Exhibit 10.10


 





EMPLOYMENT
AGREEMENT


 


EMPLOYMENT
AGREEMENT (this “Agreement”), dated as of [●], between [Insert name of Genenta’s US subsidiary]
(the “Company”) and Carlo Russo (“Executive,” together with the Company, the “Parties”
and, each, a “Party”).


 


WHEREAS,
Genenta Science S.p.A. (“Parent”) is the parent company of the Company;


 


WHEREAS,
Parent is in the process of an initial public offering (the “IPO”);


 


WHEREAS,
the effectiveness of this Agreement is conditioned on the successful completion of the IPO; and


 


WHEREAS,
effective on the later of the date of the IPO or July 1, 2021 (the “Commencement Date”),
the Company desires to employ Executive, and Executive desires to accept such employment, on the terms and conditions set forth in this
Agreement;


 


NOW,
THEREFORE, on the basis of the foregoing premises and in consideration of the mutual covenants and agreements contained herein, the Parties
agree as follows:


 


1.
Employment; Title; Duties and Location. Contingent
on the successful completion of the IPO, the Company hereby agrees to employ Executive, and Executive hereby accepts employment with
the Company, on the terms and subject to the conditions set forth herein. During the Employment Period (as defined in Section 2 below),
Executive shall serve the Company as Chief Medical Officer (“CMO”) and shall report exclusively and directly to the
Chief Executive Officer of the Company (the “CEO”). Executive shall perform the duties consistent with Executive’s
title and position and such other duties commensurate with such position and title as shall be specified or designated by the CEO from
time to time. Subject to Executive’s appointment thereto, and without additional compensation, Executive shall hold such other
or additional titles and serve, during the Employment Period, in such other or additional capacities to which Executive may be appointed
from time to time in the Company and its affiliated companies, provided such titles and additional capacities are consistent with Executive’s
above-stated position and duties. The principal place of performance by Executive of Executive’s duties hereunder shall be the
Company’s offices in New York City, although Executive may be required to reasonably travel outside of such area in connection
with the performance of Executive’s duties.


 


2.
Term. Executive’s employment hereunder
shall commence on the Commencement Date and continue until terminated pursuant to the terms of Section
6 below (the “Employment Period”).


 


3.
Compensation. During the Employment Period only
(unless otherwise expressly provided for herein), Executive shall be entitled to the following compensation and benefits.


 


3.1
Salary. Executive shall receive a base salary
(the “Base Salary”) payable in substantially equal installments in accordance with the Company’s normal payroll
practices and procedures in effect from time to time and subject to applicable withholdings and deductions. Executive’s starting
Base Salary shall be at the annual rate of $500,000. From time to time, the Company, at its sole discretion, may review and adjust Executive’s
Base Salary, except that Executive’s Base Salary may only be decreased if the decrease is the same, on a percentage basis, for
all similarly situated executives due to business conditions.


 




    	 



     


    

 


3.2
Discretionary Bonus. Executive shall be eligible
to receive a discretionary bonus (a “Discretionary Bonus”) with respect to each fiscal year of the Company (a “Fiscal
Year”) based on the terms and conditions hereof. The amount of any Discretionary Bonus for a Fiscal Year may be up to 20% of
Executive’s Base Salary as of the end of such Fiscal Year, based upon an individualized determination, by the CEO, of the achievement
of objectives to be set from time to time by the CEO and approved by the Board of Directors of the Company (the “Board”).
To be eligible for a Discretionary Bonus, Executive must be employed by the Company at the time such Bonus is paid. Any Discretionary
Bonus for a given Fiscal Year shall be paid in the following Fiscal Year as soon as practicable
after it is determined that such bonus has been awarded. The payment and amount of any Discretionary Bonus shall be determined in the
sole discretion of the Company and is not guaranteed in any way.


 


3.3
Equity. Subject to the approval of the Board
of Directors of Parent or its Compensation Committee, Executive will be granted an equity award (the “Equity Award”)
under an equity incentive plan to be adopted by Parent by no later than July 31, 2021 (the “Equity Plan”). The Equity
Award will be subject to the terms and conditions of the Equity Plan and an applicable equity award agreement.


 


3.4
Benefits. Executive shall have the right to receive
or participate in all employee benefit programs and perquisites generally established by the Company from time to time for employees
similarly situated to Executive, subject to the general eligibility requirements and other terms of such programs and perquisites, and
subject to the Company’s right to amend, terminate or take other similar action with respect to any such programs and perquisites.
Subject to the foregoing, the Company anticipates that such employment benefit programs will include, without limitation, medical insurance,
dental insurance, vision insurance, and a 401K plan (with a minimal matching program).


 


3.5
Vacation and Other Paid Time Off. Executive shall
be entitled to 20 days of paid vacation, as well as sick days and any other paid time off, each year in accordance with then current
Company policy.


 


3.6
Required Taxes and Withholdings. The Company
shall withhold from any payments made to Executive (including, without limitation, those made under this Agreement) all federal, state,
local or other taxes and withholdings as shall be required pursuant to any law or governmental regulation or ruling.


 


4.
Exclusivity and Best Efforts. During the Employment
Period, Executive shall (i) in all respects conform to and comply with the lawful directions and instructions given to Executive by the
Company; (ii) devote Executive’s entire business time, energy and skill to Executive’s services under this Agreement; (iii)
use Executive’s best efforts to promote and serve the interests of the Company and to perform Executive’s duties and obligations
hereunder in a diligent, trustworthy, businesslike, efficient and lawful manner; (iv) comply with all applicable laws and regulations,
as well as the policies and practices established by the Company from time to time and made applicable to its employees generally or
senior executives; (v) not engage in any other business, profession or occupation for compensation or otherwise; and (vi) not engage
in any activity that, directly or indirectly, impairs or conflicts with the performance of Executive’s obligations and duties to
the Company, provided, however, that the foregoing shall not prevent the Executive from (i) serving, with the prior written consent
of the Board, as a member of the boards of directors or advisory boards (or their equivalents in the case of a non-corporate entity)
of non-competing businesses and charitable organizations, (ii) managing Executive’s personal affairs and passive personal investments,
and (iii) participating in charitable, civic, educational, professional or community affairs, so long as, in the aggregate, any such
activities do not unreasonably interfere or conflict with the Executive’s duties hereunder or create a potential business or fiduciary
conflict with the Company, as reasonably determined by the Company.


 




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5.
Reimbursement for Expenses. Executive is authorized
to incur reasonable expenses in the discharge of the services to be performed hereunder in accordance with the Company’s expense
reimbursement policies, as the same may be modified by the Company from time to time in its sole and complete discretion (the “Reimbursement
Policies”). Subject to the provisions of Section 17.2 below (Section 409A Compliance), the Company shall reimburse Executive
for all such proper expenses upon presentation by Executive of itemized accounts of such expenditures in accordance with the terms of
the Reimbursement Policies.


