Document:

Exhibit

Exhibit 10.2

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made as of the 24th day of May, 2018, by and between OUTFRONT Media Inc. (“OUTFRONT”), having an address at 405 Lexington Avenue, New York, New York 10174, and Matthew Siegel (“Executive”). 
W I T N E S S E T H: 
WHEREAS, OUTFRONT desires for Executive to serve as Executive Vice President and Chief Financial Officer of OUTFRONT, and Executive is willing to perform such services, upon the terms, provisions and conditions hereinafter set forth. 
NOW, THEREFORE, in consideration of the promises and the mutual covenants hereinafter contained, it is agreed upon between OUTFRONT and Executive as follows: 

1.     Employment Term.  (a)      Except as hereinafter provided, OUTFRONT shall employ Executive, and Executive hereby accepts employment as OUTFRONT’s Executive Vice President and Chief Financial Officer, for a three (3) year term commencing June 4, 2018 (the “Effective Date”) and ending on June 3, 2021 (the “Employment Term”).  Notwithstanding anything in this Agreement to the contrary, Executive will be an at-will employee of OUTFRONT, and Executive or OUTFRONT may terminate Executive’s employment with OUTFRONT for any reason or no reason at any time, subject to either party providing at least 180 days’ prior written notice.   
(b)    On June 4, 2021 and on each anniversary of such date thereafter, unless the Employment Term shall have ended pursuant to paragraph 1(c) below or OUTFRONT shall have given Executive sixty (60) days’ written notice that the Employment Term will not be extended, the Employment Term shall be extended for an additional year.
(c)    Notwithstanding paragraph 1(a) or 1(b) above, the Employment Term shall end early upon the first to occur of any of the following events:
(i)    Executive’s death;
(ii)    OUTFRONT’s termination of Executive’s employment due to Executive’s disability (as defined in paragraph 7(c));
(iii)    OUTFRONT’s termination of Executive’s employment for Cause (as defined in paragraph 7(b));
(iv)    a Termination Without Cause (as defined in paragraph 7(d)(i)); 
(v)    a Termination for Good Reason (as defined in paragraph 7(d)(i)); or 
(vi)    Executive’s resignation without Good Reason.

2.     Compensation.   During the Employment Term:
(a)  OUTFRONT agrees to pay Executive, and Executive agrees to accept from OUTFRONT for Executive’s services hereunder, a base salary of six hundred fifty thousand dollars ($650,000) per annum.  Base salary shall be payable, less applicable deductions and withholding taxes, in accordance with the regular payroll practices of OUTFRONT. During the Employment Term, Executive’s base salary shall be subject to the potential of increase (but not decrease) at OUTFRONT’s discretion in accordance with OUTFRONT’s compensation guidelines and practices. 
(b)    OUTFRONT agrees that Executive shall be eligible to be considered for participation in OUTFRONT’s Executive Bonus Plan (the “EBP”), i.e., OUTFRONT’s current bonus plan, or any successor plans to the EBP.  Executive shall have an annual bonus target (“Bonus Target”) equal to seventy-five percent (75%) of Executive’s base salary, which percentage shall not be decreased.  Since the EBP is administered under procedures that are not subject to contractual arrangements, (and that are applied similarly to similarly situated senior executives of OUTFRONT), eligibility for consideration is no guarantee of actual participation (or of meeting any target amounts), and the precise amount, form and timing of the awards under the EBP, if any, shall be determined on an annual basis at the sole discretion of the Board of Directors of OUTFRONT (the “Board”), or the appropriate committee of such Board.  
(c)    OUTFRONT further agrees that Executive shall be eligible to be considered for participation in the OUTFRONT Media Inc. Omnibus Stock Incentive Plan, i.e., OUTFRONT’s current long-term incentive plan (the “LTIP”), or any successor plan to the LTIP, and shall be recommended for an annual grant with a Target Long-Term Incentive value equal to one million two hundred thousand dollars ($1,200,000) commencing with the 2019 annual grant.  Since the LTIP is administered under procedures that are not subject to contractual arrangements, (and that are applied similarly to similarly situated senior executives of OUTFRONT), eligibility for consideration is no guarantee of actual participation (or of meeting any target amounts), and the precise amount, form and timing of the awards under the LTIP, if any, shall be determined on an annual basis at the sole discretion of the Board or the appropriate committee of such Board.
(d)    Subject to approval of the Board or appropriate committee of the Board, the terms of the LTIP and the terms of a separate award agreement, a one-time grant of restricted share units will be made to Executive within ten (10) business days of the Effective Date (the “RSUs”).  The number of RSUs to be granted shall be determined by dividing the aggregate grant value of three hundred thousand dollars ($300,000) by the closing price of OUTFRONT’s common stock on the grant date.  The RSUs shall vest ratably over a three-year period in equal installments on each of the first three anniversaries of the grant date, subject to Executive’s continued employment on each such vesting date. 

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3.     Benefits.  (a)      During the Employment Term, Executive shall be eligible to participate in all plans now existing or hereafter adopted for the general benefit of OUTFRONT employees for the period of such plans’ existence, subject to the provisions of such plans as the same may be in effect from time to time unless otherwise prescribed.  Executive shall also be eligible to participate in other OUTFRONT benefit plans in which participation is limited to OUTFRONT executives in positions comparable to or lesser than Executive’s position.  Since plans in this latter category are administered under procedures that are not subject to contractual arrangements, eligibility for consideration is no guarantee of actual participation because the discretion of the Board or that of the appropriate committee of such Board, in granting participation, is absolute.  To the extent Executive participates in any benefit plan, such participation shall be based upon Executive’s base salary, unless otherwise indicated in the plan document. 
(b)    Executive shall be eligible for four weeks of vacation each calendar year during the Employment Term. 
4.     Position and Duties.  (a)      Executive agrees to devote all business time and attention to the affairs of OUTFRONT, except during vacation periods and reasonable periods of illness or other incapacity consistent with the practices of OUTFRONT for executives in comparable positions.  Executive further agrees that Executive’s services shall be completely exclusive to OUTFRONT during the Employment Term and that Executive will fulfill all fiduciary duties and exhibit a duty of loyalty to OUTFRONT at all times.  Executive also agrees to comply with all applicable OUTFRONT policies, as may be amended from time to time. 
(b)    Anything herein to the contrary notwithstanding, Executive will be permitted to serve as a member of the board of directors or similar governing body of one public company, provided that such service is consistent with the business practices and policies of OUTFRONT and does not materially interfere with the performance of Executive’s duties hereunder. 
(c)    During the Employment Term, Executive shall report to the Chief Executive Officer of OUTFRONT.
5.     Employment Policies.  (a)      Executive acknowledges that Executive has been furnished a copy of OUTFRONT’s Code of Conduct (the “Code”).  Executive represents and warrants that Executive has read and fully understands all of the requirements thereof, and that Executive is in full compliance with the terms of the Code.  Executive further represents and warrants that at all times during the Employment Term, Executive shall perform Executive’s services hereunder in full compliance with the Code (and/or any OUTFRONT conduct statement as may apply from time to time), and with any revisions thereof or additions thereto. 
 (b)    Executive shall act at all times with due regard to public morals, conventions, and OUTFRONT policies. If Executive shall have committed or does commit any act, or if Executive 

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shall have conducted or does conduct himself in a manner, which shall be an offense involving moral turpitude under federal, state or local laws, or which might tend to bring Executive to public disrepute, contempt, scandal or ridicule, or which might tend to reflect unfavorably upon OUTFRONT, OUTFRONT shall have the right to terminate this Agreement upon notice to Executive given at any time following the date on which the commission of such act, or such conduct, shall have become known to OUTFRONT. 
6.     EEOC Acknowledgement.  Executive acknowledges that OUTFRONT is an equal opportunity employer.  Executive represents and warrants that Executive has read and fully understands the OUTFRONT Equal Employment Opportunity (“EEO”) policy and that Executive is in full compliance with the terms of the EEO policy.  Executive further represents and warrants that Executive will comply with the EEO policy and with applicable Federal, state and local laws prohibiting discrimination on the basis of race, color, national origin, religion, sex, age, disability, alienage or citizenship status, sexual orientation, veteran’s status, gender identity or gender expression, marital status, height or weight, genetic information or any other characteristic protected by law or OUTFRONT policy during the Employment Term. 
7.     Post-Employment Payments.  
(a)    Death.  In the event of Executive’s death during the Employment Term, base salary payments and all other compensation to be paid pursuant to this Agreement shall cease immediately and this Agreement shall terminate at the time of death; provided, however, that the estate of Executive shall receive (i) any base salary due and not yet paid through the date of Executive’s death, (ii) any accrued but unused vacation to which Executive was entitled, (iii) any bonus earned under the EBP for the calendar year prior to the calendar year in which Executive is terminated that remains unpaid as of the date of Executive’s death, (iv) reimbursement for any business expense incurred but not yet approved and/or paid as of the date of Executive’s death, and (v) such other amounts or benefits as are required to be paid or provided by law or in accordance with applicable plans, programs and other arrangements of OUTFRONT (items (i) through (v), collectively, the “Accrued Amounts”), and (vi) a prorated bonus for that portion of the year of such termination during which Executive actively rendered such services, paid in accordance with the EBP.  The precise amount of bonus payable, if any, will be determined in a manner consistent with the manner bonus pay determinations are made for comparable OUTFRONT executives.  In addition, all outstanding equity awards granted to Executive in connection with Executive’s employment with OUTFRONT, shall accelerate and vest immediately on the date of death and be settled as soon as administratively feasible thereafter.  The payments provided for in this paragraph 7(a) and paragraphs 7(b) through (f) below that have not been paid as of Executive’s death shall be made in a lump sum payment no later than February 28 of the calendar year following the calendar year of Executive’s death. 

