Document:

Exhibit
10.26

 

CONSULTING AGREEMENT

 

THIS CONSULTING AGREEMENT,
dated as of May 14, 2012, (the "Agreement") is entered into by and between:

 

CorMedix Inc. (“CorMedix”
or “Company”), a Delaware corporation, having a principal place of business at 745 Rt. 202-206, Suite 303, Bridgewater,
NJ 08807

 

and

 

MW Bridges LLC ("Consultant"), a Delaware limited
liability company, having a business address at 5 Jacks lane, Newark, DE 19711.

 

BACKGROUND

 

This Agreement confirms the mutual understanding between Company
and Consultant with respect to the terms and conditions upon which Consultant will provide Company with the benefit of Consultant's
unique experience and ability in a consulting capacity.

 

TERMS

 

In consideration of the foregoing premises, and the mutual covenants,
terms and conditions hereinafter set forth, and intending to be legally bound hereby, Company and Consultant agree as follows:

 

		1.	SERVICES AND COMPENSATION

 

		1.1	Consultant agrees to perform on behalf of Company the consulting services described in Schedule
A attached hereto (the "Services"). Such Services shall be rendered by Consultant during the period provided in Article
6 of this Agreement and in accordance with the time parameters described in Schedule A attached hereto. Consultant may decide
his own schedule, but agrees to make himself available as reasonably requested by the Company, either by telephone or in person.
Consultant’s primary point of contact within Company shall be the Richard M. Cohen, Executive Chairman and Consultant shall
report to such person with respect to the Services and matters relating to this Agreement. Consultant’s access to Company’s
facilities will be limited to regular business hours (although the parties acknowledge that if Consultant occasionally remains
on Company premises outside of business hours, such occurrences shall not be construed to change the character of the parties’
independent contractor relationship). Consultant shall be permitted access to Company’s computer network only upon the express
approval of the Company officer identified above in this Section 1.1.

 

		1.2	As compensation for Consultant's performance of the Services under this Agreement, and in consideration
for Consultant’s provision of the Services in accordance with the terms and conditions of this Agreement, Company agrees
to pay Consultant the amounts specified in Schedule B attached hereto, in accordance with the payment schedule set forth
in Schedule B.

 

		2.	USE OF CONFIDENTIAL INFORMATION

 

		2.1	Consultant agrees to abide by the terms of a Consultant Confidential Disclosure Agreement (the
"CDA "), a copy of which is attached hereto as Exhibit 1. Consultant has executed and delivered to Company a copy
of the CDA and the terms of the CDA are incorporated herein by reference. The Actual Provider, if any, has also executed and delivered
to Company a copy of the CDA and the terms of that agreement are incorporated herein by reference. Consultant shall be responsible
for adherence with the terms hereof and of the CDA by the Actual Provider.

 

    	- 1 -

    	 

    

 

		2.2	Consultant agrees that Consultant will not improperly use or disclose any proprietary or confidential
information or trade secrets of any person or entity with whom Consultant has an agreement or duty to keep such information or
secrets confidential.

 

		2.3	Consultant recognizes that Company has received and in the future will receive from third parties
their confidential or proprietary information subject to a duty on Company's part to maintain the confidentiality of such information
and to use it only for certain limited purposes. Consultant's obligations under the CDA with respect to the Confidential Proprietary
Information (as such term is defined in the CDA) of Company shall apply to the confidential or proprietary information of such
third parties.

 

		3.	CONFLICTS OF INTEREST

 

		3.1	During the term of this Agreement, without Company’s express, prior, written consent, Consultant
shall not take on a similar advisory or consulting project for any entity that is engaged in an antimicrobial/anticoagulant
solution that fills or “locks” a central venous catheter (CVC).  

 

		3.2	Consultant shall promptly advise Company of any conflict of interest or apparent or potential
conflict of interest of Consultant or any person reporting to Consultant vis-à-vis Consultant’s activities hereunder
or his or her relationship with Company, and Company and Consultant shall, in good faith, attempt to resolve any such conflict(s).
The foregoing sentence shall not be construed as excusing any conflict of interest on the part of the Consultant or as a waiver
by the Company of its rights under Section 3.1.

 

		4.	INTELLECTUAL PROPERTY

 

		4.1	Consultant hereby assigns to Company his or her entire right, title and interest in and to any
Developments. For purposes of this Agreement, “Developments” means any idea, discovery, invention, modification, improvement,
product, data, documentation and original works of authorship, whether or not patentable, copyrightable or registrable as a trademark
that: (i) was made, conceived, developed and/or first reduced to practice by Consultant, alone or in concert with other advisors
and/or employees of Company, in the course of and within the scope of Consultant's engagement with Company (the anticipated scope
of Consultant’s engagement is defined in Schedule A attached hereto), or with the use of Company's time, materials, funds
or facilities; or (ii) is related to information, technology or investigations of Company to which Consultant has access as part
of his engagement with Company. If Consultant develops or creates any copyrightable works in the performance of the Services or
that result, to any extent, from use of Company's premises or property, such works shall be deemed works made for hire and shall
be owned by Company.

 

		4.2	No rights or licenses in or to any intellectual property of Company or other Confidential Proprietary
Information (as defined in the CDA) of Company, either express or implied, are granted to the Consultant by virtue of this Agreement.

 

		5.	WARRANTIES AND DISCLAIMER OF WARRANTIES

 

		5.1	Each party warrants to the other that he has the authority to enter into and perform this Agreement,
and his performance hereunder will not result in the breach or violation of any contract, arrangement or understanding he or it
may have with any third party. Each party warrants to the other that he will comply in all material respects with all applicable
laws, rules and regulations.

 

		5.2	Consultant hereby represents and warrants to Company that Consultant is not, and that Consultant’s
performance of this Agreement will not result, in violation of any term of any employment-related agreement or contract, written
or verbal, or any other agreement relating to the right of Consultant to be engaged by Company in accordance with this Agreement.

 

    	- 2 -

    	 

    

 

		5.3	Consultant shall perform the services in a professional manner in accordance with standards and
best practices then currently prevailing in the Consultant’s discipline and industry.

 

		6.	TERM

 

		6.1	The initial term of this Agreement shall be for a term of three months commencing on the date
first set forth above. This Agreement may be renewed upon mutual agreement of the parties in writing. Either party may terminate
this Agreement during the term hereof upon thirty (30) days prior written notice to the other party. Upon termination of this Agreement,
Company shall no have no liability to the Consultant except for charges for services performed by Consultant and accepted by Company
prior to termination.

 

		6.2	Promptly upon the expiration or earlier termination of this Agreement, and earlier if requested
by Company at any time, Consultant shall deliver to Company (and will not keep in Consultant's possession or deliver to anyone
else) all property belonging to Company in Consultant's possession or control, including, but not limited to, all Confidential
Information and all originals and copies of any documents, devices, records, data, notes, reports, proposals, lists, correspondence,
specifications, drawings, materials and equipment. 

 

		6.3	In the event this Agreement expires or is terminated for any reason, the rights and obligations
of Articles 2 and 4, and the CDA, shall survive such expiration or termination.

 

		7.	INDEPENDENT CONTRACTOR

 

		7.1	For purposes of this Agreement and all Services to be provided hereunder, Consultant shall not
be considered a partner, agent, employee of Company, but shall remain in all respects an independent contractor, and except as
expressly and specifically set forth herein, neither party shall have any right or authority to make or undertake any promise,
warranty or representation, to execute any contract, or otherwise to bind or assume any obligation or responsibility in the name
of or on behalf of the other party. 

 

		7.2	Consultant understands and agrees that he/she will be responsible for all income, social security,
self-employment and any other state and federal taxes and/or insurance premiums on the consulting fees received hereunder. The
only monetary or economic obligation of Company to Consultant is to provide payment as set forth in Section 1 of this Agreement.
Consultant acknowledges that except as may be expressly, and only to the extent specifically, described in Schedule B hereto,
consultant shall not be entitled to participate in any pension, health, group life or disability insurance, or any other employee
benefit plan that may from time to time be offered to employees of Company. Consultant further agrees to indemnify and hold harmless
the Company from any and all claims and liabilities for such taxes and penalties made by the above-mentioned taxing authorities
resulting from Consultant’s performance of services hereunder, including reasonable attorneys’ fees that Company may
incur in defense or payment of any such claim for taxes or penalties levied against Company on account of Consultant by reason
of any services covered under this Agreement. If Company determines that taxes should be withheld, Company reserves the right to
withhold, as appropriate, and to notify Consultant accordingly.

