Document:

Exhibit 10.1

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement
(“Agreement”) is made as of                 ,
20     by and between AirSculpt Technologies, Inc., a Delaware corporation (the “Company”),
and                     ,
[a member of the Board of Directors/ an officer] of the Company (“Indemnitee”). This Agreement supersedes and replaces any
and all previous Agreements between the Company and Indemnitee covering indemnification and advancement.

 

RECITALS

 

WHEREAS, the Board of Directors
of the Company (the “Board”) believes that highly competent persons have become more reluctant to serve publicly-held corporations
as directors, officers, or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification
and advancement of expenses against inordinate risks of claims and actions against them arising out of their service to and activities
on behalf of the corporation;

 

WHEREAS, the Board has determined
that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense,
liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such
insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company
believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums
and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises
are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally
would have been brought only against the Company or business enterprise itself. The Amended and Restated Bylaws of the Company (the “Bylaws”)
and the Amended and Restated Certificate of Incorporation of the Company (the “Certificate of Incorporation”) require indemnification
of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law
of the State of Delaware (the “DGCL”). The Bylaws, Certificate of Incorporation, and the DGCL expressly provide that the indemnification
provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members
of the board of directors, officers and other persons with respect to indemnification and advancement of expenses;

 

WHEREAS, the uncertainties
relating to such insurance, to indemnification, and to advancement of expenses may increase the difficulty of attracting and retaining
such persons;

 

WHEREAS, the Board has determined
that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company and its stockholders
and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

 

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons
to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that
they will not be so indemnified;

 

WHEREAS, this Agreement is
a supplement to and in furtherance of the Bylaws, Certificate of Incorporation and any resolutions adopted pursuant thereto, and is not
a substitute therefor, nor diminishes or abrogates any rights of Indemnitee thereunder; and

 

WHEREAS, Indemnitee
does not regard the protection available under the Bylaws, Certificate of Incorporation, DGCL and insurance as adequate in the present
circumstances, and may not be willing to serve or continue to serve as an officer or director without adequate additional protection,
and the Company desires Indemnitee to serve or continue to serve in such capacity. Indemnitee is willing to serve, continue to serve and
to take on additional service for or on behalf of the Company on the condition that Indemnitee be so indemnified and be advanced expenses.

 

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NOW, THEREFORE, in consideration
of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1. Services
to the Company. Indemnitee agrees to serve as a [director/officer] of the Company. Indemnitee may at any time and for any reason resign
from such position (subject to any other contractual obligation or any obligation imposed by operation of law). This Agreement does not
create any obligation on the Company to continue Indemnitee in such position and is not an employment contract between the Company (or
any of its subsidiaries or any Enterprise) and Indemnitee.

 

Section 2. Definitions.
As used in this Agreement:

 

(a) “Agent”
means any person who is authorized by the Company or an Enterprise to act for or represent the interests of the Company or an Enterprise,
respectively.

 

(b) A “Change
in Control” occurs upon the earliest to occur after the date of this Agreement of any of the following events:

 

i. Acquisition of Stock by Third
Party. Any Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly or indirectly, of securities of the
Company representing fifteen percent (15%) or more of the combined voting power of the Company’s then outstanding securities unless
the change in relative beneficial ownership of the Company’s securities by any Person results solely from a reduction in the aggregate
number of outstanding shares of securities entitled to vote generally in the election of directors;

 

ii. Change in Board of Directors.
During any period of two (2) consecutive years (not including any period prior to the execution of this Agreement), individuals who
at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered
into an agreement with the Company to effect a transaction described in Sections 2(b)(i), 2(b)(iii) or 2(b)(iv)) whose election by
the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors
then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously
so approved, cease for any reason to constitute at least a majority of the members of the Board;

 

iii. Corporate Transactions.
The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either
by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power
of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect
at least a majority of the board of directors or other governing body of such surviving entity;

 

iv. Liquidation. The approval
by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company
of all or substantially all of the Company’s assets; and

 

v. Other Events. There occurs
any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or
a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not
the Company is then subject to such reporting requirement.

 

vi. For purposes of this Section 2(b),
the following terms have the following meanings:

 

	 	1	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 

 

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	 	2	“Person” has the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person excludes (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company. 

 

	 	3	“Beneficial Owner” has the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial Owner excludes any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger of the Company with another entity. 

 

(c) “Corporate
Status” describes the status of a person who is or was acting as a director, officer, employee, fiduciary, or Agent of the Company
or an Enterprise.

 

(d) “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is
sought by Indemnitee.

 

(e) “Enterprise”
means any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other entity for which
Indemnitee is or was serving at the request of the Company as a director, officer, employee, or Agent.

 

(f) “Expenses”
includes all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts and other professionals, witness
fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, any federal,
state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement,
ERISA excise taxes and penalties, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting,
defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding.
Expenses also include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation
the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for
purposes of Section 14(d) only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense
of Indemnitee’s rights under this Agreement, by litigation or otherwise. The parties agree that for the purposes of any advancement
of Expenses for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such
demand that are certified by affidavit of Indemnitee’s counsel as being reasonable in the good faith judgment of such counsel will
be presumed conclusively to be reasonable. Expenses, however, do not include amounts paid in settlement by Indemnitee or the amount of
judgments or fines against Indemnitee.

 

(g) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is,
nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party
(other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification
agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the
foregoing, the term “Independent Counsel” does not include any person who, under the applicable standards of professional
conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement.

 

(h) “Potential
Change in Control” means the occurrence of any of the following events: (i) the Company enters into any written or oral agreement,
undertaking or arrangement, the consummation of which would result in the occurrence of a Change in Control; (ii) any Person or the
Company publicly announces an intention to take or consider taking actions which if consummated would constitute a Change in Control;
(iii) any Person who becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 5% or more of
the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors increases
his beneficial ownership of such securities by 5% or more over the percentage so owned by such Person on the date hereof; or (iv) the
Board adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change in Control has occurred.

 

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(i) The term
 “Proceeding” includes any threatened, pending or completed action, suit, claim, counterclaim, cross claim, arbitration,
mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or
completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative,
legislative, or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is or will be
involved as a party, potential party, non-party witness or otherwise by reason of Indemnitee’s Corporate Status or by reason
of any action taken by Indemnitee (or a failure to take action by Indemnitee) or of any action (or failure to act) on
Indemnitee’s part while acting pursuant to Indemnitee’s Corporate Status, in each case whether or not serving in such
capacity at the time any liability or Expense is incurred for which indemnification, reimbursement, or advancement of Expenses can
be provided under this Agreement. A Proceeding also includes a situation the Indemnitee believes in good faith may lead to or
culminate in the institution of a Proceeding.

 

(j) [“Fund
Indemnitor” means [insert names]]

 

Section 3. Indemnity
in Third-Party Proceedings. The Company will indemnify Indemnitee in accordance with the provisions of this Section 3 if Indemnitee
is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company
to procure a judgment in its favor. Pursuant to this Section 3, the Company will indemnify Indemnitee to the fullest extent permitted
by applicable law against all Expenses, judgments, fines and amounts paid in settlement (including all interest, assessments and other
charges paid or payable in connection with or in respect of such Expenses, judgments, fines and amounts paid in settlement) actually and
reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein,
if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the
Company and, in the case of a criminal Proceeding had no reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

Section 4. Indemnity
in Proceedings by or in the Right of the Company. The Company will indemnify Indemnitee in accordance with the provisions of this
Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the
Company to procure a judgment in its favor. Pursuant to this Section 4, the Company will indemnify Indemnitee to the fullest extent
permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed
to be in or not opposed to the best interests of the Company. The Company will not indemnify Indemnitee for Expenses under this Section 4
related to any claim, issue or matter in a Proceeding for which Indemnitee has been finally adjudged by a court to be liable to the Company,
unless, and only to the extent that, the Delaware Court of Chancery or any court in which the Proceeding was brought determines upon application
by Indemnitee that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly
and reasonably entitled to indemnification.

 

Section 5. Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement, to the fullest
extent permitted by applicable law, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee
in connection with any Proceeding the extent that Indemnitee is successful, on the merits or otherwise. If Indemnitee is not wholly successful
in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such
Proceeding, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection with or related to each successfully resolved claim, issue or matter to the fullest extent permitted by law. For
purposes of this Section 5 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal,
with or without prejudice, will be deemed to be a successful result as to such claim, issue or matter.

