# EDGAR Filing Document

**Accession Number:** 0001671502
**File Stem:** 0001104659-25-083248
**Filing Date:** 2025-8
**Character Count:** 41104
**Document Hash:** 745dcd71457cf389a47e7613f2b539e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-083248.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001104659-25-083248

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250821

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Quoin Pharmaceuticals, Ltd.
- **CENTRAL INDEX KEY:** 0001671502
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** L3

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37846
- **FILM NUMBER:** 251259546

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 23 HATA'AS STREET
- **CITY:** KFAR SABA
- **PROVINCE COUNTRY:** L3
- **ZIP:** 44425
- **BUSINESS PHONE:** 97299741444

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 23 HATA'AS STREET
- **CITY:** KFAR SABA
- **PROVINCE COUNTRY:** L3
- **ZIP:** 44425

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cellect Biotechnology Ltd.
- **DATE OF NAME CHANGE:** 20160721

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cellect Biomed Ltd.
- **DATE OF NAME CHANGE:** 20160406

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **August 21, 2025**

---

| |
|:---|
| **QUOIN PHARMACEUTICALS LTD.** |
| (Translation of registrant's name into English) |

---

---

| | | |
|:---|:---|:---|
| **State of Israel** | **001-37846** | **92-2593104** |
| (State or other jurisdiction<br> of incorporation) | (Commission File Number) | (I.R.S. Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **42127 Pleasant Forest Court**<br> **Ashburn, VA** | **20148-7349** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(703) 980-4182**

---

| |
|:---|
| **Not applicable** |
| (Former name or former address, if changed since last report) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

---

| |
|:---|
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

---

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| American Depositary Shares, each representing Thirty-five (35) Ordinary Shares, no par value per share | QNRX | The Nasdaq Stock Market LLC |
| Ordinary Shares, no par value per share\* |  | N/A |

---

\* Not for trading, but only in connection with the registration of the American Depositary Shares pursuant to requirements of the Securities and Exchange Commission.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

As previously reported, on July 3, 2025, Quoin Pharmaceuticals Ltd. (the "Company") and Gordon Dunn, the Company's prior Chief Financial Officer, agreed to a mutual separation. Mr. Dunn's last day as Chief Financial Officer of the Company was August 15, 2025. In connection with such separation, on August 21, 2025, the Company, through its subsidiary Quoin Pharmaceuticals, Inc., entered into a Settlement Agreement, effective as of August 15, 2025 (the "Separation Agreement"), with Mr. Dunn. Pursuant to the Separation Agreement, Mr. Dunn's employment with the Company terminated as of August 15, 2025. The Separation Agreement provides that Mr. Dunn shall receive

&nbsp;&nbsp;&nbsp;&nbsp;· a payment of $433,620 in equal bi-weekly installments (less legally required deductions) in lieu of his
entitlement to 12 months' notice under the Service Agreement, dated as of November 1, 2021, by and between the Company and
Mr. Dunn,

&nbsp;&nbsp;&nbsp;&nbsp;· a bonus of $108,405 for the 2024 financial year (less legally required deductions) to be paid in a lunp
sum on the one year anniversary of the effective date of the Separation Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;· the terms of any outstanding vested but unexercised non-qualified stock options held by Mr. Dunn were
amended to extend the post-termination time period in which to exercise such options from 90 days to 1 year and 9 months.

The Separation Agreement also contains a release of claims provision. The foregoing description of the Separation Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Separation Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| Exhibit<br> No. | Description |
| [10.1\*](tm2524439d1_ex10-1.htm) | [Settlement Agreement, effective August 15, 2025, by and between Quoin Pharmaceuticals, Inc., and Gordon Dunn](tm2524439d1_ex10-1.htm) |
| 104 | Cover Page Interactive Data file (embedded within the Inline XBRL document) |

---

\*Exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted exhibit to the SEC upon request.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: August 27, 2025 | **QUOIN PHARMACEUTICALS LTD.** | **QUOIN PHARMACEUTICALS LTD.** |
|  | By: | /s/ Michael Myers |
|  | Name: | Dr. Michael Myers |
|  | Title: | Chief Executive Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**This Agreement** is dated as of August 15, 2025

**Parties:**

(1) **Gordon Dunn** of XXXXXXXXX (the **Employee/you**); and

(2) **Quoin Pharmaceuticals, Inc.** a Delaware corporation with registered number SR 20181693856 whose
 principal place of business is at 42127 Pleasant Forest Court, Ashburn, VA 20148 (the **Company/we/us,** and, together with all other affiliated companies, including Quoin Pharmaceuticals Ltd.,
 an Israeli company and sole shareholder of the Company, the **Group Companies** and each
 a **Group Company**).

