Document:

Exhibit 10.1

     

    EMPLOYMENT AGREEMENT

     

    This Employment Agreement (the “Agreement”) is made and entered into by and between Rajiv De Silva (“Employee”) and Venus Concept Inc.  (“Employer” or
      “Company” (Employee and Employer are together referred to in this Agreement as the “Parties”), effective as of October 2, 2022 (the “Effective Date”).

     

    RECITALS

     

    A.           Employer is in the business (the
          “Business”) of developing, marketing and selling non-invasive medical aesthetic devices.

     

    B.          Employer desires to obtain the services
          of Employee as its Chief Executive Officer, in which capacity Employee has access to Employer’s Confidential Information (as hereinafter defined), and to obtain assurance that Employee will protect Employer’s Confidential Information and will not
          compete with Employer or solicit its customers or its other employees during the term of employment and for a reasonable period of time after termination of employment pursuant to this Agreement, and Employee is willing to agree to these terms.

     

    C.          Employee desires to
          be assured of the salary, bonus opportunity and other benefits in this Agreement and, as additional consideration, to obtain the stock options that Employer is willing to grant.

     

    AGREEMENT

     

    NOW, THEREFORE, in consideration of
        the mutual covenants in this Agreement, and other good and valuable consideration, the parties agree as follows:

     

    1.          Employment.  Employer hereby employs Employee, and Employee agrees to be employed as its Chief Executive Officer.  Employee will report initially to the Board of Directors of
          Employer (the “Board”).  In addition, Employee will be appointed or elected to serve on the Board as a Director.  Employee will devote full time and attention to Employee’s duties as Chief Executive Officer.  Employee will comply with all rules,
          policies and procedures of Employer as modified from time to time, including without limitation, rules and procedures set forth in any Company employee handbook.  Employee will perform all of Employee’s responsibilities in compliance with all
          applicable laws and will ensure that the operations that Employee manages are in compliance with all applicable laws.  During Employee’s employment, Employee will not engage in any other business activity which, in the reasonable judgment of the
          Board, or such member or members of the Board to whom such determination is delegated, conflicts with the duties of Employee under this Agreement, whether or not such activity is pursued for gain, profit or other pecuniary advantage; provided
          that Employee may continue to serve as Chairperson for Covis Pharma, and as co-founder of Asiri Healthcare (aka Asiri Skincare) a start-up consumer therapeutic skin-care company, so long as neither role interferes with Employee’s duties to the
          Company.

     

    
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    2.          Term of Employment.  The term of employment (“Term”) will not be for a definite period, but rather continue indefinitely until terminated in accordance with the terms and
          conditions of this Agreement.

     

    3.           Compensation and Stock Options.  For the duration of Employee’s employment under this Agreement, the Employee will be entitled to compensation which will be computed and paid
          pursuant to the following subparagraphs.

     

    3.1         Base Salary.  Employer will pay to Employee a base salary (“Base Salary”) at an annual rate of $525,000 USD, payable in such installments (but in no event less than monthly),
          subject to withholdings and deductions as required or permitted by law.  Employee’s Base Salary will be reviewed annually by the Board of Employer and may be adjusted in the sole discretion of the Board of Employer based on such review.

     

    3.2        Incentive Bonus.  Employee will participate in Employer’s annual incentive bonus plan under which Employee may earn an annual incentive bonus.  The terms of the annual incentive
          bonus plan, including the criteria upon which Employee can earn the maximum bonus, will be determined annually by the Board or such individuals to whom the Board delegates such determination.  Employee’s annual incentive bonus target shall be 75%
          of Employee’s then Base Salary, with the understanding that the bonus could be less or more, depending on achievement of criteria.  Employee may also participate in other bonus or incentive plans adopted by Employer that are applicable to
          Employee’s position, as they may be changed from time to time, but nothing herein shall require the adoption or maintenance of any such plan. Employer will pay bonus payments to Employee at the time the Company makes bonus payments to the rest of
          the executive management team.  To receive a bonus payment, Employee must be an employee in good standing with the Company (meaning the Company does not have Cause to terminate Employee’s employment as defined below) and Employee must not have
          given notice of termination of employment as of the date the bonus is paid in accordance with the terms of the bonus plan.

     

    3.3         Equity Awards.  Upon execution of this Agreement, under an inducement grant, the terms of which will be substantially similar to the 2019 Incentive Award Plan (“Plan”), Employer
          will grant to Employee stock options to purchase 3,300,000 shares in the Company at an exercise price equal to the closing market price on the date of grant (an “Award”). Such shares shall vest as follows: 25% shall vest on the first anniversary
          of the date of grant and the remaining 75% of such shares shall vest quarterly at a rate of 6.25% per quarter, pursuant and subject to Employee’s execution and return of Employer’s Stock Option Agreement.

     

    4.           Other Benefits.

     

    4.1        Certain Benefits.  Employee will be eligible to participate in all employee benefit programs established by Employer that are applicable to management personnel such as medical,
          pension, disability and life insurance plans on a basis commensurate with Employee’s position and in accordance with Employer’s policies from time to time, but nothing herein shall require the adoption or maintenance of any such plan.

     

    
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    4.2       Vacations, Holidays and Expenses.  For the duration of Employee’s employment hereunder, Employee will be provided such holidays, sick leave and vacation as Employer makes
          available to its management level employees generally and as may otherwise be required by law.  Employer will reimburse Employee in accordance with company policies and procedures for reasonable expenses necessarily incurred in the performance of
          duties hereunder against appropriate receipts and vouchers indicating the specific business purpose for each such expenditure.

     

    5.            Termination Or Discharge By Employer.

     

    5.1        For Cause.  Employer will have the right to immediately terminate Employee’s services and this Agreement for Cause.  “Cause” means the Employer’s reasonable belief that any of
          the following has occurred:

     

    (i)          Employee’s willful failure to
          substantially to perform Employee’s duties and responsibilities to the Company or deliberate violation of a Company policy;

     

    (ii)       Employee’s commission of any act of
          theft, fraud, embezzlement, dishonesty or any other willful misconduct that has caused or is reasonably expected to result in material injury to the Company;

     

    (iii)      Unauthorized use or disclosure by
          Employee of any proprietary information or trade secrets of the Company or any other party to whom the Employee owes an obligation of nondisclosure as a result of Employee’s relationship with the Company; or

     

    (iv)         Employee’s willful breach of any of
          Employee’s obligations under any written agreement or covenant with the Company.

     

    (v)        commission of a felony or misdemeanor
          involving moral turpitude or failure to contest prosecution for a felony or misdemeanor involving moral turpitude;

     

    (vi)        the Employer’s reasonable belief that
          Employee engaged in a violation of any statute, rule or regulation, any of which in the judgment of Employer is materially harmful to the Business or to Employer’s reputation; or

     

    (vii)       commission by Executive of any immoral
          or illegal act or any or willful misconduct, where a majority of the non-employee members of the Board reasonably determines that such act or misconduct has (A) seriously undermined the ability of the Board to entrust Executive with important
          matters or otherwise work effectively with Executive, (B) contributed to the Company’s loss of significant revenues or business opportunities, or (C) significantly and detrimentally affected the business or reputation of the Company or any of its
          subsidiaries.

     

    
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    The determination as to whether Employee is being terminated for Cause shall be made in good faith by the Company and shall be final and binding on Employee. The
      foregoing definition does not in any way limit the Company’s ability to terminate Employee’s employment at any time as provided in this Agreement.

     

    Upon termination of Employee’s employment hereunder for Cause or upon the death or disability of Employee, Employee will have no rights to any unvested benefits or any
      other compensation or payments after the termination date or the last day of the month in which Employee’s death or disability occurred, respectively.  For purposes of this Agreement, “disability” means the incapacity or inability of Employee,
      whether due to accident, sickness or otherwise, as determined by a medical doctor acceptable to the Board of Directors of Employer and confirmed in writing by such doctor, to perform the essential functions of Employee’s position under this
      Agreement, with or without reasonable accommodation (provided that no accommodation that imposes undue hardship on Employer will be required) for an aggregate of ninety (90) days during any period of one hundred eighty (180) consecutive days, or such
      longer period as may be required under disability law.

     

    5.2        Without Cause and Not in Connection With a Change in Control.  Employer may terminate
            Employee’s employment under this Agreement without Cause and without advance notice. However, if Employer terminates Employee without Cause and not in Connection with a Change in Control (as defined below), Employer will pay Employee
            the following severance, provided Employee first executes, and then does not revoke as may be allowed by law, a separation and global release of claims agreement in a form substantially similar to the one attached hereto as Exhibit B, subject
            to such reasonable modifications by the company as may be necessary to effectuate such global release of claims, within the Company’s reasonable discretion:

     

    (i)           A lump sum payment equal to 12
          months of Employee’s base salary as of Employee’s last day of employment; plus

     

    (ii)       A lump sum payment equal to 1x (one
          times) the average of the last two annual bonus payments Employee received prior to termination of employment (if Employee has not been employed for two years, then this amount shall be Employee’s target bonus for the year in which Employee’s
          employment is terminated); plus

     

    (iii)        A lump sum payment equal to a portion
          of Employee’s annual bonus for the year in which Employee’s employment is terminated, if performance at the time is tracking to achievement of established performance metrics (as determined by the Company in its sole reasonable discretion),
          prorated for the percentage of the calendar year that has passed as of Employee’s last day of work; plus

     

    (iv)         Employer shall pay the cost of
          Employee’s medical, dental and vision premiums at the level Employee enjoyed immediately prior to termination, for the 12 month period following the termination of Employee’s employment.

     

    
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    The amounts described above in subparagraphs (i) through (iv) immediately above shall be referred to below as the “Non-Change in Control Severance Payments.” If Employee
      qualifies to receive the Non-Change in Control Severance Payments as described above, Employer shall pay Employee the Non-Change in Control Severance Payments on the first regular payroll date that is at least 14 days after Employee executes, and
      then does not revoke as may be allowed by law, the required separation and release agreement in favor of the Company.

     

    5.3         Without Cause and in Connection With a Change in Control.  Employer may terminate Employee’s employment under this Agreement without Cause and without advance notice. However, if Employer terminates Employee without Cause and in Connection with a Change in Control (as defined below), Employer will pay Employee the following severance, provided Employee
          first executes, and then does not revoke as may be allowed by law, a separation and global release of claims agreement in a form substantially similar to the one attached as Exhibit B, subject to such reasonable modifications by the company as
          may be necessary to effectuate such global release of claims, within the Company’s reasonable discretion:

     

    (i)           A lump sum payment equal to 24
          months of Employee’s base salary as of Employee’s last day of employment; plus

     

    (ii)       A lump sum payment equal to 2x (two
          times) the average of the last two annual bonus payments Employee received prior to termination of employment (if Employee has not been employed for two years, then this amount shall be 2x (two times) Employee’s target bonus for the year in which
          Employee’s employment is terminated); plus

     

    (iii)        A lump sum payment equal to a portion
          Employee’s annual bonus for the year in which Employee’s employment is terminated, if performance at the time is tracking to achievement of established performance metrics (as determined by the Company in its sole reasonable discretion), prorated
          for the percentage of the calendar year that has passed as of Employee’s last day of work; plus

     

    (iv)         Employer shall pay the cost of
          Employee’s medical, dental and vision premiums at the level Employee enjoyed immediately prior to termination, for the 24 month period following the termination of Employee’s employment; plus

     

    (v)         Each outstanding equity award,
          including, without limitation. each stock option and restricted stock award, held by Employee shall automatically become vested and, if applicable, exercisable and any forfeiture restrictions or rights of repurchase thereon shall immediately
          lapse, in each ease, with respect to one hundred percent (100%) of the then-unvested shares subject to such outstanding award effective as of immediately prior to such the date of termination of Employee’s employment.

