Document:

Exhibit 10.1

 

THIS PROMISSORY NOTE (“NOTE”) HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT
ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN
OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE MAKER THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	 	Dated as of October 13, 2022
	 	 
	Principal Amount: $1,035,000.00	New York, New York

 

Maxpro Capital Acquisition
Corp., a Delaware corporation (the “Maker”), promises to pay to the order of MP One Investment LLC, a Delaware limited
liability company, or its registered assigns or successors in interest (the “Payee”), the principal sum of One Million
Thirty-Five Thousand ($1,035,000.00), in lawful money of the United States of America, on the terms and conditions described below. All
payments on this Note shall be made by check or wire transfer of immediately available funds, without setoff or counterclaim, to such
account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note. This Note is being
made in connection with Maker extending its termination date of October 13, 2022 for an additional three (3) months to January 13, 2023
(the “Extension”).

 

1. Maturity. The principal balance of this
Note shall be due and payable by the Maker upon the closing of a Repayment/Conversion Trigger Event, as such term is defined below (the
 “Maturity Date”). The principal balance may be prepaid at any time prior to the Maturity Date without penalty upon
written notice by the Maker to the Payee.

 

(a) Each of the following
shall constitute a “Repayment/Conversion Trigger Event”:

 

		(i)	the closing of a merger, consolidation or other business combination pursuant to which the Maker acquires
an entity for its initial business combination (a “DeSPAC Transaction”); or

 

		(ii)	(ii) subject to the terms below, the liquidation of the Maker on or before January 13, 2023 (unless such
date is extended by the Maker’s board of directors to April 13, 2023, at the request of the Payee), or such later liquidation date
as may be approved by Maker’s stockholders (a “Liquidation”), that occurs while the Note is outstanding
or any time thereafter prior to the repayment of the Note.

 

Maker shall provide Payee
at least ten (10) calendar days’ prior written notice of any Repayment/Conversion Trigger Event, and to the extent applicable, a
copy of the material terms and conditions of the DeSPAC Transaction. Except as provided in Section 16 below, under no circumstances whatsoever
shall any individual, including, but not limited to, any officer, director, employee or stockholder of the Maker, be obligated personally
for any obligations or liabilities of the Maker hereunder.

 

(b) Form of Repayment.
In the event of a Liquidation, all amounts due under this Note shall be repaid in cash. In the event of a DeSPAC Transaction, the Note
may be repaid, at the Payee’s discretion, (i) in cash or (ii) with respect to up to One Million Thirty-Five Thousand Dollars ($1,035,000)
of unpaid principal due under this note, in Conversion Units (as defined below), pursuant to Section 16 herein. Absent reasonable prior
written notice by Payee to convert any amounts due under this Note into Conversion Units pursuant to Section 16 herein, the Note shall
become due and payable in cash at closing of such DeSPAC Transaction.

 

2. Interest. No interest shall accrue or
be charged by Payee on the unpaid principal balance of this Note.

 

     

     

    

 

3. Application of Payments. All payments
shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation)
reasonable attorneys’ fees, then to the payment in full of any late charges, and finally to the reduction of the unpaid principal
balance of this Note.

 

4. Use of Proceeds. On or prior to the
date of this Note, the Payee shall remit the full principal amount to the Maker. The Maker hereby represents, warrants and covenants to
the Payee, that the entire principal amount will be used by the Maker solely for purposes of making a payment pursuant to the Investment
Management Trust Agreement dated October 7, 2021 by and between Maker and Continental Stock Transfer & Trust Company, a New York limited
liability trust company (“CST”), for the Extension.

 

5. Events of Default. The following shall
constitute an event of default (“Event of Default”):

 

(a) Failure to Make Required
Payments. Failure by Maker to pay any principal amount due (including, but not limited to, by way of the issuance of Conversion Units
in accordance with the terms of this Note) pursuant to this Note within five (5) business days of the Maturity Date.

 

(b) Breach of Use of Proceeds.
Failure by Maker to comply with the provisions of Section 4 of this Note.

 

(c) Voluntary Bankruptcy,
Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or
other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for
the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action
by Maker in furtherance of any of the foregoing.

 

(d) Involuntary Bankruptcy,
Etc. The entry of a decree or order for relief by a court having competent jurisdiction in respect of Maker in an involuntary case
under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of
its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

6. Remedies.

 

(a) Upon the occurrence of
an Event of Default specified in Section 5(a) or Section 5(b) hereof, Payee may, by written notice to Maker, declare this Note to be due
immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall become immediately
due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained
herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b) Upon the occurrence of
an Event of Default specified in Sections 5(c) and 5(d), the unpaid principal balance of this Note, and all other sums payable with regard
to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.

 

7. Enforcement Costs. In case any principal
of this Note is not paid when due, including (without limitation) by way of the issuance of Conversion Units in accordance with the terms
of this Note, Maker shall be liable for all costs of enforcement and collection of this Note incurred by the Payee and any other Holders,
including, but not limited to, reasonable attorneys’ fees and expenses.

