Document:

Exhibit 10.1 

 

AVRA MEDICAL ROBOTICS, INC.

 

2016 STOCK INCENTIVE PLAN

 

1.             Purposes
of the Plan. The purposes of this Plan are to attract and retain the best available personnel, to provide additional incentives
to Employees, Directors and Consultants and to promote the success of the Company’s business.

 

2.             Definitions.
The following definitions shall apply as used herein and in the individual Award Agreements except as defined otherwise in an individual
Award Agreement. In the event a term is separately defined in an individual Award Agreement, such definition shall supersede the
definition contained in this Section 2.

 

(a)           “Administrator”
means the Board or any of the Committees appointed to administer the Plan.

 

(b)           “Affiliate”
and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 promulgated
under the Exchange Act.

 

(c)           “Applicable
Laws” means the legal requirements relating to the Plan and the Awards under applicable provisions of federal securities
laws, state corporate and securities laws, the Code, the rules of any applicable stock exchange or national market system, and
the rules of any non-U.S. jurisdiction applicable to Awards granted to residents therein.

 

(d)           “Assumed”
means that pursuant to a Corporate Transaction either (i) the Award is expressly affirmed by the Company; or (ii) the
contractual obligations represented by the Award are expressly assumed (and not simply by operation of law) by the successor entity
or its Parent in connection with the Corporate Transaction with appropriate adjustments to the number and type of securities of
the successor entity or its Parent subject to the Award and the exercise or purchase price thereof which at least preserves the
compensation element of the Award existing at the time of the Corporate Transaction as determined in accordance with the instruments
evidencing the agreement to assume the Award.

 

(e)           “Award”
means the grant of an Option, SAR, Dividend Equivalent Right, Restricted Stock, Restricted Stock Unit or other right or benefit
under the Plan.

 

(f)            “Award
Agreement” means the written agreement evidencing the grant of an Award executed by the Company and the Grantee,
including any amendments thereto.

 

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

 

(h)           “Cause”
means, with respect to the termination by the Company or a Related Entity of the Grantee’s Continuous Service, that such
termination is for “Cause” as such term (or word of like import) is expressly defined in a then-effective written
agreement between the Grantee and the Company or such Related Entity, or in the absence of such then-effective written agreement
and definition, is based on, in the determination of the Administrator, the Grantee’s: (i) performance of any act or
failure to perform any act in bad faith and to the detriment of the Company or a Related Entity; (ii) dishonesty, intentional
misconduct or material breach of any agreement with the Company or a Related Entity; or (iii) commission of a crime involving
dishonesty, breach of trust, or physical or emotional harm to any person; provided, however, that with regard to any agreement
that defines “Cause” on the occurrence of or in connection with a Corporate Transaction or a Change in Control,
such definition of “Cause” shall not apply until a Corporate Transaction or a Change in Control actually occurs.

 

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(i)            “Change
in Control” means a change in ownership or control of the Company after the Registration Date effected through either
of the following transactions:

 

(i)             the
direct or indirect acquisition by any person or related group of persons (other than an acquisition from or by the Company or by
a Company-sponsored employee benefit plan or by a person that directly or indirectly controls, is controlled by, or is under common
control with, the Company) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing
more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities pursuant to a tender
or exchange offer made directly to the Company’s shareholders which a majority of the Continuing Directors who are not Affiliates
or Associates of the offeror do not recommend such shareholders accept; or

 

(ii)         a
change in the composition of the Board over a period of twelve (12) months or less such that a majority of the Board members (rounded
up to the next whole number) ceases, by reason of one or more contested elections for Board membership, to be comprised of individuals
who are Continuing Directors.

 

(j)             “Code”
means the Internal Revenue Code of 1986, as amended.

 

(k)           “Committee”
means any committee composed of members of the Board appointed by the Board to administer the Plan.

 

(l)            “Common
Stock” means the common stock of the Company.

 

(m)           “Company”
means Avra Medical Robotics, Inc., a Florida corporation, or any successor entity that adopts the Plan in connection with a Corporate
Transaction.

 

(n)           “Consultant”
means any person (other than an Employee or a Director, solely with respect to rendering services in such person’s capacity
as a Director) who is engaged by the Company or any Related Entity to render consulting or advisory services to the Company or
such Related Entity.

 

(o)            “Continuing
Directors” means members of the Board who either (i) have been Board members continuously for a period of at
least twelve (12) months; or (ii) have been Board members for less than twelve (12) months and were elected or nominated
for election as Board members by at least a majority of the Board members described in clause (i) who were still in office
at the time such election or nomination was approved by the Board.

 

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(p)           “Continuous
Service” means that the provision of services to the Company or a Related Entity in any capacity of Employee, Director
or Consultant is not interrupted or terminated. In jurisdictions requiring notice in advance of an effective termination as an
Employee, Director or Consultant, Continuous Service shall be deemed terminated upon the actual cessation of providing services
to the Company or a Related Entity notwithstanding any required notice period that must be fulfilled before a termination as an
Employee, Director or Consultant can be effective under Applicable Laws. A Grantee’s Continuous Service shall be deemed to
have terminated either upon an actual termination of Continuous Service or upon the entity for which the Grantee provides services
ceasing to be a Related Entity. Continuous Service shall not be considered interrupted in the case of (i) any approved leave
of absence; (ii) transfers among the Company, any Related Entity, or any successor, in any capacity of Employee, Director
or Consultant; or (iii) any change in status as long as the individual remains in the service of the Company or a Related
Entity in any capacity of Employee, Director or Consultant (except as otherwise provided in the Award Agreement). Notwithstanding
the foregoing, except as otherwise determined by the Administrator, in the event of any spin-off of a Related Entity, service as
an Employee, Director or Consultant for such Related Entity following such spin-off shall be deemed to be Continuous Service for
purposes of the Plan and any Award under the Plan. An approved leave of absence shall include sick leave, military leave, or any
other authorized personal leave. For purposes of each Incentive Stock Option granted under the Plan, if such leave exceeds three
months, and reemployment upon expiration of such leave is not guaranteed by statute or contract, then the Incentive Stock Option
shall be treated as a Non-Qualified Stock Option on the day three months and one day following the expiration of such three month
period.

 

(q)           “Corporate
Transaction” means any of the following transactions, provided, however, that the Administrator shall determine under
parts (iv) and (v) whether multiple transactions are related, and its determination shall be final, binding and conclusive:

 

(i)             a
merger or consolidation in which the Company is not the surviving entity, except for a transaction the principal purpose of which
is to change the state in which the Company is incorporated;

 

(ii)         the
sale, transfer or other disposition of all or substantially all of the assets of the Company;

 

(iii)        the
complete liquidation or dissolution of the Company;

 

(iv)        any
reverse merger or series of related transactions culminating in a reverse merger (including, but not limited to, a tender offer
followed by a reverse merger) in which the Company is the surviving entity but (A) the shares of Common Stock outstanding
immediately prior to such merger are converted or exchanged by virtue of the merger into other property, whether in the form of
securities, cash or otherwise; or (B) in which securities possessing more than forty percent (40%) of the total combined voting
power of the Company’s outstanding securities are transferred to a person or persons different from those who held such securities
immediately prior to such merger or the initial transaction culminating in such merger, but excluding any such transaction or series
of related transactions that the Administrator determines shall not be a Corporate Transaction; or

 

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(v)         acquisition
in a single or series of related transactions by any person or related group of persons (other than the Company or by a Company-sponsored
employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing
more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities but excluding any
such transaction or series of related transactions that the Administrator determines shall not be a Corporate Transaction.

 

(r)            “Covered
Employee” means an Employee who is a “covered employee” under Section 162(m) (3) of the Code.

 

(s)           “Director”
means a member of the Board or the board of directors of any Related Entity.

 

(t)             “Disability”
means as defined under the long-term disability policy of the Company or the Related Entity to which the Grantee provides services
regardless of whether the Grantee is covered by such policy. If the Company or the Related Entity to which the Grantee provides
service does not have a long-term disability plan in place, “Disability” means that a Grantee is unable to carry out
the responsibilities and functions of the position held by the Grantee by reason of any medically determinable physical or mental
impairment for a period of not less than ninety (90) consecutive days. A Grantee will not be considered to have incurred a
Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Administrator in its discretion.

 

(u)           “Dividend
Equivalent Right” means a right entitling the Grantee to compensation measured by dividends paid with respect to
Common Stock.

 

(v)           “Employee”
means any person, including an Officer or Director, who is in the employ of the Company or any Related Entity, subject to the control
and direction of the Company or any Related Entity as to both the work to be performed and the manner and method of performance.
The payment of a Director’s fee by the Company or a Related Entity shall not be sufficient to constitute “employment”
by the Company.

 

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

 

(x)           “Fair
Market Value” means, as of any date, the value of Common Stock determined as follows:

 

(i)             If
the Common Stock is listed on one or more established stock exchanges or national market systems, including without limitation
The NASDAQ Global Select Market, The NASDAQ Global Market, The NASDAQ Capital Market of The NASDAQ Stock Market LLC, the New York
Stock Exchange or the New York MKT, its Fair Market Value shall be the closing sales price for such stock (or the closing
bid, if no sales were reported) as quoted on the principal exchange or system on which the Common Stock is listed (as determined
by the Administrator) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as
applicable, on the last trading date such closing sales price or closing bid was reported), as reported in The Wall Street Journal
or such other source as the Administrator deems reliable;

 

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(ii)         If
the Common Stock is regularly quoted on an automated quotation system (including those maintained by OTC Markets, Inc.) or by a
recognized securities dealer, its Fair Market Value shall be the closing sales price for such stock as quoted on such system or
by such securities dealer on the date of determination or the average of any such prices for such period as determined by the Administrator
in good faith not to exceed thirty (30) trading days prior to the date of determination, but if selling prices are not reported,
the Fair Market Value of a share of Common Stock shall be the mean between the high bid and low asked prices for the Common Stock
on the date of determination (or, if no such prices were reported on that date, on the last date such prices were reported) or
the average thereof for such period prior to the date of determination as established by the Administrator above, as reported in
The Wall Street Journal or such other source as the Administrator deems reliable; or

 

(iii)        In
the absence of an established market for the Common Stock of the type described in (i) and (ii), above, the Fair Market Value thereof
shall be determined by the Administrator in good faith.

 

(y)           “Good
Reason” means the occurrence after a Corporate Transaction or Change in Control of any of the following events
or conditions unless consented to by the Grantee (and the Grantee shall be deemed to have consented to any such event or condition
unless the Grantee provides written notice of the Grantee’s non-acquiescence within thirty (30) days of the effective
time of such event or condition):

 

(i)             a
change in the Grantee’s responsibilities or duties that represents a material and substantial diminution in the Grantee’s
responsibilities or duties as in effect immediately preceding the consummation of a Corporate Transaction or Change in Control;

 

(ii)         a
reduction in the Grantee’s base salary to a level below that in effect at any time within six months preceding the consummation
of a Corporate Transaction or Change in Control or at any time thereafter; provided that an across-the-board reduction in
the salary level of substantially all other individuals in positions similar to the Grantee’s by substantially the same percentage
amount shall not constitute such a salary reduction; or

 

(iii)        requiring
the Grantee to be based at any place outside a 50-mile radius from the Grantee’s job location or residence prior to the Corporate
Transaction or Change in Control except for reasonably required travel on business that is not materially greater than such travel
requirements prior to the Corporate Transaction or Change in Control.

 

(z)            “Grantee”
means an Employee, Director or Consultant who receives an Award under the Plan.

 

(aa)         “Incentive
Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422
of the Code.

 

(bb)         “Non-Qualified
Stock Option” means an Option not intended to qualify as an Incentive Stock Option.

 

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(cc)         “Officer”
means a person who is an officer of the Company or a Related Entity within the meaning of Section 16 of the Exchange Act and
the rules and regulations promulgated thereunder.

 

(dd)         “Option”
means an option to purchase Shares pursuant to an Award Agreement granted under the Plan.

 

(ee)         “Parent”
means a “parent corporation”, whether now or hereafter existing, as defined in Section 424(e) of the Code.

 

(ff)           “Performance-Based
Compensation” means compensation qualifying as “performance-based compensation” under Section 162(m)
of the Code.

 

(gg)         “Plan”
means this 2015 Stock Incentive Plan.

