Document:

Exhibit 10.3

 

NUO THERAPEUTICS, INC.

2016 OMNIBUS INCENTIVE COMPENSATION
PLAN

(As amended and restated by the Board
of Directors on August 4, 2016,

subject to approval by the Company’s
shareholders)

 

Article 1.

Effective Date, Objectives and Duration

 

1.1       Effective Date of the Plan.   
NUO THERAPEUTICS, INC., a Delaware corporation (the “Company”), adopted this 2016 Omnibus Incentive Compensation Plan
(the “Plan”) on July 1, 2016, subject to approval by the Company’s shareholders. The terms of the Plan are set
forth herein.

 

1.2       Objectives of the Plan.    The
Plan is intended (a) to allow selected employees of and consultants to the Company and its Subsidiaries to acquire or increase
equity ownership in the Company, thereby strengthening their commitment to the success of the Company and stimulating their efforts
on behalf of the Company, and to assist the Company and its Subsidiaries in attracting new employees, officers and consultants
and retaining existing employees and consultants, (b) to provide annual cash incentive compensation opportunities that are competitive
with those of other peer corporations, (c) to optimize the profitability and growth of the Company and its Subsidiaries through
incentives which are consistent with the Company’s goals, (d) to provide Grantees with an incentive for excellence in individual
performance, (e) to promote teamwork among employees, consultants and Non-Employee Directors, and (f) to attract and retain highly
qualified persons to serve as Non-Employee Directors and to promote ownership by such Non-Employee Directors of a greater proprietary
interest in the Company, thereby aligning such Non-Employee Directors’ interests more closely with the interests of the
Company’s shareholders.

 

1.3       Duration
of the Plan.   The Plan shall commence on July 1, 2016 (the “Effective Date”) and shall remain in effect, subject
to the right of the Board of Directors of the Company (“Board”) to amend or terminate the Plan at any time pursuant
to Article 16 hereof, until the earlier of July 1, 2026, or the date all Shares subject to the Plan shall have been purchased
or acquired and the restrictions on all Restricted Shares granted under the Plan shall have lapsed, according to the Plan’s
provisions.

 

Article 2.

Definitions

 

Whenever used in the
Plan, the following terms shall have the meanings set forth below:

 

2.1       “Affiliate”
means any corporation or other entity, including but not limited to partnerships, limited liability companies and joint
ventures, with respect to which the Company, directly or indirectly, owns as applicable (a) stock possessing more than fifty
percent (50%) of the total combined voting power of all classes of stock entitled to vote, or more than fifty percent (50%)
of the total value of all shares of all classes of stock of such corporation, or (b) an aggregate of more than fifty percent
(50%) of the profits interest or capital interest of a non-corporate entity.

 

    	 	 	 

    	 	 	 

    

 

2.2       “Award”
means Options (including non-qualified options and Incentive Stock Options), SARs, Restricted Shares, Performance Units
(which may be paid in cash), Performance Shares, Deferred Stock, Restricted Stock Units, Dividend Equivalents, Bonus Shares,
Cash Incentive Awards or Other Stock-Based Awards granted under the Plan.

 

2.3       “Award
Agreement” means either (a) a written agreement entered into by the Company and a Grantee setting forth the terms
and provisions applicable to an Award granted under this Plan, or (b) a written statement issued by the Company to a Grantee
describing the terms and provisions of such Award, including any amendment or modification thereof. The Committee may provide
for the use of electronic, internet or other non-paper Award Agreements and the use of electronic, internet or other
non-paper means for the acceptance thereof and actions thereunder by the Grantee.

 

2.4       “Board”
means the Board of Directors of the Company.

 

2.5       “Bonus
Shares” means Shares that are awarded to a Grantee with or without cost and without restrictions either in
recognition of past performance (whether determined by reference to another employee benefit plan of the Company or
otherwise), as an inducement to become an Eligible Person or, with the consent of the Grantee, as payment in lieu of any cash
remuneration otherwise payable to the Grantee.

 

2.6       “Cash
Incentive Award” means an Award granted under Article 15 of the Plan.

 

2.7       “CEO”
means the Chief Executive Officer of the Company.

 

2.8       “Code”
means the Internal Revenue Code of 1986, as amended from time to time. References to a particular section of the Code include
references to regulations and rulings thereunder and to successor provisions.

 

2.9       “Committee”
or “Incentive Plan Committee” has the meaning set forth in Section 3.1(a).

 

2.10     “Compensation
Committee” means the compensation committee of the Board.

 

2.11     “Covered
Employee” means a Grantee who, as of the last day of the fiscal year in which the value of an Award is recognizable
as income for federal income tax purposes, is a “covered employee,” within the meaning of Code Section 162(m),
with respect to the Company.

 

2.12     “Deferred
Stock” means a right, granted under Article 10, to receive Shares at the end of a specified deferral period.

 

2.13     “Disability”
or “Disabled” means, unless otherwise defined in an Award Agreement, or as otherwise determined under
procedures established by the Committee for purposes of the Plan:

 

(a)        Except
as provided in (b) below, a disability within the meaning of Section 22(e)(3) of the Code; and

 

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(b)        In
the case of any Award that constitutes deferred compensation within the meaning of Section 409A of the Code, a disability as defined
in regulations under Code Section 409A. For purpose of Code Section 409A, a Grantee will be considered Disabled if:

 

(i)       the
Grantee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months,
or

 

(ii)       the
Grantee is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can
be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period
of not less than three (3) months under an accident and health plan covering employees of the Grantee’s employer.

 

2.14     “Dividend
Equivalent” means a right to receive payments equal to dividends or property, if and when paid or distributed, on a
specified number of Shares.

 

2.15     “Effective
Date” has the meaning set forth in Section 1.3.

 

2.16     “Eligible
Person” means any employee (including any officer) of, or non-employee consultant to, or Non-Employee Director of,
the Company or any Affiliate, or potential employee (including a potential officer) of, or non-employee consultant to, the
Company or an Affiliate; provided, however, that solely with respect to the grant of an Incentive Stock Option, an Eligible
Person shall be any employee (including any officer) of the Company or any Subsidiary Corporation. Solely for purposes of
Section 5.6(b), current or former employees or non-employee directors of, or consultants to, of an Acquired Entity who
receive Substitute Awards in substitution for Acquired Entity Awards shall be considered Eligible Persons under this Plan
with respect to such Substitute Awards.

 

2.17     “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time. References to a particular section of
the Exchange Act include references to successor provisions.

 

2.18     “Exercise
Price” means (a) with respect to an Option, the price at which a Share may be purchased by a Grantee pursuant to
such Option or (b) with respect to an SAR, the price established at the time an SAR is granted pursuant to Article 7, which
is used to determine the amount, if any, of the payment due to a Grantee upon exercise the SAR.

 

2.19     “Fair
Market Value” means a price that is based on the opening, closing, actual, high, low, or the arithmetic mean of
selling prices of a Share reported on the NASDAQ Global Market (“NASDAQ”), or if not the NASDAQ, on the
established stock exchange which is the principal exchange upon which the Shares are traded on the applicable date or the
preceding trading day. Unless the Committee determines otherwise, if the Shares are traded over the counter at the time a
determination of its Fair Market Value is required to be made hereunder, Fair Market Value shall be deemed to be equal to the
arithmetic mean between the reported high and low or closing bid and asked prices of a Share on the applicable date, or if no
such trades were made that day then the most recent date on which Shares were publicly traded. In the event Shares are not
publicly traded at the time a determination of their value is required to be made hereunder, the determination of their Fair
Market Value shall be made by the Committee in such manner as it deems appropriate provided such manner is consistent with
Treasury Regulation 1.409A-1(b)(5)(iv)(B).

 

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2.20     “Grant
Date” means the date on which an Award is granted or such later date as specified in advance by the Committee.

 

2.21     “Grantee”
means a person who has been granted an Award.

 

2.22     “Incentive
Stock Option” means an Option that is intended to meet the requirements of Section 422 of the Code.

 

2.23     “Including”
or “includes” means “including, without limitation,” or “includes, without
limitation,” respectively.

 

2.24     “Management
Committee” has the meaning set forth in Section 3.1(b).

 

2.25     “Non-Employee
Director” means a member of the Board who is not an employee of the Company or any Affiliate.

 

2.26     “Option”
means an option granted under Article 6 of the Plan.

 

2.27     “Other
Stock-Based Award” means a right, granted under Article 13 hereof, that relates to or is valued by reference to
Shares or other Awards relating to Shares.

 

2.28     “Performance-Based
Exception” means the performance-based exception from the tax deductibility limitations of Code Section 162(m)
contained in Code Section 162(m)(4)(C) (including the special provisions for options thereunder). No Award (other than Stock
Options, SARs and Restricted Shares granted during the Section 162(m) Transition Period) granted after the Company becomes
Publicly Held shall satisfy the Performance-Based Exception unless such Award is granted after the shareholders have approved
the material terms of this Plan (including the provisions of Section 4.3 and 4.4) after the Company becomes Publicly Held.
Notwithstanding the foregoing, nothing in this Plan shall be construed to mean that an Award which does not satisfy the
requirements for performance-based compensation under Code Section 162(m) does not constitute performance-based compensation
for other purposes, including Code Section 409A.

 

2.29     “Performance
Measures” has the meaning set forth in Section 4.4.

 

2.30     “Performance
Period” means the time period during which performance goals must be met.

 

2.31     “Performance
Share” and “Performance Unit” have the respective meanings set forth in Article 9.

 

2.32     “Period
of Restriction” means the period during which Restricted Shares are subject to forfeiture if the conditions
specified in the Award Agreement are not satisfied.

 

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2.33     “Person”
means any individual, sole proprietorship, partnership, joint venture, limited liability company, trust, unincorporated
organization, association, corporation, institution, public benefit corporation, entity or government instrumentality,
division, agency, body or department.

 

2.34     “Publicly
Held” has the meaning set forth in Section 4.3.

 

2.35     “Restricted
Shares” means Shares, granted under Article 8, that are both subject to forfeiture and are nontransferable if the
Grantee does not satisfy the conditions specified in the Award Agreement applicable to such Shares.

 

2.36     “Restricted
Stock Units” are rights, granted under Article 10, to receive Shares if the Grantee satisfies the conditions
specified in the Award Agreement applicable to such rights.

 

2.37     “Rule
16b-3” means Rule 16b-3 promulgated by the SEC under the Exchange Act, as amended from time to time, together with
any successor rule.

 

2.38     “SEC”
means the United States Securities and Exchange Commission, or any successor thereto.

 

2.39     “Section
16 Non-Employee Director” means a member of the Board who satisfies the requirements to qualify as a
“non-employee director” under Rule 16b-3.

 

2.40     “Section
16 Person” means a person who is subject to potential liability under Section 16(b) of the Exchange Act with
respect to transactions involving equity securities of the Company.

 

2.41     “Section
162(m) Transition Period” means the transition period commencing on the date the Company becomes Publicly Held and
ending on the earliest of: (a) the first material modification of the Plan (including any increase in the number of shares
reserved for issuance under the Plan in accordance with Section 4.1) after the Company becomes Publicly Held; (b) the
issuance of all of the Shares reserved for issuance under the Plan; (c) the expiration of the Plan; (d) the first meeting of
shareholders at which members of the Board are to be elected that occurs after the close of the third calendar year following
the calendar year in which the Company becomes Publicly Held pursuant to an initial public offering of any class of the
Company’s common equity securities; or (e) if the Company becomes Publicly Held without an initial public offering of
any class of its common equity securities, the first calendar year following the calendar year in which the Company becomes
Publicly Held.

 

2.42     “Separation
from Service” means, with respect to any Award that constitutes deferred compensation within the meaning of Code
Section 409A, a “separation from service” as defined in Treasury Regulation Section 1.409A-1(h). For this
purpose, a “separation from service” is deemed to occur on the date that the Company and the Grantee reasonably
anticipate that the level of bona fide services the Grantee would perform for the Company and/or any Affiliates after that
date (whether as an employee, Non-Employee Director or consultant or independent contractor) would permanently decrease to a
level that, based on the facts and circumstances, would constitute a separation from service; provided that a decrease to a
level that is 50% or more of the average level of bona fide services provided over the prior 36 months shall not be a
separation from service, and a decrease to a level that is 20% or less of the average level of such bona fide services shall
be a separation from service. The Committee retains the right and discretion to specify, and may specify, whether a
separation from service occurs for individuals providing services to the Company or an Affiliate immediately prior to an
asset purchase transaction in which the Company or an Affiliate is the seller who provide services to a buyer after and in
connection with such asset purchase transaction; provided, such specification is made in accordance with the requirements of
Treasury Regulation Section 1.409A-1(h)(4).

 

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2.43     “Share”
means a share of Common Stock, par value $0.0001 per share, of the Company and such other securities of the Company, as may
be substituted or resubstituted for Shares pursuant to Section 4.2 hereof.

 

2.44     “Stock
Appreciation Right” or “SAR” means an Award granted under Article 7 of the Plan.

 

2.45     “Subsidiary
Corporation” means a corporation other than the Company in an unbroken chain of corporations beginning with the
Company if, at the time of granting the Option, each of the corporations other than the last corporation in the unbroken
chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other
corporations in such chain.

 

2.46     “Surviving
Company” means the surviving corporation in any merger or consolidation, involving the Company, including the
Company if the Company is the surviving corporation, or the direct or indirect parent company of the Company or such
surviving corporation following a sale of substantially all of the outstanding stock of the Company.

 

2.47     “Term”
of any Option or SAR means the period beginning on the Grant Date of an Option or SAR and ending on the date such Option or
SAR expires, terminates or is cancelled. No Option or SAR granted under this Plan shall have a Term exceeding 10 years.

 

2.48     “Termination
of Affiliation” occurs on the first day on which an individual is for any reason no longer providing services to
the Company or any Affiliate in the capacity of an employee, officer or consultant or with respect to an individual who is an
employee or officer of or a consultant to an Affiliate, the first day on which such entity ceases to be an Affiliate of the
Company; provided, however, that if an Award constitutes deferred compensation within the meaning of Code Section 409A,
Termination of Affiliation with respect to such Award shall mean the Grantee’s Separation from Service.

 

Article 3.

Administration

 

3.1       Committee.

 

(a)       
Subject to Article 14, and to Section 3.2, the Plan shall be administered by a Committee (the “Incentive Plan
Committee” or the “Committee”) appointed by the Board from time to time. Notwithstanding the foregoing,
either the Board or the Compensation Committee may at any time and in one or more instances reserve administrative powers to
itself as the Committee or exercise any of the administrative powers of the Committee. To the extent the Board or
Compensation Committee considers it desirable to comply with Rule 16b-3 or meet the Performance-Based Exception, the
Committee shall consist of two or more directors of the Company, all of whom qualify as “outside directors”
within the meaning of Code Section 162(m) and Section 16 Non-Employee Directors. The number of members of the Committee shall
from time to time be increased or decreased, and shall be subject to such conditions, in each case if and to the extent the
Board deems it appropriate to permit transactions in Shares pursuant to the Plan to satisfy such conditions of Rule 16b-3 and
the Performance-Based Exception as then in effect.

 

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(b)       The
Board or the Compensation Committee may appoint and delegate to another committee (“Management Committee”), or to the
CEO, any or all of the authority of the Board or the Committee, as applicable, with respect to Awards to Grantees other than Grantees
who are executive officers, Non-Employee Directors, or are (or are expected to be) Covered Employees and/or are Section 16 Persons
at the time any such delegated authority is exercised.

 

(c)        Unless
the context requires otherwise, any references herein to “Committee” include references to the Incentive Plan Committee,
the Board or the Compensation Committee to the extent the Incentive Plan Committee, the Board or the Compensation Committee, as
applicable, has assumed or exercises administrative powers itself as the Committee pursuant to subsection (a), and to the Management
Committee or the CEO to the extent either has been delegated authority pursuant to subsection (b), as applicable; provided that
(i) for purposes of Awards to Non-Employee Directors, “Committee” shall include only the full Board, and (ii) for purposes
of Awards intended to comply with Rule 16b-3 or meet the Performance-Based Exception, “Committee” shall include only
the Incentive Plan Committee or the Compensation Committee.

