<SEC-DOCUMENT>0001571049-16-016981.txt : 20160802
<SEC-HEADER>0001571049-16-016981.hdr.sgml : 20160802
<ACCEPTANCE-DATETIME>20160802090012
ACCESSION NUMBER:		0001571049-16-016981
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160728
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160802
DATE AS OF CHANGE:		20160802

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			APPLIED DNA SCIENCES INC
		CENTRAL INDEX KEY:			0000744452
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS BUSINESS SERVICES [7380]
		IRS NUMBER:				592262718
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36745
		FILM NUMBER:		161799096

	BUSINESS ADDRESS:	
		STREET 1:		50 HEALTH SCIENCES DRIVE
		CITY:			STONY BROOK
		STATE:			NY
		ZIP:			11790
		BUSINESS PHONE:		631-240-8800

	MAIL ADDRESS:	
		STREET 1:		50 HEALTH SCIENCES DRIVE
		CITY:			STONY BROOK
		STATE:			NY
		ZIP:			11790

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PROHEALTH MEDICAL TECHNOLOGIES INC
		DATE OF NAME CHANGE:	20010504

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DCC ACQUISITION CORP
		DATE OF NAME CHANGE:	19990211

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DATALINK CAPITAL CORP/TX/
		DATE OF NAME CHANGE:	19980306
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>t1600484_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>WASHINGTON,
D.C. 20549</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>FORM
8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>CURRENT
REPORT</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>PURSUANT
TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Date of Report (Date of earliest event reported):
July 28, 2016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>Applied
DNA Sciences, Inc.</B></FONT></P>

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

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(State or other jurisdiction</FONT><BR>
<FONT STYLE="font-size: 10pt">of incorporation)</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>001-36745</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>59-2262718</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(IRS Employer</FONT><BR>
<FONT STYLE="font-size: 10pt">Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>50 Health Sciences
Drive</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Stony Brook, New York 11790</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Address of principal executive offices; zip code)</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>631-240-8800</B></P>

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d 2(b))</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 5.02. Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On July 28, 2016, Applied DNA Sciences, Inc. (the &ldquo;Company&rdquo;)
entered in an Employment Agreement (the &ldquo;Agreement) with Dr. James A. Hayward, the Company&rsquo;s Chairman, President and
Chief Executive Officer, which Agreement became effective July 1, 2016. The Agreement supersedes the Employment Agreement entered
into with Dr. Hayward dated July 11, 2011. The Agreement provides that Dr. Hayward will continue to be our Chief Executive Officer
and will continue to serve on our Board of Directors. The term of the Agreement began on July 1, 2016 and will end on June 30,
2017. Thereafter, the term will automatically be renewed for successive one-year periods unless either party provides written notice
of non-renewal to the other at least 90 days before the end of the then current term.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the Agreement, Dr. Hayward&rsquo;s annual base salary
is $400,000, which Dr. Hayward voluntarily reduced to $300,000 effective May 7, 2016. The Board of Directors and/or the Compensation
Committee of the Board will review Dr. Hayward&rsquo;s base salary annually. The Board or the Compensation Committee, acting in
its discretion, may increase (but may not decrease unless elected by Dr. Hayward) the annual rate of Dr. Hayward&rsquo;s base salary.
The Board of Directors, acting in its discretion, may grant annual bonuses to Dr. Hayward. Dr. Hayward will be eligible for a special
cash incentive bonus of up to $800,000, to be earned as follows: $300,000 for the first fiscal year ending after the date hereof
in which the Company&rsquo;s revenue equals at least $8 million, plus $100,000 for each $2 million of revenue in excess of $8 million.
Dr. Hayward will be eligible for annual equity awards under the Company&rsquo;s equity incentive plan, will be entitled to certain
benefits and perquisites and will be eligible to participate in retirement, welfare and incentive plans available to our other
executives.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Agreement with Dr. Hayward also provides that if he is terminated
before the end of the initial or the first two renewal terms by us without cause or if Dr. Hayward terminates his employment for
&ldquo;good reason&rdquo; (as defined in the Agreement), then, in addition to previously earned and unpaid salary, bonus and benefits,
and subject to the delivery of a general release and continuing compliance with restrictive covenants, Dr. Hayward will be entitled
to receive a pro rata portion of the greater of either (X) the annual bonus he would have received if employment had continued
through the end of the year of termination or (Y) the prior year&rsquo;s bonus; salary continuation payments for two years following
termination equal to the greater of (i) three times base salary or (ii) two times base salary plus bonus; company-paid COBRA continuation
coverage for 18 months post-termination; continuing life insurance benefits (if any) for two years; and extended exercisability
of outstanding vested options (for three years from termination date or, if earlier, the expiration of the fixed option term).
If termination of employment as described above occurs within six months before or two years after a change in control of the Company,
then, in addition to the above payments and benefits, all of Dr. Hayward&rsquo;s outstanding options and other equity incentive
awards will become fully vested and Dr. Hayward will receive a lump sum payment of the amounts that would otherwise be paid as
salary continuation. In general, a change in control will include a 30% or more change in ownership of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Upon termination due to death or disability, Dr. Hayward will generally
be entitled to receive the same payments and benefits he would have received if his employment had been terminated by the Company
without cause (as described in the preceding paragraph), other than salary continuation payments.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(<I>d) Exhibits</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 92%; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment
    Agreement by and between Applied DNA Sciences, Inc. and James A. Hayward entered into on July 28, 2016, effective
    July 1, 2016.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



