Document:

EMPLOYMENT
AGREEMENT

 

THIS
AGREEMENT (the “Agreement”) is made and entered into by and between Akers Biosciences, Inc., a New Jersey Corporation
(the “Company”), and Raymond F. Akers, Jr. (“Employee”) and is effective as of this 12th day
of January, 2011

 

WITNESSETH

 

WHEREAS,
the Company desires to employ Employee as its Chairman of the Board; and

 

WHEREAS,
Employee desires to accept such employment upon the terms set forth in the Agreement.

 

NOW
THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration,
the adequacy and receipt of which are hereby acknowledged, the parties agree as follows:

 

1.          Employment.
The Company hereby employs Employee and Employee hereby accepts employment with the Company commencing on the date hereof for the
Term (as defined below), in the position and with the duties and responsibilities set forth in Section 3.1 below, and upon the
other terms and subject to the conditions hereinafter stated;

 

2.          Terms.
Except as otherwise specifically provided in Section 7 below, the term of the Agreement (the “Term”) shall commence
on the date hereof (the “Effective Date”), and shall continue until the third (3rd) anniversary of the date
hereof, subject to the terms and conditions of the Agreement.

 

3.          Position.
Duties. Responsibilities and Services

 

3.1           Position.
Duties and Responsibilities. During the Term, Employee shall serve as Chairman of the Board (Executive Chairman) and shall
be responsible for the duties attendant to such offices which duties will be generally consistent with his position as an executive
officer of the Company, and such other managerial duties and responsibilities with the Company, its subsidiaries or divisions as
may be assigned by the Board of Directors of the Company (the “Board”). Employee shall be subject to the supervision
and control of the Board and the provisions of the By-Laws of the Company,

 

3.2           Services
to be provided. During the Term, Employee shall: (i) devote all of his working time, attention and energies to the affairs
of the Company and its subsidiaries and division, (ii) use his best efforts to promote its and their best interests, (iii) faithfully
and diligently perform his duties and responsibilities hereunder, and (iv) comply with and be bound by the Company’s operational
policies, procedures and practices from time to time in effect during the Term. The Agreement shall not be construed as preventing
Employee from engaging in charitable and community affairs, serving as an outside director of any other company or from investing
his assets in such form or manner as will not require a material amount of his time, in each case subject to the non-competition
obligations contained in Section 10 below as such obligations are interpreted by the Board and provided that such activities do
not materially interfere with the performance of his duties and responsibilities enumerated within the Agreement.

 

    	 

    	 

    

 

4.          Compensation

 

4.1           Base
Salary. Employee shall be paid a base salary (the “Base Salary”) at an annual rate of three hundred fifty thousand
dollars ($350,000), payable at such intervals as the other executive officers of the Company are paid, but in any event at least
on a monthly basis. The Base Salary shall be reviewed by the Board on or before each anniversary of the Effective Date during the
Term, with such reviews to commence at the end of 2011, and shall be subject to increase in the discretion of the Board taking
into account merit, corporate and individual performance and general business conditions, including changes in the cost of living
index. Such increase, if any, shall be effective on each anniversary of the Effective Date during the Term commencing 2012, but
shall not be less than the amount referenced above.

 

4.2           Incentive
Compensation. Employee shall be entitled to participate in all bonus and incentive compensation plans made available to executive
officers of the Company.

 

5.          Employee
Benefits

 

5.1           Benefit
Program. During the Term, Employee shall be entitled to participate in and receive benefits made available now or hereafter
to executive officers of the Company under all benefit programs, arrangements or perquisites of the Company including, but not
limited to, pensions and other retirement plans, hospitalization, surgical, dental, major medical coverage and short and ling term
disability.

 

5.2           Vacation.
During the Term, Employee shall be entitled to such vacation with pay during each year of his employment hereunder consistent with
his position a an executive officer of the Company, but in no event less than four (4) weeks in any such calendar year (pro-rated
as necessary for partial calendar years during the Term); provided, however, that the vacation days taken do not interfere with
the operations of the Company. Such vacation may be taken, in Employee’s discretion, at such time or times as are not inconsistent
with the reasonable business needs of the Company. Employee shall not be entitled to any additional compensation in the event that
Employee, for whatever reason, fails to take such vacation during any year of his employment hereunder. Vacation days may be accumulated
from year to year only with the approval of the Company. Employee shall also be entitled to all paid holidays given by the Company
to its executive officers.

 

5.3           Car
Allowance. During the Term, the Company shall pay Employee, on the first day of each month, a monthly automobile allowance
of $650.00 plus insurance to pay for the costs associated with Employee’s local transportation expenses.

 

6.          Expenses.
During the Term, the Company shall reimburse Employee upon presentation of appropriate vouchers or receipts and in accordance with
the Company’s expense reimbursement policies for executive officers, for all reasonable travel and entertainment expenses
(other than automobile expenses) incurred by Employee in connection with the performance of his duties under the Agreement.

 

7.          Consequences
of Termination of Employment

 

7.1           Death.
In the event of the death of Employee during the Term, Employee’s employment hereunder shall be terminated as of the date
of his death and Employee’s designated beneficiary, or, in the absence of such designation, the estate or other legal representative
of the Employee (collectively, the “Estate”) shall be paid, Employee’s unpaid Base Salary through the month in
which the death occurs and any unpaid Bonus Compensation for any fiscal year which has ended as of the date of such termination
or which was at least one half (1/2) completed as of the date of death. In the case of such incomplete fiscal year, the Bonus Compensation
shall be pro-rated and all such Bonus Compensation payable as a result of this Section 7.1 shall be otherwise payable as set forth
in Section 4.2 above. The Estate shall be entitled to all other death benefits in accordance with the terms of the Company’s’s
benefit programs and plans.

