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EXHIBIT 10.1

EVERTEC, INC.
2013 EQUITY INCENTIVE PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT - EXECUTIVES

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (together with the Vesting Schedule (defined below), this “Agreement”) is made as of this 25th day of February, 2022 (the “Date of Grant”), by and between EVERTEC, Inc. (the “Company”) and you (the “Participant”). Defined terms used but not otherwise defined herein will have the meanings attributed to them in the Plan (defined below).

W I T N E S S E T H

WHEREAS, the Company maintains the EVERTEC, Inc. 2013 Equity Incentive Plan (the “Plan”); and

WHEREAS, the Participant may be a senior executive of the Company who is subject to the Evertec Group, LLC Executive Severance Policy in effect as of the date of this Agreement (if applicable, the “Policy”), which Policy has been approved and authorized by the Compensation Committee or the Board of Directors of the Company; and

WHEREAS, the Participant may be a senior executive of the Company who has a valid employment agreement as of the date hereof that has been approved and authorized by the Compensation Committee or the Board of Directors of the Company (if applicable, the “Executive Employment Agreement”); and

WHEREAS, in connection with the Participant’s service as an employee of the Company or any of its Affiliates and Subsidiaries (the “Employment”), the Company desires to grant Restricted Stock Units (“RSUs”) to the Participant (the “Award”), subject to the terms and conditions of the Plan and this Agreement; and

WHEREAS, such RSUs could be time-based RSUs (“Time-Based RSUs”), which vest on a future specified date or dates, as specified in Exhibit A; and

WHEREAS, such RSUs could also be performance-based RSUs (“Performance-Based RSUs”), which vest on a future specified date or dates and are subject to certain performance metrics, as specified in Exhibit A.

NOW, THEREFORE, in consideration of the covenants and agreements contained herein and for other good and valuable consideration, the parties agree as follows:

1.Grant of RSUs. In consideration of the Employment, the Company will grant to the Participant the number of RSUs set forth in the vesting schedule attached hereto as Exhibit A (the “Vesting Schedule”). Each RSU represents the unfunded and unsecured promise of the Company to deliver to the Participant one share of common stock, par value $.01 per share, of the Company (the “Common Stock”) on the Settlement Date (as defined in Section 6 hereof). 

2.Purchase Price. The purchase price of the RSUs shall be deemed to be zero U.S. Dollars ($0) per share.

3.Vesting. The RSUs shall vest and become non-forfeitable on the dates established in the Vesting Schedule (each such date, a “Vesting Date”), provided that the Participant is actively carrying out his or her duties in connection with the Employment at all times from the Date of Grant through each respective Vesting Date. 

4.Termination. For purposes of this Section 4, “Termination Date” is the date the Participant’s Employment is terminated or terminates. This Section 4 shall govern the treatment of the RSUs granted under this Agreement upon the Participant’s termination of Employment; provided, however, that if the Participant’s Executive Employment Agreement addresses the treatment of RSUs upon termination, then the provisions of such Executive Employment Agreement shall govern instead of this Section 4. Defined terms used but not otherwise defined in this Section 4 or in the Plan will have the meanings attributed to them in the Policy.
(a)In the event that the Employment is terminated in a Qualifying Termination (as defined in the Policy) other than within 24 months following a Change in Control (as defined in the Policy), then:
(i)Unvested RSUs that are Time-Based shall vest on a pro-rata basis as of the Termination Date and the Termination Date shall be deemed to be the Vesting Date under this Agreement; and
(ii)Unvested RSUs that are Performance-Based, shall vest and be settled following the end of the performance period based on actual performance determined at the end of the performance period on a pro-rata basis. 
(iii)For purposes of clauses 4(a)(i) and (ii), the pro-rata portion of the award that will become vested shall be determined by multiplying the total number of RSUs subject to the award, by a fraction, the numerator of which is the number of completed months in which the Participant was employed 

from the Date of Grant to the Termination Date, and the denominator of which is the number of months required for the award to vest in full under the Vesting Schedule, and then reducing therefrom the number of RSUs that have previously been vested, if any.
(b)In the event that the Employment is terminated in a Qualifying Termination within 24 months following a Change in Control, then, subject to the Participant’s compliance with Section 11:
(i)Unvested RSUs that are Time-based shall become fully vested and the Termination Date shall be deemed to be the Vesting Date under this Agreement; and
(ii)Unvested RSUs that are Performance-based, shall become fully vested upon the Qualifying Termination (x) based on actual level of performance achieved as of the Change in Control (to the extent the performance period with respect to the relevant goal was completed as of the Change in Control date) and (y) at the target level of performance (to the extent the performance period with respect to the relevant goal was not complete as of the Change in Control date) and the Termination Date shall be deemed to be the Vesting Date under this Agreement. For the avoidance of doubt, it is understood that there may be circumstances where a component of an unearned performance award is valued based on actual performance and a separate component is valued based on target performance. The Company, in its sole discretion, shall determine the number of RSUs that vest pursuant to this provision, if any.
(c)For the avoidance of doubt, in no event shall the Participant become entitled to accelerated vesting of the Participant’s RSUs under both Sections 4(a) and 4(b).
(d)In the event of the Employment’s termination due to Participant’s death or Disability (defined below), then as of the Termination Date all of the unvested Time-Based RSUs shall become fully vested and all unvested Performance-Based RSUs shall become fully vested (x) based on actual level of performance achieved as of the Termination Date (to the extent the performance period with respect to the relevant goal was completed as of the Termination Date) and (y) at the target level of performance (to the extent the performance period with respect to the relevant goal was not complete as of the Termination Date). For the avoidance of doubt, it is understood that there may be circumstances where a component of an unearned performance award(s) is valued based on actual performance and a separate component is valued based on target performance.
“Disability” has the following meaning: the Participant’s inability to perform the Employment by reason of any medically determinable physical or mental impairment for a period of 6 months or more in any 12 month period.
(e)In the event the Employment is terminated or terminates other than in a Qualifying Termination, all of the RSUs (both Time-Based and Performance-Based) that have not become vested as of the Termination Date shall automatically be forfeited as of the Termination Date.
(f)Release Requirement. As a condition to the acceleration of vesting (or the continued vesting post-termination of Performance-based RSUs based on the achievement of Company business performance) pursuant to Section 4(a), (b) or (d) of this Agreement, the Participant, if legally capable at such time, or his estate, beneficiaries or legal representatives, if Participant is deceased or legally incapable at such time, shall be obligated to execute a separation agreement and general release of all claims in favor of the Company, their current and former affiliates, subsidiaries and stockholders, and their current and former directors, officers, employees, insurers and agents, in a form reasonably determined by the Company; provided, however, that, if such release is not executed within the time required by the Company, or is revoked within 7 days of execution, the Company shall not have any obligation to provide the benefits under Section 4(a), (b) or (d) under this Agreement.
5.Dividend Equivalents. If the Company pays an ordinary cash dividend on its outstanding Common Stock at any time between the Date of Grant and the Settlement Date (as defined in Section 6 below) -- provided that the date on which stockholders of record are determined for purposes of paying a cash dividend on issued and outstanding shares of the Common Stock falls after the Date of Grant -- the Participant shall receive on the Settlement Date or at the next payroll payment (but in no event more than 75 days after the Vesting Date) either: (a) a number of Shares (as defined in Section 6 below) having a Fair Market Value (as defined below) on the Vesting Date equal to the aggregate amount of the cash dividends paid by the Company on a single share of the Common Stock, multiplied by the number of RSUs that are settled on the Settlement Date; or (b) a lump sum cash payment equal to the aggregate amount of the cash dividends paid by the Company on a single share of the Common Stock, multiplied by the number of RSUs that are settled on the Settlement Date ((a) or (b) as applicable, the “Dividend Payment”); provided, however, that in the case of (a), any partial Share resulting from the calculation will be paid in cash. 

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For purposes of this Agreement, “Fair Market Value” means the closing price of the Company’s Common Stock at the close of business of the applicable date.

6.Settlement. Within 75 days following the day any RSUs are vested in accordance with the terms and conditions of this Agreement (the “Settlement Date”), the Company shall (a) issue and deliver to the Participant one share of Common Stock for each vested RSU (the “Shares”) and enter the Participant’s name as a shareholder of record or beneficial owner with respect to the Shares on the books of the Company; and (b) calculate the Dividend Payment. The Participant agrees that the Company may deduct from the Dividend Payment any amounts owed by the Participant to the Company with respect to any whole Share issued by the Company to the Participant to cover any partial Share resulting from the settlement process.

