<SEC-DOCUMENT>0001683168-20-003071.txt : 20200909
<SEC-HEADER>0001683168-20-003071.hdr.sgml : 20200909
<ACCEPTANCE-DATETIME>20200909160111
ACCESSION NUMBER:		0001683168-20-003071
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200903
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200909
DATE AS OF CHANGE:		20200909

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SIMULATIONS PLUS INC
		CENTRAL INDEX KEY:			0001023459
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
		IRS NUMBER:				954595609
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32046
		FILM NUMBER:		201166560

	BUSINESS ADDRESS:	
		STREET 1:		42505 10TH STREET WEST
		CITY:			LANCASTER
		STATE:			CA
		ZIP:			93534-7059
		BUSINESS PHONE:		661-723-7723

	MAIL ADDRESS:	
		STREET 1:		42505 10TH STREET WEST
		CITY:			LANCASTER
		STATE:			CA
		ZIP:			93534-7059
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>simulations_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>September 3, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Date of the earliest event reported)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Simulations Plus, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>California</U></B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>001-32046</U></B></FONT></TD>
    <TD STYLE="width: 32%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>95-4595609</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>42505 10<SUP>th</SUP>&nbsp;Street West,
Lancaster, California 93534-7059</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)
(Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>661-723-7723</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant's telephone number, including
area code</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>N/A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">[_] Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">[_] Soliciting material pursuant
to Rule 14z-12 under Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">[_] Pre-commencement communications
pursuant to Rule 14d-2(b) under Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">[_] Pre-commencement communications
pursuant to Rule 13e-4(c) under Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.25pt; text-indent: -14.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Title of each class</U></B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Trading Symbol(s)</U></B></FONT></TD>
    <TD STYLE="width: 47%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Name of each exchange on which registered</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Common Stock, par value $0.001 per share</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">SLP</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">The Nasdaq Stock Market LLC</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Emerging Growth Company &#9633;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.25pt; text-indent: -14.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. &#9633;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 10%"><B>Item 5.02</B></TD>
    <TD STYLE="width: 90%"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
    Compensatory Arrangements of Certain Officers.</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective September 3, 2020, Simulations
Plus, Inc., a California corporation (the &ldquo;Company&rdquo;) entered into an employment agreement with its Chief Executive
Officer (CEO) Shawn O&rsquo;Connor (the &ldquo;Employment Agreement&rdquo;). The Employment Agreement extends Mr. O&rsquo;Connor&rsquo;s
term as CEO to August 31, 2023 and supersedes and replaces his prior employment agreement. Pursuant to the Employment Agreement,
Mr. O&rsquo;Connor&rsquo;s annual base salary increased to $450,000 and he received a one-time sign-on bonus of $100,000. In addition,
Mr. O&rsquo;Connor&rsquo;s eligibility to receive annual equity grants increased from 25,000 to 30,000 options to purchase the
Company&rsquo;s common stock under the 2017 Simulations Plus, Inc. Equity Incentive Plan, as determined by the Company&rsquo;s
Board of Directors, his eligibility to receive an annual performance bonus increased to an amount not to exceed $225,000 to be
determined by the Compensation Committee of the Company&rsquo;s Board of Directors, and he became eligible to receive an additional
annual discretionary bonus of up to $75,000 and an additional grant of 7,500 stock options. Mr. O&rsquo;Connor&rsquo;s early termination
compensation also increased from six to twelve months of annual base salary and COBRA coverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing summary of the&nbsp;Employment
Agreement, does not purport to be complete and is subject to, and qualified in its entirety by, a copy of the Employment Agreement
attached as Exhibit 10.1 to this Current Report on Form 8-K, which is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 10%"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;9.01</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt"><B>Financial Statements and Exhibits.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">(d)&nbsp;&nbsp;Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Exhibit<BR>
        No.</B></P></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Description</B></P></TD></TR>
