<SEC-DOCUMENT>0001387131-19-004545.txt : 20190621
<SEC-HEADER>0001387131-19-004545.hdr.sgml : 20190621
<ACCEPTANCE-DATETIME>20190621164543
ACCESSION NUMBER:		0001387131-19-004545
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20190621
DATE AS OF CHANGE:		20190621
EFFECTIVENESS DATE:		20190621

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TherapeuticsMD, Inc.
		CENTRAL INDEX KEY:			0000025743
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				870233535
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-232268
		FILM NUMBER:		19912026

	BUSINESS ADDRESS:	
		STREET 1:		6800 BROKEN SOUND PARKWAY NW
		STREET 2:		THIRD FLOOR
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33487
		BUSINESS PHONE:		561-961-1911

	MAIL ADDRESS:	
		STREET 1:		6800 BROKEN SOUND PARKWAY NW
		STREET 2:		THIRD FLOOR
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33487

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMHN, Inc.
		DATE OF NAME CHANGE:	20090930

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CROFF ENTERPRISES INC
		DATE OF NAME CHANGE:	19970915

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CROFF OIL CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>txmd-s8_062119.htm
<DESCRIPTION>INITIAL REGISTRATION STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
filed with the Securities and Exchange Commission on June 21, 2019</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 4.5in; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration
No. 333-</B></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.25in; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">FORM
S-8</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">REGISTRATION
STATEMENT</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">UNDER</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">THE
SECURITIES ACT OF 1933</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TherapeuticsMD,
    Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
    name of registrant as specified in its charter)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nevada</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>87-0233535</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
    or other jurisdiction of<BR>
    incorporation or organization)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S.
    Employer Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6800
        Broken Sound Parkway NW, Third Floor</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Boca
        Raton, Florida</B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>33487</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
    of Principal Executive Offices)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip
    Code)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TherapeuticsMD,
        Inc.</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2019
        Stock Incentive Plan</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Full
    title of the plan)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Robert
        G. Finizio</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chief
        Executive Officer</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TherapeuticsMD,
        Inc.</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6800
        Broken Sound Parkway NW, Third Floor</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Boca
        Raton, Florida 33487</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(561)
        961-1900 </B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
        address, telephone number,<BR>
        including area code, of agent for service)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Copies
to:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 50%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Daniel
        A. Cartwright</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chief
        Financial Officer</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TherapeuticsMD,
        Inc.</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6800
        Broken Sound Parkway NW, Third Floor</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Boca
        Raton, Florida 33487</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(561)
        961-1900 </B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; width: 50%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joshua
        M. Samek, Esq.</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DLA
        Piper LLP (US)<BR>
        200 South Biscayne Boulevard, Suite 2500<BR>
        Miami, Florida<BR>
        (305) 423-8500</B></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221;
&#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Large accelerated filer&nbsp;&nbsp;&#9746;</FONT></TD>
    <TD STYLE="width: 33%; padding: 0; text-indent: 0"></TD>
    <TD STYLE="width: 33%; padding: 0; text-indent: 0; text-align: right; vertical-align: top"><FONT STYLE="font-size: 10pt">Accelerated filer&nbsp;&nbsp;&#9744;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Non-accelerated filer&nbsp;&nbsp;&#9744;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right; vertical-align: top"><FONT STYLE="font-size: 10pt">Smaller reporting company&nbsp;&nbsp;&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top"></TD>
    <TD STYLE="padding: 0; text-indent: 0"></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right; vertical-align: top"><FONT STYLE="font-size: 10pt">Emerging growth company&nbsp;&nbsp;&#9744;</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended </FONT>transition
period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the
Securities Act. &nbsp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CALCULATION
OF REGISTRATION FEE</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Title of securities to be registered</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount to be<BR> registered<SUP>(1)</SUP></B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed maximum<BR> offering price<BR> per share<SUP>(3)</SUP></B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Proposed maximum<BR> aggregate offering<BR> price</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount of<BR> registration fee</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; text-align: left; padding-left: 5.4pt">Common Stock, $0.001 par value per share <BR></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">15,000,000</TD><TD STYLE="width: 1%; text-align: left">(2)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">2.54</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">38,100,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">4,617.72</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to Rule&nbsp;416 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), this Registration
Statement on Form&nbsp;S-8 (this &#8220;Registration Statement&#8221;) also covers an indeterminate number of shares of
common stock, $0.001 par value per share (&#8220;Common Stock&#8221;), of TherapeuticsMD, Inc. (the &#8220;Registrant&#8221;)
that may be offered or issued by reason of stock splits, stock dividends or similar transactions effected without the receipt
of consideration which results in an increase in the number of outstanding shares of Common Stock of the Registrant. In
addition, any shares subject to outstanding options or other equity &#8220;Awards&#8221; (as defined in the TherapeuticsMD,
Inc. 2019 Stock Incentive Plan (the &#8220;2019 Plan&#8221;)) under the 2019 Plan that are forfeited, expire or otherwise
terminate without issuance of the &#8220;Shares&#8221; (as defined in the 2019 Plan), or if any Award is settled for cash or
otherwise does not result in the issuance of all or a portion of the Shares subject to such Award (other than Shares tendered
or withheld in connection with the exercise of an Award or the satisfaction of withholding tax liabilities), the Shares to which
those Awards were subject, shall, to the extent of such forfeiture, expiration, termination, cash settlement or non-issuance,
again be available for delivery with respect to Awards under the 2019 Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Shares of Common Stock initially reserved for issuance under the 2019 Plan consist of (i) 15,000,000 shares
registered pursuant to this Registration Statement, plus (ii) 2,392,833 unallocated shares (the &#8220;Unused 2012 Plan
Shares&#8221;) available for issuance as of June 20, 2019 (the &#8220;Effective Date&#8221;) under the Registrant&#8217;s
Amended &amp; Restated 2012 Stock Incentive Plan (the &#8220;2012 Plan&#8221;) that are not then subject to outstanding
&#8220;Awards&#8221; (as defined in the 2012 Plan), plus (iii) 44,300 unallocated shares (the &#8220;Unused 2009 Plan
Shares&#8221; and, together with the Unused 2012 Plan Shares, the &#8220;Unused Plan Shares&#8221;) available for issuance as
of the Effective Date under the Registrant&#8217;s 2009 Long Term Incentive Compensation Plan, as amended (the &#8220;2009
Plan&#8221;), that are not then subject to outstanding &#8220;Awards&#8221; (as defined in the 2009 Plan). Concurrently with
the filing of this Registration Statement, the Registrant is filing a post-effective amendment to its prior registration
statement on Form S-8 (File No. 333-191730), originally filed with the United States Securities and Exchange Commission on
October 15, 2013, to cover the issuance of the Unused Plan Shares under the 2019 Plan. For more details, please see the
explanatory note following this page.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(c) and (h). The proposed maximum offering
price per share, proposed maximum aggregate offering price and the amount of the registration fee are based on the average of
the high and low prices of Registrant&#8217;s Common Stock as reported on The Nasdaq Stock Market LLC on June 17, 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXPLANATORY
NOTE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Registration Statement on Form S-8 (this &#8220;Registration Statement&#8221;) is filed by TherapeuticsMD, Inc. (the &#8220;Registrant&#8221;)
to register 15,000,000 shares of common stock, $0.001 par value per share (&#8220;Common Stock&#8221;), of the Registrant, which
may be issued under the TherapeuticsMD, Inc. 2019 Stock Incentive Plan (the &#8220;2019 Plan&#8221;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
of Common Stock initially reserved for issuance under the 2019 Plan consist of (i) 15,000,000 shares of Common Stock
registered pursuant to this Registration Statement, plus (ii) 2,392,833 unallocated shares (the &#8220;Unused 2012 Plan
Shares&#8221;) available for issuance as of June 20, 2019 (the &#8220;Effective Date&#8221;) under the Registrant&#8217;s
Amended &amp; Restated 2012 Stock Incentive Plan (the &#8220;2012 Plan&#8221;) that are not then subject to outstanding
&#8220;Awards&#8221; (as defined in the 2012 Plan), plus (iii) 44,300 unallocated shares (the &#8220;Unused 2009 Plan
Shares&#8221; and, together with the Unused 2012 Plan Shares, the &#8220;Unused Plan Shares&#8221;) available for issuance as
of the Effective Date under the Registrant&#8217;s 2009 Long Term Incentive Compensation Plan, as amended (the &#8220;2009
Plan&#8221; and, together with the 2012 Plan, the &#8220;Prior Plans&#8221; and, collectively with the 2019 Plan, the
&#8220;Plans&#8221;) that are not then subject to outstanding &#8220;Awards&#8221; (as defined in the 2009 Plan). On June 20,
2019, at the Registrant&#8217;s 2019 Annual Meeting of Stockholders, the Registrant&#8217;s stockholders approved the 2019
Plan to succeed the Prior Plans. Upon stockholder approval of the 2019 Plan, no future awards will be made under the Prior
Plans.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, any shares subject to outstanding options or other equity &#8220;Awards&#8221; (as defined in the applicable
Plan) under the 2019 Plan, the 2012 Plan and the 2009 Plan that are forfeited, expire or otherwise terminate without issuance
of the &#8220;Shares&#8221; (as defined in the applicable Plan), or if any such Award is settled for cash or otherwise does
not result in the issuance of all or a portion of the Shares subject to such Award (other than Shares tendered or withheld
in connection with the exercise of an Award or the satisfaction of withholding tax liabilities), the Shares to which those Awards were
subject, shall, to the extent of such forfeiture, expiration, termination, cash settlement or non-issuance, again be
available for delivery with respect to Awards under the 2019 Plan (such forfeited, expired or terminated shares under the
Prior Plans, the &#8220;Carryover Shares&#8221;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concurrently
with the filing of this Registration Statement, the Registrant is filing a post-effective amendment to its prior registration
statement on Form S-8 (File No. 333-191730), originally filed with the United States Securities and Exchange Commission (the &#8220;Commission&#8221;)
on October 15, 2013, to cover the issuance of (i) the Unused Plan Shares under the 2019 Plan and (ii) the Carryover Shares under
the 2019 Plan if and when they are available for issuance under the 2019 Plan.</FONT>&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART
I</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
documents containing the information specified in this Part I will be sent or given to participants of the 2019 Plan as specified
by Rule&nbsp;428(b)(1)&nbsp;under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). In accordance with
the rules&nbsp;and regulations of the Commission and the instructions to&nbsp;Form&nbsp;S-8,&nbsp;such documents are not being
filed with the Commission either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant
to Rule&nbsp;424 under the Securities Act. These documents and the documents incorporated by reference in the Registration Statement
pursuant to Item&nbsp;3 of Part II of this Form S-8, taken together, constitute a prospectus that meets the requirements of Section&nbsp;10(a)
of the Securities Act.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART
II</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                          3.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Incorporation
                                         of Documents by Reference.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registrant hereby incorporates by reference into the Registration Statement the following documents previously filed with the
Commission:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Registrant&#8217;s Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/25743/000138713119001471/txmd-10k_123118.htm">Form 10-K</A> for the year ended December 31, 2018, filed with the Commission on February 27,
2019;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Registrant&#8217;s Quarterly Report on <A HREF="http://www.sec.gov/Archives/edgar/data/25743/000138713119003457/txmd-10q_033119.htm">Form 10-Q</A> for the quarter ended March 31, 2019, filed with the Commission on May 8, 2019;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Registrant&#8217;s Current Reports on Form 8-K filed with the Commission on <A HREF="http://www.sec.gov/Archives/edgar/data/25743/000138713119002719/txmd-8k_041619.htm">April 17, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/25743/000138713119002928/txmd-8k_042419.htm">April 25, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/25743/000138713119004260/txmd-8k_060619.htm">June 7, 2019</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/25743/000138713119004542/txmd-8k_062019.htm" STYLE="-sec-extract: exhibit">June 21, 2019</A> (provided that any portions of such reports that are deemed furnished and not filed pursuant to instructions to Form
8-K shall not be incorporated by reference into this Registration Statement); and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
description of the Registrant&#8217;s Common Stock included under the heading &#8220;Description of Common Stock&#8221; in the
prospectus forming a part of the Registration Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/25743/000119312515368426/d71137ds3.htm">Form S-3</A> (File No. 333-207837), as filed with the Commission on November
5, 2015, which description has been incorporated by reference in Item 1 of the Registrant&#8217;s <A HREF="http://www.sec.gov/Archives/edgar/data/25743/000138713117004988/txmd-8a12b_100617.htm">Form 8-A</A> (File No. 001-00100),
as filed with the Commission on October 6, 2017, including any amendment or report filed with the Commission for the purpose of
updating such description.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, all documents that the Registrant files pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act
of 1934, as amended, subsequent to the effective date of this Registration Statement (except for any portions of the Registrant&#8217;s
Current Reports on Form 8-K furnished pursuant to Item 2.02 or Item 7.01 thereof and any corresponding exhibits thereto not filed
with the Commission), but prior to the filing of a post-effective amendment to this Registration Statement indicating that all
securities offered hereby have been sold or which deregisters all securities then remaining unsold shall be deemed to be incorporated
by reference in this Registration Statement and to be a part hereof from the date of filing such documents.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this Registration Statement, any document or statement contained in a document incorporated or deemed to be incorporated
by reference herein shall be deemed to be modified or superseded to the extent that a statement contained herein or in any other
subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such document
or statement in such document. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Registration Statement.</FONT></P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                          4.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description
                                         of Securities.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0"><B>&nbsp;</B></TD>
    <TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 5.</B></FONT></TD>
    <TD><B>Interests of Named Experts and Counsel.</B></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0"><B>&nbsp;</B></TD>
    <TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 6.</B></FONT></TD>
    <TD><B>Indemnification of Directors and Officers.</B></TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registrant is a Nevada corporation and generally governed by the Nevada Private Corporations Code, Chapter 78 of the Nevada Revised
Statutes (&#8220;NRS&#8221;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;78.138
of the NRS provides that, unless the corporation&#8217;s articles of incorporation provide otherwise, a director or officer is
not individually liable to the corporation or its stockholders or creditors for damages as a result of any action or omission
to act as a director or officer unless the trier of fact determines that the presumption that the director or officer acted in
good faith, on an informed basis and with a view to the interests of the corporation, is rebutted and it is proven that (i)&nbsp;the
director&#8217;s or officer&#8217;s acts or omissions constituted a breach of his or her fiduciary duties, and (ii)&nbsp;such
breach involved intentional misconduct, fraud, or a knowing violation of the law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;78.7502
of the NRS permits a Nevada corporation to indemnify its directors and officers against expenses, judgments, fines, and amounts
paid in settlement actually and reasonably incurred in connection with a threatened, pending, or completed action, suit, or proceeding,
if the officer or director (i)&nbsp;is not liable pursuant to Section&nbsp;78.138 of the NRS, or (ii)&nbsp;acted in good faith
and in a manner the officer or director reasonably believed to be in or not opposed to the best interests of the corporation and,
if a criminal action or proceeding, had no reasonable cause to believe the conduct of the officer or director was unlawful. Section&nbsp;78.7502
of the NRS precludes indemnification by the corporation if the officer or director has been adjudged by a court of competent jurisdiction,
after exhaustion of all appeals, to be liable to the corporation or for amounts paid in settlement to the corporation, unless
and only to the extent that the court determines that in view of all the circumstances, the person is fairly and reasonably entitled
to indemnity for such expenses and Section 78.7502 requires a corporation to indemnify its officers and directors if they have
been successful on the merits of the action or otherwise in defense of any claim, issue, or matter resulting from their service
as a director or officer.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
78.751 of the NRS permits a Nevada corporation to indemnify its officers and directors against expenses incurred by them in defending
a civil or criminal action, suit, or proceeding as they are incurred and in advance of final disposition thereof, upon determination
by the stockholders, the disinterested board members, or by independent legal counsel. Section&nbsp;78.751 of the NRS provides
that the articles of incorporation, the bylaws or an agreement may require a corporation to advance expenses as incurred upon
receipt of an undertaking by or on behalf of the officer or director to repay the amount if it is ultimately determined by a court
of competent jurisdiction that such officer or director is not entitled to be indemnified by the corporation if so provided in
the corporation&#8217;s articles of incorporation, bylaws, or other agreement. Section&nbsp;78.751 of the NRS further permits
the corporation to grant its directors and officers additional rights of indemnification under its articles of incorporation,
bylaws, or other agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;78.752
of the NRS provides that a Nevada corporation may purchase and maintain insurance or make other financial arrangements on behalf
of any person who is or was a director, officer, employee, or agent of the corporation, or is or was serving at the request of
the corporation as a director, officer, employee, or agent of another company, partnership, joint venture, trust, or other enterprise,
for any liability asserted against him and liability and expenses incurred by him in his capacity as a director, officer, employee,
or agent, or arising out of his status as such, whether or not the corporation has the authority to indemnify him against such
liability and expenses. The Registrant has obtained primary and excess insurance policies insuring its directors and officers
and its subsidiaries against certain liabilities they may incur in their capacity as directors and officers. Under such policies,
the insurer, on the Registrant&#8217;s behalf, may also pay amounts for which the Registrant has granted indemnification to the
directors or officers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing discussion of indemnification merely summarizes certain aspects of indemnification provisions and is limited by reference
to the above discussed sections of the Nevada Private Corporations Code.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registrant&#8217;s amended and restated articles of incorporation, as amended, provide that the Registrant may indemnify to the
full extent of its power to do so, all directors, officers, employees, and/or agents. Insofar as indemnification by the Registrant
for liabilities arising under the Securities Act may be permitted to officers and directors of the Registrant pursuant to the
foregoing provisions or otherwise, the Registrant is aware that in the opinion of the Commission, such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable.</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0"><B>&nbsp;</B></TD>
    <TD STYLE="width: 1in"><B>Item 7.</B></TD>
    <TD><B>Exemption from Registration Claimed.</B></TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0"><B>&nbsp;</B></TD>
    <TD STYLE="width: 1in"><B>Item 8.</B></TD>
    <TD><B>Exhibits.</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBIT</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>NUMBER</U></FONT></P></TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 78%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>DESCRIPTION</U></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/25743/000138713115002352/ex3-1.htm" STYLE="-sec-extract: exhibit">4.1</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Composite
    Amended and Restated Articles of Incorporation of the Registrant, as amended (incorporated by reference to Exhibit 3.1 of
    the Registrant&#8217;s Quarterly Report on Form 10-Q for quarter ended June 30, 2015, filed with the Commission on August
    7, 2015).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/25743/000119312510149198/ddef14c.htm" STYLE="-sec-extract: exhibit">4.2</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bylaws
    of the Registrant (incorporated by reference to Exhibit C of the Registrant&#8217;s Definitive 14C Information Statement,
    filed with the Commission on June 29, 2010).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/25743/000138713115003704/ex3-1.htm" STYLE="-sec-extract: exhibit">4.3</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First
    Amendment to Bylaws of the Registrant (incorporated by reference to Exhibit 3.1 of the Registrant&#8217;s Current Report on
    Form 8-K, filed with the Commission on December 22, 2015).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/25743/000138713113000166/ex4-2.htm" STYLE="-sec-extract: exhibit">4.4</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Certificate of Common Stock of the Company (incorporated by reference to Exhibit 4.2 of the Registrant&#8217;s Registration
    Statement on Form S-3, filed with the Commission on January 25, 2013).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex5-1.htm">5.1</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
    of DLA Piper LLP (US).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex23-1.htm">23.1</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of Grant Thornton LLP, Independent Registered Public Accounting Firm.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex5-1.htm">23.2</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of DLA Piper LLP (US) (contained in Exhibit 5.1).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#txmd-s8_001">24.1</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power
    of Attorney (included on signature page).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-1.htm">99.1</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TherapeuticsMD,
    Inc. 2019 Stock Incentive Plan, and form of  restricted stock unit agreement thereunder.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/25743/000138713111002213/ex-10_2.htm">99.2</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">Form
    of TherapeuticsMD, Inc. Non-Qualified Stock Option Agreement (incorporated by reference to Exhibit 10.2 to the
    Registrant&rsquo;s Current Report on Form 8-K, filed with the Commission on October 11, 2011).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0"><B>&nbsp;</B></TD>
    <TD STYLE="width: 1in"><B>Item 9.</B></TD>
    <TD><B>Undertakings.</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate
offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective Registration Statement;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
or any material change to such information in the Registration Statement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Provided,
however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) herein do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to
section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each
filing of the Registrant&#8217;s annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934
(and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial <I>bona fide</I> offering thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant
of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIGNATURES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of Boca Raton, State of Florida, on June 21, 2019.</FONT></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">THERAPEUTICSMD,
INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ <I>Robert G. Finizio</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Name:</TD>
    <TD>Robert G. Finizio</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="txmd-s8_001"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>POWER
OF ATTORNEY</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>KNOW
ALL PERSONS BY THESE PRESENTS</B>, that each person whose signature appears below hereby constitutes and appoints Robert G. Finizio
and Daniel A. Cartwright, and each one of them acting alone, as his true and lawful attorney-in-fact and agent, with full power
of substitution and resubstitution, for him and in his name, place, and stead, in any and all capacities, to sign any and all
amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto
and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact
and agents, and each of them acting alone, full power and authority to do and perform each and every act and thing requisite and
necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents or any of them, or his or their substitute or substitutes, may lawfully
do or cause to be done by virtue hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 30%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Name</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 39%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Position</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 31%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&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>Date</U></B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    <I>Robert G. Finizio</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer, Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
        21, 2019</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert
    G. Finizio</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal
Executive Officer)</FONT>&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    <I>John C.K. Milligan, IV</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President,
    Secretary, Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
        21, 2019</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John
    C.K. Milligan, IV</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    <I>Daniel A. Cartwright</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer, Treasurer (Principal Financial and Accounting Officer)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
        21, 2019</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daniel
        A. Cartwright</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
        <I>Tommy G. Thompson</I></FONT></P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
        of the Board of Directors</FONT></P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
        21, 2019</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tommy
    G. Thompson</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    <I>Jane F. Barlow</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
        21, 2019</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jane
    F. Barlow</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    <I>Brian Bernick</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
        21, 2019</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brian
    Bernick</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    <I>J. Martin Carroll</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
        21, 2019</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.
    Martin Carroll</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    <I>Cooper C. Collins</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
        21, 2019</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cooper
    C. Collins</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    <I>Robert V. LaPenta, Jr.</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
        21, 2019</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert
        V. LaPenta, Jr.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif">Director</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
        21, 2019</FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">Jules A. Musing</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    <I>Angus C. Russell</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
        21, 2019</FONT></P></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 30%; border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Angus
    C. Russell</FONT></TD>
    <TD STYLE="width: 39%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 31%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    <I>Nicholas Segal&nbsp;</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
        21, 2019</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nicholas
    Segal</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>ex5-1.htm
<DESCRIPTION>OPINION OF DLA PIPER LLP
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0; text-align: left"><A HREF="txmd-s8_062119.htm">TherapeuticsMD S-8</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.25pt 0 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.25pt 0 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.25pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 50%; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<IMG SRC="ex5-1_img001.jpg" ALT="" STYLE="height: 80px; width: 122px"></FONT></TD>
    <TD STYLE="width: 50%"><P STYLE="font: 7pt/10.5pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: 0.1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DLA
                           Piper LLP (US)</B></FONT></P>

