Document:

Exhibit
10.1

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (“Agreement”) is made effective as of November 20, 2020, (the “Effective Date”),
by and between CONVERSION LABS, INC., a Delaware corporation (the “Company”), and Eric H. Yecies, an individual
and resident of the State of New Jersey (the “Employee”).

 

The
Company and Employee are hereinafter sometimes referred to collectively as the “Parties” and individually as
a “Party.”

 

WlTNESSETH:

 

WHEREAS,
the Company desires to employ, and Employee agrees to work in the employ of the Company; and

 

WHEREAS,
the Parties hereto desire to set forth the terms of Employee’s employment with the Company.

 

NOW,
THEREFORE, for and in consideration of the mutual promises, covenants and obligations contained, the Company and Employee hereby
agree as follows:

 

1.
Employment. The Company hereby employs Employee, and Employee hereby accepts employment by the Company, on the terms and
conditions hereinafter set forth.

 

2. Duties
and Responsibilities.

 

(a)
Commencing as of the Effective Date, Employee shall serve in the position of Chief Compliance Officer & General Counsel. During
the Employment Term, Employee shall (i) be subject to all of the Company’s policies, rules and regulations applicable to
its executives, (ii) report to, and be subject to the direction and control of, the Chief Executive Officer, and (iii) perform
such duties commensurate with Employee’s position as shall be assigned to Employee.

 

(b)
During the term of Employee’s employment hereunder, and excluding any periods of vacation, paid holiday, and sick and personal
leave to which Employee may be entitled under this Agreement or applicable federal, state or local law, Employee agrees to devote
substantially all of [his/her] business time, energies, skills and attention to the business and affairs of the Company and any
corporation, partnership, limited liability company or other entity owned or controlled, directly or indirectly, by the Company
(each, a “Subsidiary”), to the extent necessary to discharge the responsibilities assigned to Employee hereunder,
to use Employee’s reasonable best efforts to perform faithfully, effectively and efficiently such responsibilities. During
the term of Employee’s employment, it shall not be a violation of this Agreement for Employee to (i) serve on corporate,
civic or charitable boards or committees, (ii) deliver lectures or fulfill speaking engagements, or (iii) manage personal investments,
so long as such activities do not (A) violate the terms of this Agreement or any other agreement between Employee and the Company,
or between the Company and any third party or (B) constitute an actual or prospective conflict of interest or otherwise interfere
with the performance of Employee’s responsibilities as an employee of the Company in accordance with this Agreement.

 

    	1

     

    

 

(c)
To induce the Company to enter into this Agreement, Employee represents and warrants to the Company that [he/she] is subject to
no restraint, limitation or restriction by virtue of any agreement or arrangement, or by virtue of any law or rule of law or otherwise
which would impair [his/her] right or ability (i) to enter the employ of the Company or (ii) to perform fully [his/her] duties
and obligations pursuant to this Agreement.

 

3.
Term of Employment. This Agreement and the employment relationship and terms hereunder shall continue from the Effective
Date until Executive’s employment is terminated by either the Company or Executive pursuant to Section 7 (the “Employment
Term”).

 

4.
Compensation. In consideration for all services rendered by Employee to the Company during the Employment Term, and the
covenants and agreements of Employee set forth herein (including without limitation the Amendment and Waiver provision set forth
in Section 8 hereof), the Company shall pay or cause to be paid to Employee, and Employee shall accept, the payments and
benefits set forth in this Section 4. The Company shall be entitled to deduct and/or withhold, as the case may be, from
the compensation amounts payable under this Agreement, all amounts required or permitted to be deducted or withheld under any
federal, state or local law or regulation, or in connection with any Bonus Plan (as defined below) or Benefit Plan (as defined
below) in which Employee participates and which mandates a contribution, assessment or co- payment by the participants therein.

 

(a)
Base Salary. The Company shall pay Employee a base salary at the rate of $270,000.00 per calendar year, which amount shall
be subject to adjustment as set forth below (the “Base Salary”). Employee’s Base Salary shall be paid
in approximately equal installments in accordance with the Company’s regular practices, as such practices may be modified
from time to time. During the Employment Term, Employee’s Base Salary shall be reviewed annually (on a calendar year basis)
by and shall be subject to adjustment in the discretion of the Company. The term “Base Salary” as used in this
Agreement shall refer to the Base Salary as so adjusted from time to time.