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 92%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;10.1</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="simulations_ex1001.htm">Employment Agreement, by and between Simulations Plus, Inc. and Shawn O&rsquo;Connor, dated September 3, 2020.</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">SIMULATIONS PLUS, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Dated: September 9, 2020</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>By: /s/&nbsp;<I>John R. Kneisel</I></U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">John R. Kneisel</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>simulations_ex1001.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0">Exhibit 10.1</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EMPLOYMENT AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Employment Agreement
(the &ldquo;<B>Agreement</B>&rdquo;) is made as of this 3<SUP>rd</SUP> day of September, 2020 (the &ldquo;<B>Effective Date</B>&rdquo;),
by Simulations Plus, Inc., a California corporation (the &ldquo;<B>Company</B>&rdquo;) and Shawn O&rsquo;Connor, an individual
(the &ldquo;<B>Employee</B>&rdquo;) with reference to the following facts:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company desires to secure the services of the Employee as Chief Executive Officer (&ldquo;CEO&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Employee agrees to perform such services for the Company under the terms and conditions set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In consideration of the mutual promises,
covenants and conditions set forth herein and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, it is hereby agreed by and between the Company and the Employee as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>Representations and Warranties</B>. The Company represents and warrants that it is empowered under its Articles
of Incorporation and Bylaws to enter into this Agreement. The Employee represents and warrants that he is under no employment contract,
bond, confidentiality agreement, or any other obligation that would violate or be in conflict with the terms and conditions of
this Agreement or encumber his performance of duties assigned to him by the Company. The Employee further represents and warrants
that he has not signed or committed to any employment or consultant duties or other obligations that would divert his full attention
from the duties assigned to him by this Agreement; provided, that the foregoing limitations shall not be construed as prohibiting
Employee from making personal investments or participating in business activities or community affairs in such form or manner as
will not prevent Employee from performing his duties and responsibilities hereunder or cause Employee to violate the terms of Section
6 hereof. The parties agree that the Employment Agreement dated June 26, 2018 between the Company and the Employee is hereby terminated
as of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>Employment and Duties</B>. The Company hereby employs the Employee as Chief Executive Officer and the Employee
hereby accepts such employment during the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As CEO the Employee shall have such duties,
authority and responsibility as shall be consistent with the Employee&rsquo;s position and such other duties as assigned by the
Board of Directors of the Company (the &ldquo;<B>Board of Directors</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>Term</B>. Subject to the provisions of Section 5, the term of this Agreement shall commence on September 1,
2020 and end on August 31, 2023 (&ldquo;<B>Term</B>&rdquo;). The Employee Compensation will be reviewed subsequently on an annual
basis and may be revised based on recommendations from the Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>Compensation</B>. In full and complete consideration for the employment of Employee hereunder, each and all
of the services to be rendered to the Company by the Employee, and each and all of the representations, warranties, covenants,
agreements and promises undertaken by the Employee pursuant to this Agreement, the Employee shall be entitled to receive compensation
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>One-time Sign-on Bonus. </U>In recognizing the stellar Company financial performance for Fiscal Year 2020 under the
Employee&rsquo;s leadership, and in appreciation of the commitment to continue his current leadership role for another 3 years,
the Employee shall receive a Sign-On cash bonus in the amount of $100,000 to be paid on the first available payroll cycle upon
the complete execution of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Base Salary</U>. The Employee shall receive from the Company a base salary of four hundred fifty thousand dollars ($450,000)
per year, payable in equal, bi-monthly installments. From each payment of Base Salary, the Company will withhold and pay to the
proper governmental authorities any and all amounts required by law to be withheld for federal income tax, state income tax, federal
Social Security tax, state disability insurance premiums, and any and all other amounts required by law to be withheld from the
Employee's salary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Performance Bonus</U>. For each fiscal year during the term of this agreement, the Employee shall be eligible to receive
a performance bonus based upon actual performance in relation to specific corporate and individual performance metrics and paid
in the form of both cash and stock options as defined in sections 4.2(a) and 4.2(b). Such metrics and their corresponding targets
will be annually determined by the Employee and the Compensation Committee of the Board of Directors, who will annually approve
the final form. The metrics and their corresponding targets will consist of strategic and financial Company and individual goals.
