Document:

Exhibit

Exhibit 10.3

SECOND AMENDED AND RESTATED 
BOOZ ALLEN HAMILTON HOLDING CORPORATION 
ANNUAL INCENTIVE PLAN
(Effective as of October 1, 2010 and amended and restated as of January 28, 2020)
SECTION 1.    PURPOSE
The purposes of the Plan are to enable the Company and its Subsidiaries to attract, retain, motivate and reward the best qualified Executive Officers and key employees by providing them with the opportunity to earn competitive compensation directly linked to the Company’s performance.
SECTION 2.    DEFINITIONS
Unless the context requires otherwise, the following words as used in the Plan shall have the meanings ascribed to each below, it being understood that masculine, feminine and neuter pronouns are used interchangeably and that each comprehends the others.
(a)    “Act” means the Securities Exchange Act of 1934, as amended.
(b)    “Board” means the Board of Directors of the Company.
(c)    “Committee” means the Compensation Committee of the Board or such other committee or subcommittee of the Board or the Compensation Committee as the Board or Compensation Committee shall designate from time to time. 
(d)    “Common Stock” means the class A common stock of the Company, par value $0.01 per share, and such other class of stock into which such common stock is hereafter converted or exchanged.
(e)    “Company” means Booz Allen Hamilton Holding Corporation.
(f)    “Company Approved Departure” means a termination of employment that the Company (through the members of its senior management), in its sole discretion, determines to be in the best interest of the Company and the Company’s approval of such termination as a Company Approved Departure is approved or ratified by the Board or the Committee.
 (g)    “Disability” means “disability,” as such term is defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder.
(h)    “Equity Incentive Plan” means the Amended and Restated Equity Incentive Plan of Booz Allen Hamilton Holding Corporation, as amended from time to time.

(i)    “Executive Officer” means “executive officer” as defined in Rule 3b-7 promulgated under the Act.
(j)    “Participant” means (i) each Executive Officer of the Company and (ii) each other employee of the Company or a Subsidiary whom the Committee expressly designates as a participant under the Plan.
(k)    “Performance Period” means each fiscal year or another period as designated by the Committee, so long as such period does not exceed one year.
(l)    “Plan” means this Second Amended and Restated Booz Allen Hamilton Holding Corporation Annual Incentive Plan, as set forth herein and as may hereafter be amended from time to time.
(m)    “Subsidiary” means any business entity in which the Company owns, directly or indirectly, fifty percent (50%) or more of the total combined voting power of all classes of stock entitled to vote, and any other business organization, regardless of form, in which the Company possesses, directly or indirectly, 50% or more of the total combined equity interests.
SECTION 3.    AWARDS

(a)Performance Criteria.  The Committee shall establish the performance objective or objectives that must be satisfied in order for a Participant to receive an award for a Performance Period. Performance objectives may be established on a Company-wide basis or with respect to one or more business units, divisions, Subsidiaries, or products; and in either absolute terms or relative to the performance of one or more comparable companies or an index covering multiple companies.
(b)    When establishing performance objectives for a Performance Period, the Committee may exclude any or all “extraordinary items” as determined under U.S. generally accepted accounting principles and as identified in the financial statements, notes to the financial statements or management’s discussion and analysis in the annual report, including, without limitation, the charges or costs associated with restructurings of the Company or any Subsidiary, discontinued operations, extraordinary items, capital gains and losses, dividends, share repurchase, other unusual or non-recurring items, and the cumulative effects of accounting changes.  The Committee may also adjust the performance objectives for any Performance Period as it deems equitable in recognition of unusual or non-recurring events affecting the Company, changes in applicable tax laws or accounting principles, or such other factors as the Committee may determine (including, without limitation, any adjustments that would result in the Company paying non-deductible compensation to a Participant).
(c)    Maximum Amount Payable.  If the Committee (or its delegate pursuant to Section 5(b)) determines that the performance objectives established for the relevant Performance Period under Section 3(a) have been satisfied, each Participant who is employed by the Company or one of its Subsidiaries on the last day of the Performance Period for which the award is payable shall 