 

(b)Bonus
Plans.

 

(i)
Employee shall be eligible to receive a discretionary “Performance Bonus” for each calendar year during the
Employment Term. The Performance Bonus, if any, shall be determined on a calendar year basis in the Company’s sole discretion
and shall be paid as and when determined by the Board, but no later than March 15 of the calendar year following the year to which
the Performance Bonus is attributable.

 

(c)
Benefit Plans. During the Employment Term, Executive shall be eligible to participate in all benefit plans of the Company,
including, without limitation, equity, profit sharing, medical coverage, dental, accident, retirement, life and or other retirement
or welfare benefits that may be provided by the Company from time to time to Company executives of comparable status, subject
to, and to the extent that, Executive is eligible under such benefit plans in accordance with their respective terms.

 

    	2

     

    

 

(d)
Stock Option. The Board has approved, and the Company hereby agrees to grant to Employee, effective as of the Effective
Date of this Agreement, a Stock Option (the “Stock Option”) to purchase up to 200,000 shares of the Company’s
common stock. A more formal Stock Option Award Agreement reflecting, in all material respects, the terms of this paragraph (and
otherwise in customary form) shall be issued to Employee upon the Company’s shareholders approving a bona fide employee
stock option plan (the “Plan”). Such stockholder approval is anticipated to occur within 30 days of execution of this
Agreement. The Stock Option shall vest and become exercisable in equal monthly tranches, based on the passage of time, over the
36 months following the Effective Date. The Stock Option shall vest and become exercisable in full upon the consummation of a
“change in control event” (as defined in Section 409A of the Code). All other terms of the Stock Option shall be governed
by the Plan and the Stock Option Award Agreement. The Stock Option is intended to be exempt from Section 409A of the Code, and
shall be administered and interpreted consistent with such intent.

 

5.
Additional Benefits. During the Employment Term, Employee shall be eligible to for 15 days of vacation and other time off,
long term incentive plan, and other employment benefits that may be provided by the Company from time to time to Company employees
of comparable status, subject to, and to the extent that, Employee is eligible under such benefits in accordance with their respective
terms. The Company reserves the right to change benefits from time to time in its discretion

 

6. Covenants
of Employee.

 

(a)
Employee will truthfully and accurately make, maintain and preserve all records and reports that the Company may from time to
time reasonably request or require;

 

(b)
Employee will obey all rules, regulations and reasonable special instructions applicable to Employee, and will be loyal and faithful
to the Company at all times, constantly endeavoring to improve Employee’s ability and knowledge of the business in an effort
to increase the value of Employee’s services to the mutual benefit of the Parties;

 

(c)
Employee will make available to the Company any and all of the information of which Employee has knowledge relating to the business
of the Company or any of the Company’s other Subsidiaries and will make all suggestions and recommendations which Employee
feels will be of benefit to the Company;

 

(d)
Employee will fully account for all money, records, goods, wares and merchandise or other property belonging to the Company of
which Employee has custody, and will pay over and deliver the same promptly whenever and however he may be reasonably directed
to do so;

 

(e)
Employee acknowledges that as a condition of employment, [he/she] must sign and comply with an Employee Confidential Information
and Inventions Assignment Agreement, which prohibits unauthorized use or disclosure of the Company’s proprietary information,
among other obligations;

 

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(f)
Employee agrees that upon termination of [his/her] employment hereunder [he/she] will immediately surrender and turn over to the
Company all books, records, forms, specifications, formulae, data, processes, papers and writings related to the business of the
Company, and all other property belonging to the Company, together with all copies of the foregoing, it being understood and agreed
that the same are the sole property, directly or indirectly, of the Company;

 

(g)
Employee understands that in [his/her] performing work for the Company, [he/she] will be expected not to use or disclose any confidential
information, including trade secrets, of any former employer or other person that Employee has an obligation of confidentiality.
Rather, Employee further understands that [he/she] will be expected to use only that information which is generally known and
used by persons with training and experience comparable to [his/her] own, which is common knowledge in the industry or otherwise
legally in the public domain, or which is otherwise provided or developed by the Company. Employee agrees that [he/she] will not
bring onto Company premises any unpublished documents or property belonging to any former employer or other person to whom Employee
has an obligation of confidentiality. Employee hereby represents that [he/she] has disclosed to the Company any contract [he/she]
has signed that may restrict Employee’s activities on behalf of the Company.