     

    
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    The amounts described above in subparagraphs (i) through (v) immediately above shall be referred to below as the “Change in Control Severance Payments.” If Employee
      qualifies to receive the Change in Control Severance Payments as described above, Employer shall pay Employee the Change in Control Severance Payments on the first regular payroll date that is at least 14 days after executes, and then does not revoke
      as may be allowed by law, the required separation and release agreement in favor of the Company.

     

    6.        Termination By Employee.  Employee may terminate Employee’s employment under this Agreement for any reason provided that Employee promises to give Employer at least sixty (60)
          days’ notice in writing.  Employer may, at its option, accelerate such termination date to any date at least two weeks after Employee’s notice of termination.  Employer may also, at its option, relieve Employee of all duties and authority after
          notice of termination has been provided.  All compensation, payments and unvested benefits will cease on the termination date.

     

    6.1        Termination By Employee for Good Reason.  “Good Reason” means Employee’s right to resign from employment with the Company after providing written notice to the Company within
          sixty (60) days after one or more of the following events occurs without Employee’s prior written consent provided such event remains uncured thirty (30) days after Employee delivers to the Company of written notice thereof:

     

    (i)          a material reduction in Executive’s
          authority, duties and responsibilities as Chief Executive Officer, including a material reduction of authority, duties and responsibilities which results from Executive no longer serving as an officer of the Company;

     

    (ii)         a material reduction by the Company
          in Executive’s Base Salary in effect immediately prior to such reduction; or

     

    (iii)       the failure of any entity that
          acquires all or substantially all of the assets of the Company in a Change in Control to assume the Company’s obligations under this Agreement.

     

    6.2         If Employee resigns
          for Good Reason and not in Connection with a Change in Control, Employer shall pay Employee the Non-Change in Control Severance Payments, by the date provided in Section 5.2 above, provided Employee first executes, and then does not revoke as may
          be allowed by law, the required separation and release agreement in favor of the Company.

     

    6.3        If Employee resigns
          for Good Reason and in Connection with a Change in Control, Employer shall pay Employee the Change in Control Severance Payments, by the date provided in Section 5.3 above, provided Employee first executes, and then does not revoke as may be
          allowed by law, the required separation and release agreement in favor of the Company.

     

    7.           Change

          in Control.

     

    Definition of “Change in Control.”  “Change in
        Control” means the occurrence of any one or more of the following events:

     

    
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    (i)          A transaction or series of
          transactions (other than an offering of Common Stock to the general public through a registration statement filed with the Securities and Exchange Commission) whereby any “person” or related “group” of “persons” (as such terms are used in
          Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended) (other than the Company, any of its subsidiaries, an employee benefit plan maintained by the Company or any of its subsidiaries or a “person” that, prior to such
          transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13(d)(3) under the Securities Exchange Act of 1934, as
          amended) of securities of the Company possessing more than fifty percent (50%) of the total combined voting power of the Company’s securities outstanding immediately after such acquisition; or

     

    (ii)      The consummation by the Company (whether
          directly involving the Company or indirectly involving the Company through one or more intermediaries) of (x) a merger, consolidation, reorganization, or business combination, (y) a sale or other disposition of all or substantially all of the
          Company’s assets in any single transaction or series of related transactions or (z) the acquisition of assets or stock of another entity, in each case other than a transaction:

     

    a.       which results in the Company’s voting
          securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly
          or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at
          least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and

     

    b.       after which no person or group
          beneficially owns voting securities representing 50% or more of the combined voting power of the Successor Entity; provided, however,
          that no person or group shall be treated for purposes of this Section 7.1(iii)(b) as beneficially owning 50% or more of the combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the
          consummation of the transaction; and

     

    c.       after which at least a majority of the
          members of the board of directors (or the analogous governing body) of the Successor Entity (as defined in the Plan) were Board members at the time of the Board’s approval of the execution of the initial agreement providing for such transaction;
          or

     

    (iii)        The date which is 10 business days
          prior to the completion of a liquidation or dissolution of the Company.

     

    (iv)        Notwithstanding any provision to the
          contrary above, a primary equity raise that results in the newly issued shares constituting 50% or more of the Company’s outstanding voting shares only by reason of the existing shareholders’ equity being diluted, shall not constitute a Change in
          Control.

     

    
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    A transaction shall not constitute a Change in Control if its sole purpose is to change the province of the Company’s incorporation or to create a holding company that
      will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.

     

    7.2       Definition of “In Connection With a Change in Control.” A termination of Employee’s Employment by the Company for Cause, or a
            resignation by Employee for Good Reason shall be “In Connection With a Change in Control” if it occurs within 12 months of a Change in Control.

     

    8.          Return of Property and Information. Upon termination of this Agreement or upon request of the Company, Employee shall  deliver to
            the Corporation all property, documents and materials pertaining to the Company’s business including, but not limited to, memoranda, notes, records, drawings, manuals, disks, copies, representations, extracts, summaries and analyses, all
            inventory, demonstration units, and any other property, documents or media of the Corporation, and all equipment belonging to the company, including but not limited to corporate cards, access cards, office keys, office equipment, laptop and
            desktop computers, cell phones and other wireless devices, thumb drives and all other media storage devices.

     

    9.          Deemed Resignation. Upon termination of Employee’s employment for any reason, Employee shall be deemed to have resigned from all
            offices and directorships, if any, then held with the Company or any of its affiliates, and, at the Company’s request, Employee shall execute such documents as are necessary or desirable to effectuate such resignations.

     

    10.         Covenants

          Not To Compete and Not To Solicit.

     

    10.1      During Employee’s
          employment, Employee will not, directly or indirectly, on Employee’s own behalf or on behalf of or in conjunction with any person, business, firm, company, or other entity, set up, join, become employed by, be engaged in, or provide any advice or
          services to, any enterprise (including, without limitation, any corporation, partnership, proprietorship, or other venture) which competes with the Company’s Business. Furthermore, for 12 months following the termination of Employee’s employment,
          Employee will not, directly or indirectly, on Employee’s own behalf or on behalf of or in conjunction with any person, business, firm, company, or other entity, set up, join, become employed by, be engaged in, or provide any advice or services
          to, any enterprise (including, without limitation, any corporation, partnership, proprietorship, or other venture) within the United States and that engage in the same business as:

     

    (i)          The Business of the Company: (1) with
          which Employee was actively involved at any time during the last two years of Employee’s employment, or (2) about which Employee obtained or knew Confidential Information at any time during Employee’s employment.

     

    
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    (ii)         Any business of the Company that the
          Company can reasonably demonstrate was being considered, being researched, or under development by the Company at any time during the two year period immediately preceding Employee’s termination date (but only if Employee obtained or knew
          Confidential Information about any such business at any time during such period).

     

    (iii)        Notwithstanding any other provision
          in this Section 10.1 to the contrary, after employee’s employment with the Company terminates, Employee shall be allowed to join the board of directors of a company that engages in business that is competitive with the Business of the Company (a
          “Limited Competitor”) so long as (a) Employee provides no advice regarding and does not participate in any business of the Limited Competitor that is competitive with the Company’s Business; (b) Employee otherwise abides by all of Employee’s
          obligations under this Agreement; (c) the Limited Competitor derives less than 10% of the Limited Competitor’s total revenue from business that is competitive with the Company’s Business; and (d) Employee first informs the Company of Employee’s
          intent to join the board of the Limited Competitor and the Company confirms in writing to Employee that Employee joining the board of directors of the Limited Competitor is consistent with the terms of this Agreement. The Company shall not
          unreasonably withhold such confirmation and if the Company does not respond to Employee’s written request for confirmation within 30 days of receiving such request, the Company shall be deemed to have provided such confirmation.

     

    10.2      During Employee’s
          employment and for a period of 12 months following the termination of Employee’s employment, Employee will not, directly or indirectly, on Employee’s own behalf or on behalf or in conjunction with any person, business, firm, company or other
          entity:

     

    (i)          solicit, induce, entice or attempt to
          entice any employee or contractor of the Company who was an employee or contractor of the Company within the 12 months preceding the date of termination of the Employee’s employment, to terminate his or her employment, contractual, or other
          relationship with the Company;

     

    (ii)         solicit or accept any business for
          any product competitive with any product sold, manufactured, imported, licensed or distributed by the Company (as of the date of termination of the Employee’s employment) from any person, firm or corporation that was a customer of the Company
          within the 12 months preceding the date of termination; or

     

    (iii)       solicit, induce, entice or attempt to
          entice any customer or supplier of the Company that was a customer or supplier of the Company within the 12 months preceding the date of termination of the Employee’s employment, to terminate or reduce its business relationship with the Company.

     

    
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    11.         Confidential Information.  Employee recognizes that Employer’s Business and continued success depend upon the use and protection of confidential and proprietary business
          information, including, without limitation, the information and technology developed by or available through licenses to Employer, to which Employee has access (all such information being “Confidential Information”).  For purposes of this
          Agreement, the phrase “Confidential Information” includes, for Employer and its current or future subsidiaries and affiliates, without limitation, and whether or not specifically designated as confidential or proprietary: all business plans and
          marketing strategies; information concerning existing and prospective markets and customers; financial information; information concerning the development of new products and services; information concerning any personnel of Employer (including,
          without limitation, skills and compensation information); and technical and non-technical data related to software programs, designs, specifications, compilations, inventions, improvements, methods, processes, procedures and techniques; provided, however, that the phrase does not include information that (a) was lawfully in Employee’s possession prior to
          disclosure of such information by Employer; (b) was, or at any time becomes, available in the public domain other than through a violation of this Agreement; (c) is documented by Employee as having been developed by Employee outside the scope of
          Employee’s employment and independently; or (d) is furnished to Employee by a third party not under an obligation of confidentiality to Employer.

     

    Employee agrees that during Employee’s employment and after termination of employment irrespective of cause, Employee will use Confidential
      Information only for the benefit of Employer and will not directly or indirectly use or divulge, or permit others to use or divulge, any Confidential Information for any reason, except as authorized by Employer.  Employee’s obligation under this
      Agreement is in addition to any obligations Employee has under state or federal law.  Employee agrees to deliver to Employer immediately upon termination of Employee’s employment, or at any time Employer so requests, all tangible items containing any
      Confidential Information (including, without limitation, all memoranda, photographs, records, reports, manuals, drawings, blueprints, prototypes, notes taken by or provided to Employee, and any other documents or items of a confidential nature
      belonging to Employer) whether in hard copy, electronic, or other format, together with all copies of such material in Employee’s possession or control.  Employee agrees that in the course of Employee’s employment with Employer, Employee will not
      violate in any way the rights that any entity has with regard to trade secrets or proprietary or confidential information.