 


6.
Termination.


 


6.1
Death. Executive’s employment shall immediately
and automatically be terminated upon Executive’s death.


 


6.2
Disability. The Company may, subject to applicable
law, terminate Executive’s employment due to a Disability by providing written notice of such termination and its effective date
to Executive. For purposes of this Agreement, “Disability” means a “disability” that entitles Executive
to benefits under the applicable Company long-term disability plan covering Executive and, in the absence of such a plan, that Executive
shall have been unable, due to physical or mental incapacity, to substantially perform Executive’s duties and responsibilities
hereunder for 120 days out of any 365 day period, whether or not consecutive. In the event of any question as to the existence, extent
or potentiality of Executive’s Disability upon which the Company and Executive cannot agree, such question shall be resolved by
a qualified, independent physician mutually agreed to by the Company and Executive, the cost of such examination to be paid by the Company.
If the Company and Executive are unable to agree on the selection of such an independent physician, each shall appoint a physician and
those two physicians shall select a third physician who shall make the determination of whether Executive has a Disability. The written
medical opinion of such physician shall be conclusive and binding upon each of the Parties as to whether a Disability exists and the
date when such Disability arose. This section shall be interpreted and applied so as to comply with the provisions of the Americans with
Disabilities Act (to the extent applicable) and any applicable state or local laws.


 


6.3
For Cause by the Company. The Company may terminate
Executive’s employment for Cause, at any time, upon written notice reasonably describing the nature of such Cause. For purposes
of this Agreement, the term “Cause” means Executive’s (i) willful misconduct; (ii) willful or gross neglect
of Executive’s job duties; (iii) material failure to materially perform Executive’s job duties; (iv) refusal to follow a
lawful directive of the Company that is materially related to and consistent with the provisions of Section 1 above; (v) material failure
to materially comply with the Company’s policies and practices; (vi) act of moral turpitude, theft, fraud or dishonesty; (vii)
commission of any felony or misdemeanor (other than minor traffic violations or offenses of a comparable magnitude not involving dishonesty,
fraud or breach of trust); (viii) material breach of any material term of a contractual agreement between Executive and the Company,
including, without limitation, this Agreement; or (ix) willful act that is (or reasonably would be expected to be) materially damaging
or detrimental to the Company; provided, however, that, in the event of conduct described in clauses (iii), (iv), (v) or (viii)
that is capable of being cured, Cause shall exist only if the Company provides written notice to Executive reasonably detailing such
grounds giving rise to Cause and Executive fails to cure such grounds for Cause to the reasonable satisfaction of the Company within
two (2) business days after delivery to Executive of such written notice, if reasonably curable within two (2) business days, or, if
not, then within such time as is reasonable under the circumstances, which in no event shall exceed twenty (20) calendar days. Notwithstanding
the foregoing, notice and an opportunity to cure an event giving rise to Cause shall not be required for any event that is the same or
of similar to an event that was the subject of a prior notice to cure. Executive’s date of termination in the event Executive’s
employment is terminated for Cause shall be the date on which Executive is given notice of termination under this Section 6.3, except,
if a notice period is required, Executive’s date of termination shall be upon the expiration of said notice period if Executive
fails to previously cure the grounds giving rise to Cause. If, subsequent to termination of Executive’s employment for a reason
other than for Cause, the Company learns that, during the Employment Period, Cause existed to terminate Executive’s employment
on a ground that would not have required notice and an opportunity to cure, the Company may retroactively designate Executive’s
termination of employment to be for Cause under this Section 6.3.


 




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6.4
Resignation by Executive for Good Reason. Executive
may resign Executive’s employment hereunder for Good Reason, at any time, provided that Executive provides the Company with ten
(10) days’ prior written notice of such resignation and such notice is given within thirty (30) days of when Good Reason first
arises. For the purpose of this Agreement, “Good Reason” means (i) a material and substantial diminution in Executive’s
duties, authority, or responsibilities that would be inconsistent with Executive’s position (other than while Executive is temporarily
physically or mentally incapacitated, as permitted under Section 8 below or as required by applicable law), (ii) a material failure by
the Company to pay Executive’s compensation as provided for herein, other than an isolated, insubstantial and inadvertent failure
not occurring in bad faith; (iii) a change in the location of Executive’s principal place of performance from other than that specified
in Section 1 above; or (iv) other material breach by the Company of a material provision of this Agreement or any other agreement between
the Company and Executive; provided (x) Executive has provided the Company with written notice reasonably detailing the grounds
giving rise to Good Reason within thirty (30) days of the occurrence thereof or, if later, within thirty (30) days of the date upon which
Executive first becomes aware of such grounds, and (y) the Company fails to cure such grounds within thirty (30) days after delivery
to it of such written notice. Notwithstanding the foregoing, during the Employment Period, in the event that the Company reasonably believes
that Executive may have engaged in conduct that could constitute Cause hereunder, the Company may, in its sole and absolute discretion,
suspend Executive from performing Executive’s duties hereunder for a period of up to sixty (60) days, and in such event such suspension
shall not constitute an event pursuant to which Executive may terminate this Agreement with Good Reason; provided, however,
that no such suspension shall alter the Company’s obligations under this Agreement (including, without limitation, its obligations
to provide Executive compensation and benefits) during such period of suspension. Executive’s date of termination in the event
Executive resigns Executive’s employment for Good Reason shall be the effective date of Executive’s notice of resignation
for Good Reason, except that Company may waive all or any part of the above-referenced 10-day notice period or of the 30-day cure period,
in which event Executive’s date of termination shall be the last day of such notice or cure period that has not been waived or,
if the entire notice or cure period has been waived, the date that Executive provided notice of the event giving rise to Good Reason
or of Executive’s resignation for Good Reason.


 


6.5
By the Company Without Cause or By Executive Without
Good Reason. The Company may terminate Executive’s employment without Cause, at any time, with or without prior notice, in
its sole and complete discretion, by providing written notice of such termination and its effective date to Executive. Likewise, Executive
may terminate Executive’s employment without Good Reason upon at least sixty (60) days prior written notice to the Company without
any liability. Termination of Executive’s employment without Cause by the Company or without Good Reason by Executive shall not
include termination of Executive’s employment due to Executive’s death or Disability.


 


6.6
Resignation from Other Positions. Upon termination
of Executive’s employment for any reason, Executive shall, upon request of the Company, immediately be deemed to have resigned
from all boards, offices and appointments held by Executive in or on behalf of the Company. In furtherance hereof, upon Executive’s
termination of employment, Executive, at the direction of the Board, shall immediately submit to the Company letter(s) of resignation
for any such boards, offices and appointments. If Executive fails to tender such letter(s) of resignation, then the governing body or
person with respect to such boards, offices and appointments will be empowered to remove Executive from such boards, offices and appointments.


