Form 8-K
8-K — Telomir Pharmaceuticals, Inc.
Accession: 0001493152-26-013240
Filed: 2026-03-27
Period: 2026-03-23
CIK: 0001971532
SIC: 2834 (PHARMACEUTICAL PREPARATIONS)
Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
Item: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
Item: Submission of Matters to a Vote of Security Holders
Item: Financial Statements and Exhibits
Documents
8-K — form8-k.htm (Primary)
EX-3.1 (ex3-1.htm)
EX-10.1 (ex10-1.htm)
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8-K
8-K (Primary)
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): March 23, 2026
TELOMIR
PHARMACEUTICALS, INC.
(Exact
Name of Registrant as Specified in its Charter)
Florida
001-41952
87-2606031
(State
or Other Jurisdiction
of
Incorporation)
(Commission
File
Number)
(IRS
Employer
Identification
No.)
100
SE 2nd St, Suite 2000, #1009
Miami,
Florida 33131
(Address
of Principal Executive Offices)
Registrant’s
telephone number, including area code: (786) 396-6723
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
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:
☐
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
Trading
Symbol
Name
of each exchange on which registered
Common
Stock, no par value
TELO
The
Nasdaq Stock Market LLC
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
On
March 23, 2026, at the Annual Meeting of the Shareholders of Telomir Pharmaceuticals, Inc. (the “Company”), the Company’s
shareholders approved an amendment to the Company’s 2023 Omnibus Incentive Plan (the “Plan”) to (1) increase the number
of shares reserved under the Plan from 6,500,000 to 11,500,000, and (2) to allow for the repricing of options or stock appreciation rights
(“SARs”), including reducing the exercise or grant price of an outstanding options or SAR, as determined by the administrator
of the Plan. Additional details about the Plan are set forth in the Company’s definitive proxy statement filed on February 19,
2026. The form of the Plan is included as Exhibit 10.1 to this Current Report on
Form 8-K.
Item
5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On
March 23, 2026, at the Annual Meeting of the Shareholders of Telomir Pharmaceuticals, Inc. (the “Company”), the Company’s
shareholders approved an amendment to the Bylaws of the Company to reduce the amount required for a quorum for an action by the Company’s
shareholders adopted in a meeting to one-third. Copies of the amended bylaws are attached as Exhibit 3.1, to this Current Report on Form
8-K, and are incorporated herein by reference.
Item
5.07. Submission of a Matter to a Vote of Security Holders.
On
March 23, 2026, Telomir Pharmaceuticals, Inc. (the “Company”) held its 2025 Annual Meeting of Stockholders (the “Annual
Meeting”). The record date for stockholders entitled to notice of the Annual Meeting was January 23, 2026 (the “Record Date”).
As of the Record Date, there were 34,380,971 shares of common stock, no par value per share (“Common Stock”) of the Company
outstanding. Each share of Common Stock represents one vote that could be voted on each matter that came before the Annual Meeting.
At
the Annual Meeting, 17,589,062 shares of Common Stock were represented and voted by proxy, constituting a quorum for the Annual Meeting.
The 17,589,062 votes represented equaled approximately 51.16% of the outstanding possible votes.
At
the Annual Meeting, seven proposals were submitted to the Company’s stockholders. The proposals are described in more detail in
the Company’s definitive proxy statement filed with the U.S. Securities and Exchange Commission on February 19, 2026. Each proposal
was approved by the Company’s stockholders, including the proposal to approve the acquisition of Teli Pharmaceuticals, Inc. (the
“Acquisition”).
The
final voting results were as follows:
Proposal
1
The
Company’s stockholders approved the issuance of shares of Common Stock or other securities of the Company in connection with the
Acquisition, which will represent more than 20% of the shares of Common Stock outstanding immediately prior to the Acquisition, pursuant
to Nasdaq Listing Rule 5635(a), based on the voting results set forth below.
Votes
For
Votes
Against
Votes
Abstained
Broker
Non-votes
17,022,302
116,825
35,091
414,844
Proposal
2
The
Company’s stockholders elected Erez Aminov, Matthew Whalen, Edward MacPherson and Matthew Del Giudice, M.D., as directors of the
Company to serve until the next Annual Meeting of Stockholders, or until his respective successor has been duly elected and qualified,
based upon the voting results set forth below.
Nominee
Votes
For
Votes
Abstained
Broker
Non-votes
Erez
Aminov
17,085,766
88,452
414,844
Matthew
Whalen
16,905,813
268,405
414,844
Edward
MacPherson
16,906,208
268,010
414,844
Matthew
Del Giudice, M.D.
16,692,605
481,613
414,844
Proposal
3
The
Company’s stockholders approved the ratification of the appointment of Salberg & Company, P.A. as the Company’s independent
registered public accounting firm for the fiscal year ending December 31, 2025, based upon the voting results set forth below.
Votes
For
Votes
Against
Votes
Abstained
Broker
Non-votes
17,201,263
374,046
13,753
-
Proposal
4
The
Company’s stockholders approved amendments to the 2023 Omnibus Incentive Plan, based upon the voting results set forth below:
Votes
For
Votes
Against
Votes
Abstained
Broker
Non-votes
15,397,036
1,721,558
55,624
414,844
Proposal
5
The
Company’s stockholders approved a proposal for an
amendment to the Company’s bylaws.
Votes
For
Votes
Against
Votes
Abstained
Broker
Non-votes
15,390,044
1,766,283
17,891
414,844
Proposal
6
The
Company’s stockholders approved proposals to issue certain grants of options to non-executive members of the Company’s Board
of Directors.
Votes
For
Votes
Against
Votes
Abstained
Broker
Non-votes
15,295,016
1,870,669
8,533
414,844
Proposal
7
The
Company’s stockholders approved a proposal to approve an adjournment of the Annual Meeting, if necessary, to solicit additional
proxies if there are not sufficient votes in favor of Proposals 1, 2, 3, 4, 5 and/or 6.
Votes
For
Votes
Against
Votes
Abstained
Broker
Non-votes
16,028,895
1,539,483
20,684
4,082,815
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit
No.
Description
3.1
Bylaws of Telomir Pharmaceuticals, Inc, as amended
10.1
Telomir Pharmaceuticals, Inc. 2023 Omnibus Incentive Plan, as amended
104
Cover
Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
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.
TELOMIR
PHARMACEUTICALS, INC.
Dated:
March 27, 2026
By:
/s/
Erez Aminov
Name:
Erez
Aminov
Title:
Chief
Executive Officer
EX-3.1
EX-3.1
Filename: ex3-1.htm · Sequence: 2
Exhibit
3.1
AMENDED
AND RESTATED BYLAWS
OF
TELOMIR
PHARMACEUTICALS, INC. (a Florida corporation)
Article
1
OFFICES
Telomir
Pharmaceuticals, Inc. (the “Corporation”) may have such principal and other business offices, either within or without
the State of Florida, as the Board of Directors may designate or as the business of the Corporation may require from time to time.
Article
2
SHAREHOLDERS
Section
2.1 Annual Meeting. The annual meeting of the shareholders shall be held at such time and on such date as may be fixed by or under
the authority of the Board of Directors. In fixing a meeting date for any annual meeting of shareholders, the Board of Directors may
consider such factors as it deems relevant within the good faith exercise of its business judgment. At each annual meeting of shareholders,
the shareholders shall elect directors and transact only such other business that is properly brought before the meeting in accordance
with Section 2.14 of these Bylaws. If the election of directors shall not be held on the date fixed as herein provided for any annual
meeting of shareholders, or any adjournment thereof, the Board of Directors shall cause the election to be held at a special meeting
of shareholders as soon thereafter as is practicable.
Section
2.2 Special Meetings. Special meetings of the shareholders may be called only by the Chairman of the Board, the Chief Executive
Officer, the President (in the absence of the Chief Executive Officer) or a majority of the Board of Directors, and shall be called by
the Corporation in the event that the holders of not less than ten percent (10%) of all of the votes entitled to be cast on any issue
proposed to be considered at the proposed special meeting sign, date, and deliver to the Secretary one or more written demands for the
meeting describing one or more purposes for which it is to be held. The Corporation shall give notice of such a special meeting within
sixty (60) days after the date that the demands are delivered to the Corporation.
Section
2.3 Place of Meeting. The Board of Directors may designate any place, either within or without the State of Florida, as the place
of meeting for any annual meeting of shareholders or for any special meeting of shareholders. The Board of Directors, in its sole discretion,
may determine that the annual meeting of shareholders or a special meeting of shareholders shall not be held at any place, but shall
instead be held solely by means of remote communication as provided under Sections 607.0701, 607.0702 and 607.0709 of the Florida Business
Corporation Act, as it may be amended from time to time, or any successor legislation thereto (the “Act”). If no designation
is made, the place of meeting shall be the Corporation’s principal office.
Section
2.4 Notice of Meeting.
(a)
Content and Delivery.
(i)
Notice of the place, if any, date, time, and means of remote communication, if any, of each annual and special meeting of shareholders
shall be given by the Corporation not less than ten (10) nor more than sixty (60) days before the date of the meeting. Notices of special
meetings shall also specify the purpose or purposes for which the meeting has been called. Unless otherwise required by the Act or the
Corporation’s articles of incorporation (the “Articles of Incorporation”):
(A)
Notice of a shareholders’ meeting need be given only to shareholders entitled to vote at the meeting; and
(B)
Notices of annual meetings need not specify the purpose or purposes for which the meeting has been called.
(ii)
Notices to shareholders must be in writing and may be communicated in person, by electronic means (in a manner authorized by the shareholder),
or by mail or other method of delivery, in each case, by or at the direction of the Board of Directors, the Chairman of the Board, the
Chief Executive Officer, the President, the Secretary, or the officer or persons calling the meeting. If mailed, the notice shall be
effective when deposited in the United States mail addressed to the shareholder at the shareholder’s address as it appears in the
Corporation’s shareholder records, with postage thereon prepaid.
(b)
Notice of Adjourned Meetings. If an annual or special meeting of shareholders is adjourned to a different date, time or place,
or to add or modify the terms of participation by remote communication, the Corporation shall not be required to give notice of the new
date, time, place or terms of participation by remote communications if the new date, time, place or terms of participation by remote
communications is announced at the meeting before adjournment; provided, however, that if a new record date for an adjourned
meeting is or must be fixed, the Corporation shall give notice of the adjourned meeting to persons who are shareholders as of the new
record date who are entitled to notice of the meeting.
(c)
No Notice Under Certain Circumstances. Notwithstanding the other provisions of this Section 2.4, no notice of a meeting of shareholders
need be given to a shareholder if: (i) an annual report and proxy statement for two consecutive annual meetings of shareholders, or (ii)
all, and at least two, checks in payment of dividends or interest on securities during a twelve-month period have been sent by first-class,
United States mail, addressed to the shareholder at his or her address as it appears on the share transfer books of the Corporation,
and returned undeliverable. The obligation of the Corporation to give notice of a shareholders’ meeting to any such shareholder
shall be reinstated once the Corporation has received a new address for such shareholder for entry on its share transfer books.
Section
2.5 Waiver of Notice.
(a)
Written Waiver. A shareholder may waive any notice required by the Act or these Bylaws before or after the date and time stated
for the meeting in the notice. The waiver shall be in writing and signed by the shareholder entitled to the notice, and be delivered
to the Corporation for inclusion in the minutes or filing with the corporate records. Neither the business to be transacted at nor the
purpose of any regular or special meeting of shareholders need be specified in any written waiver of notice.
(b)
Waiver by Attendance. A shareholder’s attendance at a meeting, whether physical or remote, in person or by proxy, waives
objection to all of the following: (i) lack of notice or defective notice of the meeting, unless the shareholder at the beginning of
the meeting objects to holding the meeting or transacting business at the meeting; and (ii) consideration of a particular matter at the
meeting that is not within the purpose or purposes described in the meeting notice, unless the shareholder objects to considering the
matter when it is presented.
Section
2.6 Fixing of Record Date.
(a)
General. The Board of Directors may fix in advance a date as the record date for the purpose of determining shareholders entitled
to notice of a shareholders’ meeting, entitled to vote, or take any other action. In no event may a record date fixed by the Board
of Directors be (i) a date preceding the date upon which the resolution fixing the record date is adopted or (ii) a date more than seventy
(70) days before the date of meeting or action requiring a determination of shareholders.
(b)
Special Meeting. The record date for determining shareholders entitled to demand a special meeting shall be the close of business
on the date the first shareholder delivers his or her demand to the Corporation.
(c)
Absence of Board Determination for Shareholders’ Meeting. If the Board of Directors does not determine the record date for
determining shareholders entitled to notice of and to vote at an annual or special meeting of shareholders, such record date shall be
the close of business on the day before the first notice with respect thereto is delivered to shareholders.
(d)
Adjourned Meeting. A record date for determining shareholders entitled to notice of or to vote at a shareholders’ meeting
is effective for any adjournment of the meeting unless the Board of Directors fixes a new record date, which it must do if the meeting
is adjourned to a date more than 120 days after the date fixed for the original meeting.
Section
2.7 Shareholders’ List for Meetings.
(a)
Preparation and Availability. After a record date for a meeting of shareholders has been fixed, the Corporation shall prepare
an alphabetical list of the names of all of the shareholders entitled to notice of the meeting (and, if the Board of Directors fixes
a different record date to determine the shareholders entitled to vote at the meeting, an alphabetical list of the names of all shareholders
entitled to vote at the meeting). The list shall be arranged by class or series of shares, if any, and show the address of and number
of shares held by each shareholder. Such list shall be available for inspection by any shareholder for a period of ten days prior to
the meeting or such shorter time as exists between the record date and the meeting date, and continuing through the meeting, at the Corporation’s
principal office, at a place identified in the meeting notice in the city where the meeting will be held, on the Internet as an electronic
list, or at the office of the Corporation’s transfer agent or registrar, if any. A shareholder or his or her agent or attorney
may, on written demand, inspect the list, subject to the requirements of the Act, during regular business hours and at his or her expense,
during the period that it is available for inspection pursuant to this Section 2.7. The Corporation shall make the shareholders’
list available at the meeting and any shareholder or his or her agent or attorney may inspect the list at any time during the meeting
or any adjournment thereof.
(b)
Prima Facie Evidence. The shareholders’ list is prima facie evidence of the identity of shareholders entitled to examine
the shareholders’ list or to vote at a meeting of shareholders.
(c)
Failure to Comply. If the requirements of this Section 2.7 have not been substantially complied with, or if the Corporation refuses
to allow a shareholder or his or her agent or attorney to inspect the shareholders’ list before or at the meeting, on the demand
of any shareholder, in person or by proxy, who failed to get such access, the meeting shall be adjourned until such requirements are
complied with.
(d)
Validity of Action Not Affected. Refusal or failure to prepare or make available the shareholders’ list shall not affect
the validity of any action taken at a meeting of shareholders.
