Document:

Exhibit 10.1

 

FIRST COMMUNITY
CORPORATION

2021
OMNIBUS EQUITY INCENTIVE PLAN

ARTICLE I

PURPOSE

This
Plan has been established to attract, retain and motivate directors, officers, employees, consultants and advisors of the Company
and its Subsidiaries who are or will be responsible for or contribute to the management, growth or profitability of the business
of the Company and its Subsidiaries by enabling such individuals to participate in the future success and growth of the Company
and to associate their interests with those of the Company and its shareholders.

ARTICLE II

DEFINITIONS

		2.1	“Agreement” means
a written agreement (including any amendment or supplement thereto) between the Company and a Participant specifying the terms
and conditions of an Award issued to such Participant.

		2.2	“Applicable Exchange” means
the Nasdaq Capital Market or such other securities exchange as may at the applicable time be the principal market for the Common
Stock.

		2.3	“Award” means,
individually or collectively, any Incentive Stock Option, Non-Qualified Stock Option, SAR, Restricted Stock Award, Restricted
Stock Unit Award, Cash Award or Other Stock-Based Award granted pursuant to the terms of this Plan.

		2.4	“Board” means
the board of directors of the Company.

		2.5	“Cash Award” has
the meaning set forth in Article X of this Plan.

		2.6	“Cause” means,
unless otherwise provided in an Agreement, (a) “Cause” as defined in any Individual Agreement to which the Participant
is a party, or (b) if there is no such Individual Agreement or if it does not define Cause:

(i)
the commission by the Participant of an act of fraud, embezzlement, theft or proven dishonesty, or any other illegal act or practice
(whether or not resulting in criminal prosecution or conviction), or any act or practice which the Committee shall, in good faith,
deem to have resulted in the Participant becoming unbondable under the Company’s or the Subsidiary’s fidelity bond;

(ii) the
willful engaging by the Participant in misconduct which is deemed by the Committee, in good faith, to be materially injurious to the
Company or any Subsidiary, monetarily or otherwise, including, but not limited to, improperly disclosing trade secrets or other confidential
or sensitive business information and data about the Company or any Subsidiary and competing with the Company or its Subsidiaries, or
soliciting employees, consultants or customers of the Company or any Subsidiary in violation of law or any employment or other
agreement to which the Participant is a party; or

(iii)
the willful and continued failure or habitual neglect by the Participant to perform his or her duties with the Company or the
Subsidiary substantially in accordance with the operating and personnel policies and procedures of the Company or the Subsidiary
generally applicable to all their employees.

    	 

    	 

    

For
purposes of this Plan, no act or failure to act by the Participant shall be deemed be “willful” unless done or omitted
to be done by Participant not in good faith and without reasonable belief that the Participant’s action or omission was
in the best interest of the Company and/or the Subsidiary.

“Cause”
under either (i), (ii) or (iii) shall be determined by the Committee. Notwithstanding the general rule of Section 3.3, following
a Change of Control, any determination by the Committee as to whether “Cause” exists shall be subject to de novo review.

		2.7	“Change of Control” means
the first to occur of the following:

(i)
any “person” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than (i) the Company, (ii)
any Subsidiary of the Company, (iii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company
or of any Subsidiary of the Company, or (iv) any company owned, directly or indirectly, by the shareholders of the Company in
substantially the same proportions as their ownership of stock of the Company), is or becomes the “beneficial owner”
(as defined in Section 13(d) of the Exchange Act), together with all Affiliates and Associates (as such terms are used in Rule
12b-2 of the General Rules and Regulations under the Exchange Act) of such person, directly or indirectly, of securities of the
Company representing thirty percent (30%) or more of the combined voting power of the Company’s then outstanding securities,
excluding any Person who acquires such beneficial ownership in connection with a transaction described in clause (v) below;

(ii)
any plan or proposal for the dissolution or liquidation of the Company is adopted by the shareholders of the Company;

(iii)
individuals who, as of the Effective Date, constituted the Board (the “Incumbent Board”) cease for any reason to constitute
at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective
Date whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority
of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent
Board, but excluding for this purpose any such individual whose initial assumption of office occurs as a result of either an actual
or threatened election contest or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other
than the Board;

(iv)
all or substantially all of the assets of the Company are sold, transferred or distributed; or

(v)
there occurs a reorganization, merger, consolidation or other corporate transaction involving the Company (a “Transaction”),
in each case, with respect to which either

(1)
the shareholders of the Company immediately prior to such Transaction do not, immediately after the Transaction, own more than
50% of the combined voting power of the Company or the entity surviving such Transaction (or, if the Company or the entity surviving
such Transaction is then a subsidiary, the ultimate parent thereof) in substantially the same respective proportions as such shareholders’
ownership of the voting power of the Company immediately before such Transaction, or

(2)
the individuals who comprise the Board immediately prior thereto do not constitute at least a majority of the board of directors
of the Company, the entity surviving such transaction or, if the Company or the entity surviving such Transaction is then a subsidiary,
the ultimate parent thereof.

    	 

    	 

    

Notwithstanding
the foregoing, a Change of Control shall not be deemed to have occurred by virtue of the consummation of any transaction or series
of integrated transactions immediately following which both (x) the record holders of the Common Stock of the Company immediately
prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity
which owns (directly or indirectly) all or substantially all of the assets of the Company immediately following such transaction
or series of transactions and (y) the individuals who comprise the Board immediately prior to such transaction or series of transactions
constitute at least a majority of the board of directors of the entity which owns (directly or indirectly) all or substantially
all of the assets of the Company immediately following such transaction or series of transactions. In addition, for any Award
that constitutes deferred compensation under Section 409A of the Code, a Change of Control shall be deemed to have occurred under
the Plan with respect to such Award only if a change in the ownership or effective control of the Company or a change in ownership
of a substantial portion of the assets of the Company shall also be deemed to have occurred under Section 409A of the Code.

		2.8	“Code”
                                         means the Internal Revenue Code of 1986, as amended from time to time, and any successor
                                         thereto, the Treasury Regulations thereunder and other relevant interpretive guidance
                                         issued by the Internal Revenue Service or the Treasury Department.  Reference to
                                         any specific section of the Code shall be deemed to include such regulations and guidance,
                                         as well as any successor provision of the Code.

		2.9	“Committee” means
the compensation committee of the Board (which, as of the date of the Board’s approval of this Plan, is called the Human
Resources/Compensation Committee) or such other committee of the Board as it may designate.

		2.10	“Common Stock” means
the common stock, $1.00 par value per share, of the Company.

		2.11	“Company” means
First Community Corporation, a South Carolina corporation (or any successor corporation that assumes this Plan, either contractually
or by operation of law).

		2.12	“Date of Grant” means
(a) the date on which the Committee by resolution selects an Eligible Individual to receive a grant of an Award and determines
the number of Shares, or the formula for earning a number of Shares, to be subject to such Award or the cash amount subject to
such Award, or (b) such later date as the Committee shall provide in such resolution.

		2.13	“Director Programs” has
the meaning set forth in Article V of this Plan.

		2.14	“Disaffiliation” means
a Subsidiary’s ceasing to be a Subsidiary for any reason (including as a result of a public offering, or a spinoff or sale
by the Company, of the stock of the Subsidiary) or a sale of a division of the Company.

		2.15	“Eligible Individuals” means
directors, officers, employees, consultants and advisors of the Company or any of its Subsidiaries.

		2.16	“Exchange Act” means
the Securities Exchange Act of 1934, as amended.

		2.17	“Exercise Price” means
the price per share for Common Stock that may be purchased upon the exercise of an Option or the price at which a SAR may be exercised; provided,
however, that the Exercise Price per share may not be less than the Fair Market Value of the Common Stock that may be purchased
on the Date of Grant.

		2.18	“Fair Market Value”
means, except as otherwise determined by the Committee, the closing sales price of a Share on the Applicable Exchange on the
measurement date, or, if Shares were not traded on the Applicable Exchange on such measurement date, then on the next preceding
date on which Shares were traded on the Applicable Exchange, as reported by such source as the Committee may select. If there
is no regular public trading market for Shares, the Fair Market Value of a Share shall be determined by the Committee in good
faith and, to the extent applicable, such determination shall be made in a manner that satisfies Sections 409A and 422(c)(1) of
the Code

    	 

    	 

    

		2.19	“Full-Value Award” means
any Award other than an Option or SAR.

		2.20	“Good Reason” means,
unless otherwise provided in an Agreement, (x) “Good Reason” as defined in any Individual Agreement to which the Participant
is a party, or (y) if there is no such Individual Agreement or if it does not define Good Reason or does not define Good Reason
in a manner that is within the meaning of Good Reason under Section 409A of the Code: without the Participant’s express
written consent the occurrence of any of the following circumstances unless such circumstances are fully corrected within thirty
(30) days after the Participant notifies the Company in writing of the existence of such circumstances as hereinafter provided:

		(a)	A material diminution in
the Participant’s authority, duties, or responsibilities immediately prior to such diminution;

		(b)	A material diminution in
the budget (if any) over which the Participant retains authority;

		(c)	A material diminution in
the Participant’s base salary as in effect immediately prior to the Change of Control or as it may be increased from time
to time, except for across-the-board salary reductions for similarly situated management personnel of the Company and its Subsidiaries;

		(d)	The
                                            Company’s requiring the Participant to be based anywhere other than more within fifty
                                            (50) miles of the Participant’s last assigned area of responsibility, except
                                            for required travel on Company business; or

		(e)	Any action or inaction that
constitutes a material breach by the Company or its Subsidiaries of the written agreement, if any, between the Participant and
the Company or its Subsidiaries under which the Participant provides services.

The
Participant shall notify the Company in writing that the Participant believes that one or more of the circumstances described
above exists, and of the Participant’s intention to effect a Termination of Service for Good Reason as a result thereof,
within ninety (90) days of the time that the Participant gains knowledge of such circumstances. The Participant shall not effect
such Termination of Service until thirty (30) days after the Participant delivers the notice described in the preceding sentence,
and the Participant may do so only if the circumstances described in such notice have not been corrected in all material respects
by the Company and its Subsidiaries.

		2.21	“Incentive Stock
Option” means an Option that is intended to qualify as an “incentive stock option” under Section 422
of the Code.

		2.22	“Individual Agreement” means
an employment, consulting or similar agreement between a Participant and the Company or its Subsidiaries. If a Participant
is party to both an employment agreement and a change of control agreement, the employment agreement shall be the relevant “Individual
Agreement” prior to a Change of Control, and, the change of control agreement shall be the relevant “Individual Agreement”
after a Change of Control.

		2.23	“Non-Qualified Stock
Option” means an Option other than an Incentive Stock Option.

		2.24	“Option” means
an instrument that entitles the holder to purchase from the Company a stated number of Shares at a designated Exercise Price.