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

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


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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Date:&nbsp;&nbsp;August 2, 2016</FONT></TD>
    <TD NOWRAP COLSPAN="2"><FONT STYLE="font-size: 10pt">APPLIED DNA SCIENCES, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD NOWRAP STYLE="width: 42%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;/s/ James A. Hayward</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;James A. Hayward</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 83%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Employment Agreement by and between Applied DNA Sciences, Inc. and James A. Hayward entered into on July 28, 2016, effective July 1, 2016.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>t1600484_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; background-color: white"><B>Exhibit 10.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><B><IMG SRC="logo.jpg" ALT="">&nbsp;</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">AGREEMENT made as of
the 1<SUP>st</SUP> day of July, 2016, by and between APPLIED DNA SCIENCES, INC., a Delaware corporation (the &ldquo;Company&rdquo;),
and JAMES A. HAYWARD (&ldquo;Executive&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment</U>.
Executive shall continue to be employed as the Chief Executive Officer of the Company, which employment will be subject to and
governed by this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duties
and Responsibilities</U>. Executive will have the authority, duties and responsibilities customarily associated with the position
of Chief Executive Officer, consistent with the Company&rsquo;s by-laws and applicable law. Executive will have such additional
duties and responsibilities commensurate with his position as the Company&rsquo;s Board of Directors (the &ldquo;Board&rdquo;)
may assign to him from time to time. Executive will report directly to and be subject to the control and direction of the Board.
The Company will use its reasonable efforts to ensure that Executive will continue to be a member of the Board during the period
of his employment under this Agreement. At the request of the Board, Executive shall serve as an officer and director of the Company&rsquo;s
subsidiaries and other affiliates without additional compensation. Executive will observe and adhere to all applicable written
Company policies and procedures in effect from time to time, including, and without limitation, policies on business ethics and
conduct, and policies on the use of inside information and insider trading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>.
Unless sooner terminated pursuant to Section 3, the term of this Agreement (the &ldquo;Term&rdquo;) will begin July 1, 2016 and
end June 30, 2017. Thereafter, the Term will automatically be renewed for successive one-year periods unless either party provides
written notice of non-renewal to the other at least 90 days before the end of the then-current Term.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Full
Time</U>. Executive shall devote all of his business time and attention to the performance of his duties and responsibilities under
this Agreement. Executive will not render services to others for compensation or, without the written consent of the Board (which
should not be unreasonably withheld), serve on the board of directors or other governing body of another for profit entity,&nbsp;<U>provided</U>,&nbsp;<U>however</U>,
that the Company hereby consents to Executive&rsquo;s continuing to engage in the other business activities listed on Exhibit A
hereto, so long as such activities do not conflict or interfere with Executive&rsquo;s obligations and covenants under this Agreement
or Executive&rsquo;s ability to fully and properly perform the duties and responsibilities of his employment under this Agreement.
Executive may engage in personal, charitable and passive investment activities, so long as such activities do not conflict or interfere
with his ability to perform the duties and responsibilities of his employment under this Agreement.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Location
of Employment</U>. Executive&rsquo;s principal place of employment will be at the Company&rsquo;s principal offices, currently
located in Stony Brook, New York. The Company will not relocate the Executive&rsquo;s office beyond a 75 mile radius of the then
current location without Executive&rsquo;s consent. Notwithstanding the foregoing, Executive acknowledges that he will have to
engage in business travel in connection with the performance of his duties and in accordance with the needs of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Base
Salary</U>. The Company will pay base salary (&ldquo;Base Salary&rdquo;) to Executive, in accordance with its regular payroll practices,
at an initial annual rate, as earned, of $400,000. The Board and/or the Compensation Committee of the Board (the &ldquo;Compensation
Committee&rdquo;) will review Executive&rsquo;s Base Salary annually. The Board or the Compensation Committee, acting in its discretion,
may increase (but may not decrease unless elected by Executive) the annual rate of Executive&rsquo;s Base Salary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Annual
Bonus Opportunity</U>. The Board or Compensation Committee may award an annual bonus to the Executive in such amount and upon such
terms and conditions as the Board or the Compensation Committee, acting in its discretion, determines (provided that the Executive
will not be treated less favorably with respect to annual bonuses than other executives of the Company). The bonus for any fiscal
year will be recognized by the Company when achieved and/or granted and will be payable to Executive as a lump sum, or installments,
as practicable and feasible (with consideration for cash flow and cash collections from bonus eligible revenues).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cash
Incentive Award</U>. The Company will pay a cash bonus to Executive of up to $800,000, to be earned as follows: $300,000 for the
first fiscal year-ending after the date hereof in which the Company&rsquo;s revenue equals at least $8 million, plus $100,000 for
each $2 million of revenue in excess of $8 million. For example, if the Company&rsquo;s has $10 million of revenue in the first
fiscal year in which its revenues equal or exceed $8 million, the Executive will be entitled to $400,000 ($300,000 + $100,000);
and if the Company has revenue of $12 million in the next succeeding fiscal year, then Executive will earn an additional $200,000;
and, if the Company has $14 million of revenue in the third succeeding fiscal year, the Executive will earn an additional $200,000
at of the end of that year, at which point, Executive will have earned the $800,000 aggregate maximum incentive amount under this
subsection 2.3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Annual
Equity Awards</U>. Executive will be eligible for annual equity awards under the Company&rsquo;s equity incentive plan on a basis
that is not less favorable than the annual equity awards being made generally to other senior executives of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employee
Benefits</U>. Executive will be eligible to participate in such retirement, welfare and other employee benefit and fringe benefit
plans, arrangements, programs and perquisites as are provided by the Company from time to time to or for the benefit of the Company&rsquo;s
other executives, on comparable terms and conditions. Executive shall be entitled to five weeks of vacation time during each calendar
year of his employment, subject to the Company&rsquo;s current personal time off (PTO) policies and procedures.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reimbursement
of Business Expenses</U>. Executive is authorized to incur reasonable expenses in carrying out his duties and responsibilities
of his employment under this Agreement, and the Company will promptly reimburse him for all expenses that are so incurred upon
presentation of appropriate vouchers or receipts, subject to the Company&rsquo;s expense reimbursement policies applicable to senior
executives generally as in effect from time to time. Executive will be entitled to first class travel on flights that are scheduled
to exceed three hours. The Company will pay or reimburse Executive for the cost of computer, phone and other equipment and services
reasonably required in order to enable Executive to conduct business from his home outside of regular business hours.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Items</U>. The Company will pay or reimburse Executive for the payment of up to $1,500 per month for the costs associated with
an automobile used by Executive and, in addition, will provide Executive with a gas credit card (the charges on which will not
be taken into account in applying the $1,500 monthly automobile allowance). The Company will pay or reimburse Executive for the
payment of an annual or monthly gym membership and for at least one airline club membership. The Company will also pay for the
use of an outside driver for Executive for up to 20 hours per week.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Employment Before End of Term</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
by Company for Cause</U>. The Company may terminate Executive&rsquo;s employment before the end of the Term for Cause if Executive:
(a) is convicted of or pleads nolo contendre to a felony, (b) commits fraud or a material act or omission involving dishonesty
affecting the assets, business or reputation of the Company or any of its subsidiaries or affiliates, (c) willfully fails or refuses
to carry out the material responsibilities of his employment, as reasonably determined by the Board, (d) engages in gross negligence,
willful misconduct or a pattern of behavior that has had or is reasonably likely to have a significant adverse effect on the Company
or the ability of Executive to perform the duties and responsibilities of his employment, or (e) willfully engages in any act or
omission that is in material violation of Company policy, including, without limitation, Company policy on business ethics and
conduct, and Company policy on the use of inside information and insider trading; provided, however, that, if the conduct giving
rise to termination for Cause is curable without material harm to the business or assets of the Company, the Executive will be
afforded an opportunity to effect such a cure within 30 days after notice of termination and thereby avoid a termination for Cause
based upon such conduct.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Resignation
by Executive</U>. Executive may terminate his employment before the end of the Term, subject to at least 60 days&rsquo; prior written
notice to the Company. Upon receipt of such notice, the Company may relieve Executive of some or all of his duties and/or set an
earlier termination date.</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
by Company without Cause</U>. Company may terminate Executive&rsquo;s employment without Cause before the end of the Term, subject
to 60 days prior written notice to Executive. Following such notice, the Company may relieve Executive of some or all of his duties,
provided that Company continues to pay Executive through the end of the notice period. For the purposes hereof, the termination
of this Agreement at the expiration of the initial Term or the expiration of either of the first two renewal Terms (if any) due
to non-renewal by Company pursuant to Section 1.2 will be deemed to be a termination of Executive&rsquo;s employment by Company
without Cause.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
Due to Disability or Death</U>. Company may terminate Executive&rsquo;s employment before the end of the Term due to &ldquo;Disability&rdquo;
if Executive is unable to substantially perform the customary duties and responsibilities of his employment for at least 120 consecutive
calendar days or 150 or more calendar days during any 365 calendar day period by reason of physical or mental illness,&nbsp;&nbsp;injury,
impairment or incapacity. No minimum notice is required for a termination due to Executive&rsquo;s Disability. If Executive dies
before the end of the Term, his employment will terminate on the date of his death.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
by Executive for Good Reason</U>. Executive may terminate his employment for Good Reason at any time, subject to applicable notice
and cure conditions described below. For this purpose, the term &ldquo;Good Reason&rdquo; means any of the following: (a) a material
adverse change by Company of Executive&rsquo;s status or position as the Chief Executive Officer, including, without limitation,
a material diminution of his position, duties, responsibilities or authority or the assignment to him of duties or responsibilities
that are materially inconsistent with his status or position; (b) a non-voluntary reduction by the Company of Executive&rsquo;s
annual Base Salary or failure to pay same ; (c) a breach by the Company of any of its material obligations under this Agreement;
(d) relocation of Executive without Executive&rsquo;s consent beyond a 75 mile radius of Executive&rsquo;s then principal place
of employment in violation of this Agreement; or (e) in connection with a Change in Control, the failure or refusal by the successor
or acquiring company to expressly assume the obligations of Company under this Agreement. As a condition to terminating his employment
for Good Reason, Executive must, within 60 days after the occurrence of the event or condition giving rise to such termination,
provide written notice to the Company (or the successor or acquiring company) of his desire to terminate for Good Reason, specifying
the nature of the act or omission that Executive deems to constitute Good Reason. The Company shall have 30 days after receipt
of such notice to review and, if required, correct the situation (and thus prevent Executive&rsquo;s termination for Good Reason).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definition
of Change in Control</U>.&nbsp;&nbsp;For the purposes hereof, a &ldquo;Change in Control&rdquo; will be deemed to have occurred
if and when, after the date of this Agreement,</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
person, as such term is used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;),
other than (1) the Company, (2) any trustee or other fiduciary holding securities under an employee benefit plan of the Company,
(3) the Executive, or (4) any entity owned, directly or indirectly, by the shareholders of the Company in substantially the same
proportions as their ownership of stock of the Company, is or becomes the beneficial owner (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such
person any securities acquired directly from the Company or its affiliates) representing 30 percent or more of the combined voting
power of the Company&rsquo;s then outstanding voting securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;during
any period of two consecutive years, individuals who at the beginning of such period constitute the Board and any new director
(other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described
in clause (a), (c) or (d) of this subsection) whose election by the Board or nomination for election by the company&rsquo;s stockholders
was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning
of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority
thereof;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other entity,
other than (1) a merger or consolidation which results in the directors of the Company immediately prior to such merger or consolidation
continuing to constitute at least a majority of the board of directors of the Company, the surviving entity or any parent thereof
or (2) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no person
(other than persons described in any of parts (1) &ndash; (4) of subsection (a) above) is or becomes the beneficial owner, directly
or indirectly, of securities of the Company (not including in the securities beneficially owned by such person any securities acquired
directly from the Company or its affiliates) representing 30% or more of the combined voting power of the Company&rsquo;s then
outstanding securities; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
complete liquidation or dissolution of the Company or the sale or other disposition by the Company of all or substantially all
of the Company&rsquo;s assets, other than a sale or disposition by the Company of all or a majority of the Company&rsquo;s assets,
income or revenue to an entity, at least 70% of the combined voting power of the voting securities of which are owned by shareholders
of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payments
and Benefits Upon Termination of Employment</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Employment by Company without Cause or by Executive for Good Reason</U>. Except as provided in Section 4.4 (relating to the
effect of a Change in Control), if Executive&rsquo;s employment is terminated by Company without Cause pursuant to Section 3.3
or by Executive for Good Reason pursuant to Section 3.5, then, subject to Section 5, Executive shall receive the following payments
and benefits:</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<IMG SRC="logo.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
single cash payment equal to the sum of (1) the unpaid amount, if any, of Base Salary previously earned by Executive through the
date of his termination, and (2) the unpaid amount, if any, of the annual bonus earned by Executive for the preceding year;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;payment
of any business and other expenses described in Sections 2.7 and 2.8 that were previously incurred but not reimbursed and are otherwise
eligible for reimbursement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
payments or benefits payable to Executive or his covered spouse, or a dependent or beneficiary of Executive, under and in accordance
with the provisions of any employee benefit plan of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
cash payment equal to the product of (1) the greater of (A) the annual bonus award (if any) that would have been earned by Executive
for the fiscal year in which his employment terminates if his employment had continued through the end of such year, and (B) the
annual bonus earned by Executive for the preceding year, multiplied by (2) a fraction, the numerator of which is the number of
days elapsed from the beginning of that fiscal year until the date his employment terminates, and the denominator of which is 365
