Exhibit 10.1


 


EXECUTIVE
EMPLOYMENT AGREEMENT


 


This
EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”)
is made and entered into as of this
17th day of June 2021 ("Effective Date”), by and
between Alzamend Neuro, Inc., a Delaware corporation, with an
address of 3802 Spectrum Blvd., Suite 112C, Tampa, FL 33612 (the
“Company”) and
Stephan Jackman, an individual
(the “Executive”).


 


WITNESSETH:


 


WHEREAS
the Company wishes to employ Executive as its Chief
Executive Officer and Executive wishes to be employed
with the Company in such capacity.


 


NOW,
THEREFORE, in consideration
of the foregoing recitals
and the respective covenants and agreements
of the parties contained in this Agreement, the Company and Executive
hereby agree as follows:


 


1.           
Employment and Duties. The Company
agrees to employ and Executive agrees to
serve as the Company's Chief
Executive Officer. The rights, duties and responsibilities of Executive shall include the right and duty to manage the day to day
operations of the Company and such other duties and responsibilities as are consistent with Executive’s position. Executive shall
report only to the Board of Directors of the Company (the “Board”).


 


Executive
shall devote sufficient working
time and efforts during the Company's normal business hours to the business
and affairs
of the Company and its
subsidiaries to diligently and
faithfully perform the duties and responsibilities duly assigned
to him pursuant to this Agreement. Executive shall perform
his duties consistent with the State of Delaware’s duty of care and duty of loyalty standards. Executive shall be
permitted to carry on additional activities
provided that none of the additional activities
interferes with the performance of the duties
and responsibilities of Executive
or are determined to be inconsistent with the position, standing,
stature, reputation or best interests of the Company; nothing
in this Section 1, shall prohibit Executive
from (a) serving as a director or member
of a committee of entities that do not, in the reasonable good
faith determination of the
Board, compete with the
Company or otherwise create,
or could create, in the reasonable good faith determination
of the Board, a conflict of interest with the business of the
Company; (b) delivering lectures, fulfilling speaking engagements, and any
writing or publication relating to his area of
expertise; (c) serving as
a director or trustee
of any governmental, charitable or
educational organization; or (d)
engaging in other activities
in connection with personal
and/or business investments and community
affairs.


 


2.             Term.
The term of this Agreement shall commence on the Effective
Date and shall continue through
July 1, 2024 (the “Term”)
unless earlier terminated by either
party providing the other party with written notice
of his or its intention to terminate this Agreement upon thirty
(30) days’ notice.


 


3.             Place
of Employment. Executive’s
services may, but need not,
be performed at the Company's offices at the
address in the first paragraph above.
The Executive may from time
to time perform his duties to the Company at
another location or locations,
at the discretion of Executive. The parties acknowledge,
however, that Executive
may be required to travel in connection with the
performance of his duties hereunder.


 


4.            
Base Salary. For all services to
be rendered by Executive pursuant to this Agreement, the Company
agrees to pay Executive during
the Term a base salary
at an annual rate of $300,000
(the “Base Salary”) per year
until such time as the Board of Directors determines future compensation based on performance or other merit-based criteria. The
Base Salary shall be paid
in periodic installments in accordance with the Company's regular
payroll practices.


 






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5.           
Performance Bonus; Stock Options.


 


(a)          Performance
Bonus.


 


(i)            
Executive shall be eligible to earn a cash and/or equity bonus as the Board may determine, from time to time, based on meeting
performance objectives and bonus criteria to be identified by the Board the (“Performance Bonus”).


 


(ii)          
The determination of whether the Company has achieved a certain financial performance objective
in any year for the purposes of this section shall be made by
the independent registered public accounting firm regularly retained or employed by the Company (the “Firm”)
within ninety (90) days after the end of each fiscal year. The Firm’s determination shall be conclusive for the Company and Executive.



 


(iii)         
The Performance Bonus shall be payable in cash or, if the Company’s common stock (the “Common
Stock”) is listed or traded on any national exchange or market, in the sole discretion of the Board, shares of Common Stock.