 

		7.3	In order to facilitate the performance of the Services and Consultant’s communication with
Company employees and vice versa, Company may determine it expedient (but shall not be obligated) to issue to Consultant
a Company e-mail address. Issuance of a Company e-mail address to Consultant will be for the convenience of the parties and shall
not be construed as changing the character of the parties’ independent contractor relationship.

 

    	- 3 -

    	 

    

 

		8.	MISCELLANEOUS

 

		8.1	Taxpayer Identification Number. Consultant has completed and returned to the Company the
attached IRS Form W-9. Consultant acknowledges that Company will rely upon the information Consultant provides on the Form W-9
in filing certain documents and instruments required by law in connection with this Agreement, including, without limitation, Form
1099 under the Internal Revenue Code of 1986, as amended (or any successor form).

 

		8.2	Successors; Assignment. All of the terms and provisions of this Agreement shall be binding
upon and inure to the benefit of and be enforceable by the respective heirs, executors, administrators, legal representatives,
successors and assigns of the parties hereto, except that the duties and responsibilities of Consultant hereunder are of a personal
nature and shall not be assignable or delegable in whole or in part by Consultant without the express, prior, written consent of
Company.

 

		8.3	Entire Agreement. This Agreement, together with the CDA, represents the entire agreement
between the parties regarding the subject matter hereof and shall supersede all previous communications, representations, understandings
and agreements, whether oral or written, by or between the parties with respect thereto.

 

		8.4	Amendments. No change, modification, extension, termination or waiver of this Agreement
or any provision hereof shall be valid unless made in writing and signed by duly authorized representatives of the parties hereto.

 

		8.5	Severability. If any provision of this Agreement shall be declared invalid, illegal or
unenforceable, such provision shall be severed and all remaining provisions shall continue in full force and effect.

 

		8.6	Notices. All notices given under this Agreement shall be in writing and shall be delivered
personally, sent by facsimile, overnight courier service, or mailed by prepaid, certified mail (return receipt requested) to the
party for which it is intended to the address provided herein. Any notice so given shall be deemed to have been received on the
date on which it was personally delivered or transmitted by confirmed facsimile copy or on the date received as set forth on the
return receipt if sent by registered or certified mail or overnight courier service. Any party may change its address for purposes
of receipt of any such communication by giving prior written notice of such change to the other party in the manner prescribed
above.

 

		8.7	No Waiver. No failure or delay on the part of any party hereto in exercising any right,
power or remedy hereunder shall operate as a waiver thereof.

 

		8.8	Governing Law and Jurisdiction. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware without regard to its conflict of law provisions. The parties hereby (a) agree that any
action arising out of this Agreement shall be brought in the state or federal courts located in the State of Delaware, (b) irrevocably
submit to the exclusive jurisdiction of any such court and (c) waive any objection that such party may now or hereafter have to
the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court
and agree not to plead or claim the same.

 

		8.9	Counterparts. This Agreement may be executed in two counterparts, each of which shall
be deemed to be an original as against any party whose signature appears thereon, but both of which together shall constitute but
one and the same instrument.

 

    	- 4 -

    	 

    

 

IN WITNESS HEREOF,
the parties have read and agree to be bound by the above terms and conditions and have entered into this Consulting Agreement effective
as of the date set forth above.

 

	CorMedix Inc.:	 
	 	 
	By:	/s/ Richard M. Cohen	 
	Name: Richard M. Cohen	 
	Title: Executive Chairman	 
	 	 
	MW Bridges LLC:	 
	 	 
	By:	/s/ Randy Milby	 
	Name: Randy Milby	 
	Title: Managing Partner	 

 

    	- 5 -

    	 

    

 

SCHEDULE A

to

Consulting Agreement Dated May 14, 2012
Between

CorMedix Inc.

and

MW Bridges LLC

 

CONSULTING SERVICES

 

The Services to be provided by Consultant hereunder are as follows:

 

Duties as directed by Executive Chairman while serving as chief
operations officer responsible for leading the operational and administrative areas of a company. Take responsibility for managing
finances (?) and other operations, including quality control, personnel matters, and internal systems and business processes.

 

    	A-1

    	 

    

 

SCHEDULE B

to

Consulting Agreement Dated May 14, 2012
Between

CorMedix Inc.

and

MW Bridges LLC

 

COMPENSATION AND PAYMENT SCHEDULE

 

Consultant’s compensation hereunder shall consist of:

 

a. Base rate of $6,400 per month.

 

b. 50,000 options to vest upon receipt of Neutrolin CE Mark.

 

Consultant shall be reimbursed for all reasonable and necessary
expenses incurred by him while performing the Services, subject to (a) Company’s policy and procedures concerning reimbursement
of such expenses in effect from time to time, and (b) the prior approval by Company of any such expense (i) for air travel, or
(ii) which is individually in excess of $100.

 

Consultant shall provide invoices to the Company from time to
time, which invoices shall provide a detailed summary of the services provided by the Consultant and the number of hours devoted
to providing such services. The Company shall pay any consulting fee due hereunder within 30 days after its receipt of the relevant
invoice.

 

    	B-1

    	 

    

 

EXHIBIT 1

to

Consulting Agreement Dated May 14, 2012
Between

CorMedix Inc.

and

MW Bridges LLC

 

 

 

CONSULTANT CONFIDENTIAL DISCLOSURE AGREEMENT

 

 

 

(See attached.)

 

    	- 1 -

    	 

    

 

CONSULTANT CONFIDENTIAL DISCLOSURE AGREEMENT

 

This Confidential Disclosure Agreement, dated May 14,
2012, is between:

CorMedix Inc., a Delaware corporation with a principal office
located at 745 Rt. 202-206, Suite 303 Bridgewater, NJ 08807 (“Company”);

 

and

 

MW Bridges LLC, a Delaware limited liability company, (referred
to herein as “Consultant”), having a business address at 5 Jacks Lane, Newark, DE 19711.

 

BACKGROUND

 

Consultant desires to conduct business with Company that will
put Consultant in a position to receive, or have access to Confidential Proprietary Information (defined below) of Company. Company
is in the unique and highly competitive business of developing technology which prevents infection and
clotting that can occur with the use of chronic CVCs (central venous catheters).  Company depends upon the Confidential
Proprietary Information to obtain and continue its competitive advantage and Company’s continued economic well-being is dependent
upon protection of its Confidential Proprietary Information. Consultant recognizes the importance to Company of protecting its
Confidential Proprietary Information and business relationships and acknowledges that Company is willing to permit Consultant’s
receipt of, or access to, Confidential Proprietary Information, and access to Company’s business relationships, only on the
terms and conditions hereof.

 

TERMS

 

In consideration of the foregoing premises and the following
mutual undertakings, representations and agreements, and intending to be legally bound, the parties agree as follows:

 

1.          Company has engaged, or proposes to engage, Consultant
as a consultant for the purpose of providing technical consulting services to Company within the areas of Consultant’s expertise
(the “Proposed Engagement”). In connection with the Proposed Engagement, Consultant will receive and review and otherwise
have access to confidential materials and information that belong (or are licensed) to Company. The parties desire to assure the
protection and preservation of the confidential and proprietary nature of Company’s information that may be disclosed or
made available to Consultant in the course of such discussions. “Confidential Proprietary Information” shall mean any
information relating to Company’s technology, intellectual property assets, financial or business plans or affairs, financial
statements, product development plans, marketing plans, or any other thing of a secret, confidential or private nature connected
with Company’s business and any of its present or future products, strategic partners, collaborators, suppliers, customers,
employees or investors.

 

2.          Consultant shall treat as secret and confidential all
of the Confidential Proprietary Information, and Consultant shall not, without Company’s prior written consent and regardless
of whether or not the Proposed Engagement is actually consummated, directly or indirectly, do or attempt to do any of the following:
use (except strictly for the purposes of the Proposed Engagement), exploit, reverse engineer, reverse compile, derive the composition
or underlying information, structure, formulas, formulation or ideas embodied in, disseminate or disclose, any of the Confidential
Proprietary Information. Consultant shall not remove or modify any notice contained in the Confidential Proprietary Information
that such information is confidential and proprietary. All magnetic or optical discs and other media for storage of electronic
information, and all papers, documents and other tangible forms of the Confidential Proprietary Information furnished to Consultant
shall remain Company’s property and Consultant shall returned it to Company immediately upon Company’s request and
in any event upon the termination of Consultant’s performance of services for Company.

