Document:

Exhibit 10.3

 

November
23, 2021

 

InFInT
Acquisition Corporation

32
Broadway, Suite 401

New
York, NY 10004

 

	 	Re:	Initial
    Public Offering

 

Ladies
and Gentlemen:

 

This
letter (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) entered into by and among InFinT Acquisition Corporation, a Cayman Islands exempted company (the “Company”),
EF Hutton, division of Benchmark Investments, LLC (previously known as Kingswood Capital Markets, division of Benchmark Investments,
LLC) (the “Representative”) of the underwriters including JonesTrading (the “Underwriters”), relating to an underwritten
initial public offering (the “Public Offering”) of up to 19,999,880 of the Company’s units (including up to 2,608,680
units that may be purchased pursuant to the Underwriters’ option to purchase additional units), each comprised of one of the Company’s
Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”), and one-half of one redeemable warrant (each
whole warrant, a “Warrant”) (the “Units”). Each Warrant entitles the holder thereof to purchase one Ordinary
Share at a price of $11.50 per share, subject to adjustment. The Units will be sold in the Public Offering pursuant to a registration
statement on Form S-1 and a prospectus (the “Prospectus”) filed by the Company with the U.S. Securities and Exchange Commission
(the “Commission”). Certain capitalized terms used herein are defined in paragraph 1 hereof.

 

In
order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, InFinT Capital LLC, (the “Sponsor”)
and each of the undersigned persons, each of whom is a member of the Company’s board of directors and/or management team or special
advisors and each Underwriter, solely in their capacity as a stockholder of the Company (each, an “Insider” and, collectively,
the “Insiders”) hereby agree with the Company as follows:

 

1.
Definitions. As used herein,

 

(i)
“Business Combination” shall mean a merger, share exchange, asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses or entities;

 

(ii)
“Founder Shares” shall mean the 5,733,084 Class B ordinary shares of the Company, par value $0.0001 per share, outstanding
prior to the consummation of the Public Offering;

 

(iii)
“Private Placement Warrants” shall mean the warrants to purchase Ordinary Shares of the Company that will be acquired by
the Sponsor for an aggregate purchase price of up to $7,032,580 (or up to $7,796,842 if the Underwriters’ exercise their option
to purchase additional units), or $1.00 per Warrant, in a private placement that shall close simultaneously with the consummation of
the Public Offering (including Ordinary Shares issuable upon conversion thereof);

 

(iv)
“Public Shareholders” shall mean the holders of Ordinary Shares included in the Units issued in the Public Offering;

 

(v)
“Public Shares” shall mean the Ordinary Shares included in the Units issued in the Public Offering;

 

(vi)
“Trust Account” shall mean the trust account into which a portion of the net proceeds of the Public Offering and the sale
of the Private Placement Warrants shall be deposited;

 

    	 

     

    

 

(vii)
“Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option
to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent
position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder with respect to, any security,
(b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership
of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement
of any intention to effect any transaction specified in clause (a) or (b); and

 

(viii)
“Charter” shall mean the Company’s Amended and Restated Memorandum and Articles of Association, as the same may be
amended from time to time

 

(ix)
“Working Capital Warrants” shall mean up to 1,500,000 warrants identical to the Private Placement Warrants that may be issued
in exchange for working capital loans made to the Company by the Sponsor or certain of the Company’s officers or directors.

 

2.
Representations and Warranties.

 

(a)
The Sponsor and each Insider, with respect to itself, herself or himself, represent and warrant to the Company that it, she or he has
the full right and power, without violating any agreement to which it, she or he is bound (including, without limitation, any non-competition
or non- solicitation agreement with any employer or former employer), to enter into this Letter Agreement, as applicable, and to serve
as an officer of the Company and/or a director on the Company’s Board of Director (the “Board”), as applicable, and
each Insider hereby consents to being named in the Prospectus, road show and any other materials as an officer and/or director of the
Company, as applicable.

 

(b)
Each Insider represents and warrants, with respect to herself or himself, that such Insider’s biographical information furnished
to the Company (including any such information included in the Prospectus) is true and accurate in all material respects and does not
omit any material information with respect to such Insider’s background. The Insider’s questionnaire furnished to the Company
is true and accurate in all material respects. Each Insider represents and warrants that such Insider is not subject to or a respondent
in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice
relating to the offering of securities in any jurisdiction; such Insider has never been convicted of, or pleaded guilty to, any crime
(i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings
in any securities and such Insider is not currently a defendant in any such criminal proceeding; and such Insider has never been suspended
or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration
denied, suspended or revoked.

