Document:

TEAMING
AGREEMENT BETWEEN WOOLPERT, INC. AND US FUEL CORPORATION

 

Section 1. General

 

THIS AGREEMENT is
made and entered into this 3rd day of May, 2013, by and between Woolpert, Inc., with an office located at 4454 Idea Center Boulevard,
Dayton, OH 45430 (hereinafter referred to as "Team Member") and the "Owner" identified herein.

 

		•	Owner: US Fuel Corporation

		•	Address: 277 White Horse Pike, Suite 200, Atco,NJ 08004

		•	Contact Person: Harry Bagot

		•	Phone Number: 856.753.1046

		•	Fax Number: 856.753.5132

		•	Location of Project: Within the State of Kentucky, CTL Process Plant (specific location to be determined), and hereafter referred
as the "Project"

 

WHEREAS, US Fuel Corporation
(hereinafter "US Fuel"), is a Nevada corporation having its head office at 277 White Horse Pike, Suite: 200
Atco, N.J. 08004.

 

AND, hereinafter US Fuel
and Woolpert shall be individually referred to as a party and collectively
referred to as the "Parties".

 

WHEREAS, US Fuel
is, among other things, a project planner and developer of renewable energy and alternative fuel projects, with an emphasis
on developing Coal-to-Liquid ("CTL") projects to produce diesel and jet fuel; and

 

WHEREAS, Woolpert
is the Lead Design Consultant and Design-Build Program Manager to provide the necessary Planning, design and preliminary design-build
documents and to coordinate with the CTL equipment and process designer on projects in Kentucky as assigned by the Owner.

 

WHEREAS, the
parties hereto intend to submit design documents for permitting of this Project subject to this Agreement in response to the selected
site located in one of the counties in the State of Kentucky;

 

WHEREAS, each
of the parties hereto, having carefully assessed the capabilities and interests of the other, has concluded that a mutual effort
in preparation of the design and performance of the Project may enhance the likelihood of a successful project to the Owner; and

 

WHEREAS, the
Owner shall be primarily responsible for the Project; the Team Member understanding is that the Owner will contract with other
consultants as set forth below.

 

NOW,
THEREFORE, in consideration of the mutual covenants and promises herein set forth, the project design by the Owner including
the Team Member, and other good and valuable considerations, the parties hereto do agree as follows:

 

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Section 2.
Design Preparation

 

2.1:
The Team Member shall provide appropriate personnel and use reasonable efforts to prepare and submit to the Owner such
data as are required for use in preparation of the design to be submitted to the State of Kentucky Air Quality Board and other
permitting agencies, which covers the work identified in Attachment A and incorporated by this reference, and provide other reasonable
assistance to the Owner in preparation and presentation of the design.

 

: Owner shall provide appropriate
personnel and use reasonable efforts to prepare the Proposal, integrate the data provided by the Team Member and other subconsultants,
and submit the design to the State of Kentucky reviewing agencies. The ultimate responsibility for design content shall be with
the Owner; however, the Owner shall consult with the Team Member on decisions affecting data of the Team Member. Notwithstanding,
the Owner shall identify Team Member and the services that Team Member will be providing, which shall be reflective of the services
identified in Attachment A.

 

: All communication relating
to this Agreement shall be directed to the specific persons designated to represent the Owner and the Team Member on this Project.
With respect to the Owner, the contact person shall be as named in Section I . With respect to Team Member, the contact person
is as follows, to be contacted at the Team Member address listed in Section 1:

 

		•	Team Member Contact Person: Michael J. Stanoikovich

		•	Phone Number:

		•	Fax Number:

 

2.4:
If reasonably requested by the Owner, the Team Member
will attend, or participate via video or phone conferencing as available, necessary pre-proposal or State of Kentucky agency review
meetings.

 

Section 3.
Relationship of the Parties

 

3.1:
This Agreement shall not constitute a joint venture, partnership, or any other form of joint entity. The parties shall
act as independent contractors, and neither paity shall act as agent for or partner of the other party for any purpose whatsoever,
and the employees of one shall not be deemed the employees of the other. Neither party shall have the authority to bind the other
party or make commitments of any kind for or on behalf of the other party without the other party's prior written consent.

 

: With notification to proceed,
the Owner shall acknowledge the Team Member as principal consultant, subject to Section 4, in performance of the Project. The Owner
expressly reserves the right to contract with other consultants for portions of the Project not described in Attachment A.

 

: It
is agreed between the parties that the Owner shall be the Prime Contact with the State of Kentucky reviewing agencies with
respect to the submittal and contents of the design identified in this Agreement. In the event it becomes desirable for Team Member
to contact the State of Kentucky reviewing agencies with regard to the permitting status, such contact shall be approved by the
Owner to ensure coordination of efforts and understanding of commitments prior to such contact.

 

: For the purposes of this
Proposal only, the Owner shall not participate on other teams (subject however to Team Leader's right to contract for other services
pursuant to Paragraph 3.2) ai1d shall exclusively contract with Team Member for the services identified in Attachment A. The parties
shall not divulge the makeup, strategies, and marketing activities of the team in pursuit of work stemming from this design; however,
Team Member may disclose the fact that Team Member is participating with Owner.

 

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			: Each party represents to the other that neither it nor any of its employees have been suspended or debarred from providing
services to the State of Kentucky, or the Federal Government or one of its agencies or depaiiments.

 

Section 4.
Performance

 

:
The Owner shall offer the Team Member a contract for the work identified in Attachment A, provided that the Owner gives notice
to proceed on the Project that includes the services identified in Attachment A.

 

In the event that Owner is awarded
the Project that includes some, but not all, of the services identified in Attachment A, the Owner shall offer Team Member a contract
for the services identified in Attachment A that are required for the Project awarded to the Owner. If
the actual services required for the Project that would be rendered by Team Member are less than 50 percent of the services
as anticipated in Attachment A, Team Member may decline to enter into contract negotiations with Owner and this Agreement shall
terminate.

 

			: The Owner and the Team Member agree to negotiate in good faith and proceed in a timely manner to conclude a mutually acceptable
contract in a form substantially conforming to Woolpert's Professional Service Agreement. If
requested, a copy of the standard contract will be made available for review by the Owner.

 

Section 5. Costs

 

Any and all costs, expenses,
or liability to either the Owner or the Team Member caused by or arising out of this Agreement, its implementation, amendment,
or expansion, shall be borne by each party separately and individually, and neither party shall be liable or obligated to the other
for any such cost, expense, or liability, except to the extent that such costs, expenses, or liabilities are reimbursed, paid,
or provided for under a subcontract, if any, entered into and between the parties.

 

Section 6. Proprietary
Information

 

: Under this Agreement, the
parties anticipate that it may be necessary for either to transfer to the other information of a proprietary nature. If
a party agrees to release Proprietary Information to the other, the Proprietary inf01mation shall be clearly identified
by the party the Proprietary Information at the time of disclosure. Proprietmy information (hereinafter "information")
may include, but not be limited to certain project, pricing, financial, personnel and marketing documents; client lists; software;
"know-how"; trade secrets and other business documents and materials of a generally confidential nature.

 

: The party receiving the
proprietary information (hereinafter "Receiving Party") shall not disclose such information from the party disclosing
the information (hereinafter "Disclosing Party") to any third party(ies), unless such information: 

		(a)	is publicly available or otherwise in the public domain; or

		(b)	is rightfully furnished to it from any third party, without restriction and without breach of this Agreement; or

		(c)	is released by the Disclosing Party to any third pmiy without restriction; or

 

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		(d)	must be disclosed by the Receiving Party pursuant to judicial order or proper Government regulation or other requirement, provided
the Receiving Party uses its reasonable best efforts to notify the Disclosing Party prior to such disclosure.

 

The Receiving Party shall use the same degree of
care it uses to protect its own confidential and proprietary information, but in any event not less than reasonable care, to prevent
the disclosure and to protect the confidentiality of the infonnation received. The Receiving Party shall not be liable for an inadvertent
disclosure of such information to a third party(ies) if it is disclosed despite the exercise of the degree of care required above,
provided that upon discovery of such inadvertent disclosure, the Receiving Party promptly notifies the Disclosing Party, takes
all reasonable steps to retrieve the inadvertently disclosed information, and immediately takes steps to preclude further disclosure.

 

This is to confirm that each of
the undersigned, jointly and severally, their affiliates and assignees confirm that any corporation, division, subsidiary, employees,
agents or consultants, or assignees thereof will not make any contact with, deal with or otherwise involve in any transaction,
between the parties defined herein, or subsequent to this agreement, without written permission of the introductory party. 

By signature below and execution of this agreement,
each of the undersigned, jointly and severally, their affiliates and assignees confirm that any corporation, organization, firm,
company or individual of which the undersigned is a party to, employee of, member of, or otherwise, which would benefit financially
from an association, is bound by this agreement.

 

    Notwithstanding the
disclosure of any Confidential Information by the Disclosing Party to the Receiving Party, the Disclosing Party shall retain
title thereto and all intellectual property and proprietary rights therein, and the Receiving Party will have no rights, by
license or otherwise, to use the Confidential Information except as expressly provided herein. The Receiving Party shall not
alter or obliterate any trademark, trademark notice, copyright notice, confidentiality notice or any notice of any other
proprietary right of the Disclosing Party on any copy of the Confidential Information, and shall faithfully reproduce any
such mark or notice on all copies of such Confidential Information.