 


(iv)     
    The Performance Bonus shall be due and payable to Executive within thirty
(30) days after the Firm shall have made its determination.


 


(b)           Stock
Options. The Executive has previously been granted options to purchase (i) 5,000,000 shares of Common Stock, which option shall be
exercisable for a period of ten (10) years at an exercise price of $1.00 per share (the “$1.00 Options”) and (ii) 2,000,000
shares of the Company’s Common Stock, which option shall be exercisable for a period of ten (10) years at an exercise price of $1.50
per share (the “$1.50 Options”, and collectively with the $1.00 Options, the “Grants”), and shall
vest pursuant to the following schedule:


 


		1.	3,000,000 shares of Common Stock subject to the $1.00 Options shall vest ratably
over 48 months, commencing on November 16, 2018;



 


		2.	1,000,000 shares of Common Stock subject to the $1.00 Options shall vest upon approval
of a New Drug Application (“NDA”) for LiProSal by the U.S. Food and Drug Administration (the “FDA”),
provided that such approval occurs on or prior to November 1, 2022;



 


		3.	1,000,000 shares of Common Stock subject to the $1.00 Options shall vest upon the
approval of an NDA for CAO22W by the FDA, provided that such approval occurs on or prior to November 1, 2022; and



 


		4.	The $1.50 Options shall vest upon satisfaction of mutually agreed upon performance
criteria as set forth in Executive’s Non-Qualified Stock Option Grant dated November 26, 2019.



 


(i)           
Notwithstanding the preceding vesting schedules, as more fully described in Executive’s Grants, the options shall become
immediately exercisable as to 100% of the Grants not otherwise vested upon any termination of Executive’s employment for Good Reason
(as hereinafter defined) and such exercise period shall continue for a period of twelve (12) months after such termination, (B) the options
shall become immediately exercisable as to 100% of the Grants not otherwise vested upon any termination of Executive’s employment
upon a Change of Control (as hereinafter defined) or for death or Disability (as hereinafter defined) and such exercise period shall continue
for a period of ninety (90) days after such termination and (C) in the event that Executive is terminated for Cause (as hereinafter defined),
all unexercised Grants, whether or not vested, shall immediately be rendered null and void.


 


(c)           The
Board in its sole discretion may award a supplemental grant of stock options to Executive.


 


(d)           All
bonus or other incentive-based or equity-based compensation provided to the Executive shall be subject to the Company’s Clawback
Policy for Restatements, which is appended hereto as Appendix A.


 






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6.            
Expenses. Executive shall
be entitled to prompt reimbursement
by the Company for all reasonable and necessary
travel, entertainment, and
other expenses incurred by Executive
while employed (in accordance
with the policies and procedures
established by the Company
for its executive officers) in the
performance of his duties and
responsibilities under this Agreement; provided,
that Executive shall properly account for such expenses in accordance
with Company policies and
procedures. Notwithstanding
anything herein or in
the Company’s policies and procedures
to the contrary, Company shall reimburse Executive
for the cost of his cellular phone
and internet services.


 


7.            
Benefits.


 


(a)            Benefit
Plans. During the term of this
Agreement, the Executive shall be eligible
to participate in incentive,
stock purchase, savings,
retirement, and welfare benefit plans, including,
without limitation, health,
medical, dental, vision,
life (including accidental
death and dismemberment) and disability insurance plans (collectively,
“Benefit Plans”),
in the same manner and
at the same levels as
the Company makes such
opportunities available to
the Company's managerial or
salaried executive employees. In the event that any waiting
periods or other eligibility
requirements are imposed
prior to Executive becoming eligible
for any of such Benefit Plans,
then the Company shall reimburse Executive
for the cost(s) incurred
by Executive in maintaining his current benefit plans
during any such waiting or eligibility periods.