**Background:**

(A) You
 are employed by us as Chief Financial Officer on the terms of your service agreement with
 us dated 1 November 2021 (**Service Agreement**).

(B) You
 consider you have or may have various claims arising out of the termination of your employment
 by mutual agreement and arising out of your removal from the office of Chief Financial Officer
 of the Company and each Group Company.

(C) This
 Agreement sets out the terms of settlement, and is intended to be an effective waiver of
 those claims. The terms and effect of the Agreement have been explained to you by your legal
 adviser.

(D) Definitions
 (which are not set out within specific clauses) and rules of interpretation for this Agreement
 are set out in clause 13.

(E) We
 enter into this Agreement for ourselves and as agent and trustee for all Group Companies
 and are authorised to do so. It is the parties' intention that each Group Company should
 be able to enforce any rights it has under this Agreement, subject to and in accordance with
 the Contracts (Rights of Third Parties) Act 1999.

**Agreed terms**

1. **Termination Date** 

1.1 Your
 employment with us and/or any Group Company will terminate on August 15, 2025 (**Termination Date**).

1.2 Until
 the Termination Date you will continue to perform your normal duties under your Service Agreement.

2. **Termination Arrangements** 

Subject to your continuing compliance with your Service Agreement (save as amended by this Agreement) and the terms of this Agreement:

**Pay**

2.1 We
 will pay to you salary accrued to the Termination Date in the usual way. Except as set out
 in this Agreement, you agree that no further bonus and/or commission is due and/or payable
 to you.

**Holiday**

2.2 You
 will receive a payment in respect of any outstanding accrued holiday at the Termination Date,
 less statutory deductions for income tax and national insurance.

**Benefits**

2.3 We
 will continue to provide to you up to the Termination Date all benefits which you are entitled
 to under your Service Agreement. You agree that from the Termination Date all benefits will
 cease to be provided, save as provided for expressly in this Agreement.

**Payment in lieu of notice (PILON)**

2.4 We
 will make a payment to you of $433,620.00 (less legally required deductions) in lieu of your
 entitlement to 12 months' notice under clause 20.1 of your Service Agreement. Such payment
 shall be made in equal bi-weekly instalments (in accordance with current payroll practices)
 with the first instalment being paid in the first payroll following the later of the date
 of this Agreement and the Termination Date. For the avoidance of doubt, the Company agrees
 to waive clause 19.3 of your Service Agreement such that you are not under an obligation
 to seek or take up new employment and the Company will make the payment in lieu in full without
 any reduction to reflect any new income you may secure from any new employment or opportunity

**Bonus**

2.5 Notwithstanding
 that you have no entitlement to a bonus for the 2024 financial year, for the purposes of
 this Agreement, we agree to pay you a bonus of $108,405.00 for the 2024 financial year (less
 legally required deductions). Subject to the other terms of this Agreement, including Clause
 12 hereof, such payment shall be made as a single lump sum on the date that is twelve (12)
 months after the Termination Date.

**Expenses**

2.6 You
 will submit any expenses claim on or before the Termination Date in the usual way. We will
 reimburse you those expenses properly and necessarily incurred by you in the course of your
 duties in accordance with our expenses policy and subject to supporting receipts or other
 satisfactory documentary evidence of such expenditure.

2.7 Any
 expenditure which was not properly incurred by you on our and/or any Group Company's business
 or for which you are unable to produce appropriate receipts or other satisfactory documentary
 evidence will be deducted from any outstanding payments due to you under this Agreement.

**Deductions**

2.8 The
 payments and benefits in this clause 2 (with the exception of the payment in clause 2.6)
 are subject to income tax and national insurance contributions which we are obliged by law
 to pay or deduct. Further, we have deducted and/or you agree we will deduct from the sums
 due under this clause 32 and any other provision of this Agreement, any outstanding sums
 due from you to us and/or any Group Company.