Section
2.8 Conduct of Meetings by Remote Communication. The Board of Directors may adopt guidelines and procedures for shareholders and
proxy holders not physically present at an annual or special meeting of shareholders to participate in the meeting, be deemed present
in person, vote, communicate and read or hear the proceedings of the meeting substantially concurrently with such proceedings, all by
means of remote communication. The Board of Directors may adopt procedures and guidelines for the conduct of an annual or special meeting
solely by means of remote communication rather than holding the meeting at a designated place.
Section
2.9 Quorum.
(a)
What Constitutes a Quorum. Shares entitled to vote as a separate voting group may take action on a matter at a meeting only if
a quorum of those shares exists with respect to that matter. If the Corporation has only one class of stock outstanding, such class shall
constitute a separate voting group for purposes of this Section 2.9. Except as otherwise provided in the Act, a third of the votes
entitled to be cast on the matter shall constitute a quorum of the voting group for action on that matter. After a quorum has been established
at a shareholders’ meeting, the subsequent withdrawal of shareholders, so as to reduce the number of shares entitled to vote at
the meeting below the number required for a quorum, shall not affect the validity of any action taken at the meeting or any adjournment
thereof.
(b)
Presence of Shares. Once a share is represented for any purpose at a meeting, other than for the purpose of objecting to holding
the meeting or transacting business at the meeting, it is considered present for purposes of determining whether a quorum exists for
the remainder of the meeting and for any adjournment of that meeting unless a new record date is or must be set for the adjourned meeting.
(c)
Adjournment in Absence of Quorum. Where a quorum is not present, the holders of a majority of the shares represented and who would
be entitled to vote at the meeting if a quorum were present may adjourn such meeting from time to time.
Section
2.10 Voting Entitlement of Shares.
(a)
Unless the Corporation’s Articles of Incorporation or the Act provide otherwise, each outstanding share, regardless of class, is
entitled to one vote on each matter submitted to a vote at a meeting of shareholders. Only shares are entitled to vote.
(b)
The shares of the Corporation are not entitled to vote if they are owned, directly or indirectly, by a second corporation, domestic or
foreign, and the first corporation owns, directly or indirectly, a majority of shares entitled to vote for directors of the second corporation.
(c)
This Section 2.10 does not limit the power of the Corporation to vote any shares, including its own shares, held by it in a fiduciary
capacity.
(d)
Redeemable shares are not entitled to vote on any matter, and shall not be deemed to be outstanding, after notice of redemption is mailed
to the holders thereof and a sum sufficient to redeem such shares has been deposited with a bank, trust company, or other financial institution
upon an irrevocable obligation to pay the holders the redemption price upon surrender of the shares.
(e)
Shares standing in the name of another corporation, domestic or foreign, may be voted by such officer, agent, or proxy as the bylaws
of the corporate shareholder may prescribe or, in the absence of any applicable provision, by such person as the Board of Directors of
the corporate shareholder may designate. In the absence of any such designation or in case of conflicting designation by the corporate
shareholder, the chairman of the board, the president, any vice president, the secretary, and the treasurer of the corporate shareholder,
in that order, shall be presumed to be fully authorized to vote such shares.
(f)
Shares held by an administrator, executor, guardian, personal representative, or conservator may be voted by him or her, either in person
or by proxy, without a transfer of such shares into his or her name. Shares standing in the name of a trustee may be voted by him or
her, either in person or by proxy, but no trustee shall be entitled to vote shares held by him or her without a transfer of such shares
into his name or the name of his or her nominee.
(g)
Shares held by or under the control of a receiver, a trustee in bankruptcy proceedings, or an assignee for the benefit of creditors may
be voted by him or her without the transfer thereof into his or her name.
(h)
If a share or shares stand of record in the names of two or more persons, whether fiduciaries, members of a partnership, joint tenants,
tenants in common, tenants by the entirety, or otherwise, or if two or more persons have the same fiduciary relationship respecting the
same shares, unless the Secretary of the Corporation is given notice to the contrary and is furnished with a copy of the instrument or
order appointing them or creating the relationship wherein it is so provided, then acts with respect to voting have the following effect:
(i)
If only one votes, in person or in proxy, his or her act binds all;
(ii)
If more than one vote, in person or by proxy, the act of the majority so voting binds all;
(iii)
If more than one vote, in person or by proxy, but the vote is evenly split on any particular matter, each faction is entitled to vote
the share or shares in question proportionally;
(iv)
If the instrument or order so filed shows that any such tenancy is held in unequal interest, a majority or a vote evenly split for purposes
of this subsection shall be a majority or a vote evenly split in interest;
(v)
The principles of this subsection shall apply, insofar as possible, to execution of proxies, waivers, consents, or objections and for
the purpose of ascertaining the presence of a quorum;
(vi)
Subject to Section 2.10(i), nothing herein contained shall prevent trustees or other fiduciaries holding shares registered in the name
of a nominee from causing such shares to be voted by such nominee as the trustee or other fiduciary may direct. Such nominee may vote
shares as directed by a trustee or their fiduciary without the necessity of transferring the shares to the name of the trustee or other
fiduciary.
(i)
The Corporation may establish a procedure by which the beneficial owner of shares that are registered in the name of a nominee is recognized
by the Corporation as the shareholder. The extent of this recognition may be determined in the procedure. The procedure may set forth
(a) the types of nominees to which it applies; (b) the rights or privileges that the Corporation recognizes in a beneficial owner; (c)
the manner in which the procedure is selected by the nominee; (d) the information that must be provided when the procedure is selected;
(e) the period for which selection of the procedure is effective; and (f) other aspects of the rights and duties created.
Section
2.11 Vote Required.
(a)
Matters Other Than Election of Directors. If a quorum exists, except in the case of the election of directors, action on a matter
shall be approved if the votes cast favoring the action exceed the votes cast opposing the action, unless the Act or the Corporation’s
Articles of Incorporation require a greater number of affirmative votes.
(b)
Election of Directors.
(i)
Each shareholder who is entitled to vote at an election of directors has the right to vote the number of shares owned by him or her for
as many persons as there are directors to be elected. Shareholders do not have a right to cumulate their votes for directors.
(ii)
Unless otherwise provided in the Corporation’s Articles of Incorporation, each director to be elected shall be elected by a plurality
of the votes cast by the shares entitled to vote in the election of directors at an annual meeting or special meeting of shareholders
at which a quorum is present.
Section
2.12 Conduct of Meeting. The Chairman of the Board, and in his or her absence, the Vice Chairman (if any), and in his or her absence,
the Chief Executive Officer, and in his or her absence, the President, and in his or her absence, a Vice President, and in his or her
absence, any person chosen by the shareholders present shall call a shareholders’ meeting to order and shall act as presiding officer
of the meeting, and the Secretary of the Corporation shall act as secretary of all meetings of the shareholders, but, in the absence
of the Secretary, the presiding officer may appoint any other person to act as secretary of the meeting. The presiding officer of the
meeting shall have broad discretion in determining the order of business at a shareholders’ meeting. The presiding officer’s
authority to conduct the meeting shall include, but in no way be limited to, recognizing shareholders entitled to speak, calling for
the necessary reports, stating questions and putting them to a vote, calling for nominations, and announcing the results of voting. The
presiding officer also shall take such actions as are necessary and appropriate to preserve order at the meeting. The rules of parliamentary
procedure need not be observed in the conduct of shareholders’ meetings; however, meetings shall be conducted in accordance with
accepted usage and common practice with fair treatment to all who are entitled to take part.
Section
2.13 Proxies.
(a)
Appointment. At all meetings of shareholders, a shareholder or attorney- in-fact for a shareholder may vote the shareholder’s
shares in person or by proxy. If an appointment form expressly provides, any proxy holder may appoint, in writing, a substitute to act
in his or her place. A shareholder or attorney-in-fact for a shareholder may appoint a proxy to vote or otherwise act for the shareholder
by signing an appointment form or by electronic transmission. As provided by Section 607.0722 of the Act, any type of electronic transmission
appearing to have been, or containing or accompanied by such information or obtained under such procedures to reasonably ensure that
the electronic transmission was, transmitted or authorized by such person is a sufficient appointment, subject to the verification requested
by the Corporation under Section 2.15 of these Bylaws and Section 607.0724 of the Act. The appointment may be signed by any reasonable
means, including, but not limited to, facsimile or electronic signature. Any copy, facsimile transmission or other reliable reproduction
of the writing or electronic transmission of the appointment may be substituted or used in lieu of the original writing or electronic
transmission for any purpose for which the original writing or electronic transmission could be used if the copy, facsimile transmission
or other reproduction is a complete reproduction of the entire original writing or electronic transmission.
(b)
When Effective. An appointment of a proxy is effective when received by the Secretary or other officer or agent of the Corporation
authorized to tabulate votes. An appointment is valid for up to eleven (11) months unless a longer or shorter period is expressly provided
in the appointment form. An appointment of a proxy is revocable by the shareholder unless the appointment form conspicuously states that
it is irrevocable and the appointment is coupled with an interest.
Section
2.14 Advance Notice of Shareholder Nominations and Proposals.
(a)
Annual Meetings. At a meeting of the shareholders, only such nominations of persons for the election of directors and such other
business shall be conducted as shall have been properly brought before the meeting. To be properly brought before an annual meeting,
nominations or such other business must be:
(i)
specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors;
(ii)
otherwise properly brought before the meeting by or at the direction of the Board of Directors; or
(iii)
otherwise properly brought before an annual meeting by a shareholder who is a shareholder of record of the Corporation at the time such
notice of meeting is delivered, who is entitled to vote at the meeting, and who complies with the procedures set forth in this Section
2.14.
In
addition, any proposal of business (other than the nomination of persons for election to the Board of Directors) must be a proper matter
for shareholder action.
For
business (including, but not limited to, director nominations) to be properly brought before an annual meeting by a shareholder pursuant
to Section 2.14(a)(iii), the shareholder or shareholders of record intending to propose the business (the “Proposing Shareholder”)
must have given timely notice thereof pursuant to this Section 2.14(a), in writing to the Secretary of the Corporation even if such matter
is already the subject of any notice to the shareholders or Public Disclosure from the Board of Directors. To be timely, a Proposing
Shareholder’s notice for an annual meeting must be delivered to or mailed and received at the Corporation’s principal office
on or before December 31 of the year immediately preceding the annual meeting; provided, however, that in the event that
the date of the annual meeting is on or after May 1 in any year, notice by the shareholder to be timely must be so received not later
than the close of business on the day which is determined by adding to December 31 of the year immediately preceding such annual meeting
the number of days starting with May 1 and ending on the date of the annual meeting in such year. In no event shall the Public Disclosure
of an adjournment or postponement of an annual meeting commence a new notice time period (or extend any notice time period). For the
purposes of this Section 2.14, “Public Disclosure” shall mean a disclosure made in a press release reported by the
Dow Jones News Services, The Associated Press, or a comparable national news service or in a document filed by the Corporation with the
Securities and Exchange Commission pursuant to Sections 13, 14, or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”).
(b)
Shareholder Nominations. For the nomination of any person or persons for election to the Board of Directors pursuant to Section
2.14(a)(iii) or Section 2.14(d), a Proposing Shareholder’s notice to the Secretary shall set forth or include:
(i)
the name, age, business address, and residence address of each nominee proposed in such notice;
(ii)
the principal occupation or employment of each such nominee;
(iii)
the class and number of shares of capital stock of the Corporation which are owned of record and beneficially by each such nominee (if
any);
(iv)
such other information concerning each such nominee as would be required to be disclosed in a proxy statement soliciting proxies for
the election of such nominee as a director in an election contest (even if an election contest is not involved) or that is otherwise
required to be disclosed, under Section 14(a) of the Exchange Act;
(v)
a written questionnaire with respect to the background and qualification of such proposed nominee (which questionnaire shall be provided
by the Secretary upon written request) and a written statement and agreement executed by each such nominee acknowledging that such person:
(A)
consents to being named in the Corporation’s proxy statement as a nominee and to serving as a director if elected; and
(B)
makes the following representations: (1) that the director nominee has read and agrees to adhere to the Corporation’s corporate
governance guidelines, code of conduct and ethics, and any other of the Corporation’s policies or guidelines applicable to directors,
including with regard to securities trading; (2) that the director nominee is not and will not become a party to any agreement, arrangement
or understanding with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a
director of the Corporation, will act or vote on any issue or question (a “Voting Commitment”) that has not been disclosed
to the Corporation or any Voting Commitment that could limit or interfere with such person’s ability to comply, if elected as a
director of the Corporation, with such person’s fiduciary duties under applicable law; and (3) that the director nominee is not
and will not become a party to any agreement, arrangement or understanding with any person or entity other than the Corporation with
respect to any direct or indirect compensation, reimbursement, or indemnification that has not been disclosed to the Corporation in connection
with such person’s nomination for director or service as a director; and
(vi)
as to the Proposing Shareholder:
(A)
the name and address of the Proposing Shareholder as they appear on the Corporation’s books and of the beneficial owner, if any,
on whose behalf the nomination is being made;
(B)
the class and number of shares of the Corporation which are owned by the Proposing Shareholder (beneficially and of record) and owned
by the beneficial owner, if any, on whose behalf the nomination is being made, as of the date of the Proposing Shareholder’s notice,
and a representation that the Proposing Shareholder will notify the Corporation in writing of the class and number of such shares owned
of record and beneficially as of the record date for the meeting within five business days after the record date for such meeting;
(C)
a description of any agreement, arrangement or understanding with respect to such nomination between or among the Proposing Shareholder
or the beneficial owner, if any, on whose behalf the nomination is being made and any of their affiliates or associates, and any others
(including their names) acting in concert with any of the foregoing, and a representation that the Proposing Shareholder will notify
the Corporation in writing of any such agreement, arrangement, or understanding in effect as of the record date for the meeting within
five business days after the record date for such meeting;
(D)
a description of any agreement, arrangement or understanding (including any derivative or short positions, profit interests, options,
hedging transactions, and borrowed or loaned shares) that has been entered into as of the date of the Proposing Shareholder’s notice
by, or on behalf of, the Proposing Shareholder or the beneficial owner, if any, on whose behalf the nomination is being made and any
of their affiliates or associates, the effect or intent of which is to mitigate loss to, manage risk or benefit of share price changes
for, or increase or decrease the voting power of such person or any of their affiliates or associates with respect to shares of stock
of the Corporation, and a representation that the Proposing Shareholder will notify the Corporation in writing of any such agreement,
arrangement, or understanding in effect as of the record date for the meeting within five business days after the record date for such
meeting;
(E)
a representation that the Proposing Shareholder is a holder of record of shares of the Corporation entitled to vote at the meeting and
intends to appear in person or by proxy at the meeting to nominate the person or persons specified in the notice; and
(F)
a representation whether the Proposing Shareholder intends to deliver a proxy statement and/or form of proxy to holders of at least the
percentage of the Corporation’s outstanding capital stock required to approve the nomination and/or otherwise to solicit proxies
from shareholders in support of the nomination.