 

(hh)         “Registration
Date” means the first to occur of (i) the closing of the first sale, subsequent to the date this Plan is adopted,
to the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission
under the Securities Act of 1933, as amended, of (A) the Common Stock or (B) the same class of securities of a successor
corporation (or its Parent) issued pursuant to a Corporate Transaction in exchange for or in substitution of the Common Stock;
(ii) the date the Common Stock is otherwise registered under and the Company becomes subject to the reporting requirements of Sections
13 or 15 (d) or the Exchange Act; and (iii) in the event of a Corporate Transaction, the date of the consummation of the Corporate
Transaction if the same class of securities of the successor corporation (or its Parent) issuable in such Corporate Transaction
shall have been sold to the general public pursuant to a registration statement filed with and declared effective by the Securities
and Exchange Commission under the Securities Act of 1933, as amended, on or prior to the date of consummation of such Corporate
Transaction.

 

(ii)            “Related
Entity” means any Parent or Subsidiary of the Company.

 

(jj)            “Replaced”
means that pursuant to a Corporate Transaction the Award is replaced with a comparable stock award or a cash incentive program
of the Company, the successor entity (if applicable) or Parent of either of them which preserves the compensation element of such
Award existing at the time of the Corporate Transaction and provides for subsequent payout in accordance with the same (or a more
favorable) vesting schedule applicable to such Award. The determination of Award comparability shall be made by the Administrator
and its determination shall be final, binding and conclusive.

 

(kk)          “Restricted
Stock” means Shares issued under the Plan to the Grantee for such consideration, if any, and subject to such restrictions
on transfer, rights of first refusal, repurchase provisions, forfeiture provisions, and other terms and conditions as established
by the Administrator.

 

(ll)            “Restricted
Stock Units” means an Award that may be earned in whole or in part upon the passage of time or the attainment of
performance criteria established by the Administrator and that may be settled for cash, Shares or other securities or a combination
of cash, Shares or other securities as established by the Administrator.

 

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(mm)        “Rule 16b-3”
means Rule 16b-3 promulgated under the Exchange Act or any successor thereto.

 

(nn)         “SAR”
means a stock appreciation right entitling the Grantee to Shares or cash compensation, as established by the Administrator, measured
by appreciation in the value of Common Stock.

 

(oo)         “Share”
means a share of the Common Stock.

 

(pp)         “Subsidiary”
means a “subsidiary corporation”, whether now or hereafter existing, as defined in Section 424(f) of the Code.

 

3.             Stock
Subject to the Plan.

 

(a)           Subject
to the provisions of Section 10, below, the maximum aggregate number of Shares that may be issued pursuant to all Awards
is 3,000,000 Shares, plus an annual increase to be added on the first day of the calendar year beginning January 1, 2017 equal
to (a) the greater of such number of shares as (i) will set the maximum number of Shares that may be issued pursuant to all Awards
shall equal 15% of the number of Shares outstanding as of such date; or (ii) 2% of the number of Shares outstanding as of such
date; or (b) a lesser number of Shares determined by the Administrator. Notwithstanding the foregoing, subject to the provisions
of Section 10, below, of the number of Shares specified above, the maximum aggregate number of Shares available for
grant of Incentive Stock Options shall be 1,500,000 Shares, increased on the first day of the calendar year beginning January 1,
2017, in a number of Shares proportionate to the increase in the total number of Shares that may be issued pursuant to all Awards
under this Plan, as set forth in this Section 3.  The Shares to be issued pursuant to Awards may be authorized, but
unissued or reacquired Shares.

 

(b)           Any
Shares covered by an Award (or portion of an Award) that is forfeited, canceled or expires (whether voluntarily or involuntarily)
shall be deemed not to have been issued for purposes of determining the maximum aggregate number of Shares that may be issued under
the Plan. Shares that actually have been issued under the Plan pursuant to an Award shall not be returned to the Plan and shall
not become available for future issuance under the Plan, except that if unvested Shares are forfeited, or repurchased by the Company
at the lesser of their original purchase price or their Fair Market Value at the time of repurchase, such Shares shall become available
for future grant under the Plan

 

(c)           To
the extent not prohibited by the listing requirements of The NASDAQ Stock Market LLC (or other established stock exchange or national
market system on which the Common Stock is traded) or Applicable Law, any Shares covered by an Award that are surrendered (i) in
payment of the Award exercise or purchase price (including pursuant to the “net exercise” of an option pursuant
to Section 7(b)(v)); or (ii) in satisfaction of tax withholding obligations incident to the exercise of an Award
shall be deemed not to have been issued for purposes of determining the maximum number of Shares that may be issued pursuant to
all Awards under the Plan, unless otherwise determined by the Administrator.

 

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4.             Administration
of the Plan.

 

(a)            Plan
Administrator.

 

(i)             Administration
with Respect to Directors and Officers.          With respect
to grants of Awards to Directors or Employees who are also Officers or Directors of the Company, the Plan shall be administered
by (A) the Board; or (B) a Committee designated by the Board, which Committee shall be constituted in such a manner as
to satisfy the Applicable Laws and to permit such grants and related transactions under the Plan to be exempt from Section 16(b)
of the Exchange Act in accordance with Rule 16b-3. Once appointed, such Committee shall continue to serve in its designated
capacity until otherwise directed by the Board.

 

(ii)            Administration
With Respect to Consultants and Other Employees.         With
respect to grants of Awards to Employees or Consultants who are neither Directors nor Officers of the Company, the Plan shall be
administered by (A) the Board; or (B) a Committee designated by the Board, which Committee shall be constituted in such a manner
as to satisfy the Applicable Laws. Once appointed, such Committee shall continue to serve in its designated capacity until otherwise
directed by the Board. The Board may authorize one or more Officers to grant such Awards and may limit such authority as the Board
determines from time to time.

 

(iii)           Administration
With Respect to Covered Employees. Notwithstanding the foregoing, as of and after the date that the exemption for the Plan
under Section 162(m) of the Code expires, as set forth in Section 18 below, grants of Awards to any Covered Employee
intended to qualify as Performance-Based Compensation shall be made only by a Committee (or subcommittee of a Committee) that is
comprised solely of two or more Directors eligible to serve on a committee making Awards qualifying as Performance-Based Compensation.
In the case of such Awards granted to Covered Employees, references to the “Administrator” or to a “Committee”
shall be deemed to be references to such Committee or subcommittee.

 

(iv)           Administration
Errors.         In the event an Award is granted in a manner
inconsistent with the provisions of this subsection (a), such Award shall be presumptively valid as of its grant date
to the extent permitted by the Applicable Laws.

 

(b)           Powers
of the Administrator.         Subject to Applicable Laws and
the provisions of the Plan (including any other powers given to the Administrator hereunder), and except as otherwise provided
by the Board, the Administrator shall have the authority, in its discretion:

 

(i)             to
select the Employees, Directors and Consultants to whom Awards may be granted from time to time hereunder;

 

(ii)            to
determine whether and to what extent Awards are granted hereunder;

 

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(iii)           to
determine the number of Shares or the amount of other consideration to be covered by each Award granted hereunder;

 

(iv)           to
approve forms of Award Agreements for use under the Plan;

 

(v)            to
determine the terms and conditions of any Award granted hereunder;

 

(vi)           to
amend the terms of any outstanding Award granted under the Plan, provided that

 

(A)         any
amendment that would adversely affect the Grantee’s rights under an outstanding Award shall not be made without the Grantee’s
written consent, provided, however, that an amendment or modification that may cause an Incentive Stock Option to
become a Non-Qualified Stock Option shall not be treated as adversely affecting the rights of the Grantee;

 

(B)          the
reduction of the exercise price of any Option awarded under the Plan and the base appreciation amount of any SAR awarded under
the Plan shall be subject to shareholder approval; and

 

(C)          canceling
an Option or SAR at a time when its exercise price or base appreciation amount (as applicable) exceeds the Fair Market Value of
the underlying Shares, in exchange for another Option, SAR, Restricted Stock, or other Award or for cash shall be subject to shareholder
approval, unless the cancellation and exchange occurs in connection with a Corporate Transaction. Notwithstanding the foregoing,
canceling an Option or SAR in exchange for another Option, SAR, Restricted Stock, or other Award or for cash with an exercise price,
purchase price or base appreciation amount (as applicable) that is equal to or greater than the exercise price or base appreciation
amount (as applicable) of the original Option or SAR shall not be subject to shareholder approval;

 

(vii)          to
construe and interpret the terms of the Plan and Awards, including without limitation, any notice of award or Award Agreement,
granted pursuant to the Plan;

 

(viii)         to
grant Awards to Employees, Directors and Consultants employed outside the United States on such terms and conditions different
from those specified in the Plan as may, in the judgment of the Administrator, be necessary or desirable to further the purpose
of the Plan; and

 

(ix)            to
take such other action, not inconsistent with the terms of the Plan, as the Administrator deems appropriate.

 

The express grant in the
Plan of any specific power to the Administrator shall not be construed as limiting any power or authority of the Administrator;
provided that the Administrator may not exercise any right or power reserved to the Board. Any decision made, or action taken,
by the Administrator or in connection with the administration of this Plan shall be final, conclusive and binding on all persons
having an interest in the Plan.

 

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(c)           Indemnification.
In addition to such other rights of indemnification as they may have as members of the Board or as Officers or Employees of the
Company or a Related Entity, members of the Board and any Officers or Employees of the Company or a Related Entity to whom authority
to act for the Board, the Administrator or the Company is delegated shall be defended and indemnified by the Company to the extent
permitted by law on an after-tax basis against all reasonable expenses, including attorneys’ fees, actually and necessarily
incurred in connection with the defense of any claim, investigation, action, suit or proceeding, or in connection with any appeal
therein, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with
the Plan, or any Award granted hereunder, and against all amounts paid by them in settlement thereof (provided such settlement
is approved by the Company) or paid by them in satisfaction of a judgment in any such claim, investigation, action, suit or proceeding,
except in relation to matters as to which it shall be adjudged in such claim, investigation, action, suit or proceeding that such
person is liable for gross negligence, bad faith or intentional misconduct; provided, however, that within 30 days after the
institution of such claim, investigation, action, suit or proceeding, such person shall offer to the Company, in writing, the opportunity
at the Company’s expense to defend the same.

 

5.             Eligibility.
Awards other than Incentive Stock Options may be granted to Employees, Directors and Consultants. Incentive Stock Options may be
granted only to Employees of the Company or a Parent or a Subsidiary of the Company. An Employee, Director or Consultant, who has
been granted an Award may, if otherwise eligible, be granted additional Awards. Awards may be granted to such Employees, Directors
or Consultants who are residing in non-U.S. jurisdictions as the Administrator may determine from time to time.

 

6.             Terms
and Conditions of Awards.

 

(a)           Types
of Awards.         The Administrator is authorized under the
Plan to award any type of arrangement to an Employee, Director or Consultant that is not inconsistent with the provisions of the
Plan and that by its terms involves or might involve the issuance of (i) Shares; (ii) cash; (iii) an Option; (iv)
a SAR; or (v) a similar right with a fixed or variable price related to the Fair Market Value of the Shares and with an exercise
or conversion privilege related to the passage of time, the occurrence of one or more events, or the satisfaction of performance
criteria or other conditions. Such awards include, without limitation, Options, SARs, sales or bonuses of Restricted Stock, Restricted
Stock Units or Dividend Equivalent Rights, and an Award may consist of one such security or benefit, or two or more of them in
any combination or alternative.

 

(b)          Designation
of Award.         Each Award shall be designated in the Award
Agreement. In the case of an Option, the Option shall be designated as either an Incentive Stock Option or a Non-Qualified Stock
Option. However, notwithstanding such designation, an Option will qualify as an Incentive Stock Option under the Code only to the
extent the $100,000 limitation of Section 422(d) of the Code is not exceeded. The $100,000 limitation of Section 422(d)
of the Code is calculated based on the aggregate Fair Market Value of the Shares subject to Options designated as Incentive Stock
Options that become exercisable for the first time by a Grantee during any calendar year (under all plans of the Company or any
Parent or Subsidiary of the Company). For purposes of this calculation, Incentive Stock Options shall be taken into account in
the order in which they were granted, and the Fair Market Value of the Shares shall be determined as of the grant date of the relevant
Option. In the event that the Code or the regulations promulgated thereunder are amended after the date the Plan becomes effective
to provide for a different limit on the Fair Market Value of Shares permitted to be subject to Incentive Stock Options, then such
different limit will be automatically incorporated herein and will apply to any Options granted after the effective date of such
amendment.