		2.25	“Other Stock-Based
Award” means Awards of Common Stock and other Awards that are valued in whole or in part by reference to, or are
otherwise based upon, Common Stock, including unrestricted stock, dividend equivalents, and convertible debentures.

		2.26	“Participant” means
an Eligible Individual who has received an Award.

    	 

    	 

    

		2.27	“Performance Goals” means
the performance goals established by the Committee in connection with the grant of Awards. Such goals may be based
on the attainment of specified levels of one or more of the following measures (or such other measures as may be determined by
the Committee): stock price, dividends, earnings (including earnings before taxes, earnings before interest and taxes
or earnings before interest, taxes, depreciation and amortization), operating earnings, prescribed rating, earnings per share,
operating earnings per share, total shareholder return, return on equity, return on assets or operating assets, percentage of
non-performing assets, asset quality, level of classified assets, net interest margin, loan portfolio growth, efficiency ratio,
deposit portfolio growth, liquidity, market share, objective customer service measures or indices, economic value added, shareholder
value added, embedded value added, combined ratio, pre- or after-tax income, net income, cash flow (before or after dividends),
cash flow per share (before or after dividends), gross margin, risk-based capital, revenues, revenue growth, return on capital
(including return on total capital or return on invested capital), cash flow return on investment, cost control, gross profit,
operating profit, cash generation, unit volume, sales, asset quality, cost saving levels, market-spending efficiency, core non-interest
income or change in working capital, in each case with respect to the Company or any one or more Subsidiaries, divisions, business
units or business segments thereof, either in absolute terms or relative to the performance of one or more other companies (including
an index covering multiple companies).

		2.28	“Permanent
                                         and Total Disability” shall have the same meaning as given to that term by
                                         Treasury Regulation §1.409A-3(i)(4).

		2.29	“Plan” means
the First Community Corporation 2021 Omnibus Equity Incentive Plan.

		2.30	“Restricted Stock” means
an Award granted pursuant to Article VII of this Plan.

		2.31	“Restricted Stock
Unit” has the meaning set forth in Article VIII of this Plan.

		2.32	“Rule 16b-3” means
Rule 16b-3, as promulgated by the Securities and Exchange Commission under Section 16(b) of the Exchange Act, or any successor
rule or regulation.

		2.33	“SAR” means
a stock appreciation right that entitles the Participant to receive, in cash, Common Stock or a combination thereof, value equal
to (or otherwise based on) the difference between (i) the Fair Market Value of a specified number of Shares at the time of exercise,
and (ii) the Exercise Price for such shares as established by the Committee.

		2.34	“Share” means
a share of Common Stock.

		2.35	“Subsidiary” means
any corporation, partnership, joint venture, limited liability company or other entity during any period in which at least a fifty
(50%) voting or profits interest is owned, directly or indirectly, by the Company or any successor to the Company.

		2.36	“Term” has
the meaning set forth in Section 6.5 of this Plan.

		2.37	“Termination of
Service” means the termination of the applicable Participant’s employment with, or performance of services
for, the Company and any of its Subsidiaries. Unless otherwise determined by the Committee, (a) if a Participant’s
employment with the Company and its Subsidiaries terminates but such Participant continues to provide services to the Company
and its Subsidiaries in a non-employee capacity, such change in status shall not be deemed a Termination of Service and (b) a
Participant employed by, or performing services for, a Subsidiary or a division of the Company and its Subsidiaries shall also
be deemed to incur a Termination of Service if, as a result of a Disaffiliation, such Subsidiary or division ceases to be a Subsidiary
or division, as the case may be, and the Participant does not immediately thereafter become an employee of, or service provider
for, the Company or another Subsidiary. Temporary absences from employment because of illness, vacation or leave of
absence and transfers among the Company and its Subsidiaries shall not be considered Terminations of Service. Notwithstanding
the foregoing provisions of this definition, with respect to any Award that constitutes a “nonqualified deferred compensation
plan” subject to Section 409A of the Code, a Participant shall not be considered to have experienced a “Termination
of Service” unless the Participant has experienced a “separation from service” within the meaning of Section
409A of the Code (a “Separation from Service”).

    	 

    	 

    

		2.38	“Treasury
                                         Regulations” means regulations promulgated by the United States Department
                                         of Treasury pursuant to the Code, as amended, including proposed or temporary regulations
                                         as applicable.

ARTICLE III

ADMINISTRATION

		3.1	Committee. This
Plan shall be administered by the Committee, which shall be composed of not fewer than two directors, and shall be appointed by
and serve at the pleasure of the Board. Subject to the terms and conditions of this Plan, the Committee shall have
absolute authority to grant Awards to Eligible Individuals pursuant to the terms of this Plan. Among other things,
the Committee shall have the authority, subject to the terms of this Plan, to take the following actions:

		(a)	select the Eligible Individuals
who shall receive Awards;

		(b)	determine the number of Shares
to be covered by each Award or the amount of cash or other property subject to an Award not denominated in Shares;

		(c)	approve the form of any Agreement
and determine the terms and conditions of any Award made hereunder, including the Exercise Price, any vesting conditions, restrictions
or limitations and any vesting acceleration, based on such factors as the Committee shall determine;

		(d)	modify, amend or adjust the
terms and conditions (including any Performance Goals) or accelerate vesting of any Award;

		(e)	determine to what extent
and under what circumstances Shares, cash or other property payable with respect to an Award shall be deferred;

		(f)	determine under what circumstances
an Award may be settled in cash, Shares, other property or a combination of the foregoing;

		(g)	adopt, alter and repeal such
administrative rules, guidelines and practices governing this Plan as it shall from time to time deem advisable;

		(h)	establish any “blackout”
period that the Committee in its sole discretion deems necessary or advisable;

		(i)	correct any defect, supply
any omission, reconcile any inconsistency, and resolve any ambiguity in, and otherwise interpret, the terms and provisions of
this Plan and any Award issued under this Plan (and any Agreement relating thereto);

		(j)	decide all other matters
that must be determined in connection with an Award; and

		(k)	otherwise administer this
Plan.

		3.2	Procedures.

		(a)	The Committee may act only
by a majority of its members then in office, except that the Committee may, to the extent not prohibited by applicable law or
the listing standards of the Applicable Exchange, allocate all or any portion of its responsibilities and powers to any one or
more of its members and may delegate all or any part of its responsibilities and powers to any person or persons selected by it. Any
such allocation or delegation may be revoked by the Committee at any time.

    	 

    	 

    
		(b)	Any authority granted to
the Committee may be exercised by the full Board. In any case in which the Board is performing a function of the Committee under
the Plan, each reference to the Committee herein shall be deemed to refer to the Board (unless the context otherwise requires).
To the extent that any permitted action taken by the Board conflicts with action taken by the Committee, the Board action shall
control.

		3.3	Discretion of the Committee. Any
determination made by the Committee with respect to any Award shall be made in the sole discretion of the Committee at the time
of the Award or, unless in contravention of any express term of this Plan, at any time thereafter. Any action by the Committee
may vary among individual Participants, may vary among Eligible Individuals, and may vary among the Awards held by any individual
Participants. All decisions made by the Committee pursuant to the provisions of this Plan shall be binding and conclusive
on all persons, including the Company, the Participants and Eligible Individuals. Any determination made by the Committee
or pursuant to delegated authority under the provisions of this Plan, including conditions for grant or vesting and the adjustment
of Awards pursuant to Article XI, need not be the same for each Participant.

		3.4	Section 16(b). The
provisions of this Plan are intended to ensure that no transaction under this Plan is subject to (and not exempt from) the short-swing
recovery rules of Section 16(b) of the Exchange Act (“Section 16(b)”). Accordingly, the composition
of the Committee shall be subject to such limitations as the Board deems appropriate to permit transactions pursuant to this Plan
to be exempt (pursuant to Rule 16b-3 promulgated under the Exchange Act) from Section 16(b), and no delegation of authority by
the Committee shall be permitted if such delegation would cause any such transaction to be subject to (and not exempt from) Section
16(b).

		3.5	No
                                         member of the Board or the Committee, nor any officer or employee of the Company acting
                                         on behalf of the Board or the Committee, shall be personally liable for any action, determination,
                                         or interpretation taken or made in good faith with respect to the Plan, and all members
                                         of the Board or the Committee and each and any officer or employee of the Company acting
                                         on their behalf shall, to the extent permitted by law, be fully indemnified and protected
                                         by the Company in respect of any such action, determination, or interpretation.

 

ARTICLE IV

GENERAL TERMS
OF AWARDS

 

		4.1	Eligibility. Any
Eligible Individual may receive one or more Awards as determined by the Committee.

		4.2	Awards. Each
Award shall be subject to such conditions, restrictions and contingencies as the Committee shall determine. The Committee
shall specify the number of Shares subject to each Award and the Exercise Price (if applicable). All Awards granted
under this Plan shall be evidenced by Agreements, which shall be subject to applicable provisions of this Plan and to such other
provisions as the Committee may adopt. The effectiveness of an Award shall be subject to the Agreement’s being
signed by the Company and the Participant receiving the Award unless otherwise provided in the Agreement. Agreements
may be amended only in accordance with Section 12.3.

		4.3	Nontransferability. In
addition to any other restrictions set forth in this Plan or imposed by the Committee, all Awards shall be nontransferable except
by will or by the laws of descent and distribution. At the discretion of the Committee, an Award may be forfeited immediately
upon such instrument becoming subject to any obligation or liability of the Participant or any lien, charge or encumbrance.

    	 

    	 

    

		4.4	Compliance with Law and
Approval of Regulatory Bodies. No Award shall be exercisable, no Common Stock shall be issued, no certificates
for Shares shall be delivered, and no payment shall be made under this Plan except in compliance with all applicable Federal and
state laws and regulations (including withholding tax requirements) and the rules of any Applicable Exchange. The Company
may rely on an opinion of its counsel as to such compliance. Any share certificate issued to evidence Common Stock
for which an Award is exercised or issued may bear such legends and statements as the Committee may deem advisable to assure compliance
with Federal and state laws and regulations. No Award shall be exercisable (to the extent applicable), no Common Stock
shall be issued, no certificate for Shares shall be delivered, and no payment shall be made under this Plan until the Company
has obtained such consent or approval as the Committee may deem advisable from regulatory bodies having jurisdiction over such
matters.

 

ARTICLE V

SHARES SUBJECT
TO PLAN; OTHER LIMITS

 

		5.1	Plan Maximums. The
total number of Shares available for delivery pursuant to Awards granted under this Plan is 225,000 Shares. Delivery of
Shares pursuant to an Award shall reduce the number of Shares available for delivery pursuant to Awards under this Plan by one
Share for each such Share delivered. The maximum number of Shares that may be granted pursuant to Options intended
to be Incentive Stock Options shall be 225,000 Shares. Such maximum numbers of Shares is subject to adjustment as provided
in Article XI. From and following the Effective Date, no new awards will be granted under the Prior Plan, it being
understood that (a) awards outstanding under the Prior Plan as of the Effective Date shall remain in full force and effect under
the Prior Plan according to their respective terms, and (b) to the extent that any such award is forfeited, terminates, expires
or lapses without being exercised (to the extent applicable), or is settled for cash, following the Effective Date, the Shares
subject to such award not delivered as a result thereof shall again be available for Awards under this Plan; provided,
however, that dividend equivalents may continue to be issued under the Company’s Prior Plan in respect of awards
granted under the Prior Plan that are outstanding as of the Effective Date. “Prior Plan” means the Company’s
2011 Stock Incentive Plan, as amended April 19, 2016.