 

3.
Business Combination Vote. It is acknowledged and agreed that the Company shall not enter into a definitive agreement regarding
a proposed Business Combination without the prior consent of the Sponsor. The Sponsor and each Insider, with respect to itself or herself
or himself, agrees that if the Company seeks shareholder approval of a proposed initial Business Combination, then in connection with
such proposed initial Business Combination, it, she or he, as applicable, shall vote all Founder Shares and any Public Shares held by
it, her or him, as applicable, in favor of such proposed initial Business Combination (including any proposals recommended by the Board
in connection with such Business Combination) and not redeem any Public Shares held by it, her or him, as applicable, in connection with
such shareholder approval.

 

    	 

     

    

 

4.
Failure to Consummate a Business Combination; Trust Account Waiver.

 

(a)
The Sponsor and each Insider hereby agree, with respect to itself, herself or himself, that in the event that the Company fails to consummate
its initial Business Combination within the time period set forth in the Charter, the Sponsor and each Insider shall take all reasonable
steps to cause the Company to (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible
but not more than 10 business days thereafter, redeem 100% of the Public Shares, at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously
release to the Company to pay income taxes (which interest shall be net of taxed payable and less up to $100,000 of interest to pay dissolution
expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’
rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Board, liquidate and
dissolve, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for claims
of creditors and in all cases subject to the other requirements of applicable law. The Sponsor and each Insider agree not to propose
any amendment to the Charter (i) that would modify the substance or timing of the Company’s obligation to allow redemptions in
connection with the Company’s initial Business Combination or the Company’s obligation to redeem 100% of the Public Shares
if it does not complete an initial Business Combination within the time period required by the Charter, or (ii) with respect to any other
provision relating to the rights of Public Shareholders or pre-initial Business Combination activity unless the Company provides its
Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust
Account and not previously released to the Company to pay taxes (which interest shall be net of taxes payable), if any, divided by the
number of then-outstanding Public Shares.

 

(b)
The Sponsor and each Insider, with respect to itself, herself or himself, acknowledges that it, she or he has no right, title, interest
or claim of any kind in or to any monies held in the Trust Account as a result of any liquidation of the Company with respect to the
Founder Shares held by it, her or him, if any. The Sponsor and each of the Insiders hereby further waive, with respect to any Founder
Shares and Public Shares held by it, her or him, as applicable, any redemption rights it, she or he may have in connection with the consummation
of a Business Combination, including, without limitation, any such rights available in the context of a shareholder vote to approve such
Business Combination or a shareholder vote to approve an amendment to the Charter (i) that would modify the substance or timing of the
Company’s obligation to allow redemptions in connection with the Company’s initial Business Combination or to redeem 100%
of the Public Shares if it does not complete an initial Business Combination within the time period required by the Charter, or (ii)
with respect to any other provision relating to the rights of Public Shareholders or pre-initial Business Combination activity (although
the Sponsor and the Insiders shall be entitled to liquidation rights with respect to any Public Shares they hold if the Company fails
to consummate a Business Combination within the required time period set forth in the Charter).

 

5.
Lock-up; Transfer Restrictions.

 

(a)
The Sponsor and the Insiders agree that they shall not Transfer any Founder Shares (the “Founder Shares Lock-up”) until the
earliest of (A) six months after the completion of an initial Business Combination and (B) the date following the completion of
an initial Business Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that
results in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property
(the “Founder Shares Lock-up Period”). Notwithstanding the foregoing, if, subsequent to a Business Combination, the closing
price of the Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, share consolidations,
reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing at least 30 days after
the Company’s initial Business Combination, the Founder Shares shall be released from the Founder Shares Lock-up.

 

(b)
The Sponsor and Insiders agree that they shall not effectuate any Transfer of Private Placement Warrants or Working Capital Warrants
or Ordinary Shares underlying such warrants until 30 days after the completion of an initial Business Combination.