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(b)    Termination for Cause.  (i)    If, during the Employment Term, OUTFRONT properly terminates the employment of Executive for Cause, which for purposes of this Agreement is defined as (A) fraud, misappropriation or embezzlement on the part of Executive, (B) Executive’s conviction of a felony or a misdemeanor involving fraud, perjury or moral turpitude, (C) Executive’s repeated willful failure to perform services hereunder, or (D) Executive’s material breach of the provisions of paragraphs 4, 5, 6, 8, 9, 10, 11, 12 or 13 hereof – except as provided below with respect to clauses (C) or (D) (as it relates to paragraphs 4 and 5 only), then OUTFRONT shall immediately have the right to terminate this Agreement without further obligation of any nature, including, but not limited to, the payment of cash compensation, the vesting of equity compensation, and/or the accrual of vacation time, except for the payment of vested benefits and/or allowing Executive to be eligible for medical and dental benefits as required by law. 
     OUTFRONT will give Executive written notice prior to terminating his employment pursuant to paragraphs 7(b)(i)(C) or 7(b)(i)(D) (as the latter relates to paragraphs 4 and 5 hereof), setting forth the nature of any alleged repeated willful failure or material breach in reasonable detail and the conduct required to cure, if any.  Except for a repeated willful failure or material breach which, by its nature, OUTFRONT determines cannot reasonably be expected to be cured, Executive shall have ten (10) business days from the date on which OUTFRONT provides such notice within which to cure any repeated willful failure under clause (C) of this paragraph 7(b)(i) or material breach under clause (D) (relating to paragraphs 4 and 5 hereof) of this paragraph 7(b)(i); provided, however, that if OUTFRONT reasonably expects irreparable injury from a delay of ten (10) business days, OUTFRONT may give Executive notice of such shorter period within which to cure as is reasonable under the circumstances. If Executive cures the willful failure or material breach as provided for in the aforementioned notice thereof, then Cause shall not exist with respect to such willful failure or material breach.  For purposes of this Agreement, no act, or failure to act, on Executive’s part shall be deemed “willful” unless done, or omitted to be done, by Executive not in good faith and without reasonable belief that Executive’s action or omission was in, or not opposed to, the best interest of OUTFRONT.

(ii)    Notwithstanding the foregoing, Executive shall be entitled to receive any Accrued Amounts should Executive’s employment be terminated for Cause pursuant to this paragraph 7(b). 
(c)    Disability.  (i)      If, while employed during the Employment Term, Executive becomes “disabled” within the meaning of such term under the short-term disability (“STD”) program in which OUTFRONT senior executives are eligible to participate (such condition is referred to as a “Disability” or being “Disabled”), Executive will be considered to have experienced a termination of employment with OUTFRONT as of the date he first becomes eligible to receive benefits under any long-term disability (“LTD”) program in which OUTFRONT senior executives are eligible to participate or, if he does not become eligible to receive benefits under such OUTFRONT LTD program, he has not returned to work by the six (6) month anniversary of his Disability onset date.  Except as provided in this paragraph 7(c), if Executive becomes Disabled 

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while employed during the Employment Term, Executive will exclusively receive compensation under the STD program in accordance with its terms and, thereafter, under the LTD program in accordance with its terms, provided he is eligible to receive LTD program benefits. 
(ii)    Notwithstanding the foregoing, if Executive has not returned to work by December 31st of a calendar year during the Employment Term, he will receive bonus compensation for the calendar year(s) during the Employment Term in which he receives compensation under the STD program, determined as follows: 
(A)    for the portion of the calendar year from January 1st until the date on which Executive first receives compensation under the STD program, bonus compensation shall be determined in accordance with the EBP (i.e., based upon achievement of company performance goals and the Compensation Committee’s good faith estimate of Executive’s achievement of his personal goals) and prorated for such period; and 
(B)    for any subsequent portion of that calendar year and any portion of the following calendar year in which Executive receives compensation under the STD program, bonus compensation shall be in an amount equal to his target bonus and prorated for such period(s). 
Bonus compensation under this paragraph 7(c)(ii) shall be paid, less applicable deductions and withholding taxes, between January 1st and February 28th of the calendar year following the calendar year to which such bonus compensation relates.  Executive will not receive bonus compensation for any portion of the calendar year(s) during the Employment Term while he receives benefits under the LTD program.  For the periods that Executive receives compensation and benefits under the STD and LTD programs, such compensation and benefits and the bonus compensation provided under this paragraph 7(c)(ii) are in lieu of salary and bonus under paragraphs 2(a) and (b). 

(iii)    Further, subject to the release requirement in paragraph 20, if Executive’s employment is terminated due to his “Permanent Disability” (as defined in the then current LTIP), all outstanding equity awards granted to Executive in connection with Executive’s employment with OUTFRONT shall accelerate and vest immediately on the date of such termination of employment and be settled as soon as administratively feasible (no later than ten (10) business days thereafter).  
(iv)    Notwithstanding the foregoing, Executive shall be entitled to receive any Accrued Amounts should Executive’s employment be terminated due to his Disability pursuant to this paragraph 7(c). 
(d)    Termination Without Cause or for Good Reason.  (i) OUTFRONT may terminate Executive’s employment under this Agreement without Cause at any time during the Employment Term by providing written notice of termination to Executive in accordance with paragraph1(a) (a “Termination Without Cause”).  In addition, Executive may terminate Executive’s employment 

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under this Agreement for Good Reason at any time during the Employment Term by written notice of termination to OUTFRONT given no more than sixty (60) days after Executive first learns of the event constituting Good Reason (a “Termination for Good Reason”). Such notice shall state an effective termination date that is not earlier than thirty (30) days and not later than sixty (60) days after the date it is given to OUTFRONT, provided that OUTFRONT may set an earlier effective date for Executive’s termination at any time after receipt of Executive’s notice. For purposes of this Agreement (and any other agreement that expressly incorporates the definition of Good Reason hereunder), “Good Reason” shall mean the occurrence of any of the following without Executive’s consent (other than in connection with the termination or suspension of Executive’s employment or duties for Cause or in connection with Executive’s physical and mental incapacity): (A) a material reduction in Executive’s base salary or Bonus Target percentage in effect prior to such reduction; (B) a material reduction in Executive’s positions, titles, authorities, duties or responsibilities from those in effect immediately prior to such reduction; (C) the assignment to Executive of duties or responsibilities that are inconsistent with Executive’s authorities, duties or responsibilities as they shall exist on the Effective Date or that impair Executive’s ability to function as Chief Financial Officer of OUTFRONT; (D) the material breach by OUTFRONT of any of its obligations under this Agreement or any other agreement between it and Executive; (E) the requirement that Executive relocate more than a 50 mile radius outside the Borough of Manhattan; or (F) a change in the person to whom Executive reports to someone who is not a senior executive officer of OUTFRONT.  OUTFRONT shall have thirty (30) days from the receipt of Executive’s notice within which to cure such event and in the event of such cure Executive’s notice shall be of no further force or effect. If no cure is effected, Executive’s termination will be effective as of the date specified in Executive’s written notice to OUTFRONT or such earlier effective date set by OUTFRONT following receipt of Executive’s notice.
(ii)    If, during the Employment Term, a Termination Without Cause or a Termination for Good Reason occurs, then Executive shall be entitled to receive the Accrued Amounts and the following other payments and benefits provided by this paragraph 7(d)(ii) (collectively, the “Severance Benefits”):
(A)    a severance payment equal to the sum of (i) twelve (12) months of Executive’s then current base salary (or, if Executive’s base salary has been reduced in violation of this Agreement, Executive’s highest base salary during the Employment Term) and (ii) Executive’s Bonus Target in effect at the time of termination (or, if Executive’s Bonus Target has been reduced in violation of this Agreement, Executive’s highest Bonus Target during the Employment Term) (the “Severance Payment”), payable ratably in equal installments in accordance with OUTFRONT’s then effective payroll practices, over a twelve (12) month period beginning on the regular payroll date next following Executive’s termination date. Executive shall not be required to mitigate the amount of the Severance Payment or other Severance Benefits by seeking other employment. 

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(B)    a prorated bonus for that portion of the year of such termination during which Executive actively rendered services, paid in accordance with the EBP (the “Pro-Rata Bonus”).  The precise amount of bonus payable, if any, will be determined in a manner consistent with the manner bonus pay determinations are made for comparable OUTFRONT executives, and such bonus, if any, less applicable deductions and withholding taxes, shall be payable by March 15 of the calendar year following the calendar year in which the termination occurs in accordance with EBP guidelines; 
(C)    to the extent that the Termination Without Cause or Termination for Good Reason is considered a “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder (“Section 409A”), and which results in the Executive’s loss of eligibility for medical and/or dental benefits under OUTFRONT’s then effective benefit plans, Executive shall be eligible for continued coverage under the existing plans applicable to Executive and/or continued medical and dental coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act, 29 U.S.C. section 1161 et seq. (“COBRA”) and any applicable state law pursuant to the terms thereof.  If Executive elects to continue Executive’s coverage under OUTFRONT’s medical and/or dental plans under COBRA or other applicable state law, and if Executive signs the release described in paragraph 20 hereof, OUTFRONT will provide Executive’s coverage at no cost for a time period up to twelve (12) months (assuming Executive does not become covered under another group plan sooner).  Any COBRA or analogous state law coverage beyond this time period will be at Executive’s own cost.  The amount OUTFRONT will pay for continued medical and/or dental COBRA coverage following Executive’s Termination Without Cause, if any, will be treated as taxable income to the extent required by law and will be reported on a Form W-2, and OUTFRONT may withhold taxes from Executive’s compensation for this purpose.  The parties agree that, consistent with the provisions of Section 409A, the following in-kind benefit rules shall also apply: (x) the amount of in-kind benefits paid during a calendar year will not affect the in-kind benefits in any other calendar year; and (y) Executive’s right to in-kind benefits is not subject to liquidation or exchange for another benefit; and 
(D)    all outstanding equity awards granted to Executive on or after the Effective Date in connection with Executive’s employment with OUTFRONT, including portions thereof, that would otherwise vest on or before the end of the twelve (12) month period following the date of Executive’s Termination Without Cause or Termination for Good Reason shall accelerate and vest immediately on the date of Executive’s termination of employment and be settled as soon as administratively feasible (but no later than ten (10) business days thereafter); provided, however, that with respect to awards that remain subject to performance-based vesting conditions on Executive’s termination date, in the event, and limited to the extent, that compliance with the performance-based compensation exception is required in order to ensure the deductibility of any such award under Section 162(m) of the Internal Revenue Code of 1986, as amended, such awards 