 

3.2       Powers
of Committee.  Subject to and consistent with the provisions of the Plan (including Article 14), the Committee has full and
final authority and sole discretion as follows; provided that any such authority or discretion exercised with respect to a specific
Non-Employee Director shall be approved by the affirmative vote of a majority of the members of the Board, even if not a quorum,
but excluding the Non-Employee Director with respect to whom such authority or discretion is exercised:

 

(a)        to
determine when, to whom and in what types and amounts Awards should be granted;

 

(b)        to
grant Awards to Eligible Persons in any number and to determine the terms and conditions applicable to each Award (including the
number of Shares or the amount of cash or other property to which an Award will relate, any Exercise Price or purchase price, any
limitation or restriction, any schedule for or performance conditions relating to the earning of the Award or the lapse of limitations,
forfeiture restrictions, restrictions on exercisability or transferability, any performance goals including those relating to the
Company and/or an Affiliate and/or any division thereof and/or an individual, and/or vesting based on the passage of time, based
in each case on such considerations as the Committee shall determine);

 

(c)        to
determine the benefit payable under any Performance Unit, Performance Share, Dividend Equivalent, Other Stock-Based Award or Cash
Incentive Award and to determine whether any performance or vesting conditions have been satisfied;

 

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(d)        to
determine whether or not specific Awards shall be granted in connection with other specific Awards, and if so, whether they shall
be exercisable cumulatively with, or alternatively to, such other specific Awards and all other matters to be determined in connection
with an Award;

 

(e)        to
determine the Term of any Option or SAR;

 

(f)         to
determine the amount, if any, that a Grantee shall pay for Restricted Shares, whether to permit or require the payment of cash
dividends thereon to be deferred and the terms related thereto, when Restricted Shares (including Restricted Shares acquired upon
the exercise of an Option) shall be forfeited and whether such shares shall be held in escrow;

 

(g)        to
determine whether, to what extent and under what circumstances an Award may be settled in, or the exercise price of an Award may
be paid in, cash, Shares, other Awards or other property, or an Award may be accelerated, vested, canceled, forfeited or surrendered
or any terms of the Award may be waived, and to accelerate the exercisability of, and to accelerate or waive any or all of the
terms and conditions applicable to, any Award or any group of Awards for any reason and at any time;

 

(h)        to
determine with respect to Awards granted to Eligible Persons whether, to what extent and under what circumstances cash, Shares,
other Awards, other property and other amounts payable with respect to an Award will be deferred, either at the election of the
Grantee or if and to the extent specified in the Award Agreement automatically or at the election of the Committee (whether to
limit loss of deductions pursuant to Code Section 162(m) or otherwise);

 

(i)         to
offer to exchange or buy out any previously granted Award for a payment in cash, Shares or other Award;

 

(j)         to
construe and interpret the Plan and to make all determinations, including factual determinations, necessary or advisable for the
administration of the Plan;

 

(k)        to
make, amend, suspend, waive and rescind rules and regulations relating to the Plan;

 

(l)         to
appoint such agents as the Committee may deem necessary or advisable to administer the Plan;

 

(m)       to
determine the terms and conditions of all Award Agreements applicable to Eligible Persons (which need not be identical) and, with
the consent of the Grantee, to amend any such Award Agreement at any time, among other things, to permit transfers of such Awards
to the extent permitted by the Plan; provided that the consent of the Grantee shall not be required for any amendment (i) which
does not adversely affect the rights of the Grantee, or (ii) which is necessary or advisable (as determined by the Committee) to
carry out the purpose of the Award as a result of any new applicable law or change in an existing applicable law, or (iii) to the
extent the Award Agreement specifically permits amendment without consent;

 

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(n)        to
cancel, with the consent of the Grantee, outstanding Awards and to grant new Awards in substitution therefor;

 

(o)        to
impose such additional terms and conditions upon the grant, exercise or retention of Awards as the Committee may, before or concurrently
with the grant thereof, deem appropriate, including limiting the percentage of Awards which may from time to time be exercised
by a Grantee;

 

(p)        to
make adjustments in the terms and conditions of, and the criteria in, Awards in recognition of unusual or nonrecurring events (including
events described in Section 4.2) affecting the Company or an Affiliate or the financial statements of the Company or an Affiliate,
or in response to changes in applicable laws, regulations or accounting principles; provided, however, that in no event shall such
adjustment increase the value of an Award for a person expected to be a Covered Employee for whom the Committee desires to have
the Performance-Based Exception apply;

 

(q)        to
correct any defect or supply any omission or reconcile any inconsistency, and to construe and interpret the Plan, the rules and
regulations, and Award Agreement or any other instrument entered into or relating to an Award under the Plan; and

 

(r)         to
take any other action with respect to any matters relating to the Plan for which it is responsible and to make all other decisions
and determinations as may be required under the terms of the Plan or as the Committee may deem necessary or advisable for the administration
of the Plan.

 

Any action of the Committee
with respect to the Plan shall be final, conclusive and binding on all persons, including the Company, its Affiliates, any Grantee,
any person claiming any rights under the Plan from or through any Grantee, and shareholders, except to the extent the Committee
may subsequently modify, or take further action not consistent with, its prior action. If not specified in the Plan, the time at
which the Committee must or may make any determination shall be determined by the Committee, and any such determination may thereafter
be modified by the Committee. The express grant of any specific power to the Committee, and the taking of any action by the Committee,
shall not be construed as limiting any power or authority of the Committee. The Committee may delegate to officers or managers
of the Company or any Affiliate the authority, subject to such terms as the Committee shall determine, to perform specified functions
under the Plan (subject to Sections 4.3 and 5.7(c)).

 

3.3       No
Repricings.  Notwithstanding any provision in Section 3.2 to the contrary, the terms of any outstanding Option or SAR may not
be amended to reduce the Exercise Price of such Option or SAR or cancel any outstanding Option or SAR in exchange for other Options
or SARs with an Exercise Price that is less than the Exercise Price of the cancelled Option or SAR or for any cash payment (or
Shares having a Fair Market Value) in an amount that exceeds the excess of the Fair Market Value of the Shares underlying such
cancelled Option or SAR over the aggregate Exercise Price of such Option or SAR or for any other Award, without shareholder approval;
provided, however, that the restrictions set forth in this Section 3.3, shall not apply (i) unless the Company has a class of
stock that is registered under Section 12 of the Exchange Act or (ii) to any adjustment allowed under Section 4.2.

 

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Article 4.

Shares Subject to the Plan, Maximum Awards, and 162(m) Compliance

 

4.1       Number
of Shares Available for Grants. Subject to adjustment as provided in Section 4.2 and except as provided in Section 5.6(b),
the maximum number of Shares hereby reserved for delivery under the Plan (including Shares previously delivered under this Plan)
shall initially be 1,500,000 Shares, plus an annual increase, to be added on the first day of each fiscal year beginning with
the fiscal year ending December 31, 2017, equal to six percent (6%) of the Shares so reserved for delivery under the Plan as of
the last day of the immediately preceding fiscal year; provided, however, that the aggregate number of Shares reserved
for delivery pursuant to such increases (including Shares previously delivered under this Plan pursuant to such increases) shall
not exceed a total of 1,000,000 Shares.

 

If any Shares subject
to an Award granted hereunder (other than a Substitute Award granted pursuant to Section 5.6.(b)) are forfeited or such Award otherwise
terminates without the delivery of such Shares, the Shares subject to such Award, to the extent of any such forfeiture or termination,
shall again be available for grant under the Plan. For avoidance of doubt, however, if any Shares subject to an Award granted hereunder
are withheld or applied as payment in connection with the exercise of an Award or the withholding or payment of taxes related thereto
(“Returned Shares”), such Returned Shares will be treated as having been delivered for purposes of determining the
maximum number of Shares available for grant under the Plan and shall not again be treated as available for grant under the Plan.
Moreover, the number of Shares available for issuance under the Plan may not be increased through the Company’s purchase
of Shares on the open market with the proceeds obtained from the exercise of any Options granted hereunder. Upon settlement of
an SAR, the number of Shares underlying the portion of the SAR that is exercised will be treated as having been delivered for purposes
of determining the maximum number of Shares available for grant under the Plan and shall not again be treated as available for
grant under the Plan.

 

Shares delivered pursuant
to the Plan may be, in whole or in part, authorized and unissued Shares, or treasury Shares, including Shares repurchased by the
Company for purposes of the Plan.

 

4.2       Adjustments in Authorized Shares
and Awards; Liquidation, Dissolution or Change of Control.

 

(a)        Adjustment
in Authorized Shares and Awards. In the event that the Committee determines that any dividend or other distribution (whether
in the form of cash, Shares, or other property), recapitalization, forward or reverse stock split, subdivision, consolidation or
reduction of capital, reorganization, merger, consolidation, scheme of arrangement, split-up, spin-off or combination involving
the Company or repurchase or exchange of Shares or other securities of the Company or other rights to purchase Shares or other
securities of the Company, or other similar corporate transaction or event affects the Shares such that any adjustment is determined
by the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to
be made available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the
number and type of Shares (or other securities or property) with respect to which Awards may be granted, (ii) the number and type
of Shares (or other securities or property) subject to outstanding Awards, (iii) the Exercise Price with respect to any Award or,
if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award, and (iv) the number and kind of
Shares of outstanding Restricted Shares, or the Shares underlying any Award of Restricted Stock Units, Deferred Stock or other
outstanding Share-based Award. Notwithstanding the foregoing, no such adjustment shall be authorized with respect to any Options
or SARs to the extent that such adjustment would cause the Option or SAR (determined as if such Option or SAR was an Incentive
Stock Option) to violate Section 424(a) of the Code or otherwise subject any Grantee to taxation under Section 409A of the Code;
and provided further that the number of Shares subject to any Award denominated in Shares shall always be a whole number.

 

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(b)        Merger,
Consolidation or Similar Corporate Transaction. In the event of a merger or consolidation of the Company with or into another
corporation or a sale of substantially all of the stock of the Company (a “Corporate Transaction”), unless an outstanding
Award is assumed by the Surviving Company or replaced with an equivalent Award granted by the Surviving Company in substitution
for such outstanding Award, the Committee shall cancel any outstanding Awards that are not vested and nonforfeitable as of the
consummation of such Corporate Transaction (unless the Committee accelerates the vesting of any such Awards) and with respect to
any vested and nonforfeitable Awards, the Committee may either (i) allow all Grantees to exercise such Awards of Options and SARs
within a reasonable period prior to the consummation of the Corporate Transaction and cancel any outstanding Options or SARs that
remain unexercised upon consummation of the Corporate Transaction, or (ii) cancel any or all of such outstanding Awards in exchange
for a payment (in cash, or in securities or other property) in an amount equal to the amount that the Grantee would have received
(net of the Exercise Price with respect to any Options or SARs) if such vested Awards were settled or distributed or such vested
Options and SARs were exercised immediately prior to the consummation of the Corporate Transaction. Notwithstanding the foregoing,
if an Option or SAR is not assumed by the Surviving Company or replaced with an equivalent Award issued by the Surviving Company
and the Exercise Price with respect to any outstanding Option or SAR exceeds the Fair Market Value of the Shares immediately prior
to the consummation of the Corporation Transaction, such Awards shall be cancelled without any payment to the Grantee.

 

(c)        Liquidation
or Dissolution of the Company. In the event of the proposed dissolution or liquidation of the Company, each Award will terminate
immediately prior to the consummation of such proposed action, unless otherwise provided by the Committee. Additionally, the Committee
may, in the exercise of its sole discretion, cause Awards to be vested and non-forfeitable and cause any conditions on any such
Award to lapse, as to all or any part of such Award, including Shares as to which the Award would not otherwise be exercisable
or non-forfeitable and allow all Grantees to exercise such Awards of Options and SARs within a reasonable period prior to the consummation
of such proposed action. Any Awards that remain unexercised upon consummation of such proposed action shall be cancelled.

 

    	 	11	 

    	 	 	 

    

 

(d)        Deferred
Compensation and Awards Intended to Comply With the Performance-Based Exception. Notwithstanding the forgoing provisions of
this Section 4.2,

 

(i)          if
an Award (other than an Option or SAR) is intended to comply with the Performance-Based Exception, no payment or settlement of
such Award shall be made pursuant to Section 4.2(b) or (c) until the earlier (i) the consummation of a change of control of the
Company (as determined by the Committee in its sole discretion) or (ii) the attainment of the Performance Measure(s) upon which
the Award is conditioned as certified by the Committee; and

 

(ii)          if
an Award constitutes deferred compensation within the meaning of Code Section 409A, no payment or settlement of such Award shall
be made pursuant to Section 4.2(b) or (c), unless the Corporate Transaction or the dissolution or liquidation of the Company, as
applicable, constitutes a change in ownership or effective control of the Company or a change in ownership of a substantial portion
of the assets of the Company as described in Treasury Regulation Section 1.409A-3(i)(5).

 

4.3       Compliance with Section 162(m)
of the Code.

  

(a)        Section
162(m) Compliance. To the extent the Committee determines that compliance with the Performance-Based Exception is desirable
with respect to an Award, this Section 4.3(a) shall apply. Each Award that is intended to meet the Performance-Based Exception
and is granted to a person the Committee believes is likely to be a Covered Employee at the time such Award is settled shall comply
with the requirements of the Performance-Based Exception; provided, however, that to the extent Code Section 162(m) requires periodic
shareholder approval of performance measures, such approval shall not be required for the continuation of the Plan or as a condition
to grant any Award hereunder after such approval is required. In addition, in the event that changes are made to Code Section 162(m)
to permit flexibility with respect to the Award or Awards available under the Plan, the Committee may, subject to this Section
4.3, make any adjustments to such Awards as it deems appropriate.

 

(b)        Annual
Individual Limitations. Except as provided in Section 5.6(b), no Grantee may be granted Awards (other than Awards that cannot
be settled in Shares) with respect to more than 500,000 Shares in a single calendar year, subject to adjustment as provided in
Section 4.2(a). The maximum potential value of Awards to be settled in cash or property (other than Shares) that may be granted
in any calendar year to any Grantee shall not exceed $1,000,000 for all such Awards.

 

(c)        Section
162(m) Transition Rules. The foregoing restrictions and limitations set forth in the forgoing provisions of this Section 4.3
shall not apply to any grants made before the Company becomes Publicly Held or to any grant made during the Section 162(m) Transition
Period. The Company will be “Publicly Held” if any class of its common equity securities is required to be registered
under Section 12 of the Exchange Act. The determination of whether and when the Company becomes Publicly Held and the deductibility
of Awards granted before the Company becomes Publicly Held will be made in accordance with regulations promulgated under Code Section
162(m).

 

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4.4       Performance-Based
Exception Under Section 162(m). Unless and until the Committee proposes for shareholder vote and shareholders approve a change
in the general performance measures set forth in this Section 4.4, for Awards (other than Options or SARs) designed to qualify
for the Performance-Based Exception, the objective Performance Measure(s) shall be chosen from among the following: the attainment
by a Share of a specified Fair Market Value for a specified period of time or within a specified period of time; earnings per
Share; earnings per Share from continuing operations; total shareholder return; return on assets; return on equity; return on
capital; earnings before or after taxes, interest, depreciation, and/or amortization; return on investment; interest expense;
cash flow; cash flow from operations; revenues; sales; costs; assets; debt; expenses; inventory turnover; economic value added;
cost of capital; operating margin; gross margin; net income before or after taxes; operating earnings either before or after interest
expense and either before or after incentives or asset impairments; attainment of cost reduction goals; revenue per customer;
customer turnover rate; asset impairments; financing costs; capital expenditures; working capital; strategic business criteria,
consisting of one or more objectives based on meeting specified revenue, market penetration, geographic business expansion goals,
objectively identified project milestones, production volume levels, cost targets, and goals relating to acquisitions or divestitures;
customer satisfaction, aggregate product price and other product price measures; safety record; service reliability; debt rating;
and achievement of business and operational goals, such as market share, new products, and/or business development. Any applicable
Performance Measure may be applied on a pre- or post-tax basis. The Committee may, on the Grant Date of an Award intended to comply
with the Performance-Based Exception, and in the case of other grants, at any time, provide that the formula for such Award may
include or exclude items to measure specific objectives, such as losses from discontinued operations, extraordinary gains or losses,
the cumulative effect of accounting changes, acquisitions or divestitures, foreign exchange impacts and any unusual, nonrecurring
gain or loss. The levels of performance required with respect to Performance Measures may be expressed in absolute or relative
levels and may be based upon a set increase, set positive result, maintenance of the status quo, set decrease or set negative
result. Performance Measures may differ for Awards to different Grantees. The Committee shall specify the weighting (which may
be the same or different for multiple objectives) to be given to each performance objective for purposes of determining the final
amount payable with respect to any such Award. Any one or more of the Performance Measures may apply to the Grantee, a department,
unit, division or function within the Company or any one or more Affiliates; and may apply either alone or relative to the performance
of other businesses or individuals (including industry or general market indices). For Awards intended to comply with the Performance-Based
Exception, the Committee shall set the Performance Measures within the time period prescribed by Section 162(m) of the Code.

