Document:

Exhibit 10.1

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

This Executive Employment Agreement
(the “Agreement”) is entered into on November 2, 2022, but effective as of June 14, 2022 (“Effective Date”),
between Chia-Lin Simmons (the “Executive”) and LogicMark, Inc., a Delaware Corporation (the “Company”).
The Company and Executive will collectively be referred to as the “Parties.”

 

RECITALS

 

		A.	Executive and the Company previously entered into that certain Employment Agreement, dated as of June
8, 2021 (the “Prior Agreement”), providing for Executive to serve as the Company’s Chief Executive Officer for
a term commencing on June 14, 2021 through and until June 14, 2022, such term to automatically renew for an additional year if Executive
achieved the objectives for the first year of such Prior Agreement.

 

		B.	Due to unanticipated challenges to the Company, it was not possible for Executive to achieve such objectives.
However, in consideration of Executive’s successful leadership of the Company through such challenges, the Company desires to assure
itself of the continued services of Executive by engaging Executive to perform services as Chief Executive Officer under the terms of
this Agreement.

 

		C.	As Executive has continued to serve in her capacity as the Company’s Chief Executive Officer from
and after June 14, 2022 to the date of execution of this Agreement, Executive and the Company have agreed that this Agreement shall reflect
such continuity and therefore shall be effective as of such earlier date.

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants and agreements set forth herein, the Parties agree as follows:

 

1. Employment.
The Company hereby agrees to employ Executive and Executive hereby accepts employment with the Company on the terms and subject to the
conditions hereinafter set forth.

 

2. Duration
of Employment. Subject to the terms of this Agreement, the Executive’s employment hereunder shall be deemed to have begun
on June 14, 2022 (“Commencement Date”) and shall continue until August 31, 2025 (the “Term”), unless
terminated on an earlier date pursuant to Section 7 below. The Executive and the Company agree that, as of the Effective Date, the Prior
Agreement is deemed to have been superseded by this Agreement and of no further force and effect.

 

3. Position
and Duties. During the Term, the Company shall employ the Executive in the position of President and Chief Executive Officer of
the Company. Executive shall report to the Board of Directors of the Company (the “Board”). During the Term, Executive
shall also serve as a member of the Board, subject to reelection by the Company’s stockholders in accordance with the Company’s
Certificate of Incorporation and Bylaws . Executive shall render such services to the Company as are customarily rendered by an executive
holding the position of Chief Executive Officer, President and/or Director of comparable companies and as required by the Company’s
Certificate of Incorporation and Bylaws.

 

3.1 During
the Term, Executive will devote her best efforts and abilities to the Company’s business and will not engage in any other business,
profession or occupation for compensation or otherwise which would conflict or unreasonably interfere with the rendering of such services
either directly or indirectly, without the prior written consent of the Board. Notwithstanding the above, Executive shall be permitted
to serve on the board of directors for other entities, provided that such entities do not compete with the Company and that Executive’s
services on such other boards does not interfere with her work for the Company.

 

     

     

    

 

4. Location.
The Company’s corporate office is located at 2801 Diode Lane, Louisville, Kentucky, 40299. However, Executive shall be permitted
to perform her job remotely and shall not be required to perform work related services at the Kentucky location referenced above.

 

5. Compensation.

 

5.1 Base
Compensation. As compensation for the performance of Executive’s services hereunder, the Company shall pay to Executive an annual
base salary of Five Hundred Thousand Dollars ($500,000.00) (the “Base Salary”), effective on June 14, 2022. The Base
Salary may be increased from time to time in the Board’s sole discretion and upon its approval. The Base Salary shall be reviewed
annually and may be increased (but not decreased) from time to time in the Board’s sole discretion and upon its approval. The Base
Salary shall be payable in accordance with the Company’s normal payroll practices, less such deductions and amounts to be withheld
therefrom by law or at Executive’s request.

 

5.2 Annual
Bonus. Executive will also be eligible to participate in an annual bonus program. The annual bonus shall have a target, and maximum
amount, of 100% of eligible base salary, subject to applicable taxes and withholdings (the “Bonus”). In the fourth
quarter of each year, the Executive shall propose annual goals, and bonus criteria, which shall address both operational and financial
targets and which shall reflect clear metrics (“Annual Bonus Goals”), for the next fiscal year to the Board, and the
Board shall approve Annual Bonus Goals that are mutually agreeable to both parties. For the 2022 fiscal year, the Annual Bonus Goals shall
be the criteria set forth at Exhibit A to this Agreement. Following the close of each fiscal year, the Compensation Committee shall
determine the amount of the Executive’s Bonus within the guidance set forth in the Annual Bonus Goals. The Bonus, if any, shall
be paid either in January of the following year or upon completion of the annual audit, if financial objectives are included in the Bonus
Criteria, but no later than March 30 of the following year. Except as provided in this Agreement, Executive shall not be entitled to receive
any Bonus if she is not employed by the Company on the date the Bonus is due to be paid hereunder. .