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shall vest if and to the extent the Compensation Committee of the Board certifies that a level of the performance goal relating to such awards have been met, or, if later, the Release Effective Date (as defined in paragraph 20), and shall be settled within ten (10) business days thereafter; provided, further, that with respect to awards that remain subject to performance-based vesting conditions on Executive’s termination date, in the event and to the extent that compliance with the performance-based compensation exception under Section 162(m) of the Internal Revenue Code of 1986, as amended, is not required in order to ensure the deductibility of any such award, such award shall immediately vest (with an assumption that the performance goal(s) were achieved at target level, if and to the extent applicable) on the Release Effective Date and be settled within ten (10) business days thereafter.
(iii)    The Severance Benefits are expressly conditioned upon Executive’s execution of a release that becomes effective and irrevocable as provided in paragraph 20 below.  The Severance Benefits are in lieu of any other severance payments or protections under any plan that may now or hereafter exist and shall be the sole and exclusive compensation payable in the event of a Termination Without Cause or a Termination for Good Reason.  For the avoidance of doubt, following Executive’s Termination Without Cause or Termination for Good Reason, OUTFRONT shall have no further obligation to Executive of any nature, including, but not limited to, the payment of cash compensation, the vesting of equity compensation, and/or the accrual of vacation time, except for the Accrued Amounts and the Severance Benefits. Notwithstanding the foregoing, Executive shall be entitled to receive any base salary due and not yet paid and any accrued but unused vacation should Executive’s employment be terminated pursuant to this paragraph 7(d), and in the event of Executive’s death after termination pursuant to this paragraph 7(d), Executive’s estate shall receive any severance payment due and not yet paid through the date of Executive’s death.  Nothing herein shall obligate OUTFRONT to utilize Executive’s services. If the employment of Executive is terminated by OUTFRONT for Cause or by reason of Executive’s Disability or death or resignation without Good Reason, this paragraph 7(d) shall not be applicable. 
(iv)    Each payment under this paragraph 7(d) shall be considered a separate payment and not one of a series of payments for purposes of Section 409A.  Any payment under this paragraph 7(d) that is not made during the period following Executive’s Termination Without Cause or Termination for Good Reason because Executive has not executed the release described in paragraph 20, shall be paid to Executive in a single lump sum on the first payroll date following the Release Effective Date (as defined in paragraph 20); provided that Executive executes and does not revoke the release in accordance with the requirements of paragraph 20.  Notwithstanding the foregoing, in the event that Executive is a “specified employee” (within the meaning of Section 409A and as determined pursuant to procedures adopted by OUTFRONT) and has actually, or is deemed to have, incurred a “separation from service” within the meaning of Section 409A (a “409A Termination”) and if any portion of Executive’s base salary or Pro-Rata Bonus that would be paid to the Executive (for Termination Without Cause or Termination for Good Reason) during the six-

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month period following such 409A Termination constitutes deferred compensation (within the meaning of Section 409A), such portion shall be paid to Executive, to the extent required to comply with Section 409A only, on the earlier of (A) the first business day of the seventh month following the month in which Executive’s 409A Termination occurs or (B) Executive’s death (the applicable date, the “Permissible Payment Date”) rather than as described in the prior sentence, and remaining payments of base salary and/or Pro-Rata Bonus, if any, shall be paid to Executive or to Executive’s estate, as applicable, by payment of Executive’s base salary on regular payroll dates commencing with the payroll date that follows the Permissible Payment Date and by payment of any Pro-Rata Bonus on the first payroll date that follows the Permissible Payment Date.  Notwithstanding the foregoing, the limitations under the preceding sentence shall not apply to that portion of any amounts payable upon termination of employment which shall qualify as “involuntary severance” under Section 409A.  
(e)    Resignation Without Good Reason.  If, during the Employment Term, Executive resigns without Good Reason, Executive shall only be entitled to receive any Accrued Amounts.
(f)    Non-Renewal of Employment Term.  For the avoidance of doubt, Executive acknowledges that Executive shall not be entitled to receive any severance payments upon the expiration of this Agreement if Executive continues to be employed on an “at-will” basis following the expiration of this Agreement.  However, if OUTFRONT does not renew the Employment Term pursuant to paragraph 1(b) and Executive does not continue to be employed on an “at-will” basis after the end of the Employment Term, upon execution of a release that becomes effective and irrevocable as provided in paragraph 20 below, Executive shall be entitled to receive the Accrued Amounts and Severance Benefits, on and subject to the terms set forth in paragraph 7(d).
(g)    Resignation from Positions.  If Executive’s employment with OUTFRONT terminates for any reason, then, unless otherwise determined by the Executive Vice President, General Counsel and Corporate Secretary of OUTFRONT, Executive shall automatically be deemed to have resigned at that time from any and all officer or director positions that Executive may have held with OUTFRONT or any of OUTFRONT’s affiliated companies and all board seats or other positions in other entities Executive held on behalf of OUTFRONT, including any fiduciary positions (including as a trustee) Executive holds with respect to any employee benefit plans or trusts established by OUTFRONT. Executive agrees that this Agreement shall serve as written notice of resignation in this circumstance.  If, however, for any reason this paragraph 7(g) is deemed insufficient to effectuate such resignation, Executive agrees to execute, upon the request of OUTFRONT or any of its affiliated companies, any documents or instruments which OUTFRONT may deem necessary or desirable to effectuate such resignation or resignations, and Executive hereby authorizes the Secretary and any Assistant Secretary of OUTFRONT or any of OUTFRONT’s affiliated companies to execute any such documents or instruments as Executive’s attorney-in-fact.

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8.     Discoveries and Inventions.  OUTFRONT shall own all right, title and interest for the maximum time period available under applicable law to the results of Executive’s services and all artistic materials and intellectual properties which are, in whole or in part, created, developed or produced by Executive during the Employment Term and which are suggested by or related to Executive’s employment hereunder or any activities to which Executive is assigned, and Executive shall not have or claim to have any right, title or interest therein of any kind or nature.  Executive hereby undertakes and covenants to do all such further acts and execute all such further assignments, documents and instruments (including, without limitation, patent and copyright registrations and applications) as OUTFRONT may from time to time require or request to effectuate this paragraph 8, and in the event Executive fails to do so within fifteen (15) days of receiving written notice from OUTFRONT requesting the same, Executive hereby appoints OUTFRONT to execute such documents and instruments in its name and on its behalf as its duly authorized attorney and this appointment shall be deemed to be a power coupled with an interest and shall be irrevocable. 
9.     Non-Disparagement.  Executive agrees that, during the Employment Term and for one (1) year thereafter, Executive shall not, in any communications with the press or other media or any customer, client or supplier of OUTFRONT, or any of OUTFRONT’s affiliated companies, criticize, ridicule or make any statement which disparages or is derogatory of OUTFRONT or any of OUTFRONT’s affiliated companies or any of their respective directors, officers or employees. OUTFRONT agrees that during the Employment Term and for a period of one (1) year thereafter, OUTFRONT shall not, in any communications with the press or other media or any customer, client, supplier of OUTFRONT, or any of OUTFRONT’s affiliated companies, criticize, ridicule or make any statement which disparages or is derogatory of Executive; provided that OUTFRONT’s obligations shall be limited to communications by its senior corporate executives having the rank of Senior Vice President or above (“Specified Executives”), and it is agreed and understood that any such communication by any Specified Executive (or by any executive at the behest of a Specified Executive) shall be deemed to be a breach of this paragraph 9 by OUTFRONT. Notwithstanding the foregoing, neither Executive nor OUTFRONT shall be prohibited from making truthful statements either required by law or in connection with any arbitration proceeding described in paragraph 16 hereof concerning a dispute relating to this Agreement.
10.     Non-Solicitation.  Executive agrees that, during the Employment Term and for one (1) year thereafter, Executive shall not, directly or indirectly: (i) employ or solicit the employment of any person who is then or has been within six (6) months prior thereto, an employee of OUTFRONT or any of OUTFRONT’s affiliated companies; or (ii) do any act or thing to cause, bring about, or induce any interference with, disturbance to, or interruption of any of the then-existing relationships (whether or not such relationships have been reduced to formal contracts) of OUTFRONT or any of OUTFRONT’s affiliated companies with any customer, employee, consultant or supplier.  Should OUTFRONT have reason to believe Executive is violating the terms of this paragraph 10, OUTFRONT may contact any individual(s) necessary to (a) determine the existence of a violation 

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and (b) enforce this paragraph 10, without being deemed to have violated the confidentiality terms of any written agreement between Executive and OUTFRONT.
11.    Non-Competition.  Subject to paragraph 4(b), Executive agrees that Executive’s employment with OUTFRONT is on an exclusive basis and that, while Executive is employed by OUTFRONT, Executive will not engage in any other business activity which is in conflict with Executive’s duties and obligations (including Executive’s commitment of time) under this Agreement. Executive agrees that, during the Non-Compete Period (as defined below), Executive shall not directly or indirectly engage in or participate as an owner, partner, member, stockholder, officer, employee, director, agent of or consultant for any business competitive with any business of OUTFRONT, without the written consent of OUTFRONT; provided, however, that this provision shall not prevent Executive from investing as less than a one (1%) percent stockholder in the securities of any company listed on a national securities exchange or quoted on an automated quotation system.  The Non-Compete Period shall cover the entire Employment Term; provided, however, that, if Executive’s employment terminates on or before the then scheduled end of the Employment Term, the Non-Compete Period shall terminate on the date that is twelve (12) months after the date on which Executive’s employment is terminated pursuant to paragraph 7(b), 7(d) or 7(e) (which date may occur after expiration of the scheduled Employment Term, depending on the Executive’s termination date).  For purposes of this paragraph 11, “Cause” has the meaning provided in paragraph 7(b)(i).  Notwithstanding any other provision hereof, your obligations under this paragraph 11 shall cease if: (a) OUTFRONT terminates Executive’s employment without Cause or Executive terminates Executive’s employment for Good Reason, (b) Executive provides OUTFRONT a written notice indicating Executive desires to waive Executive’s right to receive, or to continue to receive, Severance Benefits; and (c) OUTFRONT notifies Executive that it has, in its discretion, accepted Executive’s request.
12.    Confidentiality.  Executive agrees that during Executive’s employment hereunder and at any time thereafter, (a) Executive shall not use for any purpose or disclose to any third party, other than in connection with the duly authorized business of OUTFRONT, any information relating to OUTFRONT or any of its affiliated companies which is proprietary to OUTFRONT or any of OUTFRONT’s affiliated companies (“Confidential Information”), including any trade secret or any written (including in any electronic form) or oral communication incorporating Confidential Information in any way (except as may be required by law or in the performance of Executive’s duties under this Agreement consistent with OUTFRONT’s policies); and (b) Executive will comply with any and all confidentiality obligations of OUTFRONT to a third party, whether arising under a written agreement or otherwise.  Information shall not be deemed Confidential Information which (i) is or becomes generally available to the public other than as a result of a disclosure by Executive or at Executive’s direction or by any other person who directly or indirectly receives such information from Executive, each, in violation of Executive’s obligations to OUTFRONT, or (ii) is or becomes available to Executive on a non-confidential basis from a source which is entitled to disclose it to Executive. 

