Document:

AMENDED AND RESTATED

PATENT AND TECHNOLOGY LICENSE AGREEMENT

 

This Amended and Restated Patent and Technology
License Agreement (the “Agreement”) is made effective as of December 31, 2019 (the “Effective Date”) by
and between Cell Science Holding Ltd., a corporation organized under the laws of the Republic of Cyprus (“Licensor”),
and Bakhu Holdings, Corp., a Nevada corporation (“Licensee”) (collectively, the “Parties,” or individually,
a “Party”).

 

Preamble

 

A.                
Whereas, Licensor was erroneously referenced as Cell Science Ltd., in that certain Patent and Technology License Agreement
dated as of December 20, 2018 (the “Original License”) by and between Licensor and Licensee.

 

B.                 
Whereas, the Licensor and Licensee desire that the terms and provisions of the Original License, be amended and restated
pursuant to the terms of this Agreement to correct certain provisions in, and clarification of the rights granted to Licensee,
and that the Original License, be amended and restated in its entirety by the terms of this Agreement.

 

C.                 
Whereas, Licensor owns and controls the Patents and Patents Pending which encompass the products, methods and processes
described and claimed in the Patents and Patents Pending (as defined below), and has determined that development and commercialization
of the products, methods and processes described and claimed in the Patents and Patents Pending is in the best interests of Licensor
based on the terms and conditions set forth herein.

 

D.                
Whereas, Licensor desires to have the products, methods and processes described and claimed in the Patents and Patents Pending
developed and commercialized for the benefit of Licensor, the Inventor, the Licensee and the public.

 

E.                 
Whereas, Licensee desires to secure a license to utilize the products, methods and processes described and claimed in the
Patents and Patents Pending as set forth herein in exchange of the consideration as set forth below.

 

AGREEMENT

 

NOW, THEREFORE, with reference to the foregoing
Recitals and in consideration of the mutual covenants and premises herein contained, the Parties hereby agree as follows:

 

		1.	Definitions. When capitalized, the following terms will have the following meanings:

 

1.1              
“Affiliate” means any business entity more than 50% owned by Licensee, any business entity which owns
more than 50% of Licensee, or any business entity that is more than 50% owned by a business entity that owns more than 50% of Licensee.

 

1.2              
“Field” means the (a) production and manufacturing of cannabis sativa and cannabinoids (collectively,
“Cannabis”) and their byproducts for Sale and use at retail or wholesale where permitted, including, without limitation,
food additives, edibles, and hemp variations of the foregoing; (b) Cannabis-related research, teaching and education for both medical
and other purposes; and (c) all medical uses and applications of Cannabis.

 

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1.3              
“Governmental Authority” means any foreign, international, multinational, national, federal, state, provincial,
regional, local or municipal court or other governmental, administrative or regulatory authority, agency or body exercising executive,
legislative, judicial, regulatory or administrative functions.

 

1.4              
“Improvements” means any and all of the following to the extent made, licensed or acquired by Licensor
during the term of this Agreement: (a) an improvement upon or modification to the inventions and discoveries disclosed or claimed
in any of the Patents Rights, including any improved, redesigned or modified version of the Licensed Product or Licensed Service;
(b) an improvement upon or modification to any of the Technology Rights, including without limitation changes to any of or additions
to the production processes; or (c) the use, without substantial modification, of Licensed Product or Licensed Service to perform
a function not initially intended for it.

 

1.5              
“Inventor” means Dr. Peter Whitton.

 

1.6              
 “Licensed Process” means a method or process whose practice or use is covered by a Valid Claim and/or
incorporates or uses a claim in any of the Patent Rights or a method in any of the Technology Rights.

 

1.7              
“Licensed Product” means any product or component (a) the manufacture, use, sale, offer for sale or import
of which is covered by a Valid Claim, and/or incorporates or uses a claim in any of the Patent Rights or a method in any of the
Technology Rights, or (b) which is made using a Licensed Process.

 

1.8              
“Licensed Science” means and includes anything and everything encompassed by the Licensed Process, the
Licensed Product, and the Licensed Service collectively.

 

1.9              
 “Licensed Service” means performance of a service using a Licensed Product, or the practice of a Licensed
Process. For clarity, non-profit research and development of Licensed Products by Licensee, its Affiliates, or Sublicensees do
not constitute a Licensed Service.

 

1.10          
“Patent Rights” means the Licensor’s rights in and to:

 

(a)        the
following patents and patents pending:

 

	
         

        Application No.
	
         

        Title               
	Filing Date	
         

        Jurisdiction

	1717554.8	A Method of Production of Phytocannabinoids for use in Medical Treatments	10/25/2017	United Kingdom
	 	 	 	 
	16/290,708	A Method of Production of Phytocannabinoids for use in Medical Treatments	3/1/2019	United States
	 	 	 	 
	2018/077149	A Method of Production of Phytocannabinoids for use in Medical Treatments	10/5/2018	Patent Cooperation Treaty

 

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(b)       all non-provisional
patent applications that claim priority to any of the provisional applications listed above, provided that the claims of such non-provisional
applications are entitled to claim priority to such provisional applications;

 

(c)       all divisionals,
continuations and continuations-in-part of the non-provisional patent applications identified in 1.10(a) and (b) above, provided
that the claims of such continuations-in-part are entitled to claim priority to at least one of the patent applications identified
in 1.10(a) or (b) above;

 

(d)       all reissues,
reexaminations, extensions, and foreign counterparts of any of the patents or patent applications identified in 1.10(a), (b) or
(c) above; and

 

(e)       any patents
that issue with respect to any of the patent applications listed in 1.10 (a), (b), (c) or (d) above.

 

1.11          
“Person” means any individual, corporation, partnership, limited liability company, joint venture, association,
joint-stock company, trust, unincorporated organization or Governmental Authority.

 

1.12          
“Proceeding” means pending, stayed, or completed action, inquiry, proceeding, suit, hearing arbitration,
alternate dispute resolution mechanism, investigation, administrative hearing, whether brought by or in the right of any party
or otherwise and whether civil, criminal, administrative, or investigative, in which a Party was, is, or will be involved as a
party or otherwise.

 

1.13          
“Prosecution Counsel” means the law firms or attorneys who have been hired for the prosecution and maintenance
of the Patent Rights.

 

1.14          
“Regulatory Approval” means the approval by the Regulatory Authority needed for a particular national
jurisdiction to market, Sell and/or use the Licensed Science in a particular national jurisdiction.

 

1.15          
“Regulatory Authority” means the governmental authority responsible for granting any necessary licenses
or approvals for the marketing, Sale and/or use of the Licensed Science in a particular national jurisdiction.

 

1.16          
“Sell, Sale or Sold” means any transfer or other disposition of the Licensed Science for which consideration
is received by Licensee, its Affiliates or Sublicensees. A Sale of the Licensed Science will be deemed completed at the time Licensee
or its Affiliate or its Sublicensee receives such consideration.

 

1.17          
“Sublicense Agreement” means any agreement or arrangement pursuant to which Licensee (or an Affiliate
or Sublicensee) grants to any third party any of the license rights granted to the Licensee under this Agreement.

 

1.18          
“Sublicensee” means any person to whom an express sublicense has been granted under the Patent Rights
and/or Technology Rights to utilize and/or commercialize the Licensed Science. For clarity, a third party wholesaler or distributor
who has no significant responsibility for marketing and promotion of the Licensed Product or Licensed Service within its distribution
territory or field (i.e., the third party simply functions as a reseller), and who does not pay any consideration to Licensee or
an Affiliate for such wholesale or distributor rights, shall not be

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 deemed a Sublicensee. This definition does not limit Licensee’s
rights to grant or authorize sublicenses under this Agreement.

 

1.19          
“Technology Rights” means Licensor’s rights in technical information, know-how, processes, procedures,
compositions, devices, methods, formulas, protocols, techniques, designs, drawings or data created by Inventor within the Field
which are not covered by a Valid Claim but which are necessary for practicing inventions claimed in patents and/or patent pending
listed in the definition of Patent Rights. Without limitation, the Parties expressly agree that the definition of Technology Rights
is to include all trade secrets developed by the investors and other parties under their direction.

 

1.20          
“Territory” means any and all countries in the continent of North American, defined as the United States
of America, Canada, Mexico, all countries in the Caribbean Sea and all countries north of the Panama/Columbia boarder (including
the entire nation of Panama).

 

1.21          
 “Valid Claim” means (a) a claim of an issued and unexpired patent included within the Patent Rights
unless the claim has been held unenforceable or invalid by the final, un-reversed, and un-appealable decision of a court or other
governmental body of competent jurisdiction, has been irretrievably abandoned or disclaimed, or has otherwise been finally admitted
or finally determined by the relevant governmental authority to be invalid, un-patentable or unenforceable, whether through reissue,
reexamination, disclaimer or otherwise, or (b) a claim contemplated to be filed, or contained in a pending patent application,
within the Patent Rights to the extent the claim continues to be prosecuted in good faith. 

 

2.                  
License Grant.

 

		2.1	Grant.

 

(a)               
Subject to the terms and conditions of this Agreement, Licensor grants to Licensee, and Licensee accepts, a fully-paid,
exclusive, right and license, with the right to sublicense, in the Field the Licensed Science, to export, import, make, have made
and use, and sell the Licensed Science in and throughout the Territory, to the full end of the term or terms for which such Patents
have been or may be granted, and any reissue or reissues of such Patents. Notwithstanding the foregoing, the license granted under
this Agreement for Licensed Science that is not subject to an expiration term of a Patent Right shall continue on in perpetuity.

 

(b)               
This license is subject to the payment by Licensee of all consideration required under this Agreement and the rights retained
by Licensor to:

 

(i)                
Publish the scientific findings from research related to the Patent Rights;

 

(ii)              
Use the Licensed Science for patient care, teaching, research, education, and other educationally related purposes; and,

 

(iii)            
Use the Licensed Science in geographical locations and fields other than the Territory and the Field.

 

2.2              
Affiliates. Licensee may extend the rights and license granted herein to any Affiliate provided that the Affiliate
agrees in writing to be bound by this Agreement to the same extent as Licensee. For the sake of clarity, any specific reference
to “Licensee” in any provision of this 

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Agreement shall include such Affiliate regardless of whether a specific reference
to an “Affiliate” is made in such provision. Licensee shall deliver such Affiliate's written agreement to Licensor
within thirty (30) days following execution.

 

2.3              
Sublicensing. Licensee has the right to sublicense the Licensed Science, and enter into Sublicense Agreements consistent
with the terms of this Agreement on terms and conditions determined by Licensee in its sole and absolute discretion, subject to
the following:  

 

(a)               
A Sublicense Agreement shall not exceed the scope and rights granted to Licensee hereunder. Sublicensee must agree in writing
to be bound by the applicable terms and conditions of this Agreement and shall agree that Licensor is a third party beneficiary
of any Sublicense Agreement. In the event of termination of this Agreement, continued sublicense rights shall be governed by Section
8.5(b). Licensee may grant a Sublicensee the right to grant further sublicenses and enter into additional Sublicense Agreements
consistent with this Agreement, in which case each such sub-Sublicense Agreement shall be treated as a “Sublicense Agreement”
and each sub-Sublicensee shall be treated as a “Sublicensee” for purposes of this Agreement.

 

(b)               
Notwithstanding any such Sublicense Agreement, Licensee will remain primarily liable to Licensor for all of the Licensee’s
duties and obligations contained in this Agreement. Each Sublicense Agreement will contain a right of termination by Licensee in
the event that the Sublicensee breaches the payment or reporting obligations affecting Licensor and/or Licensee or any other terms
and conditions of the Sublicense Agreement that would constitute a breach of this Agreement if such acts were performed by Licensee.

 

2.4              
Diligent Commercialization. Licensee, itself or through Affiliates and/or Sublicensees, will use reasonably diligent
efforts to manufacture, have manufactured, use, offer for Sale, Sell and/or import the Licensed Science (as applicable) in the
Field within the Territory. The efforts of an Affiliate or Sublicensee will be considered the efforts of Licensee for purposes
of this Section 2.4.