 

    	- 2 -

    	 

    

 

3.          Consultant may disclose the Confidential Proprietary Information
to his, her or its employees, agents and representatives for whom knowledge of the Confidential Proprietary Information is reasonably
necessary in order to fulfill Consultant’s obligations under the consulting agreement, if any, between he, she or it and
Company related to the Proposed Engagement (the “Consulting Agreement”), provided that, prior to receipt of any Confidential
Proprietary Information, each such person shall have been advised of the confidential and proprietary nature of such information
and shall be subject to non-use and non-disclosure obligations similar to those applicable to Consultant hereunder and as to which
obligations Company shall be an implied third party beneficiary, and provided further that Consultant shall be responsible for
such persons' adherence to such obligations with respect to the Confidential Proprietary Information.

 

4.          Commencing on the date hereof and continuing until one
year after the later of (i) the last disclosure of Confidential Proprietary Information by Company hereunder and (ii) the expiration
or termination of the Consulting Agreement, Consultant shall not directly or indirectly solicit or recruit any employee of Company
to provide services to Consultant or a third party or to otherwise engage in any activity that would cause any such employee to
violate any agreement with Company; provided that Consultant shall not be prohibited from engaging in general promotional or recruiting
activity not specifically targeted toward any employee or group of employees of Company.

 

5.          Consultant shall not copy or reproduce or permit to be
copied or reproduced, in any way, the Confidential Proprietary Information, except as reasonably necessary strictly for the purposes
of fulfilling his, her or its obligations under the Consulting Agreement. If so requested by Company, Consultant shall promptly
return to Company (a) any documents or other tangible forms of the Confidential Proprietary Information, (b) any of the Confidential
Proprietary Information disclosed orally or by demonstration or in any other nontangible format and reduced to tangible format
by Consultant, (c) all abstracts or summaries of the Confidential Proprietary Information, and (d) all copies, reproductions or
other images of the foregoing; provided that Consultant’s legal counsel may retain one archive copy thereof in a secure location
strictly for purposes of verifying compliance with the provisions of this Agreement. Such archive copy of the Confidential Proprietary
Information, if any, may not be used or referenced by Consultant or any other third party for any other purpose; notwithstanding
anything purportedly to the contrary herein, Consultant’s obligation of non-use shall not expire with respect such archive
copy of the Confidential Proprietary Information.

 

6.          No license with respect to the Confidential Proprietary
Information is granted by Company hereunder for any purpose and NO REPRESENTATIONS OR WARRANTIES OF ANY NATURE ARE MADE BY COMPANY
HEREUNDER WITH RESPECT TO THE CONFIDENTIAL PROPRIETARY INFORMATION, except that Company has the authority to disclose the Confidential
Proprietary Information to Consultant. Nothing contained in this Agreement shall be construed as an obligation on the part of either
party to disclose any particular information or to enter into any further agreement or arrangement relating to the Proposed Engagement
or the Confidential Proprietary Information.

 

7.          (a) The prohibitions with respect to the Confidential
Proprietary Information contained herein shall not apply with regard to any particular item of Confidential Proprietary Information:
(i) three (3) years after the later to occur of the disclosure of such information by Company to Consultant or the termination
of Consultant’s last consulting engagement with Company, except to the extent that any item of Confidential Proprietary Information
is a trade secret, in which case the prohibitions hereunder shall apply with regard to such item as long as it remains a trade
secret; (ii) that is or becomes publicly disclosed or part of the public domain, except to the extent such disclosure results from
a violation hereof or any improper action or inaction by Consultant or any agent or representative of Consultant; (iii) that was
in Consultant’s possession prior to Consultant’s receipt of such material from Company, as demonstrated by documentary
evidence that itself was in Consultant’s possession at the time of Company’s disclosure of such Confidential Proprietary
Information to Consultant; (iv) that is lawfully acquired by Consultant from a third party not obligated to keep such information
confidential; or (v) that is independently developed by Consultant without any reliance on the Confidential Proprietary Information
(as demonstrated by appropriate documentary evidence), provided that Consultant shall bear the burden of proof regarding the factual
issue of independent development.

 

(b) Information disclosed under this Agreement
shall not be deemed to be within the foregoing exceptions merely because such information is embraced by more general information
in the public domain or in the possession of Consultant. In addition, any combination of features shall not be deemed to be within
the foregoing exceptions merely because individual features are in the public domain or in Consultant’s possession, but only
if the combination itself and its principle of operation are in the public domain or in Consultant’s possession.

 

    	- 3 -

    	 

    

 

8.          Notwithstanding the non-disclosure obligations set forth
in Section 2, Consultant shall not be in breach of this Agreement if he, she or it discloses Confidential Proprietary Information
in compliance with a court or administrative subpoena or order; provided, however, that (a) any such disclosure shall not otherwise
relieve Consultant of its continuing confidentiality and non-use obligations hereunder with respect to all of the Confidential
Proprietary Information, including the information disclosed by it to the court or agency under this Section 8 and (b) Consultant
shall give Company reasonable advance notice of any such disclosure and cooperate reasonably with Company (and at Company’s
expense) in Company’s efforts to object to such disclosure and to obtain the court’s or administrative agency’s
agreement to maintain the confidentiality of the Confidential Proprietary Information to be disclosed by Consultant under this
Section 8.

 

9.          Misuse or disclosure of the Confidential Proprietary Information
or misappropriation of Company’s business relationships by breach of the non-solicitation obligations in Section 4, by Consultant
shall cause irreparable harm to Company not adequately compensable by money damages. If Consultant violates or threatens to violate
any provision contained herein, Consultant hereby consents to the entry of a restraining order or injunction, or both, against
it, without the need to post any bond and without the need to demonstrate actual damages, in order to protect the confidentiality
and value of the Confidential Proprietary Information, and the entry of such restraining order or injunction, or both, shall not
preclude Company from seeking any damages or other relief to which it may be entitled under law.

 

10.          This Agreement shall terminate, and the covenants contained
in this Agreement shall be ineffective with respect to any information initially disclosed more than, six months after termination
of the consulting services of the Consultant, provided that the provisions of this Agreement shall remain in full force and effect
in accordance with their terms after such termination with respect to all Confidential Proprietary Information disclosed prior
to such termination.

 

11.          This Agreement, together with any instrument documenting
the Proposed Engagement, represents the entire understanding and agreement of the parties as to the subject matter hereof and supersedes
all prior discussions, proposals and writings with respect thereto. In order to be effective, any modification hereof must be specific,
express (not implied), in writing and signed by authorized representatives of the parties. If the parties hereto enter into a definitive
agreement(s) relating to the Proposed Engagement, this Agreement shall continue in full force and effect, except as otherwise contemplated
in such definitive agreement(s). This Agreement shall be binding upon and inure to the benefit of the successors and assigns and
legal representatives of the parties. This Agreement shall be assignable by Company. This Agreement is not assignable by Consultant
without Company’s prior written consent.

 

12.          If any provision of this Agreement is declared void or
unenforceable, such provision shall be deemed excluded or modified to the extent necessary to allow enforcement hereof, and all
other provisions of this Agreement shall remain in full force and effect.

 

13.          This Agreement shall be governed, construed and enforced
in accordance with the laws of the State of Delaware, without reference to the conflicts of law rules of such jurisdiction, and
the parties agree to personal jurisdiction and venue in the state and federal courts of the State of Delaware in any suit or proceeding
arising out of this Agreement.

 

[Remainder of page left blank intentionally.
Signatures on next page.]

 

    	- 4 -

    	 

    

 

 

IN WITNESS WHEREOF, the parties hereto
have executed, or caused to be executed by their duly authorized representatives this Consultant Confidential Disclosure Agreement
as of the date first written above.