 

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(c)           Conditions
of Award.         Subject to the terms of the Plan, the Administrator
shall determine the provisions, terms, and conditions of each Award including, but not limited to, the Award vesting schedule,
repurchase provisions, rights of first refusal, forfeiture provisions, form of payment (cash, Shares, or other consideration) upon
settlement of the Award, payment contingencies, and satisfaction of any performance criteria. The performance criteria established
by the Administrator may be based on any one of, or combination of, the following: (i) increase in share price; (ii) earnings per
share; (iii) total shareholder return; (iv) operating margin; (v) gross margin; (vi) return on equity; (vii) return on assets;
(viii) return on investment; (ix) operating income; (x) net operating income; (xi) pre-tax profit; (xii) cash flow, (xiii) revenue;
(xiv) expenses; (xv) earnings before interest, taxes and depreciation; (xvi) economic value added; and (xvii) market
share. The performance criteria may be applicable to the Company, Related Entities and/or any individual business units of the
Company or any Related Entity. Partial achievement of the specified criteria may result in a payment or vesting corresponding to
the degree of achievement as specified in the Award Agreement. In addition, the performance criteria shall be calculated in accordance
with generally accepted accounting principles, but excluding the effect (whether positive or negative) of any change in accounting
standards and any extraordinary, unusual or nonrecurring item, as determined by the Administrator, occurring after the establishment
of the performance criteria applicable to the Award intended to be performance-based compensation. Each such adjustment, if any,
shall be made solely for the purpose of providing a consistent basis from period to period for the calculation of performance criteria
in order to prevent the dilution or enlargement of the Grantee’s rights with respect to an Award intended to be performance-based
compensation.

 

(d)           Acquisitions
and Other Transactions.         The Administrator may issue
Awards under the Plan in settlement, assumption or substitution for, outstanding awards or obligations to grant future awards in
connection with the Company or a Related Entity acquiring another entity, an interest in another entity or an additional interest
in a Related Entity whether by merger, stock purchase, asset purchase or other form of transaction.

 

(e)            Deferral
of Award Payment.         The Administrator may establish one
or more programs under the Plan to permit selected Grantees the opportunity to elect to defer receipt of consideration upon exercise
of an Award, satisfaction of performance criteria, or other event that absent the election would entitle the Grantee to payment
or receipt of Shares or other consideration under an Award. The Administrator may establish the election procedures, the timing
of such elections, the mechanisms for payments of, and accrual of interest or other earnings, if any, on amounts, Shares or other
consideration so deferred, and such other terms, conditions, rules and procedures that the Administrator deems advisable for the
administration of any such deferral program.

 

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(f)            Separate
Programs.         The Administrator may establish one or more
separate programs under the Plan for the purpose of issuing particular forms of Awards to one or more classes of Grantees on such
terms and conditions as determined by the Administrator from time to time.

 

(g)            Individual
Limitations on Awards.

 

(i)             Individual
Limit for Options and SARs.    Following the date
that the exemption from application of Section 162(m) of the Code described in Section 18 (or any exemption having
similar effect) ceases to apply to Awards, the maximum number of Shares with respect to which Options and SARs may be granted to
any Grantee in any calendar year shall be 100,000 Shares. In connection with a Grantee’s commencement of Continuous Service,
a Grantee may be granted Options and SARs for up to an additional 150,000 Shares that shall not count against the limit set forth
in the previous sentence. The foregoing limitations shall be adjusted proportionately in connection with any change in the Company’s
capitalization pursuant to Section 10, below. To the extent required by Section 162(m) of the Code or the regulations
thereunder, in applying the foregoing limitations with respect to a Grantee, if any Option or SAR is canceled, the canceled Option
or SAR shall continue to count against the maximum number of Shares with respect to which Options and SARs may be granted to the
Grantee. For this purpose, the repricing of an Option (or in the case of a SAR, the base amount on which the stock appreciation
is calculated is reduced to reflect a reduction in the Fair Market Value of the Common Stock) shall be treated as the cancellation
of the existing Option or SAR and the grant of a new Option or SAR.

 

(ii)            Individual
Limit for Restricted Stock and Restricted Stock Units.         Following
the date that the exemption from application of Section 162(m) of the Code described in Section 18 (or any exemption
having similar effect) ceases to apply to Awards, for awards of Restricted Stock and Restricted Stock Units that are intended to
be Performance-Based Compensation, the maximum number of Shares with respect to which such Awards may be granted to any Grantee
in any calendar year shall be 250,000 Shares. The foregoing limitation shall be adjusted proportionately in connection with any
change in the Company’s capitalization pursuant to Section 10.

 

(h)            Deferral.         If
the vesting or receipt of Shares under an Award is deferred to a later date, any amount (whether denominated in Shares or cash)
paid in addition to the original number of Shares subject to such Award will not be treated as an increase in the number of Shares
subject to the Award if the additional amount is based either on a reasonable rate of interest or on one or more predetermined
actual investments such that the amount payable by the Company at the later date will be based on the actual rate of return of
a specific investment (including any decrease as well as any increase in the value of an investment).

 

(i)             Early
Exercise.         The Award Agreement may, but need not, include
a provision whereby the Grantee may elect at any time while an Employee, Director or Consultant to exercise any part or all of
the Award prior to full vesting of the Award. Any unvested Shares received pursuant to such exercise may be subject to a repurchase
right in favor of the Company or a Related Entity or to any other restriction the Administrator determines to be appropriate.

 

    	12	  Page

     

    

 

(j)             Term
of Award.         The term of each Award shall be the term stated
in the Award Agreement, provided, however, that the term of an Award shall be no more than ten (10) years from the date of grant
thereof. However, in the case of an Incentive Stock Option granted to a Grantee who, at the time the Option is granted, owns stock
representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary
of the Company, the term of the Incentive Stock Option shall be five (5) years from the date of grant thereof or such shorter term
as may be provided in the Award Agreement. Notwithstanding the foregoing, the specified term of any Award shall not include any
period for which the Grantee has elected to defer the receipt of the Shares or cash issuable pursuant to the Award.

 

(k)            Transferability
of Awards.         Incentive Stock Options may not be sold,
pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution
and may be exercised, during the lifetime of the Grantee, only by the Grantee. Other Awards shall be transferable (i) by will
and by the laws of descent and distribution and (ii) during the lifetime of the Grantee, to the extent and in the manner authorized
by the Administrator but only to the extent such transfers are made to family members, to family trusts, to family controlled entities,
to charitable organizations, and pursuant to domestic relations orders or agreements, in all cases without payment for such transfers
to the Grantee. Notwithstanding the foregoing, the Grantee may designate one or more beneficiaries of the Grantee’s Award
in the event of the Grantee’s death on a beneficiary designation form provided by the Administrator.

 

(l)             Time
of Granting Awards.         The date of grant of an Award shall
for all purposes be the date on which the Administrator makes the determination to grant such Award, or such other later date as
is determined by the Administrator.

 

7.             Award
Exercise or Purchase Price, Consideration and Taxes.

 

(a)            Exercise
or Purchase Price.         The exercise or purchase price,
if any, for an Award shall be as follows:

 

(i)             In
the case of an Incentive Stock Option:

 

(A)         granted
to an Employee who, at the time of the grant of such Incentive Stock Option owns stock representing more than ten percent (10%)
of the voting power of all classes of stock of the Company or any Parent or Subsidiary of the Company, the per Share exercise price
shall be not less than one hundred ten percent (110%) of the Fair Market Value per Share on the date of grant; or

 

(B)         granted
to any Employee other than an Employee described in the preceding paragraph, the per Share exercise price shall be not less than
one hundred percent (100%) of the Fair Market Value per Share on the date of grant.

 

(ii)            In
the case of a Non-Qualified Stock Option, the per Share exercise price shall be not less than one hundred percent (100%) of the
Fair Market Value per Share on the date of grant.

 

    	13	  Page

     

    

 

(iii)           In
the case of Awards intended to qualify as Performance-Based Compensation, the exercise or purchase price, if any, shall be not
less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant.

 

(iv)           In
the case of SARs, the base appreciation amount shall not be less than one hundred percent (100%) of the Fair Market Value per Share
on the date of grant.

 

(v)            In
the case of other Awards, such price as is determined by the Administrator.

 

(vi)           Notwithstanding
the foregoing provisions of this Section 7(a), in the case of an Award issued pursuant to Section 6(d),
above, the exercise or purchase price for the Award shall be determined in accordance with the provisions of the relevant instrument
evidencing the agreement to issue such Award.

 

(b)           Consideration.         Subject
to Applicable Laws, the consideration to be paid for the Shares to be issued upon exercise or purchase of an Award including the
method of payment shall be determined by the Administrator. In addition to any other types of consideration the Administrator may
determine, the Administrator is authorized to accept as consideration for Shares issued under the Plan the following, provided
that the portion of the consideration equal to the par value of the Shares must be paid in cash or other legal consideration permitted
by the Florida Business Corporations Law:

 

(i)             cash;

 

(ii)            check;

 

(iii)           surrender
of Shares, or delivery of a properly executed form of attestation of ownership of Shares as the Administrator may require, that
have a Fair Market Value on the date of surrender or attestation equal to the aggregate exercise price of the Shares as to which
said Award shall be exercised;

 

(iv)           with
respect to Options, if the exercise occurs on or after the Registration Date, payment through a broker-dealer sale and remittance
procedure pursuant to which the Grantee (A) shall provide written instructions to a Company designated brokerage firm to effect
the immediate sale of some or all of the purchased Shares and remit to the Company sufficient funds to cover the aggregate exercise
price payable for the purchased Shares and (B) shall provide written directives to the Company to deliver the certificates for
the purchased Shares directly to such brokerage firm in order to complete the sale transaction;

 

(v)            with
respect to Options, payment through a “net exercise” such that, without the payment of any funds, the Grantee
may exercise the Option and receive the net number of Shares equal to (i) the number of Shares as to which the Option is being
exercised, multiplied by (ii) a fraction, the numerator of which is the Fair Market Value per Share (on such date as is determined
by the Administrator) less the exercise price per Share, and the denominator of which is such Fair Market Value per Share (the
number of net Shares to be received shall be rounded down to the nearest whole number of Shares); or

 

    	14	  Page

     

    

 

(vi)           any
combination of the foregoing methods of payment.

 

The Administrator may at
any time or from time to time, by adoption of or by amendment to the standard forms of Award Agreement described in Section 4(b)
(iv), or by other means, grant Awards that do not permit all of the foregoing forms of consideration to be used in payment
for the Shares or that otherwise restrict one or more forms of consideration.

 

(c)           Taxes.           No
Shares shall be delivered under the Plan to any Grantee or other person until such Grantee or other person has made arrangements
acceptable to the Administrator for the satisfaction of any non-U.S., federal, state, or local income and employment tax withholding
obligations, including, without limitation, obligations incident to the receipt of Shares. Upon exercise or vesting of an Award
the Company shall withhold or collect from the Grantee an amount sufficient to satisfy such tax obligations, including, but not
limited to, by surrender of the whole number of Shares covered by the Award sufficient to satisfy the minimum applicable tax withholding
obligations incident to the exercise or vesting of an Award (reduced to the lowest whole number of Shares if such number of Shares
withheld would result in withholding a fractional Share with any remaining tax withholding settled in cash).

 

8.             Exercise
of Award.

 

(a)           Procedure
for Exercise; Rights as a Shareholder.

 

(i)             Any
Award granted hereunder shall be exercisable at such times and under such conditions as determined by the Administrator under the
terms of the Plan and specified in the Award Agreement.

 

(ii)             An
Award shall be deemed to be exercised when written notice of such exercise has been given to the Company in accordance with the
terms of the Award by the person entitled to exercise the Award and full payment for the Shares with respect to which the Award
is exercised has been made, including, to the extent selected, use of the broker-dealer sale and remittance procedure to pay the
purchase price as provided in Section 7(b) (iv).

 

(b)           Exercise
of Award Following Termination of Continuous Service. In the event of termination of a Grantee’s Continuous Service
for any reason other than Disability or death (but not in the event of a Grantee’s change of status from Employee to Consultant
or from Consultant to Employee), such Grantee may, but only during the post-termination exercise period (but in no event later
than the expiration date of the term of such Award as set forth in the Award Agreement), exercise the portion of the Grantee’s
Award that was vested at the date of such termination or such other portion of the Grantee’s Award as may be determined by
the Administrator. The Grantee’s Award Agreement may provide that upon the termination of the Grantee’s Continuous
Service for Cause, the Grantee’s right to exercise the Award shall terminate concurrently with the termination of Grantee’s
Continuous Service. In the event of a Grantee’s change of status from Employee to Consultant, an Employee’s Incentive
Stock Option shall convert automatically to a Non-Qualified Stock Option on the day three months and one day following such change
of status. To the extent that the Grantee’s Award was unvested at the date of termination, or if the Grantee does not exercise
the vested portion of the Grantee’s Award within the post-termination exercise period, the Award shall terminate.