 

2.5              
Improvements. Any Improvements developed during the term of this Agreement by or on behalf of a Party shall be owned
by the Party or Parties whose employees, contractors or designees would be deemed to be the inventor under U.S. patent laws. Any
Improvements relating to the Licensed Science made after the Effective Date relating to the Field by or on behalf of the Licensor
shall be deemed to be included in the Patent Rights and in the Licensed Science for all purposes under this Agreement. Without
in any way limiting the foregoing, the Licensee shall have the same license rights, as granted by Licensor in Section 2 of this
Agreement, to any such Improvements made by the Licensor, subject to the other terms and conditions of this Agreement. The Parties
expressly agree that the foregoing shall apply to any trade secrets developed during the term of this Agreement, any Improvements
resulting from any work performed by any inventor or their contractors in the U.S. on behalf of Licensee. Licensee agrees to not
make or attempt to make any Improvements until after completion of the testing specified in Section 4.2 and Exhibit 1 related
thereto. For Improvements developed by Licensee, Licensor can request rights to any Licensee-created and Licensee-owned Improvements,
but any use will require a separate, mutually agreed license agreement between the parties.

 

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3.                  
Representations and Warranties.

 

3.1              
Licensor Representations. The Licensor represents, warrants, acknowledges, covenants and agrees that:

 

(a)               
Licensor is a corporation duly organized, validly existing and in good standing under the laws of the Republic of Cyprus.

 

(b)               
Licensor has full corporate power and authority to execute and deliver, and enter into, this Agreement and to consummate
the transactions contemplated by this Agreement. This Agreement is a legal, valid and binding agreement of Licensor enforceable
against Licensor in accordance with its terms, subject to the laws of bankruptcy, insolvency and moratorium and other laws or equitable
principles generally affecting creditors’ rights. Licensor has obtained approval by its board of directors and shareholders,
as applicable, for the execution of this Agreement and the consummation of the transactions contemplated hereby. No other consent,
authorization, order or approval is required in connection with the execution and delivery by Licensor of this Agreement.

 

(c)               
The Licensor is the sole and exclusive owner of the entire legal and beneficial right, title, and interest in and to the
Patents Rights and the Licensed Science derived therefrom, free and clear of any liens of encumbrances, and is authorized and has
right to grant the rights, license and privileges granted to Licensee pursuant to this Agreement;

 

(d)               
The Licensor has not granted and will not grant to any other Person, any right, license, shop-right, or privilege (whether
or not currently exercisable) or interest in the Licensed Science, in the Territory.

 

(e)               
The execution, delivery, and performance by the Licensor of this Agreement will not violate, conflict with, result in any
breach of, or constitute a default under (i) the Licensor’s organizational and governing documents, or (ii) any law or (iii)
result in the imposition of any lien against or claim in or to the Patent Rights and Licensed Science.

 

(f)                
There is no Proceeding, at law or in equity, pending against the Licensor, or, to the Licensor’s knowledge, threatened
against or by the Licensor, relating to the Patent Rights and Licensed Science, nor is there any order of any Governmental Authority
or arbitrator pending against the Licensor, or, to the Licensor’s knowledge threatened against Licensor, the adverse outcome
of which would, individually or in the aggregate, prohibit, restrict or delay, in any material respect, the performance by the
Licensor or the Licensor’s obligations under this Agreement.

 

3.2              
Licensee Representations. The Licensee represents, warrants, acknowledges, covenants and agrees that:

 

(a)               
Licensee is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada.

 

(b)               
Licensee has full corporate power and authority to execute and deliver, and enter into, this Agreement and to consummate
the transactions contemplated by this Agreement. This Agreement is a legal, valid and binding agreement of Licensor enforceable
against Licensee in accordance with its terms, subject to the laws of bankruptcy, insolvency and moratorium and other laws or equitable
principles generally 

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affecting creditors’ rights. Licensee has obtained approval by its board of directors and shareholders,
as applicable, for the execution of this Agreement and the consummation of the transactions contemplated hereby. No other consent,
authorization, order or approval is required in connection with the execution and delivery by Licensee of this Agreement.

 

(c)               
The execution, delivery, and performance by the Licensee of this Agreement will not violate, conflict with, result in any
breach of, or constitute a default under (i) the Licensee’s organizational and governing documents, or (ii) any law.

 

(d)               
There is no Proceeding, at law or in equity, pending against the Licensee, or, to the Licensee’ knowledge, threatened
against the Licensee, nor is there any order of any Governmental Authority or arbitrator pending against the Licensor, or, to the
Licensor’s knowledge threatened against Licensor, the adverse outcome of which would, individually or in the aggregate, prohibit,
restrict or delay, in any material respect, the performance by the Licensee or the Licensee’s obligations under this Agreement.

 

(e)               
The Licensee has been given an opportunity to conduct sufficient due diligence with respect to all matters pertaining to
this Agreement and has adequate knowledge and expertise, or has utilized knowledgeable and expert consultants, to adequately conduct
the due diligence, and accepts all risks inherent under this Agreement

 

4.                  
Consideration. In consideration of rights and license granted to Licensee under this Agreement, Licensee will
pay the following consideration to Licensor:

 

4.1              
Common Stock Issuance. 210,000,000 shares of common stock, par value $.0001 per share (the “Common Stock”)
of the Licensor, which shares have been issued and represent 70% of the current authorized shares of Common Stock of the Licensee.
The Common Stock issued to Licensor is subject to forfeiture pending the completion of the lab testing to be performed pursuant
to Section 4.2 below. The results of the lab testing must meet or exceed previously made representations of the Inventor and Licensor
as to efficacy and costs, and otherwise be reasonably acceptable to Licensee relative to its business and profit goals with respect
to the Licensed Science. In the event the lab testing does not meet or exceed the prior representations and warranties of Licensor
as to efficacy, such forfeiture shall be proportional to the actual efficacy compared to the promised efficacy represented by Licensor.
For illustrative purposes only, should the lab testing show efficacy that is 50% of the promised efficacy, then Licensor will be
obligated to forfeit 50% of the shares of Common Stock provided for above.

 

4.2              
Lab Testing and Payment. In addition to the Common Stock set forth in Section 4.1 above, Licensee agrees to make
a one-time payment of $3,500,000 U.S. dollars upon successful completion of the lab testing of the Patent Rights and Technology
Rights. A successful completion of the specified lab testing is a condition precedent Licensee’s obligation to make such
payment. The specifications and requirements for successful lab testing is described and set forth on Exhibit 1 attached
hereto and incorporated herein and made a part hereof. Upon the delivery and acceptance of the test results satisfactory to Licensee,
and the provision of a certificate of Licensor as the accuracy and completeness of the test results provided, Licensee shall make
the payment required under this Section 4.2, via wire or check as instructed in writing by Licensor within ten (10) business days
of receipt by Licensee of the tests result showing successful completion and certification. Notwithstanding the foregoing, Licensee
payments under this Section 4.2 will be offset and reduced by the amount of all payments made by Licensee to Dr. Peter Whitten.

 

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5.                  
Reports and Plans. Licensee will provide updates regarding activities and plans through its reporting as a registered
company under the Securities and Exchange Act of 1934, as amended, and the applicable rules of the OTC Markets Pink Sheets or such
other market where the Licensor’s stock is listed and traded, when required.

 

6.                  
Payments. All cash amounts referred to in this Agreement are expressed in U.S. dollars without deductions for
taxes, assessments, fees, or charges of any kind. All payments to Licensor will be made in U.S. dollars by check or wire transfer,
at Licensor’s election (Licensee to pay all wire transfer fees). Cash amounts that are not paid by Licensee when due will
accrue a late charge from the due date until paid, at a rate equal to one percent (1.0%) per month (or the maximum allowed by law,
if less).

 

7.                  
Patent Expenses and Prosecution. Licensee will be responsible for the strategy and its execution for the prosecution
and maintenance of all Patent Rights in the Territory, whereas Licensor will be responsible for the payment or reimbursement of
all related expenses incurred in connection therewith, as set forth in more detail below. 

 

7.1              
Patent Expenses. Licensor will pay all the expenses for filing, prosecuting, defending and maintaining Patent Rights
in the Territory, and all such future expenses (“Patent Expenses”). Should Licensor incur such expenses in connection
with the Patent Rights but is unwilling or unable to pay the same, Licensee may pay such Patent Expenses directly and seek reimbursement
from Licensor for the same.

 

7.2              
Direction of Prosecution. Licensee will develop a strategy for the prosecution and maintenance of Patent Rights in
the Territory. Licensee will provide copies of all documents prepared by the Prosecution Counsel for submission to governmental
patent offices to Licensor for review and comment prior to filing, to the extent practicable under the circumstances, however,
(a) Licensee will maintain final authority in all decisions regarding the prosecution and maintenance of the Patent Rights in the
Territory, and (b) the Prosecution Counsel remains counsel to Licensee.

 

7.3              
Ownership. All patent applications and patents obtained by Licensee for the Patent Rights in the Territory will be
in the name of Licensee and owned by Licensee.

 

7.4              
Foreign Filings. In addition to the U.S., the Patent Rights shall, subject to applicable bar dates, be pursued in
such foreign (i.e., non-U.S.) countries in the Territory as Licensee so determines in its sole and absolute discretion. In addition,
with respect to pending patent application in the United Kingdom and the PCT Application, Licensor shall remain responsible for
the prosecution of such applications and all expenses incurred by Licensor for filing, prosecuting, defending and maintaining the
Patent Rights related to the same.

 

8.                  
Term and Termination.

 

8.1              
Term. Unless earlier terminated as provided herein, the term of this Agreement is from the Effective Date until the
expiration of all patents issued under Patent Rights (if any) and the cancellation, withdrawal, or express abandonment of all patent
applications under Patents Rights (if any). Notwithstanding the foregoing, the license granted to Licensee under this Agreement
for Licensed Science that is not subject to an expiration of a Patent Right shall continue in perpetuity.

 

8.2              
Termination by Licensee. Licensee, at its option, may terminate this Agreement, provided Licensee is not in default
on any of its obligations under this Agreement, by providing Licensor

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 written notice of intent to terminate, which such termination
will be effective 90 days following receipt of such notice.

 

8.3              
Termination by Licensor. Licensor may immediately terminate this Agreement, or Licensee's rights with respect to
any part of Licensed Science, or any part of Field, or any part of Territory, or the exclusive nature of the license grant, upon
delivery of written notice to Licensee of Licensor’s decision to terminate, if any of the following occur:

 

(a)               
Licensee is in breach of any payment provision of this Agreement, and does not cure such breach within 60 days after delivery
of written notice from Licensor; or,

 

(b)               
Licensee, or its Affiliate or Sublicensee, initiates any proceeding or action to challenge the validity, enforceability,
or scope of one or more of the Patent Rights, or assists a third party in pursuing such a proceeding or action, unless Licensee,
or its Affiliate or Sublicensee, is required to do so based on a court order or other governmental ruling.

 

8.4              
Other Conditions of Termination. This Agreement will terminate immediately without the necessity of any action being
taken by Licensor or Licensee: (a) if Licensee becomes bankrupt or insolvent; (b) Licensee ceases its business operations; (c)
Licensee makes an assignment for the benefit of creditors; or (d) if the business or assets of Licensee are otherwise placed in
the hands of a receiver, assignee or trustee, whether by voluntary act of Licensee or otherwise.

 

8.5              
Effect of Termination. If this Agreement is terminated for any reason:

 

(a)               
Licensee, any Affiliates and (subject to Section 8.5(b) any Sublicensee), shall cease making, having made, distributing,
having distributed, using, selling, offering to sell, leasing, loaning and importing any Licensed Products and performing any Licensed
Service by the effective date of termination;

 

(b)               
All rights and licenses of Sublicensees shall terminate upon termination of this Agreement; provided however, if the Sublicensee
is in good standing and agrees in writing to assume all of the obligations of Licensee applicable to Sublicensee and provides Licensor
with written notice thereof within 30 days after termination of this Agreement, then such Sublicense Agreement shall survive in
accordance with its terms;

 

(c)               
Nothing in this Agreement will be construed to release either Party from any obligation that matured prior to the effective
date of termination; and

 

(d)               
The provisions of Sections 3 (Representations), 9 (Confidentiality), 10 (Infringement and Litigation), 12 (Disclaimers),
13 (Limit of Liability), 14 (Indemnification), 17 (Use of Name), 18 (Notices), and 19 (General Provisions) shall survive any termination
or expiration of this Agreement. In addition, the provisions of Section 4 (Consideration), and Section 7.1 (Patent Expenses) shall
survive with respect to all activities and payment obligations accruing prior to the termination or expiration of this Agreement.

 

9.                  
Confidentiality.

 

9.1              
Definition. For the purpose of this Section 9, “Confidential Information” means all information
that is of a confidential and proprietary nature to Licensor or Licensee and provided 

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by one party (the “Disclosing Party”)
to the other party (the “Receiving Party”) under this Agreement.