 


7.
Effect of Termination of Employment.


 


7.1
Generally. In the event Executive’s employment
with the Company terminates, Executive shall have no right to receive any compensation, benefits or any other payments or remuneration
of any kind from the Company, except as otherwise provided by this Section 7, in Section 12 below, in any separate written agreement
between Executive and the Company or as may be required by law. In the event Executive’s employment with the Company is terminated
for any reason, Executive shall receive the following (collectively, the “Accrued Obligations”): (i) Executive’s
Base Salary through and including the effective date of Executive’s termination of employment (the “Termination Date”),
which shall be paid on the first regularly scheduled payroll date of the Company following the Termination Date or on or before any earlier
date as required by applicable law; (ii) payment for accrued unused vacation time, subject to the Company’s then current vacation
policy, which shall also be paid on the first regularly scheduled payroll date of the Company following the Termination Date or on or
before any earlier date as required by applicable law; (iii) payment of any vested benefit due and owing under any employee benefit plan,
policy or program pursuant to the terms of such plan, policy or program; and (iv) payment for unreimbursed business expenses subject
to, and in accordance with, the terms of Section 5 above, which payment shall be made within 30 days after Executive submits the applicable
supporting documentation to the Company, and in any event no later than on or before the last day of Executive’s taxable year following
the year in which the expense was incurred.


 




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7.2
Severance Benefits. In the event that Executive’s
employment is terminated by the Company pursuant to Section 6.5 above (without Cause) or by Executive pursuant to Section 6.4 hereof
(Good Reason), in addition to the Accrued Obligations, Executive shall be entitled to receive severance benefits (the “Severance
Benefits”), subject to and in accordance with the terms of this Section 7.2.


 


(a)
Severance Benefits Not in Connection with a Change
in Control. Except as provided in Section 7.2(b) below, the Severance Benefits shall consist of the payments and benefits provided
by this Section 7.2(a).


 


(i)
Executive shall receive payment of an amount (the “Severance
Pay”) equal to Executive’s Base Salary immediately prior to the Termination Date (or, if Good Reason was attributable
to the Company’s failure to pay the minimum amount of Base Salary provided herein, such minimum amount) for the period of one year
(the “Severance Period”). The Severance Pay shall be paid in the form of salary continuation pursuant to the terms
and conditions of Section 3.1 above, commencing within ninety (90) days following the Termination Date on the first regularly scheduled
payroll date of the Company that is practicable after the effective date of the Separation Agreement (defined in Section 7.2(c) below),
except that, if the Separation Agreement may be executed and/or revoked in a calendar year following the calendar year in which
the Termination Date occurs, the Severance Pay shall commence on the first regularly scheduled payroll date of the Company in the calendar
year in which the consideration or, if applicable, release revocation period ends to the extent necessary to comply with Section 409A
(as defined in Section 17.2 below). The first such payment shall include payment for any payroll dates between the Termination Date and
the date of such payment.


 


(ii)
Executive shall receive a Discretionary Bonus for the
Fiscal Year in which the Termination Date occurs, pro-rated for the portion of such Fiscal Year Executive was employed hereunder. Any
such Discretionary Bonus shall be determined and paid in accordance with the terms of Section 3.2 above.


 


(b)
Severance Benefits in Connection with a Change in
Control. In the event that Executive’s employment is terminated by the Company pursuant to Section 6.5 above (without Cause)
or by Executive pursuant to Section 6.4 hereof (Good Reason) within ninety (90) days prior to, or twelve (12) months after, a Change
of Control (defined in Section 7.2(b)(iii) below), the Severance Benefits shall consist of the payments and benefits provided by this
Section 7.2(b).


 


(i)
Generally. Executive shall receive payment of
an amount (the “Severance Pay”) equal to Executive’s Base Salary immediately prior to the Termination Date (or,
if Good Reason was attributable to the Company’s failure to pay the minimum amount of Base Salary provided herein, such minimum
amount) for the period of five (5) years (the “Severance Period”). The Severance Pay shall be paid in the form of
salary continuation pursuant to the terms and conditions of Section 3.1 above, commencing within ninety (90) days following the Termination
Date on the first regularly scheduled payroll date of the Company that is practicable after the effective date of the Separation Agreement
(defined in Section 7.2(c) below), except that, if the Separation Agreement may be executed and/or revoked in a calendar year
following the calendar year in which the Termination Date occurs, the Severance Pay shall commence on the first regularly scheduled payroll
date of the Company in the calendar year in which the consideration or, if applicable, release revocation period ends to the extent necessary
to comply with Section 409A (as defined in Section 17.2 below). The first such payment shall include payment for any payroll dates between
the Termination Date and the date of such payment.


 




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(ii)
Section 280G. If (a) Executive’s termination
of employment giving rise Severance Benefits under this Section 7.2(b) results in a “Separation from Service” (within the
meaning of Section 409A (defined in Section 17.2 below)) by the Executive, and (b) the Change in Control constitutes a change in ownership
or effective control of Company or a change in the ownership of a substantial portion of the assets of the Company (within the meaning
of Section 280G(b)(2)(i) of the Internal Revenue Code of 1986, as amended (the “Code”), the Severance Benefits shall be subject
to mitigation as provided in Treasury Regulations Section 1.280G-1 Q&A 42(c)(5), or, in lieu of the Severance Benefits provided under
this Section 7.2(b), Executive, in Executive’s complete and sole discretion, may elect to receive an alternative severance payment
(the “Alternative Payment”), not subject to mitigation, payable at the same time the Severance Benefits would otherwise
have been paid. Executive must give written notice to Company of such election: (i) within fifteen (15) days prior to the end of the
Notice Period after resignation with Good Reason; or (ii) within fifteen (15) days prior to the end of the Notice Period after termination
by Company without Cause (each, an “Alternative Payment Notice”). For purposes of this Agreement, the “Alternative
Payment” shall be a payment made by Company in the form provided for in Section 7.2(b)(i) above to Executive in an amount equal
to the product of 2.99 (or, if Code Section 280G(b)(2)(A)(ii) is amended providing for a safe harbor multiple other than 3, then the
multiple as amended, less 0.01) multiplied by Executive’s “base amount” (as defined in Code Section 280G(b)(3));
provided, however, that the amount of the Alternative Payment shall be reduced by the value of acceleration (as determined under Code
Section 280G and the regulations thereunder) of any equity, stock options, incentive compensation or deferred compensation accelerated
by reason of termination to the extent required to be included in the Executive’s “base amount” pursuant to Code Section
280G. The value (as determined under Code Section 280G and the regulations thereunder) of acceleration of vesting of equity, stock options,
incentive compensation or deferred compensation shall be taken into account to the minimum extent necessary so as not to violate Treasury
Regulations Section 1.280G-1 Q&A 42(c).