 

    	15	  Page

     

    

 

(c)            Disability
of Grantee.         In the event of termination of a Grantee’s
Continuous Service as a result of his or her Disability, such Grantee may, but only within six months from the date of such termination
(or such longer period as specified in the Award Agreement but in no event later than the expiration date of the term of such Award
as set forth in the Award Agreement), exercise the portion of the Grantee’s Award that was vested at the date of such termination;
provided, however, that if such Disability is not a “disability” as such term is defined in Section 22(e)(3) of
the Code, in the case of an Incentive Stock Option such Incentive Stock Option shall automatically convert to a Non-Qualified Stock
Option on the day three months and one day following such termination. To the extent that the Grantee’s Award was unvested
at the date of termination, or if Grantee does not exercise the vested portion of the Grantee’s Award within the time specified
herein, the Award shall terminate.

 

(d)            Death
of Grantee.         In the event of a termination of the Grantee’s
Continuous Service as a result of his or her death, or in the event of the death of the Grantee during the post-termination exercise
period or during the six month period following the Grantee’s termination of Continuous Service as a result of his or her
Disability, the Grantee’s estate or a person who acquired the right to exercise the Award by bequest or inheritance may exercise
the portion of the Grantee’s Award that was vested as of the date of termination, within six months from the date of death
(or such longer period as specified in the Award Agreement but in no event later than the expiration of the term of such Award
as set forth in the Award Agreement). To the extent that, at the time of death, the Grantee’s Award was unvested, or if the
Grantee’s estate or a person who acquired the right to exercise the Award by bequest or inheritance does not exercise the
vested portion of the Grantee’s Award within the time specified herein, the Award shall terminate.

 

(e)            Extension
if Exercise Prevented by Law.             Notwithstanding
the foregoing, if the exercise of an Award within the applicable time periods set forth in this Section 8 is prevented
by the provisions of Section 9 below, the Award shall remain exercisable until one month after the date the Grantee
is notified by the Company that the Award is exercisable, but in any event no later than the expiration of the term of such Award
as set forth in the Award Agreement and only in a manner and to the extent permitted under Code Section 409A.

 

9.             Conditions
Upon Issuance of Shares.

 

(a)            If
at any time the Administrator determines that the delivery of Shares pursuant to the exercise, vesting or any other provision of
an Award is or may be unlawful under Applicable Laws, the vesting or right to exercise an Award or to otherwise receive Shares
pursuant to the terms of an Award shall be suspended until the Administrator determines that such delivery is lawful and shall
be further subject to the approval of counsel for the Company with respect to such compliance. The Company shall have no obligation
to effect any registration or qualification of the Shares under federal or state laws.

 

(b)            As
a condition to the exercise of an Award, the Company may require the person exercising such Award to represent and warrant at the
time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or
distribute such Shares if, in the opinion of counsel for the Company, such a representation is required by any Applicable Laws.

 

    	16	  Page

     

    

 

10.           Adjustments
Upon Changes in Capitalization.         Subject to any required
action by the shareholders of the Company and Section 11 hereof, the number of Shares covered by each outstanding Award,
and the number of Shares that have been authorized for issuance under the Plan but as to which no Awards have yet been granted
or that have been returned to the Plan, the exercise or purchase price of each such outstanding Award, the maximum number of Shares
with respect to which Awards may be granted to any Grantee in any calendar year, as well as any other terms that the Administrator
determines require adjustment shall be proportionately adjusted for (i) any increase or decrease in the number of issued Shares
resulting from a stock split, reverse stock split, stock dividend, recapitalization, combination or reclassification of the Shares,
or similar transaction affecting the Shares; (ii) any other increase or decrease in the number of issued Shares effected without
receipt of consideration by the Company; or (iii)  any other transaction with respect to Common Stock including a corporate
merger, consolidation, acquisition of property or stock, separation (including a spin-off or other distribution of stock or property),
reorganization, liquidation (whether partial or complete) or any similar transaction; provided, however that conversion
of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.”
In the event of any distribution of cash or other assets to shareholders other than a normal cash dividend, the Administrator shall
also make such adjustments as provided in this Section 10 or substitute, exchange or grant Awards to effect such adjustments
(collectively “adjustments”). Any such adjustments to outstanding Awards will be effected in a manner that precludes
the enlargement of rights and benefits under such Awards. In connection with the foregoing adjustments, the Administrator may,
in its discretion, prohibit the exercise of Awards or other issuance of Shares, cash or other consideration pursuant to Awards
during certain periods of time. Except as the Administrator determines, no issuance by the Company of shares of any class, or securities
convertible into shares of any class, shall affect, and no adjustment by reason hereof shall be made with respect to, the number
or price of Shares subject to an Award.

 

11.           Corporate
Transactions and Changes in Control.

 

(a)           Acceleration
of Award Upon Corporate Transaction or Change in Control.         To
the extent practicable, not less than thirty (30) days prior to any actual or anticipated Corporate Transaction or Change in Control
(which period shall be determined by the Administrator), or if not practicable, at the time of an actual Corporate Transaction
or Change in Control, all Awards granted under the Plan shall vest and shall become exercisable for (i) such reasonable period,
as determined by the Administrator, so that the Awards may be exercised by Grantees, in the event of an actual Corporate Transaction;
or (ii) the exercise period provided for in the respective Award Agreement, in connection with a Change in Control.

 

(b)           Effect
of Acceleration on Incentive Stock Options.         Any Incentive
Stock Option accelerated under this Section 11 in connection with a Corporate Transaction or Change in Control shall
remain exercisable as an Incentive Stock Option under the Code only to the extent the $100,000 dollar limitation of Section 422(d)
of the Code is not exceeded.

 

    	17	  Page

     

    

 

12.           Effective
Date and Term of Plan.         The Plan shall become effective
upon the earlier to occur of its adoption by the Board or its approval by the shareholders of the Company. It shall continue in
effect for a term of ten years unless sooner terminated. Subject to Section 17, below, and Applicable Laws, Awards
may be granted under the Plan upon its becoming effective.

 

13.           Amendment,
Suspension or Termination of the Plan.         

 

(a)            The
Board may at any time amend, suspend or terminate the Plan; provided, however, that no such amendment shall be made without the
approval of the Company’s shareholders to the extent such approval is required by Applicable Laws.

 

(b)           No
Award may be granted during any suspension of the Plan or after termination of the Plan.

 

(c)            No
suspension or termination of the Plan (including termination of the Plan under Section 11, above) shall adversely affect
any rights under Awards already granted to a Grantee.

 

14.         Reservation
of Shares.

 

(a)            The
Company, during the term of the Plan, will at all times reserve and keep available such number of Shares as shall be sufficient
to satisfy the requirements of the Plan.

 

(b)            The
inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s
counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in
respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.

 

15.           No
Effect on Terms of Employment/Consulting Relationship.         The
Plan shall not confer upon any Grantee any right with respect to the Grantee’s Continuous Service, nor shall it interfere
in any way with his or her right or the right of the Company or any Related Entity to terminate the Grantee’s Continuous
Service at any time, with or without cause, including, but not limited to, Cause, and with or without notice. The ability of the
Company or any Related Entity to terminate the employment of a Grantee who is employed at will is in no way affected by its determination
that the Grantee’s Continuous Service has been terminated for Cause for the purposes of this Plan.

 

16.           No
Effect on Retirement and Other Benefit Plans.         Except
as specifically provided in a retirement or other benefit plan of the Company or a Related Entity, Awards shall not be deemed compensation
for purposes of computing benefits or contributions under any retirement plan of the Company or a Related Entity, and shall not
affect any benefits under any other benefit plan of any kind or any benefit plan subsequently instituted under which the availability
or amount of benefits is related to level of compensation. The Plan is not a “Pension Plan” or “Welfare Plan”
under the Employee Retirement Income Security Act of 1974, as amended.

 

    	18	  Page

     

    

 

17.           Shareholder
Approval.         The grant of Incentive Stock Options under
the Plan shall be subject to approval of the Plan by the shareholders of the Company within twelve (12) months before or after
the date the Plan is adopted excluding Incentive Stock Options issued in substitution for outstanding Incentive Stock Options pursuant
to Section 424(a) of the Code. Such shareholder approval shall be obtained in the degree and manner required under Applicable
Laws. The Administrator may grant Incentive Stock Options under the Plan prior to approval by the shareholders, but until such
approval is obtained, no such Incentive Stock Option shall be exercisable. In the event that shareholder approval is not obtained
within the twelve (12) month period provided above, all Incentive Stock Options previously granted under the Plan shall be exercisable
as Non-Qualified Stock Options.

 

18.           Effect
of Section 162(m) of the Code.         Section 162(m)
of the Code does not apply to the Plan prior to the Registration Date. Following the Registration Date, the Plan, and all Awards
issued thereunder, are intended to be exempt from the application of Section 162(m) of the Code, which restricts under certain
circumstances the Federal income tax deduction for compensation paid by a public company to named executives in excess of $1 million
per year. The exemption is based on Treasury Regulation Section 1.162-27 (f), in the form existing on the effective date of
the Plan, with the understanding that such regulation generally exempts from the application of Section 162(m) of the Code
compensation paid pursuant to a plan that existed before a company becomes publicly held. Under such Treasury Regulation, this
exemption is available to the Plan for the duration of the period that lasts until the earlier of (i) the expiration of the
Plan; (ii) the material modification of the Plan; (iii) the exhaustion of the maximum number of shares of Common Stock
available for Awards under the Plan, as set forth in Section 3(a); (iv) the first meeting of shareholders at which
Directors are to be elected that occurs after the close of the third calendar year following the calendar year in which the Company
first becomes subject to the reporting obligations of Section 13 or 15(d) of the Exchange Act; or (v) such other date
required by Section 162(m) of the Code and the rules and regulations promulgated thereunder. To the extent that the Administrator
determines as of the date of grant of an Award that (i) the Award is intended to qualify as Performance-Based Compensation;
and (ii) the exemption described above is no longer available with respect to such Award, such Award shall not be effective
until any shareholder approval required under Section 162(m) of the Code has been obtained.

 

19.           Unfunded
Obligation.         Grantees shall have the status of general
unsecured creditors of the Company. Any amounts payable to Grantees pursuant to the Plan shall be unfunded and unsecured obligations
for all purposes, including, without limitation, Title I of the Employee Retirement Income Security Act of 1974, as amended.
Neither the Company nor any Related Entity shall be required to segregate any monies from its general funds, or to create any trusts,
or establish any special accounts with respect to such obligations. The Company shall retain at all times beneficial ownership
of any investments, including trust investments, which the Company may make to fulfill its payment obligations hereunder. Any investments
or the creation or maintenance of any trust or any Grantee account shall not create or constitute a trust or fiduciary relationship
between the Administrator, the Company or any Related Entity and a Grantee, or otherwise create any vested or beneficial interest
in any Grantee or the Grantee’s creditors in any assets of the Company or a Related Entity. The Grantees shall have no claim
against the Company or any Related Entity for any changes in the value of any assets that may be invested or reinvested by the
Company with respect to the Plan.

 

    	19	  Page

     

    

 

20.           Construction.             Captions
and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of the
Plan. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular.
Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.

 

21.           Nonexclusivity
of the Plan.         Neither the adoption of the Plan by the
Board, the submission of the Plan to the shareholders of the Company for approval, nor any provision of the Plan will be construed
as creating any limitations on the power of the Board to adopt such additional compensation arrangements as it may deem desirable,
including, without limitation, the granting of Awards otherwise than under the Plan, and such arrangements may be either generally
applicable or applicable only in specific cases.

 

    	20	  PageExhibit 10.2

 

RESEARCH AGREEMENT

Between 

AVRA Medical Robotics, Inc.

And

UNIVERSITY OF CENTRAL FLORIDA

12201 Research Parkway, Suite 501, Orlando,
FL 32826-3246

 

This research agreement (“Agreement”) is made and
entered into by and between AVRA Medical Robotics, lnc. (“Company”) and The University of Central Florida Board of
Trustees (“UCF”), (individually, “Party”, or collectively, “Parties”).

 

The terms of this Agreement are intended to
provide the administrative framework for the Parties cooperating in the performance of this project as outlined in Appendix A.
UCF’s sole obligations under this Agreement are set forth in the terms and conditions of this Agreement.

 

		1.	STATEMENT
OF WORK

 

UCF shall make all reasonable efforts to conduct its work under
this Agreement as outlined in the Statement of Work (“SOW”), set forth in Appendix A and incorporated herein by reference.

 

		2.	TERM

 

This Agreement is effective for the period beginning May 1, 2016
(“Effective Date”) and shall not extend beyond April 30, 2017 unless extended by written modification of this Agreement.

 

		3.	FINANCIAL
SUPPORT

 

This is a fixed price Agreement in the amount of $163,307 U.S. for
the project and $43,548 for the assignment of intellectual property rights as outlined in Article 9 and Appendix D for a total
of $206,855 (the “Fixed Price”) and shall not be modified unless agreed upon by both Parties in writing. Serially numbered
invoices along with deliverables shall be sent in accordance with Appendix A and the Payment Schedule below.