 

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7.2           Disability.
In the event Employee shall be unable to render the services or perform his duties hereunder by reason of illness, injury or incapability
(whether physical, mental, emotional or psychological) for a period of either: (i) ninety (90) consecutive days, or (ii) one hundred
eighty (180) days in any consecutive three hundred sixty-five (365) day period, the Company shall have the right to terminate this
Agreement by giving Employee ten (10) days prior written notice. If Employee’s employment hereunder is so terminated, Employee
shall be paid, in addition to payments under any disability insurance policy in effect, Employee’s unpaid Base Salary through
the month in which the termination occurs, plus Bonus Compensation on the same basis as is set forth in Section 7.1 above.

 

7.3           Termination
of Employment of Employee by the Company for Cause. Nothing herein shall prevent the Company from terminating Employee’s
employment under the Agreement for Cause (as defined below). In the event Employee is terminated for Cause, Employee shall be paid
his unpaid Base Salary (but no Bonus Compensation) through the month in which the termination occurs. The term “Cause”,
as used herein, shall mean: (i) the entering of a plea of guilty or nolo contendre to or the conviction of Employee for
a felony or any other criminal act involving moral turpitude. For purposes of this Section 7.3, no act shall be considered willful
unless done or admitted to be done not in good faith and without reasonable belief that such action or omission was in the best
interest of the Company.

 

Termination
of employment of Employee pursuant to this Section 7.3 shall be made by delivery to Employee of a letter from the Board generally
setting forth a description of the conduct which provides the basis for a termination of employment of Employee for Cause; provided,
however, that prior to the termination of the Agreement for a basis set forth in Sections 7.3(i) or 7.3(ii) above (which is capable
of being cured), Employee shall be given notice of the basis for termination by the Company and 30 calendar days to cure such breach
to the satisfaction of the Board.

 

7.4           Termination
of Employment Other than for Cause. Death or Disability

 

(a)          Termination.
The Agreement may be terminated: (i) by the Company (in addition to termination pursuant to Sections 7.1, 7.2 or 7.3 above) at
any time and for any reason, (ii) by the Employee at any time and for any reason, or (iii) upon the expiration of the Term.

 

(b)          Severance
and Non-Competition Payments

 

(1)         If
the Agreement is terminated by Company, including a Constructive Termination (as defined below), other than as a result of death
or disability of Employee or for Cause (and other than in connection with a change in control (as defined below) of the Company),
the Company shall pay the Employee a severance and non-competition payment equal to the sum of an amount equal to the Base Salary
for the remainder of the Term plus an amount equal to the Bonus Compensation earned by the Employee in respect of the last full
fiscal year immediately preceding the year of termination multiplied by the number of months remaining in the Term. Such severance
and noncompetition payment shall be in equal monthly installments commencing of the first day of the month following termination
and shall continue for the remainder of the Term.

 

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(2)         For
purposes of the Agreement, a “change in control” of the Company shall be deemed to have occurred upon the occurrence
of any of the following events: (a) a majority of the directors elected at any annual or special meeting of stockholders or by
stockholder consent are not individuals nominated by the Company’s incumbent Board of Directors; (b) any “person”
(as such term is defined in Section 3(a)(9) and 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “1934 Act”)),
other than the Employee, or any group of which the Employee is a member (within the meaning of Rule 13d- 1(f) of the Rules and
Regulations promulgated under the 1934 Act), or an “Affiliate” or “Associate” (as such terms are defined
in Rule 405 of the Rules and regulations promulgated under the Securities Ace of 1933, as amended) thereof becomes a beneficial
owner (as defined in Section 13(d)(3) of the 1934 Act), directly or indirectly, of securities of the Company representing thirty
percent (30%) or more of the Company’s then outstanding securities having the right to vote for the election of directors
or all or substantially all of the assets of the Company or commencement (within the meaning of Rule 14d-2 of the Rules and Regulations
promulgated under the 1934 Act) of a “tender offer” for capital stock of the Company subject to Section 14(d)(2) of
the 1934 Act by any person (as defined above) other than the Employee or any group of which the Employee is a member.

 

(3)         For
purposes of the Agreement, “Constructive Termination” shall be deemed to have occurred upon: (i) the removal of Employee
from or a failure of Employee to continue as Chairman of the Company, (ii) any material diminution in the nature or scope of the
authorities, powers, functions, duties or responsibilities attached to such position(s), or (iii) the material breach by the Company
of the Agreement and in any such case, the Employee does not agree to such change and elects to terminate its employment.

 

(4)         In
the event of a termination of employment by the Company (including a Constructive Termination) following a change in control of
the Company, the Company shall pay the Employee a severance and non-competition payment equal to 2.99 times the sum of the Base
Salary plus the Bonus Compensation in respect of the year immediately preceding the year of termination. Such severance and non-competition
payment shall be payable in the lump sum on the first day of the month following the termination. In addition, all warrants and
options which have been delivered to the Employee pursuant to Section 4.3 shall be delivered to Employee as of the date of such
change in control.

 

(5)         If
Employee terminates his employment voluntarily prior to the expiration of the Term, Employee shall be paid his unpaid Base Salary
(but no Bonus Compensation) through the month in which the voluntary termination occurs.

 

(6)         The
Employee shall not be required to mitigate the amount of any severance and non-competition payment provided for under the Agreement
by seeking other employment or otherwise.

 

7.5          Continued Maintenance of Benefit Plans and Payments and Benefits. Not withstanding anything to the contrary contained in
this Agreement, unless the Employee is terminated pursuant to Sections 7.1 or 7.3 hereof, the Company shall, to the extent reasonably
available and on terms substantially similar to those available on the date of termination, maintain in full force and effect,
for the continued benefit of the Employee for the number of months remaining in the Term, all employee benefit plans and programs
in which the Employee was entitled to participate immediately prior to the date of termination provided that the Employee’s
continued participation is possible under the general terms and provisions of such plans and programs. In the event that the Employee’s
participation of any such plan or program is barred, the Company shall arrange to provide the Employee with benefits substantially
equivalent to those which the Employee would otherwise have been entitled to receive under such plans and programs from which his
continued participation is barred.