     

    Employee’s obligations under this Section 11 are indefinite in term and shall survive the termination of this Agreement.  However, Employee further
      understands that nothing in this Agreement prohibits Employee from reporting to any governmental authority information concerning possible violations of law or regulation and that Employee may disclose Confidential Information to a government
      official or to an attorney and use it in certain court proceedings without fear of prosecution or liability, provided Employee files any document containing Confidential Information under seal and does not disclose the Confidential Information,
      except pursuant to court order.  Employee understands that in the event it is determined that the disclosure of Company trade secrets was not done in good faith pursuant to the above, Employee will be subject to substantial damages, including
      punitive damages and attorneys’ fees.

     

    
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    Employee acknowledges that certain whistleblower laws permit Employee to communicate directly with governmental or regulatory authorities, including
      communications with the U.S. Securities and Exchange Commission about possible securities law violations, without the Company’s permission or notification, and that notwithstanding anything in this Agreement, the Company will not consider such
      communications to violate this or any other agreement between Employee and the Company or any Company policy.

     

    Employee acknowledges that under U.S. Defend Trade Secrets Act of 2016, Employee will not be held criminally or civilly liable under any U.S. federal
      or state trade secret law for the disclosure of a trade secret that is made in confidence to government officials, either directly or indirectly, or to an attorney, in each case solely for the purpose of reporting or investigating a suspected
      violation of law, or in a complaint or other document filed in a lawsuit or other proceeding, provided such filing is made under seal. If Employee has any questions as to what comprises such confidential or proprietary information or trade secrets,
      or to whom if anyone it may be disclosed, Employee will consult with the Company.  Employee understands that in the event it is determined that the disclosure of Company trade secrets was not done in good faith, Employee will be subject to
      substantial damages, including punitive damages and attorneys’ fees.

     

    12.       Work Product and Copyrights.  Employee agrees that all right, title and interest in and
            to the materials resulting from the performance of Employee’s duties at Employer and all copies thereof, including works in progress, in whatever media, (the “Work”), will be and remain in Employer upon their creation.  Employee will mark all
            Work with Employer’s copyright or other proprietary notice if and as directed by Employer.  Employee further agrees:

     

    12.1       To the extent that
          any portion of the Work constitutes a work protectable under the copyright laws of the United States (the “Copyright Law”), that all such Work will be considered a “work made for hire” as such term is used and defined in the Copyright Law, and
          that Employer will be considered the “author” of such portion of the Work and the sole and exclusive owner throughout the world of such copyright; and

     

    12.2       If

          any portion of the Work does not qualify as a “work made for hire” as such term is used and defined in the Copyright Law, that Employee hereby assigns and agrees to assign to Employer, without further consideration, all right, title and interest
          in and to such Work or in any such portion of such Work and any copyright in such Work and further agrees to execute and deliver to Employer, upon request, appropriate assignments of such Work and copyright in such Work and such other documents
          and instruments as Employer may request to fully and completely assign such Work and copyright in such Work to Employer, its successors or nominees, and that Employee appoints Employer as attorney-in-fact to execute and deliver any such documents
          on Employee’s behalf in the event Employee should fail or refuse to do so within a reasonable period following Employer’s request.

     

    
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    13.        Inventions and Patents.  For purposes of this Agreement, “Inventions” includes, without limitation, information, inventions, contributions, improvements, ideas, or discoveries,
          whether protectable or not, and whether or not conceived or made during work hours.  Employee agrees that all Inventions conceived or made by Employee during the period of employment with Employer belong to Employer, provided they grow out of
          Employee’s work with Employer or are related in some manner to the Business, including, without limitation, research and product development, and projected business of Employer or its affiliated companies.  Accordingly, Employee:

     

    13.1       Will make adequate
          written records of such Inventions, which records will be Employer’s property;

     

    13.2       Does hereby assign to
          Employer any rights Employee may have to such Inventions for the U.S. and all foreign countries;

     

    13.3       Will waive and agree
          not to assert any moral rights Employee may have or acquire in any Inventions and agree to provide written waivers from time to time as requested by Employer; and

     

    13.4        Will

          assist Employer (at Employer’s expense) in obtaining and maintaining patents or copyright registrations with respect to such Inventions.

     

    Employee understands and agrees that Employer or its designee will determine, in its sole and absolute discretion, whether an
      application for patent will be filed on any Invention that is the exclusive property of Employer, as set forth above, and whether such an application will be abandoned prior to issuance of a patent.  Employer will pay to Employee, either during or
      after the term of this Agreement, the following amounts if Employee is sole inventor, or Employee’s proportionate share if Employee is joint inventor: $750 upon filing of the initial application for patent on such Invention; and $1,500 upon issuance
      of a patent resulting from such initial patent application, provided Employee is named as an inventor in the patent.

     

    Employee further agrees that Employee will promptly disclose in
        writing to Employer during the term of Employee’s employment all Inventions whether developed during the time of such employment so that Employee’s rights and Employer’s rights in such Inventions can be determined.  Except as set forth on the
        initialed Exhibit A (List of Inventions) to this Agreement, if any, Employee represents and warrants that Employee has no Inventions, software, writings or other works of authorship useful to Employer in the normal course of the Business, which
        were conceived, made or written prior to the date of this Agreement and which are excluded from the operation of this Agreement.

     

    NOTICE: 

        Notwithstanding anything in this Agreement, this Section 13 does not apply to Inventions for which no equipment, supplies, facility, or trade secret information of Employer was used and which was developed entirely on Employee’s own time, unless: 
        (a) the Invention relates (i) directly to the business of Employer or (ii) to Employer’s actual or demonstrably anticipated research or development, or (b) the Invention results from any work performed by Employee for Employer.

     

    
      12

      
        

    

    14.         Remedies.  Notwithstanding other provisions of this Agreement regarding dispute resolution, Employee agrees that Employee’s violation of any of Sections 10, 11, 12 or 13 of this
          Agreement would cause Employer irreparable harm which would not be adequately compensated by monetary damages and that an injunction may be granted by any court or courts having jurisdiction, restraining Employee from violation of the terms of
          this Agreement, upon any breach or threatened breach of Employee of the obligations set forth in any of Sections 10, 11, 12 or 13.  The preceding sentence shall not be construed to limit Employer from any other relief or damages to which it may
          be entitled as a result of Employee’s breach of any provision of this Agreement, including Sections 10, 11, 12 or 13.  Employee also agrees that a violation of any of Sections 10, 11, 12 or 13 would entitle Employer, in addition to all other
          remedies available at law or equity, to recover from Employee any and all funds, including, without limitation, profits, which will be held by Employee in constructive trust for Employer, received by Employee in connection with such violation.

     

    15.       Fees Related to Dispute Resolution.  Unless otherwise agreed, the prevailing party will be entitled to its costs and attorneys’ fees incurred in any litigation or dispute
          relating to the interpretation or enforcement of this Agreement.

     

    16.         Disclosure.  Employee agrees fully and completely to reveal the terms of this Agreement to any future employer or potential employer of Employee and authorizes Employer, at its
          election, to make such disclosure.

     

    17.        Representation of Employee.  Employee represents and warrants to Employer that Employee is free to enter into this Agreement and has no contract, commitment, arrangement or
          understanding to or with any party that restrains or is in conflict with Employee’s performance of the covenants, services and duties provided for in this Agreement.  Employee agrees to indemnify Employer and to hold it harmless against any and
          all liabilities or claims arising out of any unauthorized act or acts by Employee that, the foregoing representation and warranty to the contrary notwithstanding, are in violation, or constitute a breach, of any such contract, commitment,
          arrangement or understanding.

     

    18.        Conditions of Employment.  Employer’s obligations to Employee under this Agreement are conditioned upon Employee’s timely compliance with requirements of the United States
          immigration laws.

     

    19.        Assignability.  During Employee’s employment, this Agreement may not be assigned by either party without the written consent of the other; provided, however, that Employer may
          assign its rights and obligations under this Agreement without Employee’s consent to a successor by sale, merger or liquidation, if such successor carries on the Business substantially in the form in which it is being conducted at the time of the
          sale, merger or liquidation.  This Agreement is binding upon Employee, Employee’s heirs, personal representatives and permitted assigns and on Employer, its successors and assigns.

     

    
      13

      
        

    

    20.        Notices.  Any notices required or permitted to be given hereunder are sufficient if in writing and delivered by hand, by facsimile, by registered or certified mail, or by
          overnight courier, to Employee at 6 Park Ridge Court, Chester, NJ 07930 or such other address provided by Employee to Employer or to the Chairperson of the Board of
          Employer at Attn: Scott Barry, EW Healthcare Partners, 75 Rockefeller Plaza,  Suite 1700A,  New York, NY 10019 (corporate address).  Notices shall be deemed to have been given (i) upon delivery, if
            delivered by hand, (ii) seven days after mailing, if mailed, (iii) one business day after delivery, if delivered by courier, and (iv) one business day following receipt of an appropriate electronic confirmation, if by facsimile.

     

    21.        Severability.  If any provision of this Agreement or compliance by any of the parties with any provision of this Agreement constitutes a violation of any law, or is or becomes
          unenforceable or void, then such provision, to the extent only that it is in violation of law, unenforceable or void, shall be deemed modified to the extent necessary so that it is no longer in violation of law, unenforceable or void, and such
          provision will be enforced to the fullest extent permitted by law.  The Parties shall engage in good faith negotiations to modify and replace any provision which is declared invalid or unenforceable
            with a valid and enforceable provision, the economic effect of which comes as close as possible to that of the invalid or unenforceable provision which it replaces.  If such modification is not possible, said provision, to the extent
          that it is in violation of law, unenforceable or void, shall be deemed severable from the remaining provisions of this Agreement, which provisions will remain binding on the parties.

     

    22.        Waivers.  No failure on the part of either party to exercise, and no delay in exercising, any right or remedy hereunder will operate as a waiver thereof; nor will any single or
          partial waiver of a breach of any provision of this Agreement operate or be construed as a waiver of any subsequent breach; nor will any single or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or
          the exercise of any other right or remedy granted hereby or by law.

     

    23.        Governing Law.  Except as provided in Section 14 above, the validity, construction and performance of this Agreement shall be governed by the laws of the State of New Jersey
          without regard to the conflicts of law provisions of such laws.  A court of competent jurisdiction in the State of New Jersey shall have exclusive jurisdiction of any lawsuit arising from or relating to Employee’s employment with, or termination
          from, Employer, or arising from or relating to this Agreement.  Employee consents to such venue and personal jurisdiction.