 

Invoices shall be submitted to:

Name: Barry Cohen

Address: AVRA Medical Robotics, Inc.

Address: 1600 S.E 15th Street

City, State Zip: Ft. Lauderdale, FL 33316

 

Upon receipt of invoice(s), payment shall be made to the University
of Central Florida and remitted to the following address:           

 

UniversityofCentralFlorida

Contracts & Grants Payment

PO Box 160118

Orlando, FL 32816-0118

 

PAYMENT SCHEDULE

 

	Payment Due
 Date
	 	Amount	 	 	Deliverable
	30 Days upon receipt	 	$	43,548	 	 	Invoice for IP assignment
	30 Days upon receipt	 	$	40,827	 	 	Invoice for payment
	08/1/2016	 	$	40,827	 	 	Quarterly Development Report
	11/1/2016	 	$	40,827	 	 	Quarterly Development Report
	02/1/2017	 	$	40,826	 	 	Quarterly Development Report
	TOTAL	 	$	206,855	 	 	 

 

    	 	 	 

     

    

  

		4.	ADMINISTRATIVE CONSIDERATION

 

The policies of UCF concerning salaries and
fringe benefits are to apply.

 

		5.	ADMINISTRATIVE PERSONNEL

 

	 	University of Central Florida
	 	 
	Technical Contact: Barry Cohen	Technical Contact: Zhihua Qu
	Company Name: AVRA Medical Robotics, Inc.	University of Central Florida
	Address: 1600 S.E. 15th St.	
        Department: Computer Science

        4000 Central Florida Boulevard

	City, State, Zip: Ft. Lauderdale, FL 33316	Orlando, FL 32816
	Phone: 954-478-1410	Phone : 407-823-5976
	Fax :	Fax :
	Email: bcohen@avramedicalrobotics.com	Email: qu@ucf.edu
	 	 
	Contractual Contact : Barry Cohen	Contractual Contact : Ginny Pellam
	Company Name AVRA Medical Robotics, Inc.	University of Central Florida
	Address: 1600 S.E. 15th St.	
        Office of Research & Commercialization

        12201 Research Parkway, Suite 501

	City, State, Zip: Ft. Lauderdale, FL 33316	Orlando, FL 32826-3246
	Phone: 954-478-1410	Phone: 407-823-3285
	Fax : _	Fax :
	Email: bcohen@avramedicalrobotics.com	Email : Ginny.Pellam@ucf.edu
	 	 
	 	Intellectual Property: Andrea Adkins 
	 	Email: Andrea.Adkins@ucf.edu 
	 	Phone: 407-823-0138

 

		6.	AUDIT

 

All costs incurred in the performance of this
Agreement will be subject to audit by any cognizant audit agency.

 

		7.	EQUIPMENT AND PROPRIETARY MATERIALS

 

UCF will be accountable for and hold title
to all equipment purchased under this Agreement and will be responsible for employing it for the overall purpose of the project.
UCF agrees to maintain sufficient records to enable Company to fulfill its accountability. Each Party will be accountable for and
keep title to all equipment it owns and utilizes under this Agreement.

 

		8.	PUBLICATION

 

Any research or research results generated
in conjunction herewith shall be subject to unrestricted publication or dissemination provided that such publication or dissemination
will not compromise patent rights or inadvertently divulge proprietary information of a Party.

 

		9.	INTELLECTUAL PROPERTY

 

“Intellectual Property” means individually
and collectively all inventions, improvements and/or discoveries, patentable or unpatentable, copyrightable or uncopyrightable,
including but not limited to mask works, computer software, both object and source code, data, data bases and works of authorship.

 

    	 	 	 

     

    

  

Intellectual Property developed solely by Company
shall be solely and exclusively owned by Company “Company Intellectual Property”. Intellectual Property developed solely
by UCF in performance of the SOW shall be solely and exclusively owned by UCF “UCF Intellectual Property”. “Joint
Intellectual Property” means any Intellectual Property developed jointly by Company and UCF under this Agreement. Joint Intellectual
Property will be owned jointly by Company and UCF. Company and UCF agree that Company will have the following agreed to options
concerning further dissemination and use of all Joint Intellectual Property under this Agreement:

 

A transfer of ownership of UCF Intellectual Property and UCF’s
interest in Joint Intellectual Property with pre-set terms which is fully described in Appendix D, Intellectual Property Option,
which is attached hereto and incorporated herein.

 

UCF will promptly disclose Intellectual Property received by UCF’s
Office of Technology Transfer to Company’s contractual or intellectual property representative as shown in Article 5. Such disclosure
will be made by UCF to Company under the provisions of Article 12 - Confidential Information. Company has ninety (90) days from
the receipt of the Intellectual Property disclosure to request UCF assign ownership to Company. If Company elects not to request
assignment of Intellectual Property from UCF, UCF shall be free to act in accordance to its own policies for intellectual property
protection and licensing without any further obligations to Company.

 

UCF retains an irrevocable, world-wide, royalty-free, non-exclusive
right and license to use the UCF Intellectual Property for teaching, research, and educational purposes, subject to the confidentiality
obligations herein. UCF shall have the right to sublicense its rights under this section to one or more non- profit academic institutions,
subject to the confidentiality obligations herein.

 

“Background Intellectual Property”
means Intellectual Property which was in existence prior to the Effective Date of this Agreement, or which is created or developed
by a Party outside the course of the SOW. The Parties agree that Background Intellectual Property of Company and UCF is their separate
property, respectively, and is not affected by this Agreement. Neither Party shall acquire any claims to or rights in the Background
Intellectual Property of the other Party by this Agreement or performance hereunder.

 

Nothing in this Agreement shall circumvent or restrict either Party’s
pre-existing obligations with the United States government pertaining to any kind of Intellectual Property, including but not limited
to such pre-existing obligations contained in grants, contracts and other types of agreements or arrangements between either Party
and the U.S. government. These obligations may include granting licenses to the U.S. government for certain Intellectual Property
which is being developed.

 

Notwithstanding any provision to the contrary
in this Agreement, UCF shall retain the right to practice any Intellectual Property developed hereunder for its own academic, non-commercial
research and teaching purposes.

 

		10.	EXPORT CONTROL

 

Each Party acknowledges that it is subject to and agrees to abide
by the United States laws and regulations controlling the export or transfer of information, technical data, software, items, materials,
mockups/prototypes, biological materials and other items, (including the Arms Export control Act (“AECA”), as amended,
an enumerated in the International Traffic Arms Regulations (“ITAR”) 22 CFR Parts 123 - 130, and the Export Administration
Act (“EAA”) of 1979 enumerated in the Export Administration Regulations (“EAR”) 15 CFR Parts 300 - 799).
The transfer of such items and technical data may require a license from the cognizant agency of the U.S. Government or written
assurances by Company that it shall not export such items to certain foreign countries and/or foreign persons without prior approval
of the cognizant agency. UCF neither represents that a license is or is not required or that, if required, it shall be issued.

 

    	 	 	 

     

    

  

		11.	ASSUMPTION OF RISK

 

Each Party assumes any and all risks of
personal injury and property damage attributable to the negligent acts or omissions of that Party and its officers,
employees, servants, and agents thereof while acting within the scope of their employment. UCF warrants and represents that
it is self-funded for liability insurance, both public and property, with said protection being applicable to officers,
employees, servants, and agents while acting within the scope of their employment by UCF. Company and UCF further agree that
nothing contained herein shall be construed or interpreted as (1) denying to either Party any remedy or defense available to
such Party under the laws of the State of Florida: (2) the consent of the State of Florida or its agents and agencies to be
sued; or (3) a waiver of sovereign immunity of the State of Florida beyond the waiver provided in Section 768.28, Florida
Statutes.

 

		12.	CONFIDENTIAL INFORMATION

 

The Parties have executed a Confidential Disclosure Agreement with
an Effective Date of May 13, 2016 which is incorporated herein by reference and attached as Appendix C, including all associated
modifications.

 

		13.	REPORTING REQUIREMENTS

 

UCF shall render to the Company technical progress
reports in accordance with Appendix A.

 

		14.	NO WARRANTIES

 

UCF, AS A NON-PROFIT EDUCATIONAL INSTITUTION,
PERFORMS RESEARCH AND RELATED SERVICES ON A BEST EFFORT BASIS. UCF MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND,
EITHER EXPRESS OR IMPLIED WITH REGARD TO THE RESEARCH, INTELLECTUAL PROPERTY, AND/OR PROPRIETARY MATERIALS. THERE ARE NO EXPRESS
OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR THAT COMPANY’S USE OF THE RESEARCH DELIVERABLES
OR INTELLECTUAL PROPERTY WILL NOT INFRINGE ANY THIRD PARTY PATENT, COPYRIGHT, TRADEMARK, OR OTHER THIRD PARTY RIGHTS. UCF MAKES
NO REPRESENTATION AS TO THE USEFULNESS OF RESEARCH DELIVERABLES, INTELLECTUAL PROPERTY, OR PROPRIETARY MATERIALS. IF COMPANY CHOOSES
TO EXPLOIT RESEARCH DELIVERABLES, INTELLECTUAL PROPERTY, OR PROPRIETARY MATERIALS IN ANY MANNER WHATSOEVER, IT DOES SO AT ITS OWN
RISK.

 

		15.	FORCE MAJEURE

 

Except as otherwise provided herein, neither
Party shall be obligated to perform, and neither Party shall be deemed to be in default of its performance, if prevented by: (a)
fire, earthquake, hurricane, wind, flood, act of God, riot, or civil commotion or (b) any law, ordinance, rule, regulation, or
order of any public or military authority stemming from the existence of economic or energy controls, hostilities, war, terrorism
or governmental law and regulation, or (c) labor dispute which results in a strike or work stoppage affecting the performance under
this Agreement.

 

		16.	GOVERNING LAW

 

This Agreement is governed and construed in
accordance with the laws of the State of Florida without regard to its conflict of laws provisions. The Parties shall bring any
action in connection with this Agreement in courts of competent jurisdiction in Orange County, Florida. The Parties specifically
waive the right to any other jurisdiction and venue, and the defense based on inconvenient forum.

 

		17.	LIMITATION OF DAMAGES

 

In no event will UCF be responsible for any
direct, indirect, incidental damages, consequential damages, exemplary damages of any kind, lost goodwill, lost profits, lost business
and/or any indirect economic damages whatsoever regardless of whether such damages arise from claims based upon contract, negligence,
tort (including strict liability or other legal theory), a breach of any warranty or term of this Agreement, and regardless of
whether a Party was advised or had reason to know of the possibility of incurring such damages in advance.

 

		18.	NON-USE OF NAMES

 

Neither Party may use each other’s name or
trademarks in any promotion, statement, advertisement, press release or communications to the general public or any third party
without each other’s express written consent. Any proposed public statement, advertisement, press release or communications
by either Party shall be submitted to the other Party for its review and written approval at least thirty (30) days prior to the
planned dissemination or publication, unless otherwise required. However, nothing shall prohibit either Party from complying with
Florida Statute 1004.22(2) regarding sponsored research activities.

 

    	 	 	 

     

    

  

		19.	NO ASSIGNMENT

 

Neither Party may assign or transfer its rights and remedies nor
transfer its obligations or subcontract for any of the services to be performed under this Agreement, in whole or part, without
the prior written consent of the other Party. This Agreement is binding upon the Parties and their permitted successors and assigns.

 

		20.	INDEPENDENT CONTRACTOR

 

In the performance of all services under this
Agreement, each Party shall be deemed to be, and shall be, an independent contractor. This Agreement shall not be deemed to create
any other form of employment relationship or business organization between the Parties. Neither Party is authorized or empowered
to act as agent for the other for any purpose and shall not, on behalf of the other, enter into any contract, warranty or representation
as to any matter. Neither Party shall be bound by the acts or conduct of the other.

 

		21.	REMEDIES

 

The Parties understand and agree that a Party
may suffer irreparable harm in the event of breach of any of the obligations under this Agreement and that monetary damages may
be inadequate to compensate for such breach. Accordingly, the Parties agree that, in the event of a breach, or threatened breach
by a Party, of any of the provisions of this Agreement a Party, in addition to any other available rights, remedies or damages,
a Party shall be entitled to seek a temporary restraining order, preliminary injunction and permanent injunction in order to prevent
or to restrain any such breach by the Party, or its employees, servants, agents and any and all persons directly or indirectly
acting for the Party.