 


(iii)
Definition of Change in Control. As used herein,
“Change in Control” means the occurrence of any of the following events during the Employment Period: (i) any direct
or indirect sale, lease, license, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially
all of the business and/or assets of the Company and/or Parent; (ii) a direct or indirect merger or consolidation of the Company and/or
Parent, and the Company and/or Parent is not the surviving entity; (iii) a direct or indirect reorganization or liquidation of the Company
and/or Parent; (iv) a direct or indirect merger, consolidation, tender offer or any other transaction involving the Company and/or Parent
if the equity holders of the Company and/or Parent, as applicable, immediately before such merger, consolidation, tender offer or other
transaction do not own, directly or indirectly, immediately following such merger, consolidation, tender offer or other transaction,
more than fifty percent (50%) of the combined voting power of the outstanding voting securities of the entity resulting from such merger,
consolidation, tender offer or other transaction; (v) a change in the composition of the Company’s and/or Parent’s Board
as a result of which fewer than a majority of the directors are Incumbent Directors (defined below); or (vi) the consummation of any
other transaction involving a significant issuance of the Company’s and/or Parent’s securities, or other material event,
that the Company’s and/or Parent’s Board determines to be a Change in Control. As used herein, “Incumbent Directors”
means directors of the Company or Parent who either: (A) are directors of the Company or Parent as of the Commencement Date hereof; or
(B) are nominated for election to the Board of the Company or Parent with the affirmative votes of at least a majority of the directors
of the Company or Parent who are Incumbent Directors (“Approved Successors”) described in (A) above at the time of
such nomination; or (C) are nominated for election to the Board of the Company or Parent with the affirmative votes of at least a majority
of the directors of the Company or Parent who are Incumbent Directors or their Approved Successors. Notwithstanding the foregoing, “Incumbent
Directors” shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest
relating to the election of directors to the Company or Parent.


 




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(c)
Separation Agreement and Other Conditions for Severance
Benefits. Provision of the Severance Benefits is conditioned on (i) Executive’s continued compliance in all material respects
with Executive’s continuing obligations to the Company, including, without limitation, the terms of this Agreement that survive
termination of Executive’s employment with the Company, and (ii) Executive signing (without revoking if such right is provided
under applicable law) a separation agreement and release in a form of that provided to Executive by the Company on or about the Termination
Date (the “Separation Agreement”). Executive must so execute the Separation Agreement within 60 days following the
Termination Date (or such shorter time as may be set forth in the Separation Agreement).


 


8.
Notice of Termination. In the event Executive
elects to terminate Executive’s employment hereunder by resigning with or without Good Reason under Sections 6.4 or 6.5 above,
Executive shall provide the Company with the applicable prior written notice of termination required by such Sections (the “Notice
Period”). The Company may, in its discretion, waive all or any portion of such Notice Period. The Company may require that,
during the Notice Period, or part or parts thereof, Executive does not do any of the following: (i) enter the Company’s premises;
(ii) perform any work for the Company; (iii) undertake any work for any third party whether paid or unpaid and whether as an employee
or otherwise; (iv) have any contact or communication with any client, customer or supplier of the Company; or (v) have any contact or
communication with any employee, officer, director, agent or consultant of the Company. Additionally, during the Notice Period, or any
part or parts thereof, the Company may require Executive to do any of the following: (i) perform special projects or perform duties not
within Executive’s normal duties (provided such duties are commensurate with Executive’s position and title) or perform some
but not all of Executive’s normal duties; and (ii) keep the Company informed of Executive’s whereabouts so that Executive
can be contacted if the need arises for Executive to perform any duties provided by clause (i) of this sentence. The Company retains
the right to terminate Executive’s employment under Section 6.3 above during the Notice Period.


 


9.
Confidentiality, Non-Solicitation and Non-Competition.


 


9.1
Representations and Acknowledgements. For purposes
of Sections 9-14 hereof, the term “Company” shall refer to not only the Company, but also, jointly and severally, any entity,
directly or indirectly, through one or more intermediaries, controlled by, in control of, or under common control with, the Company (collectively,
“Company Affiliates”). Executive acknowledges and agrees that: (i) among the most valuable and indispensable assets
of the Company are its Confidential Information (defined below) and close relationships with its Customers (defined below) and Suppliers
(defined below, which includes, without limitation, employees), which the Company has devoted and continues to devote a substantial amount
of time, money and other resources to develop; (ii) in connection with Executive’s employment with the Company, Executive will
be exposed to and acquire the Company’s Confidential Information and develop, at the Company’s expense and support, special
and close relationships with the Company’s Customers and Suppliers; (iii) the Company’s Confidential Information and close
Customer and Supplier relationships must be protected; (iv) this Section 9 is a material provision of this Agreement and the Company
would not engage Executive hereunder but for the promises and acknowledgements that Executive makes in this Section 9; (v) to the extent
required by law, the covenants in this Agreement contain reasonable limitations as to time, geographical area and scope of activities
to be restricted and that such covenants do not impose a greater restraint on Executive than is necessary to protect the Company’s
Confidential Information, close Customer and Supplier relationships and other legitimate business interests; (vi) Executive’s compliance
with such covenants will not inhibit Executive from earning a living or from working in Executive’s chosen profession; and (vii)
any breach of such covenants will result in the Company being placed at an unfair competitive disadvantage and cause the Company serious
and irreparable harm to its business.


 


9.2
Confidential Information.


 


(a)
Protection of Confidential Information. During
the Employment Period and at all times thereafter, Executive will not, except to the extent necessary to perform Executive’s duties
hereunder or as required by law, directly or indirectly, use or disclose to any third person, without the prior written consent of the
Company, any Confidential Information (defined 9.2(b) below) of the Company. If it is necessary for Executive to use or disclose Confidential
Information so as to comply with any law, rule, regulations, court order, subpoena or other governmental mandate or investigation, Executive
shall give prompt written notice to the Company of such requirement (to the extent legally permissible), disclose no more information
than is so required, and cooperate with any attempts by the Company to obtain a protective order or similar treatment. In the event that
the Company is bound by a confidentiality agreement or understanding with a customer, vendor, supplier or other party regarding the confidential
information of such customer, vendor, supplier or other party, which is more restrictive than specified above in this Section 9.2, and
of which Executive has notice or is aware, Executive shall adhere to the provisions of such other confidentiality agreement, in addition
to those of this Section 9.2. Executive shall exercise reasonable care to protect all Confidential Information. Executive will immediately
give notice to the Company of any unauthorized use or disclosure of Confidential Information. Executive hereby represents and warrants
that it shall assist the Company in remedying any such unauthorized use or disclosure of Confidential Information.


 




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(b)
Confidential Information Defined. For purposes
of this Agreement, “Confidential Information” means all information of a confidential or proprietary nature regarding
the Company, its business or properties that the Company has furnished or furnishes to Executive, whether before or after the date of
this Agreement, or is or becomes available to Executive by virtue of Executive’s employment with the Company, whether tangible
or intangible, and in whatever form or medium provided, as well as all such information generated by Executive that, in each case, has
not been published or disclosed to, and is not otherwise known to, the public. Confidential Information includes, without limitation,
customer lists, customer requirements and specifications, designs, financial data, sales figures, costs and pricing figures, marketing
and other business plans, product development, marketing concepts, personnel matters (including employee skills and compensation), drawings,
specifications, instructions, methods, processes, techniques, computer software or data of any sort developed or compiled by the Company,
formulae or any other information relating to the Company’s services, products, sales, technology, research data, software and
all other know-how, trade secrets or proprietary information, or any copies, elaborations, modifications and adaptations thereof. For
the avoidance of doubt, Executive acknowledges and agrees that Confidential Information protected under this Agreement includes information
regarding pay, bonuses, benefits and perquisites offered to or received by employees of the Company, as well as non-public information
regarding the unique and special skills of specific employees and how such skills are valuable and integral to the Company’s operations.
Notwithstanding the foregoing, Confidential Information shall not include any information (i) that is generally known to the industry
or the public other than as a result of Executive’s breach of this covenant; (ii) that is made available to Executive by a third
party without that party’s breach of any confidentiality obligation; or (iii) which was developed by Executive outside or independent
of Executive’s performance of Executive’s obligation to render services on behalf of the Company.