**Directors' and Officers' Liability Insurance**

2.9 Subject
 to the rules of the relevant policy from time to time in force, we shall procure that you
 continue to be covered for a period of 6 years from the Termination Date under the Company's
 Directors, Officers and Professional insurance coverage in respect of the period(s) during
 which you were employed by or were an officer of the Company or any Associated Company (but
 only for so long as the Company maintains such cover for its directors and officers generally).
 In signing this Agreement, you are representing and warranting that you are not aware of
 any claims or potential claims against you personally as a director in respect of such period(s).

**Stock Options**

2.10 As
 additional consideration hereunder, the Company hereby agrees to amend the terms of the Non-Qualified
 Stock Option Award Agreements, which were entered into by and between Executive and the Company
 pursuant to the Amended and Restated Equity Incentive Plan of the Company, to provide that
 all vested but unexercised Options (as defined therein) to purchase Shares under each such
 Non-Qualified Stock Option Award Agreement shall be exercisable by Executive on or before
 the date that is one (1) year and nine (9) months after the date hereof, provided that any
 Options that are not exercised as of such date shall expire.

3. **Pension** 

We will notify the trustees or administrators of our pension scheme (**Pension Scheme**) about the termination of your employment and will request that written confirmation of your accrued entitlement under the Pension Scheme and that the options available to you for dealing with that entitlement are sent to you.

4. **Waiver of claims** 

4.1 The
 terms of this Agreement are agreed without any admission of liability by us and are in full
 and final settlement of your complaint(s) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) breach
 of contract or wrongful dismissal; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unfair
 dismissal under s111 ERA,

which you consider you have against the Company, any Group Company and/or any of our or their officers, employees and/or workers arising from your employment and/or its termination and from your holding any office and/or its termination.

4.2 It
 is further the intention that this Agreement will, without any admission of liability by
 us, be in full and final settlement of any other claims or rights of action you have or may
 in future have under common law, contract, statute or otherwise in any jurisdiction in the
 world, however arising, against us, any Group Company or any of our or their officers, employees,
 workers or agents arising directly or indirectly from your employment by the Company, your
 holding of any office, and/or the termination of your employment or office holding and including
 but not limited to the claims specified in Schedule 2 (each of which is waived by this clause)
 including, but not limited to, any issues relating directly or indirectly to your employment
 and/or its termination, raised in any grievance, mediation, protected disclosure or otherwise,
 which are also settled by this Agreement unless expressly specified in this Agreement.

4.3 The
 waiver in clause 4.2 will not apply to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 claims by you to enforce this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) claims
 in respect of personal injury of which you are not aware and could not reasonably be expected
 to be aware at the date of this Agreement (other than any claim arising out of any act of
 discrimination or breach of the implied term of trust and confidence); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 claims in relation to accrued entitlements under the Pension Scheme.

You warrant that you are not aware of any facts, matters or circumstances that could give rise to any such claims and/or any complaint to the Pensions Regulator.

4.4 The
 waiver in this clause 49 (subject to clause 4.39.3) will include, without limitation, any
 future claims you may have arising directly or indirectly from your employment by the Company,
 your holding of any office, and/or the termination of your employment or office holding,
 whether or not the matters which give rise to such future claims are currently known or could
 be known or are in contemplation of either you or us and/or any Group Company and whether
 or not any legal remedy available for such claims in the future is available at the date
 of this Agreement.

4.5 You
 agree that except for the sums, payments and benefits referred to in this Agreement, and
 subject to clause 4.39.3, no other sums or benefits are due to you from us or any Group Company
 and you expressly waive any right or claim that you have or may have to payment or compensation
 for loss under any bonus plan, benefit or award programme, share plan or any stand-alone
 share incentive arrangement or any other benefit, payment or award you may have received
 from us or any Group Company (or any trustees of any scheme established by the Company or
 any Group Company) had your employment or any office held by you not terminated.

4.6 You
 further undertake not to institute any action, claim or proceedings whatsoever against us
 and/or any Group Company or any of its or their officers, employees or agents, whether in
 the Employment Tribunal or any other court, in respect of any of the matters referred to
 in clause 49.

4.7 The
 Company represents for itself and on behalf of all Group Companies to you that it has no
 or is not aware of any claims or any matters in respect of which a claim might be made against
 you arising directly or indirectly from your employment by the Company, your holding of any
 office, and/or the termination of your employment or office holding.