 

Section 6. Indemnification
For Expenses of a Witness. Notwithstanding any other provision of this Agreement and to the fullest extent permitted by applicable
law, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection with any Proceeding to which Indemnitee is not a party but to which Indemnitee is a witness, deponent, interviewee,
or otherwise asked to participate.

 

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Section 7. Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion
of Expenses, but not, however, for the total amount thereof, the Company will indemnify Indemnitee for the portion thereof to which Indemnitee
is entitled.

 

Section 8. Additional
Indemnification. Notwithstanding any limitation in Sections 3, 4, or 5, the Company will indemnify Indemnitee to the fullest extent
permitted by applicable law (including but not limited to, the DGCL and any amendments to or replacements of the DGCL adopted after the
date of this Agreement that expand the Company’s ability to indemnify its officers and directors) if Indemnitee is a party to or
threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its
favor).

 

Section 9. Exclusions.
Notwithstanding any provision in this Agreement, the Company is not obligated under this Agreement to make any indemnification payment
to Indemnitee in connection with any Proceeding:

 

(a) for which payment
has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except to the extent provided
in Section 16(b) and except with respect to any excess beyond the amount paid under any insurance policy or other indemnity
provision; or

 

(b) for (i) an
accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning
of Section 16(b) of the Exchange Act (as defined in Section 2(b) hereof) or similar provisions of state statutory
law or common law, (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based
compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under the
Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304
of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase
and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act) or (iii) any reimbursement of the
Company by Indemnitee of any compensation pursuant to any compensation recoupment or clawback policy adopted by the Board or the compensation
committee of the Board, including but not limited to any such policy adopted to comply with stock exchange listing requirements implementing
Section 10D of the Exchange Act; or

 

(c) initiated by Indemnitee,
including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees
or other indemnitees, unless (i) the Proceeding or part of any Proceeding is to enforce Indemnitee’s rights to indemnification
or advancement, of Expenses, including a Proceeding (or any part of any Proceeding) initiated pursuant to Section 14 of this Agreement,
(ii) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (iii) the Company provides
the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

 

Section 10. Advances
of Expenses.

 

(a) The Company will
advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in connection with any Proceeding (or any part of any
Proceeding) not initiated by Indemnitee or any Proceeding (or any part of any Proceeding) initiated by Indemnitee if (i) the Proceeding
or part of any Proceeding is to enforce Indemnitee’s rights to obtain indemnification or advancement of Expenses from the Company
or Enterprise, including a proceeding initiated pursuant to Section 14 or (ii) the Board authorized the Proceeding (or any part
of any Proceeding) prior to its initiation. The Company will advance the Expenses within thirty (30) days after the receipt by the
Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding.

 

(b) Advances will be
unsecured and interest free. Indemnitee undertakes to repay the amounts advanced (without interest) to the extent that it is ultimately
determined that Indemnitee is not entitled to be indemnified by the Company, thus Indemnitee qualifies for advances upon the execution
of this Agreement and delivery to the Company. No other form of undertaking is required other than the execution of this Agreement. The
Company will make advances without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s
ultimate entitlement to indemnification under the other provisions of this Agreement.

 

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Section 11. Procedure
for Notification of Claim for Indemnification or Advancement.

 

(a) Indemnitee will
notify the Company in writing of any Proceeding with respect to which Indemnitee intends to seek indemnification or advancement of Expenses
hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. Indemnitee will include in
the written notification to the Company a description of the nature of the Proceeding and the facts underlying the Proceeding and provide
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what
extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding. Indemnitee’s failure to notify
the Company will not relieve the Company from any obligation it may have to Indemnitee under this Agreement, and any delay in so notifying
the Company will not constitute a waiver by Indemnitee of any rights under this Agreement. The Secretary of the Company will, promptly
upon receipt of such a request for indemnification or advancement, advise the Board in writing that Indemnitee has requested indemnification
or advancement.

 

(b) The Company will
be entitled to participate in the Proceeding at its own expense.

 

Section 12. Procedure
Upon Application for Indemnification.

 

(a) Unless a Change
of Control has occurred, the determination of Indemnitee’s entitlement to indemnification will be made:

 

i. by a majority vote of the
Disinterested Directors, even though less than a quorum of the Board;

 

ii. by a committee of Disinterested
Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board;

 

iii. if there are no such Disinterested
Directors or, if such Disinterested Directors so direct, by written opinion provided by Independent Counsel selected by the Board; or

 

iv. if so directed by the Board,
by the stockholders of the Company.

 

(b) If a Change in Control
has occurred, the determination of Indemnitee’s entitlement to indemnification will be made by written opinion provided by Independent
Counsel selected by Indemnitee (unless Indemnitee requests such selection be made by the Board).

 

(c) The party selecting
Independent Counsel pursuant to subsection (a)(iii) or (b) of this Section 12 will provide written notice of the selection
to the other party. The notified party may, within ten (10) days after receiving written notice of the selection of Independent Counsel,
deliver to the selecting party a written objection to such selection; provided, however, that such objection may be asserted
only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined
in Section 2 of this Agreement, and the objection will set forth with particularity the factual basis of such assertion. Absent a
proper and timely objection, the person so selected will act as Independent Counsel. If such written objection is so made and substantiated,
the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or the Delaware
Court has determined that such objection is without merit. If, within thirty (30) days after the later of submission by Indemnitee
of a written request for indemnification pursuant to Section 11(a) hereof and the final disposition of the Proceeding, Independent
Counsel has not been selected or, if selected, any objection to has not been resolved, either the Company or Indemnitee may petition the
Delaware Court for the appointment as Independent Counsel of a person selected by such court or by such other person as such court designates.
Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent
Counsel will be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional
conduct then prevailing).

 

(d) Indemnitee
will cooperate with the person, persons or entity making the determination with respect to Indemnitee’s entitlement to
indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or
information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and
reasonably necessary to such determination. The Company will advance and pay any Expenses incurred by Indemnitee in so cooperating
with the person, persons or entity making the indemnification determination irrespective of the determination as to
Indemnitee’s entitlement to indemnification and the Company hereby indemnifies and agrees to hold Indemnitee harmless
therefrom. The Company promptly will advise Indemnitee in writing of the determination that Indemnitee is or is not entitled to
indemnification, including a description of any reason or basis for which indemnification has been denied and providing a copy of
any written opinion provided to the Board by Independent Counsel.

 

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(e) If it is determined
that Indemnitee is entitled to indemnification, the Company will make payment to Indemnitee within thirty (30) days after such determination.

 

Section 13. Presumptions
and Effect of Certain Proceedings.

 

(a) In making a determination
with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination will, to the fullest
extent not prohibited by law, presume Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request
for indemnification in accordance with Section 11(a) of this Agreement, and the Company will, to the fullest extent not prohibited
by law, have the burden of proof to overcome that presumption. Neither the failure of the Company (including by its directors or Independent
Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper
in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including
by its directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, will be a defense to the action
or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

(b) If the determination
of the Indemnitee’s entitlement to indemnification has not been made pursuant to Section 12 within sixty (60) days after
the later of (i) receipt by the Company of Indemnitee’s request for indemnification pursuant to Section 11(a) and
(ii) the final disposition of the Proceeding for which Indemnitee requested Indemnification (the “Determination Period”),
the requisite determination of entitlement to indemnification will, to the fullest extent not prohibited by law, be deemed to have been
made and Indemnitee will be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission
of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification,
or (ii) a prohibition of such indemnification under applicable law. The Determination Period may be extended for a reasonable time,
not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement
to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating
thereto; and provided, further, the Determination Period may be extended an additional fifteen (15) days if the determination of
entitlement to indemnification is to be made by the stockholders pursuant to Section 12(a)(iv) of this Agreement.

 

(c) The termination
of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere
or its equivalent, will not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee
to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed
to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable
cause to believe that Indemnitee’s conduct was unlawful.

