Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(the “Agreement”) is made and entered into as of December 7, 2018 (the “Effective Date”), by and between
Nexeon Medsystems Inc, a corporation organized under the laws of Nevada (the “Company”) and William Rosellini
(“Executive” and together with the Company, the “Parties”).

 

R E C I T A L S

 

The Company has special
expertise in its business that has enabled it to provide unique career opportunities for its employees.

 

The Company’s
growth depends, to a significant degree, on its possession of more and better information than that available to its competitors
concerning a number of matters, including, but not limited to, strategic, marketing, technical, management and other information
not generally known to others in the Company’s industry. This unique and special expertise in pooling this information has
enabled the Company to conduct its business successfully and thus provide potential employment opportunities for its employees.

 

The parties acknowledge
that Executive has his own valuable knowledge and training in certain of the areas in which the Company conducts its business but
that his knowledge will be enhanced by this employment.

 

Executive recognizes
that unless the Company imparts to him its special expertise, he would be less effective and of less benefit to the Company. Executive
further acknowledges that without the additional knowledge to be imparted to him by the Company, he will be less valuable than
would otherwise be the case in its business.

 

Executive understands
and acknowledges that a restriction on disclosure of confidential information is essential to the continued growth and stability
of the Company’s business and to the continuing viability of its business in the event the Executive’s employment is terminated
as expressly permitted under the terms and limitations of this Agreement.

 

The Executive has served
as the Company’s chief executive officer since inception and the Executive desires to continue employment as an employee
of the Company, and that such continued employment will be under the terms and conditions of this Agreement.

 

The Company desires
to continue to employ Executive, and such continued employment will be under the terms and conditions of this Agreement.

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth in this Agreement, the parties agree as follows:

 

1. Employment.
Subject to the terms and conditions set forth in this Agreement, the Company will continue to employ Executive, and Executive hereby
accepts such continued employment by the Company.

 

2. Duties
of Executive.

 

(a) Executive
shall serve in the capacity of Chairman and CEO and shall be subject to supervision by the Board of the Company. In such capacity,
Executive shall have all necessary powers to discharge his responsibilities. Executive shall have all powers granted by the Bylaws
of the Company to a CEO and Chairman, as applicable.

 

    
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(b) During
the term of this Agreement, and thereafter so long as Executive is employed by the Company, Executive shall devote his full business
time and effort to the performance of his duties and responsibilities as an officer of the Company. Notwithstanding the foregoing,
Executive may spend reasonable amounts of time on personal civic and charitable activities that do not interfere with the performance
of his duties and responsibilities to the Company. In addition, Executive may, subject to prior approval by the Board of Directors
of the Company, spend reasonable amounts of time serving on boards of directors for other companies or engage in other business
activities, provided that such activities do not, in the sound discretion of the Board of Directors of the Company, constitute
or create a conflict of interest or adversely affect the Company.

 

(c) Executive
shall observe and comply with the written rules and regulations of the Company respecting its business and shall carry out and
perform the directives and policies of the Company as they may from time to time be stated to Executive in writing by the Chief
Executive Officer or the Chairman of the Board of Directors.

 

(d) Executive
shall maintain accurate business records as may from time to time be required by the Company. Such records may be examined by the
Company, at all reasonable times after written request is delivered to Executive. Any such document shall be delivered to the Company
promptly upon request.

 

(e) Executive
agrees not to solicit or receive any income or other compensation from any third party in connection with his employment with the
Company. Executive agrees, upon written request by the Board of Directors, to render an accounting of all transactions relating
to his business endeavors during the term of this employment hereunder.

 

(f) Executive’s
principal place of work shall be located remotely or as otherwise mutually agreed between the Executive and the Board of Directors..

 

(g) Executive
agrees to travel, at the Company’s expense, as required to perform the duties of the position. The Parties anticipate that
a minimum of zero (0), maximum of fifteen (15), and average of five (5) days each month of domestic and/or international travel
will be required to perform the duties of this position.

 

3. Term.
The term of this Agreement (the “Term”) shall commence as of the Effective Date and continue until the second anniversary
of the Effective Date, unless Executive’s employment is earlier terminated in accordance with Section 10 of this Agreement;
provided, however, that, on the second and subsequent anniversary dates of this Agreement or any extension, this Agreement will
automatically be extended for an additional year unless, not later than ninety (90) calendar days prior to such anniversary date,
the Company shall have given written notice to the Executive that it does not wish to extend the Term. Upon expiration of the Term
of this Agreement, Executive shall remain an “at will” employee of the Company but shall still be subject to and bound
by the terms of this Agreement.

 

    
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4. Salary
and Initial Accrual.

 

(a) Commencing
on the Effective Date, the Company will pay Executive a minimum base annual salary during the term of this Agreement for his services
as an officer of one dollar ($1), which except as described in Section 4(b), shall be payable in accordance with the Company’s
standard payroll practice, but not less than monthly. Such base salary shall not include any benefits made available to Executive
or any contributions or payments made on his behalf pursuant to any employee benefit plan or program of the Company, including
any health, disability or life insurance plan or program, 401-K plan, cash bonus plan, stock incentive plan, retirement plan or
similar plan or program of any nature. The Company shall review Executive’s salary on a semi-annual basis (January and July), and
shall increase the annual salary of Executive from time to time as may be warranted in accordance with the Company’s compensation
policies.

 

(b) For
the purpose of determining amounts due under this Agreement, the Executive’s base annual Salary will be prorated based on
a three hundred and sixty (360) working day year. For the avoidance of doubt, the number of working days is based on five (5) working
days per week and fifty-two (52) weeks per year, and includes statutory holidays.

 

5. Reserved.

 

6. Stock
Options. The Company and Executive acknowledge that, in connection with the Company’s employment as Chief Executive Officer
of the Company, the Company has granted Executive incentive stock options for the purchase 17,858 shares of common stock and non-statutory
stock options for the purchase of 64,286 shares of common stock vesting 2,679 each month over a period of 24 months.

 

7. Other
Employee Benefits.

 

(a)
During the Term, the Company shall provide Executive with all benefits made available from time to time by the Company to its employees
and/or officers generally and to employees who hold positions similar to that of Executive (including benefits granted to other
officers of the Company), such benefits to be in accordance with the Company’s policies, except that if Executive’s
employment with the Company is terminated, Executive’s cash severance payments shall be in accordance with Section 10 of
this Agreement, in lieu of cash severance payments provided by the policies of the Company.

 

(b)
Executive shall be paid for Texas statutory holidays and receive twenty (20) working days, or four weeks of paid vacation per annum.

 

9. Reimbursement
of Expenses. The Company shall reimburse Executive for all expenses actually and reasonably incurred by him in the business
interests of the Company. Such reimbursement shall be made promptly to Executive upon appropriate documentation of such expenditures
in accordance with the Company’s written policies.

 

10. Early
Termination; Change in Control. It is the desire and expectation of each Party that the employer-employee relationship shall
continue for the full term specified herein and be a pleasant and rewarding experience for the Parties hereto. The Company shall,
however, be entitled to terminate Executive’s employment at any time after the Effective Date with or without Cause (as defined
in this Section 10). Termination shall require approval by majority vote of the Board of Directors of the Company.

 

(a)
Termination for Cause. The Company may terminate Executive’s employment immediately at any time for Cause. For purposes
of this Agreement, “Cause” is defined as: (i) conviction of a felony that constitutes gross negligence, recklessness
or willful misconduct on the part of Executive with respect to Executive’s obligations or otherwise relating to the business
of Company, or for fraud, misappropriation or embezzlement, or any felony or crime of moral turpitude; or (ii) Executive’s
material breach of this Agreement or any other written agreement between Company and Executive. In the event Executive’s
employment is terminated for Cause, Executive shall be entitled to all accrued salary including vested stock and stock options,
up through the date of termination but shall not be entitled to additional severance payments.