(&ldquo;Pro Rata Bonus&rdquo;), which payment will be made when the bonus for such year would otherwise have been paid;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
amount of severance equal to the greater of (1) 2.99- times Executive&rsquo;s annual rate of Base Salary in effect at the time
his employment terminates, or (2) 2-times the sum of (A) such annual rate of Base Salary, plus (B) the annual bonus, if any, earned
by Executive for the year preceding the year of termination, or, if greater, the target bonus, if any, for the year of termination,
which amount (the greater of (1) and (2)) shall be payable ratably for a period of 24 months following such termination of employment
as if it were salary payable in accordance with the Company&rsquo;s normal payroll practices,&nbsp; <U>provided</U>,&nbsp;<U>however</U>,
that the initial installment will begin on the 60th&nbsp;day following the date on which Executive&rsquo;s employment terminates
and will include the payments that would otherwise have been made during such 60-day period;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
vested stock options and stock appreciation rights held by Executive at the time of his termination of employment will remain exercisable
by the Executive or his beneficiary, as the case may be, for a period of at least three years following the termination of his
employment (but in no event later than the stated expiration date of such option or stock appreciation right;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Executive and/or his covered spouse or dependents elect COBRA continuation coverage as a result of the termination of Executive&rsquo;s
employment, then the Company will pay the full amount of the COBRA premium for such coverage for a period of up to 18 months following
the termination of Executive&rsquo;s employment, it being understood that Executive may be taxable on the value of such coverage
in order to enable the Company to avoid any penalty or additional tax that may otherwise be incurred by reason of the provision
of such subsidized COBRA coverage; and</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Executive is covered by Company-provided life insurance, continuing life insurance benefits for 24 months following the termination
of his employment as if Executive&rsquo;s employment had continued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
Due to Disability or Death</U>. If Executive&rsquo;s employment is terminated pursuant to Section 3.4 by reason of his death or
Disability, then, subject to Section 5, Executive (or, as applicable, his spouse, covered dependents and/or beneficiaries) shall
receive the payments and benefits described in Sections 4.1(a) &ndash; (d) and 4.1(g), and any vested stock options held by Executive
at the time of his termination of employment will remain exercisable by the Executive or his beneficiary, as the case may be, for
a period of at least three&nbsp;&nbsp;years following the termination of his employment (but in no event later than the stated
expiration date of the option, as such date may be extended without causing the option to become subject to Section 409A of the
Code).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
by Company for Cause or Resignation by Executive</U>. If Company terminates Executive&rsquo;s employment for Cause pursuant to
Section 3.1 or if Executive resigns his employment pursuant to Section 3.2 (other than a resignation for Good Reason pursuant to
Section 3.5), Executive shall not be entitled to any payments or benefits except for those described in section 4.1 (a)-(c).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect
of Change in Control</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Vesting
of Certain Equity Awards</U>. If a Change in Control occurs, then immediately prior to such Change in Control, Executive will become
fully vested in any then outstanding unvested stock options, restricted stock or other equity incentive awards for shares of Company
stock, unless and except to the extent that they are assumed by or otherwise converted into economically equivalent stock options,
restricted stock or other equity incentive awards with respect to shares of stock of the acquiring company, the surviving company
or any of its or their affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Employment in Connection with Change in Control</U>. If Executive&rsquo;s employment is terminated by Company without Cause
or by Executive for Good Reason within two years after a Change in Control or within 6 months prior to a Change in Control, then
(1) the amount of severance payable to Executive pursuant to Section 4.1(e) (or, as the case may be, the amount remaining to be
paid to Executive at the time of a Change in Control occurring within 6 months after the termination of Executive&rsquo;s employment)
will be payable to Executive in a single sum cash payment on the 60th&nbsp;day following his termination of employment (or, if
Executive&rsquo;s employment terminated before the Change in Control, on the later of the date of the Change in Control or the
date which is 60 days after the date Executive&rsquo;s employment terminated); and (2) any stock options and stock appreciation
rights that are outstanding at the time of such termination of employment will remain exercisable for at least three years following
the date on which the Change in Control occurs or, if later, the date Executive&rsquo;s employment terminates (but in no event
later than the stated expiration date of such option or stock appreciation right).</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Release
of Claims; Restoration of Payments; Section 280G</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Release</U>.&nbsp;&nbsp;Notwithstanding
anything to the contrary contained herein, as conditions to the Company&rsquo;s being obligated to make the separation payments
and provide the benefits described in Sections 4.1(d) &ndash; 4.1(h) (and, by extension, Section 4.2)), (a) within 60 days after
the date of Executive&rsquo;s termination, the Company must have received from Executive an executed valid general release of claims
substantially in the form attached hereto as&nbsp;<U>Exhibit A</U>, that is no longer subject to revocation, and (b) on or before
Executive&rsquo;s termination date, the Executive shall have (1) turned over all Company property in his possession or control
to the Company, and (2) resigned from the Board of the Company and the board of directors or comparable body of every subsidiary
or other Affiliate of the Company, and every committee thereof. Executive shall not be entitled to receive such severance payment
and benefits if the conditions described in the preceding sentence are not timely satisfied.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restoration
of Payments</U>. Executive&rsquo;s right to receive any separation payments and benefits pursuant to this Agreement shall be subject
to his compliance with the restrictive covenants referenced or set forth in Section 6 and repayment pursuant to this Section. If
Executive violates or is in breach of any said restrictive covenants, then (a) Executive shall not be entitled to any further separation
payments and benefits under this Agreement, (b) Executive shall be obligated to immediately return to the Company any separation
payments and the value of any separation benefits previously received hereunder, and (c) Executive shall have no further rights
or entitlements under this Agreement. This Section shall not in any manner supersede or limit any other right the Company may have
to enforce or seek legal or equitable relief with respect to a violation or breach by Executive of any of said restrictive covenants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section
280G</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>.
If any payment or benefit received or to be received by Executive in connection with or contingent on a change in ownership or
control of the Company, within the meaning of Section 280G of the Code, whether or not in connection with Executive&rsquo;s termination
of employment, and whether or not pursuant to this Agreement (such payments or benefits being referred to as the &ldquo;Total Payments&rdquo;)
will be subject to an excise tax as provided for in Section 4999 of the Code (the &ldquo;Excise Tax&rdquo;), then Executive will
be entitled to receive either (a) the full amount of the Total Payments, or (b) a portion of the Total Payments having a value
equal to 2.99-times Executive&rsquo;s &ldquo;base amount&rdquo; (as such term is defined in Section 280G(b)(3)(A) of the Code),
whichever of clauses (a) and (b), after taking into account applicable federal, state, and local income taxes and the Excise Tax,
results in the receipt by Executive on an after-tax basis, of the greatest portion of the Total Payments. For purposes of determining
the after-tax amounts in (a) and (b) above, Executive will be deemed to pay federal, state and local income tax at the highest
marginal rates, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local
taxes. If there is a reduction of the Total Payments pursuant to the foregoing, then, unless the parties agree otherwise, such
reduction will occur in the following order: (A) any cash severance payable under this Agreement; (B) any other cash amount payable
to Executive; (C) any benefit valued as a &ldquo;parachute payment;&rdquo; and (D) acceleration of vesting of any equity awards.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Determinations</U>.