 

(d) For purposes
of any determination of good faith, Indemnitee will be deemed to have acted in good faith if Indemnitee acted based on the
records or books of account of the Company, its subsidiaries, or an Enterprise, including financial statements, or on information
supplied to Indemnitee by the directors or officers of the Company, its subsidiaries, or an Enterprise in the course of their
duties, or on the advice of legal counsel for the Company, its subsidiaries, or an Enterprise or on information or records given or
reports made to the Company or an Enterprise by an independent certified public accountant or by an appraiser, financial advisor or
other expert selected with reasonable care by or on behalf of the Company, its subsidiaries, or an Enterprise.
Further, Indemnitee will be deemed to have acted in a manner “not opposed to the best interests of the Company,” as
referred to in this Agreement if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best
interests of the participants and beneficiaries of an employee benefit plan. The provisions of this Section 13(d) is not
exclusive and does not limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable
standard of conduct set forth in this Agreement.

 

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(e) The knowledge and/or
actions, or failure to act, of any director, officer, trustee, partner, managing member, fiduciary, Agent or employee of the Enterprise
may not be imputed to Indemnitee for purposes of determining Indemnitee’s right to indemnification under this Agreement.

 

Section 14. Remedies
of Indemnitee.

 

(a) Indemnitee may commence
litigation against the Company in the Delaware Court of Chancery to obtain indemnification or advancement of Expenses provided by this
Agreement in the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled
to indemnification under this Agreement, (ii) the Company does not advance Expenses pursuant to Section 10 of this Agreement,
(iii) the determination of entitlement to indemnification is not made pursuant to Section 12 of this Agreement within the Determination
Period, (iv) the Company does not indemnify Indemnitee pursuant to Section 5 or 6 or the second to last sentence of Section 12(d) of
this Agreement within thirty (30) days after receipt by the Company of a written request therefor, (v) the Company does not
indemnify Indemnitee pursuant to Section 3, 4, 7, or 8 of this Agreement within thirty (30) days after a determination has been
made that Indemnitee is entitled to indemnification, or (vi) in the event that the Company or any other person takes or threatens
to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or Proceeding designed
to deny, or to recover from, the Indemnitee the benefits provided or intended to be provided to the Indemnitee hereunder. Alternatively, Indemnitee,
at Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration
Rules of the American Arbitration Association. Indemnitee must commence such Proceeding seeking an adjudication or an award in arbitration
within one hundred and eighty (180) days following the date on which Indemnitee first has the right to commence such Proceeding pursuant
to this Section 14(a); provided, however, that the foregoing clause does not apply in respect of a Proceeding brought
by Indemnitee to enforce Indemnitee’s rights under Section 5 of this Agreement. The Company will not oppose Indemnitee’s
right to seek any such adjudication or award in arbitration.

 

(b) If a determination
is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration
commenced pursuant to this Section 14 will be conducted in all respects as a de novo trial, or arbitration, on the merits
and Indemnitee may not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant
to this Section 14 the Company will have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses,
as the case may be and will not introduce evidence of the determination made pursuant to Section 12 of this Agreement.

 

(c) If a determination
is made pursuant to Section 12 of this Agreement that Indemnitee is entitled to indemnification, the Company will be bound by such
determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent (i) a misstatement by
Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading,
in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

 

(d) The Company is,
to the fullest extent not prohibited by law, precluded from asserting in any judicial proceeding or arbitration commenced pursuant to
this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and will stipulate
in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 

(e) It is the
intent of the Company that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees or other
Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation
or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to the
Indemnitee hereunder. The Company, to the fullest extent permitted by law, will (within thirty (30) days after receipt by the
Company of a written request therefor) advance to Indemnitee such Expenses which are incurred by Indemnitee in connection with any
action concerning this Agreement, Indemnitee’s right to indemnification or advancement of Expenses from the Company, or
concerning any directors’ and officers’ liability insurance policies maintained by the Company, and will indemnify
Indemnitee against any and all such Expenses unless the court determines that each of the Indemnitee’s claims in such
Proceeding were made in bad faith or were frivolous or are prohibited by law.

 

     8

     

    

 

Section 15. [Reserved].

 

Section 16. Non-exclusivity;
Survival of Rights; Insurance; Subrogation.

 

(a) The indemnification
and advancement of Expenses provided by this Agreement are not exclusive of any other rights to which Indemnitee may at any time be entitled
under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders or a resolution of directors,
or otherwise. The indemnification and advancement of Expenses provided by this Agreement may not be limited or restricted by any amendment,
alteration or repeal of this Agreement in any way with respect to any action taken or omitted by Indemnitee in Indemnitee’s Corporate
Status occurring prior to any amendment, alteration or repeal of this Agreement. To the extent that a change in Delaware law, whether
by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the
Bylaws, Certificate of Incorporation, or this Agreement, it is the intent of the parties hereto that Indemnitee enjoy by this Agreement
the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or
remedy, and every other right and remedy is cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, will not prevent
the concurrent assertion or employment of any other right or remedy.

 

(b) The Company hereby
acknowledges that Indemnitee may have certain rights to indemnification, advancement of Expenses and/or insurance provided by one or more
other Persons with whom or which Indemnitee may be associated [(including, without limitation, any Fund Indemnitor)]. The relationship
between the Company and such other Persons, other than an Enterprise, with respect to the Indemnitee’s rights to indemnification,
advancement of Expenses, and insurance is described by this subsection, subject to the provisions of subsection (d) of this Section 16
with respect to a Proceeding concerning Indemnitee’s Corporate Status with an Enterprise.

 

i. The Company hereby acknowledges
and agrees:

 

1) the Company is the indemnitor
of first resort with respect to any request for indemnification or advancement of Expenses made pursuant to this Agreement concerning
any Proceeding arising from or related to Indemnitee’s Corporate Status with the Company;

 

2) the Company is primarily
liable for all indemnification and indemnification or advancement of Expenses obligations for any Proceeding arising from or related to
Indemnitee’s Corporate Status, whether created by law, organizational or constituent documents, contract (including this Agreement)
or otherwise;

 

3) any obligation of any other
Persons with whom or which Indemnitee may be associated [(including, without limitation, any Fund Indemnitor)] to indemnify Indemnitee
and/or advance Expenses to Indemnitee in respect of any proceeding are secondary to the obligations of the Company’s obligations;

 

4) the Company will indemnify
Indemnitee and advance Expenses to Indemnitee hereunder to the fullest extent provided herein without regard to any rights Indemnitee
may have against any other Person with whom or which Indemnitee may be associated [(including, any Fund Indemnitor)] or insurer of any
such Person; and

 

ii. the Company
irrevocably waives, relinquishes and releases (A) any other Person with whom or which Indemnitee may be associated [(including,
without limitation, any Fund Indemnitor)] from any claim of contribution, subrogation, reimbursement, exoneration or
indemnification, or any other recovery of any kind in respect of amounts paid by the Company to Indemnitee pursuant to this
Agreement [and (B) any right to participate in any claim or remedy of Indemnitee against any Fund Indemnitor (or former Fund
Indemnitor), whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including,
without limitation, the right to take or receive from any Fund Indemnitor (or former Fund Indemnitor), directly or indirectly, in
cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right].

 

iii. In the event any other
Person with whom or which Indemnitee may be associated [(including, without limitation, any Fund Indemnitor)] or their insurers advances
or extinguishes any liability or loss for Indemnitee, the payor has a right of subrogation against the Company or its insurers for all
amounts so paid which would otherwise be payable by the Company or its insurers under this Agreement. In no event will payment by any
other Person with whom or which Indemnitee may be associated [(including, without limitation, any Fund Indemnitor)] or their insurers
affect the obligations of the Company hereunder or shift primary liability for the Company’s obligation to indemnify or advance
of Expenses to any other Person with whom or which Indemnitee may be associated [(including, without limitation, any Fund Indemnitor)].

 

     9

     

    

 

iv. Any indemnification or advancement
of Expenses provided by any other Person with whom or which Indemnitee may be associated [(including, without limitation, any Fund Indemnitor)]
is specifically in excess over the Company’s obligation to indemnify and advance Expenses or any valid and collectible insurance
(including but not limited to any malpractice insurance or professional errors and omissions insurance) provided by the Company.