 

    
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(b)
Termination without Cause, or Change in Control Occurs. The Company may terminate Executive’s employment under this
Agreement without Cause at any time on thirty (30) days advance written notice to Executive. If Executive’s employment is terminated
without Cause, or a Change in Control (as defined in this Section 10) occurs, the Company shall pay Executive severance compensation
pursuant to the following formulas:

 

(i) In the
event of a termination without Cause, or a Change in Control occurs, occurring prior to the first or second year anniversary
of this Agreement, Executive shall receive a lump sum severance amount equal to 3/12th (i.e 25%),
4/12th or 5/12th respectively of the sum of (A) the highest annual salary of Executive in effect at any
time during the Term or the salary of Executive in effect immediately prior to the termination without Cause or a Change in
Control, whichever is the larger amount, plus (B) the amount of the bonus or incentive compensation, if any, targeted for
payment to the Executive for the fiscal year during which the termination without Cause or the Change in Control occurs.

 

(ii) In the event of a termination
without Cause, or a Change in Control occurs, occurring at any time after the two-year anniversary of this Agreement, Executive
will receive a lump sum severance amount equal to 6/12th of the sum of the amounts referred to in Section 10(b)(i)(a)
and (b).

 

A “Change
in Control” of the Company shall have occurred if at any time during the Term any of the following events shall occur:

 

(i) any consolidation,
merger or other reorganization of the Company in which the Company is merged, consolidated or reorganized into or with another
corporation or other legal person or pursuant to which shares of the Company’s stock are converted into cash, securities
or other property, other than a merger of the Company in which the holders of the Company’s common stock immediately prior
to the merger own more than 50.1% of the common stock of the surviving corporation or its ultimate parent immediately after the
merger;

 

(ii) any
sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of
the assets of the Company and as a result of such transaction the holders of the Company’s common stock immediately prior
thereto own more than 50.1% of the common stock of such transferee or its ultimate parent immediately after such transaction;

 

 (iii) any liquidation
or dissolution of the Company or any approval by the stockholders of the Company of any plan or proposal for the liquidation or
dissolution of the Company;

 

 (iv) any person
(including any “person” as such term is used in Section l3(d)(3) or Section l4(d)(2) of the Securities Exchange Act
of 1934 (the “Exchange Act”)), has become an “Acquiring Person.” An “Acquiring Person” shall
mean any person that, together with all Affiliates and Associates (as such terms are defined below) of such person, is the beneficial
owner of 25% or more of the outstanding common stock. The term “Acquiring Person” shall not include the Company, any
subsidiary of the Company, any employee benefit plan of the Company or subsidiary of the Company, or any person holding common
stock for or pursuant to the terms of any such plan. For the purposes of this Agreement, a person who becomes an Acquiring Person
by acquiring beneficial ownership of 25% or more of the common stock at any time after the date of this Agreement shall continue
to be an Acquiring Person whether or not such person continues to be the beneficial owner of 25% or more of the outstanding common
stock. “Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2
of the General Rules and Regulations under the Exchange Act in effect on the date of this Agreement;

 

    
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 (v) if at any
time, the Continuing Directors then serving on the Board cease for any reason to constitute at least a majority thereof. A “Continuing
Director” shall mean a Director of the Company who (aa) is not an Acquiring Person, an Affiliate or Associate, a representative
of an Acquiring Person or nominated for election by an Acquiring Person, and (bb) was either a member of the Board of Directors
of the Company on the date of this Agreement or subsequently became a Director of the Company and whose initial election or initial
nomination for election by the Company’s stockholders was approved by at least two-thirds of the Continuing Directors then
on the Board of Directors of the Company;

 

 (vi) any occurrence
that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A or any successor rule or regulation
promulgated under the Exchange Act; or

 

 (vii) such other
events that cause a change in control of the Company;

 

provided, however, that
a Change in Control of the Company shall not be deemed to have occurred as the result of any action having one or more of the foregoing
effects if such transaction is proposed by, and includes a significant equity participation (i.e., an aggregate of at least 25%
of the then outstanding common equity securities of the Company immediately after such transaction which are entitled to vote to
elect any class of Directors) of, the executive officers of the Company as constituted immediately prior to the occurrence of such
transaction or any Company employee stock ownership plan or pension plan.

 

(c)
Termination Upon Death or Disability. Executive’s employment shall be terminated by the death of the Executive. In
the event of the Disability (as hereinafter defined) of the Executive during his employment, the Company shall have the right to
terminate the employment of Executive upon giving thirty (30) days advance written notice to that effect to the Executive, provided
that the Executive shall not have returned to active service with the Company prior to the end of such thirty (30) day notice period.
For purposes of this Agreement, the term “Disability” means any physical or mental disability or incapacity
that can be expected to result in death within one year or that has rendered the Executive incapable of performing the essential
functions required of the Executive in accordance with the obligations under Section 2 hereof for a period of one hundred and eighty
(180) consecutive days or for shorter periods aggregating to two hundred and seventy (270) days during any consecutive three hundred
and sixty five (365) day period. If Executive is terminated as a result of death, Executive’s estate shall receive a severance
equal to 1/12th of the sum of the amounts referred to in Section 10(b)(i)(a) and (b), less federal and state income
and employment taxes. In the event of termination due to Disability, Executive will receive a severance equal to 6/12th
of the sum of the amounts referred to in Section 10(b)(i)(a) and (b), less federal and state income and employment taxes.

 

(d)
Termination for Good Reason. The Executive, upon ninety (90) days prior written notice given to the Company, shall have
the right at any time to terminate the Executive’s employment with the Company for Good Reason. “Good Reason”
shall mean (i) the occurrence, without the Executive’s express written consent, of a material reduction in Executive’s
duties and responsibilities, or a ten percent (10%) reduction in the level of the Executive’s compensation, unless such reduction
applies to all similarly situated employees; (ii) a demand, without the Executive’s express written consent, that the Executive
relocate to an office of the Company more than twenty-five (25) miles from the office in which the Executive was previously employed;
or (iii) the Company’s uncured breach of a material term of this Agreement.

 

    
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In the event the Executive’s
employment is terminated for Good Reason, Executive will receive a severance payment equal to 3/12th of the sum of the
amounts referred to in Section 10(b)(i)(a) and (b), less federal and state income and employment taxes.

 

(e)
Notice and Opportunity to Cure. Notwithstanding the foregoing, it shall be a condition precedent to the Company’s
right to terminate the Executive’s employment for Cause and the Executive’s right to terminate employment for Good
Reason that (i) the Party seeking the termination shall first have given the other Party written notice stating with specificity
the reason for the termination (“Termination Breach”) and (ii) if such Termination Breach is susceptible to
cure or remedy, a period of thirty (30) days from and after the giving of such notice shall have elapsed without the breaching
Party having substantially cured or remedied such Termination Breach, unless such breach cannot be cured or remedied within thirty
(30) days, in which case the period for remedy or cure shall be extended for a reasonable time not to exceed an additional thirty
(30) days provided the breaching Party has made and continues to make a diligent effort to effect such remedy or cure.

 

(f)
Voluntary Resignation by Executive. Executive may voluntarily resign Executive’s position with Company at any time
on thirty (30) days’ advance written notice to the Company’s Board. In the event Executive’s resignation is without
Good Reason, Executive shall be entitled to receive only the annual base salary then in effect, prorated to the date of termination
and all stock and stock options vested as of the date of termination. All other Company obligations to Executive pursuant to this
Agreement will become automatically terminated and completely extinguished.

 

 

(g)
Conditions to Receive Severance. Executive agrees to execute a full general release satisfactory to the Company, releasing
all claims, known or unknown that Executive may have against Company arising out of or in any way related to Executive’s
employment or termination of employment with Company prior to receipt of the severance payment. Company shall provide Executive
with a signed, full general release on or prior to the termination date. If Company fails to provide Executive with a signed, full
general release within seven (7) days of the termination date, then Company shall waive this requirement. Any severance due shall
be paid in full within seven (7) days of the termination date, and execution or waiver of the full general release as applicable.

 

11. Non-Solicitation
Agreement.

 

(a) Executive
agrees that for a period of one (1) year after the termination of this Agreement, Executive shall not recruit, attempt to recruit
or directly or indirectly participate in the recruitment of, any Company employee; provided, however, any general public recruitment
responded to by Company employees will not breach this offer.

 

(b) Executive
agrees that during the term of this Agreement and for a period of up to one (1) year after the termination of his employment, Executive
will not, either directly or indirectly solicit, separately or in association with others, attempt to solicit, canvass or interfere
with any then current customer of the Company with whom Executive had a significant relationship while working for the Company
in a manner that directly competes with the Company. If Executive is terminated prior to the first anniversary of this Agreement,
then the duration of this obligation will be reduced to equal the number of days that Executive was employed by Company.

