Document:

Exhibit
10.8

 

EXECUTION
VERSION

 

AMENDED
AND RESTATED EMPLOYMENT AGREEMENT

 

This
Amended and Restated Employment Agreement (this “Employment Agreement”), dated July 7, 2017, is entered into
by and between The Simply Good Foods Company, a Delaware corporation (the “Company”), and Joseph E. Scalzo,
in his individual capacity (“Executive”). The “Effective Date” of this Employment Agreement
shall be the Closing Date, as such term is defined in that certain Agreement and Plan of Merger, dated April 10, 2017 (the “Merger
Agreement”), by and among Conyers Park Acquisition Corp., a Delaware corporation, the Company, Conyers Park Parent Merger
Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of the Company (“Parent Merger Sub”), Conyers
Park Merger Sub 1, Inc., a Delaware corporation and a wholly-owned subsidiary of Parent Merger Sub (“Company Merger Sub
1”), Conyers Park Merger Sub 2, Inc., a Delaware corporation and a wholly-owned subsidiary of Company Merger Sub 1 (“Company
Merger Sub 2”), Conyers Park Merger Sub 3, Inc., a Delaware corporation and a wholly-owned subsidiary of Company Merger
Sub 2 (“Company Merger Sub 3”), Conyers Park Merger Sub 4, Inc., a Delaware corporation and a wholly-owned
subsidiary of Company Merger Sub 3, NCP-ATK Holdings, Inc., a Delaware corporation, solely in its capacity as the Majority Stockholder,
Atkins Holdings LLC, a Delaware limited liability company, and, solely in its capacity as the Stockholders’ Representative
pursuant to Section 10.15 of the Merger Agreement, Roark Capital Acquisition, LLC, a Georgia limited liability company; provided
that if the transactions contemplated by the Merger Agreement (collectively, the “Transaction”) are not
consummated, this Employment Agreement shall be null and void ab initio and of no force and effect.

 

WHEREAS,
pursuant to that certain Employment Agreement, effective as of February 11, 2013, by and between Atkins Nutritionals, Inc.,
a New York corporation (“Atkins”), and Executive, as amended by that First Amendment to Employment Agreement,
by and between Atkins and Executive, entered into as of August 12, 2013 (the “Prior Agreement”), Executive
provides services to Atkins; and

 

WHEREAS,
subject to the consummation of the Transaction, the Company seeks to retain Executive’s services pursuant to the terms
of this Employment Agreement, which will supersede the Prior Agreement in its entirety; provided that, for the avoidance
of doubt, the parties’ entry into this Employment Agreement will not constitute “Good Reason” to terminate Executive’s
employment under the Prior Agreement.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows:

 

SECTION
I. TERM OF EMPLOYMENT

 

Subject
to the terms and conditions set forth in this Employment Agreement, the Company agrees to employ Executive and Executive agrees
to be employed by the Company for an initial term of five (5) years, starting on the Effective Date and ending on the fifth anniversary
of such date (the “Initial Term”). The term of this Employment Agreement will automatically renew for additional
one year periods (each, an “Additional Term”) unless, at least 90 days prior to the expiration of the applicable
Initial Term or Additional Term, either party provides the other party with written notice of non-renewal. The employment term
described in this SECTION 1 is referred to in this Employment Agreement as the “Term.” Executive’s
primary place of employment shall be at the Company’s corporate headquarters in Denver, Colorado, provided that Executive
understands and agrees that Executive will be required to travel from time to time for business purposes.

  

     

     

    

    

SECTION
2. POSITION AND DUTIES AND RESPONSIBILITIES

 

(a)      Position.
Executive shall be the Chief Executive Officer and President of the Company. Executive shall report to the Board of Directors
of the Company (the “Board”). In addition, if the Board appoints an Executive Chairman of the Board and/or
an Executive Vice Chairman of the Board, Executive shall also report to such Executive Chairman of the Board and/or Executive
Vice Chairman of the Board, as directed by the Board.

 

(b)       Duties
and Responsibilities. During the Term, Executive shall serve as the Chief Executive Officer and President of the Company and
shall devote all of Executive’s business time, skill and energies to promote the interests of the Company and to serve such
positions with the Company as may be reasonably assigned by the Board and, if applicable, the Executive Chairman of the Board
and/or the Executive Vice Chairman of the Board and which are consistent with the title of Chief Executive Officer and President
of the Company. Executive shall undertake to perform all of Executive’s duties and responsibilities for the Company and
any current and/or future entity that is controlled by the Company or any of its subsidiaries in good faith and on a full-time
basis and shall at all times act in good faith in the course of Executive’s employment under this Employment Agreement in
the best interests of the Company and its subsidiaries. The parties acknowledge that Executive currently serves on the boards
of Focus Brands, a for-profit corporation, and Seacology, a not-for-profit corporation. Executive may continue such board service
and manage his personal investments to the extent that such activities do not interfere, individually or in the aggregate, with
Executive’s duties under this Employment Agreement. For the avoidance of doubt, Executive may serve on additional boards
only with the Board’s prior written approval.

 

(c)       Board
of Directors. The Board shall take such action as may be necessary to appoint or elect Executive as a member of the Board
as of the Effective Date. Thereafter, during the Term, the Board shall nominate Executive for re-election as a member of the Board
at the expiration of the then current term; provided that the foregoing nomination shall not be required to the extent
prohibited by legal or regulatory requirements.

 

SECTION
3. COMPENSATION AND BENEFITS

 

(a)       Base
Salary. Executive’s base salary shall be $715,000 per year (the “Base Salary”), starting as of the
Effective Date, which Base Salary is (i) payable in installments, in accordance with the Company’s standard payroll practices
and policies for senior executives, (ii) subject to such withholding and other taxes as required by law or as otherwise permissible
under such practices or policies and (iii) subject to increase (but not decrease) in the Board’s discretion.

 

(b)       Employee
Benefit Plans. Executive is eligible to participate in the employee benefit plans, programs and policies maintained by the
Company for its senior executives generally, in accordance with the terms and conditions of such plans, programs and policies
as in effect from time to time.

 

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(c)       Annual
Bonus. With respect to fiscal year 2017, Executive will be eligible for an annual bonus (“Annual Bonus”)
in accordance with the terms of the Company’s plan currently in effect for such fiscal year (the “2017 Plan”),
with a target bonus opportunity equal to 75% of Base Salary (with respect to the 2017 fiscal year, the “Target Bonus”),
and with the actual Annual Bonus based upon attainment of the performance goals set forth in the 2017 Plan. Commencing with fiscal
year 2018, Executive will be eligible to receive an Annual Bonus under the Company’s annual bonus plan as may be in effect
from time to time, with a target bonus opportunity of 100% of Base Salary (with respect to the 2018 fiscal year and thereafter,
the “Target Bonus”), and with the actual Annual Bonus based upon the attainment of one or more pre-established
performance goals established by the Board (or a committee thereof) in its sole discretion.

 

(d)       Equity
Awards. Within 15 days of the Closing Date, the Company shall grant Executive options to purchase 1.2 million shares of Company
common stock under the Company’s 2017 Omnibus Incentive Plan (the “Incentive Plan”), at an exercise price
equal to the fair market value of a share of Company common stock as of the grant date (which will equal either (1) the closing
sales price of a share of Company common stock as of the grant date or (ii) the average closing sales price of a share of Company
common stock over a period of up to five days preceding the grant date, as determined by the Board (or a committee thereof) in
its sole discretion) and with vesting commencing on the Closing Date, substantially in accordance with the form of Nonqualified
Stock Option Agreement attached hereto as Exhibit A. Thereafter, Executive shall be considered to receive equity and other
long-term incentive awards (which may include, without limitation, restricted stock units and options) under any applicable plan
adopted by the Company during the Term for which its senior executives are generally eligible. The level of Executive’s
participation in any such plan, if any, shall be determined in the sole discretion of the Board from time to time.