 

This Agreement does not in any
way prevent or constrain either party's use of any other provider of, or either party's current or future development of, products,
or services similar to the products or services of the other party hereto or the products or services that are the subject of the
discussions anticipated by the Agreement (provided such development does not involve the use of the other party's Confidential
Information contrary to the Agreement).

 

: The Receiving Party agrees
that it shall not use such information for any purpose except for the completion of the design or a resulting subcontract between
the parties. The parties do acknowledge that certain pricing information may need to be forwarded to the Prime Client for the purpose
of trying to secure a contract. If the Receiving Party discloses such pricing information to the Prime Client, it shall request
in writing to the Prime Client that such information shall be kept confidential and not subject to public disclosure, if Prime
Client is a public entity, or otherwise provided to any other party. The Receiving Party agrees that only persons employed by the
Receiving Party who have a "need to know" about the proposal will be provided such information and that the Receiving
Party shall be responsible for such persons and that such persons will be bound by the terms of this Section 3. The Disclosing
Party may, at any time, demand return of all information provided to the Receiving Party. In such event, the Receiving Party agrees
to return all the information with the exception of one copy, which the Receiving Party shall be entitled to maintain for archival
and legal purposes only, provided that the Receiving Party continues to maintain the confidentiality of such information while
in its possession. The obligations of confidentiality under this Section 6 shall survive tennination of this Agreement and shall
remain in effect for a period of ten years from the date such information is first received.

 

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Section 7. Termination
of Agreement

 

Except as otherwise expressly
provided in Sections 4 and 6 of this Agreement, and unless extended by mutual written agreement of the parties, this Agreement
shall automatically expire upon the occurrence of any of the following events, whichever shall occur first:

 

		•	Except as provided herein, upon making and entering into a contract between the Owner and Team Member. Notwithstanding, in
the event that the Project or services will occur in phases and a series of contracts or task orders will be utilized to contract
the services provided under the solicitation to Team Member, this Agreement shall
tenninate after the final contract or task order is executed by both parties that concludes the services identified in Attachment
A.

		•	Upon official announcement of cancellation of the Project by the Owner.

		•	Upon official announcement that an award for the Project will not be made by the Owner.

		•	Upon deletion from the Project by the Owner of all of the work to be performed by the Team Member

		•	Except as provided herein, upon the elapsing of 12 months from the date of this Agreement. Notwithstanding, if the design has
been submitted and remains under consideration by the Client upon the expiration of twelve months from the date hereof, then in
such case, this Agreement shall continue in force until terminated pursuant to one of the other events enumerated herein. Further,
in the event that the Owner gives notice to proceed for this Project and parties have yet to enter into a contract to Team Member,
or a series of contracts or task orders will be utilized to contract the services provided under the solicitation
to Team Member, this Agreement shall continue in force until terminated pursuant to one of the other events enumerated herein.

 

This Agreement can also be terminated
for cause by either party upon ten (10) days' written notice of a material breach of this Agreement by the other party through
no fault of the terminating party and failure of the breaching party to cure the default during the notice period. In the event
of termination for cause, the party terminated for cause shall be precluded from further pursuing the solicitation independently
or as a member of another team.

 

Section 8. Miscellaneous

 

: This Agreement shall relate only to
the design relating to this Project and to no other effort undertaken by the Owner or the Team Member jointly or separately.

 

In addition, the role as
Design-Build Program Manager does not super cede the contractual relationship between the Owner and General Contractor, its
trade subcontractors, or Vendor procurement initiated by Owner. The Design-Build Program Manager will provide recommendations
on the selection of the General Contractor and other identified areas of construction as negotiated by Owner on specific
contracts in question. The Design-Build Program Manager will assist the Owner in creation of General Conditions which specify
various construction phase time/cost control provisions which provide the Owner better control and options to expedite the
construction, if desired.

 

    : This Agreement may not be
assigned or otherwise transferred by either party, in whole or in part, without the express prior written consent of the other
party.

 

     :
The Owner agrees that under no circumstances will any information, whether Proprietary or otherwise, be used to solicit
employment of any employee of the Team Member during the period of this Agreement and for a period of two years thereafter or the
maximum period allowed by law, whichever is less. For purposes of this provision, solicitation shall not include notices for employment
posted in a newspaper or on Owner's website in which an employee of Team Member other responds. To the extent permitted by law,
the Owner further agrees not to hire any employee of the Team Member during the period of this Agreement and for a period of two
years thereafter or the maximum period allowed by law, whichever is less. Unless otherwise mutually agreed in writing, any attempt
to solicit, or the actual hiring of, any employee of the Team Member during the restriction period shall entitle the Team Member
to seek an injunction and any other relief provided at law, including reasonable attorney's fees to enforce this provision.

 

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     :
The rights and obligations indicated in Sections 3, 8.3, 9, and 10 of this Agreement shall survive termination of this
Agreement.

 

     :
No Trading in US Fuel Stock. Woolpert understands that US Fuel is a publicly
traded corporation, symbol USFF and acknowledges and agrees that it will not use any non-public information about US
Fuel to purchase or sell shares in US Fuel for at least twelve (12) months
after receipt of information, as this information could be construed as insider trading information to an investor or potential
investor under federal and state securities laws and regulations. US Fuel would not
release this information to Woolpert but for Woolpert
acknowledging and agreeing to the terms and conditions in this paragraph. In the event that Woolpert,
its affiliates or related third parties violate the terms of this paragraph then US
Fuel can, in its sole discretion, immediately take all actions it deems appropriate, including, but not limited to notifying
the Transfer Company to cancel any shares acquired or sold, notifying the Securities Exchange Commission and any other regulatory
agency about the misconduct.

 

     :
Other Work of Each Party. While it is understood and agreed that the Parties shall give their utmost in skill and
effort as may be required to develop renewable energy products and projects, the Parties agree that this Agreement is not
intended to limit the Parties in their other business activities. Unless the action is in breach of this Agreement, such as
by improperly using the Confidential Information or Intellectual Property of another party, all Parties to this agreement
shall be free at all times to engage in and conduct other activities arising in the course of their usual and customary
business.

 

Section 9. Publicity

 

Either party desiring to issue
a news release, public announcement, advertisement, or any other form of publicity concerning its efforts in connection with this
Agreement shall give full consideration to the role and contributions of the other party and shall obtain the prior written approval
of the other party prior to such issuance.

 

Section 10. Governing
Law

 

This Agreement shall be governed by and construed
in accordance with the laws of the State of Ohio.

 

Section 11. Force Majeure

 

No Party shall hold the others
responsible for damages or delays in performance caused by force majeure, acts of God, or other events beyond the control of the
other Parties or that could not have been reasonably foreseen and prevented. In
the event that any Party goes into bankruptcy or ceases doing business for any reason, each Party that is in business (a
"Surviving Party") will retain those rights to information or technology that, in the sole discretion of a Surviving
Party, is necessary for that Patty to continue its business operations.

 

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Section 11. Entire Agreement

 

This Agreement, including Attachment A, embodies the
entire agreement and understanding between the parties, and there are no other agreements and understandings, oral or written,
with reference to the subject matter hereof that are not merged herein and superseded hereby.

 

IN
WITNESS WHEREOF, this Agreement, which is subject to the tenns and conditions of Sections 1 through 11 and Attachment
A, is accepted as of the date first written above.

 

	US FUEL CORrlON	 	WOOLPERT, INC.
	 	 	 
	Signed:	/s/ Harry Bagot	 	Signed:	/s/ Michael J. Stanoikovich
	 	 	 
	Typed Name: 	Harry Bagot	 	Typed Name:	Michael J. Stanoikovich
	 	 	 
	Title:	President & CEO	 	Title:	Sr. Vice President
	 	 	 
	Date: 	May 3, 2013	 	Date:	 May 9, 2013

 

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ATTACHMENT A: SCOPE OF SERVICES
MENU

 

Components of project- Greenfield:

 

		•	Roadway access road

		•	Off-Site Utilities

		•	On-Site Utility Infrastructure

		•	Site Improvements to include:

		o	Grading, Drainage, Erosion Control

		o	Perimeter Fencing

		o	Parking, Drives and Walks

		o	Landscaping

		•	Coal storage depot - Fuel Aeration

		•	Mobile tanker storage parking

		•	Process Equipment, Panels, and Emission Controls

		•	Building Structure and Spill Containment

		•	MEP Support equipment

		•	Emergency Electrical Generation

		•	Fuel Stock Depot

		•	Telecommunication, Audio-Visual, Security

 

Scope of Services:

 

Owners Budget:

 

Definition: The Owner Budget to
detail and provision for all elements of project including general conditions, O/H, and contractor profit plus.....