 

    	 	13	 

    	 	 	 

    

 

The Committee shall
have the discretion to adjust the determinations of the degree of attainment of the pre-established performance goals; provided,
however, that Awards which are designed to qualify for the Performance-Based Exception may not (unless the Committee determines
to amend the Award so that it no longer qualified for the Performance-Based Exception) be adjusted upward (the Committee shall
retain the discretion to adjust such Awards downward). The Committee may not, unless the Committee determines to amend the Award
so that it no longer qualifies for the Performance-Based Exception, delegate any responsibility with respect to Awards intended
to qualify for the Performance-Based Exception. All determinations by the Committee as to the achievement of the Performance Measure(s)
shall be in writing prior to payment of the Award.

 

In the event that applicable
laws change to permit Committee discretion to alter the governing performance measures without obtaining shareholder approval of
such changes, and still qualify for the Performance-Based Exception, the Committee shall have sole discretion to make such changes
without obtaining shareholder approval.

 

Article 5.

Eligibility and General Conditions of Awards

 

5.1       Eligibility.
The Committee may in its discretion grant Awards to any Eligible Person, whether or not he or she has previously received an Award;
provided, however, that all Awards made to Non-Employee Directors shall be determined by the Board in its sole discretion.

 

5.2       Award
Agreement. To the extent not set forth in the Plan, the terms and conditions of each Award shall be set forth in an Award
Agreement.

 

5.3       General
Terms and Termination of Affiliation. The Committee may impose on any Award or the exercise or settlement thereof, at the
date of grant or, subject to the provisions of Section 16.2, thereafter, such additional terms and conditions not inconsistent
with the provisions of the Plan as the Committee shall determine, including terms requiring forfeiture, acceleration or pro-rata
acceleration of Awards in the event of a Termination of Affiliation by the Grantee. Except as may be required under the Delaware
General Corporation Law, Awards may be granted for no consideration other than prior and future services. Except as otherwise
determined by the Committee pursuant to this Section 5.3, all Options that have not been exercised, or any other Awards that remain
subject to a risk of forfeiture or which are not otherwise vested, or which have outstanding Performance Periods, at the time
of a Termination of Affiliation shall be forfeited to the Company.

 

5.4       Nontransferability
of Awards.

 

(a)        Each
Award and each right under any Award shall be exercisable only by the Grantee during the Grantee’s lifetime, or, if permissible
under applicable law, by the Grantee’s guardian or legal representative or by a transferee receiving such Award pursuant
to a qualified domestic relations order (a “QDRO”) as defined in the Code or Title I of the Employee Retirement Income
Security Act of 1974, as amended, or the rules thereunder.

 

(b)        No
Award (prior to the time, if applicable, Shares are delivered in respect of such Award), and no right under any Award, may be assigned,
alienated, pledged, attached, sold or otherwise transferred or encumbered by a Grantee otherwise than by will or by the laws of
descent and distribution (or in the case of Restricted Shares, to the Company) or pursuant to a QDRO, and any such purported assignment,
alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate;
provided that the designation of a beneficiary to receive benefits in the event of the Grantee’s death shall not constitute
an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

 

    	 	14	 

    	 	 	 

    

 

(c)        Notwithstanding
subsections (a) and (b) above, to the extent provided in the Award Agreement, Options (other than Incentive Stock Options) and
Restricted Shares, may be transferred, without consideration, to a Permitted Transferee. For this purpose, a “Permitted Transferee”
in respect of any Grantee means any member of the Immediate Family of such Grantee, any trust of which all of the primary beneficiaries
are such Grantee or members of his or her Immediate Family, or any partnership (including limited liability companies and similar
entities) of which all of the partners or members are such Grantee or members of his or her Immediate Family; and the “Immediate
Family” of a Grantee means the Grantee’s spouse, children, stepchildren, grandchildren, parents, stepparents, siblings,
grandparents, nieces and nephews. Such Option may be exercised by such transferee in accordance with the terms of the Award Agreement.
If so determined by the Committee, a Grantee may, in the manner established by the Committee, designate a beneficiary or beneficiaries
to exercise the rights of the Grantee, and to receive any distribution with respect to any Award upon the death of the Grantee.
A transferee, beneficiary, guardian, legal representative or other person claiming any rights under the Plan from or through any
Grantee shall be subject to and consistent with the provisions of the Plan and any applicable Award Agreement, except to the extent
the Plan and Award Agreement otherwise provide with respect to such persons, and to any additional restrictions or limitations
deemed necessary or appropriate by the Committee.

 

(d)        Nothing
herein shall be construed as requiring the Committee to honor a QDRO except to the extent required under applicable law.

 

5.5       Cancellation
and Rescission of Awards. Unless the Award Agreement specifies otherwise, the Committee may cancel, rescind, suspend, withhold,
or otherwise limit or restrict any unexercised Award at any time if the Grantee is not in compliance with all applicable provisions
of the Award Agreement and the Plan or if the Grantee has a Termination of Affiliation.

 

5.6       Stand-Alone,
Tandem and Substitute Awards.

 

(a)        Awards
granted under the Plan may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in
substitution for, any other Award granted under the Plan unless such tandem or substitution Award would subject the Grantee to
tax penalties imposed under Section 409A of the Code; provided further that if the stand-alone, tandem or substitute Award is intended
to qualify for the Performance-Based Exception, it must separately satisfy the requirements of the Performance-Based Exception.
If an Award is granted in substitution for another Award or any non-Plan award or benefit, the Committee shall require the surrender
of such other Award or non-Plan award or benefit in consideration for the grant of the new Award. Awards granted in addition to
or in tandem with other Awards or non-Plan awards or benefits may be granted either at the same time as or at a different time
from the grant of such other Awards or non-Plan awards or benefits; provided, however, that if any SAR is granted in tandem with
an Incentive Stock Option, such SAR and Incentive Stock Option must have the same Grant Date, Term and the Exercise Price of the
SAR may not be less than the Exercise Price of the Incentive Stock Option.

 

    	 	15	 

    	 	 	 

    

 

(b)        The
Committee may, in its discretion and on such terms and conditions as the Committee considers appropriate in the circumstances,
grant Awards under the Plan (“Substitute Awards”) in substitution for stock and stock-based awards (“Acquired
Entity Awards”) held by current or former employees or non-employee directors of, or consultants to, another corporation
or entity who become Eligible Persons as the result of a merger or consolidation of the employing corporation or other entity (the
“Acquired Entity”) with the Company or an Affiliate or the acquisition by the Company or an Affiliate of property or
stock of the Acquired Entity immediately prior to such merger, consolidation or acquisition in order to preserve for the Grantee
the economic value of all or a portion of such Acquired Entity Award at such price as the Committee determines necessary to achieve
preservation of economic value. The limitations of Sections 4.1 and 4.3 on the number of Shares reserved or available for grants
shall not apply to Substitute Awards granted under this Section 5.6(b).

 

5.7       Compliance
with Rule 16b-3. The provisions of this Section 5.7 will not apply unless and until the Company has a class of stock that
is registered under Section 12 of the Exchange Act.

 

(a)        Six-Month
Holding Period Advice.  Unless a Grantee could otherwise dispose of or exercise a derivative security or dispose of Shares
delivered under the Plan without incurring liability under Section 16(b) of the Exchange Act, the Committee may advise or require
a Grantee to comply with the following in order to avoid incurring liability under Section 16(b) of the Exchange Act: (i) at least
six months must elapse from the date of acquisition of a derivative security under the Plan to the date of disposition of the
derivative security (other than upon exercise or conversion) or its underlying equity security, and (ii) Shares granted or awarded
under the Plan other than upon exercise or conversion of a derivative security must be held for at least six months from the date
of grant of an Award.

 

(b)        Reformation
to Comply with Exchange Act Rules. To the extent the Committee determines that a grant or other transaction by a Section 16
Person should comply with applicable provisions of Rule 16b-3 (except for transactions exempted under alternative Exchange Act
rules), the Committee shall take such actions as necessary to make such grant or other transaction so comply, and if any provision
of this Plan or any Award Agreement relating to a given Award does not comply with the requirements of Rule 16b-3 as then applicable
to any such grant or transaction, such provision will be construed or deemed amended, if the Committee so determines, to the extent
necessary to conform to the then applicable requirements of Rule 16b-3.

 

(c)        Rule
16b-3 Administration.  Any function relating to a Section 16 Person shall be performed solely by the Committee or the Board
if necessary to ensure compliance with applicable requirements of Rule 16b-3, to the extent the Committee determines that such
compliance is desired. Each member of the Committee or person acting on behalf of the Committee shall be entitled to, in good
faith, rely or act upon any report or other information furnished to him by any officer, manager or other employee of the Company
or any Affiliate, the Company’s independent certified public accountants or any executive compensation consultant or attorney
or other professional retained by the Company to assist in the administration of the Plan.

 

    	 	16	 

    	 	 	 

    

 

5.8       Deferral
of Award Payouts.  The Committee may permit a Grantee to defer, or if and to the extent specified in an Award Agreement require
the Grantee to defer, receipt of the payment of cash or the delivery of Shares that would otherwise be due by virtue of the lapse
or waiver of restrictions with respect to Restricted Stock Units, the satisfaction of any requirements or goals with respect to
Performance Units or Performance Shares, the lapse or waiver of the deferral period for Deferred Stock, or the lapse or waiver
of restrictions with respect to Other Stock-Based Awards or Cash Incentive Awards. If the Committee permits such deferrals, the
Committee shall establish rules and procedures for making such deferral elections and for the payment of such deferrals, which
shall conform in form and substance with applicable regulations promulgated under Section 409A of the Code and Article 17 to ensure
that the Grantee is not subjected to tax penalties under Section 409A of the Code with respect to such deferrals. Except as otherwise
provided in an Award Agreement, any payment or any Shares that are subject to such deferral shall be made or delivered to the
Grantee as specified in the Award Agreement or pursuant to the Grantee’s deferral election.

 

Article 6.

Stock Options

 

6.1       Grant
of Options.  Subject to and consistent with the provisions of the Plan, Options may be granted to any Eligible Person in such
number, and upon such terms, and at any time and from time to time as shall be determined by the Committee.

 

6.2       Award
Agreement.  Each Option grant shall be evidenced by an Award Agreement that shall specify the Exercise Price, the Term of the
Option, the number of Shares to which the Option pertains, the time or times at which such Option shall be exercisable and such
other provisions as the Committee shall determine.

 

6.3       Option
Exercise Price.  The Exercise Price of an Option under this Plan shall be determined in the sole discretion of the Committee
but may not be less than 100% of the Fair Market Value of a Share on the Grant Date.

 

6.4       Grant
of Incentive Stock Options.  At the time of the grant of any Option, the Committee may in its discretion designate that such
Option shall be made subject to additional restrictions to permit it to qualify as an Incentive Stock Option. Any Option designated
as an Incentive Stock Option:

 

(a)        shall
be granted only to an employee of the Company or a Subsidiary Corporation;

 

(b)        shall
have an Exercise Price of not less than 100% of the Fair Market Value of a Share on the Grant Date, and, if granted to a person
who owns capital stock (including stock treated as owned under Section 424(d) of the Code) possessing more than 10% of the total
combined voting power of all classes of capital stock of the Company or any Subsidiary Corporation (a “More Than 10% Owner”),
have an Exercise Price not less than 110% of the Fair Market Value of a Share on its Grant Date;

 

    	 	17	 

    	 	 	 

    

(c)        shall
be for a period of not more than 10 years (five years if the Grantee is a More Than 10% Owner) from its Grant Date, and shall be
subject to earlier termination as provided herein or in the applicable Award Agreement;

 

(d)        shall
not have an aggregate Fair Market Value (as of the Grant Date) of the Shares with respect to which Incentive Stock Options (whether
granted under the Plan or any other stock option plan of the Grantee’s employer or any parent or Subsidiary Corporation (“Other
Plans”)) are exercisable for the first time by such Grantee during any calendar year (“Current Grant”), determined
in accordance with the provisions of Section 422 of the Code, which exceeds $100,000 (the “$100,000 Limit”);

 

(e)        shall,
if the aggregate Fair Market Value of the Shares (determined on the Grant Date) with respect to the Current Grant and all Incentive
Stock Options previously granted under the Plan and any Other Plans which are exercisable for the first time during a calendar
year (“Prior Grants”) would exceed the $100,000 Limit, be, as to the portion in excess of the $100,000 Limit, exercisable
as a separate option that is not an Incentive Stock Option at such date or dates as are provided in the Current Grant;

 

(f)         shall
require the Grantee to notify the Committee of any disposition of any Shares delivered pursuant to the exercise of the Incentive
Stock Option under the circumstances described in Section 421(b) of the Code (relating to holding periods and certain disqualifying
dispositions) (“Disqualifying Disposition”) within 10 days of such a Disqualifying Disposition;

 

(g)        shall
by its terms not be assignable or transferable other than by will or the laws of descent and distribution and may be exercised,
during the Grantee’s lifetime, only by the Grantee; provided, however, that the Grantee may, to the extent provided in the
Plan in any manner specified by the Committee, designate in writing a beneficiary to exercise his or her Incentive Stock Option
after the Grantee’s death; and

 

(h)        shall,
if such Option nevertheless fails to meet the foregoing requirements, or otherwise fails to meet the requirements of Section 422
of the Code for an Incentive Stock Option, be treated for all purposes of this Plan, except as otherwise provided in subsections
(d) and (e) above, as an Option that is not an Incentive Stock Option.

 

Notwithstanding the
foregoing and Section 3.2, the Committee may, without the consent of the Grantee, at any time before the exercise of an Option
(whether or not an Incentive Stock Option), take any action necessary to prevent such Option from being treated as an Incentive
Stock Option.

 

6.5       Payment
of Exercise Price.  Except as otherwise provided by the Committee in an Award Agreement, Options shall be exercised by the
delivery of a written notice of exercise to the Company, setting forth the number of Shares with respect to which the Option is
to be exercised, accompanied by full payment for the Shares made by any one or more of the following means:

 

    	 	18	 

    	 	 	 

    

 

(a)     cash,
personal check or wire transfer;

 

(b)    delivery
of Shares owned by the Grantee prior to exercise, valued at their Fair Market Value on the date of exercise;

 

(c)    with
the approval of the Committee, Shares acquired upon the exercise of such Option, such Shares valued at their Fair Market Value
on the date of exercise;

 

(d)    with
the approval of the Committee, Restricted Shares held by the Grantee prior to the exercise of the Option, each such share valued
at the Fair Market Value of a Share on the date of exercise; or

 

(e)    subject
to applicable law (including the prohibited loan provisions of Section 402 of the Sarbanes Oxley Act of 2002), through the sale
of the Shares acquired on exercise of the Option through a broker-dealer to whom the Grantee has submitted an irrevocable notice
of exercise and irrevocable instructions to deliver promptly to the Company the amount of sale proceeds sufficient to pay for such
Shares, together with, if requested by the Company, the amount of federal, state, local or foreign withholding taxes payable by
Grantee by reason of such exercise.

 

The Committee may in
its discretion specify that, if any Restricted Shares (“Tendered Restricted Shares”) are used to pay the Exercise Price,
(x) all the Shares acquired on exercise of the Option shall be subject to the same restrictions as the Tendered Restricted Shares,
determined as of the date of exercise of the Option, or (y) a number of Shares acquired on exercise of the Option equal to the
number of Tendered Restricted Shares shall be subject to the same restrictions as the Tendered Restricted Shares, determined as
of the date of exercise of the Option.

 

Article 7.

Stock Appreciation Rights

 

7.1        Issuance.  Subject to and
consistent with the provisions of the Plan, the Committee, at any time and from time to time, may grant SARs to any Eligible Person
either alone or in addition to other Awards granted under the Plan. Such SARs may, but need not, be granted in connection with
a specific Option granted under Article 6. The Committee may impose such conditions or restrictions on the exercise of any SAR
as it shall deem appropriate.