 

5.3 Long
Term Incentive. The Company and Executive acknowledge that Executive has received two grants of shares of the Company’s Common
Stock, each subject to the restrictions and other terms and conditions set forth in the respective Restricted Stock Agreement pertaining
to such grant (each such share, a “Restricted Share” and collectively, the “Restricted Shares”):
a grant of 266,560 shares of the Company’s Common Stock on June 14, 2021 and a grant of 204,145 shares of the Company’s Common
Stock on January 3, 2022. Subject to the approval of the Board, Executive shall be issued further Restricted Share grants from time to
time during the Term so that the aggregate number of Restricted Shares held of record by Executive at all times during the Term equals
six percent (6%) of the Company’s aggregate issued and outstanding stock as of the applicable date of grant. Each of such Restricted
Share grants shall provide for single-trigger acceleration upon a “Change of Control” (for purposes of this Agreement, as
defined in Section c. of the Vesting Schedule of that certain Grant Schedule of the Restricted Stock Agreement dated June 14, 2021), and
each of Executive’s two existing Restricted Stock Agreements is hereby amended, as of the Effective Date, to reflect such single-trigger
acceleration (deleting from each Restricted Stock Agreement the condition that Executive remain an employee or service provider to the
Company and its affiliates through the date of such Change of Control). The Company and Executive shall also execute amendments to each
of the above existing Restricted Stock Agreements reflecting the above change. On an annual basis, beginning on the first anniversary
of the Effective Date, the Board shall consider in its sole discretion further grant(s) of Restricted Shares. Except as provided in this
Agreement, all Restricted Shares are subject to the terms set forth in the applicable Restricted Stock Agreement.

 

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5.4 Vacation.
Executive shall accrue four weeks of vacation per calendar year. Executive shall be entitled to carry over vacation from year to year.
However, if Executive’s vacation balance reaches six weeks, Executive shall cease accrual of vacation until the vacation balance
drops below this maximum cap. Any accrued but unused vacation shall be paid out upon termination of Executive’s employment with
the Company at Executive’s then-current base salary rate of pay.

 

5.5 Other
Benefits. The Company shall provide the Executive with the following insurance benefits at no cost to the Executive: (1) Preferred
Provider Organization medical, dental and vision coverage for the Executive and her dependents, (2) short-term disability insurance, (3)
long-term disability insurance, (4) $500,000 of term life insurance and (5) Accidental Death and Dismemberment Insurance. In addition,
Executive shall be entitled to participate in all of the Company’s other employee benefit plans and arrangements.

 

(a) 401(k)
Plan. Executive will be eligible to participate in the Company’s 401(k) Plan, and the Company shall match Executive’s
contributions to that Plan, at the same level of matching for other executive employees, subject to the eligibility requirements and other
terms and conditions of the 401(k) plan. The foregoing medical, dental, vision and 401(k) Plans (and any other plan that the Company may
maintain from time to time) shall collectively be referred to as the “Benefits.”

 

(b) The
The Company will provide Executive with an allowance up to Thirty Thousand Dollars ($30,000) per year to be used for educational or coaching
purposes. Expenses will be paid by the Company directly to the vendor.

 

(c) The
Company will pay the cost of Executive’s personal tax counseling, preparation of her personal income tax returns, financial planning,
and/or wealth management counseling, up to an annual maximum of ten thousand dollars ($10,000.00) in the aggregate for all such services.
Expenses will be paid by the Company directly to the vendors.

 

5.6 Directors
and Officers Liability Insurance. The Company shall maintain a minimum of ten million dollars ($10,000,000) of Directors and Officers
Liability Insurance, which shall include tail coverage for a period of five years after the expiration or termination of such Insurance.

 

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6. Expenses.
Executive shall be reimbursed for reasonable expenses for promoting the business of the Company, including reasonable entertainment and
similar items pursuant to the Company’s general travel and expenses policy. Executive will also be entitled to reimbursement of
cell phone and home Internet connectivity charges. The Company will provide Executive with a corporate credit card; for expenses not charged
on her corporate credit card, reimbursement shall be made within 15 calendar days of Executive’s submission of the proper documentation
substantiating the business-related expense.

 

7. Termination.

 

7.1 Cause.
The Board may terminate Executive’s employment at any time during the Term for Cause. For purposes of this Agreement, “Cause”
means any of the following:

 

(a) The
commission by Executive of a material act of fraud or embezzlement against the Company;

 

(b) Executive’s
willful and continued violation of any material provision of this Agreement, which has not been cured within 30 days after notice of such
non-compliance has been given in writing by the Board to Executive, to the extent such violation is capable of being cured;

 

(c) Executive’s
gross negligence or willful misconduct in connection with the performance of her duties, which has not been cured within 30 days after
notice of such gross negligence or willful misconduct has been given in writing by the Board to Executive, to the extent such violation
is capable of being cured;

 

(d) Executive’s
intentional refusal or willful failure to follow material and lawful Company policies, or to substantially carry out the lawful and reasonable
direction of the Board (other than any such failure resulting from Executive’s Disability (as defined below) and excluding any failure
to achieve a lawful and reasonable directive following the expenditure by Executive of commercially reasonable best efforts), which has
not been cured within 30 days after notice of such refusal or failure has been given in writing by the Board to Executive, to the extent
such refusal or failure is capable of being cured; or

 

(e) Executive’s
conviction of a felony, which in the reasonable opinion of the Board, substantially and materially impairs Executive’s capacity
to perform her duties under this Agreement or is materially injurious to the Company.

 

With respect to all of the
above, no act or failure to act on the part of Executive shall be considered “willful” unless the Board reasonably and in
good faith determines it was done, or omitted to be done, in bad faith or without reasonable belief that Executive’s act or omission
was in the best interests of the Company. Without any act, or failure to act, based upon express authority given pursuant to a resolution
duly adopted by the Board with respect to such act or omission, or based upon the advice of legal counsel to the Company, shall be conclusively
presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of the Company.