 

(c) To the extent that
the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or Agents of the
Company, the Company will obtain a policy or policies covering Indemnitee to the maximum extent of the coverage available for any such
director, officer, employee or Agent under such policy or policies, including coverage in the event the Company does not or cannot, for
any reason, indemnify or advance Expenses to Indemnitee as required by this Agreement. If, at the time of the receipt of a notice of a
claim pursuant to this Agreement, the Company has director and officer liability insurance in effect, the Company will give prompt notice
of such claim or of the commencement of a Proceeding, as the case may be, to the insurers in accordance with the procedures set forth
in the respective policies. The Company will thereafter take all necessary or desirable action to cause such insurers to pay, on behalf
of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies. Indemnitee agrees
to assist the Company efforts to cause the insurers to pay such amounts and will comply with the terms of such policies, including selection
of approved panel counsel, if required.

 

(d) The Company’s
obligation to indemnify or advance Expenses hereunder to Indemnitee for any Proceeding concerning Indemnitee’s Corporate Status
with an Enterprise will be reduced by any amount Indemnitee has actually received as indemnification or advancement of Expenses from such
Enterprise. The Company and Indemnitee intend that any such Enterprise (and its insurers) be the indemnitor of first resort with respect
to indemnification and advancement of Expenses for any Proceeding related to or arising from Indemnitee’s Corporate Status with
such Enterprise. The Company’s obligation to indemnify and advance Expenses to Indemnitee is secondary to the obligations the Enterprise
or its insurers owe to Indemnitee. Indemnitee agrees to take all reasonably necessary and desirable action to obtain from an Enterprise
indemnification and advancement of Expenses for any Proceeding related to or arising from Indemnitee’s Corporate Status with such
Enterprise.

 

(e) In the event of
any payment made by the Company under this Agreement, the Company will be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee from any Enterprise or insurance carrier. Indemnitee will execute all papers required and take all action necessary
to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

Section 17. Duration
of Agreement. This Agreement continues until and terminates upon the later of: (a) ten (10) years after the date that
Indemnitee ceases to have a Corporate Status or (b) one (1) year after the final termination of any Proceeding then
pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any
Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement relating thereto. The indemnification and
advancement of Expenses rights provided by or granted pursuant to this Agreement are binding upon and be enforceable by the parties
hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or
otherwise to all or substantially all of the business or assets of the Company), continue as to an Indemnitee who has ceased to be a
director, officer, employee or Agent of the Company or of any other Enterprise, and inure to the benefit of Indemnitee and
Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

 

Section 18. Severability.
If any provision or provisions of this Agreement is held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the
validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any
Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid,
illegal or unenforceable) will not in any way be affected or impaired thereby and remain enforceable to the fullest extent permitted by
law; (b) such provision or provisions will be deemed reformed to the extent necessary to conform to applicable law and to give the
maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including,
without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) will be construed so as to give effect to the intent manifested thereby.

 

     10

     

    

 

Section 19. Interpretation.
Any ambiguity in the terms of this Agreement will be resolved in favor of Indemnitee and in a manner to provide the maximum indemnification
and advancement of Expenses permitted by law. The Company and Indemnitee intend that this Agreement provide to the fullest extent permitted
by law for indemnification and advancement in excess of that expressly provided, without limitation, by the Certificate of Incorporation,
the Bylaws, vote of the Company stockholders or disinterested directors, or applicable law.

 

Section 20. Enforcement.

 

(a) The Company expressly
confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee
to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving
or continuing to serve as a director or officer of the Company.

 

(b) This Agreement constitutes
the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings,
oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement
is a supplement to and in furtherance of the Certificate of Incorporation, the Bylaws and applicable law, and is not a substitute therefor,
nor to diminish or abrogate any rights of Indemnitee thereunder.

 

Section 21. Modification
and Waiver. No supplement, modification or amendment of this Agreement is binding unless executed in writing by the parties hereto.
No waiver of any of the provisions of this Agreement will be deemed or constitutes a waiver of any other provisions of this Agreement
nor will any waiver constitute a continuing waiver.

 

Section 22. Notice
by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena,
complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement
of Expenses covered hereunder. The failure of Indemnitee to so notify the Company does not relieve the Company of any obligation which
it may have to the Indemnitee under this Agreement or otherwise.

 

Section 23. Notices.
All notices, requests, demands and other communications under this Agreement will be in writing and will be deemed to have been duly given
if (a) delivered by hand to the other party, (b) sent by reputable overnight courier to the other party or (c) sent by
facsimile transmission or electronic mail, with receipt of oral confirmation that such communication has been received:

 

(a) If to Indemnitee,
at the address indicated on the signature page of this Agreement, or such other address as Indemnitee provides to the Company.

 

(b) If to the Company
to:

 

	 	Name:	AirSculpt Technologies, Inc.
	 	Address:	
    400 Alton Road, Unit TH-103M

    Miami Beach, Florida 33139

	 	Attention: 	
	 	Email:	 

 

or to any other address as may have been furnished
to Indemnitee by the Company.

 

Section 24. Contribution.
To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, will contribute to the amount incurred by Indemnitee, whether
for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim
relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances
of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or
transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers,
employees and Agents) and Indemnitee in connection with such event(s) and/or transaction(s).

 

     11

     

    

 

Section 25. Applicable
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties are governed by, and construed and enforced
in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration
commenced by Indemnitee pursuant to Section 14(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally
(i) agree that any action or Proceeding arising out of or in connection with this Agreement may be brought only in the Delaware Court
of Chancery and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent
to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or Proceeding arising out of or in connection
with this Agreement, (iii) waive any objection to the laying of venue of any such action or Proceeding in the Delaware Court, and
(iv) waive, and agree not to plead or to make, any claim that any such action or Proceeding brought in the Delaware Court has been
brought in an improper or inconvenient forum.

 

Section 26. Identical
Counterparts. This Agreement may be executed in one or more counterparts, each of which will for all purposes be deemed to be an original
but all of which together constitutes one and the same Agreement. Only one such counterpart signed by the party against whom enforceability
is sought needs to be produced to evidence the existence of this Agreement.

 

Section 27. Headings.
The headings of this Agreement are inserted for convenience only and do not constitute part of this Agreement or affect the construction
thereof.

 

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

 

	AIRSCULPT TECHNOLOGIES, INC.	 	INDEMNITEE
	 	 	 	 
	By:	                             	 	 
	Name:	 	 	Name:	                                              
	Office:	 	 	Address:	 
	 	 	 	 	 
	 	 	 	 	 

 

     12EXHIBIT 10.5

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

THIS AMENDED AND RESTATED EMPLOYMENT
AGREEMENT (this “Agreement”), is entered into by and between EBS Enterprises, LLC (“EBS Enterprises”),
a Delaware limited liability company and Dr. Aaron Rollins (“Executive”), and shall be effective immediately following
the time, and subject to, AirSculpt Technologies, Inc.’s (“AirSculpt” and together with EBS Enterprises,
 “Company”) registration statement on Form S-1 related to its initial public offering being declared effective
(the “IPO”) by the Securities and Exchange Commission (the “Effective Date”).

 

W I T N E S S E T H:

 

WHEREAS,
Executive and EBS Enterprises previously entered into an Employment Agreement effective as of October 2, 2018 (the “Prior
Agreement”);

 

WHEREAS,
in connection with AirSculpt’s IPO it is anticipated that EBS Enterprises will become a wholly-owned subsidiary of AirSculpt;

 

WHEREAS,
in connection with, and subject to the occurrence of, the IPO, Executive and Company desire to amend and restate the Prior Agreement;

 

WHEREAS,
Company desires to continue to employ Executive and as Chief Executive Officer of Company in accordance with the terms and
conditions of this Agreement; and

 

WHEREAS,
Executive desires to continue to serve as Chief Executive Officer of Company in accordance with the terms and conditions of
this Agreement.

 

NOW,
THEREFORE, in consideration of the foregoing and of the mutual covenants and obligations hereinafter set forth, the parties
hereto, intending to be legally bound, hereby agree as follows:

 

1.             Employment
and Acceptance. During the Term (as defined in Section 3 below), Company shall employ Executive, and Executive shall continue
to serve Company, subject to the terms of this Agreement. If, for any reason, an IPO does not occur prior to January 1, 2022, then
this Agreement will not be effective and will be null and void, and the Prior Agreement will be reinstated with full force and effect.