 

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8.          Registration
Rights. The Company shall be under obligation to perform a single shelf registration of the Employee.

 

9.          Confidential
Information

 

9.1           The
Employee agrees not to use, disclose or make accessible to any other person, a partnership, corporation of any other entity any
Confidential Information (as defined below) pertaining to the business of the Company except: (i) while employed by the Company,
in the business of and for the benefit of the Company, or (ii) when required to do so by a court of competent jurisdiction, by
any governmental agency having supervisory authority over the business of the Company, or by any administrative body or legislature
body (including a committee thereof) with jurisdiction to order the Company to divulge, disclose or make accessible such information.
For purposes of the Agreement, “Confidential Information” shall mean nonpublic information concerning the Company’s
financial data, statistical data, strategic business plans, product development (or other proprietary product data), customer and
supplier lists, customer and supplier information, information relating to governmental relations, discoveries, practices, techniques,
processes, methods, trade secrets, marketing plans and other nonpublic, proprietary and confidential information of the Company,
that, in any case, is not otherwise generally available to the public and has not been disclosed by the Company to others not subject
to confidentiality agreements. In the event the Employee’s employment is terminated hereunder for any reason, he immediately
shall return to the Company all Confidential Information in his possession.

 

9.2           The
Employee agrees that any and all writings, inventions, improvements, processes, procedures and techniques which Employee may make,
conceive, discover or develop, either solely or jointly with any other person or persons, at any time during the term of this Agreement,
whether during working hours or at any other time and whether at the request or upon suggestion of the Company or otherwise, which
relate to or are useful in connection with any business now or hereafter carried on or contemplated by the Company, including developments
or expansions of its present fields of operations, shall be the sole and exclusive property of the Company. Employee shall make
full disclosure to the Company of all such writings, inventions, improvements, processes, procedures and techniques, and shall
do everything necessary or desirable to vest the absolute title thereto in the Company. Employee shall write and prepare all specifications
and procedures and techniques regarding such inventions, improvements, processes, procedures and techniques and otherwise aid and
assist the Company so that the Company can prepare and present applications for copyright or patent therefore and can secure such
copyright or patent wherever possible, as well as reissues, renewals and extensions thereof, and can obtain the record title to
such copyright or patents so that Company shall be the sole and absolute owner thereof in all countries in which it may desire
to have copyright or patent protection. Employee shall not be entitled to any additional of special compensation or reimbursement
regarding any and all such writings inventions, improvements, processes, procedures and techniques.

 

9.3           The
Employee and the Company agree that this covenant regarding confidential information is a reasonable covenant under the circumstances
and further agree that if in the opinion of any court of competent jurisdiction, such covenant is not reasonable in any respect,
such court shall have the right, power and authority to excise or modify such provision or provisions of this covenant as to the
court shall appear not reasonable and to enforce the remainder of the covenant as so amended. The Employee agrees that any breach
of the covenant contained in this Section 9 would irreparably injure the Company. Accordingly, the Employee agrees that the Company,
in addition to pursuing any other remedies it may have in law or in equity, may obtain an injunction against the Employee for any
court having jurisdiction over the matter, restraining any further violation of this Section 9.

 

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9.4           The provisions of this Section 9 shall extend for the Term and at all times thereafter.

 

10           Non-Competition: Non-Solicitation.

 

10.1         The
Employee agrees that during the Non-Competition Period (as defined in Section 10.4 below), without the prior written consent of
the Company: (i) he shall not, directly or indirectly, either as principal, manager, agent, consultant, officer, director, greater
than five percent (5%) holder of any class or series of equity securities, partner, investor, lender or employee or in any other
capacity, carry on, be engaged in or have any financial interest in or otherwise be connected with, any entity which is now or
at the time, has material operations which are engaged in any business activity competitive (directly or indirectly) with the business
of the Company (currently the development, manufacture and sale of diagnostic medical devices - i.e. medical testing devices) including,
for these purposes, any business in which, at the termination of his employment, there was a bona fide intention on the part of
the Company to engage in the future; and (ii) he shall not, on behalf of any competing entity, directly or indirectly, have any
dealings or contact with any suppliers or customers of the Company.

 

10.2         During
the Non-Competition Period, Employee agrees that, without the prior written consent of the Company (and other than on behalf of
the Company), Employee shall not, on his own behalf or on behalf of any person or entity, directly or indirectly hire or solicit
the employment of any employee who has been employed by the Company at any time during the six months immediately preceding such
date of hiring or solicitation.

 

10.3         The
Employee and the Company agree that the covenants of non-competition and non-solicitation are reasonable covenants under the
circumstances, and further agree that if, in the opinion of any court of competent jurisdiction such covenants are not
reasonable in any respect, such court shall have the right, power and authority to excise or modify such provision or
provisions of these covenants as to the court shall appear not reasonable and to enforce the remainder of these covenants as
so amended. The Employee agrees that any breach of the covenants contained in this Section 10 would irreparably injure the
Company. Accordingly, the Employee agrees that the Company, in addition to pursuing any other remedies it may have in law or
in equity, may obtain an injunction against the Employee from any court having jurisdiction over the matter, restraining any
other violation of this Section 10.

 

10.4         The
provisions of this Section 10 shall extend for the Term and survive the termination of the Agreement of one year from the date
of such termination (herein referred to as the “Non- Competition Period”).

 

11.         Indemnification.
the Employee shall be entitled, at all times, to the benefit of the maximum indemnification and advancement of expenses available
from time to time under the Corporation’s Articles of Incorporation and Bylaws, and if not set forth therein, to the maximum
extent available under the laws of the Corporation’s state of incorporation.