5. **Resignation from offices** 

5.1 You
 will resign as the Chief Financial Officer of the Company and the Group Company and from
 any other office, trusteeship or position that you hold in or behalf of the Company or any
 Group Company on or around the Termination Date (or, if later, the date of this Agreement)
 by signing and delivering to the Company a letter of resignation in the agreed form set out
 in Schedule 3.

5.2 You
 waive any claim for compensation for loss of office which you might otherwise have been entitled
 to as a consequence of any resignation pursuant to clause 5.1.11.1

6. **Company property** 

6.1 You
 agree that within 7 days of the date of this Agreement you will return to us:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 documents and copies in whatever format (written, electronic or otherwise) and wherever located
 and which have been made, compiled or acquired by you during your employment and which relate
 to our or any Group Company's business, affairs or contacts and which are in your possession
 or under your control. This includes, but is not limited to, all Confidential Information
 and Copies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 property belonging to us, any Group Company or any third parties, which is in your possession
 or under your control by virtue of your employment in a satisfactory condition including
 (but not limited to) mobile telephone and SIM card, or laptop computer.

6.2 You
 will on or before the date falling 7 days after the date of this Agreement inform us of the

6.3 You
 will within 7 days of the date of this Agreement use reasonable endeavours to erase irretrievably
 any information relating to our or any Group Company's business or affairs or our or their
 business contacts (and all matter derived from such information), from any computer and communications
 systems and devices owned or used by you outside our premises, including such systems and
 data storage services provided by third parties (to the extent technically practicable) and
 so that neither you nor any other unauthorised person retains any ability to access such
 information. Insofar as you are aware, you have not retained any personal data that you obtained
 during the course of your employment.

6.4 On
 request, you agree to provide us with a signed statement that you have complied fully with
 your obligations under this clause 613 and you will provide us with such reasonable evidence
 of compliance as may be requested.

7. **Confidential information, comment and permitted disclosures** 

**Confidential information**

7.1 Notwithstanding
 clause 1424, you acknowledge and confirm that you continue to be bound by the confidentiality
 provision contained at clause 16 of your Service Agreement.

7.2 You
 will not at any time (including after the Termination Date) disclose to any person or use
 for your own purposes or, through lack of diligence, cause the unauthorised disclosure of
 any Confidential Information and/or any Copies except as authorised or required by law and/or
 as permitted under clause14.6 7 of this Agreement. This restriction will not apply to any
 Confidential Information coming into the public domain other than through an unauthorised
 disclosure by you.

**Statements and comments**

7.3 Save
 as permitted under this clause 7 you confirm that you have kept the existence and terms of
 this Agreement and the circumstances concerning the termination of your employment and/or
 occupation as an officer of the Company and/or any Group Company confidential and will continue
 to do so.

7.4 You
 will not make, publish or cause to be published any disparaging remarks or derogatory statement
 (whether orally, in writing, electronically or online) concerning us, any Group Company,
 or our or their directors, officers, shareholders or employees, any product or service being
 sold, developed or provided by us and/or any Group Company and/or otherwise do anything which
 will, or may, bring us, any Group Company and ours or their directors, officers, shareholders
 or employees into disrepute. You confirm that you have not already done so. This clause is
 subject to clauses 7.614.6 and 7.714.7 below.

7.5 The
 Company shall procure that the Company's Executive Management Team and Board of Directors
 shall not make statements about you that are critical, adverse, negative or derogatory, subject
 at all times to the Company's regulatory and legal obligations.

**Permitted disclosures**

7.6 Nothing
 in this Agreement will prevent you or us (or any of our officers, employees, workers or agents)
 from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) making
 a protected disclosure under section 43A of the Employment Rights Act 1996;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) reporting
 a suspected criminal offence to the police or any other law enforcement agency or cooperating
 with the police or any law enforcement agency regarding a criminal investigation or prosecution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) doing
 or saying anything that is required by HMRC or a regulator, ombudsman or supervisory authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) whether
 required to or not, making a disclosure to or cooperating with any investigation by HMRC
 or a regulator, ombudsman or supervisory authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) complying
 with an order from a court or tribunal to disclose or give evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) disclosing
 information to HMRC for the purposes of establishing and paying (or recouping) tax and national
 insurance liabilities arising from your employment or its termination; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) making
 any other disclosure as required by law or governmental regulation, including as may be required
 under the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations
 promulgated thereunder.