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be entitled to receive an annual award in an amount not to exceed US $5,000,000. Unless otherwise determined by the Committee in its sole discretion, if a Participant’s employment terminates for any reason other than for cause (including, without limitation, his death, disability, retirement under the terms of any retirement plan maintained by the Company or a Subsidiary or Company Approved Departure) prior to the last day of the Performance Period for which the award is payable, the maximum award payable to such Participant under the preceding sentence shall be multiplied by a fraction, the numerator of which is the number of days that have elapsed during the Performance Period in which the termination occurs prior to and including the date of the Participant’s termination of employment and the denominator of which is the total number of days in the Performance Period.
(d)    Termination of Employment.  Unless otherwise determined by the Committee in its sole discretion, if a Participant’s employment terminates for any reason prior to the date on which the award is paid hereunder, except as otherwise provided in a Participant’s employment or other similar agreement, such Participants shall forfeit all rights to any and all awards that have not yet been paid under the Plan; provided that if a Participant’s employment terminates as a result of death, Disability or Company Approved Departure, the Committee shall give consideration at its sole discretion to the payment of a partial award with regard to the portion of the Performance Period worked.  Notwithstanding the foregoing, if a Participant’s employment terminates for any reason prior to the date on which the award is paid hereunder, the Committee, in its discretion, may waive any forfeiture pursuant to this Section 3 in whole or in part.
(e)    Negative Discretion.  Notwithstanding anything else contained in Section 3(b) to the contrary, the Committee shall have the right, in its absolute discretion, (i) to reduce or eliminate the amount otherwise payable to any Participant under Section 3(b) based on individual performance or conduct or any other factors that the Committee, in its discretion, shall deem appropriate and (ii) to establish rules or procedures that have the effect of limiting the amount payable to each Participant to an amount that is less than the maximum amount otherwise authorized under Section 3(b).
(f)    Affirmative Discretion.  Notwithstanding any other provision in the Plan to the contrary (including, without limitation, the maximum amounts payable under Section 3(b)), but subject in the case of awards paid in shares of the Company’s Common Stock or other awards under the Equity Incentive Plan to the maximum number of shares available for issuance under the Equity Incentive Plan, the Committee shall have the right, in its discretion, to grant any annual award in cash, in shares of the Company’s Common Stock, in other awards under the Equity Incentive Plan or in any combination thereof, to any Participant (except the Plan for the year in which the amount paid would ordinarily be deductible by the Company for federal income tax purposes in an amount up to the maximum award payable under Section 3(b)), based on individual performance or any other criteria that the Committee deems appropriate.
SECTION 4.    PAYMENT
Except as otherwise provided hereunder, payment of any award amount determined under Section 3 shall be made to each Participant as determined by the Committee and in any event no 

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later than two and a half months after the end of the fiscal year in which the Performance Period ends.  The Committee shall determine whether any bonus payable under the Plan is payable in cash, in shares of Common Stock (including, but not limited to, restricted common stock or restricted stock units) or other awards under the Equity Incentive Plan, or in any combination thereof.  The Committee shall have the right to impose whatever conditions it deems appropriate with respect to the award of shares of Common Stock or other awards, including conditioning the vesting of such shares or other awards on the performance of additional service.
SECTION 5.    GENERAL PROVISIONS

(a)    Administration.  The Committee shall be responsible for the administration of the Plan.  The Committee shall establish the performance objectives for any fiscal year or other Performance Period determined by the Committee in accordance with Section 3 and certify whether such performance objectives have been obtained.  The Committee may prescribe, amend and rescind rules and regulations relating to the administration of the Plan and make all other determinations necessary or advisable for the administration and interpretation of the Plan.  Any authority exercised by the Committee under the Plan shall be exercised by the Committee in its sole discretion.  Determinations, interpretations or other actions made or taken by the Committee under the Plan shall be final, binding and conclusive for all purposes and upon all persons.
(b)    Delegation by the Committee.  All of the powers, duties and responsibilities of the Committee specified in this Plan may be exercised and performed by any officer, including the chief executive officer, or group of officers of the Company or its Subsidiaries, or director or group of directors of the Board any portion of its authority and powers under the Plan with respect to Participants who are not Executive Officers or directors of the Board (provided that any delegation to one or more officers of the Company or its Subsidiaries shall be subject to and comply with applicable law) and any determination, interpretation or other action taken by such committee shall have the same effect hereunder as if made or taken by the Committee.
(c)    Tax Withholding.  The Company shall have the power to withhold, or to require the Participant to remit to the Company, an amount in cash sufficient to satisfy all U.S. federal, state, local and any non-U.S. withholding tax or other governmental tax, charge or fee requirements in respect of any payment under the Plan.
(d)    No Guarantee of Employment.  Nothing in the Plan shall interfere with or limit in any way the right of the Company to terminate any Participant’s employment at any time, or confer upon any Participant any right to continue in the employ or retention of the Company.
(e)    Unfunded Plan; Plan Not Subject to ERISA.  The Plan is an unfunded plan and Participants shall have the status of unsecured creditors of the Company.  The Plan is not intended to be subject to the Employee Retirement Income and Security Act of 1974, as amended.
(f)    Freedom of Action.  Nothing in the Plan shall be construed as limiting or preventing the Company or any of its affiliates from taking any action that it deems appropriate 