 

(h)
Employee acknowledges and understands that the securities of the Company are publicly traded and subject to the Securities Act
of 1933 and the Securities Exchange Act of 1934. As a result, Employee acknowledges and agrees that (i) [he/she] is required under
applicable securities laws to refrain from trading in securities of the Company while in possession of material nonpublic information
and to refrain from disclosing any material nonpublic information to anyone except as permitted by this Agreement in connection
with the performance of Employee’s duties hereunder, and (ii) [he/she] will communicate to any person to whom Employee communicates
any material nonpublic information that such information is material nonpublic information and that the trading and disclosure
restrictions in clause (i) above also apply to such person.

 

7.
Termination of Employment. Employee’s employment with the Company will be “at-will.” Either the Company
or Employee can terminate the employment at any time and for any reason, with or without notice. In the event that Employee’s
employment is terminated without cause, Employee will receive severance pay equal to Employee’s then current monthly Base
Salary for four months from the date of termination of employment, during which time Employee shall continue to receive all employee
benefits and employee Benefit Plans described herein. Employee will also receive accelerated vesting and exercisability of six
monthly tranches of the Stock Option.

 

The
Company may terminate the employment of the Employee with cause if the Company determines that Employees has:

 

	 	(a)	materially
    breached any provision hereof or habitually neglected the duties which Employee was required to perform under any provision
    of this Agreement;

 

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	 	(b)	misappropriated
    funds or property of the Company or otherwise engaged in acts of dishonesty, fraud, misrepresentation or other acts
    of moral turpitude, even if not in connection with the performance of Employee’s duties hereunder, which could reasonably
    be expected to result in serious prejudice to the interests of the Company if Employee were retained as an employee;
	 	 	 
	 	(c)	secured
    any personal profit not completely disclosed to and approved by the Company in connection with any transaction entered into
    on behalf of or with the Company or any affiliate of the Company; or
	 	 	 
	 	(d)	failed
    to carry out and perform duties assigned to Employee in accordance with the terms hereof in a manner acceptable to the Company
    after a written demand for substantial performance is delivered to Employee which identifies the manner in which Employee
    has not substantially performed Employee’s duties, and provided further that Employee shall be given a reasonable opportunity
    to cure such failure.

 

For
purposes of this section, the Employee shall not be terminated for Cause without (i) reasonable notice to the Employee
setting forth the reasons for the Company’s intention to Terminate for Cause and a reasonable opportunity to cure such situation
(if capable of cure), (ii) an opportunity for the Employee, together with counsel, to be heard before the Board of Directors of
the Company, and (iii) delivery to the Employee of a notice of termination from the Company, finding that, in the good faith opinion
of the Board, the Employee had engaged in the conduct set forth above and specifying the particulars thereof in detail. 8. Amendment
and Waiver. This Agreement may not be changed orally but only by written documents signed by the Party against whom enforcement
of any waiver, change, modification, extension or discharge is sought; however, the amount of compensation to be paid to Employee
for services to be performed for the Company hereunder may be changed from time to time by the Parties by written agreement without
in any other way modifying, changing or affecting this Agreement or the performance by Employee of any of the duties of [his/her]
employment with the Company. Any such written agreement shall be, and shall be conclusively deemed to be, a ratification and confirmation
of this Agreement, except as expressly set forth in such written amendment. The waiver by any Party of a breach of any provision
of this Agreement shall not operate as or be construed to be a waiver of any subsequent breach thereof, nor of any breach of any
other term or provision of this Agreement.

 

9.
Notice. All notices and other communications hereunder shall be in writing and shall be deemed duly delivered (a) three
business days after being received by registered or certified mail, return receipt requested, postage prepaid, or (b) three business
days after being sent for next business day delivery, fees prepaid, via a reputable nationwide overnight courier service, in the
case of the Company, to its principal office address, and in the case of Employee, to Employee’s residence address as shown
on the records of the Company, or may be given by personal delivery thereof.

 

10.
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be valid and
enforceable under applicable law, but if any provision of this Agreement shall be invalid, unenforceable or prohibited by applicable
law, then in lieu of declaring such provision invalid or unenforceable, to the extent permitted by law (a) the Parties agree that
they will amend such provision to the minimal extent necessary to bring such provision within the ambit of enforceability, and
(b) any court of competent jurisdiction may, at the request of either party, revise, reconstruct or reform such provision in a
manner sufficient to cause it to be valid and enforceable.