7.Restrictive Covenants. The Participant hereby acknowledges that he or she is subject to all of the requirements and conditions in his or her Executive Employment Agreement or in the Restatement of Confidentiality and Non-Compete Agreements, as applicable, (the “Covenant Agreements”) previously executed by him or her and that he or she will continue to comply with such Covenant Agreements. Furthermore, the Participant acknowledges that the RSUs granted hereunder serve as sufficient consideration for the reaffirmation of the Covenant Agreements contained herein.

8.Taxes. Unless otherwise required by applicable law, on the Settlement Date, (a) the Shares and the Dividend Payment will be considered ordinary income for tax purposes and subject to all applicable payroll taxes; (b) the Company shall report such income to the appropriate taxing authorities as it determines to be necessary and appropriate; (c) the Participant shall be responsible for payment of any taxes due in respect of the Shares and the Dividend Payment; and (d) the Company shall withhold taxes in respect of the Shares and the Dividend Payment (a “Tax Payment”). In order to satisfy the Participant’s obligation to pay the Tax Payment, the Company will withhold from any Shares otherwise to be delivered to the Participant, a number of whole shares of Common Stock having a Fair Market Value equal to the Tax Payment (i.e., a “cashless exercise”); provided, however, that the Participant may elect to satisfy his or her obligation to pay the Tax Payment through a non-cashless exercise, by notifying the Company within at least 5 business days before the Settlement Date. If the Participant does not provide such notification within the established timeframe, the Company will proceed with the default method of the cashless exercise. If the Participant fails to pay any required Tax Payment, the Company may, in its discretion, deduct any Tax Payments from any amount then or thereafter payable by the Company to the Participant and take such other action as deemed necessary to satisfy all obligations for the Tax Payment (including reducing the number of Shares delivered on the Settlement Date). The Participant agrees to pay the Company in the form of a check or cashier’s check any overage of the Tax Payment paid by the Company as a result of making whole any partial Share issued through a cashless exercise. Furthermore, the Participant acknowledges and agrees that the Participant will be solely responsible for making any Tax Payment directly to the appropriate taxing authorities should the Participant opt not to satisfy his or her Tax Payment through a cashless exercise. 

9.Rights as Stockholder. Upon and following the Settlement Date (but not before), the Participant shall be the record or beneficial owner of the Shares unless and until such Shares are sold or otherwise disposed of, and, if a record owner, shall be entitled to all rights of a stockholder of the Company (including voting rights). 

10.Section 409A. Although the Company does not guarantee the tax treatment of any payments under this Agreement, the intent of the Company is that the payments under this Agreement be exempt from Section 409A of the Internal Revenue Code of 1986, as amended, and all Treasury Regulations and guidance promulgated thereunder (“Code Section 409A”) under the “short-term deferral exception” and to the maximum extent permitted the Agreement shall be limited, construed and interpreted in accordance with such intent. The Company intends that the performance conditions applicable to the Performance-Based RSUs relate to the Company’s business activities and/or organizational goals within the meaning of Treas. Reg. 1.409A-1(d)(1). In no event whatsoever shall the Company or its affiliates or their respective officers, directors, employees or agents be liable for any additional tax, interest or penalties that may be imposed on the Participant by Code Section 409A or damages for failing to comply with Code Section 409A. Notwithstanding the foregoing or any other provision of this Agreement to the contrary, if at the time of the Participant’s separation from service (as defined in Code Section 409A), the Participant is a “Specified Employee,” then the Company will defer the payment or commencement of any nonqualified deferred compensation subject to Code Section 409A payable upon separation from service (without any reduction in such payments or benefits ultimately paid or provided to the Participant) until the date that is 6 months following separation from service or, if earlier, the earliest other date as is permitted under Code Section 409A (and any amounts that otherwise would have been paid during this deferral period will be paid in a lump sum on the day after the expiration of the 6 month period or such shorter period, if applicable). The Participant will be a “Specified Employee” for purposes of this Agreement if, on the date of the Participant’s separation from service, the Participant is an individual who is, under the method of determination adopted by the Company designated as, or within the category of employees deemed to be, a “Specified Employee” within the meaning and in accordance with Treasury Regulation Section 1.409A-1(i). The Company shall determine in its sole discretion all matters relating to who is a “Specified Employee” and the application of and effects of the change in such determination.

11.Governing Law. This Agreement shall be construed and interpreted in accordance with the laws of the Commonwealth of Puerto Rico applicable to contracts to be performed therein. 

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12.Notice. Every notice or other communication relating to this Agreement shall be made in writing and the notice, request or other communication shall be deemed to be received upon receipt by the party entitled thereto. Any notice, request or other communication by the Participant should be delivered to the Company’s Chief Legal Officer.

13.Miscellaneous. This Agreement, the Plan and the Covenant Agreements contain the entire agreement between the parties hereto with respect to the subject matter contained herein and supersede all prior communications, representations and negotiations in respect thereto. No change, modification or waiver of any provision of this Agreement shall be valid unless in writing and signed by the parties hereto. This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and any person or persons who shall, upon the death of the Participant, acquire any rights hereunder in accordance with this Agreement or the Plan. The terms and provisions of the Plan and the Vesting Schedule are incorporated herein by reference, and the Participant hereby acknowledges receiving a copy of the Plan. In the event of a conflict or inconsistency between the terms and provisions of the Plan and the provisions of this Agreement, the Plan shall govern and control. 

By clicking “I Accept” in the checkbox below, the Participant is hereby agreeing to the terms and conditions of this Agreement as of the Date of Grant set forth above, and that he or she has read the same, including the Vesting Schedule.

Exhibit A – Vesting Schedule

						
	Number of Time-Based RSUs to vest	Vesting Date
	[*]	02/25/2023
	[*]	02/25/2024
	[*]	02/25/2025
	Number of Performance-Based RSUs to vest	Vesting Date
	[*] Adjusted EBITDA RSUs with TSR Modifier	02/25/2025

Participant’s Performance-Based RSUs are governed by the following terms and conditions:

I. Defined Terms. All capitalized terms used, but not defined in this Exhibit A, shall have the meanings attributed to them in the Agreement. 

a) “Accumulated Shares” means, for a given trading day, the sum of (a) one (1) share and (b) a cumulative number of shares of a company’s common stock purchased with dividends declared on a company’s common stock, assuming same day reinvestment of the dividends in the common stock of the company at the closing price on the ex-dividend date, for ex-dividend dates during the Opening Average Period or between the Date of Grant and the Vesting Date, as applicable.

b) “Adjusted EBITDA” means the Company’s earnings before interest, taxes, depreciation and amortization, after all typical and applicable adjustments made by the Company.

c) “Closing Average Period” means the last 20 trading days of the Relative TSR Performance Period.

d) “Closing Average Share Value” means the average, over the trading days in the Closing Average Period, of the closing price of a company’s stock multiplied by the Accumulated Shares for each trading day during the Closing Average Period.

e) “Adjusted EBITDA Performance Period” means the one-year period commencing on January 1, 2022 and ending on December 31, 2022, consistent with the Company’s fiscal year.

f) “Grant Date Fair Value” means a value arrived at by projecting future stock prices for the Company and the Peer Companies while allowing for greater flexibility and customization of the assumptions and plan design parameters which is necessary to value the Adjusted EBITDA RSUs with a Relative TSR Multiplier.

g) “Opening Average Period” means the 20 trading days immediately preceding the first day of the Relative TSR Performance Period.

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h) “Opening Average Share Value” means the average, over the trading days in the Opening Average Period, of the closing price of a company’s stock multiplied by the Accumulated Shares for each trading day during the Opening Average Period.

i) “Peer Companies” means the constituents of the Russell 2000 Index as of January 1, 2022.

j) “Performance Period” means the 3-year period commencing on the Date of Grant and ending on the third-anniversary of the Date of Grant.

k) “Relative TSR” is a performance metric that compares the Company’s TSR to the TSR of each of the Peer Companies using the methodology set forth herein.

l) “Relative TSR Multiplier” is the multiplier that will be applied to the Adjusted EBITDA RSUs at the end of the Relative TSR Performance Period.

m) “Relative TSR Performance Period” means the Performance Period for which the TSR metrics for Performance-Based RSUs will be measured.

n) “TSR” (Total Shareholder Return) means the change in fair market value over a specified period of time, expressed as a percentage, which will be calculated by dividing (a) the Closing Average Share Value by (b) the Opening Average Share Value and subtracting one from the quotient.