 

    
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12. Confidentiality.
Executive acknowledges that he will learn Confidential Information (as defined herein) relating to the business conducted and to
be conducted by the Company. The Company promises to provide all needed Confidential Information to the Executive. Executive agrees
that he will not during the Term or for a period of three (3) years after the termination of such employment, without regard to
the Party terminating such employment, except in the normal and proper course of his duties hereunder, disclose or use or authorize
any third party to disclose or use any such Confidential Information, without prior written approval of the Company. As used in
this Section 12, “Confidential Information” includes all records, designs, business plans, financial statements, customer
lists, manuals, memoranda, lists, research and development plans, intellectual property and other property delivered to or compiled
by the Executive by or on behalf of the Company or its providers, clients or customers that pertain to the business of the Company.
Confidential Information shall not, however, include information that (i) is publicly known or becomes publicly known through no
fault of Executive, or (ii) is generally or readily obtainable by the public, or (iii) constitutes general skills, knowledge and
experience acquired by Executive before and/or during his employment with the Company and the Company.

 

Executive agrees that
all documents that include any Confidential Information, in his possession now or at any time during the Term, are and shall be
the property of Company and that all copies thereof shall be surrendered to the Company upon termination of his employment.

 

13. Inventions;
Developments. The Executive is hereby retained in a capacity such that the Executive’s responsibilities may include the
making of technical and managerial contributions of value to the Company. The Executive hereby assigns to the Company all rights,
title and interest in such contributions and inventions made or conceived by the Executive alone or jointly with others during
the Term. This assignment shall include (a) the right to file and prosecute patent applications on such inventions in any and all
countries, (b) the patent applications filed and patents issuing thereon, and (c) the right to obtain copyright, trademark or trade
name protection for any such work product. The Executive shall promptly and fully disclose all such contributions and inventions
to the Company and assist the Company in obtaining and protecting the rights therein (including patents thereon), in any and all
countries; provided, however, that said contributions and inventions will be the property of the Company, whether or not patented
or registered for copyright, trademark or trade name protection, as the case may be. Inventions conceived by the Executive, which
are not related to the business of the Company, will remain the property of the Executive, and notwithstanding the foregoing, the
Company shall not have any right, title or interest in any work product or copyrightable work developed outside of work hours and
without the use of Company resources that does not relate to the Company’s business and does not result from any work performed
by the Executive for the Company.

 

(a)
Exceptions. Regardless of any other provisions of this Agreement, the provisions of this Section 13 do not apply to any product
ideas which qualify fully under the provisions of Section 2870 of the Texas Labor Code, which reads in full as follows:

 

2870. (a) Any provision in
an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention
to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using
the employer’s equipment, supplies, facilities, or trade secret information except for those inventions that either: (1) relate
at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated
research or development of the employer (2) result from any work performed by the employee for the employer; (b) to the extent
a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required
to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable.

 

    
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14. Exit
Interview. To insure a clear understanding of this Agreement, including, but not limited to, the protection of the Company’s
business interests, Executive agrees, at no additional expense to the Company, to engage in an exit interview with the Company
prior to Executive’s departure from the Company at a time and place designated by the Company. In the event that the exit interview
takes place in a location more than twenty-five (25) miles from the Executive’s primary residence, the Company agrees to
reimburse Executive for reasonable expenses associated with his travel to and from said exit interview.

 

15. Right
of Setoff. The Company shall be entitled, at its option and not in lieu of any other remedies to which they may be entitled,
to set off any amounts due Executive or any Affiliate of Executive against any amount due and payable by Executive or any Affiliate
of Executive to the Company (“Set-Offs”) pursuant to this Agreement or otherwise, provided that the Set-Offs are set
forth in detail in writing with supporting evidence to substantiate each Set-Off.

 

16. Notice
Provision. Any notice, demand or request required or permitted to be given or made under this Agreement shall be in writing
and shall be deemed given or made when delivered in person, when sent by United States registered or certified mail, or when received
by courier (e.g. FedEx), at the address specified below:

 

	If to the Company:	Christopher Miller
	 	Email: chris@nexeonmed.com
	 	 
	If to Executive:	William Rosellini
	 	12147 Lueders, Dallas, TX 75230

 

Any party to this Agreement
may change its addresses for notice in the manner provided above.

 

17. Headings
Non-binding. All section titles and captions in this Agreement are for convenience only, shall not be deemed part of this Agreement,
and in no way shall define, limit, extend or describe the scope or intent of any provisions hereof.

 

18. Words
to have Contextual Meaning. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.
Additionally, the words “and” and “or” shall be given its contextual meaning and not be interpreted blindly
as being solely conjunctive or disjunctive, as the case may be.

 

19. Execution
of Agreement. The parties shall execute all documents, provide all information and take or refrain from taking all actions
as may be reasonably necessary or appropriate to achieve the purposes of this Agreement.

 

20. Partial
Assignment Clause. This Agreement shall be binding upon and inure to the benefit of the parties hereto, its representatives
and permitted successors and assigns. Executive’s duties hereunder are personal services and are not assignable. Except for the
provisions of Sections 11, 12 and 13 of this Agreement, which are intended to benefit the Company and the Company’s Affiliates
as third party beneficiaries, or as otherwise expressly provided in this Agreement, nothing in this Agreement, express or implied,
is intended to confer upon any person other than the parties to this Agreement, its respective representatives and permitted successors
and assigns, any rights, remedies or obligations under or by reason of this Agreement.

 

    
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21. Limitation
of Benefits Clause. None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditors of
the parties, except as otherwise expressly provided herein.

 

22. Non-waiver
Provision. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this
Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any
other covenant, duty, agreement or condition.

 

23. Multiple
Originals. This Agreement may be executed in counterparts, all of which together shall constitute one agreement binding on
all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart.

 

24. Choice
of Laws. This agreement shall be construed in accordance with and governed by the laws of the State of Texas, without regard
to the principles of conflicts of law.

 

25. Attorneys’
Fees. Each side will bear its own attorneys’ fees in any dispute unless a statutory or contractual section at issue,
if any, authorizes the award of attorneys’ fees to the prevailing party.

 

26. Severability
and Reformation. If any provision of this Agreement is declared or found to be illegal, unenforceable, or void, in whole or
in part, then the parties shall be relieved of all obligations arising under such provision, but only to the extent that it is
illegal, unenforceable or void, it being the intent and agreement of the parties that this Agreement shall be deemed amended by
modifying such provision to the extent necessary to make it legal and enforceable while preserving its intent or, if that is not
possible, by substituting therefor another provision that is legal and enforceable and achieves the same objectives.

 

27. Written
Amendments Provision. No supplement, modification or amendment of this agreement or waiver of any provision of this Agreement
shall be binding unless executed in writing by all Parties to this Agreement. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provision of this Agreement (regardless of whether similar), nor shall
any such waiver constitute a continuing wavier unless otherwise expressly provided.

 

28. Actions
to Enforce Non-Solicitation, Confidentiality or Inventions. Executive acknowledges and agrees that the Company would be irreparably
harmed by any violation of Executive’s obligations under Sections 11, 12 and 13 hereof and that, in addition to all other rights
or remedies available at law or in equity, the Company will be entitled to injunctive and other equitable relief to prevent or
enjoin any such violation. Additionally, both Parties agree that either Party may seek to have its rights under Sections 11, 12
or 13 of this Agreement enforced by legal or equitable action in a court of competent jurisdiction. The provisions of Sections
11, 12 and 13 hereof will survive any termination of this Agreement, in accordance with its terms.

 

29. Written
Consent for Assignment. No Party may assign this Agreement or any rights or benefits thereunder without the written consent
of the other Party to this Agreement.

 

30. Choice
of Forum. Any action initiated pursuant to Section 28 must proceed in a Texas District Court in Dallas or Collin County, Texas.
If such an action cannot proceed in District Court due to jurisdictional limitations, then it shall proceed in any State or County
court of competent jurisdiction in Dallas or Collin County, Texas.

 

    
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EXECUTED as of the
date first above written.

