Document:

Exhibit 10.2

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

This EXECUTIVE EMPLOYMENT
AGREEMENT (as amended, extended, or revised, this “Agreement”) is made and entered into as of the 3rd day of
March, 2015 (but effective as of January 26, 2014, being the “Effective Date”), by and between Innovative
Med Concepts, LLC, an Alabama limited liability company (together with its successors and assigns permitted hereunder, “Company”),
Rick Burch (“Executive”), and Dr. William Pridgen, Manager and Chief Executive Officer of Company (“Pridgen”).
This Agreement supercedes and replaces entirely that Executive Employment Agreement entered into between the Company, Executive,
and Pridgen on January 26, 2014.

 

WHEREAS, Company and
Executive desire to provide for Executive’s employment by Company on the terms and conditions set forth herein.

 

NOW, THEREFORE, the
premises considered and in consideration of the mutual covenants and promises herein made, the receipt and sufficiency of which
is hereby acknowledged, the parties, intending to be legally bound, agree as follows:

 

1.            Employment
Period. Subject to Section 5, Company hereby agrees to employ Executive, and Executive hereby agrees to be employed
by Company, in accordance with the terms and provisions of this Agreement, for the period commencing as of the Effective Date and
ending on the fourth (4th) anniversary date of the Effective Date (as from time to time herein extended, “Scheduled
Expiration Date”), unless earlier terminated in accordance with this Agreement (the “Employment Period”);
provided, however, that commencing on such fourth (4th) anniversary date of the Effective Date, and on
each anniversary of such date occurring thereafter, the Employment Period shall automatically be extended for one additional year
to the next anniversary of the Effective Date unless at least sixty (60) days before the Scheduled Expiration Date otherwise in
effect (but no more than nine (9) months before such Scheduled Expiration Date), Company or Executive shall have given written
notice to the other that it or he, as applicable, does not wish to extend this Agreement (a “Non-Renewal Notice”).
The term “Employment Period,” as utilized in this Agreement, shall refer to the Employment Period as from time
to time automatically extended.

 

2.            Position
and Duties.

 

(a)            During
the Employment Period, Executive shall serve as the President of the Company, and in so doing, shall report to Pridgen or other
individual from time to time serving as Chief Executive Officer. Executive shall have supervision and control over, and responsibility
for, such management and operational functions of Company currently assigned to such position, and shall have such other powers
and duties (including holding officer positions with Company and its affiliates) as may from time to time be prescribed by the
Chief Executive Officer or the Managers of Company as defined in Company’s operating agreement (collectively, the “Managers”)
and agreed to by Executive, so long as such powers and duties are reasonable and customary for the President of an enterprise comparable
to Company.

 

(b)            During
the Employment Period, and excluding any periods of vacation and sick leave to which Executive is entitled, Executive agrees to
devote substantially all of his business time to the business and affairs of Company and, to the extent necessary to discharge
the responsibilities assigned to Executive hereunder, to use Executive’s commercially reasonable efforts to perform faithfully,
effectively and efficiently such responsibilities.

 

     

     

    

 

(c)            The
parties expressly acknowledge that any performance of Executive’s responsibilities hereunder shall necessitate, and Company
promises to provide, access to and the disclosure of Confidential Information (as defined in Section 7(a) below)
to Executive, and further promises to assist Executive in the development of Company’s goodwill and to facilitate Executive’s
contacts with Company’s customers, and suppliers. Such access to and disclosure of Confidential Information by Company to
Executive, and such development of goodwill, shall commence immediately upon execution of this Agreement.

 

3.            Cash
Compensation. During the term of Executive’s employment:

 

(a)            Base
Salary. Executive shall receive an annual salary of $350,000 for his services, beginning on March 1, 2015 and ending 18
months thereafter.. The salary shall be paid bi-monthly or as is otherwise customary for the Company to pay its employees and executives.

 

(b)            Advances
against Future Incentive Awards. From May 6, 2014 through February 6, 2015, Executive received total advances of
$100,000 (“Advances”). All Advances shall be deducted from and reduce any cash or in-kind compensation he receives
under the Incentive Plan or with respect to his Sign-On Interest (defined below) in the Company, before Executive receives any
cash or in-kind compensation under the Incentive Plan or any distributions with respect to his Sign-On Interest. To the extent
Executive receives less cash or in-kind compensation under the Incentive Plan or distributions with respect to his Sign-On Interest
than the total Advances, Executive shall not be required to pay back the Advances to the Company. Out of an abundance of caution,
the Advances shall be treated as taxable wages to Executive when paid. Therefore, when the Advances are repaid out of amounts payable
under the Incentive Plan, only the net amount payable under the Incentive Plan shall be taxable to Executive. To the extent the
Advances are paid out of distributions with respect to the Sign-On Interest, the repayment shall be reported either as deductible
by Executive or as a reduction in taxable income as a result of the distributions.

 

(c)            Sign-on
Interest. Executive shall be granted Nonvoting Membership Interests, as defined in Company’s operating agreement, constituting
3.5% of Company’s total current outstanding Membership Interests upon the execution of this Agreement (“Sign-On
Interest”) as a “profits interest” as further defined herein. To effectuate the Sign-On Interest, Pridgen
will, simultaneously with the execution of this Agreement, contribute the same amount of his Nonvoting Membership Interests to
the Company, which will then issue such Membership Interests to Executive in accordance with the Company’s operating agreement
and in partial consideration for his services under this Agreement. Thus, no other members will be diluted as a result of the grant.

 

(d)            Incentive
Plan. Executive shall be entitled to participate in an incentive plan whereby he will be able to receive cash bonuses and equity
compensation based on his performance upon the occurrence of an Incentive Event.

 

(i)            An
“Incentive Event” is the receipt by Company or all of its Members of cash, publicly tradable stock, other equity
interests, or other property of any kind (the gross amount of all items collectively “Total Proceeds”) from
the success of Company’s pharmaceutical development efforts, to-wit:

 

(A)            a
successful and closed sale or license of a pharmaceutical product, compound, molecule, composition, or other property developed
by the Company,

 

     

     

    

 

(B)            a
sale of (1) all or substantially all the assets of the Company; (2) a majority of the Membership Interests of the Company
(other than newly issued interests in the Company); or (3) a Majority of the Voting Membership Interests of the Company such
that the Company is no longer controlled directly or indirectly by Dr. William Pridgen; or

 

(C)            a
merger or consolidation of the Company that results in Cash Proceeds paid to either the Company or all its Members, or results
in a majority of the equity interests in the surviving entity being owned, whether directly or indirectly, by persons other than
persons who are Members of the Company immediately prior to such merger or consolidation.

 

(ii)          The
“Fibromyalgia Incentive Event” is the first Incentive Event that includes receipt of Total Proceeds with respect
to the sale or license of, or other disposition relating to the first indication of fibromyalgia, and then only to the extent that
the Total Proceeds are allocable to the fibromyalgia indication.

 

(iii)          Company
shall pay two distinct cash bonuses to Executive as described below.

 

(A)            Fibromyalgia
Cash and In-Kind Bonus: As a result of the Fibromyalgia Incentive Event, Company shall pay to Executive a cash bonus equal
to certain percentage of the gross amount of cash, cash-like items, and publicly tradable stock (“Cash Proceeds”)
as well as pay in-kind the same percentage of the gross amount of any other consideration (“Noncash Proceeds”)
received from the sale or license of, or other disposition relating to the first indication of fibromyalgia. The applicable percentage
will be based upon the Total Proceeds that Company receives as a result of the Fibromyalgia Incentive Event, whether or not such
Total Proceeds relate to the first indication of fibromyalgia. While the Fibromyalgia Incentive Event may be part of an event that
includes indications other than fibromyalgia, the applicable percentage shall apply solely to Total Proceeds received by the Company
relating to the sale or license of, or other disposition of the first indication of fibromyalgia (“Fibromyalgia Proceeds”)
and shall not apply to Total Proceeds received from the sale, license, or disposition of other assets. The Fibromyalgia Cash and
In-Kind Bonus shall be paid in the same taxable year that the applicable Total Proceeds are received by the Company or within 2
1⁄2 months thereafter. The applicable percentage that Executive will receive for this success are as follows:

 

	Total Proceeds Received by Company	 	Percentage of Fibromyalgia Total Proceeds

Paid to Executive	 
	$0 - $50,000,000	 	 	2.5	%
	$50,000,001 - $100,000,000	 	 	3.0	%
	$100,000,001 - $150,000,000	 	 	3.25	%
	$150,000,001 - $200,000,000	 	 	3.5	%
	$200,000,001 - $250,000,000	 	 	4.0	%
	$250,000,001 and higher	 	 	4.5	%

 

     

     

    

 

(B)            Non-fibromyalgia
Cash and In-Kind Bonus: In addition to the Fibromyalgia Cash and In-Kind Bonus, as a result of any Incentive Event occurring
before or concurrently with the Fibromyalgia Incentive Event, Company shall pay to Executive a cash bonus equal to a certain percentage
of all Cash Proceeds as well as pay in-kind the same percentage of the Noncash Proceeds received from such Incentive Event, excluding
Fibromyalgia Total Proceeds. The applicable percentage will be based upon the Total Proceeds that Company receives as a result
of the Incentive Event, including any Total Proceeds received related to Fibromyalgia Incentive Event. The Non-fibromyalgia Cash
and In-Kind Bonus shall be paid in the same taxable year that the applicable Total Proceeds are received by the Company or within
2 1⁄2 months thereafter. The applicable percentage that Executive will receive for this success are as follows:

 

	Total Proceeds Received by Company	 	Percentage of Non-Fibromyalgia Total 

Proceeds Paid to Executive	 
	$0 - $50,000,000	 	 	4.0	%
	$50,000,001 - $100,000,000	 	 	4.5	%
	$100,000,001 - $150,000,000	 	 	4.75	%
	$150,000,001 - $200,000,000	 	 	5.0	%
	$200,000,001 - $250,000,000	 	 	5.5	%
	$250,000,001 and higher	 	 	6.0	%

 

(iv)            Membership
Interests Issuance: In addition to the cash bonuses and upon the Fibromyalgia Incentive Event, Company shall issue to Executive
Nonvoting Membership Interests equal to a certain percentage of Company’s Nonvoting Membership Interests, based solely on
Membership Interests issued and outstanding immediately before this Incentive Event, after taking into account the dilutive effects
of such issuance (such that, for example, if Executive is to receive a 4.0% Interest, he will have a 4% interest taking into account
all outstanding interests, including the interest granted Executive). Such percentage will be based upon the Total Proceeds that
Company receives as a result of the Fibromyalgia Incentive Event and any Incentive Events occurring simultaneously with the Fibromyalgia
Incentive Event. However, to avoid double counting, Executive shall not receive, by virtue of his ownership of this Membership
Interest, any Total Proceeds arising from the same Incentive Event, notwithstanding any terms of the Operating Agreement of the
Company to the contrary, whether as cash or in-kind distributions, capital account additions, or otherwise. The exact percentage
that Executive will receive for this success are as follows:

 

	Total Proceeds Received by Company	 	Percentage of Nonvoting Membership 

Interests Issued to Executive	 
	$0 - $50,000,000	 	 	4.0	%
	$50,000,001 - $100,000,000	 	 	4.5	%
	$100,000,001 - $150,000,000	 	 	4.75	%
	$150,000,001 - $200,000,000	 	 	5.0	%
	$200,000,001 - $250,000,000	 	 	5.5	%
	$250,000,001 and higher	 	 	6.0	%

 

     

     

    

 

(e)            Administrative
Provisions:

 

(i)            For
purposes of this Agreement, “Total Proceeds,” “Cash Proceeds,” and “Noncash Proceeds” include
all upfront and contingent payments resulting from the Incentive Event, including all milestone payments, prepaid royalties, and
other structured payments, but only as they are received by the Company. “Total Proceeds,” “Cash Proceeds,”
and “Noncash Proceeds” shall not include any percentage royalty payments that are not prepaid royalties. Additionally,
to the extent additional Total Proceeds are received by the Company that increase the applicable percentage after the payment of
any Bonus, the Company shall make additional payments to Executive such that he receives a total amount of proceeds based on the
higher applicable percentage on all Total Proceeds whenever received. For example, if the Fibromyalgia Incentive Event results
in an upfront cash payment of $100,000,000 in year 1, with $100,000,000 additional non-tradable equity paid in year 2, and an additional
$100,000,000 in year 3 from percentage royalty payments, all payments relating to a sale of the first indication of fibromyalgia,
then Executive would in year 1 be issued 4.5% of the Company’s Membership Interests and receive a cash bonus equal to 3.0%
of the year 1 Cash Proceeds ($3,000,000); in year 2 Executive would be issued an additional 0.5% of the Company’s Membership
Interests; Company would pay to Executive in-kind $3,500,000 worth of the non-tradable equity; and he would receive an additional
cash bonus equal to 0.5% of the year 1 Cash Proceeds ($500,000), and no additional payments would be made in year 3 (except for
royalty payments due the Executive as a result of Membership Interests Owned).

 

(ii)            The
cash bonuses and in-kind bonuses shall be paid to Executive by Company as Cash Proceeds and Noncash Proceeds are respectively received
by the Company from the Incentive Event. For example, if the Incentive Event results in an upfront cash payment of $100,000,000
in year 1, with $100,000,000 of non-tradable equity paid in year 2, Company shall pay $3,000,000 in cash to Executive in year 1
and an additional $500,000 of cash and $3,500,000 of the non-tradable equity in year 2. All cash payments shall be made on the
earlier of 90 days following the receipt of Cash Proceeds by Company or two and one half months following the end of the Company’s
fiscal year of receipt.

 

(iii)            Executive
shall only be entitled to the Cash and In-Kind Bonuses arising from the Fibromyalgia Incentive Event or any Incentive Events occurring
before or simultaneously with the Fibromyalgia Incentive Event, as Executive will be fully compensated for subsequent Incentive
Events through the Membership Interests issuances occurring from the Fibromyalgia Incentive Event.

 

(iv)            Notwithstanding
any provision in this Agreement, Executive will only be entitled to participate in the Incentive Plan and receive the Cash and
In-Kind Bonuses and Nonvoting Membership Interests if he is employed by Company at the time of the Incentive Event, or if he is
terminated without Cause, or by reason of Disability or death or terminates his employment for Good Reason, as such terms are defined
below. If Executive is terminated without Cause, or by reason of Disability or death or terminates for Good Reason, any award of
the Bonuses to Executive will be governed by Section 6.¶

 

(v)            The
portion of any gross Proceeds received by Company in an Incentive Event allocable both to the first indication of fibromyalgia
and to any other indication will be calculated by Barfield, Murphy, Shank & Smith, LLC, an independent accounting firm.
Such purchase price allocation shall be binding upon Company and Executive for purposes of this Agreement.