 

    	 

     

    

 

(c)
Notwithstanding the provisions set forth in paragraphs 5(a) and (b), Transfers of the Founder Shares, Private Placement Warrants, Ordinary
Shares underlying the Private Placement Warrants, Working Capital Warrants and Ordinary Shares underlying the Working Capital Warrants
are permitted (a) to the Company’s officers or directors, any affiliate or family member of any of the Company’s officers
or directors, any affiliate of the Sponsor or to any member of the Sponsor or any of their affiliates; (b) in the case of an individual,
as a gift to a member of one of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s
immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of
descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order;
(e) by private sales or transfers made in connection with any forward purchase agreement or similar arrangement or in connection with
the consummation of a Business Combination at prices no greater than the price at which the Ordinary Shares or Warrants were originally
purchased; (f) by virtue of the laws of the Cayman Islands or the Sponsor’s organizational documents upon dissolution of the Sponsor;
(g) in the event of the Company’s liquidation prior to the completion of a Business Combination; (h) by Sponsor to each Underwriter
pursuant a transfer agreement between the Sponsor and each Underwriter each entered into on November 23, 2021 or (i) in the event of,
subsequent to the completion of an initial Business Combination, the Company’s completion of a liquidation, merger, share exchange
or other similar transaction which results in all of the Company’s Public Shareholders having the right to exchange their Ordinary
Shares for cash, securities or other property; provided, however, that in the case of clauses (a) through (f) these permitted transferees
must enter into a written agreement agreeing to be bound by these transfer restrictions.

 

(d)
During the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and
each Insider shall not, without the prior written consent of the Representative (and in the case of Representative as a stockholder,
also with the consent of the Company and only if such waiver does not conflict with FINRA Rule 5110), Transfer any Units, Ordinary Shares,
Private Placement Warrants, Working Capital Warrants or other warrants or any other securities convertible into, or exercisable or exchangeable
for, Ordinary Shares held by it, her or him, as applicable.

 

6.
Remedies. The Sponsor and each of the Insiders hereby agree and acknowledge that (i) each of the Underwriters and the Company
would be irreparably injured in the event of a breach by the Sponsor or such Insider of its, her or his obligations, as applicable under
paragraphs 3, 4, 5, 7, 10 and 11, (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party
shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of
such breach.

 

7.
Payments by the Company. Except as disclosed in the Prospectus or permitted by the Underwriting Agreement, neither the Sponsor
nor any affiliate of the Sponsor nor any director or officer of the Company nor any affiliate of the officers shall receive from the
Company any finder’s fee, reimbursement, consulting fee, monies in respect of any payment of a loan or other compensation prior
to, or in connection with any services rendered in order to effectuate the consummation of the Company’s initial Business Combination
(regardless of the type of transaction that it is).

 

8.
Director and Officer Liability Insurance. The Company will maintain an insurance policy or policies providing directors’
and officers’ liability insurance, and the Insiders shall be covered by such policy or policies, in accordance with its or their
terms, to the maximum extent of the coverage available for any of the Company’s directors or officers.

 

9.
Termination. This Letter Agreement shall terminate on the earlier of (i) the expiration of the Founder Shares Lock-up Period and
(ii) the liquidation of the Company.

 

10.
Indemnification. In the event of the liquidation of the Trust Account upon the failure of the Company to consummate its initial
Business Combination within the time period set forth in the Charter, the Sponsor (the “Indemnitor”) agrees to indemnify
and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to,
any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether pending
or threatened) to which the Company may become subject as a result of any claim by (i) any third party for services rendered or products
sold to the Company (except for the Company’s independent auditors) or (ii) a prospective target business with which the Company
has entered into a written letter of intent, confidentiality or other similar agreement or business combination agreement (a “Target”);
provided, however, that such indemnification of the Company by the Indemnitor (x) shall apply only to the extent necessary to ensure
that such claims by a third party for services rendered or products sold to the Company or a Target do not reduce the amount of funds
in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust
Account as of the date of the liquidation of the Trust Account if less than $10.00 per Public Share due to reductions in the value of
the trust assets, less taxes payable, (y) shall not apply to any claims by a third party or Target who executed a waiver of any and all
rights to the monies held in the Trust Account (whether or not such waiver is enforceable) and (z) shall not apply to any claims under
the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933,
as amended. The Indemnitor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to
the Company if, within 15 days following written receipt of notice of the claim to the Indemnitor, the Indemnitor notifies the Company
in writing that it shall undertake such defense.