 

		•	Engineering Fees

		•	Architecture Fees

		•	Permitting Fees

		•	Testing, Investigation, Survey, etc. Fees

		•	Legal Fees

		•	Utility Usage Fees

		•	Costs of Land

		•	Cost of Construction

		•	Rights-of-way for access and public utilities

		•	Core Process Engineering (coal gasification, gas cleanup, gas to liquid fuel)

		•	Financing

		•	Contingencies for change in the work

		•	Other costs responsibility of the Owner

 

Programming Management Elements - Owner:

 

		•	Management
Plan - (rational, strategy for purchasing construction, desired bid packages, provisional master
schedule, critical dates)

 

	 	Woolpert Use Only
	 	Reviewed
As To Fann:,__________
	 	_____ Date:,__________________

 

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		•	Provisional Cost Model

		•	Feasibly Studies (increased efficiency, prolonged life cycle, reduced maintenance and energy expenses, operational costs)

		•	Cost management procedures

		•	Cost Adjustment Sessions

		•	Preliminary Provisional Network of the schedule for construction

		•	Public Relations

		•	Negotiation of Change Order costs and time extensions

		•	Contractor Claims Negotiations

		•	Training Sessions for Owner's maintenance and operational personnel

		•	Move-in Coordination

 

Programming Management Elements - Design:

 

		•	Pre - Design

		1.	Existing Conditions Survey

		2.	Functional/Space Needs Assessment

		3.	Site Selection Analysis

		4.	Construction Market Survey

		5.	Design Phase Procedures and Reports

		6.	Pre-Design Project Analysis Workshop

		7.	Reporting - Management Information System (MIS) requirements for distribution

		•	Design

		1.	Design coordination between disciplines

		2.	Progress meetings to exchange information and provide resolution design decisions

		3.	Oversight Design reviews

		4.	Constructability Review - (value, sequencing of construction, means, methods, duration of construction of various building
methods, and constructability)

 

		•	Bid and Award Phase

		1.	Pre-Bid Conferences

		2.	Addendum Processing

		3.	Bid Evaluation

 

		•	Construction Phase

		1.	Pre-Construction Conferences

		2.	Observation and monitoring the Contractor's activities

		3.	Construction Progress Review Reporting

		4.	Recovery Schedule if mandated

		5.	Equipment Instruction Manuals prepared by vendors and subs

		6.	As-Built Expediting

		7.	Substantial Completion documentation

 

		•	Post
Construction Phase

 

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		1.	Occupancy Permit

		2.	Final Project Report

 

Design Services for Facility Support
Structures:

 

-Pre-Design Services:

		•	Location Investigation

		o	Zoning and required variances

		o	Easements

		o	Community relations

		o	Environmental Investigations oPermitting requirements

		o	Building codes

		o	Utility Coordination

		•	Establish conceptual project schedule

		•	Establish conceptual project budget

 

		-	Conceptualization

		•	Assembling the project team

		•	Documenting Owner Project Goals, Design and Construction Criteria

		•	Development of a conceptual digital model to confirm design team understanding and for presentation to various stakeholders,
community and approval agencies

		•	Update the Schedule and Budget based on Conceptual ModeL

 

-Design Documents

		•	Development of a GMP bid package to include:

		o	Process General Arrangement Drawings, Process and Instrumentation Diagrams

		o	Plans, Elevations, Sections and Typical Wall Architectural Sections

		o	MEP and Structural Drawings

		o	Narrative Specifications of all disciplines

		o	Fire Protection sprinkler design/fire alarm drawings

		o	RCDD sub - audio, visual, communication, security, data and /or other low voltage system design

		•	Update the Schedule and Budget based on Conceptual Model.

 

-Detailed Design -Construction
DocumentsConstruction Drawings and Specifications based on the approved GMP Documents. Documents to include:

		o	Architectural

		o	Structural and Mechanical

		o	Fire Protection sprinkler design/fire alarm drawings

 

-Construction Coordination

-Closeout

 

Design Services for Plant Site Support:

 

-Concept

 

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		•	Rough grading - balanced

		•	Schematic stormwater collection and storage

		•	Schematic utility supply routing

		•	Onsite Wastewater Treatment options

		•	Plant layout - future phases area constraints; future NG Regeneration to electric plant; future reuse carbon dioxide algae
and greenhouse plant

		•	Site adaption of prototype (100KSF prefab building and process equipment)

 

-Site Investigation

 

		•	Geotechnical borings, findings and bore logs analysis

		•	Field Survey

		•	Phase 1 Environmental

		•	Wetland Studies

		•	Wastewater Effluent Collection and Discharge

		•	Traffic Impact Studies

		•	Entitlement Conflicts

		•	Aid to Construction impact fees

 

-Stormwater Management

		•	SWP3 Permit

 

-Design Documents

		•	For Bid Purposes

-Construction documents

		•	Technical Specs or Reference State/county Standards

-Construction Services

		•	Construction Testing Service (sub to Owner)

 

Design Services for Existing Facility Modification

 

Either from previous owner archives
or the local jurisdiction assessment office, identify the following potential impacts to the process plant installation at the
existing facility site:

 

		•	Zoning restrictions and requirements are consistent with intended use for buildings and site

		•	Distances from buildings and structures are sufficient to property lines and public right-of-ways.

		•	Emergency vehicles have access around the perimeter of the building for fighting fires and rescue

		•	Building exits are sufficient in number and location to allow egress within the allowable travel distances

		•	Building heights and footprints do not exceed the allowable size for the intended use

		•	Building is constructed of non-flammable materials including wall and roof materials

		•	Sprinkler systems are sufficient in coverage for the intended use

		•	Fire separation and fire wall ratings are sufficient to divide occupancies

 

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		•	The facility is handicap accessible for required areas such as offices and observation areas

		•	Lighting levels are sufficient

		•	Ventilation levels are sufficient

		•	Hazardous material isolation

		•	Building structure and concrete slabs can support equipment

		•	Public utilities are sufficient including power, water, sewer and communication systems

 

Clarifications for Owner - General Contractor
Agreement

 

The Design-Build Program Manager (Woolpert) will
not issue instructions contrary to the Agreement between Owner and Contractor. Communication between the Design-Build Program Manager
and the Contractor with regard to inspection shall not in any way be construed as binding the Design-Build Program Manager or Owner,
or releasing the Contractor from fulfillment of any of the terms of its contract.

 

Performance of the Design-Build Program Manager role
shall not make the Design Build Program Manager liable for or an insurer of the performance of the Contractor.

 

Performance of the Design-Build
Program Manager role shall not require the Design Build Program Manager to have control or charge of or advise on or issue directions
concerning aspects of the construction means, methods, techniques or sequences; or for safety procedures or programs in connection
with the Work.

 

Owner will direct General Contractor
to implement BIM to be utilized by any vendor or subcontractor who will generate shop drawings for fabrication purposes. BIM implementation
is to allow the manufacturer/subcontractor knowledge, skills, and services to be applied for the benefit of the project.

 

Subcontractors or material suppliers are to supply
the following:

 

		•	Material procurement scheduling

		•	Product data sheets

		•	Life cycle and energy efficiency data

		•	Cost data to validate estimate/schedules

		•	Tolerances

		•	Prefabrication opportunities

 

The milestone schedule will address allowances for
the Owners Representative, performance requirements of the Owner, consultants and approval of submission of documents by authorities
having jurisdiction over the project.

 

 

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EXECUTIVE EMPLOYMENT AGREEMENT

 

This EXECUTIVE EMPLOYMENT
AGREEMENT (the “Agreement”) dated February 11, 2014 by and between Tonix Pharmaceuticals Holding Corp., a company
incorporated under the laws of Nevada (the “Company”), and Seth Lederman, an individual (the “Executive”)
with reference to the following facts:

 

WHEREAS, Executive
currently serves as the President, Chief Executive Officer and Chairman of the Board of Directors of the Company which is engaged
in the business of developing innovative prescription medications for challenging disorders of the central nervous system;

 

WHEREAS, Tonix Pharmaceuticals,
Inc., the Company’s wholly-owned subsidiary, previously entered into a consulting agreement with Lederman & Co., LLC,
a company owned and controlled by the Executive, dated June 4, 2010, as amended December 9, 2010, February 1, 2012 and October
15, 2013 (the “Consulting Agreement”) relating to compensation to be paid for services; and

 

WHEREAS, the parties
wish to enter into this Agreement directly between the Executive and the Company in its entirety, on the terms and conditions contained
in this Agreement, which will supersede the Consulting Agreement (and which Consulting Agreement will terminate simultaneously
with the execution of this Agreement) and all prior agreements and understandings between Lederman & Co, LLC and the Company,
oral or written with respect to its subject matter. Executive will continue to serve as President, Chief Executive Officer and
Chairman of the Board of Directors and option awards and vesting of options granted to Executive will not be affected by the termination
of the Consulting Agreement.

 

NOW THEREFORE, in consideration
of the foregoing facts and mutual agreements set forth below, the parties, intending to be legally bound, agree as follows:

 

NOW, THEREFORE, in
consideration of the mutual promises herein contained, the parties agree as follows:

 

1.Definitions.
As used in this Agreement, the following terms shall have the following meanings:

 

		(a)	“Board” means the Board of Directors
of the Company.

 

		(b)	“Cause” means any of the following:

 

		(i)	the commission of an act of fraud, embezzlement or dishonesty by Executive, or the commission of
some other illegal act by Executive (other than traffic violations or other offenses or violations outside of the course of Executive’s
employment), that has a demonstrable material adverse impact on the Company or any successor or affiliate thereof;

 

    	 

    	 

    

 

		(ii)	a conviction of, or plea of “guilty” or “no contest” to, a felony by Executive;

 

		(iii)	any unauthorized use or disclosure by Executive of confidential information or trade secrets of
the Company or any successor or affiliate thereof that has, or may reasonably be expected to have, a material adverse impact on
any such entity;

 

		(iv)	Executive’s gross negligence, failure to follow a material, lawful and reasonable request
of the Board or material violation of any duty of loyalty to the Company or any successor or affiliate thereof, or any other demonstrable
material willful misconduct on the part of Executive;

 

		(v)	Executive’s ongoing and repeated failure or refusal to perform or neglect of Executive’s
duties as required by this Agreement, which failure, refusal or neglect continues for thirty (30) days following Executive’s
receipt of written notice from the Board stating with specificity the nature of such failure, refusal or neglect, provided that
such failure to perform is not as a result of illness, injury or medical incapacity; or

 

		(vi)	Executive’s material breach of any Company policy or any material provision of this Agreement;

 

provided, however,
that prior to the determination that “Cause” under this Section 1(b) has occurred, the Board shall (A) provide to Executive
in writing, in reasonable detail, the reasons for the determination that such “Cause” exists, (B) other than with respect
to clause (v) above which specifies the applicable period of time for Executive to remedy his breach, afford Executive a reasonable
opportunity to remedy any such breach, (C) provide the Executive an opportunity to be heard by the Board (with counsel present)
prior to the final decision to terminate the Executive’s employment hereunder for such “Cause” and (D) make any
decision that such “Cause” exists in good faith and with the approval of two-thirds (2/3rds) of the independent members
of the Board. For purposes hereof, no act shall be deemed “willful” if taken (or omitted) on the reasonable belief
that it was in the best interest of the Company or upon the advice of counsel or other expert.