 

     

     

    

 

(vi)           If
the Cash Proceeds are in part publicly tradable stock, the stock shall be valued taking into account blockage, the cost of disposing
of the stock, restrictions on sale, and any other appropriate discounts. Moreover, Company may, in its discretion, pay some or
all of the bonus by delivering publicly tradable stock in kind, but up to the proportion in which the Company received the Cash
Proceeds as stock and not as cash.

 

(vii)          If
any part of the Total Proceeds are Noncash Proceeds, the Noncash Proceeds will be valued at the fair market value for determining
the applicable percentage. Unless Executive and Company shall otherwise agree, Barfield, Murphy, Shank & Smith, LLC shall
determine the fair market value of the Noncash Proceeds. However, Barfield, Murphy, Shank & Smith, LLC may select an independent
valuation firm to perform such valuation, but only if the amount of Noncash Proceeds would reasonably exceed $10,000,000.

 

(viii)         The
Company may in its discretion pay any amount of Noncash Proceeds in an equivalent amount of cash instead of in-kind.

 

(ix)            Should
a payment of Noncash Proceeds to Executive trigger a current tax liability for Executive without a corresponding payment of cash
to satisfy such liability, the Company will reasonably attempt to accommodate Executive through payment of liquid assets, if reasonably
available as determined in the discretion of the Chief Executive Officer or Managers. Nothing herein will obligate the Company
to pay any In-Kind Bonus to Executive in cash instead of in-kind.

 

(x)            The
Membership Interests issued to the Executive pursuant to Section 3(d)(iv) shall be issued after the receipt of Total
Proceeds by the Company from the Incentive Event. Additionally, Executive shall not be entitled to any distribution of Incentive
Event Cash Proceeds or Noncash Proceeds received as a result of his receipt of additional Membership Interests without regard to
record date, whether any Cash Proceeds or Noncash Proceeds received as a result of the Incentive Event are deferred into subsequent
fiscal or tax years, or other provisions of the Operating Agreement that may otherwise provide (i.e., Executive will be fully compensated
from all Cash Proceeds and Noncash Proceeds arising from this Incentive Event through the Cash and In-Kind Bonuses and any pre-existing
ownership of Membership Interests).

 

(xi)            The
Membership Interests issued to the Executive pursuant to Section 3(c) and Section 3(d)(iv) are
intended to each be a "profits interest," as that term is defined in Internal Revenue Service Revenue Procedure 93-27,
as of the date of the grant of the interest, and to the extent that anything in this Agreement is inconsistent with such intent,
the parties agree that this Agreement will be deemed to be amended such that such Membership Interests will qualify as a "profits
interest." Executive and Company shall agree on a value of Company immediately preceding the issuance of the Membership Interest,
and the operating agreement shall provide that upon liquidation or dissolution of Company, an amount equal to the agreed value
for 100% of the Company shall be paid with respect to Membership Interests other than the Interest being granted Executive, as
liquidation proceeds before any amounts are paid to Executive with respect to such profits interest. Thereafter, any remaining
liquidation proceeds shall be paid to the Members in proportion to ownership of the Company, and Executive shall participate in
such remaining proceeds based on his then percentage ownership of the Company. If the Company and Executive fail to agree on such
value within 30 days after the Incentive Event, the value shall be determined by Barfield, Murphy, Shank & Smith, LLC,
an independent accounting firm.

 

     

     

    

 

4.            Welfare
Benefit Plans. Executive and/or Executive’s family, as the case may be, shall be eligible for participation in and shall
receive all benefits under welfare benefit plans, practices, policies, and programs (the “Welfare Plans”) provided
by Company (including without limitation medical, prescription, dental, disability, salary continuance, employee life, group life,
accidental death and travel accident insurance plans and programs) to the extent applicable generally to other similarly situated
employees of Company, to the extent he is eligible to participate in such plans under the terms of such plans. Executive is aware
and agrees that all such Welfare Plans continue to be subject to review, amendment, and/or termination by Company. Further, there
is no guarantee or implied promise by Company to provide any such plans and/or benefits.

 

(i)            Expenses.
Executive shall be entitled to receive prompt reimbursement for all reasonable employment expenses incurred by Executive in accordance
with the policies, practices, and procedures of Company and the provision by Executive of appropriate receipts or vouchers.

 

(ii)            Perquisites.
Executive shall be entitled to receive (in addition to the benefits described above) such perquisites and fringe benefits appertaining
to his position in accordance with any practice established by the Managers with respect to other senior Company executives, but
is not guaranteed that the Managers will establish any such benefits. Executive shall be furnished with all such facilities and
services suitable to his position and adequate for the performance of his duties.

 

5.            Termination
of Employment.

 

(a)            Death
or Disability. Executive’s employment shall terminate automatically upon Executive’s death during the Employment
Period. If a Disability occurs during the Employment Period, Company may give Executive written notice (“Notice of Termination-Disability”)
in accordance with Section 11(b) of its intention to terminate Executive’s employment. In such event, Executive’s
employment with Company shall terminate effective on the thirtieth (30th) day after receipt of such Notice of Termination–Disability
by Executive (the “Disability Effective Date”), provided that, within the thirty (30) days after such
receipt, Executive shall not have returned to full-time performance of all Executive’s material duties. For purposes of
this Agreement, “Disability” means Executive’s inability to perform his material duties and obligations
hereunder, with or without reasonable accommodation, for a period of one hundred eighty (180) consecutive days due to mental or
physical incapacity as determined by a physician selected by Company or its insurers and acceptable to Executive or Executive’s
legal representative (such agreement as to acceptability not to be withheld unreasonably, and the provisions of this Agreement
shall be subject to the terms of any policy of disability insurance on the Executive owned by Company). Notwithstanding anything
in this Agreement to the contrary, in the event of any Disability of Executive, Company may, for the period of such Disability,
assign Executive’s duties to any other employee of Company or may engage or hire a third party to perform such duties and
any such action shall not be deemed “Good Reason” for Executive to terminate this Agreement pursuant to Section 5(c) hereof.

 

     

     

    

 

(b)            Cause.
Company may terminate Executive’s employment during the Employment Period for Cause. For purposes of this Agreement, “Cause”
means:

 

(i)            a
breach by Executive of his obligations under Section 2(a) (other than as a result of Disability) that constitutes
a continued material nonperformance by Executive of his obligations and duties thereunder, and which is not remedied within ten
(10) days after receipt of the Notice of Cause (defined below) from Pridgen (or in his absence, by the Managers) provided
for in the next sentence specifying such breach;

 

(ii)            failure
to adhere to any written policy of Company and its affiliates to the extent such policy has been provided to the Executive before
such failure that is not cured within ten days after receipt of the written notice from the Managers provided for in the next sentence
specifying such breach;

 

(iii)          Executive’s
engagement in any activity that would constitute a material violation of the provisions of any insider trading policy or business
ethics policy, of Company or any of its affiliates to the extent such policy has been provided to the Executive before such violation;

 

(iv)          commission
by Executive of an act, or attempted act, of fraud, embezzlement, or theft upon, Company;

 

(v)           a
material or intentional breach by Executive of Section 2 or Section 5 hereof;

 

(vi)          the
misappropriation (or attempted misappropriation) of any funds or property of Company or any of its affiliated companies;

 

(vii)         the
conviction of, indictment for or the entering of Executive of a guilty plea to any felony or civil offense involving fraud or moral
turpitude (or a plea of nolo contendere thereto);

 

(viii)        a
material violation of this Agreement that is not cured within ten days after receipt of the written notice from the Managers provided
for in the next sentence specifying such breach;

 

(ix)           commission
by Executive of an act, or attempted act, of willful and intentional misconduct which is detrimental to Company;

 

(x)            the
appropriation, or attempted appropriation, of a business opportunity of Company;

 

(xi)           the
breach of Executive’s fiduciary duties to Company;

 

(xii)          damage
or injury to the property or reputation of Company which is caused by Executive’s willful or intentional actions;

 

(xiii)         securing
a personal benefit, or attempting to secure a personal benefit, in any transaction entered into on behalf of or by Company; or

 

(xiv)         sexual
misconduct while conducting business on behalf of Company.

 

Notwithstanding the
foregoing, no act or omission shall constitute “Cause” for purposes of this Agreement unless the Managers provide
Executive (1) written notice (“Notice of Cause”) describing the particular acts or omissions which the
Managers reasonably believe in good faith constitute “Cause,” and (2) an opportunity, during the ten (10) days
following Executive’s receipt of such Notice of Cause, to meet in person with the Managers to explain or defend the alleged
acts or omissions relied upon by the Managers.

 

     

     

    

 

(c)     Good
Reason.     The Executive may terminate his employment during the Employment Period for Good Reason.
For purposes of this Agreement, "Good Reason" means:¶

 

(i)            a
breach by the Company of its obligations under this Agreement;¶

 

(ii)            failure
of the Company to provide the Executive with the support, information, facilities and equipment customarily provided to an executive
in a similar position and necessary for the Executive to provide the services contemplated hereby;¶

 

(iii)           any
change, without the consent of the Executive, to the Executive's title, position or responsibilities; or¶

 

(iv)           any
relocation, without the consent of the Executive, of the Executive's position outside of the Tuscaloosa, Alabama metropolitan statistical
area.

 

Notwithstanding the
foregoing, no act or omission shall constitute “Good Reason” for purposes of this Agreement unless the Executive
provides Managers (1) written notice (“Notice of Good Reason”) describing the particular acts or omissions
which the Executive reasonably believe in good faith constitute “Good Reason,” and (2) an opportunity,
during the ten (10) days following Managers’ receipt of such Notice of Good Reason, to meet in person with the Executive
to explain or defend the alleged acts or omissions relied upon by the Managers and to cure any such Good Reason. ¶

 

(d)            Notice
of Termination. Any termination by the Company for Cause or without Cause or by the Executive for Good Reason or without Good
Reason shall be communicated by Notice of Termination-Other (defined herein) to the other party hereto given in accordance with
Section 13(b). For purposes of this Agreement, a “Notice of Termination-Other” means a written notice
which (i) indicates the specific termination provisions in this Agreement relied upon and (ii) to the extent applicable,
sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment
under the provision so indicated. The failure by Company to set forth in the Notice of Termination-Other any fact or circumstance
which contributes to a showing of Cause, or by the Executive to set forth in the Notice of Termination-Other any fact or circumstance
which contributes to a showing of Good Reason, shall not waive any right of Executive or Company hereunder or preclude Executive
or Company from subsequently asserting such fact or circumstance in enforcing Executive’s or Company’s rights hereunder,
provided that Cause or Good Reason shall not exist until such time as proper notice and opportunity to cure (if such opportunity
is provided for herein and the event giving rise to Cause or Good Reason is curable) is provided as set forth herein.

 

(e)            Date
of Termination. “Date of Termination” means (i) if Executive’s employment is terminated by his
death, the date of his death; (ii) if Executive’s employment is terminated by a Disability, thirty (30) days after Executive’s
receipt of Notice of Termination-Disability as specified in Section 5(d); (iii) if Executive’s employment
is terminated by Company for Cause, or by the Executive for Good Reason, then the date specified in the Notice of Termination-Other
(which shall provide the minimum number of days’ notice required under this Agreement, if such notice is required); (iv) if
Executive’s employment terminates due to the giving of a Non-Renewal Notice, the last day of the Employment Period; and (v) if
Executive’s employment is terminated by the Executive or the Company for any other reason, the date on which the Notice of
Termination-Other is given, or if a later effective date of termination is set forth therein, the earlier of such stated effective
date or fourteen (14) days from the date of such Notice of Termination-Other.

 

     

     

    

 

6.            Obligations
of Company Upon Termination.

 

(a)            By
Company without Cause or by Reason of Death, or Disability, or by Executive with Good Reason. If, during
the Employment Period, Company shall terminate Executive’s employment without Cause or Executive’s employment is terminated
by reason of death or Disability, or the Executive shall terminate for Good Reason:

 

(i)            Company
shall pay to Executive any salary earned but unpaid prior to his Termination.

 

(ii)            Company
shall pay to Executive any amount or issue any Membership Interests arising from Executive’s participation in, or benefits
under, any Incentive Plan (“Accrued Incentives”), which amounts, if any, shall be payable in accordance with the terms
and conditions of such Incentive Plan. Any award under the Incentive Plan shall be prorated for Executive’s term of employment,
beginning on the Effective Date and ending on the Incentive Event. For example, if $100,000,000 of Total Proceeds is received from
the Fibromyalgia Incentive Event occurring on the third anniversary of the Effective Date, but Executive was terminated without
Cause on the second anniversary of the Effective Date, Executive would be entitled to a 66.67% share of any award under the Incentive
Plan, including both Cash and In-Kind Bonuses and Membership Interests.

 

(iii)            After
termination without Cause, for Good Reason, death, or Disability, Company will continue to pay to Executive in cash the actual
cost to replace Executive’s health insurance, if any, provided by the Company to Executive at the time of termination, calculated
as the average cost of such insurance over the preceding 12 months, for a period of 12 months.

 

(b)            Cause.
If, during the Employment Period, Company terminates Executive’s employment for Cause or Executive terminates his employment
without Good Reason, Company shall have no further payment obligations to Executive other than for payments for salary or for payments
under the Incentive Plan accrued and fully earned before such termination but not yet paid and the continuance of benefits under
the Welfare Plans as provided under their terms. Payments under the Incentive Plan shall only be considered as earned if an Incentive
Event occurs before the Date of Termination, and such payments are not contingent on the continued success of the Company (i.e.,
only Total Proceeds already received or guaranteed to be received by Company without regard to any future contingency). Such termination
will not, however, in any way impact Executive's ownership of Membership Interests issued to Executive before such Termination.