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13.    Cooperation.  (a)  Executive agrees that during the Employment Term and for one (1) year thereafter and, if longer, during the pendency of any then-pending litigation or other proceeding, (i) Executive shall not communicate with anyone (other than Executive’s own attorneys and tax advisors), except to the extent necessary in the performance of Executive’s duties under this Agreement or as required by law, with respect to the facts or subject matter of any pending or potential litigation, or regulatory or administrative proceeding involving OUTFRONT or any of OUTFRONT’s affiliated companies, other than any litigation or other proceeding in which Executive is a party-in-opposition, without giving prior notice to OUTFRONT, as applicable, or its counsel; and (ii) in the event that any other party attempts to obtain information or documents from Executive with respect to such matters, either through formal legal process such as a subpoena or by informal means such as interviews, Executive shall promptly notify OUTFRONT or its counsel before providing any information or documents, to the extent permitted by applicable law. 
(b)    Executive agrees to cooperate with OUTFRONT and its attorneys, both during and after the termination of Executive’s employment, in connection with any litigation or other proceeding arising out of or relating to matters in which Executive was involved prior to the termination of Executive’s employment.  Executive’s cooperation shall include, without limitation, providing assistance to OUTFRONT’s counsel, experts or consultants, and providing truthful testimony in pretrial and trial or hearing proceedings and any travel related to Executive’s attendance at such proceedings.  In the event that Executive’s cooperation is requested after the termination of Executive’s employment, OUTFRONT will (i) seek to minimize interruptions to Executive’s schedule to the extent consistent with its interests in the matter; and (ii) reimburse Executive for all reasonable and appropriate out-of-pocket expenses in a manner consistent with OUTFRONT policy, but in no event later than December 31 of the year following the year in which Executive incurs the related expenses. 
(c)    Executive agrees that Executive will not testify voluntarily in any lawsuit or other proceeding brought by a third-party which directly or indirectly involves OUTFRONT or any of its affiliated companies, or which may create the impression that such testimony is endorsed or approved by OUTFRONT or any of its affiliated companies, without advance notice (including the general nature of the testimony) to and, if such testimony is without subpoena or other compulsory legal process the approval of, OUTFRONT’s general counsel. 
(d)    Notwithstanding the foregoing, this Agreement shall not preclude Executive from participating in any governmental investigation of OUTFRONT, and Executive is not obligated under this Agreement to provide any notice to OUTFRONT regarding Executive’s participation in any governmental investigation of OUTFRONT.
14.    Relief.  OUTFRONT has entered into this Agreement in order to obtain the benefit of Executive’s unique skills, talent, and experience.  Executive acknowledges and agrees that any 

13

violation of paragraphs 4 through 6 or 8 through 13 of this Agreement will result in irreparable damage to OUTFRONT, and, accordingly, OUTFRONT may obtain injunctive and other equitable relief for any breach or threatened breach of such paragraphs, in addition to any other remedies available to OUTFRONT, and Executive hereby consents and agrees to exclusive personal jurisdiction in any state or federal court located in the City of New York, Borough of Manhattan. 
15.    Indemnification.  OUTFRONT agrees that if Executive is made a party to, threatened to be made a party to, receives any legal process in, or receives any discovery request or request for information in connection with, any action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”), by reason of the fact that Executive is or was a director, officer, employee, consultant or agent of OUTFRONT, or is or was serving at the written request of, or on behalf of, OUTFRONT as a director, officer, member, employee, consultant or agent of another corporation, limited liability corporation, partnership, joint venture, trust or other entity, whether or not the basis of such Proceeding is Executive’s alleged action in an official capacity while serving as a director, officer, member, employee, consultant or agent of OUTFRONT or other entity, Executive shall be indemnified and held harmless by OUTFRONT to the fullest extent permitted or authorized by OUTFRONT’s certificate of incorporation or by-laws or, if greater, by applicable law, against any and all costs, expenses, liabilities and losses (including, without limitation, attorneys’ fees reasonably incurred, judgments, fines, taxes or penalties and amounts paid or to be paid in settlement and any reasonable cost and fees incurred in enforcing Executive’s rights to indemnification or contribution) incurred or suffered by Executive in connection therewith, and such indemnification shall continue as to Executive even though Executive has ceased to be a director, officer, member, employee, consultant or agent of OUTFRONT or other entity and shall inure to the benefit of Executive’s heirs, executors and administrators. OUTFRONT shall be responsible for reimbursing Executive for all costs and expenses (including, without limitation, reasonable attorneys’ fees) incurred by Executive in connection with any Proceeding within twenty (20) business days after receipt by OUTFRONT of a written request for such reimbursement and appropriate documentation associated with these expenses. Such request shall include an undertaking by Executive to repay the amount of such advance if it shall ultimately be determined that Executive is not entitled to be indemnified against such costs and expenses.  Furthermore, with respect to Executive’s acts or failures to act during the Employment Term in Executive’s capacity as a director, officer, employee or agent of OUTFRONT, Executive shall be entitled to liability insurance coverage to the same extent as OUTFRONT’s other similarly-situated senior executives subject to the exclusions and limitations set forth in the policy for such coverage.  
16.    Arbitration.  Except as provided in paragraph 14 of this Agreement, if any disagreement or dispute whatsoever shall arise between the parties concerning this Agreement (including the documents referenced herein) or Executive’s employment with OUTFRONT (a “Matter In Dispute”), the parties hereto agree that such Matter In Dispute shall be privately arbitrated rather than contested in a court of law before a judge or jury.  Any and all Matters In Dispute must be 

14

brought in the parties’ individual capacities, and not as a plaintiff or class member in any purported class or representative proceeding.  Thus, by agreeing to the terms of this agreement, Executive is hereby waiving any right Executive might otherwise have to litigate a Matter In Dispute as a class or representative proceeding.  Any and all Matters In Dispute shall be submitted to arbitration before JAMS Employment Practice, and a neutral arbitrator will be selected in a manner consistent with JAMS Employment Arbitration Rules (“Rules”).  Such arbitration shall be confidential and private and conducted in accordance with the Rules. Any such arbitration proceeding shall take place in New York City before a single arbitrator (rather than a panel of arbitrators). The parties agree that the arbitrator shall have no authority to award any punitive or exemplary damages and waive, to the full extent permitted by law, any right to recover such damages in such arbitration.  Each party shall bear its respective costs (including attorneys’ fees, and there shall be no award of attorneys’ fees).  Judgment upon the final award rendered by such arbitrator may be entered in any court having jurisdiction thereof. 
17.    Acknowledgements.  Executive represents and warrants: 
(a)    that Executive has capacity to enter into this Agreement, 
(b)    that Executive has entered into this Agreement voluntarily and with a full understanding of its terms; and 
(c)    that Executive is not subject to restrictive covenants or other contractual limitations with any other employer, company, entity or person that would by breached by Executive becoming a party to this Agreement. 

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18.    Complete Agreement; Governing Law; Successors and Assigns.  This Agreement contains the entire understanding of the parties with respect to the subject matter thereof, supersedes any and all prior agreements of the parties with respect to the subject matter thereof, and cannot be changed or extended except by a writing signed by both parties hereto.  This Agreement shall be binding upon and inure to the benefit of the parties and their respective legal representatives, executors, heirs, administrators, successors and assigns; provided, however, that neither Executive nor OUTFRONT shall have no right to assign this Agreement or delegate Executive’s/its obligations hereunder, except that OUTFRONT may assign this Agreement to any majority owned subsidiary of or successor in interest to OUTFRONT.  This Agreement and all matters and issues collateral thereto shall be governed by the laws of the State of New York applicable to contracts entered into and performed entirely within the State of New York, with respect to the determination of any claim, dispute or disagreement, which may arise out of the interpretation, performance or breach of this Agreement.  If any provision of this Agreement, as applied to either party or to any circumstance, shall be adjudged by a court or duly appointed arbitrator to be void or unenforceable, the same shall in no way affect any other provision of this Agreement or the validity or enforceability thereof. 
19.    Section 409A.  To the extent applicable, it is intended that the compensation arrangements under this Agreement be in full compliance with Section 409A. This Agreement shall be construed in a manner to give effect to such intention. In no event whatsoever (including, but not limited to, as a result of this paragraph 19 or otherwise) shall OUTFRONT be liable for any tax, interest or penalties that may be imposed on Executive (or Executive’s beneficiaries, successors or representatives) under Section 409A.  Neither OUTFRONT or any of OUTFRONT’s affiliates shall have any obligation to indemnify or otherwise hold Executive harmless from any or all such taxes, interest or penalties, or liability for any damages related thereto. Executive acknowledges that he has been advised to obtain independent legal, tax or other counsel in connection with Section 409A. 
20.     Release.  Notwithstanding any provision herein to the contrary, OUTFRONT’s obligation to make the payments provided for in paragraphs 7(c), 7(d) and 7(e) shall be conditioned on Executive’s execution of an effective release (with all periods for revocation set forth therein having expired), such date the “Release Effective Date,” in favor of OUTFRONT and any of its affiliated companies within 45 days following Executive’s termination from Executive’s position; provided, however, that if, at the time any severance payments are scheduled to be paid to Executive pursuant to paragraph 7(c), 7(d) or 7(e), as applicable, Executive has not executed a release that has become effective and irrevocable in its entirety, then any such severance payments shall be held and accumulated without interest, and shall be paid to Executive on the first regular payroll date following the Release Effective Date.  Executive’s failure or refusal to sign and deliver the release or Executive’s revocation of an executed and delivered release in accordance with applicable laws, whether intentionally or unintentionally, will result in the forfeiture of the payments and benefits under paragraph 7(c), 7(d) or 7(e), as applicable. Notwithstanding the foregoing, if the 45-day period does not begin and end in the same calendar year, then the Release Effective Date shall be deemed 

16

to be the later of (a) the first business day in the year following the year in which Executive’s position is terminated or (b) the Release Effective Date (without regard to this proviso).  In addition, the payments and benefits described in paragraph 7(c), 7(d) or 7(e), as applicable, shall immediately cease, and OUTFRONT shall have no further obligations to Executive with respect thereto, in the event that Executive materially breaches any provision of paragraphs 4 through 6 and 8 through 13 hereof. 
21.    Notices.  All notices or other communications hereunder shall be given in writing and shall be deemed given if served personally or mailed by registered or certified mail, return receipt requested, to the parties at their addresses above indicated. 
22.    Counterparts.  This Agreement may be executed in one or more counterparts, including by facsimile, and all of the counterparts shall constitute one fully executed agreement.  The signature of any party to any counterpart shall be deemed a signature to, and may be appended to, any other counterpart. 
23.    Severability.  Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid or unenforceable in any respect under any applicable law, such invalidity or unenforceability shall not affect any other provision, but this Agreement shall be reformed, construed and enforced as if such invalid or unenforceable provision had never been contained herein.
24.    Successors and Assigns.  This Agreement shall bind and inure to the benefit of and be enforceable by Executive, OUTFRONT and their respective heirs, executors, personal representatives, successors and assigns, except that neither party may assign any rights or delegate any obligations hereunder without the prior written consent of the other party.  Executive hereby consents to the assignment by OUTFRONT of all of its rights and obligations hereunder to any successor to OUTFRONT by merger or consolidation or purchase of all or substantially all of OUTFRONT’s assets, provided such transferee or successor assumes the liabilities of OUTFRONT hereunder.
 [SIGNATURES ON THE FOLLOWING PAGE]

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IN WITNESS WHEREOF, the parties have executed this Agreement as of May 24, 2018. 
 