 

	CorMedix Inc.:	 
	 	 	 
	By:  	/s/ Richard M. Cohen	 
	Name: Richard M. Cohen	 
	Title: Executive Chairman	 
	 	 	 
	Consultant:	 
	 	 
	By:  	/s/ Randy Milby	 
	Name: Randy Milby	 
	Title: MW Bridges LLC, Managing Partner	 

 

    	- 5 -

    	 

    

 

ADDENDUM to CONSULTING AGREEMENT

 

THIS ADDENDUM CONSULTING
AGREEMENT, dated as of October 12, 2012, (the "Addendum") is entered into by and between:

 

CorMedix Inc.  (“CorMedix”
or “Company”), a Delaware corporation, having a principal place of business at 745 Rt. 202-206, Suite 303, Bridgewater,
NJ 08807

 

and

 

MW Bridges LLC ("Consultant"), a Delaware limited
liability company, having a business address at 5 Jacks lane, Newark, DE 19711.

 

BACKGROUND

 

This Addendum to the May 14, 2012 Agreement confirms the mutual
understanding between Company and Consultant with respect to the terms and conditions upon which Consultant will provide Company
with the benefit of Consultant's unique experience and ability in a consulting capacity.

 

TERMS

 

In consideration of the foregoing premises, and the mutual covenants,
terms and conditions hereinafter set forth, and intending to be legally bound hereby, Company and Consultant agree as follows:

 

		9.	SERVICES AND COMPENSATION

 

		9.1	Consultant agrees to perform on behalf of Company the consulting services described in Schedule
A attached hereto (the "Services"). Such Services shall be rendered by Consultant during the period provided in Article
2.1 of this Addendum. Consultant may decide his own schedule, but agrees to make himself available as reasonably requested by the
Company, either by telephone or in person. As compensation for Consultant's performance of the Services under this Addendum, and
in consideration for Consultant’s provision of the Services in accordance with the terms and conditions of this Agreement,
Company agrees to pay Consultant the amounts specified in Schedule B attached hereto, in accordance with the payment schedule
set forth in Schedule B.

 

		10.	TERM

 

		10.1	The initial term of this Addendum shall be for a term of three months commencing on the date
first set forth above. This Addendum may be renewed upon mutual agreement of the parties in writing. Either party may terminate
this Addendum Agreement during the term hereof upon thirty (30) days prior written notice to the other party. Upon termination
of this Addendum, Company shall no have no liability to the Consultant except for charges for services performed by Consultant
and accepted by Company prior to termination.

 

    	- 6 -

    	 

    

 

IN WITNESS HEREOF,
the parties have read and agree to be bound by the above terms and conditions and have entered into this Addendum Consulting Agreement
effective as of the date set forth above.

 

	CorMedix Inc.:	 
	 	 
	By:  	/s/ Richard M. Cohen	 
	Name: Richard M. Cohen	 
	Title: Executive Chairman	 
	 	 
	MW Bridges LLC:	 
	 	 
	By:  	/s/ Randy Milby	 
	Name: Randy Milby	 
	Title: Managing Partner	 

 

    	- 7 -

    	 

    

 

SCHEDULE A

to

Addendum Consulting Agreement Dated October
12, 2012 Between

CorMedix Inc.

and

MW Bridges LLC

 

CONSULTING SERVICES

 

The Services to be provided by Consultant hereunder are as follows:

 

Duties as directed by Executive Chairman while serving as Chief
Operations Officer responsible for leading the operational and administrative areas of a company. Take responsibility for managing
finances, and all other operations, including Manufacturing, Sales and Marketing, Quality Control, Regulatory, personnel matters
(including consultants), internal systems and business processes. 

 

    	A-1

    	 

    

 

SCHEDULE B

to

Addendum Consulting Agreement Dated October
12, 2012 Between

CorMedix Inc.

and

MW Bridges LLC

 

COMPENSATION AND PAYMENT SCHEDULE

 

Consultant’s compensation hereunder shall consist of:

 

a. Base rate of $12,000 per month effective October 1, 2012.
(original Consulting Agreement expired August 2nd).

 

Consultant shall be reimbursed for all reasonable and necessary
expenses incurred by him while performing the Services, subject to (a) Company’s policy and procedures concerning reimbursement
of such expenses in effect from time to time, and (b) the prior approval by Company of any such expense (i) for air travel, or
(ii) which is individually in excess of $100.

 

Consultant shall provide invoices to the Company from time to
time, which invoices shall provide a detailed summary of the services provided by the Consultant and the number of hours devoted
to providing such services. The Company shall pay any consulting fee due hereunder within 30 days after its receipt of the relevant
invoice.

 

    	- 1 -

    	 

    

 

ADDENDUM to CONSULTING AGREEMENT

 

THIS ADDENDUM CONSULTING
AGREEMENT, dated as of December 24, 2012, (the "Addendum") is entered into by and between:

 

CorMedix Inc.  (“CorMedix”
or “Company”), a Delaware corporation, having a principal place of business at 745 Rt. 202-206, Suite 303, Bridgewater,
NJ 08807

 

and

 

MW Bridges LLC ("Consultant"), a Delaware limited
liability company, having a business address at 5 Jacks lane, Newark, DE 19711.

 

BACKGROUND

 

This Addendum to the May 14, 2012 Agreement confirms the mutual
understanding between Company and Consultant with respect to the terms and conditions upon which Consultant will provide Company
with the benefit of Consultant's unique experience and ability in a consulting capacity.

 

TERMS

 

In consideration of the foregoing premises, and the mutual covenants,
terms and conditions hereinafter set forth, and intending to be legally bound hereby, Company and Consultant agree as follows:

 

		11.	SERVICES AND COMPENSATION

 

		11.1	Consultant agrees to perform on behalf of Company the consulting services described in Schedule
A attached hereto (the "Services"). Such Services shall be rendered by Consultant during the period provided in Article
2.1 of this Addendum. Consultant may decide his own schedule, but agrees to make himself available as reasonably requested by the
Company, either by telephone or in person. As compensation for Consultant's performance of the Services under this Addendum, and
in consideration for Consultant’s provision of the Services in accordance with the terms and conditions of this Agreement,
Company agrees to pay Consultant the amounts specified in Schedule B attached hereto, in accordance with the payment schedule
set forth in Schedule B.

 

		12.	TERM

 

		12.1	The initial term of this Addendum shall be for a term of six months commencing on the date first
set forth above. This Addendum may be renewed upon mutual agreement of the parties in writing. Either party may terminate this
Addendum Agreement during the term hereof upon thirty (30) days prior written notice to the other party. Upon termination of this
Addendum, Company shall no have no liability to the Consultant except for charges for services performed by Consultant and accepted
by Company prior to termination.

 

    	- 2 -

    	 

    

 

IN WITNESS HEREOF,
the parties have read and agree to be bound by the above terms and conditions and have entered into this Addendum Consulting Agreement
effective as of the date set forth above.

 

	CorMedix Inc.:	 
	 	 
	By: 	 /s/ Richard M. Cohen	 
	Name: Richard M. Cohen	 
	Title: Executive Chairman	 
	 	 
	MW Bridges LLC:	 
	 	 
	By:	  /s/ Randy Milby	 
	Name: Randy Milby	 
	Title: Managing Partner	 

 

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SCHEDULE A

to

Addendum Consulting Agreement Dated December
24, 2012 Between

CorMedix Inc.

and

MW Bridges LLC

 

CONSULTING SERVICES

 

The Services to be provided by Consultant hereunder are as follows:

 

Duties as directed by Executive Chairman while serving as Chief
Executive Officer responsible for leading the operational and administrative areas of a company. Take responsibility for managing
finances, and all other operations, including Manufacturing, Sales and Marketing, Quality Control, Regulatory, personnel matters
(including consultants), internal systems and business processes. 

 

    	A-1

    	 

    

 

SCHEDULE B

to

Addendum Consulting Agreement Dated December
24, 2012 Between

CorMedix Inc.

and

MW Bridges LLC

 

COMPENSATION AND PAYMENT SCHEDULE

 

Consultant’s compensation hereunder shall consist of:

 

a. Base rate of $12,000 per month effective January 1, 2013.
(original Consulting Agreement expired August 2nd).

 

Consultant shall be reimbursed for all reasonable and necessary
expenses incurred by him while performing the Services, subject to (a) Company’s policy and procedures concerning reimbursement
of such expenses in effect from time to time, and (b) the prior approval by Company of any such expense (i) for air travel, or
(ii) which is individually in excess of $100.

 

Consultant shall provide invoices to the Company from time to
time, which invoices shall provide a detailed summary of the services provided by the Consultant and the number of hours devoted
to providing such services. The Company shall pay any consulting fee due hereunder within 30 days after its receipt of the relevant
invoice.Exhibit 10.27

 

CORMEDIX INC.