All determinations under this subsection must be made by a nationally recognized accounting firm, which must not be the auditor
of the acquirer in the transaction constituting a change in ownership or control of the Company, selected by the Company (the &ldquo;<U>Auditor</U>&rdquo;),
and the Company will pay all costs and expenses of the Auditor. The Company will cooperate in good faith in making such determinations
and in providing the necessary information for this purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictive
Covenants</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nondisclosure
of Confidential Information; Inventions</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company possesses valuable business and technical information, know-how and trade secrets (whether written or oral) related to
its and its subsidiaries&rsquo; current, future and proposed products, including, but not limited to, research, developments, improvements,
methods, procedures, discoveries, patents, patent applications, inventions, processes, formulas, technology, designs, models, drawings,
product plans, products, services, customers, customer lists, strategies, studies, business plans, forecasts, markets, techniques,
engineering, testing systems, hardware configuration information, computer software and programs (including source code and related
documentation), test and/or experimental data and results, laboratory notebooks, marketing, finances or other business information
(herein collectively referred to as &ldquo;<U>Confidential Information</U>&rdquo;).&nbsp;&nbsp;Confidential Information shall include
any and all information relating to the Company, and its subsidiaries, affiliates, clients, customers, investors, and joint venture
and strategic partners.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Executive is an employee of the Company and as such the Company has and will disclose Confidential Information to the Executive.&nbsp;&nbsp;The
Executive shall not communicate the Company&rsquo;s Confidential Information to any third party without the prior written consent
of the Company, and the Executive shall use his best efforts to prevent inadvertent disclosure of the Company&rsquo;s Confidential
Information to any third party.&nbsp;&nbsp;The Executive hereby acknowledges that he is aware that United States securities laws
prohibits any person who has received from an issuer material, non-public information from purchasing or selling securities of
such issuer or from communicating such information to any other person under circumstances in which it is reasonably foreseeable
that such person is likely to purchase or sell such securities. The obligation of this Section 6.1(b) shall terminate with respect
to any particular portion of the Company&rsquo;s Confidential Information when the Executive can document that the information
is part of the public domain other than as a result of the Executive&rsquo;s or another person&rsquo;s breach of duty to maintain
confidentiality.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the Executive is requested or required (by oral question or request for information or documents and legal proceedings,
interrogatories, subpoena, civil investigative demand or similar process) to disclose Confidential Information of the Company,
or if the Executive is advised by his legal counsel that it is legally required to disclose the Confidential Information, it is
agreed that the Executive (i) will provide the Company prompt notice of any request or requirement, (ii) will provide the Company
full and complete cooperation to seek an appropriate order or remedy, (iii) will cooperate with the Company in obtaining reliable
assurances that confidential treatment will be accorded to the disclosure of Confidential Information, and (iv) will, if disclosure
of said Confidential Information is required, disclose only that portion of the Confidential Information which is legally required
to be disclosed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Executive will make full and prompt disclosure to the Company of all inventions, creations, improvements, discoveries, trade secrets,
secret processes, technology, know-how, methods, developments, software, and works of authorship or other creative works, whether
patentable or not, which are created, made, conceived or reduced to practice by him or under his direction or jointly with others
during his employment by the Company, whether or not during normal working hours or on the premises of the Company (herein collectively
referred to as &ldquo;Developments&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Executive agrees to assign and does hereby assign to the Company (or any person or entity designated by the Company) all his right,
title and interest in and to all Developments and all related patents, patent applications, copyrights and copyright applications.&nbsp;&nbsp;However,
this Section 6.1(f) shall not apply to Developments that do not relate to the present or planned business or research and development
of the Company and which are made and conceived by the Executive not during normal working hours, not on the Company premises and
not using the Company&rsquo;s tools, devices, equipment or Confidential Information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Executive agrees to cooperate fully with the Company and to take such further actions as may be necessary or desirable, both during
and after his employment with the Company, with respect to the procurement, maintenance and enforcement of copyrights, patents
and other intellectual property rights (both in the United States and foreign countries) relating to Developments.&nbsp;&nbsp;The
Executive shall sign all papers, including, without limitation, copyright applications, patent applications, declarations, oaths,
formal assignments, assignments of priority rights, and powers of attorney, which the Company may deem necessary or desirable in
order to protect its rights and interests in any Development.&nbsp;&nbsp;The Executive further agrees that if the Company is unable,
after reasonable effort, to secure the signature of the Executive on any such papers, any executive officer of the Company shall
be entitled to execute any such papers as the agent and the attorney-in-fact of the Executive, and the Executive hereby irrevocably
designates and appoints each executive officer of the Company as his/her agent and attorney-in-fact to execute any such papers
on his/her behalf, and to take any and all actions as the Company may deem necessary or desirable in order to protect its rights
and interests in any Development, under the conditions described in this sentence.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
herein shall be construed as giving the Executive any right in or to the Confidential Information or Developments or granting the
Executive any license under any intellectual property rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duty
to Return Company Documents and Property</U>.&nbsp;&nbsp;Upon the termination of Executive&rsquo;s employment with the Company
for any reason, Executive shall immediately return and deliver to the Company any and all papers, books, records, documents, memoranda
and manuals, e-mail, electronic or magnetic recordings or data, including all copies thereof, belonging to the Company or any of
its subsidiaries or relating to the business of the Company or any of its subsidiaries, in Executive&rsquo;s possession, whether
prepared by Executive or others. If at any time after the termination of employment, Executive determines that he has any trade
secrets or other confidential information belonging to the Company or any of its subsidiaries in his possession or control, Executive
shall immediately return to the Company all such trade secrets and other confidential information, including all copies and portions
thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Solicitation</U>.
During the period of Executive&rsquo;s employment or other service with the Company and for&nbsp;<B>24</B>&nbsp;months thereafter,
Executive shall not, without the prior written consent of the Company, directly or indirectly: (a) solicit, request, advise, entice,
persuade, induce, offer to employ, or hire any employee, consultant, or independent contractor employed by or working on behalf
of the Company or any of its subsidiaries at any time during the one-year period prior to the Executive&rsquo;s termination of
employment with the Company to leave the Company or any of its subsidiaries or to engage in any activity which, were it done by
the Executive, would violate the terms of this Agreement; (b) or solicit, request, advise, entice, persuade or induce any individual
or entity, including but not limited to any customer, supplier, vendor, investor, equity or financing source, or other contracting
party of the Company or any of its subsidiaries, to terminate, reduce or refrain from continuing or renewing their present or prospective
contractual or business relationship with the Company or any of its subsidiaries. Upon request, Executive will execute a standard
form of Company non-solicitation agreement, as in effect from time to time for executives generally, which shall apply in addition
to and not in lieu of the covenants contained in this Agreement (it being understood that, in the event of any inconsistency, the
provisions of this Agreement shall govern).</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Competition