II. Metrics for Performance-Based RSUs

The Company will use the following metrics and criteria for calculating the Performance-Based RSUs:

a) The target number of Performance-Based RSUs that the Participant is granted has been allocated to Adjusted EBITDA RSUs and will be subject to the Relative TSR Multiplier. The actual number of Performance-Based Adjusted EBITDA RSUs with a Relative TSR Multiplier was determined by dividing this portion of the Award’s value by the Grant Date Fair Value.

b) The Adjusted EBITDA RSUs will be based on the Company’s actual one-year Adjusted EBITDA measured over the Adjusted EBITDA Performance Period relative to the goals established below.

									
	Performance Level	EVERTEC Adjusted 1-Year EBITDA (millions)	Earned Percentage
	Maximum	[*]	200%
	Target	[*]	100%
	Threshold	[*]	60%
	Less Than	[*]	0%

c) The number of RSUs that are eligible to vest may be greater or less than the resulting number of earned Adjusted EBITDA RSUs depending on the level of attainment of Relative TSR over the Relative TSR Performance Period based on the following percentile approach. 

									
	Performance Level	Evertec Percentile Rank vs. Peer Companies	Relative TSR Multiplier
	Maximum	75th Percentile or Above
	1.25
	Target	50th Percentile
	1
	Threshold	≤ 35th Percentile
	0.75

d) The total number of Performance-Based RSUs that will actually vest will be equal to: Target EBITDA RSUs * Earned Percentage * Relative TSR Multiplier.

e) The actual level of the Earned Percentage and Relative TSR Multiplier will be based on a linear interpolation between threshold and target and between target and maximum levels.
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f) In the event of a payout percentage level above 100%, the Participant will be awarded additional RSUs so that the total number of RSUs which vest as of the Vesting Date equals the RSU amount as calculated in item (d) above. In the event of a payout percentage level below 100%, the original RSU Award amount will be reduced to the extent necessary to provide that the total number of RSUs which vest as of the Vesting Date equals the RSU amount as calculated in item (d) above (any such reduced RSUs to be considered forfeited). This same method will apply to the calculation of dividend equivalents and any shares of Common Stock issued as a result thereof.

g) Relative TSR will be determined by ranking the Company and the Peer Companies from highest to lowest according to their respective TSRs. After this ranking, the percentile performance of the Company relative to the Peer Companies will be determined as follows:

P = the percentile performance (rounded to the nearest whole percentile)
N = the number of Peer Companies, plus the Company
R = the Company’s ranking among the Peer Companies

Example: If there are 24 Peer Companies, and Evertec ranked 7th, the performance would 
be at the 75th percentile: 
.75 = 1 – ((7-1)/(25-1))

h) The Peer Companies may be changed if any of the following events occur during the Relative TSR Performance Period:

1.In the event of a merger, acquisition or business combination transaction of a Peer Company with another Peer Company, the surviving entity shall remain a Peer Company.

2.In the event of a merger, acquisition or business combination transaction of a Peer Company with an entity that is not a Peer Company, where the Peer Company is the surviving entity and remains publicly traded, the surviving entity shall remain a Peer Company.

3.In the event of a merger or acquisition or business combination transaction of a Peer Company with an entity that is not a Peer Company, where the Peer Company is not the surviving entity or is otherwise no longer publicly traded, the Peer Company shall be removed from the list of Peer Companies.

4.In the event of a bankruptcy of a Peer Company, or if a Peer Company is delisted, such Peer Company shall remain a Peer Company, but will be allocated a TSR at the lowest position in the final calculation of the percentile rankings.

5.In the event of a stock distribution from a Peer Company consisting of the shares of a new publicly-traded company (a “spin-off”), the Peer Company shall remain a Peer Company and the stock distribution shall be treated as a dividend from the Peer Company based on the closing price of the shares of the spun-off company on its first day of trading. The performance of the shares of the spun-off company shall not thereafter be tracked for purposes of calculating TSR.
6Exhibit 10.1

 

AMENDED
AND RESTATED EMPLOYMENT AGREEMENT

 

THIS
AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”), executed to be effective as of January 1, 2022
(the “Effective Date”), is entered into by and between Sanara MedTech Inc., a Texas corporation (“Sanara”,
the “Company” or the “Employer”), and Zachary B. Fleming, an individual residing
in Texas (“Employee”). The Employer and Employee may be referred to singularly as “Party”
or collectively as “Parties”. This Agreement amends, restates and supersedes that certain Employment Agreement
executed to be effective as of June 1, 2019, by and between the Company and Employee (the “Prior Agreement”).

 

WITNESSETH:

 

1.
Employment Term. Employee’s employment and the initial term of this Agreement shall commence on the Effective Date
and continue for twenty-four (24) months, unless earlier terminated as provided in Section 8; provided, however, if not earlier
terminated, Employee’s employment under this Agreement shall automatically renew or extend for consecutive terms of twelve (12)
months, unless either Party gives prior written notice to the other Party of its desire to terminate Employee’s employment under
this Agreement at least thirty (30) days prior to the expiration of the initial term or any renewal term (collectively, the “Term”).
Termination of Employee’s employment under this Agreement for any reason whatsoever by any Party shall have no effect on the continued
enforceability of Sections 7(f), 7(g), and 10 through 26 of this Agreement, which shall survive the expiration or termination of Employee’s
employment under this Agreement, except as otherwise provided herein. Employee accepts such employment and agrees to perform the services
specified herein, all upon the terms and conditions hereinafter stated.

 

2.
Duties. Employee shall serve in the position of Chief Executive Officer of the Company and will report to the Executive
Chairman of the Board of Directors of the Company (the “Board”) and the Board. Employee further agrees to perform
such other services for the Employer, and for any parent, subsidiary or affiliate corporations of the Employer and any partnerships in
which the Employer may from time to time have an interest (collectively, the “Affiliates”). The term “Employer”
as used in this Agreement shall be deemed to include and refer to all such Affiliates. During the Term, Employee agrees to devote Employee’s
full time and energy and all of Employee’s skill and best efforts to the performance of Employee’s job duties, as assigned
by Employer, and to the business of Employer and shall perform such duties in a diligent, trustworthy, and business-like manner in full
compliance with all applicable laws. Employee shall not at any time during Employee’s employment with Employer: (a) work on any
basis (including, without limitation, part-time or as an independent contractor) for a Competing Business (as defined in Section 10);
or (b) participate in any material way in any other business that is not a Competing Business to the extent that such participation adversely
affects Employee’s performance of Employee’s job duties for Employer in any manner. Employee acknowledges and agrees that
Employee will comply with Employer’s existing and future policies, manuals and procedures as adopted and provided to Employee.

 

3.
Compensation. As payment for the services to be rendered by Employee hereunder during the Term of this Agreement, during
Employee’s employment with Employer under this Agreement:

 

(a)
Employee shall be entitled to receive an annual base salary in the gross amount of $290,000 less applicable taxes and other legal withholdings
(the “Base Salary”), payable in accordance with the Employer’s standard payroll practice. The Compensation
Committee of the Board will periodically review the Base Salary for market adjustments. Any such adjustments may be made at the sole
discretion of the Compensation Committee. The Parties agree that the Base Salary compensates Employee for any services Employee may provide
to Employer or to any Affiliates.

 

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(b)
Employee shall be eligible for discretionary annual awards of restricted shares of common stock equal to an amount of up to seventy-five
percent (75%) of Employee’s Base Salary (determined based on the fair market value of the Company’s common stock on the date
of grant). Any such grants will be subject to approval by the Board, the terms of the Company’s long-term equity incentive plan,
and any vesting criteria determined by the Board applicable to each such grant.

 

(c)
Employee shall be eligible to receive a discretionary annual cash bonus of up to fifty percent (50%) of Employee’s Base Salary
based on the annual performance of both Employee and Employer (“Annual Bonus”). The payment of any Annual Bonus
will be subject to approval by the Board, and, if payable, will be paid in the next calendar year between January 1 and March 31 (inclusive)
following the year to which such Annual Bonus relates, provided that Employee is employed on December 31st of the calendar year to which
the bonus relates.

 

(d)
Compensation shall only be required, and Employee’s entitlement to any of the compensation or benefits referenced in Sections 3
through 6 shall only be in effect during the Term, and any termination of Employee’s employment or of this Agreement shall terminate
the Employer’s obligation to compensate Employee in any manner or provide any of the compensation or benefits referenced in Sections
3 through 6 for any date after the termination of Employee’s employment, unless otherwise required by applicable law or by the
applicable plan documents as they may be amended from time to time. All payments referenced in Sections 3 through 6 are subject to all
required and/or authorized tax withholdings and deductions.