 

    	 

     

    

 

11.
Forfeiture of Founder Shares. To the extent that the Underwriters do not exercise their option to purchase additional Units within
45 days from the date of the Prospectus in full or such option is reduced (in each case, as further described in the Prospectus), the
Sponsor agrees to automatically surrender to the Company for no consideration, for cancellation at no cost, an aggregate number of Founder
Shares so that the number of Founder Shares will equal of 20% of the sum of the total number of Ordinary Shares and Founder Shares outstanding
at such time. The Sponsor and Insiders further agree that to the extent that the size of the Public Offering is increased or decreased,
the Company will effect a share capitalization or a share repurchase, as applicable, with respect to the Founder Shares immediately prior
to the consummation of the Public Offering in such amount as to maintain the number of Founder Shares at 20% of the sum of the total
number of Ordinary Shares and Founder Shares outstanding at such time.

 

12.
Entire Agreement. This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of
the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written
or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement
may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except
by a written instrument executed by all parties hereto.

 

13.
Assignment. No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder
without the prior written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual
and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on
the Sponsor, each of the Insiders and each of their respective successors, heirs, personal representatives and assigns and permitted
transferees.

 

14.
Counterparts. This Letter Agreement may be executed in any number of original or facsimile counterparts, and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

15.
Effect of Headings. The paragraph headings herein are for convenience only and are not part of this Letter Agreement and shall
not affect the interpretation thereof.

 

16.
Severability. This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision
hereof shall not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore,
in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this
Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

17.
Governing Law. This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State
of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another
jurisdiction. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to,
this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit
to such jurisdiction and venue, which jurisdiction and venue shall be exclusive, and (ii) waive any objection to such exclusive jurisdiction
and venue or that such courts represent an inconvenient forum.

 

18.
Notices. Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement
shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested),
by hand delivery or facsimile transmission.

 

[Signature
Page Follows]

 

    	 

     

    

 

	 	Sincerely,
	 	 
	 	INFINT
    CAPITAL LLC
	 	 	 
	 	By:	/s/
    Alexander Edgarov
	 	Name:
    	Alexander
Edgarov
	 	Title:
    	Managing
Member
	 	Date:	November
23, 2021

 

[Signature
Page to Letter Agreement]

 

    	 

     

    

 

Acknowledged
and Agreed:

 

	Signature	 	Title	 	Date
	 	 	 	 	 
	/s/
    Alexander Edgarov	 	Chief
    Executive Officer 	 	November
    23, 2021
	Alexander
    Edgarov	 	 	 	 
	 	 	 	 	 
	/s/
    Sheldon Brickman	 	Chief
    Financial Officer 	 	November
    23, 2021
	Sheldon
    Brickman	 	(Principal
    Financial and Accounting Officer)	 	 
	 	 	 	 	 
	/s/
    Eric Weinstein	 	Chairman
    of the Board	 	November
    23, 2021
	Eric
    Weinstein	 	 	 	 
	 	 	 	 	 
	/s/
    Jing Huang 	 	Director	 	November
    23, 2021
	Jing
    Huang	 	 	 	 
	 	 	 	 	 
	/s/
    Dave Cameron	 	Director	 	November
    23, 2021
	Dave
    Cameron	 	 	 	 
	 	 	 	 	 
	/s/
    Kevin Chen	 	Director	 	November
    23, 2021
	Kevin
    Chen	 	 	 	 
	 	 	 	 	 
	/s/
    Andrey Novikov	 	Director	 	November
    23, 2021
	Andrey
    Novikov	 	 	 	 
	 	 	 	 	 
	/s/
    Michael Moradzadeh	 	Director	 	November
    23, 2021
	Michael
    Moradzadeh	 	 	 	 

 

    	 

     

    

 

Acknowledged
and Agreed:

 

	Benchmark
    Investments LLC, as holder of Representative Shares	 
	 		 
	By:	/s/
    Sam Fleischman	 
	Name: 
    	Sam Fleischman	 
	Title:	Supervisory Principal	 
	Date:
    	November
23, 2021  	 

 

	/s/ David Boral	 
	David
    Boral, as holder of Representative Shares	 
	 	 
	/s/ Joseph T. Rallo	 
	Joseph
    T. Rallo, as holder of Representative Shares	 

 

Acknowledged
and Agreed:

 

	JonesTrading
    Institutional Services LLC, as holder of Representative Shares	 
	 		 
	By:	/s/
    Burke Cook	 
	Name: 
    	Burke Cook	 
	Title:	General Counsel	 
	Date:
    	November
23, 2021  	 

 

Acknowledged
and Agreed:

 

InFinT
Acquisition Corporation

 

	By:
    	/s/
Sheldon Brickman	 
	Name:
    	Sheldon
    Brickman	 
	Title:
    	Chief
    Financial Officer	 
	Date:	November
    23, 2021	 

 

[Signature
Page to Letter Agreement]txmd-ex1055_277.htm

Exhibit 10.55

TherapeuticsMD, Inc. 