 

(e)       Paid
Time Off. Executive shall accrue up to 20 days of paid time off on a pro rata basis during each successive one-year period
in the Term. Accrued paid time off shall be taken at such time or times in each such one-year period so as not to materially and
adversely interfere with the business of the Company and in no event shall more than ten days of paid time off be taken consecutively
without approval by the Board. Executive shall have no right to carry over unused paid time off from any such one-year period
to any other such one-year period or to receive any additional compensation in lieu of taking Executive’s paid time off.

 

(f)       Business
Expenses. Executive shall be reimbursed for reasonable and appropriate business expenses incurred and appropriately documented
in connection with the performance of Executive’s duties and responsibilities under this Employment Agreement in accordance
with the Company’s expense reimbursement policies and procedures for its senior executives. In connection with required
business travel, Executive shall be permitted to travel either business class or first class.

  

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SECTION
4. TERMINATION OF EMPLOYMENT AND SEVERANCE

 

(a)       Right
of Termination. The Company shall have the right to terminate Executive’s employment at any time, and Executive shall
have the right to resign at any time, subject to the obligations and conditions contained herein.

 

(b)       Payments
upon Termination. Upon termination of Executive’s employment with the Company for any reason, the Company shall pay
to Executive on his last day of employment with the Company all Base Salary earned by Executive through his last day of employment,
any earned and payable (but as of yet unpaid) Annual Bonus for the previous year and any unreimbursed business expenses properly
incurred and submitted by Executive in accordance with SECTION 3(f).

 

(c)       Severance.

 

	 	(i)	If,
    during the Term of this Employment Agreement, (A) Executive’s employment hereunder is terminated without Cause, (B)
    Executive resigns for Good Reason, or (C) a termination occurs due to the Company’s non-renewal in accordance with SECTION
    I hereof (each, a “Qualifying Termination”), then, upon Executive’s Termination of Employment
    (as defined below), the Company shall (in lieu of any other severance benefits under any of the Company employee benefit plans,
    programs or policies): (w) pay to Executive a pro-rated portion of the Annual Bonus to which Executive would otherwise be
    entitled for the year of termination (if any) calculated at the end of such year (with the proration based on the number of
    days Executive was employed with the Company during such year) and paid on the same date on which annual bonuses are paid
    to other executives of the Company (the “Pro-Rata Bonus”); (x) (1) continue to pay Executive’s Base
    Salary at the time of such termination for a period of twenty-four (24) months following such Termination of Employment, and
    (2) pay to Executive an amount equal to two times Executive’s Target Bonus for the year in which Executive’s Termination
    of Employment occurs, with such amount payable in substantially equal installments over the twenty-four (24) month period
    immediately following such Termination of Employment; (y) provide for the pro-rata vesting of any outstanding incentive equity
    awards based on Executive’s employment with the Company from the commencement of the then current vesting tranche through
    the Termination of Employment (e.g., if the current vesting period is twelve (12) months, and Executive’s Termination
    of Employment occurs nine (9) months after the commencement of the current vesting period, then Executive will vest in 75%
    of the current tranche of the incentive equity award) (the “Pro-Rata Equity Vesting”); and (z) if such
    Termination of Employment occurs after the fourth anniversary of the Effective Date (a “Retirement Termination”),
    provide for continued vesting of all of Executive’s incentive equity awards granted at least one year preceding the
    Termination of Employment, as if Executive remained employed and with any performance-based incentive equity awards vesting
    only to the extent the underlying performance metrics are achieved, and for Executive’s stock options to remain outstanding
    until their expiration date (collectively, the “Retirement Equity Treatment”). The severance amounts provided
    in clause (x) above will be paid in accordance with the Company’s normal payroll practices, subject to such withholding
    and other taxes as may be required or as otherwise permissible under the Company’s practices or policies.

 

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Additionally,
subject to Executive’s (1) timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation
Act of 1985, as amended (“COBRA”), and (2) continued copayment of premiums at the same level and cost to Executive
as if Executive were an employee of the Company (excluding, for purposes of calculating cost, an employee’s ability to pay
premiums with pre-tax dollars), Executive will be entitled to continued participation in the Company’s group health plan
(to the extent permitted under applicable law and the terms of such plan) which covers Executive (and Executive’s eligible
dependents) for a period of eighteen (18) months following his Termination of Employment, provided that Executive is eligible
and remains eligible for COBRA coverage; provided, further, that the Company may modify the continuation coverage
contemplated herein by making a taxable cash payment to Executive of the applicable employer premiums to the extent reasonably
necessary to avoid the imposition of any excise taxes on the Company for failure to comply with the nondiscrimination requirements
of the Patient Protection and Affordable Care Act of 2010, as amended, and/or the Health Care and Education Reconciliation Act
of 2010, as amended (to the extent applicable); and provided, further, that in the event that Executive obtains
other employment that offers group health benefits, such continuation of coverage by the Company hereunder shall immediately cease.

 

	 	(ii)	The
    Company shall have no obligation to make or provide any severance payments or benefits under clauses (w) and (x) of SECTION
    4(c)(i), if (A) Executive violates any of the material provisions of SECTION 5 of this Employment Agreement (with
    SECTION 5(e) deemed material), or (B) Executive does not execute and deliver (without revoking) to the Company a general
    release in the form attached to this Employment Agreement as Exhibit B (the “Release”) following
    Executive’s Termination of Employment. With respect to clause (A) of this SECTION 4(c)(ii), Executive will have
    fifteen (15) days from the date of the Company’s notice of the violation in which to cure such violation (to the extent
    such violation is capable of cure, as determined in the Company’s good faith discretion) (the “Cure Opportunity”),
    before the termination of severance payments and benefits takes effect.

  

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	 	(iii)	The
    Company shall have no obligation to provide for the Pro-Rata Equity Vesting nor the Retirement Equity Treatment, if Executive
    does not deliver the Release. Additionally, if Executive violates any of the material provisions of SECTION 5 of this
    Employment Agreement (with SECTION 5(e) deemed material) within two years of his Retirement Termination, then subject
    to the Cure Opportunity described above, any (A) unvested incentive equity awards and (B) incentive equity awards that vested
    following the Retirement Termination (collectively, the “Retirement Incentive Equity”) will be forfeited
    without payment of any consideration, and to the extent necessary to effectuate the foregoing, Executive will be obligated
    to repay to the Company any gain (e.g., the fair market value of a full value award upon settlement or the excess of
    the fair market value of shares received upon exercise of stock options over the applicable aggregate exercise price) received
    in respect of previously exercised or settled Retirement Incentive Equity (collectively, the “Retirement Equity Forfeiture
    Provisions”).

 

	 	(iv)	Executive
    waives Executive’s rights, if any, to have the payments provided for under this SECTION 4(e) taken into account
    in computing any other benefits payable to, or on behalf of, Executive by the Company.

 

	 	(v)	Subject
    to this SECTION 4(c)(v), notwithstanding anything to the contrary in this Employment Agreement, if a Change in Control
    (as defined in the Incentive Plan) occurs, neither the Company, nor any current and/or future entity that controls, is controlled
    by or is under common control with the Company (collectively, “Affiliates”), nor any acquirer of the Company
    or any Affiliate of the Company will have any obligation to make severance payments under this Section in connection with
    such Change in Control unless a Qualifying Termination occurs as described in clause (A) of the following sentence. Executive
    shall be entitled to the following Change in Control benefits: (A) if a Qualifying Termination occurs during the Term of this
    Employment Agreement and within the twelve (12)-month period immediately following a Change in Control, in addition to the
    payments and benefits set forth in SECTION 4(c)(i), Executive will be entitled to accelerated vesting of all of his
    incentive equity awards outstanding as of the consummation of such Change in Control, subject to his execution and non-revocation
    of the Release as required below, and (B) notwithstanding whether a Qualifying Termination occurs, if a Change in Control
    is a Qualifying Change in Control (as defined below), Executive will be entitled to accelerated vesting of all of his incentive
    equity awards outstanding as of consummation of such Change in Control.