 

7.2       Award
Agreements.  Each SAR grant shall be evidenced by an Award Agreement in such form as the Committee may approve and shall contain
such terms and conditions not inconsistent with other provisions of the Plan as shall be determined from time to time by the Committee.

 

7.3       SAR
Exercise Price.  The Exercise Price of a SAR shall be determined by the Committee in its sole discretion; provided that the
Exercise Price shall not be less than 100% of the Fair Market Value of a Share on the date of the grant of the SAR.

 

7.4       Exercise
and Payment.  Upon the exercise of an SAR, a Grantee shall be entitled to receive payment from the Company in an amount determined
by multiplying:

 

    	 	19	 

    	 	 	 

    

 

(a)        The
excess of the Fair Market Value of a Share on the date of exercise over the Exercise Price; by

 

(b)        The
number of Shares with respect to which the SAR is exercised.

 

SARs shall be deemed
exercised on the date written notice of exercise in a form acceptable to the Committee is received by the Secretary of the Company.
The Company shall make payment in respect of any SAR within five (5) days of the date the SAR is exercised. Any payment by the
Company in respect of a SAR may be made in cash, Shares, other property, or any combination thereof, as the Committee, in its sole
discretion, shall determine.

 

7.5       Grant
Limitations.  The Committee may at any time impose any other limitations upon the exercise of SARs which, in the Committee's
sole discretion, are necessary or desirable in order for Grantees to qualify for an exemption from Section 16(b) of the Exchange
Act.

 

Article 8.

Restricted Shares

 

8.1       Grant
of Restricted Shares.  Subject to and consistent with the provisions of the Plan, the Committee, at any time and from time
to time, may grant Restricted Shares to any Eligible Person in such amounts as the Committee shall determine.

 

8.2       Award
Agreement.  Each grant of Restricted Shares shall be evidenced by an Award Agreement that shall specify the Period(s) of Restriction,
the number of Restricted Shares granted, and such other provisions as the Committee shall determine. The Committee may impose
such conditions and/or restrictions on any Restricted Shares granted pursuant to the Plan as it may deem advisable, including
restrictions based upon the achievement of specific performance goals, time-based restrictions on vesting following the attainment
of the performance goals, and/or restrictions under applicable securities laws; provided that such conditions and/or restrictions
may lapse, if so determined by the Committee, in the event of the Grantee’s Termination of Affiliation due to death, Disability,
or involuntary termination by the Company or an Affiliate without “cause.”

 

8.3       Consideration
for Restricted Shares.  The Committee shall determine the amount, if any, that a Grantee shall pay for Restricted Shares.

 

8.4       Effect
of Forfeiture.  If Restricted Shares are forfeited, and if the Grantee was required to pay for such shares or acquired such
Restricted Shares upon the exercise of an Option, the Grantee shall be deemed to have resold such Restricted Shares to the Company
at a price equal to the lesser of (x) the amount paid by the Grantee for such Restricted Shares, or (y) the Fair Market Value
of a Share on the date of such forfeiture. The Company shall pay to the Grantee the deemed sale price as soon as is administratively
practical. Such Restricted Shares shall cease to be outstanding and shall no longer confer on the Grantee thereof any rights as
a shareholder of the Company, from and after the date of the event causing the forfeiture, whether or not the Grantee accepts
the Company’s tender of payment for such Restricted Shares.

 

8.5       Escrow;
Legends.  The Committee may provide that the certificates for any Restricted Shares (x) shall be held (together with a stock
power executed in blank by the Grantee) in escrow by the Secretary of the Company until such Restricted Shares become nonforfeitable
or are forfeited and/or (y) shall bear an appropriate legend restricting the transfer of such Restricted Shares under the Plan.
If any Restricted Shares become nonforfeitable, the Company shall cause certificates for such shares to be delivered without such
legend.

 

    	 	20	 

    	 	 	 

    

 

Article 9.

Performance Units and Performance Shares

 

9.1       Grant
of Performance Units and Performance Shares.  Subject to and consistent with the provisions of the Plan, Performance Units
or Performance Shares may be granted to any Eligible Person in such amounts and upon such terms, and at any time and from time
to time, as shall be determined by the Committee.

 

9.2       Value/Performance
Goals.  The Committee shall set performance goals in its discretion which, depending on the extent to which they are met, will
determine the number or value of Performance Units or Performance Shares that will be paid to the Grantee. With respect to Covered
Employees and to the extent the Committee deems it appropriate to comply with Section 162(m) of the Code, all performance goals
shall be objective Performance Measures satisfying the requirements for the Performance-Based Exception and shall be set by the
Committee within the time period prescribed by Section 162(m) of the Code and related regulations.

 

(a)        Performance
Unit. Each Performance Unit shall have an initial value that is established by the Committee at the time of grant.

 

(b)        Performance
Share. Each Performance Share shall have an initial value equal to the Fair Market Value of a Share on the date of grant.

 

9.3       Earning
of Performance Units and Performance Shares.  After the applicable Performance Period has ended, the holder of Performance
Units or Performance Shares shall be entitled to payment based on the level of achievement of performance goals set by the Committee.
If a Performance Unit or Performance Share Award is intended to comply with the Performance-Based Exception, the Committee shall
certify the level of achievement of the performance goals in writing before the Award is settled.

 

At the discretion of
the Committee, the settlement of Performance Units or Performance Shares may be in cash, Shares of equivalent value, or in some
combination thereof, as set forth in the Award Agreement.

 

If a Grantee is promoted,
demoted or transferred to a different business unit of the Company during a Performance Period, then, to the extent the Committee
determines that the Award, the performance goals, or the Performance Period are no longer appropriate, the Committee may adjust,
change, eliminate or cancel the Award, the performance goals, or the applicable Performance Period, as it deems appropriate in
order to make them appropriate and comparable to the initial Award, the performance goals, or the Performance Period.

 

At the discretion of
the Committee, a Grantee may be entitled to receive any dividends or Dividend Equivalents declared with respect to Shares deliverable
in connection with grants of Performance Units or Performance Shares which have been earned, but not yet delivered to the Grantee.

 

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Article 10.

Deferred Stock and Restricted Stock Units

 

10.1     Grant
of Deferred Stock and Restricted Stock Units.  Subject to and consistent with the provisions of the Plan, the Committee, at
any time and from time to time, may grant Deferred Stock and/or Restricted Stock Units to any Eligible Person, in such amount
and upon such terms as the Committee shall determine. Deferred Stock must conform in form and substance with applicable regulations
promulgated under Section 409A of the Code and with Article 17 to ensure that the Grantee is not subjected to tax penalties under
Section 409A of the Code with respect to such Deferred Stock.

 

10.2     Vesting
and Delivery.

 

(a)        Delivery
With Respect to Deferred Stock. Delivery of Shares subject to a Deferred Stock grant will occur upon expiration of the deferral
period or upon the occurrence of one or more of the distribution events described in Section 409A(a)(2) of the Code as specified
by the Committee in the Grantee’s Award Agreement for the Award of Deferred Stock. An Award of Deferred Stock may be subject
to such substantial risk of forfeiture conditions as the Committee may impose, which conditions may lapse at such times or upon
the achievement of such objectives as the Committee shall determine at the time of grant or thereafter. Unless otherwise determined
by the Committee, to the extent that the Grantee has a Termination of Affiliation while the Deferred Stock remains subject to a
substantial risk of forfeiture, such Deferred Shares shall be forfeited, unless the Committee determines that such substantial
risk of forfeiture shall lapse in the event of the Grantee’s Termination of Affiliation due to death, Disability, or involuntary
termination by the Company or an Affiliate without “cause.”

 

(b)        Delivery
With Respect to Restricted Stock Units. Delivery of Shares subject to a grant of Restricted Stock Units shall occur no later
than the 15th day of the third month following the end of the taxable year of the Grantee or the fiscal year of the
Company in which the Grantee’s rights under such Restricted Stock Units are no longer subject to a substantial risk of forfeiture
as defined in final regulations under Section 409A of the Code. Unless otherwise determined by the Committee, to the extent that
the Grantee has a Termination of Affiliation while the Restricted Stock Units remains subject to a substantial risk of forfeiture,
such Restricted Stock Units shall be forfeited, unless the Committee determines that such substantial risk of forfeiture shall
lapse in the event of the Grantee’s Termination of Affiliation due to death, Disability, or involuntary termination by the
Company or an Affiliate without “cause.”

 

10.3     Voting
and Dividend Equivalent Rights Attributable to Deferred Stock and Restricted Stock Units.  A Grantee awarded Deferred Stock
or Restricted Stock Units will have no voting rights with respect to such Deferred Stock or Restricted Stock Units prior to the
delivery of Shares in settlement of such Deferred Stock and/or Restricted Stock Units. Unless otherwise determined by the Committee,
a Grantee will have the rights to receive Dividend Equivalents in respect of Deferred Stock and/or Restricted Stock Units, which
Dividend Equivalents shall be deemed reinvested in additional Shares of Deferred Stock or Restricted Stock Units, as applicable,
which shall remain subject to the same forfeiture conditions applicable to the Deferred Stock or Restricted Stock Units to which
such Dividend Equivalents relate.

 

    	 	22	 

    	 	 	 

    

 

Article 11.

Dividend Equivalents

 

The Committee is authorized
to grant Awards of Dividend Equivalents alone or in conjunction with other Awards; provided, however, that no Dividend Equivalents
may be granted in conjunction with any grant of Options or SARs. The Committee may provide that Dividend Equivalents shall be paid
or distributed when accrued or shall be deemed to have been reinvested in additional Shares or additional Awards or otherwise reinvested.

 

Article 12.

Bonus Shares

 

Subject to the terms
of the Plan, the Committee may grant Bonus Shares to any Eligible Person, in such amount and upon such terms and at any time and
from time to time as shall be determined by the Committee.

 

Article 13.

Other Stock-Based Awards

 

The Committee is authorized,
subject to limitations under applicable law, to grant such other Awards that are denominated or payable in, valued in whole or
in part by reference to, or otherwise based on, or related to, Shares, as deemed by the Committee to be consistent with the purposes
of the Plan, including Shares awarded which are not subject to any restrictions or conditions, convertible or exchangeable debt
securities or other rights convertible or exchangeable into Shares, and Awards valued by reference to the value of securities of
or the performance of specified Affiliates. Subject to and consistent with the provisions of the Plan, the Committee shall determine
the terms and conditions of such Awards. Except as provided by the Committee, Shares delivered pursuant to a purchase right granted
under this Article 13 shall be purchased for such consideration, paid for by such methods and in such forms, including cash, Shares,
outstanding Awards or other property, as the Committee shall determine.

 

Article 14.

Non-Employee Director Awards

 

Subject to the terms
of the Plan, the Board may grant Awards to any Non-Employee Director, in such amount and upon such terms and at any time and from
time to time as shall be determined by the full Board in its sole discretion. Except as otherwise provided in Section 5.6(b), a
Non-Employee Director may not be granted Awards with respect to more than 400,000 Shares in a single calendar year, subject to
adjustment as provided in Section 4.2(a).

 

    	 	23	 

    	 	 	 

    

  

Article 15.

Cash Incentive Awards

 

15.1     Cash
Incentive Awards.  Subject to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant
Cash Incentive Awards to any Eligible Person in such amounts and upon such terms, including the achievement of specific performance
goals during the Performance Period, as the Committee may determine. With respect to Covered Employees and to the extent the Committee
deems it appropriate to comply with Section 162(m) of the Code, all performance goals shall be objective Performance Measures
satisfying the requirements for the Performance-Based Exception and shall be set by the Committee within the time period prescribed
by Section 162(m) of the Code and related regulations. An Eligible Person may have more than one Cash Incentive Award outstanding
at any time. For instance, the Committee may grant an Eligible Person one Cash Incentive Award with a calendar year or fiscal
year Performance Period (an annual incentive bonus) and a separate Cash Incentive Award with a Performance Period that covers
more than one calendar or fiscal year (a long-term cash incentive bonus).

 

15.2     Value
of Cash Incentive Awards.  Each Cash Incentive Award shall specify a payment amount or payment range as determined by the Committee.
The Committee shall establish performance goals applicable to each Cash Incentive Award in its discretion and the amount that
will be paid to the Grantee pursuant to such Cash Incentive Award if the applicable performance goals for the Performance Period
are met.

 

15.3     Payment
of Cash Incentive Awards.  Payment, if any, with respect to a Cash Incentive Awards shall be made in cash in accordance with
the terms of the Award Agreement; provided, however, that if the Award Agreement does not specify a payment date with respect
to a Cash Incentive Award, payment of the Cash Incentive Award will be made no later than the 15th day of the third month following
the end of the taxable year of the Grantee or the fiscal year of the Company during which the Performance Period ends.

 

15.4     Termination
of Affiliation.  The Committee shall determine the extent to which a Grantee shall have the right to receive Cash Incentive
Awards following his or her Termination of Affiliation. Such provisions shall be determined in the sole discretion of the Committee,
such provisions may be included in an Award Agreement entered into with each Grantee, but need not be uniform among all Cash Incentive
Awards granted pursuant to the Plan, and may reflect distinctions based on the reasons for termination.

 

Article 16.

Amendment, Modification, and Termination

 

16.1     Amendment,
Modification, and Termination.  Subject to Section 16.2, the Board may, at any time and from time to time, alter, amend, suspend,
discontinue or terminate the Plan in whole or in part without the approval of the Company’s shareholders, except that (a)
any amendment or alteration shall be subject to the approval of the Company’s shareholders if such shareholder approval
is required by any federal or state law or regulation or the rules of any stock exchange or automated quotation system on which
the Shares may then be listed or quoted, and (b) the Board may otherwise, in its discretion, determine to submit other such amendments
or alterations to shareholders for approval.

 

    	 	24	 

    	 	 	 

    

 

16.2     Awards
Previously Granted.  Except as otherwise specifically permitted in the Plan or an Award Agreement, no termination, amendment,
or modification of the Plan shall adversely affect in any material way any Award previously granted under the Plan, without the
written consent of the Grantee of such Award.

 

Article 17.

Compliance with Code Section 409A

 

17.1     Awards
Subject to Code Section 409A.  The provisions of this Article 17 shall apply to any Award or portion thereof that is or becomes
deferred compensation subject to Code Section 409A (a “409A Award”), notwithstanding any provision to the contrary
contained in the Plan or the Award Agreement applicable to such Award.

 

17.2     Deferral
and/or Distribution Elections.  Except as otherwise permitted or required by Code Section 409A, the following rules shall apply
to any deferral and/or elections as to the form or timing of distributions (each, an “Election”) that may be permitted
or required by the Committee with respect to a 409A Award:

 

(a)        Any
Election must be in writing and specify the amount being deferred, and the time and form of distribution (i.e., lump sum or installments)
as permitted by this Plan. An Election may but need not specify whether payment will be made in cash, Shares or other property.

 

(b)        Any
Election shall become irrevocable as of the deadline specified by the Committee, which shall not be later than December 31 of the
year preceding the year in which services relating to the Award commence; provided, however, that if the Award qualifies as “performance-based
compensation” for purposes of Code Section 409A and is based on services performed over a period of at least twelve (12)
months, then the deadline may be no later than six (6) months prior to the end of such Performance Period.

 

(c)        Unless
otherwise provided by the Committee, an Election shall continue in effect until a written election to revoke or change such Election
is received by the Committee, prior to the last day for making an Election for the subsequent year.

 

17.3     Subsequent
Elections.  Except as otherwise permitted or required by Code Section 409A, any 409A Award which permits a subsequent Election
to further defer the distribution or change the form of distribution shall comply with the following requirements:

 

(a)        No
subsequent Election may take effect until at least twelve (12) months after the date on which the subsequent Election is made;

 

(b)        Each
subsequent Election related to a distribution upon separation from service, a specified time, or a change in control as defined
in Section 17.4(e) must result in a delay of the distribution for a period of not less than five (5) years from the date such distribution
would otherwise have been made; and

 

(c)        No
subsequent Election related to a distribution to be made at a specified time or pursuant to a fixed schedule shall be made less
than twelve (12) months prior to the date the first scheduled payment would otherwise be made.

 

    	 	25	 

    	 	 	 

    

 

17.4     Distributions
Pursuant to Deferral Elections.  Except as otherwise permitted or required by Code Section 409A, no distribution in settlement
of a 409A Award may commence earlier than:

 

(a)        Separation
from Service;

 

(b)       The
date the Participant becomes Disabled (as defined in Section 2.14(b));

 

(c)       The
Participant’s death;

 

(d)        A
specified time (or pursuant to a fixed schedule) that is either (i) specified by the Committee upon the grant of the Award and
set forth in the Award Agreement or (ii) specified by the Grantee in an Election complying with the requirements of Section 17.2
and/or 17.3, as applicable; or

 

(e)        A
change in control of the Company within the meaning of Treasury Regulation Section 1.409A-3(h)(5).