 

7.            Confidential
Information.

 

(a)            Definition
of Confidential Information; Exclusion. Executive acknowledges that Company and its Affiliates have trade, business and financial
secrets and other confidential and proprietary information, observations and data, including information concerning customer lists,
price structures, research data, and acquisition opportunities in or reasonably related to Company’s business or industry
of which Executive will become aware during the Employment Period, including without limitation, information with respect to the
following: bids; projects; pricing methods; rebates, contractors and subcontractors; ideas; patents; provisional patents; patentable
ideas; discoveries; operations; processes; research data; protocols; products; inventory; ideas; designs, inventions; business
practices; finances; existing and potential customers and suppliers; the identities of customers; marketing methods; costs; contractual
relationships; regulatory status; compensation paid to employees or other terms of employment; dealers; distributors; sales; costs;
pricing; strategies; forecasts and long range plans; financial and tax matters; manufacturing strategies and techniques; personnel;
business, marketing and operational matters; projections; plans and opportunities; product formulas; and customer, vendor, and
supplier data (collectively, the “Confidential Information”). As defined herein, Confidential Information shall
not include information that (i) is already in Executive’s possession as of the date of this Agreement and which information
is not known by Executive to be subject to another confidentiality agreement with Company or Affiliate of Company, or (ii) is
on the date hereof or hereafter becomes available to Executive on a non-confidential basis from a source that is not prohibited
from disclosing such information to Executive by a confidentiality agreement with Buyer or Company or Affiliate of Company, or
any other Affiliates of any third party, or any other contractual, legal or fiduciary obligation.

 

     

     

    

 

(b)            Certain
Obligations of Company. Company promises that, during the time Executive is employed by Company, it will: (i) disclose
or entrust to Executive, or provide Executive with access to, or place Executive in a position to create or develop trade secrets
or confidential information belonging to Company or its customers or clients; (ii) place Executive in a position to develop
business goodwill belonging to Company; and (iii) disclose or entrust to Executive business opportunities to be developed
for Company or its customers or clients.

 

(c)            Certain
Duties of Executive Regarding Confidential Information. During the Employment Period and thereafter, Executive agrees (i) to
hold such Confidential Information in confidence and (ii) not to release such information to any person (other than Company
employees and other persons to whom Company has authorized Executive to disclose such information, and then only to the extent
(A) that such Company employees and other persons authorized by Company have a need for such knowledge and (B) the disclosure
is within the limits of any authorization for disclosure).

 

(d)            No
Use for Benefit of Others. Executive further agrees not to use any Confidential Information for the benefit of any person or
entity other than Company.

 

(e)            Definition
of Company. As used in this Section 7, “Company” shall include Company and any of its Affiliates.

 

(f)            Surrender
of Materials Upon Termination. Upon any termination of Executive’s employment, Executive shall immediately return to
Company all copies, in whatever form, of any and all Confidential Information and other properties of Company and its Affiliates
which are in Executive’s possession, custody or control, except any documents that relate to any compensation and benefits
to which Executive may be entitled.

 

8.            Successors.

 

(a)            Non-Assignment
by Executive. This Agreement is personal to Executive and, without the prior written consent of Company, shall not be assignable
by Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be
enforceable by Executive’s legal representatives.

 

     

     

    

 

(b)            Assignment
by Company. This Agreement shall inure to the benefit of and be binding upon Company and its successors and assigns. Executive
agrees that Company may assign this Agreement to any directly- or indirectly-owned subsidiary or parent of Company and to any purchasers
of more than 50% of the assets of the Company, and to any entity resulting from a merger, conversion, or consolidation of the Company,
in which event “Company” as used in this Agreement shall thereafter also mean such subsidiary or parent (except
where reference is made to benefit plans that are not maintained by such subsidiary or parent), purchaser, or entity, and in connection
with such assignment, such subsidiary or parent shall expressly assume this Agreement, but Company shall not be relieved of any
obligation hereunder and shall continue to be liable with the subsidiary or parent for the performance of its obligations hereunder.

 

9.            Non-Competition.

 

(a)            Restrictions.
In consideration for the promises and covenants made by Company to provide Executive (i) employment, (ii) access to trade
secrets and Confidential Information of Company and its customers and clients that have been and will be entrusted to Executive
immediately at the beginning of the Employment Period and thereafter, and (iii) the business goodwill of Company and its and
Affiliates that will be developed in and through Executive and/or the business opportunities that will be disclosed or entrusted
to Executive by Company and Affiliates at the beginning of the Employment Period and thereafter, and as an additional incentive
for Company to enter into this Agreement, Executive promises and agrees that from the Effective Date through the end of one year
following the Date of Termination (the “Restricted Period”), Executive will not (other than for the benefit
of Company pursuant to this Agreement), permit any member of the Restricted Party Group (as defined below), to directly or indirectly,
including without limitation assisting any other member of the Restricted Party Group to:

 

(i)            conduct,
engage in, or carry on or assist any other person in conducting, engaging in or carrying on – individually or as a principal,
owner, officer, director, employee, shareholder, consultant, contractor, partner, member, joint venturer, agent, equity owner or
owner of a holding company that is directly involved in, or in any other capacity whatsoever – any Prohibited Activity (as
defined below) anywhere in North America. For purposes of this Agreement, a “Prohibited Activity” means, other
than with the written approval of Company, providing any services – as an independent contractor, consultant, employee, owner
or otherwise – to any business that competes with Company in the research & development, distribution, sale, licensing,
or marketing of pharmaceuticals or related intellectual property, but only if such activity relates to fibromyalgia (a “Competing
Business”), if the services provided by Executive to the Competing Business are the same or substantially similar to
any of the services that Executive provided to Company;

 

(ii)            induce
or attempt to induce any customer, supplier, licensee or other business relation of Company or any of the Affiliates (as defined
below), with whom Executive had a business relationship during the Employment Period, to cease doing business with Company or any
of its Affiliates or take any action with the intent of interfering with the relationship between any such customer, supplier,
licensee or business relation and Company or any of its Affiliates;

 

(iii)            individually
or as a principal, owner, officer, director, employee, shareholder, consultant, contractor, partner, member, joint venturer, agent,
equity owner or in any other capacity whatsoever – or in conjunction with any business – own, acquire, attempt to acquire
or solicit the acquisition of (or assist any person or business to own, acquire, attempt to acquire or solicit the acquisition
of), any equity interest in any Competing Business;

 

     

     

    

 

(iv)            hire,
attempt to hire, contact or solicit for the purpose of hiring, any person who was an employee of Company or any of its Affiliates
at any time during the Employment Period, and with whom Executive had a business relationship during the Employment Period.

 

(b)            Exclusions
for Limited Investment. Notwithstanding the foregoing restrictions of this Section 9, nothing in this Section 9
shall prohibit any investment by Executive or any other member of the Restricted Party Group in securities which are issued by
a publicly-traded business involved in or conducting a Competing Business, provided that the Restricted Party Group directly
or indirectly collectively owns no more than one percent (1%) of the outstanding equity or voting securities of such Competing
Business.

 

(c)            Reasonableness
of Restrictions. Executive acknowledges that each of the covenants of Sections 9(a)(i) through 9(a)(iv) are
in addition to, and shall not be construed as a limitation upon, any other covenant provided in Section 9(a). Executive
agrees that the geographic boundaries, scope of prohibited activities, and time duration of each of the covenants set forth in
Sections 9(a)(i) through 9(a)(iv) are reasonable in nature and are no broader than are necessary to maintain
the confidentiality of Company’s proprietary and Confidential Information, plans and services and to protect the other legitimate
business interests of Company, including without limitation the goodwill developed by Executive with Company’s customers,
suppliers, licensees and business partners. Executive further acknowledges that Executive’s employment shall necessitate,
and Company will provide, access to or the disclosure of Confidential Information to Executive and/or that Executive’s responsibilities
shall include the development of Company’s goodwill through Executive’s contacts with Company’s customers, suppliers,
licensees, and business relations.

 

(d)            Additional
Time Added to Restricted Period. If, during any portion of the Restricted Period, Executive is not in compliance with the terms
of Section 9(a), Company shall be entitled to, among other remedies, compliance by Executive with the terms of Section 9(a) for
an additional period of time (i.e., in addition to the Restricted Period) that shall equal the period(s) over which
such non-compliance occurred.

 

(e)            Separate
Covenants. The parties hereto intend that the covenants contained in each of Sections 9(a)(i) through 9(a)(iv) be
construed as a series of separate covenants. Each of the covenants in Sections 9(a)(i) through 9(a)(iv) hereof
shall be deemed a separate and independent covenant, each being enforceable irrespective of the enforceability (with or without
reformation) of the other covenants contained in Sections 9(a)(i) through 9(a)(iv) hereof.

 

(f)            Payments
Conditioned Upon Compliance. Executive hereby agrees that payment of any amounts specified in Section 3 is inseparably
conditioned upon Executive’s compliance with this Section 9. In the event of Executive’s breach of this
Section 8, Company’s obligation to pay all, or portions of, such amounts, depending on the materiality of the
breach, shall end. The parties expressly agree that any determination to reduce or eliminate Company’s obligations to pay
amounts set forth in Section 3 is not a penalty, but rather represents a calculation of some or all of Company’s
damages, depending on the materiality of Executive’s breach of this Section 9.

 

(g)            Definitions.
For purposes of this Agreement:

 

(i)            “Affiliates”
means any present or future affiliates of Company as defined in its operating agreement or in any amendment to this Agreement;
and

 

     

     

    

 

 

(ii)           “Restricted
Party Group” means Executive together with (A) his spouse and all children of Executive under the age of 21 and
(B) any business in which Executive and/or any of his immediate family members collectively own or have the right to acquire
an equity interest in excess of ten percent (10%) or otherwise have any right, through the ownership of a voting interest or otherwise,
to direct the activities of or associated with the Competing Business.

 

10.          Effect
of Agreement on Other Benefits. The existence of this Agreement shall not prohibit or restrict Executive’s entitlement
to full participation in any executive compensation, employee benefit and other plans or programs in which executives of Company
are eligible to participate.

 

11.          ERISA
Provisions

 

In an abundance of
caution and should some of this Agreement be subject to the Employee Retirement Income Security Act of 1974 (“ERISA”),
the following provisions of Section 11 and Section 12 will apply to those portions of the Agreement subject
to ERISA:

 

(a)           Company
Discretion. All decisions and exercises of discretion by “Company” under this Agreement shall be exercised by Company
in its sole and absolute discretion, in its non-fiduciary capacity as “settlor” and employer, and not as an ERISA fiduciary
or plan administrator. All references herein to decisions and exercises of discretion by “Company” are in such capacity,
and all references to Company’s “discretion” or the use of “may” grant Company sole and absolute
discretion, not limited by ERISA and not in Company’s capacity as a fiduciary. Company’s determinations under this
Agreement and other similar agreements need not be uniform and may be made selectively, irrespective of whether other persons are
similarly situated.

 

(b)           Plan
Administrator/Named Fiduciary. Company shall also serve as the “plan administrator” and the “named fiduciary”
of the Agreement in accordance with ERISA. When acting in such capacities, Company is referred to in this Agreement as the “Plan
Administrator,” and when Company is referred to as “Plan Administrator,” Company shall be acting in its ERISA
fiduciary capacity. Plan Administrator has the right and power to interpret and construe the terms of this Agreement, and any such
interpretation or construction shall be deemed correct and proper unless manifestly arbitrary and capricious. Plan Administrator’s
determinations under this Agreement and other similar agreements need not be uniform and may be made selectively, irrespective
of whether other Persons are similarly situated.

 

(c)           Company
Liability and Indemnity. Neither Company nor any of its shareholders, partners, limited partners, members, directors, managers,
officers, employees and other representatives and their attorneys shall be liable for any act, omission, interpretation, construction
or determination made in connection with this Agreement. Company shall indemnify and reimburse each of its shareholders, partners,
limited partners, members, directors, managers, officers, employees and other representatives and their attorneys with respect
to any claim, demand, cause of action, lawsuit, liability, and expense (including attorney’s fees) arising therefrom to the
full extent permitted by law.

 

(d)           Financial
Determinations. All accounting, financial, and GAAP determinations shall be made by the firm of certified public accountants
regularly engaged by Company to prepare the financial statements of Company’s financial statements on behalf of Company,
and such accountants have the right and power to make such determinations. Once approved by Plan Administrator, any such determination
shall be deemed correct and proper unless manifestly arbitrary and capricious. However, such accountants shall be acting as agents
of Plan Administrator and shall not be themselves, fiduciaries.

 

    

     

    

 

(e)           Top
Hat Plan. Executive represents, warrants, admits, and acknowledges that for purposes of ERISA Executive is a key management
employee of Company and a member of a select group of management and highly compensated employees of Company. By virtue of Executive’s
position as a key employee of Company, Executive is positioned to bargain for and negotiate the benefits of this Agreement, and
this Agreement is not a contract of adhesion nor has it been unilaterally imposed on Executive by Company.

 

(f)            Claims
Procedures

 

(i)           Notice
of Denial. In the event a claim for benefits under this Agreement is denied by Plan Administrator, notice of such denial shall
be given to the claimant within 90 days (unless extended in accordance with ERISA) after written receipt of a proper claim for
benefits by Plan Administrator. Such claim for benefits and notice of denial shall both be given as provided in this Agreement.
Such notice of denial shall be written in a manner calculated to be understood by the claimant and shall contain the following:

 

(A)          The
reason or reasons for the denial.

 

(B)          Reference
to pertinent provisions of this Agreement on which the denial is based.

 

(C)          Where
appropriate, a description of any additional material or information necessary to perfect the claim for benefits and an explanation
of why such material or information is necessary.

 

(D)          A
copy of the claims review procedure as set forth in this Agreement.

 

(ii)          Claim
Review Procedure

 

(A)          Claimant
shall have a reasonable opportunity to appeal a denial of a claim for benefits to Plan Administrator and receive a full and fair
review.

 

(B)          In
order to accomplish such purpose, the claimant or a duly authorized representative may request or submit any or all of the following:

 

(a)            A
review upon written application filed with Plan Administrator.

 

(b)            Copies
of documents pertaining to the claim for benefits and its disallowance.

 

(c)            Issues
and comments in writing.

 

(iii)         Decision
on Claim Review. A final decision as to the allowance of the claim for benefits shall be made by Plan Administrator within
60 days after receipt of written notice of an appeal by the claimant given to Plan Administrator in accordance with this Agreement.
Such decision shall be in writing and shall include the reason or reasons for the decision along with references to the pertinent
provisions of this Agreement upon which the decision is based and shall be written in a manner calculated to be understood by the
claimant. Such decision on review shall be a final determination of the claimant’s rights under this Agreement.