The
Corporation may require any proposed nominee to furnish such other information as it may reasonably require to determine the eligibility
of such proposed nominee to serve as an independent director of the Corporation or that could be material to a reasonable shareholder’s
understanding of the independence, or lack thereof, of such nominee.
(c)
Other Shareholder Proposals. For all business other than director nominations, a Proposing Shareholder’s notice to the Secretary
shall set forth as to each matter the Proposing Shareholder proposes to bring before the annual meeting:
(i)
a brief description of the business desired to be brought before the annual meeting;
(ii)
the reasons for conducting such business at the annual meeting;
(iii)
the text of any proposal or business (including the text of any resolutions proposed for consideration and in the event that such business
includes a proposal to amend these Bylaws, the language of the proposed amendment);
(iv)
any substantial interest (within the meaning of Item 5 of Schedule 14A under the Exchange Act) in such business of such shareholder and
the beneficial owner (within the meaning of Section 13(d) of the Exchange Act), if any, on whose behalf the business is being proposed;
(v)
any other information relating to such shareholder and beneficial owner, if any, on whose behalf the proposal is being made, required
to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for the proposal
and pursuant to and in accordance with Section 14(a) of the Exchange Act and the rules and regulations promulgated thereunder;
(vi)
a description of all agreements, arrangements or understandings between or among such shareholder, the beneficial owner, if any, on whose
behalf the proposal is being made, any of their affiliates or associates, and any other person or persons (including their names) in
connection with the proposal of such business and any material interest of such shareholder, beneficial owner, or any of their affiliates
or associates, in such business, including any anticipated benefit therefrom to such shareholder, beneficial owner, or their affiliates
or associates; and
(vii)
the information required by Section 2.14(b)(vi) above.
(d)
Special Meetings of Shareholders. Only such business shall be conducted at a special meeting of shareholders as shall have been
brought before the meeting pursuant to the Corporation’s notice of meeting. Nominations of persons for election to the Board of
Directors may be made at a special meeting of shareholders called by the Board of Directors at which directors are to be elected pursuant
to the Corporation’s notice of meeting:
(i)
by or at the direction of the Board of Directors; or
(ii)
provided that the Board of Directors has determined that directors shall be elected at such meeting, by any shareholder of the Corporation
who is a shareholder of record at the time the notice provided for in this Section 2.14(d) is delivered to the Secretary of the Corporation,
who is entitled to vote at the meeting, and upon such election and who complies with the notice procedures set forth in this Section
2.14.
In
the event the Corporation calls a special meeting of shareholders for the purpose of electing one or more directors to the Board of Directors,
any such shareholder entitled to vote in such election of directors may nominate a person or persons (as the case may be) for election
to such position(s) as specified in the Corporation’s notice of meeting, if such shareholder delivers a shareholder’s notice
that complies with the requirements of Section 2.14(b) to the Secretary at the Corporation’s principal office not earlier than
the close of business on the 120th day prior to such special meeting and not later than the close of business on the later of: (x) the
90th day prior to such special meeting; or (y) the tenth (10th) day following the date of the first Public Disclosure of the
date of the special meeting and of the nominees proposed by the Board of Directors to be elected at such meeting. In no event shall the
Public Disclosure of an adjournment or postponement of a special meeting commence a new time period (or extend any notice time period).
(e)
Effect of Noncompliance. Only such persons who are nominated in accordance with the procedures set forth in this Section 2.14
shall be eligible to be elected at any meeting of shareholders of the Corporation to serve as directors, and only such other business
shall be conducted at a meeting as shall be brought before the meeting in accordance with the procedures set forth in this Section 2.14.
If any proposed nomination or other business was not made or proposed in compliance with this Section 2.14, then, except as otherwise
required by law, the chair of the meeting shall have the power and duty to declare that such nomination shall be disregarded or that
such proposed other business shall not be transacted. Notwithstanding anything in these Bylaws to the contrary, unless otherwise required
by law, if a Proposing Shareholder intending to propose business or make nominations at an annual meeting or propose a nomination at
a special meeting pursuant to this Section 2.14 does not provide the information required under this Section 2.14 to the Corporation,
including the updated information required by Section 2.14(b)(vi)(B), Section 2.14(b)(vi)(C) and Section 2.14(b)(vi)(D) within five (5)
business days after the record date for such meeting or the Proposing Shareholder (or a qualified representative of the Proposing Shareholder)
does not appear at the meeting to present the proposed business or nominations, such business or nominations shall not be considered,
notwithstanding that proxies in respect of such business or nominations may have been received by the Corporation.
(f)
Rule 14a-8. This Section 2.14 shall not apply to a proposal proposed to be made by a shareholder if the shareholder has notified
the Corporation of the shareholder’s intention to present the proposal at an annual or special meeting only pursuant to and in
compliance with Rule 14a-8 under the Exchange Act and such proposal has been included in a proxy statement that has been prepared by
the Corporation to solicit proxies for such meeting.
Section
2.15 Acceptance of Instruments Showing Shareholder Action. If the name signed on a vote, consent, waiver, or proxy appointment
corresponds to the name of a shareholder, the Corporation, if acting in good faith, may accept the vote, consent, waiver, or proxy appointment
and give it effect as the act of a shareholder. If the name signed on a vote, consent, waiver, or proxy appointment does not correspond
to the name of a shareholder, the Corporation, if acting in good faith, may accept the vote, consent, waiver, or proxy appointment and
give it effect as the act of the shareholder if any of the following apply:
(a)
The shareholder is an entity and the name signed purports to be that of an officer or agent of the entity;
(b)
The name signed purports to be that of an administrator, executor, guardian, personal representative, or conservator representing the
shareholder and, if the Corporation requests, evidence of fiduciary status acceptable to the Corporation is presented with respect to
the vote, consent, waiver, or proxy appointment;
(c)
The name signed purports to be that of a receiver or trustee in bankruptcy, or assignee for the benefit of creditors of the shareholder
and, if the Corporation requests, evidence of this status acceptable to the Corporation is presented with respect to the vote, consent,
waiver, or proxy appointment;
(d)
The name signed purports to be that of a pledgee, beneficial owner, or attorney-in-fact of the shareholder and, if the Corporation requests,
evidence acceptable to the Corporation of the signatory’s authority to sign for the shareholder is presented with respect to the
vote, consent, waiver, or proxy appointment; or
(e)
Two or more persons are the shareholder as co-tenants or fiduciaries and the name signed purports to be the name of at least one of the
co-owners and the person signing appears to be acting on behalf of all co-owners.
The
Corporation may reject a vote, consent, waiver, or proxy appointment if the Secretary or other officer or agent of the Corporation who
is authorized to tabulate votes, acting in good faith, has reasonable basis for doubt about the validity of the signature on it or about
the signatory’s authority to sign for the shareholder.
Article
3
BOARD
OF DIRECTORS
Section
3.1 General Powers, Number and Qualifications. All corporate powers shall be exercised by or under the authority of, and the business
and affairs of the Corporation managed under the direction of, the Board of Directors. The Board of Directors shall consist of not less
than three (3) directors. Subject to the foregoing, the exact number of directors shall be established from time to time by resolution
of the Board of Directors. If the terms of the directors are staggered or classified under Section 3.5 of these Bylaws, any increase
or decrease in the number of directors shall be allocated proportionately among the classes. Any decrease in the number of directors
shall not prematurely shorten the term of any incumbent director. Directors must be natural persons who are eighteen (18) years of age
or older, but need not be residents of the State of Florida or shareholders of the Corporation.
Section
3.2 Term of Office. The term of each director shall expire at the next annual meeting of shareholders following his or her election
or until his or her successor is elected and qualifies, unless their terms are staggered or classified under Section 3.5.
Section
3.3 Removal. A director may be removed from office only as provided in the Corporation’s Articles of Incorporation at a
meeting called for that purpose.
Section
3.4 Resignation. A director may resign at any time by delivering written notice to the Board of Directors or its Chairman or Vice
Chairman (if any), or to the Corporation. A director’s resignation is effective when the notice is delivered unless the notice
specifies a later effective date.
Section
3.5 Staggered Terms for Directors/Classification of the Board of Directors. The Board of Directors may, by the Corporation’s
Articles of Incorporation, or by amendment to these Bylaws adopted by a vote of the shareholders, be divided into one, two or three classes
with the number of directors in each class being as nearly equal as possible; the term of office of those of the first class to expire
at the annual meeting next ensuing; of the second class one year thereafter; at the third class two years thereafter; and at each annual
election held after such classification and election, directors shall be chosen for a full term, as the case may be, to succeed those
whose terms expire. If the directors have staggered terms, then any increase or decrease in the number of directors shall be so apportioned
among the classes as to make all classes as nearly equal in number as possible.
Section
3.6 Vacancies. Any vacancy occurring on the Board of Directors shall be filled as provided in the Corporation’s Articles
of Incorporation.
Section
3.7 Compensation. The Board of Directors, irrespective of any personal interest of any of its members, may establish reasonable
compensation of all directors for services to the Corporation as directors or may delegate such authority to an appropriate committee.
The Board of Directors also shall have authority to provide for or delegate authority to an appropriate committee to provide for reasonable
pensions, disability or death benefits, and other benefits or payments, to directors, officers and employees and to their families, dependents,
estates or beneficiaries on account of prior services rendered to the Corporation by such directors, officers and employees.
Section
3.8 Chairman of the Board and Vice Chairman. The Board of Directors may elect a director as the Chairman of the Board and, if
it has done so, the Board of Directors may also elect another director as the Vice Chairman. The Chairman of the Board shall, when present,
preside at all meetings of the shareholders and of the Board of Directors, may call meetings of the shareholders and the Board of Directors,
shall advise and counsel with the management of the Corporation, and shall perform such other duties as set forth in these Bylaws and
as determined by the Board of Directors. In the absence of the Chairman of the Board, the Vice Chairman shall, when present, preside
at all meetings of the shareholders and of the Board of Directors. Except as provided in this Section 3.8, neither the Chairman of the
Board nor the Vice Chairman shall be an officer or an employee of the Corporation by virtue of his or her election and service as Chairman
of the Board or Vice Chairman; provided, however, the Chairman or Vice Chairman may be an officer of the Corporation. The
Chairman may use the title Chairman or Chairman of the Board interchangeably.
Section
3.9 Regular Meetings. The Board of Directors may provide the date, time and place, either within or without the State of Florida,
for the holding of regular meetings of the Board of Directors without notice. Such meetings may also be remotely held as provided by
Section 3.14(d).
Section
3.10 Special Meetings. Special meetings of the Board of Directors may be called by or at the request of the Chairman of the Board,
the Vice Chairman (if any), the Chief Executive Officer, the President or any two (2) directors. The person or persons calling the meeting
may fix any place, either within or without the State of Florida, as the place for holding any special meeting of the Board of Directors,
and if no other place is fixed, the place of the meeting shall be the Corporation’s principal office. Such meetings may also be
remotely held as provided by Section 3.14(d).
Section
3.11 Notice. Special meetings of the Board of Directors must be preceded by at least two days’ notice of the date, time,
and place of the meeting. The notice need not describe the purpose of the special meeting. The Corporation may give notice of a regular
or special meeting of the Board of Directors by electronic means to each director who consents to such electronic means of notice in
the manner authorized by that director.
Section
3.12 Waiver of Notice. Notice of a meeting of the Board of Directors need not be given to any director who signs a waiver of notice
either before or after the meeting. Attendance of a director at a meeting shall constitute a waiver of notice of such meeting and waiver
of any and all objections to the place of the meeting, the time of the meeting, or the manner in which it has been called or convened,
except when a director states, at the beginning of the meeting or promptly upon arrival at the meeting, any objection to the transaction
of business because the meeting is not lawfully called or convened.
Section
3.13 Quorum and Voting. A majority of the total number of directors shall constitute a quorum for the transaction of business
at any meeting of the Board of Directors. If a quorum is present when a vote is taken, the affirmative vote of a majority of directors
present is the act of the Board of Directors. A director who is present at a meeting of the Board of Directors or a committee of the
Board of Directors when corporate action is taken is deemed to have assented to the action taken unless: (a) he or she objects at the
beginning of the meeting (or promptly upon his or her arrival) to holding it or transacting specified business at the meeting; or (b)
he or she votes against or abstains from the action taken.
Section
3.14 Conduct of Meetings.
(a)
Presiding Officer. The Chairman of the Board, and in his or her absence, the Vice Chairman (if any), and in his or her absence,
the Chief Executive Officer, and in his or her absence, the President, and in his or her absence, any director chosen by the directors
present, shall call meetings of the Board of Directors to order and shall act as presiding officer of the meeting.
(b)
Minutes. The Secretary of the Corporation shall act as secretary of all meetings of the Board of Directors but in the absence
of the Secretary, the presiding officer may appoint any other person present to act as secretary of the meeting. Minutes of any regular
or special meeting of the Board of Directors shall be prepared and distributed to each director.
(c)
Adjournments. A majority of the directors present, whether or not a quorum exists, may adjourn any meeting of the Board of Directors
to another time and place. Notice of any such adjourned meeting shall be given to the directors who are not present at the time of the
adjournment and, unless the time and place of the adjourned meeting are announced at the time of the adjournment, to the other directors.
(d)
Participation by Conference Call or Similar Means. The Board of Directors may permit any or all directors to participate in a
regular or a special meeting by, or conduct the meeting through the use of, any means of communication by which all directors participating
may simultaneously hear each other during the meeting, including virtual meetings. A director participating in a meeting by this means
is deemed to be present in person at the meeting.
Section
3.15 Committees. The Board of Directors, by resolution adopted by a majority of all of the directors then in office, may establish
from among its members one or more committees (which may include, by way of example and not as a limitation, an executive committee,
a compensation committee, an audit committee and a nominating and corporate governance committee) each of which, to the extent provided
in such resolution and in any charter adopted by the Board of Directors for any committee, shall have and may exercise all the authority
of the Board of Directors, except that no such committee shall have the authority to:
(a)
approve, recommend to shareholders or propose to shareholders actions required by the Act to be approved by shareholders;
(b)
fill vacancies on the Board of Directors or any committee thereof;
(c)
adopt, amend, or repeal these Bylaws; or
(d)
authorize or approve the reacquisition of shares unless pursuant to a general formula or method, or within limits, prescribed by the
Board of Directors.
Each
committee must have one or more members, who shall serve at the pleasure of the Board of Directors. The Board of Directors, by resolution
adopted in accordance with this Section 3.15, may designate one or more directors as alternate members of any such committee, who may
act in the place and stead of any absent member or members at any meeting of such committee. The Board of Directors may adopt a charter
for any such committee specifying requirements with respect to committee chairs and membership, responsibilities of the committee, the
conduct of meetings and business of the committee and such other matters as the Board may designate. In the absence of a committee charter
or a provision of a committee charter governing such matters, the provisions of these Bylaws which govern meetings, notice and waiver
of notice, and quorum and voting requirements of the Board of Directors apply to committees and their members as well.