<P STYLE="font: 8.5pt/10.5pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: 0.1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.dlapiper.com</FONT></P>



</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.25pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.25pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
21, 2019</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.25pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TherapeuticsMD,
Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6800
Broken Sound Parkway NW</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third
Floor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boca
Raton, FL 33487</FONT></P>

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

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>Re:</B></TD>
    <TD><B>Registration Statement on Form S-8</B></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acted as legal counsel to TherapeuticsMD, Inc., a Nevada corporation (the &#8220;Company&#8221;), in connection with the
preparation of the Company&#8217;s Registration Statement on Form S-8 (the &#8220;Registration Statement&#8221;) to be filed with
the Securities and Exchange Commission (the &#8220;Commission&#8221;) on or about June 21, 2019 relating to the registration under
the Securities Act of 1933, as amended (the &#8220;Act&#8221;), of 15,000,000 shares (the &#8220;Shares&#8221;) of the Company&#8217;s
common stock, par value $0.001 per share (the &#8220;Common Stock&#8221;), issuable pursuant to the TherapeuticsMD, Inc. 2019
Stock Incentive Plan (the &#8220;Plan&#8221;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to the opinion set forth below, we have examined originals, certified copies, or copies otherwise identified to our satisfaction
as being true copies, of the following: (i) the Amended and Restated Articles of Incorporation of the Company, as amended, as
currently in effect; (ii) the Bylaws of the Company, as amended, as currently in effect; (iii) resolutions of the Board of Directors
of the Company adopting the Plan, authorizing the issuance of the Shares and authorizing the filing of the Registration Statement;
(iv) the Plan; (v) the Registration Statement; and (vi) such other documents, records and other instruments as we have deemed
appropriate for purposes of the opinion set forth herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
making the foregoing examinations, we have assumed the genuineness of all signatures, the authenticity of all documents submitted
to us as originals, the conformity to original documents of all documents submitted to us as certified or photostatic copies and
that the persons executing the documents examined by us have the legal capacity to execute such documents. We have also assumed
that the offer and sale of the Shares complies and will comply in all respects with the terms, conditions and restrictions set
forth in the Registration Statement and the Plan. As to various questions of fact material to this opinion, we have relied, to
the extent we deemed reasonably appropriate, upon representations of officers or directors of the Company and upon documents,
records and instruments furnished to us by the Company, without independently checking or verifying the accuracy of such documents,
records and instruments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Based
upon the foregoing examination and assumptions and further assuming that (i) the Company maintains an adequate number of authorized
and unissued shares of Common Stock available for issuance pursuant to the Plan and (ii) the consideration, if any, required to
be paid in connection with the issuance of underlying Shares issued pursuant to the Plan is actually received by the Company as
provided in the Plan, we are of the opinion that the Shares to be issued pursuant to the Plan will be duly authorized, validly
issued, fully paid and nonassessable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
opinion expressed herein is specifically limited to the laws of the State of Nevada and the federal laws of the United States
of America and speaks only as of the date hereof. Further, our opinion is based solely upon existing laws, rules, and regulations,
and we undertake no obligation to update or supplement such opinion to reflect any facts or circumstances that may hereafter come
to our attention or any changes in law that may hereafter occur. This opinion is rendered solely in connection with the transactions
covered hereby and may not be relied upon for any other purpose, without our prior written consent.</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">June 21, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 2</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">We
hereby consent to the inclusion of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not
admit that we come within the category of persons whose consent is required under Section&nbsp;7 of the Act or the rules or regulations
of the Commission thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Very
truly yours,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>/s/
DLA Piper LLP (US)</B></FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>ex23-1.htm
<DESCRIPTION>CONSENT OF GRANT THORNTON LLP
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="txmd-s8_062119.htm">TherapeuticsMD S-8</A></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>Exhibit
23.1</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have issued our reports dated February 27, 2019, with respect to the consolidated financial statements and internal control over
financial reporting of TherapeuticsMD, Inc. included in the Annual Report on Form 10-K for the year ended December 31, 2018, which
are incorporated by reference in this Registration Statement. We consent to the incorporation by reference of the aforementioned
reports in this Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Grant Thornton LLP</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fort
Lauderdale, Florida</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
21, 2019</FONT></P>

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

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

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<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>ex99-1.htm
<DESCRIPTION>THERAPEUTICSMD, INC. 2019 STOCK INCENTIVE PLAN
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<P STYLE="margin: 0"><A HREF="ex99-1.htm">TherapeuticsMD S-8</A></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

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

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								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">1.</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" text-transform: none;">1</FONT></P>

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								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">2.</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" text-transform: none;">1</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Administration. </FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" text-transform: none;">4</FONT></P>