 

    

     

    

 

12.          Code
Section 409A.

 

(a)           The
parties intend this Agreement to comply with the requirements of Section 409A as from time to time applicable. The terms of
this Agreement shall be construed, and Plan Administrator and Company shall apply the terms of the Agreement, to be consistent
with the requirements of Section 409A to avoid the tax consequences, interest, and additional tax described in Section 409A.
Notwithstanding the foregoing, neither Company, Plan Administrator, nor any other Agreement fiduciary, attorneys to Company or
Plan Administrator, Company’s or Plan Administrator’s accountants, nor any other person represents or guarantees to
Executive the income tax consequences of participating in the Agreement. Company, Plan Administrator, and all other Agreement fiduciaries,
attorneys to Company or Plan Administrator, Company’s or Plan Administrator’s accountants, and other Persons shall
have no liability to Executive should Executive become subject to adverse tax consequences, interest, or additional tax. Executive
is hereby advised to seek Executive’s own tax advice and counsel regarding the tax and other legal consequences of executing
this Agreement and participating herein.

 

(b)           This
Agreement is intended to comply with the provisions of Code Section 409A and shall be construed consistently with such intent.

 

13.          Miscellaneous.

 

(a)           Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Alabama without reference
to conflict of law principles.

 

(b)           Notices.
All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by
registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

	If to Executive:	 	Rick Burch
	 	 	1425 Shea Harbor Drive
	 	 	Tuscaloosa, AL 35406
	 	 	 
	If to Company:	 	Innovative Med Concepts, LLC
	 	 	1837 Commons North Drive
	 	 	Tuscaloosa, AL 35406
	 	 	Attn: Dr. William Pridgen
	 	 	 
	 	 	 
	With a copy to:	 	Campbell Guin Williams Guy & Gidiere, LLC
	 	 	2711 University Boulevard
	 	 	Tuscaloosa, AL 35403
	 	 	Attn: Bert M. Guy

 

or to such other address as either party
shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually
received by the addressee.

 

    

     

    

 

(c)           Severability.
In the event that any provision of this Agreement, or the application thereof to any person or circumstance, is held by a court
of competent jurisdiction to be invalid, illegal, or unenforceable in any respect under present or future laws effective during
the effective term of any such provision, such invalid, illegal or unenforceable provision shall be fully severable, and this Agreement
shall then be construed and enforced as if such invalid, illegal, or unenforceable provision had not been contained in this Agreement,
and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal,
invalid or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of each such illegal, invalid,
or unenforceable provision, there shall be added automatically as part of this Agreement a provision as similar in terms to such
illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable. Notwithstanding the above,
in the event any such invalidity, illegality or unenforceability of any portion of Section 8(a) hereof is caused
by such provision being held to be excessively broad as to time, duration, geographical scope, activity or subject in any jurisdiction,
then such provision shall, at the option of Company, remain a part of this Agreement and shall be reformed and construed within
such jurisdiction by limiting and reducing it so as to be enforceable to the extent compatible with then applicable law.

 

(d)           Withholding.
Company may withhold from any amounts payable under this Agreement such federal, state or local taxes as shall be required to be
withheld pursuant to any applicable law or regulation. To the extent withholding is required in excess of cash payable to Executive,
Executive shall indemnify and reimburse the Company for such amounts immediately upon demand. Company shall have sole responsibility
for calculating the correct amounts of and due dates for withholding, and Executive shall be fully reimbursed for any interest
or penalties arising from the Company’s miscalculation of any withholdings; however, (a) the Company does not guaranty
compliance with Section 409A and is not responsible for any penalties arising solely from any such noncompliance and (b) the
Company is not responsible for any income taxes, other taxes, or penalties arising out of the Advances made to Executive.

 

(e)           Amendment;
Waiver. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto
or their respective successors and legal representatives. Executive’s or Company’s failure to insist upon strict compliance
with any provision of this Agreement, or the failure to assert any right Executive or Company may have hereunder, shall not be
deemed to be a waiver of such provision or right or any other provision or right of this Agreement.

 

(f)            Counterparts.
This Agreement may be executed in two or more counterparts.

 

(g)           Venue.
Regardless of any place to which any of the parties may move and maintain residence, legal domicile, or situs at any time, each
agrees, to the maximum extent permitted by Law, that any action against them based on this Agreement or any document or instrument
delivered in accordance with this Agreement shall be instituted in the Circuit Court of Tuscaloosa County, Alabama or the federal
district court for such county and, to the maximum extent permitted by Law, each hereby irrevocably consents to the exclusive
jurisdiction of such court and waives any jurisdictional defenses that each may have to the institution of such an action in such
court.

 

(h)           Specific
Enforcement. Notwithstanding Section 7(f), Executive acknowledges that the covenants of Executive contained in
Sections 7 and 9(a) of this Agreement are special and unique, that a breach by Executive of any term or provision
of either of Sections 7 and 9(a) hereof may cause irreparable injury to Company, and/or Affiliates of Company, and
that remedies at law for the breach of any terms or provisions of Sections 7 and 9(a) hereof may be inadequate.
Accordingly, in addition to any other remedies it may have in the event of breach, Company shall be entitled to specific performance
of the terms and provisions of Sections 7 and 9(a) hereof, to obtain temporary and permanent injunctive relief to prevent
the continued breach of such terms and provisions without the necessity of posting a bond or of proving actual damage, and to obtain
attorneys’ fees in respect of the foregoing if Company prevails in such action or proceeding.

 

    

     

    

 

(i)            Survival.
Sections 1, 2, 3, 4, 5, 7, 8, 9, and 13 of this Agreement shall
survive the termination of Executive’s employment.

 

(j)            Interpretation.
The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. Whenever the terms “hereof”,
“hereby”, “herein”, or words of similar import are used in this Agreement they shall be construed as referring
to this Agreement in its entirety rather than to a particular section or provision, unless the context specifically indicates to
the contrary. Any reference to a particular “Section” or “paragraph” shall be construed as referring to
the indicated section or paragraph of this Agreement unless the context indicates to the contrary. The use of the term “including”
herein shall be construed as meaning “including without limitation.” The parties agree that the rule of construction
to the effect that any ambiguities are to be construed against the drafting party shall not be employed in any interpretation of
this Agreement.

 

(k)           Attorney
fees. In the event any suit or arbitration is brought by either party or the successors, heirs, assigns, or Beneficiary of
any party, the prevailing party shall be entitled to recover its attorney fees and expenses from the non-prevailing party.

 

(l)            Representation.
Campbell Guin Williams Guy & Gidiere, LLC (formerly known as Tanner & Guin, LLC) represents the Company and does
not represent Executive with respect to the negotiation of this Agreement. Burr Forman, LLP represents Executive and does not represent
the Company with respect to the negotiation of this Agreement.

 

[Remainder of this page intentionally
left blank]

 

    

     

    

 

IN WITNESS WHEREOF,
Executive has hereunto set Executive’s hand and, pursuant to the authorization from the Managers, Company has caused this
Agreement to be executed in its name on its behalf, all as of the day and year first above written.

 

	 	EXECUTIVE:
	 	 
	 	/s/ Rick Burch

	 	Rick Burch

 

    

     

    

 

IN WITNESS WHEREOF,
Executive has hereunto set Executive’s hand and, pursuant to the authorization from the Managers, Company has caused this
Agreement to be executed in its name on its behalf, all as of the day and year first above written.

 

	 	COMPANY:

 

	 	Innovative Med Concepts, LLC

 

	 	By:	 /s/ Dr. William Pridgen

	 	Name: Dr. William Pridgen

	 	Title: Manager and Chief Executive Officer

 

    

     

    

 

IN WITNESS WHEREOF,
Dr. William Pridgen has hereunto set his hand and seal and, pursuant to the authorization from the Managers, Company has caused
this Agreement to be executed in its name on its behalf, all as of the day and year first above written.

 

		/s/ Dr. William Pridgen

	 	Dr. William Pridgen, individually

 

    

     

    

 

CONFIDENTIAL BINDING KEY TERMS SHEET
FOR AMENDMENT TO

RICK BURCH'S EXECUTIVE EMPLOYMENT AGREEMENT

 

August 22, 2020

 

The purpose of this
Terms Sheet is to set forth certain terms and agreements between Innovative Med Concepts, LLC ("IMC" or the "Company"),
and Rick Burch ("Burch") regarding an amendment ("Amendment") to Rick Burch's Executive Employment Agreement,
executed effective March 3, 2015 ("Employment Agreement") between IMC and Burch (IMC and Burch together as "Parties"
and individually as a "Party"). Capitalized terms used herein are used as defined in the Employment Agreement

 

This Terms Sheet is
designed to give each Party the relevant provisions of the deal terms that will govern new provisions in the Employment Agreement.

 

All previous Terms
Sheets and discussions between the Parties are revoked and null and void, including the Terms Sheets entered into effective July 21,
2020. This Terms Sheet contains the entire agreement between the parties and is intended to be binding on all Parties. It is intended
by the Parties that the terms will be incorporated into a final Amendment to the Employment Agreement, executed in writing by all
Parties, that will supersede this Terms Sheet. If such Amendment is not entered into, then this Terms Sheet shall nonetheless be
enforceable on all Parties. Each Party acknowledges that the provisions of this Terms Sheet shall be enforceable to the full extent
allowed by Alabama law and to the extent not contradicted by the final Amendment to the Employment Agreement. In addition, the
Company and Employee agree that it is the parties' intention that all payments or benefits provided under this Agreement comply
with Code Section 409 A and this Agreement shall be interpreted accordingly.

 

RECITALS:

 

WHEREAS, certain provisions
in the Employment Agreement are potentially ambiguous as to how they would apply to the Company's current plan to complete an IPO
as a fundraising mechanism; and

 

WHEREAS, the Parties
wish to provide for an equity bonus and a separate cash bonus upon the completion of the IPO, in lieu of all other bonuses contained
in the Employment Agreement.

 

NOW THEREFORE, in consideration
of the foregoing, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Parties agree to the following key terms to the Amendment to the Employment Agreement.

 

AMENDMENT KEY TERMS

 

1.            An
Amendment to the Employment Agreement is made between the Parties, which shall contain the following provisions.

 

2.            A
new Section 3(f) is added to the Employment Agreement as follows:

 

3(f)(i) In the event the
Company completes an Initial Public Offering ("IPO") where the proceeds of the fund raising are used exclusively to frmd
clinical trials or other operating and development expenses of the Company ("Financing IPO") on or before April 1,
2021, then Executive shall receive the bonuses under Section 3(f), and the bonuses under Section 3(d), along with the
administrative provisions under Section 3( e ), shall be null and void. Executive shall not receive any other bonus, other
those provided for in Section 3(f), because these bonuses fully satisfy the Company's obligation to pay Executive any success
based or incentive bonuses under the Employment Agreement. If a Financing IPO is not completed on or before April 1, 2021,
this Section 3(f) shall no longer apply and will be null and void.

 

    

     

    

 

3(f)(ii) Upon the completion
of a Financing IPO, the Company shall grant to Executive Nonqualified Stock Options equal to 6.0% of the number of the Company's
outstanding shares existing at the time immediately preceding the IPO. The Nonqualified Stock Options will grant Executive the
option to purchase such number of shares at a strike price equal to the pre-money value of the Company divided by the number of
shares outstanding before the IPO. For purposes of this Section 3(f), the pre-money value of the Company is the aggregate
value of the public company stock issued to the Company's pre-existing investors at the time of the IPO (i.e., those investors
who receive publicly traded stock in exchange for membership interests in the Company already owned before the IPO). The Nonqualified
Stock Options may be exercised at any time within 10 years of the grant. This provision is intended to economically replicate the
grant of a profits' interest in an LLC taxed as a partnership.

 

3(f)(iii) In addition to
the bonus under Section 3(f)(ii), upon completion of the Company's IPO, Burch shall participate in the Company's executive
bonus program alongside the other executives of the Company and to the same extent that the other executives are awarded and paid
such bonuses. Specifically, Burch will receive a cash bonus for his services as President in 2020 upon the same terms as the other
executives, with a target of 50% of his base salary of $350,000 (to be clear, the Burch target bonus is $175,00), as awarded for
performance as determined by the board of directors in its discretion for all executives.

 

3.            A
new Section 14 shall be added to the Employment Agreement as follows:

 

In addition to the bonuses provided
in Section 3(d) or 3(£), as applicable, the Company owes Burch accrued salary in the amount of $466,666.72. Promptly
after the earlier of the closing of any Incentive Event or Financing IPO, the Company will pay Burch the accrued salary in cash
and equity, in its discretion, except that the Company shall pay at least $266,666.72 in cash. Any equity paid to satisfy the amount
of accrued salary shall be issued using the same Company valuation used in the Company's bridge financing, with a cap of $40,000,000,
rather than the pre-money or post-money valuation for the Incentive Event or Financing IPO. Any equity issued to Burch shall be
issued immediately before the Incentive Event or Financing IPO, such that Burch receives equity after any dilution occurring to
the pre-existing investors in the Company, other than any dilution resulting from theissuance of equity to new investors in the
Incentive Event or IPO, which dilution shall apply to Burch's stock. To be clear, any equity issued under this Section 14
shall not be a profits interest, but a capital interest. The cash portion of the accrued salary shall be paid to Burch within 30
days of the Incentive Event or IPO, as applicable. If neither an Incentive Event or Financing IPO has been completed by April 1,
2021, this Section 14 shall no longer apply, and the accrued salary will be payable in cash. As he has to date, Burch will
cooperate in good faith as to the timing of payment of the accrued salary in an effort to avoid creating a liquidity crisis for
the company.

 

    

     

    

 

4.            If
in dispute, the calculation of the amount of any bonus or equity payment, including the

 

value of stock issued to the pre-existing
investors, shall be made by Barfield, Murphy, Shank & Smith, LLC. Such valuation shall be based on the market value of
the public stock issued to the investors, without any discounts applied for blockage, restrictions on sale, etc., to simplify
the calculation.

 

5.            Section 6
of the Employment Agreement shall be amended such that the proration of Burch's bonus shall not apply to the new IPO bonus.

 

6.            All
other provisions of the Employment Agreement remain fully in effect and unchanged. For avoidance of doubt, the provisions of Section 3(b) shall
continue to apply to the new equity bonus to be received by Burch in the event of a completed Financing IPO. Burch received an
advance on bonus in the amount of $150,000. That amount will be offset against the equity bonus under Section 3(f)(ii) at
the time the Nonqualified Stock Options are issued, where the value of the Nonqualified Stock Options for such offset purposes
shall be deemed to be the percentage bonus of Nonqualified Stock Options times the pre-money value of the Company. For example,
if the Company's pre-money value just before the Financing IPO was $50,000,000, then without the offset of $150,000, Burch would
receive 6.0% of that amount, being Nonqualified Stock Options with a cumulative fair market value strike price of $3,000,000. With
the offset, Burch would receive Nonqualified Stock Options with a cumulative fair market value strike price of $2,850,000, meaning
Burch would receive Nonqualified Stock Options equal to 5.70% ($2,850,000 I $50,000,000) of the number of the Company's outstanding
shares existing at the time immediately preceding the IPO.