 

9.2              
Protection and Marking. All Confidential Information disclosed by Disclosing Party in tangible form, and marked “confidential”
and forwarded to the Receiving Party, or if disclosed orally is designated as confidential at the time of disclosure:

 

(a)               
is to be held in strict confidence by the Receiving Party;

 

(b)               
is to be used by the Receiving Party only as authorized in this Agreement; and

 

(c)               
shall not be disclosed by the Receiving Party, its agents or employees without the prior written consent of the Disclosing
Party or as authorized in this Agreement. Licensee has the right to use and disclose Confidential Information of Licensor reasonably
in connection with the exercise of its rights under this Agreement, including without limitation disclosing to Affiliates, Sublicensees,
potential investors, acquirers, professional advisors and others on a need to know basis, if such Confidential Information is provided
under conditions which reasonably protect the confidentiality thereof. The Receiving Party’s obligation of confidence hereunder
includes, without limitation, using at least the same degree of care with the Disclosing Party’s Confidential Information
as Receiving Party uses to protect its own Confidential Information, but always at least a reasonable degree of care.

 

9.3              
Confidentiality of Terms of Agreement. Neither Party shall disclose to any third party the terms of this Agreement
without the prior written consent of the other Party hereto, except each Party may disclose the terms of this Agreement:

 

(a)               
to professional advisors, actual or potential Sublicensees, acquirers or investors, and others on a need to know basis,
in each case, under appropriate confidentiality obligations substantially similar to those of this Section 9; and

 

(b)               
to the extent necessary to comply with applicable laws and court orders. Notwithstanding the foregoing, the existence of
this Agreement shall not be considered Confidential Information.

 

9.4              
Disclosure Required by Court Order or Law. If the Receiving Party is required to disclose Disclosing Party's Confidential
Information, or any terms of this Agreement, pursuant to the order or requirement of a court, administrative agency or other governmental
body or applicable law, the Receiving Party may disclose such Confidential Information or terms to the extent required, provided
that the Receiving Party shall use reasonable efforts to provide the Disclosing Party with reasonable advance notice thereof to
enable the Disclosing Party to seek a protective order and otherwise seek to prevent such disclosure. To the extent that Confidential
Information so disclosed does not become part of the public domain by virtue of such disclosure, it shall remain Confidential Information
protected pursuant to this Section 9.

 

9.5              
Copies. The Receiving Party shall not copy or record any of the Confidential Information of the Disclosing Party,
except as reasonably necessary to exercise its rights or perform its obligations under this Agreement, and for archival and legal
purposes.

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9.6              
Continuing Obligations. Subject to the exclusions listed in Section 9.7, the Parties’ confidentiality obligations
under this Agreement will survive termination of this Agreement and will continue for a period of five (5) years thereafter.

 

9.7              
Exclusions. Information shall not be considered Confidential Information of a Disclosing Party under this Agreement
to the extent that the Receiving Party can establish by competent written proof that such information:

 

(a)       Was in the
public domain at the time of disclosure;

 

(b)       Later became
part of the public domain through no act or omission of the Receiving Party, its employees, agents, successors or assigns in breach
of this Agreement;

 

(c)       Was lawfully
disclosed to the Receiving Party by a third party having the right to disclose such information not under an obligation of confidentiality;

 

(d)       Was already
known by the Receiving Party at the time of disclosure; or

 

(e)       Was independently
developed by the Receiving Party without use of the Disclosing Party’s Confidential Information.

 

9.8              
Copyright Notice. The placement of a copyright notice on any Confidential Information will not be construed to mean
that such information has been published and will not release the other Party from its obligation of confidentiality hereunder.

 

9.9              
No Limitation on Licensor’s or Licensor’s Publication Rights. Nothing in this Section 9 shall be construed
to limit Licensor’s reserved right to publish the scientific findings from research related to Licensed Science, as set forth
in Section 2.1(b)(i) and 2.1(b)(ii).

 

10.              
Infringement and Litigation.

 

10.1          
Notification. If Licensor or Licensee becomes aware of any infringement or potential infringement of Patent Rights
in the Field, each Party shall promptly notify the other of such in writing.

 

10.2          
Licensee’s Enforcement Rights. Licensee shall enforce the Patent Rights against any infringement by a third
party in the Field. Licensee shall provide Licensor with written notice of its intent to file an infringement lawsuit at least
twenty (20) days before filing. Licensor shall be responsible for payment of all fees and expenses associated with such enforcement
incurred by Licensor in providing cooperation or joining as a party as provided in Section 10.4. Any monetary recovery for actual
damages or punitive or enhanced damages in excess of Licensor’s documented, third-party expenses in enforcing the Patent
Rights, shall be shared in equal parts by Licensee and Licensor

 

10.3          
Licensor’s Enforcement Rights. If Licensee does not file suit within six (6) months after a written request
by Licensor to initiate an infringement action against an infringer in the Field, then Licensor shall have the right, in their
sole discretion, to bring suit to enforce any Patent Right licensed hereunder against the infringing activities, with Licensor
retaining all recoveries from such enforcement. If Licensor pursues such infringement action, Licensor may, as part of 

    	 	11	 

    

    

the resolution
thereof, grant non-exclusive license rights to the alleged infringer notwithstanding Licensee’s exclusive license rights.

 

10.4          
Cooperation between the Parties. In any infringement suit or dispute, the Parties shall cooperate fully with each
other. At the request of the Party bringing suit, the other Party will permit reasonable access, after reasonable advance notice
and subject to any confidentiality obligations (including but not limited to restrictions on access to patient information), to
all relevant personnel, records, papers, information, samples, specimens, etc., during regular business hours. If it is necessary
to name Licensor as a party in such action, then Licensee must first obtain Licensor's prior written permission, which permission
shall not be unreasonably withheld, provided that Licensor shall have reasonable prior input on choice of counsel on any matter
where such counsel represents Licensor. With regard to payment of expenses, Licensor will make full payment to Licensee within
thirty (30) days after receipt of documented, third-party expenses from Licensor.

 

11.              
Export Compliance.

 

11.1          
Licensee understands that the Arms Export Control Act (AECA), including its implementing International Traffic in Arms Regulations
(ITAR), and the Export Administration Act (EAA), including its Export Administration Regulations (EAR), are some (but not all)
of the laws and regulations that comprise the U.S. export laws and regulations. Licensee further understands that the U.S. export
laws and regulations include (but are not limited to):

 

(a)               
ITAR and EAR product/service/data-specific requirements;

(b)               
ITAR and EAR ultimate destination-specific requirements;

(c)               
ITAR and EAR end user-specific requirements;

(d)               
Foreign Corrupt Practices Act; and

(e)               
anti-boycott laws and regulations.

 

11.2          
Licensee will comply with all then-current applicable export laws and regulations of the U.S. Government (and other applicable
U.S. laws and regulations) pertaining to the Licensed Products and Licensed Service (including any associated products, items,
articles, computer software, media, services, technical data, and other information). Licensee certifies that it will not, directly
or indirectly, export (including any deemed export), or re-export (including any deemed re-export) the Licensed Products and Licensed
Service (including any associated products, items, articles, computer software, media, services, technical data, and other information)
in violation of applicable U.S. laws and regulations.

 

11.3          
Licensee will include a provision in its agreements, substantially similar to this Section 11, with its Sublicensees, third
party wholesalers and distributors, third party manufacturers, and physicians, hospitals or other healthcare providers who purchase
a Licensed Product, requiring that these parties comply with all then-current applicable U.S. export laws and regulations and other
applicable U.S. laws and regulations.

 

11.4          
Licensee will also comply with all then-current laws and regulations of non-U.S. countries in the Territory with respect
to any export or import of Licensed Products and Licensed Service.

 

11.5          
Licensee will not export Licensed Products outside of the Territory.

 

    	 	12	 

    

    

12.              
Disclaimers. Licensee acknowledges and agrees that Licensor makes no representations or warranties of any kind,
express or implied, including, without limitation, as to the Licensed Products or Licensed Service, or as to the operability or
fitness for any use or particular purpose, merchantability, safety, approvability by regulatory authorities, patentability, and/or
breadth of Patent Rights. Licensor makes no representation as to whether any patent within the Patent Rights is valid, or as to
whether there are any existing patents now held, or which will be held, by others that might be required for use of Patent Rights
in the Field. Licensor makes no representation that the inventions contained in Patent Rights do not infringe any other patents
now held or that will be held by others. Nothing in this Agreement will be construed as conferring, by implication, estoppel or
otherwise, any license or rights to any patents or technology of Licensor other than the rights and license granted to Licensee
under this Agreement.

 

13.              
Limit of Liability.

 

13.1          
In no event shall Licensor or its respective inventor, directors, officers, employees, agents or affiliated enterprises,
be liable for any indirect, special, consequential, incidental, exemplary, or punitive damages (including, without limitation,
damages for loss of profits or revenue) arising out of or in connection with this Agreement or its subject matter, regardless of
whether the foregoing or any party hereto knows or should know of the possibility of such damages.

 

13.2          
Other than for claims against Licensee for indemnification (Section 14) or for misuse or misappropriation or infringement
of Licensor's intellectual property rights, Licensee or its respective inventor, directors, officers, employees, agents or affiliated
enterprises will not be liable to Licensor for any indirect, special, consequential or punitive damages (including, without limitation,
damages for loss of profits or revenue) arising out of or in connection with this agreement or its subject matter, regardless of
whether Licensee knows or should have known of the possibility of such damages.

 

14.              
Indemnification.

 

14.1          
Indemnification Obligation. Subject to Section 14.2, Licensee shall hold harmless, defend and indemnify Licensor
and its respective directors, officers, employees, and agents (each an “Indemnified Party”) from and against any liabilities,
damages, causes of action, suits, judgments, liens, penalties, fines, losses, costs and expenses (including, without limitation,
reasonable attorneys’ fees and other expenses of litigation) (collectively the “Liabilities”) resulting from
claims or demands brought by third parties against an Indemnified Party on account of any injury or death of persons, or any other
damage or loss arising out of or in connection with this Agreement, or the exercise or practice by or under authority of Licensee,
its affiliates or their Sublicensees, or third party wholesalers or distributors, or third parties who purchase a Licensed Product
or Licensed Service, of the rights granted to Licensee by Licensor under this Agreement.

 

14.2          
Conditions of Indemnification. Licensee shall have no responsibility or obligation under Section 14.1 for any Liabilities
to the extent caused by the gross negligence or willful misconduct of Licensor. Obligations to indemnify and hold harmless under
Section 14.1 are subject to: (a) the Indemnified Party giving Licensee control of the defense and settlement of the claim and demand;
and (b) the Indemnified Party providing the assistance reasonably requested by Licensee, at Licensee’s expense.

 

15.              
Assignment. This Agreement may be assigned by Licensee, in whole or in part, in its sole and absolute discretion,
with written notice to Licensor of each occurrence of the same naming the party(ies) and the extent to which Licensee remains liable
for the obligations of Licensee under this Agreement.

 

    	 	13	 

    

    

 

16.              
Marking and Compliance.

 

16.1          
Patent Markings. Licensee shall assure that all Licensed Products Sold by Licensee, Affiliates, or Sublicensees will
be legibly marked with the number of any applicable patent(s) licensed hereunder as part of the Patent Rights in accordance with
each country’s patent marking laws, including Title 35, U.S. Code, or if such marking is not practicable, that the accompanying
outer box or product insert for Licensed Products is marked accordingly.

 

16.2          
Governmental Approvals and Marketing of Licensed Products and or Licensed Service. Licensee will be responsible for
obtaining all necessary governmental approvals for the development, production, distribution, Sale, and use of any Licensed Product
or performance of any Licensed Service, at Licensee’s expense, including, without limitation, any safety studies. Licensee
will have sole responsibility for any warning labels, packaging and instructions as to the use and the quality control for any
Licensed Product or Licensed Service.

 

16.3          
Foreign Registration and Laws. Licensee shall register this Agreement with any foreign governmental agency that requires
such registration and Licensee will pay all costs and legal fees in connection with such registration. Licensee is responsible
for compliance with all foreign laws affecting this Agreement or the Sale of Licensed Products and Licensed Service to the extent
there is no conflict with United States law, in which case United States law will control.

 

17.              
Use of Name. Licensee will not use the name, trademarks or other marks of Licensor, or any of its respective
employees, without the advance written consent of Licensor. Licensor may use Licensee’s name and logo for annual reports,
brochures, website and internal reports without prior consent.

 

18.              
Notices. Any notice of the Parties required or permitted to be given or made under this Agreement will be in
writing and will be deemed effective when sent in a manner that provides confirmation or acknowledgement of delivery and received
at the mailing address set forth below (unless changed by written notice pursuant to this Section 18.

 

	 Notices to Licensee:	 Notices to Licensor:
	
        Bahku Holdings, Corp.