	
			
	 
	 
	 

	OUTFRONT Media Inc.

	 
	 

	By
	 
	/s/ Nancy Tostanoski

	 
	 
	 

	 
	 
	Nancy Tostanoski

	 
	 
	Executive Vice President,

	 
	 
	Chief Human Resources Officer

	 
	

	By
	 
	/s/ Matthew Siegel

	 
	 
	 

	 
	 
	Matthew Siegel

18NANOPHASE TECHNOLOGIES CORPORATION – 8-K

Exhibit
10.1

 

Portions of this Exhibit have been redacted pursuant to a request
for confidential treatment under Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934. Omitted
information, marked “[*]” in this Exhibit, has been filed separately with the Securities and Exchange Commission together
with such request for confidential treatment.

 

JOINT
DEVELOPMENT & Supply Agreement

 

This Supply Agreement (“Agreement”) is made this
12th day of December, 2016 (“Effective Date”) between COLORESCIENCE Inc., a company existing and organized under
the laws of Delaware, with is principal place of business at (“COLORESCIENCE”) with its principal place of business
at 2141 Palomar Airport Road, Suite 200, Carlsbad, CA 92011, and SOLÉSENCE, LLC, a company existing and organized
under the laws of Delaware, with its principal place of business at 1319 Marquette Drive, Romeoville, Illinois 60446 (“SOLÉSENCE”),
(collectively “Parties”).

 

WHEREAS both COLORESCIENCE and SOLÉSENCE desire
to enter into an agreement to develop sunscreen actives and related formulations to:

 

		1.	Provide a near term solution to help bridge the supply gap that is being created by the [*], without losing water resistance
or SPF performance as compared to the performance of the current powder sunscreen products.

 

		2.	Establish a platform technology that will serve as the basis for innovations in sunscreen based products. Enable novel ‘one
of a kind’ positioning for COLORESCIENCE versus competitive products.

 

		3.	Targeted key enhancements for powder sunscreens are the improvement in adherence and hydrophobicity, while boosting antioxidant
efficacy as measured by Antioxidant Power Method and achieving best in class free radical protection as measured by Radical Status
Factor Method. Both methods are performed by Gematria Laboratories.

 

		4.	Targeted key enhancement for liquid products are enhancing PFA while boosting antioxidant efficacy as measured by Antioxidant
Power Method and achieving best in class free radical protection as measured by Radical Status Factor Method. Both methods are
performed by Gematria Laboratories.

 

WHEREAS COLORESCIENCE wishes to exclusively purchase
from SOLÉSENCE and SOLÉSENCE wishes to produce and sell exclusively to COLORESCIENCE the Innovation Actives, Finished
Products A and Finished Product B (“Exclusive Products”) listed in Appendix A;

 

WHEREAS The Parties agree that this Agreement shall include
the terms and conditions for the development, supply, and purchase of the Exclusive Products. This Agreement shall reflect the
intentions of both Parties, for further cooperation, joint product development and preferred partnership.

 

Now therefore, for adequate consideration, receipt of which
is hereby acknowledged, and intending to be legally bound hereby, the Parties agree as follows:

 

		1.	Definitions. For the purpose of clarity, the following terms are used in this Agreement:

 

		1.1.	Sunscreen Active(s): Titanium Dioxide, also referred to as TiO2 and Zinc Oxide, also referred to as
ZnO,

 

		1.2.	Bridge Solution: The TiO2 Sunscreen Active developed by SOLÉSENCE to supply as a replacement
for the [*] materials currently used by COLORESCIENCE in their formulas.

 

     

    

    

 

Portions of this Exhibit have been redacted pursuant to a request
for confidential treatment under Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934. Omitted
information, marked “[*]” in this Exhibit, has been filed separately with the Securities and Exchange Commission together
with such request for confidential treatment.

 

		1.3.	Innovation Solution Active(s): The TiO2 and ZnO Sunscreen Actives, either individually or collectively,
covered under the SOLÉSENCE technology represented by Patent # 9,139,737 and developed specifically and exclusively for
use for the SPF 50 Powder Innovation Formula and the Perfector SPF 50 Innovation Formula and the criteria within Development Objective
2.

 

		1.4.	SPF 50 Powder Innovation Formula: The Powder Sunscreen formula developed by COLORESCIENCE and Solésence
as a replacement for the COLORESCIENCE’s current SPF 50 Powder, designed to utilize the Innovation Solution Actives and meet
the requirements of Development Objective 3.

 

		1.5.	Finished Product A: The emulsion/gel product developed by COLORESCIENCE and Solésence for launch by COLORESCIENCE
in [*], but COLORESCIENCE agrees to accept first delivery of Product A by [*]. Development Product A will be manufactured and supplied
to COLORESCIENCE by Solésence as a finished article. The Intellectual Property of Finished Product A may be the ownership
of COLORESCIENCE, SOLÉSENCE or both, depending on the nature of the program.

 

		1.6.	Finished Product B: COLORESCIENCE and SOLÉSENCE agree to work toward the development and launch of at
least one additional product within [*] of the launch of Product A.

 

		1.7.	Supply Agreement: A contractual agreement providing the terms and conditions for supply of the Bridge Solution,
the Innovation Solution and the Perfector SPF 50 Innovation Formula by Solésence to COLORESCIENCE.

 

		1.8.	Exclusive Territory: Region where COLORESCIENCE will have exclusive rights to sell product. COLORESCIENCE will
not have any right to sell the product outside of Exclusive Territory. The Exclusive Territory for this agreement is defined as:
Worldwide

 

		1.9.	Exclusive Application: The product area designed for the use of the Innovation Solution Active. The Exclusive
Application for this agreement is defined as: Pigmented powder products for use on human skin using a flow thru brush as the applicator.

 

		2.	Roles and Responsibilities 

 

In order to achieve the timely development
of the Bridge Solution, the Innovation Actives, and Finished Products, COLORESCIENCE and SOLÉSENCE agree to the following
Roles and Responsibilities:

 

		2.1.	Roles and Responsibilities of COLORESCIENCE

 

		2.1.1.	Provide the materials and composition of all existing formulations to use the Bridge Solution

		2.1.2.	Establish final product launch criteria for the Bridge Solution

		2.1.3.	Perform SPF and related clinical testing for confirmation of the performance

		2.1.4.	Perform stability testing in conjunction with SOLÉSENCE of formulas using the Bridge Solution.

		2.1.5.	Enable production of pilot and production quantities of powder materials as required within the development plans in Appendix
A.

 

		2.2.	Roles and Responsibilities of SOLÉSENCE

 

		2.2.1.	Meet the time line provided for the development of the Bridge Solution and the Innovation Solution as provided in Appendix
A

		2.2.2.	Perform the stability testing for Bridge Solution and the Innovation Solution Actives to allow for a minimum three-year shelf
life.

		2.2.3.	Perform the stability testing in conjunction with COLORESCIENCE for the COLORESCIENCE’s products using the Bridge solution

		2.2.4.	Perform the stability testing in conjunction with COLORESCIENCE for Finished Product A

 

COLORESCIENCE

 

     

    

    

 

Portions of this Exhibit have been redacted pursuant to a request
for confidential treatment under Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934. Omitted
information, marked “[*]” in this Exhibit, has been filed separately with the Securities and Exchange Commission together
with such request for confidential treatment.

 

		2.2.5.	Perform the stability testing in conjunction with COLORESCIENCE for Finished Product B

		2.2.6.	Perform efficacy testing related to Antioxidant Power and Radical Protection Factor to establish these claims with products
produced using the Innovation Solution Actives.

 

		2.3.	Finished Products COLORESCIENCE and SOLÉSENCE Obligations:

Produce pilot and production quantities of the Bridge
Solution, the Innovation Solution Actives, Finished Product A, and Finished Product B as required within the development plans
in Exhibit A.

 

		3.	Exclusivity

 

		3.1.	For so long as COLORESCIENCE meets the minimum purchase and payment requirements as outlined in Exhibit A, neither SOLÉSENCE
nor any of its affiliates shall directly or indirectly sell any Exclusive Products to any other party other than COLORESCIENCE
within the Exclusive Channels of Distribution in the Territory nor shall SOLÉSENCE nor any of its affiliates directly or
indirectly sell any Exclusive Products to any party other than COLORESCIENCE for the re-sale or distribution within the Exclusive
Application within the Exclusive Territory (the “Exclusivity Commitment”).

 

		3.2.	COLORESCIENCE acknowledges that SOLÉSENCE may at any time sell the Exclusive Products to third parties for resale outside
of Exclusive Territory, provided that, while the Exclusivity Commitment remains in effect, SOLÉSENCE and its affiliates
shall contractually obligate customers purchasing Exclusive Products for resale or distribution outside the Exclusive Territory
to refrain from reselling or distributing such Exclusive Products for the Exclusive Application within the Exclusive Territory
and will use commercially reasonable efforts to enforce such contractual restrictions. Upon termination of the Exclusivity Commitment,
SOLÉSENCE shall have no further obligation under this paragraph and may thereafter freely sell Exclusive Products to third
parties for resale through the Exclusive Channels of Distribution in the United States.