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								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">9.</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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				<P style=" margin-left: 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>THERAPEUTICSMD, INC.<br>2019 STOCK INCENTIVE PLAN</B></FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>1.</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Purpose</I></B></FONT><FONT style=" text-transform: none;">. The purpose of this THERAPEUTICSMD, INC. 2019 STOCK INCENTIVE PLAN (the &#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Plan</I></B></FONT><FONT style=" text-transform: none;">&#8221;) is to assist THERAPEUTICSMD, INC., a Nevada corporation (the &#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Company</I></B></FONT><FONT style=" text-transform: none;">&#8221;) and its Related Entities (as hereinafter defined) in attracting, motivating, retaining and rewarding high-quality executives and other employees, officers, directors, consultants and other persons who provide services to the Company or its Related Entities by enabling such persons to acquire or increase a proprietary interest in the Company in order to </FONT><FONT style=" text-transform: none;">strengthen the mutuality of interests between such persons and the Company&#8217;s stockholders, and providing such persons with performance incentives to expend their maximum efforts in the creation of </FONT><FONT style=" text-transform: none;">shareholder value. </FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>2.</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Definitions</I></B></FONT><FONT style=" text-transform: none;">. For purposes of the Plan, the following terms shall be defined as set forth below, in addition to such terms defined in Section 1 hereof and </FONT><FONT style=" text-transform: none;">elsewhere herein.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(a)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Award</I></B></FONT><FONT style=" text-transform: none;">&#8221; means any Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Share granted as a bonus or in lieu of another Award, Dividend Equivalent, Other Stock-Based Award or Performance Award, together with any other right or interest, granted to a Participant under the Plan or, solely with respect to Section 4 of the Plan, any award made under a prior Company equity plan with respect to its Shares.  </FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(b)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Award Agreement</I></B></FONT><FONT style=" text-transform: none;">&#8221; means any written agreement, contract or other instrument or document evidencing any Award granted by the </FONT><FONT style=" text-transform: none;">Committee hereunder.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(c)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Beneficiary</I></B></FONT><FONT style=" text-transform: none;">&#8221; means the person, persons, trust or trusts that have been designated by a Participant in his or her most recent written beneficiary designation filed with the Committee to receive the benefits specified under the Plan upon such Participant&#8217;s death or to which Awards or other rights are transferred if and to the extent permitted under Section 10(b) hereof. If, upon a Participant&#8217;s death, there is no designated Beneficiary or surviving designated Beneficiary, then the term Beneficiary means the person, persons, trust or trusts entitled by will or the laws of descent and distribution to receive </FONT><FONT style=" text-transform: none;">such benefits.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(d)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Beneficial Owner</I></B></FONT><FONT style=" text-transform: none;">&#8221; </FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>and &#8220;Beneficial Ownership&#8221;</I></B></FONT><FONT style=" text-transform: none;"> shall have the meaning ascribed to such term in Rule 13d-3 under the Exchange Act and any successor to </FONT><FONT style=" text-transform: none;">such Rule.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(e)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Board</I></B></FONT><FONT style=" text-transform: none;">&#8221; means the Company&#8217;s Board </FONT><FONT style=" text-transform: none;">of Directors.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(f)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Cause</I></B></FONT><FONT style=" text-transform: none;">&#8221; shall, with respect to any Participant, have the meaning specified in the Award Agreement. In the absence of any definition in the Award Agreement, &#8220;Cause&#8221; shall have the equivalent meaning or the same meaning as &#8220;cause&#8221; or &#8220;for cause&#8221; set forth in any employment, consulting, or other agreement for the performance of services between the Participant and the Company or a Related Entity or, in the absence of any such agreement or any such definition in such agreement, such term shall mean (i) the failure by the Participant to perform, in a reasonable manner, his or her duties as assigned by the Company or a Related Entity, (ii) any violation or breach by the Participant of his or her employment, consulting or other similar agreement with the Company or a Related Entity, if any, (iii) any violation or breach by the Participant of any non-competition, non-solicitation, non-disclosure and/or other similar agreement with the Company or a Related Entity, (iv) any act by the Participant of dishonesty or bad faith with respect to the Company or a Related Entity, (v) use of alcohol, drugs or other similar substances in a manner that adversely affects the Participant&#8217;s work performance, or (vi) the commission by the Participant of any act, misdemeanor, or crime reflecting unfavorably upon the Participant or the Company or any Related Entity. The good faith determination by the Committee of whether the Participant&#8217;s Continuous Service was terminated by the Company for &#8220;Cause&#8221; shall be final and binding for all </FONT><FONT style=" text-transform: none;">purposes hereunder.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(g)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Change in Control</I></B></FONT><FONT style=" text-transform: none;">&#8221; means a Change in Control as defined in Section 9(b) of </FONT><FONT style=" text-transform: none;">the Plan.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(h)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Code</I></B></FONT><FONT style=" text-transform: none;">&#8221; means the Internal Revenue Code of 1986, as amended from time to time, including regulations thereunder and successor provisions and </FONT><FONT style=" text-transform: none;">regulations thereto.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(i)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Committee</I></B></FONT><FONT style=" text-transform: none;">&#8221; means the Compensation Committee of the Board; provided, however, that if there are no longer any members on the Compensation Committee, then the Board shall serve as the Committee. While it is intended that the Committee shall consist of at least two directors, each of whom shall be (i) a &#8220;non-employee director&#8221; within the meaning of Rule 16b-3 (or any successor rule) under the Exchange Act, unless administration of the Plan by &#8220;non-employee directors&#8221; is not then required in order for exemptions under Rule 16b-3 to apply to transactions under the Plan, and (ii) &#8220;Independent&#8221;, the failure of the Committee to be so comprised shall not invalidate any Award that otherwise satisfies the terms of </FONT><FONT style=" text-transform: none;">the Plan.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(j)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Consultant</I></B></FONT><FONT style=" text-transform: none;">&#8221; means any Person (other than an Employee or a Director, solely with respect to rendering services in such Person&#8217;s capacity as a director) who is engaged by the Company or any Related Entity to render consulting or advisory services to the Company or such </FONT><FONT style=" text-transform: none;">Related Entity.</FONT></P>

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				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(k)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Continuous Service</I></B></FONT><FONT style=" text-transform: none;">&#8221; means the uninterrupted provision of services to the Company or any Related Entity in any capacity of Employee, Director, Consultant or other service provider. Continuous Service shall not be considered to be interrupted in the case of (i) any approved leave of absence, (ii) transfers among the Company, any Related Entities, or any successor entities, in any capacity of Employee, Director, Consultant or other service provider, or (iii) any change in status as long as the individual remains in the service of the Company or a Related Entity in any capacity of Employee, Director, Consultant or other service provider (except as otherwise provided in the Award Agreement). An approved leave of absence shall include sick leave, military leave, or any other authorized </FONT><FONT style=" text-transform: none;">personal leave.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(l)&#160; &#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Director</I></B></FONT><FONT style=" text-transform: none;">&#8221; means a member of the Board or the board of directors of any </FONT><FONT style=" text-transform: none;">Related Entity.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(m)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Disability</I></B></FONT><FONT style=" text-transform: none;">&#8221; means a permanent and total disability (within the meaning of Section 22(e) of the Code), as determined by a medical doctor satisfactory to </FONT><FONT style=" text-transform: none;">the Committee.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(n)&#160; &#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Dividend Equivalent</I></B></FONT><FONT style=" text-transform: none;">&#8221; means a right, granted to a Participant under Section 6(g) hereof, to receive cash, Shares, other Awards or other property equal in value to dividends paid with respect to a specified number of Shares, or other </FONT><FONT style=" text-transform: none;">periodic payments.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(o)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Effective Date</I></B></FONT><FONT style=" text-transform: none;">&#8221; means the effective date of the Plan, which shall be June 20, 2019, subject to the approval of stockholders of </FONT><FONT style=" text-transform: none;">the Company. </FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(p)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Eligible Person</I></B></FONT><FONT style=" text-transform: none;">&#8221; means each officer, Director, Employee, Consultant and other person who provides services to the Company or any Related Entity. The foregoing notwithstanding, only Employees of the Company, or any parent corporation or subsidiary corporation of the Company (as those terms are defined in Sections 424(e) and (f) of the Code, respectively), shall be Eligible Persons for purposes of receiving any Incentive Stock Options. An Employee on leave of absence may, in the discretion of the Committee, be considered as still in the employ of the Company or a Related Entity for purposes of eligibility for participation in </FONT><FONT style=" text-transform: none;">the Plan.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(q)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Employee</I></B></FONT><FONT style=" text-transform: none;">&#8221; means any person, including an officer or Director, who is an employee of the Company or any Related Entity. The payment of a director&#8217;s fee by the Company or a Related Entity shall not be sufficient to constitute &#8220;employment&#8221; by </FONT><FONT style=" text-transform: none;">the Company.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(r)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Exchange Act</I></B></FONT><FONT style=" text-transform: none;">&#8221; means the Securities Exchange Act of 1934, as amended from time to time, including rules thereunder and successor provisions and </FONT><FONT style=" text-transform: none;">rules thereto.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(s)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Fair Market Value</I></B></FONT><FONT style=" text-transform: none;">&#8221; means the fair market value of Shares, Awards or other property as determined by the Committee, or under procedures established by the Committee. Unless otherwise determined by the Committee, the Fair Market Value of a Share as of any given date shall be the closing sale price per Share reported on a consolidated basis for stock listed on the principal stock exchange or market on which Shares are traded on the date as of which such value is being determined (or as of such later measurement date as determined by the Committee on the date the Award is authorized by the Committee), or, if there is no sale on that date, then on the last previous day on which a sale </FONT><FONT style=" text-transform: none;">was reported.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(t)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Good Reason</I></B></FONT><FONT style=" text-transform: none;">&#8221; shall, with respect to a</FONT><FONT style=" text-transform: none;">ny Participant, have the meaning specified in the Award Agreement. In the absence of any definition in the Award Agreement, &#8220;Good Reason&#8221; shall have the equivalent meaning or the same meaning as &#8220;good reason&#8221; or &#8220;for good reason&#8221; set forth in any employment, consulting or other agreement for the performance of services between the Participant and the Company or a Related Entity or, in the absence of any such agreement or any such definition in such agreement, such term shall mean (i) the assignment to the Participant of any duties inconsistent in any material respect with the Participant&#8217;s duties or responsibilities as assigned by the Company or a Related Entity, or any other action by the Company or a Related Entity which results in a material diminution in such duties or responsibilities, excluding for this purpose an action which is remedied by the Company or a Related Entity promptly after receipt of notice thereof given by the Participant; (ii) any material failure by the Company or a Related Entity to comply with its obligations to the Participant as agreed upon, other than a failure which is remedied by the Company or a Related Entity promptly after receipt of notice thereof given by the Participant; or (iii) the Company&#8217;s or Related Entity&#8217;s requiring the Participant to be based at any office or location outside of fifty (50) miles from the location of employment or service as of the date of Award, except for travel reasonably required in the performance of the </FONT><FONT style=" text-transform: none;">Participant&#8217;s responsibilities.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(u)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Incentive Stock Option</I></B></FONT><FONT style=" text-transform: none;">&#8221; means any Option intended to be designated as an incentive stock option within the meaning of Section 422 of the Code or any successor </FONT><FONT style=" text-transform: none;">provision thereto.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(v)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Independent</I></B></FONT><FONT style=" text-transform: none;">&#8221;, when referring to either the Board or members of the Committee, shall have the same meaning as used in the rules of the </FONT><FONT style=" text-transform: none;">Listing Market.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(w)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Incumbent Board</I></B></FONT><FONT style=" text-transform: none;">&#8221; means the Incumbent Board as defined in Section </FONT><FONT style=" text-transform: none;">9(b)(ii) hereof.</FONT></P>

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				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(x)</FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><I>&#8220;</I></FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Listing Market&#8221;</I></B></FONT><FONT style=" text-transform: none;"> means the Nasdaq Stock Market or any other national securities exchange on which any securities of the Company are listed </FONT><FONT style=" text-transform: none;">for trading.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(y)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Option</I></B></FONT><FONT style=" text-transform: none;">&#8221; means a right granted to a Participant under Section 6(b) hereof, to purchase Shares or other Awards at a specified price during specified </FONT><FONT style=" text-transform: none;">time periods.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(z)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Optionee</I></B></FONT><FONT style=" text-transform: none;">&#8221; means a person to whom an Option is granted under this Plan or any person who succeeds to the rights of such person under </FONT><FONT style=" text-transform: none;">this Plan.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(aa)&#160; &#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Other Stock-Based Awards</I></B></FONT><FONT style=" text-transform: none;">&#8221; means Awards granted to a Participant under Section </FONT><FONT style=" text-transform: none;">6(i) hereof.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(bb)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Participant</I></B></FONT><FONT style=" text-transform: none;">&#8221; means a person who has been granted an Award under the Plan which remains outstanding, including a person who is no longer an </FONT><FONT style=" text-transform: none;">Eligible Person.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(cc)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Performance Award</I></B></FONT><FONT style=" text-transform: none;">&#8221; means any Award of Performance Shares or Performance Units granted pursuant to Section </FONT><FONT style=" text-transform: none;">6(h) hereof.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(dd)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Performance Period</I></B></FONT><FONT style=" text-transform: none;">&#8221; means that period established by the Committee at the time any Performance Award is granted or at any time thereafter during which any performance goals specified by the Committee with respect to such Award are to </FONT><FONT style=" text-transform: none;">be measured.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(ee)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Performance Share</I></B></FONT><FONT style=" text-transform: none;">&#8221; means any grant pursuant to Section 6(h) hereof of a unit valued by reference to a designated number of Shares, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including cash, Shares, other property, or any combination thereof, upon achievement of such performance goals during the Performance Period as the Committee shall establish at the time of such grant </FONT><FONT style=" text-transform: none;">or thereafter.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(ff)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Performance Unit</I></B></FONT><FONT style=" text-transform: none;">&#8221; means any grant pursuant to Section 6(h) hereof of a unit valued by reference to a designated amount of property (including cash) other than Shares, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including cash, Shares, other property, or any combination thereof, upon achievement of such performance goals during the Performance Period as the Committee shall establish at the time of such grant </FONT><FONT style=" text-transform: none;">or thereafter.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(gg)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Person</I></B></FONT><FONT style=" text-transform: none;">&#8221; shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, and shall include a &#8220;group&#8221; as defined in Section </FONT><FONT style=" text-transform: none;">13(d) thereof.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(hh)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Related Entity</I></B></FONT><FONT style=" text-transform: none;">&#8221; means any Subsidiary, and any business, corporation, partnership, limited liability company or other entity designated by the Board, in which the Company or a Subsidiary holds a substantial ownership interest, directly </FONT><FONT style=" text-transform: none;">or indirectly.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(ii)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Restricted Stock</I></B></FONT><FONT style=" text-transform: none;">&#8221; means any Share issued with the restriction that the holder may not sell, transfer, pledge or assign such Share and with such risks of forfeiture and other restrictions as the Committee, in its sole discretion, may impose (including any restriction on the right to vote such Share and the right to receive any dividends), which restrictions may lapse separately or in combination at such time or times, in installments or otherwise, as the Committee may </FONT><FONT style=" text-transform: none;">deem appropriate.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(jj)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Restricted Stock Award</I></B></FONT><FONT style=" text-transform: none;">&#8221; means an Award granted to a Participant under Section </FONT><FONT style=" text-transform: none;">6(d) hereof.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(kk)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Restricted Stock Unit</I></B></FONT><FONT style=" text-transform: none;">&#8221; means a right to receive Shares, including Restricted Stock, cash measured based upon the value of Shares or a combination thereof, at the end of a specified </FONT><FONT style=" text-transform: none;">deferral period.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(ll)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Restricted Stock Unit Award</I></B></FONT><FONT style=" text-transform: none;">&#8221; means an Award of Restricted Stock Unit granted to a Participant under Se</FONT><FONT style=" text-transform: none;">ction </FONT><FONT style=" text-transform: none;">6(e) her</FONT><FONT style=" text-transform: none;">eof.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(mm)</FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>&#8220;Restriction Period&#8221;</I></B></FONT><FONT style=" text-transform: none;"> means the period of time specified by the Committee that Restricted Stock Awards shall be subject to such restrictions on transferability, risk of forfeiture and other restrictions, if any, as the Committee </FONT><FONT style=" text-transform: none;">may impose.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(nn)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Rule 16b-3</I></B></FONT><FONT style=" text-transform: none;">&#8221; means Rule 16b-3, as from time to time in effect and applicable to the Plan and Participants, promulgated by the Securities and Exchange Commission under Section 16 of the </FONT><FONT style=" text-transform: none;">Exchange Act.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(oo)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Shareholder Approval Date</I></B></FONT><FONT style=" text-transform: none;">&#8221; means the date on which this Plan is approved by stockholders of the Company eligible to vote in the election of directors, by a vote sufficient to meet the requirements  of Section 422 of the Code, Rule 16b-3 under the Exchange Act, and applicable requirements under the rules of the </FONT><FONT style=" text-transform: none;">Listing Market.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(pp)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Shares</I></B></FONT><FONT style=" text-transform: none;">&#8221; means the shares of common stock of the Company, and such other securities as may be substituted (or resubstituted) for Shares pursuant to Section </FONT><FONT style=" text-transform: none;">10(c) hereof.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(qq)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Stock Appreciation Right</I></B></FONT><FONT style=" text-transform: none;">&#8221; means a right granted to a Participant under Section </FONT><FONT style=" text-transform: none;">6(c) hereof.</FONT></P>