     

    24.        409A Savings Clause. The parties intend that payments or benefits payable under this Agreement not be subject to the additional tax imposed pursuant to
          Section 409A of the Code (“Section 409A”), and the provisions of this Agreement shall be construed and administered in accordance with such intent. To the extent such potential payments or benefits could become subject to Section 409A, the
          parties shall cooperate to amend this Agreement with the goal of giving Employee the economic benefits described herein in a manner that does not result in such tax being imposed. If the parties are unable to agree on a mutually acceptable
          amendment, the Company may, without Employee’s consent and in such manner as it deems appropriate, amend or modify this Agreement or delay the payment of any amounts hereunder to the minimum extent necessary to meet the requirements of Section
          409A.

     

    
      14

      
        

    

    25.        Counterparts.  This agreement may be executed in counterpart in different places, at different times and on different dates, and in
            that case all executed counterparts taken together collectively constitute a single binding agreement.

     

    26.         Costs and Fees Related to Negotiation and Execution of Agreement.  Each Party Shall be responsible for the payment of its own costs
            and expenses, including legal fees and expenses, in connection with the negotiation and execution of this Agreement.  Neither Party will be liable for the payment of any commissions or compensation in the nature of finders’ fees or brokers’
            fees, gratuity or other similar thing or amount in consideration of the other Party entering into this Agreement to any broker, agent or third party acting on behalf of the other Party.

     

    27.        Entire Agreement.  This instrument contains the entire agreement of the parties with respect to the relationship between Employee and Employer and supersedes all prior agreements
          and understandings, and there are no other representations or agreements other than as stated in this Agreement related to the terms and conditions of Employee’s employment.  This Agreement may be changed only by an agreement in writing signed by
          the party against whom enforcement of any waiver, change, modification, extension or discharge is sought, and any such modification will be signed by the Chairperson of the Board of Employer.

     

    IN WITNESS WHEREOF, the parties have duly signed and delivered this Agreement as of the day and year first above written.

     

    EMPLOYER

    

    

    	
            By

          	/s/ Scott Barry

          	 

    

    

    	
            Title:

          	Scott Barry, Chairperson

          	 

    

    

    	
            Date:

          	October 2, 2022

          	 

    

    

    EMPLOYEE

    

    

    	/s/ Rajiv De Silva

          	 

    

    

    	
            Print Name:

          	Rajiv De Silva

          	 

    

    

    	
            Date:

          	October 2, 2022

          	 

    

    

    
      15

      
        

    

    EXHIBIT A

     

    [***]

     

    
      16

      
        

    

    EXHIBIT B

     

    

     [***]AMENDED
AND RESTATED NUTEX HEALTH INC.

2022
EQUITY INCENTIVE PLAN

 

    	 	1	 

     

    

 

Table
of Contents

	SECTION 1 Establishment and Purpose.	 	3
	(a) Purpose	 	3
	(b) Adoption and Term	 	3
	SECTION 2 Definitions	 	3
	SECTION 3 Administration	 	8
	(a) Committee of the Board of Directors	 	8
	(b) Authority	 	8
	(c) Exchange Program	 	8
	(d) Delegation by the Committee	 	9
	(e) Indemnification	 	9
	SECTION 4 Eligibility and Award Limitations	 	9
	(a) Award Eligibility	 	9
	(b) Award Limitations.	 	9
	SECTION 5 Stock Subject To The Plan	 	9
	(a) Shares Subject to the Plan	 	9
	(b) Lapsed Awards	 	9
	SECTION 6 Terms And Conditions Of Stock Options.	 	10
	(a) Power to Grant Options	 	10
	(b) Optionee to Have No Rights as a Stockholder	 	10
	(c) Award Agreements	 	10
	(d) Vesting	 	10
	(e) Exercise Price and Procedures	 	11
	(f) Effect of Termination of Service	 	11
	(g) Limited Transferability of Options	 	12
	(h) Acceleration of Exercise Vesting	 	12
	(i) No Repricing	 	12
	(j) Modification, Extension, Cancellation and Registrant.	 	12
	(k) Term of Option	 	12
	(l) Special Rules For Incentive Stock Options (“ISOs”)	 	12
	(m) Shareholder Rights	 	13
	SECTION 7 Restricted Stock	 	14
	(a) Grant of Restricted Stock	 	14
	(b) Establishment of Performance Criteria and Restrictions	 	14
	(c) Share Certificates and Transfer Restrictions	 	14
	(d) Voting and Dividend Rights	 	14
	(e) Award Agreements	 	14
	(f) Time Vesting	 	15
	(g) Acceleration of Vesting	 	15
	SECTION 8 Restricted Stock Units	 	15
	(a) Grant..	 	15
	(b) Vesting Criteria and Other Terms	 	15
	(c) Earning of Restricted Stock Units	 	16
	(d) Dividend Equivalents	 	16
	(e) Form and Timing of Payment	 	16
	(f) Cancellation	 	16
	SECTION 9 Stock Appreciation Rights	 	16
	(a) Grant	 	16
	(b) Exercise and Payment	 	17
	SECTION 10 Performance Units and Performance Shares	 	17
	(a) Grant of Performance Units/Shares	 	17
	(b) Value of Performance Units/Shares	 	17
	(c) Performance Objectives and Other Terms	 	17
	(d) Measurement of Performance Goals	 	17
	(e) Earning of Performance Units/Shares	 	18
	(f) Form and Timing of Payment of Performance Units/Shares	 	18
	(g) Cancellation of Performance Units/Shares	 	18
	(h) Non-transferability	 	19
	SECTION 11 Tax Withholding	 	19
	(a) Tax Withholding for Options	 	19
	(b) Tax Withholding for Restricted Stock and Other Awards	 	19
	SECTION 12 Adjustment of Shares and Representations	 	19
	(a) General	 	19
	(b) Mergers and Consolidations	 	20
	(c) Reservation of Rights	 	20
	SECTION 13 Miscellaneous	 	20
	(a) Regulatory Approvals	 	20
	(b) Strict Construction	 	21
	(c) Choice of Law	 	21
	(d) Compliance With Code Section 409A	 	21
	(e) Date of Grant	 	21
	(f) Conditions Upon Issuance of Shares	 	21
	(g) Clawback Provisions	 	21
	(h) Stockholder Approval	 	22
	SECTION 14 No Employment or Service Retention Rights	 	22
	SECTION 15 Duration and Amendments	 	22
	(a) Term of the Plan	 	22
	(b) Right to Amend or Terminate the Plan	 	22
	(c) Effect of Amendment or Termination	 	22
	SECTION 16 Execution	 	23

    	 	2	 

     

    

 

NUTEX
HEALTH, INC. 2022 EQUITY INCENTIVE PLAN

SECTION
1  Establishment and Purpose.

(a) 
Purpose. The purpose of the Plan is to promote the interests of Nutex Health Inc. (formerly Clinigence Holdings, Inc.),
a Delaware corporation (the “Company”), and its stockholders by providing eligible employees, directors and consultants with
additional incentives to remain with the Company and its subsidiaries, to increase their efforts to make the Company more successful,
to reward such persons by providing an opportunity to acquire shares of Common Stock on favorable terms and to attract and retain the
best available personnel to participate in the ongoing business operations of the Company.

The
Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Restricted Stock, Restricted Stock Units, Stock Appreciation
Rights, Performance Units and Performance Shares.

(b) 
Adoption and Term. The Plan has been approved by the Board of Directors (the “Board”) of the Company, and subject
to the approval of a majority of the voting power of the stockholders of the Company, is effective April 1, 2022. The Plan will remain
in effect until terminated by action of the Board except as otherwise provided in Section 15..

SECTION
2  Definitions.

(a) 
“Applicable Laws” means the requirements relating to the administration of equity-based awards under U.S. state
corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is
listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan.

(b) 
“Award” means the grant of Incentive Stock Options, Nonstatutory Stock Options, Restricted Stock, Restricted
Stock Units, Stock Appreciation Rights, Performance Units or Performance Shares made pursuant to the Plan.

(c) 
“Award Agreement” means an agreement entered into by the Company and the Participant setting forth the terms
applicable to an Award granted to the Participant under the Plan.

(d) 
“Board” means the Board of Directors of the Company, as constituted from time to time.

(e) 
“Cause” means (i) conviction of, or the entry of a plea of guilty or no contest to, a felony or any other crime
that causes the Company public disgrace or disrepute, or adversely affects the Company's operations, condition (financial or otherwise),
prospects or interests, (ii) gross negligence or willful misconduct with respect to the Company, including, without limitation fraud,
embezzlement, theft or dishonesty in the course of his or her employment; (iii) alcohol abuse or use of controlled drugs other than in
accordance with a physician's prescription; (iv) refusal, failure or inability to perform any material obligation or fulfill any duty
(other than any duty or obligation of the type described in clause (6) below) to the Company (other than due to a disability), which
failure, refusal or inability is not cured within 10 days after delivery of notice thereof; (v) material breach of any agreement with
or duty owed to the Company; or (vi) any breach of any obligation or duty to the Company (whether arising by statute, common law, contract
or otherwise) relating to confidentiality, noncompetition, nonsolicitation or proprietary rights. Notwithstanding the foregoing, if a
Participant and the Company have entered into an employment agreement, consulting agreement or other similar agreement that specifically
defines "Cause," then with respect to such Participant, "Cause" shall have the meaning defined in that employment
agreement, consulting agreement or other agreement.

    	 	3	 

     

    

(f) 
“Change of Control” means the occurrence of any of the following, in one transaction or a series of related
transactions: (i) any person (as such term is used in Section 13(d) and 14(d) of the Exchange Act) becoming a "beneficial owner"
(as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the
voting power of the Company's then outstanding capital stock; (ii) a consolidation, share exchange, reorganization or merger of the Company
resulting in the stockholders of the Company immediately prior to such event not owning at least a majority of the voting power of the
resulting entity's securities outstanding immediately following such event or, if the resulting entity is a direct or indirect subsidiary
of the entity whose securities are issued in such transaction(s), the voting power of such issuing entity's securities outstanding immediately
following such event; (iii) the sale or other disposition of all or substantially all the assets of the Company (other than a transfer
of financial assets made in the ordinary course of business for the purpose of securitization or any similar purpose); (iv) a change
in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any twelve
(12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date
of the appointment or election; (v) a liquidation or dissolution of the Company; or (vi) any similar event deemed by the Committee to
constitute a Change in Control for purposes of the Plan. For the avoidance of doubt, a transaction or a series of related transactions
will not constitute a Change in Control if such transaction(s) result(s) in the Company, any successor to the Company, or any successor
to the Company's business, being controlled, directly or indirectly, by the same person or persons who controlled the Company, directly
or indirectly, immediately before such transaction(s).

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

(h) 
“Committee” means the Compensation Committee of the Board of Directors or such other committee or individuals
satisfying Applicable Laws appointed by the Board in accordance with Section 3 hereof.

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

(j) 
“Company” means Nutex Health Inc. (formerly Clinigence Holdings, Inc.), a Delaware corporation and where applicable,
its Subsidiaries.

(k) 
“Consultant” means any person other than an Employee, engaged by the Company or Subsidiary to render services
to such entity.

(l) 
“Date of Grant” means the date on which the Committee grants an Award pursuant to the Plan.