 

	 	Nexeon Medsystems Inc
	 	 	 
	 	By:	/s/ Christopher Miller
	 	 	Christopher Miller
	 	 	Chief Financial Officer
	 	 	 
	 	/s/ William Rosellini
	 	William Rosellini Individually

 

    
	 	 10 of 10Exhibit 10.1

 

 

AMERICAN INTERNATIONAL GROUP, INC.

RELEASE AND RESTRICTIVE COVENANT AGREEMENT

 

This Release and Restrictive Covenant Agreement
(the “Agreement”) is entered into by and between Siddhartha Sankaran (the “Employee”) and American International
Group, Inc., a Delaware Corporation (the “Company”).

 

Each term defined in the American International
Group, Inc. 2012 Executive Severance Plan (the “Plan”) has the same meaning when used in this Agreement.

 

		I.	Termination of Employment and Transition Period

 

The Employee’s service as Chief Financial
Officer and Executive Vice President of the Company ceased on December 5, 2018 (the “Transition Date”). From the Transition
Date until February 28, 2019 (or such later date as may be mutually agreed, the “Scheduled Termination Date”), the
Employee will serve as an advisor to the Company with the primary duty of assisting in the transition of the Chief Financial Officer
function. The Employee’s employment with the Company and each of its subsidiaries and controlled affiliates (collectively
“AIG”) shall terminate on the Scheduled Termination Date, or such earlier date as the Employee’s employment terminates
(the “Termination Date”). As of the Termination Date, the Employee shall cease performing the Employee’s employment
duties and responsibilities for AIG and shall no longer report to work for AIG. For purposes of this Agreement, the term “controlled
affiliates” means an entity of which the Company directly or indirectly owns or controls a majority of the voting shares.

 

		II.	Severance

 

Provided that (i) Employee executes this
Agreement within 21 days and does not revoke, (ii) Employee executes a Supplemental Release (as defined herein in Section XIV.E
and attached hereto at Schedule 2) within 21 days after the Termination Date but in no event earlier than the Termination Date
and does not revoke (the date the Supplemental Release becomes irrevocable, the “Effective Date”), (iii) Employee has
not resigned his employment prior to the Scheduled Termination Date and (iv) the Company has not terminated Employee’s employment
for Cause prior to the Scheduled Termination Date, the Employee shall receive a lump sum severance payment in the gross amount
of $4,380,000, less applicable tax withholdings paid out in a lump sum as soon as practicable following the Effective Date but
in no event later than March 15th of the year immediately following the Termination Year in accordance with Section IV.B(2) of
the Plan. The Employee shall also receive an annual short-term incentive bonus for 2018 if such bonus has not been paid as of the
date of termination calculated in accordance with Section IV.B(1)(a) of the Plan and payable when such incentives are regularly
paid to similarly-situated active employees. Any bonus or incentive compensation paid to Employee is subject to the AIG Clawback
Policy in effect on the date hereof.

 

The Employee shall also be entitled to a
Supplemental Health & Life Payment of $40,000 which may, among other things, be payable towards COBRA and life insurance coverage
after the Termination Date and shall be paid at or around the same time as the severance payment. The Employee shall also be paid
accrued wages, reimbursed expenses, and any accrued, unused paid time off (“PTO”) as of the Termination Date. The Employee
shall not accrue any PTO after the Termination Date.

 

    	 	1	 

     

    

 

		III.	Deferred Compensation Plans

 

		A.	Long Term Incentive Plans

 

For purposes of the AIG Long Term Incentive
Plans (“LTIP”), Employee’s termination will be considered a termination without Cause (as defined in the LTIP)
as of the Termination Date, and Employee shall retain any rights that Employee may have under the LTIP for payment of awards under
a termination without Cause. All of the Employee’s long-term incentive awards have been granted under the LTIP. Under the
termination rules of the LTIP, if a participant is terminated without Cause, the grant will immediately vest.

 

Employee’s outstanding LTI awards
under the LTIP are fully vested. Employee’s earned Performance Share Units (“PSUs”), and RSUs will be delivered
at the normal delivery dates, in accordance with the terms of the LTIP and the award agreements governing the grants, as applicable. 
Stock Options, if any, are fully vested and will remain exercisable for three years following Employee’s date of termination.

 

Employee was approved for a 2017 continuity
award grant under the LTIP of RSUs (“Continuity RSUs”). Under the termination rules of the award agreement governing
the grant, if a participant is terminated without Cause, the grant will immediately vest and become payable. Employee’s Continuity
RSUs will be delivered in one tranche, in AIG stock (although the Company reserves the right to pay in cash), as soon as practicable
following the Effective Date.

 

The Company is required to withhold FICA
taxes (including Social Security and Medicare taxes) for US employees within the calendar year that the RSU and/or PSU awards are
earned and vested, even though these awards may have not yet been delivered.  Subject to and in accordance with Section 409A
of the Code, AIG will withhold shares from Employee’s outstanding earned and vested LTI awards to cover Employee’s
FICA tax obligation for these awards.  This withholding will cover the full FICA obligation related to these awards, and no
further FICA will be withheld once these shares are subsequently delivered to Employee.

 

Any long term incentive compensation paid
to Employee is subject to the AIG Clawback Policy in effect on the date hereof.

 

		B.	Enforcement

 

The Employee agrees that if the Employee
fails to fulfill the Employee’s duties under Sections VI and X below, the Employee will forfeit the right to receive any
of the payments or benefit enhancements set forth in this Section III that the Employee would not otherwise be entitled to receive
under the terms and conditions of the Plan (and the Company shall be entitled to immediately cease paying any such amounts remaining
due or providing any such benefits to the Employee pursuant to this Section III) and, to the extent that any such payments already
have been made to the Employee or benefit enhancements already implemented at or prior to the time of the Employee’s failure
to satisfy any such condition, the Employee must immediately return to the Company all such sums already paid to the Employee.

 

    	 	2	 

     

    

 

		C.	Withholdings

 

All payments (whether in cash, shares or
otherwise) provided for under Section III of this Agreement are subject to applicable tax withholdings.

 

		IV.	Other Benefits

 

Nothing in this Agreement modifies or affects
any of the terms of any benefit plans or programs (defined as medical, life, pension and 401(k) plans or programs and including,
without limitation, the Company’s right to alter the terms of such plans or programs). No further deductions or employer
matching contributions shall be made on behalf of the Employee to the Incentive Savings Plan (“ISP”) as of the last
day of the pay period in which the Termination Date occurs.

 

After the Termination Date, the Employee
shall no longer participate or be eligible for coverage under the Short-Term and Long-Term Disability programs, and the ISP. After
the Termination Date, the Employee may decide, under the ISP, whether to elect a rollover or distribution of the Employee’s
account balance or to keep the account balance in the ISP.

 

As set forth in Section IV.D of the Plan,
the Employee shall be entitled to continued health insurance coverage under COBRA for a period in accordance with the requirements
under COBRA unless the Employee is or becomes ineligible under the provisions of COBRA for continuing coverage. The Employee shall
be solely responsible for paying the full cost of the monthly premiums for COBRA coverage. In addition, the Employee shall be entitled
to one (1) year of additional service credit and credit for additional age solely for purposes of determining the Employee’s
eligibility to participate in any Company Retiree Medical program and, if eligible, may choose to participate in such Company Retiree
Medical program as of the Termination Date at the applicable rate or pay for COBRA coverage.

 

The Company agrees to provide outplacement
services to Employee with RiseSmart in accordance with the terms of the contract between the Company and RiseSmart. However, such
services shall commence only at the request of Employee to RiseSmart no later than one year following the Termination Date.

 

Except as set forth in this Agreement and
Sections IV.D and E of the Plan there are no other payments or benefits due to the Employee from the Company. The Employee acknowledges
and agrees that the Company has made no representations to the Employee as to the applicability of Code section 409A to any of
the payments or benefits provided to the Employee pursuant to the Plan or this Agreement.