 

		22.	TERMINATION

 

Either Party may terminate this Agreement for
convenience upon thirty (30) days written notification to the other. In the event of termination, UCF will be reimbursed for all
costs incurred and any non-cancelable obligations properly incurred through the date of termination.

 

Either Party may terminate this Agreement
in the event of failure of the other Party to fulfill any of its obligations under this Agreement. Prior to termination, the terminating
Party shall provide to the other Party written notification regarding the reason(s) for termination. If the Parties cannot reach
an agreement within fourteen (14) calendar days from notice of termination on the corrective measures to be taken and the schedule
for corrective action, the terminating Party may terminate this agreement by providing an additional fourteen (14) calendar days
written notice to the other. Said notice shall specify the effective time and date of termination.

 

		23.	MODIFICATIONS

 

Modifications to this Agreement may be made
only in writing signed by authorized signatories of both Parties.

 

		24.	COUNTERPARTS

 

This Agreement may be executed in counterparts,
each of which shall be considered an original, but which together shall constitute but one and the same Agreement.

 

    	 	 	 

     

    

  

		25.	WAIVER

 

No failure or delay by a Party hereto to insist
on the strict performance of any term of this Agreement, or to exercise any right or remedy consequent to a breach thereof, shall
constitute a waiver of any breach or any subsequent breach of such term. No waiver of any breach hereunder shall affect or alter
the remaining terms of this Agreement, but each and every term of this Agreement shall continue in full force and effect with
respect to any other then existing or subsequent breach thereof.

 

		26.	SEVERABILITY

 

If any one or more of the provisions of this
Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions
of this Agreement shall not be in any way affected or impaired thereby and shall remain in full force and effect.

 

		27.	ENTIRE AGREEMENT

 

This Agreement consists of the following parts
with the following order of precedence in the event of any conflict:

 

	a.	Articles 1 - 27	 
	b.	Appendix A:	Scope of Work & Deliverables
	c.	Appendix B:	Budget
	d.	Appendix C:	Confidential Disclosure Agreement
	e.	Appendix D:	Intellectual Property Option

 

and constitutes the entire Agreement of the
Parties with respect to the subject matter hereof. Any other understanding, purchase order, or agreement, whether written or oral,
relating to the subject matter is hereby superseded.

 

IN WITNESS WHEREOF, the Parties hereto have
executed this Agreement with the Effective Date shown herein:

 

	AVRA MEDICAL ROBOTICS INC.	 	THE UNIVERSITY OF CENTRAL FLORIDA,

                                                 BOARD OF TRUSTEES

	 	 	 
	/s/ Barry Cohen 	 	/s/ Ginny Pellam
	Name: Barry Cohen 	 	Name: Ginny Pellam
	Title:	 CEO	 	Title: 	Sr. Contract Manager
	5/17/16	 	5/17/14
	Date	 	Date

  

	 	 	Approved as to Form and Legality
	 	 	 	5-12-16

 

    	 	 	 

     

    

  

APPENDIX A: SCOPE OF WORK & DELIVERABLES

 

UCF and/or Company shall perform the work described in the attached
page.

 

The following deliverable items are required:

 

	Due Date	 	Deliverable
	Activity Status Reports	 	Bi-weekly via email
	 	 	 
	August 1, 2016	 	Quarterly Development Report
	 	 	 
	November 1, 2016	 	Quarterly Development Report
	 	 	 
	February 1, 2017	 	Quarterly Development Report
	 	 	 
	May 30, 2017	 	Final Report

 

    	 	 	 

     

    

  

APPENDIX A: SCOPE OF WORK & DELIVERABLES

 

    	 	 	 

     

    

 

An Intelligent Medical Robotic Device

Statement of Work

 

Professors Zhihua Qu and Eytan Pollak

Department
of Electrical and Computer Engineering

University of Central Florida

 

A white paper submitted through

Office of Research
& Commercialization

University of Central Florida (UCF)

12201 Research Parkway, Ste. 501

Orlando, FL
32826-3246

 

December 10th, 2015

 

		1.	Scope

 

AVRA Medical Robotics is currently engaged
in the development of a prototype surgical robotic device supporting a minimal invasive surgical facial corrections. The prototype
will be based on commercial technologies and capabilities to the greatest extent possible. To facilitate this development effort,
AVRA is looking for experts with knowledge in navigation and control algorithms that can support the development and integration
of such a prototype robotic medical device. Professors Zhihua Qu and Eytan Pollak (Visiting Research Professor) at UCF have extensive
experience in sensing, control and integration of robotic devices. Drs. Zhihua Qu and Eytan Pollak together with UCF students under
their supervision will provide support to AVRA for its development, integration and testing of the system outlined in section 3.

 

		2.	Points of Contact / Period of Performance

 

Development of algorithms, subsequent integration,
verification of functionality and final deliverables shall commence on January 1, 2016 and be completed by September 30, 2016.
Subsequently, UCF shall have 3 months to pursue joint publication(s) and complete the prototype documentation. Thus, the period
of performance (POP) for this effort shall be contract award through December 31 2016.

 

The points of contact (POC) for all efforts
associated with this Statement of Work (SOW):

 

AVRA Technical POC

Barry Cohen

AVRA Medical Robotics Inc.

14th Floor, 555 Fifth Avenue, New York, NY
10017

954.478.1410

bcohen@avramedicalrobotics.com

 

    	 	 Page 1	 

     

    

 

UCF Technical POC 

Zhihua Qu, Pegasus Professor & Chair

Department of Electrical
and Computer Engineering

University of Central Florida

4000 Central Florida Blvd.

Orlando, Florida 32816-2450

407.823.5976 (Work)

qu@ucf.edu

 

AVRA Contract Office POC

Barry Cohen

AVRA Medical Robotics Inc.

14th Floor, 555 Fifth Avenue, New York, NY 10017

954.478.1410

bcohen@avramedicalrobotics.com

 

UCF Contract Office POC

Ginny Pellam

Senior Contract Manager

University of Central Florida

Office of Research and Commercialization

12201 Research Parkway, Suite 501

Orlando, FL 32826-3246

407-823-3285

Ginny.PeIlam@ucf.edu

 

		3.	Requirements

 

UCF shall pursue the following tasks for the
development of the surgical robotic device:

		o	UCF will develop a design approach that shall be used for development of the surgical robotic device.

		o	The design approach shall be documented and shall be provided to AVRA for review and approval.

		o	UCF shall develop a simplified robotic system model that shall provide a framework for the development of the navigation and
control algorithms.

		o	UCF shall develop a prototype navigation and control software for the robotic medical device.

		o	UCF shall integrate the necessary robotic subcomponents that shall be purchased by AVRA and deliver
to UCF Medical Robotic Laboratory as describe in a top level block diagram in figure 1.

		o	UCF shall conduct testing and verification of the robotic device at the UCF Medical Robotic Lab.

		o	UCF shall develop a prototype software codes that navigate and control the medical robotic device.

 

		4.	Budget and Deliverables

 

The budget for the performance period is

 

    	 	 Page 2	 

     

    

  

		o	$163,307 from AVRA for the project cost.

		o	$54,433 from Florida High Tech Council (which is 1:3 match). Note, funding from FHTC is not guarantee.
A separate application will need to be submitted for consideration and is based on availability of funding.

 

The funding from AVRA will be used to support
1.0 graduate student who will be supervised to perform the aforementioned tasks. The FHTC matching funds, if approved, will be
used to support 1.5 students. Since FHTC match is 33% of AVRA portion, AVRA will provide the funding so that the project total
is $217,740. In addition, AVRA will provide $43,548 (20% of the total project cost as required by UCF regulation) for outright
ownership of IP. Hence, the total cost for AVRA is $261,288.

 

Activity status reports, research report(s)
and other documentation shall be provided by UCF to AVRA. AVRA and UCF will jointly agree on formats and delivery dates of the
reports and documents.

 

		o	Activity Status Reports shall be provided bi-weekly via email and contain short summary of accomplishments, and/or issues to
overall tasks and schedule.

		o	Development reports shall be provided quarterly and contain summary of prior-period accomplishments, future plans and estimate
to complete defined tasks.

		o	A Report shall be delivered and accepted by AVRA, at the conclusion of each phase.

		o	A prototype software code that navigates and controls the medical robotic device.

 

		5.	Final Acceptance

 

		o	Final acceptance test of the navigation, controls and functionality of the robotic device shall be held at the UCF Medical
Robotics Lab.

		o	Robotic movement and functionality of multiple robotic profiles that agreed by AVRA and UCF shall be demonstrated.

		o	UCF shall be responsible to correct any issues that are mutually agreed upon in a timely manner.

		o	Results of the acceptance test will be documented as part of the final report.

 

 

    	 	 Page 3	 

     

    

  

APPENDIX B: PROGRAM BUDGET (Excludes IP Assignment
fee)

 

	Sponsor:	AVRA
	Title:	An intelligent Medical Robotic Device
	Dates:	05/1/2016-04/30/2017

 

	 	 	INDUSTRY	 	 	 	 
	 	 	Year 1	 	 	Total	 
	A. Senior Personnel	 	 	 	 	 	 	 	 
	Zhihua Qu - PI (1 cal month/year)	 	$	24,858	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Total Senior Personnel	 	$	24,858	 	 	$	24,858	 
	 	 	 	 	 	 	 	 	 
	B. Other Personnel	 	 	 	 	 	 	 	 
	0  Post
    Doctoral Associates	 	$	-	 	 	$	-	 
	0  Other
    Professionals (Technicians)	 	$	-	 	 	$	-	 
	2  Graduate
    Students, PhD	 	$	26,000	 	 	$	26,000	 
	0  Graduate
    Students, Masters	 	$	-	 	 	$	-	 
	0  Undergraduate
    Students	 	$	-	 	 	$	-	 
	0  Other	 	$	-	 	 	$	-	 
	Total Other Personnel	 	$	26,000	 	 	$	26,000	 
	 	 	 	 	 	 	 	 	 
	Total Salaries and Wages (A+B)	 	$	50,858	 	 	$	50,858	 
	 	 	 	 	 	 	 	 	 
	C. Fringe Benefits	 	 	 	 	 	 	 	 
	Faculty @ 28.95%	 	$	7,196	 	 	$	7,196	 
	Post Doc @ 48.35%, 34.35%, 24.35%*	 	$	-	 	 	$	-	 
	OPS @ 2.25%, 48.25%, 34.25%, 24.25%**	 	$	-	 	 	$	-	 
	Students @ 0.65%, 54.30%***	 	$	169	 	 	$	169	 
	Total Fringe Benefits	 	$	7,365	 	 	$	7,365	 
	 	 	 	 	 	 	 	 	 
	Total Salaries, Wages and Fringe Benefits	 	$	58,223	 	 	$	58,223	 
	 	 	 	 	 	 	 	 	 
	D. Equipment	 	 	 	 	 	 	 	 
	See Equipment Tab	 	$	-	 	 	$	-	 
	Total Equipment	 	$	-	 	 	$	-	 
	 	 	 	 	 	 	 	 	 
	E. Travel	 	 	 	 	 	 	 	 
	Domestic (See Travel Tab)	 	$	-	 	 	$	-	 
	Foreign (See Travel Tab)	 	$	7,000	 	 	$	7,000	 
	Total Travel	 	$	7,000	 	 	$	7,000	 
	 	 	 	 	 	 	 	 	 
	F. Participant Support Costs	 	 	 	 	 	 	 	 
	Stipends	 	$	-	 	 	$	-	 
	Travel	 	$	-	 	 	$	-	 
	Subsistence	 	$	-	 	 	$	-	 
	Other	 	$	-	 	 	$	-	 
	Total Participant Support Costs (0)	 	$	-	 	 	$	-	 
	 	 	 	 	 	 	 	 	 
	G. Other Direct
    Costs	 	 	 	 	 	 	 	 
	Material and Supplies (See Supplies Tab)	 	$	9,700	 	 	$	9,700	 
	Publication Costs/Documentation	 	$	4,000	 	 	$	4,000	 
	Consultant Services - Dr. Poliak	 	$	26,000	 	 	$	26,000	 
	Computer (ADPE) Services	 	$	-	 	 	$	-	 
	Subcontract - NONE	 	$	-	 	 	$	-	 
	2  Tuition	 	$	10,119	 	 	$	10,119	 
	Total Other Costs	 	$	49,819	 	 	$	49,819	 
	 	 	 	 	 	 	 	 	 
	Total Direct Costs	 	$	115,042	 	 	$	115,042	 
	Indirect Costs, Rate 46%, MTDC	 	$	48,265	 	 	$	48,265	 
	Total Direct and Indirect Costs	 	$	163,307	 	 	$	163,307	

 

    	 		 

     

    

 

APPENDIX C: CONFIDENTIAL DISCLOSURE
AGREEMENT

 

This agreement (“Agreement”) is
made effective May 13, 2016 (“Effective Date”) between The University of Central Florida Board of Trustees (“UCF”)
and AVRA Medical Robotics, Inc. (“Company”), a Company of the State of Florida.