Restrictions</U>. During the period of Executive&rsquo;s employment or other service with the Company and for&nbsp;<B>24</B>&nbsp;months
thereafter, Executive shall not, directly or indirectly, without the prior written consent of the Company, engage in, become financially
interested in, be employed by, render any consultation or business advice with respect to, or have any connection with, any business
engaged in the research, development, testing, design, manufacture, sale, lease, marketing, utilization or exploitation of any
products or services which are designed for the same purpose as, are similar to, or are otherwise competitive with, products or
services of the Company or any of its subsidiaries, in any geographic area where, during the period of his employment with the
Company or any subsidiary or at the time of the termination of his employment or other service with the Company and its subsidiaries,
as the case may be, the business of the Company or any of its subsidiaries was being conducted or was proposed to be conducted
in any manner whatsoever; provided, however, that Executive&rsquo;s mere purchase or holding, for investment purposes, of securities
representing less than 5<B>%</B>&nbsp;of the outstanding value or voting interest of a publicly traded company shall not be deemed
to be a violation of the provisions of this paragraph.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reformation</U>.
Executive acknowledges that the Company and its subsidiaries conduct their business on a world-wide basis, that their sales and
marketing prospects are for continued expansion into world markets and that; therefore, the territorial and time limitations set
forth in Section 6.4 are reasonable and properly required for the adequate protection of the business of the Company and its subsidiaries.
If a court concludes that any time period and/or the geographic area specified in Section 6.4 is unenforceable, then the time period
will be reduced by the number of months, or the geographic area will be reduced by the elimination of the overbroad portion, or
both, as the case may be, so that the restrictions may be enforced in the geographic area and for the time to the fullest extent
permitted by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies</U>.
It is intended that, in view of the nature of the Company&rsquo;s business, the restrictions contained in Sections 6.1 through
6.4 (including, without limitation, the restrictions that are specifically incorporated herein by reference), are considered reasonable
and necessary to protect the Company&rsquo;s legitimate business interests and that any violation of these restrictions would result
in irreparable injury to the Company.&nbsp;&nbsp;In the event of a breach or a threatened breach by Executive of any restrictive
covenant contained herein, the Company shall be entitled to a temporary restraining order and injunctive relief restraining Executive
from the commission of any breach, and to recover the Company&rsquo;s attorneys&rsquo; fees, costs and expenses related to the
breach or threatened breach. Nothing contained herein shall be construed as prohibiting the Company from pursuing any other remedies
available to it for any breach or threatened breach, including, without limitation, the restoration and other remedies specified
in this Agreement and/or the recovery of money damages, attorneys&rsquo; fees, and costs.&nbsp;&nbsp;These covenants and restrictions
shall each be construed as independent of any other provisions in the Agreement, and the existence of any claim or cause of action
by Executive against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement
by the Company of such covenants and restrictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.&nbsp;&nbsp;Should
a court determine that any paragraph or sentence, or any portion of a paragraph or sentence of this Section 6 is invalid, unenforceable,
or void, this determination shall not have the effect of invalidating or validating the remainder of the paragraph, sentence or
any other provision of this Section 6.&nbsp;&nbsp;Further, it is intended that the court should construe this Section 6 by limiting
and reducing it only to the extent necessary to be enforceable under then applicable law.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Recoupment
Upon Certain Restatement of Financial Statements</U>. If the Company is required to restate all or a portion of its financial statement(s)
for any period following the date of this agreement, and if the Board or the Compensation Committee determines that such restatement
is attributable in whole or in significant part to fraud, negligence, or intentional misconduct on the part of Executive or known
to Executive, then, subject to applicable law, the Board or the Compensation Committee, acting in its discretion, may require Executive
to reimburse the Company for the amount of any incentive compensation paid to him, cause the cancellation of outstanding equity
compensation awards, and seek reimbursement of any gains otherwise realized by him in respect of the exercise or settlement of
any such awards if and to the extent that (a) the amount of such incentive compensation was or will be based upon the achievement
of certain financial results that were subsequently reduced due to such restatement, and (b) the amount of the incentive compensation
that was, would have been or would be paid or provided to Executive if the financial results had been properly reported would have
been lower than the amount actually paid or provided.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>.
The services and duties to be performed by Executive hereunder are personal and may not be assigned.&nbsp;&nbsp;This Agreement
shall be binding upon and inure to the benefit of the Company, its successors and assigns and Executive and his heirs and representatives.
Company may assign this Agreement to a successor in interest, provided that any such assignee affirmatively adopts and agrees to
fulfill all obligations to Executive hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legal
Fees to Enforce Rights after a Change in Control</U>.&nbsp;&nbsp;If, following a Change in Control, the Company fails to comply
with any of its obligations under this Agreement or the Company takes any action to declare this Agreement void or unenforceable
or institutes any litigation or other legal action designed to deny, diminish or to recover from Executive (or Executive&rsquo;s
beneficiary) the payments and benefits intended to be provided, then Executive (or Executive&rsquo;s beneficiary, as the case may
be) shall be entitled to select and retain counsel at the expense of the Company to represent Executive (or Executive&rsquo;s beneficiary)
in connection with the good faith initiation or defense of any litigation or other legal action, whether by or against the Company
or any director, officer, stockholder or other person affiliated with the Company or any successor thereto in any jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Impediment to Agreement</U>.&nbsp;&nbsp;Executive covenants that, except as otherwise specifically disclosed herein, he is not,
as of the date hereof, aware of any circumstance or condition (legal, health or otherwise), which, in any such case, would constitute
an impediment to, or restriction upon, his ability to enter into this Agreement and to perform the duties and responsibilities
of his employment hereunder.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Arbitration</U>.
Except as otherwise specifically provided herein (relating to the Company&rsquo;s right to obtain injunctive or other equitable
relief from a court) or enforcement rights by Executive after a Change of Control, any claim or controversy arising out of or relating
to this Agreement or the breach hereof shall be resolved exclusively by arbitration. Any such arbitration will be administered
in accordance with the Employment Dispute Resolution Rules of the American Arbitration Association (&ldquo;AAA&rdquo;), in the
metropolitan area of New York before an experienced employment law arbitrator licensed to practice law in that jurisdiction who
has been selected in accordance with such Rules. Each party may be represented by counsel of its or his own choosing and at its
or his own expense; provided, however, that attorneys&rsquo; fees and costs may be awarded to a prevailing party in the discretion
of the arbitrator. The arbitrator&rsquo;s award will be enforceable, and a judgment may be entered thereon, in a federal or state
court of competent jurisdiction in the state where the arbitration was held.&nbsp;&nbsp;The decision of the arbitrator will be
final and binding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Agreement shall be governed by the laws of the State of New York, excluding its conflict of law rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification;
D&amp;O Insurance</U>. To the extent permitted by its Certificate of Incorporation and By-laws and subject to applicable law, the
Company will indemnify, defend and hold Executive harmless from and against any claim, liability or expense (including reasonable
attorneys&rsquo; fees) made against or incurred by him as a result of his employment with the Company or any subsidiary or other
affiliate of the Company, including service as an officer or director of the Company or any subsidiary or other affiliate of the
Company. The Company shall cover Executive under directors and officers liability insurance both during and, while potential liability