 

7.            This
Terms Sheet shall be governed by laws of the state of Alabama, without regard to conflicts of law principles requiring the application
of the laws of any other state or jurisdiction. The Parties agree to submit to the jurisdiction and venue of courts located in
Tuscaloosa County, Alabama for any lawsuit involving this Terms Sheet.

 

8.            This
Terms Sheet may be executed and accepted in one or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

 

9.            Burch
has been advised to seek independent tax advice on the federal and state income tax effects of this Amendment and any bonuses and
payments to be made to Burch hereunder, and Burch acknowledges he has consulted with his tax advisors and that the Company makes
no representation as to the tax treatment of the bonuses and other cash payments to be received by Burch.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

[SIGNATURE PAGE TO FOLLOW]

 

    

     

    

 

IN WITNESS WHEREOF,
the undersigned have hereunto set their hands or caused their duly authorized representative to execute this agreement on their
behalf under seal effective as of the day and date first printed above.

 

		INNOVATIVE MED CONCEPTS, LLC

 

		By:	/s/ Greg Duncan

	 	Name: Greg Duncan

	 	Title: Chief Executive Office

 

	 	/s/ Rick Burch

	 	Rick Burch, InviduallyExhibit 10.3

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(this “Agreement”) effective as of April 5, 2020 (“Effective Date”) is by and between Innovative Med
Concepts, LLC, an Alabama limited liability company (“Company”), and Gregory S. Duncan (“Employee”). The
Company and Employee are collectively referred to herein as the “Parties” and each individually as a “Party”.

 

WITNESSETH

 

WHEREAS, the Company
and Employee desire to formalize the employment relationship between the Parties by entering into this Agreement;

 

WHEREAS, the Company’s
Board of Directors (the “Board”) has approved this Agreement; and

 

WHEREAS, Employee has
determined that it is in the best interests of Employee to enter into this Agreement,

 

NOW, THEREFORE, in
consideration of the premises, the promises hereinafter set forth and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged by the Parties, it is hereby agreed as follows:

 

1.            EMPLOYMENT.

 

(a)            Position.
The Company hereby employs Employee in the position of Chief Executive Officer effective April 5, 2020, and Employee hereby
accepts such employment.

 

(b)            Employment
Period. Employee’s employment hereunder shall commence on April 5, 2020 and shall continue until terminated in accordance
with Section 4 hereof (the “Employment Period”). The Company agrees to continue Employee in his employ as Chief
Executive Officer during the Employment Period, subject to termination of such employment pursuant to the terms of this Agreement.

 

2.            EMPLOYMENT
DUTIES.

 

(a)            Duties.
Employee shall have such duties as are customarily performed and exercised by the Chief Executive Officer of a company with subsidiary
operations, subject to the supervision by the Board, together with such additional duties as are reasonably assigned by the Board.
During the Employment Period, Employee’s services shall be performed in Atlanta, Georgia, or the metropolitan area of the
Employee’s future primary residence, subject to reasonable business travel based upon the needs of the Company, subject to
the terms of any Company travel policies in place from time to time.

 

(b)            Time
and Attention. Beginning April 5, 2020, excluding any periods of vacation and sick leave to which Employee is entitled,
Employee agrees to devote Employee’s entire working time, energy, and skill to the business and affairs of the Company and,
to the extent necessary to discharge the responsibilities assigned to Employee hereunder, to use Employee’s reasonable best
efforts to perform faithfully and efficiently such responsibilities; provided, however, that these obligations shall not prohibit
Employee from (i) as approved by the Board, serving on civic or charitable boards or committees and two (2) corporate
boards or committee or (ii) managing personal investments, so long as such activities do not materially interfere with the
performance of Employee’s responsibilities to the Company, its subsidiaries and affiliates, or violate the Company’s
conflict of interest policies. During the Employment Period, Employee shall (i) disclose to the Company any business opportunity
that comes to Employee’s attention and that relates to the business of the Company or otherwise arises as a result of Employee’s
employment with the Company and (ii) not take advantage of or otherwise divert such opportunity for Employee’s own benefit
or that of any other person or entity without prior written consent of the Company.

 

     

     

    

 

(c)            Avoidance
of Conflicting Obligations. Employee hereby acknowledges, agrees and represents that Employee’s execution of this Agreement
and performance of employment-related obligations and duties for the Company will not cause any breach, default, or violation of
any other employment, non-disclosure, confidentiality, non-competition, or other agreement to which Employee may be a party or
otherwise be bound. Moreover, Employee hereby agrees that Employee will not use in the performance of his employment-related obligations
and duties for the Company or otherwise disclose to the Company any trade secrets or confidential information of any person or
entity (including any former employer) if and to the extent such use or disclosure may cause a breach or violation of any obligation
or duty owed by Employee to such employer, person, or entity under any agreement or applicable law.

 

(d)            Other
Activities. During the Employment Period, other than as set forth in paragraph (b) of this Section 2, Employee will
not, without the prior written consent of the Company, directly or indirectly, other than in the performance of his duties hereunder,
render services of a business, professional or commercial nature to any other person or firm, whether for compensation or otherwise.

 

3.            COMPENSATION.

 

(a)            Compensation.
For all services which Employee renders to the Company or any of its subsidiaries or affiliates during the Employment Period, the
Company agrees to pay Employee the salary, cash incentive, and equity compensation as set by the Board or the Compensation Committee
(as defined herein), subject to the following:

 

(i)            Primary
Cash Compensation. Effective as of April 5, 2020, Employee’s monthly salary shall be $41,667 per month, representing
an annual rate of $500,000 (the “Base Salary”). Employee’s Base Salary shall be reviewed annually by the Board
or a Compensation Committee established by the Board in its discretion (the “Compensation Committee”) and the Base
Salary for each fiscal year during the Employment Period shall be determined by the Board or the Compensation Committee, which
may authorize an increase in Employee’s Base Salary for such year. In no event may Employee’s Base Salary be reduced
below its then-current level at any time during the Employment Period other than with Employee’s written consent or pursuant
to a general wage reduction in respect of substantially all of the Company’s executive officers, which reduction is based
on the Company’s financial performance, in which event Employee’s Base Salary may only be reduced to the same extent
and up to the same percentage amount as the base salaries of other executive officers are reduced. Employee’s Base Salary
shall be paid in accordance with the Company’s normal periodic payroll practices.

 

(ii)            Cash
Bonus. Commencing upon the establishment of a bonus program approved by the Board or the Compensation Committee, Employee will
be eligible for an annual cash bonus with a target bonus amount equal to no less than 50% of his then-current Base Salary (the
“Cash Bonus”). The Cash Bonus shall be paid in a single lump sum with the first payroll following the approval of the
Audited Financial statement by the Board or by an Audit Committee established by the Board in its discretion (the “Audit
Committee”). The Cash Bonus is subject to achievement of annual bonus metrics set by the Board or the Audit Committee from
year to year and represents a bonus target percentage which may be earned subject to Employee’s continued employment with
the Company and achievement of corporate/Board objectives set by the Board or the Audit Committee. The Company maintains full and
absolute discretion over the decision to award any bonus, and the determination of the amount of any bonus, based upon various
factors that include, but are not limited to, Employee’s performance and the Company's performance. To be eligible to earn
any bonus, Employee must be actively employed by the Company at the time of payment. Employee’s Cash Bonus percentage shall
be reviewed annually by the Board or the Compensation Committee, beginning with the year after a bonus program is approved by the
Board or the Compensation Committee, and the target Cash Bonus percentage for each such year shall be determined by the Board or
the Compensation Committee, which may authorize an increase in Employee’s Cash Bonus percentage for such year. In no event
may Employee’s Cash Bonus percentage be reduced below its then-current level at any time during the Employment Period other
than with Employee’s written consent and may only be reduced to the same extent and up to the same percentage amount as the
target bonus percentage of other executive officers are reduced.

 

    2 

     

    

 

(iii)            Equity.
Immediately upon the closing of any offering of Company debt or equity securities that results in the Company having sufficient
funds to complete the Company’s Phase 2B trial (e.g., a minimum total raise of $25,000,000) (the “Triggering Offering”),
and whether such funds are raised through a private or public offering or any combination thereof, the Company shall issue to Employee
a 5% Nonvoting Membership Interest in the Company as a “profits interest,”(the “Equity Bonus”) based solely
on Membership Interests issued and outstanding immediately after the Triggering Offering, after taking into account the
dilutive effects of such issuance (such that, for example, Employee will have a 5% Nonvoting Membership Interest taking into account
all outstanding interests, including the interest granted Employee and to investors in the Triggering Offering).

 

(A)            The
Membership Interest issued to the Employee pursuant to Section 3(a)(iii) is intended to be a “profits interest,”
as that term is defined in Internal Revenue Service Revenue Procedure 93-27, as of the date of the grant of the Membership Interest,
and to the extent that anything in this Agreement is inconsistent with such intent, the Parties agree that this Agreement will
be deemed to be amended such that such Membership Interest will qualify as a “profits interest.” Employee and Company
shall agree on a value of the Company immediately preceding the issuance of the Membership Interest, which shall not be in excess
of the Company value applicable to the Fifth Offering, such being $37,500,000 accounting for warrant coverage and dilution. Further,
the Company’s operating agreement shall provide that upon liquidation or dissolution of the Company, an amount equal to the
agreed value for 100% of the Company shall be paid with respect to Membership Interests other than the Membership Interest being
granted to Employee, as liquidation proceeds before any amounts are paid to Employee with respect to such profits interest. Thereafter,
any remaining liquidation proceeds shall be paid to the Members in proportion to ownership of the Company, and Employee shall participate
in such remaining proceeds based on his then percentage ownership of the Company. If the Company and Employee fail to agree on
such value within 30 days after the Incentive Event, the value shall be determined an independent accounting firm, selected by
the Board in its discretion.

 

(iv)            In
the event the Company has been converted or will convert into a corporation before or simultaneously with the Triggering Offering,
instead of issuing the profits interests as described above, the Company shall issue an option to Employee to purchase 5.00% of
the number of shares of the Company’s common stock issued and outstanding as of the date of the grant to Employee, after
accounting for dilution of the issuance to Employee (the “Option”). The Option shall be immediately vested and may
be exercised for a period of ten years from the award date (“Expiration Date”). The Option shall be exercisable in
whole or in part at Fair Market Value. For purposes of this Agreement, “Fair Market Value” means the lowest purchase
price paid for one share of common stock (or an equivalent percentage of the Company’s Membership Interests), from any completed
offering, including the Triggering Offering, that raises more than $1,000,000 within the calendar year before the Triggering Offering.
Notwithstanding any provision in this Agreement to the contrary, Fair Market Value shall be interpreted or amended to comply with
Section 409A of the Internal Revenue Code of 1986, as amended and in effect from time to time and including the regulations
and guidance thereunder (the “Code”), if applicable to the Agreement and award.

 

    3 

     

    

 

(A)            Exercise
of Option. Employee may exercise this Option only in the following manner: Prior to the Expiration Date, Employee may deliver
an Option exercise notice (an “Exercise Notice”) in the form of Appendix A attached hereto indicating his or her election
to purchase some or all of the stock. Such notice shall specify the number of shares to be purchased. Payment of the purchase price
may be made by one or more of the methods described in Appendix A. If Employee elects to make payment by offset, then it shall
be deemed as though Employee paid cash to the Company for his Stock immediately before the sale event or dividend event giving
rise to Employee’s right to receive cash, such that the cash paid by Employee shall be considered as part of the distributable
proceeds to all shareholders.

 

(B)            Termination
of Option. Except as may otherwise be provided by the Company, if Employee’s employment is terminated as described in
this Agreement, the period within which to exercise this Option will be subject to early termination as set forth below, and if
the Option is not exercised within such period, it shall thereafter terminate as follows:

 

(1)            Termination
Due to Death or Disability. If Employee’s employment is terminated by reason of his death or Disability, this Option
may continue to be exercised by Employee, Employee’s legal representative or legatee as applicable, for a period of 12 months
from the date of death or Disability or until the Expiration Date, if earlier.

 

(2)            Other
Termination. If Employee’s employment is terminated for any reason other than death or Disability, and unless otherwise
determined by the Company, this Option may continue to be exercised, for a period of 90 days from the date of termination or until
the Expiration Date, if earlier; provided however, if Employee’s employment is terminated for Cause, this Option shall terminate
immediately upon the date of such termination.

 

(3)            For
purposes hereof, the Company’s determination of the reason for termination shall be conclusive and binding on Employee and
Employee’s representatives or legatees.

 

(C)            Transferability
of Option. This Option is personal to Employee and is not transferable by Employee in any manner other than by will or by the
laws of descent and distribution. The Option may be exercised during Employee’s lifetime only by Employee (or by Employee’s
guardian or personal representative in the event of Employee’s Disability or death). Employee may elect to designate a beneficiary
by providing written notice of the name of such beneficiary to the Company, and may revoke or change such designation at any time
by filing written notice of revocation or change with the Company; such beneficiary may exercise Employee’s Option in the
event of Employee’s death to the extent provided herein. If Employee does not designate a beneficiary, or if the designated
beneficiary predeceases Employee, the legal representative of Employee may exercise this Option to the extent provided herein in
the event of Employee’s death.

 

(D)            Restrictions
on Transfer of Shares. The Shares acquired upon exercise of the Option shall be subject to certain transfer restrictions and
other limitations, including, without limitation, the provisions contained in the operating agreement of the Company, or alternatively,
the bylaws and/or buy-sell agreement and any applicable lock-up agreement between Employee and the Company, as applicable.

 

(v)            Sale
Event Bonuses. In lieu of the Equity Bonus or Option, in the event of a “Sale Event”, as defined below, Employee
shall be paid a cash bonus and a noncash bonus as described herein (collectively, the “Sale Event Bonuses”). Upon a
Sale Event, Employee shall be paid a bonus equal to 5% of the gross amount of cash, cash-like items,
and publicly tradable stock (“Cash Proceeds”), received by the Company or its Members from such Sale Event.
A Sale Event shall by any of the following:

 

    4 

     

    

 

(A)            a
successful and closed sale or license of a pharmaceutical product, compound, molecule, composition, or other property developed
by the Company,

 

(B)            a
sale of (1) all or substantially all the assets of the Company; or (2) a majority of the Membership Interests of the
Company (other than newly issued interests in the Company); or

 

(C)            a
merger or consolidation of the Company that results in Cash Proceeds or Noncash Proceeds paid to all its members.