2022 Executive Retention and Performance Bonus Plan. (ERB-Plan) 

I.Purpose

The purpose of this one-time special 2022 Executive Retention and Performance Bonus Plan (the “ERB-Plan”) is to promote the success of the Company by providing to participating executives a) a Retention Payment and b) cash incentives in the form of Performance Bonus Awards based on achievement of critical strategic, tactical and financial goals. The intent of this plan is to retain participating executives with the Company in light of business uncertainty, to foster business continuity and engagement, and to reward participating executives for achieving performance measures. This plan is a one-year only plan that will pay out over the course of two years.

II.Definitions

After-Tax Value. The amount of the Performance Bonus Award and Retention Payment paid, if any, calculated as the gross amount of the Performance Bonus Award, minus applicable taxes and withholdings as determined on the applicable payment date.

Award Setting Deadline. The deadline by which to approve Performance Measures for a Participant for an applicable portion of the Performance Period. 

Base Salary. The aggregate gross base annualized salary of a Participant as of January 1, 2022, but prior to reductions or deductions for salary deferred pursuant to any deferred compensation plan or for contributions to a plan qualifying under Code Section 401(k), deductions for parking benefits, health insurance, or non-cash benefits or perquisites. Notwithstanding the foregoing, Base Salary does not include any actual or imputed income from Company-provided benefits or perquisites.

Bonus Target. The Performance Bonus Award that may be paid if Performance Measures for the Company are achieved at the one-hundred percent (100%) payout level during a given six-month performance period.  

Cause. Cause shall have the meaning ascribed to such term in a Participant’s employment agreement with the Company, if any, or otherwise in the TherapeuticsMD, Inc. 2019 Stock Incentive Plan, as amended.

Code. U.S. Internal Revenue Code of 1986, as amended from time to time.

Company. TherapeuticsMD, Inc., a Nevada corporation, and its subsidiaries.

Committee. The Compensation Committee of the Company’s Board of Directors.

ERB-Plan Value. The total cash payment available to each Participant under this ERB-Plan. 

GAAP. U.S. General Accepted Accounting Principles.

 

 

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Good Reason. Good Reason shall have the meaning ascribed to such term in a Participant’s employment agreement with the Company, if any, or otherwise in the TherapeuticsMD, Inc. 2019 Stock Incentive Plan, as amended.

Participant. Any Company executive selected and approved by the Committee or its delegate to participate in the ERB-Plan for the Performance Period. 

Performance Bonus Award. The total cash payment available for each Participant in the ERB-Plan during the Performance Period amounts to 75% of the total ERB-Value established for each Participant in the ERB-Plan. As the Performance Period includes four (4) separate six-month performance periods, the value of the Performance Bonus Award available for each Participant in a given six-month performance period is one quarter (1/4) of the total Performance Bonus Award cash payment available for each Participant in the ERB-Plan during the corresponding six-month performance period of the Performance Period.

Depending on the Performance Measures defined and established for the Company for a given six-month performance period, pay-out of the Performance Bonus Award for that given six-month performance period to Participants may be anywhere from 50% (“Threshold”) to 100% (“Bonus Target”) or 150% (“Maximum”) of the Bonus Target for that given six-month performance period, depending on achievement relative to performance compared to the Bonus Target during such given six-month performance period. Interpolation between levels above the identified “Threshold” level will be at the joint discretion of the CEO of the Company and the Committee. Any Performance Bonus Award may not exceed 150% of the Bonus Target.

Performance Measure(s). Any one or a combination of pre-determined business goals and/or objectives selected and approved by the Committee or its delegate, measured either on an objective or subjective basis, applicable to the Company or an affiliate of the Company, business unit or market segment.