        Attn: Thomas Emmitt, CEO

        One World Trade Center

        Suite 130

        Long Beach, CA 908318
	
        Cell Science Holding, Ltd.

        Attn: Demetri Michalakis

        Panteli Katelari 18A

        Agios Ioannis

        Limassol, G4 3012 Cyprus

 

Each Party shall update the other Party in writing with any changes
in its contact information.

 

19.              
General Provisions.

 

19.1          
Binding Effect. This Agreement is binding upon and inures to the benefit of the Parties hereto, their respective
executors, administrators, heirs, permitted assigns, and permitted successors in interest.

 

19.2          
Construction of Agreement. Headings are included for convenience only and will not be used to construe this Agreement.
The Parties acknowledge and agree that both Parties substantially participated in negotiating the provisions of this Agreement;
therefore, both Parties agree that any ambiguity in this Agreement shall not be construed more favorably toward one Party than
the other Party, regardless of which Party primarily drafted this Agreement.

 

    	 	14	 

    

    

 

19.3          
Counterparts and Signatures. This Agreement may be executed in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature
page to this Agreement by facsimile, portable document format (.pdf), DocuSign or other electronic transmission shall be equally
as effective as delivery of a manually executed counterpart of this Agreement.

 

19.4          
Governing Law; Jurisdiction and Venue. This Agreement will be construed and enforced in accordance with laws of the
U.S. and the State of California, without regard to any choice of law and/or conflicts of law principles which would otherwise
refer to and apply the laws of another jurisdiction. Any legal suit, action, proceeding, or dispute arising out of or related to
this Agreement or the other agreements referred to herein, shall be instituted in the federal courts of the United States of America
or the Superior Courts of the State of California, in each case located in the County of Los Angeles, and each party irrevocably
submits to the exclusive jurisdiction of such courts in any such suit, action, proceeding, or dispute.

 

19.5          
Waiver of Jury Trial. To the fullest extent permitted by applicable law, the Parties hereto hereby voluntarily and
irrevocably waives trial by jury in any Proceeding brought in connection with this Agreement, any of the related agreements and
documents, or any of the transactions contemplated hereby or thereby.

 

19.6          
Modification. Any modification of this Agreement will be effective only if it is in writing and signed by duly authorized
representatives of both Parties. No modification will be made by e-mail communications.

 

19.7          
Severability. If any provision hereof is held to be invalid, illegal or unenforceable in any jurisdiction, the Parties
hereto shall negotiate in good faith a valid, legal and enforceable substitute provision that most nearly reflects the original
intent of the Parties, and all other provisions hereof shall remain in full force and effect in such jurisdiction and shall be
construed in order to carry out the intentions of the Parties hereto as nearly as may be possible. Such invalidity, illegality
or unenforceability shall not affect the validity, legality or enforceability of such other provisions in any other jurisdiction,
so long as the essential essence of this Agreement remains enforceable

 

19.8          
Third Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to confer any benefits, rights
or remedies on any person, other than the Parties and their permitted successors and assigns.

 

19.9          
Waiver. Neither Party will be deemed to have waived any of its rights under this Agreement unless the waiver is in
writing and signed by such Party. No delay or omission of a Party in exercising or enforcing a right or remedy under this Agreement
shall operate as a waiver thereof.

 

19.10       Entire
Agreement. This Agreement constitutes the entire agreement between the Parties regarding the subject matter hereof, and supersedes
all prior written or verbal agreements, representations and understandings relative to such matters.

 

    	 	15	 

    

    

 

19.11       Force
Majeure.

 

(a)       “Event
of Force Majeure” means an event beyond the control of the Parties, which prevents a Party from complying with any of its
obligations under this Agreement, including but not limited to: (i) act of God (such as, but not limited to, fires, explosions,
earthquakes, drought, tidal waves and floods); (ii) war, hostilities (whether war be declared or not), invasion, act of foreign
enemies, mobilization, requisition, or embargo; (iii) rebellion, revolution, insurrection, or military or usurped power, or civil
war; (iv) contamination by radio-activity from any nuclear fuel, or from any nuclear waste from the combustion of nuclear fuel,
radio-active toxic explosive, or other hazardous properties of any explosive nuclear assembly or nuclear component of such assembly;
(v) riot, commotion, strikes, go slows, lock outs or disorder; or (vi) acts or threats of terrorism.

 

(b)       Neither Party
shall be considered in breach of this Agreement to the extent that performance of their respective obligations (excluding payment
obligations) is prevented by an Event of Force Majeure that arises after the Effective Date.

 

20.              
No Other Promises and Agreements; Representation by Counsel. Licensee represents and acknowledges that except
as explicitly set forth in this Agreement, Exhibit 1 hereto, or respective patent applications and due diligence materials
provided by Licensor to Licensee, Licensee is not relying upon any statement or representation of Licensor or its representatives.
Licensee is relying on Licensee’s own judgment and has had the opportunity to be represented by legal counsel. Licensee hereby
warrants and represents that Licensee understands and agrees to all terms and conditions set forth in this Agreement.

 

IN WITNESS WHEREOF,
the Parties hereto have caused their duly authorized representatives to execute this Agreement as of the Effective Date first above
written.

 

LICENSOR:

 

Cell Science Holding Ltd.

 

 

	By: /s/ Demetri Michalakis 	 
	______________________________	Date: December 31, 2019
	Name: Demetri Michalakis	 
	Title: Director	 

 

 

LICENSEE:

 

Bakhu Holdings, Corp.

 

 

	By: /s/ Thomas K. Emmitt 	 
	______________________________	Date: December 31, 2019
	Name: Thomas K. Emmitt	 
	Title: CEO	 

 

    	 	16	 

    	 

    

EXHIBIT 1

 

LAB TESTING REQUIREMENTS FOR SECTION 4.2

 

Planned demonstration of application of proprietary science and
processes at commercial scale within standards of agreed efficacy.

 

The Parties (as defined therein) to that certain Amended and Restated
Patent and Technology License Agreement (the “Agreement”) all agree that a commercial scaled demonstration of the Licensed
Science, as defined in the Agreement, is necessary to satisfy the claims of the inventor, and to set the economic value of the
transaction which contemplates a cash and equity payment to the inventor.

 

To this specific end, the Parties agree that the “lab testing”
referred to in Section 4.2 of the Agreement shall have the following attributes, and target delivering the results set forth hereinbelow,
and the delivery of such results shall demonstrate, for purposes of this Exhibit and the terms of the Agreement, acceptable “efficacy”
of the proprietary science underlying the Licensed Science for commercial and licensing purposes. (hereinafter “Efficacy
Demonstration”).

 

The “Science Team” as referenced in this Exhibit
consists of professional scientists from Mentone Ltd., a corporation organized under the laws of the United Kingdom, which is owned
by Dr. Peter Whitton, Geoffrey Dixon and Karl Watkin.

 

Overall objective: The end product, in quantity, and quality
shall meet the representative claims, oral and written, summarized below:

 

	 	A.	Representative Claims and Proposed Actions and Duties of the Inventor: 

 

	 	1.	General Claim: The Licensed Science and processes may be utilized to dissect a cell of a cannabis donor plant that has a measurable THCG and CBDG percentage level, and thereafter grow duplicate cells in a laboratory commercial application over a combined period of 18 to 24 weeks, so that each grow process, utilizing a 5,000 liter bioreactor will produce, after filtering, and drying, 90 KG or 187 pounds of powdered cells with the same percentage of THCG and CBDG as the donor cell.

 

	 	2.	Specific Claim: The Licensed Science may be utilized to dissect a donor cell from a cannabis plant, with a lab tested and verified beginning THCG and CBDG levels, re-produce that cell to a flask level within six to eight weeks, and thereafter reproduce that cell culture from flask to a 50 liter seed culture to be added to a 5000 liter bioreactor (or in alternative, five 1000 liter disposable bioreactor containers) with the 50 liter of cells containing the identical levels of THCG and CBDG as the original donor cell.

 

	 	3.	
        Specific Claim: The Licensed Science processes may be utilized
        to add a 50 liter seed culture to a 5,000 liter medium culture, and in approximately six to eight weeks of cell growth process,
        harvest through a process of filtering, approximately 500 liters of production cells, which are then laboratory dried to approximately
        90KG (187 lbs.) of powdered cells, and these end product dried cells shall contain the same THCG and CBDG percentages as the donor
        cell, and the cells in the 50 liter seed culture originally added to the bioreactor(s) at the beginning of the growth cycle. (Section
        2 and 3 combined as the “Efficacy Demonstration”).

         

         

 

    	 	Exhibit 1 - Page 1	 

     

    

	 	4.	Specific Claim: The Science Team, and their retained professionals can design a commercial production laboratory, which shall be sized initially at two (2) bioreactors of 5,000 liters each (potentially comprised of five (5) 1,000 liter disposable bioreactor bladders), and all necessary supporting equipment for the laboratory, and the production facility (as needed for mixing, seed culturing, sterilization, drying, and packing) and thereafter oversee the construction and testing of such a facility, and coincidently, prepare all necessary handbooks and supporting process documentation, that will result in a documented demonstration of the commercialization of the science process more fully described in Section 1 above.

 

	 	5.	Specific Claim: The Science Team, and their retained professionals and contractors will oversee the construction and equipping of the proposed laboratory, and production facility in a site selected and provided by Licensee, including the selection of all equipment and supporting material necessary to complete the laboratory and production facility to the written standards of the Science Team. 

 

	 	6.	Specific Duties: The equipment, necessary contractors, labor, permits, insurance, and improvements to procure and prepare the lab and production facility will be paid for and owned by Licensee. Additionally, all supplies, utilities, security, and any fees or expenses common to operation of a lab and a production facility shall be paid by Licensee during the Efficacy Demonstration.

 

	 	7.	Specific Duty: The Science Team and their retained professionals will administer any testing, adjusting, and operational exercise required to ready the laboratory and production facility for this specific “efficacy demonstration.” 

 

	 	8.	Specific Duty: The Science Team will select the plant(s) to be utilized as the donor plants for the Efficacy Demonstration from a resource provided by Licensee. 

 

	 	9.	Specific Duty: The Science Team will dissect and test the “donor” cell for the level of THCG and CBDG. 

 

	 	10.	Specific Duty: The Science Team will distribute selected cells to a third-party lab to affirm the percentage of THCG and CBDG in the donor cells at the initiation of the culture growing process, with the lab test cost paid by Licensee.

 

	 	11.	Specific Duty: The Science Team will dissect and grow the flask of cells, which will then be utilized to grow the 50 liters of cells for Bioreactor One Production cycle, and when this process is complete, begin the cell production cycle for Bioreactor One.

 

    	 	Exhibit 1 - Page 2	 

     

    

	 	12.	Specific Duty: The Science Team will dissect and grow the flask of cells, which will be utilized to grow the 50 liters of cells for Bioreactor Two Production cycle, and when this process is complete, begin the cell production cycle for Bioreactor Two. It is assumed that the Science Team may make adjustments to the processes utilized for the second demonstration utilizing Bioreactor Two.

 

	 	13.	Specific Duty: At the end of the production cycle, the Science Team will harvest the production cells from each bioreactor, filter the harvested cells, dry the harvested cells, and test the end product cells for to ascertain if the desired result as set forth in Section One has been achieved.
	
         

         
	14.	Specific Duty: The Science Team shall make available to a third-party test lab of Licensee’s choosing sufficient quantities of the produced harvested and dried cells from Bioreactor One process and Bioreactor Two process to allow that third party testing lab to verify the stated claims and representations of the Science Team lab tested results.

 

	 	15.	Specific Agreement: Only the third-party lab tested results shall be utilized to ascertain if the claims of the Science Team are verified.

 

	 	16.	Specific Agreement: The third-party lab tested results from the second bioreactor test of the Licensed Science process shall be utilized to determine efficacy of the Licensed Science process unless the results from Bioreactor One test prove superior to Bioreactor Two test. 

 

	 	17.	
        Specific Detail on the Acceptable “Standard Result”:
        The efficacy demonstration of the Licensed Science and process as set forth generally in Section 1 above, which results in: (a)
        the cells produced, harvested and dried during the full cycle of the Science process contain at least 90% of the levels
        of THCG and CGDG as the donor cell, with this result affirmed by a third party testing lab, and (b) this result is achieved at
        a projected utility and supplies cost of $.10 per graham, shall be considered an Acceptable Standard Result. 

         

        This result, for purposes of this Agreement, is the “Standard
        Result” claimed by the inventor and acceptable to the Parties.