 

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11.
Entire Agreement. This Agreement, together with the Employee Confidential Information and Inventions Assignment Agreement,
forms the complete and exclusive statement of Employee’s employment agreement with the Company. It supersedes any other
agreements, representations or promises made to Employee by anyone, whether oral or written. Changes in Employee’s employment
terms, other than those changes expressly reserved to the Company’s discretion in this Agreement, require a written modification
signed by an officer of the Company.

 

12.
Force Majeure. Neither of the Parties shall be liable to the other for any delay or failure to perform hereunder, which
delay or failure is due to causes beyond the control of said Party, including, but not limited to: acts of God; acts of the public
enemy; acts of the United States of America or any state, territory or political subdivision thereof or of the District of Columbia;
fires; floods; epidemics, quarantine restrictions; strike or freight embargoes. Notwithstanding the foregoing provisions of this
Section 12, in every case the delay or failure to perform must be beyond the control and without the fault or negligence of the
Party claiming excusable delay.

 

13.
Dispute Resolution. In the event of any dispute arising under or pursuant to this Agreement, the Parties agree to attempt
to resolve the dispute in a commercially reasonable fashion before instituting any litigation or arbitration (with the exception
of emergency injunctive relief). If the parties are unable to resolve the dispute within thirty (30) days, then the parties agree
to mediate the dispute with a mutually agreed upon mediator in New York, NY. If the parties cannot agree upon a mediator within
ten (10) days after either party shall first request commencement of mediation, each party will select a mediator within five
(5) days thereof, and those mediators shall select the mediator to be used. The mediation shall be scheduled within thirty (30)
days following the selection of the mediator. The parties further agree that any applicable statute of limitations will be tolled
for the period of time from the date mediation is requested until 14 days following the mediation. If the mediation does not resolve
the dispute, then the parties irrevocably and unconditionally agree to the arbitration provisions in Section 14.

 

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14.
Arbitration. To ensure the rapid and economical resolution of disputes that may arise in connection with your employment
with the Company, Employee and the Company agree that any and all disputes, claims, or causes of action, in law or equity, including
but not limited to statutory claims, arising from or relating to the enforcement, breach, performance, or interpretation of this
Agreement, Employee’s employment with the Company, or the termination of Employee’s employment, shall be resolved
pursuant to the Federal Arbitration Act, 9 U.S.C. § 1-16, to the fullest extent permitted by law, by final, binding and confidential
arbitration conducted by JAMS or its successor, under JAMS’ then applicable rules and procedures for employment disputes
(available upon request and also currently available at http://www.jamsadr.com/rules- employment-arbitration/). The arbitration
will take place in New York, NY unless otherwise agreed to by the Parties. Employee acknowledges that by agreeing to this arbitration
procedure, both Employee and the Company waive the right to resolve any such dispute through a trial by jury or judge or administrative
proceeding. In addition, all claims, disputes, or causes of action under this section, whether by Employee or the Company,
must be brought in an individual capacity, and shall not be brought as a plaintiff (or claimant) or class member in any purported
class or representative proceeding, nor joined or consolidated with the claims of any other person or entity. The arbitrator may
not consolidate the claims of more than one person or entity, and may not preside over any form of representative or class proceeding.
To the extent that the preceding sentences regarding class claims or proceedings are found to violate applicable law or are otherwise
found unenforceable, any claim(s) alleged or brought on behalf of a class shall proceed in a court of law rather than by arbitration.
This paragraph shall not apply to any action or claim that cannot be subject to mandatory arbitration as a matter of law, including,
without limitation, claims brought pursuant to the California Private Attorneys General Act of 2004, as amended, the California
Fair Employment and Housing Act, as amended, and the California Labor Code, as amended, to the extent such claims are not permitted
by applicable law(s) to be submitted to mandatory arbitration and the applicable law(s) are not preempted by the Federal Arbitration
Act or otherwise invalid (collectively, the “Excluded Claims”). In the event Employee intends to bring multiple
claims, including one of the Excluded Claims listed above, the Excluded Claims may be filed with a court, while any other claims
will remain subject to mandatory arbitration. Employee will have the right to be represented by legal counsel at any arbitration
proceeding. The arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to
award such relief as would otherwise be permitted by law; and (b) issue a written statement signed by the arbitrator regarding
the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator’s
essential findings and conclusions on which the award is based. The arbitrator shall be authorized to award all relief that Employee
or the Company would be entitled to seek in a court of law. The Company shall pay all JAMS arbitration fees in excess of the administrative
fees that Employee would be required to pay if the dispute were decided in a court of law. Nothing in this Agreement is intended
to prevent either Employee or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion
of any such arbitration.

