Exhibit 10.1


 





AMENDED AND RESTATED
EXECUTIVE Employment Agreement


 


This Amended
and Restated Executive Employment Agreement dated as of June 2, 2022 (“Agreement”) is by and between
Lawrence A. Kenyon (“Executive”) and Outlook
Therapeutics, Inc. (“Company”).


 


Whereas,
Executive has been employed as the Company’s Executive Vice President and Chief Financial Officer pursuant to that certain Executive
Employment Agreement dated July 27, 2021 (the “Prior Agreement”);


 


Whereas,
the Company desires to continue the employment of Executive and to provide Executive with certain compensation and benefits in return
for Executive’s services, and Executive agrees to be employed by the Company in such capacity and to receive the compensation and
benefits on the terms and conditions set forth herein; and


 


Whereas,
the Company and Executive desire to enter into this Employment Agreement (the “Agreement”) to become effective
and replace and supersede the Prior Agreement, subject to Executive’s signature below (the “Effective Date”)
in order to memorialize the terms and conditions of Executive’s employment by the Company upon and following the Effective Date;
and


 


Whereas,
Executive agrees that the changes to his compensation, severance and other changes pursuant to this new Agreement shall not trigger the
Good Reason provision contained in Section 6.1 of the Prior Agreement.


 


Now,
Therefore, in consideration of the mutual promises and covenants contained herein, the parties agree to the following:


 


1.            
Employment by the Company.


 


1.1             
Position. Subject to the terms set forth herein, the Company agrees to employ Executive in the position of Executive Vice President
and Chief Financial Officer, and Executive hereby accepts such continued employment on the terms and conditions set forth in this Agreement.


 


1.2             
Duties. As Executive Vice President and Chief Financial Officer, Executive will report to the Chief Executive Officer (“CEO”),
performing such duties as are normally associated with his position and such duties as are assigned to him from time to time, subject
to the oversight and direction of the CEO. During the term of Executive’s employment with the Company, Executive will work on a
full-time basis for the Company and will devote Executive’s best efforts and substantially all of Executive’s business time
and attention to the business of the Company. Executive shall make such business trips to such places as may be necessary or advisable
for the efficient operations of the Company.


 






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1.3              Company
Policies and Benefits. The employment relationship between the parties shall also be subject to the Company’s personnel
policies and procedures as they may be interpreted, adopted, revised or deleted from time to time in the Company’s sole
discretion. Executive will be eligible to participate on the same basis as similarly situated employees in the Company’s
benefit plans in effect from time to time during his employment. All matters of eligibility for coverage or benefits under any
benefit plan shall be determined in accordance with the provisions of such plan. The Company reserves the right to change, alter, or
terminate any benefit plan in its sole discretion. Notwithstanding the foregoing, in the event that the terms of this Agreement
differ from or are in conflict with the Company’s general employment policies or practices, this Agreement shall control.


 


1.4             
Vacation. While this Agreement is in effect, Executive shall also receive four (4) weeks of vacation per full calendar year
(prorated for any partial calendar year of employment) subject to the Company’s vacation policies and procedures as in effect or
amended from time to time, which vacation time shall accrue pro-rata on a pay period basis. Executive may not carryover any earned but
unused vacation time from any calendar year to any subsequent calendar year unless otherwise expressly required by applicable law or permitted
by applicable Company policies.


 


2.            
Compensation.


 


2.1             
Salary. Executive shall receive for Executive’s services to be rendered under this Agreement an initial base salary of
$475,000 on an annualized basis, subject to review and adjustment by the Company in its sole discretion, payable subject to standard federal
and state payroll withholding requirements in accordance with the Company’s standard payroll practices (“Base Salary”).


 


2.2             
Annual Bonus. While this Agreement is in effect, Executive shall be eligible for a discretionary annual cash bonus of a target
amount equal to 50% of Base Salary (“Target Amount”), subject to review and adjustment by the Company in its
sole discretion, payable subject to standard federal and state payroll withholding requirements. Whether or not Executive earns any bonus
will be dependent upon (a) Executive’s continuous performance of services to the Company through the date any bonus is paid, unless
otherwise provided for in this Agreement; and (b) the actual achievement by Executive and the Company of the applicable performance targets
and goals set by the Board or its Compensation Committee. The annual period over which performance is measured for purposes of this bonus
is January 1 through December 31. The Board or its Compensation Committee will determine in its sole discretion the extent to which Executive
and the Company have achieved the performance goals upon which the bonus is based and the amount of the bonus, which could be below the
Target Amount (and may be zero). The bonus, if awarded, will be paid no later than March 15 of the calendar year immediately following
the calendar year for which the bonus is being measured.