 


(b)           Vacation.
The Executive shall be entitled
to 4 weeks of vacation (in addition to
the usual national holidays) during each
contract year during which
he serves hereunder. Such vacation shall be taken at
such time or times as
will be mutually agreed between the
Executive and the Company. Vacation
not taken during a calendar year may be carried
forward, with a maximum accrual of
8 weeks.


 


(c)           Severance
Compensation. Upon termination of Executive's employment: (i) Executive shall be entitled
to receive any earned but
unpaid Base Salary through the termination date; (ii) Executive
shall be entitled to receive any and all reasonable
expenses paid or incurred
by the Executive in connection
with and related to the performance of his
duties and responsibilities for
the Company during the period ending on
the termination date; and (iii)
Executive shall be entitled to
receive any accrued but unused vacation
time through the termination date. Further,
unless the Executive's employment is terminated
as a result of his death or Disability or
for Cause or Executive terminates
his employment without Good Reason,
then upon the termination of
Executive's employment
(other than upon the expiration of the Term), the Company
shall pay to Executive a severance payment as follows:
(1) the Company shall pay
Executive an amount equal to twelve (12)
months of Executive's Base
Salary (as in effect immediately
prior to the termination date),
and (2); a prorated Bonus amount
calculated in accordance with Executive’s Performance Bonus criteria
set forth in Section 5(a) and the actual number of days Executive
worked in the calendar year prior to
the termination date. All severance payments pursuant to this Section 7(c)(1) and 7(c)(2) shall be
payable in accordance with standard bonus
payment practices of the Company.


 


For
purposes of this Agreement,
the following terms shall
have the meanings set
forth below:


 


“Cause”
shall mean the willful and continued
failure of the Executive to
perform substantially his duties and
responsibilities for the Company (other than any
such failure resulting from Executive’s death or
Disability) after a written
demand by the Board for substantial performance is delivered to
the Executive by the Company,
which specifically identifies the manner in
which the Board believes that the
Executive has not substantially performed
his duties and responsibilities,
which willful and continued failure is not cured
by the Executive within thirty (30)
days of his receipt of such
written demand; (b) the conviction
of, or plea of
guilty or nolo contendere
to, a felony, or
(c) fraud, dishonesty or gross
misconduct which is materially
and demonstratively injurious
to the Company.


 






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“Change of Control”
shall mean the occurrence of any one or more of the following: (i) the accumulation (if over time, in any consecutive twelve (12) month
period), whether directly, indirectly, beneficially or of record, by any individual, entity or group (within the meaning of Section 13(d)(3)
or 14(d)(2) of the Securities Exchange Act of 1934, as amended) of 50.1% or more of the shares of the outstanding Common Stock of the
Company, whether by merger, consolidation, sale or other transfer of shares of Common Stock (other than a merger or consolidation where
the stockholders of the Company prior to the merger or consolidation are the holders of a majority of the voting securities of the entity
that survives such merger or consolidation); (ii) a sale of all or substantially all of the assets of the Company; or (iii) during
any period of twelve (12) consecutive months after January 1, 2022, the individuals who, at the beginning of such period, constitute the
Board, and any new director whose election by the Board or nomination for election by the Company’s stockholders was approved by
a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the 12-month period
or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the
Board; provided, however, that the following acquisitions shall not constitute a Change of Control for the purposes of this
Agreement: (A) any acquisitions of Common Stock or securities convertible, exercisable or exchangeable into Common Stock directly from
the Company or from any affiliate of the Company; or (B) any acquisition of Common Stock or securities convertible, exercisable or exchangeable
into Common Stock by any employee benefit plan (or related trust) sponsored by or maintained by the Company. For the avoidance of doubt,
a sale of either LiProSal or CAO22W shall result in a modification of the vesting schedules of the Executive’s Grants.


 


“Disability”
shall mean a physical
or mental disability that prevents the performance by the Executive,
with or without reasonable
accommodation, of his duties and
responsibilities hereunder for a period
of not less than an aggregate
of three (3) months during any six (6) consecutive
months.