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				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(rr)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Subsidiary</I></B></FONT><FONT style=" text-transform: none;">&#8221; means any corporation or other entity in which the Company has a direct or indirect ownership interest of 50% or more of the total combined voting power of the then outstanding securities or interests of such corporation or other entity entitled to vote generally in the election of directors or in which the Company has the right to receive 50% or more of the distribution of profits or 50% or more of the assets on liquidation </FONT><FONT style=" text-transform: none;">or dissolution.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(ss)&#160;&#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Substitute Awards</I></B></FONT><FONT style=" text-transform: none;">&#8221; means Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange for, Awards previously granted, or the right or obligation to make future Awards, by a company (i) acquired by the Company or any Related Entity, (ii) which becomes a Related Entity after the date hereof, or (iii) with which the Company or any Related </FONT><FONT style=" text-transform: none;">Entity combines.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>3.</B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Administration</I></B></FONT><FONT style=" text-transform: none;"><B>.</B></FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(a)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Authority of the Committee</I></B></FONT><FONT style=" text-transform: none;">.  The Plan shall be administered by the Committee, except to the extent (and subject to the limitations imposed by Section 3(b) hereof) the Board elects to administer the Plan, in which case the Plan shall be administered by only those members of the Board who are Independent members of the Board, in which case references herein to the &#8220;Committee&#8221; shall be deemed to include references to the Independent members of the Board. The Committee shall have full and final authority, subject to and consistent with the provisions of the Plan, to select Eligible Persons to become Par</FONT><FONT style=" text-transform: none;">ticipants, grant Awards, determine the type, number and other terms and conditions of, and all other matters relating to, Awards, prescribe Award Agreements (which need not be identical for each Participant) and rules and regulations for the administration of the Plan, construe and interpret the Plan and Award Agreements and correct defects, supply omissions or reconcile inconsistencies therein, and to make all other decisions and determinations as the Committee may deem necessary or advisable for the administration of the Plan. In exercising any discretion granted to the Committee under the Plan or pursuant to any Award, the Committee shall not be required to follow past practices, act in a manner consistent with past practices, or treat any Eligible Person or Participant in a manner consistent with the treatment of any other Eligible Persons </FONT><FONT style=" text-transform: none;">or Participants.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(b)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Manner of Exercise of Committee Authority. </I></B></FONT><FONT style=" text-transform: none;">The Committee, and not the Board, shall exercise sole and exclusive discretion (i) on any matter relating to a Participant then subject to Section 16 of the Exchange Act with respect to the Company to the extent necessary in order that transactions by such Participant shall be exempt under Rule 16b-3 under the Exchange Act, and (ii) with respect to any Award to an Independent Director. Any action of the Committee shall be final, conclusive and binding on all persons, including the Company, its Related Entities, Eligible Persons, Participants, Beneficiaries, transferees under Section 10(b) hereof or other persons claiming rights from or through a Participant, and stockholders. The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting any power or authority of the Committee. The Committee may delegate to officers or managers of the Company or any Related Entity, or committees thereof, the authority, subject to such terms and limitations as the Committee shall determine, to perform such functions, including administrative functions as the Committee may determine to the extent that such delegation will not result in the loss of an exemption under Rule 16b-3(d)(1) for Awards granted to Participants subject to Section 16 of the Exchange Act in respect of the Company. The Committee may appoint agents to assist it in administering </FONT><FONT style=" text-transform: none;">the Plan.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(c)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Limitation of Liability</I></B></FONT><FONT style=" text-transform: none;">. The Committee and the Board, and each member thereof, shall be entitled to, in good faith, rely or act upon any report or other information furnished to him or her by any officer or Employee, the Company&#8217;s independent auditors, Consultants or any other agents assisting in the administration of the Plan. Members of the Committee and the Board, and any officer or Employee acting at the direction or on behalf of the Committee or the Board, shall not be personally liable for any action or determination taken or made in good faith with respect to the Plan, and shall, to the extent permitted by law, be fully indemnified and protected by the Company with respect to any such action </FONT><FONT style=" text-transform: none;">or determination.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>4.</B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Shares Subject </I></B></FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>to Plan</I></B></FONT><FONT style=" text-transform: none;"><B>.</B></FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(a)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Limitation
    on Overall Number of Shares Available for Delivery Under Plan</I></B></FONT><FONT style=" text-transform: none;">. Subject
    to     adjustment as provided in Section 10(c) hereof, the total number of Shares reserved and available for delivery under
    the Plan     shall be (i) 15,000,000 plus (ii) the number of unallocated Shares available for issuance as of the Effective
    Date under the     Amended &amp; Restated 2012 Stock Incentive Plan (the &#8220;2012 Stock Plan&#8221;) that are not then
    subject to outstanding     Awards plus (iii) the number of unallocated Shares available for issuance as of the Effective Date
    under the 2009 Long Term     Incentive Compensation Plan (the &#8220;2009 Incentive Plan &#8221;) that are not then subject
    to outstanding Awards.  Any     Shares delivered under the Plan may consist, in whole or in part, of authorized and unissued
    shares or </FONT><FONT style=" text-transform: none;">treasury     shares.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(b)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Application of Limitation to Grants of Awards</I></B></FONT><FONT style=" text-transform: none;">. No Award may be granted if the number of Shares to be delivered in connection with such an Award exceeds the number of Shares remaining available for delivery under the Plan, minus the number of Shares deliverable in settlement of or relating to then outstanding Awards. The Committee may adopt reasonable counting procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or substitute awards) and make adjustments if the number of Shares actually delivered differs from the number of Shares previously counted in connection with </FONT><FONT style=" text-transform: none;">an Award.</FONT></P>

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			<DIV style=" border: 0pt; padding-top: 0pt; top: 39.6pt; left: 39.6pt; padding-left: 0pt; width: 594pt; padding-bottom: 0pt; position: absolute; padding-right: 0pt; height: 762.3pt;">
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(c)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Availability of Shares Not Delivered under Awards and Adjustments </I></B></FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>to Limits.</I></B></FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(i)&#160;If any Awards under this Plan, the 2012 Stock Plan or the 2009 Incentive Plan are forfeited, expire or otherwise terminate without issuance of such Shares, or any Award is settled for cash or otherwise does not result in the issuance of all or a portion of the Shares subject to such Award, the Shares to which those Awards were subject, shall, to the extent of such forfeiture, expiration, termination, cash settlement or non-issuance, again be available for delivery with respect to Awards under the Plan, subject to Section 4(c)(iii) below.  Notwithstanding the forgoing, in the event that any Option or other Award granted hereunder is exercised through the tendering of Shares (either actually or by attestation) or by the withholding of Shares by the Company, or withholding tax liabilities arising from such Option or other Award are satisfied by the tendering of Shares (either actually or by attestation) or by the withholding of Shares by the Company, then such tendered or withheld Shares shall not be again be available with respect to Awards under </FONT><FONT style=" text-transform: none;">the Plan.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(ii)&#160;Substitute Awards shall not reduce the Shares authorized for delivery under the Plan or authorized for delivery to a Participant in any period. Additionally, in the event that a company acquired by the Company or any Related Entity or with which the Company or any Related Entity combines has shares available under a pre-existing plan approved by its </FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>stockholders</I></B></FONT><FONT style=" text-transform: none;">, the shares available for delivery pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for delivery under the Plan if and to the extent that the use of such Shares would not require approval of the Company&#8217;s </FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>stockholders</I></B></FONT><FONT style=" text-transform: none;"> under the rules of the </FONT><FONT style=" text-transform: none;">Listing Market.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(iii)&#160;Any Share that again becomes available for delivery pursuant to this Section 4(c) shall be added back as one </FONT><FONT style=" text-transform: none;">(1) Share.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(iv)&#160;Notwithstanding anything in this Section 4(c) to the contrary but subject to adjustment as provided in Section 10(c) hereof, the maximum aggregate number of Shares that may be delivered under the Plan as a result of the exercise of the Incentive Stock Options shall be </FONT><FONT style=" text-transform: none;">15,000,000 Shares.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>5.</B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Eligibility; Per-Person Award Limitations</I></B></FONT><FONT style=" text-transform: none;">. Awards may be granted under the Plan only to Eligible Persons. Subject to adjustment as provided in Section 10(c), in any fiscal year of the Company during any part of which the Plan is in effect, no Participant may be granted (i) Options or Stock Appreciation Rights with respect to more than 3,000,000 Shares or (ii) Restricted Stock, Restricted Stock Units, Performance Shares and/or Other Stock-Based Awards with respect to more than 3,000,000 Shares. In addition, the maximum dollar value payable to any one Participant with respect to Performance Units is (x) $1,000,000 with respect to any 12 month Performance Period and (y) with respect to any Performance Period that is more than 12 </FONT><FONT style=" text-transform: none;">months, $2,000,000.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>6.</B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Specific Terms </I></B></FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>of Awards</I></B></FONT><FONT style=" text-transform: none;"><B>.</B></FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(a)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>General</I></B></FONT><FONT style=" text-transform: none;">. Awards may be granted on the terms and conditio</FONT><FONT style=" text-transform: none;">ns set forth in this Section 6. In addition, the Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter (subject to Section 10(e)), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including terms requiring forfeiture of Awards in the event of termination of the Participant&#8217;s Continuous Service and terms permitting a Participant to make elections relating to his or her Award. Except as otherwise expressly provided herein, the Committee shall retain full power and discretion to accelerate, waive or modify, at any time, any term or condition of an Award that is not mandatory under the Plan. Except in cases in which the Committee is authorized to require other forms of consideration under the Plan, or to the extent other forms of consideration must be paid to satisfy the requirements of Nevada law, no consideration other than services may be required for the grant (as opposed to the exercise) of </FONT><FONT style=" text-transform: none;">any Award.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(b)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Options</I></B></FONT><FONT style=" text-transform: none;">. The Committee is authorized to grant Options to any Eligible Person on the following terms </FONT><FONT style=" text-transform: none;">and conditions:</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(i)&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Exercise Price</I></B></FONT><FONT style=" text-transform: none;">. Other than in connection with Substitute Awards, the exercise price per Share purchasable under an Option shall be determined by the Committee, provided that such exercise price shall not be less than 100% of the Fair Market Value of a Share on the date of grant of the Option and shall not, in any event, be less than the par value of a Share on the date of grant of the Option. If an Employee owns or is deemed to own (by reason of the attribution rules applicable under Section 424(d) of the Code) more than 10% of the combined voting power of all classes of stock of the Company (or any parent corporation or subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) and an Incentive Stock Option is granted to such Employee, the exercise price of such Incentive Stock Option (to the extent required by the Code at the time of grant) shall be no less than 110% of the Fair Market Value of a Share on the date such Incentive Stock Option is granted.  Other than pursuant to Section 10(c)(i) and (ii), the Committee shall not be permitted to (A) lower the exercise price per Share of an Option after it is granted, (B) cancel an Option when the exercise price per Share exceeds the Fair Market Value of the underlying Shares in exchange for another Award (other than in connection with Substitute Awards), or (C) take any other action with respect to an Option that may be treated as a repricing pursuant to the applicable rules of the Listing Market, without approval of the </FONT><FONT style=" text-transform: none;">Company&#8217;s shareholders.</FONT></P>

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					<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Arial, sans-serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">6</FONT></P>


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			<DIV style=" border: 0pt; padding-top: 0pt; top: 39.6pt; left: 39.6pt; padding-left: 0pt; width: 594pt; padding-bottom: 0pt; position: absolute; padding-right: 0pt; height: 769.56pt;">
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(ii)&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Time and Method of Exercise</I></B></FONT><FONT style=" text-transform: none;">. The Committee shall determine the time or times at which or the circumstances under which an Option may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the time or times at which Options shall cease to be or become exercisable following termination of Continuous Service or upon other conditions, the methods by which the exercise price may be paid or deemed to be paid (including in the discretion of the Committee a cashless exercise procedure), the form of such payment, including, without limitation, cash, Shares (including without limitation the withholding of Shares otherwise deliverable pursuant to the Award), other Awards or awards granted under other plans of the Company or a Related Entity, or other property and the methods by or forms in which Shares will be delivered or deemed to be delivered </FONT><FONT style=" text-transform: none;">to Participants.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(iii)&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Incentive Stock Options</I></B></FONT><FONT style=" text-transform: none;">. The terms of any Incentive Stock Option granted under the Plan shall comply in all respects with the provisions of Section 422 of the Code. Anything in the Plan to the contrary notwithstanding, no term of the Plan relating to Incentive Stock Options (including any Stock Appreciation Right issued in tandem therewith) shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be exercised, so as to disqualify either the Plan or any Incentive Stock Option under Section 422 of the Code, unless the Participant has first requested, or consents to, the change that will result in such disqualification. Thus, if and to the extent required to comply with Section 422 of the Code, Options granted as Incentive Stock Options shall be subject to the following special terms </FONT><FONT style=" text-transform: none;">and conditions:</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 158.4pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(A)&#160;the Option shall not be exercisable for more than ten years after the date such Incentive Stock Option is granted; provided, however, that if a Participant owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than 10% of the combined voting power of all classes of stock of the Company (or any parent corporation or subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) and the Incentive Stock Option is granted to such Participant, the term of the Incentive Stock Option shall be (to the extent required by the Code at the time of the grant) for no more than five years from the date of </FONT><FONT style=" text-transform: none;">grant; and</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 158.4pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(B)&#160;The aggregate Fair Market Value (determined as of the date the Incentive Stock Option is granted) of the Shares with respect to which Incentive Stock Options granted under the Plan and all other option plans of the Company (and any parent corporation or subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) that become exercisable for the first time by the Participant during any calendar year shall not (to the extent required by the Code at the time of the grant) </FONT><FONT style=" text-transform: none;">exceed $100,000.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(c)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Stock Appreciation Rights</I></B></FONT><FONT style=" text-transform: none;">. The Committee may grant Stock Appreciation Rights to any Eligible Person in conjunction with all or part of any Option granted under the Plan or at any subsequent time during the term of such Option (a &#8220;Tandem Stock Appreciation Right&#8221;), or without regard to any Option (a &#8220;Freestanding Stock Appreciation Right&#8221;), in each case upon such terms and conditions as the Committee may establish in its sole discretion, not inconsistent with the provisions of the Plan, including </FONT><FONT style=" text-transform: none;">the following:</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(i)&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Right to Payment</I></B></FONT><FONT style=" text-transform: none;">. A Stock Appreciation Right shall confer on the Participant to whom it is granted a right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of one Share on the date of exercise over (B) the grant price of the Stock Appreciation Right as determined by the Committee. The grant price of a Stock Appreciation Right shall not be less than 100% of the Fair Market Value of a Share on the date of grant, in the case of a Freestanding Stock Appreciation Right, or less than the associated Option exercise price, in the case of a Tandem Stock Appreciation Right.  Other than pursuant to Section 10(c)(i) and (ii), the Committee shall not be permitted to (A) lower the grant price per Share of a Stock Appreciation Right after it is granted, (B) cancel a Stock Appreciation Right when the grant price per Share exceeds the Fair Market Value of the underlying Shares in exchange for another Award (other than in connection with Substitute Awards), or (C) take any other action with respect to a Stock Appreciation Right that may be treated as a repricing pursuant to the applicable rules of the Listing Market, without </FONT><FONT style=" text-transform: none;">shareholder approval.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(ii)&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Other Terms</I></B></FONT><FONT style=" text-transform: none;">. The Committee shall determine at the date of grant or thereafter, the time or times at which and the circumstances under which a Stock Appreciation Right may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the time or times at which Stock Appreciation Rights shall cease to be or become exercisable following termination of Continuous Service or upon other conditions, the method of exercise, m</FONT><FONT style=" text-transform: none;">ethod of settlement, form of consideration payable in settlement, method by or forms in which Shares will be delivered or deemed to be delivered to Participants, whether or not a Stock Appreciation Right shall be in tandem or in combination with any other Award, and any other terms and conditions of any Stock </FONT><FONT style=" text-transform: none;">Appreciation Right.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(iii)&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Tandem Stock Appreciation Rights</I></B></FONT><FONT style=" text-transform: none;">. Any Tandem Stock Appreciation Right may be granted at the same time as the related Option is granted or, for Options that are not Incentive Stock Options, at any time thereafter before exercise or expiration of such Option. Any Tandem Stock Appreciation Right related to an Option may be exercised only when the related Option would be exercisable and the Fair Market Value of the Shares subject to the related Option exceeds the exercise price at which Shares can be acquired pursuant to the Option. In addition, if a Tandem Stock Appreciation Right exists with respect to less than the full number of Shares covered by a related Option, then an exercise or termination of such Option shall not reduce the number of Shares to which the Tandem Stock Appreciation Right applies until the number of Shares then exercisable under such Option equals the number </FONT><FONT style=" text-transform: none;">of Shares </FONT></P>