 

2013
Stock Incentive Plan

 

1.            Purpose.
This 2013 Stock Incentive Plan (the “Plan”) has been adopted by the Board of Directors (the “Board”)
of CorMedix Inc. (the “Company”), and is effective, subject to the approval of the Company’s stockholders.
The purpose of the Plan is to promote the long-term success of the Company by attracting, motivating and retaining directors, officers,
employees, advisors and consultants of, and others providing services to, the Company and its affiliates through the use of competitive
long-term incentives which are tied to stockholder value. The Plan seeks to balance the interest of Plan participants and stockholders
by providing incentives in the form of stock options, restricted stock, performance awards, and stock appreciation rights, as well
as other stock-based awards relating to the Company’s common stock, $0.001 par value (“Common Stock”),
to be granted under the Plan and consistent with the terms of the Plan (“Awards”).

 

2.            Administration.

 

2.1.          The
Plan shall be administered by the Compensation Committee (the “Committee”) of the Board. The Committee
shall consist of not less than two directors of the Company who shall be appointed from time to time by the Board. Each member
of the Committee shall be a “non-employee director” within the meaning of Rule 16b-3 of the Exchange Act of 1934, as
amended (together with the rules and regulations promulgated thereunder, the “Exchange Act”), and an
“outside director” as defined in Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”).
The Committee shall have complete authority to determine all provisions of all Awards, to interpret the Plan, and to make any other
determination which it believes necessary and advisable for the proper administration of the Plan. The Committee’s decisions
on matters relating to the Plan shall be final and conclusive on the Company and the Participants (as defined below). No member
of the Committee will be liable for any action or determination made in good faith with respect to the Plan or any Awards granted
under the Plan. The Committee will also have the authority under the Plan to amend or modify the terms of any outstanding Awards
in any manner; provided, however, that the amended or modified terms are permitted by the Plan as then in effect and that any recipient
of an Award adversely affected by such amended or modified terms has consented to such amendment or modification. No amendment
or modification to an Award, however, whether pursuant to this Section 2 or any other provisions of the Plan, will be deemed to
be a re-grant of such Award for purposes of the Plan. If at any time there is no Committee, then for purposes of the Plan the term
“Committee” shall mean the Board.

 

    	 

    	 

    

 

2.2.          Subject
to any applicable requirements of Code Section 409A, to the extent that an Award would otherwise be subject to Code Section 409A,
the Committee may permit or require a recipient of an Award to defer such individual’s receipt of the payment of cash or
the delivery of Common Stock that would otherwise be due to such individual by virtue of the exercise of, payment of, or lapse
or waiver of restrictions respecting, any Award. If any such payment deferral is required or permitted, the Committee shall, in
its sole discretion, establish rules and procedures for such payment deferrals. The maximum term for any Award shall not exceed
ten years from the date of the grant of such Award, provided, however, in the case of an Incentive Stock Option granted to a Participant
who, at the time such Incentive Stock Option is granted, owns (within the meaning of Section 424(d) of the Code) more than 10%
of the total combined voting power of all classes of stock of the Company or of any affiliate thereof, no such Incentive Stock
Option shall be exercisable more than five years after the date such incentive stock option is granted.

 

3.           Eligible
Participants. Employees of the Company or its subsidiaries (including officers and other employees of the Company or its subsidiaries),
directors, consultants, advisors or other independent contractors who provide services to the Company or its subsidiaries (including
members of the Company’s scientific advisory board) (“Participants”) shall become eligible to receive
Awards under the Plan when designated by the Committee, provided, however, that Awards of Incentive Stock Options (as defined below)
may only be awarded to employees of the Company or its subsidiaries. Participants may be designated individually or by groups or
categories (for example, by pay grade) as the Committee deems appropriate. Participation by officers of the Company or its subsidiaries
and any performance objectives relating to such officers must be approved by the Committee. Participation by others and any performance
objectives relating to others may be approved by groups or categories (for example, by pay grade), and authority to designate Participants
who are not officers and to set or modify such targets may be delegated to the Company’s executive management.

 

4.           Types
of Awards. Awards under the Plan may be granted in any one or a combination of the following forms: (a) Incentive Stock Options
and Non-Qualified Stock Options (Section 6); (b) restricted stock (Section 7); (c) performance awards (Section 8); and (d) other
awards (Section 8). Incentive Stock Options may only be granted to employees of the Company. The terms of an Award may be evidenced
by an agreement entered into by and between the Company and a Participant at the time the Award is granted (which may include an
employment agreement or consulting agreement by and between the Company and the Participant) (the “Award Agreement”).
In the event of any inconsistency between the terms of the Award Agreement and the Plan, the terms of the Plan shall govern. In
the event of any inconsistency between the terms of any employment agreement and any other Award Agreement, the terms of the employment
agreement shall govern.

 

5.            Shares
Subject to the Plan.

 

5.1.          Number
of Shares. Subject to adjustment as provided in Section 10.5, the number of shares of Common Stock which may be issued under
the Plan shall not exceed 5,000,000 shares of Common Stock. Of
such aggregate number of shares of Common Stock that may be issued under the Plan, the maximum number of shares that may be issued
as Incentive Stock Options under Section 422 of the Code is 5,000,000.
Any shares of Common Stock available for issuance as Incentive Stock Options may be alternatively issued as other types of Awards
under the Plan. Shares of Common Stock that are issued under the Plan or that are subject to outstanding Awards will be applied
to reduce the maximum number of shares of Common Stock remaining available for issuance under the Plan. To the extent the Company
is subject to Section 162(m) of the Code, no employee shall be eligible to be granted awards covering more than 500,000
shares of Common Stock during any calendar year.

 

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5.2.          Cancellation.
Except as otherwise required by Section 162(m) of the Code, in the event that a stock option granted hereunder expires or is terminated
or canceled unexercised or unvested as to any shares of Common Stock, such shares may again be issued under the Plan either pursuant
to stock options or otherwise. In the event that shares of Common Stock are issued as restricted stock or as part of another Award
and thereafter are forfeited or reacquired by the Company pursuant to rights reserved upon issuance thereof, such forfeited and
reacquired shares may again be issued under the Plan, either as restricted stock or otherwise.

 

6.            Stock
Options. The Committee shall determine for each option the number of shares of Common Stock for which the option is granted,
whether the option is to be treated as an Option intended to qualify as an incentive stock option within the meaning of Section
422 of the Code (an “Incentive Stock Option”), or as an option not intended to qualify as an Incentive
Stock Option (a “Non-Qualified Stock Option”), and all other terms and conditions of the option not inconsistent
with the Plan. Options granted, pursuant to the Plan shall comply with and be subject to the following terms and conditions.

 

6.1.          Option
Price. The exercise price for each option shall be established in the sole discretion of the Committee, provided it shall not
be less than the Fair Market Value of a share of Common Stock on the date of grant, and provided further, that the exercise
price per share of an Incentive Stock Option granted to a Participant who, at the time of the grant, owns stock possessing more
than 10% of the total combined voting power of all classes of stock of the Company, within the meaning of Section 422(b)(6) of
the Code (a “Ten Percent Owner”), shall be not less than 110% of the Fair Market Value of a share of
Common Stock on the date the option is granted. Notwithstanding the foregoing, an option may be granted by the Committee in its
discretion with an exercise price lower than the minimum exercise price set forth above if such option is granted pursuant to an
assumption or substitution for another option in a manner qualifying with the provisions of Section 424(a) and 409A of the Code
to the extent applicable. Nothing hereinabove shall require that any such assumption or modification will result in the option
having the same characteristics, attributes or tax treatment as the option for which it is substituted.

 

6.2.          Exercise
Period of Options. The Committee shall have the power to set the time or times within which each option shall be exercisable,
or the event or events upon the occurrence of which all or a portion of each option shall be exercisable, and the term of each
option; provided, however, that (a) no Incentive Stock Option shall be exercisable after the expiration of ten years after the
date such Incentive Stock Option is granted, and (b) no Incentive Stock Option granted to a Ten Percent Owner shall be exercisable
after the expiration of five years after the date such Incentive Stock Option is granted. Unless otherwise specifically provided
in an Award Agreement, an option shall terminate and cease to be exercisable no later than ninety (90) days after the date on which
the Participant’s employment with or service to the Company or a subsidiary terminates.