The employee must be employed by the Company on the last date of the fiscal year to be eligible for the Performance Bonus related
to the previous fiscal year. The Company reserves the right to make no payment of the Performance Bonus if the (a) Employee&rsquo;s
performance or (b) Company&rsquo;s financial performance does not warrant the payment of Performance Bonuses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cash Bonus</U>. For each fiscal year during the term of this Agreement, the Employee shall be eligible to receive a target
cash performance bonus based on individual and Corporate metrics of up to 50% of the Employee&rsquo;s salary, which is $225,000
for fiscal year 2021. The actual amount of the bonus is at the discretion of the Compensation Committee of the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Stock Options</U>. For each fiscal year during the term of this Agreement, the Employee shall be eligible to receive
a grant of 30,000 stock options under the 2017 Equity Incentive Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In addition to the cash bonus and stock options defined in sections 4.2 (a) and 4.2 (b), the Board of Directors will have
at its discretion the ability to award an additional cash bonus up to $75,000 and an additional grant of 7,500 stock options under
2017 Equity Incentive Plan, based on the CEO&rsquo;s and the Company&rsquo;s performance. This could be tied to M&amp;A activities,
exceeding Company performance goals or other exemplary company-wide activities (at the Board&rsquo;s discretion). Employee must
be employed by the Company on the last date of the calendar year to be eligible to receive this bonus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Benefits</U>. The Company shall provide to the Employee, and the Employee shall be entitled to receive from the Company,
such health insurance and other benefits which are appropriate to the office and position of Employee, adequate to the performance
of his duties and not inconsistent with that which the Company customarily provides at the time to their other management employees.
The Employee's right to vacation and sick leave shall be determined in accordance with the policies of the Company as may be in
effect from time to time and as are approved by the Board of Directors. Employee shall have the right to reimbursement of customary,
ordinary and necessary business expenses, including travel, incurred in connection with the rendering of services and performance
of the functions required hereunder in accordance with the policies of the Company as may be in effect from time to time and as
are approved by the Company&rsquo;s Board of Directors. Such expenses are reimbursable only upon presentation by Employee of appropriate
documentation pursuant to the policies adopted by the Company&rsquo;s Board of Directors. Employee&rsquo;s main corporate business
office will be the Company&rsquo;s Headquarters in Lancaster, California. However, on a day-to-day basis he may also choose to
work from his home if business needs do not require a physical presence in Lancaster. Employee will be reimbursed for any expenses
associated with working out of the Lancaster office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>Termination of Employment</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Expiration of the Term of Agreement</U>. This Agreement shall be automatically terminated upon the expiration of the
Term, or as sooner agreed to by both the Employee and the Company in writing in the event this Agreement is superseded by a new
agreement. Upon such termination, the Company shall have no further liability to the Employee for any payment, compensation or
benefit whatsoever under this Agreement except with respect to (a) the Employee's salary and benefits through the effective date
of the Employee's termination, and (b) such other compensation or benefits (if any) which, by the terms of the applicable plan
or policy, is payable to the Employee after termination of employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>By Death</U>. This Agreement shall be terminated upon the death of the Employee. The Company's total liability in such
event shall be limited to payment of (a) the Employee's salary and benefits through the date of the Employee's death, and (b) such
other compensation or benefits (if any) which, by the terms of the applicable plan or policy, is payable after the Employee's death.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>By Complete Disability</U>. Employee&rsquo;s employment may be terminated due to his complete disability. The complete
disability of Employee (&ldquo;Complete Disability&rdquo;) means Employee&rsquo;s inability to perform Employee&rsquo;s duties
under this Agreement, by reason of any condition of mind or body, physical or mental, which prevents Employee from satisfactorily
performing his essential duties, with or without reasonable accommodation, for a period of at least one hundred eighty (180) consecutive
days. The Company&rsquo;s total liability in such event shall be limited to payment of the Employee&rsquo;s salary and benefits
through the effective date of termination upon Complete Disability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>For Cause</U>. The Company reserves the right to terminate this Agreement immediately, at any time, by providing written
notice to Employee that his employment is being terminated for &ldquo;Cause&rdquo;. The Company has &ldquo;Cause&rdquo; to terminate
Employee&rsquo;s employment if, in the reasonable opinion of the Company&rsquo;s Board of Directors: the Employee fails or refuses
to faithfully and diligently perform the usual and customary duties of his employment which failure or refusal is not cured within
thirty (30) days after written notice thereof is given to Employee; commits any material act of dishonesty, fraud, misrepresentation,
or other act of moral turpitude; is guilty of gross carelessness or misconduct; fails to obey the lawful direction of the Company&rsquo;s
Board of Directors; fails or refuses to comply with the material policies, standards and/or rules of the Company which from time
to time may be established; violates any term or condition of this Agreement; or acts in any way that has a direct, substantial