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			<DIV style=" border: 0pt; padding-top: 0pt; top: 39.6pt; left: 39.6pt; padding-left: 0pt; width: 594pt; padding-bottom: 0pt; position: absolute; padding-right: 0pt; height: 777.15pt;">
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">to which the Tandem Stock Appreciation Right applies. Any Option related to a Tandem Stock Appreciation Right shall no longer be exercisable to the extent the Tandem Stock Appreciation Right has been exercised, and any Tandem Stock Appreciation Right shall no longer be exercisable to the extent the related Option has </FONT><FONT style=" text-transform: none;">been exercised.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(d)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Restricted Stock Awards.</I></B></FONT><FONT style=" text-transform: none;">. The Committee is authorized to grant Restricted Stock Awards to any Eligible Person on the following terms </FONT><FONT style=" text-transform: none;">and conditions:</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(i)&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Grant and Restrictions</I></B></FONT><FONT style=" text-transform: none;">. Restricted Stock Awards shall be subject to such restrictions on transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose, or as otherwise provided in this Plan during the Restricted Period. The terms of any Restricted Stock Award granted under the Plan shall be set forth in a written Award Agreement which shall contain provisions determined by the Committee and not inconsistent with the Plan. The restrictions may lapse separately or in combination at such times, under such circumstances (including based on achievement of performance goals and/or future service requirements), in such installments or otherwise, as the Committee may determine at the date of grant or thereafter. Except to the extent restricted under the terms of the Plan and any Award Agreement relating to a Restricted Stock Award, a Participant granted Restricted Stock shall have all of the rights of a shareholder, including the right to vote the Restricted Stock and the right to receive dividends thereon subject to Section 6(k) (subject to any mandatory reinvestment or other requirement imposed by the Committee). During the period that the Restriction Stock Award is subject to a risk of forfeiture, subject to Section 10(b) below and except as otherwise provided in the Award Agreement, the Restricted Stock may not be sold, transferred, pledged, hypothecated, margined or otherwise encumbered by </FONT><FONT style=" text-transform: none;">the Participant.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(ii)&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Forfeiture</I></B></FONT><FONT style=" text-transform: none;">. Except as otherwise determined by the Committee, upon termination of a Participant&#8217;s Continuous Service during the applicable Restriction Period, the Participant&#8217;s Restricted Stock that is at that time subject to a risk of forfeiture that has not lapsed or otherwise been satisfied shall be forfeited and reacquired by the Company; provided that the Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that forfeiture conditions relating to Restricted Stock Awards shall be waived in whole or in part in the event of terminations resulting from specified causes, and the Committee may in other cases waive in whole or in part the forfeiture of </FONT><FONT style=" text-transform: none;">Restricted Stock.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(iii)&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Certificates for Stock</I></B></FONT><FONT style=" text-transform: none;">. Restricted Stock granted under the Plan may be evidenced in such manner as the Committee shall determine. If certificates representing Restricted Stock are registered in the name of the Participant, the Committee may require that such certificates bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Stock, that the Company retain physical possession of the certificates, and that the Participant deliver a stock power to the Company, endorsed in blank, relating to the </FONT><FONT style=" text-transform: none;">Restricted Stock.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(iv)&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Dividends and Splits</I></B></FONT><FONT style=" text-transform: none;">.  Any cash dividends declared with respect to shares of Restricted Stock shall be held in escrow by the Committee until such time as the shares of Restricted Stock are no longer subject to a substantial risk of forfeiture or are otherwise vested and, in the event that such shares of Restricted Stock are subsequently forfeited, the cash dividends attributable to such portion shall be forfeited.  As a condition to the grant of a Restricted Stock Award, the Committee may require or permit a Participant to elect that any cash dividends paid on a Share of Restricted Stock be automatically reinvested in additional Shares of Restricted Stock or applied to the purchase of additional Awards under the Plan.  Unless otherwise determined by the Committee, Shares distributed in connection with a stock split or stock dividend, and other property distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Shares or other property have </FONT><FONT style=" text-transform: none;">been distributed.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(e)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Restricted Stock Unit Award</I></B></FONT><FONT style=" text-transform: none;">. The Committee is authorized to grant Restricted Stock Unit Awards to any Eligible Person on the following terms </FONT><FONT style=" text-transform: none;">and conditions:</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(i)&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Award and Restrictions</I></B></FONT><FONT style=" text-transform: none;">. Satisfaction of a Restricted Stock Unit Award shall occur upon expiration of the deferral period specified for such Restricted Stock Unit Award by the Committee (or, if permitted by the Committee, as elected by the Participant). In addition, a Restricted Stock Unit Award shall be subject to such restrictions (which may include a risk of forfeiture) as the Committee may impose, if any, which restrictions may lapse at the expiration of the deferral period or at earlier specified times (including based on achievement of performance goals and/or future service requirements), separately or in combination, in installments or otherwise, as the Committee may determine. A Restricted Stock Unit Award may be satisfied by delivery of Shares, cash equal to the Fair Market Value of the specified number of Shares covered by the Restricted Stock Unit, or a combination thereof, as determined by the Committee at the date of grant or thereafter. Prior to settlement of a Restricted Stock Unit Award, a Restricted Stock Unit Award carries no voting or dividend or other rights associated with </FONT><FONT style=" text-transform: none;">Share ownership.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(ii)&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Forfeiture</I></B></FONT><FONT style=" text-transform: none;">. Except as otherwise determined by the Committee, upon termination of a Participant&#8217;s Continuous Service during the applicable deferral period or portion thereof to which forfeiture conditions apply (as provided in the Award Agreement evidencing the Restricted Stock Unit Award), the Participant&#8217;s Restricted Stock Unit Award that is at that time subject to a risk of forfeiture that has not lapsed or otherwise been satisfied shall be forfeited; provided that the Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that forfeiture conditions relating to a Restricted Stock Unit Award shall be waived in whole or in part in the event of terminations resulting from specified causes, and the Committee may in other cases waive in whole or in part the forfeiture of any Restricted Stock </FONT><FONT style=" text-transform: none;">Unit Award.</FONT></P>

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				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(iii)&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Dividend Equivalents</I></B></FONT><FONT style=" text-transform: none;">. Unless otherwise determined by the Committee at the date of grant, and subject to Section 6(k), any Dividend Equivalents that are granted with respect to any Restricted Stock Unit Award shall be either (</FONT><FONT style=" text-transform: none;">A) paid with respect to such Restricted Stock Unit Award at the dividend payment date in cash or in unrestricted stock having a Fair Market Value equal to the amount of such dividends, or (B) deferred with respect to such Restricted Stock Unit Award and the amount or value thereof automatically deemed reinvested in additional Restricted Stock Units, other Awards or other investment vehicles, as the Committee shall determine or permit the Participant to elect.  The applicable Award Agreement shall specify whether any Dividend Equivalents shall be paid at the dividend payment date, deferred or deferred at the election of the Participant. If the Participant may elect to defer the Dividend Equivalents, such election shall be made within 30 days after the grant date of the Restricted Stock Unit Award, but in no event later than 12 months before the first date on which any portion of such Restricted Stock Unit Award vests (or at such other times prescribed by the Committee as shall not result in a violation of Section 409A of the Code).  Notwithstanding the foregoing, any Dividend Equivalents that are granted with respect to any Restricted Stock Unit Award shall be held in escrow by the Committee until such time as the Restricted Stock Award that such Dividend Equivalents are attributed to shall become no longer subject to a substantial risk of forfeiture or otherwise satisfied any vesting conditions, and in the event that such Restricted Stock Award is subsequently forfeited, the Dividend Equivalents attributable to such portion shall </FONT><FONT style=" text-transform: none;">be forfeited.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(f)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Bonus Stock and Awards in Lieu of Obligations</I></B></FONT><FONT style=" text-transform: none;">. The Committee is authorized to grant Shares to any Eligible Persons as a bonus, or to grant Shares or other Awards in lieu of obligations to pay cash or deliver other property under the Plan or under other plans or compensatory arrangements, provided that, in the case of Eligible Persons subject to Section 16 of the Exchange Act, the amount of such grants remains within the discretion of the Committee to the extent necessary to ensure that acquisitions of Shares or other Awards are exempt from liability under Section 16(b) of the Exchange Act. Shares or Awards granted hereunder shall be subject to such other terms as shall be determined by </FONT><FONT style=" text-transform: none;">the Committee.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(g)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Dividend Equivalents</I></B></FONT><FONT style=" text-transform: none;">. The Committee is authorized to grant Dividend Equivalents to any Eligible Person entitling the Eligible Person to receive cash, Shares, other Awards, or other property equal in value to the dividends paid with respect to a specified number of Shares, or other periodic payments.  Dividend Equivalents may be awarded on a free-standing basis or in connection with another Award.  Subject to Section 6(k), the Committee may provide that Dividend Equivalents shall be paid or distributed when accrued or shall be deemed to have been reinvested in additional Shares, Awards, or other investment vehicles, and subject to such restrictions on transferability and risks of forfeiture, as the Committee may specify subject to Section 6(k) as applicable. Any such determination by the Committee shall be made at the grant date of the </FONT><FONT style=" text-transform: none;">applicable Award.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(h)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Performance Awards</I></B></FONT><FONT style=" text-transform: none;">. The Committee is authorized to grant Performance Awards to any Eligible Person payable in cash, Shares, or other Awards, on terms and conditions established by the Committee, subject to the provisions of Section 8 if and to the extent that the Committee shall, in its sole discretion, determine that an Award shall be subject to those provisions. The performance criteria to be achieved during any Performance Period and the length of the Performance Period shall be determined by the Committee upon the grant of each Performance Award; provided, however, that a Performance Period shall not be shorter than twelve (12) months nor longer than five (5) years. Except as provided in Section 9 or as may be provided in an Award Agreement, Performance Awards will be distributed only after the end of the relevant Performance Period. The performance goals to be achieved for each Performance Period shall be conclusively determined by the Committee and may be based upon the criteria set forth in Section 8(b), or in the case of an Award that the Committee determines shall not be subject to Section 8 hereof, any other criteria that the Committee, in its sole discretion, shall determine should be used for that purpose. The amount of the Award to be distributed shall be conclusively determined by the Committee. Performance Awards may be paid in a lump sum or in installments following the close of the Performance Period or, in accordance with procedures established by the Committee, on a deferred basis in a manner that does not violate the requirements of Section 409A of </FONT><FONT style=" text-transform: none;">the Code.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(i)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Other Stock-Based Awards</I></B></FONT><FONT style=" text-transform: none;">. The Committee is authorized, subject to limitations under applicable law, to grant to any Eligible Person such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares, as deemed by the Committee to be consistent with the purposes of the Plan. Other Stock-Based Awards may be granted to Participants either alone or in addition to other Awards granted under the Plan, and such Other Stock-Based Awards shall also be available as a form of payment in the settlement of other Awards granted under the Plan. The Committee shall determine the terms and conditions of such Awards. Shares delivered pursuant to an Award in the nature of a purchase right granted under this Section 6(i) shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including, without limitation, cash, Shares, other Awards or other property, as the Committee </FONT><FONT style=" text-transform: none;">shall determine.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(j)</I></B></FONT><FONT style=" text-transform: none;"> </FONT><FONT style=" text-transform: none;"><B>Certain Vesting Requirements and Limitations on Waiver of Forfeiture Restrictions</B></FONT><FONT style=" text-transform: none;">.   Awards granted under the Plan shall be subject to a minimum vesting period of not less than one (1) year from the date of grant of the Award. This minimum vesting period may be accelerated or waived in the event of a Participant&#8217;s death, disability, retirement, termination of employment, upon a Change in Control or such other events that the Committee determines. Notwithstanding the minimum vesting period, up to five percent (5%) of the Shares reserved for Awards under Section 4(a) of the Plan, subject to adjustment under Section 10(c), may be granted with vesting terms not conforming to the one (1) year minimum </FONT><FONT style=" text-transform: none;">vesting period.</FONT></P>

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				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(k)</I></B></FONT><FONT style=" text-transform: none;"> </FONT><FONT style=" text-transform: none;"><B>Dividend Payments</B></FONT><FONT style=" text-transform: none;">. Notwithstanding anything to the contrary in the Plan, subject to Section 6(d)(iv) hereof with respect to cash dividends that are declared with respect to shares of Restricted Stock that are granted with respect to any Restricted Stock or subject to Section 6(e)(iii) hereof with respect to Dividend Equivalents that granted with respect to any Restricted Stock Unit Award, any cash dividends or equivalents that are declared and not reinvested subject to a substantial risk of forfeiture with respect to Awards shall be held in escrow by the Committee until such time as the Shares or Restricted Stock Units with respect to which such cash dividends are declared are no longer subject to a substantial risk of forfeiture or are otherwise vested and, in the event that such Shares or Restricted Stock Units are subsequently forfeited, the cash dividends or equivalents attributable to such portion shall </FONT><FONT style=" text-transform: none;">be forfeited.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>7.</B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Certain Provisions Applicable </I></B></FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>to Awards</I></B></FONT><FONT style=" text-transform: none;"><B>.</B></FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(a)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Stand-Alone, Additional, Tandem, and Substitute Awards</I></B></FONT><FONT style=" text-transform: none;">. Awards granted under the Plan may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under another plan of the Company, any Related Entity, or any business entity to be acquired by the Company or a Related Entity, or any other right of a Participant to receive payment from the Company or any Related Entity. Such additional, </FONT><FONT style=" text-transform: none;">tandem, and substitute or exchange Awards may be granted at any time. If an Award is granted in substitution or exchange for another Award or award, the Committee shall require the surrender of such other Award or award in consideration for the grant of the new Award. In addition, Awards may be granted in lieu of cash compensation, including in lieu of cash amounts payable under other plans of the Company or any Related Entity, in which the value of Shares subject to the Award is equivalent in value to the cash compensation (for example, Restricted Stock or Restricted Stock Units), or in which the exercise price, grant price or purchase price of the Award in the nature of a right that may be exercised is equal to the Fair Market Value of the underlying Shares minus the value of the cash compensation surrendered (for example, Options or Stock Appreciation Right granted with an exercise price or grant price &#8220;discounted&#8221; by the amount of the cash compensation surrendered), provided that any such determination to grant an Award in lieu of cash compensation must be made in a manner intended to comply with Section 409A of </FONT><FONT style=" text-transform: none;">the Code.&#160;</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(b)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Term of Awards</I></B></FONT><FONT style=" text-transform: none;">. The term of each Award shall be for such period as may be determined by the Committee; provided that in no event shall the term of any Option or Stock Appreciation Right exceed a period of ten years (or in the case of an Incentive Stock Option such shorter term as may be required under Section 422 of </FONT><FONT style=" text-transform: none;">the Code).</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(c)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Form and Timing of Payment Under Awards; Deferrals</I></B></FONT><FONT style=" text-transform: none;">. Subject to the terms of the Plan and any applicable Award Agreement, payments to be made by the Company or a Related Entity upon the exercise of an Option or other Award or settlement of an Award may be made in such forms as the Committee shall determine, including, without limitation, cash, Shares, other Awards or other property, and may be made in a single payment or transfer, in installments, or on a deferred basis, provided that any determination to pay in installments or on a deferred basis shall be made by the Committee at the date of grant. Any installment or deferral provided for in the preceding sentence shall, however, be subject to the Company&#8217;s compliance with applicable law and all applicable rules of the Listing Market, and in a manner intended to be exempt from or otherwise satisfy the requirements of Section 409A of the Code. Subject to Section 7(e) hereof, the settlement of any Award may be accelerated, and cash paid in lieu of Shares in connection with such settlement, in the sole discretion of the Committee or upon occurrence of one or more specified events (in addition to a Change in Control). Any such settlement shall be at a value determined by the Committee in its sole discretion, which, without limitation, may in the case of an Option or Stock Appreciation Right be limited to the amount if any by which the Fair Market Value of a Share on the settlement date exceeds the exercise or grant price. Installment or deferred payments may be required by the Committee (subject to Section 7(e) of the Plan, including the consent provisions thereof in the case of any deferral of an outstanding Award not provided for in the original Award Agreement) or permitted at the election of the Participant on terms and conditions established by the Committee, all in a manner that is intended to be exempt from or otherwise satisfy the requirements of Section 409A of the Code. The Committee may, without limitation, make provision for the payment or crediting of a reasonable interest rate on installment or deferred payments or the grant or crediting of Dividend Equivalents or other amounts in respect of installment or deferred payments denominated </FONT><FONT style=" text-transform: none;">in Shares.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(d)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Exemptions from Section 16(b) Liability. </I></B></FONT><FONT style=" text-transform: none;">It is the intent of the Company that the grant of any Awards to or other transaction by a Participant who is subject to Section 16 of the Exchange Act shall be exempt from Section 16 pursuant to an applicable exemption (except for transactions acknowledged in writing to be non-exempt by such Participant). Accordingly, if any provision of this Plan or any Award Agreement does not comply with the requirements of Rule 16b-3 then applicable to any such transaction, such provision shall be construed or deemed amended to the extent necessary to conform to the applicable requirements of Rule 16b-3 so that such Participant shall avoid liability under </FONT><FONT style=" text-transform: none;">Section 16(b).</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(e)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Code </I></B></FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Section 409A</I></B></FONT><FONT style=" text-transform: none;">.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(i) The Award Agreement for any Award that the Committee reasonably determines to constitute a Section 409A Plan, as defined in Section 7(e)(ii) hereof, and the provisions of the Plan applicable to that Award, shall be construed in a manner consistent with the applicable requirements of Section 409A of the Code, and the Committee, in its sole discretion and without the consent of any Participant, may amend any Award Agreement (and the provisions of the Plan applicable thereto) if and to the extent that the Committee determines that such amendment is necessary or appropriate to comply with the requirements of Section 409A of </FONT><FONT style=" text-transform: none;">the Code.</FONT></P>