 

4.
Expenses. During the Term of this Agreement, the Employer shall pay or reimburse Employee for all reasonable out-of-pocket
expenses, including airfare, rental cars, meals, hotel accommodations, professional dues, and similar items incurred in connection with
the Business (as defined in Section 10 hereunder) of Employer and in accordance with the travel and reimbursement policies of the Employer,
upon submission by Employee of an appropriate statement documenting such expenses.

 

5.
Employee Benefits. During the Term of this Agreement, Employee shall be entitled to participate in all employee benefit
plans that are available to the other employees of the Employer, including any retirement plan, group life plan, health or accident insurance,
or other employee benefit plans as determined by the Compensation Committee from time to time and as may be in effect and exist from
time to time. Employer reserves the right to adopt, amend, modify or terminate any such benefit plan, policy or program at any time.

 

6.
Vacation. During the Term of this Agreement, Employee shall be entitled to paid vacation equal to four (4) weeks per annum,
(accrued 6.67 hours per semi-monthly), such vacation to be subject to the then existing Employee Policy Manual of the Employer, which
policy manual may be amended from time to time (the “Employee Policy Manual”). Employee shall be required to
obtain approval from the Employer before scheduling any vacation and shall only be entitled to take up to a maximum of ten (10) consecutive
days at any one time with the prior approval of the Executive Chairman of the Board.

 

7.
Covenants of Employee. For and in consideration of the employment herein contemplated and the consideration paid or promised
to be paid by the Employer, the opportunity to obtain grants of shares of common stock of Employer, Employer’s giving Employee
access to Confidential Information during the Term as determined by Employer, Employee does hereby covenant, agree, and promise that
during the Term hereof and for a period thereafter to the extent specifically provided in this Agreement as follows:

 

(a)
Employee will not actively engage, directly or indirectly, in any other business if such involvement would (i) interfere with his or
her duties as set forth herein, or (ii) violate the provisions of Section 10, Section 11 or Section 12.

 

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(b)
Employee will not engage, directly or indirectly, in any activity that is directly competitive with the business of the Employer. This
prohibition shall include the ownership, management, operation, control of, employment by, participation in, in any manner, any business
of the type that is competitive with the business of Employer.

 

(c)
Employee will truthfully and accurately make, maintain, and preserve all records and reports that the Employer may from time-to-time
request or require.

 

(d)
Employee will fully account for all money, records, goods, wares and merchandise, or other property belonging to the Employer of which
Employee has custody, and will promptly deliver the same whenever and however Employee may be reasonably directed to do so.

 

(e)
Employee will obey all rules, regulations, and special instructions applicable to Employee, including but not limited to, those set forth
in the then existing Employee Policy Manual of the Employer, if any, and will be loyal and faithful to the Employer at all times, constantly
endeavoring to improve Employee’s ability and knowledge of the business in an effort to increase the value of Employee’s
services for the mutual benefit of the Parties.

 

(f)
Employee agrees that upon the earlier of the request of Employer or termination of Employee’s employment with Employer for any
reason, Employee will immediately surrender and turn over to the Employer all books, records, forms, specifications, formulae, data,
processes, papers and writings related to the business of the Employer and all other property belonging to the Employer, together with
all copies of the foregoing, it being understood and agreed that the same are the sole property of the Employer and that such Employer
property shall be returned to Employer without such property or any files or data thereon being deleted, altered or damaged.

 

(g)
Employee agrees that all ideas, concepts, processes, discoveries, devices, machines, tools, materials, designs, improvements, inventions,
and other things of value (collectively, “Intangible Rights”), whether patentable or not, which are conceived,
made, invented, or suggested either by Employee alone or in collaboration with others during the Term of Employee’s employment
which pertain to the Business, and whether or not during regular working hours, shall be promptly disclosed in writing to the Employer
and shall be the sole and exclusive property of the Employer. Employee hereby assigns all of Employee’s right, title, and interest
in and to all such Intangible Rights to the Employer, which Employer may then assign to Employer’s successors or assignees. In
the event that any of said Intangible Rights are deemed by the Employer to be patentable or otherwise registerable under any federal,
state, or foreign law, Employee further agrees that, at the expense of Employer, Employee will execute all documents and do all things
necessary, advisable, or proper to obtain patents therefor or registration thereof, and to vest in the Employer full title thereto. The
Parties recognize that this Agreement does not require assignment of any materials (i) developed entirely on Employee’s own time;
and (ii) developed without equipment, supplies, facility, trade secrets, or proprietary information of Employer or any of the Affiliates,
unless such Materials either: (a) relate at the time of conception or reduction to practice of the invention to any portion of the Business,
or actual or demonstrably anticipated research of development of Employer or any of the Affiliates; or (b) result from any work performed
by Employee for Employer or any of the Affiliates. All inventions and works of authorship, if any, patented or unpatented, registered
or unregistered, that Employee made prior to the Effective Date that are not owned by Employer are listed on an attachment hereto (hereafter
referred to as the “Prior Materials”). If no such list is attached, Employee represents that Employee does
not own or possess any Prior Materials. Employee shall not use any Prior Materials in any manner in connection with the Business. If
Employee incorporates Prior Materials owned by Employee, or in which Employee has an interest, into any work or services for the Employer
or any of the Affiliates, the Employer and the Affiliates are hereby granted and shall have a nonexclusive, royalty-free, fully paid-up,
irrevocable, perpetual, worldwide, sublicensable (directly or indirectly) license to make, have made, modify, use, sell, have sold, copy,
distribute, create derivative works, display, perform, and transmit such Prior Materials.

 

    	3

     

    

 

(h)
Employee shall not, by reason of this Agreement, have any vested interest in, or right, title or claim to, any land, buildings, equipment,
machinery, processes, systems, products, contracts, goods, wares, merchandise, business assets, or other things of value belonging to
or which may hereafter be acquired, owned or leased from Employee by the Employer, without the prior written consent of Employer.

 

(i)
Employee acknowledges that the nature of Employee’s position with the Employer may mandate that Employee perform such duties and
render such services as are required of Employee hereunder.

 

8.
Termination. Employee’s employment under this Agreement may be terminated as follows:

 

(a)
Termination by Employer for Cause. The Employer may terminate the employment of Employee if Employee engages in any of the following
conduct (termination for “Cause”):

 

(i)
breaching any material provision of this Agreement;

 

(ii)
misappropriating funds or property of the Employer or any of the Affiliates;

 

(iii)
securing any personal profit not thoroughly disclosed to and approved by the Employer in connection with any transaction entered into
on behalf of the Employer or any of the Affiliates;

 

(iv)
engaging in conduct, even if not in connection with the performance of Employee’s duties hereunder, which might be reasonably expected
to result in any effect materially adverse to the interests of the Employer or any of the Affiliates, such as fraud, dishonesty, indictment
or conviction for (or pleading nolo contendere to) any felony or a misdemeanor involving moral turpitude, or the indictment for
any felony or misdemeanor involving moral turpitude;

 

(v)
failing to satisfactorily fulfill and perform Employee’s duties in accordance with the terms hereof, except for any failure caused
by disability or death of Employee, as defined below; or

 

(vi)
failing to comply with corporate policies of the Employer, including, but not limited to, those policies set forth in Section 24.

 

(b)
Termination by Employer without Cause. The Employer may terminate Employee’s employment under this Agreement without Cause
at any time upon written notice to Employee.

 

    	4

     

    

 

(c)
Termination by Employer upon Death or Disability of Employee. The Employer may terminate Employee’s employment under this
Agreement upon the death or Disability of Employee. There shall be deemed to be “Disability” and Employee “Disabled”
for the purposes of this Agreement only if: (i) a medical doctor certifies that Employee has for ninety (90) consecutive or non-consecutive
days in any twelve (12) month period been disabled in a manner which has rendered Employee unable to perform the essential functions
of Employee’s job duties, with or without reasonable accommodation; (ii) Employee is determined to be disabled under the terms
of any long-term disability plan in effect for Employer’s employees at the applicable time; or (iii) Employee is determined to
be disabled by the U.S. Social Security Administration. Employee will cooperate in submitting to any requested medical examination for
the purpose of certifying disability under this Section 8(c) and will sign any documents needed to release the results of such medical
examination to the Employer or the Employer’s designee for the purpose of any determination under this Section 8(c).

 

(d)
Termination by Employee for Convenience. Employee shall have the right to terminate Employee’s employment under this Agreement
at any time for any reason, or no reason at all.

 

(e)
Termination by Employee for Good Reason. Employee shall have the right to terminate Employee’s employment under this Agreement
at any time for Good Reason, subject to the cure rights set forth below. “Good Reason” shall mean the occurrence
of any of the following, in each case without Employee’s consent:

 

(i)
A material reduction to Employee’s Base Salary;

 

(ii)
A material breach by the Employer of this Agreement; or

 

(iii)
A material, adverse change in Employee’s title or authority.