		5.2	Director
                                            Limit. Notwithstanding any provisions to the contrary in this Plan, in any other incentive
                                            compensation plan of the Company or any of its Subsidiaries, or any other compensatory policy
                                            or program of the Company applicable to its non-employee directors (collectively, the “Director
                                            Programs”), the aggregate grant date fair value (computed as of the date of grant
                                            in accordance with applicable financial accounting rules) of all awards granted under the
                                            Director Programs to any individual, non-employee director for any single calendar year beginning
                                            on or after January 1, 2021 shall not exceed $140,000; provided, however,
                                            that the limitation described in this sentence shall be determined without regard to grants
                                            of awards under the Director Programs paid to a non-employee director during any period in
                                            which such individual was an employee or consultant (other than grants of awards paid for
                                            service in their capacity as a non-employee director). For the avoidance of doubt, (a) any
                                            compensation that is deferred shall be counted toward this limit for the year in which it
                                            was first earned, and not when paid or settled if later; and (b) any severance and other
                                            payments such as consulting fees paid to a non-employee director for such director’s
                                            prior or current service to the Company or any Subsidiary other than serving as a director
                                            shall not be deemed to be payments granted or made under the Director Programs and therefore
                                            shall not be taken into account in applying the $140,000 limit provided above.

		5.3	Rules for Calculating
Shares Delivered. To the extent that any Award is forfeited, terminates, expires or lapses instead of being exercised,
or if any Award is settled for cash, the Shares subject to such Award not delivered as a result thereof shall again be available
for issuance in connection with other Awards under this Plan. If the Exercise Price of any Option or SAR and/or if
the tax withholding obligations relating to any Award are satisfied by delivering Shares (either actually or through attestation)
or withholding Shares relating to such Award, the gross number of Shares subject to the Award shall nonetheless be deemed to have
been granted for purposes of the first sentence of Section 5.1. Shares purchased on the open market with the proceeds
of the Exercise Price of an Option or SAR shall not be available for issuance in connection with other Awards under this Plan.

    	 

    	 

    

		5.4	Limitation on Dividend
Reinvestment and Dividend Equivalents. Reinvestment of dividends in additional Shares of Restricted Stock at the
time of any dividend payment, and the payment of Shares with respect to dividends to Participants holding Awards of Restricted
Stock Units, shall be permissible only if sufficient Shares are available under this Article V for such reinvestment or payment
(taking into account then-outstanding Awards). If sufficient Shares are not available for such reinvestment or payment,
such reinvestment or payment shall be made in the form of cash-settled Restricted Stock Units equal in number to the Shares that
would have been obtained by such payment or reinvestment.

ARTICLE VI

OPTIONS
AND STOCK APPRECIATION RIGHTS

		6.1	Grants. The
Committee shall specify the number of Shares covered by the Options or SARs and the Exercise Price thereof in the applicable Agreement. An
Option may be granted with or without a related SAR. A SAR may be granted with or without a related Option.

		6.2	Incentive Stock Options
and Non-Qualified Stock Options. The Committee shall designate at the time an Option is granted, and the applicable
Agreement shall indicate, whether the Option is intended to be treated as an Incentive Stock Option or a Non-Qualified Stock Option. No
Option that is intended to be an Incentive Stock Option shall be invalid for failure to qualify as an Incentive Stock Option under
Section 422 of the Code, and any such Option that fails to qualify as an Incentive Stock Option shall be treated as a Non-Qualified
Stock Option. For purposes of determining the applicability of Section 422 of the Code, or in the event that the terms
of any Option provide that it may be exercised only during employment or within a specified period of time after Termination of
Service, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary disability,
or other reasons shall not be deemed interruptions of continuous employment.

		6.3	Additional Rules for Incentive
Stock Options. Notwithstanding anything contained herein to the contrary, no Option that is intended to qualify
as an Incentive Stock Option may be granted to an Eligible Individual who at the time of such grant owns stock possessing more
than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any Subsidiary, unless
at the time such Option is granted the Exercise Price is at least one hundred ten percent (110%) of the Fair Market Value of a
Share and such Option by its terms is not exercisable after the expiration of five (5) years from the date such Option is granted. In
addition, the aggregate Fair Market Value of the Shares (determined at the time the Option to acquire Shares is granted) for which
Incentive Stock Options are exercisable for the first time by an optionee during any calendar year, under all of the incentive
stock option plans of the Company and of any Subsidiary, may not exceed $100,000. To the extent an Option that by its
terms was intended to be an Incentive Stock Option exceeds this $100,000 limit, the portion of the Option in excess of such limit
shall be treated as a Non-Qualified Stock Option.

		6.4	Vesting. The
Committee may prescribe that a Participant’s rights in Options or SARs shall be forfeitable or otherwise restricted for
a period of time and/or until certain financial performance objectives are satisfied as determined by the Committee in its sole
discretion and set forth in the applicable Agreement.

		6.5	Exercise. The
period in which an Option or SAR may be exercised (the “Term”) shall be determined by the Committee on the Date of
Grant, but no Option or SAR shall be exercisable after the expiration of ten (10) years from the Date of Grant of such Option
or SAR. Subject to the terms of this Plan, a vested Option or SAR may be exercised, in whole or in part, at any time
or during the Term thereof in accordance with such requirements as the Committee shall determine and as reflected in the corresponding
Agreement; provided,  however, that a SAR that is related to an Option may be exercised only to the extent
that the related Option is exercisable and when the Fair Market Value per Share exceeds the Exercise Price per Share of the related
Option. A partial exercise of an Option or SAR shall not affect the right of the Participant thereafter to exercise
the Option or SAR from time to time in accordance with this Plan and the corresponding Agreement with respect to remaining Shares
subject to the Option or SAR. The exercise of an Option shall result in the termination of a related SAR to the extent
of the number of Shares with respect to which the Option is exercised, and the exercise of a SAR shall result in the termination
of a related Option to the extent of the number of Shares with respect to which the SAR is exercised. Unless otherwise set forth
in the Award Agreement with respect to an Option, if a Participant’s Termination of Service occurs by reason of his or her
death, Permanent and Total Disability or for any other reason, an Option granted to such Participant may thereafter be exercised
to the extent such Option is vested for a period of ninety (90) days (or twelve (12) months in the event of termination by reason
of death or Permanent and Total Disability) following the Termination of Service (but not later than the end of the applicable
Term). If, and to the extent that, after Termination of Service, the Participant does not exercise his or her Option within the
applicable time, the unexercised Option shall terminate, and the Shares issuable with respect to such unexercised Option shall
revert to the Plan. If a Participant’s employment terminates for Cause, all Options granted to such Participant shall cease
to be exercisable and shall terminate as of the date of termination of employment for Cause.

    	 

    	 

    

		6.6	Method of Exercise.  Subject
to the provisions of this Article VI, vested Options and vested SARs may be exercised, in whole or in part, by giving written
notice of exercise to the Company specifying the number of Shares subject to the Option or SAR to be purchased. In
the case of the exercise of an Option, such notice shall be accompanied by payment in full of the aggregate purchase price (which
shall equal the product of such number of Shares subject to such Options multiplied by the applicable Exercise Price) by certified
or bank check or such other instrument or process as the Committee may permit in its sole discretion. If approved by
the Committee, payment in full or in part may be made as follows:

		(a)	In the form of unrestricted
Shares (by delivery of such Shares or by attestation) already owned by the Participant of the same class as the Common Stock subject
to the Option (based on the Fair Market Value of the Common Stock on the date the Option is exercised); provided, however,
that, in the case of an Incentive Stock Option, the right to make a payment in the form of already owned Shares may be authorized
only at the time the Option is granted;

		(b)	To the extent permitted by
applicable law, by delivering a properly executed exercise notice to the Company, together with a copy of irrevocable instructions
to a broker to deliver promptly to the Company the amount of sale or loan proceeds necessary to pay the aggregate Exercise Price,
and any applicable Federal, state, local or foreign withholding taxes; provided that, to facilitate the foregoing,
the Company may, to the extent permitted by applicable law, enter into agreements for coordinated procedures with one or more
brokerage firms; or

		(c)	By instructing the Company
to withhold a number of unrestricted Shares having a Fair Market Value (based on the Fair Market Value of the Common Stock on
the date the applicable Option is exercised) equal to the product of (i) the Exercise Price multiplied by (ii) the number of Shares
in respect of which the Option shall have been exercised.

		6.7	Delivery; Shareholder
Rights. No Shares will be delivered pursuant to the exercise of an Option until the Exercise Price therefor has
been fully paid and applicable taxes have been withheld. No Participant shall have any rights as a shareholder with
respect to Shares subject to an Option or a SAR until such Option or SAR is exercised and such Shares are issued.

    	 

    	 

    
		6.8	Dividends and Dividend
Equivalents. Dividends and dividend equivalents shall not be paid or accrued on Options or SARs, provided that
Stock Options and SARs may be adjusted under certain circumstances in accordance with the terms of Article X.

		6.9	Prohibition on Repricing. In
no event may any Option or SAR granted under this Plan be amended, other than pursuant to Article XI, to decrease the Exercise
Price thereof, be cancelled in exchange for cash or other Awards or in conjunction with the grant of any new Option or SAR with
a lower exercise price, or otherwise be subject to any action that would be treated, under the Applicable Exchange listing standards
or for accounting purposes, as a “repricing” of such Option or SAR, unless such amendment, cancellation or action
is approved by the Company’s shareholders.

		6.10	Forfeiture
                                         by Order of Regulatory Agency. If the Company’s or any of its financial institution
                                         Subsidiaries’ capital falls below the minimum requirements contained in 12 CFR
                                         § 3 or below a higher requirement as determined by the Company’s or such Subsidiary’s
                                         primary bank regulatory agency, such agency may direct the Company to require Participants
                                         to exercise or forfeit some or all of their Options. All options granted under this Plan
                                         are subject to the terms of any such directive.

 

ARTICLE VII

RESTRICTED
STOCK

		7.1	Nature of Award. Shares
of Restricted Stock are actual Shares issued to a Participant that are subject to vesting or forfeiture provisions and may be
awarded alone or in addition to other Awards granted under this Plan.