Section
3.16 Action Without Meeting. Any action required or permitted by the Act to be taken at a meeting of the Board of Directors or
a committee thereof may be taken without a meeting if the action is taken by all members of the Board or of the committee. The action
shall be evidenced by one or more written consents describing the action taken, signed by each director or committee member and retained
by the Corporation. Such action shall be effective when the last director or committee member signs the consent, unless the consent specifies
a different effective date. A consent signed under this Section 3.16 has the effect of a vote at a meeting and may be described as such
in any document.
Article
4
OFFICERS
Section
4.1 Number. The principal officers of the Corporation shall be a Chief Executive Officer, a President, a Chief Financial Officer,
the number of Vice Presidents as authorized from time to time by the Board of Directors and a Secretary, each of whom shall be elected
by the Board of Directors. Such other officers and assistant officers as may be deemed necessary may be elected or appointed by the Board
of Directors. The Board of Directors may also authorize any duly appointed officer to appoint one or more officers or assistant officers.
Any two or more offices may be held by the same person.
Section
4.2 Election and Term of Office. The officers of the Corporation to be elected by the Board of Directors shall be elected annually
by the Board of Directors at the first meeting of the Board of Directors held after each annual meeting of the shareholders. If the election
of officers shall not be held at such meeting, such election shall be held as soon thereafter as is practicable. Each officer shall hold
office until his or her successor shall have been duly elected or until his or her prior death, resignation, or removal.
Section
4.3 Removal. The Board of Directors may remove any officer and, unless restricted by the Board of Directors, an officer may remove
any officer or assistant officer appointed by that officer, at any time, with or without cause and notwithstanding the contract rights,
if any, of the officer removed. The appointment of an officer does not of itself create contract rights.
Section
4.4 Resignation. An officer may resign at any time by delivering notice to the Corporation. The resignation shall be effective
when the notice is delivered, unless the notice specifies a later effective date and the Corporation accepts the later effective date.
If a resignation is made effective at a later date and the Corporation accepts the future effective date, the pending vacancy may be
filled before the effective date but the successor may not take office until the effective date.
Section
4.5 Vacancies. A vacancy in any principal office because of death, resignation, removal, disqualification, or otherwise, shall
be filled as soon thereafter as practicable by the Board of Directors for the unexpired portion of the term.
Section
4.6 Chief Executive Officer. The Chief Executive Officer shall be the principal executive officer of the Corporation and, subject
to the control of the Board of Directors, shall in general supervise and control all of the business and affairs of the Corporation.
The Chief Executive Officer shall have authority, subject to such rules as may be prescribed by the Board of Directors, to appoint such
agents and employees of the Corporation as he or she shall deem necessary, to prescribe their powers, duties and compensation, and to
delegate authority to them. Such agents and employees shall hold office at the discretion of the Chief Executive Officer. He or she shall
have authority to sign, execute and acknowledge, on behalf of the Corporation, all deeds, mortgages, bonds, stock certificates, contracts,
leases, reports and all other documents or instruments necessary or proper to be executed in the course of the Corporation’s regular
business, or which shall be authorized by resolution of the Board of Directors; and, except as otherwise provided by law or the Board
of Directors, he or she may authorize the President or any Vice President or other officer or agent of the Corporation to sign, execute
and acknowledge such documents or instruments in his or her place and stead. In general, he or she shall perform all duties incident
to the office of Chief Executive Officer and such other duties as may be prescribed by the Board of Directors from time to time. In the
absence or disability of the Chairman of the Board, or when that position is vacant, the Chief Executive Officer shall, when present,
preside at all meetings of the shareholders and of the Board of Directors.
Section
4.7 President. The President shall be the Chief Executive Officer if that position is not filled by another individual and shall
have the powers and perform the duties incident to that particular position. If the Chief Executive Officer position is filled by another
individual, the President shall assist the Chief Executive Officer in exercising general supervision over the business and affairs of
the Corporation, and shall perform such other duties and have such authority as from time to time may be delegated or assigned to him
or her by the Chief Executive Officer or by the Board of Directors. The President shall have authority, subject to the authority of the
Chief Executive Officer and to such rules as may be prescribed by the Board of Directors, to appoint such agents and employees of the
Corporation as he or she shall deem necessary, to prescribe their powers, duties and compensation, and to delegate authority to them.
Such agents and employees shall hold office at the discretion of the President. He or she shall have authority to sign, execute and acknowledge,
on behalf of the Corporation, all deeds, mortgages, bonds, stock certificates, contracts, leases, reports and all other documents or
instruments necessary or proper to be executed in the course of the Corporation’s regular business, or which shall be authorized
by the Chief Executive Officer or by resolution of the Board of Directors; and, except as otherwise provided by law, the Chief Executive
Officer or the Board of Directors, he or she may authorize any Vice President or other officer or agent of the Corporation to sign, execute
and acknowledge such documents or instruments in his or her place and stead.
Section
4.8 Chief Financial Officer. The Chief Financial Officer shall responsible for the financial operations of the Corporation, including
the maintenance of financial records, the preparation and reporting of financial results and related tax returns, the co-ordination of
the reporting practices of the Corporation with outside auditors, the negotiation of credit arrangements with the Corporations’
lenders and investors and related budgeting, tax-planning and forecasting functions. Subject to the further direction from time to time
from the Board of Directors, the Chief Executive Officer or the President, the Chief Financial Officer shall have the authority to execute
documentation on behalf of the Corporation and shall have such other powers and perform such other duties incident to the position as
well as such other duties as may be delegated or assigned by the Chief Executive Officer, the President or the Board of Directors.
Section
4.9 Vice Presidents. In the absence or disability of the President, the Vice President (or in the event there be more than one
Vice President, the Vice Presidents in the order and with the status designated by the Board of Directors, or in the absence of any designation,
then in the order of their election) shall perform the duties of the President, and when so acting, shall have all the powers of and
be subject to all the restrictions upon the President. Any Vice President may sign, with the Secretary or Assistant Secretary, certificates
for shares of the Corporation; and shall perform such other duties and have such authority as from time to time may be delegated or assigned
to him or her by the Chief Executive Officer, the President or the Board of Directors. The execution of any instrument of the Corporation
by any Vice President shall be conclusive evidence, as to third parties, of his or her authority to act in the stead of the President.
The Board of Directors may designate any Vice President as being senior in rank or degree of responsibility and may accord such a Vice
President an appropriate title designating his or her senior rank, such as (in order of seniority) “Executive Vice President”
or “Senior Vice President.” The Board of Directors may assign a certain Vice President responsibility for a designated group,
division or function of the Corporation’s business and add an appropriate descriptive designation to his or her title.
Section
4.10 The Secretary. The Secretary shall: (a) keep minutes of the meetings of the shareholders and of the Board of Directors (and
of committees thereof) in one or more books provided for that purpose (including records of actions taken by the shareholders or the
Board of Directors (or committees thereof) without a meeting); (b) see that all notices are duly given in accordance with the provisions
of these Bylaws or as required by the Act; (c) be custodian of the corporate records and of the seal of the Corporation (if any) and
see that the seal of the Corporation (if any) is affixed to all documents the execution of which on behalf of the Corporation under its
seal is duly authorized; (d) maintain or cause an authorized agent to maintain a record of the shareholders of the Corporation, in a
form that permits preparation of a list of the names and addresses of all shareholders, by class or series of shares and showing the
number and class or series of shares held by each shareholder; (e) sign with the Chief Executive Officer, the President or a Vice President,
certificates for shares of the Corporation, the issuance of which shall have been authorized by resolution of the Board of Directors;
(f) have general charge of the stock transfer books of the Corporation; and (g) in general perform all duties incident to the office
of Secretary and have such other duties and exercise such authority as from time to time may be delegated or assigned by the Chief Executive
Officer, the President or the Board of Directors.
Section
4.11 Assistant Secretaries. There shall be such number of Assistant Secretaries as the Board of Directors may from time to time
authorize. The Assistant Secretaries may sign with the Chief Executive Officer, the President or a Vice President certificates for shares
of the Corporation the issuance of which shall have been authorized by a resolution of the Board of Directors. The Assistant Secretaries,
in general, shall perform such duties and have such authority as shall from time to time be delegated or assigned to them by the Secretary
or by the Chief Executive Officer, the President or the Board of Directors.
Section
4.12 Other Assistants and Acting Officers. The Board of Directors shall have the power to appoint, or to authorize any duly appointed
officer of the Corporation to appoint, any person to act as assistant to any officer, or as agent for the Corporation in his or her stead,
or to perform the duties of such officer whenever for any reason it is impracticable for such officer to act personally, and such assistant
or acting officer or other agent so appointed by the Board of Directors or an authorized officer shall have the power to perform all
the duties of the office to which he or she is so appointed to be an assistant, or as to which he or she is so appointed to act, except
as such power may be otherwise defined or restricted by the Board of Directors or the appointing officer.
Section
4.13 Salaries. The salaries of the principal officers shall be fixed from time to time by the Board of Directors or by a duly
authorized committee thereof, and no officer shall be prevented from receiving such salary by reason of the fact that he or she is also
a director of the Corporation.
Article
5
CONTRACTS,
CHECKS AND DEPOSITS
Section
5.1 Contracts. The Board of Directors may authorize any officer or officers, or any agent or agents to enter into any contract
or execute or deliver any instrument in the name of and on behalf of the Corporation, and such authorization may be general or confined
to specific instances. In the absence of other designation, all deeds, mortgages, and instruments of assignment or pledge made by the
Corporation shall be executed in the name of the Corporation by the Chief Executive Officer, the President or a Vice President; the Secretary
or an Assistant Secretary (if any), when necessary or required, shall attest and affix the corporate seal, if any, thereto; and when
so executed no other party to such instrument or any third party shall be required to make any inquiry into the authority of the signing
officer or officers.
Section
5.2 Checks, Drafts, etc. All checks, drafts or other orders for the payment of money, notes, or other evidences of indebtedness
issued in the name of the Corporation, shall be signed by such officer or officers, agent or agents of the Corporation and in such manner
as shall from time to time be determined by or under the authority of a resolution of the Board of Directors.
Section
5.3 Deposits. All funds of the Corporation not otherwise employed shall be deposited from time to time to the credit of the Corporation
in such banks, trust companies, or other depositaries as may be selected by or under the authority of a resolution of the Board of Directors.
Article
6
SHARE
CERTIFICATES; DIVIDENDS AND DISTRIBUTIONS
Section
6.1 Form and Content of Share Certificates.
(a)
Shares may but need not be represented by certificates. Unless the Act or another Florida statute expressly provides otherwise, the rights
and obligations of shareholders are identical whether or not their shares are represented by certificates.
(b)
At a minimum, each share certificate must state on its face:
(i)
The name of the issuing corporation and that the Corporation is organized under the laws of the State of Florida;
(ii)
The name of the person to whom issued; and
(iii)
The number and class of shares and the designation of the series, if any, the certificate represents.
(c)
If the shares being issued are of different classes of shares or different series within a class, the designations, relative rights,
preferences, and limitations applicable to each class and the variations in rights, preferences, and limitations determined for each
series (and the authority of the Board of Directors to determine variations for future series) must be summarized on the front or back
of each certificate. Alternatively, each certificate may state conspicuously on its front or back that the Corporation will furnish the
shareholder a full statement of this information on request and without charge.
(d)
Each share certificate:
(i)
Must be signed (either manually or in facsimile) by an officer or officers designated by the Board of Directors; and
(ii)
May bear the corporate seal or its facsimile.
(e)
If the person who signed (either manually or in facsimile) a share certificate no longer holds office when the certificate is issued,
the certificate is nevertheless valid.
Section
6.2 Shares Without Certificates.
(a)
The Board of Directors may authorize the issue of some or all of the shares of any or all of its classes or series without certificates.
The authorization does not affect shares already represented by certificates until they are surrendered to the Corporation.
(b)
Within a reasonable time after the issue or transfer of shares without certificates, the Corporation shall send the shareholder a written
statement of the information required on certificates by the Act.
Section
6.3 Restriction on Transfer of Shares and Other Securities.
(a)
The Corporation’s Articles of Incorporation, these Bylaws, an agreement among shareholders, or an agreement between shareholders
and the Corporation may impose restrictions on the transfer or registration of transfer of shares of the Corporation. A restriction does
not affect shares issued before the restriction was adopted unless the holders of such shares are parties to the restriction agreement
or voted in favor of the restriction.
(b)
A restriction on the transfer or registration of transfer of shares is valid and enforceable against the holder or a transferee of the
holder if the restriction is authorized by this Section 6.3, and effected in compliance with the provisions of the Act, including having
a proper purpose as referred to in the Act.
Section
6.4 Distributions to Shareholders.
(a)
The Board of Directors may authorize, and the Corporation may make, distributions to its shareholders subject to any limitations in the
and the Act.
(b)
If the Board of Directors does not fix the record date for determining shareholders entitled to a distribution (other than one involving
a purchase, redemption, or other acquisition of the Corporation’s shares), it is the date the Board of Directors authorizes the
distribution.
Article
7
SEAL
The
Board of Directors may provide for a corporate seal for the Corporation.
Article
8
INDEMNIFICATION
Section
8.1 Indemnification. The Corporation shall, to the fullest extent permitted or required by the Act, including any amendments thereto
(but in the case of any such amendment, only to the extent such amendment permits or requires the Corporation to provide broader indemnification
rights than prior to such amendment), indemnify its Directors and Officers against any and all Liabilities, and advance any and all reasonable
Expenses, incurred thereby in connection with any Proceeding to which any such Director or Officer is a Party or in which such Director
or Officer is deposed or called to testify as a witness because he or she is or was a Director or Officer of the Corporation, whether
or not such person continues to serve in such capacity at the time the obligation to indemnify against Liabilities or advance Expenses
is incurred or paid. The rights to indemnification granted hereunder shall not be deemed exclusive of any other rights to indemnification
against Liabilities or the advancement of Expenses which a Director or Officer may be entitled under any written agreement, Board of
Director resolution, vote of shareholders, the Act or otherwise. The Corporation may, but shall not be required to, supplement the foregoing
rights to indemnification against Liabilities and advancement of Expenses by the purchase of insurance on behalf of any one or more of
its Directors or Officers whether or not the Corporation would be obligated to indemnify or advance Expenses to such Director or Officer
under this Article 8. For purposes of this Article 8, the term “Directors” includes former directors and any directors who
are or were serving at the request of the Corporation as directors, officers, employees, or agents of another Corporation, partnership,
joint venture, trust, or other enterprise, including, without limitation, any employee benefit plan (other than in the capacity as agents
separately retained and compensated for the provision of goods or services to the enterprise, including, without limitation, attorneys-at-law,
accountants, and financial consultants), whether or not such person continues to serve in such capacity at the time the obligation to
indemnify against Liabilities or advance Expenses is incurred or paid. All other capitalized terms used in this Article 8 and not otherwise
defined herein shall have the meaning set forth in Section 607.0850 of the Act (or successor provision). The provisions of this Article
8 are intended solely for the benefit of the indemnified parties described herein, their heirs and personal representatives and shall
not create any rights in favor of third parties. No amendment to or repeal of this Article 8 shall diminish the rights of indemnification
provided for herein to any person who serves or served as a Director or Officer at any time prior to such amendment or repeal.