 

The foregoing definition
shall not in any way preclude or restrict the right of the Company or any successor or affiliate thereof to discharge or dismiss
Executive for any other acts or omissions, but such other acts or omissions shall not be deemed, for purposes of this Agreement,
to constitute grounds for termination for Cause.

 

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(c) “Change
in Control” means and includes each of the following:

 

		(i)	a transaction or series of transactions (other than an offering of the Company’s common stock
to the general public through a registration statement filed with the Securities and Exchange Commission) whereby any “person”
or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)) (other than the Company, any of its subsidiaries, an
employee benefit plan maintained by the Company or any of its subsidiaries or a “person” that, prior to such transaction,
directly or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires
beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act), of securities of the Company possessing forty percent
(40%) or more of the total combined voting power of the Company’s securities outstanding immediately after such acquisition;
or

 

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

 

		(1)	which results in the Company’s voting securities outstanding immediately before the transaction
continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person
that, as a result of the transaction, controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially
all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor
Entity”)) directly or indirectly, at least sixty percent (60%) of the combined voting power of the Successor Entity’s
outstanding voting securities immediately after the transaction, and

 

		(2)	after which no person or group beneficially owns voting securities representing forty percent (40%)
or more of the combined voting power of the Successor Entity; provided, however, that no person or group
shall be treated for purposes of this clause (2) as beneficially owning forty percent (40%) or more of combined voting power
of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction.

 

    	3

    	 

    

 

Notwithstanding the
foregoing, a transaction shall not constitute a “Change in Control” if: (i) its sole purpose is to change the
state or Country of the Company’s incorporation; (ii) its sole purpose is to create a holding company that will be owned
in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction;
(iii) it constitutes the Company’s initial public offering of its securities; or (iv) it is a transaction effected primarily
for the purpose of financing the Company with cash (as determined by the Board in good faith and without regard to whether such
transaction is effectuated by a merger, equity financing or otherwise).

 

(d) “Code”
means the Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations and other interpretive guidance
issued thereunder.

 

(e)“Enterprise
Value” means in the case of a Change in Control in which consideration is payable to the Company in respect of its assets
or business, the total cash and non-cash (including, without limitation, the assumption of debt) consideration received by the
Company, net of any fees and expenses in connection with the transaction; or in the case of a Change in Control in which consideration
is payable to the Company’s stockholders, the total cash and non-cash (including, without limitation, the assumption of debt)
consideration payable to the Company’s stockholders net of any fees and expenses in connection with the transaction. “Enterprise
Value” shall also include, if applicable, any cash or non-cash consideration payable to the Company or to the Company’s
stockholders on a contingent, earnout or deferred basis. To the extent that any consideration in a transaction is not received
in cash upon the consummation of the Change in Control, the value of such non-cash consideration for purposes of calculating the
Enterprise Value will be determined by the Board of Directors of the Company prior to the Change in Control in good faith. In the
event that less than 100% of the stock or assets of the Company is purchased in the Change in Control transaction, the Enterprise
Value shall be extrapolated from the percentage of the Company’s capital stock or assets impacted in such Change in Control
transaction to determine if the Enterprise Value Threshold (as hereinafter defined) was met, but the Sale Bonus (as hereinafter
defined) shall be calculated based on the actual consideration received by the Company or shareholders, as the case may be.

 

(e) “Good
Reason” means the occurrence of any of the following events or conditions without Executive’s written consent:

 

		(i)	a material reduction of Executive’s title, authority, duties or responsibilities, or the
assignment to Executive of duties materially inconsistent with Executive’s positions with the Company as stated in Section
2(a) hereof;

 

		(ii)	a material diminution in Executive’s base compensation, unless such a reduction is imposed
across-the-board to senior management of the Company and is not greater than 15%;

 

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		(iii)	a material change in the geographic location at which Executive must perform his or her duties
(and the parties acknowledge that a relocation of the Company’s principal executive offices to a location more than fifty
(50) miles from the Company’s then-current offices (excepting reasonable travel on the Company’s business) shall constitute
a material change for purposes of this clause (iii));

 

		(iv)	any other action or inaction that constitutes a material breach by the Company or any successor
or affiliate of its obligations to Executive under this Agreement; or

 

		(v)	the Company’s delivery of a Non-Renewal Notice (as hereinafter defined).

 

Executive must provide
written notice to the Company of the occurrence of any of the foregoing events or conditions without Executive’s written
consent within ninety (90) days of the occurrence of such event. The Company or any successor or affiliate shall have a period
of thirty (30) days to cure such event or condition after receipt of written notice of such event from Executive.

 

(f) “Involuntary
Termination” means (i) the Executive’s Separation from Service by reason of Executive’s discharge by the
Company other than for Cause, or (ii) the Executive’s Separation from Service by reason of Executive’s resignation
of employment with the Company for Good Reason. Executive’s Separation from Service by reason of Executive’s death
or discharge by the Company following Executive’s Permanent Disability shall not constitute an Involuntary Termination. The
Executive’s Separation from Service by reason of resignation from employment with the Company for Good Reason shall be an
“Involuntary Termination” only if such Separation from Service occurs within one year following the initial existence
of the act or failure to act constituting Good Reason.

 

(g) “Permanent
Disability” of the Executive shall be deemed to have occurred if Executive shall become physically or mentally incapacitated
or disabled or otherwise unable fully to discharge his duties hereunder for a period of ninety (90) consecutive calendar days or
for one hundred twenty (120) calendar days in any one hundred eighty (180) calendar-day period. The existence of Executive’s
Permanent Disability shall be determined by the Company on the advice of a physician chosen by the Company and reasonably acceptable
to the Executive, and the Company reserves the right to have the Executive examined by such physician at the Company’s expense.

 

(h) “Separation
from Service,” with respect to the Executive, means the Executive’s “separation from service,” as defined
in Treasury Regulation Section 1.409A-1(h).    

 

    	5

    	 

    

 

(i) “Stock
Awards” means all stock options, restricted stock and such other awards granted pursuant to the Company’s stock
option and equity incentive award plans or agreements and any shares of stock issued upon exercise thereof.

 

2.Services to
Be Rendered.

 

(a)Duties and
Responsibilities. Executive shall continue to serve as Chairman of the Board, Chief Executive Officer and President of the
Company. The Company shall continue to nominate and recommend that Executive serve as a director on the Board and as its Chairman.
In the performance of such duties, Executive shall report directly to and shall be subject to the direction of the Board. Executive
hereby consents to serve as an officer and/or director of the Company or any subsidiary or affiliate thereof without any additional
salary or compensation. Executive’s primary place of work shall be the Company’s executive offices in New York, New
York, or such other location within the New York City area as may be designated by the Board from time to time. Executive shall
also render services at such other places within or outside the United States as the Board may direct from time to
time. Executive shall be subject to and comply with the policies and procedures generally applicable to senior executives of the
Company to the extent the same are not inconsistent with any term of this Agreement.

 

(b)Exclusive Services.
Executive shall at all times faithfully, industriously and to the best of his ability, experience and talent perform all
of the duties that may be assigned to Executive hereunder. The Company hereby acknowledges and agrees that Executive performs services
for, is employed by, and/or holds equity in those entities identified in writing and disclosed to the Board and he may continue
to do so. The Company further acknowledges and agrees that Executive may devote reasonable periods to other business activities
and join community and civic boards so long as such activities and service do not, individually or in the aggregate, materially
interfere with his duties to the Company, violate Section 6 below or pose a conflict of interest subject to obtaining the prior
written approval of the Company with respect to for-profit entities, such approval not to be unreasonably withheld or delayed.
Such business activities include, without limitation:

 

			

		(i)	Serving as a member or owner of any organization involving no conflict of interest with the Company,
provided that Executive must obtain the prior written approval of the Board, which approval shall not be unreasonably withheld
or delayed;

 

		(ii)	Serving as a consultant in his area of expertise to government, commercial and academic panels
where it does not conflict with the interests of the Company; and

 

		(iii)	Managing his personal investments, including owning shares of companies whose securities are publicly
traded, so long as such securities do not constitute more than five percent (5%) of the outstanding securities of any such company.

 

    	6

    	 

    

 

3.Compensation
and Benefits. The Company shall pay or provide, as the case may be, to Executive the compensation and other benefits and rights
set forth in this Section 3.

 

(a)Base Salary.
The Company shall pay to Executive a base salary of $425,000 per year, payable in accordance with the Company’s usual pay
practices (and in any event no less frequently than monthly). Executive’s base salary shall be subject to review annually
by the Board and/or the Compensation Committee and may be increased (but not decreased).