		7.2	Book Entry Registration
or Certificated Shares. Awards shall be evidenced in such manner as the Committee may deem appropriate, including
book-entry registration or issuance of one or more stock certificates. Any certificate issued in respect of Restricted
Stock shall be registered in the name of such Participant and shall bear an appropriate legend referring to the terms, conditions,
and restrictions applicable to such Award, substantially in the following form:

“The
transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including
forfeiture) of the First Community Corporation 2021 Omnibus Equity Incentive Plan and the applicable award agreement, dated as
of            ,            .
   Copies of such plan and award agreement are on file at the offices of First Community Corporation, 5455 Sunset Boulevard,
Lexington, South Carolina, 29072.”

The
Committee may require that the certificates evidencing such Shares be held in custody by the Company until the restrictions thereon
have lapsed and that, as a condition of any Award of Restricted Stock, the applicable Participant shall have delivered a stock
power, endorsed in blank, relating to the Shares subject to such Award.

		7.3	Terms and Conditions. Restricted
Stock shall be subject to the following terms and conditions:

		(a)	The Committee shall, prior
to or at the time of grant, condition (i) the vesting of an Award of Restricted Stock upon the continued service of the applicable
Participant, or (ii) the grant or vesting of an Award of Restricted Stock upon the attainment of Performance Goals or the attainment
of Performance Goals and the continued service of the applicable Participant.

		(b)	Subject to the provisions
of this Plan and the applicable Agreement, during the period, if any, set by the Committee, commencing with the Date of Grant
of such Restricted Stock Award for which such vesting restrictions apply (the “Restriction Period”), and until the
expiration of the Restriction Period, the Participant shall not be permitted to sell, assign, transfer, pledge or otherwise encumber
Shares of Restricted Stock.

    	 

    	 

    
		7.4	Shareholder Rights. Except
as otherwise provided in this Plan and the applicable Agreement, prior to the time that Shares of Restricted Stock have fully
vested and become transferable, a Participant shall have all rights of a shareholder with respect to such Shares of Restricted
Stock, including the right to receive dividends; provided, however, that dividends payable with respect
to Shares of Restricted Stock shall be subject to the same vesting conditions applicable to such Shares and shall, if vested,
be delivered or paid at the same time as such Shares.

 

ARTICLE VIII

RESTRICTED
STOCK UNITS

		8.1	Nature of Award. Restricted
stock units and deferred share rights (together, “Restricted Stock Units”) are awards denominated in Shares that will
be settled, subject to the terms and conditions of the Restricted Stock Units, in an amount in cash, Shares or a combination of
both, based upon the Fair Market Value of a specified number of Shares.

		8.2	Terms and Conditions. Restricted
Stock Units shall be subject to the following terms and conditions:

		(a)	The Committee shall, prior
to or at the time of grant, condition (i) the vesting of Restricted Stock Units upon the continued service of the applicable Participant,
or (ii) the grant or vesting of Restricted Stock Units upon the attainment of Performance Goals or the attainment of Performance
Goals and the continued service of the applicable Participant. An Award of Restricted Stock Units shall be settled
as and when the Restricted Stock Units vest, or at a later time specified by the Committee in the applicable Agreement, or, if
the Committee so permits, in accordance with an election of the Participant.

		(b)	Subject to the provisions
of this Plan and the applicable Agreement, during the Restriction Period, if any, set by the Committee, the Participant shall
not be permitted to sell, assign, transfer, pledge or otherwise encumber Restricted Stock Units.

		8.3	Shareholder Rights. A
Participant who has received an Award of Restricted Stock Units shall have no rights as a shareholder with respect to such Restricted
Stock Units. Subject to Section 5.4, the Committee may provide for dividend equivalents or the adjustment of an Award
of Restricted Stock Units to reflect deemed reinvestment in additional Restricted Stock Units of the dividends that would be paid
and distributions that would be made with respect to the Award of Restricted Stock Units if it consisted of actual Shares; provided, however,
that dividend equivalents credited with respect to any Award of Restricted Stock Units shall be subject to the same vesting conditions
applicable to such Award and shall, if vested, be delivered or paid at the same time as such Award.

ARTICLE IX

OTHER
STOCK-BASED AWARDS; CASH AWARDS

		9.1	Other Stock-Based Awards. The
Committee may grant to Eligible Individuals Other Stock-Based Awards, either alone or in conjunction with other Awards granted
under this Plan.

		9.2	Cash Awards. The
Committee may grant to Eligible Individuals Awards that are denominated and payable in cash (“Cash Awards”) in such
amounts and subject to such terms and conditions consistent with the terms of this Plan as the Committee shall determine.

    	 

    	 

    

ARTICLE X

ADJUSTMENT
UPON CHANGE IN COMMON STOCK

		10.1	Corporate Transactions. In
the event of a merger, consolidation, acquisition of property or shares, stock rights offering, liquidation, disposition for consideration
of the Company’s direct or indirect ownership of a Subsidiary (including by reason of a Disaffiliation), or similar event
affecting the Company or any of its Subsidiaries (each, a “Corporate Transaction”), the Committee or the Board may
in its discretion make such substitutions or adjustments as it deems appropriate and equitable to (a) the aggregate number and
kind of Shares or other securities reserved for issuance and delivery under this Plan; (b) the various maximum limitations set
forth in Article V upon certain types of Awards and upon the grants to individuals of certain types of Awards; (c) the number
and kind of Shares or other securities subject to outstanding Awards; (d) the Performance Goals applicable to outstanding Awards;
and (e) the Exercise Price of outstanding Awards. In the event of a Corporate Transaction, such adjustments may include
(i) the cancellation of outstanding Awards in exchange for payments of cash, property or a combination thereof having an aggregate
value equal to the value of such Awards, as determined by the Committee in its sole discretion (it being understood that in the
event of a Corporate Transaction with respect to which shareholders of Common Stock receive consideration other than publicly
traded equity securities of the ultimate surviving entity, any such determination by the Committee that the value of an Option
or SAR shall for this purpose be deemed to equal the excess, if any, of the value of the consideration being paid for each Share
pursuant to such Corporate Transaction over the Exercise Price of such Option or SAR shall be deemed conclusively valid); (ii)
the substitution of other property (including cash or other securities of the Company and securities of entities other than the
Company) for the Shares subject to outstanding Awards; and (iii) in connection with any Disaffiliation, arranging for the assumption
of Awards, or replacement of Awards with new awards based on other property or other securities (including other securities of
the Company and securities of entities other than the Company), by the affected Subsidiary or division or by the entity that controls
such Subsidiary or division following such Disaffiliation (as well as any corresponding adjustments to Awards that remain based
upon Company securities).

		10.2	Share Changes. In
the event of a stock dividend, stock split, reverse stock split, reorganization, share combination or recapitalization or similar
event affecting the capital structure of the Company, or a Disaffiliation, separation or spinoff, in each case without consideration,
or other extraordinary dividend of cash or other property to the Company’s shareholders (each, a “Share Change”),
the Committee or the Board shall make such substitutions or adjustments as it deems appropriate and equitable to (a) the aggregate
number and kind of Shares or other securities reserved for issuance and delivery under this Plan; (b) the various maximum limitations
set forth in Article V upon certain types of Awards and upon the grants to individuals of certain types of Awards; (c) the number
and kind of Shares or other securities subject to outstanding Awards; (d) the Performance Goals applicable to outstanding Awards;
and (e) the Exercise Price of outstanding Awards.

		10.3	Performance Goals.  The
Committee may adjust the Performance Goals applicable to any Awards to reflect any unusual or non-recurring events and other extraordinary
items, impact of charges for restructurings, discontinued operations, and the cumulative effects of accounting or tax changes,
each as defined by generally accepted accounting principles or as identified in the Company’s financial statements, notes
to the financial statements, management’s discussion and analysis or other the Company’s filings with the Securities
and Exchange Commission.

		10.4	Section
                                            409A of the Code; Incentive Stock Options. Notwithstanding the foregoing: any adjustments
                                            made pursuant to this Article X to (a) Incentive Stock Options shall be made in accordance
                                            with Section 424(h) of the Code unless the Committee determines otherwise; (b) Awards that
                                            are considered “nonqualified deferred compensation” within the meaning of Section
                                            409A of the Code shall be made in compliance with the requirements of Section 409A of the
                                            Code; and (c) Awards that are not considered “nonqualified deferred compensation”
                                            subject to Section 409A of the Code shall be made in such a manner as intended to ensure
                                            that after such adjustments, either (i) the Awards continue not to be subject to Section
                                            409A of the Code or (ii) there does not result in the imposition of any penalty taxes under
                                            Section 409A of the Code in respect of such Awards.

    	 

    	 

    

ARTICLE XI

CHANGE
OF CONTROL

		11.1	Impact of a Change of Control. Upon the occurrence of a Change of Control, unless otherwise provided in the applicable Agreement: (a)
all then-outstanding Options and SARs shall become fully vested and exercisable, and all Full-Value Awards (other than performance-based
Full-Value Awards) and all Cash Awards (other than performance-based Cash Awards) shall vest in full, be free of restrictions,
and be deemed to be earned and payable in an amount equal to the full value of such Award, except in each case to the extent that
another Award meeting the requirements of Section 11.2 (any award meeting the requirements of Section 11.2, a “Replacement
Award”) is provided to the Participant to replace such Award (any award intended to be replaced by a Replacement Award,
a “Replaced Award”), and (b) any performance-based Full-Value Award or Cash Award that is not replaced by a Replacement
Award shall be deemed to be earned and payable in an amount equal to the full value of such performance-based Award (with all
applicable Performance Goals deemed achieved at the greater of (x) the applicable target level and (y) the level of achievement
as determined by the Committee not later than the date of the Change of Control, taking into account performance through the latest
date preceding the Change of Control as to which performance can, as a practical matter, be determined (but not later than the
end of the applicable performance period)).

		11.2	Replacement Awards. An
Award shall meet the conditions of this Section 11.2 (and hence qualify as a Replacement Award) if: (a) it is of the
same type as the Replaced Award; (b) it has a value equal to the value of the Replaced Award as of the date of the Change of Control,
as determined by the Committee in its sole discretion consistent with Section 10.1; (c) the underlying Replaced Award was an equity-based
award, it relates to publicly traded equity securities of the Company or the entity surviving the Company following the Change
of Control; (d) it contains terms relating to vesting (including with respect to a Termination of Service) that are substantially
identical to those of the Replaced Award; and (e) its other terms and conditions are not less favorable to the Participant than
the terms and conditions of the Replaced Award (including the provisions that would apply in the event of a subsequent Change
of Control) as of the date of the Change of Control. Without limiting the generality of the foregoing, a Replacement
Award may take the form of a continuation of the applicable Replaced Award if the requirements of the preceding sentence are satisfied. If
a Replacement Award is granted, the Replaced Award shall not vest upon the Change of Control. The determination whether
the conditions of this Section 11.2 are satisfied shall be made by the Committee, as constituted immediately before the Change
of Control, in its sole discretion.