(m) 
“Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code, provided that
in the case of Awards other than Incentive Stock Options, the Committee in its discretion may determine whether a permanent and total
disability exists in accordance with uniform and non-discriminatory standards adopted by the Committee from time to time.

    	 	4	 

     

    

(n) 
“Effective Date” means April 1, 2022.

(o) 
“Employee” means any individual who is a common-law employee of the Company or a Subsidiary.

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

(q) 
“Exchange Program” means a program established by the Committee under which outstanding Awards are amended
to provide for a lower Exercise Price or surrendered or cancelled in exchange for (i) Awards with a lower exercise price, (ii) a different
type of Award or awards under a different equity incentive plan, (iii) cash, or (iv) a combination of (i), (ii) and/or (iii). Notwithstanding
the preceding, the term Exchange Program does not include any (i) action described in Section 12 or any action taken in connection with
a Change in Control transaction or (ii) transfer or other disposition permitted under Section 12. For the purpose of clarity, each of
the actions described in the prior sentence, none of which constitute an Exchange Program, may be undertaken (or authorized) by the Committee
in its sole discretion without approval by the Company's shareholders.

(r) 
“Exercise Price” with respect to an Option, means the price per share at which an Optionee may exercise his
Option to acquire all or a portion of the shares of Common Stock that are the subject of such Option, as determined by the Committee
on the Date of Grant. In no event shall the Exercise Price of any Common Stock made the subject of an Option, be less than the Fair Market
Value on the Date of Grant.

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

(i) 
If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the New York
Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market, its
Fair Market Value will be the closing sale price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange
or system on the day of determination, as reported in The Wall Street Journal or such other source as the Committee deems reliable;

(ii) 
If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, or if the Common Stock
is quoted on the Over-the-Counter (OTC) market, be that the OTCQB, OTCBB or Pink Sheets, the Fair Market Value of a Share will be the
mean between the high bid and low asked prices for the Common Stock on the day of determination, as reported in The Wall Street Journal,
the OTC, or such other source as the Committee deems reliable;

    	 	5	 

     

    

(iii) 
For purposes of any Awards granted on the Registration Date, the Fair Market Value will be the initial price to the public as set forth
in the final prospectus included within the registration statement in Form S-1 filed with the Securities and Exchange Commission for
the initial public offering of the Company's Common Stock; or

(iv) 
In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Board after
taking into account such factors as the Board shall deem appropriate.

(t) 
“Incentive Stock Option” or “ISO” means a stock option intended to satisfy the requirements of
Section 422(b) of the Code.

(u) 
“Nonstatutory Option” means a stock option not intended to satisfy the requirements of Section 422(b) of the
Code.

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

(w) 
“Option” means an ISO or Nonstatutory Option granted under the Plan and entitling the holder to purchase shares
of Common Stock.

(x) 
“Option Stock” means those shares of Common Stock made the subject of an Option granted pursuant to the Plan.

(y) 
“Optionee” means an individual who is granted an Option.

(z) 
“Outside Director” means a member of the Board of Directors who is not an Employee.

(aa) 
“Participant” means a person who has an outstanding Award under the Plan. The term Participant also refers
to an Optionee.

(bb) 
“Performance Goal” means a performance goal established by the Committee pursuant to Section 10(c) of the Plan.

(cc) 
“Performance Share” means an Award denominated in Shares which may be earned in whole or in part upon attainment
of Performance Goals or other vesting criteria as the Committee may determine pursuant to Section 10.

(dd) 
“Performance Unit” means an Award which may be earned in whole or in part upon attainment of Performance Goals
or other vesting criteria as the Committee may determine and which may be settled for cash, Shares or other securities or a combination
of the foregoing pursuant to Section 10.

    	 	6	 

     

    

(ee) 
“Plan” means this Amended and RestatedNutex Health, Inc. 2022 Equity Incentive Plan.

(ff) 
“Registration Date” means the effective date of the first registration statement that is filed by the Company
and declared effective pursuant to Section 12(g) of the Exchange Act, with respect to any class of the Company's securities.

(gg) 
“Repricing” means (i) reducing the exercise price of Nonqualified Stock Options, Incentive Stock Options, or
Stock Appreciation Right (collectively, “Stock Rights”), (ii) cancel outstanding Stock Rights in exchange for cash, other
Awards or Options or SARs with an exercise price that is less than the exercise price of the original options or base price of stock
appreciation rights, as applicable, (iii) cancel outstanding Stock Rights with an exercise price or base price, as applicable, that is
less than the then current Fair Market Value of a Share in exchange for other Awards, cash or other property; or (iv) otherwise effect
a transaction that would be considered a “repricing” for purposes of the stockholder approval rules of the applicable securities
exchange or inter-dealer quotation system on which the Shares are listed or quoted without stockholder approval.

(hh) 
“Restricted Stock” means those shares of Common Stock made the subject of an Award granted under the Plan.

(ii) 
“Restricted Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of
one Share, granted pursuant to Section 8. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.

(jj) 
“Rule 16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect when discretion
is being exercised with respect to the Plan.

(kk) 
“Section 16(b)” means Section 16(b) of the Exchange Act.

(ll) 
“Service” means service as an Employee, Consultant or Outside Director.

(mm) 
“Share” means a share of the Common Stock, as adjusted in accordance with Section 12 of the Plan.

(nn) 
“Stock Appreciation Right” or “SAR” means a right awarded to a Participant pursuant to Section
9 of the Plan, which shall entitle the Participant to receive cash, Common Stock, other property or a combination thereof, as determined
by the Committee, in an amount equal to or otherwise based on the excess of (a) the Fair Market Value of a share of Common Stock at the
time of exercise over (b) the exercise price of the right, as established by the Committee on the date the award is granted.

(oo) 
“Subsidiary” means any Company (other than the Company) in an unbroken chain of companies beginning with the
Company if each of the companies other than the last company in the unbroken chain owns stock possessing fifty percent (50%) or more
of the total combined voting power of all classes of stock in one of the other companies in such chain. A company that attains the status
of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date.

    	 	7	 

     

    

SECTION
3  Administration.

(a) 
Committee of the Board of Directors. The Plan may be administered by the Compensation Committee of the Board or such other
Committee or individuals as appointed by the Board to administer the Plan. Each Committee shall have such authority and be responsible
for such functions as the Board has assigned to it. Members of the Committee shall serve for such period of time as the Board may determine
and shall be subject to removal by the Board at any time. The Board may also at any time terminate the functions of the Committee and
reassume all powers and authorities previously delegated to the Committee. If no Committee has been appointed, the entire Board shall
administer the Plan.

To
the extent desirable to qualify transactions hereunder as exempt under Rule 16b-3, the transactions contemplated hereunder will be structured
to satisfy the requirements for exemption under Rule 16b-3.

(b) 
Authority. Subject to the terms and conditions of the Plan, the Committee shall have the sole discretionary authority:

(i) 
to authorize the granting of Awards under the Plan;

(ii) 
to select the Employees, Consultants or Outside Directors who are to be granted Awards under the Plan and to determine the conditions
subject to such Awards;

(iii) 
to construe and interpret the Plan;

(iv) 
to determine Fair Market Value;

(v) 
to establish and modify administrative rules for the Plan;

(vi) 
to impose such conditions and restrictions with respect to the Awards, not inconsistent with the terms of the Plan, as it determines
appropriate;

(vii) 
to execute or cause to be executed Award Agreements; and

(viii) 
generally, to exercise such power and perform such other acts in connection with the Plan and the Awards, and to make all determinations
under the Plan as it may deem necessary or advisable or as required, provided or contemplated hereunder.

Any
person delegated or designated by the Committee shall be subject to the same obligations and requirements imposed on the Committee and
its members under the Plan.

(c) 
Exchange Program. Notwithstanding anything in this Section 3, the Committee shall not implement an Exchange Program without
the approval of the holders of a majority of the Shares that are present in person or by proxy and entitled to vote at any annual or
special meeting of Company's shareholders.

    	 	8	 

     

    

(d) 
Delegation by the Committee. The Committee, in its sole discretion and on such terms and conditions as it may provide,
may delegate all or any part of its authority and powers under the Plan to one or more Directors or officers of the Company; provided,
however, that the Committee may not delegate its authority and powers (a) with respect to an Officer or (b) in any way which would jeopardize
the Plan's qualification under Code Section 162(m), if applicable, or Rule 16b-3.

(e) 
Indemnification. To the maximum extent permitted by law, the Company shall indemnify each member of the Committee, the
Board, and any Employee with duties under the Plan, against all liabilities and expenses (including any amount paid in settlement or
in satisfaction of a judgment) reasonably incurred by the individual in connection with any claims against the individual by reason of
the performance of the individual's duties under the Plan. This indemnity shall not apply, however, if: (i) it is determined in the action,
lawsuit, or proceeding that the individual is guilty of gross negligence or intentional misconduct in the performance of those duties;
or (ii) the individual fails to assist the Company in defending against any such claim. The Company shall have the right to select counsel
and to control the prosecution or defense of the suit. The Company shall not be obligated to indemnify any individual for any amount
incurred through any settlement or compromise of any action unless the Company consents in writing to the settlement or compromise.

SECTION
4  Eligibility and Award Limitations.

(a) 
Award Eligibility. Employees, Consultants, and Outside Directors shall be eligible for the grant of Awards under the Plan.
Only Employees shall be eligible for the grant of Incentive Stock Options.

(b) 
Award Limitations. The Company may apply limits on the grant of Awards during any fiscal year or any particular type or
amount of Award.

SECTION
5  Stock Subject To The Plan.

(a) 
Shares Subject to the Plan. The maximum aggregate number of Shares that may be issued under the Plan immediately after
the Effective Date is 5,000,000 Shares, subject to both increase under Section 5(b) and adjustment under Section 12 after the Effective
Date (the “Share Reserve”); provided, however that the Share Reserve will increase on January 1st of each calendar year beginning
on January 1, 2023 and ending on and including January 1, 2027 (each, an “Evergreen Date”), in an amount equal to the lesser
of (i) 5% of the total number of shares of Common Stock outstanding on the December 31st immediately preceding the applicable Evergreen
Date and (ii) such lesser number of shares of Common Stock as determined to be appropriate by the Committee in its sole discretion. Notwithstanding
the foregoing and, subject to adjustment as provided in Section 12, the maximum number of Shares that may be issued upon the exercise
of Incentive Stock Options is 5,000,000.

(b) 
Lapsed Awards. To the extent an Award expires, is surrendered pursuant to an Exchange Program or becomes unexercisable
without having been exercised or, with respect to Restricted Stock, Restricted Stock Units, Performance Units or Performance Shares,
is forfeited to or repurchased by the Company due to failure to vest, the unpurchased Shares (or for Awards other than Options or Stock
Appreciation Rights the forfeited or repurchased Shares), which were subject thereto will become available for future grant or sale under
the Plan (unless the Plan has terminated). Notwithstanding the foregoing (and except with respect to Shares of Restricted Stock that
are forfeited rather than vested), Shares that have actually been issued under the Plan under any Award will not be returned to the Plan
and will not become available for future distribution under the Plan; provided, however, that if Shares issued pursuant to Awards of
Restricted Stock, Restricted Stock Units, Performance Shares or Performance Units are repurchased by the Company or are forfeited to
the Company, such Shares will become available for future grant under the Plan. Shares used to pay the exercise price of an Award or
to satisfy the tax withholding obligations related to an Award will become available for future grant under the Plan. To the extent an
Award under the Plan is paid out in cash rather than Shares, such cash payment will not result in reducing the number of Shares available
for issuance under the Plan.