 

(b)Annual Bonus.
Executive shall be entitled to participate in any bonus plan that the Board or its designee may approve for the senior executives
of the Company. Bonuses shall be paid no later than two and one-half (2 1⁄2) months following the end of the applicable year.

 

(c)Benefits.
Executive shall be entitled to participate in benefits under the Company’s benefit plans, profit sharing and arrangements,
including, without limitation, any employee benefit plan or arrangement made available in the future by the Company to its employees
or senior executives, subject to and on a basis consistent with the terms, conditions and overall administration of such plans
and arrangements. The Company shall have the right to amend or delete any such benefit plan or arrangement made available by the
Company to its employees or senior executives and not otherwise specifically provided for herein.

 

(d)Expenses.
The Company shall promptly reimburse Executive for reasonable out-of-pocket business expenses incurred in connection with the performance
of his duties hereunder, subject to (i) such policies as the Company may from time to time establish, (ii) Executive
furnishing the Company with evidence in the form of receipts satisfactory to the Company substantiating the claimed expenditures,
and (iii) Executive receiving advance approval from the Board in the case of expenses (or a series of related expenses) in excess
of $25,000.

 

(e)Vacation.
Executive shall have the right to four weeks of vacation during each successive one year period of his employment by the Company,
which vacation time shall be taken at such time or times in each such one year period so as not to materially and adversely interfere
with the performance of his responsibilities under this Agreement. Executive shall not be entitled to carry over any unused vacation
time from one year to the next and any accrued but unused vacation time will be waived. In addition, Executive shall be entitled
to additional paid time off in accordance with the policies of the Company applicable to senior management personnel from
time to time.

 

(f)Withholding.
The Company shall be entitled to withhold from amounts payable or benefits accorded to Executive under this Agreement all federal,
state and local income, employment and other taxes, as and in such amounts as may be required by applicable law.

 

(g)Equity Awards.
Executive shall be entitled to participate in any equity or other employee benefit plan that is generally available to senior executive
officers, as distinguished from general management, of the Company. Except as otherwise provided in this Agreement, Executive’s
participation in and benefits under any such plan shall be on the terms and subject to the conditions specified in the governing
document of the particular plan. Except as modified by Section 5, any Stock Award agreements to which the Company and Executive
are bound on the date hereof shall remain in effect in accordance with their respective terms.

 

    	7

    	 

    

 

(h)Change in Control
Bonus. In consideration of Executive’s prior service to the Company and the service to be provided hereunder, in the
event the Company consummates a Change in Control transaction where the Enterprise Value equals or exceeds a minimum value of $50
million (the “Enterprise Value Threshold”), the Executive shall be entitled to a cash bonus in the amount of
4.4% of the Enterprise Value (the “Sale Bonus”). The Sale Bonus shall be payable ninety-one (91) days after
the completion of the Change in Control transaction, provided, however, that Executive shall not be entitled to receive the Sale
Bonus unless Executive remains employed by the Company for the ninety (90) days following the completion of the Change in Control
transaction unless Executive’s employment is Involuntarily Terminated in which case the Sale Bonus would be payable immediately.
Notwithstanding anything else to the foregoing, the Sale Bonus pursuant to this Section 3(h) will terminate upon the Company granting
the Executive long-term incentive compensation mutually agreed to by the Board and the Executive pursuant to a new Company equity
incentive plan. The Executive shall remain entitled to receive the Sale Bonus if (i) an Involuntary Termination occurs and (ii)
(A) a Change in Control transaction meeting the Enterprise Value Threshold occurs within one hundred twenty (120) days after the
date of Involuntary Termination or (B) on the date of Involuntary Termination, the Company is a party to a binding agreement, which
may include a binding letter of intent, that would constitute a Change in Control transaction with a value that equals or exceeds
the Enterprise Value Threshold, and the Company subsequently consummates the Change in Control transaction.

 

4.Employment
Term.  The term of this Agreement (as it may be extended by the following sentence or terminated earlier pursuant to Section
5, the “Employment Term”) shall begin on February 11, 2014 and end on the close of business on February 10,
2015. The Employment Term shall be automatically extended for additional one-year periods unless, at least sixty (60) days
prior to the end of the expiration of the Employment Term, Executive or the Board notifies the other party in writing (a “Non-Renewal
Notice”) that it does not wish to extend such Employment Term. Executive’s employment hereunder shall be coterminous
with the Employment Term, unless sooner terminated as provided in Section 5.

 

5.Termination;
Severance. Executive shall be entitled to receive benefits upon a Separation from Service only as set forth in this Section
5:

 

(a)General.
Either the Board or Executive may terminate Executive’s employment hereunder, for any reason, at any time prior to the expiration
of the Employment Term, as appropriate, upon thirty (30) days prior written notice to the other party. Upon termination of
Executive’s employment hereunder for any reason, Executive shall be deemed simultaneously to have resigned from any other
position or office he may at the time hold with the Company or any of its affiliates, other than as a member of the Board. In addition,
upon termination of Executive’s employment hereunder for any reason, including, without limitation, expiration of the Employment
Term, the Company shall (i) reimburse the Executive for any expenses properly incurred under Section 3(d) and which have
not previously been reimbursed as of the effective date of the termination, (ii) pay Executive for any accrued, but unused,
vacation time as of the effective date of the termination, (iii) pay Executive for any accrued and unpaid base salary through
and including the effective date of termination, and (iv) pay Executive any earned by not paid bonus for the year prior to the
year in which the effective date of termination occurs (collectively, the “Accrued Compensation”). The Accrued
Compensation will be paid in a lump sum on the first regularly scheduled payroll date following the effective date of the termination
of Executive’s employment with the Company, except that any earned by unpaid bonus will be made at the time such bonuses
are paid to senior executives generally but no later than two and one-half (2 1⁄2) months after the end of the year to which
the bonus relates.

 

 

    	8

    	 

    

 

(b)Separation
from Service by Death or Following Permanent Disability. Subject to Sections 5(f) and 9(p) and Executive’s continued
compliance with Section 6, in the event of Executive’s Separation from Service as a result of Executive’s death or
discharge by the Company following Executive’s Permanent Disability, Executive or Executive’s estate, as applicable,
shall be entitled to receive his base salary through the date that Executive’s Separation from Service occurs as a result
of Executive’s death or Permanent Disability, full vesting of all Stock Awards, and a payment equal to six (6) months of
Executive’s base salary.

 

(c)Severance upon
Involuntary Termination. Subject to Sections 5(f) and 9(p) and Executive’s continued compliance with Section 6, if Executive’s
employment is Involuntarily Terminated, Executive shall be entitled to receive, in lieu of any severance benefits to which Executive
may otherwise be entitled under any severance plan or program of the Company, the benefits provided below, which, with respect
to clause (ii) and the last sentence of clause (iii) (if applicable) will be payable in a lump sum within ten (10) days following
the effective date of Executive’s Release (as hereinafter defined):

 

		(i)	the Company shall pay to Executive his fully earned but unpaid base salary, when due, through the
date of Executive’s Involuntary Termination at the rate then in effect (without regard to any reduction in salary that gave
rise to an event of Good Reason), plus all other benefits, if any, under any Company group retirement plan, nonqualified deferred
compensation plan, equity award plan or agreement, health benefits plan or other Company group benefit plan to which Executive
may be entitled pursuant to the terms of such plans or agreements at the time of Executive’s Involuntary Termination;

 

		(ii)	Executive shall be entitled to receive severance pay in an amount equal to the base salary payable
to Executive under Section 3(a) of this Agreement from the date of Executive’s Involuntary Termination until the one year
anniversary of such Involuntary Termination (the “Severance Period”);

 

    	9

    	 

    

 

		(iii)	During the Severance Period (or, if earlier, until the date on which the applicable continuation
period under COBRA expires), the Company shall arrange to provide Executive and his eligible dependents who were covered under
the Company’s health insurance plans as of the date of Executive’s Involuntary Termination with health (including medical,
dental and vision) insurance benefits substantially similar to those provided to Executive and his dependents immediately prior
to the date of such Involuntary Termination. If any of the Company’s health benefits are self-funded as of the date of Executive’s
Involuntary Termination, or if the Company cannot provide the foregoing benefits in a manner that is exempt from Section 409A (as
defined below) or that is otherwise compliant with applicable law (including, without limitation, Section 2716 of the Public Health
Service Act), instead of providing continued health insurance benefits as set forth above, the Company shall instead pay to Executive
an amount equal to (A) the number of months from the date of Executive’s Involuntary Termination until the end of the Employment
Term, as appropriate multiplied by (B) the monthly premium Executive would be required to pay for continuation coverage pursuant
to COBRA for Executive and his eligible dependents who were covered under the Company’s health plans as of the date of Executive’s
Involuntary Termination (calculated by reference to the premium as of the date of Involuntary Termination); and

 

		(iv)	That portion of the Stock Awards that would have vested over the Severance Period shall be automatically
accelerated so as to be immediately vested as of the date of Involuntary Termination and any vested options or similar award (e.g.,
a stock appreciation right) may be exercised at any time during the Severance Period (subject to earlier termination (A) in connection
with a recapitalization or similar transaction pursuant to the Company’s equity incentive plans governing such Stock Awards
or (B) the contractual term of the Stock Award), or if longer, through the date such vested options or similar award are exercisable
under the terms of the applicable Stock Award.