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			<DIV style=" border: 0pt; padding-top: 0pt; top: 39.6pt; left: 39.6pt; padding-left: 0pt; width: 594pt; padding-bottom: 0pt; position: absolute; padding-right: 0pt; height: 762.3pt;">
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(ii) If any Award constitutes a &#8220;nonqualified deferred compensation plan&#8221; under Section 409A of the Code (a &#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Section 409A Plan</I></B></FONT><FONT style=" text-transform: none;">&#8221;), then the Award shall be subject to the following additional requirements, if and to the extent required to comply with Section 409A of </FONT><FONT style=" text-transform: none;">the Code:</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 158.4pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(A) Payments under the Section 409A Plan may be made only upon (u) the Participant&#8217;s &#8220;separation from service&#8221;, (v) the date the Participant becomes &#8220;disabled&#8221;, (w) the Participant&#8217;s death, (x) a &#8220;specified time (or pursuant to a fixed schedule)&#8221; specified in the Award Agreement at the date of the deferral of such compensation, (y) a &#8220;change in the ownership or effective control of the corporation, or in the ownership of a substantial portion of the assets&#8221; of the Company, or (z) the occurrence of an </FONT><FONT style=" text-transform: none;">&#8220;unforeseeble emergency&#8221;;</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 158.4pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(B) The time or schedule for any payment of the deferred compensation may not be accelerated, except to the extent provided in applicable Treasury Regulations or other applicable guidance issued by the Internal </FONT><FONT style=" text-transform: none;">Revenue Service;</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 158.4pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(C) Any elections with respect to the deferral of such compensation or the time and form of distribution of such deferred compensation shall comply with the requirements of Section 409A(a)(4) of the </FONT><FONT style=" text-transform: none;">Code; and</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 158.4pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(D) In the case of any Participant who is &#8220;specified employee&#8221;, a distribution on account of a &#8220;separation from service&#8221; may not be made before the date which is six months after the date of the Participant&#8217;s &#8220;separation from service&#8221; (or, if earlier, the date of the </FONT><FONT style=" text-transform: none;">Participant&#8217;s death).</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">For purposes of the foregoing, the terms in quotations shall have the same meanings as those terms have for purposes of Section 409A of the Code, and the limitations set forth herein shall be applied in such manner (and only to the extent) as shall be necessary to comply with any requirements of Section 409A of the Code that are applicable to </FONT><FONT style=" text-transform: none;">the Award.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(iii) Notwithstanding the foregoing, or any provision of this Plan or any Award Agreement, the Company does not make any representation to any Participant or Beneficiary that any Awards made pursuant to this Plan are exempt from, or satisfy, the requirements of, Section 409A, and the Company shall have no liability or other obligation to indemnify or hold harmless the Participant or any Beneficiary for any tax, additional tax, interest or penalties that the Participant or any Beneficiary may incur in the event that any provision of this Plan, or any Award Agreement, or any amendment or modification thereof, or any other action taken with respect thereto, is deemed to violate any of the requirements of </FONT><FONT style=" text-transform: none;">Section 409A.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>8.</B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Performance Grants</I></B></FONT><FONT style=" text-transform: none;"><B>.</B></FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(a)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Performance Criteria</I></B></FONT><FONT style=" text-transform: none;">. If a Performance Award is subject to this Section 8, then the payment or distribution thereof or the lapsing of restrictions thereon and the distribution of cash, Shares or other property pursuant theret</FONT><FONT style=" text-transform: none;">o, as applicable, shall be contingent upon achievement of one or more objective performance goals. Performance goals shall be objective and shall include one or more of the following business criteria for the Company, on a consolidated basis, and/or for Related Entities, or for business or geographical units of the Company and/or a Related Entity (except with respect to the total shareholder return and earnings per share criteria), shall be used by the Committee in establishing performance goals for such Awards: (1) earnings per share; (2) revenues or margins; (3) cash flow; (4) operating margin; (5) return on net assets, investment, capital, or equity; (6) economic value added; (7) direct contribution; (8) net income; pretax earnings; earnings before interest and taxes; earnings before interest, taxes, depreciation and amortization; earnings after interest expense and before extraordinary or special items; operating income or income from operations; income before interest income or expense, unusual items and income taxes, local, state or federal and excluding budgeted and actual bonuses which might be paid under any ongoing bonus plans of the Company; (9) working capital; (10) management of fixed costs or variable costs; (11) identification or consummation of investment opportunities or completion of specified projects in accordance with corporate business plans, including strategic mergers, acquisitions or divestitures; (12) total shareholder return; (13) debt reduction; (14) market share; (15) entry into new markets, either geographically or by business unit; (16) customer retention and satisfaction; (17) strategic plan development and implementation, including turnaround plans; (18) the Fair Market Value of a Share; and/or (19) such other goals as determined by the Compensation Committee. Any of the above goals may be determined on an absolute or relative basis or as compared to the performance of a published or special index deemed applicable by the Committee including, but not limited to, the Standard &amp; Poor&#8217;s 500 Stock Index or a group of companies that are comparable to </FONT><FONT style=" text-transform: none;">the Company. </FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(b)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Performance Period; Timing For Establishing Performance Goals</I></B></FONT><FONT style=" text-transform: none;">. Achievement of performance goals in respect of Performance Awards shall be measured over a Performance Period no shorter than twelve (12) months and no longer than five (5) years, as specified by </FONT><FONT style=" text-transform: none;">the Committee. </FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(c)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Adjustments</I></B></FONT><FONT style=" text-transform: none;">.  The Committee may, in its discretion, change the amount of a settlement otherwise to be made in connection with Awards subject to this Section 8.  The Committee shall specify the circumstances in which such Awards shall be paid or forfeited in the event of termination of Continuous Service by the Participant prior to the end of a Performance Period or settlement </FONT><FONT style=" text-transform: none;">of Awards.</FONT></P>

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				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>9.</B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Change </I></B></FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>in Control</I></B></FONT><FONT style=" text-transform: none;"><B>.</B></FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(a)</I></B></FONT><FONT style=" text-transform: none;"> </FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Effect of &#8220;Change in Control.&#8221;</I></B></FONT><FONT style=" text-transform: none;"> Subject to (i) any employment or other agreement between the Participant and the Company or any Related Entity, or in any Award Agreement, and (ii) the authority and power of the Committee pursuant to Section 6 and Section 10 hereof, which shall remain in effect notwithstanding this Section 9, and without any requirement that each Participant be treated consistently, upon the occurrence of a &#8220;Change in Control,&#8221; as defined in </FONT><FONT style=" text-transform: none;">Section 9(b):</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(A) Any Option or Stock Appreciation Right that was not previously or does not become vested and exercisable as of the time of the Change in Control, shall become immediately vested and exercisable, upon an involuntary termination of employment of the Participant on or after a Change </FONT><FONT style=" text-transform: none;">in Control.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(B) Any restrictions, deferral of settlement, and forfeiture conditions applicable to a Restricted Stock Award, Restricted Stock Unit Award or an Other Stock-Based Award subject only to future service requirements granted under the Plan that have not previously or do not lapse as of the time of the Change in Control shall be deemed fully vested upon an involuntary termination of the Participant on or after a Change </FONT><FONT style=" text-transform: none;">in Control.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(C)&#160;With respect to any outstanding Award subject to achievement of performance goals and conditions under the Plan, the Committee may, in its discretion, deem such performance goals and conditions as having been met as of the date of the Change </FONT><FONT style=" text-transform: none;">in Control.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(b)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Definition of &#8220;Change in Control&#8221;</I></B></FONT><FONT style=" text-transform: none;">. Unless otherwise specified in any employment agreement between the Participant and the Company or any Related Entity, or in an Award Agreement, a &#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Change in Control</I></B></FONT><FONT style=" text-transform: none;">&#8221; shall mean the occurrence of any of </FONT><FONT style=" text-transform: none;">the following:</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(i)&#160;The acquisition by any Person of Beneficial Ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than fifty percent (50%) of either (A) the value of then outstanding equity securities of the Company (the &#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Outstanding Company Stock</I></B></FONT><FONT style=" text-transform: none;">&#8221;) or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the &#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Outstanding Company Voting Securities</I></B></FONT><FONT style=" text-transform: none;">&#8221;) (the foregoing Beneficial Ownership hereinafter being referred to as a &#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Controlling Interest</I></B></FONT><FONT style=" text-transform: none;">&#8221;); provided, however, that for purposes of this Section 9(b), the following acquisitions shall not constitute or result in a Change in Control: (v) any acquisition directly from the Company; (w) any acquisition by the Company; (x) any acquisition by any Person that as of the Effective Date owns Beneficial Ownership of a Controlling Interest; (y) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Related Entity; or (z) any acquisition by any entity pursuant to a transaction which complies with clauses (A), (B) and (C) of subsection (iii) </FONT><FONT style=" text-transform: none;">below; or</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(ii)&#160;During any period of two (2) consecutive years (not including any period prior to the Effective Date) individuals who constitute the Board on the Effective Date (the &#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Incumbent Board</I></B></FONT><FONT style=" text-transform: none;">&#8221;) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by the Company&#8217;s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the </FONT><FONT style=" text-transform: none;">Board; or</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(iii)&#160;Consummation of (A) a reorganization, merger, statutory share exchange or consolidation or similar transaction involving (x) the Company or (y) any of its Subsidiaries, but in the case of this clause (y) only if equity securities of the Company are issued or issuable in connection with the transaction (each of the events referred to in this clause (A) being hereinafter referred to as a &#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Business Reorganization</I></B></FONT><FONT style=" text-transform: none;">&#8221;), or (B) a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or equity of another entity by the Company or any of its Subsidiaries (each an &#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Asset Sale</I></B></FONT><FONT style=" text-transform: none;">&#8221;), in each case, unless, following such Business Reorganization or Asset Sale, (1) all or substantially all of the individuals and entities who were the Beneficial Owners, respectively, of the Outstanding Company Stock and Outstanding Company Voting Securities immediately prior to such Business Reorganization or Asset Sale beneficially own, directly or indirectly, more than fifty percent (50%) of the value of the then outstanding equity securities and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of members of the board of directors (or comparable governing body of an entity that does not have such a board), as the case may</FONT><FONT style=" text-transform: none;"> be, of the entity resulting from such Business Reorganization or Asset Sale (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company&#8217;s assets either directly or through one or more subsidiaries) (the &#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Continuing Entity</I></B></FONT><FONT style=" text-transform: none;">&#8221;) in substantially the same proportions as their ownership, immediately prior to such Business Reorganization or Asset Sale, of the Outstanding Company Stock and Outstanding Company Voting Securities, as the case may be (excluding any outstanding equity or voting securities of the Continuing Entity that such Beneficial Owners hold immediately following the consummation of the Business Reorganization or Asset Sale as a result of their ownership, prior to such consummation, of equity or voting securities of any company or other entity involved in or forming part of such Business Reorganization or Asset Sale other than the Company), (2) no Person (excluding any employee benefit plan (or related trust) of the Company or any Continuing Entity </FONT><FONT style=" text-transform: none;">or any </FONT></P>