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6.3.          Payment
of Option Price. Payment of the exercise price for the number of shares being purchased pursuant to any option shall be made
in any manner permitted by the Committee, including, but not limited to: (a) in cash, (b) by check or cash equivalent, (c) with
the consent of the Committee, by delivery or attestation of ownership of a number of shares of Common Stock that have been owned
by the Participant for at least six months (or such other period as necessary to prevent an accounting charge) with a Fair Market
Value (as defined below) equal to the exercise price and/or any related withholding tax obligations, (d) with the consent of the
Committee, by delivery of a stock power and instructions to a broker to sell a sufficient number of shares of Common Stock subject
to the option to pay such exercise price, (e) with the consent of the Committee, payment through a “net exercise”
such that, without the payment of any funds, the Participant may exercise the option and receive the net number of shares of
Common Stock 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 determined by the Committee) less the exercise price per share, and
the denominator of which is the Fair Market Value per share of Common Stock, (f) such other consideration as the Committee determines
is consistent with the Plan and applicable law, or (g) with the consent of the Committee, any combination of the foregoing methods.
Any shares of Common Stock used to exercise options (including shares withheld upon the exercise of an option to pay the exercise
price of the option) shall be valued at their Fair Market Value. If the Committee, in its discretion, permits the consideration
to be paid through a broker-dealer sale and remittance procedure, the Committee may require the Participant (1) to provide irrevocable
written instructions to a Company designated brokerage firm to effect the immediate sale of a sufficient number of the purchased
shares to pay the Company, out of the sale proceeds available on the settlement date, sufficient funds to cover the aggregate option
exercise price payable for the purchased shares and/or all applicable Federal and State income and employment taxes required to
be withheld by the Company in connection with such purchase, (2) to 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, and (3) to provide irrevocable
instructions to the brokerage firm to remit such sale proceeds to the Company.

 

6.4.          $100,000
Limitation. The aggregate Fair Market Value, determined as of the date on which an Incentive Stock Option is granted, of the
shares of Common Stock with respect to which Incentive Stock Options are first exercisable during any calendar year (under the
Plan or under any other plan of the Company) by any Participant shall not exceed $100,000 or such other limitation imposed under
Section 422 of the Code. If such limitation would be exceeded with respect to a Participant for a calendar year, the Incentive
Stock Option shall be deemed a Non-Qualified Stock Option to the extent of such excess.

 

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7.            Restricted
Stock.

 

8.1.          Awards
of Restricted Stock. Restricted shares of Common Stock may be granted under the Plan in such form and on such terms and conditions
as the Committee may from time to time approve, including, without limitation, restrictions on the sale, assignment, transfer or
other disposition or encumbrance of such shares of Common Stock during the Restricted Period (as defined below) and the requirement
that the Participant forfeit such shares back to the Company without any consideration paid by the Company therefor upon failure
to satisfy within the Restricted Period the requirements set forth in the Award Agreement. Restricted stock may be granted alone
or in addition to other Awards under the Plan. The grant of any restricted stock by the Company shall be evidenced by an Award
Agreement.

 

8.2.         Restricted
Period. The Committee shall establish the “Restricted Period” with respect to each award of restricted
stock. The Committee may, in its sole discretion, at the time an award of restricted stock is made, prescribe conditions for the
lapse or termination of all or a portion of the restrictions upon the satisfaction prior to the expiration of the Restricted Period
of the requirements set forth in the Award Agreement. The Committee also may, in its sole discretion, shorten or terminate the
Restricted Period or waive any conditions for the lapse or termination of restrictions with respect to all or any portion of the
restricted stock.

 

Except as otherwise provided in
an Award Agreement, a Participant shall cease vesting in all or any portion of a restricted stock award as of the date his employment
with or service to the Company or a subsidiary terminates, for whatever reason, and any shares of restricted stock that are not
vested as of such date shall be forfeited; provided the Committee may, in its discretion, provide that a Participant whose employment
with or service to the Company terminates for any reason (including as a result of death or disability) and/or following a Change
in Control (as defined below), may vest in all or any portion of his restricted stock award. Any restricted stock award not so
vested shall be forfeited.

 

8.3.         Rights
of Holders of Restricted Stock. Except as otherwise provided in the Award Agreement or except as otherwise provided in the
Plan, the Participant shall be the owner of the restricted stock and shall have all the rights of a stockholder, including the
right to receive dividends paid on such restricted stock and the right to vote such restricted stock.

 

8.4.          Delivery
of Restricted Stock. Restricted stock awarded to a Participant under the Plan may be held under the Participant’s name
in a book entry account maintained by the Company or, if not so held, stock certificates for restricted stock awarded pursuant
to the Plan may be registered in the name of the Participant and issued and deposited, together with a stock power endorsed in
blank, with the Company or an agent appointed by the Company and shall bear an appropriate legend restricting the transferability
thereof. Subject to Section 10.4 below, a Participant shall be entitled to delivery of stock certificates only when he or she becomes
vested in accordance with the terms of his or her restricted stock award.

 

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8.            Performance
Awards and Other Awards.

 

8.1.          Performance
Awards. The Committee is authorized, in its sole discretion, to grant performance awards to Participants on the following terms
and conditions.

 

(a)          Awards
and Conditions. A performance award shall confer upon the Participant rights, valued as determined by the Committee, and payable
to, or exercisable by, the Participant to whom the performance award is granted, in whole or in part, as determined by the Committee,
conditioned upon the achievement of performance criteria determined by the Committee. Performance goals established by the Committee
shall be based on objectively determinable performance goals selected by the Committee that apply to an individual or group of
individuals, or the Company as a whole, over such a performance period as the Committee may designate. The performance goals shall
be based on one or more of the following criteria: EBITDA, stock price, earnings per share, net earnings, operating or other earnings,
profits, revenues, net cash flow, financial return ratios, return on assets, stockholder return, return on equity, growth in assets,
market share or strategic business criteria consisting of one or more objectives based on meeting specified revenue goals, market
penetration goals, geographic business expansion goals or goals relating to acquisitions or strategic partnerships. “EBITDA”
means earnings before interest, taxes, depreciation and amortization. A performance goal need not be based on an increase or positive
result.

 

(b)          Other
Terms. A performance award shall be denominated in shares of Common Stock and may be payable in cash, shares of Common Stock,
other Awards, or any combination thereof, and shall have such other terms as shall be determined by the Committee.

 

(c)          Performance-Based
Awards. Performance awards, as well as restricted stock with performance-based vesting provisions, and certain other Awards
subject to performance criteria, are intended to be “qualified performance-based compensation” within the meaning of
Section 162(m) of the Code and shall be paid solely on account of the attainment of one or more pre-established, objective performance
goals within the meaning of Section 162(m) and the regulations thereunder.

 

The payout of any such Award to a
Participant may be reduced, but not increased, based on the degree of attainment of performance criteria, or otherwise at the discretion
of the Committee, as may be provided in the Award Agreement.

 

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8.2.          Stock
Appreciation Rights. The Committee is authorized, in its sole discretion, to grant stock appreciation rights to Participants
on the following terms and conditions:

 

(a)          Right
to Payment. A stock appreciation right shall confer on the Participant to whom it is granted a right to receive payment in
cash or shares of Common Stock (at the discretion of the Committee), upon exercise of a stock appreciation right, in an amount
equal to the excess of (i) the Fair Market Value of one share of Common Stock on the date of exercise (or, if the Committee shall
so determine in the case of any such right, in other than one related to an Incentive Stock Option, the Fair Market Value of one
share of Common Stock at any time during a specified period before or after the date of exercise or a Change in Control) over (ii)
the grant price of the stock appreciation right as determined by the Committee as of the date of grant of the stock appreciation
right. If permitted by the Committee, the number of shares of Common Stock issuable upon the exercise of a stock appreciation right
shall be determined by dividing (A) the number of shares of Common Stock as to which the stock appreciation right is being exercised,
multiplied by the amount by which the Fair Market Value of the shares on the exercise date exceeds the grant or exercise price
of such stock appreciation right, by (B) the Fair Market Value of the Common Stock on the exercise date.