 


“Good
Reason” shall mean (1) the assignment, without the Executive’s consent,
to the Executive of duties that are significantly different from, and that result in a material diminution of, the duties that he assumed
on the Effective Date or the imposition of a requirement that Executive report to any person other than the Board; (2) the assignment,
without the Executive’s consent, to the Executive of a title that is different from and subordinate
to the title Chief Executive Officer of the Company, provided, however, for the absence of doubt following
a Change of Control, should the Executive cease to retain either the title or responsibilities assumed on the Effective Date, or Executive
is required to serve in a diminished capacity or lesser title in a division or unit of another entity (including the acquiring entity),
such event shall constitute Good Reason regardless of the title of Executive in such acquiring company, division or unit; (3) material
breach by the Company of this Agreement, provided that the Board has been notified in writing by Executive of such breach and the breach
has not been cured within thirty (30) days after receipt of written notice; and (4) the relocation of Executive’s regular
office to a location that is more than twenty-five (25) miles from Executive’s current
office.


 


8.      
Confidential Information.


 


(a)           Disclosure of Confidential Information. The Executive recognizes, acknowledges and agrees
that he has had and will continue to have access to secret and confidential information regarding the Company, its subsidiaries
and their respective businesses (“Confidential Information”), including
but not limited to, its products, methods, formulas, software code, patents, sources of supply, customer dealings, data, know-how, trade
secrets and business plans, provided Confidential Information shall not include information and know how that was known to Executive prior
to his employment hereunder, is in or does hereafter become part of the public domain, or becomes known to others through no fault of
the Executive. The Executive acknowledges that such Confidential Information is of great value to the Company, is the sole property of
the Company, and has been and will be acquired by him in confidence. In consideration of the obligations undertaken by the Company herein,
the Executive will not, at any time, during or after his employment hereunder, reveal, divulge or make known to any person, any Confidential
information acquired by the Executive during the course of his employment, which is treated as confidential by the Company, and not otherwise
in the public domain. The provisions of this Section 9 shall survive the termination of the Executive’s employment
hereunder.


 


(b)           The Company acknowledges that notwithstanding the foregoing, Executive, through his extensive experience and contacts in the industry
is already in possession of significant information and know how regarding the Company, its products and the industry within which it
operates. Nothing herein shall be deemed to restrict Executive, during the term hereof or thereafter, from disclosing or using any such
information.


 


(c)          
In the event that the Executive’s employment with the Company terminates for any reason,
the Executive shall deliver forthwith to the Company any and all
originals and copies, including those in electronic or digital formats, of Confidential Information; provided, however, that Executive
shall be entitled to retain (i) papers and other materials of a personal nature, including, but not limited to, photographs, correspondence,
personal diaries, calendars and rolodexes, personal files and phone books, (ii) information showing his compensation or relating to reimbursement
of expenses, (iii) information that he reasonably believes may be needed for tax purposes and (iv) copies of plans, programs and agreements
relating to his employment, or termination thereof, with the Company.


 






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9.             Non-Competition and Non-Solicitation. To the fullest extent permissible
under applicable law, during the term of this Agreement and for a period of one (1) year following termination of this Agreement (the
“Separation Period”):


 


(a)           The Executive agrees and acknowledges that the Confidential Information that the Executive has already
received and will receive is valuable to the Company and that its protection and maintenance constitutes a legitimate business interest
of the Company, to be protected by the non-competition restrictions set forth herein. The Executive agrees and acknowledges that the non-competition
restrictions set forth herein are reasonable and necessary and do not impose undue hardship or burdens on the Executive.
The Executive also acknowledges
that the products and services developed or provided by the Company, its affiliates and/or its clients or customers are or are intended
to be sold, provided, licensed and/or distributed to customers and clients primarily in and throughout the United States (the “Territory”)
(to the extent the Company comes to operate, either directly or through the engagement of a distributor or
joint or co-venturer, or sell a significant amount of its products and services to customers located, in
areas other than the United States during the Term, the definition of Territory shall automatically
expand to cover such other
areas), and that the
Territory, scope of prohibited competition, and time
duration set forth in the non-competition restrictions set
forth below are reasonable
and necessary to maintain
the value of the Confidential
Information of, and to
protect the goodwill and other
legitimate business interests of, the Company, its
affiliates and/or its clients
or customers. The provisions of this Section 9 shall
survive the termination of the Executive’s employment
hereunder.