and adverse effect on the Company&rsquo;s reputation. The Company&rsquo;s total liability to the Employee in the event of termination
of the Employee's employment under this paragraph shall be limited to the payment of the Employee's salary and benefits through
the effective date of termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Without Cause</U>. The Company reserves the right to terminate this Agreement without cause for any reason whatsoever
upon thirty (30) days' written notice to the Employee. Upon termination under this subsection, Employee shall be paid his salary
and benefits through the effective date of termination. In addition, so long as Employee signs a release of all claims against
the Company on a release form provided by the Company to him at that time the Employee shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Receive a one-time payment of an amount equal to twelve (12) months of the Employee's base salary; and.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Remain on Employee&rsquo;s existing benefits coverage under COBRA for twelve (12) months after termination date. The cost
for this COBRA benefits coverage will be paid by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Other than the one-time payment and the company-paid COBRA coverage as described in 5.5 (a) and (b), the Company shall have
no further obligation to pay the Employee any other compensation or benefits whatsoever. The Employee hereby agrees that the Company
may dismiss him under this Section 5.5 without regard (i) to any general or specific policies (whether written or oral) of the
Company relating to the employment or termination of its employees, or (ii) to any statements made to the Employee, whether made
orally or contained in any document, pertaining to the Employee's relationship with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Mutual Consent</U>. This Agreement shall be terminated upon mutual written consent of the Company and the Employee. The
Company&rsquo;s total liability to the Employee in the event of termination of the Employee's employment under this Section 5.6
shall be limited to the payment of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Employee's salary and benefits through the effective date of termination; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Such other compensation or benefits (if any) which, by the terms of the applicable plan or policy, is payable to the Employee
after termination of employment, except as otherwise agreed by the parties in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination of Offices and Board</U>. Upon termination of employment for any reason whatsoever, the Employee shall be
deemed to have resigned from all offices, including the Board of Directors then held with the Company, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>Restrictions on Use or Disclosure of Confidential Matters, Proprietary Information and Trade Secrets</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During the Term of this Agreement, Employee will have access to confidential information of the Company and its customers.
&ldquo;Confidential Information&rdquo; is information which is not generally known to the public and, as a result, is of economic
benefit to the Company or its customers in the conduct of its business. The Company and Employee agree that Confidential Information
shall include, but not be limited to, all information developed or maintained by the Company and/or its customers and comprising
the following items, whether or not such items have been reduced to tangible form (e.g., physical writing): techniques, designs,
drawings, processes, inventions, development, equipment, prototypes, methods, databases, consulting agreements, product research,
sales, marketing and strategic plans, programming plans, advertising and promotion plans, products and &ldquo;availability&rdquo;
information, existing and developing software products, source code, object code, technical documentation, flow charts, test results,
models, data, research, formulas, ideas, trade names, service marks, slogans, forms, customer lists, client contacts, pricing structures,
business forms, marketing programs and plans, business plans and strategies, layout and design, financial information, financial
structure, operational methods and tactics, cost information, the identity of suppliers or customers of the Company, accounting
procedures, details, and any document, record or other information of the Company relating to the above. Confidential Information
include not only information belonging to the Company or its customers which existed before the date of this Agreement but also
information developed by Employee for the Company or its customers during the term of this Agreement and thereafter. The Employee
will not disclose to anyone, directly or indirectly, any of such Confidential Information or use them other than as necessary in
the course of his duties with the Company. All documents that the Employee prepares, or Confidential Information that might be
given to him or that Employee himself might create in the course of his employment by the Company, are the exclusive property of
the Company. During the Term and at any time thereafter, the Employee shall not publish, communicate, divulge, disclose or use
any of such Confidential Information which has been reasonably designated by the Company as proprietary or confidential or which
from the surrounding circumstances the Employee knows, or has good reason to know, or should reasonably know, ought to be treated
by the Employee as proprietary or confidential without the prior written consent of the Company, which consent may not be unreasonably
withheld by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the course of his employment for the Company, Employee will develop a personal relationship with the Company&rsquo;s
customers and knowledge of those customers&rsquo; affairs and requirements, which may constitute the Company&rsquo;s only contact
with such customers. The Employee consequently agrees that it is reasonable and necessary for the protection of the goodwill and
business of the Company that the Employee make the covenants contained herein. Accordingly, the Employee agrees that while he is