Section
8.2 No Subrogation. The indemnification provided for by these Bylaws will be personal in nature and the Corporation will not have
any liability under this Article 8 to any insurer or any person, corporation, partnership, trust or association or other entity (other
than heirs, executors or administrators) by reason of subrogation, assignment, or succession by any other means to the claim of any person
indemnified pursuant to these Bylaws.
Article
9
EXCLUSIVE
JURISDICTION
Section
9.1 Florida Courts. Unless the Corporation consents in writing to the selection of an alternative forum, the sole and exclusive
forum for (a) any derivative action or proceeding brought on behalf of the Corporation, (b) any action asserting a claim of breach of
a fiduciary duty owed by any current or former directors, officers or other employees of the Corporation to the Corporation or the Corporation’s
shareholders, (c) any action arising pursuant to any provision of the Act or the Corporation’s Articles of Incorporation or these
Bylaws (as either may be amended from time to time), or (d) any other action asserting a claim governed by the internal affairs doctrine,
shall be a state court located within the state of Florida (or, if a state court located within the state of Florida does not have jurisdiction,
the federal district court for the Middle District of Florida); provided that, the provisions of this Section 9.1 will not apply
to suits brought to enforce any liability or duty created by the Securities Exchange Act or 1934, as amended, or to any other claim for
which the U.S. federal courts have exclusive jurisdiction.
Section
9.2 U.S. Federal Courts. Unless the Corporation consents in writing to the selection of an alternative forum, the U.S. federal
district courts shall be the exclusive forum for the resolution of any complaint asserting a cause of action against the Corporation
or any director, officer, other employee or agent of the Corporation arising under the Securities Act of 1933, as amended.
Section
9.3 Deemed Notice and Consent. Any person or entity purchasing or otherwise acquiring any interest in any security of the Corporation
shall be deemed to have notice of and consented to the provisions of this Article 9. This Article 9 shall be enforceable by any party
to a complaint covered by the provisions of this Article 9.
Article
10
AMENDMENTS
As
provided in the Corporation’s Articles of Incorporation, any provisions in these Bylaws that require a greater voting requirement
than provided in the Act may only be amended by the shareholders by the same vote required to take action under the voting requirement
then in effect.
Article
11
MISCELLANEOUS
Section
11.1 Application of Florida Law. Whenever any provision of these Bylaws is inconsistent with any provision of the Act, as they
may be amended from time to time, then in such instance, Florida law shall prevail.
Section
11.2 Fiscal Year. The fiscal year of the Corporation shall be determined by resolution of the Board of Directors.
Section
11.3 Conflicts with the Corporation’s Articles of Incorporation. In the event that any provision contained in these Bylaws
conflicts with any provision of the Corporation’s Articles of Incorporation, as amended from time to time, the provisions of the
Corporation’s Articles of Incorporation shall prevail and be given full force and effect, to the full extent permissible under
the Act.
Section
11.4 Partial Invalidity. If any provision of these Bylaws shall, for any reason, be held by a court of competent jurisdiction
to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision
of these Bylaws, and these Bylaws shall be construed as if such invalid, illegal or unenforceable provision had never been contained
herein.
EX-10.1
EX-10.1
Filename: ex10-1.htm · Sequence: 3
Exhibit
10.1
TELOMIR
PHARMACEUTICALS, INC.
2023
OMNIBUS INCENTIVE PLAN
(AMENDED AND RESTATED)
1.
Purposes and Effective Date.
(a)
Purposes. The Telomir Pharmaceuticals, Inc. 2023 Omnibus Incentive Plan has two complementary purposes: (i) to attract and retain
outstanding individuals to serve as officers, directors, employees, and consultants and (ii) to increase shareholder value. The Plan
will provide participants incentives to increase shareholder value by offering the opportunity to acquire shares of the Company’s
common stock, receive monetary payments based on the value of such common stock, or receive other incentive compensation, on the potentially
favorable terms that this Plan provides.
(b)
Effective Date. This Plan was adopted and approved by the Board and stockholders of the Company effective December 8, 2023 (the “Effective Date”) and reflects the Company’s 1-for-2.05 reverse stock split of its issued and outstanding common stock
that became effective on December 11, 2023. This Plan will terminate as provided in Section 15.
2.
Definitions. Capitalized terms used and not otherwise defined in this Plan or in any Award agreement have the following meanings:
(a)
“Act” means the Securities Act of 1933, as amended from time to time. Any reference to a specific provision of the Act shall
include any successor provision thereto.
(b)
“Administrator” means the Board or the Committee; provided that, to the extent the Board or the Committee has delegated
authority and responsibility as an Administrator of the Plan to one or more committees or officers of the Company as permitted by Section
3(b), the term “Administrator” shall also mean such committee, committees, officer or officers.
(c)
“Affiliate” has the meaning ascribed to such term in Rule 12b-2 under the Exchange Act. Notwithstanding the foregoing, for
purposes of determining those individuals to whom an Option or a Stock Appreciation Right may be granted, the term “Affiliate”
means any entity that, directly or through one or more intermediaries, is controlled by or is under common control with, the Company
within the meaning of Code Sections 414(b) or (c); provided that, in applying such provisions, the phrase “at least 20 percent”
shall be used in place of “at least 80 percent” each place it appears therein.
(d)
“Applicable Exchange” means the Nasdaq Stock Market, the New York Stock Exchange or such other exchange or automated trading
system on which the Stock is principally traded at the applicable time.
(e)
“Award” means a grant of Options, Stock Appreciation Rights, Performance Shares, Performance Units, Stock, Restricted Stock,
Restricted Stock Units, an Incentive Award, Dividend Equivalent Units or any other type of award permitted under this Plan. Any Award
granted under this Plan shall be provided or made in such manner and at such time as complies with the applicable requirements of Code
Section 409A to avoid a plan failure described in Code Section 409A(a)(1), including, without limitation, deferring payment to a specified
employee or until a specified distribution event, as provided in Code Section 409A(a)(2), and the provisions of Code Section 409A are
incorporated into this Plan to the extent necessary for any Award that is subject to Code Section 409A to comply therewith.
(f)
“Beneficial Owner” means a Person, with respect to any securities which:
(i)
such Person or any of such Person’s Affiliates has the right to acquire (whether such right is exercisable immediately or only
after the passage of time) pursuant to any agreement, arrangement or understanding, or upon the exercise of conversion rights, exchange
rights, rights, warrants or options, or otherwise; provided, however, that a Person shall not be deemed the Beneficial Owner of, or to
beneficially own, securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person or any of such Person’s
Affiliates until such tendered securities are accepted for purchase;
(ii)
such Person or any of such Person’s Affiliates, directly or indirectly, has the right to vote or dispose of or has “beneficial
ownership” of (as determined pursuant to Rule 13d-3 of the General Rules and Regulations under the Act), including pursuant to
any agreement, arrangement or understanding; provided, however, that a Person shall not be deemed the Beneficial Owner of, or to beneficially
own, any security under this clause (ii) as a result of an agreement, arrangement or understanding to vote such security if the agreement,
arrangement or understanding: (A) arises solely from a revocable proxy or consent given to such Person in response to a public proxy
or consent solicitation made pursuant to, and in accordance with, the applicable rules and regulations under the Act and (B) is not also
then reportable on a Schedule l3D under the Act (or any comparable or successor report); or
(iii)
are beneficially owned, directly or indirectly, by any other Person with which such Person or any of such Person’s Affiliates has
any agreement, arrangement or understanding for the purpose of acquiring, holding, voting (except pursuant to a revocable proxy as described
in clause (ii) above) or disposing of any voting securities of the Company.
(g)
“Board” means the Board of Directors of the Company.
(h)
“Cause” shall have the same meaning as set forth in a Participant’s employment agreement or individual Award with the
Company, or, if the Participant does not have an employment agreement with the Company (or the Participant’s individual Award does
not otherwise define the term), “Cause” shall mean a good faith finding by the Company that the Participant has (i) failed,
neglected, or refused to perform the lawful employment duties related to the Participant’s position or as from time to time assigned
to the Participant (other than due to disability within the meaning of Code Section 22(e)(3)); (ii) committed any willful, intentional,
or grossly negligent act having the effect of injuring the interest, business, or reputation of the Company or any Affiliate; (iii) violated
or failed to comply in any material respect with the Company’s or an Affiliate’s published rules, regulations, or policies,
as in effect or amended from time to time, to the extent applicable to the Participant; (iv) committed an act constituting a felony or
misdemeanor involving moral turpitude, fraud, theft, or dishonesty; (v) misappropriated or embezzled any property of the Company or an
Affiliate (whether or not an act constituting a felony or misdemeanor); or (vi) breached any material provision of any applicable confidentiality,
non-compete, non-solicit, general release, covenant not-to-sue, or other agreement with the Company or any Affiliate.
(i)
“Change of Control” means, unless specified otherwise in an Award agreement, the occurrence of any of the following:
(i)
any Person (other than (A) the Company or any of its subsidiaries, (B) a trustee or other fiduciary holding securities under any employee
benefit plan of the Company or any of its subsidiaries, (C) an underwriter temporarily holding securities pursuant to an offering of
such securities, or (D) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions
as their ownership of stock in the Company (“Excluded Persons”)) 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 after the Effective Date, pursuant to express authorization by the Board that refers to this exception)
representing fifty percent (50%) or more of either the then outstanding shares of common stock of the Company or the combined voting
power of the Company’s then outstanding voting securities; or
(ii)
the following individuals cease for any reason to constitute a majority of the number of directors of the Company then serving: (A) individuals
who, on the Effective Date, constituted the Board and (B) any new director (other than a director whose initial assumption of office
is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the
election of directors of the Company, as such terms are used in Rule 14a-11 of Regulation 14A under the Act) whose appointment or election
by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds (2/3) of the
directors then still in office who either were directors on the Effective Date, or whose appointment, election or nomination for election
was previously so approved (collectively the “Continuing Directors”); provided, however, that individuals who are appointed
to the Board pursuant to or in accordance with the terms of an agreement relating to a merger, consolidation, or share exchange involving
the Company (or any direct or indirect Subsidiary of the Company) shall not be Continuing Directors for purposes of this Agreement until
after such individuals are first nominated for election by a vote of at least two-thirds (2/3) of the then Continuing Directors and are
thereafter elected as directors by the shareholders of the Company at a meeting of shareholders held following consummation of such merger,
consolidation, or share exchange; and, provided further, that in the event the failure of any such persons appointed to the Board to
be Continuing Directors results in a Change of Control, the subsequent qualification of such persons as Continuing Directors shall not
alter the fact that a Change of Control occurred; or
(iii)
the consummation of a merger, consolidation or share exchange of the Company with any other corporation or the issuance of voting securities
of the Company in connection with a merger, consolidation or share exchange of the Company (or any direct or indirect Subsidiary of the
Company), in each case, which requires approval of the shareholders of the Company, other than (A) a merger, consolidation or share exchange
which would result in the voting securities of the Company outstanding immediately prior to such merger, consolidation or share exchange
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any
parent thereof) at least fifty percent (50%) of the combined voting power of the voting securities of the Company or such surviving entity
or any parent thereof outstanding immediately after such merger, consolidation or share exchange, or (B) a merger, consolidation or share
exchange effected to implement a recapitalization of the Company (or similar transaction) in which no Person (other than an Excluded
Person) 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 after the Effective Date, pursuant to express
authorization by the Board that refers to this exception) representing twenty percent (20%) or more of either the then outstanding shares
of common stock of the Company or the combined voting power of the Company’s then outstanding voting securities; or
(iv)
the consummation of a plan of complete liquidation or dissolution of the Company or a sale or disposition by the Company of all or substantially
all of the Company’s assets (in one transaction or a series of related transactions within any period of twenty-four (24) consecutive
months), in each case, which requires approval of the shareholders of the Company, other than a sale or disposition by the Company of
all or substantially all of the Company’s assets to an entity at least seventy-five percent (75%) of the combined voting power
of the voting securities of which are owned by Persons in substantially the same proportions as their ownership of the Company immediately
prior to such sale.
Notwithstanding
the foregoing, no “Change of Control” shall be deemed to have occurred if there is consummated any transaction or series
of integrated transactions immediately following which the record holders of the common stock of the Company immediately prior to such
transaction or series of transactions continue to own, directly or indirectly, in the same proportions as their ownership in the Company,
an entity that owns all or substantially all of the assets or voting securities of the Company immediately following such transaction
or series of transactions.
Notwithstanding
the foregoing, if an Award is considered deferred compensation subject to the provisions of Code Section 409A, and if a payment under
such Award is triggered upon a “Change of Control,” then the foregoing definition shall be deemed amended as necessary to
comply with Code Section 409A.
(j)
“Code” means the Internal Revenue Code of 1986, as amended. Any reference to a specific provision of the Code includes any
successor provision and the regulations promulgated under such provision.
(k)
“Committee” means the Compensation Committee of the Board, any successor committee thereto or such other committee of the
Board that is designated by the Board with the same or similar authority. The Committee shall consist only of Non-Employee Directors
(not fewer than two (2)) to the extent necessary for the Plan and Awards to comply with Rule 16b-3 promulgated under the Exchange Act.
(l)
“Company” means Telomir Pharmaceuticals, Inc., a Florida corporation, or any successor thereto.
(m)
“Director” means a member of the Board.
(n)
“Disability” means, unless otherwise defined in the applicable Award agreement, a finding of disability under the long-term
disability plan sponsored by the Company or an Affiliate in which the Participant participates. Notwithstanding the foregoing, for Awards
that are subject to Section 409A of the Code, Disability shall mean that a Participant is disabled under Section 409A(a)(2)(C)(i) or
(ii) of the Code.
(o)
“Dividend Equivalent Unit” means the right to receive a payment, in cash or Shares, equal to the cash dividends or other
cash distributions paid with respect to a Share.
(p)
“Effective Date” has the meaning in Section 1(b).
(q)
“Exchange Act” means the Securities Exchange Act of 1934, as amended. Any reference to a specific provision of the Exchange
Act includes any successor provision and the regulations and rules promulgated under such provision.