 

15. Successors.

 

(a)
No rights or obligations of Employee under this Agreement may be assigned or transferred by Employee other than Employee’s
rights to payments or benefits hereunder, which may be transferred only by will or the laws of descent and distribution. Upon
Employee’s death, this Agreement and all rights of Employee hereunder shall inure to the benefit of and be enforceable by
Employee’s beneficiary or beneficiaries, personal or legal representatives, or estate, to the extent any such person succeeds
to Employee’s interests under this Agreement. Subject to compliance with the terms of any Company sponsored benefit plan,
Employee shall be entitled to select and change a beneficiary or beneficiaries to receive following Employee’s death any
benefit or compensation payable hereunder by giving the Company written notice thereof. In the event of Employee’s death
or a judicial determination of Employee’s incompetence, reference in this Agreement to Employee shall be deemed, where appropriate,
to refer to Employee’s beneficiary(ies), estate or other legal representative(s).

 

(b)
This Agreement shall inure to the benefit of and be binding upon the Company and its successors and permitted assigns.

 

(c)
The Company shall have the right to assign this Agreement to any successor of substantially all of its business or assets, and
any such successor shall be bound by all of the provisions hereof.

 

16.
Governing Law. This Agreement and the rights and obligations of the Parties shall be governed by and construed and enforced
in accordance with the substantive laws of New York.

 

17.
Multiple Counterparts. This Agreement may be executed in multiple counterparts each of which shall be deemed to be an original
but all of which together shall constitute but one instrument.

 

[Signatures
on Next Page]

 

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EXECUTED
as of the day and year set forth below.

 

	CONVERSION
    LABS, INC.	 
	 	 	 
	 	 
	By:	Justin Schreiber, Chairman & CEO	 
	 	 	 
	EMPLOYEE	 
	 	 	 
	 	 
	By:	Eric H. YeciesExhibit
4.2

 

Microbot
Medical Inc.

2020
Omnibus Performance Award Plan

 

RESTRICTED
STOCK UNIT
AWARD AGREEMENT

 

Microbot
Medical Inc. (the “Corporation”), pursuant to the terms of the Microbot Medical Inc. 2020 Omnibus Performance Award
Plan (the “Plan”) and the Restricted Stock Unit Award attached to this Restricted Stock Unit Award Agreement, hereby
grants to the individual named below the right to receive the number of shares of the Corporation’s Common Stock on a deferred
basis, also as is set forth below. The terms of this Restricted Stock Unit Award Agreement are subject to all of the provisions
of the Plan and the attached Restricted Stock Unit Award, with such provisions being incorporated herein by reference.

 

	1.	Date
    of Grant:	 	 
	 	 	 	 
	2.	Name
    of Participant:	 	 
	 	 	 	 
	3.	Number
    of Units:	 	 (each
    Unit representing one Share of Common Stock

 

	4.	Vesting
    of Restricted Stock Units:	[ADD
    APPENDIX CONTAINING PERFORMANCE VESTING PROVISIONS IF DESIRED]

 

	Vesting
    Date	 	No.
    of Units Vested
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

	5.	Date(s)
    or Event(s) of Distribution of Underlying shares of Common Stock:____________________

 

The
Participant acknowledges receipt of, and understands and agrees to be bound by all of the terms of, this Restricted Stock Unit
Award Agreement, the attached Restricted Stock Unit Award and the Plan, and that the terms thereof supersede any and all other
written or oral agreements between the Participant and the Corporation regarding the subject matter contained herein. 

 

	Microbot
    Medical Inc.	 	NAME
    OF PARTICIPANT:
	 	 	 	 	 
	By:	     	 	 	 
	Title:
    	 	 	Date:	                
	Date:	 	 	 	 

 

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RESTRICTED
STOCK UNIT AWARD 

 

THIS
AGREEMENT made as of the grant date set forth in Section 1 of the Restricted Stock Unit Award Agreement to which this Agreement
is attached (the “Date of Grant”) between Microbot Medical Inc. a Delaware corporation (hereinafter referred to as
the “Corporation”), and the individual identified in Section 2 of the Restricted Stock Unit Award Agreement to which
this Agreement is attached (hereinafter referred to as the “Participant”).