 


(b)           The
Executive hereby agrees and covenants that
he shall not, during the
Term and any Separation Period,
without the prior written
consent of the Company, directly
or indirectly, in any
capacity whatsoever, including, without limitation, as
an employee, employer,
consultant, principal, partner,
shareholder, officer, director or any
other individual or representative
capacity (other than (i) as a holder of
less than five percent (5%)
of the outstanding securities
of a Company whose shares are traded on
any national securities exchange or (ii) as a
limited partner, passive
minority interest holder in a
venture capital fund, private equity
fund or similar investment entity which holds
or may hold an equity or
equity-linked security position
in portfolio companies that are directly competitive with the Company’s products or
services; provided however,
that the Executive
shall be precluded from serving
as an operating partner, general partner,
manager or governing board designee with
respect to such portfolio companies),
or whether on the Executive's
own behalf or on behalf of
any other person or entity or
otherwise howsoever, during the
Term and the Separation Period
and thereafter to the extent
described below, within the Territory:


 


(i)            Engage, own, manage, operate, control, be employed by, consult for, participate in,
or be connected in any manner with the ownership, management, operation or control of any business in direct
competition with the business of the Company;


 


(ii)          Recruit, solicit
or hire, or attempt to recruit,
solicit or hire, any employee, or independent contractor of the
Company to leave the employment
(or independent contractor relationship) thereof,
whether or not any such employee or independent
contractor is party to an employment agreement, for the
purpose of directly competing with the
business of the Company;


 


(iii)         Attempt
in any manner to solicit
or accept from any customer of the
Company, with whom Executive
had significant contact during
Executive’s employment by the Company (whether
under this Agreement or otherwise), business
of the kind or competitive
with the business done by
the Company with such customer or to
persuade or attempt to persuade
any such customer to cease to do
business or to reduce the
amount of business which
such customer has customarily done
or might do with the Company,
or if any such customer elects to
move its business to a person
other than the Company, provide
any services of the kind
or competitive with the
business of the Company for
such customer, or have any
discussions regarding any such
service with such customer, on behalf of such other
person; or


 


(iv)         
Interfere with any relationship,
contractual or otherwise,
between the Company and any other party,
including, without limitation, any
supplier, distributor, co-venturer
or joint venturer of the Company,
for the purpose of
soliciting such other party to discontinue or
reduce its business with the Company.


 






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For purposes hereof,
a business shall
not be deemed to be in competition
with the business of the Company,
nor shall any products or
services be deemed to compete
with those of the Company,
unless the Company presently produces, sells or distributes or
has, during the Term,
plans to produce,
sell or distribute, such products
or services.


 


With respect to
the activities described in Paragraphs (1),
(2), (3) and (4) above, the restrictions
of this Section 9(b) shall
continue during the Term and
until termination of the Separation
Period following the termination
of this Agreement or of the
Executive’s employment with the Company
(including upon expiration of this
Agreement), whichever occurs
later; provided, however that, in the event
this Agreement or
Executive’s employment is terminated by Executive
for Good Reason or is terminated
by Company without Cause, then the restrictions contained in Section 9(b)
shall continue during the
Term, and not beyond.


 


10.          Section 409A. The provisions of this Agreement are intended to comply with Section 409A of the Code and any final
regulations and guidance promulgated thereunder (“Section 409A”) and shall be construed in a manner consistent with
the requirements for avoiding taxes or penalties under Section 409A. The Company and Executive agree to work together in good faith to
consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition
of any additional tax or income recognition prior to actual payment to Executive under Section 409A.