		11.3	Termination of Service. Notwithstanding
any other provision of this Plan to the contrary and unless otherwise determined by the Committee and set forth in the applicable
Agreement, upon a Termination of Service of a Participant by the Company other than for Cause or by the Participant for Good Reason,
in each case, within twenty-four (24) months following a Change of Control, all Replacement Awards held by such Participant shall
vest in full, be free of restrictions, and be deemed to be earned in full (with respect to Performance Goals, unless otherwise
agreed in connection with the Change of Control, at the greater of (i) the applicable target level and (ii) the level of achievement
of the Performance Goals for the Award as determined by the Committee taking into account performance through the latest date
preceding the Termination of Service as to which performance can, as a practical matter, be determined (but not later than the
end of the applicable performance period)).

		11.4	Section 409A of the Code. Notwithstanding
any other provision of this Plan, any Agreement or any Individual Agreement, with respect to any Award that constitutes “nonqualified
deferred compensation” within the meaning of Section 409A of the Code, a Change of Control shall not constitute a settlement
or distribution event with respect to such Award, or an event that otherwise changes the timing of settlement or distribution
of such Award, unless the Change of Control also constitutes an event described in Section 409A(a)(2)(v) of the Code and the regulations
thereto. For the avoidance of doubt, this Section 11.4 shall have no bearing on whether an Award vests pursuant to
the terms of this Plan or the applicable Agreement or Individual Agreement.

    	 

    	 

    

ARTICLE XII

EFFECTIVE
DATE, TERMINATION AND AMENDMENT

		12.1	Effective Date. This
Plan was approved by the Board on March 16, 2021, subject to and contingent upon approval by the Company’s shareholders. This
Plan will be effective as of the date of such approval by the Company’s shareholders (the “Effective Date”).

		12.2	Duration of Plan. This
Plan shall terminate on the tenth anniversary of the Effective Date (the “Expiration Date”). All Awards
outstanding as of the Expiration Date shall continue to have full force and effect in accordance with the provisions of this Plan
and the documents evidencing such Awards.

		12.3	Amendments. The
Committee may amend, alter or discontinue this Plan or an Award, provided that no amendment, alteration or discontinuation
shall be made that would materially impair the rights of the Participant with respect to a previously granted Award without such
Participant’s consent, except to the extent necessary to comply with applicable law, including Section 409A of the Code,
Applicable Exchange listing standards or accounting rules. In addition, no amendment shall be made without the approval
of the Company’s shareholders to the extent such approval is required by applicable law, or the listing standards of the
Applicable Exchange, or as contemplated by Section 6.9.

ARTICLE XIII

MISCELLANEOUS
PROVISIONS

		13.1	Limitations on Participant
Rights. Neither a Participant nor any other person shall, by reason of participation in this Plan, acquire any
right in or title to any assets, funds or property of the Company or any Subsidiary whatsoever, including any specific funds,
assets or other property that the Company or any Subsidiary, in its sole discretion, may set aside in anticipation of a liability
under this Plan. A Participant shall have only a contractual right to the Common Stock, cash or other property, if
any, payable under this Plan, unsecured by any assets of the Company or any Subsidiary, and nothing contained in this Plan shall
constitute a guaranty that the assets of the Company or any Subsidiary shall be sufficient to pay any benefits to any person. This
Plan does not constitute a contract of employment or service, and selection as a Participant shall not give any such Participant
the right to be retained in the employ or service of the Company or any Subsidiary, nor any right or claim to any benefit under
this Plan, unless such right or claim has specifically accrued under the terms of this Plan.

		13.2	Clawback
                                            Policy. An Award shall be subject to the terms of any clawback or recoupment policy that
                                            the Company may adopt that, by its terms, is applicable to such Award.

		13.3	Taxes

		(a)	Withholding. All
issuances, payments and distributions under this Plan are subject to withholding of all applicable taxes, and the Committee may
condition the delivery of any Shares, cash or other property under this Plan on satisfaction of applicable withholding obligations. The
Committee, in its discretion, and subject to such requirements as the Committee may impose prior to the occurrence of such withholding,
may permit such withholding obligations to be satisfied through cash payment by the Participant, through the surrender of Shares
that the Participant already owns, or through the surrender of Shares to which the Participant is otherwise entitled under this
Plan; provided, however, in no event shall the fair market value of the Shares withheld or surrendered exceed the maximum statutory
amount required to be withheld or such lesser amount as is necessary to avoid liability accounting treatment.

    	 

    	 

    

		(b)	Section 409A of the Code. This
Plan and Awards granted hereunder are intended to comply with the requirements of Section 409A of the Code or an exemption or
exclusion therefrom and, with respect to amounts that are subject to Section 409A of the Code, it is intended that this Plan be
administered in all respects in accordance with Section 409A of the Code. Each payment under any Award shall be treated
as a separate payment for purposes of Section 409A of the Code. In no event may a Participant, directly or indirectly,
designate the calendar year of any payment to be made under any Award that is not exempt from Section 409A of the Code. Notwithstanding
any provision of this Plan or any Agreement to the contrary, in the event that a Participant is a “specified employee”
within the meaning of Section 409A of the Code (as determined in accordance with the methodology established by the Company),
amounts that constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code that would
otherwise be payable during the six (6)-month period immediately following a Participant’s Separation from Service shall
instead be paid or provided on the first business day following the date that is six (6) months following the Participant’s
Separation from Service or any earlier date permitted by Section 409A of the Code. If the Participant dies
following the Separation from Service and prior to the payment of any amounts delayed on account of Section 409A of the Code,
such amounts shall be paid to the personal representative of the Participant’s estate within thirty (30) days following
the date of the Participant’s death. In no event will the Company or any Subsidiary be required to reimburse a Participant
for any taxes imposed or other costs incurred as a result of Section 409A of the Code.

		13.4	Unfunded Plan.  No
Award issued or made hereunder, to the extent it requires the payment of cash, shall be required to be funded prior to being due
and payable, and the Company shall not be required to segregate any assets that may at any time be represented by an Award under
this Plan.

		13.5	No
                                         Employment Rights. The adoption of the Plan or granting of an Award shall not confer
                                         upon any Participant or other Eligible Individual any right to continued employment with
                                         or service to the Company or any Subsidiary, as the case may be, nor shall it interfere
                                         in any way with the right of the Company or any Subsidiary to terminate the employment
                                         or service of any Participant or other Eligible Individual at any time.

		13.6	Rules of Construction. Headings
are given to the articles and sections of this Plan for ease of reference. The reference to any statute, regulation
or other provision of law shall be construed to refer to any amendment to or successor of such provision of law. Whenever
the words “include,” “includes” or “including” are used in this Plan, they shall be deemed
to be followed by the words “but not limited to” and the word “or” shall be understood to mean “and/or.”

		13.7	Governing Law and Interpretation. This
Plan and all Awards made and actions taken thereunder shall be governed by and construed in accordance with the laws of the State
of South Carolina, without reference to principles of conflict of laws.

[End
of Plan Document]Exhibit 10.1

 

 

EXECUTION VERSION

 

CONTINGENT AMENDMENT AGREEMENT

 

THIS CONTINGENT
AMENDMENT AGREEMENT (this “Agreement”) is entered into as of June 24, 2021, by and among, OSMOTICA PHARMACEUTICAL
CORP., a Delaware corporation (“OPC”), VALKYRIE GROUP HOLDINGS, INC., a Delaware corporation (“Valkyrie”
and together with OPC, the “Borrowers”), OSMOTICA HOLDINGS US LLC, a Delaware limited liability company (“Holdings”)
in its own capacity and as Borrower Representative, the other Loan Parties party hereto and the Lenders party hereto.

 

W I T N E S S E T H:

 

WHEREAS, the Borrowers,
the other Loan Parties, the Administrative Agent, the Lenders from time to time party thereto and the other persons party thereto are
parties to that certain Credit Agreement, dated as of February 3, 2016 (as amended by the First Amendment to Credit Agreement, dated
as of November 10, 2016, the Second Amendment to Credit Agreement, dated as of April 28, 2017, the Third Amendment to Credit
Agreement, dated as of December 21, 2017, the Limited Consent entered into as of May 21, 2020, and the Fourth Amendment to Credit
Agreement, dated as of December 11, 2020, the “Existing Credit Agreement”; and the Existing Credit Agreement,
if and when amended by the Amendment (as defined below) in accordance with the terms and conditions hereof, the “Credit Agreement”;
capitalized terms used herein that are not otherwise defined herein shall have the respective meanings assigned to such terms (i) on
any date prior to the Fifth Amendment Effective Date (as defined below), in the Existing Credit Agreement) and (ii) on and after
the Fifth Amendment Effective Date, in the Credit Agreement);

 

WHEREAS, on the
date hereof, Osmotica Pharmaceuticals plc (“Ultimate Parent)”, OPC, Valkyrie and Hungarian Holdings (collectively,
the “Sellers”), Alora Pharmaceuticals, LLC, a Delaware limited liability company (the “Guarantor”)
and Acella Holdings, LLC, a Delaware limited liability company (the “Buyer”) have entered into a Purchase and Sale
Agreement (together with all exhibits, annexes and schedules thereto, in each case as in effect on the date hereof, a copy of each of
which is attached hereto as Exhibit A, and as amended in accordance with the terms hereof, the “PSA”),
pursuant to which, among other things, the Sellers will sell to the Buyer the “Transferred Assets” and “Transferred
Equity Interests” (as each such term is defined in the PSA) (the “Sale”); and

 

WHEREAS, in connection
with the execution of the PSA, the Borrowers have requested that the Lenders amend, effective as of the Fifth Amendment Effective Date,
certain provisions of the Existing Credit Agreement as set forth in Section 2 hereof, and, subject to the satisfaction of
each of the conditions set forth herein and the occurrence of the Fifth Amendment Effective Date, the Lenders are willing to do so, in
each case on the terms and in reliance upon the representations and warranties set forth herein; and

 

    1

     

    

 

NOW, THEREFORE,
in consideration of the mutual agreements, provisions and covenants contained herein, the parties agree as follows:

 

1.            Termination
of Revolving Credit Commitments. The Revolving Credit Commitments under the Existing Credit Agreement are hereby reduced in accordance
with Section 2.08(c) of the Existing Credit Agreement (but without the requirement to deliver any notice pursuant to Section 2.08(d) of
the Existing Credit Agreement) by $25,000,000, such that, on the date of this Agreement, the Total Revolving Credit Commitment under the
Existing Credit Agreement is $25,000,000.

 

2.            Amendments
to Existing Credit Agreement. Subject to the occurrence of the Fifth Amendment Effective Date, on the Fifth Amendment Effective Date,
upon satisfaction of each of the conditions set forth in Section 3 hereof, the Existing Credit Agreement and, to the extent
included in Annex A, each Schedule or Exhibit to the Existing Credit Agreement, shall be amended by deleting the stricken
text (as indicated by struck-through text), and by inserting the text (as indicated by
bold,
double-underlined text), as set forth in the pages of the Existing Credit Agreement attached
as Annex A hereto (the “Amendment”).