 


2.3             
Equity. Executive holds vested and unvested options to purchase 4,947,919 shares of common stock of the Company (the “Options”).
The Options will continue to be subject to and governed in all respects by the terms of the governing equity plan documents and grant
agreement(s) between Executive and the Company thereunder, and will continue to vest subject to the vesting schedule, subject to acceleration
and modification upon certain events as provided in Section 6.1 below.


 






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2.4             
 Expense Reimbursement. The Company will reimburse Executive for reasonable business expenses in accordance with the Company’s
standard expense reimbursement policy, as the same may be modified by the Company from time to time. The Company shall reimburse Executive
for all customary and appropriate business-related expenses actually incurred and documented in accordance with Company policy, as in
effect from time to time. For the avoidance of doubt, to the extent that any reimbursements payable to Executive are subject to the provisions
of Section 409A of the Code: (a) any such reimbursements will be paid no later than December 31 of the year following the year in which
the expense was incurred, (b) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement
in any subsequent year, and (c) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for another
benefit.


 


3.            
Proprietary Information, Inventions, Non-Competition and Non-Solicitation
Obligations.  Executive agrees that irrespective of whether he signs this Agreement,
the Employee Proprietary Information, Inventions, Non-Competition and Non-Solicitation Agreement (“Proprietary Information
Agreement”), that he executed on February 18, 2016 remains in full force and effect. Executive further agrees that the
Proprietary Information Agreement contains provisions that are intended by the parties to survive and do survive termination of this
Agreement.


 


4.            
Outside Activities during Employment. Except with the prior written consent of the Board, including consent given to Executive
prior to the signing of this Agreement, Executive will not, while employed by the Company, undertake or engage in any other employment,
occupation or business enterprise that would interfere with Executive’s responsibilities and the performance of Executive’s
duties hereunder except for (i) reasonable time devoted to volunteer services for or on behalf of such religious, educational, non-profit
and/or other charitable organization as Executive may wish to serve, (ii) reasonable time devoted to activities in the non-profit and
business communities consistent with Executive’s duties; and (iii) such other activities as may be specifically approved by the
Board. This restriction shall not, however, preclude Executive (x) from owning less than one percent (1%) of the total outstanding shares
of a publicly traded company, or (y) from employment or service in any capacity with Affiliates of the Company. As used in this Agreement,
 “Affiliates” means an entity under common management or control with the Company.


 


5.             
No Conflict with Existing Obligations. Executive represents that Executive’s performance of all the terms of this Agreement
does not and will not breach any agreement or obligation of any kind made prior to Executive’s employment by the Company, including
agreements or obligations Executive may have with prior employers or entities for which Executive has provided services. Executive has
not entered into, and Executive agrees that Executive will not enter into, any agreement or obligation, either written or oral, in conflict
herewith.


 


6.            
Termination of Employment. The parties acknowledge that Executive’s employment relationship with the Company is at-will,
meaning either the Company or Executive may terminate Executive’s employment at any time, with or without cause or advance notice.
The provisions in this Section govern the amount of compensation, if any, to be provided to Executive upon termination of employment and
do not alter this at-will status.


 






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6.1         
 Termination by the Company without Cause or for Good Reason.


 


(a)          
The Company shall have the right to terminate Executive’s employment with the Company pursuant to this Section 6.1
at any time, in accordance with Section 6.6, without “Cause” (as defined in Section 6.3(b) below) by giving
notice as described in Section 7.1 of this Agreement. A termination pursuant to Section 6.5 below is not a termination without
 “Cause” for purposes of receiving the benefits described in Sections 6.1 or Section 6.2.


 


(b)          
If the Company terminates Executive’s employment at any time without Cause or Executive terminates his employment with the
Company for Good Reason and provided that such termination constitutes a “separation from service” (as defined under Treasury
Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a “Separation from Service”),
then Executive shall be entitled to receive the Accrued Obligations (defined below). If Executive complies with the obligations in Section
6.1(c) below, Executive shall also be eligible to receive the following “Severance Benefits”:


 


(i)                
The Company will pay Executive an amount equal to Executive’s then current Base Salary for twelve (12) months, less all applicable
withholdings and deductions, paid in equal installments on the Company’s normal payroll schedule following the termination date,
with the first payment beginning on the Severance Pay Commencement Date (as defined in Section 6.1(c) below), and the remaining
installments occurring on the Company’s regularly scheduled payroll dates thereafter; provided that on the Severance Pay Commencement
Date, the Company will pay in a lump sum the aggregate amount of the cash severance payments that the Company would have paid Executive
through such date had the payments commenced on the effective date of termination through the Severance Pay Commencement Date.