 

	 	18.	Specific Agreement: Any result with a variance (a) in either a reduced percentage of THCG, and/or CBDG, or both, or (b) a measurable increase in cost, with the aforementioned Standard Result will trigger a pro-rata reduction in the consideration to be paid as set forth in Section 4.1 of the Agreement, and in the number of shares of Licensee to be issued to the Licensor, as set forth in Section 4.1 of the Agreement with the exact percentage to be issued set forth in that table below.

 

	 	19.	Specific Notice: Results at significant variation with the “Standard Result” devalue the science for licensing and production purposes, and depending on the variation, render the science commercially valueless. 

 

	 	20.	Specific Agreement: The Parties agree to the table below as the guideline for affirmation of, and or reduction of price paid in cash and equity to Cell Science under this Agreement. 

 

    	 	Exhibit 1 - Page 3	 

     

    

	 	21.	Issuance of shares to Licensor. The proposed issuance of Common Shares (as defined in the Agreement) as well as the prospect of a “ratchet” reduction in Licensee Common Shares is agreed by the Parties as follows. 

 

In the event the Efficacy Demonstration meets
the percentage set forth below, Licensee will issue and deliver shares to Licensor as noted per the terms of this Agreement.

 

	% target achieved	100	90	80	70	60	50
	% shares issued	100	100	90	70	60	50

 

For any result of less than 50% efficacy, no
shares of Licensee shall be issued at the end of the first Efficacy Demonstration test period.

 

Extension of the Efficacy Demonstration Period: In the event
that anything less than a 90% Efficacy Demonstration is achieved during the test, it is agreed by the Parties that Science Team
may extend the efficacy test period, adding an additional test cycle with one or both bioreactors, and make adjustments to their
proprietary process to attempt to achieve the claimed results and achieve a 90% Efficacy Demonstration.

 

For that period that this expanded test is in process, any of the
unissued shares for achieving less than a 90% Efficacy Demonstration, shall be reserved and held by Licensee for potential issuance
if the expanded tests improve the efficacy results. This is agreed so that the Science Team may attempt to improve the results
by potentially working the remaining “bugs” in the system so improvements in yield may occur.

 

From the Science Team. “This (extension whilst unissued shares
remain reserved but unissued) is because as this is a new process and cannot be expected to work perfectly as soon as it is turned
on but will inevitably have a few teething problems to overcome until we get full efficiency.”

 

LICENSOR:

 

Cell Science Holding Ltd.

 

 

By: /s/ Demetri Michalakis

______________________________Date: December 31, 2019

Name: Demetri Michalakis

Title: Director

 

 

LICENSEE:

 

Bakhu Holdings, Corp.

 

 

By: /s/ Thomas K. Emmitt

______________________________Date: December 31, 2019

Name: Thomas K. Emmitt

Title: CEO

    	 	Exhibit 1 - Page 4Exhibit 10.1

 

Amended
and Restated EMPLOYMENT AGREEMENT

 

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT
(“Agreement”) is made and entered into as of the [ ] day of December, 2019 (the “Effective Date”) by and
between EagleBank, a Maryland chartered commercial bank (the “Bank”), and Susan G. Riel (“Executive”).

 

RECITALS:

 

WHEREAS, Executive is currently employed
by the Bank as its President and Chief Executive Officer; and

 

WHEREAS, the Bank desires to continue Executive’s
employment with the Bank as its President and Chief Executive Officer, and Executive agrees to accept such continued employment,
in accordance with the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE, in consideration of the
premises and the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

 

1.                 
Employment. The Bank agrees to continue to employ Executive, and Executive agrees to continue to be employed as,
President and Chief Executive Officer of the Bank and Bancorp, subject to the terms and provisions of this Agreement.

 

2.                 
Certain Definitions. As used in this Agreement, the following terms have the meanings set forth below:

 

2.1.           
“Affiliate” means, with respect to any Person, (i) any Person directly or indirectly controlling, controlled
by or under common control with such Person, (ii) any Person owning or controlling fifty percent (50%) or more of the outstanding
voting interests of such Person, (iii) any officer, director, general partner, managing member, or trustee of, or Person serving
in a similar capacity with respect to, such Person, or (iv) any Person who is an officer, director, general partner, member, trustee,
or holder of fifty percent (50%) or more of the voting interests of any Person described in clauses (i), (ii), or (iii) of this
sentence. For purposes of this definition, the terms “controlling,” “controlled by,” or “under common
control with” shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management
and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

2.2.           
“Bancorp” means Eagle Bancorp, Inc., a Maryland corporation, publicly traded as a bank holding company.

 

2.3.           
“Bank” is defined in the Recitals. If the Bank is merged into any other Entity, or transfers substantially all
of its business operations or assets to another Entity, the term “Bank” shall be deemed to include such successor Entity
for purposes of applying Article 8 of this Agreement.

 

     

     

    

 

2.4.           
“Bank Entities” means and includes any of the Bank, Bancorp and their Affiliates.

 

2.5.           
“Bank Regulatory Agency” means any governmental authority, regulatory agency, ministry, department, statutory
corporation, central bank or other body of the United States or of any other country or of any state or other political subdivision
of any of them having jurisdiction over the Bank or any transaction contemplated, undertaken or proposed to be undertaken by the
Bank, including, but not necessarily limited to:

 

(a)              
the Federal Deposit Insurance Corporation or any other federal or state depository insurance organization or fund;

 

(b)              
the Federal Reserve System, the Maryland Division of Financial Institutions, or any other federal or state bank regulatory
or commissioner’s office;

 

(c)              
any Person established, organized, owned (in whole or in part) or controlled by any of the foregoing; and

 

(d)              
any predecessor, successor or assignee of any of the foregoing.

 

2.6.           
“Board” means the Board of Directors of the Bank.

 

2.7.           
“Code” means the Internal Revenue Code of 1986, as amended.

 

2.8.           
“Competitive Business” means the banking and financial services business, which includes, without limitation,
consumer savings, commercial banking, the insurance and trust business, the savings and loan business and mortgage lending, or
any other business in which any of the Bank Entities is engaged or has invested significant resources within the prior six (6)
month period in preparation for becoming actively engaged; provided that after the Termination Date, such period shall be deemed
to end on the Termination Date.

 

2.9.           
“Competitive Products or Services” means, as of any time during the Term, those products or services of the
type that any of the Bank Entities is providing, or is actively preparing to provide, to its customers.

 

2.10.       
“Disability” means a mental or physical condition which, in the good faith opinion of the Board, renders Executive,
with or without reasonable accommodation, unable or incompetent to carry out the essential functions of the position or the material
job responsibilities which Executive held or the material duties to which Executive was assigned at the time the disability was
incurred, which has existed for at least three (3) months and which in the opinion of a physician mutually agreed upon by the Bank
and Executive (provided that neither party shall unreasonably withhold such agreement) is expected to be permanent or to
last for an indefinite duration or a duration in excess of nine (9) months.

 

2.11.       
“Entity” means any partnership, corporation, limited liability company, trust, joint venture, unincorporated
association, or other entity or association.

 

    -2-

     

    

 

2.12.       
“Person” means any individual or Entity.

 

2.13.       
“Retirement” means normal retirement from employment with the Bank or any parent or subsidiary of the Bank,
after five (5) or more years of Continuous Service, and upon or after achieving the age of 65. For purposes hereof, “Continuous
Service” means the absence of any interruption or termination of service as an employee of the Bank or an Affiliate. Continuous
Service shall not be considered interrupted in the case of sick leave, military leave or any other leave of absence approved by
the Bank or in the case of transfers between payroll locations of the Bank or between the Bank, an Affiliate or a successor.

 

2.14.       
“Section 409A” means Section 409A of the Code and the regulations and administrative guidance promulgated thereunder.

 

2.15.       
“Term” means the period commencing on the Effective Date and ending on the Termination Date.

 

2.16.       
“Termination Date” means the date upon which Executive ceases to provide services to the Bank and Bancorp hereunder.

 

Other terms are defined throughout this Agreement and have the
meanings so given them.

 

3.                 
Position.

 

3.1.           
Position. The Bank shall employ Executive to serve as President and Chief Executive Officer of the Bank and Bancorp
during the Term.

 

3.2.           
No Restrictions. Executive represents and warrants to the Bank that Executive is not subject to any legal obligations
or restrictions that would prevent or limit Executive’s entering into this Agreement and performing Executive’s responsibilities
hereunder.

 

4.                 
Duties of Executive.

 

4.1.           
Nature and Substance. Executive shall provide such services and perform such duties, functions and assignments as
are normally incident to the position of President and Chief Executive Officer, and such additional functions and services as the
Board may from time to time direct. Executive shall report directly to and shall be under the direction of the Chairman of the
Board.

 

4.2.           
Compliance with Law. Executive shall comply with all laws, statutes, ordinances, rules and regulations relating to
Executive’s employment and duties.

 

5.                 
Compensation; Benefits. As full compensation for all services rendered pursuant to this Agreement and the covenants
contained herein, the Bank shall pay to Executive the following:

 

5.1.            Salary.
During the Term, Executive shall be paid a salary (“Salary”) of Seven Hundred and Twenty Five Thousand Dollars
($725,000) on an annualized basis. The Bank shall pay Executive’s Salary in equal installments in accordance with the
Bank’s regular payroll periods as may be set by the Bank from time to time. Executive’s Salary may be
further increased from time to time, at the discretion of the Board. Executive may also be entitled to certain incentive
bonus payments as determined by Board approved incentive plans.

 

    -3-

     

    

 

5.2.           
Vacation and Leave. Executive shall be entitled to such vacation and leave as may be provided for under the current
and future leave and vacation policies of the Bank for executive officers.

 

5.3.           
Office Space. The Bank will provide customary office space and office support to Executive.

 

5.4.           
Parking. Paid parking at Executive’s regular worksite will be provided by the Bank at its expense.

 

5.5.           
Car Allowance. The Bank will pay Executive a monthly car allowance of Fifteen Hundred Dollars ($1,500).

 

5.6.           
Non-Life Insurance. During the Term, Executive will be eligible to participate in group health, disability and other
insurance as the Bank may maintain for its employees from time to time.

 

5.7.           
Life Insurance.

 

5.7.1.     
Executive may obtain a term life insurance policy (the “Policy”) on Executive in the amount of Seven Hundred
Fifty Thousand Dollars ($750,000), the particular product and carrier to be chosen by Executive in Executive’s discretion.
Executive shall have the right to designate the beneficiary of the Policy. If the Policy is obtained, Executive shall provide the
Bank with a copy of the Policy, and the Bank will reimburse Executive, during the Term of this Agreement, the premiums for the
Policy upon submission by Executive to the Bank of the invoices therefor, provided that such reimbursement shall be made before
the end of the calendar year following the year in which such expense was incurred by Executive. In the event Executive is rated
and the premium exceeds the standard rate for a Seven Hundred Fifty Thousand Dollar ($750,000) policy, the Policy amount shall
be lowered to the maximum amount that can be purchased at the standard rate for a Seven Hundred Fifty Thousand Dollar ($750,000)
policy. For example, if Executive is rated and the standard rate for a Seven Hundred Fifty Thousand Dollar ($750,000) policy would
acquire a Five Hundred Thousand Dollar ($500,000) policy, the Bank would only be required to pay the premium for a Five Hundred
Thousand Dollar ($500,000) policy. If a Policy is obtained and it is cancelled or terminated, Executive shall immediately notify
the Bank of such cancellation or termination.

 

5.7.2.     
The Bank may, at its cost, obtain and maintain “key-man” life insurance and/or Bank-owned life insurance on
Executive in such amount as determined by the Board from time to time. Executive agrees to cooperate fully and to take all actions
reasonably required by the Bank in connection with such insurance.

 

5.8.            Expenses.
The Bank shall, promptly upon presentation of proper expense reports therefor, pay or reimburse Executive, in accordance with
the policies and procedures established from time to time by the Bank for its officers, for all reasonable and customary
travel (other than local use of an automobile for which Executive is being provided the car allowance) and
other out-of-pocket expenses incurred by Executive in the performance of Executive’s duties and responsibilities under
this Agreement and promoting the business of the Bank, including approved membership fees, dues and the cost of attending
business related seminars, meetings and conventions.

 

    -4-

     

    

 

5.9.           
Retirement Plans. Executive shall be entitled to participate in any and all qualified pension or other retirement
plans of the Bank which may be applicable to personnel of the Bank.

 

5.10.       
Other Benefits. While this Agreement is in effect, Executive shall be entitled to all other benefits that the Bank
provides from time to time to its officers and such other benefits as the Board may from time to time approve for Executive, subject
to applicable eligibility requirements.