    	 	9	 

     

    

SECTION
6  Terms And Conditions Of Stock Options.

(a) 
Power to Grant Options. Subject to the maximum per person share limitation in Section 4, the Committee may grant to such
Employees or persons as the Committee may select, Options entitling the Optionee to purchase shares of Common Stock from the Company
in such quantity, and on such terms and subject to such conditions not inconsistent with the terms of the Plan, as may be established
by the Committee at the time of grant or pursuant to applicable resolution of the Committee, and as set forth in the Participant’s
Option Award Agreement. Options granted under the Plan may be Nonstatutory Stock Options or Incentive Stock Options.

(b) 
Optionee to Have No Rights as a Stockholder. An Optionee, or a transferee of an Optionee, shall have no rights as a stockholder
of the Company with respect to the shares of Common Stock made subject to an Option unless and until such Optionee exercises such Option
and is issued the shares purchased thereby. No adjustments shall be made for distributions, dividends, allocations, or other rights with
respect to any shares of Common Stock prior to the exercise of such Option.

(c) 
Award Agreements. The terms of any Option shall be set forth in an Award Agreement in such form as the Committee shall
from time to time determine. Each Award Agreement shall comply with and be subject to the terms and conditions of the Plan and such other
terms and conditions as the Committee may deem appropriate. In the event that any provision of an Option granted under the Plan shall
conflict with any term in the Plan as constituted on the Date of Grant of such Option, the term in the Plan constituted on the Date of
Grant of such Option shall control. No person shall have any rights under any Option granted under the Plan unless and until the Company
and the Optionee have executed an Award Agreement setting forth the grant and the terms and conditions of the Option.

(d) 
Vesting. Unless a different vesting schedule is listed in an individual Award Agreement, the Shares subject to an Option
granted under the Plan shall vest and become exercisable in accordance with the following schedule:

	Completed
    Years of Employment/Service

    From Date of Grant	Cumulative
    Vesting Percentage
	1	25%
	2	50%
	3	75%
	4
    Years or more	100%

    	 	10	 

     

    

 

(e) 
Exercise Price and Procedures.

(1) 
Exercise Price. The Exercise Price means the price per share at which an Optionee may exercise his Option to acquire all or a
portion of the shares of Common Stock that are the subject of such Option. Notwithstanding the foregoing, in no event shall the Exercise
Price of any Common Stock made the subject of an Option be less than the Fair Market Value of such Common Stock, determined as of the
Date of Grant.

(2) 
Exercise Procedures. Each Option granted under the Plan shall be exercised by providing written notice to the Committee, together
with payment of the Exercise Price, which notice and payment must be received by the Committee on or before the earlier of (i) the date
such Option expires, and (ii) the last date on which such Option may be exercised as provided in paragraph (f) below.

(3) 
Payment of Exercise Price. The Exercise Price times the number of the shares to be purchased upon exercise of an Option granted
under the Plan shall be paid in full at the time of exercise. The Committee will determine the acceptable form of consideration for exercising
an Option, including the method of payment. In the case of an Incentive Stock Option, the Committee will determine the acceptable form
of consideration at the time of grant. Such consideration for both types of Options may consist entirely of: (i) cash; (ii) check; (iii)
promissory note, to the extent permitted by Applicable Laws, (iv) other Shares, provided that such Shares have a Fair Market Value on
the date of surrender equal to the aggregate exercise price of the Shares as to which such Option will be exercised and provided that
accepting such Shares will not result in any adverse accounting consequences to the Company, as the Committee determines in its sole
discretion; (v) consideration received by the Company under a broker-assisted (or other) cashless exercise program (whether through a
broker or otherwise) implemented by the Company in connection with the Plan; (vi) by net exercise; (vii) such other consideration and
method of payment for the issuance of Shares to the extent permitted by Applicable Laws; or (viii) any combination of the foregoing methods
of payment.

(f) 
Effect of Termination of Service. Subject to paragraph (k) below regarding Special Rules for Incentive Stock Options, the
following provisions shall govern the exercise of any Options granted to an Optionee that are vested and outstanding at the time Optionee’s
Service ceases:

(1) 
Termination of Employment for Reasons Other than Death, Disability or a Termination for Cause. Should Optionee’s Service
with the Company cease for any reason other than death, Disability or a termination for Cause (as determined by the Committee), then
each Option shall remain exercisable until the close of business on the earlier of (i) 3 months following the date Optionee’s Service
ceased or (ii) the expiration date of the Option.

(2) 
Termination of Employment Due to Death or Disability. Should Optionee’s Service cease due to death or Disability, then each
Option shall remain exercisable until the close of business on the earlier of (i) the 12 month anniversary of the date Optionee’s
Service ceased, or (ii) the expiration date of the Option.

    	 	11	 

     

    

(3) 
Termination for Cause. Should Optionee’s Service be terminated for Cause while his Option remains outstanding, each outstanding
Option granted to Optionee (whether vested or unvested) shall terminate immediately and Optionee shall forfeit all rights with respect
to such Award.

(g) 
Limited Transferability of Options. An Option shall be exercisable only by the Optionee during his lifetime and shall not
be assignable or transferable other than by will or by the laws of inheritance following Optionee’s death.

(h) 
Acceleration of Exercise Vesting. Notwithstanding anything to the contrary in the Plan, the Committee, in its discretion,
may allow the exercise in whole or in part, at any time after the Date of Grant, any Option held by an Optionee, which Option has not
previously become exercisable. In the event of a Change of Control of the Company, the Committee, in its discretion may provide that
Options shall become 100% vested and exercisable on the date of the Change of Control. Options shall also become 100% vested in the event
Optionee dies or becomes Disabled while employed.

(i) 
No Repricing. The terms of any outstanding Award may not be amended, and action may not otherwise be taken, in a manner
to achieve a Repricing; provided, however, that nothing herein shall prevent the Committee from taking any action provided for in Section
14 below

(j) 
Modification, Extension, Cancellation and Regrant. Within the limitations of the Plan and after taking into account any
possible adverse tax or accounting consequences, the Committee may modify, or extend outstanding Options or may accept the cancellation
of outstanding Options (whether granted by the Company or another issuer) in return for the grant of new Options for the same or a different
number of shares and at the same or a different Exercise Price. The foregoing notwithstanding, no modification of an Option shall, without
the consent of the Optionee, impair the Optionee’s rights or increase the Optionee’s obligations under such Option or cause
a violation of Code Section 409A.

(k) 
Term of Option. No Option shall have a term in excess of ten (10) years measured from the date that the Option is granted.

(l) 
Special Rules For Incentive Stock Options (“ISOs”). In addition to the provisions of this Section 6, the terms
specified below shall be applicable to all Incentive Stock Options granted under the Plan. Except as modified by the provisions of this
paragraph (k), all of the provisions of the Plan shall be applicable to Incentive Stock Options. Options that are specifically designated
as Nonstatutory Options are not subject to the terms of this paragraph (k).

(1) 
Eligibility. Incentive Options may only be granted to Employees.

(2) 
Dollar Limitation. The aggregate Fair Market Value of the shares of Common stock (determined as of the Date of Grant) for which
one or more Incentive Options granted to any Employee pursuant to the Plan may for the first time become exercisable as Incentive Options
during any one calendar year shall not exceed $100,000. To the extent that an Optionee’s Options exceed that limit, they will be
treated as Nonstatutory Options (but all of the other provisions of the Option shall remain applicable), with the first Options that
were awarded to Optionee to be treated as Incentive Stock Options.

    	 	12	 

     

    

(3) 
Restrictions on Sale of Shares. Shares issued pursuant to the exercise of an Incentive Stock Option may not be sold by the Employee
until the expiration of 12 months after exercise and 24 months from the Date of Grant. Shares that do not satisfy these restrictions
shall be treated as a grant of Nonstatutory Options.

(4) 
Special Rules for Incentive Stock Options Granted to 10% Stockholder.

a. 
Exercise Price. If any Employee to whom an Incentive Stock Option is granted is a 10% Stockholder, the Exercise Price of the Incentive
Stock Option must be at least 110% of the Fair Market Value of the Company’s Common Stock.

b. 
Term of Option. If any Employee to whom an Incentive Stock Option is granted is a 10% Stockholder, then the Option term shall
not exceed five years measured from the date the Incentive Stock Option is granted.

c. 
Definition of 10% Stockholder. For purposes of the Plan, an Employee is deemed to be a “10% Stockholder” if he owns
more than 10% of the Company or any Subsidiary.

(5) 
Special Rules for Exercise of Incentive Stock Options Following Termination of Employment.

a. 
Death or Disability. In order to preserve tax treatment as an Incentive Stock Option, Options granted to an Optionee who dies
or becomes Disabled while employed must be exercised by the Optionee or his executor or beneficiary no later than (i) 12 months following
the date of death or Disability, or (ii) the expiration date of the Incentive Stock Option, if earlier.

b. 
Termination For Reason Other Than Death or Disability. In order to preserve tax treatment as an Incentive Stock Option, an Optionee
must exercise any vested and outstanding Incentive Stock Options no later than: (i) three (3) months following the date the Optionee
terminates employment for any reason other than death or Disability; or (ii) the expiration date of the Incentive Stock Option if earlier.

(6) 
Miscellaneous. With respect to Incentive Stock Options, if this Plan does not contain any provision required to be included herein
under Section 422 of the Code, such provision shall be deemed to be incorporated herein with the same force and effect as if such provision
had been set out at length herein. To the extent any Option that is intended to qualify as an Incentive Stock Option cannot so qualify,
such Option, to that extent, shall be deemed to be a Nonstatutory Stock Option for all purposes of this Plan.

(m) 
Shareholder Rights. Until the Shares covered by an Option are issued (as evidenced by the appropriate entry on the books
of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a
stockholder will exist with respect to the Shares subject to an Option, notwithstanding the exercise of the Option. The Company will
issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other
right for which the record date is prior to the date the Shares are issued, except as provided in Section 12 of the Plan.

    	 	13	 

     

    

SECTION
7  Restricted Stock.

(a) 
Grant of Restricted Stock. The Committee may cause the Company to issue shares of Restricted Stock under the Plan, subject
to such restrictions, conditions and other terms as the Committee may determine in addition to those set forth herein.

(b) 
Establishment of Performance Criteria and Restrictions. Restricted Stock Awards will be subject to time vesting under paragraph
(f) of this Section 7. The Committee may, in its sole discretion, at the time a grant is made, prescribe restrictions in addition to
or other than time vesting, including the satisfaction of corporate or individual performance objectives, which shall be applicable to
all or any portion of the Restricted Stock. Corporate or individual performance criteria include, but are not limited to, designated
levels or changes in total shareholder return, net income, total asset return, or such other financial measures or performance criteria
as the Committee may select. Such restrictions shall be set forth in the Participant’s Restricted Stock Agreement.