 

12.         Notices.
All notices and other communications hereunder shall be in writing and shall be deemed to have been given if delivered personally
or sent by facsimile transmission, overnight courier, or certified, registered or express mail, postage prepaid. Any such notice
shall be deemed given when so delivered personally or sent by facsimile transmission (provided that a confirmation copy is sent
by overnight courier), one (1) day after deposit with an overnight courier, or if mailed, five (5) days after the date of deposit
in the United States mails, as follows:

 

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		To the Company:	Akers Biosciences, Inc., 201 Grove Road, Thorofare, NJ
08086

Telephone:          (856)
848-8698

Facsimile:            (856)
848-0269

Attention:           Each
member of the Board of Directors

 

		To Employee:	Raymond F. Akers, Jr.

171
Essex Avenue

Sewell,
NJ 08080

Telephone:          (856)
468-5886

 

a.          13.         Entire Agreement. The Agreement contains the entire Agreement between
the parties hereto with respect to the matters contemplated herein. This Agreement supercedes all prior agreements and understandings
(including verbal agreements) between Executive and the Company and/or its affiliates regarding the terms and conditions of Executive’s
employment with the Company and/or its affiliates.

 

14.         Binding
Effect. Except as otherwise provided herein, the Agreement shall be binding upon and inure to the benefit of the Company and
its successors and assigns and upon Employee. “Successors and Assigns” shall mean, in the case of the Company, a successor
pursuant to a merger, consolidation, or sale, or other transfer of all or substantially all of the assets or Common Stock of the
Company.

 

15.         No
Assignment. Except as contemplated by Section 14 above, the Agreement shall not be assignable or otherwise transferable by
either party.

 

16.         Amendment
of Modification: Wavier. No provisions of the Agreement may be amended or waived unless such amendment or waiver is authorized
by the Board and is agreed to in writing signed by Employee and by a officer of the Company thereunto duly authorized. Except as
otherwise specifically provided in the Agreement, no waiver by either party hereto of any breach by the other party hereto of any
condition or provision of the Agreement to be performed by such other party shall be deemed a waiver of a similar or dissimilar
provision or condition at the same or at any prior or subsequent time.

 

17.         Fees
and Expenses. If either party institutes any action or proceedings to enforce any rights the party has under this Agreement,
or for damages by reason of any alleged breach of any provision of the Agreement, or for a declaration of each party’s rights
or obligations hereunder or to set aside any provisions hereof or for any other judicial remedy, the prevailing party shall be
entitled to reimbursement from the other party for its costs and expenses incurred thereby, including but not limited to, reasonable
attorney’s fees and disbursements.

 

18          Governing Law. The validity, interpretation, construction, performance and enforcement of the Agreement shall be governed
by the internal laws of the State of New Jersey, without regard to its conflicts of law rules.

 

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19.         Titles.
Titles to the Section in the Agreement are intended solely for convenience and no provision of the Agreement is to be construed
by reference to the title of and Section.

 

20.         Counterparts.
This Agreement may be executed in one or more counterparts, which together shall constitute one Agreement. It shall not be necessary
for each party to sign each counterpart so long as each party has signed at least one counterpart.

 

21.         Severability.
Any term or provision of the Agreement which is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms
and provisions of the Agreement or affecting the validity or enforceability of any of the terms and provisions of the Agreement
in any other jurisdiction.

 

IN
WITNESS WHEREOF, the parties hereto have executed Agreement as of the day and year first set forth above.

 

	AKERS BIOSCIENCES, INC.	 	RAYMOND F. AKERS, JR.
	 	 	 	 
	 	/s/ Edward Mulhare	 	/s/ Raymond F. Akers, Jr.
	By: 	Edward Mulhare	 	 
	 	Director	 	 
	 	Chairman – Compensation Committee	 	 
	 	 	 	 
	 	/s/ Thomas A. Nicolette	 	 
	By:	Thomas A. Nicolette	 	 
	 	Director	 	 
	 	 	 	 
	 	 	 	 
	 	/s/ ANNA MARIE ARZILLO	 	 
	 	ANNA MARIE ARZILLO	 	 
	 	NOTARY PUBLIC OF NEW JERSEY	 	 
	 	Commission Expires 2/8/2013	 	 

 

    	8

    	 

    

 

 

August 2, 2013

 

Raymond F. Akers, Jr.

171 E. Essex Avenue

Sewell, NJ 08080

 

		Re:	Employment Agreement

 

Dear Ray:

 

Reference
is made to that certain employment agreement entered into by and between Akers Biosciences, Inc. (the “Company”) and
you, effective as of January 12, 2011 (the “Employment Agreement”). It has recently come to our attention that there
is an error in the formula for calculating the severance and noncompetition payment amount set forth in Section 7.4(b)(1) of the
Employment Agreement, and pursuant to such error, the annual bonus component of such severance and non-competition payment amount
is not properly prorated, as the parties had originally intended.

 

In
interpreting the Employment Agreement, Section 7.4(b)(1) should be read (in its entirety) as follows:

 

If
the Agreement is terminated by the Company, including a Constructive Termination (as defined below), other than as a result of
death or disability of Employee or for Cause (and other than in connection with a change in control (as defined below) of the Company),
the Company shall pay the Employee a severance and non-competition payment equal to the sum of (i) an amount equal to the Base
Salary for the remainder of the Term, plus (ii) an amount equal to the Bonus Compensation earned by the Employee in respect of
the last full fiscal year immediately preceding the year of termination multiplied by the number of months remaining in the Term
divided by twelve. Such severance and non-competition payment shall be in equal monthly installments commencing on the first day
of the month following termination and shall continue for the remainder of the Term.

 

	Akers Biosciences, Inc. • 201 Grove Road, Thorofare, New Jersey 08086 USA • Telephone (856) 848-8698 • Fax (856) 848-0269 • www.akersbiosciences.com

 

    	 

    	 

    

 

Additionally,
the parties hereby agree that Section 8 of the Employment Agreement related to registration rights is hereby void.

 

Please execute
below and return this letter to the Company to acknowledge that the interpretations set forth above are accurate and to confirm
your agreement that such interpretation shall be applicable, if appropriate, going forward. All other terms of the Employment Agreement
remain valid.