 

(b)          Other
Terms. The Committee shall determine the time or times at which a stock appreciation right may be exercised in whole or in
part, the method of exercise, method of settlement, form of consideration payable in settlement, method by which shares (if any)
will be delivered or deemed to be delivered to Participants, and any other terms and conditions of any stock appreciation right.
The grant or exercise price of a stock appreciation right shall be determined by the Committee, in its discretion, at the date
of grant but may not be less than 100% of the Fair Market Value of the shares of Common Stock subject thereto on the date of grant.
Such stock appreciation right shall be evidenced by an Award Agreement in such form as the Committee shall from time to time approve.

 

(c)          Bonus
and Other Stock-Based Awards. The Committee is authorized, in its sole discretion, to grant to Participants such other Awards
that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, shares of
Common Stock, as deemed by the Committee to be consistent with the purposes of the Plan, including without limitation, shares of
Common Stock awarded purely as a “bonus” and not subject to any restrictions or conditions, convertible or exchangeable
debt securities, other rights convertible or exchangeable into shares of Common Stock, purchase rights, and Awards valued by reference
to the value of shares of Common Stock or the value of securities of or the performance of the Company. The Committee shall determine
the terms and conditions of such Awards, which may include performance criteria. Shares delivered pursuant to an Award in the nature
of a purchase right granted under this Section 8.3 shall be purchased for such consideration, paid for at such times, by such methods,
and in such forms, including, without limitation, cash, shares of Common Stock, other Awards, or other property, as the Committee
shall determine.

 

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9.            Change
in Control.

 

9.1.         Definition.
For purposes of this Section 9, a “Change in Control” means, except as otherwise provided in any Award
Agreement of a Participant:

 

(a)          the
merger or consolidation of the Company into another entity unless the stockholders of the Company immediately prior to such
merger or consolidation own, directly or indirectly, more than 50% of the total combined voting power of the surviving entity’s
outstanding securities immediately after such merger or consolidation;

 

(b)          the
sale, transfer or other disposition of all or substantially all of the assets of the Company other than to a person that
directly or indirectly controls, is controlled by or is under common control with the Company prior to such disposition;

 

(c)          the
liquidation or dissolution of the Company other than in connection with the merger or consolidation of the Company with
and into another entity if stockholders of the Company immediately prior to such merger or consolidation own, directly or indirectly,
more than 50% of the total combined voting power of the surviving entity’s outstanding securities immediately after such
merger or consolidation;

 

(d)          the
acquisition, directly or indirectly, by any person or related group of persons (other than the Company, a person that directly
or indirectly controls or is controlled by or is under common control with the Company) of the beneficial ownership (within the
meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than 50% of the total combined voting power of the Company’s
outstanding securities; or

 

(e)          a
change in the composition of the Board over a period of 12 consecutive months or less such that a majority of the members
of the Board cease, by reason of one or more contested elections of Board membership, to be comprised of individuals who have been
nominated for election as Board members by a majority of the Board members immediately preceding such election.

 

9.2.         Effect
of Change in Control Transactions.

 

(a)          Upon
the occurrence of a Change in Control, except to the extent otherwise provided in a particular Participant’s Award Agreement,
all Awards shall become fully vested and, with respect to any Award that is an option or stock appreciation right, exercisable
in full. Each Participant will be afforded an opportunity to exercise his or her options or stock appreciation rights immediately
prior to the occurrence of the Change in Control (and conditioned upon the consummation of the Change in Control) so he or she
can participate in the transaction if he or she desires.

 

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(b)          If
a Change in Control of the Company occurs, then the Committee, if approved by the Committee in its sole discretion either in an
agreement evidencing an option at the time of grant or at any time after the grant of an option, and without the consent of any
Participant affected thereby, may determine that (i) some or all Participants holding outstanding options will receive, with respect
to some or all of the shares of Common Stock subject to such options, as of the effective date of any such Change in Control of
the Company, cash in an amount equal to the excess of the Fair Market Value of such shares immediately prior to the effective date
of such Change in Control of the Company over the exercise price per share of such options; and (ii) any options as to which, as
of the effective date of any such Change in Control, the Fair Market Value of the shares of Common Stock subject to such options
is less than or equal to the exercise price per share of such options, shall terminate as of the effective date of any such Change
in Control. If the Committee makes a determination as set forth in subparagraph (i) above, then as of the effective date of any
such Change in Control of the Company such options will terminate as to such shares and the Participants formerly holding such
options will only have the right to receive such cash payment(s). If the Committee makes a determination as set forth in subparagraph
(ii) above, then as of the effective date of any such Change in Control of the Company such options will terminate, become void
and expire as to all unexercised shares of Common Stock subject to such options on such date, and the participants formerly holding
such options will have no further rights with respect to such options.

 

10.          General.

 

10.1.       Effective
Date. The Plan will become effective upon its approval by the Board, except that the Plan will automatically terminate if it
is not approved by the Company’s stockholders within one year of its approval by the Board.

 

10.2.       Term.
No Awards may be granted under the Plan after the tenth anniversary of the date the Plan is approved by the Board.

 

10.3.       Non-transferability
of Awards. Except, in the event of the Participant’s death, by will or the laws of descent and distribution to the limited
extent provided in the Plan or the Award Agreement, unless approved by the Committee, no stock option, restricted stock, performance
award or other Award may be transferred, pledged or assigned by the holder thereof, either voluntarily or involuntarily, directly
or indirectly, by operation of law or otherwise, and the Company shall not be required to recognize any attempted assignment of
such rights by any Participant. During a Participant’s lifetime, an Award may be exercised only by him or her or by his or
her guardian or legal representative.

 

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10.4.          Additional
Conditions. Notwithstanding anything in the Plan to the contrary: (a) the Company may, if it shall determine it necessary or
desirable for any reason, at the time of award of any Award or the issuance of any shares of Common Stock pursuant to any Award,
require the recipient of the Award, as a condition to the receipt thereof or to the receipt of shares of Common Stock issued pursuant
thereto, to deliver to the Company a written representation of present intention to acquire the Award or the shares of Common Stock
issued pursuant thereto for his or her own account for investment and not for distribution; and (b) if at any time the Company
further determines, in its sole discretion, that the listing, registration or qualification (or any updating of any such document)
of any Award or the shares of Common Stock issuable pursuant thereto is necessary on any securities exchange or under any federal
or state securities or blue sky law, or that the consent or approval of any governmental regulatory body is necessary or desirable
as a condition of, or in connection with the award of any Award, the issuance of shares of Common Stock pursuant thereto, or the
removal of any restrictions imposed on such shares, such Award shall not be awarded or such shares of Common Stock shall not be
issued or such restrictions shall not be removed, as the case may be, in whole or in part, unless such listing, registration, qualification,
consent or approval shall have been effected or obtained free of any conditions not acceptable to the Company. Notwithstanding
any other provision of the Plan or any agreements entered into pursuant to the Plan, the Company will not be required to issue
any shares of Common Stock under the Plan, and a Participant may not sell, assign, transfer or otherwise dispose of shares of Common
Stock issued pursuant to any Awards granted under the Plan, unless (a) there is in effect with respect to such shares a registration
statement under the Securities Act of 1933, as amended (the “Securities Act”), and any applicable state
or foreign securities laws or an exemption from such registration under the Securities Act and applicable state or foreign securities
laws, and (b) there has been obtained any other consent, approval or permit from any other regulatory body which the Committee,
in its sole discretion, deems necessary or advisable. The Company may condition such issuance, sale or transfer upon the receipt
of any representations or agreements from the parties involved, and the placement of any legends on certificates representing shares
of Common Stock, as may be deemed necessary or advisable by the Company in order to comply with such securities law or other restrictions.
The Committee may restrict the rights of Participants to the extent necessary to comply with Section 16(b) of the Exchange Act,
the Code or any other applicable law or regulation. The grant of an Award pursuant to the Plan shall not limit in any way the right
or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure
or to merge, exchange or consolidate or to dissolve, liquidate, sell or transfer all or any part of its business or assets.