 


To the extent
that Executive will be reimbursed for costs and expenses or in-kind benefits, except as otherwise permitted by Section 409A, (a) the right
to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit, (b) the amount of expenses eligible
for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or
in-kind benefits to be provided, in any other taxable year; provided that the foregoing clause (b) shall not be violated with regard to
expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related
to the period the arrangement is in effect and (c) such payments shall be made on or before the last day of the taxable year following
the taxable year in which you incurred the expense.


 


A termination
of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts
or benefits upon or following a termination of employment unless such termination constitutes a “Separation from Service”
within the meaning of Section 409A and, for purposes of any such provision of this Agreement references to a “termination,”
“termination of employment” or like terms shall mean Separation from Service.


 


Each installment
payable hereunder shall constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b), including Treasury Regulation
Section 1.409A-2(b)(2)(iii). Each payment that is made within the terms of the “short-term deferral” rule set forth in Treasury
Regulation Section 1.409A-1(b)(4) is intended to meet the “short-term deferral” rule. Each other payment is intended to be
a payment upon an involuntary termination from service and payable pursuant to Treasury Regulation Section 1.409A-1(b)(9)(iii), et. seq.,
to the maximum extent permitted by that regulation, with any amount that is not exempt from Code Section 409A being subject to Code Section
409A.


 


Notwithstanding
anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A at the
time of Executive’s termination, then only that portion of the severance and benefits payable to Executive pursuant to this Agreement,
if any, and any other severance payments or separation benefits which may be considered deferred compensation under Section 409A (together,
the “Deferred Compensation Separation Benefits”), which (when considered together) do not exceed the Section 409A Limit
(as defined herein) may be made within the first six (6) months following Executive’s termination of employment in accordance with
the payment schedule applicable to each payment or benefit. Any portion of the Deferred Compensation Separation Benefits in excess of
the Section 409A Limit otherwise due to Executive on or within the six (6) month period following Executive’s termination will accrue
during such six (6) month period and will become payable in one lump sum cash payment on the date six (6) months and one (1) day following
the date of Executive’s termination of employment. All subsequent Deferred Compensation Separation Benefits, if any, will be payable
in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive
dies following termination but prior to the six (6) month anniversary of Executive’s termination date, then any payments delayed
in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Executive’s
death and all other Deferred Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each
payment or benefit.


 






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For purposes
of this Agreement, “Section 409A Limit” will mean a sum equal (x) to the amounts payable prior to March 15 following
the year in which Executive terminations plus (y) the lesser of two (2) times: (i) Executive’s annualized compensation based upon
the annual rate of pay paid to Executive during the Company’s taxable year preceding the Company’s taxable year of Executive’s
termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any IRS guidance issued with respect thereto;
or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year
in which Executive’s employment is terminated.


 


11.          Golden
Parachute Limitation. Notwithstanding any other provision of this Agreement, in the event that it shall be determined that
the aggregate payments or distributions by the Company to or for the benefit of Executive, whether paid or payable or distributed or
distributable pursuant to the terms of this Agreement or otherwise (the “Payments”), constitute “excess parachute
payments” (as such term is defined under Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”)
or any successor provision, and the regulations promulgated thereunder (collectively, “Section 280G”)) that would
be subject to the excise tax imposed by Section 4999 of the Code or any successor provision (collectively, “Section 4999”)
or any interest or penalties with respect to such excise tax (the total excise tax, together with any interest and penalties, are hereinafter
collectively referred to as the “Excise Tax”), then the Payments shall be either (a) delivered in full, or (b) delivered
to such lesser extent that would result in no portion of the Payments being subject to the Excise Tax, whichever of the foregoing amounts,
taking into account the applicable Federal, state or local income and employment taxes and the Excise Tax, results in the receipt by
Executive, on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be
subject to the Excise Tax. In the event that the Payments are to be reduced pursuant to this Section 11, such Payments shall be reduced
such that the reduction of compensation to be provided to Executive as a result of this Section 11 is minimized. In applying this principle,
the reduction shall be made in a manner consistent with the requirements of Section 409A and where two economically equivalent amounts
are subject to reduction but payable at different times, such amounts shall be reduced on a pro rata basis (but not below zero). All
calculations required pursuant to this Section 11 shall be performed in good faith by nationally recognized registered public accountants
or tax counsel selected by the Company.