 

3.            Conditions
to Agreement. The effectiveness of this Agreement is subject to the satisfaction of each of the following conditions precedent:

 

(a)            the
Administrative Agent (or its counsel) shall have received executed counterparts of this Agreement signed by Holdings, the Borrowers and
each other Loan Party as of the date hereof;

 

(b)            this
Agreement shall have been executed and delivered by the Administrative Agent and each Lender;

 

(c)            the
Administrative Agent shall have received each of (x) an updated Perfection Certificate dated as of the date of this Agreement (or
a certification that the information set forth in the Perfection Certificate most recently delivered under the Existing Credit Agreement
is true, complete and correct as of the date of this Agreement) and (y) a completed pro forma Perfection Certificate, with information
provided therein giving effect to the Sale and each other transaction contemplated by the PSA, in each case, signed by a Responsible Officer
of the Loan Parties, together with all attachments contemplated thereby (the “Pro Forma Perfection Certificate”);

 

(d)            the
representations and warranties in Section 5 hereof shall be true and correct in all material respects (or, if qualified by
 “materiality”, “Material Adverse Effect” or similar term or qualification, in all respects) on and as of such
date, provided that to the extent that a representation and warranty specifically refers to a given date or period, it shall be
true and correct in all material respects (or, if qualified by “materiality”, “Material Adverse Effect” or similar
term or qualification, in all respects) as of such date or period, as the case may be;

 

(e)            as
of the date hereof, no Default exists and no Event of Default shall have occurred;

 

(f)            there
shall be no order, injunction or decree of any Governmental Authority restraining or prohibiting this Agreement, the Amendment, the PSA
or any of the transactions contemplated hereby or thereby;

 

    2

     

    

 

(g)            there
shall not exist any material action, suit, investigation, litigation or proceeding pending or overtly threatened in any court or before
any arbitrator or Governmental Authority that challenges any of the Loan Documents, including this Agreement and the Amendment, the PSA
or any of the transactions contemplated hereby or thereby;

 

(h)            the
Administrative Agent shall have received (i) a certificate of each of Holdings, the Borrowers and each Loan Guarantor, dated the
as of the date of this Agreement and executed by a Secretary, Assistant Secretary or other senior officer, which shall (A) certify
that attached thereto is a true and complete copy of the resolutions or written consents of its board of directors, stockholders, members
or other governing body authorizing the execution, delivery and performance of this Agreement and, to the extent it is a party thereto,
the PSA, and the consummation of the transactions contemplated hereby and thereby, as applicable, and that such resolutions or written
consents have not been modified, rescinded or amended and are in full force and effect, (B) identify by name and title and bear the
signatures of the officers of such Loan Party authorized to sign this Agreement, and (C) certify that (x) attached thereto is
a true and complete copy of the certificate or articles of incorporation or organization (or memorandum or other equivalent thereof) of
each of Holdings, each Borrower and each Loan Guarantor certified by the relevant authority of the jurisdiction of organization of such
Loan Party and a true and correct copy of its by-laws (or articles of association or deed of foundation or other equivalent thereof) or
operating, management or partnership agreement and (y) such documents or agreements have not been amended since the date of the last
amendment thereto shown on the certificate of good standing referred to below (except as otherwise attached to such certificate and certified
therein as being the only amendments thereto as of such date) or as shown by the latest shareholders’ resolutions attached thereto
amending the same (as the case may be) (or a certification that such documents or agreements referred to in the foregoing clauses (x) and

 

(y)            have
not been amended since the date of the last certification thereof furnished to the Administrative Agent) and (ii) a good standing
certificate (or in the case of Hungarian Holdings, a company registry extract), a no-winding-up certificate and/or certificate of tax
status (to the extent such concept is known in the relevant jurisdiction) as of a recent date for each of Holdings, each Borrower and
each Loan Guarantor from its jurisdiction of organization;

 

(i)            the
Administrative Agent shall have received a certificate dated the date of this Agreement and signed on behalf of the Borrower Representative
by a Responsible Officer, certifying on behalf of the Loan Parties that each condition set forth in clauses (d) through (g) of
this Section 3 has been satisfied on such date;

 

(j)            as
of the date of this Agreement, the Aggregate Revolving Credit Exposure does not exceed $25,000,000; and

 

(k)            the
Administrative Agent shall have received the reasonable fees, costs and expenses payable to it in accordance with
Section 9.03(a) of the Credit Agreement, including in connection with this Agreement (but without regard to the last
sentence of such Section), to the extent invoiced at least two (2) Business Days prior to the date of this
Agreement.

 

    3

     

    

 

4.            Conditions
to Amendment. The effectiveness of the Amendment is subject to the satisfaction on or prior to the Outside Date (as defined in the
PSA), of each of the following conditions precedent (the first date on which all such conditions are satisfied, the “Fifth Amendment
Effective Date”):

 

(a)            the
Sale shall have been consummated in accordance with the terms of the PSA, without giving effect to any modifications, amendments or waivers
or consents that are adverse to the interests of the Lenders in any respect without the prior written consent of the Administrative Agent
(it being understood and agreed that (i) any decrease in the amount of, or postponement of the time for payment of, any consideration
payable to any of the Sellers, or provision permitting such consideration to be paid other than in cash in Dollars, (ii) any extension
of the “Outside Date”, (iii) any new or expanded condition to closing under the PSA or any expansion or amendment which
increases any condition to closing under the PSA (but not any waiver of any condition by the Buyer), (iv) any increase in (or decrease
in any deductible or threshold amount relating to) indemnification, expense reimbursement or other payment, whether contingent or otherwise,
to be made by or on behalf of any Seller, or any unfavorable (to any Seller) change in contingencies relating thereto or (v) any
assignment by a Loan Party of any rights it may have under the PSA to any Person other than a Loan Party (each, a “Deemed Adverse
Amendment”) is deemed adverse to the interests of the Lenders);

 

(b)            all
amounts paid to any Seller under the PSA, prior to or on the Fifth Amendment Effective Date, shall have been paid to the Administrative
Agent for application to repay outstanding Obligations in accordance with the terms of the Existing Credit Agreement;

 

(c)            the
Loan Parties shall have prepaid, after the date of this Agreement and prior to or on the Fifth Amendment Effective Date, in accordance
with Section 2.10(a) of the Existing Credit Agreement, a principal amount of the Term Loans in an amount necessary to cause
the aggregate outstanding principal amount of the Term Loans, after giving effect to such prepayment, to be equal to or less than $30,000,000
(the “Term Loan Prepayment”), together with accrued and unpaid interest on such principal amount repaid and any other
amounts due and owing in connection with such prepayment pursuant to Section 2.15 of the Existing Credit Agreement;

 

(d)            Ultimate
Parent shall have, after the date of this Agreement and prior to or on the Fifth Amendment Effective Date, contributed to the common
equity of Holdings or repaid intercompany debt owed by Ultimate Parent to any Loan Party as of the date of this Agreement, in an
aggregate amount of cash not less than $[REDACTED] in Dollars in immediately available funds, all of which shall be paid by Ultimate
Parent to an account of a Loan Party that is subject to a Control Agreement;

 

(e)            no
Revolving Loans, LC Exposure or any other Secured Obligation (other than any expense reimbursement obligation not yet due or any
contingent indemnification obligation), other than the principal amount of the Term Loans and accrued and unpaid interest
thereon, after giving effect to Term Loan Prepayment, shall exist or otherwise be outstanding;

 

    4

     

    

 

(f)            the
Administrative Agent shall have received either (i) a completed Perfection Certificate, dated the Fifth Amendment Effective Date
with information provided therein giving effect to the Sale and each other transaction contemplated by the PSA, together with all attachments
contemplated thereby, or (ii) a certificate that the information provided in the Pro Forma Perfection Certificate delivered pursuant
to Section 3(c) hereof is true, correct and complete as of such date, in either case, signed by a Responsible Officer
of the Loan Parties;

 

(g)            the
representations and warranties in clauses (a) through (c) of Section 5 hereof (in the case of representations
contained in clause (c), solely to the extent constituting Specified Representations (and expressly excluding any representation or
warranty in clause (c)            of Section 5 hereof
that is not a Specified Representation) shall be true and correct in all material respects (or, if qualified by
 “materiality”, “Material Adverse Effect” or similar term or qualification, in all respects) on and as of
such date, provided that to the extent that a representation and warranty specifically refers to a given date or period, it
shall be true and correct in all material respects (or, if qualified by “materiality”, “Material Adverse
Effect” or similar term or qualification, in all respects) as of such date or period, as the case may be;

 

(h)            no
Default or Event of Default shall have occurred and be continuing immediately before and immediately after giving effect to the Amendment,
other than any such Default or Event of Default the occurrence of which is a result of an event beyond the control of any of the Loan
Parties (it being understood and agreed that (i) compliance with the Financial Covenants and (ii) any covenant requiring action
by a third party or which would be breached as a result of actions by a third party are beyond the control of any of the Loan Parties);

 

(i)            the
Administrative Agent shall have received a certificate dated the date of this Agreement and signed on behalf of the Borrower Representative
by a Responsible Officer, certifying on behalf of the Loan Parties that each condition set forth in clauses (a) through (d) and
clauses (g) and (h) of this Section 4 has been satisfied on such date; and

 

(j)            the
Administrative Agent shall have received the reasonable fees, costs and expenses payable to it in accordance with Section 9.03(a) of
the Credit Agreement, including in connection with this Agreement (but without regard to the last sentence of such Section), to the extent
invoiced at least two (2) Business Days prior to the Fifth Amendment Effective Date.

 

    5

     

    

 

5.            Representations
and Warranties. To induce the Lenders to execute and deliver this Agreement and consent to the Amendment, each Loan Party hereby represents
and warrants to the Administrative Agent and each Lender, in each case as of the date of this Agreement and as of the Fifth Amendment
Effective Date, as follows:

 

(a)            the
execution, delivery and performance of this Agreement and all documents and instruments delivered in connection herewith are within
each applicable Loan Party’s corporate or other organizational power and have been duly authorized by all necessary
corporate or other organizational action of such Loan Party. This Agreement and all documents and instruments delivered in
connection herewith to which any Loan Party is a party have been duly executed and delivered by such Loan Party and is a legal,
valid and binding obligations of such Loan Party, enforceable in accordance with its terms, subject to the Legal Reservations;

 

(b)            the
execution and delivery of this Agreement, the PSA and all documents and instruments delivered in connection herewith or therewith by each
Loan Party party thereto and the performance by such Loan Party thereof (i) will not violate (x) any of such Loan Party’s
Organizational Documents or (y) any Requirements of Law applicable to such Loan Party which, in the case of this clause (i)(y) could
reasonably be expected to have a Material Adverse Effect and (ii) will not violate or result in a default under any Contractual Obligation
of any of the Loan Parties which in the case of this clause (ii) could reasonably be expected to result in a Material Adverse
Effect;

 

(c)            on
the date of this Agreement and on the Fifth Amendment Effective Date, both before and after giving effect to this Agreement (and in the
case of representations made as of the Fifth Amendment Effective Date, after giving effect to the Amendment), the PSA and the transactions
contemplated hereby and thereby, each of representations and warranties of the Loan Parties set forth in the Existing Credit Agreement
(and in the case of representations made as of the Fifth Amendment Effective Date, the Credit Agreement) and the other Loan Documents,
is true and correct in all material respects (or, if qualified by “materiality”, “Material Adverse Effect” or
similar term or qualification, in all respects) on and as of the date hereof; provided that to the extent that a representation
and warranty specifically refers to a given date or period, it shall be true and correct in all material respects (or, if qualified by
 “materiality”, “Material Adverse Effect” or similar term or qualification, in all respects) as of such date or
period, as the case may be;

 

(d)            on
the date of this Agreement, no Default exists and no Event of Default has occurred; and

 

(e)            on
the Fifth Amendment Effective Date, no Default or Event of Default shall have occurred and be continuing immediately before and immediately
after giving effect to the Amendment.