 

5.11.       
Eligibility. Participation in any health, life, accident, disability, medical expense or similar insurance plan or
any qualified pension or other retirement plan shall be subject to the terms and conditions contained in such plan as amended from
time to time in the Bank’s sole discretion. All matters of eligibility for benefits under any insurance plans shall be determined
in accordance with the provisions of the applicable insurance policy issued by the applicable insurance company.

 

5.12.       
Equity Compensation. Executive shall be eligible to receive awards of options, SARs and /or Restricted Stock under
the 2016 Stock Plan of Bancorp (or any successor plan), from time to time, at the discretion of the Compensation Committee of the
Board of Directors of Bancorp or such other committee as is then administering such plan.

 

6.                 
Conditions Subsequent to Continued Operation and Effect of Agreement.

 

6.1.           
Continued Approval by Bank Regulatory Agencies. This Agreement and all of its terms and conditions, and the continued
operation and effect of this Agreement and the Bank’s continuing obligations hereunder, shall at all times be subject to
the continuing approval of any and all Bank Regulatory Agencies whose approval is a necessary prerequisite to the continued operation
of the Bank. Should any term or condition of this Agreement, upon review by any Bank Regulatory Agency, be found to violate or
not be in compliance with any then-applicable statute or any rule, regulation, order or understanding promulgated by any Bank Regulatory
Agency, or should any term or condition required to be included herein by any such Bank Regulatory Agency be absent, this Agreement
may be rescinded and terminated by the Bank if the parties hereto cannot in good faith agree upon such additions, deletions or
modifications as may be deemed necessary or appropriate to bring this Agreement into compliance.

 

7.                 
Termination of Agreement. The Term of this Agreement may be terminated as provided below in this Article 7.

 

7.1.           
Definition of Cause. For purposes of this Agreement, “Cause” means:

 

(a)              
any act of theft, fraud, intentional misrepresentation of a material matter, personal dishonesty or breach of fiduciary
duty or similar conduct by Executive with respect to any of the Bank Entities or the services to be rendered by her under this
Agreement;

 

    -5-

     

    

 

(b)              
any failure of this Agreement to comply with any Bank Regulatory Agency requirement which is not cured in accordance with
Section 6.1 within a reasonable period of time after written notice thereof;

 

(c)              
any Bank Regulatory Agency action or proceeding against Executive as a result of Executive’s negligence, fraud, malfeasance
or misconduct;

 

(d)              
indictment of Executive for, or Executive’s conviction of or plea of nolo contendere at the trial court level
to, a felony, or any crime of moral turpitude, or involving dishonesty, deception or breach of trust;

 

(e)              
any of the following conduct on the part of Executive that has not been corrected or cured by Executive within thirty (30)
days after having received written notice from the Bank describing such conduct (provided, however, that the Bank shall not be
required to provide Executive with notice and opportunity to cure more than two (2) times in any twelve (12) month period):

 

(i)                
habitual absenteeism, or the failure by or the inability of Executive to devote full time and attention to the performance
of Executive’s duties pursuant to this Agreement (other than by reason of Executive’s death or Disability);

 

(ii)             
intentional material failure by Executive to carry out the stated lawful and reasonable directions, instructions, policies,
rules, regulations or decisions of the Board which are consistent with Executive’s position;

 

(iii)           
any action (including any failure to act) or conduct by Executive in violation of a material provision of this Agreement
(including but not limited to the provisions of Article 8 hereof, which shall be deemed to be material);

 

(f)               
the use of drugs, alcohol or other substances by Executive to an extent which materially interferes with or prevents Executive
from performing Executive’s duties under this Agreement;

 

(g)              
Executive’s commission of unethical business practices, acts of moral turpitude, financial impropriety, fraud or dishonesty
in any material matter which the Board in good faith determines could adversely affect the reputation, standing or financial prospects
of the Bank or its Affiliates; or

 

(h)              
willful or intentional misconduct on the part of Executive that results, or that the Board in good faith determines may
result, in substantial injury to the Bank or any of its Affiliates.

 

    -6-

     

    

 

7.2.           
Termination by the Bank for Cause. After the occurrence of any of the conditions specified in Section 7.1, the Bank
shall have the right to terminate the Term for Cause on written notice to Executive, effective immediately.

 

7.3.           
Termination by the Bank without Cause. The Bank shall have the right to terminate the Term at any time on written
notice without Cause, for any or no reason, such termination to be effective on the date on which the Bank gives such notice to
Executive or such later date as may be specified in such notice.

 

7.4.           
Termination for Death or Disability. The Term shall automatically terminate upon the death of Executive or upon the
Board’s determination that Executive is suffering from a Disability.

 

7.5.           
Termination by Executive.

 

7.5.1.     
Executive shall have the right to terminate the Term at any time, such termination to be effective on the date ninety (90)
days after the date on which Executive gives such notice to the Bank unless Executive and the Bank agree in writing to a later
date on which such termination is to be effective the “Notice Period”).

 

7.5.2.     
After receiving notice of termination, the Bank may require Executive to devote Executive’s good faith energies to
transitioning Executive’s duties to Executive’s successor and to otherwise helping to minimize the adverse impact of
Executive’s resignation upon the operations of the Bank Entities. If Executive fails or refuses to fully cooperate with such
transition, the Bank may immediately terminate Executive and such termination shall not be treated as a termination by the Company
without Cause. At any time during the Notice Period, the Bank may elect to relieve Executive of some or all of Executive’s
duties, responsibilities, privileges and positions for the remainder of the Notice Period, in its sole discretion and any such
reduction shall not give Executive any right to terminate under Section 9.2(b).

 

7.6.           
Pre-Termination Salary and Expenses. Without regard to the reason for, or the timing of, the termination of the Term:
(a) the Bank shall pay Executive any unpaid Salary due for the period prior to the Termination Date; and (b) following submission
of proper expense reports by Executive, the Bank shall reimburse Executive for all expenses incurred prior to the Termination Date
and subject to reimbursement pursuant to Section 5.8 hereof. These payments shall be made promptly upon termination and within
the period of time mandated by law.

 

7.7.            COBRA
if Termination by the Bank without Cause. If the Term is terminated by the Bank without Cause, and Executive timely
elects to continue Executive’s health insurance benefits under COBRA, then provided that Executive signs and
delivers to the Bank no later than twenty-one (21) days after the Termination Date a General Release and Waiver substantially
in the form attached as Exhibit A hereto, and that such release becomes irrevocable in accordance with its terms (the
 “Release Requirement”), the Bank shall, for a period of one (1) year, or until Executive no longer qualifies for
such continuation under COBRA, if lesser, continue to provide the monthly applicable employer’s share of health
insurance premiums (determined as if Executive’s employment had not ceased). In the event Executive breaches any
provision of Article 8 of this Agreement or if she becomes entitled to payments pursuant to Section 9.3 in connection with a
Change in Control, Executive’s further entitlement to any benefits payable pursuant to this Section 7.7 shall thereupon
immediately cease and terminate.

 

    -7-

     

    

 

7.8.           
Termination After Change in Control. Section 9.2 sets out provisions applicable to certain circumstances in which
the Term may be terminated in connection with a Change in Control.

 

7.9.           
Retirement.  In the event of the termination of Executive’s employment by Executive as a result of Executive’s
Retirement effective on or after June 30, 2021 (other than pursuant to Section 9.2(b)), and provided that Executive fulfills the
Release Requirement, the Bank shall make a lump-sum cash payment to Executive of one (1) time Executive’s Salary at the rate
being paid as of the Termination Date (the “Retirement Severance”). No payment shall be made pursuant to this Section
(i) in respect of any bonus or other compensation paid other than in cash; (ii) in the event of Termination with Cause, or (iii)
in respect of any termination with an effective date prior to June 30, 2021. Section 7.9 shall be subject to (i) any delay in payment
required by Section 10.2 hereof.

 

8.                 
Confidentiality; Non-Competition; Non-Interference.

 

8.1.           
Confidential Information. Executive, during employment, will have, and has had, access to and become familiar with
various confidential and proprietary information of the Bank Entities and/or relating to the business of the Bank Entities (“Confidential
Information”), including, but not limited to: business plans; operating results; financial statements and financial information;
contracts; mailing lists; purchasing information; customer data (including lists, names and requirements); feasibility studies;
personnel related information (including compensation, compensation plans, and staffing plans); internal working documents and
communications; and other materials related to the businesses or activities of the Bank Entities which is made available only to
employees with a need to know or which is not generally made available to the public. Failure to mark any Confidential Information
as confidential, proprietary or protected information shall not affect its status as part of the Confidential Information subject
to the terms of this Agreement.

 

8.2.            Nondisclosure.
Executive hereby covenants and agrees that she shall not, directly or indirectly, disclose or use, or authorize any Person to
disclose or use, any Confidential Information (whether or not any of the Confidential Information is novel or known by any
other Person); provided however, that this restriction shall not apply to the use or disclosure of Confidential Information
(i) to any governmental entity to the extent required by law, (ii) which is or becomes publicly known and available through
no wrongful act of Executive or any Affiliate of Executive or (iii) in connection with the performance of
Executive’s duties under this Agreement. No provision of this Agreement, including but not limited to this Section 8.2,
shall be interpreted, construed, asserted or enforced by the Bank Entities to (i) prohibit Executive from reporting possible
violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of
Justice, the Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under
the whistleblower provisions of federal law or regulation, or (ii) require notification
or prior approval by the Bank or Bancorp of any such report; provided that, Executive is not authorized to disclose
communications with counsel that were made for the purpose of receiving legal advice or that contain legal advice or that are
protected by the attorney work product or similar privilege. Further, nothing contained in this Agreement, or any
release and waiver delivered in accordance with this Agreement, shall be interpreted, construed, asserted or enforced by the
Bank or Bancorp to prohibit or disqualify Executive from being awarded, receiving and/or enjoying the benefit of, any award,
reward, emolument or payment, or other relief of any kind whatsoever, from any agency, which is provided based upon
Executive’s provision of information to any such agency as a whistleblower under applicable law or regulation. The Bank
and Bancorp hereby waive any right to assert or enforce the provisions of this Agreement in a manner which would impede any
whistleblower activity in accordance with applicable law or regulation. Furthermore,
Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a
trade secret that is made (i) in confidence to a federal, state or local government official, either directly or indirectly,
or to an attorney, in each case, solely for the purpose of reporting or investigating a suspected violation of law or (ii) in
a complaint or other document filed in a lawsuit or proceeding, if such filings are made under seal.

 

    -8-

     

    

 

8.3.           
Documents. All files, papers, records, documents, compilations, summaries, lists, reports, notes, databases, tapes,
sketches, drawings, memoranda, and similar items (collectively, “Documents”), whether prepared by Executive, or otherwise
provided to or coming into the possession of Executive, that contain any Confidential or proprietary information about or pertaining
or relating to the Bank Entities (the “Bank Information”) shall at all times remain the exclusive property of the Bank
Entities. Promptly after a request by the Bank or automatically upon the Termination Date, Executive shall take reasonable efforts
to (i) return to the Bank all Documents in any tangible form (whether originals, copies or reproductions) and all computer disks
or other media containing or embodying any Document or Bank Information and (ii) purge and destroy all Documents and Bank Information
in any intangible form (including computerized, digital or other electronic format), and Executive shall not retain in any form
any such Document or any summary, compilation, synopsis or abstract of any Document or Bank Information.

 

8.4.           
Non-Competition. Executive hereby acknowledges and agrees that, during the course of employment, in addition to Executive’s
access to Confidential Information, Executive has become, and will become, familiar with and involved in all aspects of the business
and operations of the Bank Entities. Executive hereby covenants and agrees that during the Term until one (1) year after the Termination
Date (the “Restricted Period”), Executive will not at any time (except for the Bank Entities), directly or indirectly,
in any capacity (whether as a proprietor, owner, agent, officer, director, shareholder, organizer, partner, principal, manager,
member, employee, contractor, consultant or otherwise):

 

(a)               provide
any advice, assistance or services of the kind or nature which she provided to any of the Bank Entities or relating to
business activities of the type engaged in by any of the Bank Entities within the preceding two years, to any Person who
owns or operates a Competitive Business or to any Person that is attempting to initiate or acquire a Competitive Business (in
either case, a “Competitor”) if (i) such Competitor operates, or is planning to operate, any office, branch or
other facility (in any case, a “Branch”) that is (or is proposed to be) located within a fifty (50) mile radius
of the Bank’s headquarters or any Branch of the Bank Entities and (ii) such Branch competes or will compete with the
products or services offered or planned to be offered by the Bank Entities during the Restricted Period; or

 

(b)              
sell or solicit sales of Competitive Products or Services to Persons within such 50 mile radius, or assist any Competitor
in such sales activities.