(c) 
Share Certificates and Transfer Restrictions. Restricted Stock awarded to a Participant may be held under the Participant’s
name in a book entry account maintained by or on behalf of the Company. Upon vesting of the Restricted Stock, the Company will establish
procedures regarding the delivery of share certificates or the transfer of shares in book entry form. None of the Restricted Stock may
be sold, transferred, assigned, pledged or otherwise encumbered or disposed of prior to the date on which such Restricted Stock vests
in accordance with the Plan.

(d) 
Voting and Dividend Rights. Except as otherwise determined by the Committee either at the time Restricted Stock is awarded
or at any time thereafter prior to the lapse of the restrictions, holders of Restricted Stock shall not have the right to vote such shares
or the right to receive any dividends with respect to such shares, until such shares are vested. All distributions, if any, received
by the Participant with respect to Restricted Stock as a result of any stock split, stock distributions, combination of shares, or other
similar transaction shall be subject to the restrictions of the Plan.

(e) 
Award Agreements. The terms of the Restricted Stock granted under the Plan shall be as set forth in an Award Agreement
in such form as the Committee shall from time to time determine. Each Award Agreement shall comply with and be subject to the terms and
conditions of the Plan and such other terms and conditions as the Committee may deem appropriate. No Person shall have any rights under
the Plan unless and until the Company and the Participant have executed an Award Agreement setting forth the grant and the terms and
conditions of the Restricted Stock. The terms of the Plan shall govern all Restricted Stock granted under the Plan. In the event that
any provision of an Award Agreement shall conflict with any term in the Plan as constituted on the Date of Grant, the term in the Plan
shall control.

    	 	14	 

     

    

(f) 
Time Vesting. Except as otherwise provided in a Participant’s Award Agreement, the Restricted Stock granted under
the Plan will vest in accordance with the following schedule:

	Completed
    Years of Employment/Service

    From Date of Grant	Cumulative
    Vesting Percentage
	1	25%
	2	50%
	3	75%
	4
    Years or more	100%

In
the event a Participant terminates employment prior to 100% vesting, any Shares of Restricted Stock which are not vested shall be forfeited
immediately and permanently. However, a Participant shall be 100% vested in his Restricted Stock in the event he terminates employment
by reason of death or Disability. A Participant shall also be 100% vested in his Restricted Stock on the date of a Change of Control.
If a Participant’s Service is terminated for Cause as determined in the sole discretion of the Committee, his or her Restricted
Stock Award (whether vested or unvested) shall be forfeited immediately. The Committee may approve Restricted Stock grants that provide
alternate vesting schedules. Fractional shares shall be rounded down.

(g) 
Acceleration of Vesting. Notwithstanding anything to the contrary in the Plan, the Board, in its discretion, may accelerate,
in whole or in part, the vesting schedule applicable to a grant of Restricted Stock.

SECTION
8  Restricted Stock Units

(a) 
Grant. Restricted Stock Units may be granted at any time and from time to time as determined by the Committee. After the
Committee determines that it will grant Restricted Stock Units under the Plan, it will advise the Participant in an Award Agreement of
the terms, conditions, and restrictions (if any) related to the grant, including the number of Restricted Stock Units.

(b) 
Vesting Criteria and Other Terms. The Committee will set vesting criteria in its discretion, which, depending on the extent
to which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. The Committee
may set vesting criteria based upon the achievement of Company-wide, business unit, or individual goals (including, but not limited to,
continued employment), or any other basis (including the passage of time) determined by the Committee in its discretion. Unless a different
vesting schedule is set forth in the Award Agreement, the following time vesting schedule will apply:

	Completed
    Years of Employment/Service

    From Date of Grant	Cumulative
    Vesting Percentage
	1	25%
	2	50%
	3	75%
	4
    Years or more	100%

    	 	15	 

     

    

(c) 
Earning of Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive
a payout as determined by the Committee and as set forth in the Award Agreement on the Date of Grant. Notwithstanding the foregoing,
at any time after the grant of Restricted Stock Units, the Committee, in its sole discretion, may reduce or waive any vesting criteria
that must be met to receive a payout as long as such reduction or waiver does not violate Code Section 409A.

(d) 
Dividend Equivalents. The Committee may, in its sole discretion, award dividend equivalents in connection with the grant
of Restricted Stock Units that may be settled in cash, in Shares of equivalent value, or in some combination thereof.

(e) 
Form and Timing of Payment. Payment of earned Restricted Stock Units will be made upon the date(s) determined by the Committee
and set forth in the Award Agreement. The Committee, in its sole discretion, may settle earned Restricted Stock Units in cash, Shares,
or a combination of both. Timing and payment of Restricted Stock Units will be subject to and structured to comply with the rules of
Code Section 409A and the treasury regulations thereunder.

(f) 
Cancellation. On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the
Company.

SECTION
9  Stock Appreciation Rights.

(a) 
Grant. A Participant may be granted one or more Stock Appreciation Rights under the Plan and such SARs shall be subject
to such terms and conditions, consistent with the other provisions of the Plan, as shall be determined by the Committee in its sole discretion.
A SAR may relate to a particular Stock Option and may be granted simultaneously with or subsequent to the Stock Option to which it relates.
Except to the extent otherwise modified in the grant, (i) SARs not related to a Stock Option shall be granted subject to the same terms
and conditions applicable to Stock Options as set forth in Section 6, and (ii) all SARs related to Stock Options granted under the Plan
shall be granted subject to the same restrictions and conditions and shall have the same vesting, exercisability, forfeiture and termination
provisions as the Stock Options to which they relate. SARs may be subject to additional restrictions and conditions. The per-share base
price for exercise or settlement of SARs shall be determined by the Committee but shall be a price that is equal to or greater than the
Fair Market Value of such shares. Other than as adjusted pursuant to Section 12, the base price of SARs may not be reduced without shareholder
approval (including canceling previously awarded SARs and regranting them with a lower base price).

(b) 
Exercise and Payment. To the extent a SAR relates to a Stock Option, the SAR may be exercised only when the related Stock
Option could be exercised and only when the Fair Market Value of the shares subject to the Stock Option exceed the exercise price of
the Stock Option. When a Participant exercises such SARs, the Stock Options related to such SARs shall automatically be cancelled with
respect to an equal number of underlying shares. Unless the Committee decides otherwise (in its sole discretion), SARs shall only be
paid in cash or in shares of Common Stock. For purposes of determining the number of shares available under the Plan, each Stock Appreciation
Right shall count as one share of Common Stock, without regard to the number of shares, if any, that are issued upon the exercise of
the Stock Appreciation Right and upon such payment. Shares issuable in connection with a SAR are subject to the transfer restrictions
under the Plan.

    	 	16	 

     

    

SECTION
10  Performance Units and Performance Shares.

(a) 
Grant of Performance Units/Shares. Subject to the terms of the Plan, Performance Units and Performance Shares may be granted
to eligible Employees, Consultants or Outside Directors at any time and from time to time, as shall be determined by the Committee, in
its sole discretion. The Committee shall have complete discretion in determining the number of Performance Units and Performance Shares
granted to each Participant.

(b) 
Value of Performance Units/Shares. Each Performance Unit shall have an initial value that is established by the Committee
at the time of the grant. Each Performance Share shall have an initial value equal to the Fair Market Value of a Share on the date of
grant. The Committee shall set performance goals in its discretion which, depending on the extent to which they are met, will determine
the number and/or value of Performance Units/Shares that will be paid out to the Participants. The time period during which the performance
goals must be met shall be called a “Performance Period.”

(c) 
Performance Objectives and Other Terms. The Committee will set Performance Goals or other vesting provisions (including,
without limitation, continued status as an Employee, Consultant or Outside Director) in its discretion which, depending on the extent
to which they are met, will determine the number or value of Performance Units/Shares that will be paid out to an Employee, Consultant
or Outside Director. The time period during which the performance objectives or other vesting provisions must be met will be called the
"Performance Period." Each Award of Performance Units/Shares will be evidenced by an Award Agreement that will specify the
Performance Period, and such other terms and conditions as the Committee, in its sole discretion, will determine. The Committee may set
performance objectives based upon the achievement of Company-wide, divisional, or individual goals, applicable federal or state securities
laws, or any other basis determined by the Committee in its discretion.

(d) 
Measurement of Performance Goals. Performance Goals shall be established by the Committee on the basis of targets to be
attained ("Performance Targets") with respect to one or more measures of business or financial performance (each, a "Performance
Measure"), subject to the following:

(i) 
Performance Measures. For each Performance Period, the Committee shall establish and set forth in writing the Performance
Measures, if any, and any particulars, components and adjustments relating thereto, applicable to each Participant. The Performance Measures,
if any, will be objectively measurable and will be based upon the achievement of a specified percentage or level in one or more objectively
defined and non-discretionary factors preestablished by the Committee. Performance Measures may be one or more of the following, as determined
by the Committee: (i) sales or non-sales revenue; (ii) return on revenues; (iii) operating income; (iv) income or earnings including
operating income; (v) net income; (vi) pre-tax income or after-tax income; (vii) net income excluding amortization of intangible assets,
depreciation and impairment of goodwill and intangible assets and/or excluding charges attributable to the adoption of new accounting
pronouncements; (viii) raising of financing or fundraising; (ix) project financing; (x) revenue backlog; (xi) power purchase agreement
backlog; (xii) gross margin; (xiii) operating margin or profit margin; (xiv) capital expenditures, cost targets, reductions and savings
and expense management; (xv) return on assets (gross or net), return on investment, return on capital, or return on shareholder equity;
(xvi) cash flow, free cash flow, cash flow return on investment (discounted or otherwise), net cash provided by operations, or cash flow
in excess of cost of capital; (xvii) performance warranty and/or guarantee claims; (xviii) stock price or total stockholder return; (xix)
earnings or book value per share (basic or diluted); (xx) economic value created; (xxi) pre-tax profit or after-tax profit; (xxii) strategic
business criteria, consisting of one or more objectives based on meeting specified market penetration or market share, geographic business
expansion, objective customer satisfaction or information technology goals; (xxiii) objective goals relating to divestitures, joint ventures,
mergers, acquisitions and similar transactions; (xxiv) construction projects consisting of one or more objectives based upon meeting
project completion timing milestones, project budget, site acquisition, site development, or site equipment functionality; (xxv) objective
goals relating to staff management, results from staff attitude and/or opinion surveys, staff satisfaction scores, staff safety, staff
accident and/or injury rates, headcount, performance management, completion of critical staff training initiatives; (xxvi) objective
goals relating to projects, including project completion timing milestones, project budget; (xxvii) key regulatory objectives; and (xxviii)
enterprise resource planning.