 

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7.2 Resignation
or Termination by Company with Cause. If the Board terminates Executive’s employment with Cause, or Executive resigns from the
Company without “Good Reason” (as defined below), then the Company shall pay Executive’s Base Salary prorated through
the date of termination, at the rate in effect at the time notice of termination is given, together with accrued but unused vacation pay.
In addition, Executive shall retain all of the shares of Common Stock granted to her under her Restricted Stock Agreements that have vested
as of the date of termination, pursuant to the terms set forth in such Restricted Stock Agreements.

 

7.3 Expiration
of Term. Nothing in this Agreement shall be construed to require the Company to extend the Term of this Agreement or to offer the
Executive employment after this Agreement expires, or for Executive to provide services to the Company after such Term ends and/or this
Agreement expires. If the Term expires without renewal of this Agreement and without any other agreement for continuing employment by
the Company of the Executive beyond the Term, then the Company shall pay to Executive, on the expiration date, Executive’s Base
Salary prorated through the final day of the Term, at the rate in effect at the time notice of termination is given, together with (i)
accrued but unused vacation pay, (ii) any remaining Bonus for a prior fiscal year that has accrued but has not yet been paid to Executive
as of the expiration date, and (iii) a prorated portion of Executive’s Bonus for the current fiscal year, as determined by the Board
in its discretion in light of Executive’s achievement of the Annual Bonus Goals through the expiration date, any other factors relevant
to Executive’s performance during such fiscal year and the Company’s overall performance during such fiscal year.

 

7.4 Termination
for Convenience. The Board may terminate Executive without Cause upon sixty (60) days’ written notice to Executive.

 

7.5 Good
Reason. Executive may terminate her employment for Good Reason as defined below, at any time upon written notice to the Board, which
notice specifies the reason(s) for her termination. The term “Good Reason” shall mean the occurrence of any one of
the following events:

 

(a) Without
Executive’s express written consent, the Board removes Executive from or fails to reappoint Executive to any of her positions as
specified in this Agreement, except in connection with the termination of Executive’s employment resulting from death, incapacity,
Cause, or expiration or non-renewal of this Agreement;

 

(b) Without
Executive’s express written consent, the Board: (i) materially reduces Executive’s duties, responsibilities or authorities
(in each case where they are substantially related to Executive’s role as Chief Executive Officer), job title, reporting relationship,
or working conditions from what was in effect on the Effective Date and the Company has failed to correct such matter within 30 days of
written notice thereof from Executive that Executive intends to resign if such matter is not remedied, (ii) reduces Executive’s
Base Salary, as then in effect, except in connection with an executive-wide, cost-cutting reduction in salaries, with reductions of no
more than ten percent (10%), or (iii) directs Executive to take any action or omit to take any action which constitutes a violation of
applicable law;

 

(c) Failure
by the Company to comply with any material provision of this Agreement, which has not been cured within 30 days after written notice of
such non-compliance has been given by Executive to the Board; or

 

(d) Failure
by the Company to obtain the assumption of this Agreement by any successor or assign of the Company after a Change of Control.

 

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7.6 Termination
for Convenience, Disability, Death or by Executive for Good Reason. In the event that, during the Term, Executive’s employment
with the Company is terminated: (1) without Cause, (2) due to Executive’s death or Disability (as defined below), or (3) due to
Executive resigning with Good Reason, Executive shall (subject to in the case of termination without Cause or Disability, the execution
and delivery by the Executive to the Company of a general release agreement in a form reasonably prescribed by the Company (which form
is attached hereto as Exhibit B)), be entitled to receive the greater of (i) the balance of Base Salary and benefits still owed
to Executive under this Agreement, and (ii) salary continuation and Company-paid COBRA coverage for twelve (12) months. Under this Section
7.6, the Executive shall also receive the target Bonus, irrespective of the Annual Bonus Goals, prorated for days worked during the fiscal
year, up until the date of termination, as well as accrued but unused vacation pay, payment of both of which will be made at the time
of termination. With respect to the payments hereunder, Executive is not obligated to seek other employment and these amounts shall not
be mitigated to the extent that Executive obtains other employment. All of the unvested Restricted Shares held by Executive at the date
of termination shall accelerate and vest in full as of the date of termination, and Executive (or, in the case of death, Executive’s
estate or designated beneficiaries) shall be entitled to retain all of such Restricted Shares as well as the Restricted Shares granted
to her under her Restricted Stock Agreements which have previously vested..

 

7.7 Resignation
of Other Positions. Upon termination of employment for any reason whatsoever, the Executive shall be deemed to have resigned from
any office(s) or positions then held with the Company, including the Board of Directors.

 

8. Disability.
By signing and accepting this offer of employment, Executive is certifying, to the best of her knowledge, that Executive is able to perform
the essential functions of the role outlined above, with or without reasonable accommodation.  “Disability” means
any health condition, physical or mental, or other cause beyond Executive’s control that substantially prevents Executive from performing
Executive’s duties, even after the Company makes reasonable accommodation for a period of six consecutive months within any 360-day
period. The Company may, in its sole discretion, grant Executive a leave of absence. The terms of such a leave shall be confirmed by the
Board in writing, and shall determine Executive’s right, if any, to continued compensation, Executive’s obligation to continue
Executive’s job duties, the terms under which Executive may return to work, and all other conditions of the leave.