 


(ii)             
The Company will pay a bonus equivalent to Executive’s full Target Amount, for the performance year in which Executive’s
termination occurs. This bonus will be payable subject to standard federal and state payroll withholding requirements in a lump sum payment
on the Severance Pay Commencement Date.


 


(iii)            If
Executive timely elects continued coverage under COBRA for himself and his covered dependents under the Company’s group health
plans following such termination, then the Company shall pay the COBRA premiums necessary to continue Executive’s and his
covered dependents’ health insurance coverage in effect for himself (and his covered dependents) on the termination date until
the earliest of: (i) twelve (12) months following the termination date (the “COBRA Severance Period”);
(ii) the date when Executive becomes eligible for substantially equivalent health insurance coverage in connection with new
employment or self-employment; or (iii) the date Executive ceases to be eligible for COBRA continuation coverage for any reason,
including plan termination (such period from the termination date through the earlier of (i)-(iii), (the “COBRA Payment
Period”). Notwithstanding the foregoing, if at any time the Company determines that its payment of COBRA premiums on
Executive’s behalf would result in a violation of applicable law (including, but not limited to, the 2010 Patient Protection
and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of paying COBRA premiums
pursuant to this Section, the Company shall pay Executive on the last day of each remaining month of the COBRA Payment Period, a
fully taxable cash payment equal to the COBRA premium for such month, subject to applicable tax withholding (such amount, the
 “Special Severance Payment”), for the remainder of the COBRA Payment Period. Nothing in this Agreement
shall deprive Executive of his rights under COBRA or ERISA for benefits under plans and policies arising under his employment by the
Company.


 






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(iv)            
Notwithstanding the terms of any equity plan or award agreement to the contrary, the time-based vesting conditions applicable to
fifty percent (50%) of Executive’s stock options and/or other equity awards subject to time-based vesting requirements that are
outstanding and not vested as of Executive’s termination date shall accelerate and deemed to be satisfied as of the date of Executive’s
termination. For the avoidance of doubt, the accelerated vesting provided under this Section 6.1(b)(iv) shall not apply to any
liquidity event or performance-based vesting conditions applicable to any of Executive’s outstanding stock options or other equity
awards as of the date of termination.


 


(c)              
Executive will be paid all of the Accrued Obligations on the Company’s first payroll date after Executive’s date of
termination from employment or earlier if required by law. Executive shall receive the Severance Benefits pursuant to Section 6.1(b)
or the Change in Control Severance Benefits (defined below) pursuant to 6.2(a) of this Agreement, as applicable, if: (i) Executive
executes and does not revoke a separation agreement containing an effective, general release of claims in favor of the Company and its
affiliates and representatives, in a form acceptable to the Company (the “Release”) and the Release is enforceable
and effective as provided in the Release on or before the date that is the sixtieth (60th) day following the effective date
of termination (such 60th day, the “Severance Pay Commencement Date”); (ii) he holds any other positions
with the Company, he resigns such position(s) to be effective no later than the date of Executive’s termination date (or such other
date as requested by the Board); (iii) he returns all Company property; (iv) he complies with his post-termination obligations under this
Agreement and the Proprietary Information Agreement; and (v) he complies with the terms of the Release, including without limitation any
non-disparagement and confidentiality provisions contained in Release.


 


(d)              
For purposes of this Agreement, “Accrued Obligations” are (i) Executive’s accrued but unpaid
salary through the date of termination, (ii) any unreimbursed business expenses incurred by Executive payable in accordance with the Company’s
standard expense reimbursement policies, and (iii) benefits owed to Executive under any qualified retirement plan or health and welfare
benefit plan in which Executive was a participant in accordance with applicable law and the provisions of such plan.


 


(e)              
The Severance Benefits provided to Executive pursuant to this Section 6.1 are in lieu of, and not in addition to, any benefits
to which Executive may otherwise be entitled under any Company severance plan, policy or program.


 


(f)               
Any damages caused by the termination of Executive’s employment without Cause would be difficult to ascertain; therefore,
the Severance Benefits for which Executive is eligible pursuant to Section 6.1(b) above in exchange for the Release is agreed to
by the parties as liquidated damages, to serve as full compensation, and not a penalty.