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			<DIV style=" border: 0pt; padding-top: 0pt; top: 39.6pt; left: 39.6pt; padding-left: 0pt; width: 594pt; padding-bottom: 0pt; position: absolute; padding-right: 0pt; height: 762.3pt;">
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">entity controlled by the Continuing Corporation or any Person that as of the Effective Date owns Beneficial Ownership of a Controlling Interest) beneficially owns, directly or indirectly, fifty percent (50%) or more of the value of the then outstanding equity securities of the Continuing Entity or the combined voting power of the then outstanding voting securities of the Continuing Entity except to the extent that such ownership existed prior to the Business Reorganization or Asset Sale and (3) at least a majority of the members of the Board of Directors or other governing body of the Continuing Entity were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Reorganization or Asset </FONT><FONT style=" text-transform: none;">Sale; or</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(iv)&#160;Approval by the stockholders of the Company of a complete liquidation or dissolution of </FONT><FONT style=" text-transform: none;">the Company.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>10.</B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>General Provisions</I></B></FONT><FONT style=" text-transform: none;"><B>.</B></FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(a)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Compliance With Legal and Other Requirements</I></B></FONT><FONT style=" text-transform: none;">. The Company may, to the extent deemed necessary or advisable by the Committee, postpone the issuance or delivery of Shares or payment of other benefits under any Award until completion of such registration or qualification of such Shares or other required action under any federal or state law, rule or regulation, listing or other required action with respect to the Listing Market, or compliance with any other obligation of the Company, as the Committee, may consider appropriate, and may require any Participant to make such representations, furnish such information and comply with or be subject to such other conditions as it may consider appropriate in connection with the issuance or delivery of Shares or payment of other benefits in compliance with applicable laws, rules, and regulations, listing requirements, or </FONT><FONT style=" text-transform: none;">other obligations.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(b)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Limits on Transferability; Beneficiaries</I></B></FONT><FONT style=" text-transform: none;">. No Award or other right or interest granted under the Plan shall be pledged, hypothecated or otherwise encumbered or subject to any lien, obligation or liability of such Participant to any party, or assigned or transferred by such Participant otherwise than by will or the laws of descent and distribution or to a Beneficiary upon the death of a Participant, and such Awards or rights that may be exercisable shall be exercised during the lifetime of the Participant only by the Participant or his or her guardian or legal representative, except that Awards and other rights (other than Incentive Stock Options and Stock Appreciation Rights in tandem therewith) may be transferred to one or more Beneficiaries during the lifetime of the Participant, and may be exercised by such transferees in accordance with the terms of such Award, but only if and to the extent such transfers are permitted by the Committee pursuant to the express terms of an Award Agreement (subject to any terms and conditions which the Committee may impose thereon). A Beneficiary, transferee, or other person claiming any rights under the Plan from or through any Participant shall be subject to all terms and conditions of the Plan and any Award Agreement applicable to such Participant, except as otherwise determined by the Committee, and to any additional terms and conditions deemed necessary or appropriate by </FONT><FONT style=" text-transform: none;">the Committee.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(c)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Adjustments.</I></B></FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(i)&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Adjustments to Awards</I></B></FONT><FONT style=" text-transform: none;">. In the event that any extraordinary dividend or other distribution (whether in the form of cash, Shares, or other property), recapitalization, forward or reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase, share exchange, liquidation, dissolution or other similar corporate transaction or event affects the Shares and/or such other securities of the Company or any other issuer, then the Committee shall, in such manner as it may deem equitable, substitute, exchange or adjust any or all of (A) the number and kind of Shares which may be delivered in connection with Awards granted thereafter, (B) the number and kind of Shares by which annual per-person Award limitations are measured under Section 4 hereof, (C) the number and kind of Shares subject to or deliverable in respect of outstanding Awards, (D) the exercise price, grant price or purchase price relating to any Award and/or make provision for payment of cash or other property in respect of any outstanding Award, and (E) any other aspect of any Award that the Committee determines to </FONT><FONT style=" text-transform: none;">be appropriate.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(ii)&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Adjustments in Case of Certain Transactions</I></B></FONT><FONT style=" text-transform: none;">. In the event of any merger, consolidation or other reorganization in which the Company does not survive, or in the event of any Change in Control, any outstanding Awards may be dealt with in accordance with any of the following approaches, without the requirement of obtaining any consent or agreement of a Participant as such, as determined by the agreement effectuating the transaction or, if and to the extent not so determined, as determined by the Committee: (A) the continuation of the outstanding Awards by the Company, if the Company is a surviving entity, (B) the assumption or substitution for, as those terms are defined below, the outstanding Awards by the surviving entity or its parent or subsidiary, (C) full exercisability or vesting and accelerated expiration of the outstanding Awards, or (D) settlement of the value of the outstanding Awards in cash or cash equivalents or other property followed by cancellation of such Awards (which value, in the case of Options or Stock Appreciation Rights, shall be measured by the amount, if any, by which the Fair Market Value of a Share exceeds the exercise or grant price of the Option or Stock Appreciation Right as of the effective date of the transaction).  For the purposes of this Agreement, an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock-Based Award shall be considered assumed or substituted for if following the Change in Control the Award confers the right to purchase or receive, for each Share subject to the Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock-Based Award immediately prior to the Change in Control, on substantially the same vesting and other terms and conditions as were applicable to the Award immediately prior to the Change in Control, the consideration (whether stock, cash or other securities or property) received in the transaction constituting a Change in Control by holders of Shares for each Share held on the effective date of such transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of </FONT><FONT style=" text-transform: none;">the outstanding </FONT></P>

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				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">shares); provided, however, that if such consideration received in the transaction constituting a Change in Control is not solely common stock of the successor company or its parent or subsidiary, the Committee may, with the consent of the successor company or its parent o</FONT><FONT style=" text-transform: none;">r subsidiary, provide that the consideration to be received upon the exercise or vesting of an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock-Based Award, for each Share subject thereto, will be solely common stock of the successor company or its parent or subsidiary substantially equal in fair market value to the per share consideration received by holders of Shares in the transaction constituting a Change in Control. The determination of such substantial equality of value of consideration shall be made by the Committee in its sole discretion and its determination shall be conclusive and binding. The Committee shall give written notice of any proposed transaction referred to in this Section 10(c)(ii) at a reasonable period of time prior to the closing date for such transaction (which notice may be given either before or after the approval of such transaction), in order that Participants may have a reasonable period of time prior to the closing date of such transaction within which to exercise any Awards that are then exercisable (including any Awards that may become exercisable upon the closing date of such transaction). A Participant may condition his exercise of any Awards upon the consummation of </FONT><FONT style=" text-transform: none;">the transaction.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 118.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">(iii)&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Other Adjustments</I></B></FONT><FONT style=" text-transform: none;">. The Committee is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards (including Performance Awards, or performance goals and conditions relating thereto) in recognition of unusual or nonrecurring events (including, without limitation, acquisitions and dispositions of businesses and assets) affecting the Company, any Related Entity or any business unit, or the financial statements of the Company or any Related Entity, or in response to changes in applicable laws, regulations, accounting principles, tax rates and regulations or business conditions or in view of the Committee&#8217;s assessment of the business strategy of the Company, any Related Entity or business unit thereof, performance of comparable organizations, economic and business conditions, personal performance of a Participant, and any other circumstances deemed relevant. Adjustments permitted hereby may include, without limitation, increasing the exercise price of Options and Stock Appreciation Rights, increasing performance goals, or other adjustments that may be adverse to </FONT><FONT style=" text-transform: none;">the Participant. </FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(d)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Taxes</I></B></FONT><FONT style=" text-transform: none;">. The Company and any Related Entity are authorized to withhold from any Award granted, any payment relating to an Award under the Plan, including from a distribution of Shares, or any payroll or other payment to a Participant, amounts of withholding and other taxes due or potentially payable in connection with any transaction involving an Award, and to take such other action as the Committee may deem advisable to enable the Company or any Related Entity and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award. This authority shall include authority to withhold or receive Shares or other property and to make cash payments in respect thereof in satisfaction of a Participant&#8217;s tax obligations, either on a mandatory or elective basis in the discretion of </FONT><FONT style=" text-transform: none;">the Committee.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(e)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Changes to the Plan and Awards</I></B></FONT><FONT style=" text-transform: none;">. The Board may amend, alter, suspend, discontinue or terminate the Plan, or the Committee&#8217;s authority to grant Awards under the Plan, without the consent of shareholders or Participants, except that any amendment or alteration to the Plan shall be subject to the approval of the Company&#8217;s stockholders not later than the annual meeting next following such Board action if such shareholder approval is required by any federal or state law or regulation (including, without limitation, Rule 16b-3) or the rules of the Listing Market, and the Board may otherwise, in its discretion, determine to submit other such changes to the Plan to stockholders for approval; provided that, except as otherwise permitted by the Plan or Award Agreement, without the consent of an affected Participant, no such Board action may materially and adversely affect the rights of such Participant under the terms of any previously granted and outstanding Award. The Committee may waive any conditions or rights under, or amend, alter, suspend, discontinue or terminate any Award theretofore granted and any Award Agreement relating thereto, except as otherwise provided in the Plan; provided that, except as otherwise permitted by the Plan or Award Agreement, without the consent of an affected Participant, no such Committee or the Board action may materially and adversely affect the rights of such Participant under terms of </FONT><FONT style=" text-transform: none;">such Award. </FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(f) No Repricing.  </I></B></FONT><FONT style=" text-transform: none;">Notwithstanding anything to the contrary, the Committee shall not be authorized to amend any outstanding Option and/or Stock Appreciation Right to reduce the exercise price or grant price without the prior approval of the stockholders of the Company. In addition, the Committee shall not be authorized to cancel outstanding Options and/or Stock Appreciation Rights replaced with Awards having a lower exercise price without the prior approval of the stockholders of </FONT><FONT style=" text-transform: none;">the Company.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(g)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Limitation on Rights Conferred Under Plan</I></B></FONT><FONT style=" text-transform: none;">. Neither the Plan nor any action taken hereunder or under any Award shall be construed as (i) giving any Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service of the Company or a Related Entity; (ii) interfering in any way with the right of the Company or a Related Entity to terminate any Eligible Person&#8217;s or Participant&#8217;s Continuous Service at any time, (iii) giving an Eligible Person or Participant any claim to be granted any Award under the Plan or to be treated uniformly with other Participants and Employees, or (iv) conferring on a Participant any of the rights of a shareholder of the Company or any Related Entity including, without limitation, any right to receive dividends or distributions, any right to vote or act by written consent, any right to attend meetings of stockholders or any right to receive any information concerning the Company&#8217;s or any Related Entity&#8217;s business, financial condition, results of operation or prospects, unless and until such time as the Participant is duly issued Shares on the stock books of the Company or any Related Entity in accordance with the terms of an Award. None of the Company, its officers or its directors shall have any fiduciary obligation to the Participant with respect to any Awards unless and until the Participant is duly issued Shares pursuant to the Award on the stock books of the </FONT><FONT style=" text-transform: none;">Company in </FONT></P>

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				<!--[if IE]><TABLE><TR style=" width: 594pt; height: 29.7pt;"><TD vAlign="bottom" style=" width: 594pt; height: 29.7pt;"><![endif]-->
					<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Arial, sans-serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">14</FONT></P>