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or in its best interest (as determined in its sole and absolute discretion) and no Participant (or person claiming by or through a Participant) shall have any right relating to the diminishment in the value of any award or any associated return as a result of any such action.  The foregoing shall not constitute a waiver by a Participant of the terms and provisions of the Plan.
(g)    Forfeiture of Award Amounts.
(i)    Forfeiture for Financial Reporting Misconduct.  If the Company is required to prepare an accounting restatement due to material noncompliance by the Company with any financial reporting requirement under the securities laws, (x) (with respect to any Participant who either knowingly or grossly negligently engaged in the misconduct or knowingly or grossly negligently failed to prevent the misconduct as determined by the Committee or is one of the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002, such Participant shall forfeit and disgorge to the Company any award amounts (A) received during the twelve (12)-month period following the filing of the financial document embodying such financial reporting requirement or (B) earned based on the materially non-complying financial reporting, and (y) with respect to any Participant who is a current or former Executive Officer of the Company who received incentive compensation under the Plan during the three-year period preceding the date on which the Company is required to prepare such accounting restatement, based on erroneous data, in excess of what would have been awarded or paid to such Participant under such accounting restatement, such Participant shall forfeit and disgorge to the Company such excess incentive compensation.
(ii)    Forfeiture under Applicable Laws or Regulations.  In addition to forfeiture for the reasons specified in subsection (i) of this Section 5(g), the Company may cancel or reduce or require the Participant to forfeit and disgorge to the Company any award amounts and any gains earned or accrued with respect to any equity award or common stock granted or received pursuant to an Award under the Plan to the extent permitted or required by applicable law, regulation, or stock exchange rule in effect on or after the effective date of the Plan.  For the avoidance of doubt, the Committee shall have full authority to implement any policies and procedures necessary to comply with Section 10D of the Act and any rules promulgated thereunder.
(iii)    Forfeiture for Other Misconduct.  Unless otherwise determined by the Committee, if (i) the Participant’s performance is deemed to contribute substantially to the Company or a subsidiary incurring significant financial losses; (ii) the Participant’s performance is deemed to contribute substantially to a significant downward restatement of any published results of the Company or a subsidiary; (iii) the Participant engages in conduct that results in or contributes substantially to significant reputational harm to the Company; (iv) the Participant materially breaches or contributes substantially to a material breach of applicable legal and/or regulatory requirements; (v) the Participant engages in conduct that constitutes “cause” under any plan or agreement that the Participant is subject to or (vi) the Participant engages in conduct that results in or contributes substantially to a material breach of the Company’s applicable internal 