 


(c)
Immunity for Certain Limited Disclosures. Executive
acknowledges that Executive has been notified in accordance with the federal Uniform Trade Secrets Act (18 U.S. Code § 1833(b)(1))
that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a
trade secret that: (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or
to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or
(b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.


 


(d)
Permitted Disclosures. Executive also acknowledges
that nothing in this Agreement shall be construed to prohibit Executive from reporting possible violations of law or regulation to any
governmental agency or regulatory body or making other disclosures that are protected under any law or regulation, or from filing a charge
with or participating in any investigation or proceeding conducted by any governmental agency or regulatory body. In particular, notwithstanding
the terms of this Section 9.2 or any other provision of this Agreement, Executive is not prohibited from disclosing factual information
related to any claim of discrimination to law enforcement, the U.S. Equal Employment Opportunity Commission, the New York State Division
of Human Rights, or any local commission on human rights (including the New York City Commission on Human Rights), or an attorney retained
by Executive. Further, nothing herein shall prohibit Executive from inquiring about, discussing, or disclosing the wages of Executive
or another employee of the Company with other employees of the Company.


 




    	8 



     


    

 


9.3
Non-Interference, Non-Competition and Non-Diversion.


 


(a)
No Interference with Customers. Executive agrees
that, during the Restricted Period (defined in Section 9.3(e) below), regardless of whether, or on what basis, Executive’s employment
hereunder is terminated or any claim that Executive may have against the Company under this Agreement or otherwise, Executive shall not,
directly or indirectly (defined below), actually or attempt to, (i) solicit, induce, or cause any Customer to terminate, reduce or refrain
from renewing or extending its contractual or other business relationship with the Company; (ii) solicit, induce or cause any Customer
to become a customer of or enter into any contractual or other relationship with Executive or any other person or entity for Competing
Services (as defined in Section 9.3(e) below); and/or (iii) offer or provide to any Customer any Competing Services.


 


(b)
No Interference with Employees and Other Suppliers.
Executive agrees that, during the Restricted Period, regardless of whether, or on what basis, Executive’s employment hereunder
is terminated or any claim that Executive may have against the Company under this Agreement or otherwise, Executive shall not, directly
or indirectly, actually or attempt to: (i) solicit, induce, or cause any Supplier of the Company to terminate, reduce or refrain from
renewing or extending such person’s or entity’s business or employment relationship with the Company; (ii) solicit, induce
or cause any employee of the Company to engage in Competing Services; or (iii) employ or otherwise engage as an employee, independent
contractor or consultant (1) any employee of the Company or (2) any person who was employed by the Company within the then prior six-month
period.


 


(c)
Non-Competition. During the Restricted Period,
regardless of whether, or on what basis, Executive’s employment hereunder is terminated or any claim that Executive may have against
the Company under this Agreement or otherwise, Executive shall not, directly or indirectly, actually or attempt to, engage in the business
of providing Competing Services within the Territory (as defined in Section 9.3(e) below).


 


(d)
Notice to Subsequent Employers. Upon commencing
any engagement as a service provider (whether as an employee, independent contractor or otherwise) during the Restricted Period, Executive
shall expressly advise each new employer and each other new recipient of Executive’s services (each, a “Service Recipient”)
of Executive’s continuing obligations to the Company under this Agreement and, in particular, this Section 9. Further, Executive
hereby consents to the Company providing such notification to each such Service Recipient.




    	9 



     


    

 


(e)
Definitions. For the purposes of this Agreement,
the following terms shall have the following meaning.


 


(i)
“Competing Services” means products
or services that are the same, similar or otherwise in competition with the products and services of the Company with which Executive
was involved or about which Executive acquired Confidential Information.


 


(ii)
“Customer” means any company or individual:
(i) who purchased products or services from the Company whom Executive contacted or served during the Employment Period, for whom Executive
supervised contact or service during the Employment Period or about whom Executive acquired Confidential Information; and/or (ii) who
was a potential customer of the Company within the one year immediately preceding the Termination Date and (A) about whom Executive acquired
Confidential Information or (B) who contacted Executive, whom Executive contacted, or for whom Executive supervised contact regarding
the potential purchase of products or services of the Company.


 


(iii)
“directly or indirectly” as it relates
to an activity taken by Executive includes any activity taken directly by Executive or indirectly on Executive’s behalf, including
any activity taken in conjunction with any other person or entity, and including any activity taken by Executive as an employee, agent,
consultant, independent contractor, officer, director, principal, shareholder, equity holder, partner, member, joint venturer, lender,
investor or otherwise, except that nothing in this Agreement shall prohibit Executive from being a passive holder, for investment purposes
only, of not more than two percent (2%) of the outstanding stock of any company listed on a national securities exchange, or actively
traded in a national over-the-counter market.


 


(iv)
“Restricted Period” means the Employment
Period and for a period of one year thereafter, except that such period shall be extended for any period therein during which Executive
was in violation of any provision of this Section 9.3.


 


(v)
“Supplier” means any supplier of
goods, services, funding, leads or prospects to the Company, including as an employee, independent contractor or in any other capacity.


 


(vi)
“Territory” means anywhere in the
world. Executive acknowledges that the Company does business throughout the world and, thus, it is necessary and appropriate to have
the non-competition provision herein apply world-wide in order to protect the Company’s legitimate interests in its Confidential
Information and close customer relationships.


 




    	10 



     


    

 


10.
Intellectual Property.


 


10.1
The Company’s Proprietary Rights. Executive
acknowledges and agrees that all Intellectual Property (defined below) created, made or conceived by Executive (solely or jointly) during
Executive’s employment by the Company (regardless of whether such Intellectual Property was created, conceived or produced during
Executive’s regular work hours or at any other time) that relates to the actual or anticipated businesses of the Company or results
from or is suggested by any work performed by employees or independent contractors for or on behalf of the Company (“Company
Intellectual Property”) shall be deemed “work for hire” and shall be and remain the sole and exclusive property
of the Company for any and all purposes and uses whatsoever as soon as Executive conceives or develops such Company Intellectual Property,
and Executive hereby agrees that its assigns, executors, heirs, administrators or personal representatives shall have no right, title
or interest of any kind or nature therein or thereto, or in or to any results and proceeds therefrom. If for any reason such Company
Intellectual Property is not deemed to be “work-for-hire,” then Executive hereby irrevocably and unconditionally assigns
all rights, title, and interest in such Company Intellectual Property to the Company and agrees that the Company is under no further
obligation, monetary or otherwise, to Executive for such assignment. Executive also hereby waives all claims to any moral rights or other
special rights (“Moral Rights”), including, without limitation, all rights of paternity, integrity, disclosure and
withdrawal and any other rights that may be known as or referred to as “moral rights,” “artist’s rights,”
“droit moral” or the like, that Executive may have or may accrue in any Company Intellectual Property. To the extent that
any such Moral Rights cannot be assigned under applicable law, Executive hereby ratifies and consents to any action that may be taken
with respect to such Moral Rights by or on behalf of the Company and waives and agrees not to enforce any and all such rights, including,
without limitation, any limitation on subsequent modification, to the extent permitted under applicable law. Executive shall promptly
disclose in writing to the Company the existence of any and all Company Intellectual Property. As used in this Agreement, “Intellectual
Property” shall mean and include any ideas, inventions (whether or not patentable), designs, improvements, discoveries, innovations,
patents, patent applications, trademarks, service marks, trade dress, trade names, trade secrets, works of authorship, copyrights, copyrightable
works, films, audio and video tapes, other audio and visual works of any kind, scripts, sketches, models, formulas, tests, analyses,
software, firmware, computer processes, computer and other applications, creations and properties, Confidential Information and any other
patents, inventions or works of creative authorship.