 

9. Confidentiality.
Except as herein provided, Executive agrees that during Executive’s employment by the Company and for a period of two (2) years
after such employment terminates for any reason, Executive: (i) shall keep Confidential Information (as defined below) confidential and
shall not directly or indirectly, use, divulge, publish or otherwise disclose or allow to be disclosed any aspect of Confidential Information
(as defined below) without the prior written consent of the Board or as otherwise required by law; (ii) shall refrain from any action
or conduct which might reasonably or foreseeably be expected to compromise the confidentiality or proprietary nature of the Confidential
Information; and (iii) shall follow recommendations made by the Board from time to time regarding Confidential Information. Information
disclosed by Executive pursuant to court order, subpoena or other applicable law, or disclosure to Executive’s legal, tax, investment
or accounting advisors or representatives shall not constitute a breach of this Section 9.

 

9.1 For
purposes of this Agreement “Confidential Information” includes but is not limited to trade secrets, confidential information,
knowledge or data of the Company, or any of its clients, customers, consultants, shareholders, licensees, licensors, vendors or affiliates,
that Executive may produce, obtain or otherwise acquire or have access to during the course of Executive’s employment with the Company
(whether before or after the date of this Agreement), including but not limited to: matters of an artistic nature, scripts, concepts,
ideas, business plans, records, and affairs; client lists and/or files; client matters; employee information, Company strategies and plans;
sources of supply and vendors; special business relationships with vendors, agents, and brokers; promotional materials and information;
financial matters; mergers; acquisitions; equipment, technologies and processes; personnel matters; inventions; intellectual property;
technical data; software programs; operations and production costs; ideas; plans technology; market analysis; technical services; incentives;
client needs; client concerns; and other information which Company has developed at its expenditure of time, effort and/or expense. All
Confidential Information and all tangible materials containing Confidential Information are and shall remain the sole property of the
Company, including, but not limited to electronic files and emails.

 

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9.2 Executive
shall have no obligation under this Agreement to maintain in confidence any information that: (i) is in the public domain at the time
of disclosure; (ii) though originally Confidential Information, subsequently enters the public domain other than by breach of Executive’s
obligations hereunder or by breach of another person’s or entity’s confidentiality obligations; (iii) is shown by documentary
evidence to have been known by Executive prior to disclosure to Executive by the Company; or (iv) Executive is required to disclose by
applicable law or legal process.

 

9.3 Nothing
in this Agreement prohibits or restricts Executive from filing a charge or complaint with the Equal Employment Opportunity Commission,
the National Labor Relations Board or a similar agency enforcing federal, state or local anti-discrimination laws. Executive further understands
that this Agreement does not limit her ability to communicate with any government agency, entity or organization, make disclosures or
otherwise participate in any investigation or proceeding that may be conducted by any government agency, entity or organization. Under
the Defend Trade Secrets Act of 2016, Executive shall not be held criminally or civilly liable under any Federal or State trade secret
law for the disclosure of a trade secret that is (i) made in confidence to a Federal, State, or local government official, either directly
or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (ii) in a
complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Nothing in this Agreement shall
prohibit Executive from reporting possible violations of federal or state law or regulation to any governmental agency or entity or making
other disclosures that are protected under the whistleblower provisions of federal or state law or regulation.  Executive does not
need the prior authorization of the Company to make any such whistleblower reports or disclosures and is not required to notify the Company
that she has made such whistleblower reports or disclosures. Nothing in this Agreement prohibits or restricts Executive from making any
other disclosures protected by law, including (without limitation) disclosure of her own salary to fellow employees. To the extent that
Executive makes any protected disclosures to any governmental authority, she will exercise all commercially reasonable efforts to preserve
the confidentiality of the Confidential Information, including, without limitation, reasonably cooperating with the Company (at the Company’s
sole expense) to obtain an appropriate order or other reliable assurance that confidential treatment will be accorded such information
or data by such governmental authority and will disclose only that portion of the Confidential Information that she is legally required
to disclose.

 

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10. Employee
Non-Solicitation Covenant. During Executive’s employment with the Company and for a period of one year following the termination
of Executive’s employment with the Company, Executive shall not solicit or attempt to solicit employees of the Company or its subsidiaries
or affiliates for the purpose of having such employees leave their employment with the Company; provided, however, that the forgoing shall
not prohibit any general solicitation not specifically directed to employees of the Company or hiring of an employee of the Company in
response to such permitted general solicitation.

 

11. Advertising/Publicity.
Executive agrees that during the Term, the Company shall have the right to use Executive’s name, biography and likeness in connection
with its business, including in advertising its products and services and may grant this right to others. Executive shall have a right
of reasonable approval of such biography and likeness and any grants of such advertising/publicity rights by the Company to others.

 

12. Former
Company Information. Executive agrees that Executive has not and will not, during Executive’s employment with the Company:
(i) improperly use or disclose any proprietary information or trade secrets of any person or entity with which Executive has an agreement
or duty to keep in confidence information acquired by Executive; or (ii) bring onto the premises of the Company any document or confidential
or proprietary information belonging to such person or entity unless consented to in writing by such person or entity. Executive shall
indemnify the Company and hold it harmless from and against all third party claims, liabilities, damages and expenses, including reasonable
outside attorneys’ fees and costs of suit, arising out of or in connection with any violation of this Section.