  

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“Qualifying
Change in Control” means (1) any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange
Act (other than the Company, the Investors (as defined in the Incentive Plan), any trustee or other fiduciary holding securities
under any employee benefit plan of the Company, or any company owned, directly or indirectly, by the stockholders of the Company
in substantially the same proportions as their ownership of Common Stock of the Company), becomes the beneficial owner (as defined
in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined
voting power of the Company’s then outstanding securities {and for this purpose public shareholders of an entity into which
the Company merges shall be treated as a “person”); and (2) as of the consummation of the transaction described in
clause (1), individuals who constitute the Board immediately before the transaction, and any new director (other than a director
designated by a Person (as defined in the Incentive Plan) who has entered into an agreement with the Company to effect the transaction
described in clause (I) or a director whose initial assumption of office occurs as a result of either an actual or threatened
election contest or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the
Board) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at
least two thirds of the directors then still in office who either were directors immediately before the transaction or whose election
or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the Board.

 

	 	(vi)	“Termination
    of Employment” means the date on which Executive’s “separation from service” occurs within the
    meaning of Section 409A of the Internal Revenue Code.

 

	 	(vii)	The
    severance payments described in SECTION 4(c)(i) shall commence within the sixty (60) day period following Executive’s
    Termination of Employment, provided Executive executes the Release and the Release becomes effective and irrevocable
    within such sixty (60) day period, and provided,  further, that if such sixty (60) day period begins in one calendar
    year and ends in a second calendar year, such payments shall be made or shall commence in the second calendar year.

 

(d)     
Termination by the Company for Cause or by Executive other than for Good Reason.

 

	 	(i)	The
    Company shall have the right to terminate Executive’s employment at any time for Cause, and Executive shall have the
    right to resign at any time with or without Good Reason.

 

	 	(ii)	If
    Executive’s employment is terminated for Cause or Executive resigns other than for Good Reason, the Company’s
    only obligation to Executive under this Employment Agreement (except as provided under SECTION 4(g)) shall be to make
    the payments required under SECTION 4(b); provided that if Executive’s resignation other than for Good
    Reason occurs after the fifth anniversary of the Effective Date (and is not under circumstances where Cause exists), then
    subject to Executive’s execution and non-revocation of the Release within sixty (60) days following Executive’s
    Termination of Employment, Executive will be entitled to the Retirement Equity Treatment, subject to the Retirement Equity
    Forfeiture Provisions.

  

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(e)       Cause.
“Cause” shall exist if Executive (i) is convicted of, or pleads guilty or nolo contendere to, a felony or,
(ii) (a) engages in gross neglect or willful misconduct with respect to his duties and responsibilities hereunder; (b) materially
breaches any of Executive’s fiduciary duties to the Company or any of its Affiliates; (c) otherwise materially breaches
in any material respect any provision of this Employment Agreement or any other agreement between Executive and the Company or
any of its Affiliates; (d) engages in any activity or behavior, including substance abuse, that is or could reasonably be expected
to be harmful in any material respect to the property, business, goodwill, or reputation of the Company or any of its Affiliates;
or (e) commits theft, larceny, embezzlement, or fraud; provided, however, that Executive may not be terminated for “Cause”
unless (x) in respect of any event described in clause (i) above, the Board provides Executive with reasonable advance written
notice to Executive of its intent to terminate Executive for Cause, (y) in respect of any event described in clause (ii) above,
the Company provides Executive written notice of the basis for which the Board believes Cause exists and an opportunity to bring
legal counsel to a meeting with the Board to review and address the allegations of Cause, and (z) in respect of any of the events
described in clause (ii)(c) above or, to the extent the Board reasonably and in good faith determines that the applicable activity
or behavior is curable, in respect of any of the events described in clauses (ii)(a) or (b), Executive fails to cure any such
breach, activity or behavior to the good faith satisfaction of the Board within 10 business days after Executive’s receipt
of written notice of the breach, activity or behavior (provided, further, that Executive shall only be entitled
to one such opportunity to cure under this Employment Agreement). Executive shall not be subject to a for Cause termination solely
on the basis of poor performance or as a result of following the direction of the Board or the Executive Chairman or Vice Chairman
of the Board or for acting or not acting on the advice of counsel to the Company.

 

(f)       
Good Reason. “Good Reason” means, without the express prior written consent of Executive, (i) a material
reduction of Executive’s position, duties, and responsibilities with the Company from those in effect as of the date of
this Employment Agreement (provided that Executive ceasing to serve as the Chief Executive Officer of a public company
will not, standing alone, constitute Good Reason; and provided, further, that the Company’s transition of
Executive’s position, duties, and responsibilities to a new Chief Executive Officer following receipt of Executive’s
notice of retirement (which he must provide at least six (6) months prior to retiring) will not constitute Good Reason so long
as Executive continues to have executive officer-level responsibilities), (ii) Executive no longer reports to at least one of
(A) the Board, (B) the Executive Chairman of the Board or (C) the Executive Vice Chairman of the Board, (iii) the Company’s
failure to take commercially reasonable best efforts to nominate Executive to the Board (unless such nomination is prohibited
by legal or regulatory requirements), (iv) a reduction by the Company of Executive’s Base Salary provided in SECTION
3(a) of this Employment Agreement, (v) a reduction by the Company of Executive’s Target Bonus provided in SECTION
3(a) of this Employment Agreement, (vi) the Company’s material breach of this Employment Agreement, or (vii) the Company’s
requiring Executive to move his primary place of employment more than 50 miles from his primary place of employment as of the
Effective Date (provided, that, Executive will not have Good Reason under this clause (vii), if the Company relocates its
headquarters without relocating Executive’s primary place of employment, even if such relocation increases the amount of
Executive’s business travel); provided, however, that no act or omission described in clauses (i) through
(vii) shall be treated as “Good Reason” under this Employment Agreement unless (I) Executive delivers to the Company
a written statement of the basis for Executive’s belief that Good Reason exists, (2) Executive gives the Company thirty
(30) days after the delivery of such statement to cure the basis for such belief, and (3) Executive actually resigns during the
ten (10) day period which begins immediately after the end of such thirty (30) day period if Good Reason continues to exist after
the end of such thirty (30) day period.

 

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(g)       Termination
for Disability or Death.

 

	 	(i)	Disability.
    The Company may terminate the Term and Executive’s employment, if Executive is unable substantially to perform Executive’s
    duties and responsibilities hereunder to the full extent required by the Board by reason of a Permanent Disability, as defined
    below. Executive shall upon his Termination of Employment by reason of a Permanent Disability, be entitled to the following:
    (i) the Pro-Rata Bonus; (ii) any other amounts earned, accrued or owing but not yet paid, which amounts shall be paid within
    thirty (30) days following such Termination of Employment; and (iii) continued participation, in accordance with the terms
    of such plans, in those employee welfare benefit plans in which Executive was participating on the date of termination which,
    by their terms, permit a former employee to participate. In such event, the Company shall have no further liability or obligation
    to Executive for compensation under this Employment Agreement. Executive agrees, in the event of a dispute under this SECTION
    4(g)(i), to submit to a physical examination by a licensed physician selected by the Board. For purposes of this Employment
    Agreement, “Permanent Disability” has the same meaning as for purposes of the Company’s permanent
    disability insurance policies which now or hereafter cover the permanent disability of Executive or, in absence of such policies,
    means the inability of Executive to work in a customary day-to-day capacity for six (6) consecutive months or for six (6)
    months within a twelve (12) month period, as determined by the Board.