 

		3.3.	Exclusivity & Development Fee: In exchange for the grant of exclusive rights as contemplated in this agreement, and
                                                                                                 to encourage SOLÉSENCE to perform under the terms of this agreement and help defray the cost SOLÉSENCE will
                                                                                                 incur with meeting its responsibilities under this agreement, Client shall pay to SOLÉSENCE a development fee in the
                                                                                                 amount of $[*], half of which will be due within 30 days of the close of Q1 and half of which will be due at within 30 days
                                                                                                 of the close of Q2. In addition, Client will agree to pay SOLÉSENCE an additional $[*] in development fees in the
                                                                                                 first quarter of 2018 to support further analytical and development needs in order to support the launch of the Innovation
                                                                                                 SPF50 Powder Sunscreen.

 

		3.4.	Success Fee: Client agrees to pay SOLÉSENCE a Success Fee of $[*] within 30 days of the commercial shipment of the Innovation
SPF50 Powder Sunscreen – anticipated to occur in Q1 or Q2 of 2018.

 

		3.5.	Minimum Purchase Requirement of Finished Goods

 

		3.5.1.	COLORESCIENCE agrees to collectively order the minimum sales quantities appearing on Exhibit A for the Term of the Agreement.
In order for COLORESCIENCE to be bound by the launch requirements and minimum order requirements associated with Finished Products
SOLÉSENCE must develop such products according to the product profile developed by COLORESCIENCE and with aesthetics and
performance characteristics on par with other production sites contemporaneously being used by Company. The standard for assessing
such quality standards will be solely determined by COLORESCIENCE using a commercially reasonable standard.
In the event that COLORESCIENCE and SOLÉSENCE do not reach agreement on the aesthetics or performance oft he Finished Products
developed by SOLÉSENCE, the companies will employ a conumer panel to make final determination of the product attributes
in comparison to the commercially reasonable standard.

 

COLORESCIENCE

 

     

    

    

 

Portions of this Exhibit have been redacted pursuant to a request
for confidential treatment under Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934. Omitted
information, marked “[*]” in this Exhibit, has been filed separately with the Securities and Exchange Commission together
with such request for confidential treatment.

 

		3.5.2.	In the event that COLORESCIENCE does NOT meet the minimum purchase requirement as noted on Exhibit A, the company may pay Solecence
a R&D fee in the amount of [*]% of the difference of such units actually ordered at the Price per Ounce in Exhibit A minus
the minimum units of such products at Price per Ounce. Such difference will be paid within sixty days at the end of each year.

		3.5.3.	Such minimum product purchases obligations may be further reduced by the dollars actually purchased by Client of the Innovation
Actives in excess of [*]% above the minimum purchase quantities of such actives. Such “Additional Purchases” will be
deemed to be a direct offset requirement to the minimum unit of Finished Goods Purchase Obligations above.

 

		4.	Term and Termination

 

		4.1.	This Agreement shall enter into force on the Effective Date and shall remain in force for a ten
(10) year, non-cancelable term, renewable for subsequent three year terms upon mutual agreement of both parties (“Term”).
Notice of termination of the agreement shall be provided not less than 120 days prior to end of any period.

 

		4.2.	In the event that COLORESCIENCE discontinues the Innovation SPF50 Powder Sunscreen for whatever reason, COLORESCIENCE will
have the option of terminating this contract within 120 days notice. All fees earned to date shall be owed to SOLÉSENCE.
In the event of such termination, COLORESCIENCE agrees to pay for the actual out of pocket development fees for Finished Products
in development, not to exceed $[*].

 

		5.	Commitment to Supply

 

		5.1.	Within 90 days of the Bridge Solution meeting the product profile, development needs and aesthetics of products that such ingredients
were intended for, COLORESCIENCE shall begin to purchase the Bridge Solution. Substantially all of COLORESCIENCE’s requirements
for TiO2 shall be supplied by SOLÉSENCE, as a replacement for [*]. COLORESCIENCE shall provide SOLÉSENCE a forecast
of COLORESCIENCE’s requirements on a quarterly basis.

 

		5.2.	Within 90 days of the Bridge Solution meeting the product profile, development needs and aesthetics of products that such ingredients
were intended for, COLORESCIENCE shall begin to purchase the Bridge Solution. It is the intention of both parties, that a substantial
portion, if not all, of Client’s requirements for TiO2and Zinc Oxide shall be supplied by SOLÉSENCE, either as a replacement
of the Bridge Solution, as the Innovation Active Solution or through the supply of the Finished Product. COLORESCIENCE shall provide
SOLÉSENCE a forecast of COLORESCIENCE’s requirements on a quarterly basis.

 

COLORESCIENCE

 

     

    

    

 

Portions of this Exhibit have been redacted pursuant to a request
for confidential treatment under Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934. Omitted
information, marked “[*]” in this Exhibit, has been filed separately with the Securities and Exchange Commission together
with such request for confidential treatment.

 

		5.2.1.	It is understood that the Innovation Active Solution is intended to be a critical component of Client’s most important
franchise product. SOLÉSENCE shallenable supply, establish and maintain an inventory equivalent to at least two months inventory
based upon COLORESCIENCE forecast. SOLÉSENCE will within 120 days of the commercialization of the Innovation Active, qualify
a third party manufacturer (Qualified Manufacturer) to produce the Innovation Active consistent with the specifications in Exhibit
A. Should SOLÉSENCE be unable for a period of 60 days be unable to supply the Innovation Active for any reason whatsoever,
SOLÉSENCE shall compell the Qualified Manufacturer to produce the Innovation Active. Upon resumption of production capability,
SOLÉSENCE shall resume production and supply of the Innovation Active to COLORESCIENCE.

		5.2.2.	Should SOLÉSENCE due to insolvency be unable to supply the Innovation Active for a period of greater than 60 days, COLORESCIENCE
shall receive a license to have the Qualified Manufacturer said produce and supply the Innovation Active agreement to COLORESCIENCE.
A royalty in the amount of [*]% of the purchase price of the Innovation Active as provided in Exhibit A shall be made payable to
the then owner of Patent # 9,139,737 for all purchases made by or on behalf of COLORESCIENCE.

 

		5.3.	COLORESCIENCE and SOLÉSENCE will engage in at least one yearly pipeline development discussion to review additional
products that may be suitable for SOLÉSENCE to provide COLORESCIENCE. It is both partied intention to continue to explore
future product innovation opportunities together in the liquid product category.

 

		6.	Quality of Product

 

		6.1.	SOLÉSENCE shall deliver to COLORESCIENCE the Bridge Solution and Exclusive Products that comply with the specifications
set forth in Exhibit B to this Agreement. Exhibit B, which is a part hereof, may be modified from time to time, consistent
with the development of new is the final and exclusive description of the quality and all properties of the Bridge Solution and
the Exclusive Products.

 

		7.	Quantity of Product

 

		5.1	SOLÉSENCE shall deliver the quantity of Product specified in each order by COLORESCIENCE and COLORESCIENCE shall accept
and pay such quantity of Product.

 

		5.2	COLORESCIENCE shall provide SOLÉSENCE with rolling forecasts of COLORESCIENCE’s expected requirements for the
Product (hereinafter referred to as the “Forecasts”) as follows:

 

(a)

An estimate of the quantity of Product required during the next three (3) months.

 

COLORESCIENCE

 

     

    

    

 

Portions of this Exhibit have been redacted pursuant to a request
for confidential treatment under Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934. Omitted
information, marked “[*]” in this Exhibit, has been filed separately with the Securities and Exchange Commission together
with such request for confidential treatment.

 

(b)

COLORESCIENCE shall notify SOLÉSENCE of any changes to these Forecasts as soon as possible to allow SOLÉSENCE
to make any necessary changes to production schedules.

 

		8.	Order Processing and Deliveries

 

		8.1.	SOLÉSENCE shall accept all orders placed by COLORESCIENCE within three (3) working days from receipt of such orders.
Acceptance of an order by SOLÉSENCE constitutes a complete and binding contract governed by the terms and conditions of
this Agreement.

 

		8.2.	SOLÉSENCE shall deliver the Product to COLORESCIENCE. The terms for delivery are FCA Wallingford, Connecticut. All delivery
conditions apply in accordance with the most recent Incoterms.

 

		8.3.	Title to and risk of loss of Products covered by an Accepted Order shall transfer to COLORESCIENCE upon Delivery (see note
above).

 

		9.	Product Returns and Non-Conforming Products

 

		9.1.	Any Non-conforming Product may be returned to SOLÉSENCE by COLORESCIENCE as set forth in this Article. An entire lot
of Product may be returned to SOLÉSENCE by COLORESCIENCE as set forth in this Article if a statistically significant sampling
of that lot contains Non-conforming Product. Any acceptance of Product not conforming to the Specifications shall not be deemed
a waiver of the requirement that SOLÉSENCE conform to the Specifications as to future Product.

 

		9.2.	SOLÉSENCE shall maintain a quality assurance program and adhere to the quality inspection and testing procedures described
in Appendix D. SOLÉSENCE shall subject all Product to such quality inspection testing procedures prior to Delivery.
SOLÉSENCE shall provide COLORESCIENCE with access to its quality inspection testing results upon request.

 

		9.3.	All Products shall be subject to inspection and acceptance by COLORESCIENCE. Payment shall not be deemed a waiver of COLORESCIENCE’s
right to inspection or acceptance. No inspection, acceptance or payment shall be binding on COLORESCIENCE as to latent defects.
Without limiting any other rights or remedies it may have, COLORESCIENCE, at COLORESCIENCE’s option, may (a) store, at SOLÉSENCE’s
expense and subject to COLORESCIENCE’s disposal, Non-conforming Products, (b) return Non-conforming Products to SOLÉSENCE,
(c) require SOLÉSENCE to repair or replace any Non-conforming Products, (d) require SOLÉSENCE to issue a credit or
refund to COLORESCIENCE of an amount equal to the amounts paid for any Non-conforming Products, and/or (e) require SOLÉSENCE
to reimburse COLORESCIENCE for the costs incurred by COLORESCIENCE in procuring conforming goods from an alternate source to the
extent that such costs exceed SOLÉSENCE’s prices (even if not paid) for the Non-conforming Products. SOLÉSENCE
acknowledges and agrees that the provisions of this Section shall not relieve SOLÉSENCE of any liability under the warranties
set forth in this Agreement or which SOLÉSENCE would otherwise lawfully bear even after COLORESCIENCE’s inspection
and acceptance.