 






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(g)              
 For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following events without
Executive’s consent: (i) a material reduction in Executive’s Base Salary of at least 25%; (ii) a material breach of this Agreement
by the Company; (iii) a material reduction in the Executive’s duties, authority and responsibilities relative to the Executive’s
duties, authority, and responsibilities in effect immediately prior to such reduction; or (iv) the relocation of Executive’s principal
place of employment, without Executive’s consent, in a manner that lengthens his one-way commute distance by fifty (50) or more
miles from his then-current principal place of employment immediately prior to such relocation, not to include Executive’s initial
relocation to a new headquarters to be established at the direction of the Board; provided, however, that, any such termination
by Executive shall only be deemed for Good Reason pursuant to this definition if: (1) Executive gives the Company written notice of his
intent to terminate for Good Reason within thirty (30) days following the first occurrence of the condition(s) that he believes constitute(s)
Good Reason, which notice shall describe such condition(s); (2) the Company fails to remedy such condition(s) within thirty (30) days
following receipt of the written notice (the “Cure Period”); and (3) Executive voluntarily terminates his employment
within thirty (30) days following the end of the Cure Period.


 


6.2         
Termination by the Company without Cause or for Good Reason Coincident with a Change in Control.


 


(a)          
If Executive’s employment by the Company is terminated by the Company or any successor entity without “Cause”
(and not due to Disability or death) or by Executive for Good Reason within two (2) months prior to or within twelve (12) months following
the effective date of a “Change in Control” (as defined in the Company’s 2015 Equity Incentive Plan, as
such plan may be amended from time to time), provided that such termination constitutes a Separation from Service, without regard to any
alternative definition thereunder, then in addition to paying or providing Executive with the Accrued Obligations and subject to compliance
with Section 6.1(c), the Company will provide the following “Change in Control Severance Benefits”:


 


(i)                
The Company will pay Executive an amount equal to Executive’s then current Base Salary for eighteen (18) months, less all
applicable withholdings and deductions, paid in equal installments on the Company’s normal payroll schedule following the date of
Separation from Service, with the first payment beginning on the Severance Pay Commencement Date, and the remaining installments occurring
on the Company’s regularly scheduled payroll dates thereafter; provided that on the Severance Pay Commencement Date, the Company
will pay in a lump sum the aggregate amount of the cash severance payments that the Company would have paid Executive through such date
had the payments commenced on the effective date of termination through the Severance Pay Commencement Date.


 


(ii)             
The Company will pay a bonus in an amount equal to Executive’s Target Amount for the performance year in which Executive’s
termination occurs, divided by twelve (12), and then multiplied by eighteen (18). This bonus will be payable subject to standard federal
and state payroll withholding requirements in a lump sum payment on the Severance Pay Commencement Date.


 






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(iii)            If
Executive timely elects continued coverage under COBRA for himself and his covered dependents under the Company’s group health
plans following such termination, then the Company shall pay the COBRA premiums necessary to continue Executive’s and his
covered dependents’ health insurance coverage in effect for himself (and his covered dependents) on the termination date until
the earliest of: (i) eighteen (18) months following the termination date (the “COBRA Severance Period”);
(ii) the date when Executive becomes eligible for substantially equivalent health insurance coverage in connection with new
employment or self-employment; or (iii) the date Executive ceases to be eligible for COBRA continuation coverage for any reason,
including plan termination (such period from the termination date through the earlier of (i)-(iii), (the “COBRA Payment
Period”). Notwithstanding the foregoing, if at any time the Company determines that its payment of COBRA premiums on
Executive’s behalf would result in a violation of applicable law (including, but not limited to, the 2010 Patient Protection
and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of paying COBRA premiums
pursuant to this Section, the Company shall pay Executive on the last day of each remaining month of the COBRA Payment Period, a
fully taxable cash payment equal to the COBRA premium for such month, subject to applicable tax withholding (such amount, the
 “Special Severance Payment”), for the remainder of the COBRA Payment Period. Nothing in this Agreement
shall deprive Executive of his rights under COBRA or ERISA for benefits under plans and policies arising under his employment by the
Company.