 

(d)Termination
for Cause or Voluntary Resignation Without Good Reason. In the event of Executive’s termination of employment as a result
of Executive’s discharge by the Company for Cause or Executive’s resignation without Good Reason (other than as a result
of Executive’s death or Separation of Service by reason of discharge by the Company following Executive’s Permanent
Disability), the Company shall not have any other or further obligations to Executive under this Agreement (including any financial
obligations) except that Executive shall be entitled to receive the Accrued Compensation. In addition, in the event of Executive’s
Separation from Service as a result of Executive’s discharge by the Company for Cause or Executive’s resignation without
Good Reason (other than as a result of Executive’s death or Separation of Service by reason of discharge by the Company following
Executive’s Permanent

Disability), all vesting of Executive’s
unvested Stock Awards previously granted to him by the Company shall cease and none of such unvested Stock Awards shall be exercisable
following the 90th day following the date of such termination. The foregoing shall be in addition to, and not in lieu
of, any and all other rights and remedies which may be available to the Company under the circumstances, whether at law or in equity.

 

    	10

    	 

    

 

(e)Termination
in Connection with a Change in Control Event. Subject to Sections 5(f) and 9(p) and Executive’s continued compliance
with Section 6, if Executive’s employment is Involuntarily Terminated within twelve (12) months after consummation of a Change
in Control transaction or within ninety (90) days prior to the consummation of a Change in Control or if terminated after an agreement
has been executed that contemplates the consummation of an Change in Control but before it closes, Executive shall be entitled
to receive, in lieu of (A) any severance benefits to which Executive may otherwise be entitled under any severance plan or program
of the Company or (B) pursuant to Section 5(c) hereof, the benefits provided below, which, with respect to clause (ii) and the
last sentence of clause (iii) (if applicable) will be payable in a lump sum within ten (10) days following the effective date of
Executive’s Release:

 

		(i)	an amount equal to three (3) times Executive’s then current base salary (without regard to
any reduction in base salary that gave rise to an event of Good Reason), provided, however, that so long as Executive
is still entitled to receive the Sale Bonus, the amount shall equal one and one-half (1 1⁄2) times Executive’s then
current base salary (without regard to any reduction in base salary that gave rise to an event of Good Reason);

 

		(ii)	the Company shall arrange to provide, for a period of twenty-four (24) months from the date of
Executive’s Involuntary Termination, Executive and his or her eligible dependents who were covered under the Company’s
health insurance plans as of the date of Executive’s Involuntary Termination with health (including medical, dental and vision)
insurance benefits substantially similar to those provided to Executive and his or her dependents immediately prior to the date
of such Involuntary Termination, provided, however, that so long as Executive is still entitled to receive the Sale Bonus, the
period of coverage shall be twelve (12) months. If any of the Company’s health benefits are self-funded as of the date of
Executive’s Involuntary Termination, or if the Company cannot provide the foregoing benefits in a manner that is exempt from
Section 409A (as defined below) or that is otherwise compliant with applicable law (including, without limitation, Section 2716
of the Public Health Service Act), instead of providing continued health insurance benefits as set forth above, the Company shall
instead pay to Executive an amount equal to (A) twenty-four (24) months (or twelve (12) months if Executive is still entitled to
receive the Sale Bonus) multiplied by (B) the monthly premium Executive would be required to pay for continuation coverage pursuant
to COBRA for Executive and his eligible dependents who were covered under the Company’s health plans as of the date of Executive’s
Involuntary Termination (calculated by reference to the premium as of the date of Involuntary Termination); and

 

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		(iii)	the vesting and/or exercisability of any outstanding unvested portions of such Stock Awards shall
be automatically accelerated so as to be immediately vested and exercisable as of the date of Involuntary Termination and shall
remain exercisable through the Severance Period (subject to earlier termination (A) in connection with a recapitalization or similar
transaction pursuant to the Company’s equity incentive plans governing such Stock Awards or (B) the contractual term of the
Stock Award).

 

(f)Release.
As a condition to Executive’s receipt of any post-termination benefits pursuant to Sections 5(b), (c) or (e) above, Executive
(or, in the event of Executive’s incapacity as a result of his Permanent Disability, the Executive’s legal representative)
shall execute and not revoke a general release of all claims in favor of the Company (the “Release”) in a form
reasonably acceptable to the Company. In the event the Release does not become effective within the fifty-five (55) day period
following the date of Executive’s Separation from Service, Executive shall not be entitled to the aforesaid payments and
benefits.

 

(g)Exclusive Remedy.
Except as otherwise expressly required by law (e.g., COBRA) or as specifically provided herein, all of Executive’s rights
to salary, severance, benefits, bonuses and other amounts hereunder (if any) accruing after the termination of Executive’s
employment shall cease upon such termination. In the event of Executive’s termination of employment with the Company, Executive’s
sole remedy shall be to receive the payments and benefits described in this Section 5. In addition, Executive acknowledges and
agrees that he is not entitled to any reimbursement by the Company for any taxes payable by Executive as a result of the payments
and benefits received by Executive pursuant to this Section 5, including, without limitation, any excise tax imposed by Section
4999 of the Code.

 

(h)No Mitigation.
Executive shall not be required to mitigate the amount of any payment provided for in this Section 5 by seeking other employment
or otherwise, nor shall the amount of any payment or benefit provided for in this Section 5 be reduced by any compensation earned
by Executive as the result of employment by another employer or self-employment or by retirement benefits; provided, however,
that loans, advances or other amounts owed by Executive to the Company may be offset by the Company against amounts payable to
Executive under this Section 5.

 

(i)Return of the
Company’s Property. In the event of Executive’s termination of employment for any reason, the Company shall have
the right, at its option, to require Executive to vacate his offices prior to or on the effective date of separation and to cease
all activities on the Company’s behalf. Upon Executive’s termination of employment in any manner, as a condition to
the Executive’s receipt of any severance benefits described in this Agreement, Executive shall immediately surrender to the
Company all lists, books and records of, or in connection with, the Company’s business, and all other property belonging
to the Company, it being distinctly understood that all such lists, books and records, and other documents, are the property of
the Company. Executive shall deliver to the Company a signed statement certifying compliance with this Section 5(i) prior to the
receipt of any severance benefits described in this Agreement.

 

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6.Certain Covenants.

 

(a)Noncompetition.
The Executive hereby covenants and agrees that during the Employment Term and for a period of one year following the end of the
Employment Term (the “Restricted Period”), the Executive will not, without the prior written consent of the
Company, directly or indirectly, on his own behalf or in the service or on behalf of others, whether or not for compensation, engage
in any business activity, or have any interest in any person, firm, corporation or business, through a subsidiary or parent entity
or other entity (whether as a shareholder, agent, joint venture, security holder, trustee, partner, executive, creditor lending
credit or money for the purpose of establishing or operating any such business, partner or otherwise) with any Competing Business
in the Covered Area. For the purpose of this Section 6(a), (i) "Competing Business" means any biotechnology or
pharmaceutical company, any contract manufacturer, any research laboratory or other company or entity (whether or not organized
for profit) that has, or is seeking to develop, one or more products or therapies that is related to (A) treatment of disorders
of the central nervous system, including fibromyalgia, post-traumatic stress disorder, headaches (B) any other disorders that are
addressed by the Company’s pipeline programs and intellectual property portfolio and (ii) "Covered Area"
means all geographical areas of the United States and foreign jurisdictions where the Company (or its subsidiaries) then have offices
and/or sells its products directly or indirectly through distributors and/or other sales agents. Notwithstanding the foregoing,
Executive may provide services for a company engaged in a Competitive Business so long as (i) he is not providing services for
that portion of the business that is engaged in the Competitive Business, (ii) the Competitive Business does not represent 25%
or more of the revenues of the business and (iii) the company has annual revenues in excess of $1 billion. Passive ownership of
less than 5% of a public company shall not be a violation of this Section 6(a).

 

(b)Confidential
Information. Executive recognizes and acknowledges that by reason of Executive's employment by and service to the Company before,
during and, if applicable, after the Employment Term, Executive will have access to certain confidential and proprietary information
relating to the Company's business, which may include, but is not limited to, unique business strategies, theories and concepts,
information regarding plans, strategies, opportunities, processes, ideas, research and know-how developed by or for the Company,
trade secrets, patents, other intellectual property, clinical studies, regulatory dossiers, manufacturing, marketing, personnel,
financial data, technical information, methods, processes, formulae and information which Company has obtained from third parties
(collectively referred to as “Confidential Information”). Executive acknowledges that such Confidential Information
is a valuable and unique asset of the Company and Executive covenants that he will not, unless expressly authorized in writing
by the Company, at any time during the course of Executive's employment use any Confidential Information or divulge or disclose
any Confidential Information to any person, firm or corporation except in connection with the performance of Executive's duties
for the Company and in a manner consistent with the Company's policies regarding Confidential Information. Executive also covenants
that at any time after the termination of such employment, directly or indirectly, he will not use any Confidential Information
or divulge or disclose any Confidential Information to any person, firm or corporation, unless such information is in the public
domain through no fault of Executive or except when required to do so by a court of law, by any governmental agency having supervisory
authority over the business of the Company or by any administrative or legislative body (including a committee thereof) with apparent
jurisdiction to order Executive to divulge, disclose or make accessible such information. All written Confidential Information
(including, without limitation, in any computer or other electronic format) which comes into Executive's possession during the
course of Executive's employment shall remain the property of the Company. Except as required in the performance of Executive's
duties for the Company, or unless expressly authorized in writing by the Company, Executive shall not remove any written Confidential
Information from the Company's premises, except in connection with the performance of Executive's duties for the Company and in
a manner consistent with the Company's policies regarding Confidential Information. Upon termination of Executive's employment,
the Executive agrees to return immediately to the Company all written Confidential Information (including, without limitation,
in any computer or other electronic format) in Executive's possession. As a condition of Executive's continued employment with
the Company and in order to protect the Company's interest in such proprietary information, the Company shall be allowed to require
Executive's execution of a confidentiality agreement and/or proprietary information and inventions agreement, as reasonably requested
by the Board of Executive and other executive officers of the Company.