7.7 Nothing
 in this Agreement will prevent you, where necessary and/or appropriate, making a disclosure
 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) your
 spouse, civil partner or partner, or immediate family provided that they agree to keep the
 information confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 person who owes you a duty of confidentiality (which you agree not to waive) in respect of
 information you disclose to them, including your legal or tax advisers or persons providing
 you with medical, therapeutic, counselling or support services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) your
 insurer for the purposes of processing a claim for loss of employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 recruitment consultant or prospective employer to the extent necessary to discuss your employment
 history as part of a genuine employment application;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 government benefits agency for the purposes of making a claim for benefits.

7.8 Nothing
 in this Agreement will prevent us, where necessary and/or appropriate, making a disclosure
 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) our
 officers, employees or workers provided that they agree to keep the information confidential;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 person who owes us a duty of confidentiality (which we agree not to waive) in respect of
 information we disclose to them, including our legal, tax, compliance or other professional
 advisers.

8. **Restrictions following termination** 

8.1 Notwithstanding
 clause 1424, you acknowledge and confirm that you continue to be bound by the post-termination
 restrictions at Schedule 2 of your Service Agreement.

8.2 Following
 the Termination Date, you will not hold yourself out or permit yourself to be held out as
 being employed by us and/or any Group Company and will update your LinkedIn profile and any
 other online presence accordingly.

9. **Assistance with investigations and proceedings** 

You agree to make yourself reasonably available to, and to reasonably cooperate with, us and any Group Company and any of our or their advisers in any internal investigation or administrative, regulatory, judicial or quasi-judicial proceedings. You acknowledge that this could involve, but is not limited to, responding to or defending any regulatory or legal process, providing information in relation to any such process, preparing witness statements and giving evidence in person on our behalf. We will reimburse any reasonable expenses that you incur as a consequence of complying with your obligations under this clause, provided always that such expenses are approved in writing by us (acting reasonably) in advance.

10. **Legal advice** 

10.1 You
 warrant (and acknowledge that we have relied on your warranty in entering into this Agreement)
 the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You
 have received independent legal advice from Richard Yeomans, a qualified lawyer in the firm
 of Addleshaw Goddard LLP of Milton Gate, 60 Chiswell Street, London, EC1Y 4AG (**"Adviser"**)
 as to the terms and effect of this Agreement including in particular, its effect on your
 ability to pursue any complaint before an employment tribunal or other court and the permitted
 disclosures under clause 714.614.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Before
 receiving the advice and entering into this Agreement you disclosed to the Adviser all facts
 and circumstances that may give rise to a claim by you against us and/or any Group Company
 or our or their officers, employees or workers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other
 than the claims expressly specified in clause 4.19.1, you have no claims, and are not aware
 of any facts or circumstances that would or may give rise to any claims, against us or any
 Group Company or our or their officers, employees, workers or agents arising directly or
 indirectly from your employment by us, the holding of any office and/or the termination of
 such employment or office holding (including but not limited to any claims for personal injury).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Adviser has confirmed to you in giving their advice that they are a solicitor holding a current
 practising certificate and the risk of a claim by you in respect of any loss arising in consequence
 of their advice is covered by a policy of insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Adviser will sign and deliver to us a letter in the form at Schedule 1 to this Agreement.

10.2 You
 agree that your acceptance of the terms of this Agreement constitutes a settlement Agreement
 and it satisfies the conditions regulating settlement Agreements under section 147(3) Equality
 Act 2010, section 288(2B) Trade Union and Labour Relations (Consolidation) Act 1992, section
 203(3) Employment Rights Act 1996, regulation 35(3) Working Time Regulations 1998, section
 49(4) National Minimum Wage Act 1998, regulation 41(4) Transnational Information and Consultation
 etc. Regulations 1999, regulation 9 Part-Time Workers (Prevention of Less Favourable Treatment)
 Regulations 2000, regulation 10 Fixed-Term Employees (Prevention of Less Favourable Treatment)
 Regulations 2002, regulation 40(4) Information and Consultation of Employees Regulations
 2004, paragraph 13 Schedule to the Occupational and Personal Pension Schemes (Consultation
 by Employers and Miscellaneous Amendment) Regulations 2006, regulation 62 Companies (Cross
 Border Mergers) Regulations 2007 and section 58 Pensions Act 2008.