 

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10.5.       Adjustment.
In the event of any merger, consolidation or reorganization of the Company with any other corporation or corporations, there shall
be substituted for each of the shares of Common Stock then subject to the Plan, including shares subject to restrictions, options,
or achievement of performance objectives, the number and kind of shares of stock or other securities to which the holders of the
shares of Common Stock will be entitled pursuant to the transaction. In the event of any recapitalization, reclassification, stock
dividend, stock split, combination of shares or other similar change in the corporate structure of the Company or capitalization
of the Company, the exercise price of an outstanding Award and the number of shares of Common Stock then subject to the Plan, and
the maximum number of shares with respect to which Awards may be granted in any year, including shares subject to restrictions,
options or achievements of performance shares, shall be adjusted in proportion to the change in outstanding shares of Common Stock
in order to prevent dilution or enlargement of the rights of the Participants. In the event of any such adjustments, the purchase
price of any option, the performance objectives of any Award, and the shares of Common Stock issuable pursuant to any Award shall
be adjusted as and to the extent appropriate, in the discretion of the Committee, to provide Participants with the same relative
rights before and after such adjustment. The adjustments described above will be made in a manner consistent with Section 162(m)
and Section 409A of the Code.

 

10.6.       Incentive
Plans and Agreements. The terms of each Award shall be stated in a plan or Award Agreement approved by the Committee. The Committee
may also determine to enter into agreements with holders of options to reclassify or convert certain outstanding options, within
the terms of the Plan, as Incentive Stock Options or as Non-Qualified Stock Options.

 

10.7.       Withholding.

 

(a)          The
Company shall have the right to (i) withhold and deduct from any payments made under the Plan or from future wages of the Participant
(or from other amounts that may be due and owing to the Participant from the Company or a subsidiary of the Company), or make other
arrangements for the collection of, all legally required amounts necessary to satisfy any and all foreign, federal, state and local
withholding and employment-related tax requirements attributable to an Award, or (ii) require the Participant promptly to remit
the amount of such withholding to the Company before taking any action, including issuing any shares of Common Stock, with respect
to an Award. At any time when a Participant is required to pay to the Company an amount required to be withheld under applicable
income tax laws in connection with a distribution of Common Stock or upon exercise of an option, the Participant, with the prior
consent of the Committee, may satisfy this obligation in whole or in part by electing to have the Company withhold from the distribution
shares of Common Stock having a value up to the minimum amount required to be withheld. The value of the shares to be withheld
shall be based on the Fair Market Value of the Common Stock on the date that the amount of tax to be withheld shall be determined.

 

(b)          If
the option granted to a Participant hereunder is an Incentive Stock Option, and if the Participant sells or otherwise disposes
of any of the shares of Common Stock acquired pursuant to the Incentive Stock Option on or before the later of (i) the date two
years after the date of grant, or (ii) the date one year after the date of exercise, the Participant shall immediately notify the
Company in writing of such disposition.

 

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10.8.          No
Continued Employment, Engagement or Right to Corporate Assets. No Participant under the Plan shall have any right, because
of his or her participation in the Plan, to continue in the employ of the Company for any period of time or to any right to continue
his or her present or any other rate of compensation. Nothing contained in the Plan shall be construed as giving an employee, consultant,
such persons’ beneficiaries or any other person any equity or interests of any kind in the assets of the Company or creating
a trust of any kind or a fiduciary relationship of any kind between the Company and any such person.

 

10.9.          Amendment
of the Plan. The Board may amend, suspend or discontinue the Plan at any time; provided, however, that no amendments to the
Plan will be effective without approval of the stockholders of the Company if stockholder approval of the amendment is then required
pursuant to Section 422 or Section 162(m) of the Code, the regulations promulgated thereunder or the rules of any securities exchange
or similar regulatory body. Except as provided in Section 10.17, no termination, suspension or amendment of the Plan may adversely
affect any outstanding Award without the consent of the affected Participant or his or her beneficiary; provided, however, that
this sentence will not impair the right of the Committee to take whatever action it deems appropriate under the Plan.

 

10.10.         Definition
of Fair Market Value. For purposes of the Plan, the “Fair Market Value” of a share of Common Stock
at a specified date means, so long as the Common Stock is traded on a nationally recognized securities exchange or automated dealer
quotation system, the closing price of the Common Stock on that day. If the Common Stock is not traded on such an exchange or system
and is traded solely on the over-the-counter market, the Fair Market Value shall be the average of the closing bid and asked prices
for that day. If the Common Stock is not publically traded, then Fair Market Value shall mean the value assigned to a share for
a given day by the Committee in good faith in the exercise of its reasonable discretion and in a manner consistent with Code Section
409A.

 

10.11.         Breach
of Confidentiality, Assignment of Inventions, or Non-Compete Agreements. Notwithstanding anything in the Plan to the contrary,
in the event that a Participant materially breaches the terms of any confidentiality, assignment of inventions, or non-compete
agreement entered into with the Company or any subsidiary of the Company, whether such breach occurs before or after termination
of such Participant’s employment with or service to the Company or any subsidiary, the Committee in its sole discretion may
immediately terminate all rights of the Participant under the Plan and any agreements evidencing an Award then held by the Participant,
whether or not vested, without notice of any kind. To the extent that any Participant has been paid in cash, the Company may seek
to recover such payment.

 

10.12.         Governing
Law. The validity, construction, interpretation, administration and effect of the Plan and any rules, regulations and actions
relating to the Plan will be governed by and construed exclusively in accordance with the laws of the State of New York, notwithstanding
the conflicts of laws principles of any jurisdictions.

 

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10.13.         Successors
and Assigns. The Plan will be binding upon and inure to the benefit of the successors and permitted assigns of the Company
and the Participants.

 

10.14.         Intentionally
Omitted.

 

10.15.         Nature
of Payments. Awards shall be special incentive payments to the Participants and shall not be taken into account in computing
the amount of salary or compensation of a Participant for purposes of determining any pension, retirement, death or other benefit
under (a) any pension, retirement, profit-sharing, bonus, insurance or other employee benefit plan of the Company or any subsidiary
or (b) any agreement between the Company or any subsidiary and a Participant, except as such plan or agreement shall otherwise
expressly provide.

 

10.16.         Non-Uniform
Determinations. The Committee’s determinations under the Plan need not be uniform and may be made by the Committee selectively
among persons who receive, or are eligible to receive, Awards, whether or not such persons are similarly situated. Without limiting
the generality of the foregoing, the Committee shall be entitled to enter into non-uniform and selective Award agreements as to
(a) the identity of the Participants, (b) the terms and provisions of Awards and (c) the treatment of terminations of employment
or service.

 

10.17.         Rule
409A. It is the intention of the Board that the Plan comply strictly with the provisions of Code Section 409A to the extent
feasible and the Committee shall exercise its discretion in granting Awards hereunder (and the terms of such Award grants), accordingly.
The Plan and any grant of an Award hereunder may be amended from time to time without the consent of the participant as may be
necessary or appropriate to comply with the Code Section 409A and the Department of Treasury regulations and other interpretive
guidance issued thereunder, including without limitation any such regulations or guidance that may be issued or amended after the
effective date of the Plan.

 

10.18.         Electronic
Delivery. The Committee may, in its sole discretion, decide to deliver any documents related to any Awards granted under the
Plan through an online or electronic system established and maintained by the Company or another third party designated by the
Company or to request a Participant’s consent to participate in the Plan by electronic means. Each Participant consents to
receive such documents by electronic delivery and agrees to participate in the Plan through an online or electronic system established
and maintained by the Company or another third party designated by the Company, and such consent shall remain in effect throughout
Participant’s term of employment or service with the Company or any subsidiary and thereafter until withdrawn in writing
by Participant.

 

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10.19.         Data
Privacy. The Committee may, in its sole discretion, decide to collect, use and transfer, in electronic or other form, personal
data as described in this Plan or any Award for the exclusive purpose of implementing, administering and managing participation
in the Plan. Each Participant acknowledges that the Company may hold certain personal information about Participant, including,
but not limited to, name, home address and telephone number, date of birth, social security number or other identification number,
salary, nationality, job title, details of all Awards awarded, cancelled, exercised, vested or unvested, for the purpose of implementing,
administering and managing the Plan (the “Data”). Each Participant further acknowledges that Data may
be transferred to any third parties assisting in the implementation, administration and management of the Plan and that these third
parties may be located in jurisdictions that may have different data privacy laws and protections, and Participant authorizes such
third parties to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing,
administering and managing the Plan, including any requisite transfer of such Data as may be required to a broker or other third
party with whom the recipient or the Company may elect to deposit any shares of Common Stock acquired upon any Award.

 

10.20.         Reservation
of Shares. The Company, during the term of the Plan, will at all times reserve and keep available such number of shares of
Common Stock as shall be sufficient to satisfy the requirements of the Plan.

 

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