 


(iv)            
Notwithstanding the terms of any equity plan or award agreement to the contrary, the time-based vesting conditions applicable to
all of Executive’s outstanding stock options and/or other equity awards subject to time-based vesting requirements as of Executive’s
termination date shall vest as follows: (A) if such termination occurs within six (6) months prior to or on the effective date of a Change
in Control, the time-based vesting restrictions shall accelerate and be deemed to be satisfied as of the date of Executive’s termination,
and (B) if such termination occurs within twelve (12) months following the effective date of a Change in Control, in the event any surviving
corporation or acquiring corporation assumes Executive’s stock options and/or other equity awards, as applicable, or substitutes
similar stock options or equity awards for Executive’s stock options and/or equity awards, as applicable, in accordance with the
terms of the Company’s equity incentive plans, the time-based vesting of all of such stock options and/or equity awards (or any
substitute stock options or equity awards), as applicable, shall be accelerated in full as of the date of termination. For the avoidance
of doubt, the accelerated vesting provided under this Section 6.2(a)(iv) shall not apply to any liquidity event or performance-based vesting
conditions applicable to any of Executive’s outstanding stock options and/or other equity awards as of the date of termination.


 


(b)           
The Change in Control Severance Benefits provided to Executive pursuant to this Section 6.2 are in lieu of, and not in addition
to, any benefits to which Executive may otherwise be entitled under any Company severance plan, policy or program, including but not limited
to the Severance Benefits described in Section 6.1(b). For the avoidance of doubt, in no event shall Executive be entitled to benefits
under both Section 6.1(b) and this Section 6.2. If Executive is eligible for benefits under both Section 6.1(b) and this Section 6.2,
or if Executive begins receiving benefits under Section 6.1(b) and later becomes eligible for benefits under Section 6.2, Executive shall
receive the benefits set forth in this Section 6.2 and such benefits will be reduced by any benefits previously provided to Executive
under Section 6.1(b).


 






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(c)              
 Any damages caused by the termination of Executive’s employment without Cause or for Good Reason following a Change in Control
would be difficult to ascertain; therefore, the Change in Control Severance Benefits for which Executive is eligible pursuant to Section
6.2(a) above in exchange for the Release is agreed to by the parties as liquidated damages, to serve as full compensation, and not a penalty.


 


6.3         
Termination by the Company for Cause.


 


(a)              
The Company shall have the right to terminate Executive’s employment with the Company at any time, in accordance with Section
6.6, for Cause by giving notice as described in Section 7.1 of this Agreement. In the event Executive’s employment is
terminated at any time for Cause, Executive will not receive Severance Benefits, Change in Control Severance Benefits, or any other severance
compensation or benefits, except that, pursuant to the Company’s standard payroll policies, the Company shall pay to Executive the
Accrued Obligations.


 


(b)              
“Cause” for termination shall mean that the Company has determined in its sole discretion that Executive
has engaged in any of the following: (i) a material breach of any covenant or condition under this Agreement or any other agreement between
the parties; (ii) any act constituting dishonesty, fraud, immoral or disreputable conduct; (iii) any conduct which constitutes a felony
under applicable law; (iv) material violation of any Company policy or any act of misconduct; (v) refusal to follow or implement a clear
and reasonable directive of Company; (vi) negligence or incompetence in the performance of Executive’s duties or failure to perform
such duties in a manner satisfactory to the Company after the expiration of ten (10) days without cure after written notice of such failure;
or (vii) breach of fiduciary duty.


 


6.4          
Resignation by Executive.


 


(a)              
Executive may resign from Executive’s employment with the Company at any time, in accordance with Section 6.6, by
giving notice as described in Section 7.1.


 


(b)              
In the event Executive resigns from Executive’s employment with the Company for any reason other than Good Reason in accordance
with Sections 6.1 or 6.2, Executive will not receive Severance Benefits, Change in Control Severance Benefits, or any other severance
compensation or benefits, except that, pursuant to the Company’s standard payroll policies, the Company shall pay to Executive the
Accrued Obligations.


 


6.5          
Termination by Virtue of Death or Disability of Executive.


 


(a)              
In the event of Executive’s death while employed pursuant to this Agreement, all obligations of the parties hereunder shall
terminate immediately, in accordance with Section 6.6, and the Company shall, pursuant to the Company’s standard payroll
policies, pay to Executive’s legal representatives all Accrued Obligations.


 






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(b)           Subject
to applicable state and federal law, the Company shall at all times have the right, upon written notice to Executive, and in
accordance with Section 6.6, to terminate this Agreement based on Executive’s Disability. Termination by the Company of
Executive’s employment based on “Disability” shall mean termination because Executive is unable due
to a physical or mental condition to perform the essential functions of his position with or without reasonable accommodation for
180 days in the aggregate during any twelve (12) month period or based on the written certification by two licensed physicians of
the likely continuation of such condition for such period. This definition shall be interpreted and applied consistent with the
Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable law. In the event Executive’s
employment is terminated based on Executive’s Disability, Executive will not receive Severance Benefits, Change in Control
Severance Benefits, or any other severance compensation or benefit, except that, pursuant to the Company’s standard payroll
policies, the Company shall pay to Executive the Accrued Obligations.