 

2.             Title;
Duties and Obligations; Location.

 

2.1           Title.
Company shall employ Executive to render services to Company. Executive shall serve in the capacity of Chief Executive Officer of Company.

 

2.2           Best
Efforts/Duties. The duties and responsibilities of Executive shall include such duties and responsibilities as assigned by Company’s
Board of Directors (the “Board”) from time to time consistent with the position of Chief Executive Officer. Executive
shall perform faithfully and diligently all such duties assigned to Executive. Company reserves the right to modify Executive’s
position and duties at any time in its sole and absolute discretion; provided, that such position and the duties assigned are consistent
with the position of a Chief Executive Officer or higher level of authority or prestige. In Executive’s capacity as Chief Executive
Officer of Company, Executive shall report to, and be subject to the lawful direction of, the Board. Executive will expend Executive’s
best efforts on behalf of Company, and will abide by all policies of Company applicable to Company’s executives generally and all
decisions made by the Board, all in accordance with applicable federal, state and local laws, regulations or ordinances. Executive will
act in the best interest of Company at all times in carrying out his duties and responsibilities under this Agreement. Except as permitted
under subsections 2.5 (i) through (iii) below, Executive shall devote Executive’s full business efforts to the performance,
to the best of his ability, experience and talent, of Executive’s assigned duties for Company. For the avoidance of doubt, the parties
acknowledge and agree that Executive is not employed hereunder in his professional capacity as a physician and his duties and responsibilities
on behalf of Company shall not include any act, service or duty that constitutes the practice of medicine under applicable law, and nothing
contained in this Agreement requires either party to refer any patient or business to any person or entity.

 

     

     

    

 

2.3           Other
Positions. In addition to serving in the capacity of Chief Executive Officer of Company, Executive also may serve in such other executive-level
positions or capacities as may, from time to time, be reasonably requested by the Board, including, without limitation (subject to election,
appointment, re-election or re-appointment, as applicable) as an officer of any of Company’s subsidiaries and/or affiliates, in
each case, for no additional compensation. For sake of clarity, nothing contained in this Section 2.3 prohibits Executive
from receiving compensation for services to a Managed Practice as permitted in subsection 2.5(i) below.

 

2.4           Compliance
with Company Policies. Subject to Section 6 hereof, during the Term, Executive shall be in conformance and comply with
all Company written or established policies, rules and regulations governing the conduct of its employees, now in effect, or as subsequently
adopted or amended to the extent such policies are in accordance with applicable federal, state and local laws, regulations and ordinances.

 

2.5           Time
Commitment. During the Term, Executive shall use his best efforts to promote the interests of Company (and, to the extent he serves
one or more subsidiaries and/or affiliates pursuant to Section 2.3 hereof, its applicable subsidiaries or affiliates) and,
except as provided in subsections (i)-(iii) below, shall devote all of his business time to the performance of his duties for Company
(and, to the extent he serves one or more subsidiaries or affiliates pursuant to Section 2.3 hereof, its applicable subsidiaries
or affiliates) and, shall not, directly or indirectly, render any services to any other person or organization, whether for compensation
or otherwise, except with the Board’s prior written consent (which shall not be unreasonably withheld), until after the one year
anniversary of the Effective Date; provided, that nothing in this Agreement shall prevent Executive from (i) performing services
in his professional capacity as a physician for or on behalf of a Managed Practice (as defined in Section 7.1 below) and for
him to be compensated for such services, as and to the extent agreed between Executive and Company, provided such services do not
interfere with performance of Executive’s duties hereunder; (ii) participating in charitable, civic, educational, professional,
community or industry non-profit associations and organizations and (iii) managing Executive’s passive personal investments,
so long as such activities described in clauses (i) through (iii) do not, individually or in the aggregate, materially interfere
or conflict with Executive’s duties hereunder, create a business or fiduciary conflict or violate the Employee Covenants Agreement
by and between Executive and EBS Enterprises, LLC dated of October 2, 2018 (the “Covenant Agreement”) (in each
case, as determined by the Board). Notwithstanding the foregoing, the Board will review the activities in clauses (i) through (iii) of
the preceding sentence on an ongoing basis and reserves the right to prohibit any such activities that it determines in good faith materially
interfere with performance of Executive’s duties hereunder, and will provide Executive with written notice of such determination.
If the Board so prohibits such activities, Executive will be given a commercially reasonable period of time to extract himself from such
activities, during which time he will not be considered in breach of this Agreement.

 

    	 	-2-	 

     

    

 

2.6           Location.       Executive’s
services shall be performed principally at Company’s principal office located in Miami, Florida. However, from time to time, Executive
may be required by his job responsibilities to travel on Company business, and Executive agrees to do so. Executive’s work schedule
shall be determined and managed by Executive in his sole discretion, provided, however, Executive performs all duties necessary
in his capacity as the Company’s Chief Executive Officer.

 

3.             Term.
The employment relationship pursuant to this Agreement shall commence on the Effective Date and continue until terminated in accordance
with Section 7 below (such period of the employment relationship shall be referred to herein as the “Term”).
For avoidance of doubt, Executive’s employment shall be “at-will” and may be terminated by either party at any time
in accordance with the terms of this Agreement.

 

4.             Compensation.
For the services rendered by Executive in any capacity under this Agreement during the Term (including, without limitation, serving as
an officer, director or member of any committee of the Board), Executive shall be compensated as follows (subject, in each case, to the
provisions of Section 4 below):

 

4.1           Base
Salary. As compensation for Executive’s performance of Executive’s duties hereunder, beginning as of the Effective Date,
Company shall pay to Executive a salary at the annualized rate of $875,000, payable in substantially equal installments in accordance
with Company’s normal payroll practices as in effect from time to time. The salary may be reviewed annually by the Board or a committee
thereof and may be increased, but not decreased, unless such decrease is agreed to by Executive. As used herein Executive’s “Salary”
shall be his salary as in effect from time to time after any such adjustments. Company shall deduct from each such installment all amounts
required to be deducted or withheld under applicable law or under any employee benefit plan or program in which Executive participates.

 

4.2           Annual
Bonus. In addition to the Salary, Executive shall be eligible for an annual target cash performance bonus of 100% of Executive’s
Salary (the “Bonus”) for each fiscal year during the Term (pro-rated for any partial years), based upon achievement
of individual and/or Company performance criteria, as determined annually by the Board in its sole and absolute discretion. Any Bonus
for a fiscal year to the extent earned, shall be paid in a lump sum at a time established by the Board but no later than March 15
of the calendar year immediately following the last day of the fiscal year to which the Bonus relates. Executive must be actively employed
with Company at the time of such payment in order to receive the Bonus for that fiscal year.

 

    	 	-3-	 

     

    

 

4.3           Initial
Equity Award. As soon as reasonably practicable after the Effective Date, Executive will be granted an equity award in respect of
the number of shares of common stock equal to 3.5% of the common stock of AirSculpt outstanding upon effectiveness of AirSculpt’s
registration statement on Form S-1 related to the IPO (the “Initial Equity Award”), excluding the underwriter’s
overallotment. The Initial Equity Award shall consist of 50% restricted stock units and 50% performance-based restricted stock units;
which awards shall be substantially consistent with the forms of award agreement attached as Exhibit B and Exhibit C
hereto. All equity grants are subject to the approval of the Board.

 

4.4           Annual
Equity Awards. Executive will be eligible to participate in the Company’s annual equity grant program. Executive’s first
annual equity grant will be awarded in the first quarter of calendar year 2022 and with a grant date fair value as reported for financial
reporting purposes of 200% of Executive’s Salary (the “Annual Equity Award”). The Annual Equity Award may be
granted in any form allowed under the Company’s 2021 Equity Incentive Plan with vesting terms and conditions as set forth by the
Board in its sole and absolute discretion. The Annual Equity Award for 2022 will include restricted stock units that vest over three years
in equal annual installments as a portion of the equity award. Each Annual Equity Award shall be subject to the terms and conditions of
the applicable grant agreement. All equity grants are subject to the approval of the Board.

 

5.             Benefits.

 

5.1           Customary
Benefits. Executive will be eligible for all customary and usual retirement and welfare benefits (excluding, for the avoidance of
doubt, bonus plans not expressly referred to in this Agreement and severance plans/programs/policies, if any) generally available to executives
of Company, subject to the terms and conditions of such benefit plans. Company reserves the right to change or eliminate benefits on a
prospective basis, at any time and from time to time.