 

The payments and benefits provided under
this Agreement are intended to be exempt from or otherwise comply with the requirements of Section 409A of the Internal Revenue
Code of 1986 (the “Code”), and this Agreement shall be interpreted in accordance with such intent Each payment under
this Agreement will be treated as a separate payment for purposes of Section 409A of the Code. If at the time of the Employee’s
separation from service, (A) Employee is a specified employee (within the meaning of Section 409A of the Code), and (B) if an amount
payable hereunder constitutes deferred compensation (within the meaning of Section 409A of the Code) the payment of which is required
to be delayed pursuant to the six-month delay rule set forth in Section 409A of the Code in order to avoid additional taxes or
interest under Section 409A of the Code, then AIG will not pay such amount on the otherwise scheduled payment date but will instead
pay it in a lump sum on the first business day after such six-month period (or upon Employee’s death).

 

    	 	3	 

     

    

 

In addition, the Employee will continue
to be entitled to the indemnification rights contained in Section 10 of his Offer Letter, dated November 3, 2010. AIG agrees that
any future communications concerning Employee’s departure will be consistent with statements already made by AIG regarding
Employee’s departure. The Employee will be permitted to remove his personal effects from AIG premises. AIG will prepare and
deliver to the Employee an Outlook .csv file copy of his Calendar and Contacts, following a review by the Company. The Company
agrees to engage in discussion with Employee regarding his retention of Employee’s personal emails. AIG will pay or reimburse
the Employee for reasonable attorney’s fees incurred in connection with the negotiation of this Agreement.

 

		V.	Release of Claims

 

In consideration of the payments and benefits described in Section
IV of the Plan and Section II and III of this Agreement, to which the Employee agrees the Employee is not entitled until and unless
the Employee executes this Agreement and executes the Supplemental Release in accordance with Section XIV.E of the Agreement,,
the Employee, for and on behalf of the Employee and the Employee’s heirs and assigns, subject to the following two sentences
hereof, agrees to all the terms and conditions of this Agreement and hereby waives and releases any common law, statutory or other
complaints, claims, or causes of action of any kind whatsoever, both known and unknown, in law or in equity, which the Employee
ever had, now has or may have against AIG and its shareholders (other than C.V. Starr & Co., Inc. and Starr International Company,
Inc.), successors, assigns, directors, officers, partners, members, employees, agents, benefit plans, or the Plan (collectively,
the “Releasees”) arising on or before the date of Employee’s execution of this Agreement, including, without
limitation, any complaint, or cause of action arising under federal, state or local laws pertaining to employment, including the
Age Discrimination in Employment Act of 1967 (“ADEA,” a law which prohibits discrimination on the basis of age), the
National Labor Relations Act, the Civil Rights Act of 1991, the Americans With Disabilities Act of 1990, Title VII of the Civil
Rights Act of 1964, all as amended; and all other federal, state, local and foreign laws and regulations. By signing this Agreement,
the Employee acknowledges that the Employee intends to waive and release any rights known or unknown that the Employee may have
against the Releasees under these and any other laws; provided that the Employee does not waive or release claims with respect
to the right to enforce the Employee’s rights under this Agreement (including without limitation any LTIP award agreements
awarded to the Employee) or with respect to any rights to indemnification under the Company’s Charter and by-laws, other
agreement or plan or at law, or rights to directors and officers liability insurance coverage or with respect to claims that the
law does not permit Employee to waive by signing this Agreement or with respect to any claim against an AIG shareholder that is
unrelated to Employee’s employment or termination thereof (collectively the “Unreleased Claims”). Nothing herein
modifies or affects any vested rights that Employee may have under any applicable retirement plan, 401(k) plan, incentive plan,
insurance agreement or deferred compensation plan; nor does this Agreement and Release confer any such rights, which are governed
by the terms of the respective plans (and any agreements under such plans).

 

    	 	4	 

     

    

 

		VI.	Proceedings

 

The Employee acknowledges that the Employee
has not filed any complaint, charge, claim or proceeding, except with respect to an Unreleased Claim, if any, against any of the
Releasees before any local, state or federal agency, court or other body (each individually a “Proceeding”). The Employee
represents that the Employee is not aware of any basis on which such a Proceeding could reasonably be instituted. By signing this
Agreement the Employee:

 

(a) Acknowledges that the Employee shall
not initiate or cause to be initiated on his/her behalf any Proceeding and shall not participate in any Proceeding, in each case,
except as set forth below or as required by law; and

 

(b) Waives any right to recover any monetary
damages or other individual relief arising out of any Proceeding.

 

Notwithstanding the above, nothing in this
Agreement, including, without limitation, Sections V, VI and X of this Agreement, shall:

 

(x) limit or affect the Employee’s
right to challenge the validity of the Employee’s release set forth in Section V above under the ADEA or Older Workers Benefit
Protection Act or

 

(y) prevent the Employee from filing a charge
or complaint with or participating in any investigation or proceeding conducted by the EEOC, National Labor Relations Board, or
other federal, state or local governmental or regulatory agencies.

 

		VII.	Time to Consider

 

The payments and benefits payable to the
Employee under this Agreement include consideration provided to the Employee over and above anything of value to which the Employee
already is entitled. The Employee acknowledges that the Employee has been advised that the Employee has 21 days from the date of
the Employee’s receipt of this Agreement to consider all the provisions of this Agreement.

 

THE EMPLOYEE FURTHER ACKNOWLEDGES
THAT THE EMPLOYEE HAS READ THIS AGREEMENT CAREFULLY, HAS BEEN ADVISED BY THE COMPANY TO CONSULT AN ATTORNEY, AND FULLY
UNDERSTANDS THAT BY SIGNING BELOW THE EMPLOYEE IS GIVING UP CERTAIN RIGHTS WHICH THE EMPLOYEE MAY HAVE TO SUE OR ASSERT A
CLAIM AGAINST ANY OF THE RELEASEES, AS DESCRIBED IN SECTION V OF THIS AGREEMENT AND THE OTHER PROVISIONS HEREOF. THE EMPLOYEE
ACKNOWLEDGES THAT THE EMPLOYEE HAS NOT BEEN FORCED OR PRESSURED IN ANY MANNER WHATSOEVER TO SIGN THIS AGREEMENT, AND THE
EMPLOYEE AGREES TO ALL OF ITS TERMS VOLUNTARILY.

 

		VIII.	Revocation

 

The Employee hereby acknowledges and understands
that the Employee shall have seven days from the date of the Employee’s execution of this Agreement to revoke this Agreement
(including, without limitation, any and all claims arising under the ADEA) by providing written notice of revocation delivered
to Annette Bernstein, Chief Labor and Employment Counsel, American International Group, Inc., 80 Pine Street, 13th Floor, New York,
New York 10005, no later than 5:00 p.m. on the seventh day after the Employee has signed the Agreement. Neither the Company nor
any other person is obligated to provide any benefits to the Employee pursuant to Section IV of the Plan or this Agreement until
eight days have passed since the Employee’s signing of this Agreement without the Employee having revoked this Agreement.
If the Employee revokes this Agreement pursuant to this Section, the Employee shall be deemed not to have accepted the terms of
this Agreement, and no action shall be required of AIG under any section of this Agreement. This Agreement will not become effective
and enforceable until the eighth day after Employee’s signature (if not revoked pursuant to the terms of this paragraph.)

 

    	 	5	 

     

    

 

		IX.	No Admission

 

This Agreement does not constitute an admission
of liability or wrongdoing of any kind by the Employee or AIG.

 

		X.	Restrictive Covenants

 

		A.	Non-Solicitation/Non-Competition

 

The Employee acknowledges and recognizes
the highly competitive nature of the businesses of AIG and accordingly agrees as follows:

 

1. During the period commencing on the Employee’s
Termination Date and ending on the one-year anniversary of such date (the “Restricted Period”), the Employee shall
not, directly or indirectly, regardless of who initiates the communication, solicit, participate in the solicitation or recruitment
of, or in any manner encourage or provide assistance to, any employee, consultant, registered representative, or agent of AIG to
terminate his or her employment or other relationship with AIG or to leave its employ or other relationship with AIG for any engagement
in any capacity or for any other person or entity, without AIG’s written consent.

 

2. During the period commencing on the Employee’s
Termination Date and ending on the six-month anniversary of such date, the Employee shall not, directly or indirectly:

 

(a) Enter the employ of, or render any services
to, any Competitive Business (defined below);

 

(b) Acquire a financial interest in, or
otherwise become actively involved with, any Competitive Business, directly or indirectly, as an individual, partner, shareholder,
officer, director, principal, agent, trustee or consultant; or

 

(c) Interfere with business relationships
between AIG and customers or suppliers of, or consultants to AIG.