(r)
“Fair Market Value” means a price that is based on the opening, closing, actual, high or low sale price, or the arithmetic
mean of selling prices of, a Share, on the Applicable Exchange on the applicable date, the preceding trading day, the next succeeding
trading day, or the arithmetic mean of selling prices on all trading days over a specified averaging period weighted by volume of trading
on each trading day in the period that is within 30 days before or 30 days after the applicable date, as determined by the Administrator
in its discretion; provided that, if an arithmetic mean of prices is used to set a grant price or an exercise price for an Option or
Stock Appreciation Right, the commitment to grant the applicable Award based on such arithmetic mean must be irrevocable before the beginning
of the specified averaging period in accordance with Treasury Regulation 1.409A-1(b)(5)(iv)(A). The method of determining Fair Market
Value with respect to an Award shall be determined by the Administrator and may differ depending on whether Fair Market Value is in reference
to the grant, exercise, vesting, settlement, or payout of an Award; provided that, if the Administrator does not specify a different
method, the Fair Market Value of a Share as of a given date shall be the closing sale price as of the trading day immediately preceding
the date as of which Fair Market Value is to be determined or, if there shall be no such sale on such date, the next preceding day on
which such a sale shall have occurred. If the Stock is not traded on an established stock exchange, the Administrator shall determine
in good faith the Fair Market Value in whatever manner it considers appropriate but based on objective criteria. Notwithstanding the
foregoing, in the case of the sale of Shares on the Applicable Exchange, the actual sale price shall be the Fair Market Value of such
Shares.
(s)
“Incentive Award” means the right to receive a cash payment to the extent Performance Goals are achieved (or other requirements
are met), and shall include “Annual Incentive Awards” as described in Section 10 and “Long-Term Incentive Awards”
as described in Section 11.
(t)
“Incentive Stock Option” means an Option that is intended to qualify as an “incentive stock option” within the
meaning of Section 422 of the Code.
(u)
“Non-Employee Director” means a Director who is not also an employee of the Company or its Subsidiaries and, to the extent
necessary for Awards to comply with Rule 16b-3 under the Exchange Act, who otherwise meets the definition of “Non-Employee Director”
in Rule 16b-3(b)(3) under the Exchange Act.
(v)
“Nonqualified Stock Option” means an Option that is not intended to qualify as an Incentive Stock Option.
(w)
“Option” means the right to purchase a Share at a stated price for a specified period of time.
(x)
“Participant” means an individual selected by the Administrator to receive an Award.
(y)
“Performance Goals” means any objective or subjective goals the Administrator establishes with respect to an Award. A Performance
Goal may, but is not required to, relate to one or more of the following with respect to the Company or any one or more Subsidiaries,
Affiliates or other business units: basic earnings per common share for the Company on a consolidated basis; diluted earnings per common
share for the Company on a consolidated basis; total shareholder return; fair market value of shares; net sales; cost of sales; gross
profit; selling, general and administrative expenses; operating income; earnings before interest and the provision for income taxes (EBIT);
earnings before interest, the provision for income taxes, depreciation, and amortization (EBITDA); net income; accounts receivable; return
on equity; return on assets; return on invested capital; return on sales; economic value added, or other measure of profitability that
considers the cost of capital employed; free cash flow; net cash provided by operating activities; net increase (decrease) in cash and
cash equivalents; customer satisfaction; market share; and/or quality. Unless otherwise determined by the Administrator, the relevant
measurement of performance as to each Performance Goal shall be computed in accordance with generally accepted accounting principles,
if applicable. The Administrator reserves the right to adjust Performance Goals, or modify the manner of measuring or evaluating a Performance
Goal, for any reason the Administrator determines is appropriate, including but not limited to by excluding the effects of (i) charges
for reorganizing and restructuring, (ii) discontinued operations, (iii) asset write-downs, (iv) gains or losses on the disposition of
a business, (v) mergers, acquisitions or dispositions, and (vi) extraordinary, unusual and/or non-recurring items of gain or loss. The
inclusion in an Award agreement of specific adjustments or modifications shall not be deemed to preclude the Administrator from making
other adjustments or modifications, in its discretion, as described herein, unless the Award agreement provides that the adjustments
or modifications described in such agreement shall be the sole adjustments or modifications. The Administrator may establish other Performance
Goals not listed in this Plan. Where applicable, the Performance Goals may be expressed, without limitation, in terms of attaining a
specified level of the particular criterion or the attainment of an increase or decrease (expressed as absolute numbers or a percentage)
in the particular criterion or achievement in relation to a peer group or other index. The Performance Goals may include a threshold
level of performance below which no payment will be made (or no vesting will occur), levels of performance at which specified payments
will be paid (or specified vesting will occur), and a maximum level of performance above which no additional payment will be made (or
at which full vesting will occur).
(z)
“Performance Shares” means the right to receive Shares to the extent Performance Goals are achieved (or other requirements
are met).
(aa)
“Performance Unit” means the right to receive a cash payment and/or Shares valued in relation to a unit that has a designated
dollar value or the value of which is equal to the Fair Market Value of one or more Shares, to the extent Performance Goals are achieved
(or other requirements are met).
(bb)
“Person” means any individual, firm, partnership, corporation or other entity, including any successor (by merger or otherwise)
of such entity, or a group of any of the foregoing acting in concert.
(cc)
“Plan” means this Telomir Pharmaceuticals, Inc. 2023 Omnibus Incentive Plan as it may be amended from time to time.
(dd)
“Restricted Stock” means Shares that are subject to a risk of forfeiture or restrictions on transfer, or both a risk of forfeiture
and restrictions on transfer, which may lapse upon the achievement or partial achievement of Performance Goals or upon the completion
of a period of service, or both.
(ee)
“Restricted Stock Unit” means the right to receive a cash payment and/or Shares the value of which is equal to the Fair Market
Value of one Share.
(ff)
“Section 16 Participants” means Participants who are subject to the provisions of Section 16 of the Exchange Act.
(gg)
“Share” means a share of Stock.
(hh)
“Stock” means the common stock, no par value, of the Company.
(ii)
“Stock Appreciation Right” or “SAR” means the right to receive a cash payment, and/or Shares with a Fair Market
Value, equal to the appreciation of the Fair Market Value of a Share during a specified period of time.
(jj)
“Subsidiary” means any corporation, limited liability company or other limited liability entity in an unbroken chain of entities
beginning with the Company if each of the entities (other than the last entities in the chain) owns the stock or equity interest possessing
more than fifty percent (50%) of the total combined voting power of all classes of stock or other equity interests in one of the other
entities in the chain.
3.
Administration.
(a) Administration.
In addition to the authority specifically granted to the Administrator in this Plan, the Administrator has full discretionary
authority to administer this Plan, including but not limited to the authority to: (i) interpret the provisions of this Plan or any
agreement covering an Award; (ii) prescribe, amend and rescind rules and regulations relating to this Plan; (iii) correct any
defect, supply any omission, or reconcile any inconsistency in the Plan, any Award or any agreement covering an Award in the manner
and to the extent it deems desirable to carry this Plan or such Award into effect; and (iv) make all other determinations necessary
or advisable for the administration of this Plan. All Administrator determinations shall be made in the sole discretion of the
Administrator and are final and binding on all interested parties.
(b)
Delegation to Other Committees or Officers. To the extent applicable law permits, the Board may delegate to another committee
of the Board, or the Committee may delegate to a subcommittee of the Committee or to one or more officers of the Company, any or all
of their respective authority and responsibility as an Administrator of the Plan; provided that no such delegation is permitted
with respect to Stock-based Awards made to Section 16 Participants at the time any such delegated authority or responsibility is exercised
unless the delegation is to another committee of the Board consisting entirely of Non-Employee Directors. If the Board or the Committee
has made such a delegation, then all references to the Administrator in this Plan include such other committee, subcommittee or one or
more officers to the extent of such delegation.
(c)
No Liability; Indemnification. No member of the Board or the Committee, and no officer or member of any other committee to whom
a delegation under Section 3(b) has been made, will be liable for any act done, or determination made, by the individual in good faith
with respect to the Plan or any Award. The Company will indemnify and hold harmless each such individual as to any acts or omissions,
or determinations made, in each case done or made in good faith, with respect to this Plan or any Award to the maximum extent that the
law and the Company’s By-Laws permit.
4.
Eligibility. The Administrator may designate any of the following as a Participant from time to time, to the extent of the Administrator’s
authority: any officer or other employee of the Company or its Affiliates; any individual that the Company or an Affiliate has engaged
to become an officer or employee; any consultant or advisor who provides services to the Company or its Affiliates; or any Director,
including a Non-Employee Director. The Administrator’s designation of, or granting of an Award to, a Participant will not require
the Administrator to designate such individual as a Participant or grant an Award to such individual at any future time. The Administrator’s
granting of a particular type of Award to a Participant will not require the Administrator to grant any other type of Award to such individual.
5.
Types of Awards. Subject to the terms of this Plan, the Administrator may grant any type of Award to any Participant it selects,
but only employees of the Company or a Subsidiary may receive grants of Incentive Stock Options. Awards may be granted alone or in addition
to, in tandem with, or (subject to the prohibition on repricing set forth in Section 15(e)) in substitution for any other Award (or any
other award granted under another plan of the Company or any Affiliate, including the plan of an acquired entity).
(a)
Plan Reserve. Subject to adjustment as provided in Section 17, as of the Effective Date, an aggregate of 11,500,000 Shares are
reserved for issuance under this Plan, all of which may be issued pursuant to the exercise of Incentive Stock Options. The aggregate
number of Shares reserved for issuance under this Plan shall be increased annually on the first day of each fiscal year of the Company
after the Effective Date, commencing on the first day of the Company’s first fiscal year following the completion by the Company
of an underwritten initial public offering, by a number of Shares equal to 1.0% of the number of outstanding shares of all classes of
the Company’s common stock as of the last day of the immediately preceding fiscal year or such other number of Shares as the Board
may determine. The Shares reserved for issuance may be either authorized and unissued Shares or Shares reacquired at any time and now
or hereafter held as treasury stock. The aggregate number of Shares reserved under this Section 6(a) shall be depleted on the date of
grant of an Award by the maximum number of Shares, if any, that may be issuable under an Award as determined at the time of grant. Notwithstanding
the foregoing, an Award that may be settled solely in cash shall not cause any depletion of the Plan’s Share reserve at the time
such Award is granted.
(b)
Replenishment of Shares Under this Plan. To the extent (i) an Award lapses, expires, terminates or is cancelled without the issuance
of Shares under the Award (whether due currently or on a deferred basis) or is settled in cash, (ii) it is determined during or at the
conclusion of the term of an Award that all or some portion of the Shares with respect to which the Award was granted will not be issuable
on the basis that the conditions for such issuance will not be satisfied, (iii) Shares are forfeited under an Award (except as described
below), (iv) Shares are issued under any Award and the Company subsequently reacquires them pursuant to rights reserved upon the issuance
of the Shares, or (v) Shares are tendered or withheld in payment of the exercise price of an Option or as a result of the net settlement
of an outstanding Stock Appreciation Right or (vi) Shares are tendered or withheld to satisfy federal, state or local tax withholding
obligations, then such Shares shall be recredited to the Plan’s reserve and may again be used for new Awards under this Plan, but
Shares recredited to the Plan’s reserve pursuant to clause (iv), (v) or (vi) may not be issued pursuant to Incentive Stock Options.
(c)
Non-Employee Director Award Limitation. Subject to adjustment as provided in Section 7, the maximum number of Shares that may
be granted during any fiscal year to any individual Non-Employee Director, in his or her capacity as a Non-Employee Director, shall not
exceed that number of Shares that has a grant date fair value of, when added to any cash compensation received by such Non-Employee Director,
$300,000.
7.
Options. Subject to the terms of this Plan, the Administrator will determine all terms and conditions of each Option, including but
not limited to: (a) whether the Option is an Incentive Stock Option that meets the requirements of Code Section 422, or a Nonqualified
Stock Option that does not meet the requirements of Code Section 422; (b) the grant date, which may not be any day prior to the date
that the Administrator approves the grant; (c) the number of Shares subject to the Option; (d) the exercise price, which may never be
less than the Fair Market Value of the Shares subject to the Option as determined on the date of grant, (e) the terms and conditions
of vesting and exercise; (f) the term, except that an Option must terminate no later than ten (10) years after the date of grant; and
(g) the manner of payment of the exercise price. In all other respects, the terms of any Incentive Stock Option should comply with the
provisions of Code Section 422 except to the extent the Administrator determines otherwise. If an Option that is intended to be an Incentive
Stock Option fails to meet the requirements thereof, the Option shall automatically be treated as a Nonqualified Stock Option to the
extent of such failure. To the extent permitted by the Administrator, and subject to such procedures as the Administrator may specify,
the payment of the exercise price of Options may be made by (w) delivery of cash or other Shares or other securities of the Company (including
by attestation) having a then Fair Market Value equal to the purchase price of such Shares, (x) by delivery (including by fax) to the
Company or its designated agent of an executed irrevocable option exercise form together with irrevocable instructions to a broker-dealer
to sell or margin a sufficient portion of the Shares and deliver the sale or margin loan proceeds directly to the Company to pay for
the exercise price, (y) by surrendering the right to receive Shares otherwise deliverable to the Participant upon exercise of the Award
having a Fair Market Value at the time of exercise equal to the total exercise price, or (z) by any combination of the methods set forth
in clauses (w), (x) and/or (y). Except to the extent otherwise set forth in an Award agreement, a Participant shall have no rights as
a holder of Stock as a result of the grant of an Option until the Option is exercised, the exercise price and applicable withholding
taxes are paid and the Shares subject to the Option are issued thereunder.
8.
Stock Appreciation Rights. Subject to the terms of this Plan, the Administrator will determine all terms and conditions of each SAR,
including but not limited to: (a) whether the SAR is granted independently of an Option or relates to an Option; (b) the grant date,
which may not be any day prior to the date that the Administrator approves the grant; (c) the number of Shares to which the SAR relates;
(d) the grant price, which may never be less than the Fair Market Value of the Shares subject to the SAR as determined on the date of
grant; (e) the terms and conditions of exercise or maturity, including vesting; (f) the term, provided that an SAR must terminate
no later than ten (10) years after the date of grant; and (g) whether the SAR will be settled in cash, Shares or a combination thereof.
9.
Performance and Stock Awards. Subject to the terms of this Plan, the Administrator will determine all terms and conditions of each
award of Shares, Restricted Stock, Restricted Stock Units, Performance Shares or Performance Units, including, but not limited to:
(a)
the number of Shares and/or units to which such Award relates; (b) whether, as a condition for the Participant to realize all or a portion
of the benefit provided under the Award, one or more Performance Goals must be achieved during such period as the Administrator specifies;
(c) the length of the vesting and/or performance period and, if different, the date on which payment of the benefit provided under the
Award will be made; (d) with respect to Performance Units, whether to measure the value of each unit in relation to a designated dollar
value or the Fair Market Value of one or more Shares; and (e) with respect to Restricted Stock Units and Performance Units, whether to
settle such Awards in cash, in Shares (including Restricted Stock), or in a combination of cash and Shares; provided that no dividends
or Dividend Equivalent Units shall be paid on Performance Shares or Performance Units prior to their vesting.