 

W
I T N E S S E T H:

 

WHEREAS,
the Corporation has adopted the Microbot Medical Inc. 2020 Omnibus Performance Award Plan (the “Plan”), providing
for the grant of the right to receive shares of Common Stock of the Corporation (the “Stock”) by Employees of the
Corporation on a deferred basis; and

 

WHEREAS,
the Plan’s administrative committee (the “Committee”) has authorized the grant of Restricted Stock Units to
the Participant on the date of this Agreement, thereby allowing the Participant to acquire a proprietary interest in the Corporation
in order that the Participant will have a further incentive for remaining with and increasing his or her efforts on behalf of
the Corporation; and

 

WHEREAS,
this Agreement is prepared in conjunction with and under the terms of the Plan, which are incorporated herein and made a part
hereof by reference; and

 

WHEREAS,
the Participant has accepted the grant of Restricted Stock Units and has agreed to the terms and conditions stated herein.

 

NOW,
THEREFORE, in consideration of the foregoing and of the mutual covenants hereinafter set forth and other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.
Grant of Award. The Corporation hereby grants to the Participant as a separate incentive in connection with his or her
employment and not in lieu of any salary or other compensation for his services, an award of that number of Restricted Stock Units
(as set forth in Item 3 of the Restricted Stock Unit Award Agreement to which this Agreement is attached) on the date hereof,
subject to all of the terms and conditions in this Agreement and the Plan. Each grant of Restricted Stock Units grants to the
Participant the right to receive shares of Common Stock of the Corporation (at the rate of one share of Common Stock for each
Restricted Stock Unit) pursuant to the schedule set forth in Item 5 of the Restricted Stock Unit Award Agreement to which this
Agreement is attached (but only to the extent such Restricted Stock Units are then-vested, as set forth in Sections 3, 4 and 5,
below).

 

2.
Restrictions on Restricted Stock Units. Except as otherwise provided in this Agreement, the restrictions on the Restricted
Stock Units shall lapse in such amounts and upon such dates as set forth in Item 4 of the Restricted Stock Unit Award Agreement
to which this Agreement is attached.

 

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3.
Committee Discretion to Accelerate Vesting. The Committee may decide, in its absolute discretion, to accelerate the lapse
of any restrictions on the balance, or some lesser portion of the balance, of the Restricted Stock Units at any time. If so accelerated,
such restrictions shall be considered to have lapsed as of the date specified by the Committee.

 

4.
Forfeiture. As of the date of the Participant’s Termination of Service [for any reason] [for any reason
other than [death or disability]], the Restricted Stock Units as to which the restrictions described in Section 2, above,
have not lapsed (either by satisfaction of such restrictions or by action of the Committee pursuant to the provisions
of Section 3) shall thereupon be forfeited. [Furthermore, as of the date the restrictions set forth in Section 2, above, have
not lapsed because the applicable performance goals established by the Committee were not met, the Restricted Stock Units
with respect to which such restrictions have not lapsed because such performance goals were not met shall thereupon be forfeited.]

 

5.
Continuous Service Required. The restrictions placed on the Restricted Stock Units, as described in Section 2 hereof, shall
not lapse in accordance with any of the provisions of this Agreement unless the Participant shall have been in the continuous
Service of the Corporation from the Date of Grant until the date such lapse occurs.

 

6.
Withholding of Taxes. Notwithstanding anything in this Agreement to the contrary, no certificate representing shares of
Stock may be delivered to the Participant upon the deferred distribution date set forth in Item 5 of the attached Restricted Stock
Unit Award Agreement unless and until the Participant shall have delivered to the Corporation the minimum statutorily required
amount of any federal, state or local income or other taxes which the Corporation may be required by law to withhold with respect
to such shares of Stock. Pursuant to such procedures as may be established by the Committee in its discretion, the Participant
may elect to satisfy any such income tax withholding requirement by having the Corporation withhold shares of Stock otherwise
deliverable to the Participant or by delivering to the Corporation previously acquired shares of Common Stock provided that the
Committee, in its discretion, may disallow satisfaction of such withholding by the delivery or withholding of any shares of Common
Stock.