 

17.5     Six
Month Delay.  Notwithstanding anything herein or in any Award Agreement or Election to the contrary, to the extent that distribution
of a 409A Award is triggered by a Grantee’s Separation from Service, if the Grantee is then a “specified employee”
(as defined in Treasury Regulation Section 1.409A-1(i)), no distribution may be made before the date which is six (6) months after
such Grantee’s Separation from Service, or, if earlier, the date of the Grantee’s death.

 

17.6     Death
or Disability.  Unless the Award Agreement otherwise provides, if a Grantee dies or becomes Disabled before complete distribution
of amounts payable upon settlement of a 409A Award, such undistributed amounts, to the extent vested, shall be distributed as
provided in the Participants Election. If the Participant has made no Election with respect to distributions upon death or Disability,
all such distributions shall be paid in a lump sum within 90 days following the date of the Participant’s death or Disability.

 

17.7     No
Acceleration of Distributions.  This Plan does not permit the acceleration of the time or schedule of any distribution under
a 409A Award, except as provided by Code Section 409A and/or applicable regulations or rulings issued thereunder.

 

Article 18.

Withholding

 

18.1     Required
Withholding.

 

(a)        The
Committee in its sole discretion may provide that when taxes are to be withheld in connection with the exercise of an Option or
SAR, or upon the lapse of restrictions on Restricted Shares, or upon the transfer of Shares, or upon payment of any other benefit
or right under this Plan (the date on which such exercise occurs or such restrictions lapse or such payment of any other benefit
or right occurs hereinafter referred to as the “Tax Date”), the Grantee may elect to make payment for the withholding
of federal, state and local taxes, including Social Security and Medicare (“FICA”) taxes by one or a combination of
the following methods:

 

    	 	26	 

    	 	 	 

    

 

(i)       payment
of an amount in cash equal to the amount to be withheld (including cash obtained through the sale of the Shares acquired on exercise
of an Option or SAR, upon the lapse of restrictions on Restricted Shares, or upon the transfer of Shares, through a broker-dealer
to whom the Grantee has submitted an irrevocable instructions to deliver promptly to the Company, the amount to be withheld);

 

(ii)      delivering
part or all of the amount to be withheld in the form of Shares valued at its Fair Market Value on the Tax Date;

 

(iii)     requesting
the Company to withhold from those Shares that would otherwise be received upon exercise of the Option or SAR, upon the lapse of
restrictions on Restricted Stock, or upon the transfer of Shares, a number of Shares having a Fair Market Value on the Tax Date
equal to the amount to be withheld; or

 

(iv)     withholding
from any compensation otherwise due to the Grantee.

 

The Committee
in its sole discretion may provide that the maximum amount of tax withholding upon exercise of an Option or SARs, upon the lapse
of restrictions on Restricted Shares, or upon the transfer of Shares, to be satisfied by withholding Shares upon exercise of such
Option or SAR, upon the lapse of restrictions on Restricted Shares, or upon the transfer of Shares, pursuant to clause (iii) above
shall not exceed the minimum amount of taxes, including FICA taxes, required to be withheld under federal, state and local law.
An election by Grantee under this subsection is irrevocable. Any fractional share amount and any additional withholding not paid
by the withholding or surrender of Shares must be paid in cash. If no timely election is made, the Grantee must deliver cash to
satisfy all tax withholding requirements.

 

(b)        Any
Grantee who makes a Disqualifying Disposition (as defined in Section 6.4(f)) or an election under Section 83(b) of the Code shall
remit to the Company an amount sufficient to satisfy all resulting tax withholding requirements in the same manner as set forth
in subsection (a).

 

18.2     Notification
under Code Section 83(b).  If the Grantee, in connection with the exercise of any Option, or the grant of Restricted Shares,
makes the election permitted under Section 83(b) of the Code to include in such Grantee’s gross income in the year of transfer
the amounts specified in Section 83(b) of the Code, then such Grantee shall notify the Company of such election within 10 days
of filing the notice of the election with the Internal Revenue Service, in addition to any filing and notification required pursuant
to regulations issued under Section 83(b) of the Code. The Committee may, in connection with the grant of an Award or at any time
thereafter, prohibit a Grantee from making the election described above.

 

    	 	27	 

    	 	 	 

    

 

Article 19.

Additional Provisions

 

19.1     Successors.
 All obligations of the Company under the Plan with respect to Awards granted hereunder shall be binding on any successor to the
Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise
of all or substantially all of the business and/or assets of the Company.

 

19.2     Severability.
 If any part of the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity
shall not invalidate any other part of the Plan. Any Section or part of a Section so declared to be unlawful or invalid shall,
if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest
extent possible while remaining lawful and valid.

 

19.3     Requirements
of Law.  The granting of Awards and the delivery of Shares under the Plan shall be subject to all applicable laws, rules, and
regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. Notwithstanding
any provision of the Plan or any Award, Grantees shall not be entitled to exercise, or receive benefits under, any Award, and
the Company (and any Affiliate) shall not be obligated to deliver any Shares or deliver benefits to a Grantee, if such exercise
or delivery would constitute a violation by the Grantee or the Company of any applicable law or regulation.

 

19.4     Securities
Law Compliance.

 

(a)        If
the Committee deems it necessary to comply with any applicable securities law, or the requirements of any stock exchange upon which
Shares may be listed, the Committee may impose any restriction on Awards or Shares acquired pursuant to Awards under the Plan as
it may deem advisable. In addition, if requested by the Company and any underwriter engaged by the Company, Shares acquired pursuant
to Awards may not be sold or otherwise transferred or disposed of for such period following the effective date of any registration
statement of the Company filed under the Securities Act as the Company or such underwriter shall specify reasonably and in good
faith, not to exceed 180 days in the case of the Company’s initial public offering or 90 days in the case of any other public
offering. All certificates for Shares delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to
such stop transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements
of the SEC, any stock exchange upon which Shares are then listed, any applicable securities law, and the Committee may cause a
legend or legends to be put on any such certificates to make appropriate reference to such restrictions. If so requested by the
Company, the Grantee shall make a written representation to the Company that he or she will not sell or offer to sell any Shares
unless a registration statement shall be in effect with respect to such Shares under the Securities Act of 1933, as amended, and
any applicable state securities law or unless he or she shall have furnished to the Company an opinion of counsel, in form and
substance satisfactory to the Company, that such registration is not required.

 

(b)        If
the Committee determines that the exercise or nonforfeitability of, or delivery of benefits pursuant to, any Award would violate
any applicable provision of securities laws or the listing requirements of any national securities exchange or national market
system on which are listed any of the Company’s equity securities, then the Committee may postpone any such exercise, nonforfeitability
or delivery, as applicable, but the Company shall use all reasonable efforts to cause such exercise, nonforfeitability or delivery
to comply with all such provisions at the earliest practicable date.

 

    	 	28	 

    	 	 	 

    

 

19.5     Awards
Subject to Claw-Back Policies.  Notwithstanding any provisions herein to the contrary, if the Company has a class of stock
that is registered under Section 12 of the Exchange Act, all Awards granted hereunder shall be subject to the terms of any recoupment
policy currently in effect or subsequently adopted by the Board to implement Section 304 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley
Act") or Section 10D of the Exchange Act (or with any amendment or modification of such recoupment policy adopted by the
Board) to the extent that such Award (whether or not previously exercised or settled) or the value of such Award is required to
be returned to the Company pursuant to the terms of such recoupment policy.

 

19.6     No
Rights as a Shareholder.  No Grantee shall have any rights as a shareholder of the Company with respect to the Shares (other
than Restricted Shares) which may be deliverable upon exercise or payment of such Award until such Shares have been delivered
to him or her. Restricted Shares, whether held by a Grantee or in escrow by the Secretary of the Company, shall confer on the
Grantee all rights of a shareholder of the Company, except as otherwise provided in the Plan or Award Agreement. At the time of
a grant of Restricted Shares, the Committee may require the payment of cash dividends thereon to be deferred and, if the Committee
so determines, reinvested in additional Restricted Shares. Stock dividends and deferred cash dividends issued with respect to
Restricted Shares shall be subject to the same restrictions and other terms as apply to the Restricted Shares with respect to
which such dividends are issued. The Committee may in its discretion provide for payment of interest on deferred cash dividends.

 

19.7     Nature
of Payments.  Unless otherwise specified in the Award Agreement, Awards shall be special incentive payments to the Grantee
and shall not be taken into account in computing the amount of salary or compensation of the Grantee for purposes of determining
any pension, retirement, death or other benefit under (a) any pension, retirement, profit sharing, bonus, insurance or other employee
benefit plan of the Company or any Affiliate, except as such plan shall otherwise expressly provide, or (b) any agreement between
(i) the Company or any Affiliate and (ii) the Grantee, except as such agreement shall otherwise expressly provide.

 

19.8     Non-Exclusivity
of Plan.  Neither the adoption of the Plan by the Board nor its submission to the shareholders of the Company for approval
shall be construed as creating any limitations on the power of the Board to adopt such other compensatory arrangements for employees
or Non-Employee Directors as it may deem desirable.

 

19.9     Governing
Law.  The Plan, and all agreements hereunder, shall be construed in accordance with and governed by the laws of the State of
Delaware, other than its laws respecting choice of law.

 

    	 	29	 

    	 	 	 

    

 

19.10   Unfunded Status
of Awards; Creation of Trusts.  The Plan is intended to constitute an “unfunded” plan for incentive and deferred
compensation. With respect to any payments not yet made to a Grantee pursuant to an Award, nothing contained in the Plan or any
Award Agreement shall give any such Grantee any rights that are greater than those of a general creditor of the Company; provided,
however, that the Committee may authorize the creation of trusts or make other arrangements to meet the Company’s obligations
under the Plan to deliver cash, Shares or other property pursuant to any Award which trusts or other arrangements shall be consistent
with the “unfunded” status of the Plan unless the Committee otherwise determines.

 

19.11   Affiliation. 
Nothing in the Plan or an Award Agreement shall interfere with or limit in any way the right of the Company or any Affiliate to
terminate any Grantee’s employment or consulting contract at any time, nor confer upon any Grantee the right to continue
in the employ of or as an officer of or as a consultant to the Company or any Affiliate.

 

19.12   Participation. 
No employee or officer shall have the right to be selected to receive an Award under this Plan or, having been so selected, to
be selected to receive a future Award.

 

19.13   Military Service. 
Awards shall be administered in accordance with Section 414(u) of the Code and the Uniformed Services Employment and Reemployment
Rights Act of 1994.

 

19.14   Construction. 
The following rules of construction will apply to the Plan: (a) the word “or” is disjunctive but not necessarily exclusive,
and (b) words in the singular include the plural, words in the plural include the singular, and words in the neuter gender include
the masculine and feminine genders and words in the masculine or feminine gender include the other neuter genders.

 

19.15   Headings. 
The headings of articles and sections are included solely for convenience of reference, and if there is any conflict between such
headings and the text of this Plan, the text shall control.

 

19.16   Obligations.  Unless otherwise specified in the Award Agreement, the obligation to deliver, pay or transfer any amount of money or other property
pursuant to Awards under this Plan shall be the sole obligation of a Grantee’s employer; provided that the obligation to
deliver or transfer any Shares pursuant to Awards under this Plan shall be the sole obligation of the Company.

 

19.17   No Right to Continue
as Director.  Nothing in the Plan or any Award Agreement shall confer upon any Non-Employee Director the right to continue
to serve as a director of the Company.

 

19.18   Shareholder Approval. 
All Awards granted on or after the Effective Date and prior to the date the Company’s shareholders approve the Plan are
expressly conditioned upon and subject to approval of the Plan by the Company’s shareholders.

 

    	 	30Exhibit 10.32

 

EXCLUSIVE LICENSE AND DISTRIBUTION AGREEMENT

 

This 
Exclusive License And Distribution Agreement (“Agreement”)
is made and entered into as of December 31, 2014 (“Effective Date”), between Nuo
therapeutics, Inc., (formerly Cytomedix Inc.) a Delaware corporation, with principal office at 207 Perry Parkway, Suite
1, Gaithersburg, MD 20877 (“Nuo”), and ROHTO Pharmaceutical Co., Ltd.,
a Japanese company, with its principal office at 1-8-1 Tatsumi-nishi, Ikuno-ku, Osaka 544-8666, Japan (“Rohto”). Each
of Nuo and Rohto is hereinafter referred to as a “Party” and collectively the “Parties.”

 

RECITALS

 

A.            Nuo
is the owner of certain intellectual property rights pursuant to which it has commercialized a point of care cell separation device
which produces a platelet based therapeutic formulation for use on chronic, hard to heal wounds and ulcers offered as the Aurix
System.

 

B.            Rohto
has capability of conducting clinical studies of medical devices and has facilities and experience in the distribution, sale and
service of medical devices in the Territory (defined below), and desires to become the exclusive licensee of certain intellectual
property rights of Nuo under which it will distribute the Products (defined below) in the Field of Use (defined below), pursuant
to the terms of this Agreement.

 

Now,
Therefore, in consideration of the foregoing, and for other good and valuable
consideration, the receipt and sufficiency of which are acknowledged, the Parties intending to be legally bound agree as follows:

 

AGREEMENT

 

1.            DEFINITIONS.
When used herein, capitalized terms shall have the following meanings:

 

“Affiliate”
means, in respect of any Party, any other Person which, but only for so long as such other Person, directly or indirectly, controls,
is controlled by, or is under common control with, such Party. The term “control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of a Person, through the ownership of voting
securities or other equity interests, and the terms “controlled” and “common control” have correlative
meanings.

 

“Change of Control”
means: (i) the direct or indirect sale or other disposition (in one or more related transactions to one or more Persons) of all
or substantially all of the assets of a Person, or (ii) the direct or indirect transfer of 50% or more of the outstanding
voting interest of a Person, whether in a single transaction or series of related transactions.

 

“FDA” means
the United States Food and Drug Administration and any successor entity.

 

    	 	 	 

     

    

 

“Field of Use”
means the use of the Product in the Territory for all wound care and topical dermatology applications in human and veterinary medicine.

 

“Gross Sales”
means the total sales amount including sales tax invoiced by Rohto from the commercialization and sale of the Products to wholesalers,
hospitals or doctors.

 

“Intellectual Property”
means, collectively, Patents, Trade Secrets, Copyrights, Trademarks, Know How, moral rights, trade names, rights in trade dress
and all other intellectual property rights and proprietary rights, whether arising under the laws of the United States or any other
state, country or jurisdiction in the world, including all rights or causes of action for infringement or misappropriation of any
of the foregoing. For purposes of this Agreement: (a) “Patents”, “Know How” and “Trademark”
shall have the meaning set forth below; (b) “Trade Secrets” shall mean all right, title and interest in all trade secrets
and trade secret rights arising under common law, state law, federal law or laws of foreign countries; and (c) “Copyrights”
shall mean all copyrights, and all other literary property and authorship rights, and all right, title, and interest in all copyrights,
copyright registrations, certificates of copyright and copyrighted interests throughout the world.

 

“Know How”
means any and all current and future know-how, technical information, technical knowledge, unpatentable inventions, manufacturing
procedures, methods, trade secrets, processes, formulas, documentation and other tangible or intangible property or rights relating
to the Wound Dressing or Products, whether or not capable of precise separate description but which alone, or when accumulated,
gives to the Person acquiring it an ability to study, test, formulate, manufacture, produce or market something which it otherwise
would not have known to study, test, formulate, manufacture, produce or market in the same or similar way.

 

“Marketing Authorization”
or “MA” means the authorization by MHLW to manufacture / import, promote and sell the Product in Japan.

 

“MHLW” means
the Ministry of Health, Labour and Welfare in Japan.

 

“Net Sales”
means the Gross Sales less (i) sales tax (ii) trade, cash and quantity discounts or rebates allowed or taken, and (iii) charges
of insurance, freight, and other transportation costs directly related to the delivery of the Product. Notwithstanding the sum
of items (ii) and (iii) will not exceed 10% of Gross Sales.

 

“New Devices”
means the new device covered by Nuo Patent-2 and the new centrifuge for the new device which Nuo is developing as of the Effective
Date.