 

	 	 	Very truly yours,
	 	 	 
	 	 	/s/ Thomas A. Nieolette
	 	 	Thomas A. Nieolette
	 	 	CEO

 

	AGREED AND ACKNOWLEDGED:	 	 
	 	 	 
	/s/ Raymond F. Akers, Jr.	 	 
	Raymond F. Akers, Jr.	 	 

 

	Akers Biosciences, Inc. • 201 Grove Road, Thorofare, New Jersey 08086 USA • Telephone (856) 848-8698 • Fax (856) 848-0269 • www.akersbiosciences.comCONSULTING SERVICES AGREEMENT

 

This Consulting Services Agreement (the
"Agreement") is made effective as January 12, 2011 (the "Effective Date"), by and between Akers Biosciences,
Inc., a corporation with its principal place of business located at 201 Grove Road, Thorofare, New Jersey (the "Company")
and Nicolette Consulting Group Limited, a corporation with its principal place of business located at 1209 Orange Street, Suite
123, Wilmington, Delaware ("NCG") (the Company and NCG together the "Parties" or individually a "Party").

 

WHEREAS, the Company is engaged in the business
of developing, manufacturing and supplying rapid, point of care screening products for healthcare information; and

 

WHEREAS, NCG provides consulting services
for business development and management; and

 

WHEREAS, the Company and NCG desire to enter
into this Agreement, pursuant to which NCG will provide consulting services to the Company, subject to the terms and conditions
set forth below.

 

NOW, THEREFORE, in consideration of the
mutual covenants and obligations contained herein, the Company and NCG, intending to be legally and forever bound, hereby agree
as follows:

 

		A.	Engagement

 

NCG shall provide the Services defined below in Section C herein
for the Company, reporting to its Board of Directors ("BofD") (the "Engagement"). The Parties agree that only
Thomas A. Nicolette ("TAN"), Managing Director of NCG, shall be assigned to the Engagement in
order to provide the Services to the Company. In this capacity, TAN shall fill the position of the Company's President
and Chief Executive Officer and/or such other position(s) designated by the Company's BofD and shall serve on the BofD. NCG and
TAN agree to devote their best efforts, energies and skill to the full discharge of their duties and responsibilities under this
Agreement.

 

		B.	Term

 

Services under this Agreement shall commence on January 12,
2011 (the "Commencement Date") and shall terminate on January 11, 2014 (the "Scheduled Termination Date"),
unless earlier terminated in accordance with the provisions of Section H below (the "Term").

 

		C.	Services to be Performed

 

1.           During
the Term of this Agreement, NCG shall provide business development and management consulting services to the Company pertinent
to sales, marketing, manufacturing, management accounting, customer care and investor relations and shall work toward the completion
of the following tasks (all, collectively, referred to as the "Services"):

 

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		(a)	If
approved by the BofD, a public listing of shares on the NASDAQ. In working to achieve this task, NCG must keep Dr. Raymond
Akers ("Dr. Akers") fully-apprised and involved with all steps leading up to the public listing and all investor presentations
related to the same.

 

		(b)	The achievement of the following business goals:

 

		i.	The aggressive pursuit of one or more acquisitions of
companies and/or product lines that are cash-flow positive, and the consummation of those acquisitions to the extent practicable.

 

		11.	The aggressive pursuit of new distribution partners in
the United States and international markets.

 

		iii.	Establishment of a direct sales capability in the USA

 

		iv.	Investment into the ketone product market, with a budget
to be approved by the Board of Directors (the "BofD").

 

		v.	Investment into the Breath Pulmo Health product line,
with a budget to be approved by the BofD.

 

		vi.	The marketing of the lithium test.

 

		(c)	Execute the plans as defined in the secondary fundraise
presentation dated January 2011.

 

		(d)	The completion of special projects as directed by the
Chairman of the BofD in his sole discretion.

 

2.           NCG
warrants that NCG and TAN will use the highest degree of skill and expertise to professionally accomplish the Services within the
Term of this Agreement and to project a positive image of the Company, in accordance with the Company's policies and procedures
and applicable law. NCG agrees that it is solely responsible for any intentional errors, acts or omissions of any of its principals,
members, officers, employees, agents, and other representatives in performing the Services, including TAN (all, together, "NCG's
Personnel").

 

		D.	Compensation for Services

 

1.           Fees
for Services. In consideration of the Services rendered by NCG and NCG's other obligations under this Agreement, the Company
shall pay NCG a monthly fee of Twenty Seven Thousand, Nine Hundred Sixteen and 67/100 Dollars ($27,916.67) in compensation for
time devoted to the Engagement (the "Monthly Fee"). The initial Monthly Fee shall be due, and each subsequent Monthly
Fee shall be paid, on the 5th day of each month during the Term of
this Agreement via check tendered by overnight delivery or wire transfer.

 

    	-2-

    	 

    

 

2.           Warrants.
NCG or TAN shall receive warrant certificates representing the right Of NCG or TAN to purchase shares of the Company's common
stock in quantities and terms as first decided by the Company's BofD in its sole discretion (the "Warrants"). Ifthe
Warrants are exercised, the Company shall use its reasonable efforts to secure the listing of the Warrant Shares acquired in such
exercise on the London Stock Exchange AIM. Within ten (10) Business Days after written request by NCG (which request shall not
be made prior to such time that the Warrant is exercised, in full or in part), the Company shall cause an application to be made
under Rule 29 of the AIM Rules for admission to trading of such Warrant Shares that were exercised and shall diligently seek approval
of such admission, and NCG and TAN shall comply in all respects with the terms thereof.