 

Notwithstanding
the foregoing, none of the occurrences outlined in clauses (i)-(iii) above shall constitute Good Reason for Employee’s resignation
from employment unless the following conditions are satisfied: (1) Employee provides the Board written notice of such occurrence, with
such notice specifying the date and amount of any reduction, how the Agreement was materially breached or the material adverse change
in title or authority, as applicable, and the obligation to cure within sixty (60) days of the initial existence of such reduction, breach
or change; (2) Employer fails to cure such reduction, breach or change within forty-five (45) days from the date the written notice from
Employee is delivered to the Board; and (3) Employee’s resignation for Good Reason must be effective no later than one-hundred
and ten (110) days after the initial reduction, breach or change that is the basis for the Good Reason.

 

(f)
Notice of Termination. Any termination of Employee’s employment under this Agreement pursuant to Section 1 or this Section
8 (other than pursuant to Section 8(c) on account of Employee’s death) shall be communicated by written notice of termination (each,
a “Notice of Termination”) to the other Party in the manner provided in Section 13. The Notice of Termination
shall specify: (i) the termination provision of this Agreement relied upon; and (ii) the applicable date of termination. Any termination
under Section 8(d) or 8(e) shall require Employee to provide a minimum of ninety (90) days’ notice to Employer.

 

    	5

     

    

 

9.
Payment upon Termination.

 

(a)
In the event Employee’s employment under this Agreement is terminated by Employer for Cause, or by Employee for any reason except
for a Good Reason, Employee shall be entitled to receive Employee’s Base Salary earned and accrued through the effective date of
termination, plus reimbursement for any approved expenses incurred but unpaid as of such date in accordance with Section 4, and no other
compensation or benefits whatsoever except as may be required by law. The foregoing payments shall constitute the full and total amount
of liquidated damages that Employee shall be entitled to receive from the Employer and its Affiliates, and Employee releases any and
all other contract or tort claims arising out of his or her employment relationship with the Employer.

 

(b)
In the event Employee’s employment under this Agreement is terminated by Employer without Cause or due to Employee for Good Reason,
Employee shall be entitled to receive a severance package which will include one (1) year of Base Salary following the effective date
of termination, paid in twenty-four (24) equal semi-monthly installments in accordance with the Employer’s regular payroll practices,
and continued participation in any health care benefits provided by the Employer to its employees for the period of time during which
severance payments are paid to Employee, which continued participation in health care benefits may be through participation under the
Consolidated Omnibus Budget Reconciliation Act (“COBRA”) and reimbursement of COBRA premiums paid by Employee
for such continued participation; provided Employee executes and delivers to Employer a release in substantially the form attached hereto
as Exhibit A and in accordance with the terms of such release. Any and all amounts received by Employee pursuant to this Section
9(b) shall constitute the full and total amount of liquidated damages that Employee shall be entitled to receive from the Employer and
its Affiliates, and Employee releases any and all other contract or tort claims arising out of Employee’s employment relationship
with the Employer or any relationship with any of the Affiliates. Notwithstanding the foregoing, in the event the time period for Employee
to return a validly executed, irrevocable release described in this Section 9(b) spans two taxable years, the salary continuation payments
described in this section shall not commence until the second taxable year, with the first such payment including any amounts that would
have been paid to Employee prior to such time but for this provision of Section 9(b).

 

(c)
In the event Employee’s employment under this Agreement is terminated by Employer due to Employee’s death or Disability,
Employee or Employee’s estate shall be entitled to receive Employee’s Base Salary earned and accrued through the effective
date of termination (including any vested common stock granted to Employee), plus reimbursement for any approved expenses incurred but
unpaid as of such date in accordance with Section 4, all of which shall constitute the full and total amount of liquidated damages that
Employee shall be entitled to receive from the Employer and its Affiliates, and Employee releases any and all other contract or tort
claims arising out of Employee’s employment relationship with the Employer any relationship with any of the Affiliates.

 

(d)
All amounts due and owing to either Employee or Employer under this Agreement shall be subject to offset to the extent permitted by law
by the amount of actual damages, if any, caused to either Party by any breach of this Agreement.

 

    	6

     

    

 

10.
Covenant Not to Compete. Employee recognizes that the Employer has business goodwill and other legitimate business interests
which must be protected in connection with and in addition to the “Confidential Information” as defined in Section 12 below,
and therefore, in exchange for access to the Confidential Information and the opportunity to obtain shares of common stock of the Company,
Employee agrees and covenants that during Employee’s employment or any other engagement with Employer and for twelve (12) months
thereafter, no matter the reason for any termination of employment or engagement (the “Restricted Period”),
subject to the provisions contained hereinbelow, as follows:

 

(a)
Agreement Not to Compete. Employee will not, either directly or indirectly, (a) for Employee, or (b) as a shareholder, owner,
partner, joint venturer, promoter, consultant, manager, independent contractor, agent, employee or in any other capacity, participate
in or provide services to a Competing Business (as defined below) within the Territory (as defined below).

 

(b)
Agreement Not to Solicit Customers. Employee will not, either directly or indirectly, on Employee’s own behalf or in the
service of or on behalf of any other person or entity, solicit or attempt to divert to a Competing Business or to any third party any
person, concern, or entity who is or was, or in the future will be (at the time of solicitation), a Customer of Employer or any of the
Affiliates whether within or without the Territory. Further, Employee will not, either directly or indirectly, on Employee’s own
behalf or in the service of or on behalf of any other person or entity, initiate a call upon any person or entity who is, or was, or
in the future will be (at the time of solicitation), a Customer of Employer or any of the Affiliates for the purpose of diverting or
appropriating business to a Competing Business or to any third party, and further, if any such Customer initiates a call upon Employee,
then Employee shall not entertain any such call without first receiving approval from the Employer. Employee agrees that, among other
actions, any notification, update or other communication to any such Customer of Employee’s relationship or status with any Competing
Business – whether such notification or update is through LinkedIn, Facebook, any other social media outlet, email, letter or by
any other method – constitutes a solicitation of business and an attempt to transact business with such Customer.

 

(c)
Agreement Not to Solicit Employees. Employee will not, either directly or indirectly, on Employee’s own behalf or in the
service of or on behalf of any other person or entity, hire, solicit, divert, or recruit any employee or contractor of Employer or any
of the Affiliates with whom Employee had contact during Employee’s employment with Employer or any former contractor or employee
of Employer or any of the Affiliates with whom Employee had contact during Employee’s employment with Employer, unless such former
contractor or former employee’s relationship with the Employer or any of the Affiliates (looking at the date of the last relationship
between Employee and either Employer or any of the Affiliates) has been terminated for at least twelve (12) months as of the date of
such hiring, solicitation, diversion or recruitment, to leave such employment or engagement or otherwise terminate his or her employment
or engagement, whether or not such employment or engagement is pursuant to a written contract or at-will, or become hired or engaged
by any other person or entity.

 

(d)
Non-Interference. Employee will not induce or solicit or attempt to induce or solicit or cause, in any way, any actual or prospective
Customer of Employer or any of the Affiliates or assist any other person or entity in inducing or soliciting or attempting to induce
or solicit or causing, in any way, any such person or entity to discontinue or decrease its respective relationship with Employer or
any of the Affiliates.

 

Business
means providing, selling, developing or manufacturing wound and/or skin care and/or soft tissue repair related products of the
type or nature of, or competitive with, those provided, sold or manufactured by Employer or any of the Affiliates, including, without
limitation, providing virtual consultation and/or clinician services to patients using Employer’s or any of the Affiliates’
products and any other line of business in which Employer or any of the Affiliates become involved or takes steps to become involved
during Employee’s employment or engagement with Employer or any of the Affiliates, provided that Employee has knowledge of Employer
or any of the Affiliates becoming involved in such other line of business or any of the steps taken by Employer or any of the Affiliates
to become involved in such other line of business.

 

    	7

     

    

 

Competing
Business means any person, concern or entity which is engaged in, or preparing to engage in, the Business.

 

Customer
means a person or entity which sells to, and/or buys Employer’s, or any of the Affiliates’ products or services and
with whom or which Employee had contact during Employee’s employment or engagement with Employer or any of the Affiliates or about
which or whom Employee received Confidential Information.

 

Territory
means the United States and any additional countries in which the Employer engages in business in any material manner.

 

(e)
Acknowledgment of Enforceability.