in the Company&rsquo;s employ, he will not directly or indirectly:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Attempt in any manner, to solicit from any customer (except on behalf of the Company&rsquo;s) business of the type performed
by the Company or to persuade any customer of the Company to cease to do business or reduce the amount of business which any such
customer has customarily done or contemplates doing with the Company, whether or not the relationship with the Company and such
customer was originally established in whole or in part through the Employee's efforts; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Engage in any business as, or own an interest in, directly or indirectly, any individual proprietorship, partnership, corporation,
joint venture, trust or any other form of business entity if such business form or entity is engaged in the business in which the
Company is engaged;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Render any services of the type rendered by the Company to or for any customer of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Employ or attempt to employ or assist anyone else to employ any person who is then or at any time during the preceding year
in the Company&rsquo;s employ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For a one (1) year period after the termination of this Agreement for any reason, Employee shall not, directly or indirectly,
ask or encourage any employee(s) of the Company to leave their employment with the Company or solicit any employee(s) of the Company
for employment elsewhere. The Employee further agrees that he shall make any subsequent employer aware of this non-solicitation
obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Rights</U>. Notwithstanding any provisions in this Agreement or Company policy applicable to the unauthorized
use or disclosure of trade secrets or Confidential Information, Employee is hereby notified that Employee may not be held criminally
or civilly liable, under any applicable federal or state trade secret law, for the disclosure of a trade secret that is made in
confidence to a federal, state, or local government official, or to an attorney solely for the purpose of reporting or investigating
a suspected violation of law.&nbsp; Employee also may not be held so liable for such disclosures made in a complaint or other document
filed in a lawsuit or other proceeding, if such filing is made under seal. &nbsp;In addition, Employee is advised that individuals
who file a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the
attorney of the individual and use the trade secret in the court proceeding, if the individual files any document containing the
trade secret under seal and does not disclose the trade secret, except pursuant to court order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This entire Section 6 shall survive termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>The Company&rsquo;s Property</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any patents, inventions, discoveries, applications or processes, software and computer programs devised, planned, applied,
created, discovered or invented by the Employee in the course of his employment by the Company and which pertain to any aspect
of the business of the Company, or their respective subsidiaries, affiliates or customers, shall be the sole and exclusive property
of the Company, and the Employee shall make prompt report thereof to the Company and promptly execute any and all documents reasonably
requested to assure the Company the full and complete ownership thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All records, files, lists, drawings, documents, equipment and similar items relating to the Company&rsquo;s business which
the Employee shall prepare or receive from the Company in the course of his employment by the Company shall remain the Company&rsquo;s
sole and exclusive property. Upon termination of this Agreement the Employee shall return promptly to the Company all property
of the Company in his possession and the Employee represents and warrants that he will not copy, or cause to be copied, printed,
summarized or compiled, any software, documents or other materials originating with and/or belonging to the Company, including,
without limitation, documents or other materials created by the Employee for, or on behalf of, the Company. The Employee further
represents and warrants that he will not retain in his possession any such software, documents or other materials in machine or
human readable form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Section 7 shall survive termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>Outside Activities</B>. During the Term, the Employee shall not, directly or indirectly, either as an officer,
director, employee, representative, principal, partner, shareholder, employee, agent or in any other capacity, engage or assist
any third party in engaging in any business competitive with the business of the Company, or engage in any other gainful occupation
which requires his personal attention, without the prior written consent of the Company, which consent may be withheld by the Company
in their sole and absolute discretion. Following his employment with the Company, the Employee shall not engage in unfair competition
with the Company, aid others in any unfair competition with the Company, in any way breach the confidence that the Company has
placed in the Employee or misappropriate any proprietary information of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>Reports</B>. The Employee, when directed, shall provide written reports to the Company with respect to the
services provided hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>Strict Loyalty</B>. The Employee hereby covenants and agrees to avoid all circumstances and actions that reasonably
would place the Employee in a position of divided loyalty with respect to his obligations under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>Assignment</B>. This Agreement may not be assigned to another party by the Employee without the prior written
consent of the Company, which consent may be withheld by the Company, in their sole and absolute discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>Arbitration</B>. In the event of any dispute between the Company and the Employee concerning any aspect of