 


6.6          
Notice; Effective Date of Termination. 


 


(a)           
Termination of Executive’s employment pursuant to this Agreement shall be effective on the earliest of:


 


(i)                
immediately after the Company gives notice to Executive of Executive’s termination, with or without Cause, unless pursuant
to Section 6.3(b)(vi) in which case ten (10) days after notice if not cured or unless the Company specifies a later date, in which case,
termination shall be effective as of such later date;


 


(ii)             
immediately upon the Executive’s death;


 


(iii)           
ten (10) days after the Company gives notice to Executive of Executive’s termination on account of Executive’s Disability,
unless the Company specifies a later date, in which case, termination shall be effective as of such later date, provided that Executive
has not returned to the full time performance of Executive’s duties prior to such date;


 


(iv)            
ten (10) days after the Executive gives written notice to the Company of Executive’s resignation, provided that the
Company may set a termination date at any time between the date of notice and the date of resignation, in which case the Executive’s
resignation shall be effective as of such other date. Executive will receive compensation through any required notice period; or


 


(v)              
for a termination for Good Reason, immediately upon Executive’s full satisfaction of the requirements of Section 6.1(g).


 


(b)          
In the event notice of a termination under subsections (a)(i) or (iii) is given orally, at the other party’s request, the
party giving notice must provide written confirmation of such notice within five (5) business days of the request in compliance with the
requirement of Section 7.1 below. In the event of a termination for Cause, written confirmation shall specify the subsection(s)
of the definition of Cause relied on to support the decision to terminate.


 






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6.7          Cooperation
with Company after Termination of Employment. Following termination of Executive’s employment for any reason, Executive
agrees to cooperate fully with the Company in connection with its actual or contemplated defense, prosecution, or investigation of
any claims or demands by or against third parties, or other matters arising from events, acts, or failures to act that occurred
during the period of Executive’s employment by the Company. Such cooperation includes, without limitation, making Executive
available to the Company upon reasonable notice, without subpoena, to provide complete, truthful and accurate information in witness
interviews, depositions and trial testimony. In addition, for twelve (12) months after Executive’s employment with the Company
ends for any reason, Executive agrees to cooperate fully with the Company in all matters relating to the transition of
Executive’s work and responsibilities on behalf of the Company, including, but not limited to, any present, prior or
subsequent relationships and the orderly transfer of any such work and institutional knowledge to such other persons as may be
designated by the Company. The Company will reimburse Executive for reasonable out-of-pocket expenses Executive incurs in connection
with any such cooperation (excluding forgone wages, salary, or other compensation) and will make reasonable efforts to accommodate
Executive’s scheduling needs and for extended service of more than an occasional hour or so at a time, then the parties will
agree on a mutually agreeable per diem rate.


 


6.8         
Application of Section 409A. It is intended that all of the severance payments payable under this Agreement satisfy, to the
greatest extent possible, the exemptions from the application of Section 409A of the Code and the regulations and other guidance thereunder
and any state law of similar effect (collectively, “Section 409A”) provided under Treasury Regulations Sections
1.409A-1(b)(4) and 1.409A-1(b)(9), and this Agreement will be construed in a manner that complies with Section 409A. If not so exempt,
this Agreement (and any definitions hereunder) will be construed in a manner that complies with Section 409A, and incorporates by reference
all required definitions and payment terms. No severance payments will be made under this Agreement unless Executive’s termination
of employment constitutes a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h)). For purposes
of Section 409A (including, without limitation, for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii)), Executive’s right
to receive any installment payments under this Agreement (whether severance payments or otherwise) shall be treated as a right to receive
a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct
payment. If the Company determines that the severance benefits provided under this Agreement constitutes “deferred compensation”
under Section 409A and if Executive is a “specified employee” of the Company, as such term is defined in Section 409A(a)(2)(B)(i)
of the Code at the time of Executive’s Separation from Service, then, solely to the extent necessary to avoid the incurrence of
the adverse personal tax consequences under Section 409A, the timing of the Severance will be delayed as follows: on the earlier to occur
of (a) the date that is six months and one day after Executive’s Separation from Service, and (b) the date of Executive’s
death (such earlier date, the “Delayed Initial Payment Date”), the Company will (i) pay to Executive a lump
sum amount equal to the sum of the severance benefits that Executive would otherwise have received through the Delayed Initial Payment
Date if the commencement of the payment of the severance benefits had not been delayed pursuant to this Section 6.8 and (ii) commence
paying the balance of the severance benefits in accordance with the applicable payment schedule set forth in Section 6. No interest shall
be due on any amounts deferred pursuant to this Section 6.8. To the extent that any Severance Benefits are deferred compensation under
Section 409A of the Code, and are not otherwise exempt from the application of Section 409A, then, if the period during which Executive
may consider and sign the Release spans two calendar years, the payment of any such Severance Benefit will not be made or begin until
the later calendar year.