 

		6.	Reference to and Effect upon the Credit Agreement.

 

(a)            Except
as specifically amended hereby with respect to periods commencing after the Fifth Amendment Effective Date, all terms, conditions,
covenants, representations and warranties contained in the Existing Credit Agreement and other Loan Documents, and all rights of the
Lenders and the other Secured Parties, and all of the Obligations, shall remain in full force and effect. The Borrowers and the
other Loan Parties hereby confirm that, both on the date of this Agreement and the Fifth Amendment Effective Date, the Credit
Agreement and the other Loan Documents are in full force and effect and that neither any Borrower nor any other Loan Party has any
right of setoff, recoupment or other offset or any defense, claim or counterclaim with respect to any of the Obligations, the
Existing Credit Agreement, the Credit Agreement or any other Loan Document.

 

    6

     

    

 

(b)            The
execution, delivery and effectiveness of this Agreement shall not directly or indirectly constitute, and are not intended to constitute,
(i) a novation of any of the Obligations under the Existing Credit Agreement, the Credit Agreement or other Loan Documents or (ii) a
course of dealing or other basis for altering any Obligations or any other contract or instrument.

 

(c)            From
and after the Fifth Amendment Effective Date, subject to the occurrence thereof: (i) the term “Agreement” in the Credit
Agreement, and all references to the Credit Agreement in any other Loan Document, shall mean the Credit Agreement, as modified by the
Amendment and (ii) the term “Loan Documents” in the Credit Agreement and the other Loan Documents shall include, without
limitation, this Agreement and any agreements, instruments and other documents executed and/or delivered in connection herewith.

 

		7.	Termination; Amendment; PSA Notices; PSA Amendments.

 

(a)            This
Agreement, including each Lender’s consent to the Amendment and any of the transactions contemplated hereby or by the PSA, shall
automatically terminate and be of no further force or effect on the earliest to occur of (a) the Outside Date (as defined in the
PSA), unless the Fifth Amendment Effective Date shall have occurred on or prior to such date, and (b) if earlier than the date set
forth in clause (a) above, the date of termination of the PSA by any of the parties thereto.

 

(b)            The
Borrowers shall deliver to the Administrative Agent copies of each of the following, to the extent delivered to or by any Seller under
or in connection with the PSA, within two (2) Business Days of the delivery or receipt thereof: (i) any notice delivered by,
or received by, any Seller, pursuant to the terms of the PSA, (ii) notice, together with copies of, any proposed amendment, modification
or waiver of the terms of the PSA and (iii) notice, together with copies of, any effective amendment, modification or waiver of the
terms of the PSA.

 

(c)            No
Seller shall consent to or permit any amendment, modification or waiver of the PSA that is adverse to the interests of the Lenders in
any respect without the prior written consent of the Administrative Agent (it being understood and agreed that any Deemed Adverse Amendment
is deemed adverse to the interests of the Lenders).

 

    7

     

    

 

8.            Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.
Delivery of an executed counterpart of a signature page of this Agreement by facsimile or by email as a “.pdf” or
 “.tif” attachment shall be effective as delivery of a manually executed counterpart of this Agreement. The words
 “execution,” signed,” “signature,” and words of like import in this Agreement or in any other
certificate, agreement or document related to this Agreement or the other Loan Documents shall include images of manually executed
signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif”
or “jpg”) and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of
electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent,
communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually
executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any
other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the UCC. This
Agreement constitutes the entire contract among the parties relating to the subject matter hereof and supersede any and all previous
agreements and understandings, oral or written, relating to the subject matter hereof.

 

9.            Successors
and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns; provided that any assignment by any Lender shall be subject to the provisions of Section 9.05 of the
Credit Agreement, and provided, further, that the Borrowers may not assign or otherwise transfer any of their rights or
obligations under this Agreement without the prior written consent of the Administrative Agent (and any attempted assignment or transfer
by the Borrowers without such consent shall be null and void).

 

		10.	Governing Law; Jurisdiction; Consent to Service of Process.

 

(a)            THIS
AGREEMENT, INCLUDING THE AMENDMENT, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, INCLUDING
THE AMENDMENT, WHETHER IN TORT, CONTRACT (AT LAW OR IN EQUITY) OR OTHERWISE, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK.

 

(b)            EACH
PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF ANY U.S.
FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK (OR ANY APPELLATE COURT THEREFROM)
OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, INCLUDING THE AMENDMENT, AND AGREES THAT ALL
CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE EXTENT PERMITTED
BY LAW, FEDERAL COURT. THE PARTIES HERETO AGREE THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY REGISTERED MAIL
ADDRESSED TO SUCH PERSON SHALL BE EFFECTIVE SERVICE OF PROCESS AGAINST SUCH PERSON FOR ANY SUIT, ACTION OR PROCEEDING BROUGHT IN ANY
SUCH COURT. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY
SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING HAS BEEN BROUGHT IN
AN INCONVENIENT FORUM. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. EACH PARTY HERETO AGREES THAT THE
ADMINISTRATIVE AGENT AND THE LENDERS RETAIN THE RIGHT TO BRING PROCEEDINGS AGAINST ANY LOAN PARTY IN THE COURTS OF ANY OTHER
JURISDICTION SOLELY IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER ANY COLLATERAL DOCUMENT.

 

    8

     

    

 

(c)            EACH
PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION
WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, INCLUDING
THE AMENDMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY LAW, ANY CLAIM OR DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION, SUIT OR PROCEEDING
IN ANY SUCH COURT.

 

(d)            TO
THE EXTENT PERMITTED BY LAW, EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND
AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY REGISTERED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL) DIRECTED
TO IT AT ITS ADDRESS FOR NOTICES AS PROVIDED FOR IN SECTION 9.01 OF THE CREDIT AGREEMENT OR AS INDICATED ON THE APPLICABLE SIGNATURE
PAGE ATTACHED HERETO. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES
AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER THAT SERVICE OF PROCESS WAS INVALID AND INEFFECTIVE.
NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER
MANNER PERMITTED BY LAW.

 

11.            Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY SUIT, ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY) DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    9

     

    

 

12.            Severability.
To the extent permitted by law, any provision hereof held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality
and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall
not invalidate such provision in any other jurisdiction.

 

13.            Headings.
Section headings used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction
of, or be taken into consideration in interpreting, this Agreement.

 

14.            Reaffirmation;
no Waiver. Each of the Loan Parties, as borrower, debtor, grantor, pledgor, guarantor, assignor, or in other similar capacity in which
such Loan Party grants or granted liens or security interests in its property or otherwise acts as accommodation party or guarantor, as
the case may be, hereby:

 

(a)            ratifies
and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Loan Documents to which it is
a party (after giving effect to this Agreement and, if applicable, the Amendment) and (ii) grants to the Administrative Agent, for
the benefit of the Secured Parties (as such term is defined in the Pledge and Security Agreement), a lien on and security interest in,
all of its right, title and interest in, to and under the Collateral of such Loan Party, as collateral security for the prompt and complete
payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Obligations and, to the extent such
Loan Party granted liens on or a security interests in any of its property pursuant to any such Loan Document as security for or otherwise
guaranteed the Obligations under or with respect to the Loan Documents, ratifies and reaffirms such grant of security interests and liens
and guarantee, as applicable, and confirms and agrees that such security interests, liens and guarantee hereafter, including after giving
effect to the Amendment, secure all of the Obligations as amended by the Amendment. Each of the Loan Parties hereby consents to this Agreement
and the Amendment and acknowledges that, except as shall be amended by the Amendment, each of the Loan Documents remains in full force
and effect and is hereby ratified and reaffirmed; and

 

(b)            confirms
that by executing and delivering this Agreement, the Administrative Agent and the Lenders have not waived any Default or Event of Default,
whether occurring prior to or after the date of this Agreement, and that each of the Administrative Agent and the Lenders expressly reserve
all of their respective rights, powers, privileges and remedies under the Credit Agreement, other Loan Documents or applicable law, including,
without limitation, with respect to any Default or Event of Default that has or may occur at any time either before or after the date
of this Agreement.

 

15.            The
execution of this Agreement shall not operate as a waiver of any right, power or remedy of the Administrative Agent or Lenders,
constitute a waiver of any provision of any of the Loan Documents, extinguish the obligations for the payment of money outstanding
under the Credit Agreement or discharge or release the lien or priority of any Collateral Documents or serve to effect a novation of
the Obligations under the Credit Agreement or instruments securing the same, which shall remain in full force and effect. No oral
representations or course of dealing on the part of the Administrative Agent, any Lender or any of its officers, employees or
agents, and no failure or delay by the Administrative Agent or any Lender with respect to the exercise of any right, power,
privilege or remedy under any of the Credit Agreement, other Loan Documents or applicable law shall operate as a waiver thereof, and
the single or partial exercise of any such right, power, privilege or remedy shall not preclude any later exercise of any other
right, power, privilege or remedy.