11. **Your obligations and promises** 

11.1 You
 agree that if between the date of this Agreement and the Termination Date you are guilty
 of misconduct which would entitle us to dismiss you summarily, we will have no obligation
 to you under the terms of this Agreement and you will be required to repay to us any payments
 already made to you under this Agreement (excluding remuneration and benefits paid/provided
 up to the Termination Date).

11.2 As
 a strict condition of receiving the payments and benefits under this Agreement, you further
 warrant and represent to us the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There
 are no facts or circumstances of which you are aware or ought reasonably to be aware that
 might reasonably be considered a breach by you of any duty (including any fiduciary duties)
 which would justify a summary dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 are no facts or circumstances of which you are aware or of which you ought reasonably to
 be aware which would amount to a repudiatory breach by you of any express or implied term
 of your Service Agreement and which would entitle (or would have entitled) us to terminate
 your employment without notice or pay in lieu of notice. Any payments or benefits pursuant
 to this Agreement are subject to and conditional upon this being so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At
 the date of this Agreement, you have not received or accepted any extant offer (whether of
 employment, consultancy, office, partnership or otherwise) which will provide you with any
 form of income or benefits at any time after the Termination Date or are otherwise preparing
 to take up any opportunity (in respect of which you have received an extant offer or are expecting to receive an offer imminently) which will provide you with a form of income and/or benefits. Any payments or benefits
are conditional on this being so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) You
 will not raise any further grievances in connection with your employment and neither the
 Company and/or any Group Company will have any further obligations in respect of the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) You
 have no outstanding complaints which you have referred to the Information Commissioner's
 Office and you do not require any further steps to be taken by us and/or any Group Company
 to comply with any subject access request under the Data Protection Act 2018 outstanding
 or allegedly outstanding as at the date of this Agreement and you will not exercise your
 right to make any further subject access request of us and/or any Group Company.

12. **Employee indemnities** 

12.1 You
 will indemnify us on a continuing basis in respect of any income tax or National Insurance
 contributions (save for employers' National Insurance contributions) due in respect of the
 payments and benefits provided for in this Agreement (and any related interest, penalties,
 costs and expenses save to the extent that these are caused by a default or delay on the
 part of the Company or any Group Company). We will give you reasonable notice of any demand
 for tax which may lead to liabilities on you under this indemnity and will provide you with
 reasonable access to any documentation you may reasonably require to dispute such a claim
 (provided that nothing in this clause will prevent us from complying with our legal obligations
 with regard to HM Revenue and Customs or other competent body within any applicable time
 limits or otherwise).

12.2 If
 you raise any allegation by way of Acas pre-conciliation and/or pursue a claim against us
 and/or any Group Company arising out of your employment or its termination other than those
 excluded under clause 4.3 you agree to indemnify us and/or any Group Company for any losses
 suffered as a result, including the full amount of any legal fees incurred, and that we will
 have no further obligations to you under the terms of this Agreement (including, but not
 limited to, paying any remaining instalments of the payment in lieu of notice in accordance
 with clause 2.4 above).

12.3 If
 you breach any material provision of this Agreement (including, but not limited to, clauses
 7.1 – 7.4 and 8.1) you agree to indemnify us and/or any Group Company for any losses
 suffered as a result, including all reasonable legal and professional fees incurred, and
 that we will have no further obligations to you under the terms of this Agreement (including,
 but not limited to, paying any remaining instalments of the payment in lieu of notice in
 accordance with clause 2.4 above and payment of your 2024 bonus pursuant to clause 2.5 above).

13. **Definitions and rules of interpretation** 

13.1 In
 this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 headings in this Agreement are inserted for convenience only and shall not affect its construction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 reference to a particular law is a reference to it as it is in force for the time being taking
 account of any amendment, extension or re-enactment and includes any subordinate legislation
 for the time being in force made under it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless
 the context otherwise requires, words in the singular shall include the plural and in the
 plural shall include the singular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Schedules shall form part of this Agreement and shall have effect as if set out in full in
 the body of this Agreement. Any reference to this Agreement includes the schedules.