 

Notwithstanding any provision hereof to the contrary, this Section
8.4 does not restrict Executive’s right to (i) own securities of any Entity that files periodic reports with the Securities
and Exchange Commission under Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended; provided that Executive’s
total ownership constitutes less than two percent (2%) of the outstanding securities of such company and that such ownership does
not does not violate: (A) the Code of Conduct or any other policy of the Bank, including any policy related to inside information;
(B) any applicable securities law; or (C) any applicable standstill or other similar contractual obligation of the Bank. The parties
acknowledge that they have also entered into that certain Non-Compete Agreement as of August 1, 2014, as may be amended from time
to time, which is in addition to and not in lieu of any of the restrictions hereunder (the “Non-Compete Agreement”).

 

    -9-

     

    

 

8.5.           
Non-Interference. Executive hereby covenants and agrees that during the Restricted Period, she will not, directly
or indirectly, for herself or any other Person (whether as a proprietor, owner, agent, officer, director, shareholder, organizer,
partner, principal, member, manager, employee, contractor, consultant or any other capacity):

 

(a)              
induce or attempt to induce any customer, supplier, officer, director, employee, contractor, consultant, agent or representative
of, or any other Person that has a business relationship with, any Bank Entity, to discontinue, terminate or reduce the extent
of its or her relationship with any Bank Entity or to take any action that would disrupt or otherwise damage any such relationship;

 

(b)              
solicit any customer of any of the Bank Entities for the purpose of providing any Competitive Products or Services to such
customer (other than any solicitation to the general public that is not disproportionately directed at customers of any Bank Entity);
or

 

(c)              
solicit any employee of any of the Bank Entities to commence employment with, become a consultant or independent contractor
to or otherwise provide services for the benefit of any other Competitive Business.

 

In applying this Section 8.5:

 

(i)                
the term “customer” shall be deemed to include, at any time, any Person to which any of the Bank Entities had,
during the six (6) month period immediately prior to such time, (A) sold any products or provided any services or (B) submitted,
or been in the process of submitting or negotiating, a proposal for the sale of any product or the provision of any services;

 

(ii)             
the term “supplier” shall be deemed to include, at any time, any Person which, during the six (6) month period
immediately prior to such time, (A) had sold any products or services to any of the Bank Entities or (B) had submitted to any of
the Bank Entities a proposal for the sale of any products or services;

 

(iii)           
for purposes of clause (c), the term “employee” shall be deemed to include, at any time, any Person who was
employed by any of the Bank Entities within the prior six (6) month period (thereby prohibiting Executive from soliciting any Person
who had been employed by any of the Bank Entities until six (6) months after the date on which such Person ceased to be so employed);
and

 

(iv)            
If during the Restricted Period any employee of any of the Bank Entities accepts employment with or is otherwise retained
by any Competitive Business of which Executive is an owner, director, officer, manager, member, employee, partner or employee,
or to which Executive provides material services, it shall be presumed that such employee was hired in violation of the restriction
set forth in clause (c) of this Section 8.5, with such presumption to be overcome only upon Executive’s showing by a preponderance
of the evidence that she was not directly or indirectly involved in the hiring, soliciting or encouraging such employee to leave
employment with the Bank Entities.

 

    -10-

     

    

 

8.6.           
Injunction. In the event of any breach or threatened or attempted breach of any provision of this Article 8 by Executive,
the Bank shall, in addition to and not to the exclusion of any other rights and remedies at law or in equity, be entitled to seek
and receive from any court of competent jurisdiction (i) full temporary and permanent injunctive relief enjoining and restraining
Executive and each and every other Person concerned therein from the continuation of such violative acts and (ii) a decree for
specific performance of the applicable provisions of this Agreement, without being required to furnish any bond or other security.

 

8.7.           
Reasonableness.

 

8.7.1.     
Executive has carefully read and considered the provisions of this Article 8 and, having done so, acknowledges that she
fully understands them, that she has had an opportunity to consult with counsel of Executive’s own choosing regarding the
meaning and effect of such provisions, at Executive’s election, and she agrees that the restrictions and agreements set forth
in this Article 8 are fair and reasonable and are reasonably required for the protection of the interests of the Bank Entities
and their respective businesses, shareholders, directors, officers and employees. Executive agrees that the restrictions set forth
in this Agreement will not impair or unreasonably restrain Executive’s ability to earn a livelihood. Executive further acknowledges
that Executive’s services have been and shall continue to be of special, unique and extraordinary value to the Bank Entities.

 

8.7.2.      If
any court of competent jurisdiction should determine that the duration, geographical area or scope of any provision or
restriction set forth in this Article 8 exceeds the maximum duration, geographic area or scope that is reasonable and
enforceable under applicable law, the parties agree that said provision shall automatically be modified and shall be deemed
to extend only over the maximum duration, geographical area and/or scope as to which such provision or restriction said court
determines to be valid and enforceable under applicable law, which determination the parties direct the court to make, and
the parties agree to be bound by, such modified provision or restriction.

 

8.8.           
Additional Obligations.

 

8.8.1.     
Non-disparagement. Executive shall not during or after Executive’s employment disparage any officers, directors,
employees, business, products, or services of the Bank Entities, except when compelled to do so in connection with a government
investigation or judicial proceeding, or as otherwise may be required or protected by law.

 

8.8.2.     
Cooperation. During and after Executive’s employment, Executive shall fully cooperate with the reasonable requests
of the Bank Entities, including providing information, with regard to any matter that Executive has knowledge of as a result of
Executive’s employment or prior employment with the Bank Entities. Executive further agrees to comply with any reasonable
request by the Bank Entities to assist in relation to any investigation into any actual or potential irregularities, including
without limitation assisting with any threatened or actual litigation concerning the Bank Entities, giving statements/affidavits,
meeting with legal and/or other professional advisors, and attending any legal hearing and giving evidence; provided that the Bank
Entities shall reimburse Executive for any reasonable out-of-pocket expenses properly incurred by Executive in giving such assistance.
Executive agrees to notify the Bank immediately if Executive is contacted by any third parties for information or assistance with
any matter concerning the Bank Entities and agrees to co-operate with the Bank Entities with regard to responding to such requests.

 

    -11-

     

    

 

9.                 
Change in Control.

 

9.1.           
Definition. “Change in Control” means and shall be deemed to have occurred if:

 

(a)              
there shall be consummated (i) any consolidation, merger, share exchange, or similar transaction relating to Bancorp, or
pursuant to which shares of Bancorp’s capital stock are converted into cash, securities of another Entity and/or other property,
other than a transaction in which the holders of Bancorp’s voting stock immediately before such transaction shall, upon consummation
of such transaction, own at least fifty percent (50%) of the voting power of the surviving Entity, or (ii) any sale of all or substantially
all of the assets of Bancorp, other than a transfer of assets to a related Person which is not treated as a change in control event
under §1.409A-3(i)(5)(vii)(B) of the U.S. Treasury Regulations;

 

(b)              
any person, entity or group (each within the meaning of Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”)) shall become the beneficial owner (within the meaning of Rules 13d-3 and 13d-5 under
the Exchange Act), directly or indirectly, of securities of Bancorp representing more than fifty percent (50%) of the voting power
of all outstanding securities of Bancorp entitled to vote generally in the election of directors of Bancorp (including, without
limitation, any securities of Bancorp that any such Person has the right to acquire pursuant to any agreement, or upon exercise
of conversion rights, warrants or options, or otherwise, which shall be deemed beneficially owned by such Person); or

 

(c)              
over a twelve (12) month period, a majority of the members of the Board of Directors of Bancorp are replaced by directors
whose appointment or election was not endorsed by a majority of the members of the Board of Directors of Bancorp in office prior
to such appointment or election.

 

Notwithstanding the foregoing, if the event purportedly constituting
a Change in Control under Section 9.1(a), Section 9.1(b), or Section 9.1(c) does not also constitute a “change in ownership”
of Bancorp, a “change in effective control” of Bancorp or a “change in the ownership of a substantial portion
of the assets” of Bancorp within the meaning of Section 409A, then such event shall not constitute a “Change in Control”
hereunder.

 

9.2.           
Change in Control Termination. For purposes of this Agreement, a “Change in Control Termination” means
that while this Agreement is in effect:

 

(a)              
Executive’s employment with the Bank is terminated without Cause (i) within one hundred twenty (120) days immediately
prior to and in conjunction with a Change in Control or (ii) within twelve (12) months following consummation of a Change in Control;
or

 

    -12-

     

    

 

(b)              
Within twelve (12) months following consummation of a Change in Control, Executive’s title, duties and or position
have been materially reduced such that Executive is not in comparable positions in the publicly traded holding company and in the
bank (with materially comparable compensation, benefits, contractual terms and conditions and responsibilities to the position
she held immediately prior to the Change in Control, and with a primary worksite that is within twenty-five (25) miles of Executive’s
primary worksite as of the date hereof), and within thirty (30) days after notification of such reduction she notifies the Bank
that she is terminating her employment due to such change in her employment unless such change is cured within thirty (30) days
of such notice by providing her with a comparable position (including materially comparable compensation and benefits and a primary
worksite within twenty-five (25) miles of Executive’s primary worksite as of the date hereof). If Executive’s employment
is terminated under this Section, Executive’s last day of employment shall be mutually agreed to by Executive and the Bank,
but shall be not more than sixty (60) days after such notice is given by Executive.

 

9.3.            Change
in Control Payment. If there is a Change in Control Termination pursuant to Section 9.2, Executive shall be paid a
lump-sum cash payment (the “Change Payment”) equal to 1.99 times (the “Multiplier”) the sum of (a)
Executive’s Salary at the highest rate in effect during the twelve (12) month period immediately preceding
Executive’s Termination Date and (b) Executive’s cash bonus(es) paid in the most recent twelve (12) months,
such Change Payment to be made to Executive on the date forty-five (45) days after the later of (i) the Termination Date or
(ii) the date of the Change in Control; provided, however, that the Bank shall be relieved of its obligation to pay the
Change Payment if Executive fails to fulfill the Release Requirement. In addition, and subject to Executive’s
fulfillment of the Release Requirement, Executive shall continue to participate, for three (3) years after a Change in
Control Termination, in the health and life insurance plans generally available to employees of the Bank, subject to the
terms and conditions of such plans, including eligibility requirements. Notwithstanding anything to the contrary in this
Section 9.3, (y) any payment pursuant to this Section 9.3 shall be subject to (i) any delay in payment required by Section
10.2 hereof and (ii) any reduction required pursuant to Section 10.1 hereof, as applicable and (z) shall not include any
equity awards pursuant to Section 5.12 above or otherwise.

 

10.             
Compliance with Certain Restrictions.

 

10.1.       
Section 280G. If any payment or distribution by the Bank Entities to or for the benefit of Executive, whether paid
or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise pursuant to or by reason of any
other agreement, policy, plan, program or arrangement or the lapse or termination of any restriction on or the vesting or exercisability
of any payment or benefit (each a “280G Payment”), would be subject to the excise tax imposed by Section 4999 of the
Code (or any successor provision thereto) or to any similar tax imposed by state or local law (such tax or taxes are hereafter
collectively referred to as the “Excise Tax”), then the aggregate amount of 280G Payments payable to Executive shall
be reduced to the aggregate amount of 280G Payments that may be made to Executive without incurring an excise tax (the “Safe-Harbor
Amount”) in accordance with the immediately following sentence; provided that such reduction shall only be imposed if the
aggregate after-tax value of the 280G Payments retained by Executive (after giving effect to such reduction) is equal to or greater
than the aggregate after-tax value (after giving effect to the Excise Tax) of the 280G Payments to Executive without any such reduction.
Any such reduction shall be made in the following order: first, by reduction of cash payments; second, by cancellation of accelerated
vesting of equity awards; and third, by reduction of other benefits payable to Executive, in each case, in reverse chronological
order, beginning with payments or benefits that are to be paid latest.

 

    -13-

     

    

 

10.2.       
Section 409A.

 

10.2.1. 
It is the intention of the parties hereto that this Agreement and the payments provided for hereunder shall not be subject
to, or shall be in accordance with, Section 409A, and thus avoid the imposition of any tax and interest on Executive pursuant to
Section 409A(a)(1)(B) of the Code, and this Agreement shall be interpreted and construed consistent with this intent. Executive
acknowledges and agrees that she shall be solely responsible for the payment of any tax or penalty which may be imposed or to which
she may become subject as a result of the payment of any amounts under this Agreement.

