Exhibit 10.1


 


iSpecimen
Inc.


 


first
amendment to executive employment agreement


 


This First Amendment to
Executive Employment Agreement (this “Amendment”) is made and entered into and effective as of June 20,
2022 (the “Effective Date”), by and between iSpecimen Inc., a Delaware corporation located at 450 Bedford
St, Lexington, MA 02420 (the “Company”), and Christopher Ianelli, MD, PhD (the “Executive”).


 


WHEREAS,
the Company and the Executive have entered into an Executive Employment Agreement dated June 21, 2021 (the “Executive
Employment Agreement”); and


 


WHEREAS,
the Company and the Executive wish to amend the Agreement to extend the Expiration Date set forth in Section 4 of the Executive Employment
Agreement so that there is sufficient time for the Company’s board of directors and the Executive to complete the performance review
described in Section 3 of the Executive Employment Agreement for the purpose of determining the Executive’s compensation and
performance goals for the annual period through June 21, 2023; and


 


NOW,
THEREFORE, in consideration of the mutual promises and covenants set forth herein, and
for other good and valuable consideration, the receipt of and sufficiency of which are hereby acknowledged, the Company and the undersigned
Executive agree as follows:


 


1.          Defined
Terms. Except as specifically provided herein, capitalized terms not defined herein shall have the meanings ascribed to them in
the Executive Employment Agreement.


 


2.          Amendment
to Section 4 the Executive Employment Agreement.   Effective as of the Effective Date, the
Company and the Executive hereby completely amend and restate Section 4 of the Executive Employment Agreement so that it reads as
follows:


 


		“4.	 Term. The term of this Agreement shall commence
on the date first above written and shall terminate at 11:59 p.m. on the earlier to occur of (i) July 29, 2022, (ii) the
death or disability of the Executive, or (iii) the occurrence of any of the circumstances described in Section 5 hereof (the
 “Expiration Date”). In the event of death or disability, the Executive or the Executive’s estate, as
applicable, shall receive payment of all unpaid or accrued salary, earned or accrued bonuses, and the vesting of the stock or other equity
participation then held by the Executive, but pro-rated until the date of termination.”



 


3.          No
Other Amendments. Nothing in this Amendment is intended to amend any language of the Executive Employment Agreement other than
as specifically set forth above, and the remainder of the Executive Employment Agreement shall be unmodified and in full force and effect.


 


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Amendment to Christopher Ianelli Executive Employment Agreement, June 20, 2022


    


    

 


In
Witness Whereof, the parties hereto have executed this Amendment to the Executive Employment Agreement as of the date and
year first above written.


 


	 	Company:
	 	 	 	 
	 	iSpecimen Inc.
	 	 
	 	 	 	 
	 	By:	/s/ Steven Gullans 
	 	 	Name:	Steven Gullans
	 	 	Title:	Board Director Chair, Compensation Committee




 


	Executive:	 
	 	 
	 	 
	/s/ Christopher Ianelli	 
	Christopher Ianelli, MD, PhD	 




 






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Amendment to Christopher Ianelli Executive Employment Agreement, June  2022