the employment relationship, including any disputes relating to its termination, all such disputes shall be resolved by binding
arbitration before a single neutral arbitrator pursuant to the Federal Arbitration Act, a&#9;s follows. This provision shall supersede
any prior arbitration agreement, policy or understanding between the parties. The parties intend to revoke any prior arbitration
agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Claims Covered by the Agreement</U>. The Employee and the Company mutually consent to the resolution by final and binding
arbitration of all claims or controversies (&ldquo;<B>claims</B>&rdquo;) that the Company may have against the Employee or that
the Employee may have against the Company or against its officers, directors, partners, employees, agents, pension or benefit plans,
administrators, or fiduciaries, franchisors, or any parent, subsidiary or affiliated companies or corporation (collectively referred
to for purposes of this Section 12 as &ldquo;<B>Company&rsquo;s Parties</B>&rdquo;), relating to, resulting from, or in any way
arising out of Employee&rsquo;s employment relationship with Company and/or the termination of Employee&rsquo;s employment relationship
with Company, to the extent permitted by law. The claims covered by this Agreement include, but are not limited to, claims for
wages or other compensation due; claims for breach of any contract or covenant (express or implied); tort claims; claims for discrimination
and harassment (including, but not limited to, race, sex, religion, national origin, age, marital status or medical condition,
disability, or sexual orientation); claims for benefits (except where an employee benefit or pension plan specifies claims procedures
different from the ones described in this Section 12); claims for breach of any duties or obligations; and claims for violation
of any public policy, federal, state or other governmental law, statute, regulation or ordinance, except claims excluded in the
following section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Claims Not Covered by the Agreement</U>. Claims the Employee may have for workers&rsquo; compensation (excluding discrimination
claims under workers&rsquo; compensation statutes), unemployment compensation benefits, or claims under the Private Attorney General
Act of 2014 (&ldquo;PAGA&rdquo;), California Labor Code Sections 2699 et seq. are not covered by this Arbitration section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Required Notice of Claims and Statute of Limitations</U>. Arbitration may be initiated by the Employee by serving or
mailing a written notice to the Chairman of the Board of the Company. Arbitration may be initiated by the Company&rsquo;s Parties
by serving or mailing a written notice to the Employee at his last known address. The notice shall identify and describe the nature
of all claims asserted and the facts upon which such claims are based. The written notice shall be served or mailed within the
applicable statute of limitations period set forth by federal or state law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Arbitration Procedures.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>After demand for arbitration has been made by serving written notice under the terms of Section 12.3 of this Agreement,
the party demanding arbitration shall file a demand for arbitration with the office of Judicial Arbitration and Mediation Services
(&ldquo;<B>JAMS</B>&rdquo;) located in Los Angeles, California. The arbitrator shall be selected from the JAMS panel and the arbitration
shall be conducted pursuant to JAMS policies and procedures. All rules governing the arbitration shall be the rules as set forth
by JAMS. If the dispute is employment-related, the dispute shall be governed by JAMS&rsquo; then-current version of the national
rules for the resolution of employment disputes. JAMS&rsquo; then-applicable rules governing the arbitration may be obtained from
JAMS&rsquo; website which currently is www.jamsadr.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The arbitrator shall apply the substantive law (and the law of remedies, if applicable) of California, or federal law, or
both, as applicable to the claim(s) asserted. The arbitrator shall have exclusive authority to resolve any dispute relating to
the interpretation, applicability, enforceability or formation of this Agreement, including but not limited to any claim that all
or any part of this Agreement is void or voidable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Either party may file a motion for summary judgment with the arbitrator. The arbitrator is entitled to resolve some or all
of the asserted claims through such a motion. The standards to be applied by the arbitrator in ruling on a motion for summary judgment
shall be the applicable laws as specified in Section 12.4(b) of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Discovery shall be allowed and conducted pursuant to the then-applicable arbitration rules of JAMS, provided that the parties
shall be entitled to discovery sufficient to adequately arbitrate their claims and defenses. The arbitrator is authorized to rule
on discovery motions brought under the applicable discovery rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Construction. </U>These arbitration provisions shall be construed and enforced pursuant to the FAA. The Arbitrator,
and not any federal, state, or local court or agency, shall have the exclusive authority to resolve any dispute relating to the
interpretation, applicability, enforceability, or formation of these arbitration provisions, including, but not limited to, any
claim that all or any part of this Agreement is void or voidable. Any disputes regarding the enforceability or validity of these
arbitration provisions shall be resolved as if the arbitrator or other decision-maker, if any, is acting as a federal district
court judge applying the FAA and its precedent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Arbitration Decision</U>. The arbitrator&rsquo;s decision will be final and binding. The arbitrator shall issue a written
arbitration decision revealing the essential findings and conclusions upon which the decision and/or award is based. A party&rsquo;s