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policies and procedures, including without limitation those policies in respect of risk management, compliance, disciplinary and any applicable supervisory practices, the Committee in its sole discretion may suspend the payment of any Awards granted (or a portion thereof) and/or require the forfeiture and disgorgement to the Company of any Awards (or a portion thereof) granted or paid during the twelve months prior to or any time after the Participant engaged in such misconduct and all gains earned or accrued due to the exercise of such Awards or sale of any common stock issued pursuant to such Awards.
(iv)    Other Recoupment Policies.  Awards granted under this Plan shall also be subject to such generally applicable policies as to forfeiture, disgorgement and recoupment as may be adopted by the Board or the Committee from time to time and communicated to Participants.  Any such policies may (in the discretion of the Board or the Committee) be applied to outstanding awards at the time of adoption of such policies, or on a prospective basis only.  The implementation of policies and procedures pursuant to this Section 5(g) and any modification of the same shall not be subject to any restrictions on amendment or modification of awards.
(h)    Term of Plan.  The Plan shall be effective with respect to fiscal periods beginning on or after April 1, 2020.
(i)    Amendment or Alteration.  Notwithstanding Section 5(a), the Board or the Committee may at any time amend, suspend, discontinue or terminate the Plan.
(j)    Severability.  The holding of any provision of this Plan to be illegal, invalid or unenforceable by a court of competent jurisdiction shall not affect any other provision of this Plan, which shall remain in full force and effect.
(k)    Assignment.  Except as otherwise provided in this Section 5(k), this Plan shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, representatives, successors and assigns.  Neither this Plan nor any right or interest hereunder shall be assignable by the Participant, his beneficiaries, or legal representatives; provided that nothing in this Section 5(k) shall preclude the Participant from designating a beneficiary to receive any benefit payable hereunder upon his death, or the executors, administrators or other legal representatives of the Participant or his estate from assigning any rights hereunder to the person or persons entitled thereunto.  This Plan shall be assignable by the Company to a Subsidiary or Affiliate of the Company; to any corporation, partnership or other entity that may be organized by the Company, its general partners or its Participants as a separate business unit in connection with the business activities of the Company or Participants; or to any corporation, partnership or other entity resulting from the reorganization, merger or consolidation of the Company with any other corporation, partnership or other entity, or any corporation, partnership, or other entity to or with which all or any portion of the Company’s business or assets may be sold, exchanged or transferred.

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(l)    409A Compliance.  This Plan is intended to provide for payments that are exempt from the provisions of Section 409A the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder (“Section 409A”) to the maximum extent possible and otherwise to be administered in a manner consistent with the requirements, where applicable, of Section 409A.  Where reasonably possible and practicable, the Plan shall be administered in a manner to avoid the imposition on Participants of immediate tax recognition and additional taxes pursuant to Section 409A.  In the case of any “nonqualified deferred compensation” (within the meaning of Section 409A) that may be treated as payable in the form of “a series of installment payments,” as defined in Treasury Regulation Section 1.409A-2(b)(2)(iii), a Participant’s or designated beneficiary’s right to receive such payments shall be treated as a right to receive a series of separate payments for purposes of such Treasury Regulation.  Notwithstanding the foregoing, neither the Company nor the Committee, nor any of the Company’s directors, officers or employees shall have any liability to any person in the event Section 409A applies to any payment or right under this Plan in a manner that results in adverse tax consequences for the Participant or any of his or her beneficiaries or transferees.  Notwithstanding any provision of this Plan to the contrary, the Board or the Committee may unilaterally amend, modify or terminate the Plan or any right hereunder if the Board or Committee determines, in its sole discretion, that such amendment, modification or termination is necessary or advisable to comply with applicable U.S. law, as a result of changes in law or regulation or to avoid the imposition of an additional tax, interest or penalty under Section 409A.
Notwithstanding the terms of this Plan to the contrary, if at the time of the Participant’s “separation from service” within the meaning of Section 409A, he or she is a “specified employee” within the meaning of Section 409A, any payment of any “nonqualified deferred compensation” amounts (within the meaning of Section 409A and after taking into account all exclusions applicable to such payments under Section 409A) required to be made to the Participant upon or as a result of the separation from service (as defined in Section 409A) shall be delayed until after the six-month anniversary of the termination from service to the extent necessary to comply with and avoid the imposition of taxes, interest and penalties under Section 409A.  Any such payments to which he or she would otherwise be entitled during the first six months following his or her termination from service will be accumulated and paid without interest on the first payroll date after the six-month anniversary of the separation from service (unless another Section 409A-compliant payment date applies) or within thirty days thereafter.  These provisions will only apply if and to the extent required to avoid the imposition of taxes, interest and penalties under Section 409A.
(m)    No Attachment.  Except as required by law, no right to receive payments under this Plan shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge or hypothecation, or to execution, attachment, levy or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void and of no effect.

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(n)    Headings.  The Section headings appearing in this Plan are used for convenience of reference only and shall not be considered a part of this Plan or in any way modify, amend, or affect the meaning of any of its provisions.
(o)    Rules of Construction.  Whenever the context so requires, the use of the masculine gender shall be deemed to include the feminine and vice versa, and the use of the singular shall be deemed to include the plural and vice versa.  That this Plan was drafted by the Company shall not be taken into account in interpreting or construing any provision of this Plan.
(p)    Governing Law.  This Plan and its enforcement shall be governed by, and construed in accordance with, the laws of the State of Delaware, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Plan to the substantive law of another jurisdiction.