 

5.2           Paid
Time Off. Executive shall be entitled to paid vacation, holidays, personal days and sick leave in accordance with the policies, programs
and practices of Company in effect from time to time, but in no event less than four (4) weeks per calendar year (pro-rated for any
partial years). Such vacation shall be taken at such intervals as shall be appropriate and consistent with the proper performance of Executive’s
duties hereunder.

 

5.3           Termination
of Management Agreement and Equityholder Bonus. In connection with the IPO, it is anticipated that the Management Agreement dated
as of October 2, 2018 by and among Vesey Street Capital Partners, L.L.C. (“VSCP”), a Delaware limited liability
company, and EBS Parent LLC, a Delaware limited liability company will be terminated and a termination fee will be paid to VSCP under
such Management Agreement (the “VSCP Termination Fee”). In connection with the termination of the Equityholder Bonus
(as defined in the Prior Agreement), you will be entitled to a termination payment in an amount determined by the Board in good faith
consistent with the VSCP Termination Fee (and designed to pay you an amount for the termination of your Equityholder Bonus that is proportional
to the VSCP Termination Fee).

 

    	 	-4-	 

     

    

 

6.             Business
Expenses. Company shall reimburse Executive during the Term, for all reasonable out-of-pocket business expenses incurred by Executive
in the performance of his duties hereunder consistent with level and the manner Executive has historically received such reimbursement
and otherwise in accordance with the Company’s expense reimbursement policies as in effect from time to time, provided, that
in the event of a conflict between Executive’s historic business reimbursement practices and the Company’s reimbursement policies,
the historic business reimbursement practices shall govern. In order to receive such reimbursement, Executive shall furnish to Company
documentary evidence of each such expense in the form required to comply with Company’s policies.

 

7.             Termination
of Executive’s Employment.

 

7.1           Termination
for Cause by Company. Although Company anticipates a mutually rewarding employment relationship with Executive, Company may terminate
Executive’s employment immediately at any time for Cause. For purposes of this Agreement, “Cause” is defined
as: (i) fraud, embezzlement or other misappropriation by Executive of funds or property of Company or any of its subsidiaries or
affiliates (collectively, the “Company Group”, and each, a “Company Group Member”) or any Persons
or professionals for which Company or its subsidiaries or affiliates provides business, management, administrative, marketing or other
support services, including but not limited to Elite Body Sculpture, P.C., Madison Avenue Medical PLLC, EBS Illinois, LLC, EBS - Texas,
LLC, EBS Georgia, LLC and any other corporation, limited liability company, partnership or association that is party to a management services
agreement or similar agreement with Company or any of Company’s subsidiaries or affiliates for the rendering of certain management
services and other related services by Company or any of Company’s subsidiaries or affiliates (each, a “Managed Practice”
and collectively, “Managed Practices”); (ii) any gross misconduct by Executive that is injurious, directly or
indirectly, in any material respect to any Company Group Member or any Managed Practice; (iii) Executive’s failure to perform,
or breach of, in any material respect, any of his obligations under this Agreement or the Covenant Agreement or any other agreement or
contract between Executive and any Company Group Member; (iv) Executive’s exclusion, debarment, termination or suspension under
any Medicare, Medicaid, TRICARE or other federal, state or government health care program, or commission or conviction of, indictment
for or plea of guilty or no-contest to, any felony or any crime involving moral turpitude, embezzlement, fraud or self-dealing or any
crime which could reasonably be expected to subject Executive, any Company Group Member, services or Managed Practices to exclusion, debarment,
termination or suspension under any Medicare, Medicaid, TRICARE or other federal, state or government health care program; (v) Executive’s
license to practice medicine in the State of California or New York is revoked, terminated, cancelled, suspended, relinquished or placed
on probationary status; (vi) Executive’s use of alcohol or controlled substances that impairs his ability to perform his duties
and responsibilities with respect to any Company Group Member or Managed Practices in any material respect; (vii) Executive challenging
the legality, validity or enforceability of any of the Managed Practice documents; (viii) termination by a Managed Practice owned
or controlled by Executive of a managed services agreement with any Company Group Member for reasons other than a material breach of such
agreement by the Company Group Member; (ix) the willful breach by a Managed Practice owned or controlled by Executive of a management
services agreement with any Company Group Member; or (x) Executive’s failure to give timely notice of his resignation under
Section 7.4. Notwithstanding the foregoing, “Cause” shall not be deemed to exist under clauses (ii), (iii), (ix) or
(x) of the immediately preceding sentence unless Company has provided written notice to Executive specifying in reasonable detail
the acts or omissions of Executive that Company alleges constitute “Cause” and Executive shall have failed to rescind any
such act or cure any such omission within thirty (30) calendar days after receipt of the notice (unless such failure is not susceptible
to cure, as determined by the Board).

 

    	 	-5-	 

     

    

 

In the event Executive’s
employment is terminated in accordance with this Section 7.1, Company shall pay the following amounts to Executive within
the time period required by applicable law:

 

(i)            any
accrued but unpaid Salary (as determined pursuant to Section 4.1 hereof) for services rendered prior to the date of Executive’s
termination of employment (the “Termination Date”), which accrued but unpaid Salary shall be paid on or before the
time required by law;

 

(ii)           payment
for any accrued but unused paid time off;

 

(iii)          expenses
reimbursable under Section 6 hereof incurred prior to the Termination Date but not yet reimbursed, which reimbursable (but
not yet reimbursed) expenses, if any, shall (subject to Executive’s timely submission of invoices) be paid on or before the time
required by law; and

 

(iv)          vested
entitlements under any other Company benefit plan or program (with the exception of those, if any, relating to severance) that Executive
is otherwise entitled to receive under such plan, program, policy or practice on the Termination Date, in each case, in accordance with
(and subject to the terms, conditions and limitations set forth in) such plan, program, policy, or practice.

 

The amounts described in clauses (i) through
(iv) above shall be referred to herein as the “Accrued Obligations.” All other Company obligations to Executive
pursuant to this Agreement will become automatically terminated and completely extinguished.

 

7.2           Termination
Without Cause by Company/Termination by Executive For Good Reason. Company may terminate Executive’s employment under this Agreement
without Cause at any time upon written notice to Executive or Executive may resign with Good Reason subject to the notification requirements
and the Cure Period (as defined below), in each case as set forth below. In the event of such termination, Executive will receive:

 

(i)           The
Accrued Obligations and any Bonus earned in respect of a prior completed year that has not yet been paid; and

 

(ii)           Subject
to Section 7.6, a payment in the aggregate amount equal to two (2) times the sum of (x) Executive’s Salary
(at the rate as of the Termination Date) plus (y) Executive’s target Bonus, payable (less applicable withholdings and
deductions) in a lump sum on the next regular pay date of Company following the date that the Release becomes effective and is no longer
subject to revocation, in accordance with Company’s then-current payroll practices, but in no event later than March 15 of
the calendar year immediately following the calendar year in which the Termination Date occurs. The payment referred to in this clause
(ii) is referred to as the “Severance Payment.”

 

    	 	-6-	 

     

    

 

For purposes of this Agreement, “Good
Reason” is defined as any one or more of the following without Executive’s prior written consent:

 

(a)            a
material reduction of Executive’s title, authority, duties or responsibilities with Company;

 

(b)           a
material reduction in Executive’s Salary;

 

(c)            relocation
of Executive’s principal place of work to a place more than twenty-five (25) miles from the Company’s headquarters in Miami,
Florida as of the date hereof, unless such relocation is otherwise agreed to in writing by Executive; or

 

(d)           a
material breach by the Company of this Agreement.

 

Notwithstanding the foregoing, Good Reason shall
not exist unless Executive notifies Company in writing of the existence of the applicable condition specified above not later than thirty
(30) days after the initial existence of the condition, and Company fails to remedy such condition within fifteen (15) days after receipt
of such notice (the “Cure Period”); provided, however, that if Company cannot remedy such condition within
such fifteen (15) day period for reasons outside of Company’s reasonable control, as determined by the Board in its sole and absolute
discretion, the Cure Period shall be extended to provide an additional period to remedy such condition, which extension shall not in any
case exceed fifteen (15) calendar days. In the event Company fails to remedy the condition constituting Good Reason during the applicable
Cure Period (after giving effect to any extension of the Cure Period), Executive’s resignation for Good Reason must occur, if at
all, within thirty (30) calendar days following the expiration of the Cure Period.