 

(D)            “Cash
Proceeds” includes all upfront and contingent payments resulting from the Sale Event, including all milestone payments, royalties,
whether prepaid or paid over time, and other structured payments, but only as they are received by the Company, such that Company
shall pay to Employee the requisite share of Cash Proceeds within 30 days of being received by the Company. If the Cash Proceeds
are in part publicly tradable stock, the stock shall be valued taking into account blockage, the cost of disposing of the stock,
restrictions on sale, and any other appropriate discounts. Moreover, Company may, in its discretion, pay some or all of the bonus
by delivering publicly tradable stock in kind, but up to the proportion in which the Company received the Cash Proceeds as stock
and not as cash.

 

(E)            In
the Event the Company or its Members receive any consideration other than Cash Proceeds (“Noncash Proceeds”, e.g. non-publicly
traded stock) as a result of a Sale Event, Employee shall also be paid in addition to the cash bonus based on the Cash Proceeds,
a bonus equal to 5% of the Noncash Proceeds received by the Company or its Members, as applicable. Such payment shall be made within
30 days of such Noncash Proceeds being received by the Company or its Members, whenever they are received. The Company may in its
discretion pay any amount of Noncash Proceeds in an equivalent amount of cash instead of in-kind. Should a payment of Noncash Proceeds
to Employee trigger a current tax liability for Employee without a corresponding payment of cash to satisfy such liability, the
Company will reasonably attempt to accommodate Employee through payment of liquid assets, if reasonably available as determined
in the discretion of the Board or Compensation Committee. Nothing herein will obligate the Company to pay any In-Kind Bonus to
Employee in cash instead of in-kind. The Noncash Proceeds shall be valued by an independent accounting firm, selected by the Board
in its discretion.

 

(F)            Notwithstanding
anything to the contrary in this Agreement, Employee must be employed by the Company as of the date of the Sale Event to be eligible
to receive the Sale Event Bonuses.

 

(G)            Notwithstanding
anything to the contrary in this Agreement, (1) should Employee be paid Sale Event Bonuses as described in this Section 3(a)(v),
Employee shall not be entitled to either the equity issued as a profits interest as described in Section 3(a)(iii) or
the Option as described in 3(a)(iv); and (2) should Employee receive either the Equity Bonus described in Section 3(a)(iii) or
the Option as described in Section 3(a)(iv), Employee’s right to receive Sale Event Bonuses shall be terminated, it
being expressly intended that Employee shall only receive one of the Equity Bonus, the Sale Event Bonuses, or the Option.

 

(vi)            Other
Compensation. Commencing with the calendar year beginning April 5, 2020, Employee shall be entitled to participate in
annual long-term incentive opportunities as determined by the Board consistent with those provided to other Company executive officers
and in accordance with the Company’s plans and applicable award agreements.

 

    5 

     

    

 

(b)            Expenses.
The Company shall pay all reasonable expenses incurred by Employee that are directly related to performance of his responsibilities
and duties for the Company hereunder. Employee shall submit to the Company statements that justify in reasonable detail all reasonable
expenses so incurred. Subject to such audits as the Company may deem necessary, the Company shall reimburse Employee the full amount
of any such expenses advanced by Employee. Reimbursable expenses shall also include a reimbursement for health, dental and vision
benefits plan in lieu of the Company offering such plans. All expenses eligible for reimbursements in connection with Employee’s
employment must be incurred by Employee while employed by the Company and must be in accordance with the Company’s expense
reimbursement policies. The amount of reimbursable expenses incurred in one taxable year shall not affect the expenses eligible
for reimbursement in any other taxable year. Each category of reimbursement shall be paid according to the Company’s standard
expense reimbursement policy, typically at the end of the month of submission, but in no event shall any such reimbursement be
paid after the last day of the Company’s taxable year following the taxable year in which the expense was incurred. No right
to reimbursement is subject to liquidation or exchange for other benefits.

 

(c)            Benefits.
Employee will be entitled to participate in each employee benefit plan and program of the Company, as in place from time to time,
to the extent that Employee meets the eligibility requirements for such employee benefit plan or program. Employee shall pay any
contributions which are generally required of employees to receive any such benefits. The Company will endeavor to institute industry
standard health insurance programs and benefits as well as a 401(k) program.

 

To the extent the Company makes directors’
and officers’ liability insurance available to the directors, it will also make it available to Employee on the same terms
as other directors. Employee shall receive paid time off (“PTO”) in accordance with the Company’s PTO policies
and procedures in place from time to time, but in no event will Employee receive less than five weeks PTO annually; provided, however,
that, in accordance with the Company’s PTO practices, PTO not taken during any calendar year shall not be carried over to
a subsequent year. Following the Date of Termination (as defined below), Employee shall be paid at a rate per day equal to Employee’s
Base Salary then in effect divided by 260 for all current and previously accumulated PTO days not taken during the calendar year
in which the Date of Termination occurs, with such payment to be made within 30 days following the Date of Termination. Such amount
shall be deemed a payment obligation accruing through the Date of Termination for purposes of Section 5.

 

4.            TERMINATION.

 

(a)            Cause.
The Company may terminate Employee’s employment during the Employment Period for Cause. For purposes of this Agreement, “Cause”
shall mean:

 

(i)            An
intentional act of fraud, embezzlement, theft or any material violation of law that occurs during or in the course of the Employment
Period;

 

(ii)            Intentional
damage by Employee to the Company’s assets;

 

(iii)            Intentional
disclosure by Employee of the Company’s confidential information contrary to Company policies;

 

(iv)            Material
breach of Employee’s obligations under this Agreement;

 

    6 

     

    

 

(v)            Intentional
engagement by Employee in any activity which would constitute a breach of Employee’s duty of loyalty or Employee’s
assigned duties;

 

(vi)            Intentional
breach by Employee of any of the Company’s policies and procedures;

 

(vii)            The
willful and continued failure by Employee to perform Employee’s assigned duties (other than as a result of incapacity due
to physical or mental illness);

 

(viii)            Employee
is or has been prevented from performing any duties contemplated by this Agreement by reason of any agreement with any third party
to which Employee is a party or is bound; or

 

(ix)            an
appropriation, or attempted appropriation, of a business opportunity of Company or one of its affiliates;

 

(x)            a
conviction of, indictment for, or the entering of Employee of a guilty plea to any felony or civil offense involving fraud or moral
turpitude (or a plea of nolo contendere thereto);

 

(xi)            securing
a personal benefit, or attempting to secure a personal benefit, in any transaction entered into on behalf of or by Company; or

 

(xii)            sexual
misconduct while conducting business on behalf of Company.

 

(xiii)            Willful
conduct by Employee that is demonstrably and materially injurious to the Company, monetarily or otherwise.

 

For purposes of this provision, no act,
or failure to act, on the part of Employee shall be considered “willful” unless it is done, or omitted to be done,
by Employee in bad faith or without reasonable belief that Employee’s action or omission was in the best interests of the
Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or based upon
the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by Employee in good faith
and in the best interests of the Company.

 

(b)            Good
Reason. Employee may terminate Employee’s employment during the Employment Period for Good Reason.

 

(i)            For
purposes of this Agreement, “Good Reason” shall mean the assignment to Employee, without Employee’s consent,
of any duties materially inconsistent with Employee’s position (including changes in status, offices, or titles and any change
in Employee’s reporting requirements), authority, duties, or responsibilities as contemplated by Section 2(a), the Company
requiring Employee to relocate Employee’s primary Atlanta work location by more than 50 miles, or any other action by the
Company which results in a material diminution in such position, authority, duties, responsibilities or aggregate Base Salary and
applicable percentage used in determining the Cash Bonus; except as otherwise specified in Section 2, or the Company’s
material breach of its obligations to Employee under this Agreement (each an “Event” for purposes of this paragraph).

 

(ii)            Employee
must notify the Company in writing of any Event that constitutes Good Reason within 90 days following Employee’s initial
knowledge of the existence of such Event (or, if earlier, within 90 days following the date upon which Employee should reasonably
have been expected to have knowledge of such Event) or such Event shall not constitute Good Reason under this Agreement. Employee
must provide at least 30 days prior written notification of his intention to terminate his employment for Good Reason and the Company
shall have 30 days from the date of receipt of such notice to effect a cure of the condition constituting Good Reason, and, upon
cure thereof by the Company, such Event shall no longer constitute Good Reason.

 

    7 

     

    

 

(c)            Notice
of Termination. Any termination by either Party for any reason, including any termination by the Company for Cause, or by Employee
for Good Reason, shall be communicated by Notice of Termination to the other Party hereto given in accordance with Section 13(c).
For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific
termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts
and circumstances claimed to provide a basis for termination of Employee’s employment under the provision so indicated and
(iii) specifies the Date of Termination (which date shall not be more than 30 days after the giving of such notice; provided,
however, that if Employee is terminating for Good Reason such date shall be not less than 30 days nor more than 45 days after giving
such notice. The inadvertent failure by Employee or the Company to set forth in the Notice of Termination a particular fact or
circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of Employee or the Company, respectively,
hereunder or preclude Employee or the Company, respectively, from asserting such fact or circumstance in enforcing Employee’s
or the Company’s rights hereunder.

 

(d)            Date
of Termination. “Date of Termination” means the date of receipt of the Notice of Termination, or any later date
specified therein, as the case may be. The Company and Employee shall take all steps necessary (including with regard to any post-termination
services by Employee) to ensure that any termination of employment described in this Section 4 constitutes a “separation
from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended and in effect from
time to time and including the regulations and guidance thereunder and notwithstanding anything contained herein to the contrary,
the date on which the separation from service takes place shall be the “Date of Termination.” Notwithstanding the foregoing,
the Date of Termination may be accelerated by the Party who receives Notice of Termination by providing to the other Party written
notice of acceleration, including the accelerated Date of Termination, within 30 days of receipt of the Notice of Termination.

 

5.            OBLIGATIONS
OF COMPANY UPON TERMINATION.

 

(a)            Cause;
Without Good Reason. If Employee’s employment is terminated by the Company for Cause or by Employee without Good Reason,
the Employment Period shall terminate without further obligation to Employee other than Base Salary and accrued unused PTO through
the Date of Termination paid on the Company’s normal payroll payment date.

 

(b)            Disability
or Death. If the Employment Period is terminated due to the death or Disability of Employee, Employee (or his estate or legal
representative) shall be entitled solely to the following: (i) Base Salary, accrued unused PTO, and any other accrued obligations
through the Date of Termination (paid on the Company’s normal payroll payment date) (the “Accrued Compensation”),
(ii) in the event the Employment Period is terminated due to Disability of the Employee, subject to Employee satisfying the
waiver and release condition identified in Section 13(d) and not violating the Protective Covenants (if applicable),
payment of the annual Cash Bonus (as described in Section 3(a)(ii)) of this Agreement that Employee otherwise would have earned
but for such termination of employment for the performance period in which Employee’s Date of Termination occurs, based on
actual performance for the entire performance period, and payable no later than the end of the year in which the Disability or
death occurs, provided that it shall be subject to a pro-rata reduction for the portion of the performance period following the
Date of Termination, and (iii) in the case of a termination due to Disability, and subject to Employee being eligible for
and taking all steps necessary to continue Employee’s group health insurance coverage with the Company following the Date
of Termination, continued participation, at the Company’s expense, in the Company’s group health plans for Employee
and his eligible covered dependents through the earliest of: (x) the 18-month anniversary of the Date of Termination, (y) the
date Employee becomes eligible for group health insurance coverage from any other employer, or (z) the date Employee is no
longer eligible to continue Employee’s group health insurance coverage with the Company under applicable law. As used herein
“Disability” shall mean and include Employee’s incapacity due to physical or mental illness or disability to
timely perform his duties under this Agreement, as reasonably determined by the Board, for a period of six or more consecutive
months. Disability also includes Employee becoming permanently disabled within the meaning of any long-term disability plan of
the Company applicable to Employee, and Employee commences to receive benefits under such plan. Termination of the Employment Period
under this Section 5(b) shall not constitute a termination by the Company other than for Cause or by Employee for Good
Reason.

 

    8 

     

    

 

(c)            Other
Than for Cause; Good Reason. Except as otherwise provided in Section 6(a), if (i) the Company terminates Employee’s
employment other than for Cause or (ii) Employee terminates employment for Good Reason, then the Employment Period shall terminate
without further obligation to Employee other than the Company’s obligation to pay to Employee (or, in the case of his death,
to his estate or legal representatives) the Accrued Compensation and, subject to Employee satisfying the waiver and release condition
identified in Section 13(d) and not violating the Protective Covenants, the Severance Payment and Benefits Continuation
Payments (as defined below). Such payments shall be subject to the Company’s normal payroll and withholding requirements.

 

(d)            Severance
Payment and Benefits Continuation Payments. Subject to Employee satisfying the waiver and release condition identified in Section 13(d),
the “Severance Payment” shall be equal to the aggregate of Employee’s then-current annual Base Salary plus an
amount equal to a prorated portion of Employee’s Cash Bonus for the year in which the Date of Termination occurs, with such
prorated amount determined by multiplying Employee’s Cash Bonus for the year in which the Date of Termination occurs by a
fraction, the numerator of which is the number of full months during such year in which Employee was employed and the denominator
of which is 12. In addition, subject to Employee satisfying the waiver and release condition identified in Section 13(d) and
not violating the Protective Covenants, and Employee being eligible for and taking all steps necessary to continue Employee’s
group health insurance coverage with the Company following the Date of Termination, Employee will receive continued participation,
at the Company’s expense, in the Company’s group health plans for Employee and his eligible covered dependents through
the earliest of: (x) the 18-month anniversary of the Date of Termination, (y) the date Employee becomes eligible for
group health insurance coverage from any other employer, or (z) the date Employee is no longer eligible to continue Employee’s
group health insurance coverage with the Company under applicable law (the “Benefits Continuation Payments”).

 

(e)            Timing
of Severance Payment.

 

(i)            Timing
of Severance Payment. The Severance Payment shall be payable to Employee (or, in the event of death, to his estate or legal
representative) in cash by the Company over a period of 12 consecutive months.