 

	 	(ii)	Death.
    The Term and Executive’s employment with the Company shall terminate in the event of Executive’s death. In such
    event, the Company shall pay to Executive’s executors, legal representatives or administrators, as applicable, a prorated
    portion of the Target Bonus for the year in which such death occurs (with the proration based on the number of days Executive
    was employed with the Company during such year), paid within thirty (30) days following such Termination of Employment. In
    addition, Executive’s estate shall be entitled upon Executive’s death to (i) any other amounts earned, accrued
    or owing but not yet paid, which amounts shall be paid within thirty (30) days following such Termination of Employment; and
    (ii) any other benefits to which Executive is entitled in accordance with the terms of the applicable plans and programs of
    the Company. The Company shall have no further liability or obligation under this Employment Agreement to Executive’s
    executors, legal representatives, administrators, heirs or assigns or any other person claiming under or through Executive.

   

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(h)       Benefits
at Termination of Employment. Executive will have, upon termination of his employment, the right to receive any benefits payable
under the Company’s employee benefit plans, programs and policies that Executive otherwise has a nonforfeitable right to
receive under the terms of such plans, programs and policies (other than severance benefits), independent of Executive’s
rights under this Employment Agreement.

 

(i)       Other
Obligations. Upon any termination of Executive’s employment with the Company, Executive shall be deemed to have tendered
his resignation from the Board and any other position as an officer, director or fiduciary of any Company-related entity.

 

SECTION
5. COVENANTS BY EXECUTIVE

 

(a)     The
Company’s Property.

 

	 	(i)	Executive,
    upon the termination of Executive’s employment for any reason or, if earlier, upon the Company’s request, shall
    promptly return all Property (as defined below) that had been entrusted or made available to Executive by the Company or any
    of its subsidiaries; provided, that, Executive may retain his contacts, calendars and personal correspondence and any compensation
    information reasonably needed for tax preparation purposes.

 

	 	(ii)	The
    term “Property” means all records, files, memoranda, reports, price lists, customer lists, drawings, plans,
    sketches, keys, codes, computer hardware and software and other property of any kind or description prepared, used or possessed
    by Executive during Executive’s employment with the Company or any of subsidiaries (and any duplicates of any such property)
    together with any and all information, ideas, concepts, discoveries, and inventions and the like conceived, made, developed
    or acquired at any time by Executive individually or with others during Executive’s employment that relate to the business,
    products or services of the Company or any of its subsidiaries.

 

(b)       Trade
Secrets.

 

	 	(i)	Executive
    agrees that Executive will hold in a fiduciary capacity for thebenefit of the Company and its subsidiaries and will not directly
    or indirectly use or disclose, other than when required to do so in good faith to perform Executive’s duties and responsibilities,
    any Trade Secret (as defined below) that Executive may have acquired during the term of Executive’s employment with
    the Company or any of its subsidiaries for so long as such information remains a Trade Secret, unless Executive is required
    to do so by a lawful order of a court of competent jurisdiction, any governmental authority, or agency, or any recognized
    subpoena; provided, however, that before making any disclosure of a Trade Secret pursuant to a such an order
    or subpoena, Executive will provide notice of such order or subpoena to the Company to permit the Company to challenge such
    order or subpoena if the Company, in its sole discretion and at its expense, desires to challenge such order or subpoena or
    to seek a protective order preventing further disclosure of the Trade Secret. Pursuant to 18 U.S.C. § 1833(b), Executive
    will not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a Trade Secret
    that (A) is made (x) in confidence to a Federal, State, or local government official, either directly or indirectly, or to
    Executive’s attorney and (y) solely for the purpose of reporting or investigating a suspected violation of law; or (B)
    is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If Executive files a lawsuit
    for retaliation by the Company or any of its subsidiaries for reporting a suspected violation of law, Executive may disclose
    the Trade Secret to Executive’s attorney and use the Trade Secret information in the court proceeding, if Executive
    files any document containing the Trade Secret under seal and does not disclose the Trade Secret except under court order.
    Nothing in this Employment Agreement is intended to conflict with 18 U.S.C. § I 833(b) or create liability for disclosures
    of Trade Secrets that are expressly allowed by such section.

  

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	 	(ii)	The
    term “Trade Secret” means information, without regard to form, including technical or non-technical data,
    a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial
    plans, product plans, or a list of actual or potential customers or suppliers that are not commonly known or available to
    the public and which information (A) derives economic value, actual or potential, from not being generally known to, and not
    being generally readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure
    or use and (B) is the subject of reasonable efforts by the Company or any of its subsidiaries to maintain its secrecy.

 

	 	(iii)	This
    SECTION 5(b) and SECTION 5(c) are intended to provide rights to the Company and its subsidiaries that are in
    addition to, not in lieu of, those rights the Company and its subsidiaries have under the common law or applicable statutes
    for the protection of trade secrets and Confidential Information.

 

(c)       Confidential
Information.

 

	 	(i)	Executive
    while employed by the Company or any of its subsidiaries and after termination of such employment for any reason shall, for
    so long as the information remains Confidential Information, hold in a fiduciary capacity for the benefit of the Company and
    its subsidiaries and shall not directly or indirectly use or disclose, other than when required to do so in good faith to
    perform Executive’s duties and responsibilities, any Confidential Information (as defined below) that Executive may
    have acquired (whether or not developed or compiled by Executive and whether or not Executive is authorized to have access
    to such information) during the term of, and in the course of, or as a result of Executive’s employment with the Company
    or any of its subsidiaries, unless Executive is required to do so by a lawful order of a court of competent jurisdiction,
    any governmental authority, or agency, or any recognized subpoena; provided, however, that before making any
    disclosure of a Confidential Information pursuant to a such an order or subpoena, Executive will provide notice of such order
    or subpoena to the Company to permit the Company to challenge such order or subpoena if the Company, in its sole discretion
    and at its expense, desires to challenge such order or subpoena or to seek a protective order preventing further disclosure
    of the Confidential Information.

 

    11 

     

    

  

	 	(ii)	The
    term “Confidential Information” means any secret, confidential or proprietary information possessed by
    the Company or any of its subsidiaries relating to their respective businesses that is or has been disclosed to Executive
    or of which Executive becomes aware as a consequence of or through Executive’s relationship with the Company or any
    of its subsidiaries, and is not generally known to the competitors of the Company or any of its subsidiaries, including customer
    lists, details of client or consultant contracts, the terms and conditions of this Employment Agreement, current and anticipated
    customer requirements, pricing policies, price lists, market studies, business plans, licensing strategies, advertising campaigns,
    operational methods, marketing plans or strategies, product development techniques or flaws, computer software programs (including
    object code and source code), data and documentation, data base technologies, systems, structures and architectures, inventions
    and ideas, past, current and planned research and development, compilations, devices, methods, techniques, processes, financial
    information and data, employee compensation information, business acquisition plans and new personnel acquisition plans, which
    are not otherwise included in the definition of a Trade Secret under this Employment Agreement. Confidential Information shall
    not include any information that has been voluntarily disclosed to the public by the Company or any of its subsidiaries (except
    where such public disclosure has been made by Executive without authorization) or that has been independently developed and
    disclosed by others, or that otherwise enters the public domain through lawful means.

 

	 	(iii)	Nothing
    in this Employment Agreement shall prohibit or restrict the Company or its Affiliates, Executive or their respective attorneys
    from: (A) making any disclosure of relevant and necessary information or documents in any action, investigation, or proceeding
    relating to this Employment Agreement or any other litigation between the Company or its Affiliates and Executive, or as required
    by law or legal process, including with respect to possible violations of law; (B) participating, cooperating, or testifying
    in any action, investigation, or proceeding with, or providing information to, any governmental agency or legislative body,
    any self-regulatory organization, and/or pursuant to the Sarbanes-Oxley Act; or (C) accepting any U.S. Securities and Exchange
    Commission awards. In addition, nothing in this Employment Agreement prohibits or restricts the Company or its Affiliates
    or Executive from initiating communications with, or responding to any inquiry from, any regulatory or supervisory authority
    regarding any good faith concerns about possible violations of law or regulation.