 

3.
For purposes of this Section X, a “Competitive Business” means the following companies, including all subsidiaries,
affiliates and associated entities of such companies: Aetna, Inc., AFLAC, The Allstate Corporation, American Express Company, Ameriprise
Financial, Inc., Bank of America Corporation, Bank of New York Mellon, BlackRock, Inc., Capital One Financial Corp., Chubb Group,
CIGNA Corporation, Citigroup Inc., Hartford Financial Services, Invesco Ltd., JP Morgan Chase & Co., Lincoln National Corporation,
Marsh & McLennan Companies, Inc., MetLife Inc., Principal Financial Group, Inc., Prudential Financial Inc., T. Rowe Price Group,
Inc., The Travelers Companies Inc., U.S. Bancorp, Wells Fargo & Company and Berkshire Hathaway Inc. 

 

    	 	6	 

     

    

 

4. Notwithstanding anything to the contrary
in this Agreement, the Employee may directly or indirectly, own, solely as an investment, securities of any person engaged in the
business of AIG which are publicly traded on a national or regional stock exchange or on the over-the-counter market if the Employee
(a) is not a controlling person of, or a member of a group which controls, such person and (b) does not, directly or indirectly,
own one percent or more of any class of securities of such person.

 

5. The Employee understands that the provisions
of this Section X.A may limit the Employee’s ability to earn a livelihood in a business similar to the business of AIG but
the Employee nevertheless agrees and hereby acknowledges that:

 

(a) Such provisions do not impose a greater
restraint than is necessary to protect the goodwill or other business interests of AIG;

 

(b) Such provisions contain reasonable limitations
as to time and scope of activity to be restrained;

 

(c) Such provisions are not harmful to the
general public; and

 

(d) Such provisions are not unduly burdensome
to the Employee. In consideration of the foregoing and in light of the Employee’s education, skills and abilities, the Employee
agrees that he shall not assert that, and it should not be considered that, any provisions of Section X.A otherwise are void, voidable
or unenforceable or should be voided or held unenforceable.

 

6. It is expressly understood and agreed
that, although the Employee and the Company consider the restrictions contained in this Section X.A to be reasonable, if a judicial
determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this
Section X.A or elsewhere in this Agreement is an unenforceable restriction against the Employee, the provisions of the Agreement
shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent
as such court may judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction finds
that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it enforceable,
such finding shall not affect the enforceability of any of the other restrictions contained herein.

 

		B.	Nondisparagement

 

The Employee agrees (whether during
or after the Employee’s employment with AIG) not to issue, circulate, publish or utter any disparaging statements,
remarks or rumors about the Releasees. Nothing herein shall prevent Employee from making or publishing any truthful statement
(a) when required by law, subpoena or court order, (b) in the course of any legal, arbitral or regulatory proceeding, (c) to
any governmental authority, regulatory agency or self-regulatory organization, or (d) in connection with any investigation by
AIG. The Company shall instruct Brian Duperreault and each of the AIG Executive Leadership Team that they should not make any
disparaging statements about the Employee. Nothing herein shall prevent Brian Duperreault and each of the AIG Executive
Leadership Team from making or publishing any truthful statement about Employee (a) when required by law, subpoena or court
order, (b) in the course of any legal, arbitral or regulatory proceeding, (c) to any governmental authority, regulatory
agency or self-regulatory organization, (d) in connection with any investigation by AIG, or (e) to the extent reasonably
necessary in the ordinary course of business.

 

    	 	7	 

     

    

 

		C.	Code of Conduct

 

The Employee agrees to abide by all of the
terms of the Company’s Code of Conduct or the Director, Executive Officer and Senior Financial Officer Code of Business Conduct
and Ethics that continue to apply after termination of employment.

 

		D.	Confidentiality/Company Property

 

The Employee acknowledges that, except to
the extent that the terms hereof shall otherwise be or have been disclosed publicly by AIG, the disclosure of this Agreement or
any of the terms hereof could prejudice AIG and would be detrimental to AIG’s continuing relationship with its employees.
Accordingly, the Employee agrees not to discuss or divulge either the existence or contents of this Agreement (except, if required,
Employee may disclose the contents of Section X.A only, in connection with prospective employment) to anyone other than the Employee’s
immediate family, attorneys, tax and financial advisors, governmental authorities or as may be legally required, and further agrees
to use the Employee’s commercially reasonable best efforts to ensure that none of Employee’s immediate family, attorneys
or tax and financial advisors will reveal its existence or contents to anyone else.

 

The Employee shall not, without the prior
written consent of AIG, use, divulge, disclose or make accessible to any other person, firm, partnership, corporation or other
entity, any “Confidential Information” (as defined below), or any “Personal Information” (as defined below);
provided that the Employee may disclose Confidential Information or Personal Information when required to do so by a court of competent
jurisdiction, by any governmental agency having supervisory authority over the business of AIG, as the case may be, or by any administrative
body or legislative body (including a committee thereof) with jurisdiction to order the Employee to divulge, disclose or make accessible
such information; provided, further, that in the event that the Employee is ordered by a court or other government agency to disclose
any Confidential Information or Personal Information, the Employee shall (if permitted to do so by applicable law):

 

(a) Promptly notify AIG of such order;

 

(b) At the written request of AIG, diligently
contest such order at the sole expense of AIG; and

 

(c) At the written request of AIG, seek
to obtain, at the sole expense of AIG, such confidential treatment as may be available under applicable laws for any information
disclosed under such order.

 

Nothing herein shall prevent Employee from
making or publishing any truthful statement without prior notice to the Company to any governmental authority, regulatory agency
or self-regulatory organization, or in connection with any investigation by the Company.

 

    	 	8	 

     

    

 

Upon the Termination Date the Employee shall
return AIG property, including, without limitation, files, records, disks and any media containing Confidential Information or
Personal Information. For purposes of this Section X.D:

 

“Confidential Information” means
an item of information or a compilation of information in any form (tangible or intangible), related to AIG’s business that
AIG has not made public or authorized public disclosure of, and that is not generally known to the public through proper means.
Confidential Information includes, but is not limited to: (a) business plans and analysis, customer and prospective customer lists,
personnel, staffing and compensation information, marketing plans and strategies, research and development data, financial data,
operational data, methods, techniques, technical data, know-how, innovations, computer programs, un-patented inventions, and trade
secrets; and (b) information about the business affairs of third parties (including, but not limited to, customers and prospective
customers) that such third parties provide to Company in confidence.

 

“Personal Information” shall
mean any information concerning the personal, social or business activities of the officers or directors of the Company.

 

		E.	Developments

 

Developments shall be the sole and exclusive
property of AIG. The Employee agrees to, and hereby does, assign to AIG, without any further consideration, all of the Employee’s
right, title and interest throughout the world in and to all Developments. The Employee agrees that all such Developments that
are copyrightable may constitute works made for hire under the copyright laws of the United States and, as such, acknowledges that
AIG is the author of such Developments and owns all of the rights comprised in the copyright of such Developments. The Employee
hereby assigns to AIG without any further consideration all of the rights comprised in the copyright and other proprietary rights
the Employee may have in any such Development to the extent that it might not be considered a work made for hire. The Employee
shall make and maintain adequate and current written records of all Developments and shall disclose all Developments promptly,
fully and in writing to the Company promptly after development of the same, and at any time upon request.

 

“Developments” shall mean all
discoveries, inventions, ideas, technology, formulas, designs, software, programs, algorithms, products, systems, applications,
processes, procedures, methods and improvements and enhancements conceived, developed or otherwise made or created or produced
by the Employee alone or with others, and in any way relating to the business or any proposed business of AIG of which the Employee
has been made aware, or the products or services of AIG of which the Employee has been made aware, whether or not subject to patent,
copyright or other protection and whether or not reduced to tangible form, at any time during the Employee’s employment with
AIG.