Performance Measures selected by the CEO applicable to the Company or an affiliate of the Company, business unit or market segment, may include, but are not limited to, the following measures (whether or not in comparison to other peer companies): profit before tax; revenue; net revenue; earnings (which may include earnings before interest and taxes, earnings before taxes, and net earnings, among other metrics); operating income; operating margin; operating profit; controllable operating profit, or net operating profit; net profit; gross margin; operating expenses or operating expenses as a percentage of revenue; net income; earnings per share; total stockholder return; market share; return on assets or net assets; the Company’s stock price; growth in stockholder value relative to a pre-determined index; return on equity; return on invested capital; cash flow (including free cash flow or operating cash flows); cash conversion cycle; economic value added; individual confidential business objectives; contract awards or backlog; overhead or other expense reduction; credit rating; strategic plan development and implementation; succession plan development and implementation; improvement in workforce diversity; customer indicators; new product invention or innovation; attainment of research and development or product delivery milestones; improvements in productivity; bookings; attainment of objective operating goals and employee metrics; continued employment; any other metric that is capable of measurement as determined by the Committee.

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EAST\187707546.6

 

Performance Period. January 1, 2022 to December 31, 2023, which shall include four separate six-month performance periods.

Performance Target(s). The value or weight, expressed in a percentage defined and approved by the Committee, attached to a Performance Measure.

Retention Payment. The cash payment, representing 25% of the total ERB-Plan Value for a Participant, made pursuant to this ERB-Plan as a retention payment, and subject to recoupment as described in Section VIII. 

III.Eligibility

The CEO of the Company, with approval by the Committee, shall select Participants for participation in the ERB-Plan.

IV.Administration

A.Administrator

This ERB-Plan shall be administered by the Committee in accordance with ERB-Plan provisions. 

B.Authority

The Committee shall have all powers and discretion, as described in this document, necessary or appropriate to interpret and administer the ERB-Plan and to control its operation. Such authority includes selecting and approving Participants in the Plan, determining and approving Bonus Targets for each Participant, determining and approving Performance Measures, approving the Performance Bonus Award granted to Participants for a given six-month performance period, and determining the form and manner in which Retention Payments and Performance Bonus Awards will be made. The Committee may delegate all or some of the powers and discretion herein to the CEO of the Company, except that all final approvals will rest solely with the Committee.

C.Decisions Binding

All determinations and decisions made by the Committee pursuant to the provisions of the ERB-Plan shall be final, conclusive, and binding on all persons, and shall be given the maximum deference permitted by law. 

D.Delegation by Committee

The Committee, in its sole discretion and on such terms and conditions as it may provide, may delegate all or part of its authority and powers under the ERB-Plan to one or more directors or officers of the Company; provided, however, that the Committee shall review and approve all recommendations for any payments pursuant to the ERB-Plan prior to such payments being made.

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E.Term of ERB-Plan

Once approved by the Committee, this ERB-Plan shall be effective as of the start of the Performance Period. Once approved, this ERB-Plan shall continue until termination of the Plan on December 31, 2024, or earlier as described in Section IX below.

V.Applicable Bonus Provisions and Award Agreement

The Committee shall designate or approve the following and set forth such terms in the applicable award agreement (the “Award Agreement”):

1.Executives who will be Participants;

2.Retention Payment for each Participant;

3.Bonus Target for each Participant;

4.Performance Targets for a given six-month performance period; and

5. Performance Measures established for a given six-month performance period.

Prior to the Award Setting Deadline for a given six-month performance period, the Committee shall approve the Performance Measures and the Performance Targets proposed by the CEO of the Company for such given six-month performance period, and the Participants shall be provided notice thereof by Company management.

VI.Performance Bonus Award Determination

After the end of a given six-month performance period, the Committee shall approve the extent to which the Performance Targets relative to the Performance Measures used during such given six-month performance period were achieved by the Participants to the ERB-Plan. The Performance Bonus Award for such given six-month performance period for each Participant shall be determined according to the level of actual performance. The Committee, at its sole discretion, may eliminate, reduce, or increase the Performance Bonus Award payable to any Participant below or above that which otherwise would be payable. 

The Committee may appropriately adjust any evaluation of performance under a Performance Measure to exclude any of the following events that may occur during the applicable portion of the Performance Period:

1.Any or all items excluded, or that could be excluded, from the calculation of non-GAAP earnings as reflected in any Company press release or 8-K filing relating to an earnings announcement;

2.Asset write-downs;

3.Litigation or claim judgments or settlements;

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4.Effects of changes in tax law, accounting principles or other such laws or provisions affecting reported results;

5.Accruals for reorganization and restructuring programs;

6.Any other extraordinary or non-operational items; 

7.Acquisition or disposition costs; and

8.Gain or losses as a result of a Board approved acquisition or disposition, including current year impact on bonus year targets planned without consideration of the transaction.