right to appeal the decision is limited to grounds provided under applicable federal or California law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Application for Emergency Injunctive and/or Other Equitable Relief.</U> Claims by the Company or Employee for emergency
injunctive and/or other equitable relief relating to unfair competition and/or the use and/or unauthorized disclosure of trade
secrets or confidential information and/or a breach of the provisions of Sections 6, 7, and 8 of this Agreement shall be submitted
to JAMS for emergency treatment. The parties agree that the JAMS administrator may select a neutral hearing officer (subject to
conflicts) to hear the emergency request only. The hearing officer should be experienced in considering requests for emergency
injunctive and/or other equitable relief. The hearing officer shall conform his or her consideration and ruling with the applicable
legal standards as if this matter were heard in a court of law in the applicable jurisdiction for such a dispute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Place of Arbitration</U>. The arbitration will be at a mutually convenient location in Los Angeles, California. If the
parties cannot agree upon a location, then the arbitration will be held at a JAMS&rsquo; office in Los Angeles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representation, Fees and Costs</U>. Each party may be represented by an attorney or other representative selected by
the party. Each party shall be responsible for its own attorneys&rsquo; or representative&rsquo;s fees. However, if any party prevails
on a statutory claim that affords the prevailing party&rsquo;s attorneys&rsquo; fees, or if there is a written agreement providing
for fees, the arbitrator may award reasonable fees to the prevailing party. The Company shall be responsible for the arbitrator&rsquo;s
fees and costs to the extent they exceed any fee or cost that the Employee would be required to bear if the action were brought
in court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver Of Jury Trial/Exclusive Remedy</U>. The Employee and the Company knowingly and voluntarily waive any constitutional
right to have any dispute between them decided by a court of law and/or by a jury in court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Representative/Class Action Proceedings</U>. Employee and Company knowingly and voluntarily agree to bring
any claims governed by this Agreement in his/its individual capacity and not as a plaintiff, class member or representative in
any purported class or representative action. They further agree to waive any right to participate in any representative or class
action proceeding related to any claims governed by this Agreement. The Company and Employee also agree that the arbitrator may
not consolidate more than one individual&rsquo;s claims, and may not otherwise preside over any form of representative or class
action proceeding, including, but not limited to, any representative action under California Business and Professions Code Sections
17200 et seq. For purposes of this Agreement, the term &ldquo;representative&rdquo; used in this section specifically excludes
any claims, causes of action, or actions brought under PAGA (&ldquo;PAGA claims&rdquo;). Accordingly, any PAGA claims must be pursued
in the appropriate court of law. However, if either Employee or the Company have other claims or actions against each other covered
by this Agreement, then they agree that those non-PAGA claims must first be pursued in arbitration, regardless of which claims
or actions were filed first. The pending court PAGA action shall be stayed pending full and final resolution of the arbitration
pursuant to California Code of Civil Procedure Section 1281.2 and related law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>The Company&rsquo;s Bylaws, Directions, Policies, Practices, Rules, Regulations and Procedures</B>. The Employee
agrees to become and remain thoroughly familiar with each and all of the Company&rsquo;s bylaws, directions, policies, practices,
rules, regulations and procedures that relate to the employment and/or to any of Employee's duties and/or responsibilities as an
employee of the Company and to abide fully and by each and all of such bylaws, directions, policies, practices, rules, regulations
and procedures. During the Term, the Employee shall be fully bound by and employed pursuant to each and all of the Company&rsquo;s
bylaws, directions, policies, practices, rules, regulations and procedures as now in effect or as may be implemented, modified
or otherwise put into effect by the Company during the term of employment, regardless of whether such bylaws, directions, policies,
practices, rules, regulations and procedures are oral or are set forth in any manual, handbook or other document, and it is solely
the responsibility of Employee to become and remain fully aware of and familiar with each and all such directions, policies, practices,
rules, regulations and/or procedures. In the event of any conflict between any provision of this Agreement and any provision of
the Company&rsquo;s directions, policies, practices, rules, regulations and/or procedures, the provisions of this Agreement govern
for any and all purposes whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Indemnification. <FONT STYLE="font-weight: normal">The Company shall indemnify and hold the Employee harmless from
any and all claims, demands, judgments, liens, subrogation or costs incurred by the Employee with respect to any shareholder derivative
action or other claims or suits against the Company and/or their respective Boards of Directors by individuals, firms or entities
not a party to this Agreement to the maximum extent permitted under California law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B>General</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Further Documents</U>. Each party shall execute and deliver all further instruments, documents and papers, and shall
perform any and all acts necessary reasonably requested by the other party, to give full force and effect to all of the terms and
provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successors and Assigns</U>. Except where expressly provided to the contrary, this Agreement, and all provisions hereof,