 

(ii)            Distribution
Rules. The following rules shall apply with respect to the distribution of payments and benefits, if any, to be provided
to Employee under this Section 5 and Section 6, as applicable:

 

(A)            Notwithstanding
anything to the contrary contained herein, no payments shall be made to Employee upon Employee’s termination of employment
from the Company under this Agreement unless such termination of employment is a “separation from service” under Code
Section 409A. The determination of whether and when a “separation from service” has occurred shall be made in
a manner consistent with and based on the presumptions set forth in Treasury Regulations Section 1.409A-1(h). If, as of the
date of the “separation from service” of Employee from the Company, Employee is not a Specified Employee (as defined
in Section 5(e)(iii)), then the payments shall be made on the dates and terms set forth in Section 5(e)(i).

 

    9 

     

    

 

(B)            If,
as of the date of the “separation from service” of Employee from the Company, Employee is a Specified Employee, then
any portion of the payments that is a payment of deferred compensation as determined under Code Section 409A (after taking
into account the exemption rules for short-term deferrals under Treasury Regulations Section 1.409A-1(b)(4) and
separation payments under Treasury Regulations Section 1.409A-1(b)(9)(iii)) and that would, absent this subsection, be paid
within the six-month period following the separation from service of Employee from the Company shall not be paid until the date
that is six months and one day after such separation from service (or, if earlier, Employee’s death).

 

(iii)            Specified
Employee. As used herein, the term “Specified Employee” means a “specified employee” (as defined in
Code Section 409A(a)(2)(B)(i)). By way of clarification, “specified employee” means a “key employee”
(as defined in Section 416(i) of the Code, disregarding Section 416(i)(5) of the Code) of the Company. Employee
shall be treated as a “key employee” if Employee meets the requirement of Section 416(i)(1)(A)(i), (ii) or
(iii) of the Code at any time during the 12-month period ending on an “identification date.” If Employee is a
“key employee” as of an identification date, he shall be treated as a Specified Employee for the 12-month period beginning
on the first day of the fourth month following such identification date. For purposes of any Specified Employee determination hereunder,
the “identification date” shall mean the last day of the calendar year.

 

6.            CHANGE
OF CONTROL TERMINATION PAYMENT.

 

(a)            Triggering
Event. In consideration and recognition of Employee’s employment and his contribution to protecting and enhancing member
value in any future sale of the Company that may occur, the Company agrees to pay to Employee a change of control termination payment
as specified below (the “Change of Control Termination Payment”). The Change of Control Termination Payment shall be
in addition to amounts otherwise payable pursuant to Section 3 through the Date of Termination but in lieu of any Severance
Payments or Benefits Continuation Payments otherwise due under Section 5, shall be subject to Employee satisfying the waiver
and release condition identified in Section 13(d) and Employee not violating the Protective Covenants, and shall be earned
upon the earlier of (i) the termination of Employee’s employment with the Company at any time within two years following
a Change of Control (as defined below) (A) by the Company for any reason other than Cause or (B) by Employee for Good
Reason or (ii) upon the occurrence of a Change of Control, if Employee’s employment with the Company was terminated
within six months prior to the Change of Control, either by (A) the Company for any reason other than Cause or (B) by
Employee for Good Reason (the earlier of (i) or (ii) above being referred to as the “Triggering Event”).

 

(b)            Amount.
The amount of the Change of Control Termination Payment shall be equal to 1.5 times the aggregate of Employee’s then-current
annual Base Salary as of the Date of Termination plus an amount equal to 1.5 times the Employee’s Cash Bonus for the year
in which the Date of Termination occurs.

 

(c)            Payment;
Medical Coverage; Vesting. Subject to Employee satisfying the waiver and release condition identified in Section 13(d) and
not violating the Protective Covenants, the Change of Control Termination Payment shall be paid in a single cash lump sum payment
to Employee (or, in the event of death, to his estate or legal representative) not later than 45 days after the Triggering Event.
Such payment shall be in addition to sums due to Employee through the Date of Termination, shall be subject to normal withholding
requirements of the Company and shall be in lieu of Severance Payments or Benefits Continuation Payments that may otherwise be
due under Section 5. In addition, notwithstanding anything to the contrary herein, subject to Employee satisfying the waiver
and release condition identified in Section 13(d) and not violating the Protective Covenants and Employee being eligible
for and taking all steps necessary to continue Employee’s group health insurance coverage with the Company, if any, following
the Date of Termination, Employee will receive the Benefits Continuation Payments.

 

    10 

     

    

 

(d)            Change
of Control Defined. For the purposes of this Agreement, the term “Change of Control” means a change in the ownership
or effective control of, or in the ownership of a substantial portion of the assets of, the Company, to the extent consistent with
Code Section 409A and any regulatory or other interpretive authority promulgated thereunder, as described in paragraphs (i) through
(iv) below.

 

(i)            Change
in Ownership of Company. A change in the ownership of the Company will be deemed to have occurred on the date that any one
person, or more than one person acting as a group (within the meaning of paragraph (iv) below) other than a group of which
Employee is a member, acquires ownership of the Company stock that, together with the Company stock held by such person or group,
constitutes more than 50% of the voting power of the stock of the Company.

 

(A)            If
any one person or more than one person acting as a group (within the meaning of paragraph (iv) below), other than a group
of which Employee is a member, is considered to own more than 50% of the total voting power of the stock of the Company, the acquisition
of additional Company stock by such person or persons shall not be considered to cause a change in the ownership of the Company
or to cause a change in the effective control of the Company (within the meaning of paragraph (ii) below).

 

(B)            An
increase in the percentage of Company stock owned by any one person, or persons acting as a group (within the meaning of paragraph
(iv) below), as a result of a transaction in which the Company acquires its stock in exchange for property, shall be treated
as an acquisition of stock for purposes of this paragraph (i).

 

(C)            Except
as provided in (B) above, the provisions of this paragraph (i) shall apply only to the transfer or issuance of Company
stock if such stock remains outstanding after such transfer or issuance.

 

(ii)            Change
in Effective Control of Company.

 

(A)            A
change in the effective control of the Company shall occur on the date that either of (1) or (2) below occurs:

 

(1)            Any
one person, or more than one person acting as a group (within the meaning of paragraph (iv) below), acquires (or has acquired
during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the
Company possessing 30% or more of the total voting power of the stock of the Company, or

 

(2)            A
majority of members of the Board are replaced during any 12-month period by members of the Board whose appointment or election
is not endorsed by a majority of the Board prior to the date of such appointment or election.

 

(B)            A
change in effective control of the Company also may occur with respect to any transaction in which either the Company or the other
entity involved in a transaction experiences a Change of Control event described in paragraphs (i) or (iii).

 

    11 

     

    

 

(C)            If
any one person, or more than one person acting as a group (within the meaning of paragraph (iv) below), is considered to effectively
control the Company (within the meaning of this paragraph (ii)), the acquisition of additional control of the Company by the same
person or persons shall not be considered to cause a change in the effective control of the Company (or to cause a change in the
ownership of the Company within the meaning of paragraph (i)).

 

(iii)            Change
in Ownership of a Substantial Portion of Company’s Assets. A change in the ownership of a substantial portion of the
Company’s assets shall occur on the date that any one person, or more than one person acting as a group (within the meaning
of paragraph (iv) below), other than a group of which Employee is a member, acquires (or has acquired during the 12-month
period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross
fair market value (within the meaning of paragraph (iii)(B)) equal to or more than 40% of the total gross fair market value of
all of the assets of the Company immediately prior to such acquisition or acquisitions.

 

(A)            A
transfer of the Company’s assets shall not be treated as a change in the ownership of such assets if the assets are transferred
to one or more of the following:

 

(1)            A
stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to Company stock;

 

(2)            An
entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company;

 

(3)            A
person, or more than one person acting as a group (within the meaning of paragraph (iv) below), that owns, directly or indirectly,
50% or more of the total value or voting power of all of the outstanding stock of the Company; or

 

(4)            An
entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in paragraph
(iii)(A)(3).

 

For purposes of this paragraph (iii)(A),
and except as otherwise provided, a person’s status is determined immediately after the transfer of assets.

 

(B)            For
purposes of this paragraph (iii), gross fair market value means the value of all the Company’s assets, or the value of the
assets being disposed of, determined without regard to any liabilities associated with such assets.

 

(iv)            Group
Definition. For the purposes of this Section 6, persons shall be considered to be acting as a group if they are owners
of an entity that enters into a merger, consolidation, purchase, or acquisition of assets, or similar business transaction with
the Company. If a person, including an entity stockholder, owns stock in the Company and another entity with which the Company
enters into a merger, consolidation, purchase, or acquisition of stock, or similar business transaction, such person shall be considered
to be acting as a group with the other owners of equity interests in an entity only to the extent of the ownership in that entity
prior to the transaction giving rise to the change and not with respect to the ownership interest in the other corporation. Persons
shall not be considered to be acting as a group solely because they purchase or own stock of the Company at the same time, or as
a result of the same public offering of Company stock.

 

    12 

     

    

 

7.            NON-EXCLUSIVITY
OF RIGHTS.

 

Nothing in this Agreement shall prevent
or limit Employee’s continuing or future participation in any plan, program, policy or practice provided by the Company or
any of its affiliated companies and for which Employee may qualify, nor, except as specifically set forth herein, shall anything
herein limit or otherwise affect such rights as Employee may have under any contract or agreement with the Company or any of its
affiliated companies. Amounts which are vested benefits or which Employee is otherwise entitled to receive under any plan, practice
or program of or any contract or agreement with the Company or any of its affiliated companies at or subsequent to the Date of
Termination shall be payable in accordance with such plan, policy, practice or program or contract or agreement except as explicitly
modified by this Agreement.

 

8.            FULL
SETTLEMENT.

 

In no event shall Employee be obligated
to seek other employment or take any other action by way of mitigation of the amounts payable to Employee under any of the provisions
of this Agreement, and such amounts shall not be reduced whether or not Employee obtains other employment. The Company agrees to
pay as incurred, to the full extent permitted by law, all legal fees and expenses which Employee may reasonably incur as a result
of any contest or dispute by the Company or Employee with respect to liability under, or the interpretation of the validity or
enforceability of, any provision of this Agreement, but only in the event and to the extent that (i) Employee receives a final,
non-appealable judgment in his favor in any such action or receives a final judgment in his favor that has not been appealed by
the Company within 30 days of the date of the judgment; or (ii) the Parties agree to dismiss any such action upon the Company’s
payment of the sums allegedly due Employee or performance of the covenants by the Company allegedly breached by it.

 

9.            PROTECTIVE
COVENANTS

 

(a)            Confidential
Information. Employee and the Company are Parties to one or more separate agreements respecting confidential information, trade
secrets, and inventions, including, without limitation, the Employee Confidentiality and Intellectual Property Assignment Agreement
signed in connection with and as a condition of Employee’s employment with the Company (collectively, the “IP Agreements”);
provided, that any agreements respecting confidential information, trade secrets, and inventions shall be consistent with, and
no more burdensome than, the Employee’s obligations under the Employee Confidentiality and Intellectual Property Assignment
Agreement signed in connection with and as a condition of Employee’s employment with the Company, unless such changes result
from changes to applicable law. The Parties agree that the IP Agreements shall not be superseded or terminated by this Agreement
and shall survive any termination of this Agreement.

 

(b)            Non-Compete
Commitment. During the Employment Period and for a period of one year following the Date of Termination, regardless of the
reason for the termination of Employee’s employment and whether such termination occurs at the initiative of Employee or
the Company, Employee agrees that he will not accept any position as principal executive officer, president, or chief executive
officer with, or provide comparable level executive consultation to any Competitive Business of the Company. As used herein, a
“Competitive Business” is a business (including, but not limited to, a business started by Employee) that is in the
business of providing activities, products, or services that are competitive with those provided by the Company and that are of
the type conducted, authorized, offered, provided, or under development by the Company within one year prior to Employee’s
Date of Termination.

 

    13 

     

    

 

(c)            Agreement
Not to Solicit Employees. During the Employment Period and for a period of one year following the Date of Termination, regardless
of the reason for the termination of Employee’s employment and whether such termination occurs at the initiative of Employee
or the Company, Employee covenants and agrees that Employee shall not (a) solicit, recruit, or hire (or attempt to solicit,
recruit, or hire) or otherwise assist anyone in soliciting, recruiting, or hiring, any employee or independent contractor of the
Company who performed work for the Company within the last year of Employee’s employment with the Company until that employee’s
employment or that independent contractor’s engagement with the Company has been voluntarily or involuntarily terminated
for at least six months, or (b) otherwise encourage, solicit, or support any employee(s) or independent contractor(s) to
leave their employment with the Company.

 

(d)            Non-Solicitation
of Customers or Clients. During the Employment Period and for a period of one year following the Date of Termination, regardless
of the reason for the termination of Employee’s employment and whether such termination occurs at the initiative of Employee
or the Company, Employee agrees not to solicit, directly or by assisting others, any business from any of the Company’s customers
or clients, including actively sought prospective customers or clients, with whom Employee has had material contact during the
one-year period prior to the termination of the Employment Period with the Company, for the purpose of providing products or services
that are competitive with those provided by the Company. As used in this paragraph, “material contact” means the contact
between Employee and each customer, client or vendor, or potential customer, client or vendor (i) with whom or which Employee
dealt on behalf of the employer, (ii) whose dealings with the Company were coordinated or supervised by Employee, (iii) about
whom Employee obtained confidential information in the ordinary course of business as a result of Employee’s association
with the Company, or (iv) who receives products or services authorized by the Company, the sale or provision of which results
or resulted in compensation, commissions, or earnings (directly or indirectly) for Employee within one year prior to Employee’s
Date of Termination.

 

(e)            Non-Disparagement.
Employee agrees not to make disparaging remarks, or remarks that could reasonably be construed as disparaging, regarding the Company,
its subsidiaries, their directors, officers, or employees, businesses or practices during the Employment Period and thereafter.
Company, on behalf of its officers, directors and managers, agrees not to make disparaging remarks, or remarks that could reasonably
be construed as disparaging, regarding Employee. For the avoidance of doubt, this non-disparagement obligation shall not in any
way affect either party’s obligation to testify truthfully in any legal proceeding.

 

(f)            Certain
Payment Obligations/Consideration. Employee agrees that the payment of any Severance Payment, Benefits Continuation Payments
or Change of Control Termination Payment shall be subject to and expressly conditioned upon Employee’s compliance with the
covenants set forth in paragraphs (a) through (e) of this Section 10 (collectively, the “Protective Covenants”).
Payments of amounts owing under any Change of Control Termination Payment, Severance Payment or Benefits Continuation Payments
obligation shall be conditioned upon Employee’s continued compliance with the Protective Covenants. Should Employee fail
to comply with any of the Protective Covenants, the Company shall not be required to make the Change of Control Termination Payment,
Severance Payment (or any portion thereof remaining unpaid), or Benefits Continuation Payments and Employee shall be required to
repay any portion of the Change of Control Termination Payment, Severance Payment, or Benefits Continuation Payments that Employee
has already received from the Company. Employee acknowledges that the consideration for the Protective Covenants includes the employment
granted and the salary and other compensation provided hereunder including, but not limited to, the covenants respecting a Severance
Payment, Change of Control Termination Payment, or Benefits Continuation Payments.