 

		F.	Cooperation

 

The Employee agrees (whether during or after
the Employee’s employment with AIG) that, if served with a subpoena or order that would compel Employee to testify or respond
to any regulatory inquiry, investigation, administrative proceeding or judicial proceeding regarding or in any way relating to
the Releasees, including but not limited to any proceeding before or investigation by the EEOC concerning Employee’s employment
with AIG, to send immediately (but in no event later than three (3) business days after Employee has been so served or notified)
a written notification, and provide a copy of the subpoena or order, by overnight mail to General Counsel, American International
Group, Inc., 80 Pine Street, 13th Floor, New York, New York 10005. Employee further agrees to cooperate with AIG in connection
with any litigation or legal proceeding or any investigatory or regulatory matters in which the Employee may have relevant knowledge
or information. This cooperation shall include, without limitation, the following:

 

    	 	9	 

     

    

 

(a) To meet and confer, at a time mutually
convenient to the Employee and AIG, with AIG’s designated in-house or outside attorneys for purposes of assisting with any
litigation or legal proceeding or any investigatory or regulatory matters, including answering questions, explaining factual situations,
preparing to testify, or appearing for interview, deposition, or trial testimony, without the need for AIG to serve a subpoena
for such appearance and testimony; and

 

(b) To give truthful sworn statements to AIG’s attorneys
upon their request and, for purposes of any deposition or other testimony in any litigation or legal proceeding or any investigatory
or regulatory matters, to adopt AIG’s attorneys as the Employee’s own at AIG’s expense (provided that there is
no conflict of interest that would disqualify the attorneys from representing the Employee), and to accept their instructions at
deposition relating to any privileged or confidential communications or information. If any such conflict, disadvantage or prejudice
exists, then Employee shall hire his own attorney at AIG’s reasonable expense.

 

The Company agrees to reimburse the Employee
for reasonable out-of-pocket expenses necessarily incurred by the Employee in connection with the cooperation set forth in this
paragraph. For the avoidance of doubt, reasonable out-of-pocket expenses do not include any attorneys’ fees and expenses
incurred by the Employee in connection with the cooperation set forth in this paragraph. Any such legal fees and costs for the
retention of separate counsel, including issues of advancement and indemnification, are separately governed by the applicable AIG
Company by-laws.

 

The restrictive covenants in this Section
X are the only restrictive covenants that apply to the Employee.

 

		XI.	Enforcement and Clawback

 

If (a) at any time the Employee materially
breaches Sections VI, X.B or X.D of this Agreement (b) within one (1) year of the expiration of any restrictive covenant described
in Section X.A of this Agreement, AIG determines that the Employee breached such restrictive covenant, or (c) within one year of
the first payment date for any Severance benefit due under the terms of the Plan, AIG determines that grounds existed, on or prior
to the Termination Date, including prior to the Effective Date of the Plan, for AIG to terminate the Employee’s employment
for Cause, then: (x) no further payments or benefits shall be due to the Employee under this Agreement and/or the Plan; and (y)
the Employee shall be obligated to repay to AIG, immediately and in a cash lump sum, the amount of any Severance benefits (other
than any amounts received by the Employee under Section IV.D through F of the Plan) previously received by the Employee under this
Agreement and/or the Plan (which shall, for the avoidance of doubt, be calculated on a pre-tax basis); provided that the Employee
shall in all events be entitled to receive accrued wages and expense reimbursement and accrued but unused vacation pay as set forth
in Section IV.A of the Plan.

 

    	 	10	 

     

    

 

The Employee acknowledges and agrees that
AIG’s remedies at law for a breach or threatened breach of any of the provisions of Sections X.A, B, D and E of this Agreement
would be inadequate, and, in recognition of this fact, the Employee agrees that, in the event of such a breach or threatened breach,
in addition to any remedies at law, AIG, without posting any bond, shall be entitled to obtain equitable relief in the form of
specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then
be available. In addition, AIG shall be entitled to immediately cease paying any amounts remaining due or providing any benefits
to the Employee pursuant to Section IV of the Plan upon a determination by the “Plan Administrator” (as defined in
the Plan) that the Employee has violated any provision of Section X of this Agreement, subject to payment of all such amounts upon
a final determination, by a court of competent jurisdiction, that the Employee had not violated Section X of this Agreement.

 

		XII.	Resignation From Board of Directors

 

The Employee will resign from his/her directorship
of the Company and each of its subsidiaries and affiliates (and all other directorships, offices, and trusteeships, held in connection
with his/her employment) by signing, dating and returning a letter in the form attached to this Agreement at Schedule 1 to Annette
Bernstein, American International Group, Inc., 80 Pine Street, Floor 13, New York, NY 10005 and undertakes to execute all further
documents and do such further things as are necessary in order to give full effect to such resignations. The Employee acknowledges
and agrees that the Severance benefit and the Supplemental Health & Life Payment set forth in Section II of this Agreement
are contingent upon Employee executing and returning such resignation letter.

 

		XIII.	Inquiries From Prospective Employers

 

Employee agrees that Employee will direct
any inquiries from prospective employers to The Work Number, at www.theworknumber.com, and the Company agrees that, in response
to any such inquiries, The Work Number will only provide information regarding the dates of Employee’s employment and last
job title, and shall inform the inquirer that it is company policy to provide only that information regarding former employees.
Employee will need to provide Employee’s Social Security Number and the AIG Employer Code (AIG-12573) to facilitate these
inquiries.

 

		XIV.	General Provisions

 

		A.	No Waiver; Severability

 

A failure of the Company or any of the Releasees
to insist on strict compliance with any provision of this Agreement shall not be deemed a waiver of such provision or any other
provision hereof. If any provision of this Agreement is determined to be so broad as to be unenforceable, such provision shall
be interpreted to be only so broad as is enforceable, and in the event that any provision is determined to be entirely unenforceable,
such provision shall be deemed severable, such that all other provisions of this Agreement shall remain valid and binding upon
the Employee and the Releasees.

 

    	 	11	 

     

    

 

		B.	Governing Law

 

TO THE EXTENT THAT U.S. FEDERAL LAW DOES
NOT APPLY, THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS MADE AND TO BE WHOLLY PERFORMED WITHIN THAT STATE, WITHOUT REGARD TO ITS CONFLICT OF LAWS PROVISIONS OR THE CONFLICT
OF LAWS PROVISIONS OF ANY OTHER JURISDICTION WHICH WOULD CAUSE THE APPLICATION OF ANY LAW OTHER THAN THAT OF THE STATE OF NEW YORK.
THE EMPLOYEE CONSENTS TO THE EXCLUSIVE JURISDICTION OF THE FEDERAL AND STATE COURTS IN NEW YORK.

 

		C.	Entire Agreement/Counterparts

 

This Agreement constitutes the entire understanding
and agreement between the Company and the Employee with regard to all matters herein. There are no other agreements, conditions,
or representations, oral or written, express or implied, with regard thereto. This Agreement may be amended only in writing, signed
by the parties hereto. This Agreement may be signed in counterparts with the same effect as if the signatures thereto and hereto
were upon the same instrument. This Agreement may be returned via mail or e-mail. An electronically transmitted signature shall
be treated as an original signature for all purposes.

 

		D.	Notice

 

For the purpose of this Agreement, notices
and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given if
delivered: (a) personally; (b) by overnight courier service; (c) by facsimile transmission; or (d) by United States registered
mail, return receipt requested, postage prepaid, addressed to the respective addresses, as set forth below, or to such other address
as either party may have furnished to the other in writing in accordance herewith; provided that notice of change of address shall
be effective only upon receipt. Notices shall be deemed given as follows: (x) notices sent by personal delivery or overnight courier
shall be deemed given when delivered; (y) notices sent by facsimile transmission shall be deemed given upon the sender’s
receipt of confirmation of complete transmission; and (z) notices sent by United States registered mail shall be deemed given two
days after the date of deposit in the United States mail.

 

If to the Employee, to the address as shall most currently appear
on the records of the Company, with a copy to:

Dechert LLP

Three Bryant Park

1095 Avenues of the Americas

New York, NY 10036

Attn: Andrew Levander, Esq.

Stephen W. Skonieczny, Esq.

 

If to the Company, to:

 

American International Group, Inc.

80 Pine Street, 13th floor

New York, NY 10005

Fax: 877-481-4969

Attn: Annette Bernstein, Esq.

