ Joseph Chang	
               

            	Dated:	 2020-10-16	
               

            
	Employee	
               

            	
               

            	
               

            	
               

            

       

      

       

      

       B-7

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