 

10.2.2. 
Notwithstanding any provision of this Agreement to the contrary, if Executive is a “specified employee” at the
time of Executive’s “separation from service”, any payment of “nonqualified deferred compensation”
(in each case as determined pursuant to Section 409A) that is otherwise to be paid to Executive within six (6) months following
Executive’s separation from service, then to the extent that such payment would otherwise be subject to interest and additional
tax under Section 409A(a)(1)(B) of the Code, such payment shall be delayed and shall be paid on the first business day of the seventh
calendar month following Executive’s separation from service, or, if earlier, upon Executive’s death. Any deferral
of payments pursuant to the foregoing sentence shall have no effect on any payments that are scheduled to be paid more than six
(6) months after the date of separation from service.

 

10.2.3. 
 If any of the payments hereunder are subject to the Release Requirement, and the period in which Executive may consider
executing the release begins in one calendar year and ends in the following calendar year, the date on which such payments will
be made shall be no earlier than the first day of the second calendar year within such period.

 

10.2.4. 
All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements
of Section 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A, including, where applicable,
the requirements that (i) any reimbursement is for expenses incurred during Executive’s lifetime (or during a shorter period
of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect
the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made
on or before the last day of the calendar year following the year in which the expense is incurred and (iv) the right to reimbursement
is not subject to set off or liquidation or exchange for any other benefit.

 

10.3.       
Withholding. The Company may withhold from any amounts payable under this Agreement such federal, state, local or
foreign income taxes it determines may be appropriate.

 

11.             
Assignability. Executive shall have no right to assign this Agreement or any of Executive’s rights or obligations
hereunder to another party or parties. The Bank may assign this Agreement to any of its Affiliates or to any Person that acquires
a substantial portion of the operating assets of the Bank. Upon any such assignment by the Bank, references in this Agreement to
the Bank shall automatically be deemed to refer to such assignee instead of, or in addition to, the Bank, as appropriate in the
context.

 

    -14-

     

    

 

12.             
Governing Law; Venue. This Agreement shall be governed by and construed in accordance with the laws of the State
of Maryland applicable to contracts executed and to be performed therein, without giving effect to the choice of law rules thereof.
Any action to enforce any provision of this Agreement may be brought only in a court of the State of Maryland within Montgomery
County or in the United States District Court for the District of Maryland. Accordingly, each party (a) agrees to submit to the
jurisdiction of such courts and to accept service of process at its address for notices and in the manner provided in Section 13
for the giving of notices in any such action or proceeding brought in any such court and (b) irrevocably waives any objection
to the laying of venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a
court has been brought in an inconvenient or inappropriate forum.

 

13.              Notices.
All notices, requests, demands and other communications required to be given or permitted to be given under this Agreement
shall be in writing and shall be conclusively deemed to have been given as follows: (a) when hand delivered to the other
party; (b) when received by facsimile at the facsimile number set forth below, provided, however, that any notice given by
facsimile shall not be effective unless either (i) a duplicate copy of such facsimile notice is promptly given by
depositing the same in a United States post office first-class postage prepaid and addressed to the applicable party as set
forth below or (ii) the receiving party delivers a signed, written confirmation of receipt for such notice either by
facsimile or by any other method permitted under this Section; or (c) when deposited in a United States post office with
first-class certified mail, return receipt requested, postage prepaid and addressed to the applicable party as set forth
below; or (d) when deposited with a national overnight delivery service reasonably approved by the parties (Federal Express
and DHL WorldWide Express being deemed approved by the parties), postage prepaid, addressed to the applicable party as set
forth below with next-business-day delivery guaranteed; provided that the sending party receives a confirmation of delivery
from the delivery service provider. Any notice given by facsimile shall be deemed received on the date on which notice is
received except that if such notice is received after 5:00 p.m. (recipient’s time) or on a non-business day, notice
shall be deemed given the next business day). Any notice sent by United States mail shall be deemed given three (3) business
days after the same has been deposited in the United States mail. Any notice given by national overnight delivery service
shall be deemed given on the first business day following deposit with such delivery service. For purposes of this Agreement,
the term “business day” shall mean any day other than a Saturday, Sunday or day that is a legal holiday in
Montgomery County, Maryland. The address of a party set forth below may be changed by that party by written notice to the
other from time to time pursuant to this Article.

 

		To:	Executive as set forth by Executive’s signature below

 

		To:	Norman Pozez, Chairman

EagleBank

7830 Old Georgetown Road

Bethesda, MD 20814

Fax No.: [INSERT]

 

		cc:	Charles Levingston, CFO

EagleBank

7830 Old Georgetown Road

Bethesda, Maryland 20814

Fax: 301-337-3373

 

    -15-

     

    

 

14.             
Entire Agreement. This Agreement and the Non-Compete Agreement contain all of the agreements and understandings between
the parties hereto with respect to the employment of Executive by the Bank, and supersede all prior agreements, arrangements and
understandings related to the subject matter hereof. No oral agreements or written correspondence shall be held to affect the provisions
hereof. No representation, promise, inducement or statement of intention has been made by either party that is not set forth in
this Agreement or the Non-Compete Agreement, and neither party shall be bound by or liable for any alleged representation, promise,
inducement or statement of intention not so set forth.

 

15.             
Headings. The Article and Section headings contained in this Agreement are for reference purposes only and shall
not in any way affect the meaning or interpretation of this Agreement.

 

16.              Severability.
Should any part of this Agreement for any reason be declared or held illegal, invalid or unenforceable, such provision or
portion of such provision shall be deemed severed herefrom and such determination shall not affect the legality, validity or
enforceability of any remaining portion or provision of this Agreement, which remaining portions and provisions shall remain
in force and effect as if this Agreement has been executed with the illegal, invalid or unenforceable portion thereof
eliminated.

 

17.             
Amendment; Waiver. Neither this Agreement nor any provision hereof may be amended, modified, changed, waived, discharged
or terminated except by an instrument in writing signed by the party against which enforcement of the amendment, modification,
change, waiver, discharge or termination is sought. The failure of either party at any time or times to require performance of
any provision hereof shall not in any manner affect the right at a later time to enforce the same. No waiver by either party of
the breach of any term, provision or covenant contained in this Agreement, whether by conduct or otherwise, in any one or more
instances, shall be deemed to be, or construed as, a further or continuing waiver of any such breach, or a waiver of the breach
of any other term, provision or covenant contained in this Agreement.

 

18.             
Gender and Number. As used in this Agreement, the masculine, feminine and neuter gender, and the singular or plural
number, shall each be deemed to include the other or others whenever the context so indicates.

 

19.             
Binding Effect. This Agreement is and shall be binding upon, and inures to the benefit of, the Bank, its successors
and assigns, and Executive and Executive’s heirs, executors, administrators, and personal and legal representatives.

 

[signatures on following page]

 

    -16-

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Employment Agreement as of the date first written above.

 

	 	EAGLEBANK
	 	 
	 	By:	      
	 	Name: Norman Pozez
	 	Title: Chairman
	 	 
	 	Executive
	 	 
	 	 
	 	Susan G. Riel
	 	 
	 	Notice Address:
	 	 
	 	Fax No.

 

    A-1

     

    

 

Exhibit A

 

Form of

General Release and Waiver of All Claims

 

Susan G. Riel (“you”) executes
this General Release And Waiver of All Claims (the “Release”) as a condition of receiving certain payments and other
benefits in accordance with the terms of Section [ ] of your Employment Agreement dated                                  . All capitalized terms used
but not otherwise defined herein shall have the same meaning as in your Employment Agreement.

 

1.                 
RELEASE.

 

You hereby release and forever discharge EagleBank
and Eagle Bancorp, Inc. (each, a “Company”) and each and every one of their former or current subsidiaries, parents,
affiliates, directors, officers, employees, agents, parents, affiliates, successors, predecessors, subsidiaries, assigns and attorneys
(the “Released Parties”) from any and all charges, claims, damages, injury and actions, in law or equity, which you
or your heirs, successors, executors, or other representatives ever had, now have, or may in the future have by reason of any act,
omission, matter, cause or thing through the date of your execution of this Release. You understand that this Release is a general
release of all claims you may have against the Released Parties based on any act, omission, matter, case or thing through the date
of your execution of this Release.

 

2.                 
WAIVER.

 

You realize there are many laws and regulations
governing the employment relationship. These include, but are not limited to, Title VII of the Civil Rights Acts of 1964 and 1991;
the Age Discrimination in Employment Act of 1967; the Americans with Disabilities Act; the National Labor Relations Act; 42 U.S.C.
 § 1981; the Family and Medical Leave Act; the Employee Retirement Income Security Act of 1974 (other than any accrued benefit(s)
to which you have a non-forfeitable right under any pension benefit plan); the Older Workers Benefit Protection Act; the Equal
Pay Act; the Family and Medical Leave Act; the Maryland Civil Rights Act, the Maryland Wage Payment and Collection Law, Maryland
Occupational Safety and Health Act, the Maryland Collective Bargaining Law, and any other state, local and federal employment laws;
and any amendments to any of the foregoing. You also understand there may be other statutes and laws of contract and tort that
also relate to your employment. By signing this Release, you waive and release any rights you may have against the Released Parties
under these and any other laws, except those as to which a waiver and release is not permitted as a matter of law, based on any
act, omission, matter, cause or thing through the date of your execution of this Release; provided however, that this Release does
not release or discharge the Released Parties from any Company’s obligations to you under or pursuant to (a) [Sections
7.7, 7.8 and 9.3] OR [Section 7.9] of the Agreement, (b) [Section 3.1 of the Non-Compete Agreement], (c) vested benefits
under the Company’s employee welfare benefit plans and employee pension benefit plans (excluding any severance benefits),
subject to the terms and conditions of those plans, (d) any securities of the Company that you own or (e) claims for indemnification
under the Company’s by-laws or policies of insurance.

 

    A-2

     

    

 

You also agree not to initiate, join, or voluntarily
participate in any action or suit in any court or to accept any damages or other relief from any such proceeding brought by anyone
else based on any act, omission, matter, cause or thing through the date of your execution of this Release, provided that nothing
in this Release shall be construed to prohibit you from filing a charge with or participating in any investigation or proceeding
conducted by the EEOC, NLRB, SEC or any comparable state or local agency (“Government Agencies”). Notwithstanding the
foregoing, you hereby waive your right to recover individual relief with respect to any charge, complaint, or lawsuit filed by
you or anyone on your behalf, and you agree that you will not accept any benefit that you may be entitled to receive in connection
with any action taken by any other person or agency against the Bank;
provided however, that nothing in this Release limits your right to receive an award for information provided to any Government
Agencies. Additionally, you represent that you have no pending complaints or charges filed against the Bank.

 

By execution of this Release and in consideration
of the benefits provided herein, you understand that you are specifically waiving any rights or claims that you may have under
the Age Discrimination in Employment Act (“ADEA”), 29 U.S.C. §§ 621, et sec. You state that your waiver of
these ADEA claims is knowing and voluntary, and you understand that you are forever releasing the Bank (and its affiliates and
related persons who are Released Parties) with respect to all such claims. This waiver does not apply to any rights or claims that
relate to events which may occur after the date this Release becomes effective, or to any rights or claims to test the knowing
and voluntary nature of this Release, solely to the extent required under the ADEA and Older Workers Benefit Protection Act (“OWBPA”).

 

3.                 
NOTICE PERIOD.

 

This document is important. We advise you
to review it carefully and consult an attorney before signing it, as well as any other professional whose advice you value, such
as an accountant or financial advisor. If you agree to the terms of this Release, sign in the space indicated below for your signature.
You will have twenty-one (21) [45 days if deemed to be a group layoff under OWBPA] calendar days from the date you receive
this document to consider whether to sign this Release. If you choose to sign the Release before the end of that twenty-one day
period, you certify that you did so voluntarily for your own benefit and not because of any coercion.

 

4.                 
RETURN OF PROPERTY.

 

You certify that you have fully complied with
Section 8.3 of your Employment Agreement.

 

    A-3

     

    

 

5.                 
REVOCATION.

 

You should also understand that even
after you have signed this Release, you still have seven (7) days to revoke it. To revoke your acceptance of this Release,
the Chairman of the Bank’s Board of Directors must receive written notice before the end of the seven (7)-day period.
In the event you revoke or do not accept this Release, you will not be entitled to any of the payments or benefits that you
would have been entitled to under your Employment Agreement by virtue of executing this Release. If you do not revoke this
Release within seven (7) days after you sign it, it will be final, binding, and irrevocable.

 

IN WITNESS WHEREOF, you have knowingly and voluntarily executed
this Release, as of the day and year first set forth below.

 

	 	 	 	 
	Susan Riel	 	 Date

 

    A-4

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