 

		9.4.	All Non-conforming Product returned to SOLÉSENCE, and all replacement Product shipped by SOLÉSENCE, will be at
SOLÉSENCE’s risk and expense. Risk of loss of Non-conforming Product returned to SOLÉSENCE will transfer to
SOLÉSENCE upon delivery to SOLÉSENCE’s designated carrier (Meaning: FOB shipping point, for COLORESCIENCE only).

 

COLORESCIENCE

 

     

    

    

 

Portions of this Exhibit have been redacted pursuant to a request
for confidential treatment under Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934. Omitted
information, marked “[*]” in this Exhibit, has been filed separately with the Securities and Exchange Commission together
with such request for confidential treatment.

 

		9.5.	The Minimum Annual Purchase Commitments per Exhibit A shall be reduced by an amount equal to the amount of Non-conforming product
returned to SOLÉSENCE multiplied by a factor of 2.

 

		10.	Representations and Warranties

 

		10.1.	Each Party represents and warrants to the other that it has taken all necessary actions on its part to authorize the execution,
delivery and performance of its obligations undertaken in this Agreement and that this Agreement has been duly executed and delivered
by and on its behalf and constitutes legal, valid and binding obligations enforceable against it in accordance with its terms.

 

		10.2.	SOLÉSENCE represents and warrants that all Product is and will (i) conform to their applicable Specifications, (ii)
be new, (iii) be free from defects in design, material and workmanship, (iv) be conveyed with good and marketable title, free and
clear of all liens or encumbrances, and (vi) be free from violation or infringement of any third party intellectual property or
other proprietary rights.

 

		10.3.	All warranties set forth in Section 10.1 will survive any inspection, delivery, acceptance or payment by COLORESCIENCE.
The warranties set forth in Sections 12.1(a)(i), 12.1(a)(iii) and 12.1(a)(v) are made and effective at Delivery,
are continuing and will remain in effect for the longer of Supplier’s normal warranty period or for a period of 180 days
following COLORESCIENCE’s acceptance of the Product. The warranties set forth in Sections 12.1(a)(ii) and 12.1(a)(iv)
are made and effective at Delivery. The warranty set forth in Section 12.1(a)(vi) is made and effective at Delivery, as
is continuing and will remain in effect in perpetuity.

 

		10.4.	If SOLÉSENCE breaches the warranty contained in Section 12.1(a)(vi), then without limiting
any other remedies provided by this Agreement or otherwise available to COLORESCIENCE under Law or in equity, COLORESCIENCE may
immediately terminate this Agreement in whole or in part and may immediately cancel any unfilled Accepted Orders without liability.
If a U.S. District Court or any court worldwide adjudges that Product, or any item or part thereof, infringes any United States
Patent or any patent worldwide, irrespective of whether further right of appeal lies available to SOLÉSENCE, or if Product
or use is enjoined at any stage of the proceedings, any unfilled Accepted Orders will be canceled ipso facto without liability
for COLORESCIENCE.

 

		11.	Indemnification

 

		11.1.	SOLÉSENCE shall defend, indemnify and hold COLORESCIENCE and its officers, directors, employees, subcontractors and
agents harmless against and from all damages and claims for damages, suits, causes of action, proceedings, orders, injuries (including
wrongful death) to persons and damages to property of COLORESCIENCE and others, liabilities, losses, fines penalties, recoveries,
judgments or executions, costs (including environmental investigation, remediation, clean-up, response and/or settlement and other
similar costs) which arise out of, are caused by, or are incident to any breach of this Agreement or negligent or otherwise wrongful
act, omission or conduct of SOLÉSENCE, its agents, employees or subcontractors, or any failure of a Product to meet the
specifications set forth in Exhibit B, except to the extent caused by:

 

(i) 

any
such failure of a Product actually known by COLORESCIENCE but nevertheless used by COLORESCIENCE; 

 

(ii)

any
breach of any representation, warranty or covenant made by COLORESCIENCE under this Agreement; and/or

 

COLORESCIENCE

 

     

    

    

 

Portions of this Exhibit have been redacted pursuant to a request
for confidential treatment under Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934. Omitted
information, marked “[*]” in this Exhibit, has been filed separately with the Securities and Exchange Commission together
with such request for confidential treatment.

 

(iii) 

any
negligent or wrongful act, or other failure by COLORESCIENCE or any of its subcontractors, agents or employees to comply with any
law, ordinance or regulation in connection with the sale or use of the Products.

 

		11.2	COLORESCIENCE shall defend, indemnify and hold SOLÉSENCE
and its officers, directors, employees, subcontractors and agents harmless against and from all damages and claims for damages,
suits, causes of action, proceedings, orders, injuries (including wrongful death) to persons and damages to property of SOLÉSENCE
and others, liabilities, losses, fines, penalties, recoveries, judgments or executions, costs (including environmental investigation,
remediation, clean-up, response and/or settlement and other similar costs) which arise out of, are caused by, or are incident to
any breach of this Agreement or any negligent or otherwise wrongful act, omission or conduct of COLORESCIENCE, its agents, employees
or subcontractors, except to the extent caused by:

 

(i)

any
failure of a Product to meet the specifications in Exhibit B;

 

(ii)

any
breach of any representation, warranty or covenant made by SOLÉSENCE under this Agreement; and/or

 

(iii)

any negligent or wrongful act, or other failure by SOLÉSENCE or any of its subcontractors, agents or
employees to comply with any law, ordinance or regulation in connection with SOLÉSENCE’s performance of this
Agreement.

  

		12.	Damages

 

		12.1.	Each Party shall be liable to the other for all direct damages arising out of or relating to its performance or failure to
perform under this Agreement, whether based on an action or claim in contract, equity, negligence, tort or otherwise.

 

		12.2.	Neither COLORESCIENCE nor SOLÉSENCE shall be liable for, nor will the measure of direct damages include, any indirect,
incidental, special, consequential, punitive or exemplary damages or loss of revenue, income, profits or savings arising out of
or relating to its performance or failure to perform under this Agreement.

 

		13.	Confidentiality

 

		13.1.	In the course of this Agreement the Parties have and will provide proprietary and confidential information to each other. The
Parties are both “Disclosing Party” and “Receiving Party” as the case may be. The term “Confidential
Information” as used herein shall mean proprietary information including but not limited to any information, know-how, data,
technology, analytical data, mixtures, recipes, formulas, specifications, manufacturing procedures, customer information, strategies
and business plans as well as product samples that are disclosed or provided to the Receiving Party or obtained by their evaluation
(whether tangible or in electronic form). All “Confidential Information shall be marked as Confidential.

 

		13.2.	The Receiving Party shall, at a minimum, protect and hold in strict confidence all Confidential Information disclosed by the
Disclosing Party, not disclose the Confidential Information to any third party except for its affiliates and will limit disclosure
of Confidential Information within its own organization to its employees or employees of its affiliates whose duties justify the
need to know such Confidential Information and who are bound by appropriate confidentiality obligations as well.

 

COLORESCIENCE

 

     

    

    

 

Portions of this Exhibit have been redacted pursuant to a request
for confidential treatment under Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934. Omitted
information, marked “[*]” in this Exhibit, has been filed separately with the Securities and Exchange Commission together
with such request for confidential treatment.

 

		13.3.	The Receiving Party shall not use the Confidential Information for any purpose other than the execution of this agreement,
not file any patent or other intellectual property right with regard to the Confidential Information and not commercially exploit
such Confidential Information without the written consent of the Disclosing Party. The Receiving Party shall limit its assessment
of the samples to the cooperation under this Agreement and shall not independently analyse and reverse engineer the received samples
or determine any characteristic and/or the chemical composition of the received sample.

 

		13.4.	The foregoing restrictions on disclosure and use shall not be applicable to any Confidential Information which the Receiving
Party can prove through tangible evidence that

 

		a)	are in the public domain at the time of disclosure; 

		b)	are published or otherwise become part of the public domain through no fault of the Receiving Party;

		c)	were in the possession of the Receiving Party at the time of disclosure by the Disclosing Party as shown by prior written records
or became available from a third party who has the right to legally disclose it;

		d)	were independently developed by the Receiving Party without using or making any reference to the Confidential Information;

		e)	are required to be disclosed pursuant to a law, regulation, rule or ordinance of any governmental body or court having jurisdiction
over either Party provided that the Receiving Party has given prompt written notice of any such requirement prior to any disclosure.

 

		13.5.	Confidential Information shall not be considered within the above exceptions merely because the Confidential Information is
embraced by more general information within the exceptions. Any combination of features of Confidential Information shall not be
considered within the above exceptions unless the combination itself and its principles of operation are within the exceptionsl

 

		13.6.	The Receiving Party shall upon written request of the Disclosing Party promptly return all Confidential Information received
from the Disclosing Party and destroy and delete (and confirm such destruction and deletion in writing) all copies thereof (whether
tangible or in electronic form) containing Confidential Information.

 

		13.7.	Neither this Agreement nor the disclosure of Confidential Information shall be deemed to constitute the grant of any right
or license under any confidential information.

 

		14.	Intellectual Property

 

		14.1.	All Jointly Developed Intellectual Property shall be owned equally by COLORESCIENCE and SOLÉSENCE. COLORESCIENCE shall
have the exclusive right for the sale of products using the Jointly Developed Intellectual Property and such products developed
will be added to Exhibit B as Jointly Developed Products. SOLÉSENCE shall have the exclusive right to manufacture
products using the Jointly Developed Intellectual Property for all applications, including the business within the Scope, as well
as the exclusive, royalty free right to sell products using the Jointly Developed Intellectual Property for any application outside
of the Scope.

 

		14.1.1.	Should Finished Product A be a product developed jointly by Colorescience and Solésence, and COLORESCIENCE cumulative
purchases of Finished Product A exceed 300,000 units, COLORESCIENCE shall become the owner of the formula related to Finished Product
A.

 

		14.1.2.	Should Finished Product B be a product developed jointly by Colorescience and Solésence, and COLORESCIENCE cumulative
purchases of Finished Product B exceed 300,000 units, COLORESCIENCE shall become the owner of the formula related to Finished Product
B.

 

COLORESCIENCE

 

     

    

    

 

Portions of this Exhibit have been redacted pursuant to a request
for confidential treatment under Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934. Omitted
information, marked “[*]” in this Exhibit, has been filed separately with the Securities and Exchange Commission together
with such request for confidential treatment.