8Exhibit
10.1

 

EXECUTIVE
CHAIRMAN AGREEMENT

 

THIS
EXECUTIVE CHAIRMAN AGREEMENT (the “Agreement”) is made as of the 31st day of January,
2020 (the “Effective Date”) and is by and between Akers Biosciences, Inc., a New Jersey corporation (the “Company”),
and Christopher C. Schreiber (the “Executive Chairman”).

 

WHEREAS,
the Executive Chairman has, since November 1, 2019 (the “Start Date”), served as Executive Chairman
of the Company and in the capacity of director on the Company’s Board of Directors (the “Board of Directors”);
and

 

WHEREAS,
as of the Effective Date, the Company and the Executive Chairman mutually desire to memorialize the terms under which the
Executive Chairman will continue to serve in such capacity and as a director of the Company.

 

NOW,
THEREFORE, in consideration for the above recited promises and the mutual promises, agreements and covenants of the Company
and the Executive Chairman contained herein, the adequacy and sufficiency of which are hereby acknowledged, the Company and the
Executive Chairman hereby agree as follows:

 

1.
DUTIES AND EFFORT. The Executive Chairman shall, in such capacity, be an employee and executive officer of the Company and
be available to perform the duties of Executive Chairman customarily related to this function, including (a) acting as chairman
of Board of Directors’ and stockholders’ meetings, (b) acting as the principal executive officer of the Company, subject
to the oversight and direction of the Board of Directors, and (c) otherwise undertaking such other customary duties the as may
be determined and assigned by the Board of Directors and as may be required by the Company’s governing instruments, including
its certificate of incorporation, bylaws and its corporate governance charters, each as amended or modified or restated from time
to time, and by applicable law, rule or regulation, including, without limitation, the New
Jersey Business Corporation Act (the “NJBCA”) and the rules and regulations of the U.S. Securities and
Exchange Commission (the “SEC”) and any exchange or quotation system on which the Company’s securities
may be traded from time to time. The Executive Chairman agrees to devote such time as is reasonably and customarily necessary
to perform completely his duties to the Company. The Executive Chairman will perform such duties described herein in a professional
manner and in the best interests of the Company, and at all times accordance with the general fiduciary duty of executive officers
and directors arising under the NJBCA and all applicable laws, rules and regulations.

 

2.
TERM. The term of this Agreement shall commence as of the Effective Date and shall continue (unless earlier terminated as
provided for in Section 7 hereof) until the date that the Executive Chairman is no longer serving as a member of the Board of
Directors (as such membership may be renewed with the approval of the Board of Directors and the Company’s stockholders),
or upon his earlier death, incapacity, removal, or resignation.

 

3.
EMPLOYMENT RELATIONSHIP. This Agreement is intended to create an “at will” employment relationship between the
parties (subject to the termination notice requirements of Section 7 hereof). The Company shall be responsible for withholding
all federal, state, or local income taxes, social security taxes, unemployment taxes, and any and all other taxes relating to
the cash compensation provided to Executive Chairman under this Agreement (it being agreed that Executive Chairman shall be responsible
for any taxes due arising out of his acquisition or sale of Company securities, whether under the Company’s equity incentive
plans or otherwise).

 

    	 	 	 

     

    

 

4.
COMPENSATION.

 

(a)
For services to be rendered by the Executive Chairman in any capacity hereunder, the Company agrees to pay the Executive Chairman
the following compensation:

 

(i)
a cash fee of $300,000 per year, payable monthly in equal installments (it being agreed that such fee shall be: (i) paid retroactively
to commence as of the Start Date and (ii) inclusive of any fees associated with Executive Chairman’s service as both
a director of the Company and in the capacity of Executive Chairman); and

 

(ii)
annual or other bonuses in cash and/or in securities of the Company and/or otherwise, which bonuses, if any, shall be awarded
in the complete discretion of the Board of Directors or a designated committee thereof.

 

(b)
The Executive Chairman shall also be eligible to participate in any of the Company’s employee benefit (including health)
plans on par with other officers of the Company.

 

5.
EXPENSES. In addition to the compensation provided in Section 4 hereof, the Company will reimburse the Executive Chairman
for pre-approved reasonable business-related expenses incurred in good faith in the performance of the Executive Chairman’s
duties for the Company. Such payments shall be made by the Company in accordance with its normal policies for senior executives
of the Company.