 

7.
After the Death of the Participant. Any delivery of Stock to be made to the Participant under this Agreement shall, if
the Participant is then deceased, be made to the Participant’s designated beneficiary, or if no such beneficiary survives
the Participant, his estate. Any transferee must furnish the Corporation with (a) written notice of his status as transferee,
and (b) evidence satisfactory to the Corporation to establish the validity of the transfer and compliance with any laws or regulations
pertaining to said transfer.

 

8.
Reservation of Shares of Stock. The Corporation shall at all times during the term of this Agreement reserve and keep available
such number of shares of the Common Stock as will be sufficient to satisfy the requirements of this Agreement. The shares of Common
Stock deliverable to the Participant may be either previously authorized but unissued shares or issued shares which have been
reaquired by the Corporation.

 

9.
No Rights of Stockholder. Neither the Participant nor any person claiming under or through the Participant shall be, or
have any of the rights or privileges of, a stockholder of the Corporation in respect of any shares of Stock deliverable on a deferred
basis hereunder unless and until certificates representing such shares of Stock shall have been issued, recorded on the records
of the Corporation or its transfer agents or registrars, and delivered to the Participant.

 

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10.
Approval of Counsel. The issuance and delivery of shares of Stock pursuant to the Plan shall be subject to approval by
the Corporation’s counsel of all legal matters in connection therewith, including, but not limited to, compliance with the
requirements of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and the rules and
regulations thereunder, and the requirements of any stock exchange or automated trading medium upon which the Common Stock may
then be listed or traded.

 

11.
Limitation of Action. The Participant and the Corporation each acknowledges that every right of action accruing to him
or it, as the case may be, and arising out of or in connection with this Agreement against the Corporation, on the one hand, or
against the Participant, on the other hand, shall, irrespective of the place where an action may be brought, cease and be barred
by the expiration of three years from the date of the act or omission in respect of which such right of action arises.

 

12.
Benefits of Agreement. This Agreement shall inure to the benefit of the Corporation, the Participant and their respective
heirs, executors, administrators, personal representatives, successors and assigns.

 

13.
Severability. In the event that any one or more provisions of this Agreement shall be deemed to be illegal or unenforceable,
such illegality or unenforceability shall not affect the validity and enforceability of the remaining legal and enforceable provisions
hereof, which shall be construed as if such illegal or unenforceable provision or provisions had not been inserted.

 

14.
Service. Nothing contained in this Agreement shall be construed as (a) a contract of employment between the Participant
and the Corporation, (b) as a right of the Participant to be continued in the Service of the Corporation, or (c) as a limitation
of the right of the Corporation to discharge the Participant at any time, with or without cause (subject to any applicable employment
agreement).

 

15.
Definitions. Unless otherwise defined herein, all capitalized terms used in this Agreement shall have the same definitions
as set forth in the Plan.

 

16.
Incorporation of Terms of Plan. This Agreement shall be interpreted under, and subject to, all of the terms and provisions
of the Plan, which are incorporated herein by reference. In the event of any inconsistencies between the provisions of this Agreement
and the provisions of the Plan, the provisions of the Plan shall control.

 

17.
No Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties hereto
to express their mutual intent, and no rule of strict construction shall apply against any party.

 

18.
Injunctive Relief. The restrictions set forth in this Agreement are necessary for the protection of the business and goodwill
of the Corporation and are considered by the Participant to be reasonable for such purpose. The Participant agrees that any breach
by the Participant of any term set forth under this Agreement is likely to cause the Corporation substantial and irrevocable damage
and, therefore, any such breach shall entitle the Corporation, in addition to any other legal remedies available to it, to apply
to any court of competent jurisdiction to enjoin such breach, threatened breach, alleged breach or alleged threatened breach.
The Parties hereto understand and intend that each restriction set forth herein shall be construed as separable and divisible
from every other restriction, and that the unenforceability, in whole or in part, of any other restriction, will not affect the
enforceability of the remaining restrictions and that one or more or all of such restrictions may be enforced in whole or in part
as the circumstances warrant. The Participant hereby acknowledges that he is fully cognizant of the restrictions imposed upon
him pursuant to the terms of this Agreement.

 

BY
WAY OF EXECUTION OF THE RESTRICTED STOCK UNIT AWARD AGREEMENT TO WHICH THIS AGREEMENT IS ATTACHED, the Corporation and the
Participant (and each of their heirs, successors and assigns) agree to be bound by each and every one of the terms set forth in
this Agreement.

 

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