 

		14.2.	Process Technology associated with manufacturing processes and compositions associated with the Bridge Solution and Exclusive
Products shall be the exclusive property of SOLÉSENCE. For the removal of doubt, SOLÉSENCE shall be free to use,
license, and or sell the Process Technology for any application outside of the Scope at SOLÉSENCE’s sole discretion.

 

		14.3.	All Intellectual Property owned by Colorescience developed prior to the establishment of this Joint Development Agreement and
any improvements made to product formulations independently by Colorescience, not related to the Joint Development activities shall
be owned by Colorescience. Any trademarks or copyrights filed by Colorescience on products related to independently created or
Jointly Developed Intellectual Property shall be the sole ownership of Colorescience. Any improvements or inventions resulting
from the development of the SPF50 Innovation Powder Formula, that are not encompassed in the Innovation Solution Actives, will
become the property of COLORESCIENCE.

 

		14.4.	All Intellectual Property, including patents, trade secrets, trademarks, or copyrights owned by SOLÉSENCE developed
prior to the establishment of this Joint Development Agreement Intellectual Property shall remain the sole property of SOLÉSENCE.
All Intellectual Property related to the Bridge Solution and the Innovation Solution Actives remain the sole property of SOLÉSENCE,
including any improvements or inventions resulting from the development of the Bridge Solution and the Innovation Solution Actives.

 

		14.5.	COLORESCIENCE agrees to use the SOLÉSENCE tradename, logo and/or trademark on products and/or marketing material utilizing
the Innovation Solution Actives within reason and as practicable by COLORESCIENCE. SOLÉSENCE, for the purposes of promoting
and selling products containing the Innovation Solution Actives, grants COLORESCIENCE a non-exclusive license to the use of the
SOLÉSENCE trade name and/or trademark.

 

		15.	Notices

 

		15.1.	All notices in relation to a breach of this agreement or any demand notes to the other Party shall be in writing and shall
be send to the following contact persons:

 

For COLORESCIENCE:

	 	Name:	Ted Ebel
	 	Function:	Chief Business Officer
	 	Address:	2141 Palomar Airport Drive
	 	 	Carlsbad, CA 92011
	 	 	 
	 	Phone:	760-565-5736
	 	FAX:	__________________

  

For SOLÉSENCE:

	 	Name:	Frank Cesario
	 	Function:	Chief Financial Officer
	 	Address:	1319 Marquette Drive
	 	 	Romeoville, Illinois 60446
	 	 	 
	 	Phone:	630-771-6705
	 	FAX:	630-771-????

 

COLORESCIENCE

 

     

    

    

 

Portions of this Exhibit have been redacted pursuant to a request
for confidential treatment under Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934. Omitted
information, marked “[*]” in this Exhibit, has been filed separately with the Securities and Exchange Commission together
with such request for confidential treatment.

 

		16.	Force Majeure

 

		16.1.	Deliveries or acceptance of the Product may be delayed or suspended by either of the Parties in
the event of Act of God, war, riot, fire, explosion, accident, flood, sabotage, governmental laws, regulations, order or action,
national defense requirements or any other event beyond the reasonable control of such Party, any of which events prevent the manufacture,
shipment, or acceptance or a shipment of the Product If, because of such event, SOLÉSENCE is unable to supply part or total
demand for the Product or if COLORESCIENCE, because of any such extent, is unable to accept part or total of quantity contracted
for the affected Party shall be exempted to such extent from its obligations hereunder with respect to the particular delivery
involved upon giving prompt notice of such event to the other Party. The other Party shall be likewise exempted from its corresponding
obligations, but this Agreement shall otherwise remain unaffected.

 

		17.	Miscellaneous

 

ASSIGNMENT: This Agreement
shall be binding upon and inure to the benefit of, the successors and permitted assigns of the parties. An assigning party shall
give prompt notice of assignment to the other party.

 

		17.1.	NO THIRD PARTY BENEFICIARIES. Nothing in this Agreement will confer any benefit or right upon any third party except for the
Parties’ successors or permitted assignees.

 

		17.2.	RELATIONSHIP OF THE PARTIES. Nothing in this Agreement and no action taken by the Parties under this Agreement will constitute
a partnership, joint venture or agency relationship between the Parties.

 

		17.3.	COUNTERPARTS. This Agreement may be executed in any number of counterparts, and by the Parties on separate counterparts, but
will not be effective until each Party has executed at least one counterpart. Each counterpart will constitute an original of this
Agreement, but all the counterparts together will constitute but one and the same agreement.

 

		17.4.	COSTS AND EXPENSES. Each Party will pay its own costs relating to the negotiation, preparation, execution and performance of
this Agreement.

 

		17.5.	ENTIRE AGREEMENT. This Agreement, together with all Attachments and any other documents incorporated herein constitute the
entire agreement of the Parties with respect to the subject matter in this Agreement, and supersede all prior and contemporaneous
understandings, agreements, representations and warranties, both written and oral, with respect to the subject matter. Each Party
acknowledges that, in entering into this Agreement, it has not relied on any statement, representation, warranty or agreement of
the other Party other than as expressly contained in this Agreement.

 

		17.6.	AMENDMENTS. Any amendment of or variation to this Agreement must be in writing and signed by authorized
representative(s) of both Parties.

 

		17.7.	WAIVER. No failure or delay by either Party in exercising any right or remedy provided under this Agreement or by law will
constitute a waiver of that or any other right or remedy, nor will any single or partial exercise of any right or remedy preclude
any other or further exercise of it or the exercise of any other right or remedy. No waiver under this Agreement is effective unless
it is in writing and signed by authorized representative(s) of both Parties.

 

		17.8.	SEVERABILITY. If any provision in this Agreement, for any reason, is invalid, illegal or unenforceable, in whole or in part,
in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision of this Agreement or invalidate
or render unenforceable such provision in any other jurisdiction. Upon a determination that any provision is invalid, illegal or
unenforceable, the Parties will negotiate in good faith to modify this Agreement to effect the original intent of the Parties as
closely as possible in a mutually acceptable manner in order that the transactions contemplated herein are consummated as originally
contemplated to the greatest extent possible.

 

COLORESCIENCE

 

     

    

    

 

Portions of this Exhibit have been redacted pursuant to a request
for confidential treatment under Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934. Omitted
information, marked “[*]” in this Exhibit, has been filed separately with the Securities and Exchange Commission together
with such request for confidential treatment.

 

		17.9.	NOTICES. All notices provided in connection with this Agreement must be in writing and will be deemed
to have been given (a) when delivered by hand; (b) when delivered if sent by an internationally recognized commercial courier;
(c) on the third (3rd) day after the first post-mark of the sender’s postal service if sent by first class mail,
postage prepaid (return receipt requested, if available). The notices must be sent to the respective Parties at the address of
the contact person set forth in the “Description of the Parties” (or at such other address for a Party as may be specified
in a notice given in accordance with this Section).

 

		17.10.	GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the Laws of the United States and the State
of Illinois, as applied to agreements entered into and to be performed entirely within Illinois between Illinois residents, without
giving effect to the principles thereof relating to the conflicts of Laws. The Parties consent to the exclusive jurisdiction and
venue of the State and Federal courts having within their jurisdiction Chicago, Illinois, and hereby agree to irrevocably waive
all objections to personal jurisdiction, venue and forum non conveniens. The Parties exclude application of the United Nations
Convention on Contracts for the International Sale of Goods. COLORESCIENCE AND SOLÉSENCE HEREBY IRREVOCABLY WAIVE THEIR
RESPECTIVE RIGHTS TO TRIAL BY JURY IN RESPECT OF ANY DISPUTES ARISING UNDER OR RELATED TO THIS AGREEMENT.

  

	COLORESCIENCE USA, Inc.	 	SOLÉSENCE, LLC
	 	 	 
	/s/ Ted Ebel	 	/s/ Jess Jankowski
	Name: Ted Ebel	 	Name: Jess Jankowski
	Title:   Chief Business Officer	 	Title:   President & Chief Executive Officer
	 	 	 
	/s/ Ted Ebel	 	/s/ Kevin Cureton
	Name: Ted Ebel	 	Name: Kevin Cureton
	Title:   Chief Business Officer	 	Title:   Vice President of Sales, 
	 	 	 Marketing & Business Development

  

COLORESCIENCE

 

     

    

    

 

Portions of this Exhibit have been redacted pursuant to a request
for confidential treatment under Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934. Omitted
information, marked “[*]” in this Exhibit, has been filed separately with the Securities and Exchange Commission together
with such request for confidential treatment.

 

EXHIBIT A 

Minimum Annual Purchase Requirements

 

	 	Bridge Solution – TiO2	Innovation Active Solution – TiO2	Innovation Active Solution - ZnO
	Price per kg	$[*]	$[*]	$[*]
	2017 Minimum Annual Purchases (kg)	[*] - combined	0
	2018 Minimum Annual Purchases (kg)	[*] - combined	[*]
	2019 Minimum Annual Purchases (kg)	[*] - combined	[*]
	2020 & beyond Minimum Annual Purchases (kg)	[*]% growth above the prior year volume, unless the prior year volume exceeded the minimums noted in which case [*]% minimum growth is sufficient 	[*]% growth above the prior year volume, unless the prior year volume exceeded the minimums noted in which case [*]% minimum growth is sufficient

 

	Finished Products
	 	Product A & B
	Price per Ounce	$[*]
	2018 Minimum Annual Purchases (units)	[*]
	2019 Minimum Annual Purchases (units)	[*]
	2020 Minimum Annual Purchases (units)	[*]
	2021& beyond Minimum Annual Purchases (units)	[*]% growth above the prior year volume, unless the prior year volume exceeded the minimums noted in which case [*]% minimum is sufficient

 

		●	Price per ounce forthe Finished Products is the anticipated price per ounce for a “Full Face Product” anticipated
to be developed by SOLÉSENCE assuming a per ounce size of [*] to [*] ounces. In the event that SOLÉSENCE develops
a “Body Product”, such price per ounce will be lower. Both parties will work to identify the appropriate unit price
regardless of format to enable Client to support a gross margin on such product of [*]% to [*]%, not including packaging cost.

 

COLORESCIENCE

 

     

     

    

 

Portions of this Exhibit have been redacted pursuant to a request
for confidential treatment under Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934. Omitted
information, marked “[*]” in this Exhibit, has been filed separately with the Securities and Exchange Commission together
with such request for confidential treatment.

 

EXHIBIT B

Product Specifications

 

[Blank]

 

COLORESCIENCE

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