 

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(c)Solicitation
of Employees. Executive shall not during the Restricted Period, directly or indirectly, solicit or encourage to leave the employment
of the Company or any of its affiliates, any employee of the Company or any of its affiliates.

 

(d)Solicitation
of Consultants. Executive shall not during the Restricted Period, directly or indirectly, hire, solicit or encourage to cease
work with the Company or any of its affiliates any consultant then under contract with the Company or any of its affiliates within
one year of the termination of such consultant’s engagement by the Company or any of its affiliates.

 

(e)Rights and
Remedies Upon Breach. If Executive breaches or threatens to commit a breach of any of the provisions of this Section 6
(the “Restrictive Covenants”), the Company shall have the following rights and remedies, each of which rights
and remedies shall be independent of the other and severally enforceable, and all of which rights and remedies shall be in addition
to, and not in lieu of, any other rights and remedies available to the Company under law or in equity:

 

    	14

    	 

    

 

		(i)	Specific Performance. The right and remedy to have the Restrictive Covenants specifically
enforced by any court having equity jurisdiction, all without the need to post a bond or any other security or to prove any amount
of actual damage or that money damages would not provide an adequate remedy, it being acknowledged and agreed that any such breach
or threatened breach may cause irreparable injury to the Company and that money damages may not provide adequate remedy to the
Company; and

 

		(ii)	Accounting and Indemnification. The right and remedy to require Executive (A) to account
for and pay over to the Company all compensation, profits, monies, accruals, increments or other benefits derived or received by
Executive or any associated party deriving such benefits as a result of any such breach of the Restrictive Covenants; and (B) to
indemnify the Company against any other losses, damages, costs and expenses, including reasonable attorneys’ fees and court
costs, which may be incurred by them and which result from or arise out of any such breach or threatened breach of the Restrictive
Covenants.

 

(f)Severability
of Covenants/Blue Penciling. If any court determines that any of the Restrictive Covenants, or any part thereof, is invalid
or unenforceable, the remainder of the Restrictive Covenants shall not thereby be affected and shall be given full effect, without
regard to the invalid portions. If any court determines that any of the Restrictive Covenants, or any part thereof, are unenforceable
because of the duration of such provision or the area covered thereby, such court shall have the power to reduce the duration or
area of such provision and, in its reduced form, such provision shall then be enforceable and shall be enforced. Executive hereby
waives any and all right to attack the validity of the Restrictive Covenants on the grounds of the breadth of their geographic
scope or the length of their term.

 

(g)Enforceability
in Jurisdictions. The Company and Executive intend to and do hereby confer jurisdiction to enforce the Restrictive Covenants
upon the courts of any jurisdiction within the geographical scope of such covenants. If the courts of any one or more of such jurisdictions
hold the Restrictive Covenants wholly unenforceable by reason of the breadth of such scope or otherwise, it is the intention of
the Company and Executive that such determination not bar or in any way affect the right of the Company to the relief provided
above in the courts of any other jurisdiction within the geographical scope of such covenants, as to breaches of such covenants
in such other respective jurisdictions, such covenants as they relate to each jurisdiction being, for this purpose, severable into
diverse and independent covenants.

 

(h)Definitions.
For purposes of this Section 6, the term “Company” means not only Tonix Pharmaceuticals Holding Corp., but also
any company, partnership or entity which, directly or indirectly, controls, is controlled by or is under common control with Tonix
Pharmaceuticals Holding Corp.

 

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7.Limitation
on Benefits.

 

(a)Notwithstanding
anything contained in this Agreement to the contrary, if any payment, benefit or distribution of any type to or for the benefit
of Executive by the Company or any of its affiliates, whether paid or payable, provided or to be provided, or distributed or distributable
pursuant to the terms of this Agreement or otherwise (collectively, the “Total Payments”) would be subject to
the excise tax imposed under Section 4999 of the Code (the “Parachute Tax”), then if a reduction in the Total
Payments shall result in Executive receiving a greater after tax payment than if he paid the Parachute Tax, at the election of
Executive, the Total Payments shall be reduced (but not below zero) so that the maximum amount of the Total Payments (after reduction)
shall be one dollar ($1.00) less than the amount which would cause the Total Payments to be subject to the Parachute Tax. Unless
the Executive shall have given prior written notice to the Company to effectuate a reduction in the Total Payments if such a reduction
is required, which notice shall be consistent with the requirements of Section 409A to avoid the imputation of any tax, penalty
or interest thereunder, such reduction shall occur in the following order: (A) by first reducing or eliminating the portion of
the Total Payments which are not payable in cash and are not attributable to equity awards (other than that portion of the Total
Payments subject to clause (C) hereof), (B) then by reducing or eliminating cash payments (other than that portion of the Total
Payments subject to clause (C) hereof), (C) then by reducing or eliminating the portion of the Total Payments which are not payable
in cash and are attributable to equity awards, and (D) then by reducing or eliminating the portion of the Total Payments (whether
payable in cash or not payable in cash) to which Treasury Regulation § 1.280G-1 Q/A 24(c) (or successor thereto) applies,
in each case in reverse order beginning with payments or benefits which are to be paid the farthest in time. This Section 7 shall
take precedence over the provisions of any other plan, arrangement or agreement governing the Executive’s rights and entitlements
to any benefits or compensation.

 

(b)Any determination
that Total Payments to the Executive must be reduced or eliminated in accordance with this Section 7 and the assumptions to be
utilized in arriving at such determination, shall be made by the Board in the exercise of its reasonable, good faith discretion
based upon the advice of such professional advisors it may deem appropriate in the circumstances. Such determinations shall take
into account the value of any reasonable compensation for services related to prior services provided in connection with the Consulting
Agreement and to be provided by Executive pursuant to this Agreement, including the non-competition provisions applicable to Executive
under this Agreement, provided, however, that (i) no portion of the Total Payments the receipt or enjoyment of which the Executive
shall have effectively waived in writing prior to the date of payment of the Total Payments shall be taken into account, (ii) no
portion of the Total Payments shall be taken into account, which in the opinion of the Board and its professional advisors does
not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code; (iii) the Total
Payments shall be reduced only to the extent necessary so that the Total Payments (other than those referred to in the immediately
preceding clause (i) or (ii)) in their entirety constitute reasonable compensation for services actually rendered within the
meaning of Section 280G(b)(4) of the Code or are otherwise not subject to disallowance as deductions, in the opinion of the
professional advisors to the Company; and (iv) the value of any non-cash benefit or any deferred payment or benefit included
in the Total Payments shall be determined by the Company’s independent registered public accounting firm based on Sections
280G and 4999 of the Code and the regulations for applying those sections of the Code, or on substantial authority within the meaning
of Section 6662 of the Code. Executive and the Company shall cooperate in the valuation pursuant to this Section 7(b), including
the non-competition provisions.

 

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(c)As a result of
the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Board hereunder,
it is possible that Total Payments to the Executive which will not have been made by the Company shall have been made (“Underpayment”)
or that Total Payments to the Executive which were made should not have been made (“Overpayment”). If an Underpayment
has occurred, the amount of any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive.
In the event of an Overpayment, then the Executive shall promptly repay the Company the amount of any such Overpayment together
with interest on such amount (at the same rate as is applied to determine the present value of payments under Section 280G of the
Code or any successor thereto), from the date the reimbursable payment was received by the Executive to the date the same is repaid
to the Company.

 

8.Insurance; Indemnification.

 

(a)Insurance.
The Company shall have the right to take out life, health, accident, “key-man” or other insurance covering Executive,
in the name of the Company and at the Company’s expense in any amount deemed appropriate by the Company. Executive shall
assist the Company in obtaining such insurance, including, without limitation, submitting to any required examinations and providing
information and data required by insurance companies.

 

(b)Indemnification.
Executive will be provided with indemnification against claims related to his works an officer and/or director for the Company
to the maximum extent permitted by Nevada law pursuant to the Consulting Agreement or this Agreement. The Company shall provide
Executive with directors and officers liability insurance coverage at least as favorable as that which the Company may maintain
from time to time for members of the Board and other executive officers, which policy shall provide for insurance with customary
terms and in amounts commensurate with companies of a similar nature and size to the Company. Executive hereby acknowledges that
the Company’s directors and officers liability insurance coverage in place on the date of this Agreement satisfies the requirement
in the prior sentence.

 

9.General Relationship.
Executive shall be considered an employee of the Company within the meaning of all federal, state and local laws and regulations
including, but not limited to, laws and regulations governing unemployment insurance, workers’ compensation, industrial accident,
labor and taxes.

 

10.Miscellaneous.

 

(a)Modification;
Prior Claims. This Agreement sets forth the entire understanding of the parties with respect to the subject matter hereof,
supersedes all existing agreements between them concerning such subject matter, including, without limitation, the Consulting Agreement.
For the sake of clarity, any Stock Awards agreements to which the Company and Executive are bound on the date hereof shall remain
in effect in accordance with their respective terms, except as modified by Section 5. This Agreement may be amended or modified
only with the written consent of Executive and an authorized representative of the Company. No oral waiver, amendment or modification
will be effective under any circumstances whatsoever.