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			<DIV style=" border: 0pt; padding-top: 0pt; top: 39.6pt; left: 39.6pt; padding-left: 0pt; width: 594pt; padding-bottom: 0pt; position: absolute; padding-right: 0pt; height: 762.3pt;">
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none;">accordance with the terms of an Award. Neither the Company, nor any Related Entity, nor any of the their respective officers, directors, representatives or agents is granting any rights under the Plan to the Participant whatsoever, oral or written, express or implied, other than those rights expressly set forth in this Plan or the </FONT><FONT style=" text-transform: none;">Award Agreement.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(h)&#160;Clawback of Benefits. </I></B></FONT><FONT style=" text-transform: none;">The Company may (i) cause the cancellation of any Award, (ii) require reimbursement of any Award by a Participant or Beneficiary, and (iii) effect any other right of recoupment of equity or other compensation provided under this Plan or otherwise in accordance with any Company policies that currently exist or that may from time to time be adopted or modified in the future by the Company and/or applicable law (each, a &#8220;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Clawback Policy</I></B></FONT><FONT style=" text-transform: none;">&#8221;). In addition, a Participant may be required to repay to the Company certain previously paid compensation, whether provided under this Plan or an Award Agreement or otherwise, in accordance with any Clawback Policy. By accepting an Award, a Participant is also agreeing to be bound by any existing or future Clawback Policy adopted by the Company, or any amendments that may from time to time be made to the Clawback Policy in the future by the Company in its disc</FONT><FONT style=" text-transform: none;">retion (including without limitation any Clawback Policy adopted or amended to comply with applicable laws or stock exchange requirements) and is further agreeing that all of the Participant&#8217;s Award Agreements (and/or awards issued under the Prior Plans) may be unilaterally amended by the Company, without the Participant&#8217;s consent, to the extent that the Company in its discretion determines to be necessary or appropriate to comply with any </FONT><FONT style=" text-transform: none;">Clawback Policy.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(i)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Unfunded Status of Awards; Creation of Trusts</I></B></FONT><FONT style=" text-transform: none;">. The Plan is intended to constitute an &#8220;unfunded&#8221; plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant or obligation to deliver Shares pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give any such Participant any rights that are greater than those of a general creditor of the Company or Related Entity that issues the Award; provided that the Committee may authorize the creation of trusts and deposit therein cash, Shares, other Awards or other property, or make other arrangements to meet the obligations of the Company or Related Entity under the Plan. Such trusts or other arrangements shall be consistent with the &#8220;unfunded&#8221; status of the Plan unless the Committee otherwise determines with the consent of each affected Participant. The trustee of such trusts may be authorized to dispose of trust assets and reinvest the proceeds in alternative investments, subject to such terms and conditions as the Committee may specify and in accordance with </FONT><FONT style=" text-transform: none;">applicable law.&#160;</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(i)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Nonexclusivity of the Plan</I></B></FONT><FONT style=" text-transform: none;">. Neither the adoption of the Plan by the Board nor its submission to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other incentive arrangements as it may deem desirable.  </FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(j)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Payments in the Event of Forfeitures; Fractional Shares</I></B></FONT><FONT style=" text-transform: none;">. Unless otherwise determined by the Committee, in the event of a forfeiture of an Award with respect to which a Participant paid cash or other consideration, the Participant shall be repaid the amount of such cash or other consideration. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award. The Committee shall determine whether cash, other Awards or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or </FONT><FONT style=" text-transform: none;">otherwise eliminated.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(k)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Governing Law</I></B></FONT><FONT style=" text-transform: none;">. Except as otherwise provided in any Award Agreement, the validity, construction and effect of the Plan, any rules and regulations under the Plan, and any Award Agreement shall be determined in accordance with the laws of the State of Nevada without giving effect to principles of conflict of laws, and applicable </FONT><FONT style=" text-transform: none;">federal law.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(l)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Non-U.S. Laws</I></B></FONT><FONT style=" text-transform: none;">. The Committee shall have the authority to adopt such modifications, procedures, and subplans as may be necessary or desirable to comply with provisions of the laws of foreign countries in which the Company or its Related Entities may operate to assure the viability of the benefits from Awards granted to Participants performing services in such countries and to meet the objectives of </FONT><FONT style=" text-transform: none;">the Plan.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 79.2pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><B><I>(m)</I></B></FONT><FONT style=" text-transform: none;">&#160;</FONT><FONT style=" text-transform: none; font-style: italic;"><B><I>Plan Effective Date and Shareholder Approval; Termination of Plan</I></B></FONT><FONT style=" text-transform: none;">. The Plan shall become effective on the Effective Date, subject to subsequent approval, within 12 months of its adoption by the Board, by stockholders of the Company eligible to vote in the election of directors, by a vote sufficient to meet the requirements of Section 422 and Rule 16b-3 under the Exchange Act (if applicable), applicable requirements under the rules of any stock exchange or automated quotation system on which the Shares may be listed or quoted, and other laws, regulations, and obligations of the Company applicable to the Plan. Awards may be granted subject to shareholder approval, but may not be exercised or otherwise settled in the event the shareholder approval is not obtained. The Plan shall terminate at the earliest of (i) such time as no Shares remain available for issuance under the Plan, (ii) termination of this Plan by the Board, or (iii) the tenth anniversary of the Effective Date. Awards outstanding upon expiration of the Plan shall remain in effect until they have been exercised or terminated, or </FONT><FONT style=" text-transform: none;">have expired.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THERAPEUTICSMD,
INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2019
STOCK INCENTIVE PLAN</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.85pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESTRICTED
STOCK UNIT AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.25pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FOR</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.05pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[___________________]</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Award
of Restricted Stock Units. </I></B>THERAPEUTICSMD, INC. (the <B><I>&quot;Company&quot;) </I></B>hereby </FONT>grants, as of
[____________] (the <B><I>&quot;Grant Date&quot;)</I></B>, to [____________] (the <B><I>&quot;Recipient&quot;), </I></B>the
right to receive, at the times specified in <B><U>Section 2</U></B> hereof, [____________] Shares of the Company
(collectively the <B><I>&quot;RSUs&quot;)</I></B>. The RSUs shall be subject to the terms, provisions and restrictions set
forth in this Agreement and the TherapeuticsMD, Inc. 2019 Stock Incentive Plan (the <B><I>&quot;Plan&quot;)</I></B>, which is
incorporated herein for all purposes. As a condition to entering into this Agreement, and to the issuance of any Shares, the
Recipient agrees to be bound by all of the terms and conditions herein and in the Plan. Unless otherwise provided herein,
terms used herein that are defined in the Plan and not defined herein shall have the meanings attributable thereto in the
Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Vesting
of RSUs.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Except as provided in
<B><U>Section 3</U></B> of this Agreement, the RSUs shall vest in the following amounts and the following times (the <B><I>&quot;Vesting
Date&quot;</I></B>), provided that the Continuous Service of the Recipient continues through and each such Vesting Date:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 60%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percentage of RSUs</FONT></TD>
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid">Vesting Date</TD>
    <TD STYLE="width: 16%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>[____________]</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[____________]</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.25pt 0 0 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.2pt 0 8pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
shall be no proportionate or partial vesting of the RSUs in or during the months, days or periods prior to each Vesting Date,
and all vesting shall occur only on the applicable Vesting Date provided the conditions set forth in this <B><U>Section 2</U></B>
are satisfied. Any portion of the RSUs subject to this Agreement that have become vested pursuant to this <B><U>Section 2</U></B>
shall be referred to hereinafter as the <B><I>&quot;Vested RSUs</I></B>,<B><I>&quot; </I></B>and any portion that have not vested
hereunder shall be referred to as the <I>&ldquo;<B>Non-Vested RSUs</B></I>.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Treatment
of RSUs Upon Termination of Continuous Service. </I></B>If the Recipient's Continuous </FONT>Service is terminated for any reason
prior to the earlier of (a) a Vesting Date or (b) the date of a Change in Control (the <B>&ldquo;<I>Change in Control
Vesting Date</I>&rdquo;</B>), the Non-Vested RSUs granted hereunder shall be immediately forfeited and revert back to the Company
without any payment to the Recipient. The Committee shall have the power and authority to enforce on behalf of the Company any
rights of the Company may have with respect to the RSUs under this Agreement in the event of the termination of the Recipient's
Continuous Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Settlement
of the RSUs. </I></B>The Company shall deliver to the Recipient the number of Shares corresponding to the Vested RSUs as
soon as practicable on or after the Vesting Date or Change in Control Vesting Date, whichever applicable, but in no event
later than the 15<SUP>th</SUP> day of the third month following the last day of the calendar year in which the Vesting Date
or Change in Control Vesting Date, whichever applicable, occurs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Rights
with Respect to RSUs.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(a)</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>No Rights as Shareholder Until Delivery. </I></B>Except as otherwise provided in this <U>Section 5</U> or the Plan, the Recipient
shall not have any rights, benefits or entitlements with respect to the Shares corresponding to the RSUs unless and until those
Shares are delivered to the Recipient. On or after delivery, the Recipient shall have, with respect to the Shares delivered, all
of the rights of a holder of Shares granted pursuant to the articles of incorporation and other governing instruments of the Company,
or as otherwise available at law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(b)</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Adjustments to Stock. </I></B>If at any time while this Agreement is in effect and before any Shares have been delivered with
respect to any RSUs, there shall be any increase or decrease in the number of issued and outstanding Shares of the Company through
the declaration of a stock dividend or through any recapitalization resulting in a stock split-up, combination or exchange of
such Shares, then and in that event, the Committee shall make any adjustments it deems fair and appropriate, in view of such change,
in the number of Shares subject to the RSUs then subject to this Agreement. If any such adjustment shall result in a fractional
share, such fraction shall be disregarded.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(c)</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>No
Restriction on Certain Transactions. </I></B>Notwithstanding any term or provision of this Agreement to the contrary, the existence
of this Agreement, or of any outstanding RSUs awarded hereunder, shall not affect in any manner the right, power or authority
of the Company to make, authorize or consummate: (i) any or all adjustments, recapitalizations, reorganizations or other changes
in the Company's capital structure or its business; (ii) any merger, consolidation or similar transaction by or of the Company;
(iii) any offer, issue or sale by the Company of any capital stock of the Company, including any equity or debt securities, or
preferred or preference stock that would rank prior to or on parity with the shares of Stock represented by the RSUs and/or that
would include, have or possess other rights, benefits and/or preferences superior to those that such shares includes, has or possesses,
or any warrants, options or rights with respect to any of the foregoing; (iv) the dissolution or liquidation of the Company; (v)
any sale, transfer or assignment of all or any part of the stock, assets or business of the Company; or (vi) any other corporate
transaction, act or proceeding (whether of a similar character or otherwise).&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Transferability.
</I></B>The RSUs are not transferable unless and until the Shares have been delivered to the Recipient in settlement of the RSUs
in accordance with this Agreement, otherwise than by will or under the applicable laws of descent and distribution. Except as
otherwise permitted pursuant to the first sentence of this <B><U>Section 6</U></B><U>,</U> any attempt to effect a Transfer of
any RSUs prior to the date on which the Shares have been delivered to the Recipient in settlement of the RSUs shall be void <I>ab
initio. </I>For purposes of this Agreement, <B><I>&quot;Transfer&quot; </I></B>shall mean any sale, </FONT>transfer, encumbrance,
gift, donation, assignment, pledge, hypothecation, or other disposition, whether similar or dissimilar to those previously enumerated,
whether voluntary or involuntary, and including, but not limited to, any disposition by operation of law, by court order, by judicial
process, or by foreclosure, levy or attachment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13pt 0 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Tax
Matters.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(a)</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Withholding. </I></B>As a condition to the Company's obligations with respect to the RSUs (including, without limitation, any
obligation to deliver any Shares) hereunder, if applicable, the Recipient shall make arrangements satisfactory to the Company
to pay to the Company any federal, state or local taxes of any kind required to be withheld with respect to the delivery of Shares
corresponding to such RSUs. If the Recipient shall fail to make the tax payments as are required, the Company shall, to the extent
permitted by law, have the right to deduct from any payment of any kind (including the withholding of any Shares that otherwise
would be delivered to Recipient under this Agreement) otherwise due to the Recipient any federal, state or local taxes of any
kind required by law to be withheld with respect to such Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(b)</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Satisfaction of Withholding Requirements. </I></B>If applicable, the Recipient may satisfy the withholding requirements with respect
to the RSUs pursuant to the procedures and methods set forth in Section 10(d) of the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(c)</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Recipient's
Responsibilities for Tax Consequences. </I></B>The tax consequences to the Recipient (including without limitation federal, state,
local and foreign income tax consequences) with respect to the RSUs (including without limitation the grant, vesting and/or delivery
thereof) are the sole responsibility of the Recipient. The Recipient shall consult with his or her own personal accountant(s)
and/or tax advisor(s) regarding these matters and the Recipient's filing, withholding and payment (or tax liability) obligations.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Amendment,
Modification &amp; Assignment. </I></B>This Agreement may only be modified or amended in a writing signed by the parties hereto.
No promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise,
and whether express or implied, with respect to the subject matter hereof, have been made by either party which are not set forth
expressly in this Agreement. Unless otherwise consented to in writing by the Company, in its sole discretion, this Agreement (and
Recipient's rights hereunder) may not be assigned, and the obligations of Recipient hereunder may not be delegated, in whole or
in part. The rights and obligations created hereunder shall be binding on the executors, administrators, heirs, successors, and
assigns of the Recipient and on the successors and assigns of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Complete
Agreement. </I></B>This Agreement (together with those agreements and documents expressly referred to herein, for the purposes
referred to herein) embody the complete and entire agreement and understanding between the parties with respect to the subject
matter hereof, and supersede any and all prior promises, assurances, commitments, agreements, undertakings or representations,
whether oral, written, electronic or otherwise, and whether express or implied, which may relate to the subject matter hereof
in any way.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Miscellaneous.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(a)</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>No Right to (Continued) Employment or Service. </I></B>This Agreement and the grant of RSUs hereunder shall not confer, or be
construed to confer, upon the Recipient any right to employment or service, or continued employment or service, with the Company
or any Related Entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.65pt; margin-right: 0; margin-bottom: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(b)</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>No
Limit on Other Compensation Arrangements. </I></B>Nothing contained in this Agreement shall preclude the Company or any Related
Entity from adopting or continuing in effect other or additional compensation plans, agreements or arrangements, and any such
plans, agreements and arrangements may be either generally applicable or applicable only in specific cases or to specific persons.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(c)</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Severability.
</I></B>If any term or provision of this Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction
or under any applicable law, rule or regulation, then such provision shall be construed or deemed amended to conform to applicable
law (or if such provision cannot be so construed or deemed amended without materially altering the purpose or intent of this Agreement
and the grant of RSUs hereunder, such provision shall be stricken as to such jurisdiction and the remainder of this Agreement
and the award hereunder shall remain in full force and effect).&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(d)</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>No Trust or Fund Created. </I></B>Neither this Agreement nor the grant of RSUs hereunder shall create or be construed to create
a trust or separate fund of any kind or a fiduciary relationship between the Company or any Related Entity and the Recipient or
any other person. To the extent that the Recipient or any other person acquires a right to receive payments from the Company or
any Related Entity pursuant to this Agreement, such right shall be no greater than the right of any unsecured general creditor
of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.65pt; margin-right: 0; margin-bottom: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(e)</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Law Governing. </I></B>The validity, construction and effect of this Agreement shall be determined in accordance with the laws
of the State of Nevada without giving effect to principles of conflict of laws, and applicable federal law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.65pt; margin-right: 0; margin-bottom: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(0</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Interpretation.
</I></B>The Recipient accepts this award of RSUs subject to all of the terms, provisions and restrictions of this Agreement and
the Plan. The Recipient hereby accepts as binding, conclusive and final all decisions or interpretations of the Committee upon
any questions arising under this Agreement or the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.65pt; margin-right: 0; margin-bottom: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(g)</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Headings.
</I></B>Section, paragraph and other headings and captions are provided solely as a convenience to facilitate reference. Such
headings and captions shall not be deemed in any way material or relevant to the construction, meaning or interpretation of this
Agreement or any term or provision hereof.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(h)</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Notices. </I></B>Any notice under this Agreement shall be in writing and shall be deemed to have been duly given when delivered
personally, by overnight courier, or by United States mail, registered, postage prepaid, and addressed, in the case of the Company,
to the Company's Chief Financial Officer at 6800 Broken Sound Parkway NW, Third Floor, Boca Raton, FL 33487, or if the Company
should move its principal office, to such principal office, and, in the case of the Recipient, to the Recipient's last permanent
address as shown on the Company's records, subject to the right of either party to designate some other address at any time hereafter
in a notice satisfying the requirements of this <B><U>Section 10</U></B><U>.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.65pt; margin-right: 0; margin-bottom: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(i)</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Compliance
with Section 409A</I></B></FONT><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(i)</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>General. </I></B>It is the intention of both the Company and the Recipient that the benefits and rights to which the Recipient
could be entitled pursuant to this Agreement either comply with or fall within an exception to Section 409A of the Code and the
Treasury Regulations and other guidance promulgated or issued thereunder <B><I>(&quot;Section 409A&quot;)</I></B>, to the extent
that the requirements of Section 409A are applicable thereto, and the provisions of this Agreement shall be construed in a manner
consistent with that intention.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.65pt; margin-right: 0; margin-bottom: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(ii)</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>No
Representations as to Section 409A Compliance. </I></B>Notwithstanding the foregoing, the Company does not make any representation
to the Recipient that the RSUs awarded pursuant to this Agreement are exempt from, or satisfy, the requirements of Section 409A,
and the Company shall have no liability or other obligation to indemnify or hold harmless the Recipient or any Beneficiary for
any tax, additional tax, interest or penalties that the Recipient or any Beneficiary may incur in the event that any provision
of this Agreement, or any amendment or modification thereof or any other action taken with respect thereto is deemed to violate
any of the requirements of Section 409A.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(iii)</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>No
Acceleration of Payments. </I></B>Neither the Company nor the Recipient, individually or in combination, may accelerate any payment
or benefit that is subject to Section 409A, except in compliance with Section 409A and the provisions of this Agreement, and no
amount that is subject to Section 409A shall be paid prior to the earliest date on which it may be paid without violating Section
409A.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(j)</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Non-Waiver
of Breach. </I></B>The waiver by any party hereto of the other party's prompt and complete performance, or breach or violation,
of any term or provision of this Agreement shall be effected solely in a writing signed by such party, and shall not operate nor
be construed as a waiver of any subsequent breach or violation, and the waiver by any party hereto to exercise any right or remedy
which he or it may possess shall not operate nor be construed as the waiver of such right or remedy by such party, or as a bar
to the exercise of such right or remedy by such party, upon the occurrence of any subsequent breach or violation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.65pt; margin-right: 0; margin-bottom: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Clawback.
</I></B>The Company may (i) cause the cancellation of the RSUs, (ii) require reimbursement of any benefit conferred under the
RSUs to the Recipient or Beneficiary, and (iii) effect any other right of recoupment of equity or other compensation provided
under the Plan or otherwise in accordance with any Company policies that currently exist or that may from time to time be adopted
or modified in the future by the Company and/or applicable law (each, a <B><I>&quot;Clawback Policy&quot;). </I></B>In addition,
the Recipient may be required to repay to the Company certain previously paid compensation, whether provided under the Plan or
an Award Agreement or otherwise, in accordance with any Clawback Policy. By accepting this Award, the Recipient agrees to be bound
by any existing or future Clawback Policy adopted by the Company, or any amendments that may from time to time be made to the
Clawback Policy in the future by the Company in its discretion (including without limitation any Clawback Policy adopted or amended
to comply with applicable laws or stock exchange requirements) and further agrees that all of the </FONT>Recipient's Award Agreements
may be unilaterally amended by the Company, without the Recipient's consent, to the extent that the Company in its discretion
determines to be necessary or appropriate to comply with any Clawback Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.65pt; margin-right: 0; margin-bottom: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(1)</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Counterparts. </I></B>This
Agreement may be executed in two or more separate counterparts, each of which shall be an original, and all of which together
shall constitute one and the same agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>[remainder
of page intentionally left blank]</I></FONT><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.6pt 0 0; text-align: justify; text-indent: 0.55in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF, </B>the undersigned have executed this Agreement as of the [____] day of [_________] 20[__].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.6pt 0 0; text-align: justify; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.6pt 0 0; text-align: justify; text-indent: 0.55in">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THERAPEUTICSMD,
INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">By:_________________</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.6pt 0 0; text-align: justify; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0 3.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0 3.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Recipient acknowledges receipt of a copy of the Plan and represents that he or she has reviewed the provisions of the Plan and
this Agreement in their entirety, is familiar with and understands their terms and provisions, and hereby accepts this RSU award
subject to all of the terms and provisions of the Plan and this Agreement. The Recipient further represents that he or she has
had an opportunity to obtain the advice of counsel prior to executing this Agreement.</FONT></P>

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><B>[____________________________]</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 0.25in">By:___________________</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:_________________</FONT></TD>
    </TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.9pt 0 252.25pt">&nbsp;</P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