 

    12 

     

    

 

(d)       Ownership
of Work Product.

 

	 	(1)	Executive
    acknowledges and agrees that Executive will be employed with the Company, and may also be employed with one or more of its
    subsidiaries, in positions that could provide the opportunity for conceiving and/or reducing to practice developments, discoveries,
    methods, processes, designs, inventions, ideas, or improvements (hereinafter collectively called “Work Product”).
    Accordingly, Executive agrees to promptly report and disclose to the Company in writing all Work Product conceived, made,
    implemented, or reduced to practice by Executive, whether alone or acting with others, during Executive’s employment
    with the Company or any of its subsidiaries. Executive acknowledges and agrees that all Work Product is the sole and exclusive
    property of the Company. Executive agrees to assign, and hereby automatically assigns, without further consideration, to the
    Company any and all rights, title, and interest in and to all Work Product; provided, however, that this SECTION
    5(d)(i) shall not apply to any Work Product for which no equipment, supplies, facilities, or trade secret information
    of the Company or any of its subsidiaries was used and that was developed entirely on Executive’s own time, unless the
    Work Product (A) relates directly or indirectly to the business of the Company or any of its subsidiaries or any such entity’s
    actual or demonstrably anticipated research or development, or (B) results from any work performed by Executive for the Company
    or any of its subsidiaries. The Company and its subsidiaries, together with their respective successors and assigns, shall
    have the right to obtain and hold in their respective own names copyright registrations, trademark registrations, patents
    and any other protection available to the Work Product.

 

	 	(ii)	Executive
    agrees to perform, upon the reasonable request of the Company, such further acts as may be reasonably necessary or desirable
    to transfer, perfect, and defend the Company’s and its subsidiaries’ ownership of the Work Product, including
    (A) executing, acknowledging and delivering any requested affidavits and documents of assignment and conveyance, (B) assisting
    in the preparation, prosecution, procurement, maintenance and enforcement of all copyrights and/or patents with respect to
    the Work Product in any countries, (C) providing testimony in connection with any proceeding affecting the right, title or
    interest of the Company and its subsidiaries in any Work Product, and (D) performing any other acts deemed necessary or desirable
    to carry out the purposes of this Employment Agreement. The Company shall reimburse all reasonable out-of-pocket expenses
    incurred by Executive at the Company’s request in connection with the foregoing.

  

    13 

     

    

  

(e)       Non-Competition;
Non-Solicitation.

 

	 	(i)	While
    employed by the Company or any of its subsidiaries and for twenty-four (24) months following termination of Executive’s
    employment for any reason, Executive will not, whether as an employee, consultant, advisor, independent contractor, or in
    any other capacity, provide services to any Competing Business in the Territory. For purposes of this Employment Agreement,
    the term “Territory” means the United States, and the term “Competing Business” means:
    (i) the weight loss industry, (ii) the diet care set of the health and beauty category within the food, drug, mass and specialty
    retail channels, (iii) snacking, and (iv) any business that competes with the Company or any of its subsidiaries or engages
    in any other material business in which the Company or any of its subsidiaries is engaged during the Term or in which it or
    they have taken material steps to engage with Executive’s knowledge, on or prior to Executive’s Termination of
    Employment. Executive acknowledges and agrees that the Territory identified in this SECTION 5(e)(i) is the geographic
    area in or as to which he is expected to perform services or have responsibilities for the Company and its Affiliates by being
    actively engaged as a member of the Company’s management team as Chief Executive Officer and President during his employment
    with the Company.

 

	 	(ii)	The
    foregoing restrictions shall not be construed to prohibit (A) Executive from working for a corporation or private equity firm
    that competes with the Competing Business, so long as (x) Executive does not engage in the sector that competes with the Competing
    Business and (y) the Competitive Business does not constitute more than 10% of the corporation’s or private equity firm’s
    business by gross revenue, or (B) the ownership by Executive of less than one percent (1%) of any class of securities of any
    company which is a Competing Business having a class of securities registered pursuant to the Securities Exchange Act of 1934,
    as amended (or through an investment in any mutual, private equity or hedge fund or similar pooled investment vehicle); provided
    that such ownership represents a passive investment and that neither Executive nor any group of persons including Executive
    in any way, either directly or indirectly, manages or exercises control of any such company, guarantees any of its financial
    obligations, consults with, advises, or otherwise takes any part in its business, other than exercising Executive’s
    rights as a shareholder, or seeks to do any of the foregoing.

  

    14 

     

    

  

	 	(iii)	While
    employed with the Company or any of its subsidiaries and for twenty-four (24) months following termination of Executive’s
    employment for any reason, Executive shall not, on his own behalf or on behalf of any person, firm, partnership, association,
    corporation or business organization, entity or enterprise, directly or indirectly, hire, or solicit or attempt to solicit
    any officer, employee or independent contractor, consultant or advisor of the the Company or its direct or indirect subsidiaries
    with whom Executive had contact in the course of Executive’s employment with the Company to terminate or reduce his
    or her employment or business relationship with the the Company or its direct or indirect subsidiaries and shall not assist
    any other person or entity in such a solicitation. This clause (iii) shall not prohibit Executive from providing a reference
    at the request of any individual or entity referenced above.

  

(f)      Non-Disparagement.
Executive will not make any statement, written or verbal, to any person or entity, including in any forum or media, or take any
action, in disparagement of the Company or any of its direct or indirect subsidiaries, the Board, or any of their respective current,
former or future affiliates (solely to the extent Executive has (or could reasonably be expected to have) knowledge that an entity
is an affiliate), or any current, former or future shareholders, partners, managers, members, officers, directors, or employees
of any of the foregoing (solely to the extent Executive has (or could reasonably be expected to have) knowledge thereof) (each,
a “Company Party”), including negative references to or about any Company Party’s services, policies,
practices, documents, methods of doing business, strategies, objectives, shareholders, partners, managers, members, officers,
directors, or employees, or take any other action that may disparage any Company Party to the general public and/or any Company
Party’s officers, directors, employees, clients, suppliers, investors, potential investors, business partners or potential
business partners. The Company will instruct its executive officers and directors not to make any statement, written or verbal,
to any person or entity, including in any forum or media, or take any action, in disparagement of Executive. Notwithstanding anything
to the contrary in the foregoing, the foregoing shall not be violated by truthful statements in response to legal process, required
governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection
with such proceedings), and the foregoing limitation on the Company’s executives and directors (including Executive) shall
not be violated by statements that they in good faith believe are necessary or appropriate to make in connection with performing
their duties and obligations to the Company.

 

(g)       Cooperation.
Executive will cooperate with all reasonable requests by the Company (or any of its Affiliates) for assistance in connection with
any investigation or legal proceedings involving the Company (or any of its Affiliates, to the extent Executive was involved with
any such Affiliate while employed hereunder), including by providing truthful testimony in person in any such legal proceedings
without having to be subpoenaed. Such cooperation shall be at reasonable times and locations and shall be reasonably subject to
Executive’s personal and business commitments and shall not require Executive to cooperate against his own legal interests.
Executive shall be reimbursed for any reasonable expenses incurred in connection with such cooperation including travel (at the
level provided to Executive during his employment) and reasonable legal fees in the event Executive determines that it is necessary
for him to engage independent counsel; provided, that, the Company shall have the opportunity to reasonably pre-approve such expenses.