 

13. Proprietary
Rights; Assignment.

 

13.1 Executive
Developments. For purposes of this Agreement, “Executive Developments” shall mean any idea, discovery, invention, design,
method, technique, patents, trademarks, improvement, enhancement, development, computer program, machine, algorithm or other work or authorship
that (i) relates to the business or operations of the Company or any of its subsidiaries or affiliates, or (ii) results from or is suggested
by any undertaking assigned to Executive or work performed by Executive for or on behalf of the Company or any of its subsidiaries or
affiliates, whether created alone or with others, during or after working hours. All Executive Developments shall be made for hire by
Executive for the Company or any of its subsidiaries or affiliates, as further discussed below.

 

13.2 Ownership
and Assignment. All Executive Developments and Confidential Information shall remain the sole property of the Company or any of its
subsidiaries or affiliates. Executive shall acquire no proprietary interest in any Confidential Information or Executive Developments
developed or acquired during Executive’s employment with the Company. To the extent Executive may, by operation of law or otherwise,
acquire any right, title or interest in or to any Confidential Information or Executive Development, Executive understands and agrees
and hereby assigns to the Company all such proprietary rights.

 

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13.3 Execution
of Assignment. Executive understands and agrees that Executive shall, both during and after the termination of Executive’s employment
for any reason, upon the Company’s request, promptly execute and deliver to the Company all such assignments, certificates and instruments,
and shall promptly perform such other acts, as may be reasonably necessary or desirable for the Company to evidence, establish, maintain,
perfect, enforce or defend the Company’s rights in Confidential Information and Executive Developments.

 

13.4 Acknowledgement
of Labor Code Section 2870. Executive understands and agrees that the Company is hereby advising Executive that any provision in this
Agreement requiring Executive to assign rights in any invention does not apply to an invention that qualifies fully under the provisions
of Section 2870 of the California Labor Code, and that this Paragraph shall constitute written notice of the provisions of Section 2870.
Section 2870 provides as follows:

 

(a) Any provision in an employment
agreement which provides that an Executive shall assign, or offer to assign, any of Executive’s rights in an invention to Executive’s
Company shall not apply to an invention that the Executive developed entirely on Executive’s own time without using the Company’s
equipment, supplies, facilities, or trade secret information, except for those inventions that either:

 

(1) Relate at the
time of conception or reduction to practice of the invention to the Company’s business, or actual or demonstrably anticipated research
or development of the Company; or

 

(2) Result from any
work performed by the Executive for the Company.

 

(b) To the extent
a provision in an employment agreement purports to require an Executive to assign an invention otherwise excluded from being required
to be assigned under subdivision (a), the provision is against the public policy of the state and is unenforceable.”

 

14. Work
Made For Hire. The Parties expressly agree that the results and proceeds of the services of Executive hereunder during Executive’s
employment with the Company shall constitute a “work made for hire” specially commissioned by the Company and, accordingly,
the Company shall be considered the author of said material for all purposes and the exclusive and perpetual owner throughout the universe
of all rights (whether or not now known or recognized) comprised of the copyright in and to said material and any and all patents, trademarks,
or other right thereto. In the event that all or any portion of such results and proceeds of Executive’s services shall for any
reason not be deemed a “work made for hire” for the Company, Executive hereby grants, sells and assigns to the Company exclusively,
perpetually, and throughout the universe, all rights of every nature (whether or not now known or recognized) in and to such results and
proceeds, immediately upon their coming into existence, including all copyrights therein. Executive will, upon request of the Board, execute
such additional documents consistent herewith as the Board may reasonably deem necessary to evidence and effectuate the Company’s
rights hereunder. If, after five business days following receipt of the Board’s request, Executive fails to execute such documents,
Executive hereby grants to the Company the right, as Executive’s attorney-in-fact, which right shall be irrevocable and coupled
with an interest, to execute, acknowledge, deliver and record in the United States Copyright Office or elsewhere, any and all such documents.
The Company shall provide Executive with a copy of all such documents executed.

 

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15. Indemnity.
The Company shall indemnify and agrees to defend and hold Executive harmless from and against any and all claims, damages, penalties
or expenses arising from or in connection with the performance of Executive’s job duties hereunder to the fullest extent required
by law. The Executive shall be provided with the form of indemnification agreement provided by the Company to its officers and directors
which shall provide, among other provisions, a full defense of claims and advancement of expenses and the maximum indemnification and
limitation of liability under applicable law.

 

16. Absence
of Conflict. Executive represents and warrants that Executive’s employment by the Company as described herein shall not
conflict with and will not be constrained by any prior employment, contractual or consulting agreement or relationship.

 

17. Assignment.
This Agreement and all rights under this Agreement shall be binding upon and inure to the benefit of and be enforceable by the Parties
and their respective personal or legal representatives, executors, administrators, heirs, distributees, devisees, legatees, successors
and assigns. This Agreement is personal in nature, and Executive shall not assign or transfer this Agreement or any right or obligation
under this Agreement to any other person or entity.

 

18. Notices.
For purposes of this Agreement, notices and other communications provided for in this Agreement shall be in writing and shall be delivered
personally or via email addressed as follows:

 

	 	If to Executive:	Chia-Lin Simmons
	 	 	788 Country Club Drive
	 	 	Moraga, CA 94556
	 	 	zeropts@gmail.com
	 	 	 
	 	 	 
	 	If to the Company:	LogicMark, Inc. 
	 	 	Attention : Chief Financial Officer
	 	 	2801 Diode Lane
	 	 	Louisville, KY 40299
	 	 	legal@logcmark.com

 

Such notices or other communications
shall be effective upon the earlier of delivery or three days after they have been mailed using overnight delivery as provided above.