 






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6.9             
 Section 280G. Notwithstanding any other provision of this Agreement to the contrary, if payments made or benefits provided
pursuant to this Agreement or otherwise from the Company or any person or entity are considered “parachute payments” under
Section 280G of the Code, then such parachute payments will be limited to the greatest amount that may be paid to Executive under Section
280G of the Code without causing any loss of deduction to the Company Group under such section, but only if, by reason of such reduction,
the net after tax benefit to Executive will exceed the net after tax benefit if such reduction were not made. “Net after tax
benefit” for purposes of this Agreement will mean the sum of (i) the total amounts payable to the Executive under this Agreement,
plus (ii) all other payments and benefits which the Executive receives or then is entitled to receive from the Company or otherwise that
would constitute a “parachute payment” within the meaning of Section 280G of the Code, less (iii) the amount of federal and
state income taxes payable with respect to the foregoing calculated at the maximum marginal income tax rate for each year in which the
foregoing will be paid to Executive (based upon the rate in effect for such year as set forth in the Code at the time of termination of
Executive’s employment), less (iv) the amount of excise taxes imposed with respect to the payments and benefits described in (i)
and (ii) above by Section 4999 of the Code. The determination as to whether and to what extent payments are required to be reduced in
accordance with this Section 6.9 will be made at the Company’s expense by a nationally recognized certified public accounting firm
as may be designated by the Company prior to a change in control (the “Accounting Firm”). In the event of any
mistaken underpayment or overpayment under this Agreement, as determined by the Accounting Firm, the amount of such underpayment or overpayment
will forthwith be paid to Executive or refunded to the Company, as the case may be, with interest at one hundred twenty (120%) of the
applicable Federal rate provided for in Section 7872(f)(2) of the Code. Any reduction in payments required by this Section 6.9 will occur
in the following order: (1) any cash severance, (2) any other cash amount payable to Executive, (3) any benefit valued as a “parachute
payment,” (4) the acceleration of vesting of any equity awards that are options, and (5) the acceleration of vesting of any other
equity awards. Within any such category of payments and benefits, a reduction will occur first with respect to amounts that are not “deferred
compensation” within the meaning of Section 409A and then with respect to amounts that are. In the event that acceleration of compensation
from equity awards is to be reduced, such acceleration of vesting will be canceled, subject to the immediately preceding sentence, in
the reverse order of the date of grant.


 


7.            
General Provisions.


 


7.1             
Notices. Any notices required hereunder to be in writing shall be deemed effectively given: (a) upon personal delivery to the
party to be notified, (b) when sent by electronic mail or confirmed facsimile if sent during normal business hours of the recipient, and
if not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested,
postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. All communications shall be sent to the Company at its primary office location and to Executive at either Executive’s
address as listed on the Company payroll, or Executive’s Company-issued email address, or at such other address as the Company or
Executive may designate by ten (10) days advance written notice to the other.


 






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7.2             
 Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under
any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or
any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provisions had never been contained herein.


 


7.3             
Survival. Provisions of this Agreement which by their terms must survive the termination of this Agreement in order to effectuate
the intent of the parties will survive any such termination for such period as may be appropriate under the circumstances.


 


7.4             
Waiver. If either party should waive any breach of any provisions of this Agreement, it shall not thereby be deemed to have
waived any preceding or succeeding breach of the same or any other provision of this Agreement.