  

    15 

     

    

  

(h)       Reasonable
and Continuing Obligations. Executive agrees that Executive’s obligations under this SECTION 5 are obligations
that will continue beyond the date Executive’s employment with the Company and its subsidiaries terminates, regardless of
the reason for such termination, and that such obligations are reasonable and necessary to protect the legitimate business interests
of the Company and its subsidiaries. In addition, the Company shall have the right to take such other action as such entity deems
necessary or appropriate to compel compliance with the provisions of this SECTION 5, including seeking injunctive relief.

 

(i)       Remedy
for Breach. Executive agrees that the remedies at law of the Company and its subsidiaries for any actual or threatened breach
by Executive of the covenants in this SECTION 5 would be inadequate and that the Company and its subsidiaries shall be
entitled to specific performance of the covenants in this SECTION 5, including entry of an ex parte, temporary restraining
order in state or federal court, preliminary and permanent injunctive relief against activities in violation of this SECTION
5, or both, or other appropriate judicial remedy, writ or order, in addition to any damages and legal expenses that the Company
and its subsidiaries may be legally entitled to recover. Executive acknowledges and agrees that the covenants in this SECTION
5 shall be construed as agreements independent of any other provision of this or any other agreement between the Company or
any of its subsidiaries and Executive, and that the existence of any claim or cause of action by Executive against the Company
or any of its subsidiaries, whether predicated upon this Employment Agreement or any other agreement, shall not constitute a defense
to the enforcement by the Company or any of its subsidiaries of such covenants.

 

SECTION
6. SECTION 409A COMPLIANCE

 

(a)       The
Company and Executive agree that this Employment Agreement will be administered and interpreted in good faith in a manner which
is intended to minimize the risk that Executive will be subject to tax under Section 409A (“Section 409A”)
of the Internal Revenue Code of 1986, as amended (the “Code”), with respect to any payments to be made or benefits
to be provided to Executive by the Company pursuant to the terms of this Employment Agreement, and the Company and Executive agree
to cooperate fully and in good faith with one another to seek to minimize such risk.

 

(b)       Notwithstanding
any other provision of this Employment Agreement, no payments shall be made and no benefits shall be provided under this Employment
Agreement as a result of Executive’s termination of employment unless Executive has a “separation from service”
within the meaning of Section 409A in connection with such termination of employment, and Executive and the Company acknowledge
and agree that a “separation from service” may come before, after or coincide with any such termination of employment
and that the payments otherwise to be made at a termination of employment and that the benefits otherwise to be provided at a
termination of employment shall only be made or provided at the time of the related “separation from service”. Furthermore,
Executive and the Company acknowledge and agree that all or any part of any payment to be made or benefit to be provided to Executive
during the 6 month and 1 day period which starts on the date Executive has a “separation from service” (other than
by reason of Executive’s death) shall be delayed and then paid (in a lump sum without interest) or provided (without interest)
on the first business day which comes 6 months and 1 day after the date of Executive’s “separation from service”
if the Company acting in good faith determines that (1) Executive is a “specified employee” within in the meaning
of Section 409A and (ii) making such payment or providing such benefit during such 6 month and 1 day period would put Executive
at risk for any taxes or penalties under Section 409A.

  

    16 

     

    

  

(c)       With
respect to items eligible for reimbursement under the terms of this Employment Agreement, (i) the amount of such expenses eligible
for reimbursement, or in-kind benefits provided, in any taxable year shall not affect the expenses eligible for reimbursement,
or in-kind benefits to be provided, in another taxable year, (ii) no reimbursement or in-kind benefit may be exchanged or liquidated
for another payment or benefit, and (iii) any reimbursements of expenses shall be made as soon as practicable under the circumstances
but in any event no later than the end of the calendar year following the calendar in which the related expenses were incurred.

 

(d)       The
Company and Executive intend that each installment of payments and benefits provided under this Employment Agreement shall be
treated as a separate identified payment for purposes of Section 409A, and that neither the Company nor Executive shall have the
right to accelerate or defer the delivery of any such payments or benefits if a determination is made in good faith that any such
acceleration or deferral would present a risk that Executive would be subject to any tax under Section 409A.

 

(e)       Executive
acknowledges and agrees that nothing in this Employment Agreement shall be construed as a covenant by the Company that no payment
will be made or benefit will be provided under this Employment Agreement which will be subject to taxation under Section 409A
or as a guarantee or indemnity by the Company for the tax consequences to the payments and benefits called for under this Employment
Agreement including any tax consequences under Section 409A. Finally, Executive agrees that Executive shall be the only person
responsible for paying all taxes due with respect to such payments and benefits.

 

SECTION
7. SECTION 280G

 

(a)       Best-Net
Cutback. Notwithstanding any other provision of this Employment Agreement or any other plan, arrangement or agreement to the
contrary, if any of the payments or benefits provided or to be provided by the Company or its affiliates to Executive or for Executive’s
benefit pursuant to the terms of this Employment Agreement or otherwise (“Covered Payments”) constitute parachute
payments (“Parachute Payments”) within the meaning of Section 280G of the Code and would, but for this SECTION
7 be subject to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar
tax imposed by state or local law or any interest or penalties with respect to such taxes (collectively, the “Excise
Tax”), then prior to making the Covered Payments, a calculation shall be made comparing (i) the Net Benefit (as defined
below) to Executive of the Covered Payments after payment of the Excise Tax to (ii) the Net Benefit to Executive if the Covered
Payments are limited to the extent necessary to avoid being subject to the Excise Tax. Only if the amount calculated under (i)
above is less than the amount under (ii) above will the Covered Payments be reduced to the minimum extent necessary to ensure
that no portion of the Covered Payments is subject to the Excise Tax (that amount, the “Reduced Amount”). “Net
Benefit” shall mean the present value of the Covered Payments net of all federal, state, local, foreign income, employment
and excise taxes.

  

    17 

     

    

  

(b)       Method
of Reduction. The Covered Payments shall be reduced in a manner that maximizes Executive’s economic position. In applying
this principle, the reduction shall be made in a manner consistent with the requirements of Section 409A of the Code, and where
two economically equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on
a pro rata basis but not below zero.

 

(c)       Determination.
Any determination required under this SECTION 7, including whether any payments or benefits are parachute payments,
shall be made in the sole discretion of an independent accounting firm selected and paid for by the Company using reasonable assumptions
on Executive’s tax rates (as determined by such accounting firm). Executive shall provide the Company with such information
and documents as the Company and such accounting firm may reasonably request in order to make a determination under this SECTION
7. The parties shall cooperate to the extent necessary to reduce the Excise Tax, including determining “reasonable compensation”
under Sections 280G and 4999 of the Code (which may involve the valuation of Executive’s non-compete obligations). The accounting
firm’s determination shall be final and binding on Executive and the Company absent manifest error.

 

SECTION
8. INSURANCE AND INDEMNIFICATION

 

(a)       Insurance.
The Company shall cover Executive under its directors’ and officers’ liability insurance both during and, while potential
liability exists, after the Term in the same amount and to the same extent as the Company covers its other executive officers
and directors.

 

(b)       Indemnification.
The Company hereby agrees to indemnify Executive and hold Executive harmless to the extent provided under the By-Laws of the Company
(and at the same level as it covers its other executive officers and directors) against and in respect of any and all actions,
suits, proceedings, claims, demands, judgments, costs, expenses (including reasonable attorney’s fees), losses, and damages
resulting from Executive’s good faith performance of Executive’s duties and obligations with the Company. This obligation
shall survive the termination of Executive’s employment with the Company.

 

SECTION
9. ATTORNEYS’ FEES

 

Upon
presentation of appropriate documentation, the Company shall pay Executive’s reasonable counsel fees incurred in connection
with the negotiation and documentation of this Employment Agreement, up to a maximum of $25,000, which shall be paid within sixty
(60) days following the Effective Date, provided that Executive is still employed at the time of such payment (other than
as a result of Executive’s death, Disability, termination without Cause or termination for Good Reason).