 

6.
RESTRICTIONS RESPECTING CONFIDENTIAL INFORMATION, NON-COMPETITION, ETC.

 

(a)
At all times, Executive Chairman shall keep confidential, and not disclose, or make any use of except for the benefit of the Company,
at any time either during or subsequent to performance by Executive Chairman of his services hereunder, any trade secrets, confidential
information, knowledge, data or other information of the Company relating to products, processes, know-how, intellectual property,
technical data, designs, formulas, test data, customer lists, business plans, marketing and manufacturing processes, plans and
strategies, pricing strategies or other subject matter pertaining to any business of the Company or any of its partners, customers,
consultants, licensors, licensees or affiliates (collectively, the “Confidential Information”), which Executive
Chairman has, pror to the Effective Date, produced, obtained or otherwise learned, or may, as of and following the Effective Date,
produce, obtain or otherwise learn of during the course of his performance of the services hereunder. The “Confidential
Information” shall not include information, technical data or know-how that is or becomes part of the public domain not
as a result of any inaction or action of the Executive Chairman. Executive Chairman shall not deliver, reproduce, reverse engineer,
or in any way allow any such Confidential Information to be delivered to or used by any third parties for any purpose (including,
without limitation, any purpose harmful to or competetive with the interests of the Company) without the specific direction or
consent of a duly authorized representative of the Company. Executive Chairman acknowledges and agrees that some of the Confidential
Information may be considered “material non-public information” for purposes of the federal securities laws (“Insider
Information”) and that the Executive Chairman will abide by all securities laws relating to the handling of and acting
upon Insider Information.

 

(b)
Upon the termination Executive Chairman’s association with the Company, Executive Chairman shall promptly surrender and
deliver to the Company all records, materials, equipment, drawings, documents, lab notes and books and data of any nature pertaining
to any Invention (as defined below) or Confidential Information of the Company or to the services provided by Executive Chairman,
and Executive Chairman will not take or retain (in any form or format) any description containing or pertaining to any Confidential
Information which Executive Chairman may produce or obtain during the course of his performance of the services hereunder.

 

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(c)
Notice of Immunity Under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act of 2016 (“DTSA”).
Notwithstanding any other provision of this Agreement:

 

(i)
The Executive Chairman will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure
of a trade secret that:

 

	 	A.	is made (1) in confidence to a federal, state, or local
government official, either directly or indirectly, or to an attorney; and (2) solely for the purpose of reporting or investigating
a suspected violation of law; or

 

	 	B.	is made in a complaint or other document filed under
seal in a lawsuit or other proceeding.

 

(ii)
If the Executive Chairman files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Executive
Chairman may disclose the Company’s trade secrets to the Executive Chairman’s attorney and use the trade secret information
in the court proceeding if the Executive Chairman:

 

	 	A.	files any document containing trade secrets under seal;
and

 

	 	B.	does not disclose trade secrets except pursuant to court
order.

 

(d)
Nothing herein shall prevent Executive Chairman from making a report, or bringing a claim, to any governmental agency, including
the U.S. Equal Employment Opportunity Commission, the U.S. Securities & Exchange Commission, the U.S. Department of Justice,
or the Attorney General of the State of New Jersey.

 

(e)
Executive Chairman hereby agrees that all Inventions (as defined below) created, conceived of and/or memorialized by Executive
Chairman during the period in which Executive Chairman has heretofore performed or shall perform services for the Company shall
be “works for hire” under applicable law. In addition, and regardless of the application of the work for hire doctrine,
Executive Chairman hereby irrevocably assigns and transfers to the Company, on a perpetual and worldwide basis without additional
consideration, Executive Chairman’s entire right, title and interest in and to all Inventions. As used in this Agreement,
the term “Inventions” shall mean all intellectual property (incluidng any moral rights therein), ideas, improvements,
designs, discoveries, developments, drawings, notes, documents, information and/or materials, whether or not patentable and whether
or not reduced to practice, made or conceived by Executive Chairman (whether made solely by Executive Chairman or jointly with
others) which are created, conceived of and/or memorialized by Executive Chairman during the period in which Executive Chairman
has performed or shall perform services for the Company or result from any task of any nature assigned to or undertaken by Executive
Chairman or any work performed by Executive Chairman for or on behalf of the Company or any of its affiliates. In connection with
the foregoing, Executive Chairman will execute, acknowledge and deliver to the Company or its nominee upon request and at the
Company’s expense all such documents, including applications for patents, copyrights, trademarks and assignments of all
Inventions, patents, copyrights and trademarks to be issued therefore, as the Company may determine necessary or desirable to
apply for and obtain letters patent, copyrights and trademarks on all Inventions in any and all countries and/or to protect the
interest of the Company or its nominee in Inventions, patents, copyrights and trademarks and to vest title in each of the same
in the Company or its nominee.