shall inure to the benefit of and be binding upon the parties hereto, their successors in interest, assigns, administrators, executors,
heirs and devises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be
effective and valid under applicable law. If any provision of this Agreement, as applied to any party or to any circumstance, shall
be found by a court or arbitrator to be invalid or unenforceable under applicable law, such provision will be ineffective only
to the extent of such invalidity or unenforceability, without invalidating or rendering unenforceable the remainder of such provision
and any such invalidity or unenforceability shall in no way affect any other provision of this Agreement, the application of any
provision in any other circumstance or the validity or enforceability of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>. All notices or demands shall be in writing and shall be served personally, telegraphically or by express
or certified mail. Service shall be deemed conclusively made at the time of service if personally served, 24 hours after deposit
thereof in the United States mail properly addressed and postage prepaid, return receipt requested, if served by express Mail,
and five days after deposit thereof in the United States mail, properly addressed and postage prepaid, return receipt requested,
if served by certified mail. Any notice or demand to the Company shall be given to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD>Simulations Plus, Inc.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>42505 10th Street West</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Lancaster, CA 93534-7059</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Attention: Compensation Committee</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and any notice or demand to the Employee
shall be given to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD>Shawn O&rsquo;Connor</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>XXXXXXXXXX</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>XXXXXXXXXX</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any party may, by virtue of a written notice
in compliance with this Section, alter or change the address or the identity of the person to whom any notice, or copy thereof,
is to be sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver</U>. A waiver by any party of any of the terms and conditions of this Agreement in any one instance shall not
be deemed or construed to be a waiver of the term or condition for the future, or of any subsequent breach thereof or of any other
term or condition thereof. Any party may waive any term, provision or condition included for the benefit of that party. Any and
all waivers shall be in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Construction</U>. Except as set forth in Section 12.5 above, this Agreement shall be governed by and construed in accordance
with the laws of the State of California applicable to contracts entered into and fully to be performed therein without regard
to its principles of choice of law or conflicts of law. In all matters of interpretation, whenever necessary to give effect to
any provision of this Agreement, each gender shall include the others, the singular shall include the plural, the plural shall
include the singular and the terms &ldquo;and&rdquo; and &ldquo;or&rdquo; may be used interchangeably as the context so requires
or implies. The title of the sections of this Agreement are for convenience only and shall not in any way affect the interpretation
of any provision or condition of this Agreement. All remedies, rights, undertakings, obligations and agreements contained in this
Agreement shall be cumulative and none of them shall be in limitation of any other remedy, right, undertaking, obligation or agreement
of any party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Entire Understanding</U>. This Agreement contains the entire understanding of the parties hereto relating to the subject
matter contained herein and supersedes all prior and collateral agreements, understandings, statements and negotiation of the parties.
Each party acknowledges that no representations, inducements or promises, oral or written, with reference to the subject matter
hereof have been made other than as expressly set forth herein. This Agreement cannot be changed, rescinded or terminated orally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Third Party Rights</U>. The parties hereto do not intend to confer any rights or remedies upon any person other than
the parties hereto and those referred to in Section 15.2 hereof so long as any such assignment by Employee was approved by the
Company as provided in Section 11 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Attorneys' Fees</U>. In the event of any litigation between the parties respecting or arising out of this Agreement,
the prevailing party shall be entitled to recover reasonable legal fees and costs, whether or not the litigation proceeds to final
judgment or determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>. This Agreement may be executed in counterparts which, taken together, shall constitute the whole of
the agreement between the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IN WITNESS THEREOF, the parties have executed
this Agreement as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Company:</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">SIMULATIONS PLUS, INC.<BR></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;<BR></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By: <U>&nbsp;/s/ Walter S. Woltosz&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
        Walter S. Woltosz, Chairman</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Date: September
        3, 2020</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Employee:</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shawn O&rsquo;Connor</P>
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<U>&nbsp;/s/ Shawn O&rsquo;Connor&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Shawn O&rsquo;Connor, CEO</P>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: September 3, 2020</P></TD></TR>
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