 

7.3           Termination
of Employment due to Executive’s death or Disability.

 

Executive’s employment under this Agreement shall terminate automatically
upon Executive’s death. Company may terminate Executive’s employment under this Agreement due to Executive’s Disability
(as defined below). In the event of such termination, Executive (or Executive’s estate, as the case may be) will be entitled to
receive, the Accrued Obligations, and any Bonus earned in respect of a prior completed year that has not yet been paid, and no other amount,
except as required by applicable law.

 

All other Company obligations to Executive pursuant to this Agreement
will be automatically terminated and completely extinguished. For purposes of this Agreement “Disability” means Executive’s
physical or mental illness, injury or infirmity which prevents Executive from performing Executive’s material duties for a period
of (A) one-hundred and eighty (180) consecutive calendar days or (B) an aggregate of ninety (90) calendar days out of any consecutive
six (6) month period.

 

7.4            Voluntary
Resignation by Executive Without Good Reason. Executive may voluntarily resign Executive’s position with Company without Good
Reason at any time, upon sixty (60) days’ advance written notice. The effectiveness of any such voluntary resignation may be accelerated
by Company in its sole and absolute discretion. In the event of such termination or resignation, Executive will be entitled to the Accrued
Obligations and no other amount, except as required by applicable law.

 

    	 	-7-	 

     

    

 

7.5           Removal
from any Boards and Positions. If Executive’s employment is terminated for any reason, Executive shall automatically, without
further action, notice or deed, be deemed to resign from any position with any Company Group Member, including, but not limited to, as
an officer of any Company Group Member; provided, however, that Executive shall not be deemed to resign or be required to resign from
his position as a member of the Board unless Executive is terminated for Cause, in which case Executive shall resign his position as a
member of the Board but shall maintain any rights Executive has under the Stockholders Agreement of AirSculpt Technologies, Inc.
to be entered into as of the date of the IPO (the “Stockholders Agreement”), including but not limited to the right
of Executive to appoint a successor to the Board pursuant to Section 2.1(a)(ii) of the Stockholders Agreement. Notwithstanding
the foregoing, this Section 7.5 shall control in the event of conflict with the Stockholders Agreement.

 

7.6           Release.
In order to receive the Severance Payments, Executive must timely execute (and not revoke) a separation agreement and general release
(the “Release”) in substantially the form attached hereto as Exhibit A within sixty (60) days of the Termination
Date, and (ii) Executive’s non-revocation of such Release. Notwithstanding anything to the contrary contained in this Agreement,
(i) Company’s obligations to provide the Severance Payments will immediately cease if Executive is in breach of the Covenant
Agreement in any material respect and fails to cure such breach (if curable) within fifteen (15) days after receipt of notice of such
breach from the Company, and (ii) in the event that Executive fails to timely cure such breach of the Covenant Agreement, then upon
demand by Company, Executive shall immediately repay to Company the amount of any Severance Payments previously paid.

 

8.             Non-contravention.
Executive hereby represents to Company that the execution and delivery of this Agreement by Executive and Company and the performance
by Executive of Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, or be prevented, interfered
with or hindered by, the terms of any employment agreement or other agreement or policy to which Executive is a party or otherwise bound,
and further that Executive is not subject to any limitation on his activities on behalf of the Company Group Member as a result of agreements
into which Executive has entered.

 

9.             General
Provisions.

 

9.1           Successors
and Assigns. The rights and obligations of Company under this Agreement shall inure to the benefit of and shall be binding upon the
successors and assigns of Company. Executive shall not be entitled to assign any of Executive’s rights or obligations under this
Agreement.

 

9.2           Waiver.
Any provision of this Agreement may be waived if, and only if, such waiver is in writing and signed by the party against whom the waiver
is to be effective. No failure or delay by any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right,
power or privilege, and no waiver in any one instance shall be effective with respect to any other instance or create a course of dealing.

 

    	 	-8-	 

     

    

 

9.3           Attorneys’
Fees. Company shall reimburse Executive for legal fees and expenses in connection with the negotiation of this Agreement and other
documents related to the IPO and Company structure up to a maximum amount of $100,000.

 

9.4           Key-Man
Insurance. Upon Company’s request, Executive shall cooperate (including, without limitation, taking any required physical examinations)
in all respects in obtaining a key-man life and/or long-term disability insurance policy with respect to Executive in which Company (or
any subsidiary or affiliate) is named as the beneficiary.

 

9.5           Legal
Counsel. Executive acknowledges and warrants that (i) he has been advised that Executive’s interests may be different from
Company’s interests, (ii) he has been afforded a reasonable opportunity to review this Agreement, to understand its terms and
to discuss it with an attorney and/or financial advisor of his choice and (iii) he knowingly and voluntarily entered into this Agreement.
Company and Executive shall each bear their own costs and expenses in connection with the negotiation and execution of this Agreement.

 

9.6           Severability.
In the event any provision of this Agreement is found to be unenforceable by a court of competent jurisdiction, such provision shall be
deemed modified to the extent necessary to allow enforceability of the provision as so limited, it being intended that the parties shall
receive the benefits contemplated herein to the fullest extent permitted by law. If a deemed modification is not satisfactory in the judgment
of such court, the unenforceable provision shall be deemed deleted, and the validity and enforceability of the remaining provisions shall
not be affected thereby.

 

9.7           Interpretation;
Construction. The headings set forth in this Agreement and the division of this Agreement into sections and subsections are for convenience
only and shall not be used in interpreting this Agreement. This Agreement has been drafted by legal counsel representing Company, but
Executive has participated in the negotiation of its terms. Furthermore, Executive acknowledges that Executive has reviewed and revised
this Agreement and had it reviewed by legal counsel and, therefore, the normal rule of construction to the effect that any ambiguities
are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement.

 

9.8           Governing
Law; Jurisdiction. Any and all actions or controversies arising out of this Agreement, Executive’s employment by Company or
the termination thereof, including, without limitation, breach of contract and tort claims, shall be construed and enforced in accordance
with the internal laws of the State of Florida, without regard to any choice of law or conflicting provision or rule (whether of
the State of Florida or any other jurisdiction) that would cause the laws of any jurisdiction other than the State of Florida to be applied.
Any and all actions arising out of this Agreement or Executive’s employment by Company or the termination thereof shall be brought
and heard in the state and federal courts located in the Florida, and the parties hereto hereby irrevocably submit to the exclusive jurisdiction
of any such courts. COMPANY AND EXECUTIVE HEREBY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY IN ANY ACTION CONCERNING THIS AGREEMENT
OR ANY AND ALL MATTERS ARISING DIRECTLY OR INDIRECTLY HEREFROM AND REPRESENT THAT THEY HAVE CONSULTED WITH COUNSEL OF THEIR CHOICE SPECIFICALLY
WITH RESPECT TO THIS WAIVER.

 

    	 	-9-	 

     

    

 

9.9           Remedies
Cumulative. All remedies provided in this Agreement are cumulative and in addition to all other remedies which may be available at
law or in equity.

 

9.10         Notices.
Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally, faxed, or sent
by nationally recognized overnight courier service (with next business day delivery requested), or sent by electronic mail, provided,
that the submission by electronic mail is promptly confirmed by telephone confirmation thereof or followed by one of the other foregoing
permitted means of notice. Any such notice or communication shall be deemed given and effective, in the case of personal delivery, upon
receipt by the other party, in the case of faxed or notice by email, upon transmission of the fax or email, in the case of a courier service,
upon the next business day, after dispatch of the notice or communication. Any such notice or communication shall be addressed as follows:

 

If to Company, to:

 

AirSculpt Technologies, Inc.

400 Alton Road, Unit TH-103M 

Miami
Beach, FL 33129

Attn:     Board of Directors

 

with a copy to:

 

McDermott
Will & Emery LLP

500 North Capital Street, NW

Washington, DC 20001-1531

Email:    tconaghan@mwe.com

Attn:     Thomas Conaghan

 

If to Executive, to him at the offices
of Company with a copy to him at his home address as set forth in the records of Company.