 

3.           Reimbursement
of Reasonable Business Expenses. The Company shall reimburse NCG for the following reasonable expenses directly attributable to
and incurred in connection with the performance of Services due to the Engagement under this Agreement: (a) all reasonable and
necessary out-of-pocket expenses and travel expenses, including airfares and train fares (economy class to be booked for travel
up to three (3) hours; business class permitted for travel exceeding three (3) hours, rental or leasing fees for use of an automobile
(not to exceed $1,000 per month, inclusive of insurance and maintenance), lodging, meals, tolls and customer entertainment; (b)
highway mileage in NCG's or personal vehicles at a given number of cents per mile based on the standard set by the IRS; and (c)
all reasonable and customary office costs incurred in connection with the performance of Services under the Engagement including
postage, office supplies, internet connections, telephone and facsimile charges but excluding office rent and other general overhead
expenses, provided that NCG first submits appropriate, written, audit-worthy documentation to the Company supporting such expenses
(including receipts) and the Company authorizes the same, which authorization shall not be unreasonably withheld (all, collectively,
the "Approved Expenses"). NCG shall use its best judgment to both control and limit the expenses incurred in connection
with this Agreement, and to obtain all available discounts, rebates and allowances as would a reasonable business person. Within
ten (10) business days of the Commencement Date of this Agreement, the Company shall tender to NCG an advance of Ten Thousand and
00/100 Dollars ($10,000) (the "Advance"), which Advance shall be held in escrow by NCG for the reimbursement of Approved
Expenses on a monthly basis after they are first approved by the Company. The Advance shall be replenished by the Company whenever
NCG provides documentation to the satisfaction of the Company that the balance has been reduced to at or below Two Thousand Five
Hundred and 00/100 Dollars ($2,500). Upon Termination of the Engagement, NCG shall return the Advance, less Approved Expenses,
to the Company within ten (10) business days.

 

4.           NCG
acknowledges that the foregoing provisions of this Section D constitute the sole and entire compensation and reimbursements payable
to it for the Engagement and the provision of the Services of NCG and TAN, and the Parties specifically agree that no compensation,
benefits or other reimbursements of any other nature shall be paid or payable to NCG or TAN as a result of the provision of Services
hereunder.

 

    	-3-

    	 

    

 

		E.	Ownership of Materials

 

1. 
         Ownership. All materials, reports, plans, information, ideas,
inventions, discoveries, improvements, methods, processes, drawings, renditions, mock-ups, prototypes, creative execution,
advertising ideas, creative concepts or other works conceived, created, reduced to practice, delivered or disclosed to the
Company or produced or otherwise arising out of the Services, in whole or in part and whether alone or in conjunction with
others (whether or not during work hours devoted to the Services) (collectively, the "Creative Materials"), and all
rights, title and interests (including copyrights) in and to such Creative Materials throughout the world, are hereby
assigned to the Company and shall be the sole and exclusive property of the Company.

 

2.           Works
Made for Hire. All copyrightable works comprising the Creative Materials shall be considered "works made for
hire" as defined in the United States Copyright Act, whether published or unpublished, and all rights, title, and
interest to all such copyrightable works shall be the exclusive property of the Company, and the Company shall be deemed to
be the author and owner of such copyrightable works. NCG shall not distribute the copyrightable works, in part or in
entirety, to any third party without the express written consent of the Company.

 

3.      
    Disclosure; Cooperation. NCG shall, and shall cause all of NCG's Personnel, including TAN, to
promptly disclose all such Creative Materials to the Company, and the Company shall have full power and authority to file any
patent or copyright registrations or other intellectual property submissions, applications or registrations throughout the
world thereon and to procure and maintain any patents, copyrights or other intellectual property rights thereon. NCG agrees,
at the Company's reasonable request and expense, to execute any applications, assignments, instruments and other documents,
and perform such acts, as the Company may deem necessary or advisable to confirm and vest in the Company all such rights,
title and interests throughout the world in and to such Creative Materials and all intellectual property rights pertaining
thereto, and to assist the Company in procuring, maintaining, enforcing and defending such intellectual property rights and
protection throughout the world thereon. To the extent not covered by the foregoing, The Company shall have the fully paid-up
and irrevocable right to use and disclose freely and for any purpose all information and ideas disclosed by NCG to the
Company in performing the Services hereunder.

 

4.          
  NCG Obligations. With respect to any Creative Materials, NCG shall and shall cause ail of NCG's Personnel, including TAN,
to:

 

		(a)	Treat all information with respect thereto as Confidential
Information of the Company;

 

		(b)	Keep complete and accurate records thereof, which records
shall be the property of the Company;

 

		(c)	Give to the Company and its attorneys all reasonable
and requested assistance in preparing such application;

 

		(d)	From time to time, upon the request and at the expense
of the Company, but without payment to NCG or NCG's Personnel by the Company of additional consulting fees, execute all assignment
or other instruments required to transfer and assign to the Company (or as it may direct) all Creative Materials, and all patents
and applications for patents, copyrights or applications for registration of copyrights, covering such inventions or otherwise
required to protect the rights and interests of the Company;

 

    	-4-

    	 

    

 

		(e)	Testify in any proceedings or litigation as to any Creative
Materials; and

 

		(f)	In case the Company shall desire to keep secret any Creative
Materials, or shall for any reason decide not to have letters patent applied for thereon, refrain from applying for letters patent
thereon.

 

		F.	Confidentiality

 

1.      
    Confidential Information. NCG acknowledges that it may be necessary for the Company during the
course of the Engagement, to disclose certain confidential and proprietary information ("Confidential Information")
to NCG and NCG's Personnel, including TAN, in order for NCG to perform the Services pursuant to this Agreement. NCG and NCG's
Personnel, including TAN, shall not disclose or use, at any time either during or after the Term of this Agreement, for their
own benefit or for the benefit of any third party, any Confidential Information without the Company's prior written
permission except to the extent necessary to perform the Services on the Company's behalf. Confidential Information includes,
without limitation:

 

		(a)	The written, printed, graphic or electronically recorded
materials furnished by the Company for NCG to use;

 

		(b)	Any written or tangible information stamped "confidential,"
"proprietary" or with a similar legend or any information that the Company makes reasonable efforts to maintain its
secrecy;

 