 


12.          Miscellaneous.


 


(a)           The Executive acknowledges that the services to be rendered by him under the
provisions of this Agreement are of a special, unique and extraordinary character and that it would be difficult or impossible to replace
such services. Furthermore, the parties acknowledge that monetary damages alone would not be an adequate remedy for any breach by the
Executive of Section 8 or Section 9 of this Agreement. Accordingly, the Executive agrees that any breach or threatened breach by him of
Section 8 or Section 9 of this Agreement shall entitle the Company, in addition to all other legal
remedies available to it, to apply to any court of competent jurisdiction to seek to enjoin such breach or threatened breach. The parties
understand and intend that each restriction to which Executive agrees hereinabove shall be construed as separable and divisible from every
other restriction, that the unenforceability of any restriction shall not limit the enforceability, in whole or in part, of any other
restriction, and that one or more or all such restrictions may be enforced in whole or in part as the circumstances warrant. If any restriction
in this Agreement is more restrictive
than permitted by law in the jurisdiction in which the Company seeks enforcement thereof, such restriction shall be limited to the extent
permitted by law. The remedy of injunctive relief herein set forth shall be in addition to, and not in lieu of, any other rights or remedies
that the Company may have at law or in equity.


 


(b)           Neither the Executive nor the Company may assign or delegate any of their
rights or duties under this Agreement without the express written
consent of the other; provided, however, that the Company shall have the right
to delegate its obligation of payment of all sums due to the Executive hereunder,
provided that such delegation shall
not relieve the Company of any of its obligations hereunder.


 


(c)           During
the term of this Agreement,
the Company (i) shall indemnify and hold harmless Executive and his heirs and representatives as provided under the Company’s certificate
of incorporation, bylaws and indemnification agreement and (ii) shall
cover Executive under the Company’s directors’ and officers’ liability insurance on the same basis as it covers other
senior executive officers and directors of the Company.


 






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(d)           This
Agreement constitutes and embodies the full and complete understanding and agreement of the parties with respect to the Executive’s
employment by the Company, supersedes all prior understandings and agreements, whether oral or written, between the Executive and the
Company, and shall not be amended, modified or changed except by an instrument in writing executed by the party to be charged (it being
understood that, pursuant to Section 7, the Plan
and relevant option agreements shall govern with respect to the subject matter thereof). The invalidity or partial invalidity of one
or more provisions of this Agreement shall not invalidate any other provision of this Agreement. No waiver by either party of any provision
or condition to be performed shall be deemed a waiver of similar or dissimilar provisions or conditions at the same time or any prior
or subsequent time. Notwithstanding the foregoing, for as long as Ault Global Holdings, Inc. (“AGH”) beneficially
owns no less than twenty percent (20%) of the Common Stock, no amendment to this Agreement shall be made absent AGH’s prior written
consent, which consent may be withheld in its sole and absolute discretion.


 


(e)          
This Agreement shall inure to the benefit of, be binding upon and enforceable against, the parties
hereto and their respective successors, heirs, beneficiaries and permitted assigns. The headings contained in this Agreement are for convenience
of reference only and shall not affect in any way the meaning or interpretation of this Agreement.


 


(f)            All notices, requests, demands and other communications required or permitted to be given hereunder
shall be in writing and shall be deemed to have been duly given when personally delivered, sent by registered or certified mail, return
receipt requested, postage prepaid, or by reputable national overnight delivery service (e.g. Federal Express) for overnight delivery
to the party at the address set forth in the preamble to this Agreement, or to such other address as either party may hereafter give the
other party notice of in accordance with the provisions hereof. Notices shall be deemed given on the sooner of the date actually received
or the third business day after deposited in the mail or one business day after deposited with an overnight delivery service for overnight
delivery.