 


10.2
Waiver. In the event that Executive owns or claims
any rights to Company Intellectual Property that cannot be assigned to the Company, Executive irrevocably waives all claims and the enforcement
of all such rights against the Company, and their respective officers directors, assigns and licensees, and agrees, at the Company’s
request and expense, to consent to and join in any action to enforce the Company’s interests in such Company Intellectual Property.
As to any rights to Company Intellectual Property that cannot be assigned to the Company or waived by Executive, Executive irrevocably
grants to the Company an exclusive, irrevocable, perpetual, worldwide, fully paid and royalty-free license, with rights to license and
sublicense, to reproduce, create derivative works, distribute, publicly perform and publicly display by all means now known or later
developed, any and all such Company Intellectual Property.


 


10.3
Cooperation Regarding Intellectual Property.
Executive agrees to assist the Company, and to take all reasonable steps, with securing patents, registering copyrights and trademarks,
and obtaining any other forms of protection for the Company Intellectual Property in the United States and elsewhere. In particular,
at the Company’s expense (except as noted in clause (i) below), Executive shall forthwith upon request of the Company execute all
such assignments and other documents (including applications for patents, copyrights, trademarks, and assignments thereof) and take all
such other action as the Company may reasonably request in order (i) to vest in the Company all of Executive’s right, title, and
interest in and to such Company Intellectual Property, free and clear of liens, mortgages, security interests, pledges, charges, and
encumbrances (“Liens”) (and Executive agrees to take such action, at Executive’s expense, as is necessary to
remove all such Liens) and (ii), if patentable or copyrightable, to obtain patents or copyrights (including extensions and renewals)
therefor in any and all countries in such name as the Company shall determine. In the event that Executive is unable or unavailable or
shall refuse to sign any lawful or necessary documents required in order for the Company to apply for and obtain any copyright or patent
with respect to any work performed by Executive in the course of his employment with the Company (including applications or renewals,
extensions, divisions or continuations), Executive hereby irrevocably designates and appoints the Company and its duly authorized officers
and agents as Executive’s agents and attorneys-in-fact to act for and in Executive’s behalf, and in Executive’s place
and stead, to execute and file any such applications or documents and to do all other lawfully permitted acts to further the prosecution
and issuance of copyrights and patents with respect to such Company Intellectual Property with the same legal force and effect as if
executed or undertaken by Executive.


 




    	11 



     


    

 


10.4
No infringement. Executive represents and warrants
to the Company that all Intellectual Property Executive delivers to the Company shall be original and shall not infringe upon or violate
any patent, copyright or proprietary right of any person or third party.


 


10.5
License to Prior Invention. If Executive in the
course of Executive’s employment for the Company incorporates into a Company product Intellectual Property that Executive has,
alone or jointly with others, conceived, developed or reduced to practice prior to the commencement of Executive’s employment with
the Company in which Executive has a property right (each, a “Prior Invention”), Executive hereby grants to the Company
a perpetual, nonexclusive, royalty-free, irrevocable, worldwide license (with the full right to sublicense) to make, have made, modify,
use and sell such Prior Invention. Executive hereby represents and warrants that all Prior Inventions have been listed by Executive on
Exhibit A hereto or, if no such list is attached, that there are no Prior Inventions. Executive will not incorporate any Intellectual
Property owned by any third party into any Company Intellectual Property without the Company’s prior written permission.


 


10.6
Severability. To the extent this Agreement is
required to be construed in accordance with laws of any state which precludes as a requirement in an employee agreement the assignment
of certain classes of inventions made by an employee, this Section 10 will be interpreted not to apply to any invention which a court
rules and/or the Company agrees falls within such classes.


 


11.
Non-Disparagement. During and after the Employment
Period, Executive shall not make any disparaging statement (verbal, written or otherwise) about the Company or its financial status,
business, personnel, directors, officers, consultants, services or business methods. This Section does not apply to (i) truthful statements
made in connection with legal proceedings, governmental and regulatory investigations and actions; (ii) any other truthful statement
or disclosure required by law; or (iii) business-related intra-Company communications.


 


12.
Cooperation. During and after the Employment
Period, Executive shall assist and cooperate with the Company in connection with the defense or prosecution of any claim that may be
made against or by the Company, or in connection with any ongoing or future investigation or dispute or claim of any kind involving the
Company, including any proceeding before any arbitral, administrative, judicial, legislative, or other body or agency, including testifying
in any proceeding to the extent such claims, investigations or proceedings relate to services performed or required to be performed by
Executive, pertinent knowledge possessed by Executive, or any act or omission by Executive. Executive will also perform all acts and
execute and deliver any documents that may be reasonably necessary to carry out the provisions of this paragraph. The Company will reimburse
Executive for reasonable expenses Executive incurs in fulfilling Executive’s obligations under this Section 12. Notwithstanding
the foregoing, this Section shall not be applicable to any claim by the Company against Executive or by Executive against the Company.


 




    	12 



     


    

 


13.
Company Property. Executive agrees that all Confidential
Information, trade secrets, drawings, designs, reports, computer programs or data, books, handbooks, manuals, files (electronic or otherwise),
computerized storage media, papers, memoranda, letters, notes, photographs, facsimile, software, computers, smart phones and other documents
(electronic or otherwise), materials and equipment of any kind that Executive has acquired or will acquire during the course of Executive’s
employment with the Company are and remain the property of the Company. Upon termination of employment with the Company, or sooner if
requested by the Company, Executive agrees to return all such documents, materials and records to the Company and not to make or take
copies of the same without the prior written consent of the Company. With regard to such documents, materials and records in electronic
form, Executive shall first provide a copy to Company, and then irretrievably delete such electronic information from her electronic
devices and accounts, including but not limited to computers, phones, personal email accounts, cloud storage accounts, and removable
storage media. Executive agrees to provide the Company access to Executive’s system as reasonably requested to verify that the
necessary copying and/or deletion is completed. Executive acknowledges and agrees that any property situated on the Company’s premises
and owned by the Company, including disks and other storage media, filing cabinets, and other work areas, is subject to inspection by
personnel of the Company at any time with or without notice. Executive acknowledges and agrees that Executive has no expectation of privacy
with respect to the Company’s telecommunications, networking or information processing systems (including, without limitation,
files, e-mail messages and voice messages) and that Executive’s activity and any files or messages on or using any of those systems
may be monitored at any time without notice. Notwithstanding anything in this Agreement to the contrary, Executive shall be entitled
to retain, following Executive’s termination of employment, information showing Executive’s compensation or relating to reimbursement
of business expenses incurred by Executive, and copies of this Agreement, any other agreement between Executive and the Company and any
Company benefit programs in which Executive participated.