		(c)	Business, research and development, regulatory and
marketing plans, objectives and/or strategies, financial information, corporate initiatives, contractual and business arrangements,
customer lists, supplier lists, sales projections, product information, product launch plans, regulatory submissions, pricing
information of the Company and its affiliates;

 

		(d)	Information, data, test results, patent applications,
clinical methodologies, operating procedures, trade secrets, design formulas, know-how, techniques, analyses, technology, processes,
protocols, specifications and instructions relating to the Company's proprietary products, including safety data and reference
standards, investigators brochures, documents and reports, computer programs and inventories, discoveries and improvements of
any kind, sales projections, product information, pricing information of the Company and its affiliates;

 

		(e)	Information, know-how, trade secrets, materials and
tangible property belonging to customers and suppliers of the Company and other third parties who have disclosed such confidential
and proprietary information to the Company about whom NCG gained knowledge as a result of providing Services to the Company;

 

    	-5-

    	 

    

 

		(f)	Any data, deliverables or other work product or information
generated or developed by NCG in connection with the performance of Services under this Agreement, including all Creative Materials;
and

 

		(g)	Any copies, extracts, notes, or summaries of any information
described in clauses (a) through (f).

 

Notwithstanding any of the foregoing, Confidential
Information shall not include any information that:

 

		(a)	is or becomes available in the public domain through
no fault of, or act or failure to act on the part of NCG or NCG's Personnel, including TAN;

 

		(b)	is rightfully in NCG's possession at the time of disclosure
by the Company, as evidenced by NCG's written records maintained in the ordinary course of business; or

 

		(c)	is obtained, after the Commencement Date, by NCG from
any third party that is lawfully in possession of such Confidential Information and not in violation of any contractual or legal
obligation with respect to such Confidential Information.

 

2.           At
any time upon request of the Company or upon Termination of this Agreement, NCG shall promptly deliver to the Company: (i) all
Confidential Information (and all copies thereof) and all other property (including but not limited to document files, computer
disks, keys and keyfobs) furnished to NCG and/or NCG's Personnel, including TAN, by the Company and all other materials prepared
by NCG and/or NCG's Personnel, including TAN, containing any Confidential Information; and (ii) a certification that all Confidential
Information has been delivered to the Company.

 

3.           Notwithstanding
the return of Confidential Information or the Termination of this Agreement, NCG and NCG's Personnel, including TAN, will continue
to be bound by the obligations of confidentiality pursuant to this Section F. In addition to its other legal rights, the Company
shall be entitled to temporary and permanent injunctive relief and specific performance to remedy any breach or attempted breach
of this Section F of the Agreement, and in the event the Company prevails in any action brought under this Section F, the Company
shall also be entitled to recover its reasonable attorney's fees and costs expended in such action from NCG.

 

		G.	Exclusivity

 

During the term of this Agreement, NCG and TAN shall not provide
services to any direct competitor of the Company. Otherwise, there are no restrictions on the business activities of NCG or TAN.

 

    	-6-

    	 

    

 

		H.	Termination

 

1.           Generally.
This Agreement will terminate automatically: (a) upon the Scheduled Termination Date; (b) upon mutual agreement of the Parties;
(c) in the event either Party becomes insolvent or a petition in bankruptcy is filed or any insolvency proceedings are instituted
by or against either Party, or either Party liquidates its business; or (d) upon TAN's death.

 

2.           By
TAN's Disability. The Company reserves the right to terminate this Agreement if TAN suffers any physical or mental illness
or incapacity that has prevented NCG and TAN from substantially performing any of the Services of the Engagement for a period of
ninety (90) continuous calendar days or more during the Term.

 

3.           By
the Company for Cause. The Company may terminate this Agreement for Cause by action of its BofD. For purposes of this Agreement,
"Cause" shall mean: (a) TAN's conviction or guilty plea admitting guilt of any felony; (ii) the deliberate engaging by
NCG or TAN in fraud or embezzlement which is demonstrably proven and materially injurious to the Company; or (c) NCG's or TAN's
refusal to observe or perform any of the terms or provisions of this Agreement, or the Services hereunder, which refusal remains
uncured following thirty (30) days prior written notice from the Company. Other than stated above, there are no other acts of commission
or omission which meet the definition of "Cause" under this Agreement.

 

4.           By
the Company without Cause. The Company may terminate this Agreement without Cause by action of its BofD. For purposes of this
Agreement, "without Cause" shall mean for any reason not stated in H3 above. Upon Termination of this Agreement without
Cause, the Company expressly agrees to pay NCG any and all unpaid Monthly Fees or Approved Expenses in full through the Scheduled
Termination Date. Such payment in full shall be made within 3 business days of the Termination Date via
check tendered by overnight delivery or wire transfer.

 

5.           Upon
Termination of this Agreement, NCG and TAN will cease performing Services and will no longer be authorized to perform any Services
on behalf of the Company, except at the express request and approval of the Company's BofD. TAN will resign from all positions
on the BofD and NCG will receive any unpaid Monthly Fee or Approved Expenses earned through the Scheduled Termination Date. The
Company shall be entitled to a refund or non-payment of a pro rata portion of or the balance of any Monthly Fee previously tendered
but not yet earned as of the date of Termination, in addition to the reimbursement of any other prepaid or overpaid expenses and
the balance of the Allowance.

 

		I.	Indemnification

 

1.    The Company hereby agrees to defend, indemnify and hold harmless NCG and NCG's Personnel,
including TAN, from and against any and all claims, liabilities, losses, damages, and expenses incurred (including attorneys'
fees and disbursements), arising in connection with investigating, preparing for, or defending any action, formal or informal
claim, investigation, inquiry or other proceeding, whether or not in connection with pending or threatened litigation which
are related to or arise in any manner out of the Engagement, including any legal proceeding in which NCG or NCG's Personnel
may be required or agree to participate in, but in which NCG or NCG's Personnel is not a party.