 

(i)
Employee expressly acknowledges and agrees that Employee’s experience and abilities are such that Employee’s observance of
the covenants and restrictive agreements contained herein are reasonable as to scope, location and duration and that such observation
shall not cause Employee any undue hardship or unreasonably interfere with Employee’s ability to earn a livelihood. Employee has
been provided with an opportunity to consult with legal counsel of Employee’s selection for the meaning of the covenants and restrictions,
which have been explained to Employee’s satisfaction. Employee hereby agrees that the limitations set forth above are reasonable
and necessary for the protection of the Business and the Employer and the Affiliates. In this regard, Employee specifically agrees that
such limitations as to the period of time, geographic area and types and scope of restrictions on Employee’s activities are reasonable
and necessary to protect the goodwill, Confidential Information, and other business interests of the Business and the Employer and the
Affiliates.

 

(ii)
Notwithstanding anything contained in this Section 10 to the contrary, Employee shall not be prohibited from working for an entity with
a division or subsidiary that competes with the Business and/or the Employer or any of the Affiliates provided: (x) Employee is not directly
involved in the provision of services to such division or subsidiary; and (y) such division or subsidiary does not comprise more than
ten percent (10%) of the total business activities of the overall entity.

 

(f)
Revision. It is mutually understood and agreed that if any of the provisions relating to the scope, time, or Territory of this
Agreement are more extensive than is enforceable under applicable law, then the Parties agree that a Court shall reduce the degree and
extent of such provisions by whatever minimal amount is necessary to bring such provisions within the ambit of enforceability under applicable
law.

 

    	8

     

    

 

(g)
Remedies. The invalidity or non-enforceability of this Section 10 in any respect shall not affect the validity or enforceability
of any other provisions of this Agreement. The Parties agree that the limitations contained in this Section 10 with respect to time,
geographical area and scope of activity are reasonable. Employer’s and the Affiliates’ remedies at law for any breach or
threatened breach of the provisions of this Section 10 may be insufficient and may be inadequate, and Employer and the Affiliates shall
be entitled to equitable relief, including by way of temporary and permanent injunction, without any requirement to post bond or other
security therefor, in addition to any remedies Employer or any of the Affiliates may have at law. The existence of any claim or cause
of action by Employee against Employer or any of the Affiliates, whether predicated on this Agreement or otherwise, shall not constitute
a defense to the enforcement by Employer, or any of the Affiliates, of Sections 10 and 12 of this Agreement. If Employee (i) breaches
any restriction in Sections 10 or 12, or (ii) if Employee or anyone acting on Employee’s behalf brings a claim against Employer
or any of the Affiliates seeking to declare any term in Section 10 or 12 void or unenforceable, Employer or any of the Affiliates shall
be entitled to: (A) damages incurred by Employer or any of the Affiliates as a result of any breach; and (B) recover their attorneys’
fees, witness fees, and costs incurred in such actions, in addition to any other remedies. If Employee is found by a court of competent
jurisdiction to have violated any of the restrictions contained in Section 10, the Restricted Period will be deemed to be extended for
a period of time equivalent to the time Employee was in violation of any of the restrictions in Section 10 and will not run in favor
of Employee until such time that Employee cures the violation to the reasonable satisfaction of Employer. If Employee during the Restricted
Period seeks or is offered employment or any other position with a Competing Business, Employee agrees to inform the Competing Business,
before accepting employment or any other position, of the existence of the restrictions in Sections 10 and 12. Further, before taking
any employment or other position with any Competing Business during the Restricted Period, Employee agrees to give prior written notice
to the Employer of the name of such Competing Business and the job title, location and responsibilities of the position that Employee
plans to accept. Employer shall be entitled to advise such Competing Business of the provisions of Sections 10 and 12 and to otherwise
deal with such Competing Business to ensure that the provisions of Sections 10 and 12 are enforced and duly discharged.

 

11.
Business Opportunities. For as long as Employee shall be employed or engaged by the Employer or any of the Affiliates and
thereafter with respect to any business opportunities learned about during the time of Employee’s employment or engagement by the
Employer or any of the Affiliates, Employee agrees that with respect to any future business opportunity or other new and future business
proposal which is offered to, or comes to the attention of, Employee during the Term of this Agreement or any renewal term thereof, and
which is specifically related to, or connected with, the Business, the Employer shall have the right to take advantage of such business
opportunity or other business proposal for its own benefit. Employee may not take advantage of such opportunity regardless of whether
the Employer elects to exercise its right to take advantage of such opportunity.

 

    	9

     

    

 

12.
Confidential Information. Employee acknowledges that in the course of Employee’s employment with the Employer, Employee
will receive access to certain trade secrets and Confidential Information. For purposes of this Agreement, “Confidential
Information” includes trade secrets or confidential information of Employer or concerning any of the Affiliates, including,
without limitation: current and/or prospective client, referral source, business partner, investor, supplier, distributor, contractor,
merchant and/or vendor lists, databases, identity, contact, preferences, purchasing patterns, pricing policies, upcoming needs, and/or
other information and/or history; contracts; information concerning employee skills or other employee information that a competitor may
find valuable; processes; technical data or processes; policies; pricing, costs, marketing, sales, profits, business, marketing and/or
other strategies, plans, analysis, studies, know-how, practices or information; designs; testing results; business and/or training manuals;
business and/or financial information; audit processes; management methods and/or information; proprietary computer programs, information
processing standards and practices; any original works of authorship by Employer; any similar information concerning any of the Affiliates,
whether received prior to or after the Effective Date; or other business information disclosed to Employee by the Employer or any of
the Affiliates, either directly or indirectly, in writing, orally, or by drawings or observation. Employee understands and agrees that
Employer is not required to provide Employee with all of the types of Confidential Information listed in the preceding sentence, but
that Employer will provide Employee with access to some of these types of Confidential Information in a manner and at a time in Employer’s
sole discretion. In exchange for Employer’s promise to provide Employee with Confidential Information – regardless of whether
the Confidential Information at issue was provided before or after the Effective Date – Employee shall not, during the period of
Employee’s employment or engagement with Employer or any of the Affiliates or at any time thereafter, take, disclose, publish,
use, exploit, or solicit, allow or assist another person to use, take, disclose, publish or exploit any Confidential Information, except
as: (a) required in the ordinary course of Employer’s business directly related to Employee’s employment with Employer and
for the benefit of Employer; or (b) as required by law. Employee further represents Employee will not, and acknowledges that Employer
has specifically instructed Employee not to, disclose to Employer or any of the Affiliates, use, or induce Employer or any of the Affiliates
to use any confidential or proprietary information or material belonging to any third party. Additionally, during Employee’s employment,
Employer or Employee may receive from third parties their confidential information. Employee agrees not to take, use, publish, exploit
or disclose any third party’s confidential information to any person or organization except as necessary in the course of Employee’s
employment with Employer and in accordance with any use agreement between the Employer and such third party. Furthermore, upon the earlier
of the request by Employer or upon the termination of Employee’s employment with Employer for any reason, Employee shall immediately
return and deliver to Employer any and all Confidential Information and all other Employer or any Affiliates documents and items –
whether in hard or digital form – and all copies thereof which belong to Employer or any of the Affiliates or relate to Employer’s,
or any of the Affiliates’ business and which are in Employee’s possession, custody or control, whether prepared by Employee
or others, without altering such documents or items before providing them to Employer, including, without limitation, by not deleting
any files or other information from any Employer laptop or other device before providing the item to Employer. Employee further agrees
that, after Employee provides a copy of such information or documents to Employer, Employee will: (a) immediately delete and write over
any information or documents relating to Employer’s or any Affiliates’ business from any computer, cellular phone or other
digital or electronic device owned by Employee; and (b) execute a termination certificate, certifying the return of all Confidential
Information and the deletion of all such information from any digital or electronic device owned by Employee and provide such certificate
to Employer. Notwithstanding any other provision of this Agreement: (i) Employee may disclose Confidential Information when required
to do so by a court of competent jurisdiction, by any governmental agency having authority over Employee or the business of Employer
or by any administrative body or legislative body (including a committee thereof) with jurisdiction to order Employer to divulge, disclose
or make accessible such information; and (ii) nothing in this Agreement is intended to interfere with Employee’s right to (A) report
possible violations of state or federal law or regulation to any governmental or law enforcement agency or entity; (B) make other disclosures
that are protected under the whistleblower provisions of state or federal law or regulation; (C) file a claim or charge with the Equal
Employment Opportunity Commission (“EEOC”), any state human rights commission, or any other governmental agency
or entity; or (D) testify, assist, or participate in an investigation, hearing, or proceeding conducted by the EEOC, any state human
rights commission, any other governmental or law enforcement agency or entity, or any court. For purposes of clarity, in making or initiating
any such reports or disclosures or engaging in any of the conduct outlined in subsection (ii) above, Employee may disclose Confidential
Information to the extent necessary to such governmental or law enforcement agency or entity or such court, need not seek prior authorization
from Employer, and is not required to notify Employer of any such reports, disclosures or conduct. Employee is also hereby notified in
accordance with the Defend Trade Secrets Act of 2016 that Employee will not be held criminally or civilly liable under any federal or
state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official,
either directly or indirectly, or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or
is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If Employee files a lawsuit for retaliation
against Employer or any of the Affiliates for reporting a suspected violation of law, Employee may disclose Employer’s and any
Affiliates’ trade secrets to Employee’s attorney and use the trade secret information in the court proceeding if Employee
files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order. Also,
nothing in this Section 12 shall interfere with any rights that exist under the National Labor Relations Act.