 

    10

     

    

 

16.            General
Release. In consideration of, among other things, the Lenders’ execution and delivery of this Agreement, each of the Borrowers
and the other Loan Parties, on behalf of themselves and their agents, representatives, officers, directors, advisors, employees, Subsidiaries,
affiliates, successors and assigns (collectively, “Releasors”), hereby forever agrees and covenants not to sue or prosecute
against any Releasee (as hereinafter defined) and hereby forever waives, releases and discharges, to the fullest extent permitted by law,
each Releasee from any and all claims (including, without limitation, crossclaims, counterclaims, rights of set-off and recoupment), actions,
causes of action, suits, debts, accounts, interests, liens, promises, warranties, damages and consequential damages, demands, agreements,
bonds, bills, specialties, covenants, controversies, variances, trespasses, judgments, executions, costs, expenses or claims whatsoever,
that such Releasor now has or hereafter may have, of whatsoever nature and kind, whether known or unknown, whether now existing or hereafter
arising, whether arising at law or in equity (collectively, the “Claims”), against the Administrative Agent, any Lender,
any Issuing Bank and any other Secured Party (the “Lender Parties”) in any capacity and their respective affiliates,
subsidiaries, shareholders and “controlling persons” (within the meaning of the federal securities laws), and their respective
successors and assigns and each and all of the officers, directors, employees, agents, attorneys, advisors and other representatives of
each of the foregoing (collectively, the “Releasees”), in each case, based in whole or in part on facts, whether or not now
known, which occurred before the date hereof, that relate to, arise out of or otherwise are in connection with: (i) any or all of
the Loan Documents or transactions contemplated thereby, or any actions or omissions in connection therewith, in each case prior to the
date hereof, and (ii) any aspect of the dealings or relationships between or among Borrowers and the other Loan Parties, on the one
hand, and any or all of the Lender Parties, on the other hand, relating to any or all of the documents, transactions, actions or omissions
referenced in clause (i) hereof, in each case, prior to the date hereof. In entering into this Agreement, the Borrowers and each
other Loan Party consulted with, and has been represented by, legal counsel and expressly disclaims any reliance on any representations,
acts or omissions by any of the Releasees and hereby agrees and acknowledges that the validity and effectiveness of the releases set forth
above do not depend in any way on any such representations, acts and/or omissions or the accuracy, completeness or validity thereof. For
the avoidance of doubt, nothing in this Section 16 shall be construed to release any claim, action or cause of action which
any Releasor may have arising out of this Agreement or the transactions contemplated hereby or with respect to any actions or events occurring
on or after the date hereof. The provisions of this Section 16 shall survive the termination of this Agreement, the Credit
Agreement, the other Loan Documents and payment in full of the Obligations.

 

17.            Amendments.
Notwithstanding the provisions of Section 9.02 of the Credit Agreement, neither this Agreement nor the Amendment nor any provision
hereof or thereof, including any of Sections 3 and 4 hereof, may be waived, amended or otherwise modified, except pursuant
to an agreement or agreements in writing entered into by the Borrowers, the Administrative Agent and each Lender.

 

[Remainder of Page Intentionally Left Blank;
Signature Pages Follow]

 

    11

     

    

 

IN WITNESS WHEREOF, each of the undersigned has executed
this Agreement as of the date set forth above.

 

	 	BORROWERS:
	 	 
	 	OSMOTICA PHARMACEUTICAL CORP.
	 	 
	 	By:	 /s/ Brian Markison
	 	Name:	Brian Markison
	 	Title:	 Chief Executive Officer
	 	 
	 	VALKYRIE GROUP HOLDINGS, INC.
	 	 
	 	By:	/s/ Brian Markison
	 	Name:	Brian Markison
	 	Title: 	Chief Executive Officer

 

Contingent Amendment Agreement

 

    

     

    

 

	 	OTHER LOAN PARTIES:
	 	 
	 	OSMOTICA HOLDINGS US LLC
	 	 
	 	By:	 /s/ Brian Markison
	 	Name:	Brian Markison
	 	Title:	Chief Executive Officer
	 	 
	 	OSMOTICA KERESKEDELMI ÉS
	 	 
	 	By:	/s/ Gabor Varga
	 	Name:	Gabor Varga
	 	Title:	Managing Director

 

Contingent Amendment Agreement

 

    

     

    

 

	 	VERTICAL/TRIGEN OPCO, LLC
	 	 
	 	By:	 /s/ Brian Markison
	 	Name:	 Brian Markison
	 	Title:	Chief Executive Officer
	 	 
	 	VERTICAL PHARMACEUTICALS, LLC
	 	 
	 	By:	 /s/ Brian Markison
	 	Name:	Brian Markison
	 	Title:	Chief Executive Officer
	 	 
	 	TRIGEN LABORATORIES, LLC
	 	 
	 	By:	 /s/ Brian Markison
	 	Name:	Brian Markison
	 	Title:	Chief Executive Officer
	 	 
	 	RVL PHARMACEUTICALS, INC.
	 	 
	 	By:	/s/ Brian Markison
	 	Name:	Brian Markison
	 	Title:	Chief Executive Officer
	 	 
	 	RVL PHARMACY, LLC
	 	 
	 	By:	 /s/ Brian Markison                
	 	Name:	Brian Markison
	 	Title:	Chief Executive Officer

 

Contingent Amendment Agreement

 

    

     

    

 

	 	LENDERS:
	 	 
	 	CIT
    BANK, N.A., as a Lender and Joint Lead Arranger
	 	 
	 	By:	/s/ John S. Yusi III
	 	Name:
    John S. Yusi III
	 	Title:
    Senior Vice President

 

Contingent
Amendment Agreement

 

    

     

    

 

	 	FIFTH THIRD BANK, as a Lender, Issuing Bank and Joint Lead Arranger
	 	 
	 	By:	/s/ Donald K. Mitchell
	 	Name:	 Donald K. Mitchell
	 	Title:	 Vice President

 

Contingent Amendment Agreement

 

    

     

    

 

	 

  	THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND, as a Lender and
  Co-Syndication Agent
	 	 
	 	By:	/s/ Russ Brightly
	 	Name:	Russ Brightly
	 	Title:	 Director
	 	 
	 	By:	/s/ Suzanne Lupinetti
	 	Name:	Suzanne Lupinetti
	 	Title:	Vice President

 

Contingent Amendment Agreement

 

    

     

    

 

	 	SILICON VALLEY BANK, as a Lender and Joint Lead Arranger
	 	 
	 	By:	/s/ Peter Freyer
	 	Name:	Peter Freyer
	 	Title:	Managing Director

 

Contingent Amendment Agreement

 

    

     

    

 

	 	HANCOCK WHITNEY BANK, as a Lender and Co-Syndication Agent
	 	 
	 	By:	/s/ Megan Brearey
	 	Name:	 Megan Brearey
	 	Title:	 Senior Vice President

 

Contingent Amendment Agreement

 

    

     

    

 

	 	REGIONS BANK, as a Lender and Co-Syndication Agent
	 	 
	 	By:	/s/ Arthur E. Cutler
	 	Name:	Arthur E. Cutler
	 	Title:	Senior Vice President

 

Contingent Amendment Agreement

 

    

     

    

 

	 	CADENCE BANK, as a Lender
	 	 
	 	By:	/s/ Will Donnelly
	 	Name:	Will Donnelly
	 	Title:	Vice President

 

Contingent Amendment Agreement

 

    

     

    

 

	 	CITIZENS BANK, NATIONAL ASSOCIATION, as a Lender
	 	 
	 	By:	/s/ Samantha Bonvie
	 	Name:	Samantha Bonvie
	 	Title:	Assistant Vice President

 

Contingent Amendment Agreement

 

    

     

    

 

	 	SANTANDER BANK, N.A., as a Lender
	 	 
	 	By:	/s/ Jeffrey G. Millman
	 	Name:	Jeffrey G. Millman
	 	Title:	Vice President

 

Contingent Amendment Agreement

 

    

     

    

 

	 	ANNALY MML FUNDING LLC, as a Lender
	 	 
	 	By:	/s/ Christian Vanni
	 	Name:	Christian Vanni
	 	Title:	 Managing Director
	 	 
	 	By:	 /s/ Thomas R. Hobbis  
	 	Name:	Thomas R. Hobbis
	 	Title:	Managing Director

 

Contingent Amendment Agreement

 

    

     

    

 

	 	ALLSTATE INSURANCE COMPANY, as a Lender J.M.
	 	 
	 	By:	/s/ Allen Dick
	 	Name:	Allen Dick
	 	Title:	Authorized Signatory
	 	 
	 	By:	/s/ Terrence Mullen
	 	Name:	Terrence Mullen
	 	Title:	Authorized SIgnatory
	 	 
	 	ALLSTATE LIFE INSURANCE COMPANY, as a Lender J.M.
	 	 
	 	By:	/s/ Allen Dick
	 	Name:	Allen Dick
	 	Title:	Authorized Signatory
	 	 
	 	By: 	/s/ Terrence Mullen
	 	Name:	Terrence Mullen
	 	Title:	 Authorized Signatory

 

Contingent Amendment Agreement

 

    

     

    

 

	 	IVY HILL MIDDLE MARKET CREDIT FUND IV, LTD, as a Lender
	 	 
	 	By:	/s/ Kevin Braddish
	 	Name:	Kevin Braddish
	 	Title:	 President
	 	 
	 	IVY HILL MIDDLE MARKET CREDIT FUND V, LTD, as a Lender
	 	 
	 	By:	/s/ Kevin Braddish
	 	Name:	 Kevin Braddish
	 	Title:	 President
	 	 
	 	IVY HILL MIDDLE MARKET CREDIT FUND VIII, LTD, as a Lender
	 	 
	 	By:	/s/ Kevin Braddish
	 	Name:	Kevin Braddish
	 	Title:	President
	 	 
	 	IVY HILL MIDDLE MARKET CREDIT FUND VII, LTD, as a Lender
	 	 
	 	By:	/s/ Kevin Braddish
	 	Name:	Kevin Braddish
	 	Title:	President
	 	 
	 	IVY HILL MIDDLE MARKET CREDIT FUND IX, LTD, as a Lender
	 	 
	 	By:	/s/ Kevin Braddish
	 	Name:	 Kevin Braddish
	 	Title:	President

 

Contingent Amendment Agreement

 

    

     

    

 

	 	IVY HILL MIDDLE MARKET CREDIT FUND X, LTD, as a Lender
	 	 
	 	By:	/s/ Kevin Braddish
	 	Name:	 Kevin Braddish
	 	Title:	 President
	 	 
	 	IVY HILL MIDDLE MARKET CREDIT FUND XI, LTD, as a Lender
	 	 
	 	By:	/s/ Kevin Braddish
	 	Name:	Kevin Braddish
	 	Title:	President
	 	 
	 	IVY HILL MIDDLE MARKET CREDIT FUND XII, LTD, as a Lender
	 	 
	 	By:	 /s/ Kevin Braddish
	 	Name:	 Kevin Braddish
	 	Title:	President

 

Contingent Amendment Agreement

 

    

     

    

 

	 	MONROE CAPITAL MML CLO 2017-2, LTD., as a Lender
	 	 
	 	By:	Monroe Capital Management LLC, as Asset Manager and Attorney-in Fact
	 	 
	 	By:	/s/ Jeffrey Williams
	 	Name:	 Jeffrey Williams
	 	Title:	Managing Director
	 	
	 	MONROE CAPITAL MML CLO VII LTD., as a Lender
	 	 
	 	By:	Monroe Capital Asset Management LLC, as Asset Manager and Attorney-in Fact
	 	 
	 	By:	/s/ Jeffrey Williams
	 	Name:	Jeffrey Williams
	 	Title:	Managing Director

 

Contingent Amendment Agreement

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