    	 	17	 

     

    

(ii) 
Committee Discretion on Performance Measures. As determined in the discretion of the Committee, the Performance Measures
for any Performance Period may (a) differ from Participant to Participant and from Award to Award, (b) be based on the performance of
the Company as a whole or the performance of a specific Participant or one or more Subsidiaries, divisions, departments, regions, stores,
segments, products, functions or business units of the Company, (c) be measured on a per share, per capita, per unit, per square foot,
per employee, per branch basis, and/or other objective basis (d) be measured on a pre-tax or after-tax basis, and (e) be measured on
an absolute basis or in relative terms (including, but not limited to, the passage of time and/or against other companies, financial
metrics and/or an index). Without limiting the foregoing, the Committee shall adjust any performance criteria, Performance Measures or
other feature of an Award that relates to or is wholly or partially based on the number of, or the value of, any stock of the Company,
to reflect any stock dividend or split, repurchase, recapitalization, combination, or exchange of shares or other similar changes in
such stock.

(e) 
Earning of Performance Units/Shares. After the applicable Performance Period has ended, the holder of Performance Units/Shares
shall be entitled to receive a payout of the number of Performance Unit/Shares earned by the Participant over the Performance Period,
to be determined as a function of the extent to which the corresponding Performance Goals have been achieved. Notwithstanding the preceding
sentence, after the grant of a Performance Unit/Share, and subject to restrictions under Applicable Laws such as Code Section 409A, the
Committee, in its sole discretion, may waive the achievement of any performance goals for such Performance Unit/Share.

(f) 
Form and Timing of Payment of Performance Units/Shares. Payment of earned Performance Units/Shares shall be made in a single
lump sum, within 90 calendar days following the close of the applicable Performance Period. The Committee, in its sole discretion, may
pay earned Performance Units/Shares in the form of cash, in Shares (which have an aggregate fair market value equal to the value of the
earned Performance Units/Shares at the close of the applicable Performance Period) or in combination thereof. Prior to the beginning
of each Performance Period, Participants may, if so permitted by the Company, elect to defer the receipt of any Performance Unit/Share
payout upon such terms as the Committee shall determine.

(g) 
Cancellation of Performance Units/Shares. Subject to the applicable Award Agreement, upon the earlier of (a) the Participant's
termination of employment, or (b) the date set forth in the Award Agreement, all remaining Performance Units/Shares shall be forfeited
by the Participant to the Company, the Shares subject thereto shall again be available for grant under the Plan.

    	 	18	 

     

    

(h) 
Non-transferability. Performance Units/Shares may not be sold, transferred, pledged, assigned, or otherwise alienated or
hypothecated, other than by will or by the laws of descent and distribution. Further a Participant's rights under the Plan shall be exercisable
during the Participant's lifetime only by the Participant or the Participant's legal representative.

SECTION
11  Tax Withholding.

(a) 
Tax Withholding for Options. The Company shall be entitled, if the Committee deems it necessary or desirable, to withhold
(or secure payment in cash in United States dollars from an Optionee or beneficiary in lieu of withholding) the amount of any withholding
or other tax required by law to be withheld or paid by the Company with respect to any amount payable and/or shares of Common Stock issuable
under such Optionee's Option, and the Company may defer payment or issuance of the shares of Common Stock upon such Optionee's exercise
of an Option unless indemnified to its satisfaction against any liability for such tax. The amount of any such withholding shall be determined
by the Company.

(b) 
Tax Withholding for Restricted Stock and Other Awards. When a Participant incurs tax liability in connection with the vesting,
lapse of a restriction or distribution of Restricted Stock or other Award, and the Participant is obligated to pay an amount required
to be withheld under applicable tax laws, the Committee shall establish procedures to satisfy the withholding tax obligation. The Participant
also has the option to make payment in cash in United States dollars pursuant to procedures established by the Company. The amount of
any such withholding shall be determined by the Company.

SECTION
12  Adjustment of Shares and Representations.

(a) 
General. Should any change be made to the Common Stock by reason of any stock split, reverse stock split, stock dividend,
recapitalization, combination of shares, exchange of shares or other change affecting the outstanding Common Stock as a class without
the Company’s receipt of consideration, the Committee shall make appropriate adjustments to (i) the maximum number and/or class
of securities issuable pursuant to the Plan, (ii) the number and/or class of securities and the Exercise Price per share in effect for
each outstanding Option in order to prevent the dilution or enlargement of benefits, (iii) the number of shares of Restricted Stock granted;
or (iv) the number of Performance Shares awarded, if applicable. As a condition to the exercise of an Award, the Company may require
the person exercising such Option to make such representations and warranties at the time of any such exercise as the Company may at
that time determine, including without limitation, representations and warranties that (i) the Shares are being purchased only for investment
and without any present intention to sell or distribute such Shares in violation of applicable federal or state securities laws, and
(ii) such person is knowledgeable and experienced in financial and business matters and is capable of evaluating the merits and the risks
associated with purchasing the Shares.

    	 	19	 

     

    

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 under this Plan, 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.

(b) 
Mergers and Consolidations. In the event that the Company is a party to a Change of Control, outstanding Awards that are
not yet vested shall be subject to the agreement of merger or consolidation or asset sale. Such agreement, without the Participant’s
consent, may provide for:

(i) 
The continuation of such outstanding Awards by the Company (if the Company is the surviving Company);

(ii) 
The assumption of the Plan and such outstanding Awards by the surviving Company;

(iii) 
The substitution by the surviving Company of options with substantially the same terms for such outstanding Awards;

(iv) 
Such other action as the Board determines.

Each
Option that is assumed or otherwise continued in effect in connection with a Change of Control shall be appropriately adjusted, immediately
after such Change of Control, to apply to the number and class of securities which would have been issuable to the Optionee in connection
with the consummation of such Change of Control, had the Option been exercised immediately prior to such Change of Control.

(c) 
Reservation of Rights. Except as provided in this Section 12, a Participant shall have no Shareholder rights by reason
of (i) any subdivision or consolidation of shares of stock of any class, or (ii) any other increase or decrease in the number of shares
of stock of any class. Any issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of
any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or Exercise Price of shares
subject to an Option. The grant of an Option pursuant to the Plan shall not affect in any way the right or power of the Company to make
adjustments, reclassifications, reorganizations or changes of its capital or business structure, to merge or consolidate or to dissolve,
liquidate, sell or transfer all or any part of its business or assets.

SECTION
13  Miscellaneous.

(a) 
Regulatory Approvals. The implementation of the Plan, the granting of any Options, Restricted Stock or Performance Unit/Performance
Share Awards under the Plan, and the issuance of any shares of Common Stock upon the exercise of any Option, lapse of restrictions on
Restricted Stock, or payout of Performance Share Award shall be subject to the Company’s procurement of all approvals and permits
required by regulatory authorities, if any, including applicable securities laws having jurisdiction over the Plan, the Options or Restricted
Stock granted, and the shares of Common Stock issued pursuant to it.

    	 	20	 

     

    

(b) 
Strict Construction. No rule of strict construction shall be implied against the Committee, the Company or Subsidiary or
any other person in the interpretation of any of the terms of the Plan, any Award granted under the Plan or any rule or procedure established
by the Committee.

(c) 
Choice of Law. All determinations made and actions taken pursuant to the Plan shall be governed by the internal laws of
the State of Delaware and construed in accordance therewith.

(d) 
Compliance With Code Section 409A. Awards will be designed and operated in such a manner that they are either exempt from
the application of, or comply with, the requirements of Code Section 409A such that the grant, payment, settlement or deferral will not
be subject to the additional tax or interest applicable under Code Section 409A. The Plan and each Award Agreement under the Plan is
intended to meet the requirements of Code Section 409A (or an exemption therefrom) and will be construed and interpreted in accordance
with such intent, except as otherwise determined in the sole discretion of the Committee. To the extent that an Award or payment, or
the settlement or deferral thereof, is subject to Code Section 409A, the Award will be granted, paid, settled or deferred in a manner
that will meet the requirements of Code Section 409A (or an exemption therefrom), such that the grant, payment, settlement or deferral
will not be subject to the additional tax or interest applicable under Code Section 409A. In no event will the Company be responsible
for or reimburse a Participant for any taxes or other penalties incurred as a result of applicable of Code Section 409A.

(e) 
Date of Grant. The date of grant of an Award will be, for all purposes, the date on which the Committee makes the determination
granting such Award, or such other later date as is determined by the Committee. Notice of the determination will be provided to each
Participant within a reasonable time after the date of such grant.

(f) 
Conditions Upon Issuance of Shares.

(i) 
Legal Compliance. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance
and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company with
respect to such compliance.

(ii) 
Investment Representations. 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.

(g) 
Clawback Provisions. All Awards (including the gross amount of any proceeds, gains or other economic benefit the Participant actually
or constructively receives upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award) will be
subject to recoupment by the Company to the extent required to comply with Applicable Law or any policy of the Company providing for
the reimbursement of incentive compensation, whether or not such policy was in place at the time of grant of an Award.

    	 	21	 

     

    

(h)Stockholder
Approval. The Plan will be subject to approval by the stockholders of the Company within twelve (12) months after the date the Plan
is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws.

SECTION
14  No Employment or Service Retention Rights.

Nothing
in the Plan or in any Award granted under the Plan shall confer upon the Participant any right to continue in Service for any period
of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Subsidiary employing or retaining
the Participant) or of the Participant, which rights are hereby expressly reserved by each, to terminate his or her Service at any time
and for any reason, with or without cause.

SECTION
15  Duration and Amendments.

(a) 
Term of the Plan. The Plan, as set forth herein, shall become effective on the date of its adoption by the Board, subject
to the approval of the Company’s stockholders. In the event that the stockholders fail to approve the Plan within 12 months after
its adoption by the Board, any grants of Awards that have already occurred for which shareholder approval is a prerequisite for the granting
of such Awards, shall be rescinded, and no such additional grants or awards shall be made thereafter under the Plan. The Plan shall terminate
upon the earliest to occur of (i) the tenth anniversary of Board approval of the Plan or (ii) the date determined by the Board pursuant
to its authority pursuant to paragraph (b) below..

(b) 
Right to Amend or Terminate the Plan. The Plan shall terminate upon the earliest to occur of (i) the tenth anniversary
of Board approval of the Plan; (ii) the date on which all Shares available for issuance under the Plan have been issued as fully vested
Shares; or (iii) the date determined by the Board pursuant to its authority under Section 12.3 of the Plan.

(c) 
Effect of Amendment or Termination. No amendment, alteration, suspension or termination of the Plan will impair the rights
of any Participant, unless mutually agreed otherwise between the Participant and the Committee, which agreement must be in writing and
signed by the Participant and the Company. No Shares of Common Stock shall be issued or sold under the Plan after the termination thereof,
except upon exercise of an Option granted prior to such termination. The termination of the Plan, or any amendment thereof, shall not
affect any shares of Restricted Stock or Performance Shares previously issued or any Option previously granted under the Plan.

    	 	22	 

     

    

SECTION
16  Execution.

To
record the adoption of the Plan by the Board of Directors, the Company has caused its authorized officer to execute the same.

NUTEX
HEALTH, INC. 

By:/s/
Elisa Luqman

Name: Elisa
Luqman

Title: General Counsel and Secretary to the Board

Date: March 16, 2022

    	 	23

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