 

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(b)Assignment;
Assumption by Successor. The rights of the Company under this Agreement may, without the consent of Executive, be assigned
by the Company, in its sole and unfettered discretion, to any person, firm, corporation or other business entity which at any time,
whether by purchase, merger or otherwise, directly or indirectly, acquires all or substantially all of the assets or business of
the Company. The Company will require any successor (whether direct or indirect, by purchase, merger or otherwise) to all or substantially
all of the business or assets of the Company expressly to assume and to agree to perform this Agreement in the same manner and
to the same extent that the Company would be required to perform it if no such succession had taken place; provided, however,
that no such assumption shall relieve the Company of its obligations hereunder.  As used in this Agreement, the “Company”
shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees
to perform this Agreement by operation of law or otherwise, except as otherwise defined in Section 6(g).

 

(c)Survival.
The covenants, agreements, representations and warranties contained in or made in Sections 3(g), 3(h), 5, 6, 7, 8 and 10 of
this Agreement shall survive any termination of Executive’s employment.

 

(d)Third-Party
Beneficiaries. This Agreement does not create, and shall not be construed as creating, any rights enforceable by any person
not a party to this Agreement.

 

(e)Waiver.
The failure of either party hereto at any time to enforce performance by the other party of any provision of this Agreement shall
in no way affect such party’s rights thereafter to enforce the same, nor shall the waiver by either party of any breach of
any provision hereof be deemed to be a waiver by such party of any other breach of the same or any other provision hereof.

 

(f)Section Headings.
The headings of the several sections in this Agreement are inserted solely for the convenience of the parties and are not a part
of and are not intended to govern, limit or aid in the construction of any term or provision hereof.

 

(g)Notices.
Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with notice deemed given
as indicated: (i) by personal delivery when delivered personally; (ii) by overnight courier upon written verification of receipt;
(iii) by email, telecopy or facsimile transmission upon acknowledgment of receipt of electronic transmission; or (iv) by certified
or registered mail, return receipt requested, upon verification of receipt. Notice shall be sent to Executive at the address listed
on the Company’s personnel records and to the Company at its principal place of business, or such other address as either
party may specify in writing.

 

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(h)Severability.
All Sections, clauses and covenants contained in this Agreement are severable, and in the event any of them shall be held to be
invalid by any court, this Agreement shall be interpreted as if such invalid Sections, clauses or covenants were not contained
herein.

 

(i)Governing Law.
This Agreement shall be governed by, and construed in accordance with and subject to, the laws of the State of New York applicable
to agreements made and to be performed entirely within such state without regard to its conflicts of law rules.

 

(j)Jurisdiction
and Venue.

 

		(i)	The Company and the Executive hereby irrevocably and unconditionally submit, for themselves and
their property, to the exclusive jurisdiction of any New York State court or federal court of the United States of America sitting
in the State of New York and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
Agreement or for recognition or enforcement of any judgment, and the Company and the Executive hereby irrevocably and unconditionally
agree that all claims in respect of any such action or proceeding may be heard and determined in any such New York State court
or, to the extent permitted by law, in such federal court. The Company and the Executive irrevocably waive, to the fullest extent
permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. The Company
and the Executive agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. The Executive and Company agree not to commence a
claim or proceeding hereunder in a court other than a New York State court or federal court located in the State of New York, except
if such claim or proceeding is first brought in such New York State court or federal court located in the State of New York, and
such court or courts have denied jurisdiction over such claim or proceeding.

 

		(ii)	The Company and the Executive irrevocably and unconditionally waive, to the fullest extent they
may legally and effectively do so, any objection that they may now or hereafter have to the laying of venue of any suit, action
or proceeding arising out of or relating to this Agreement in any New York State court or federal court of the United States of
America sitting in the State of New York and any appellate court from any thereof.

 

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		(iii)	The parties further agree that the mailing by certified or registered mail, return receipt requested
to both (x) the other party and (y) counsel for the other party (or such substitute counsel as such party may have given written
notice of prior to the date of such mailing), of any process required by any such court shall constitute valid and lawful service
of process against them, without the necessity for service by any other means provided by law. Notwithstanding the foregoing, if
and to the extent that a court holds such means to be unenforceable, each of the parties’ respective counsel (as referred
to above) shall be deemed to have been designated agent for service of process on behalf of its respective client, and any service
upon such respective counsel effected in a manner which is permitted by New York law shall constitute valid and lawful service
of process against the applicable party.

 

(k)Non-transferability
of Interest. None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement shall be
assignable or transferable except through a testamentary disposition or by the laws of descent and distribution upon the death
of Executive. Any attempted assignment, transfer, conveyance, or other disposition (other than as aforesaid) of any interest in
the rights of Executive to receive any form of compensation to be made by the Company pursuant to this Agreement shall be void.

 

(l)Gender.
Where the context so requires, the use of the masculine gender shall include the feminine and/or neuter genders and the singular
shall include the plural, and vice versa, and the word “person” shall include any corporation, firm, partnership or
other form of association.

 

(m)Counterparts.
The parties may execute this Agreement in multiple counterparts, each of which constitutes an original as against the party that
signed it, and both of which together constitute one agreement. The signatures of both parties need not appear on the same counterpart.
In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document format
(.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

(n)Construction.
The language in all parts of this Agreement shall in all cases be construed simply, according to its fair meaning, and not strictly
for or against any of the parties hereto. Without limitation, there shall be no presumption against any party on the ground that
such party was responsible for drafting this Agreement or any part thereof.

 

(o)Withholding
and other Deductions. All compensation payable to Executive hereunder shall be subject to such deductions as the Company is
from time to time required to make pursuant to law, governmental regulation or order.

 

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(p)Code Section
409A.

 

		(i)	The provisions of Section 5 of this Agreement are not intended to provide for any deferral of compensation
subject to Section 409A of the Code, and, accordingly, the severance payments payable under Sections 5(c)(ii) and (iii) and 5(e)(i),
(ii) and (iii) shall be paid in accordance with such provisions, but in no event later than the later of: (A) the fifteenth (15th)
day of the third month following Executive’s first taxable year in which such severance benefit is no longer subject to a
substantial risk of forfeiture, and (B) the fifteenth (15th) day of the third month following first taxable year of the Company
in which such severance benefit is no longer subject to substantial risk of forfeiture, as determined in accordance with Code Section
409A and any Treasury Regulations and other guidance issued thereunder. To the extent applicable, this Agreement shall be interpreted
in accordance with Code Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder.

 

		(ii)	If the Executive is a “specified employee” (as defined in Section 409A of the Code),
as determined by the Company in accordance with Section 409A of the Code, on the date of the Executive’s Separation from
Service, to the extent that the payments or benefits under this Agreement are subject to Section 409A of the Code and the delayed
payment or distribution of all or any portion of such amounts to which Executive is entitled under this Agreement is required in
order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, then such portion deferred pursuant to this
Section 9(p)(ii) shall be paid or distributed to Executive in a lump sum on the earlier of (A) the date that is six (6) months
following Executive’s Separation from Service, (B) the date of Executive’s death or (C) the earliest date as is permitted
under Section 409A of the Code. Any remaining payments due under the Agreement shall be paid as otherwise provided herein.

 

		(iii)	To the extent applicable, this Agreement shall be interpreted in accordance with the applicable
exemptions from Section 409A of the Code. If Executive and the Company determine that any payments or benefits payable under this
Agreement intended to comply with Sections 409A(a)(2), (3) and (4) of the Code do not comply with Section 409A of the Code, Executive
and the Company agree to amend this Agreement, or take such other actions as Executive and the Company deem reasonably necessary
or appropriate, to comply with the requirements of Section 409A of the Code and the Treasury Regulations thereunder (and any applicable
transition relief) while preserving the economic agreement of the parties. To the extent that any provision in this Agreement is
ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner that no payments payable
under this Agreement shall be subject to an “additional tax” as defined in Section 409A(a)(1)(B) of the Code.

 

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		(iv)	Any reimbursement of expenses or in-kind benefits payable under this Agreement shall be made in
accordance with Treasury Regulation Section 1.409A-3(i)(1)(iv) and shall be paid on or before the last day of Executive’s
taxable year following the taxable year in which Executive incurred the expenses. The amount of expenses reimbursed or in-kind
benefits payable in one year shall not affect the amount eligible for reimbursement or in-kind benefits payable in any other taxable
year of Executive’s, and Executive’s right to reimbursement for such amounts shall not be subject to liquidation or
exchange for any other benefit.

 

		(v)	In the event that the amounts payable under Sections 5(c)(ii) and (iii) and 5(e)(i), (ii) and (iii)
are subject to Section 409A of the Code and the timing of the delivery of Executive’s Release could cause such amounts to
be paid in one or another taxable year, then notwithstanding the payment timing set forth in such sections, such amounts shall
not be payable until the later of (A) the payment date specified in such Section or (B) the first business day of the taxable year
following Executive’s Separation from Service.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, the undersigned, intending
to be legally bound, have executed this Agreement as of the date first written above.

 

	EXECUTIVE:	 	TONIX PHARMACEUTICALS HOLDING CORP.
	 	 	 
	/s/ SETH LEDERMAN	 	/s/ LELAND GERSHELL
	Seth Lederman	 	Name: Leland Gershell
	 	 	Title: Chief Financial Officer

 

    	23

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