 

    	 	12	 

     

    

 

		E.	Supplemental Release

 

The Employee will execute a supplemental
release agreement with the Company in the form attached at Schedule 2 (the "Supplemental Release") within 21 days after
the Termination Date but in no event earlier than the Termination Date. If the Supplemental Release is not executed by the Employee
within such time period or if the Employee revokes the Supplemental Release, the Employee will be deemed to have failed to comply
with his obligations under this Agreement and will not be entitled to receive the payments and benefits described in Section II
and Section III of this Agreement. The Employee will not be required to sign any release agreement other than this Agreement and
the Supplemental Release.

 

 

 

IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement.

 

	Siddhartha
    Sankaran	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	Name:	 	 	 	Date:
	Title:	 	 	 	 
	 	 	 	 	 
	AMERICAN
    INTERNATIONAL GROUP, INC.
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	 	Luciana Fato	 	Date:
	 	 	General Counsel,	 	 
	 	 	Interim Chief Human Resources
    Officer	 	 

 

    	 	13	 

     

    

SCHEDULE 1

 

MEMORANDUM

 

 

 

		To:	Whom it May Concern

 

		From:	Siddhartha Sankaran

 

		Re:	Resignation

 

 

 

Effective as of the Termination Date, I hereby tender my resignation
as officer and/or director of American International Group, Inc. and its subsidiaries or affiliates. This resignation is effective
for American International Group, Inc. and all of its direct and indirect subsidiaries in which I hold the title of director, trustee,
officer, committee member, authorized agent or any other positions of which I am a designated signer.

 

 

 

	Date:	 	 	 	 
	 	 	 	 	Siddhartha Sankaran

    	 	1	 

     

    

SCHEDULE 2

 

 

 

AMERICAN INTERNATIONAL GROUP, INC.

SUPPLEMENTAL RELEASE AGREEMENT

 

This Supplemental Release Agreement (the
“Supplemental Agreement”) is entered into by and between Siddartha Sankaran (the “Employee”)
and American International Group, Inc., a Delaware Corporation (the “Company”).

 

		I.	Release

 

In consideration of the payments and benefits
described in Section IV of the Plan and Section II and III of the Release and Restrictive Covenant Agreement entered into
by and between Siddartha Sankaran (the “Employee”) and American International Group, Inc., a Delaware Corporation
(the “Company”) (the “Agreement”), to which the Employee agrees the Employee is not entitled
until and unless the Employee executes this Supplemental Agreement, the Employee, for and on behalf of the Employee and the Employee’s
heirs and assigns, subject to the following two sentences hereof, agrees to all the terms and conditions of this Supplemental Agreement
and the Agreement and hereby waives and releases any common law, statutory or other complaints, claims, charges or causes of action
of any kind whatsoever, both known and unknown, in law or in equity, which the Employee ever had, now has or may have against AIG
and its shareholders (other than C.V. Starr & Co., Inc. and Starr International Company, Inc.), successors, assigns, directors,
officers, partners, members, employees, agents or the Plan (collectively, the “Releasees”), including, without
limitation, any complaint, charge or cause of action arising under federal, state or local laws pertaining to employment, including
the Age Discrimination in Employment Act of 1967 (“ADEA,” a law which prohibits discrimination on the basis
of age), the National Labor Relations Act, the Civil Rights Act of 1991, the Americans With Disabilities Act of 1990, Title VII
of the Civil Rights Act of 1964, all as amended; and all other federal, state, local and foreign laws and regulations. By signing
this Agreement, the Employee acknowledges that the Employee intends to waive and release any rights known or unknown that the Employee
may have against the Releasees under these and any other laws; provided that the Employee does not waive or release claims
with respect to the right to enforce the Employee’s rights under this Agreement (including without limitation any LTIP award
agreements awarded to the Employee) or with respect to any rights to indemnification under the Company’s Charter by-laws,
other agreement or plan or at law, or rights to directors and officers liability insurance coverage or with respect to claims that
the law does not permit Employee to waive by signing this Agreement or with respect to any claim against an AIG shareholder that
is unrelated to Employee’s employment or termination thereof (collectively the “Unreleased Claims”). Nothing
herein modifies or affects any vested rights that Employee may have under any applicable retirement plan, 401(k) plan, incentive
plan, insurance arrangement, or deferred compensation plan; nor does this Agreement and Release confer any such rights, which are
governed by the terms of the respective plans (and any agreements under such plans).

 

    	 	1	 

     

    

 

		II.	Time to Consider

 

The payments and benefits payable to the
Employee under this Supplemental Agreement and Agreement include consideration provided to the Employee over and above anything
of value to which the Employee already is entitled. The Employee acknowledges that the Employee has been advised that the Employee
has 21 days from the date of the Employee’s receipt of this Agreement to consider all the provisions of this Agreement.

 

THE EMPLOYEE FURTHER ACKNOWLEDGES THAT THE
EMPLOYEE HAS READ THIS SUPPLEMENTAL AGREEMENT CAREFULLY, HAS BEEN ADVISED BY THE COMPANY TO CONSULT AN ATTORNEY, AND FULLY UNDERSTANDS
THAT BY SIGNING BELOW THE EMPLOYEE IS GIVING UP CERTAIN RIGHTS WHICH THE EMPLOYEE MAY HAVE TO SUE OR ASSERT A CLAIM AGAINST ANY
OF THE RELEASEES, AS DESCRIBED IN SECTION I OF THIS SUPPLEMENTAL AGREEMENT AND THE OTHER PROVISIONS HEREOF. THE EMPLOYEE ACKNOWLEDGES
THAT THE EMPLOYEE HAS NOT BEEN FORCED OR PRESSURED IN ANY MANNER WHATSOEVER TO SIGN THIS SUPPLEMENTAL AGREEMENT, AND THE EMPLOYEE
AGREES TO ALL OF ITS TERMS VOLUNTARILY.

 

		III.	Revocation

 

The Employee hereby acknowledges and understands
that the Employee shall have seven days from the date of the Employee’s execution of this Supplemental Agreement to revoke
this Supplemental Agreement (including, without limitation, any and all claims arising under the ADEA) by providing written notice
of revocation delivered to Annette Bernstein, Chief Labor and Employment Counsel, American International Group, Inc., 80 Pine Street,
13th Floor, New York, New York 10005 no later than 5:00 p.m. on the seventh day after the Employee has signed the Supplemental
Agreement. Neither the Company nor any other person is obligated to provide any benefits to the Employee pursuant to Section
IV of the Plan until eight days have passed since the Employee’s signing of this Supplemental Agreement without the Employee
having revoked this Supplemental Agreement. If the Employee revokes this Supplemental Agreement pursuant to this Section, the Employee
shall be deemed not to have accepted the terms of this Supplemental Agreement, and no action shall be required of AIG under any
section of this Supplemental Agreement.

 

		IV.	General Provisions

 

		A.	Governing Law

 

TO THE EXTENT THAT U.S. FEDERAL LAW DOES
NOT APPLY, THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS MADE AND TO BE WHOLLY PERFORMED WITHIN THAT STATE, WITHOUT REGARD TO ITS CONFLICT OF LAWS PROVISIONS OR THE CONFLICT
OF LAWS PROVISIONS OF ANY OTHER JURISDICTION WHICH WOULD CAUSE THE APPLICATION OF ANY LAW OTHER THAN THAT OF THE STATE OF NEW YORK.
THE EMPLOYEE CONSENTS TO THE EXCLUSIVE JURISDICTION OF THE FEDERAL AND STATE COURTS IN NEW YORK.

 

    	 	2	 

     

    

 

		B.	Entire Agreement/Counterparts

 

This Supplemental Agreement together with
the Agreement constitutes the entire understanding and agreement between the Company and the Employee with regard to all matters
herein. There are no other agreements, conditions, or representations, oral or written, express or implied, with regard thereto.
This Supplemental Agreement may be amended only in writing, signed by the parties hereto. This Supplemental Agreement may be signed
in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the
same instrument.

 

IN WITNESS WHEREOF, the parties hereto have duly executed this
Supplemental Agreement.

 

 

	Siddhartha
    Sankaran	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	Name:	 	 	 	Date:
	Title:	 	 	 	 
	 	 	 	 	 
	AMERICAN
    INTERNATIONAL GROUP, INC.
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	 	Luciana Fato	 	Date:
	 	 	General Counsel,	 	 
	 	 	Interim Chief Human Resources
    Officer	 	 

 

    	 	3

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