VII.Payments

A.Performance Bonus Award Timing

The Company shall pay a Performance Bonus Award to a Participant, less applicable withholdings and deductions, as soon as is administratively practicable following the determination and written certification by the Committee to the degree that the Performance Targets, relative to the Performance Measures, were achieved during a given six-month performance period, but in no event later than sixty (60) days following the end of the applicable portion of the Performance Period. 

B.Retention Payment Timing

 

The Retention Payment shall be paid to each Participant in March 2022, subject to the recoupment provisions below. The following recoupment provisions shall apply to the Retention Payment:

 

	
 
	
1.
	
If a Participant is terminated for Cause or voluntarily terminates employment for any reason other than Good Reason on or before July 1, 2022, the Participant shall pay back 100% of the After-Tax Value of the Retention Payment.

	
 
	
2.
	
If a Participant is terminated for Cause or voluntarily terminates employment for any reason other than Good Reason after July 1, 2022, but on or before January 1, 2023, the Participant shall pay back 50% of the After-Tax Value of the Retention Payment.

	
 
	
3.
	
If recoupment is required, the Participant shall pay back the required amount to the Company within 60 days following the Participant’s employment termination date.

C.Manner of Payment

Performance Bonus Awards and the Retention Payment will be payable in cash as a single lump sums, subject to all applicable taxes and contributions required to be withheld by law 

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or in accordance with established Company payroll procedures. 

D.Recoupment of Performance Bonus Award in the Event of Restatement

Except as otherwise provided by the Committee, Performance Bonus Awards and Retention Payments granted under the ERB-Plan (and in addition to as otherwise provided herein with respect to the Retention Payment) shall be subject to any and all policies, guidelines, codes of conduct, or other agreement or arrangement adopted by the Board or Committee with respect to the recoupment, recovery, or clawback of compensation (collectively, the “Recoupment Policy”).

E.Code Section 409A

It is intended that this ERB-Plan comply with the requirements of Code Section 409A so that none of the Performance Bonus Award payments and Retention Payments to be provided under this ERB-Plan will be subject to the additional tax imposed under Code Section 409A. Any ambiguities will be interpreted to so comply.  Notwithstanding the foregoing, the Company makes no representations that the payments provided under the ERB-Plan comply with Code Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Code Section 409A.

 

VIII.Right to Receive Payment

A.ERB-Plan Unfunded and Unsecured

The Performance Bonus Award and Retention Payment under this ERB-Plan shall be paid solely from the general assets of the Company. This ERB-Plan is unfunded and unsecured; nothing in this ERB-Plan shall be construed to create a trust or to establish or evidence any Participant’s claim of any right to, or form of, payment of a Performance Bonus Award payment or Retention Payment other than as an unsecured general creditor with respect to any payment to which such Participant may be entitled. 

B.Termination of Employment

Except as may otherwise be provided for in the “Payments” section above with respect to the Retention Payment, if a Participant terminates employment with the Company prior to the payment of the Retention Payment, such Participate will not be entitled to receive the Retention Payment. If a Participant terminates employment with the Company prior to the end of the applicable portion of the Performance Period, such Participant shall not be entitled to payment of the portion of any Performance Bonus Award for the applicable portion of the Performance Period under this ERB-Plan. 

IX.Amendment and Termination Provisions

The Board of Directors or the Committee may amend, modify, suspend, terminate, or reinstate this ERB-Plan, in whole or in part, at any time, including adopting amendments deemed 

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necessary or desirable to correct any defect or to supply omitted data, to reconcile any inconsistency in this ERB-Plan or in any Performance Bonus Award granted hereunder or to adapt the ERB-Plan, including, but not limited to, Performance Measures under this ERB-Plan, to material changed circumstances (as determined by the Committee in its sole discretion).

X.General Provisions

A.Non-transferability of Awards

No Performance Bonus Award or Retention Payment granted under the ERB-Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, by the laws of descent and distribution, or to the limited extent provided in the prior subsection. All rights with respect to a Performance Bonus Award granted to a Participant shall be available during his or her lifetime only to the Participant.

B.No Additional Participant Rights

Employees selected to participate in this ERB-Plan shall not have any right to be retained in the Company’s employ, and the right of the Company to dismiss such Participant or to terminate any arrangement pursuant to which any such Participant provides services to the Company, with or without cause, is specifically reserved. No person shall have claim to a Performance Bonus Award or Retention Payment under this ERB-Plan, except as otherwise provided for herein, or to continued participation under this ERB-Plan. There is no obligation for uniformity of treatment of Participants under this ERB-Plan. The benefits provided for Participants under this ERB-Plan shall be in addition to and shall in no way preclude other forms of compensation to or in respect of such Participants.