 


(g)           Choice
of Law, Jurisdiction and Venue.
The corporate laws of the State of New York shall govern all issues concerning this Agreement. All other questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of New
York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other
jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. Each party hereby
irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting the New York, New York, for the
adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and
hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action
or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that
such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to
limit in any way any right to serve process in any manner permitted by law. If any provision of this
Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity
or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this
Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY
TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF
THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.


 


(h)           This Agreement may be executed simultaneously in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one of the same instrument. The
signatures of both parties need not appear on the same counterpart. In the event that any signature is delivered by facsimile transmission
or by an e-mail which contains a portable document format (.pdf) file of an executed signature page, such signature page shall create
a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as
if such signature page were an original thereof. The parties hereto have executed this Agreement as of the date set forth above.


 






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(i)            The
Executive represents and warrants to the Company, that he has the full power and authority to enter into this Agreement and to perform
his obligations hereunder and that the execution and delivery of this Agreement and the performance of his obligations hereunder will
not conflict with any agreement to which Executive is
a party. The Company represents and warrants to Executive that it has the full power and authority to enter into this Agreement and to
perform its obligations hereunder and that the execution and delivery of this Agreement and the performance of its obligations hereunder
will not conflict with any agreement to which the Company is
a party.


 


[Signature
page follows]


 






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IN
WITNESS WHEREOF, the Executive and the Company have caused
this Executive Employment Agreement to
be executed as of the date first above written.


 


 


	ALZAMEND NEURO, INC.	 
	 	 
	 	 
	By:	/s/ William B. Horne	 
	Name:	William B. Horne	 
	Title:	Executive Chairman of the Board of Directors
	 	 
	 	 
	EXECUTIVE	 
	 	 
	 	 
	By:	/s/ Stephan Jackman	 
	Name:	Stephan Jackman	 


 






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Appendix A


 


CLAWBACK POLICY FOR RESTATEMENTS


 


In the event that Alzamend
Neuro, Inc. or any of its subsidiaries (including its subsidiaries, the “Corporation”) is required under Generally
Accepted Accounting Principles (“GAAP”) to prepare an accounting restatement to correct an accounting error on an interim
or annual financial statement included in a report on Form 10-Q or 10-K, due to material noncompliance with any financial reporting requirement
under the federal security laws, the Board shall determine whether the restatement was caused by the knowing misconduct of the CEO, CFO
or other Section 16 Officer:


 


(a)          If
the Board determines that knowing misconduct by any member of the Board, the CEO, the CFO or any other Section 16 officer has occurred
and caused such restatement, it shall take the steps necessary to secure reimbursement from his/her:


 


(i)       any
bonus or other incentive-based or equity-based compensation received by the responsible officer or director from the Corporation during
the 9-month period following the first public issuance or filing with the Securities and Exchange Commission (whichever occurs first)
of the financial document embodying such error; and


 


(ii)      any
net profits realized by the responsible officer or director from the sale of Alzamend securities during that 9-month period; and


 


(b)          If
the Board determines that the restatement was due to something other than misconduct, then the Board must recoup any excess incentive-
or performance-based compensation paid to executive officers based on overstated performance of the Corporation in order to ensure proper
alignment of compensation with actual performance and long-term value creation. The Board’s determination and bases therefor must
be recorded in the Board resolutions or minutes;


 


(c)          The
Board shall disclose in the Corporation’s proxy statement the results of its investigation into the reasons for the restatement
and the amount of incentive compensation recouped, if any, on the basis of the investigation;


 


(d)          This
provision does not purport to limit Section 304 of the Sarbanes-Oxley Act of 2002 (the “SOX”) in any way, but any monies
recovered under this provision shall be deemed by the Corporation to have been recovered under Section 304 of SOX; and


 


(e)          All
current employment agreements and contracts relating to compensation of the Corporation’s officers and directors shall be modified
to reflect this policy.


 


 


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