 

“NHI” means
national health insurance system in Japan, granted by the MHLW upon submission after Marketing Authorization of the Product is
granted.

 

“NHI Pricing Event”
means the event when the NHI reimbursement price for the Product in the Territory is achieved

 

“Nuo
Clinical Data” mean any and all clinical and other data Nuo used for the FDA 510(k)
clearance of Aurix System or former AutoloGel System, or for license or approval by other governmental authorities. 

 

“Nuo Know How”
means the Know How Nuo owns and obtains during the term of this Agreement relating to Wound Dressing, Product and improvement thereto,
including, but not limited to, Nuo Clinical Data, treatment method of patient using Wound Dressing, and PRP separation technology
(from patient’s blood) embodied in the Centrifuge.

 

    	 	2	 

     

    

 

“Nuo Patent”
means the Nuo Patent-1 and Nuo Patent-2 described in Exhibit 1 attached hereto and any Patent relating to the improvement of the
Wound Dressing or the Product in the Territory which Nuo files or obtains rights from a third party during the term of this Agreement.

 

“Nuo Technology”
means Nuo Patent and Nuo Know-How.

 

“Nuo Trademarks”
means any and all Trademarks, trade names, service marks, service names, logos and similar proprietary rights whether now or in
the future owned, controlled or licensed by Nuo and currently used or to be used in connection with the Product. As of the Effective
Date Nuo Trademarks are described in Exhibit 2 attached hereto.

 

“Patent”
means any patent application or patent, including all of the following kinds and their equivalents outside the United States (as
applicable): provisional, converted provisional (or regular), divisional, continuation, continuation-in-part, and substitution
applications; and regular utility, re-issue, re-examination, renewal and extended patents (including Supplementary Protection Certificates),
as well as all right, title and interest in all letters patent or equivalent rights and applications for letters patent or rights,
industrial and utility models, industrial designs, petty patents, patents of importation, patents of addition, certificates of
invention and other government issued or granted indicia of invention ownership, including any reissue, extension, division, continuation
or continuation-in-part applications throughout the world.

 

“Person”
means any natural person or any corporation, partnership, limited liability company, business association, joint venture or other
entity.

 

“PMDA” means
the Pharmaceuticals and Medical Devices Agency in Japan, which is an agency of MHLW to review application of Marketing Authorization
of pharmaceuticals and medical devices in Japan.

 

“Point of Shipment”
shall have the meaning given in the INCOTERMS 2010.

 

“Product”
means the combination of devices to produce a Wound Dressing from the patient’s blood. As of the Effective Date, the Product
means Aurix System (formerly AutoloGel System) which consists of Centrifuge, Wound Dressing Kit, and Reagent Kit described in Exhibit
3 attached hereto.

 

“Territory”
means Japan.

 

“Trademarks”
shall mean all right, title and interest in all trademark, service mark, trade name and trade dress rights arising under the common
law, state law, federal laws and laws of foreign countries, and all right, title, and interest in all trademark, service mark,
trade name and trade dress applications and registrations interests throughout the world.

 

“Transfer Price”
means the supply price of the Product from Nuo to Rohto, which is Nuo’s manufacturing or procurement cost of Centrifuge and
each Kit plus 10% of such cost for Nuo’s direct overhead cost as described in exhibit 4 attached hereto.

 

“Transition Event”
means the earlier of (i) the occurrence of the NHI Pricing Event or (ii) when NHI reimburse price submission is declined by MHLW.

 

    	 	3	 

     

    

 

“Wound Dressing”
means the mixture of platelet rich plasma (PRP) derived from patient’s own blood and reagents which is covered by Nuo Patent-1.

 

2.            GRANT
OF LICENSE

 

(a)          Exclusive
License of Nuo Technology. Nuo grants to Rohto a royalty bearing, nontransferable, exclusive license, with limited right to sublicense,
to use Nuo Technology for the development, import, use, marketing, sale, and distribution of the Product in the Field of Use in
the Territory.

 

(b)          Distribution
Right. Rohto shall have an exclusive right, in the Field of Use in the Territory, to import, use for development, promote, market,
sell and distribute the Product which Nuo manufactures or has contractor manufacture for Nuo and supply to Rohto. Nuo shall not
export, promote, or supply the Product to any third party in the Territory.

 

(c)          Procurement
of devices. Rohto reserves the right to manufacture or purchase certain non-proprietary devices from a third party with Nuo’s
approval, such approval shall not be unreasonably withheld or delayed. In such case, Rohto shall assemble such devices with other
devices supplied by Nuo to make a Product in the Territory. For avoidance of doubt, in such case the sales amount of Rohto’s
assembled Product as a whole shall be the base of Net Sales for royalty payment set forth in Section 4 (c) of this Agreement.

 

(d)          Manufacturing
Right. At any time after the Transition Event, upon written notice to Nuo, Nuo shall grant to Rohto an exclusive license, with
limited right to sublicense, to use Nuo Technology for manufacturing, or having third-party manufacture devices which are covered
by Nuo Patent or embodied by Nuo Know How, such as the New Devices and Centrifuge of current and future version, for the Territory.
Upon request of Rohto, Nuo shall provide Rohto with reasonably sufficient information for Rohto to manufacture or have manufactured
such devices. For avoidance of doubt, in such case Rohto shall assemble Product for the Territory,
and sales amount of such Rohto’s assembled Product as a whole shall be the base of Net Sale for royalty payment set forth
in Section 4 (c) of this Agreement.

 

(e)          Procurement
by Rohto. With approval from Nuo, Rohto may procure all components of the Product from Nuo’s
suppliers and contract manufacturers directly at the established Nuo contract prices. For avoidance of doubt, in such case the
sales amount of Rohto’s assembled Product as a whole shall be the base of Net Sales for royalty payment set forth in Section
4 (c) of this Agreement.

 

(f)          Nuo
Trademark. Nuo grants to Rohto a royalty free, nontransferable, exclusive license, with the right to sublicense, to use Nuo Trademark
for the Product which Rohto import, develop, use, market, sell and distribute in the Field of Use in the Territory. Nuo shall register
the Nuo Trademark in the Territory. 

 

(g)          Trademark
Option. Rohto reserves the right to use a trademark other than Nuo Trademarks for the Product in the Territory.

 

(h)          Eastern
and South Eastern Asian Countries. In the event Nuo intends to appoint a licensee or a distributor of its Product in China,
Hong Kong, Macau, Mongolia, North Korea, South Korea, Taiwan, Brunei, Myanmar (Burma), Cambodia, East Timor, Indonesia, Laos, Malaysia,
Philippines, Singapore, Thailand, Vietnam, India, Pakistan, or Bangladesh Nuo shall notify Rohto of such intent and the expected
timeframe for negotiations regarding such appointment.  During the timeframe stipulated by Nuo, the Parties shall discuss
in good faith whether such country would be included in the Territory. 

 

    	 	4	 

     

    

 

(i)          Improvement
by Nuo. In the event Nuo has filed a new patent application in any country relating to Wound Dressing or Product, Nuo shall promptly
inform Rohto of the reasonable details of such patent application. For avoidance of doubt, such patent application shall be included
in the Nuo Patent.

 

(j)          Improvement
by Rohto. In the event Rohto has filed a new patent application for a new invention relating to Wound Dressing, Product or Nuo
Technology, Rohto shall inform Nuo of the reasonable details of such invention promptly after Rohto has filed the patent application
for such invention in the Territory or in the U.S. In such event Rohto shall grant to Nuo a royalty free, nonexclusive license
to use such patent application outside the Territory during the term of this Agreement. Upon request of Nuo at Nuo’s expense
for filing, prosecution and maintenance, Rohto shall file such patent application in countries (other than Territory) designated
by Nuo.

 

(k)          Modification
of Component by Nuo. In the event Nuo intends to modify or change any component (device) of the Product within the Field of Use,
Nuo shall inform Rohto of such intent reasonably prior to the implementation of such modification or change. In the event Nuo decides
to commercialize the New Devices within the Field of Use in any country outside of Territory, Nuo shall inform Rohto of such decision.
For avoidance of doubt, the modified/changed device or the New Devices shall be included in the Product and Rohto has the exclusive
right to import, use for development, promote, market, sell and distribute such Product in the Territory and within the Field of
Use.

 

(l)          Modification
of Component by Rohto. Rohto reserves the right to modify or change any component (device) of the Product in order to meet the
market needs in the Territory. In the event Rohto intends to implement such modification or change
within the Field of Use, Rohto shall inform Nuo of such intent reasonably prior to the implementation of such modification or change.
For avoidance of doubt, the modified/changed device shall be included in the Product and sales
amount of such Rohto’s assembled Product as a whole shall be the base of Net Sale for royalty payment set forth in Section
4 (c) of this Agreement.

 

3.            DEVELOPMENT.

 

(a)          PMDA
Consultation. Upon execution of this Agreement Rohto shall consult with PMDA for a Marketing Authorization of the Product in the
Territory. Rohto shall conduct clinical studies in accordance with guidance of PMDA.

 

(b)          Nuo
Information and Data. Upon Rohto’s reasonable request, Nuo shall provide Rohto with Nuo Clinical Data, Product information,
or other information or data Nuo has or would be reasonably expected to have which are required for MA application by Rohto in
the Territory.

 

(c)          Clinical
Studies. Rohto shall conduct required clinical and other studies for the Marketing Authorization at its own expenses and responsibility.
Upon request of Rohto, Nuo shall supply Rohto with the Product or specific devices in the Product at the Transfer Price.

 

    	 	5	 

     

    

 

(d)          
Safety Reporting. Prior to clinical studies, the parties shall enter into a quality agreement that includes safety reporting for
clinical studies.

 

(e)          Marketing
Authorization. Upon completion of the required studies, and without unreasonable delay in the Territory, Rohto shall submit the
MA application for the Product with MHLW, and upon approval, Rohto shall be the holder of the Marketing Authorization of the Product.

 

(f)          Inspection.
In the event PMDA or other agency of MHLW requires inspections of Nuo’s and/or its suppliers’ facilities (of the devices
and Product), Nuo will reasonably cooperate with such inspections and use commercially reasonable efforts to cause its suppliers
of the devices/Product to cooperate with such inspections.

 

(g)          NHI
Pricing. Promptly after the Marketing Authorization for the Product is granted, Rohto shall submit, at its own expense, NHI reimbursement
for the Product with MHLW.

 

(h)          No
Warranty. Rohto shall make commercially reasonable effort to conduct required studies and seek the Marketing Authorization and
NHI reimbursement for the Product, provided that Rohto shall not ensure the achievement of such approval or grant. Nuo acknowledges
that such approval or grant is at the discretion of MHLW.

 

(i)          Restriction.
The Parties acknowledge that Rohto is strictly prohibited by the relevant laws and regulations in the Territory to promote, advertise,
or sell the Product in the Territory until after the Transition Event. Rohto shall start marketing
and sale of the Product in the Territory only after the Transition Event.

 

(j)          Quality
Agreement. Prior to the Transition Event, the Parties shall enter into a separate quality agreement that (a) defines Rohto’s
rights to audit manufacturing sites of each component (device) of the Product in compliance with the requirements of relevant (QMS)
regulations in Japan, (b) defines specifications, shelf life of each component (device) of the Product, and remedies for non-conforming
Product, (c) defines labeling and package insert of the Product, and (d) conforms to the quality plan and systems of Nuo.

 

(k)          Safety
Agreement. Prior to the Transition Event, the Parties shall enter into a separate safety agreement that defines the safety report,
safety database, product recall, post marketing survey, and so on in compliance with the requirement of relevant laws and regulations
in Japan and the United States.

 

(l)          Supply
And Distribution Agreement. Prior to the Transition Event, the Parties shall enter into a supply and distribution agreement with
respect to then current Product available at Nuo , which shall include the provisions of Section 5. (DISTRIBUTION) and Section
6. (SUPPLY OF PRODUCT) of this Agreement and minimum performance requirements.

 

4.            CONSIDERATION.

 

In consideration of
the right and license granted to Rohto under this Agreement, Rhoto shall pay to Nuo the following amount.

 

    	 	6	 

     

    

 

(a)          Upfront
Payment. Rohto shall pay to Nuo an upfront non-refundable payment of Three Million United States dollars ($3,000,000) by wire transfer
of immediately available funds to the following account within thirty (30) days after the Effective Date of this Agreement.

 

	Company Name:	NUO Therapeutics, Inc.
	Company Address:	207A Perry Parkway, Suite 1
		Gaithersburg, MD 20877
		USA
	 	 
	Bank Name:	Capital One Bank (USA), N.A.
	Bank Address:	1680 Capital One Drive
		McLean, VA 22102
	 	 
	Swift Code:	HIBKUS44
	 	 
	Routing Number:	255071981
	 	 
	Account Number:	2554300542

 

(b)          Milestone
Payment. Upon occurrence of the NHI Pricing Event, Rohto shall pay to Nuo a non-refundable payment of One Million United States
dollars ($1,000,000) by wire transfer of immediately available funds to the account specified above or to such other account as
may be specified by Nuo in writing within thirty (30) days after the NHI Pricing Event.

 

(c)          Royalty.
Rohto shall pay to Nuo a royalty at the rate of nine (9) percent based on the Net Sales (“Royalty”).

 

(i)          Report.
No later than thirty (30) days after the end of each calendar quarter, Rohto shall deliver to Nuo a written report detailing:
(i) the number of Product sold, (ii) Gross Sales and Net Sales generated from the sales, and (iii) the resulting Royalty owed to
Nuo.

 

(ii)         Payment.
The Royalty owed to Nuo shall be paid by Rohto to Nuo by wire transfer of immediately available funds in U.S. dollars to the account
specified above or to such other account as may be specified by Nuo or its designee in writing. The Royalty shall be paid to such
account within forty–five (45) days after the end of each calendar quarter.

 

(iii)        Audit.
Nuo shall have the right to audit the records of Rohto relating to Net Sales at any time during the normal business hours
upon reasonable advance written notice. The audit will be performed no more than once a fiscal year of Rohto by an independent
reputable accounting firm at Nuo’s sole expense. If the accounting firm determines that Nuo was not paid the full Royalty
owed, Nuo shall have the accounting firm submit the audit findings to Rohto, and Rohto shall pay the amount of any shortfall within
thirty (30) business days after receipt of the audit findings. If Rohto fails to pay such shortfall within such five (5) business
day cure period, then interest shall accrue on such shortfall (from the date it was due) at fifteen percent (15%) per annum. 

 

(d)          Withhold
Tax. If applicable laws and regulations require withholding of income or other taxes imposed upon any payments made by Rohto to
Nuo under this Agreement, Rohto shall make such withholding payments as may be required and shall subtract such withholding payments
from such payments. Rohto shall submit appropriate proof of payment of the withholding taxes to Nuo within a reasonable period
of time. Rohto shall render Nuo reasonable assistance in order to allow Nuo to obtain the benefit of any present or future treaty
against double taxation which may apply to such payments.

 

    	 	7	 

     

    

 

5.            DISTRIBUTION.

 

(a)          Distribution.
On and after the Transition Event, Rohto shall use best efforts to market, distribute and sell the Product, consistent with the
terms and conditions of this Agreement. Additionally, Rohto shall provide post-sale customer service for the Products in the Territory
under the terms set forth in this Agreement.

 

(b)          Appointment
of Sub-Distributors. The Parties agree that Rohto’s rights and obligations under this Agreement will, subject to terms and
limitations contained in this Agreement, be discharged and administered directly by Rohto and may include the use of contractors,
subcontractors, and agents, in a manner substantially similar to the method that Rohto currently utilizes to operate its existing
businesses. Rohto shall remain responsible to Nuo for any and all acts and omissions of such sub-distributors and agents.

 

(c)          Promotion
of Product; Advertising.

 

(i)          Promotion.
Rohto shall use its best efforts to develop a customer base and market, sell and distribute the Product within the Territory. Rohto
shall advertise and otherwise promote the Product in a commercially reasonable manner and furnish appropriate Product information
and promotional materials to its customers in a fashion similar to that used with Rohto’s other products.

 

(ii)         Translation
of Materials. Rohto shall bear the cost and responsibility to create and maintain all literature required, in all languages required,
in order to market, sell, distribute and service the Product in the Territory, including all labeling, package inserts, instruction
manuals, registrations, sales literature and other promotional materials for the Product. All translated materials shall be approved
by Nuo prior to release and distribution. Rohto shall attach a written statement with the translated materials submitted to Nuo
for approval certifying that the translation does not misrepresent the claims of the original English-language material and is
an accurate translation.