  

    18 

     

    

  

SECTION
10. MISCELLANEOUS

 

(a)       Notices.
All Notices and all other communications which are required to be given under this Employment Agreement must be in writing
and shall be deemed to have been duly given when (i) personally delivered, (ii) mailed by United States registered or certified
mail postage prepaid, (iii) sent via a nationally recognized overnight courier service, (iv) sent via facsimile to the recipient,
or (v) sent via e-mail to the recipient, in each case as follows:

 

	 	If
    to the Company:	The
                                         Simply Good Foods Company

        1050
        17th Street, Suite 1500 Denver, CO 80265

        Attn:
        General Counsel

	 	 	 
	 	If
    to Executive:	Joseph
    E. Scalzo

    Last address in books and records of the Company

 

	 	with
    a copy to:	Michael
                                         S. Katzke

        

        Katzke
        & Morgenbesser LLP

        

        1345
        Avenue of the Americas, 11th Fl.

        New York, NY 10105

 

or
such other address or addresses as either party hereto shall have designated by notice in writing to the other party hereto.

 

(b)       No
Waiver. Except for any notice required to be given under this Employment Agreement, no failure by either the Company or Executive
at any time to give notice of any breach by the other of, or to require compliance with, any condition or provision of this Employment
Agreement shall be deemed a waiver of any provisions or conditions of this Employment Agreement.

 

(c)       Applicable
Law. This Employment Agreement shall be governed by the laws of the State of Delaware (except to the extent that its choice
of law provisions would call for the application of the law of another jurisdiction).

 

(d)       Other
Agreements. This Employment Agreement replaces and merges any and all previous agreements and understandings regarding all
the terms and conditions of Executive’s employment relationship with the Company and this Employment Agreement constitutes
the entire agreement of the Company and Executive with respect to such terms and conditions, and all such agreements and understandings
shall be superseded hereby (including, without limitation, the Prior Agreement). Executive acknowledges that Executive is not
obligated under any contract or other agreement that would conflict with Executive’s obligations under this Employment Agreement
and Executive’s ability to perform Executive’s duties and responsibilities under this Employment Agreement upon commencement
of and during the Term.

  

    19 

     

    

  

(e)       Amendment.
No amendment to this Employment Agreement shall be effective unless it is both: (i) agreed to and signed by Executive and
(ii) read and approved by the Board.

 

(f)       Invalidity.
If any part of this Employment Agreement is held by a court of competent jurisdiction to be invalid or otherwise unenforceable,
the remaining part shall be unaffected and shall continue in full force and effect, and the invalid or otherwise unenforceable
part shall be deemed not to be part of this Employment Agreement. If any court construes any provision or portion of this Employment
Agreement to be unenforceable because of the scope or duration of such provision, it is the intention of the parties that the
court reduce or reform the scope or duration to its greatest enforceable level.

 

(g)       Arbitration.
The Company and Executive shall have the right to obtain from a court an injunction or other equitable relief arising out
of Executive’s breach of the provisions of SECTION 5 of this Employment Agreement. However, any other controversy
or claim arising out of or relating to this Employment Agreement, any alleged breach of this Employment Agreement, or Executive’s
employment with the Company or the termination of such employment, including any claim as to arbitrability or any claims for any
alleged discrimination, harassment, or retaliation in violation of any federal, state or local law, shall be settled by binding
arbitration in Arapahoe County, Colorado in accordance with the rules of the American Arbitration Association then applicable
to employment-related disputes and any judgment upon any award, which may include an award of damages, may be entered in the state
or federal court having jurisdiction over such award.

 

(h)       Costs
of Enforcement. In the event of a dispute or action to enforce the terms of this Employment Agreement, each party hereto shall
bear its own costs and expenses incurred in connection therewith, including all attorneys’ fees.

 

(i)       Clawback
Provisions. To the extent required by applicable law or any applicable securities exchange listing standards, or as otherwise
reasonably determined by the Company in a manner consistent for all executive officers, Executive’s incentive-based compensation
shall be subject to the provisions of any applicable clawback policies or procedures adopted by the Company, which clawback policies
or procedures may provide for forfeiture, repurchase and/or recoupment of such incentive-based compensation. Notwithstanding any
provision of this Employment Agreement to the contrary, the Company reserves the right, without Executive’s consent, to
adopt any such clawback policies and procedures for all executive officers, including such policies and procedures applicable
to this Employment Agreement with retroactive effect.

 

(j)       Assignment.
This Employment Agreement may not be assigned by Executive. This Employment Agreement may be assigned by the Company, without
Executive’s consent, to (1) any affiliate of the Company (so long as the Company or such affiliate remains liable for any
amounts due hereunder), or (2) any other successor in interest to the Company’s business and assets (whether by merger,
sale of assets, contribution of assets or otherwise). This Employment Agreement shall be binding on and inure to the benefit of
the Company and its successors and assigns.

 

(k)      Interpretation.
As used in this Employment Agreement, the word “including” means “including, without limitation” in
each instance.

 

*        *      *       *       * 

  

    20 

     

    

  

IN
WITNESS WHEREOF, the Company and Executive have executed this Amended and Restated Employment Agreement in multiple originals
to be effective on the Effective Date.

  

	THE
    SIMPLY GOOD FOODS COMPANY 	 	EXECUTIVE
	 	 	 
	By:	/s/
    David West	 	/s/ Joseph
    E. Scalzo
	Name:	David
    West 	 	Joseph
    E. Scalzo
	Title:	President
    	 	
	 	 	 	 
	This
    7th day of July,2017	This
    7th day of July,2017

 

 [Signature
Page to Amended and Restated Employment Agreement]

 

     

     

    

 

Exhibit
A

 

Form
of Nonqualified Stock Option Agreement

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Exhibit
B

 

Form of ReleaseExhibit

SERIES [1/2/3] PREFERRED STOCK WARRANT
IMMUNOCELLULAR THERAPEUTICS, LTD.
Warrant Shares:    Initial Exercise Date: [_______], 2017
THIS SERIES [1/2/3] WARRANT (the “Warrant”) certifies that, for value received, ________________ or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. New York City time on the date that is the [three (3)/six (6)/twelve (12)] month anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from ImmunoCellular Therapeutics, Ltd., a Delaware corporation (the “Company”), up to          shares (as subject to adjustment hereunder, the “Warrant Shares”) of Preferred Stock.  The purchase price of one share of Preferred Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).  This Warrant is issued pursuant to (i) the Underwriting Agreement, dated as of [__], 2017, between the Company and Maxim Group LLC (the “Underwriting Agreement”) and (ii) the Company’s Registration Statement on Form S-1 (File No.: 333-215331).  This Warrant is one of a series of warrants containing substantially identical terms and conditions issued pursuant to the Underwriting Agreement (collectively, the “Warrants”).
Section 1.DEFINITIONS.  In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:
“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.
“Bid Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