 

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19. Arbitration.

 

19.1 Executive
and the Company voluntarily agree that any dispute or controversy arising out of or relating to any interpretation, construction, performance,
termination or breach of this Agreement or Executive’s employment with or separation from the Company, will be settled by final
and binding arbitration by a single arbitrator, with experience in employment matters, to be held in San Francisco, California, in accordance
with the rules governing employment disputes of JAMS then in effect; provided, however that the California Code of Civil Procedure shall
govern procedural aspects of the arbitration.

 

19.2 Notwithstanding
anything to the contrary in the JAMS rules, the arbitration shall include a written decision by the arbitrator that includes the essential
findings and conclusions upon which the decision is based. Consistent with applicable law, Executive and the Company shall each bear their
own costs and attorneys’ fees incurred in conducting the arbitration and, except in such disputes where Executive asserts a claim
otherwise under a state or federal statute prohibiting discrimination in employment (“Statutory Discrimination Claim”),
Company shall pay all fees unique to arbitration (e.g., arbitrator fee and associated costs). In disputes where Executive asserts a Statutory
Discrimination Claim against the Company, Executive shall be required to pay only the JAMS filing fee to the extent such filing fee does
not exceed the fee to file a complaint in state or federal court. The Company shall pay the balance of the arbitrator’s fees and
administrative costs.

 

19.3 The
decision of the arbitrator will be final, conclusive and binding on the parties to the arbitration. The prevailing party in the arbitration,
as determined by the arbitrator, shall be entitled to recover reasonable attorneys’ fees and costs, to the full extent permitted
under the law. In disputes where Executive asserts a Statutory Discrimination Claim, reasonable attorneys’ fees and costs shall
be awarded by the arbitrator, based on the same standard as such fees would be awarded if the Statutory Discrimination Claim had been
asserted in state or federal court. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction.

 

20. Governing
Law. This Agreement shall be governed and interpreted according to the laws of the State of California without resort to
any principle of conflict of laws that would require application of the laws of any other jurisdiction.

 

21. Severability.
If any sentence, phrase, paragraph, subparagraph or portion of this Agreement is found to be illegal or unenforceable, such action shall
not affect the validity or enforceability of the remaining sentences, phrases, paragraphs, subparagraphs or portions of this Agreement.

 

22. Entire
Agreement. This Agreement contains all the terms and conditions agreed upon by the Parties regarding the subject matter of this
Agreement. Any prior agreements, promises, negotiations, or representations, either oral or written, relating to the subject matter of
this Agreement not expressly set forth in this Agreement are of no force or effect. For avoidance of doubt, this agreement supersedes
any and all prior written and/or verbal agreements.

 

23. Waiver
and Modification. Any waiver, alteration or modification of any of the terms of this Agreement shall be valid only if made in
writing and signed by the Parties. Each Party, from time to time, may waive rights hereunder without affecting a waiver with respect to
any subsequent occurrences or transactions under this Agreement.

 

24. Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but both of which taken together shall constitute
one and the same instrument.

 

    Page 11 of 14

     

    

 

25. Ambiguities.
It is agreed and understood that the general rule that ambiguities are to be construed against the drafter shall not apply to this Agreement.
In the event any language of this Agreement is found to be ambiguous, each party shall have an opportunity to present evidence as to the
actual intent of the Parties with respect to any such ambiguous language, consistent with the parole evidence rule.

 

26. Advice
of Counsel. The Parties represent and agree that they have carefully read and fully understand all of the provisions of this Agreement,
and the terms and conditions set forth herein, and that they are voluntarily entering into this Agreement. The Parties affirm that, prior
to execution of this Agreement, they have consulted with counsel concerning the terms and conditions set forth herein or have had the
opportunity to do so. Company shall reimburse Executive for the legal cost of having her attorney review the Agreement.

 

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

 

	 	THE COMPANY
	 	 	 
	 	LogicMark, Inc.
	 	 	 
	 	By:	/s/ Sherice Torres
	 	 	Sherice Torres
	 	 	Chair of the Compensation Committee
	 	 	 
	 	EXECUTIVE
	 	 	 
	 	By:	/s/ Chia-Lin Simmons
	 	 	Chia-Lin Simmons

 

    Page 12 of 14

     

    

 

EXHIBIT A

 

The annual bonus criteria for Fiscal 2022 have
been mutually agreed to by the Parties and are:

 

		1)	Organization (25% of target)

 

		●	Recruit and retain leaders in the marketing, sales, finance, operations, product development and technology
functions.

 

		●	All leadership members in place by December 31, 2022.

 

		2)	Sales & Marketing (25% of target)

 

		●	Ensure continuing contractual commitments from the VA under the new GSA contract encompassing current
and new PERS products.

 

		●	Establish direct sales and capabilities inside the organization.

 

		●	Design appropriate sales incentive plans to reward selling success.

 

		●	Develop a GSA marketing strategy.

 

		●	Develop marketing/sales plans for expansion of current product portfolio/technology into new B2C and B2B
markets.

 

		3)	New Product Introduction (25% of target)

 

		●	Deliver mobile app and Wi-Fi product

 

		●	Execute a new product development program that begins development on CPaaS system.

 

		●	Begin development of one additional hardware product

 

		4)	Other (25% of target)

 

		●	Launch a newly developed, state-of-the-art Company Web site for both commercial, organizational, and investor
relations efficacy by September 30, 2022.