 

    	 	3	 

     

    

 

(f)
During the term of this Agreement and for one (1) year after the termination of Executive Chairman’s association with the
Company for any reason, the Executive Chairman shall not, directly or indirectly, anywhere within the United States or other jurisdiction
in which the Company has material operations, manage, operate or control, or participate in the ownership, management, operation
or control of, or otherwise become materially interested in (whether as an owner, stockholder, lender, executive, employee, officer
or director) any business (other than the Company) which is in a business that competes with the business or businesses of the
Company (the “Business”), or, directly or indirectly, induce or influence any person that has a business relationship
with the Company or any of its subsidiaries or affiliates relating to the Business to discontinue or reduce the extent of such
relationship.

 

(g)
During the term of this Agreement and for one (1) year after the termination of this Agreement for any reason, the Executive Chairman
shall not, directly or indirectly, solicit to employ, or employ for himself or others, any employee of the Company, or any subsidiary
or affiliate of the Company, who was an officer, director or employee of, or consultant or advisor to, the Company, or any subsidiary
or affiliate of the Company, as of the date of the termination of Executive Chairman’s association with the Company for
any reason or during the preceding six (6) month period, or solicit any such person to leave such person’s position or join
the employ of, or act in a similar capacity with, another, then or at a later time.

 

(h)
The parties agree that nothing in this Agreement shall be construed to limit or negate the common law of torts, confidentiality,
trade secrets, fiduciary duty and obligations where such laws provide the Company with any broader, further or other remedy or
protection than those provided herein.

 

(i)
Because the breach or any threatened breach of any of the provisions of this Section 6 may result in immediate and irreparable
injury to the Company for which the Company may not have an adequate remedy at law, the Executive Chairman expressly agrees that
the Company shall be entitled, in addition to all other rights and remedies available to it at law, in equity or otherwise, to
a decree of specific performance of the restrictive covenants contained in this Section 6 and further to a temporary and permanent
injunction enjoining such breach or threatened breach, in each case without the necessity of proving damages and without the necessity
of posting bond or other security.

 

(j)
In the event the Executive Chairman challenges this Agreement and an injunction or other relief is issued staying the implementation
of any of the restrictions imposed by Section 6 hereof, the time remaining on the restrictions shall be tolled until the challenge
is resolved by final adjudication, settlement or otherwise.

 

(k)
The Executive Chairman acknowledges that the type and periods of restriction imposed by this Section 6 are fair and reasonable
and are reasonably required for the protection of the legitimate interests of the Company and the goodwill associated with the
business of the Company; and that the time, scope, geographic area and other provisions of this Agreement have been specifically
negotiated by sophisticated commercial parties and are given as an integral part of the transactions contemplated hereby. If any
of the covenants in this Section 6, or any part hereof, is hereafter construed to be invalid or unenforceable, the same shall
not affect the remainder of the covenant or covenants herein, which shall be given full effect, without regard to the invalid
portions. In the event that any covenant contained in this Agreement shall be determined by any court of competent jurisdiction
to be unenforceable by reason of its extending for too great a period of time or over too great a geographical area or by reason
of its being too extensive in any other respect, it shall be judicially modified so as to extend only over the maximum period
of time for which it may be enforceable and/or over the maximum geographical area as to which it may be enforceable and/or to
the maximum extent in all other respects as to which it may be enforceable, all as determined by such court in such action.

 

    	 	4	 

     

    

 

7.
TERMINATION. With or without cause, either the Company or the Executive Chairman may terminate this Agreement and Executive
Chairman’s status as such (but not Executive Chairman’s status as a director of the Company) at any time upon 60 days’
written notice to the other, and the Company shall be obligated to pay to the Executive Chairman the compensation and expenses
due up to the conclusion of such 60 day period. Nothing contained herein or omitted herefrom shall prevent the Board of Directors
or stockholders of the Company from removing the Executive Chairman as a director of the Company as permitted under the Company’s
certificate of incorporation, bylaws and its corporate governance documents, each as amended or modified or restated from time
to time and by applicable law, rule or regulation, including, without limitation, the NJBCA.