 

(g)            Specific
Performance. Employee acknowledges that it would be difficult to calculate the Company’s damages from Employee’s
breach of any of the Protective Covenants and that money damages (even including any repayments made pursuant to paragraph (f))
would therefore be an inadequate remedy. Accordingly, upon such breach, Employee acknowledges that the Company may seek and shall
be entitled to temporary, preliminary, and/or permanent injunctive relief against Employee, and/or other appropriate orders to
restrain such breach. Nothing in this provision shall limit or prevent the Company from seeking any other damages or relief provided
by applicable law for breach of this Agreement or any section or provision hereof. Employee agrees that the Company may obtain
specific performance, and that the Company shall not be required to post bond in the event it is necessary for the Company to obtain
temporary or preliminary injunctive relief, any bond requirement hereby being expressly waived by Employee.

 

    14 

     

    

 

(h)            Protective
Covenant Enforceability. The Parties covenant and agree that the provisions contained in paragraphs (a) through (g) are
reasonable and are not known or believed to be in violation of any federal, state, or local law, rule, or regulation. It is the
reasonable intent and expectation of the Parties that these protective covenants shall be enforced in accordance with their terms.
However, in the event a court of competent jurisdiction finds any provision herein (or subpart thereof) to be void or unenforceable,
the Parties agree that the court shall modify the provision(s) (or subpart(s) thereof) to make the provision(s) (or
subpart(s) thereof) and this Agreement valid and enforceable to the fullest extent permitted by applicable law. Any illegal
or unenforceable provision (or subpart thereof), or any modification by any court, shall not affect the remainder of this Agreement,
which shall continue at all times to be valid and enforceable in accordance with its terms.

 

10.            SUCCESSORS.

 

(a)            Successors
in Interest. This Agreement is personal to Employee and, without the prior written consent of the Company, shall not be assignable
by Employee otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be
enforceable by Employee’s legal representatives. This Agreement shall inure to the benefit of and be binding upon the Company
and its successors and assigns.

 

(b)            Assumption
of Agreement. The Company will require any successor who acquires all or substantially all of the business and/or assets of
the Company to expressly assume and 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. As used in this Agreement, the “Company” shall
mean Innovative Med Concepts, LLC, 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.

 

11.            COMPLIANCE
WITH CODE SECTION 409A.

 

(a)            Compliance.
All payments that may be made and benefits that may be provided pursuant to this Agreement are intended to comply with, or otherwise
be exempt from, Code Section 409A and any regulations and Treasury guidance promulgated hereunder, and any ambiguities shall
be interpreted in a manner consistent with the requirements of Code Section 409A. Further, notwithstanding anything to the
contrary, all Severance and Change of Control Termination payments payable under the provisions of Section 5 or Section 6
shall be paid to Employee no later than the last day of the second calendar year following the calendar year in which the Date
of Termination occurs. None of the payments under this Agreement are intended to result in the inclusion in Employee’s federal
gross income of an amount on account of a failure under Section 409A(a)(1) of the Code. The Parties intend to administer
and interpret this Agreement to carry out such intentions. Notwithstanding any other provision of this Agreement, to the extent
that the right to any payment (including the provision of benefits) hereunder provides for the “deferral of compensation”
within the meaning of Section 409A(d)(1) of the Code, the payment shall be paid (or provided) in accordance with the
following:

 

    15 

     

    

 

(i)            Each
payment hereunder is intended to constitute a separate payment from each other payment for purposes of Treasury Regulations Section 1.409A-2(b)(2).

 

(ii)            Payments
with respect to reimbursements of expenses or benefits or provision of fringe or other in-kind benefits shall be made on or before
the last day of the calendar year following the calendar year in which the relevant expense or benefit is incurred. The amount
of expenses or benefits eligible for reimbursement, payment or provision during a calendar year shall not affect the expenses or
benefits eligible for reimbursement, payment or provision in any other calendar year.

 

(b)            Amendments.
The Company and Employee agree that they will execute any and all amendments to this Agreement as they mutually agree in good faith
may be necessary to ensure compliance with Code Section 409A.

 

(c)            Tax
Matters. The Company makes no representation or warranty as to the tax effect of any of the preceding provisions, and the provisions
of this Agreement shall not be construed as a guarantee by the Company of any particular tax effect to Employee under this Agreement.
Without limiting the foregoing, the Company shall not be liable to Employee or any other person for any payment made under this
Agreement which is determined to result in the imposition of an excise tax, penalty or interest under Code Section 409A, nor
for reporting in good faith any payment made under this Agreement as an amount includible in gross income under Code Section 409A.

 

12.            MISCELLANEOUS.

 

(a)            Governing
Law; Venue. This Agreement shall be governed by the laws of the State of Alabama without regard to the conflicts of laws provisions
of that State or any other State. The Parties agree that any dispute arising from this Agreement, including but not limited to
issues of breach, enforceability, or modification, shall be decided only in a state or federal court sitting in Alabama, which
the Parties expressly agree shall be the exclusive venue for any such action.

 

(b)            Amendment;
Validity. This Agreement may not be amended or modified otherwise than by a written agreement executed by the Parties hereto
or their respective successors and legal representatives. The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement. The captions of this Agreement are not
part of the provisions hereof and shall have no force and effect.

 

(c)            Notices.
All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by
registered or certified mail, return receipt requested, postage prepaid, in either case, accompanied by a facsimile copy, addressed
as follows:

 

If to Employee:

 

Gregory S. Duncan

447 Broadland Rd, NW, Atlanta, GA 30342

 

If to the Company:

 

Innovative Medical Concepts

1837 Commons N Dr, Tuscaloosa, AL 35406

 

With
a copy to:

Tanner &
Guin, LLC

ATTN:
Jonathan D. Guin

2711
University Blvd, Suite 201, Tuscaloosa, AL 35401

 

or to such other address as either party
shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually
received by the addressee.

 

    16 

     

    

 

(d)            Waiver
and Release. Employee acknowledges and agrees that the Company requires, as a condition to receipt of any Severance Payment
or Benefits Continuation Payments under Section 5 or any Change of Control Termination Payment or Benefits Continuation Payments
under Section 6, that Employee (or a representative of his estate on behalf of his estate) execute a waiver and release discharging
the Company, its subsidiaries, and their respective affiliates, and its and their officers, directors, managers, employees, agents
and representatives and the heirs, predecessors, successors and assigns of all of the foregoing, from any and all claims, actions,
causes of action or other liability, whether known or unknown, contingent or fixed, arising out of or in any way related to the
benefits under this Agreement, including, without limitation, any claims under this Agreement or other related instruments, other
than the Company’s obligation to pay the Accrued Compensation, Severance Payment, Benefits Continuation Payments, Change
of Control Termination Payment, and other consideration as provided in this Agreement. The waiver and release shall be in a form
determined by the Company and acceptable to Employee and shall be executed prior to the expiration of the time periods provided
for any first payment of such benefits.

 

(e)            Non-Waiver.
The failure of the Company to insist upon or enforce strict performance of any provision of this Agreement or to exercise any rights
or remedies thereunder will not be construed as a waiver by the Company to assert or rely upon any such provision, right, or remedy
in that or any other instance.

 

(f)            Entire
Agreement. This Agreement embodies the entire agreement between the Parties with respect to the subject matter addressed herein
and supersedes any prior understandings, agreements or representations by or among the Parties, written or oral, that may relate
to the subject matter hereof; provided, however, that nothing in this Agreement is intended to and does not modify, supersede or
replace the IP Agreements, and documents adopted by the Board with respect to the Cash Bonus, any agreements or plans concerning
any equity awards to Employee, or any agreements or other documents related to any employee benefit plans, each of which are to
be in effect in accordance with their terms.

 

(g)            Survival.
The covenants set forth in Sections 4, 5, 6, 7, 8, 9, 10, 11, and 12 shall survive any termination of Employee’s employment
or termination of the Employment Period.

 

(h)            Counterparts;
Facsimile; Electronic Submission. This Agreement may be executed in one (1) or more counterparts, each of which shall
be deemed an original, and it shall not be necessary in making proof of this Agreement or the terms hereof to produce or account
for more than one of such counterparts. Executed signature pages to this Agreement may be delivered by facsimile or electronically,
and such facsimiles or electronically submitted documents will be deemed as sufficient as if actual signature pages had been
delivered.

 

[Signatures on Following Page]

 

    17 

     

    

 

IN WITNESS WHEREOF,
Employee has hereunder set Employee’s hand and, pursuant to the authorization form the Board, the Company has caused this
Agreement to be executed in its name on its behalf, each effective as of the day and year first above written.

 

	 	Employee:
	 	 
	 	/s/ Gregory S. Duncan
	 	Gregory S. Duncan
	 	 
	 	The Company:
	 	 
	 	Innovative Med Concepts, LLC
	 	 
	 	By:	/s/ William L. Pridgen, MD
	 	 	William L. Pridgen, MD
	 	 	Its Manager

 

[Signature
Page to Employment Agreement]

 

    

     

    

 

APPENDIX A

 

STOCK OPTION EXERCISE NOTICE

 

Innovative Med Concepts, Inc.

 

Attention: Board of Directors

 

____________________________

 

____________________________

 

Pursuant to the terms
of the grant notice and Employment Agreement between the undersigned and Innovative Med Concepts, Inc. (the “Company”)
dated April 5, 2020 (the “Agreement”), I, Gregory S. Duncan, hereby [Circle One] partially / fully exercise
such option by including herein payment in the amount of $______ representing the purchase price for [Fill in #______ of shares
of common stock] shares of common stock of the Company (the “Stock”). I have chosen the following form(s) of payment:

 

		 ̈	1.            Cash

 

		 ̈	2.            Certified
or bank check payable to the Company

 

		 ̈	3.            Payment to be offset against any amount owed to Employee
from the sale event or dividend event immediately following exercise of this Option as a result of Employee owning the Stock.

 

		 ̈	4.            Other (as referenced in the Agreement and described in the Plan (please                                                        
describe)) ______________________________________________________.

 

In
connection with my exercise of the option as set forth above, I hereby represent and
warrant to the Company as follows:

 

a.            I
am purchasing the Stock for my own account for investment only, and not for resale or with a view to the distribution thereof.

 

b.            I
have had such an opportunity as I have deemed adequate to obtain from the Company such information as is necessary to permit me
to evaluate the merits and risks of my investment in the Company and have consulted with my own advisers with respect to my investment
in the Company.

 

c.            I
have sufficient experience in business, financial, and investment matters to be able to evaluate the risks involved in the purchase
of the Stock and to make an informed investment decision with respect to such purchase.

 

d.            I
can afford a complete loss of the value of the Stock and am able to bear the economic risk of holding such Stock for an indefinite
period of time.

 

e.            I
understand that the Stock may not be registered under the Securities Act of 1933 (it being understood that the Stock is being issued
and sold in reliance upon an applicable exemption thereto) or any applicable state securities or “blue sky” laws and
may not be sold or otherwise transferred or disposed of in the absence of an effective registration statement under the Securities
Act of 1933 and under any applicable state securities or “blue sky” laws (or exemptions from the registration requirement
thereof). I further acknowledge that if certificates representing Stock are issued, they will bear restrictive legends reflecting
the foregoing and/or that book entries for uncertificated stock will include similar restrictive notations.

 

    

     

    

 

f.            I
have read and understand the bylaws and buy-sell agreement of the Company and acknowledge and agree that the Stock is subject to
all of the relevant terms therein.

 

g.            I
understand and agree that the Company may have a right of first refusal with respect to the Stock pursuant to the bylaws and buy-sell
agreement of the Company.

 

h.            I
understand and agree that the Company may have certain repurchase rights with respect to the Stock pursuant to the bylaws and buy-sell
agreement of the Company.

 

i.            I
understand and agree that I may not sell or otherwise transfer or dispose of any Stock for a period of time following the effective
date of a public offering by the Company as described in any applicable “lock-up” agreement or applicable law.

 

	 	Sincerely yours,
	 	 
	 	Gregory S. Duncan
	 	 
	 	Address:
	 	 
	 	 
	 	 
	 	 
	 	Date:	 

 

    

     

    

 

EMPLOYMENT AGREEMENT

 

This AMENDMENT TO EMPLOYMENT
AGREEMENT (this “Amendment”) effective as of August 4, 2020 (“Effective Date”) is by and between Virios
Therapeutics, LLC, an Alabama limited liability company (“Company”), and Gregory S. Duncan (“Employee”).
The Company and Employee are collectively referred to herein as the “Parties” and each individually as a “Party”.

 

WITNESSETH

 

WHEREAS, the Company
and Employee desire to administer, interpret and/or amend as necessary the Employment Agreement entered between the Parties effective
April 5, 2020 (“Employment Agreement”) in order to comply with Section 409A or the Code;

 

NOW, THEREFORE, in
consideration of the premises, the promises hereinafter set forth and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged by the Parties, it is hereby agreed as follows:

 

(i)            Pursuant
to Section 3(a)(iv) and Section 11 of the Agreement, Section 3(a)(iv) of the Agreement is administered,
interpreted and/or amended to define “Fair Market Value” as the price per share of stock issued to the shareholders
in the Triggering Offering, such that the Options shall not be “in the money” at the time of the option issuance. Notwithstanding
any provision in this Amendment to the contrary, Fair Market Value shall be interpreted or amended to comply with Section 409A
of the Internal Revenue Code of 1986, as amended and in effect from time to time and including the regulations and guidance thereunder
(the “Code”), if applicable to the Agreement and award.

 

IN WITNESS WHEREOF,
Employee has hereunder set Employee’s hand and the Company has caused this Agreement to be executed in its name on its behalf,
each effective as of the day and year first above written.

 

	 	Employee:
	 	 
	 	/s/ Gregory S. Duncan
	 	Gregory S. Duncan
	 	 
	 	The Company:
	 	 
	 	Virios Therapeutics, LLC
	 	 
	 	By:	/s/ Angela Walsh
	 	 	Angela Walsh
	 	 	Its Vice President of Finance

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