 

		●	Develop and investors outreach program, including conference attendance, and increased analyst communication.

 

    Page 13 of 14

     

    

 

EXHIBIT B

 

Add simple release here with employee acknowledgement that all Company
property and confidential material has been returned.

 

 

Page 14 of 14​

Exhibit 10.1
FORM OF GLOBAL PARTNERS LP
LONG-TERM INCENTIVE PLAN
PHANTOM UNIT AWARD AGREEMENT
(for Independent Directors)
​
Grantee: __________________  (“you” or the “Grantee”) 
​
Grant Date: ________________ (the “Grant Date”)
​
Vesting Commencement Date: __________________ (the “Vesting Commencement Date”)
​
​
	1.	Award.  This Phantom Unit Award Agreement (this “Agreement”) is entered into as of the Grant Date by and between Global GP LLC (“GPLLC”) and the Grantee. GPLLC hereby grants to you an award (this “Award”) of ____________________ (______________) Phantom Units (the “Phantom Units”) subject to time-based vesting under the Global Partners LP Long-Term Incentive Plan (as amended from time to time, the “Plan”) on the terms and conditions set forth herein and in the Plan, which is incorporated herein by reference as a part of this Agreement. This Award also includes a tandem grant of distribution equivalent rights with respect to the Phantom Units, as described in Section 5. Capitalized terms used in this Agreement but not defined herein are defined in the Plan and are used herein with the meanings ascribed to them in the Plan.

	2.	Vesting. Except as otherwise provided in this Agreement, 100% of the Phantom Units will vest on the first anniversary of the Vesting Commencement Date (the “Vesting Date”), provided that you continuously remain in service as a director of GPLLC from the Grant Date through the Vesting Date. 

For purposes of this Agreement, “service as a director” shall include being a Director of, or a Consultant to, GPLLC or an Affiliate.
	3.	Events Occurring Prior to Vesting.  Notwithstanding Paragraph 2 to the contrary,

(a)Death or Disability.  If your service as a director of GPLLC terminates as a result of your death or Disability, the Committee, in its sole discretion, shall determine whether any or all of the Phantom Units granted to you that have not yet vested shall (i) remain outstanding and continue to vest on the Vesting Date set forth in Paragraph 2 as if you continued to serve as a director, (ii) become immediately vested, or (iii) be forfeited.

For purposes of this Agreement, “Disability” means the Grantee’s inability to engage in any substantial gainful activity (i) by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months or (ii) by reason of any medically 

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determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. 
(b) Resignation and Other Terminations of Service.  If you voluntarily resign from your service as a director with GPLLC, fail to be nominated for re-election as a director with GPLLC, or are otherwise not re-elected as a director with GPLLC for a reason other than as set forth in Paragraph 3(a), the Committee, in its sole discretion, shall determine whether any or all of the Phantom Units granted to you that have not yet vested shall (i) remain outstanding and continue to vest on the Vesting Date set forth in Paragraph 2 as if you continued to serve as a director, (ii) become immediately vested, or (iii) be forfeited.
(c)Change in Control.  All outstanding Phantom Units held by you automatically shall become fully vested upon a Change in Control.

For purposes of this Agreement, “Change in Control” means, and shall be deemed to have occurred upon the occurrence of one or more of the following events: (i) the date that any one person, entity or group (other than the successors to the interests of Alfred Slifka, and other than Richard Slifka or Eric Slifka or their respective family members or entities they control, individually or in the aggregate, directly or indirectly (collectively referred to hereinafter as the “Slifkas”)) acquires beneficial ownership of the membership interests of GPLLC that, together with the membership interests of GPLLC already owned beneficially by such person, entity or group, constitutes more than 50% of the total voting power of the membership interests of GPLLC; provided, however, if any one person, entity or group is considered to control, directly or indirectly, more than 50% of the total voting power of the membership interests of GPLLC, the acquisition of additional membership interests by the same person, entity or group shall not be deemed to be a Change in Control; (B) a consolidation or merger (in one transaction or a series of related transactions) of GPLLC pursuant to which the holders of GPLLC’s equity securities immediately prior to such transaction or series of related transactions would not be the beneficial owners immediately after such transaction or series of related transactions of at least 50% of the voting power of the entity surviving such transaction or series of related transactions; or (C) the sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of GPLLC to a person other than the Slifkas or any of them. 
	4.	Payments.  As soon as administratively practicable following the vesting of Phantom Units pursuant to Section 2 or 3, but in no event later than 60 days after such vesting date, you shall receive, in the sole discretion of the Committee, for each such vested Phantom Unit either (a) one Unit or (b) an amount in cash equal to the Fair Market Value of one Unit on the payment date; provided, however, that if more than one Phantom Unit vests at the same time, the Committee, in its sole discretion, may elect to pay such vested Phantom Units in Units, cash or any combination thereof. 