 

8.
INDEMNIFICATION. The Company shall indemnify the Executive Chairman in his capacity as an officer and director of the Company
to the fullest extent permitted by and otherwise in accordance with the NJBCA and the Company’s certificate of incorporation
or bylaws, each as amended or modified or restated from time to time, against all expense, liability and loss (including settlement)
reasonably incurred or suffered by the Executive Chairman in connection with any action, suit or proceeding to which the Executive
Chairman may be made a party by reason of his being or having been an officer or director of the Company.

 

9.
AMENDMENTS; WAIVERS. No provision of this Agreement may be waived or amended except in a written instrument signed, in the
case of an amendment, by the Company and the Executive Chairman or, in the case of a waiver, by the party against whom enforcement
of any such waiver is sought. No waiver of any breach with respect to any provision, condition or requirement of this Agreement
shall be deemed to be a continuing waiver in the future or a waiver of any subsequent breach or a waiver of any other provision,
condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner
impair the exercise of any such right.

 

10.
NOTICES. All notices, requests, demands and other communications provided in connection with this Agreement shall be in writing
and shall be deemed to have been duly given at the time when hand delivered, delivered by express courier, or sent by facsimile
number or email in accordance with the contact information provided on the signature page hereto or such other contact information
as the parties may have duly provided by notice.

 

11.
GOVERNING LAW; VENUE. This Agreement shall be interpreted in accordance with, and the rights of the parties hereto shall be
determined by, the laws of the State of New Jersey without reference to that state’s conflicts of laws principles. Any legal
action involving the validity, interpretation, or breach of the terms of this Agreement shall be brought exclusively in the courts
of the State of New Jersey located in Camden, New Jersey or the federal courts within the District of New Jersey, seated in Camden,
New Jersey). The parties hereby submit to the exclusive jurisdiction and venue of such courts, and they hereby irrevocably waive,
to the fullest extent permitted by law, any objection they may now or hereafter have to the personal jurisdiction or venue of
such courts or to any claim of inconvenient forum.

 

12.
ASSIGNMENT. The rights and benefits of the Company under this Agreement shall be transferable, and all the covenants and agreements
hereunder shall inure to the benefit of, and be enforceable by or against, its successors and assigns. The duties and obligations
of the Executive Chairman under this Agreement are personal and therefore the Executive Chairman may not assign or delegate any
right or duty under this Agreement without the prior written consent of the Company.

 

    	 	5	 

     

    

 

13.
HEADINGS; CONSTRUCTION. The section headings contained in this Agreement are for reference purposes only and shall not affect
in any way the meaning or interpretation of this Agreement. The language used in this Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

 

14.
NO THIRD-PARTY BENEFICIARIES. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person or entity.

 

15.
SEVERABILITY. If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will
attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall
incorporate such substitute provision in this Agreement.

 

16.
ENTIRE AGREEMENT. This Agreement contains the entire understanding and agreement of the parties, and supersedes any and all
other prior and/or contemporaneous understandings and agreements, either oral or in writing, between the parties hereto with respect
to the subject matter hereof, all of which are merged herein. Each party to this Agreement acknowledges that no representations,
inducements, promises, or agreements, oral or otherwise, have been made by either party, or anyone acting on behalf of either
party, which are not embodied herein, and that no other agreement, statement or promise not contained in this Agreement shall
be valid or binding.

 

17.
COUNTERPARTS. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one
instrument. Execution and delivery of this Agreement by facsimile or other electronic signature is legal, valid and binding for
all purposes.

 

[Signature
Page Follows]

 

    	 	6	 

     

    

 

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

 

	 	AKERS
    BIOSCIENCES, INC.
	 	 	 
	 	By:
    	/s/
    Howard R. Yeaton 
	 	Name:	Howard
    R. Yeaton
	 	Title:	Interim
    Chief Financial Officer

 

	 	Contact
    Information:
	 	 
	 	201
    Grove Road
	 	Thorofare,
    NJ 08086
	 	Attention:
    ___________
	 	Email:
    _______________
	 	 
	 	 /s/
    Christopher C. Schreiber
	 	Christopher
    C. Schreiber
	 	 
	 	Contact
    Information:
	 	 
	 	[Address]
	 	Email:
    ______________

 

    	 	7

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