10.
Annual Incentive Awards. Subject to the terms of this Plan, the Administrator will determine all terms and conditions of an Annual
Incentive Award, including but not limited to the Performance Goals, performance period, the potential amount payable, and the timing
of payment; provided that the Administrator must require that payment of all or any portion of the amount subject to the Annual
Incentive Award is contingent on the achievement or partial achievement of one or more Performance Goals during the period the Administrator
specifies, although the Administrator may specify that all or a portion of the Performance Goals subject to an Award are deemed achieved
upon a Participant’s death, Disability, or such other circumstances as the Administrator may specify; and provided further that
any performance period applicable to an Annual Incentive Award must relate to a period of at least one year.
11.
Long-Term Incentive Awards. Subject to the terms of this Plan, the Administrator will determine all terms and conditions of a Long-Term
Incentive Award, including, but not limited to, the Performance Goals, performance period (which must be more than one year), the potential
amount payable, and the timing of payment; provided that the Administrator must require that payment of all or any portion of
the amount subject to the Long-Term Incentive Award is contingent on the achievement or partial achievement of one or more Performance
Goals during the period the Administrator specifies, although the Administrator may specify that all or a portion of the Performance
Goals subject to an Award are deemed achieved upon a Participant’s death, Disability or retirement (as defined by the Administrator),
or such other circumstances as the Administrator may specify.
12.
Dividend Equivalent Units. Subject to the terms of this Plan, the Administrator will determine all terms and conditions of each award
of Dividend Equivalent Units, including but not limited to whether: (a) such Award will be granted in tandem with another Award; (b)
payment of the Award will be made concurrently with dividend payments or credited to an account for the Participant which provides for
the deferral of such amounts until a stated time; (c) the Award will be settled in cash or Shares; and (d) as a condition for the Participant
to realize all or a portion of the benefit provided under the Award, one or more Performance Goals must be achieved during such period
as the Administrator specifies; provided that Dividend Equivalent Units may not be granted in connection with an Option or Stock
Appreciation Right; and provided further that no Dividend Equivalent Unit granted in tandem with another Award shall include vesting
provisions more favorable to the Participant than the vesting provisions, if any, to which the tandem Award is subject; and provided
further that no Dividend Equivalent Unit relating to another Award shall provide for payment with respect such other Award prior
to its vesting.
13.
Other Stock-Based Awards. Subject to the terms of this Plan, the Administrator may grant to a Participant shares of unrestricted
Stock as replacement for other compensation to which the Participant is entitled, such as in payment of director fees, in lieu of cash
compensation, in exchange for cancellation of a compensation right, or as a bonus.
14.
Transferability. Awards are not transferable other than by will or the laws of descent and distribution, unless and to the
extent the Administrator allows a Participant to:
(a)
designate in writing a beneficiary to exercise the Award or receive payment under the Award after the Participant’s death; (b)
transfer an Award to the former spouse of the Participant as required by a domestic relations order incident to a divorce; or (c) transfer
an Award; provided, however, that with respect to clause (c) above the Participant may not receive consideration for such
a transfer of an Award.
15.
Termination and Amendment of Plan; Amendment, Modification or Cancellation of Awards.
(a) Term
of Plan. Unless the Board earlier terminates this Plan pursuant to Section 15(b), this Plan will terminate on, and no further
Awards may be granted under this Plan after, the tenth (10th) anniversary of the Effective Date.
(b)
Termination and Amendment. The Board or the Administrator may amend, alter, suspend, discontinue or terminate this Plan at any
time, subject to the following limitations:
(i)
the Board must approve any amendment of this Plan to the extent the Company determines such approval is required by: (A) prior action
of the Board, (B) applicable corporate law, or (C) any other applicable law;
(ii)
shareholders must approve any amendment of this Plan to the extent the Company determines such approval is required by: (A) Section
16 of the Exchange Act, (B) the Code, (C) the listing requirements of any principal securities exchange or market on which
the Shares are then traded, or (D) any other applicable law; and
(iii)
shareholders must approve any of the following Plan amendments: (A) an amendment to materially increase any number of Shares specified
in Section 6(a) or the limits set forth in Section 6(b)(except as permitted by Section 17), or (B) an amendment that would diminish the
protections afforded by Section 15(e).
(c)
Amendment, Modification, Cancellation and Disgorgement of Awards.
(i)
Except as provided in Section 15(e) and subject to the requirements of this Plan, the Administrator may modify, amend or cancel any Award;
provided that, except as otherwise provided in the Plan or the Award agreement, any modification or amendment that materially
diminishes the rights of the Participant, or the cancellation of an Award, shall be effective only if agreed to by the Participant or
any other person(s) as may then have an interest in such Award, but the Administrator need not obtain Participant (or other interested
party) consent for the modification, amendment or cancellation of an Award pursuant to the provisions of subsection (ii) or Section 17
or as follows: (A) to the extent the Administrator deems such action necessary to comply with any applicable law or the listing requirements
of any principal securities exchange or market on which the Shares are then traded; (B) to the extent the Administrator deems necessary
to preserve favorable accounting or tax treatment of any Award for the Company; or (C) to the extent the Administrator determines that
such action does not materially and adversely affect the value of an Award or that such action is in the best interest of the affected
Participant (or any other person(s) as may then have an interest in the Award). Notwithstanding the foregoing, unless determined otherwise
by the Administrator, any such amendment shall be made in a manner that will enable an Award intended to be exempt from Code Section
409A to continue to be so exempt, or to enable an Award intended to comply with Code Section 409A to continue to so comply.
(ii)
Notwithstanding anything to the contrary in an Award agreement, the Administrator shall have full power and authority to terminate or
cause the Participant to forfeit the Award, and require the Participant to disgorge to the Company any gains attributable to the Award,
if the Participant engages in any action constituting, as determined by the Administrator in its discretion, Cause for termination, or
a breach of any Award agreement or any other agreement between the Participant and the Company or an Affiliate concerning noncompetition,
nonsolicitation, confidentiality, trade secrets, intellectual property, nondisparagement or similar obligations.
(iii)
Any Awards granted pursuant to this Plan, and any Stock issued, or cash paid pursuant to an Award, shall be subject to any recoupment
or clawback policy that is adopted by, or any recoupment or similar requirement otherwise made applicable by law, regulation or listing
standards to, the Company from time to time.
(d)
Survival of Authority and Awards. Notwithstanding the foregoing, the authority of the Board and the Administrator under this Section
15 and to otherwise administer the Plan with respect to then-outstanding Awards will extend beyond the date of this Plan’s termination.
In addition, termination of this Plan will not affect the rights of Participants with respect to Awards previously granted to them, and
all unexpired Awards will continue in force and effect after termination of this Plan except as they may lapse or be terminated by their
own terms and conditions.
(e)
Repricing and Backdating Prohibited. Notwithstanding anything in this Plan to the contrary, and except for the adjustments provided
for in Section 17, at such time as the Company’s common stock is listed on the Nasdaq Stock Market or New York Stock Exchange,
neither the Administrator nor any other person may (i) amend the terms of outstanding Options or SARs to reduce the exercise or grant
price of such outstanding Options or SARs; (ii) cancel outstanding Options or SARs in exchange for Options or SARs with an exercise or
grant price that is less than the exercise or grant price of the original Options or SARs; or (iii) cancel outstanding Options or SARs
with an exercise or grant price above the current Fair Market Value of a Share in exchange for cash or other securities. In addition,
the Administrator may not make a grant of an Option or SAR with a grant date that is effective prior to the date the Administrator takes
action to approve such Award.
(f)
Foreign Participation. To assure the viability of Awards granted to Participants employed or residing in foreign countries, the
Administrator may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law,
tax policy, accounting or custom. Moreover, the Administrator may approve such supplements to, or amendments, restatements or alternative
versions of, this Plan as it determines is necessary or appropriate for such purposes. Any such amendment, restatement, or alternative
versions that the Administrator approves for purposes of using this Plan in a foreign country will not affect the terms of this Plan
for any other country. In addition, all such supplements, amendments, restatements or alternative versions must comply with the provisions
of Section 15(b)(ii).
16.
Taxes.
(a) Withholding.
In the event the Company or one of its Affiliates is required to withhold any Federal, state or local taxes or other amounts in
respect of any income recognized by a Participant as a result of the grant, vesting, payment or settlement of an Award or
disposition of any Shares acquired under an Award, the Company may deduct (or require an Affiliate to deduct) from any payments of
any kind otherwise due the Participant cash, or with the consent of the Administrator, Shares otherwise deliverable or vesting under
an Award, to satisfy such tax or other obligations. Alternatively, the Company or its Affiliate may require such Participant to pay
to the Company or its Affiliate, in cash, promptly on demand, or make other arrangements satisfactory to the Company or its
Affiliate regarding the payment to the Company or its Affiliate of the aggregate amount of any such taxes and other amounts. If
Shares are deliverable upon exercise or payment of an Award, then the Administrator may permit a Participant to satisfy all or a
portion of the Federal, state and local withholding tax obligations arising in connection with such Award by electing to (i) have
the Company or its Affiliate withhold Shares otherwise issuable under the Award, (ii) tender back Shares received in connection with
such Award or (iii) deliver other previously owned Shares, in each case having a Fair Market Value equal to the amount to be
withheld; provided that the amount to be withheld in Shares may not exceed the total maximum statutory tax withholding
obligations associated with the transaction to the extent needed for the Company and its Affiliates to avoid an accounting charge.
If an election is provided, the election must be made on or before the date as of which the amount of tax to be withheld is
determined and otherwise as the Administrator requires. In any case, the Company and its Affiliates may defer making payment or
delivery under any Award if any such tax may be pending unless and until indemnified to its satisfaction.
(b)
No Guarantee of Tax Treatment. Notwithstanding any provisions of this Plan to the contrary, the Company does not guarantee to
any Participant or any other Person with an interest in an Award that (i) any Award intended to be exempt from Code Section 409A shall
be so exempt, (ii) any Award intended to comply with Code Section 409A or Code Section 422 shall so comply, or (iii) any Award shall
otherwise receive a specific tax treatment under any other applicable tax law, nor in any such case will the Company or any Affiliate
be required to indemnify, defend or hold harmless any individual with respect to the tax consequences of any Award.
17.
Adjustment and Change of Control Provisions.
(a)
Adjustment of Shares. If (i) the Company shall at any time be involved in a merger or other transaction in which the Shares are
changed or exchanged; (ii) the Company shall subdivide or combine the Shares or the Company shall declare a dividend payable in Shares,
other securities (other than stock purchase rights issued pursuant to a shareholder rights agreement) or other property; (iii) the Company
shall effect a cash dividend the amount of which, on a per Share basis, exceeds ten percent (10%) of the Fair Market Value of a Share
at the time the dividend is declared, or the Company shall effect any other dividend or other distribution on the Shares in the form
of cash, or a repurchase of Shares, that the Board determines by resolution is special or extraordinary in nature or that is in connection
with a transaction that the Company characterizes publicly as a recapitalization or reorganization involving the Shares; or (iv) any
other event shall occur, which, in the case of this clause (iv), in the judgment of the Administrator necessitates an adjustment to prevent
dilution or enlargement of the benefits or potential benefits intended to be made available under this Plan, then the Administrator shall,
in such manner as it may deem equitable to prevent dilution or enlargement of the benefits or potential benefits intended to be made
available under this Plan, adjust any or all of: (A) the number and type of Shares subject to this Plan (including the number and type
of Shares described in Sections 6(a) and 6(c)) and which may after the event be made the subject of Awards; (B) the number and type of
Shares subject to outstanding Awards; (C) the grant, purchase, or exercise price with respect to any Award; and (D) the Performance Goals
of an Award. In any such case, the Administrator may also (or in lieu of the foregoing) make provision for a cash payment to the holder
of an outstanding Award in exchange for the cancellation of all or a portion of the Award (without the consent of the holder of an Award)
in an amount determined by the Administrator effective at such time as the Administrator specifies (which may be the time such transaction
or event is effective). However, in each case, with respect to Awards of Incentive Stock Options, no such adjustment may be authorized
to the extent that such authority would cause this Plan to violate Code Section 422(b). Further, the number of Shares subject to any
Award payable or denominated in Shares must always be a whole number. In any event, previously granted Options or SARs are subject to
only such adjustments as are necessary to maintain the relative proportionate interest the Options and SARs represented immediately prior
to any such event and to preserve, without exceeding, the value of such Options or SARs.
Without
limitation, in the event of any reorganization, merger, consolidation, combination or other similar corporate transaction or event, whether
or not constituting a Change of Control (other than any such transaction in which the Company is the continuing corporation and in which
the outstanding Stock is not being converted into or exchanged for different securities, cash or other property, or any combination thereof),
the Administrator may substitute, on an equitable basis as the Administrator determines, for each Share then subject to an Award and
the Shares subject to this Plan (if the Plan will continue in effect), the number and kind of shares of stock, other securities, cash
or other property to which holders of Stock are or will be entitled in respect of each Share pursuant to the transaction.
(b)
Issuance or Assumption. Notwithstanding any other provision of this Plan, and without affecting the number of Shares otherwise
reserved or available under this Plan, in connection with any merger, consolidation, acquisition of property or stock, or reorganization,
the Administrator may authorize the issuance or assumption of awards under this Plan upon such terms and conditions as it may deem appropriate.
(c)
Effect of Change of Control.
(i)
In order to preserve a Participant’s rights under an Award in the event of a Change of Control, the Administrator in its discretion
may, at the time an Award is made or at any time thereafter, take one or more of the following actions: (a) provide for the acceleration
of any time period, or the deemed achievement of any Performance Goals, relating to the exercise or realization of the Award; (b) provide
for the purchase or cancellation of the Award for an amount of cash or other property that could have been received upon the exercise
or realization of the Award had the Award been currently exercisable or payable (or the cancellation of Awards in exchange for no payment
to the extent that no cash or other property would be received upon the exercise or realization of the Award in such circumstances);
(c) adjust the terms of the Award in the manner determined by the Administrator to reflect the Change of Control; (d) cause the Award
to be assumed, or new right substituted therefor, by another entity; or (e) make such other provision as the Administrator may consider
equitable and in the best interests of the Company.