	5.	 Distribution Equivalent Rights. Each Phantom Unit subject to this Award is hereby granted in tandem with a corresponding distribution equivalent right (“DER”), which DER shall remain outstanding from the Vesting Commencement Date until the earlier of the 

2

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		settlement or forfeiture of the Phantom Unit to which the DER corresponds.  Each vested DER entitles the Grantee to receive payments, subject to and in accordance with this Agreement, in an amount equal to any distributions paid by GPLLC in respect of the Unit underlying the Phantom Unit to which such DER relates.  GPLLC shall establish, with respect to each Phantom Unit, a separate DER bookkeeping account for such Phantom Unit (a “DER Account”), which shall be credited (without interest) on the applicable distribution payment dates with an amount equal to any distributions paid during the period that such Phantom Unit remains outstanding with respect to the Unit underlying the Phantom Unit to which such DER relates. Upon the vesting of a Phantom Unit, the DER (and the DER Account) with respect to such vested Phantom Unit shall also become vested. Similarly, upon the forfeiture of a Phantom Unit, the DER (and the DER Account) with respect to such forfeited Phantom Unit shall also be forfeited. DERs shall not entitle the Grantee to any payments relating to distributions paid after the earlier to occur of the date that the applicable Phantom Unit is settled in accordance with Section 4 or the forfeiture of the Phantom Unit underlying such DER.  Payments with respect to vested DERs shall be made as soon as practicable, and within 60 days, after the date that such DER vests. The Grantee shall not be entitled to receive any interest with respect to the payment of DERs.

	6.	Limitations Upon Transfer. All rights under this Agreement shall belong to you alone and may not be transferred, assigned, pledged, or hypothecated by you in any way (whether by operation of law or otherwise), other than by will or the laws of descent and distribution and shall not be subject to execution, attachment, or similar process. Upon any attempt by you to transfer, assign, pledge, hypothecate, or otherwise dispose of such rights contrary to the provisions in this Agreement or the Plan, or upon the levy of any attachment or similar process upon such rights, such rights shall immediately become null and void.

	7.	Restrictions. By accepting this grant, you agree that any Units that you may acquire upon payment of this Award will not be sold or otherwise disposed of in any manner that would constitute a violation of any applicable federal or state securities laws. You also agree that (i) the certificates representing the Units acquired under this Award may bear such legend or legends as the Committee deems appropriate in order to assure compliance with applicable securities laws, (ii) GPLLC may refuse to register the transfer of the Units to be acquired under this Award on the transfer records of the Partnership if such proposed transfer would in the opinion of counsel satisfactory to the Partnership constitute a violation of any applicable securities law, and (iii) the Partnership may give related instructions to its transfer agent, if any, to stop registration of the transfer of the Units to be acquired under this Award.

	8.	Taxes and Withholding.  You are responsible for any federal, state, local or non-U.S. taxes that arise in connection with grant, vesting or settlement of the Phantom Units and the DERs.  GPLLC shall take no action to withhold such taxes. You represent that you are in no manner relying on the Board, the Committee, GPLLC, the Partnership or any of their respective Affiliates or any of their respective managers, directors, officers, employees or authorized representatives (including, without limitation, attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences. You further agree to indemnify and hold GPLLC, the Partnership and their respective Affiliates harmless for any damages, costs, 

3

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		expenses, taxes, judgments or other actions or amounts resulting from any of your actions or inactions regarding the tax consequences of this Award or the underlying Units.

	9.	Rights as Unitholder. You, or your executor, administrator, heirs, or legatees shall have the right to vote and receive distributions on Units and all the other privileges of a unitholder of the Partnership only from the date of issuance of a Unit certificate in your name representing payment of a vested Phantom Unit.

	10.	Insider Trading Policy. The terms of Partnership’s Insider Trading Policy (the “Policy”) with respect to Units are incorporated herein by reference. The timing of the delivery of any Units pursuant to a vested Phantom Unit shall be subject to and comply with such Policy.

	11.	Binding Effect. This Agreement shall be binding upon and inure to the benefit of any successor or successors of GPLLC and upon any person lawfully claiming under you.

	12.	Entire Agreement. The Plan and this Agreement constitute the entire agreement of the parties with regard to the subject matter hereof, and contain all the covenants, promises, representations, warranties, and agreements between the parties with respect to the Phantom Units granted hereby.

	13.	Modifications. Except as provided below, any modification of this Agreement shall be effective only if it is in writing and signed by both you and an authorized officer of GPLLC.

	14.	Conflicts and Governing Law. In the event of any conflict between the terms of this Agreement and the Plan, the Plan shall control. This grant shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to conflicts of laws principles thereof.

	15.	Section 409A. Notwithstanding anything herein or in the Plan to the contrary, this Award is intended to comply with Section 409A or an exemption therefrom and shall be limited, construed and interpreted in accordance with such intent.  To the extent that the Committee determines that the Phantom Units do not qualify for an exemption from Section 409A, then, if the Grantee is deemed to be a “specified employee” within the meaning of Section 409A, as determined by the Committee, at a time when the Grantee becomes eligible for settlement of the Phantom Units upon the Grantee’s “separation from service” within the meaning of Section 409A, then to the extent necessary to prevent any accelerated or additional tax under Section 409A, such settlement will be delayed until the earlier of: (a) the date that is six months following the Grantee’s separation from service and (b) the Grantee’s death.  Notwithstanding the foregoing, GPLLC and its Affiliates make no representations that the Phantom Units provided under this Agreement are exempt from or compliant with Section 409A and in no event shall GPLLC or any Affiliate be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Grantee on account of non-compliance with Section 409A.

​
[Signature Page Follows]
​

4

​

IN WITNESS WHEREOF, the parties have executed this Agreement and this Agreement shall be effective as provided herein.
​
GLOBAL GP LLC
​
​
By:‌
        Name:  
        Title:    
​
​
GRANTEE
​
​
By:‌
       Name:  

[Signature Page to Phantom Unit Award Agreement]

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