exists, after the Term, in the same amount and to the same extent as the Company covers its other officers and directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding</U>.
All payments made by Company to or for the benefit of Executive in connection with his employment shall be subject to applicable
tax withholding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
In the event that any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason,
in whole or in part, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and
effect to the fullest extent permitted by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section
409A</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Parties&rsquo;
Intent</U>. The intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section
409A and the regulations and guidance promulgated thereunder (collectively &ldquo;<U>Code Section 409A</U>&rdquo;) and, accordingly,
to the maximum extent permitted, this Agreement will be interpreted to be in compliance therewith. To the extent any of the payments
or benefits required under this Agreement are, or in the opinion of counsel to the Company or Executive, could be interpreted in
the future to create, a nonqualified deferred compensation plan that does not meet the requirements of Code Section 409A(a)(2),
(3) and (4), the Company and Executive hereby agree to execute any and all amendments to this Agreement or otherwise reform this
Agreement as deemed necessary by either of such counsel and reasonably acceptable to the other, and prepared by counsel to the
Company, to either cause such payments or benefits not to be a nonqualified deferred compensation plan or to meet the requirement
of Code Section 409A. In amending or reforming this Agreement for Code Section 409A purposes, the parties maintain, to the maximum
extent practicable, the original intent and economic benefit of this Agreement without subjecting Executive to additional tax or
interest; provided further, however, the Company will not be obligated to pay any additional material amount to Executive as a
result of such amendment.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">16.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delayed
Distribution to Key Employees</U>. If the Company determines in accordance with Code Sections 409A and 416(i), that Executive is
a &ldquo;Specified Employee&rdquo; (within the meaning of Code Section 409A) of the Company on the date his employment with the
Company terminates and, the parties agree that a delay in severance pay and benefits provided under this Agreement is necessary
for compliance with Code Section 409A(a)(2)(B)(i), then any severance payments and any continuation of benefits or reimbursement
of benefit costs provided under this Agreement, and not otherwise exempt from Code Section 409A (for example, pursuant to the &ldquo;short-term
deferral&rdquo; or &ldquo;separation pay&rdquo; exemptions&rdquo;), will be delayed until the earlier of (i) the first day of the
seventh (7th) calendar month commencing after Executive&rsquo;s termination of employment, or (ii) Executive&rsquo;s death, consistent
with and to the extent necessary to meet the requirements of Code Section 409A (the &ldquo;<U>409A Delay Period</U>&rdquo;). In
such event, any such severance payments and the cost of any such continuation of benefits provided under this Agreement that would
otherwise be due and payable to Executive during the 409A Delay Period will be paid to Executive in a lump sum cash amount at the
end of the 409A Delay Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">16.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Separation
from Service</U>. A termination of employment will not be deemed to have occurred for purposes of any provision of this Agreement
providing for the payment of any amounts or benefits following or upon a termination of employment (to the extent such payments
or benefits are subject to Code Section 409A) unless such termination also constitutes a &ldquo;Separation from Service&rdquo;
within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a &ldquo;termination,&rdquo;
&ldquo;termination of employment,&rdquo; &ldquo;separation from service&rdquo; or like terms mean Separation from Service.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">16.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Separate
Payments</U>. Each payment required under this Agreement will be considered a separate payment for purposes of determining the
applicability of or exemption from Section 409A. Whenever a payment under this Agreement specifies a payment period with reference
to a number of days, the actual date of payment within the specified period will be within the sole discretion of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">16.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reimbursements</U>.
To the extent that reimbursements or other in-kind benefits under this Agreement constitute &ldquo;nonqualified deferred compensation&rdquo;
for purposes of Code Section 409A, (i) all expenses or other reimbursements hereunder will be made no later than the time frame
set forth in this Agreement, but in any event, on or prior to the last day of the taxable year following the taxable year in which
such expenses were incurred by Executive, (ii) any right to reimbursement or in-kind benefits will not be subject to liquidation
or exchange for another benefit, and (iii) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided
in any taxable year will in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any
other taxable year.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.&nbsp;&nbsp;This
Agreement may be executed in separate counterparts, each of which will be an original and all of which taken together shall constitute
one and the same agreement, and any party hereto may execute this Agreement by signing any such counterpart.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
or Waiver</U>.&nbsp;&nbsp;No provision of this Agreement may be modified, amended, waived or terminated except by an instrument
in writing signed by the parties to this Agreement.&nbsp;&nbsp;No course of dealing between the parties will modify, amend, waive
or terminate any provision of this Agreement or any rights or obligations of any party under or by reason of this Agreement.&nbsp;&nbsp;No
delay on the part of the Company in exercising any right hereunder shall operate as a waiver of such right.&nbsp;&nbsp;No waiver,
express or implied, by a party of any right or any breach by the other party shall constitute a waiver of any other right of such
party or breach by such other party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.&nbsp;&nbsp;Any
notice given to a party shall be in writing and shall be deemed to have been given when delivered personally or sent by certified
or registered mail, postage prepaid, return receipt requested, or express mail to the recipient at his or its last known address.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement</U>.&nbsp;&nbsp;This Agreement contains the entire understanding between the parties hereto with respect to the subject
matter hereof and supersedes any prior and/or contemporaneous understandings, agreements or representations, written or oral, relating
to the subject matter hereof and Executive&rsquo;s compensation for employment with the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">IN WITNESS WHEREOF, the parties have executed
this Agreement on the date first above written.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2"><font style="font-size: 10pt">APPLIED DNA SCIENCES, INC.</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</td>
    <TD STYLE="width: 4%">&nbsp;</td>
    <TD STYLE="width: 36%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">By:</font></td>
    <TD><FONT STYLE="font-size: 10pt">/s/ Beth Jantzen, CFO </FONT><BR>
<FONT STYLE="font-size: 10pt">7/28/16</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</td>
    <TD STYLE="width: 40%"><font style="font-size: 10pt">/s/ James A. Hayward, CEO</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">James A. Hayward 7/28/16</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Gainsboro 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center; font-weight: Normal">Page <B><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></B> of <B>19</B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>SECTION 1.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B><U>PERMITTED ACTIVITIES</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">This Exhibit A is attached to the Employment
Agreement (the &ldquo;Agreement&rdquo;) made as of July 01, 2016, by and between Applied DNA Sciences, Inc. (&ldquo;Company&rdquo;)
and James A. Hayward (&ldquo;Executive&rdquo;). Subject to Section 1.3 of the Agreement, Executive is permitted to continue to
engage in any one or more of the outside business activities listed below.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><U>Not for profit</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in">1) Stony
Brook Foundation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">2) Regents Council</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-indent: -13.5pt; background-color: white">3)&nbsp;Ward
Melville Heritage Organization</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">1) Softheon, Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">2) NeoMatrix Formulations Inc.</P>