 

8. Waivers. Maker and all endorsers and
guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with
regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all
benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the
proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution,
exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant
to a judgment obtained by virtue hereof or any writ of execution issued hereon, may be sold upon any such writ in whole or in part in
any order desired by Payee.

 

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9. Unconditional Liability. Maker hereby
waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and
agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any
manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and
all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions
of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker
or affecting Maker’s liability hereunder. Any failure of the Payee to exercise any right hereunder shall not be construed as a waiver
of the right to exercise the same or any other right at any time and from time to time thereafter. The Payee may accept late payments,
or partial payments, even though marked “payment in full” or containing words of similar import or other conditions, without
waiving any of its rights.

 

10. Notices. All notices, statements or
other documents which are required or contemplated by this Note shall be made in writing and delivered (at the sender’s sole cost
and expense) by one of the following means: (a) personally (b) by first-class registered or certified postal mail, return receipt requested
(c) through overnight courier or next-day delivery service (d) via facsimile or (e) by electronic transmission to the e-mail address designated.
Any notice or other communication so transmitted shall be deemed to have been given (i) on the day of delivery, if delivered personally,
(ii) five (5) calendar days if sent by mail (iii) two (2) business days after being dispatched through an overnight courier service; (iv)
on the business day following receipt, if sent by facsimile or electronic transmission. The receiving address for each party, respectively,
is set forth below and may be changed at any time by a party upon providing notice thereof to the other party pursuant to the provisions
of this Section 10.

 

If to Maker:

Maxpro Capital Acquisition Corp.

5/F-4, No. 89

Songren Road, Xinyi District

Taipei City, Taiwan 11073

Attn: Wey – Chuan (Albert) Gau, Chief Financial
Officer

 

If to Payee:

MP One Investment LLC

5/F-4, No. 89

Songren Road, Xinyi District

Taipei City, Taiwan 11073

Attn: Hong - Jung (Moses) Chen, Managing Member

 

11. Construction; Governing Law; Venue;
Waiver Of Jury Trial. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO CONFLICT OF LAW PROVISIONS THEREOF. MAKER HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY,
TO THE NONEXCLUSIVE JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES
DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS NOTE, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT. EACH PARTY HERETO HEREBY IRREVOCABLY AND
UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK
STATE COURT OR, TO THE EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH PARTY HERETO ALSO HEREBY AGREES THAT A FINAL
JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR
IN ANY OTHER MANNER PROVIDED BY APPLICABLE LAW. NOTHING IN THIS NOTE SHALL AFFECT ANY RIGHT THAT THE PAYEE OR ANY OTHER HOLDER MAY
OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS NOTE AGAINST THE MAKER OR ITS PROPERTIES IN THE COURTS OF ANY
OTHER JURISDICTION. IN ANY ACTION, SUIT OR PROCEEDING IN RESPECT OF OR ARISING OUT OF THIS NOTE, THE PAYEE AND THE MAKER WAIVE TRIAL
BY JURY, AND EACH OF MAKER AND PAYEE WAIVES (I) THE RIGHT TO INTERPOSE ANY SET-OFF OF ANY NATURE OR DESCRIPTION, (II) ANY OBJECTION
BASED ON FORUM NON CONVENIENS OR VENUE, AND (III) ANY CLAIM FOR CONSEQUENTIAL, PUNITIVE, INCIDENTAL, EXEMPLARY OR SPECIAL
DAMAGES.

 

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12. Severability. Any provision contained
in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not automatically invalidate or render unenforceable such provision in any other jurisdiction.

 

13. Trust Waiver. Notwithstanding anything
herein to the contrary, but subject to the following sentence of this Section 13, the Payee hereby waives any and all right, title, interest
or claim of any kind (“Claim”) in or to any distribution of or from the trust account (the “Trust Account”)
established in which the proceeds of the initial public offering (“the “IPO”) conducted by the Maker (including
the deferred underwriters’ discounts and commissions) and the proceeds of the sale of the units issued in a private placement that
occurred prior to the closing of the IPO were deposited, as described in greater detail in Maker’s Registration Statements on Form
S-1 (File No. 333-258091) filed with the Securities and Exchange Commission in connection with the IPO (together, and collectively, hereinafter
the “Registration Statement”), and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any
Claim against the Trust Account for any reason whatsoever. Notwithstanding the foregoing, the Payee does not waive any Claims, and does
not waive its rights to seek recourse, reimbursement, payment or satisfaction for any Claim, against the Trust Account for distributions
of remaining funds released to the Maker from the Trust Account following redemptions or other distributions to Maker’s public stockholders.

 

14. Amendment; Waiver. Any amendment
hereto, or waiver of any provision hereof, may be made with, and only with, the written consent of the Maker and the Payee.

 

15. Assignment. This Note binds
and is for the benefit of the successors and permitted assigns of the Maker and the Payee. No assignment or transfer of this Note or any
rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of
the other party hereto and any attempted assignment without the required consent shall be void ab initio; provided, that
upon the announcement of a DeSPAC Transaction or occurrence and/or during the continuation of an Event of Default, Payee shall have the
right to assign this Note in its discretion without the consent of Maker upon reasonable written notice thereof to Maker.