 

9.11         Survival.
Notwithstanding anything herein to the contrary, each provision of this Agreement shall survive the termination of this Agreement for
any reason or Executive’s ceasing to provide services to Company to the extent necessary to give effect to its terms, including,
without limitation, Sections 8, 9, 10, 11, 12, and 13 of this Agreement.

 

9.12         Counterparts.
This Agreement may be executed in any number of counterparts and each such duplicate counterpart shall constitute an original, any one
of which may be introduced in evidence or used for any other purpose without the production of its duplicate counterpart. Moreover, notwithstanding
that any of the parties did not execute the same counterpart, each counterpart shall be deemed for all purposes to be an original, and
all such counterparts shall constitute one and the same instrument, binding on all of the parties hereto.

 

    	 	-10-	 

     

    

 

9.13         Defend
Trade Secrets Act. Executive acknowledges receipt of the following notice under the Defend Trade Secrets Act: An individual will not
be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret if he/she (i) makes
such disclosure in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and
such disclosure is made solely for the purpose of reporting or investigating a suspected violation of law; or (ii) such disclosure
was made in a complaint or other document filed in a lawsuit or other proceeding if such filing is made under seal.

 

9.14         Preserved
Rights. This Agreement is not intended to, and shall not, in any way prohibit, limit or otherwise interfere with Executive’s
protected rights under federal, state or local law to, without notice to Company: (i) communicate or file a charge with a government
regulator, (ii) participate in an investigation or proceeding conducted by a government regulator, or (iii) receive an award
paid by a government regulator for providing information.

 

9.15         Cooperation.
Subject to Section 9.14, during the Term and thereafter, in the event that any proceeding is commenced by any governmental
authority or other person in connection with the business of Company, Executive agrees to cooperate with Company to defend against such
proceeding and, if an injunction or other order is issued in any such proceeding, to cooperate with Company in its efforts to have such
injunction or other order lifted. If such cooperation is following the end of the Term, then the Company shall reimburse Executive for
all reasonable documented out-of-pocket expenses incurred in connection with such cooperation and the Company agrees that such cooperation
will not unreasonably interfere with Executive’s duties to a subsequent employer.

 

10.          No
Other Contracts. Executive represents and warrants to the Company Group Members that neither the execution and delivery of this Agreement
by Executive nor the performance of Executive’s obligations hereunder, shall constitute a default under or a breach of any other
agreement or contract to which Executive is a party or by which Executive is bound, nor shall the execution and delivery of this Agreement
by Executive nor the performance of Executive’s duties and obligations hereunder give rise to any claim or charge against either
Executive or any Company Group Member based upon any other contract, or agreement to which Executive is a party or by which Executive
is bound. Executive shall indemnify and hold harmless each Company Group Member against any and all claims that execution and delivery
of this Agreement by Executive or Executive’s performance of his obligations hereunder constitutes a default under or a breach of
any other agreement or contract to which Executive is a party or by which Executive is bound.

 

11.          Code
Section 409A Compliance.

 

11.1         This
Agreement is intended to comply with, or otherwise be exempt from, Section 409A of the Internal Revenue Code of 1986 as amended,
and any regulations and Treasury guidance promulgated thereunder (collectively, “Section 409A of the Code”).

 

11.2         Company
and Executive agree that they will execute any and all amendments to this Agreement as they mutually agree in good faith may be necessary
to ensure compliance with the provisions of Section 409A of the Code.

 

    	 	-11-	 

     

    

 

11.3         The
preceding provisions, however, shall not be construed as a guarantee by Company of any particular tax effect to Executive under this Agreement.
No Company Group Member shall be liable to Executive for any payment made under this Agreement which is determined to result in an additional
tax, penalty or interest under Section 409A of the Code, nor for reporting in good faith any payment made under this Agreement as
an amount includible in gross income under Section 409A of the Code.

 

11.4         For
purposes of Section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a right
to a series of separate payments.

 

11.5         With
respect to any reimbursement of expenses or any provision of in-kind benefits to Executive specified under this Agreement, such reimbursement
of expenses or provision of in-kind benefits shall be subject to the following conditions: (ii) the expenses eligible for reimbursement
or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible for reimbursement or the amount
of in-kind benefits provided in any other taxable year, except for any medical reimbursement arrangements providing for the reimbursement
of expenses referred to in Section 105(b) of the Code; (ii) the reimbursement of an eligible expense shall be made no later
than the end of the year following the year in which such expense was incurred; and (iii) the right to reimbursement or in-kind benefits
shall not be subject to liquidation or exchange for another benefit.

 

11.6         Notwithstanding
anything in this Agreement to the contrary, if a payment obligation arises on account of Executive’s separation from service while
Executive is a “specified employee” as described in Section 409A of the Code and the Treasury Regulations thereunder
and as determined by Company in accordance with its procedures, by which determination Executive is bound, any payment of “deferred
compensation” (as defined under Treasury Regulation Section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury
Regulation Sections 1.409A-1(b)(3) through (b)(12)) shall be made on the first (1st) business day of the seventh (7th)
month following the date of Executive’s separation from service, or, if earlier, within fifteen (15) days after the appointment
of the personal representative or executor of Executive’s estate following Executive’s death.

 

12.          Section 280G
of the Code. In the event that it is determined that any payments or benefits provided under this Agreement, together with
any payments or benefits to be provided under any other plan, program, arrangement or agreement, would constitute parachute payments within
the meaning of Section 280G of the Internal Revenue Code of 1986 as amended, and any regulations and Treasury guidance promulgated
thereunder (collectively, “Section 280G of the Code”) and would, but for this Section 12 be subject to the
excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local
law or any interest or penalties with respect to such taxes (the “Excise Tax”), then the amounts of any such payments
or benefits under this Agreement and such other arrangements shall be either (a) paid in full or (b) reduced to the minimum
extent necessary to ensure that no portion of the payments or benefits is subject to the Excise Tax, whichever of the foregoing (a) or
(b) results in the Executive’s receipt on an after-tax basis of the greatest amount of payments and benefits after taking into
account the applicable federal, state, local and foreign income, employment and excise taxes (including the Excise Tax). Company shall
cooperate in good faith with the Executive in making such determination, including but not limited to providing the Executive with an
estimate of any parachute payments as soon as reasonably practicable prior to an event constituting a change in the ownership or effective
control of Company or in the ownership of a substantial portion of the assets of Company (within the meaning of Section 280G(b)(2)(A) of
the Code). Any such reduction pursuant to this Section 12 shall be made in a manner that results in the greatest economic
benefit for the Executive and is consistent with the requirements of Section 409A of the Code. Any determination required under this
Section 12 shall be made in writing in good faith by a nationally recognized public accounting firm selected by Company and
paid for by Company. Company and the Executive shall provide the accounting firm with such information and documents as the accounting
firm may reasonably request in order to make a determination under this Section 12.

 

    	 	-12-	 

     

    

 

13.          Entire
Agreement; Modification. This Agreement and the Covenants Agreement constitute the entire agreement between the parties relating to
Executive’s employment by (or service to) Company or any of its subsidiaries and/or affiliates and supersede all prior or simultaneous
representations, discussions, negotiations, and agreements, whether written or oral, including, without limitation, illustrative terms
of employment and that certain term sheet previously provided to Executive dated September 4, 2018. This Agreement may be amended
or modified only with the written consent of Executive and Company. No oral amendment or modification will be effective under any circumstances
whatsoever.

 

THE PARTIES TO THIS AGREEMENT HAVE READ THE FOREGOING
AGREEMENT AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN. WHEREFORE, THE PARTIES HAVE EXECUTED THIS AGREEMENT ON THE DATES
FIRST ABOVE WRITTEN.

 

[The remainder of this page is intentionally
left blank.]

 

    	 	-13-	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of October 5, 2021.

 

	 	COMPANY
	 	 
	 	EBS Enterprises, LLC
	 	 

 

	 	By:	/s/
    Daniel Sollof
	 	 	Name: Daniel Sollof
	 	 	Title: Authorized Signatory

 

	 	EXECUTIVE
	 	 
	 	 
	 	/s/ Dr. Aaron Rollins
	 	Dr. Aaron Rollins

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