 

    	-7-

    	 

    

 

2.     
     NCG agrees to defend, indemnify and hold the Company harmless from and against any and all
claims, liabilities, losses, damages, and expenses arising out of: (a) any breach by NCG or NCG's Personnel, including TAN,
of its warranties, representations, covenants and obligations; (b) the gross negligence or willful misconduct of NCG and/or
NCG's Personnel, including TAN; and (c) the failure of NCG or any of NCG's Personnel, including TAN, to comply with all legal
requirements.

 

3.    
      The Parties further agree that they shall not, without the prior written consent of the
other Party, settle, compromise or consent to the entry of any judgment in any pending or threatened claim, action, suit or
proceeding in respect of which defense and/or indemnification may be sought hereunder unless such settlement, compromise or
consent includes an unconditional release of the Party seeking defense and/or indemnity from all liability arising out of
such claim, action, suit or proceeding.

 

4.      
    The Party seeking defense or indemnification hereunder shall: (i) promptly notify the other Party of
the matter for which defense or indemnification is sought; (ii) subject to the immediately preceding sentence of this
paragraph, provide the other Party with sole control over the defense and/or settlement thereof, including but not limited to
the selection of counsel; and (iii) at the request of the Party providing defense and/or indemnification, fully cooperate in
the provision of full and complete information and reasonable assistance with respect to the defense of such matter.

 

5.         
 Notwithstanding any other provision of this Agreement, TAN shall be individually covered by the same indemnification as
described above and Directors and Officers liability insurance as is applicable to other directors and officers of the BofD
of the Company.

 

		J.	Survival

 

The obligations of the Parties pursuant to Sections E, F and
I shall survive the Termination of this Agreement, regardless of the reason for such Termination, along with any and all other
provisions that expressly provide for survival of Termination.

 

		K.	Relationship of the Parties; Independent Contractor
Status

 

The Parties agree that the relationship created by this Engagement
is one of an independent contractor. The Parties further agree that NCG and NCG's Personnel, including TAN, are not and shall not
be considered employees of the Company and are not and shall not be entitled to any of the rights and/or benefits that the Company
provides for the Company's employees (including any employee pension, health, vacation pay, sick pay or other fringe benefits offered
by the Company under plan or practice) by virtue of the Services being rendered by NCG or otherwise. NCG acknowledges and agrees
that the Company does not, and shall not, maintain or procure any workers' compensation or unemployment compensation insurance
for or on behalf of any of NCG's Personnel, including TAN, and shall make no state temporary disability or family leave insurance
payments on behalf of any of NCG's Personnel, including TAN, and NCG agrees that neither NCG nor any of NCG's Personnel, including
TAN, will be entitled to these benefits in connection with performance of the Services under this Agreement. NCG acknowledges and
agrees that it shall be solely responsible for paying all salaries, wages, benefits and other compensation which NCG's Personnel,
including TAN, may be entitled to receive in connection with the performance of the Services under this Agreement. NCG is responsible
for all taxes, if any, imposed on it in connection with its performance of Services under this Agreement, including any federal,
state and local income, sales, use, excise and other taxes or assessments thereon.

 

    	-8-

    	 

    

 

		L.	Binding Nature; Assignments

 

This Agreement shall be binding upon and inure to the benefit
of the Parties hereto and their respective successors, representatives, administrators, heirs, executors and permitted assigns,
except that the duties of TAN are personal and shall not be assigned or subcontracted without the Company's prior written consent
and any purported assignment without such written consent shall be deemed void and unenforceable.

 

		M.	Entire Agreement; Amendments

  

This Agreement contains the entire understanding between the Parties with respect to its subject matter
and supersedes all previous negotiations, agreements or understandings between the Parties, whether written or verbal, including
but not limited to the Agreement for consulting services executed by the Parties on or about July 21, 2010 (the "2010 Agreement").
This Agreement may not be amended or modified, except in writing, executed by duly authorized representatives of the Parties hereto.

 

		N.	Governing Law; Consent to Jurisdiction and Venue

 

This agreement shall be governed by and construed in accordance
with the laws of New Jersey, without giving effect to principles of conflicts of laws. The Parties agree that any dispute concerning
or arising under this Agreement shall be subject to the exclusive jurisdiction of the state and federal courts of the State of
New Jersey, and each Party agrees to submit to the personal and exclusive jurisdiction and venue of such courts.

 

		0.	Notices

 

All notices required or permitted to be delivered under this
Agreement shall be in writing and sent to the principal place of business of the Party to whom they are addressed. Notices to NCG
shall be delivered to the attention of the Managing Director. Notices to the Company shall be delivered to the attention of the
Chairman of the Board. All notices under this Agreement shall be deemed delivered only if sent by overnight mail or courier with
return receipt.

 

    	-9-

    	 

    

 

		P.	Severabilitv

 

If
any provision of this Agreement is found to be invalid or unenforceable for any reason by a court of competent jurisdiction,
that provision shall be stricken from this Agreement and that finding shall not invalidate any other terms of this Agreement, which
terms shall remain in full force and effect according to the surviving terms of this Agreement. In such an event, the Parties shall
negotiate with one another to agree on a provision which the Parties would have agreed if they had known of the defect when they
signed this Agreement, in order to achieve the same commercial outcome and objectives of this Agreement that were intended upon
its execution.

 

IN WITNESS WHEREOF, this Agreement has been duly executed by
or on behalf of the Parties as of its Effective Date.

 

	Akers Biosciences, Inc.         	 	Nicolette Consulting Group, Limited
	 	 	 
	Date:	 	Date:
	 	 	 
	/s/ Dr. Raymond Akers	 	/s/ Thomas A. Nicolette
	By:   	Dr. Raymond Akers	 	By:  	Thomas A. Nicolette
	 	Executive Chairman of the Board	 	 	Managing Director
	 	 	 
	/s/ Edward Mulhare	 	 
	By:   	Edward Mulhare	 	 	 
	 	Director	 	 	 
	 	Chairman – Compensation Committee	 	 	 

 

    	-10-

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