 

(iii)        Recognition
of Patents and Patents Pending. Subject to rules, regulations and codes controlling the labeling and packaging of the Products,
Rohto may at its discretion include on each Product packaging a printed statement identifying the patents under which the product
is produced and distributed. This notice may be modified by mutual consent of the Parties as reasonably necessary to comply with
applicable patent marking provisions of the U.S. patent laws.

 

(d)          Forecasting
of Products. Rohto shall annually provide to Nuo a rolling forecast of Rohto’s requirements for the Product for the twelve
(12) month period commencing that quarter. The requirements for the first quarter period of each forecast shall constitute a firm
and binding Purchase Order for Product, and shall be delivered to Rohto in full prior to the end of the same quarter. The remaining
rolling quarterly forecast shall constitute non-binding estimates of Product and requirements for the period described; provided
that, the second (2nd) quarter in any forecast shall be varied by no more than 20% when reported in the subsequent binding
forecast, unless agreed to by Nuo. The fourth (4th) quarter of each forecast are non-binding and may be modified by
Rohto at any time in its sole discretion. Nuo will not guarantee fulfillment of orders constituting an aggregate increase in firm
order quantities over forecasted quantities for a given quarter in excess of 20%. In addition to the forecast, Rohto is encouraged
to provide Nuo at any time with advance non-binding notice of expected significant changes to the existing quarterly forecast for
purposes of production planning.

 

    	 	8	 

     

    

 

(e)          Regular
Communication. The Parties will meet telephonically or face-to-face no less than quarterly to review, among other things, sales
performance, progress on sales metrics, on hand inventory levels, customer usage information, and make such adjustments and changes
as are agreed to by the Parties.

 

(f)          Reservation
of Title. Except as expressly provided in this Agreement, Nuo reserves to itself and retains all right, title and interest in and
to all Intellectual Property related to the Product and to any modifications, enhancements, improvements and upgrades thereto implemented
by Nuo. Rohto may not duplicate, translate, decompile, reverse engineer or adapt any Product or component parts thereof without
Nuo’s prior written consent.

 

(g)          No
Other Rights. Except as expressly provided in this Agreement, no right, title, or interest is granted by Nuo to Rohto hereunder.
Nuo may distribute any products, other than the Product, which shall not compete with the Product, within the Territory, either
directly or indirectly through distributors, and no right, title or interest is granted by Nuo to Rohto relating to such products.

 

(h)          Other
Information Reporting. Rohto shall provide to Nuo, at Rohto’s expense and in English, each and every Product-related quality
and/or performance complaint reasonably after receipt of such complaint by customer. Rohto shall use a complaint reporting form
agreed upon by the Parties for reporting the information to Nuo.

 

(i)          Post-Sale
Service, Technical Assistance, and Support. Rohto shall provide to its customers post-sale service, technical assistance and support
for Products sold by Rohto in the Territory, at Rohto’s sole cost and expense (other than warranty claims in accordance with
this Agreement).

 

6.            SUPPLY
OF PRODUCT.

 

(a)          Transfer
Price. On and after the Transition Event, Rohto shall purchase, and Nuo shall supply all Products currently in production at the
Transfer Price.

 

(b)          Trade
Term.

 

The Transfer
Price for Product purchased by Rohto hereunder shall be Free Carrier (“FCA”), Nuo’s Point of Shipment or other
trade term the Parties agree.

 

(c)          Certain
Taxes. The Parties acknowledge that the Transfer Prices of Product do not include any sales, excise, use, value added or other
government taxes or duties that may be applicable to the export, import or purchase of the Product, including all income and income-based
taxes imposed on Nuo under applicable laws in Territory, which taxes shall be the sole responsibility of Rohto and Rohto agrees
that it will bear all such taxes and duties.

 

(d)          Order
and Acceptance. All orders for Product shall be by means of a written purchase order which shall be submitted to Nuo at Nuo’s
address for notice purposes set forth in Section 12(e), and shall request a delivery date. Orders may be placed by telephone, facsimile
transmission or, upon the Parties’ agreement, by e-mail; provided, however, that a signed confirming purchase
order is received by Nuo no later than ten (10) business days after such order. Nuo shall notify Rohto in writing within a reasonable
period of time from submission of the purchase order of any rejected order and the reason(s) for such rejection.

 

    	 	9	 

     

    

 

(e)          Invoicing;
Payment. Nuo shall submit an invoice to Rohto with each shipment of Product ordered by Rohto. Such invoice shall be due and payable
thirty (30) days following the date of such invoice. All invoices shall be sent to Rohto’s address for notice purposes
set forth in Section 12(e), without regard to the actual shipping address for the Product. Each such invoice shall state Rohto’s
aggregate and unit purchase price for Product in the relevant shipment, plus any freight, taxes or other costs incident to the
purchase or shipment initially paid by Nuo and to be borne by Rohto hereunder. Rohto shall make all payments to Nuo under this
Agreement in United States dollars in immediately available funds to a bank account designated by Nuo in such invoice, or otherwise
designated by Nuo in writing. Rohto shall not take any credits or offsets against amounts billed Rohto by Nuo without Nuo’s
prior written consent.

 

(f)          Shipping;
Risk of Loss.

 

(i)          All
Product delivered by Nuo pursuant to this Agreement shall be suitably packed for surface or air shipment, in Rohto’s sole
discretion, in a bulk shipping carton per the requirements set forth in the applicable purchase order, marked for shipment to such
location or locations as Rohto may designate, and delivered to Rohto or its carrier, FCA, Nuo’s Point of Shipment. Risk of
loss of Product shall pass to Rohto upon delivery to the carrier at the FCA Point of Shipment.

 

(ii)         Nuo
shall ship all Product in accordance with Rohto’s delivery instructions specified in Rohto’s purchase orders; provided,
however, that if Rohto does not provide delivery instructions with respect to the carrier to be used, Nuo may use its customary
carrier. Partial shipments are allowed. All freight, insurance and other shipping expenses, as well as any special packing expenses,
shall be paid by Rohto. Rohto shall also bear all applicable taxes and duties that may be assessed against the Product after delivery
to the carrier at the FCA Point of Shipment.

 

(iii)        Nuo
shall use its good faith efforts to ship the Product within a reasonable amount of time after receipt and acceptance of Rohto’s
purchase order for the Product, consistent with Nuo’s shipping procedures in place from time to time. All shipments of Product
shall be deemed to conform to the relevant purchase order unless Nuo receives from Rohto, no later than fifteen (15) days after
the receiving date of a given shipment, written notice specifying the shipment, the purchase order number and the exact nature
of the discrepancy between the shipment and the order.

 

7.            ADDITIONAL
OBLIGATIONS OF ROHTO.

 

(a)          Compliance
with Laws. Rohto shall comply in all respects with the laws and regulations (including health and safety regulations) applicable
to the marketing, distribution, sale and service of Product within the Territory. Rohto shall monitor the appropriate information
sources in the Territory for material changes in such laws and regulations relating to the distribution of Product within the Territory
and notify Nuo in writing of all such material changes.

 

(b)          U.S.
Export Controls. Rohto understands and acknowledges that Nuo is subject to regulation by agencies of the United States Government,
including the United States Department of Commerce, the United States Department of the Treasury, and the United States Food and
Drug Administration, which prohibit export or diversion of certain products and technology to certain countries. Any and all obligations
of Nuo to provide the Product, documentation, or any media in which any of the foregoing is contained, as well as any other technical
assistance shall be subject in all respects to such United States laws and regulations as shall from time to time govern the license
and delivery of technology and products abroad by Persons subject to the jurisdiction of the United States, including the Export
Administration Act of 1979, as amended, any successor legislation, and the Export Administration Regulations issued by the Department
of Commerce, Bureau of Export Administration. Rohto agrees to cooperate with Nuo, including providing required documentation, in
order to obtain export licenses or exemptions therefrom.

 

    	 	10	 

     

    

 

(c)          Regulatory
Relationships. Rohto shall communicate with regulatory agencies within the Territory where the Product is registered, sold or serviced
by Rohto for purposes of monitoring and maintaining any necessary documents or filings required for Rohto to conduct sales of the
Product.

 

(d)          No
Conflicting Commitments. Rohto shall not enter into any third party commitments or contracts for Product sales or service and repair
that supersedes or conflicts with the terms and conditions of this Agreement.

 

(e)          Distribution
of Competitive Products. Rohto agrees not to, directly or indirectly, distribute or otherwise offer
for sale platelet based products in wound care.

 

(f)          Commercialization
Resources and Diligence. Rohto shall apply best efforts to the marketing, sales and customer support of the Product similar to
the effort and resources Rohto applies to its other products.

 

8.            ADDITIONAL
OBLIGATIONS OF NUO.

 

(a)          Compliance
with Laws. Notwithstanding Section 7 of this Agreement, Nuo will obtain and maintain at its expense the necessary regulatory clearances
in the United States supporting the approval and clearance of the Product. Nuo will assist Rohto, at Rohto’s expense, in
obtaining regulatory clearances in Rohto’s name for the Product. Nuo shall comply in all material respects with all laws
and regulations within the United States applicable to the manufacture, labeling, packaging and sale of the Product. Nuo shall
supply to Rohto only Product which has 510(k) clearance or for which an application for such clearance has been filed.

 

(b)          Support.
Nuo shall provide consultation to Rohto concerning technical aspects, regulatory approvals, and use of the Product from time to
time as reasonably requested by Rohto. Nuo shall also provide consultation to Rohto regarding regulatory approvals within the Territory.

 

(c)          Scientific
and Technical Information. Nuo shall provide to Rohto scientific and technical information available to Nuo and required for distribution
to obtain any registrations, licenses and permits required for the sale and distribution of the Product within the Territory, or
to respond to inquiries from customers or governmental or regulatory authorities.

 

(d)          Product
Training. Nuo shall provide Product training for Rohto’s product managers and field application specialists on an as-needed
basis to enable Rohto to promote the sale of Product and to perform post-sale customer training, technical assistance and support
for its customers. Such Product training shall be conducted, at times and locations requested by Rohto and agreed upon by Nuo,
and will be free of charge, provided, however, that Rohto shall be responsible for all out-of-pocket expenses incurred
in connection with such Product training, including travel, airfare and lodging expenses incurred by Rohto’s personnel while
attending such training. In addition, Nuo will provide Product updates and service bulletins as they become available.

 

    	 	11	 

     

    

 

(e)          Information
Reporting. Nuo shall provide to Rohto, at Nuo’s expense, (i) information regarding any discovered defects in the Product,
or any malfunction or deterioration in the performance of the Products, and (ii) any inadequacy in the labeling or the instructions
for use. Rohto is responsible for disseminating the information to customers and sales representatives as appropriate.

 

(f)          Registrations,
Licenses and Patents. Nuo shall, as necessary to support approval, registration and licensing of the Products by Rohto in the Territory:
(a) maintain all current regulatory files, registrations and licenses for Products outside of the Territory, (b) maintain and pay
fees associated with any third party intellectual property licenses, if any, necessary to practice the rights granted under this
Agreement, and (c) maintain and pay the associated filing and maintenance fees for all patents owned by Nuo.

 

(g)          Responsible
Person. Rohto shall notify the competent authorities in Territory that it has been designated as the person responsible for the
marketing and distribution of the Product within the Territory, and Rohto’s address for notice purposes in Section 12(e)
shall be the principal place of business for such purposes.

 

(h)          Inventory
Requirement. Nuo or its contracted manufacturers will maintain no less than forty five (45) days’ finished goods inventories
of Products based upon Rohto’s annual unit forecast, updated on a rolling quarterly basis, pursuant to Section 5(d) above,
and forty five (45) days’ inventory of service and support parts, based on historical usage, to assure supply of Product
for customers.

 

(i)          Indemnity
Obligations. Nuo will indemnify, hold harmless and upon Rohto’s request, defend at its own expense Rohto and its officers,
directors, employees, agents, representatives, successors and assigns (collectively, the “Rohto Indemnified Persons”)
from and against any loss, claim, cost, suit, action, liability, judgment, decree, damage or expense including reasonable attorney’s
fees, imposed upon, incurred by or asserted against the Rohto Indemnified Persons, arising from any third party claim, demand or
action arising from (i) the infringement or misappropriation of the intellectual property rights of a third party by a Product
or use thereof, or Rohto’s use of the Nuo Trademarks, pursuant to this Agreement and (ii) any defect in the manufacturing
or design of a Product.

 

9.            REPRESENTATIONS
AND WARRANTIES OF THE PARTIES.

 

(a)          Nuo.
Nuo hereby represents and warrants to Distributor that:

 

(i)          Nuo
is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware, and has all
corporate power and authority to own, lease and operate its properties and to carry on its businesses as it is currently being
conducted. Nuo has all necessary corporate power and authority to enter into this Agreement and to perform its obligations hereunder.
This Agreement has been duly authorized, executed and delivered by Nuo.

 

(ii)         The
execution, delivery and performance by Nuo of this Agreement and the consummation of the transactions contemplated hereby do not
violate or conflict with the Certificate of Incorporation or Bylaws of Nuo, any material contract, agreement or instrument to which
Nuo is a party or by which it or its properties are bound, or any judgment, decree, order or award of any court, governmental body
or arbitrator by which Nuo is bound, or any law, rule or regulation applicable to Nuo.

 

    	 	12	 

     

    

 

(iii)        As
of the Effective Date Nuo has terminated the License And Distribution Agreement executed as of September 10, 2009 between Cytomedix
(now Nuo) and Millennia Holdings, Inc.

 

(iv)        Nuo
holds valid licenses to third party intellectual property, if any, necessary to practice the rights granted in this Agreement.
Further, Nuo is the sole, exclusive and lawful owner of all right, title and interest in and to the applicable Nuo Technology incorporated
in the Product and to the Nuo Trademarks. Nuo has not granted to any other Person any license,
franchise or other rights to acquire, use or exploit the Nuo Technology within the Territory (or any portion thereof). Nuo
has the right to grant the license, distribution and other rights to Rohto hereunder. 

 

(v)         Nuo
has in place, and shall have in place during the time that the manufacturing of the Products remains under its regulatory control:
(1) a quality management system that meets the requirements of current ISO 13485:2003 and 21CFR820; (2) required U.S. FDA registrations;
(3) good manufacturing practice (GMP) controls at all manufacturing facilities associated with Product; (4) a change management
system to control internal and supplier processes, so that changes to processes, contact materials and devices/components are approved
by Nuo prior to implementation; (5) special process validations, specifically for cleaning, sterile barrier packaging and sterilization;
and (6) sterilizers which maintain proper ISO certifications.

 

(b)          Rohto.
Rohto hereby represents and warrants to Nuo that:

 

(i)          Rohto
is a company duly organized and existing under the laws of Territory, and has all power and authority to own, lease and operate
its properties and to carry on its businesses as currently conducted. Rohto has all necessary power and authority to enter into
this Agreement and to perform its obligations hereunder. This Agreement has been duly authorized, executed and delivered by Rohto.

 

(ii)         The
execution, delivery and performance by Rohto of this Agreement and the consummation of the transactions contemplated hereby do
not violate or conflict with the Certificate of Incorporation or Bylaws of Rohto, any material contract, agreement or instrument
to which Rohto is a party or by which it or its properties are bound, or any judgment, decree, order or award of any court, governmental
body or arbitrator by which Rohto is bound, or any law, rule or regulation applicable to Rohto.

 

(iii)        Rohto
has (directly and/or with its Affiliates) the distribution facilities and personnel reasonably necessary to perform its functions
and otherwise carry out its obligations under the terms of this Agreement.

 

10.          TERM
AND TERMINATION.

 

(a)          Term.
The term of this Agreement shall commence on the Effective Date and shall continue for fifteen (15) years (the “Initial Term”),
unless earlier terminated pursuant to Section 10(b). If prior to the expiration of the Initial Term either Party has not provided
the other Party with written notice of termination at least six (6) months prior to the expiration of the Initial Term, this Agreement
shall be automatically renewed for additional one (1) year periods (the “Renewal Term” and together with Initial Term,
the “Term”), subject to termination during such Renewal Terms as set forth in this Agreement.

 

    	 	13	 

     

    

 

(b)          Termination
of Agreement. This Agreement may be terminated as follows:

 

(i)          The
Parties may terminate this Agreement upon their mutual written agreement.