“Board of Directors” means the board of directors of the Company.
“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.
“Conversion Price” means the then applicable conversion price of the Preferred Stock.
“Conversion Shares” means the shares issued and issuable upon conversion of the Preferred Stock.
“Commission” means the United States Securities and Exchange Commission.
“Common Stock” means (i) the Company’s shares of Common Stock, par value $0.0001 per share, and (ii) any share capital into which such Common Stock shall have been changed or any share capital resulting from a reclassification of such Common Stock.
“Common Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
“Liens” means a lien, charge pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.
“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.
“Preferred Stock” means (i) the Company’s shares of Series B 8.0% Mandatorily Convertible Preferred Stock, par value $0.0001 per share, and (ii) any share capital into which such Preferred Stock shall have been changed or any share capital resulting from a reclassification of such Preferred Stock. “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
“Trading Day” means a day on which the Common Stock is traded on a Trading Market.
“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange (or any successors to any of the foregoing).
“Transfer Agent” means Computershare Trust Company, N.A., the current transfer agent of the Company, with a mailing address of 250 Royall Street, Canton, MA 02021, and any successor transfer agent of the Company.
“VWAP” means, for any date, the number of shares of Common Stock the Holder would have received upon conversion of one (1) share of Preferred Stock, multiplied by a price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.
Section 2.    EXERCISE.
(a)    Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise in the form annexed hereto.  Within three (3) Trading Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise.  No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required.  Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered to the Company.  Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.  Upon exercise of this Warrant or within one (1) day of exercise, if the Holder delivers of Notice of Conversion converting all or any portion of the Preferred Stock, the Company shall deliver Conversion Shares in lieu of Warrant Shares otherwise pursuant to the terms of this Warrant and the Certificate of Designation.  The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases.  The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice.  The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.
(b)    Exercise Price.  The exercise price per share of the Preferred Stock under this Warrant shall be $1,000.00, subject to adjustment hereunder (the “Exercise Price”).
(c)    Cashless Exercise.
a)Cashless Exercise.  If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of, the shares of Common Stock issuable upon conversion of the Preferred Stock issued and issuable pursuant to exercise of this Warrant, then this Warrant may alternatively be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of shares of Common Stock equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:
(A) =  as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

(B) =   the lowest Conversion Price of the Preferred Stock at the time of exercise of this Warrant, as adjusted hereunder; and

(X) =  the highest number of shares of Common Stock (based on the lowest Conversion Price of the Preferred Stock at the time of exercise) that would be issuable upon conversion of all of the Preferred Stock issuable pursuant to such exercise of this Warrant.

If Conversion Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Conversion Shares shall take on the registered characteristics of the Warrants being exercised.  The Company agrees not to take any position contrary to this Section 2(c).

(d)    Mechanics of Exercise.
(i)    Delivery of Warrant Shares Upon Exercise.  The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise that is the earlier of (i) the earlier of (A) three (3) Trading Days after the delivery to the Company of the Notice of Exercise and (B) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”).  The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been paid.  If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise.  As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

(ii)    Delivery of New Warrants Upon Exercise.  If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.
(iii)    Rescission Rights.  If the Company fails to issue the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.
(iv)    Compensation for Buy-In on Failure to Timely Deliver Warrant Shares and/or Conversion Shares, as Applicable, Upon Exercise.  In addition to any other rights available to the Holder, if the Company fails to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Conversion Shares issuable upon Conversion of the Warrant Shares which the Holder anticipated receiving upon such exercise and conversion (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Conversion Shares issuable upon conversion of the Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued upon conversion of the Warrant Shares had the Company timely complied with its exercise and delivery obligations hereunder.  The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss.  Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver Conversion Shares issuable pursuant to the exercised Warrant as required pursuant to the terms hereof.
(v)    No Fractional Shares or Scrip.  No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.  As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall round down to the next whole share.
(vi)    Charges, Taxes and Expenses.  Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.  The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.
(vii)    Closing of Books.  The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.
Section 3.    CERTAIN ADJUSTMENTS.
(a)    Stock Dividends and Splits.  If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Preferred Stock or any other equity or equity equivalent securities payable in shares of Preferred Stock (which, for avoidance of doubt, shall not include any shares of Preferred Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Preferred Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Preferred Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Preferred Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Preferred Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Preferred Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged.  Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.
(b)    Fundamental Transaction.  If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder, the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock issuable upon conversion of the shares of Preferred Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).  For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.  If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.  The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(b) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder.  Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.
(c)    Calculations.  All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.  For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.
(d)    Notice to Holder.
(i)    Adjustment to Exercise Price.  Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.
(ii)    Notice to Allow Exercise by Holder.  If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice.  To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.  The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.
Section 4.    TRANSFER OF WARRANT.
(a)    Transferability.  This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.  Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.  Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date the Holder delivers an assignment form to the Company assigning this Warrant full.  The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.
(b)    New Warrants.  This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.  Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice.  All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto. )
(c)    Warrant Register.  The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time.  The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.
Section 5.    MISCELLANEOUS.
(a)    No Rights as Stockholder Until Exercise.  This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.
(b)    Loss, Theft, Destruction or Mutilation of Warrant.  The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. )
(c)    Saturdays, Sundays, Holidays, etc.  If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.
(d)    Authorized Shares.
The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.  The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.  The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed.  The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).
Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.  Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant. T
Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.
(e)    Jurisdiction.  This Warrant shall be governed by, and construed in accordance with, the internal laws of the State of New York, without reference to the choice of law provisions thereof.  The Company and, by accepting this Warrant, the Holder, each irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located in New York County and the United States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Warrant and the transactions contemplated hereby.  Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Warrant.  The Company and, by accepting this Warrant, the Holder, each irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court.  The Company and, by accepting this Warrant, the Holder, each irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.  EACH OF THE COMPANY AND, BY ITS ACCEPTANCE HEREOF, THE HOLDER HEREBY WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS WARRANT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.
(f)    Restrictions.  The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.
(g)    Nonwaiver and Expenses.  No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies.  Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. )
(h)    Notices.  The Company shall provide Holder with prompt written notice of all actions taken pursuant to this Warrant.  Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in writing, will be mailed (a) if within the domestic United States by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, or by facsimile or (b) if delivered from outside the United States, by International Federal Express or facsimile, and (c) will be deemed given (i) if delivered by first-class registered or certified mail domestic, three (3) business days after so mailed, (ii) if delivered by nationally recognized overnight carrier, one (1) business day after so mailed, (iii) if delivered by International Federal Express, two (2) business days after so mailed and (iv) if delivered by facsimile, upon electronic confirmation of receipt, and will be delivered and addressed as follows:
if to the Company, to:
ImmunoCellular Therapeutics, Ltd. 
 
23622 Calabasas Road, Suite 300 
 
Calabasas, California 91302 
 
Attn: Anthony Gringeri, President and Chief Executive Officer 
 
Facsimile: (818) 224-5287
with a copy to (which shall not constitute notice):
Cooley LLP 
 
3175 Hanover Street 
 
Palo Alto, California 94304 
 
Attn: Glen Y. Sato 
 
Facsimile: (650) 849-7400
if to the Holder, at the address of the Holder appearing on the books of the Company
(i)    Limitation of Liability.  No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. )
(j)    Remedies.  The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant.  The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. )
(k)    Successors and Assigns.  Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.  The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares. )
(l)    Amendment.  Except as otherwise provided herein, the provisions of this Warrant may be amended and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the Holder.
(m)    Severability.  Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.
(n)    Headings.  The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.
********************
(Signature Page Follows)

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.
IMMUNOCELLULAR THERAPEUTICS, LTD.
		
	By:
	     
 
Name: 
 
Title:

NOTICE OF EXERCISE
TO: ImmunoCellular Therapeutics, Ltd.
		
	(1)
	The undersigned hereby elects to purchase ___ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

		
	(2)
	Payment shall take the form of (check applicable box):

		
	[ ]
	in lawful money of the United States; or

		
	[ ]
	[if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

		
	(3)
	Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

    
The Warrant Shares shall be delivered to the following DWAC Account Number:
    
    
    
[SIGNATURE OF HOLDER]
Name of Investing Entity:     
Signature of Authorized Signatory of Investing Entity:     
Name of Authorized Signatory:     
Title of Authorized Signatory:     
Date:     

EXHIBIT B
ASSIGNMENT FORM
(To assign the foregoing Warrant, execute this form and supply required information.  Do not use this form to purchase shares.) VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to
Name:             
(Please Print)
Address:        
    
    
    
Dated:        
Holder’s Signature:        
Holder’s Address:        

147234761 v6

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