13.2 **Confidential Information** means information in whatever form (including, without limitation, in written,
 oral, visual or electronic form or on any magnetic or optical disk or memory and wherever
 located) relating to our and/or any Group Company's business, products, affairs and finances
 of for the time being confidential to us and/or any Group Company and trade secrets including,
 without limitation, technical data and know-how relating to our and/or any Group Company's
 business or any of our or its supplies, clients, customers, agents, distributors, shareholders
 or management, including (but not limited to) information that you created, developed, received
 or obtained in connection with your employment, whether or not such information (if in anything
 other than oral form) is marked confidential and **Copies** means copies or records of
 any Confidential Information in whatever form (including without limitation, in written,
 oral, visual or electronic form or on any magnetic or optical disk or memory and wherever
 located) including, without limitation, extracts, analysis, studies, plans, compilations
 or any other way of representing or recording and recalling information which contains, reflects
 or is derived or generated from Confidential Information.

13.3 **ERA** means Employment Rights Act 1996.

13.4 **Group Company** means the Company, its subsidiaries or holding companies from time to time and
 any subsidiary of any holding company from time to time. A reference to a holding company
 or a subsidiary means a holding company or a subsidiary (as the case may be) as defined in
 section 1159 of the Companies Act 2006 and a company shall be treated, for the purposes only
 of the membership requirement contained in sections 1159(1)(b) and (c), as a member of another
 company even if its shares in that other company are registered in the name of (a) another
 person (or its nominee), whether by way of security or in connection with the taking of security;
 or (b) as a nominee.

14. **Entire Agreement and conflicts** 

This Agreement and the Service Agreement (as amended by this Agreement) set out the entire agreement and understanding between the parties and any Group Company and supersedes all previous agreements, understandings or arrangements between them (whether oral or written) relating to your employment and its termination.

You acknowledge that you have entered into this Agreement in reliance only on the representations, warranties and promises specifically contained or incorporated in this Agreement and, save as expressly set out in this Agreement, neither us nor any Group Company, nor any of our or their employees, officers or agents will have any liability in respect of any other representation, warranty or promise made prior to the date of this Agreement. You will have no claim for innocent or negligent misrepresentation or negligent misstatement based on any statement in this Agreement.

15. **Severability** 

Each obligation under this Agreement is separate and severable and it is agreed that the unenforceability of any provision of this Agreement will not affect the enforceability of all remaining provisions. Any unenforceable provision will be deemed not to be part of this Agreement.

16. **Variation** 

No variation of this Agreement will be effective unless it is in writing and signed by the parties (or their authorised representatives).

17. **Third party rights** 

Except as expressly provided elsewhere in this Agreement, no person other than you, us and/or any Group Company will have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement. This does not affect any right or remedy of a third party which exists or is available apart from that Act.

18. **Governing law and jurisdiction** 

18.1 This
 Agreement and any dispute or claim arising out of or in connection with it or its subject
 matter or formation (including non-contractual disputes or claims) will be governed by and
 construed in accordance with the law of England and Wales.

18.2 Each
 party irrevocably agrees that the courts of England and Wales will have exclusive jurisdiction
 to settle any dispute or claim arising out of or in connection with this Agreement or its
 subject matter or formation (including non-contractual disputes or claims).

19. **Counterparts** 

This Agreement may be executed and delivered in any number of counterparts, each of which, when executed, will constitute a duplicate original, but all the counterparts will together constitute the one Agreement.

20. **Electronic signature** 

The Parties agree and consent to the signing of this Agreement by electronic signature (whatever form the electronic signature takes) and that this method of signature is as conclusive of the intention of the Parties to be bound by this Agreement as if signed by each Party's manuscript signature.

21. **Effective date** 

This Agreement will be deemed to be without prejudice and subject to contract until such time as it is signed by both parties and dated and any specified conditions for a binding agreement have been met at which point it will be treated as an open document evidencing a binding Agreement.

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| | |
|:---|:---|
| **QUOIN PHARMACEUTICALS, INC.** | **QUOIN PHARMACEUTICALS, INC.** |
| By: | /s/ Michael Myers |
| Dr. Michael Myers, CEO | Dr. Michael Myers, CEO |

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| |
|:---|
| /s/ Gordon Dunn |
| Gordon Dunn |

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