 

    	10

     

    

 

13.
Notices. All notices, requests, consents, demands, or other communications required or permitted to be given pursuant to
this Agreement shall be deemed sufficiently given when delivered either (i) personally with a written receipt acknowledging delivery,
or (ii) within three (3) business days after the posting thereof by United States first class, registered or certified mail, return receipt
requested, with postage fee prepaid and addressed to the following:

 

	 	If
    to Employer:	 	Sanara
    MedTech Inc.
	 	 	 	Attn:
    Michael McNeil
	 	 	 	Chief
    Financial Officer
	 	 	 	1200
    Summit Ave, Suite 414
	 	 	 	Fort
    Worth, Texas 76102
	 	 	 	 
	 	If
    to Employee:	 	Zachary
    Fleming
	 	 	 	_____________
	 	 	 	_____________

 

Any
Party, at any time, may designate additional or different addresses for subsequent notices or communication by furnishing notice to the
other Party in the manner described above.

 

14.
Specific Performance. Employee and Employer acknowledge that a remedy at law for any breach or threatened breach of Sections
7, 10, 11, or 12 of this Agreement will be inadequate and that each Party may be entitled to specific performance, injunctive relief,
and any other remedies available to it for such breach or threatened breach. If a bond is required to be posted in order for either Party
to secure an injunction, then the Parties stipulate that a bond in the amount of one thousand dollars ($1,000) will be sufficient and
reasonable in all circumstances to protect the rights of the Parties.

 

15.
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provisions
shall be ineffective to the extent of such provision or invalidity only and shall be reformed as described in Section 10 if relating
to Section 10, without invalidating the remainder of such provision or any remaining provisions of this Agreement.

 

16.
Assignment. This Agreement may not be assigned by Employee. Neither Employee, Employee’s spouse, nor their estates
shall have any right to encumber or dispose of any right to receive payments under this Agreement, it being understood that such payments
and the right thereto are non-assignable and nontransferable. Employer may assign this Agreement. Additionally, the Parties agree that
the Affiliates are third party beneficiaries under this Agreement and may enforce Sections 10, 11 and 12 of this Agreement.

 

17.
Binding Effect. Subject to the provisions of Section 16 above, this Agreement shall be binding upon and inure to the benefit
of the Parties hereto, Employee’s heirs and personal representatives, and the successors and assignees of the Employer.

 

18.
Prior Employment Agreements. Employee represents and warrants to the Employer that Employee has fulfilled all of the terms
and conditions of all prior employment agreements to which Employee may be a party or have been a party, including without limitation
the Prior Agreement, and that at the time of execution of this Agreement, Employee represents and warrants that nothing contained in
any agreement that Employee has with any third party shall preclude Employee from performing all of Employee’s duties, obligations
and covenants as contained in this Agreement.

 

    	11

     

    

 

19.
Waiver. Any waiver to be enforceable must be in writing and executed by the Party against whom the waiver is sought to
be enforced.

 

20.
Governing Law; Arbitration. This Agreement shall be construed and enforced in accordance with and governed by the laws
of the state of Texas without regard to conflict of laws rules thereof or of any other jurisdiction. Each Party agrees that upon the
written demand of the other Party, whether made before or after the institution of any legal proceedings, but prior to the rendering
of any judgment in that proceeding, all disputes, claims and controversies between them, whether individual, joint, or class in nature,
arising from this Agreement, or any document, instrument, or agreement executed in connection herewith, including without limitation
contract disputes and tort claims, shall be resolved by binding arbitration pursuant to the Arbitration Rules of the American Arbitration
Association (“AAA”). The arbitration shall be conducted by one (I) arbitrator who shall be selected using a
listing process whereby the AAA administrator shall provide each party with a list of proposed arbitrators who are generally familiar
with the underlying subject matter made the basis of the dispute. Thereafter, each Party shall be given ten (10) days to strike any unacceptable
names from the list and number the remaining names in order of mutual preference. The arbitration shall be conducted in Tarrant County,
Texas. The language of the arbitration shall be in English. This arbitration provision shall not limit the right of either Party during
any dispute, claim or controversy to seek, use, and employ ancillary, or preliminary rights and/or remedies, judicial or otherwise, for
the purposes of realizing upon, preserving, or protecting any rights of either Party, and any such action shall not be deemed an election
of remedies. Such remedies include, without limitation, obtaining injunctive relief or a temporary restraining order, obtaining a writ
of attachment or imposition of a receivership, or exercising any rights relating to personal property, in which event, the Party seeking
such equitable relief can file an action in court notwithstanding this arbitration provision. Any disputes, claims or controversies concerning
the lawfulness or reasonableness of an act, or exercise of any right or remedy, including any claim to rescind, reform, or otherwise
modify this Agreement, shall also be arbitrated: provided, however, that no arbitrator shall have the right or the power to enjoin
or restrain any act of either Party. It is understood and agreed that the arbitrator shall have no authority to award punitive or other
damages not measured by the prevailing Party’s actual damages, except as may be required by statute. Judgment upon any award rendered
by any arbitrator may be entered in any court having jurisdiction. The statute of limitations, estoppel, waiver, laches and similar doctrines
which would otherwise be applicable in an action brought by a Party shall be applicable in any arbitration proceeding, and the commencement
of an arbitration proceeding shall be deemed the commencement of any action for these purposes. The Federal Arbitration Act (Title 9
of the United States Code) shall apply to the construction, interpretation, and enforcement of this arbitration provision. Each Party
shall bear its own costs and expenses and an equal share of the arbitrator’s and administrative fees of arbitration.

 

21.
Attorneys’ Fees. If any litigation is instituted to enforce or interpret the provisions of this Agreement, the prevailing
Party in such action shall be entitled to recover its reasonable attorneys’ fees from the other Party or Parties hereto.

 

22.
Drafting. Each of the Parties hereto acknowledges that each Party was actively involved in the negotiation and drafting
of this Agreement and that no law or rule of construction shall be raised or used in which the provisions of this Agreement shall be
construed in favor or against any Party hereto because one is deemed to be the author thereof.

 

23.
Multiple Counterparts. This Agreement may be executed in multiple counterparts, each of which shall have the force and
effect of an original, and all of which shall constitute one and the same agreement.

 

    	12

     

    

 

24.
Conflicts of Interest. It is the express policy of the Employer to conduct its affairs in strict compliance with the letter
and spirit of the law and to adhere to the highest principles of business ethics. Accordingly, all officers, employees (including Employee)
and independent contractors must avoid activities that are in conflict, or give the appearance of being in conflict, with these principles
and with the interests of the Employer.

 

The
following are potentially compromising situations that must be avoided. Any exceptions must be reported to the Chief Executive Officer
of Employer and written approval for continuation of such actions must be obtained from the Chief Executive Officer of Employer before
any such actions may continue.

 

(a)
Revealing or misusing confidential information to outsiders. Unauthorized divulging of information is a violation of this policy whether
or not for personal gain and whether or not harm to the Employer is intended.

 

(b)
Accepting or offering substantial gifts, excessive entertainment, favors, or payments which may be deemed to constitute undue influence
or otherwise be improper or embarrassing to the Employer.

 

(c)
Accepting or offering consulting or freelance employment for any outside firm or entity, unless otherwise set forth herein.

 

(d)
Initiating or approving any form of sexual or other harassment, retaliation or discrimination concerning employees of the Employer or
any of the Affiliates.

 

(e)
Investing or holding outside directorships in suppliers, customers, or any Competing Business, including financial speculation, where
such investment or directorship might influence in any manner a decision or course of action by the Employer; provided, however,
that Employee may own up to five percent (5%) of a publicly traded company that engages in a Competing Business.