 


14.
Injunctive Relief and Other Remedies. Executive
acknowledges that a breach of Sections 9 through 13 of this Agreement will result in material irreparable injury to the Company for which
there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event
of such a breach or threat thereof, the Company shall be entitled to obtain a temporary restraining order and/or a preliminary and/or
permanent injunction, without the necessity of posting a bond or of proving irreparable harm or injury as a result of such breach or
threatened breach of Sections 9 through 13, restraining Executive from engaging in activities prohibited by Sections 9 through 13 and
such other relief as may be required specifically to enforce any of the provisions in Sections 9 through 13. Executive further agrees
that, if Executive breaches any of the provisions in Sections 9 through 13 of this Agreement, to the extent permitted by law, Executive
shall (i) forfeit Executive’s right to receive the balance of any compensation and/or benefits due Executive under this Agreement;
(ii) pay over to the Company all compensation, profits, monies, accruals, increments or other benefits derived or received by Executive
as the result of any action or transaction constituting a breach of any provision thereof; and (iii) pay over to the Company all costs
and expenses incurred by the Company resulting from Executive’s breach (including, without limitation, reasonable attorneys’
fees and expenses in dealing with Executive’s breach or any suits or actions with regard thereto) and for all damages (compensatory,
along with punitive) that may be awarded in connection therewith. The provisions of this section shall not limit any other remedies available
to the Company as a result of a breach of the provisions of this Agreement or otherwise. Additionally, each of the covenants and restrictions
to which Executive is subject under this Agreement, including, without limitation those in Section 9 above, shall each be construed as
independent of any other provision in this Agreement, and the existence of any claim or cause of action by Executive against the Company,
whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of such covenants
and restrictions.


 




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15.
Representations Regarding Prior Work and Legal Obligations.


 


15.1
Executive represents and warrants that Executive has
no agreement or other legal obligation with any prior employer, or any other person or entity, that restricts Executive’s ability
to accept employment with the Company. Executive further represents and warrants that Executive is not a party to any agreement (including,
without limitation, a non-competition, non-solicitation, no hire or similar agreement) and has no other legal obligation that restricts
in any way Executive’s ability to perform Executive’s duties and satisfy Executive’s other obligations to the Company,
including, without limitation, those under this Agreement.


 


15.2
Executive represents and acknowledges that Executive
has been instructed by the Company that at no time should Executive divulge to or use for the benefit of the Company or any Company Affiliates
any trade secret or confidential or proprietary information of any previous employer or entity with which Executive was affiliated or
of any other third-party. Executive expressly represents and warrants that Executive has not divulged or used any such information for
the benefit of the Company or Company Affiliates and will not do so.


 


15.3
Executive represents and agrees that the Executive has
not and will not misappropriate any intellectual property belonging to any other person or entity.


 


15.4
Executive acknowledges that the Company is basing important
business decisions on these representations, agreements and warranties, and Executive affirms that all of the statements included herein
are true. Executive agrees that Executive shall defend, indemnify and hold the Company harmless from any liability, expense (including
attorneys’ fees) or claim by any person in any way arising out of, relating to, or in connection with a breach and/or the falsity
of any of the representations, agreements and warranties made by Executive in this Section 15.


 


16.
D&O Insurance. During the Employment Period
and for a reasonable period thereafter, the Company or any successor to the Company (and it shall be a condition of any agreement by
the Company with any such successor that such successor) shall purchase and maintain, at its own expense, directors’ and officers’
liability insurance providing coverage to Executive on terms that are no less favorable than the coverage provided to other managers,
directors and senior officers of the Company.


 


17.
Miscellaneous Provisions.


 


17.1
IRCA Compliance. This Agreement, and Executive’s
employment with the Company, is conditioned on Executive’s establishing Executive’s identity and authorization to work as
required by the Immigration Reform and Control Act of 1986 (IRCA).


 




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17.2
Section 409A Compliance. To the extent applicable,
it is intended that this Agreement comply with the provisions of Section 409A of the Internal Revenue Code and the guidance promulgated
thereunder (“Section 409A”). This Agreement shall be administered in a manner consistent with this intent, and any
provision that would cause the Agreement to fail to satisfy Section 409A shall have no force and effect until amended by the parties
to comply with Section 409A (which amendment may be retroactive to the extent permitted by Section 409A). Unless otherwise expressly
provided, any payment of compensation by Company to Executive, whether pursuant to this Agreement or otherwise, shall be made no later
than the 15th day of the third month (i.e., 21⁄2 months) after the later of the end of the calendar year or the
Company’s fiscal year in which Executive’s right to such payment vests (i.e., is not subject to a “substantial
risk of forfeiture” for purposes of Code Section 409A). For purposes of this Agreement, “Separation from Service” shall
have the meaning given to such term under Section 409A. Each payment and each installment of any severance payments provided for under
this Agreement shall be treated as a separate payment for purposes of application of Section 409A. To the extent that any severance payments
come within the definition of “short term deferrals” or “involuntary severance” under Section 409A, such amounts
shall be excluded from “deferred compensation” as allowed under Section 409A, and shall not be subject to the following
Section 409A compliance requirements. All payments of “nonqualified deferred compensation” (within the meaning of Section
409A) are intended to comply with the requirements of Section 409A, and shall be interpreted in accordance therewith. Neither party individually
or in combination may accelerate, offset or assign any such deferred payment, except in compliance with Section 409A. No amount shall
be paid prior to the earliest date on which it is permitted to be paid under Section 409A and Executive shall have no discretion with
respect to the timing of payments except as permitted under Section 409A. Any payments to which Section 409A applies which are subject
to execution of a waiver and release which may be executed and/or revoked in a calendar year following the calendar year in which the
payment event (such as Separation from Service) occurs shall commence payment only in the calendar year in which the release revocation
period ends as necessary to comply with Section 409A. In the event that Executive is determined to be a “key employee” (as
defined and determined under Section 409A) of the Company at a time when its stock is deemed to be publicly traded on an established
securities market, payments determined to be “nonqualified deferred compensation” payable upon separation from service shall
be made no earlier than (i) the first day of the seventh (7th) complete calendar month following such termination of employment,
or (ii) Executive’s death, consistent with the provisions of Section 409A. Any payment delayed by reason of the prior sentence
shall be paid out in a single lump sum at the end of such required delay period in order to catch up to the original payment schedule.
All expense reimbursement or in-kind benefits subject to Section 409A provided under this Agreement or, unless otherwise specified in
writing, under any Company program or policy, shall be subject to the following rules: (i) the amount of expenses eligible for reimbursement
or in-kind benefits provided during one calendar year may not affect the benefits provided during any other year; (ii) reimbursements
shall be paid no later than the end of the calendar year following the year in which the Executive incurs such expenses, and the Executive
shall take all actions necessary to claim all such reimbursements on a timely basis to permit the Company to make all such reimbursement
payments prior to the end of said period, and (iii) the right to reimbursement or in-kind benefits shall not be subject to liquidation
or exchange for another benefit. Notwithstanding anything herein to the contrary, no amendment may be made to this Agreement if it would
cause the Agreement or any payment hereunder not to be in compliance with Section 409A.