 

	UCF shall be:	 ̈ a Disclosing Party x a Receiving Party  ̈ both
	 	 
	Company shall be:	x
    a Disclosing Party  ̈
    Receiving Party  ̈ both

 

The scientific/technical representatives of
the parties are:

 

UCF:

 

Dr. Zhihua Qu

 

 

Company:

 

Barry Cohen

 

 

 

In consideration of the Purpose, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

1. Scope and Purpose

 

The Disclosing Party (“DP”) is in possession of information
which DP considers confidential and in which DP has a proprietary interest (“Information”), which is generally described
as:

 

UCF:

 

None

 

 

Company:

 

Prototype surgical robotic devices.

 

 

The Receiving Party (“RP”) wishes
to receive disclosure of the Information from DP and agrees to hold that disclosure in confidence subject to the terms and conditions
in this Agreement. DP is willing to make this disclosure to RP for the purpose(s) of:

 

To facilitate this development in navigation
and control algorithms that will support the development and integration of a prototype robotic medical device.

 

(“Purpose”).

 

    	 	 	 

     

    

  

2. Protected Information

 

2.1 Information. The Information is a valuable asset of DP.
DP has a proprietary right and interest in the Information. Information includes any confidential or proprietary information, knowledge,
software, documents, drawings, sketches, models, designs, data, memoranda, tapes, records, material and/or know-how whatsoever,
provided by DP.

 

2.2 Marking. All Information disclosed to RP in written form
shall be clearly marked as confidential or proprietary by DP. All Information disclosed orally or in any other form shall be identified
as confidential or proprietary by DP at the time of disclosure, summarized in a writing clearly marked as confidential or proprietary,
and delivered to the RP within thirty (30) days of disclosure by DP.

 

3. Duties

 

3.1 Permitted Use. RP will use DP’s Information only
for the Purpose as provided in the Agreement, and any other use must be defined in advance by a separate document executed by the
parties. RP may disclose the Information to employees who: 1) have a need to know the Information in order to explore or facilitate
the Purpose and 2) have agreed to, or have a duty to, hold such Information in confidence in a manner consistent with the terms
of this Agreement.

 

3.2 Unauthorized Use. No license (express, implied, by estoppel,
or otherwise) or intellectual property right is conveyed by this Agreement, except for the limited right to use Information for
the Purpose. RP shall protect DP’s Information from unauthorized use, and unauthorized or accidental disclosure, by the exercise
of the same degree of care as it employs to protect its own information of a like nature, but not less than reasonable care.

 

3.3 Governmental Rights. RP understands that DP’s Information
may have been developed under a grant or contract from the federal government of the United States or the government of the State
of Florida. The federal or state government may be entitled to certain rights in the Information and may also be entitled to exercise
certain rights to the Information. DP agrees to provide the RP with further information about any governmental rights as part of
the Information if the RP requests this information in writing.

 

3.4 Export Control. Each party acknowledges that it is subject
to and agrees to abide by the United States laws and regulations controlling the export or transfer of information, technical data,
software, items, materials, mockups/prototypes, biological materials and other items, (including the Arms Export Control Act (“AECA”),
as amended, an enumerated in the International Traffic Anns Regulations (“ITAR”) 22 CFR Parts 123 - 130, and the Export
Administration Act (“EAA”) of 1979 enumerated in the Export Administration Regulations (“EAR”) 15 CFR Parts
300 - 799). The transfer of such items and technical data may require a license from the cognizant agency of the U.S. Government
or written assurances by Company that it shall not export such items to certain foreign countries and/or foreign persons without
prior approval of the cognizant agency. UCF neither represents that a license is or is not required or that, if required, it shall
be issued.

 

4. Term and Termination

 

4.1 Term. RP will use the Information only during the term
of the Agreement, which begins on the Effective Date written above and terminates on April 30, 2017 unless terminated earlier
(“Term”). Each party may terminate this Agreement upon thirty (30) days written notice to the other party.

 

4.2 Non-Disclosure Term. Termination
shall not affect RP obligations with respect to Information disclosed under this Agreement, but such obligations shall
continue in accordance with this paragraph 4.2. RP agrees that it shall, to the extent
permitted by law, keep in confidence and not disclose any part of DP’s information, in
any form, to a third party or parties for a three (3) year period beginning on the Effective Date of this Agreement.

 

4.3 Termination Obligations. Upon termination of this Agreement,
the RP will return or destroy all Information provided by DP, together with all copies, other forms of reproduction, or description
of the Information made by the RP, except that RP may retain one copy of Information for legal and archival purposes only.

 

5. Excluded Information

 

The RP shall not be liable for disclosing DP’s Information
to others that is evidenced by written record as:

a)already known to the RP at the time of
disclosure;

 

    	 	 2	 

     

    

 

b)  generally available to the public or
becomes available to the public through no fault of the RP;

c)  developed independently of and without
reference to DP’s Information;

d)  received from a third party who had a
legal right to disclose such information without restriction;

e)  disclosed under operation of law, regulation,
or in response to a judicial, administrative or legislative order, but the RP shall, to the extent permitted by law, first notify
the DP to provide the DP an opportunity to prevent disclosure; or

f)  disclosed by RP with DP’s prior
written approval.

 

6. Correspondence

 

Addresses of the parties for correspondence
concerning this Agreement are:

 

	For Company:	For UCF:
	(Name) Barry Cohen	(Name) Ginny Pellam
	(Title)	(Title) Sr. Contract Manager
	Address:	Address:
	1600 S.E. 15th St.	Office of Research and Commercialization
	Ft. Lauderdale, FL 33316	12201 Research Parkway, Suite 501 

Orlando, FL 32826-3246

 

This information may be revised by written
notice to the other party.

 

7. Miscellaneous

 

7.1 Injunctive Relief. RP acknowledges that a breach by it
of any of the terms of this Agreement may cause irreparable harm to DP and that damages may be difficult to determine. Accordingly,
in the event of a default, DP may be entitled to, in addition to other legal remedies available to the DP, seek injunctive relief
restraining RP from any further or continued breach of its obligations hereunder.

 

7.2. No Warranties. The parties agree
that any Information is disclosed “as is” and that any use by RP of that Information will be at the sole risk of RP.
DP MAKES NO REPRESENTATION OR WARRANTY, WHETHER EXPRESS OR IMPLIED, WITH RESPECT TO INFORMATION DISCLOSED UNDER THIS AGREEMENT.

 

7.3 Governing Law and Venue. This Agreement
shall be governed by the laws of the State of Florida, without regard to conflict of law principles and, to the extent applicable,
by the laws of the United States. Any dispute between the parties concerning the terms of this Agreement shall be decided in a
court of competent jurisdiction located in Orange County, Florida.

 

7.4 No Assignment. Neither party shall assign this Agreement
or any of its rights or obligations hereunder without obtaining prior written consent of the other party.

 

7.5 Entirety, Amendment, and Severability. This Agreement
constitutes the entire agreement of the parties concerning the matters discussed herein. If any of the provisions of this Agreement
are determined to be invalid under applicable law, they are, to that extent, deemed omitted. The invalidity of any portion of this
Agreement shall not render any other portion invalid. This Agreement may be amended only by a written instrument executed by authorized
representatives of the parties.

 

7.6 Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of
which together shall be deemed to be one and the same instrument. Signature pages delivered by
facsimile or electronic mail to this Agreement or any document delivered hereunder
shall be binding to the same extent as an original.

 

In witness thereof, the parties hereby execute
this Agreement by their authorized representatives.

 

	ACCEPTED BY:	 	 
	 	 	 
	THE UNIVERSITY OF CENTRAL FLORIDA	 	(Company) AVRA MEDICAL ROBOTICS INC.
	BOARD OF TRUSTEES	 	(Name) Barry Cohen
	(Name) Ginny Pellam	 	(Title)
	(Title) Sr. Contract Manager	 	 

 

	/s/ Ginny Pellam	 	/s/ Barry Cohen
	Signature	 	 	Signature	 
	 	 	 	 	 
	DATE:	5/17/14	 	DATE:	5/17/16

 

    	 	 3	 

     

    

 

Appendix D Intellectual Property Option

 

Intellectual Property Ownership Transfer1,2,3,4,5.

 

A.1          Upfront Fee. Company shall pay UCF an up-front fee of forty-three
thousand five hundred forty-eight ($43,548). This fee shall be paid in accordance with Article 3, following execution of the Agreement.
An additional 20% assignment fee shall be assessed and paid by Company for any executed amendment to this Agreement that increases
the funding authorized under this Agreement. All fees paid to UCF are non-refundable, regardless of whether any Intellectual Property
results from the SOW or amendments thereto.

 

In consideration, Company has the right, but not the obligation,
to take sole ownership of UCF’s interest in UCF Intellectual Property and Joint Intellectual Property. UCF reserves the right
to file a provisional patent application to protect an invention in circumstances where UCF has an expedited need to publish or
present results. UCF will promptly disclose new inventions to Company in accordance with Article 9. Company has ninety (90) days
from the receipt of the new invention disclosure to request UCF assign ownership to Company.

 

A.2          In partial consideration for assigning ownership, Company
shall reimburse UCF for any patent filing costs incurred by UCF within 30 days of receipt of an invoice from UCF.

 

A.3         Company agrees to pay UCF a 1% royalty
on the net sales of products or processes utilizing UCF Intellectual Property and Joint Intellectual Property in any full calendar
year in which annual sales of such products or processes exceed twenty million dollars ($20,000,000).

 

A.4         UCF retains the right to use UCF Intellectual Property and
Joint Intellectual Property for its research and educational purposes, and to grant licenses to other non-profit, or research and
educational institutions for the same purpose(s). In the event UCF’s Background Intellectual Property is required by Company in
order to practice the rights in UCF Intellectual Property, UCF will negotiate an option or license with Company, to the extent
such rights are available. In the event Company’s Background Intellectual Property is required by UCF in order to perform the SOW,
Company hereby grants UCF a royalty-free, irrevocable, non-exclusive right and license to use the Company Background Intellectual
Property for its teaching, research and educational purposes.

 

A.5          If Company fails to pay the fee due to UCF within thirty
(30) days after submission of invoice, then UCF will have the right to unilaterally modify the Agreement and SOW to change the
intellectual property terms to grant Company an option to license UCF Intellectual Property under Appendix D- Section B below.
Invoices to Company under this Appendix D - Section A will be sent the address shown in Section 3.

 

B.          Company shall have the option to negotiate
a license for UCF’s Intellectual Property and UCF’s interest in Joint Intellectual Property on commercially reasonable terms,
following disclosure of a new invention to UCF’s Office of Technology Transfer. This option shall expire six (6) months after
disclosure of the new invention. All negotiations conducted by the parties under this Section B shall be conducted in good faith
using reasonable efforts to reach a mutually beneficial arrangement as soon as practical. Determination of the reasonable royalty
shall take into consideration the cost, resources, and time to commercially develop and exploit the invention, the contributions
of each party, the proprietary position provided, the profit potential, and customary royalties of the industry for similar intellectual
property rights. The rights under this provision apply only to Intellectual Property rights specific to a new invention for which
Company for which Company does not elect the terms provided in Appendix D, or fails to timely pay the fee associated with such
rights granted in Sections A.

 

 

Option Notes:

1 Option is not available for research
awards or subawards/subcontracts for public service or testing.

2 This fee is calculated based on
the entire project budget including standard University overhead fees.

3 If federal funding is used in part to develop the IP,
the license will be subject to other terms such as performance milestones required to satisfy federal Bayh-Dole obligations.

4Background property is not included. In the event UCF
Background Intellectual Property is required or desired, UCF will negotiate an option or license to the extent such rights are
available.

5 If federal funding is used in part to develop the IP,
then UCF must retain ownership of the IP as specified by federal statute.

 

    	 	 5	 

     

    

 

THE UNIVERSITY OF CENTRAL FLORIDA BOARD OF
TRUSTEES

Office
of Research & Commercialization 

12201
Research Parkway, Suite 501

Orlando,
Florida 32826-3246

 

Modification to 

Research Agreement between 

AVRA Medical Robotics, Inc. and 

The University of Central Florida Board of
Trustees 

Effective May 1 2016

 

	Agency:	AVRA
    Medical Robotics, Inc.
	Modification No.:	2

 

Type of Modification:

 

	x Extension of Budget Period	 ̈ Change in Special Conditions
	 ̈ Change in Budget Categories	 ̈
    Change in Funding Amount
	x Change in Scope of Work	x Other:  Update  Appendix A & Appendix C

 

The parties to this Agreement hereby agree to the following revisions.
Only the articles, paragraphs and sections referenced below are hereby modified, and all other provisions of the Agreement remain
unchanged.