(ii)
Except to the extent the Participant has in effect an employment or similar agreement with the Company or any Affiliate or is subject
to a policy that provides for a more favorable result to the Participant upon a Change of Control, in the event that the Company’s
legal counsel or accounting advisor determines that any payment, benefit or transfer by the Company under this Plan or any other plan,
agreement, or arrangement to or for the benefit of the Participant (in the aggregate, the “Total Payments”) would be subject
to the tax (“Excise Tax”) imposed by Code Section 4999 but for this subsection (d), then, notwithstanding any other provision
of this Plan to the contrary, the Total Payments shall be delivered either (i) in full or (ii) in an amount such that the value of the
aggregate Total Payments that the Participant is entitled to receive shall be One Dollar ($1.00) less than the maximum amount that the
Participant may receive without being subject to the Excise Tax, whichever of clause (i) or (ii) results in the receipt by the Participant
of the greatest benefit on an after-tax basis (taking into account applicable federal, state and local income taxes and the Excise Tax).
In the event that clause (ii) results in a greater after-tax benefit to the Participants, payments or benefits included in the Total
Payments shall be reduced or eliminated by applying the following principles, in order: (A) the payment or benefit with the higher ratio
of the parachute payment value to present economic value (determined using reasonable actuarial assumptions) shall be reduced or eliminated
before a payment or benefit with a lower ratio; (B) the payment or benefit with the later possible payment date shall be reduced or eliminated
before a payment or benefit with an earlier payment date; and (C) cash payments shall be reduced prior to non-cash benefits; provided
that if the foregoing order of reduction or elimination would violate Code Section 409A, then the reduction shall be made pro rata among
the payments or benefits included in the Total Payments (on the basis of the relative present value of the parachute payments).
(d)
Certain Modifications. Notwithstanding anything contained in this Section 17, the Board may, in its sole and absolute discretion,
amend, modify or rescind the provisions of this Section 17 if it determines that the operation of this Section 17 may prevent a transaction
in which the Company, a Subsidiary or any Affiliate is a party from receiving desired tax treatment, including without limitation requiring
that each Participant receive a replacement or substitute Award issued by the surviving or acquiring corporation.
18.
Stock Transfer Restrictions and Repurchase Right.
(a)
Restriction on Transfer. Shares issued under the Plan may not be sold or otherwise disposed of except as permitted by the Company.
As a condition to the receipt of Shares hereunder, the Participant (or individual entitled to receive Shares following the Participant’s
death) may be required to execute a stockholder’s agreement or other agreement required by the Board.
(b)
Restrictions; Legends. All Shares delivered under the Plan shall be subject to such restrictions as the Company may deem advisable,
and the Company may cause a legend or legends to be put on any certificates for shares to make appropriate references to such restrictions.
(c)
Right to Purchase Shares. Pursuant to the provisions of this Section 18(c), the Company shall have the right (the “Purchase
Right”), but not the obligation, to purchase all, but not less than all, of the Shares acquired by the Participant under this Plan
upon the occurrence of any of the following events (a “Trigger Date”):
(i)
the Participant’s separation from employment or service from the Company and its Affiliates, or
(ii)
the Participant’s attempted or purported sale, assignment, exchange, disposition, distributions, transfer, pledge, encumbrance,
hypothecation or other disposition or alienation of Shares acquired under the Plan without the Company’s prior written consent.
The
purchase price (the “Purchase Price”) for the Shares subject to such Purchase Right shall be the Fair Market Value of the
Shares on the applicable Trigger Date, unless (A) the Participant’s employment has been terminated for Cause, (B) the Company determines
that the Participant’s employment could have been terminated for Cause, or (C) the Participant breaches any restrictive covenants
set forth in any agreement by and between the Participant and the Company or any of its Subsidiaries, then in each case the purchase
price shall be the lower of (x) the Fair Market Value of the Shares on the applicable Trigger Date and (y) the cost paid by the Participant
to acquire the Shares.
The
Company may exercise its Purchase Right by giving written notice thereof to the Participant within one (1) year after the Trigger Date
(the one (1)-year period in each case, the “Call Period”) of the number of Shares with respect to which the Purchase Right
is being exercised, and the Company intends that such date shall not be earlier than the first date on which the Purchase Price can be
set without changing the accounting treatment for the acquisition of the Shares being repurchased from an equity-based accounting treatment
to a liability-based accounting treatment (as contemplated by FASB ASC Topic 718 or any successor thereto). The Company shall promptly
determine the Purchase Price for the Shares subject to the Purchase Right and shall notify the Participant of such determination. The
Company may elect to pay all or any portion of such Purchase Price in cash; provided that if the Company does not elect to pay
the entire Purchase Price in cash, the Company shall, at a minimum, pay to the Participant at least ten percent (10%) of the Purchase
Price in cash, and shall deliver to the Participant a promissory note with a principal amount equal to the remainder of the Purchase
Price, which promissory note shall provide that: (A) the principal shall be paid in no more than five (5) equal annual installments commencing
one (1) year from the delivery of such promissory note, (B) interest on the unpaid principal amount shall accrue at an annual rate equal
to the prime interest rate interest charged by the principal bank with which the Company conducts business as determined on the date
the promissory note is issued, and shall be payable together with and in addition to each principal payment, and (C) the Company shall
have the right, without penalty, to prepay all or any portion of the principal and accrued interest owing thereunder at any time.
Upon
the delivery of the payment and/or the promissory note described herein by the Company, the Participant shall take all actions necessary,
and execute all related documents specified by the Company as being reasonably necessary to consummate the sale of the Shares to the
Company, and, by accepting an award under this Plan, the Participant appoints the Company’s Secretary as his or her true and lawful
attorney-in-fact to exercise and deliver all such instruments, documents and writings, and to take all such actions as shall be required
to consummate the sale of the Shares to the Company as contemplated in this Section. Such power is a special Power of Attorney coupled
with an interest, is irrevocable, and shall run with the shares to any subsequent owners thereof.
(d)
Termination Upon Initial Public Offering. The Company’s right to exercise its repurchase rights under Section 18(c) shall
terminate upon the closing of the Company’s first underwritten public offering of equity securities pursuant to an effective registration
statement under the Act.
19.
Drag-Along Rights.
(a)
If the Board or a group of shareholders that, in the aggregate, owns a majority of the voting power of the Company, receives an offer
in a transaction or series of transactions pursuant to which a third party proposes to acquire all of the equity securities of the Company
(a “Drag-Along Transaction”), any shareholder or any group of shareholders of the Company that, in the aggregate, owns a
majority of the voting power of the Company (collectively, the “Drag- Along Shareholder”) shall have the right, at its option,
to require the other shareholders of the Company, including any Participant who acquires Shares under this Plan (each such shareholder,
a “Dragged Shareholder,” and collectively with any other Dragged Shareholder, the “Dragged Shareholders”), and
each Dragged Shareholder hereby agrees, whether such Drag- Along Transaction is structured as a transfer of equity securities, merger,
consolidation, combination, reorganization, recapitalization, reclassification or otherwise, to transfer all of such Dragged Shareholder’s
equity securities on substantially the same terms and conditions as are applicable to the Drag-Along Shareholder; provided that
the price per share for each equity security to be sold in such Drag-Along Transaction shall be determined by first allocation a portion
of the aggregate consideration to be paid by the buyer(s) in such Drag-Along Transaction to the holders of the Series A Preferred Stock
in the amount of any accrued but unpaid dividends thereon and then allocation the remainder of such aggregate consideration to the equity
securities to be sold in such Drag-Along Transaction ratably on an as-converted basis.
(b)
Each Dragged Shareholder shall reasonably cooperate in, and shall take all actions requested by the Drag-Along Shareholder that are reasonably
necessary or desirable to consummate, the Drag-Along Transaction, including: (i) to the extent applicable, voting its equity securities
(or executing and delivering any written consents in lieu thereof) in favor of the Drag- Along Transaction and all actions deemed reasonably
necessary by the Drag- Along Shareholder in connection with the Drag-Along Transaction; (ii) if applicable, taking all actions necessary
to cause the Board to approve the Drag-Along Transaction; and (iii) entering into definitive agreements as are customary for the nature
of the proposed Drag-Along Transaction and any ancillary agreements with respect thereto, and using commercially reasonable efforts (including
indemnification obligations on a ratable basis) to cause the transactions contemplated by such definitive agreements and ancillary agreements
to be consummated.
(c)
Without limitation of the foregoing, each shareholder waives any dissenters, appraisal or other similar rights it may have in connection
with any sale of the Company under applicable law that is approved or instituted pursuant to this Section 19.
(d)
The Drag-Along Shareholder shall provide written notice of such Drag-Along Transaction to each Dragged Shareholder (a “Drag-Along
Transaction Notice”). The Drag-Along Transaction Notice shall identify the proposed transferee, the consideration for which a transfer
is proposed to be made and all other material terms and conditions of the Drag-Along Transaction. Each Dragged Shareholder shall be required
to participate in the Drag-Along Transaction on the terms and conditions set forth in the Drag-Along Transaction Notice.
(e)
Notwithstanding anything to the contrary in this Section 19, there shall be no liability on the part of the Drag-Along Shareholder to
the Company or the Dragged Shareholders if the Drag-Along Transaction is not consummated for whatever reason, regardless of whether the
Drag-Along Shareholder has delivered a Drag-Along Transaction Notice. The decision to effect a Drag-Along Transaction is in the sole
and absolute discretion of the Drag-Along Shareholder.
(f)
The foregoing shall not affect the rights of the Company or the Administrator under Section 17 (or elsewhere) of this Plan.
20.
Miscellaneous.
(a)
Other Terms and Conditions. The Administrator may provide in any Award agreement such other provisions (whether or not applicable
to the Award granted to any other Participant) as the Administrator determines appropriate to the extent not otherwise prohibited by
the terms of the Plan.
(b)
Employment and Service. The issuance of an Award shall not confer upon a Participant any right with respect to continued employment
or service with the Company or any Affiliate, or the right to continue as a Director. Unless determined otherwise by the Administrator,
for purposes of the Plan and all Awards, the following rules shall apply:
(i)
a Participant who transfers employment between the Company and its Affiliates, or between Affiliates, will not be considered to have
terminated employment;
(ii)
a Participant who ceases to be a Non-Employee Director because he or she becomes an employee of the Company, or an Affiliate shall not
be considered to have ceased service as a Director with respect to any Award until such Participant’s termination of employment
with the Company and its Affiliates;
(iii)
a Participant who ceases to be employed by the Company or an Affiliate and immediately thereafter becomes a Non-Employee Director, a
non-employee director of an Affiliate, or a consultant to the Company or any Affiliate shall not be considered to have terminated employment
until such Participant’s service as a director of, or consultant to, the Company and its Affiliates has ceased; and
(iv)
a Participant employed by an Affiliate will be considered to have terminated employment when such entity ceases to be an Affiliate.
Notwithstanding
the foregoing, for purposes of an Award that constitutes “nonqualified deferred compensation” subject to Code Section 409A,
if a Participant’s termination of employment or service triggers the payment of such nonqualified deferred compensation under such
Award, then the Participant will be deemed to have terminated employment or service upon his or her “separation from service”
within the meaning of Code Section 409A. Notwithstanding any other provision in this Plan or an Award to the contrary, if any Participant
is a “specified employee” within the meaning of Code Section 409A as of the date of his or her “separation from service”
within the meaning of Code Section 409A, then, to the extent required to avoid the imposition of additional taxes under Code Section
409A, any payment of nonqualified deferred compensation made to the Participant on account of such separation from service shall not
be made before a date that is six (6) months after the date of the separation from service.
(c)
No Fractional Shares. No fractional Shares or other securities may be issued or delivered pursuant to this Plan, and the Administrator
may determine whether cash, other securities or other property will be paid or transferred in lieu of any fractional Shares or other
securities, or whether such fractional Shares or other securities or any rights to fractional Shares or other securities will be canceled,
terminated, or otherwise eliminated.
(d)
Unfunded Plan; Awards Not Includable for Benefits Purposes. This Plan is unfunded and does not create, and should not be construed
to create a trust or separate fund with respect to this Plan’s benefits. This Plan does not establish any fiduciary relationship
between the Company and any Participant or other person. To the extent any person holds any rights by virtue of an Award granted under
this Plan, such rights are no greater than the rights of the Company’s general unsecured creditors. Income recognized by a Participant
pursuant to an Award shall not be included in the determination of benefits under any employee pension benefit plan (as such term is
defined in Section 3(2) of the Employee Retirement Income Security Act of 1974, as amended) or group insurance or other benefit plans
applicable to the Participant which are maintained by the Company or any Affiliate, except as may be provided under the terms of such
plans or determined by resolution of the Board.
(e)
Requirements of Law and Securities Exchange. The granting of Awards and the issuance of Shares in connection with an Award are
subject to all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges
as may be required. Notwithstanding any other provision of this Plan or any award agreement, the Company has no liability to deliver
any Shares under this Plan or make any payment unless such delivery or payment would comply with all applicable laws and the applicable
requirements of any securities exchange or similar entity, and unless and until the Participant has taken all actions required by the
Company in connection therewith. The Company may impose such restrictions on any Shares issued under the Plan as the Company determines
necessary or desirable to comply with all applicable laws, rules and regulations or the requirements of any national securities exchanges.
(f)
Governing Law; Venue. This Plan, and all agreements under this Plan, will be construed in accordance with and governed by the
laws of the State of Florida, without reference to any conflict of law principles. Any legal action or proceeding with respect to this
Plan, any Award or any award agreement, or for recognition and enforcement of any judgment in respect of this Plan, any Award or any
award agreement, may only be brought and determined in a court sitting in the State of Florida.
(g)
Limitations on Actions. Any legal action or proceeding with respect to this Plan, any Award or any award agreement, must be brought
within one (1) year after the day the complaining party first knew or should have known of the events giving rise to the complaint.
(h)
Construction. Whenever any words are used herein in the masculine, they shall be construed as though they were used in the feminine
in all cases where they would so apply; and wherever any words are used in the singular or plural, they shall be construed as though
they were used in the plural or singular, as the case may be, in all cases where they would so apply. Titles of sections are for general
information only, and this Plan is not to be construed with reference to such titles. The title, label or characterization of an Award
in an award agreement or in the Company’s public filings or other disclosures shall not be determinative as to which specific Award
type is represented by the award agreement. Instead, the Administrator may determine which specific type(s) of Award(s) is (are) represented
by any award agreement, at the time such Award is granted or at any time thereafter. Except to the extent otherwise provided in the applicable
award agreement, in the case of any Award that includes a “series of installment payments” (within the meaning of Section
1.409A-2(b)(2)(iii) of the Treasury Regulations), the Award holder’s right to the series of installment payments shall be treated
as a right to a series of separate payments and not as a right to a single payment.
(i)
Severability. If any provision of this Plan or any award agreement or any Award (a) is or becomes or is deemed to be invalid,
illegal or unenforceable in any jurisdiction, or as to any person or Award, or (b) would cause this Plan, any award agreement or any
Award to violate or be disqualified under any law the Administrator deems applicable, then such provision should be construed or deemed
amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Administrator,
materially altering the intent of this Plan, award agreement or Award, then such provision should be stricken as to such jurisdiction,
person or Award, and the remainder of this Plan, such award agreement and such Award will remain in full force and effect.
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