 

(ii)         Nuo
may terminate this Agreement if Rohto breaches any of its material representations, warranties, covenants or obligations under
this Agreement and such breach continues for a period of thirty (30) days following Rohto’s receipt of written notice from
Nuo setting forth the nature of such breach.

 

(iii)        Rohto
may terminate this Agreement if Nuo breaches any of its material representations, warranties, covenants or obligations under this
Agreement and such breach continues for a period of thirty (30) days following Nuo’s receipt of written notice from Rohto
setting forth the nature of such breach.

 

(iv)        One
Party may terminate immediately this Agreement by written notice to the other Party upon the occurrence of any of the following
events: (i) the other Party is or becomes insolvent or unable to pay its debts as they become due within the meaning of the United
States Bankruptcy Code (or any successor statute) or any analogous foreign statute; or (ii) the other Party appoints or has appointed
a receiver for all or substantially all of its assets, or makes an assignment for the benefit of its creditors; or (iii) the other
Party files a voluntary petition under the United States Bankruptcy Code (or any successor statute) or any analogous foreign statute;
or (iv) the other Party has filed against it an involuntary petition under the United States Bankruptcy Code (or any successor
statute) or any analogous foreign statute, and such petition is not dismissed within ninety (90) days.

 

(v)         After
the Initial Term or each Renewal Term, either Party may terminate this Agreement at the end of the current Renewal Term by giving
the other Party written notice of termination at least six (6) months prior to the end of the current Renewal Term.

 

(c)          Effect
of Termination.

 

(i)          The
expiration or earlier termination of this Agreement shall not relieve any Party of any of its rights or liabilities arising prior
to or upon such expiration or earlier termination.

 

(ii)         Within
ten (10) business days following the effective date of the expiration or earlier termination of this Agreement, Rohto shall provide
to Nuo a complete inventory of Product in Rohto’s possession, in transit between Rohto’s authorized locations or in
transit to Rohto from Nuo or otherwise in Rohto’s control. Nuo may inspect Rohto’s Product inventory and audit Rohto’s
records in the manner provided herein.

 

(iii)        If
Rohto gives written notice of its intention not to renew for the Renewal Term in accordance with this Agreement, then Rohto and
Nuo shall meet to establish a transition plan. In addition to establishing a transition plan, Rohto shall:

 

(1)         make
available any existing inventory of Product to Nuo, including any Product that has been customized by Rohto;

 

    	 	14	 

     

    

 

(2)         transfer
and assign all regulatory certifications or licenses related to the Product;

 

(3)         provide
customer information needed to facilitate the orderly transition of the sale and marketing of the Product;

 

(4)         transition
all manufacturing and vendor agreements;

 

(5)         negotiate
in good faith to provide a license to use any Rohto Intellectual Property related to or used in the sale of the Products by Rohto
pursuant to this Agreement; and

 

(6)         take
any other action reasonably requested by Nuo to facilitate the orderly transition of the sale and marketing of the Product in the
Territory following expiration of the Term.

 

(iv)        Notwithstanding
the expiration or earlier termination of this Agreement, Rohto may continue to market, distribute and sell Products within the
Territory after the expiration or earlier termination of this Agreement until the earlier of (i) the date that Rohto has sold all
of its Product inventory existing as of the effective date of expiration or earlier termination and (ii) the six (6)-month anniversary
of the effective date of expiration or earlier termination.

 

(d)          Force
Majeure. Neither Party shall be liable to the other Party for non-performance of or delay in performing its obligations hereunder
to the extent that performance is rendered impossible by strike, riot, war, acts of God, acts of terrorism, earthquake, fire, flood,
governmental acts or orders or restrictions, failure of suppliers, or any other reason to the extent that the failure to perform
is beyond the reasonable control of the non-performing Party.

 

11.         CONFIDENTIALITY.

 

(a)          Confidentiality.
Each Party acknowledges that, in the course of performing its duties and obligations under this Agreement, certain information
that is confidential or proprietary to such Party (“Confidential Information”) will be furnished by the other Party
or such other Party’s representatives. Each Party agrees that any Confidential Information furnished by the other Party or
such other Party’s representatives will not be used by it or its representatives except in connection with, and for the purposes
of, the development, promotion, marketing, distribution and sale of Products under this Agreement and, except as provided herein,
will not be disclosed by it or its representatives without the prior written consent of the other Party. Notwithstanding the foregoing,
the Parties agree that other than trade secrets (as defined under the Uniform Trade Secrets Act or its equivalent in the Territory)
all Confidential Information shall be clearly marked “CONFIDENTIAL” or, if furnished in oral form, shall be stated
to be confidential by the Party disclosing such information at the time of such disclosure and reduced to a writing by the Party
disclosing such information which is furnished to the other Party or such other Party’s representatives within forty-five
(45) days after such disclosure.

 

(b)          Exceptions.
The confidentiality obligations of each Party under Section 11(a) do not extend to any Confidential Information furnished
by the other Party or such other Party’s representatives that (i) is or becomes generally available to the public other than
as a result of a disclosure by such Party or its representatives, (ii) was available to such Party or its representatives on a
non-confidential basis prior to its disclosure thereto by the other Party or such other Party’s representatives, (iii) was
independently developed without the use of the other Party’s Confidential Information by representatives of such Party who
did not have access to the other Party’s Confidential Information, as established by contemporaneous written records, or
(iv) becomes available to such Party or its representatives on an non-confidential basis from a source other than the other Party
or such other Party’s representatives; provided, however, that such source is not bound by a confidentiality
agreement with the other Party or such other Party’s representatives.

    	 	15	 

     

    

 

 

(c)          Authorized
Disclosure. Notwithstanding any other provision of this Agreement, each Party may disclose Confidential Information of the other
Party: (i) to the extent required to comply with applicable legal requirements including as part of regular securities law reporting
requirements and/or in accordance with securities regulatory authority or securities exchange rules, demands and/or practice; (ii)
to the extent and to the persons and entities required by rules of the National Association of Securities Dealers; provided,
however, that the responding Party shall first have given prompt notice to the other Party hereto to enable it to seek any
available exemptions from or limitations on such disclosure requirement and shall reasonably cooperate in such efforts by the other
Party; or (iii) as necessary to file or prosecute patent applications, prosecute or defend litigation or otherwise establish rights
or enforce obligations under this Agreement, but only to the extent that any such disclosure is necessary.

 

(d)          Compelled
Disclosure. In the event that either Party or its representatives are requested or become legally compelled (by oral questions,
interrogatories, requests for information or document subpoena, civil investigative demand or similar process) to disclose any
Confidential Information furnished by the other Party or such other Party’s representatives or the fact that such Confidential
Information has been made available to it, such Party agrees that it or its representatives, as the case may be, will provide the
other Party with prompt written notice of such request(s) so that the other Party may seek a protective order or other appropriate
remedy and/or waive compliance with the provisions of this Agreement. In the event that such protective order or other remedy is
not obtained, or that the other Party waives compliance with the provisions of this Agreement, such Party agrees that it will furnish
only that portion of such Confidential Information that is legally required and will exercise its best efforts to obtain reliable
assurance that confidential treatment will be accorded to that portion of such Confidential Information and other information being
disclosed.

 

(e)          Ownership
of Confidential Information. The Party disclosing or otherwise furnishing Confidential Information to the other Party will retain
the exclusive ownership of all right, title and interest in and to such Confidential Information.

 

(f)          Survival.
The obligations of the Parties under this Section 11 shall survive the expiration or earlier termination of this Agreement for
a period of three (3) years; provided, however, that information that is a “trade secret” shall be not
be used and shall be kept confidential by the Party receiving such Confidential Information from the disclosing Party until such
information is no longer deemed a “trade secret” under the Uniform Trade Secrets Act or its equivalent in the Territory.

 

12.         GENERAL
PROVISIONS.

 

(a)          Independent
Contractors. The relationship of Nuo and Rohto established by this Agreement is that of independent contractors, and nothing shall
be deemed to create or imply any employer/employee, principal/agent, partner/partner or co-venturer relationship, or that the
Parties are participants in a common undertaking. Neither Party may direct or control the activities of the other Party or incur
or assume any obligation on behalf of the other Party or bind such other Party to any obligation for any purpose whatsoever.

 

    	 	16	 

     

    

 

(b)          Governing
Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the Parties shall be governed,
construed and interpreted in accordance with the laws of the State of New York, without reference to rules of conflicts or choice
of laws. 

 

(c)          Dispute
Resolution. Any disputes or controversies which may arise between parties in connection with this Agreement shall be finally settled
by arbitration. Such arbitration shall be held in English, in Wilmington, Delaware, the United States, pursuant to the Commercial
Arbitration Rules of the American Arbitration Association if arbitration proceedings are initiated by Rohto, and in Osaka, Japan,
pursuant to the rules of Conciliation and Arbitration of the International Chamber of Commerce if arbitration proceedings are initiated
by Nuo. The decision of the arbitrator(s) shall be final and binding, and judgment on the award rendered by the arbitrator(s) may
be entered in any court having jurisdiction thereof. The arbitrator(s) shall be authorized to award any relief, whether legal or
equitable, to the Party so entitled to such relief.

 

(d)          Entire
Agreement. This Agreement, including the exhibits and any schedules, sets forth the entire agreement and understanding of the Parties
relating to the subject matter hereof and supersedes all prior oral and written, and all contemporary oral, negotiations, agreements
and understandings with respect to the same.

 

(e)          Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be
deemed to have been duly given upon receipt) by delivery in person, by cable, facsimile or international courier, or by registered
or certified mail (postage prepaid, return receipt requested), to the other Party at the following address (or at such other address
for which such Party gives notice hereunder):

 

If to Rohto:

 

ROHTO Pharmaceutical Co., Ltd.

Grand Front Osaka Tower-B 29F 3-1,, Ofuka-cho, Kita-ku,

Osaka 530-0011 Japan

Attn: Division Manager, Medical Business Promotion Division

Telephone: +81 6 6758 1344

Facsimile:+81 6 6758 1244

 

If to Nuo:

 

Nuo Therapeutics, Inc.

207 Perry Parkway, Suite 1

Gaithersburg, MD 20877

Attention: Office of the Controller

Telephone: (240) 499-2680

Facsimile:

 

(f)          Assignment
and Binding Effect. Except as otherwise provided in this Agreement, neither Party may, directly or indirectly, assign its rights
or delegate its duties under this Agreement without the prior written consent of the other Party; provided that Nuo may
assign this Agreement (i) to an Affiliate, (ii) to a successor to all or substantially all of the business or assets of Nuo, (iii)
to any secured party in connection with its rights under the credit agreement and the other financing documents. No permitted assignment
of rights or delegation of duties under this Agreement shall relieve the assigning or delegating Party of its liabilities hereunder.
For purposes of this Agreement, either Party shall be deemed to have assigned this Agreement in the event of a Change of Control
with respect to such Party. Subject to the foregoing, this Agreement is binding upon, and inures to the benefit of, the Parties
and their respective successors and permitted assigns.

 

    	 	17	 

     

    

 

(g)          Partial
Invalidity. If any provision of this Agreement is held to be invalid by a court of competent jurisdiction, then the remaining provisions
shall remain, nevertheless, in full force and effect. The Parties agree to renegotiate in good faith any term held invalid and
to be bound by the mutually agreed substitute provision in order to give the most approximate effect intended by the Parties.

 

(h)          No
Waiver; Amendment. No waiver of any term or condition of this Agreement shall be valid or binding on any Party unless agreed to
in writing by the Party to be charged. The failure of either Party to enforce at any time any of the provisions of the Agreement,
or the failure to require at any time performance by the other Party of any of the provisions of this Agreement, shall in no way
be construed to be a present or future waiver of such provisions, nor in any way affect the validity of either Party to enforce
each and every such provision thereafter. This Agreement may not be amended or modified except by the written agreement of the
Parties.

 

(i)          Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which, taken together,
shall constitute one instrument.

 

(j)          Consent
Not Unreasonably Withheld. No Party given the right to approve or consent to any matter shall unreasonably withhold, condition
or delay its approval or consent. The failure to respond in writing within any specified time period shall be deemed unconditioned
approval of or consent to the relevant matter; provided that the Party requesting such approval or consent gives written
notice requesting a response at least two (2) business days prior to the expiration of the specified time period, if any.

 

(k)          Construction;
Interpretation. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning
or interpretation of this Agreement. Any section, recital, exhibit, schedule and Party references are to this Agreement unless
otherwise stated. No Party, nor its counsel, shall be deemed the drafter of this Agreement for purposes of construing the provisions
of this Agreement, and all provisions of this Agreement shall be construed in accordance with their fair meaning, and not strictly
for or against any Party. Each Party hereby acknowledges that they have not relied on any promise, representation or warranty that
is not set forth in this Agreement. Whenever the words “include,” “includes,” “including” or
similar expressions are used in this Agreement, they will be understood be followed by the words “without limitation.”
All references to “$” or “dollars” are to U.S. dollars, and all amounts to be calculated or paid under
this Agreement will be in U.S. dollars.

 

(l)          Further
Assurances. Each Party agrees to cooperate fully with the other and execute such instruments, documents and agreements and take
such further actions to carry out the intents and purposes of this Agreement.

 

(m)          Press
Releases and Announcements. Except as may be contemplated hereunder, neither Party may issue any press release, product any professional
publications or make any public announcement concerning the transactions contemplated by this Agreement without the prior consent
of the other Party, except for any releases, publications or announcements which may be required by or, in such Party’s discretion,
reasonably necessary under applicable law, in which case the Party proposing to make such release or announcement will allow the
other Party a reasonable opportunity to review and comment on such release, publications or announcement in advance of such issuance
or making.

 

[Remainder of
This Page Intentionally Left Blank; Signature Page Follows]

 

    	 	18	 

     

    

 

In
Witness Whereof, each of the undersigned has caused this Agreement to be duly executed.

 

	 	Nuo therapeutics Inc.
	 	 	 
	Date: January 5, 2015 	By:	/s/ Martin Rosendale
	 	 	Name: Martin Rosendale
	 	 	Title: CEO
	 	 	 
	 	ROHTO Pharmaceutical Co., Ltd.
	 	 	 
	 	By:	/s/ Kunio Yamada
	 	 	Name: Kunio Yamada
	 	 	Title: CEO

 

    	 	19	 

     

    

 

Exhibit 1

Nuo Patent

 

	Nuo Patnet-1	 
	 	 
	Application No.	JP2000-555609
	 	 
	Patent No.	JP3993981
	 	 
	Nuo Patent-2	 
	 	 
	Application No.	JP2012-534244
	 	 
	Patent No.	JP5502207

 

     

     

    

 

Exhibit 2

Nuo Trademark

 

AURIX

 

AURIX SYSTEM

 

AUTOLOGEL

 

CYTOMEDIX

 

NUO THERAPEUTICS

 

     

     

    

 

Exhibit 3

Product

 

Centrifuge II

 

Wound Dressing Kit Section I

	S-Monovette Tubes	ACD-A, 6.0ml
	Safety-MultiFly Set	21g x 3⁄4”
	Tourniquet	 
	Alcohol Prep Pads	2-Ply Medium, Saturated with 70%
	Gauze Sponges	 
	Adhesive Bandage Strips	 
	Foam Tub Holder	 

 

Wound Dressing Kit Section II

	Alcohol Prep Pads	2-Ply Medium, Saturated with 70%
	Gauze Sponges	 
	3 mL Syringe w/Needle	20 G x 1”
	5 mL Syringe w/Needle	20 G x 1”
	20 mL Syringe w/Needle	 
	3 Way Stop Lock	Discofix
	Blunt Needle	Monoject 16” x 1 1⁄2”
	Skin Protection Wipe	Cavilon—No Sting Barrier Film, 1.0 ml
	N-Terface Dressing	4” x 12” Strip

 

	Reagent Kit	 
	Ascor L 500, Ascorbic Acid Injection, USP,  500mg/mL	McGuff Pharmaceuticals, Inc.
	Calcium Chloride Injection, USP, 10%	American Reagents, Inc.
	Thrombin Topical (Bovine Origin) USP, Thrombin-JMI 5,000U	Kings Pharmaceuticals

 

     

     

    

 

 

Exhibit
4

 

Transfer Price

 

	Procurement Cost	10% Mark-up

 

	Centrifuge II	TBD
	 	 
	Wound Dressing Kit	TBD
	 	 
	Reagent Kit	TBD

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