 

Description:

 

Article 2. TERM is hereby deleted in its
entirety and replaced with the following:

 

2. TERM

 

This Agreement is effective for the period beginning May 1, 2016
(“Effective Date”) and shall not extend beyond June 30, 2017 unless extended by written modification of this Agreement.

 

Appendix A: Scope of Work & Deliverables: the deliverables
are hereby deleted and replaced with the following:

 

The updated SOW is:

I. Tasks to be done by December 2016

 

		1)	Search for the Plug-in software for MATLAB which will accept exported files from SolidWorks

		2)	Install and learn how to use the Plug-in

		3)	Make necessary changes in the design to make it ready
for export

		4)	Demonstration of operating 1 joint of the robotic arm using control loop in MATLAB

		5)	Demonstration of operating all six joints of the robotic arm using control loop in MATLAB

		6)	Include end-effector in the exported file and design the control loop for its functionality

		7)	Derive the Forward and Inverse Kinematics of the whole robot

		8)	Prepare the D-H table for the robot

		9)	Design a Control system in MATLAB to control the robot using data from the D-H table

 

II. Goals to achieve by June 2017

 

		1)	Integrate sensor modeling into the virtual world (including control, etc)

		2)	Create a GUI/user-interface to operate the robot, (a rough example shown below)

		3)	Finding a suitable 3D scan of a human subject and importing it into MATLAB

		4)	Designing a GUI to generate a pattern on the human body surface

		5)	Path planning of the robot end-effector using coordinates of the pattern on the human body

		6)	Creating a simulation of the robot cauterizing on a human body.

 

    	 	 	 

     

    

 

The following deliverable items are required:

 

	Due Date	 	Deliverable
	August
    1, 2016	 	Quarterly
    Development Report
	 	 	 
	November
    1, 2016	 	Quarterly
    Development Report
	 	 	 
	February
    1, 2017	 	Quarterly
    Development Report
	 	 	 
	June
    30,2017	 	Final
    Report

 

Appendix C: Confidential Disclosure Agreement

 

Appendix C: Confidential Disclosure Agreement
is hereby updated to include the attached modification: 

 

Acceptance and Agreement:

 

The above referenced modifications are hereby incorporated into
the Agreement. All other terms and conditions of the Agreement remain unchanged.

 

IN WITNESS WHEREOF, the parties hereto have
executed this Modification as of the 6th day of December 2016.

  

	AVRA Medical Robotics, Inc.	 	The University of Central Florida 

Board of Trustees
	 	 	 
	/s/ Barry F. Cohen	 	/s/ Arlisia Potter
	(Signature-Authorized Official)	 	(Signature-Authorized Official)
	 	 	 
	Barry F. Cohen CEO	 	Arlisia
    Potter, Team Manager
	(Typed Name and Title)	 	(Typed Name and Title)

 

	 	 	Approved as to Form and Legality
	 	 		, 11-9-16

 

    	 	 	 

     

    

 

CONFIDENTIAL DISCLOSURE AGREEMENT

MODIFICATION NO. 1

 

The Confidential Disclosure Agreement (hereinafter,
“Agreement”) effective May 13, 2016 between The University of Central Florida Board of Trustees (UCF) and AVRA Medical
Robotics, Inc. (“Company”), (collectively, “The Parties” and individually as a “Party”) is
hereby modified as follows:

 

DESCRIPTION:

 

Article 4.1 Term is hereby deleted and replaced
with the following:

 

41 Term. RP will use the Information only during the term
of the Agreement, which begins on the Effective Date written above and terminates on June 30.2017 unless terminated earlier
(“Term”). Each party may terminate this Agreement upon thirty (30) days written notice to the other party.

 

Acceptance and Agreement:

 

The above-referenced Confidential Disclosure Agreement Modification
is hereby incorporated into the Agreement. All other terms and condition of the Agreement remain unchanged.

 

	AVRA Medical Robotics, Inc.	 	The University of Central Florida Board of Trustees
	 	 	 
	/s/ Barry F. Cohen	 	/s/ Arlisia Potter
	(Signature-Authorized Official)	 	(Signature-Authorized Official)
	 	 	 
	Barry F. Cohen 	 	Arlisia
Potter
	(Typed Name)	 	(Typed Name)
	 	 	 
	CEO	 	Team
    Manager
	(Typed Title)	 	(Typed Title)
	 	 	 
	Dec. 6, 2016	 	11/9/16
	Date	 	Date

 

	 	 	Approved as to Form and Legality
	 	 		, 11-9-16

 

    	 	 	 

     

    

 

 

THE UNIVERSITY OF CENTRAL FLORIDA BOARD OF
TRUSTEES

Office of Research & Commercialization

12201 Research Parkway, Suite 501

Orlando, Florida 32826-3246

 

Modification to

Research Agreement between

AVRA Medical Robotics, Inc. and 

The University of Central Florida Board of
Trustees 

Effective May 1 2016

 

	Agency:	AVRA Medical Robotics, Inc.
	Modification No.:	3

 

Type of Modification:

 

	 ̈ Extension of Budget Period	 ̈ Change in Special Conditions
	 ̈ Change in Budget Categories	x Change in Funding Amount
	x Change in Appendix B	x Other: Update Appendix A & Appendix D

 

The parties to this Agreement hereby agree to the following revisions.
Only the articles, paragraphs and sections referenced below are hereby modified, and all other provisions of the Agreement remain
unchanged.

 

Description:

 

Article 3 is hereby deleted in its entirety
and replaced with the following:

 

This is a fixed price Agreement in the amount of $193,967 U.S. for
the project and $49,680 for the assignment of intellectual property rights as outlined in Article 9 and Appendix D for a total
of $243,647 (the “Fixed Price”) and shall not be modified unless agreed upon by both Parties in writing Serially numbered
invoices along with deliverables shall be sent in accordance with Appendix A and the Payment Schedule below.

 

	Invoices shall be submitted to:
	Name:       Barry Cohen
	Address: AVRA Medical Robotics, Inc.
	Address: 1600 S.E 15th Street
	City, State Zip: Ft. Lauderdale, FL 33316
	Email: Bcohen@avramedical.com

 

Upon receipt of invoice(s), payment shall be made to the University
of Central Florida and remitted to the following address:

	 	University of Central Florida
	 	Contracts & Grants Payment
	 	PO Box 160118 
	 	Orlando, FL 32816-0118

 

PAYMENT SCHEDULE

 

	Payment Due Date	 	Amount	 	 	Deliverable
	30 Days upon receipt	 	$	43,548	 	 	Invoice for IP assignment
	30 Days upon receipt	 	$	40,827	 	 	Invoice for payment
	08/1/2016	 	$	40,827	 	 	Quarterly Development Report
	1/15/2017	 	$	30,660	 	 	Invoice for Payment
	1/15/2017	 	$	6,132	 	 	Invoice for IP assignment
	11/1/2016	 	$	40,827	 	 	Quarterly In-Person Progress Meeting
	02/1/2017	 	$	40,826	 	 	Quarterly In-Person Progress Meeting
	TOTAL	 	$	243,647	 	 	 

 

    	 	 	 

     

    

 

Appendix A: Scope of Work & Deliverables:
the deliverables are hereby deleted and replaced with the following:

 

The following deliverable items are required:

 

	Due Date	 	Deliverable
	August 1, 2016	 	Quarterly Development Report- submitted 8/12/2016
	 	 	 
	November 1, 2016	 	Quarterly Development Report - submitted 11/11/2016
	 	 	 
	February 1, 2017	 	Quarterly In-Person Progress Meeting
	 	 	 
	May 1, 2017	 	Quarterly In-Person Progress Meeting
	 	 	 
	June 30, 2017	 	Final Report

 

    	 	 	 

     

    

 

APPENDIX B: PROGRAM BUDGET

 

Appendix B is hereby updated to include the following budget (including
IP Assignment fee)

 

	Sponsor	AVRA
	Title:	An Intelligent Medical Robotic Device
	Project Dates:	5/01/2016 - 6/30/2017

 

	 	 	Year 1-Mod 2	 
	A. Senior Personnel	 	 	 	 
	Zhihua Qu - PI	 	$	-	 
	 	 	 	 	 
	Total Senior Personnel	 	$	-	 
	 	 	 	 	 
	B. Other Personnel	 	 	 	 
	0 Post Doctral Associates	 	$	-	 
	0 Other Professionals (Technicians)	 	$	-	 
	1 Graduate Students, PhD	 	$	-	 
	0 Graduate Students, Masters	 	$	-	 
	0 Undergraduate Students	 	$	-	 
	0 Other	 	$	-	 
	Total Other Personnel	 	$	-	 
	 	 	 	 	 
	Total Salaries and Wages (A-B)	 	$	-	 
	 	 	 	 	 
	C. Fringe Benefits	 	 	 	 
	Faculty @ 28.95%	 	$	-	 
	Post Doc @ 48.35%, 34.35%, 24.35%
    *	 	$	-	 
	OPS @ 2.25%, 48.25%, 34.25%, 24.25% **	 	$	-	 
	Students @ 0.65%, 54.30% ***	 	$	-	 
	Total Fringe Benefits	 	$	-	 
	 	 	 	 	 
	Total Salaries, Wages and Fringe Benefits	 	$	-	 
	 	 	 	 	 
	D. Equipment	 	 	 	 
	See Equipment Tab	 	 	 	 
	Total Equipment	 	$	-	 
	 	 	 	 	 
	E. Travel	 	 	 	 
	Domestic (See Travel Tab)	 	$	-	 
	Foreign (See Travel Tab)	 	 	 	 
	Total Travel	 	$	-	 
	 	 	 	 	 
	F. Participant Support Costs	 	 	 	 
	Stipends	 	$	-	 
	Travel	 	$	-	 
	Subsistence	 	$	-	 
	Other	 	$	-	 
	Total Participant Support Costs (0)	 	$	-	 
	 	 	 	 	 
	G. Other Direct Costs	 	 	 	 
	Material and Supplies (See Supplies
    Tab)	 	$	13,000	 
	Publication Costs/Documentation	 	 	 	 
	Consultant Services - Dr. Pollak	 	 	 	 
	Software	 	$	8,000	
	Subcontract - NONE	 	$	-	 
	1  Tuition	 	 	 	 
	Total Other Costs	 	$	21,000	 
	 	 	 	 	 
	Total Direct Costs	 	$	21,000	 
	Indirect Costs, Rate 46%, MTDC	 	$	9,660	 
	Total Direct and indirect Costs	 	$	30,660	 
	IP cost	 	$	6,132	 
	Grand	 	$	36,792	 
	 	 	 	 	 
	Base	 	$	21,000	 

 

*Based on base salary.

**Based on base salary & number of hours.

***Based on number of hours.

 

    	 	 	 

     

    

 

	Description	 	Qty.	 	 	Price each	 	 	Total cost	 	 	Year	 
	Computer System	 	 	3	 	 	 	2000	 	 	 	6000	 	 	 	1	 
	HDMI Display	 	 	3	 	 	 	1333.33	 	 	 	4000	 	 	 	1	 
	Microsoft Surface	 	 	2	 	 	 	1500	 	 	 	3000	 	 	 	1	 
	Item 4	 	 	0	 	 	 	100	 	 	 	0	 	 	 	1	 
	Item 5	 	 	0	 	 	 	 100	 	 	 	0	 	 	 	1	 
	 	 	 	 	 	 	 		 	 	 	0	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	0	 	 	 	 	 
	Total	 	 	 	 	 	 	 	 	 	 	13000	 	 	 	 	 

 

APPENDIX D Intellectual Property Option

 

The first sentence of Section A. 1 Upfront Fee is hereby deleted
and replaced with the following: “Company shall pay UCF an up-front fee of forty-nine thousand six hundred eighty ($49,680).”

 

Acceptance and Agreement;

 

The above referenced modifications are hereby incorporated into
the Agreement. All other terms and conditions of the Agreement remain unchanged.

 

IN WITNESS WHEREOF,
the parties hereto have executed this Modification as of the 23rd day of December, 2016.

 

	AVRA Medical Robotics, Inc.	 	The University of Central Florida Board of Trustees
	 	 	 
	 	 	/s/ Arlisia Potter
	(Signature-Authorized Official)	 	(Signature-Authorized Official)
	 	 	 
	 	 	Arlisia
    Potter, Team Manager
	(Typed Name
    and Title)	 	(Typed Name and Title)

 

	 	 	Legal Content Approved
	 	 	 	,
    12/22/2016

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