 


7.5             
Complete Agreement. This Agreement constitutes the entire agreement between Executive and the Company with regard to the subject
matter hereof. This Agreement is the complete, final, and exclusive embodiment of their agreement with regard to this subject matter and
supersedes any prior oral discussions or written communications and agreements, including the Prior Agreement. For the avoidance of doubt,
nothing in this Agreement shall constitute a trigger of the Good Reason Provision contained in Section 6.1 of the Prior Agreement.
This Agreement is entered into without reliance on any promise or representation other than those expressly contained herein, and it cannot
be modified or amended except in writing signed by Executive and an authorized officer of the Company. The parties have entered into a
separate Proprietary Information Agreement and have or may enter into separate agreements related to equity. These separate agreements
govern other aspects of the relationship between the parties, have or may have provisions that survive termination of Executive’s
employment under this Agreement, may be amended or superseded by the parties without regard to this Agreement and are enforceable according
to their terms without regard to the enforcement provision of this Agreement.


 


7.6             
Counterparts. This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more
than one party, but all of which taken together will constitute one and the same Agreement. The parties agree that facsimile and scanned
image copies of signatures will suffice as original signatures.


 


7.7             
Withholding Taxes. The Company will be entitled to withhold from any payment due to Executive hereunder any amounts required
to be withheld by applicable tax laws or regulations.


 


7.8             
Headings. The headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a part
hereof nor to affect the meaning thereof.


 






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7.9              Successors
and Assigns. The Company shall assign this Agreement and its rights and obligations hereunder in whole, but not in part, to any
Company or other entity with or into which the Company may hereafter merge or consolidate or to which the Company may transfer all
or substantially all of its assets, if in any such case said Company or other entity shall by operation of law or expressly in
writing assume all obligations of the Company hereunder as fully as if it had been originally made a party hereto, but may not
otherwise assign this Agreement or its rights and obligations hereunder. Executive may not assign or transfer this Agreement or any
rights or obligations hereunder, other than to his estate upon his death.


 


7.10         
Choice of Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by
the laws of the State of New Jersey.


 


7.11         
Dispute Resolution. The parties recognize that litigation in federal or state courts or before federal or state administrative
agencies of disputes arising out of the Executive’s employment with the Company or out of this Agreement, or the Executive’s
termination of employment or termination of this Agreement, may not be in the best interests of either the Executive or the Company, and
may result in unnecessary costs, delays, complexities, and uncertainty. Except where prohibited by law, the parties agree that any dispute
between the parties arising out of or relating to the negotiation, execution, performance or termination of this Agreement or the Executive’s
employment, including, but not limited to, any claim arising out of this Agreement, claims under Title VII of the Civil Rights Act of
1964, as amended, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act
of 1990, Section 1981 of the Civil Rights Act of 1966, as amended, the Family Medical Leave Act, the Executive Retirement Income Security
Act, and any similar federal, state or local law, statute, regulation, or any common law doctrine, whether that dispute arises during
or after employment, shall be settled by binding arbitration in accordance with the National Rules for the Resolution of Employment Disputes
of the American Arbitration Association; provided however, that this dispute resolution provision shall not apply to any separate
agreements between the parties that do not themselves specify arbitration as an exclusive remedy. The location for the arbitration shall
be the Princeton/Trenton, New Jersey area. Any award made by such panel shall be final, binding and conclusive on the parties for all
purposes, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. The arbitrators’
fees and expenses and all administrative fees and expenses associated with the filing of the arbitration shall be borne by the Company;
provided however, that at the Executive’s option, Executive may voluntarily pay up to one-half the costs and fees. The parties
acknowledge and agree that their obligations to arbitrate under this Section survive the termination of this Agreement and continue after
the termination of the employment relationship between Executive and the Company. The parties each further agree that the arbitration
provisions of this Agreement shall provide each party with its exclusive remedy, and each party expressly waives any right it might
have to seek redress in any other forum, except as otherwise expressly provided in this Agreement. By election arbitration as the means
for final settlement of all claims, the parties hereby waive their respective rights to, and agree not to, sue each other in any action
in a Federal, State or local court with respect to such claims, but may seek to enforce in court an arbitration award rendered pursuant
to this Agreement. The parties specifically agree to waive their respective rights to a trial by jury, and further agree that no demand,
request or motion will be made for trial by jury. 


 


[signatures
to follow on next page]


 






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In
Witness Whereof, the parties have duly executed this Agreement as of the date first above written.


 


	 	Outlook
    Therapeutics, Inc.
	 	 
	 	 
	 	By: 	/s/ Randy Thurman
	 	 	Name:  	Randy Thurman
	 	 	Title:	 Executive Chairman of the Board
	 	 
	 	Executive
	 	 
	 	 
	 	/s/
    Lawrence A. Kenyon
	 	Lawrence
    A. Kenyon




 


[SIGNATURE PAGE TO EXECUTIVE EMPLOYMENT AGREEMENT]