C.Successors

All obligations of the Company under this ERB-Plan with respect to Performance Bonus Awards and Retention Payments shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business or assets of the Company.

D.Indemnification

Each member of the Company’s Board of Directors and each Committee member shall be indemnified and held harmless by the Company against and from (i) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit, or proceeding to which such member may be a party or in which such member may be involved by reason of any action taken or failure to act under the ERB-Plan or any award, and (ii) from any and all amounts paid by such member in settlement thereof, with the Company's approval, or paid by such member in satisfaction of any judgment in any such claim, action, suit or proceeding against such member, provided such member shall give the Company an opportunity, at its own expense, to handle and defend the same before such member undertakes to handle and defend it on his/her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such 

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persons may be entitled under the Company’s Certificate of Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold them harmless.

E.Severability

The provisions of this ERB-Plan are severable. If a court of competent jurisdiction rules that any provision of this ERB-Plan or the Award Agreement is invalid or unenforceable, the court’s ruling will not affect the validity and enforceability of the other provisions of this ERB-Plan.

F.Requirements of Law

Performance Bonus Awards and Retention Payment granted under this ERB-Plan shall be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

G.Governing Law

The validity, interpretation, construction and performance of the ERB-Plan and awards under it shall be governed and interpreted in accordance with the laws of the State of Florida.

 

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FORM OF

THERAPEUTICSMD, INC. EXECUTIVE RETENTION AND BONUS PLAN

AWARD AGREEMENT 

THIS THERAPEUTICSMD, INC. EXECUTIVE BONUS PLAN AWARD AGREEMENT (the “Award Agreement”), entered into as of [●], 2022 is made by and between TherapeuticsMD, Inc. (“Company”), a Nevada corporation, and [●] (“Executive”), an executive of Company, under the terms and conditions of the TherapeuticsMD, Inc. Executive Bonus Plan (the “Plan”), which provides for a cash Retention Payment and Performance Bonus Award to certain key executives of the Company. Any defined term not otherwise defined herein shall have the meaning set forth in the Plan. 

1. Terms of the Retention Payment. Company hereby grants to Executive the opportunity to earn a special, one-time cash Retention Payment pursuant to the terms of the Plan and this Award Agreement. In addition to the terms and conditions set forth in the Plan, the following terms shall apply:

a.The Retention Payment shall equal: [__________].

b.The Retention Payment shall be repaid to the Company as set forth in the Plan if Executive is terminated for Cause or voluntarily terminates employment for any reason other than Good Reason on or before January 1, 2023.

2. Terms of Performance Bonus Award. Company hereby grants to Executive the opportunity to earn a special, one-time Performance Bonus Award pursuant to the terms of the Plan and this Award Agreement. In addition to the terms and conditions set forth in the Plan, the following terms shall apply for purposes of determining the Performance Bonus Award of Executive for the Performance Period:   

	
a.
	
The Performance Bonus Award shall equal: [_______], which shall be paid in four equal installments for each separate six-month period in the Performance Period, subject to the terms of the Plan and satisfaction of the applicable Performance Targets. 

	
b. 
	
The Performance Targets for the Performance Period shall be approved by the Compensation Committee for each separate six-month period.

2. Miscellaneous. This Award Agreement and the Plan contain the entire agreement and understanding of the parties with respect to the subject matter contained in this Award Agreement, and supersede all prior communications, representations, and negotiations in respect thereto. The terms and conditions of Executive’s Retention Payment and Performance Bonus Award for the Performance Period set forth herein shall be governed by this Award Agreement and the Plan. Should the terms and conditions of this Award Agreement conflict with the Plan, the terms and conditions of the Plan will control. This Award Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. This Award Agreement may be modified only in writing signed by the original parties hereto, their successors, or by their authorized representatives. 

IN WITNESS WHEREOF, this Agreement has been executed by the parties effective as of the date set forth above. 

 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
EXECUTIVE
	
 
	
 
	
 
	
THERAPEUTICSMD, INC.

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
By:
	
 
	
 

	
[INSERT NAME]
	
 
	
 
	
 
	
Name:
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
Title:
	
 
	
 

 

THERAPEUTICSMD, INC. EXECUTIVE RETENTION AND BONUS PLAN AWARD AGREEMENT 

 

 

EAST\187707546.6

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