 

(f)
Borrowing from or lending to employees, customers, or suppliers.

 

(g)
Improperly using or disclosing to the Employer any proprietary information or trade secrets of any former or concurrent employer or other
person or entity with whom obligations of confidentiality exist.

 

(h)
Unlawfully discussing prices, costs, customers, sales, or markets with any Competing Business or its employees.

 

(i)
Making unlawful agreements with competitors with respect to prices.

 

(j)
Engaging in any conduct which is not in the best interest of the Employer.

 

25.
COUNSEL. EMPLOYEE ACKNOWLEDGES THAT EMPLOYEE IS EXECUTING A LEGAL DOCUMENT THAT CONTAINS CERTAIN DUTIES, OBLIGATIONS AND
RESTRICTIONS AS SPECIFIED HEREIN. EMPLOYEE FURTHERMORE ACKNOWLEDGES THAT EMPLOYEE HAS BEEN ADVISED OF EMPLOYEE’S RIGHT TO RETAIN
LEGAL COUNSEL, AND THAT EMPLOYEE HAS EITHER BEEN REPRESENTED BY LEGAL COUNSEL PRIOR TO EMPLOYEE’S EXECUTION HEREOF OR HAS KNOWINGLY
ELECTED NOT TO BE SO REPRESENTED.

 

    	13

     

    

 

26.
Section 409A. This Agreement is intended to be interpreted and applied so that the payments and benefits set forth herein
shall either be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and
other authoritative guidance issued thereunder (“Section 409A”), or shall comply with the requirements of Section
409A. In no event may Employee, directly or indirectly, designate the calendar year of any payment to be made under this Agreement or
otherwise which constitutes a “deferral of compensation” within the meaning of Section 409A. Notwithstanding anything in
this Agreement or elsewhere to the contrary, a termination of employment shall not be deemed to have occurred for purposes of any provision
of this Agreement providing for the payment of any amounts or benefits that constitute “non-qualified deferred compensation”
within the meaning of Section 409A upon or following a termination of Employee’s employment unless such termination is also a “separation
from service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,”
“termination of employment” or like terms shall mean “separation from service” within the meaning of Section
409A. For purposes of Section 409A, each payment under this Agreement to Employee (including any installment payments) shall be deemed
a separate payment. With respect to any expense reimbursement provided pursuant to this Agreement (i) the expenses eligible for reimbursement
must be incurred during the term of employment, (ii) the amount of expenses eligible for reimbursement during any calendar year will
not affect the amount of expenses eligible for reimbursement in any other calendar year, (iii) the reimbursements for expenses for which
Employee is entitled to be reimbursed shall be made on or before the last day of the calendar year following the calendar year in which
the applicable expense is incurred, and (iv) the right to payment or reimbursement hereunder may not be liquidated or exchanged for any
other benefit. Notwithstanding any provision in this Agreement or elsewhere to the contrary, if on Employee’s termination of employment,
Employee is deemed to be a “specified employee” within the meaning of Section 409A, any payments or benefits due upon a termination
of Employee’s employment under any arrangement that constitutes a “deferral of compensation” within the meaning of
Section 409A (whether under this Agreement, any other plan, program, payroll practice or any equity grant) and which do not otherwise
qualify under the exemptions under Treasury Regulation section 1.409A-1 (including without limitation, the short-term deferral exemption
and the permitted payments under Treasury Regulation section 1.409A-1(b)(9)(iii)(separation pay plan exemption), shall be delayed and
paid or provided to Employee in a lump sum (whether they would have otherwise been payable in a single sum or in installments in the
absence of such delay) on the earlier of (x) the date which is six (6) months and one (1) day after Employee’s separation from
service for any reason other than death, and (y) the date of Employee’s death, and any remaining payments and benefits shall be
paid or provided in accordance with the normal payment dates specified for such payment or benefit.

 

By
signing below, Employee acknowledges that Employee has received, read, and agrees to adhere to the terms and conditions contained within
this Agreement, including, without limitation, for confidentiality and noncompetition and non-solicitation requirements, assignment of
inventions, and conflict of interest guidelines.

 

[Signature
Page Follows]

 

    	14

     

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the day and year first above written.

 

	 	THE
    EMPLOYER: 
	 	 	 
	 	SANARA
    MEDTECH INC.
	 	 	 
	 	By:	/s/
    Michael McNeil
	 	Name:	Michael
    McNeil 
	 	Title:	Chief
    Financial Officer
	 	 	 
	 	EMPLOYEE:
	 	 	 
	 	By:	/s/
    Zachary B. Fleming
	 	Name:	Zachary
    B. Fleming

 

    	15

     

    

 

Exhibit
A

 

FORM
OF RELEASE

 

As
used in this General Release, the term “claims” shall include all claims, covenants, warranties, promises, undertakings,
actions, suits, causes of action, obligations, debts, attorneys’ fees, accounts, judgments, losses and liabilities, of whatsoever
kind or nature, in law, equity or otherwise.

 

For
and in consideration of the payments described in Section 9 of the Employment Agreement, and other good and valuable consideration, you,
for and on behalf of yourself and your heirs, administrators, executors, and assigns, effective as of the Effective Date (as defined
herein below), do fully and forever release, remise and discharge Employer, its direct and indirect parents, subsidiaries and affiliates,
together with their respective officers, directors, partners, shareholders, members, managers, employees and agents (collectively, the
“Group”) from any and all claims which you had, may have had, or now have against Employer or any other member
of the Group, for or by reason of your employment or the termination of your employment with Employer, including but not limited to claims
of breach of contract, wrongful termination, unjust dismissal, defamation, libel or slander, or under any federal, state or local law
dealing with discrimination based on age, race, sex, national origin, handicap, religion, disability or sexual preference. This release
of claims includes, but is not limited to, all claims arising under the Age Discrimination in Employment Act, Title VII of the Civil
Rights Act, the Americans with Disabilities Act, the Civil Rights Act of 1991, the Equal Pay Act, and all other federal, state and local
labor and anti- discrimination laws, the common law and any other purported restriction on an employer’s right to terminate the
employment of employees. You specifically release all claims under the Age Discrimination in Employment Act (the “ADEA”)
relating to your employment and its termination.

 

You
represent that you have not filed or permitted to be filed against the Group, individually or collectively, any charges, complaints or
lawsuits arising out of your employment with Employer and the termination thereof and you covenant and agree that you will not file or
permit to be filed any lawsuits at any time hereafter with respect to the subject matter of this General Release and claims released
pursuant to this General Release (including, without limitation, any claims relating to the termination of your employment), except as
may be necessary to enforce this General Release or to seek a determination of the validity of the waiver of your rights under the ADEA.
Nothing in this General Release shall be construed to prohibit you from filing a charge with or participating in any investigation or
proceeding conducted by the Equal Employment Opportunity Commission (“EEOC”) or a comparable state or local
agency. Notwithstanding the foregoing, you agree to waive your right to recover monetary damages in any charge, complaint, or lawsuit
filed by you or by anyone else on your behalf. Except as otherwise provided in this paragraph, you will not voluntarily participate in
any judicial proceeding of any nature or description against any member of the Group that in any way involves the allegations and facts
that you could have raised against any member of the Group as of the date you sign this General Release.

 

Your
right to receive the Severance Payments set forth in Section 9 of the Employment Agreement is expressly conditioned upon your executing
and delivering to the Employer, within _____ days of the employment termination date, this General Release and the expiration of the
revocation period described herein without any portion of this General Release having been revoked.

 

You
are specifically agreeing to the terms of this release because Employer has agreed to pay you money and other benefits to which you were
not otherwise entitled and has provided such other good and valuable consideration as specified herein. Employer has agreed to provide
this money and other benefits because of your agreement to accept it in full settlement of all possible claims you might have or ever
had, and because of your execution of this General Release.

 

Any
terms capitalized herein but not otherwise defined shall have the meaning given to them in the Employment Agreement.

 

You
acknowledge that you have read this General Release in its entirety, fully understand its meaning and are executing this General Release
voluntarily and of your own free will with full knowledge of its significance. You acknowledge and warrant that you have had the opportunity
to consider for ______ (___) days the terms and provisions of this General Release and that you have been advised by Employer to consult
with an attorney prior to executing this General Release. You may execute this General Release prior to the conclusion of the ___________
(___) day period, and if you elect to do so, you acknowledge that you have done so voluntarily. You shall have the right to revoke this
General Release for a period of seven (7) days following your execution of this General Release, by giving written notice of such revocation
to Employer in accordance with Section 13 of the Employment Agreement. This General Release shall not become effective until the eighth
(8th) day following your execution of it.

 

    	16

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