 


17.3
Assignability and Binding Effect. This Agreement
shall inure to the benefit of and shall be binding upon the heirs, executors, administrators, successors and legal representatives of
Executive, and shall inure to the benefit of and be binding upon the Company, the Company Affiliates and their successors and assigns,
but the obligations of Executive are personal services and may not be delegated or assigned. Executive shall not be entitled to assign,
transfer, pledge, encumber, hypothecate or otherwise dispose of this Agreement, or any of Executive’s rights and obligations hereunder,
and any such attempted delegation or disposition shall be null and void and without effect. This Agreement may be assigned by the Company
to a person or entity that is an affiliate or a successor in interest to substantially all of the business operations of the Company.
Upon such assignment, the rights and obligations of the Company hereunder shall become the rights and obligations of such affiliate or
successor person or entity. Further, in the event Executive becomes employed by a parent, subsidiary or other affiliate of the Company,
this Agreement shall thereupon automatically be assigned to such parent, subsidiary or other affiliate and Executive consents to be bound
by the provisions of this Agreement for the benefit of the Company and/or any such parent, subsidiary or other affiliate of the Company
without the necessity that this Agreement be re-signed at the time of such transfer.


 


17.4
Right of Set-Off. To the extent permitted by
applicable law, the Company may at any time offset against any amounts owed to Executive hereunder or otherwise due or to become due
to Executive, or anyone claiming through or under Executive, any debt or debts due or to become due from Executive to the Company.


 




    	15 



     


    

 


17.5
Severability and Blue Penciling. If any provision
of this Agreement is held to be invalid, the remaining provisions shall remain in full force and effect. However, if any court determines
that any covenant in this Agreement, is unenforceable because the duration, geographic scope or restricted activities thereof are overly
broad, then such provision or part thereof shall be modified by reducing the overly broad duration, geographic scope or restricted activities
by the minimum amount so as to make the covenant, in its modified form, enforceable.


 


17.6
Choice of Law and Forum; Jury waiver; Attorneys’
Fees. This Agreement shall be interpreted and enforced in accordance with the laws of the State of New York, without regard to its
conflict-of-law principles. The Parties agree that any dispute concerning or arising out of this Agreement or Executive’s employment
hereunder (or termination thereof) shall be litigated exclusively in an appropriate state or federal court in or closest to New York
County, New York and hereby consent, and waive any objection, to the jurisdiction of any such court. In any such litigation, Executive
and the Company each hereby waive the right to a trial by jury and agree that any such litigation shall not be heard by a jury. In
the event a litigation or other legal proceeding is commenced to resolve any such dispute, the prevailing party in such litigation or
proceeding shall be entitled to recover from the non-prevailing party all of its costs, charges, disbursements and fees (including reasonable
attorneys’ fees) incurred in connection with such litigation or proceeding and the underlying dispute.


 


17.7
Notices.


 


(a)
Any notice or other communication under this Agreement
shall be in writing and shall be delivered by hand, email, facsimile or mailed by overnight courier or by registered or certified mail,
postage prepaid:


 


(i)
If to Executive, to Executive’s address on the
books and records of the Company.


 


(ii)
If to the Company, to _______________, or at such other
mailing address, email address or facsimile number as it may have furnished in writing to Executive.


 


(b)
Any notice so addressed shall be deemed to be given:
if delivered by hand or email, on the date of such delivery; if by facsimile, on the date of such delivery if receipt on such day is
confirmed and, if not so confirmed, on the next business day; if mailed by overnight courier, on the first business day following the
date of such mailing; and if mailed by registered or certified mail, on the third business day after the date of such mailing.


 


17.8
Survival of Terms. All provisions of this Agreement
that, either expressly or impliedly, contain obligations that extend beyond termination of Executive’s employment hereunder, including
without limitation Sections 9-14 and 17 hereof, shall survive the termination of this Agreement and of Executive’s employment hereunder
for any reason.


 


17.9
Interpretation. The headings contained in this
Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. The language
in all parts of this Agreement shall in all cases be construed according to its fair meaning, and not strictly for or against any Party.
The Parties acknowledge that both of them have participated in drafting this Agreement; therefore, any general rule of construction that
any ambiguity shall be construed against the drafter shall not apply to this Agreement. In this Agreement, unless the context otherwise
requires, the masculine, feminine and neuter genders and the singular and the plural include one another.


 


17.10
Further Assurances. The Parties will execute
and deliver such further documents and instruments and will take all other actions as may be reasonably required or appropriate to carry
out the intent and purposes of this Agreement.


 


17.11
Voluntary and Knowing Execution of Agreement.
Executive acknowledges that (i) Executive has had the opportunity to consult an attorney regarding the terms and conditions of this Agreement
before executing it, (ii) Executive fully understands the terms of this Agreement including, without limitation, the significance and
consequences of the post-employment restrictive covenants in Section 9 above, and (iii) Executive is executing this Agreement voluntarily,
knowingly and willingly and without duress.


 




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17.12
Entire Agreement. This Agreement constitutes
the entire understanding and agreement of the Parties concerning the subject matter hereof, and it supersedes all prior negotiations,
discussions, correspondence, communications, understandings and agreements regarding such subject matter. Each Party acknowledges and
agrees that such Party is not relying on, and may not rely on, any oral or written representation of any kind that is not set forth in
writing in this Agreement.


 


17.13
Waivers and Amendments. This Agreement may be
altered, amended, modified, superseded or cancelled, and the terms hereof may be waived, only by a written instrument signed by the Parties
or, in the case of a waiver, by the Party alleged to have waived compliance. Any such signature of the Company must be by an authorized
signatory for the Company. No delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof,
nor shall any waiver on the part of any Party of any such right, power or privilege, nor any single or partial exercise of any such right,
power or privilege, preclude any other or further exercise thereof or the exercise of any other such right, power or privilege.


 


17.14
Counterparts. This Agreement may be executed
in counterparts, and each counterpart, when executed, shall have the efficacy of a signed original. Photographic copies, electronically
scanned copies and other facsimiles of this Agreement (including such signed counterparts) may be used in lieu of the originals for any
purpose.


 


[The
remainder of this page is intentionally blank; signature page follows.]


 




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


 


	 	 
	Carlo Russo	 
	 	 	 
	[Insert name of Genenta’s US subsidiary]	 
	 	 	 
	By:	       	 
	Name:	 	 
	Title:	 	 


 


[Signature
page to Employment Agreement.]


 




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EXHIBIT
A


 


LIST
OF PRIOR INVENTIONS AND ORIGINAL WORKS OF AUTHORSHIP


 


	Title	 	Date	 	Identifying
    Number or Brief Description