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


<!-- Field: Page; Sequence: 17; Value: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><IMG SRC="logo.jpg" ALT="">&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B><U>FORM OF RELEASE</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">In consideration of
the premises and the payments and benefits to be made or provided by Applied DNA Sciences, Inc. (the Company&rdquo;) to James A.
Hayward (the &ldquo;Executive&rdquo;) under this Release and the provisions of Section 4 of the Employment Agreement between the
parties to which this Exhibit is attached (the &ldquo;Employment Agreement&rdquo;) relating to the termination of Executive&rsquo;s
employment with the Company, the Executive, for the Executive and for the executors and administrators of the Executive&rsquo;s
estate, and the Executive&rsquo;s heirs, successors and assigns, hereby releases and forever discharges the Company and its officers,
directors, employees, agents and stockholders from any and all claims, actions, causes of action, suits, sums of money, debts,
dues, accounts, reckonings, bonds, bills, covenants, contracts, controversies, agreements, promises, demands or damages of any
nature whatsoever or by reason of any matter, cause or thing regardless of whether known or unknown at present, which against the
Company or any of its officers, directors, employees, agents or stockholders Executive ever had, now has or may have arising out
of or relating to any transaction, dealing, relationship, conduct, act or omission, or any other matters or things occurring or
existing at any time prior to and including the date of this Release (collectively defined herein as &ldquo;Claims&rdquo;). This
Release includes, but is not limited to, all Claims the Executive might have under Title VII of the Civil Rights Act of 1964, as
amended, 42 U.S.C. &sect;&sect;2000e,&nbsp;<I>et. seq.</I>; 42 U.S.C. &sect;&sect;1981,&nbsp;<I>et. seq.</I>; the Americans with
Disabilities Act, 29 U.S.C. &sect;&sect;2000e,&nbsp;<I>et. seq.</I>; the Age Discrimination in Employment Act; the Older Workers
Benefits Protection Act; the federal Family and Medical Leave Act; Section 451&nbsp;<I>et. seq.</I>; similar Connecticut laws,
the New York State Executive Law, and any and all statutory and common law causes of action for defamation; slander;&nbsp;<I>slander</I>&nbsp;<I>per
se</I>; defamation&nbsp;<I>per se</I>; false light; tortious interference with prospective business relationships; assault; sexual
assault; battery; sexual harassment; sexual discrimination; hostile work environment; discrimination; retaliation; workers&rsquo;
compensation retaliation; wrongful termination; intentional infliction of emotional distress; breach of a duty or obligation of
any kind or description, including any implied covenant of good faith and fair dealing; and for breach of contract or any tort
whatsoever, as well as any expenses or attorney&rsquo;s fees associated with such Claims. The parties acknowledge that this Release
does not either affect the rights and responsibilities of the Equal Employment Opportunity Commission to enforce the Age Discrimination
in Employment Act, or justify interfering with the protected right of an employee to file a charge or participate in an investigation
or proceeding conducted by the Equal Employment Opportunity Commission under the Age Discrimination in Employment Act. In the event
the Equal Employment Opportunity Commission commences a proceeding against the Company in which Executive is a named party, the
Executive agrees to waive and forego any monetary claims which may be alleged by the Equal Employment Opportunity Commission to
be owed to Executive. Notwithstanding the foregoing, nothing in the provisions of this Release shall act as a release by the Executive
of any Claims against the Company with respect to (i) any amounts or benefits to which the Executive may become entitled to receive
under the Employment Agreement after the date hereof, including the right to indemnity referenced therein, (ii) the Executive&rsquo;s
rights under and in accordance with the terms of any employee benefit plan in which Executive participates, and (iii) any Claims
arising with respect to acts, events or occurrences taking place after the date of this Release.</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">The Company has advised
the Executive in writing to consult with an attorney prior to executing this Release. By executing this Release, the Executive
acknowledges that (a) the Executive has been provided an opportunity to consult with an attorney or other advisor of the Executive&rsquo;s
choice regarding the terms of this Release, (b) Executive has been given twenty-one (21) days (or, if required by applicable law,
45 days) in which to consider whether the Executive wishes to enter into this Release, (c) Executive has elected to enter into
this Agreement knowingly and voluntarily, (d) Executive&rsquo;s waiver of rights or claims is in exchange for the good and valuable
consideration herein; and (e) if Executive does so within fewer than twenty-one (21) days (or, if required by applicable law, 45
days) from receipt of this Release, Executive has knowingly and voluntarily waived the remaining time. This Release will become
effective, enforceable and irrevocable on the eighth day after the date on which it is executed by the Executive (the &ldquo;Effective
Date&rdquo;). During the seven-day period prior to the Effective Date, the Executive may revoke this Release by delivering a written
notice of revocation to the Company.</P>

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



<P STYLE="margin: 0"></P>

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