 

16. Conversion.

 

(a) Notwithstanding anything
contained in this Note to the contrary, upon receiving due notification by Maker of a DeSPAC Transaction, Payee may elect to convert up
to One Million Thirty-Five Thousand Dollars ($1,035,000) of the unpaid principal balance under this Note into that number of units, each
unit being identical to the private units issued in the IPO (the “Conversion Units”), the total Conversion Units so
issued shall be equal to: (x) the portion of the principal amount of this Note being converted pursuant to this Section 16, divided by
(y) the conversion price of Ten Dollars ($10.00), rounded up to the nearest whole number of units. The Conversion Units shall be identical
to the Units issued by the Maker to the Payee in a private placement upon consummation of the Maker’s IPO. The Conversion Units
and their underlying securities, and any other equity security of Maker issued or issuable with respect to the foregoing by way of a share
dividend or share split or in connection with a combination of shares, recapitalization, amalgamation, consolidation or reorganization,
shall be entitled to the registration rights set forth in Section 17 hereof.

 

(b) Upon any partial conversion
of the principal amount of this Note, (i) such principal amount shall be so converted and such converted portion of this Note shall become
fully paid and satisfied, (ii) Payee shall surrender and deliver this Note, duly endorsed, to Maker or such other address which Maker
shall designate against delivery of the Conversion Units, (iii) Maker shall promptly deliver a new duly executed Note to Payee in the
principal amount that remains outstanding, if any, after any such conversion and (iv) in exchange for any portion of the surrendered Note,
and simultaneous with the surrender of the Note, Maker shall, at the direction of Payee, deliver to Payee (or its members or their respective
affiliates) (Payee, or such other persons, are known herein as the “Holder” or “Holders”) the Conversion
Units, which shall bear such legends as are required in the opinion of legal counsel to Maker (or by any other agreement between Maker
and Payee) and applicable state and federal securities laws, rules and regulations.

 

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(c) The Holders shall pay
any and all issue and other taxes that may be payable with respect to any issue or delivery of the Conversion Units upon conversion of
this Note pursuant hereto; provided, however, that the Holders shall not be obligated to pay any transfer taxes resulting
from any transfer requested by the Holders in connection with any such conversion.

 

17. Registration Rights

 

(a) Reference is made to that
certain Registration Rights Agreement between the Maker and the parties thereto, dated as of October 7, 2021 (the “Registration
Rights Agreement”). All capitalized terms used in this Section 17 shall have the same meanings ascribed to them in the Registration
Rights Agreement. The Conversion Units shall constitute Working Capital Units under the Registration Rights Agreement.

 

(b) The Holders of the Conversion
Units and their underlying securities shall be entitled to one Demand Registration, which shall be subject to the same provisions as set
forth in Section 2.1 of the Registration Rights Agreement.

 

(c) The Holders shall also
be entitled to include the Conversion Units and their underlying securities in Piggyback Registrations, which shall be subject to the
same provisions as set forth in Section 2.2 of the Registration Rights Agreement; provided, however, that in the event that
an underwriter advises the Maker that the Maximum Number of Shares has been exceeded with respect to a Piggyback Registration, the Holders
shall not have any priority over the holders of any other Registrable Securities for inclusion in such Piggyback Registration.

 

(d) Except as set forth above,
the Holders and the Maker, as applicable, shall have all of the same rights, duties and obligations set forth in the Registration Rights
Agreement.

 

[Signature page follows]

 

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IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first
above written.

 

	 	Maxpro Capital Acquisition Corp.
	 	 	 
	 	By:	/s/ Wey – Chuan (Albert) Gau
	 	 	Name: Wey – Chuan (Albert) Gau
	 	 	Title: Chief Financial Officer

 

    6Exhibit
10.01

 

SEPARATION
AGREEMENT AND RELEASE

 

This
Separation Agreement and Release (“the Agreement”) is entered into between Thomas Hallam (“Executive”), Leading
Biosciences, Inc. (“LBS”) and Palisade Bio, Inc. (the “ Company”).

 

Whereas,
pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated as of
December 16, 2020, by and among the Company (formerly known as Seneca Biopharma, Inc.), LBS and Townsgate Acquisition Sub 1, Inc., a
wholly owned subsidiary of the Company (“Merger Sub”), the Company completed the previously announced merger transaction
with LBS (the “Merger”), pursuant to which LBS became a wholly owned subsidiary of the Company. Pursuant the Merger, Executive,
who was the CEO of LBS and a member of the board of directors of LBS retained those positions and also became the CEO and a member of
the board of directors of the Company.

 

Whereas,
effective October 11, 2022 (“Separation Date”), Executive has resigned from any and all positions within the Company, LBS
and Insperity PEO Services L.P. (“Insperity”), LBS’s professional employment organization, including without limitation
as a member of the boards of directors of the Company and LBS and as CEO of the Company and LBS; and

 

Whereas,
that certain Employment Agreement dated December 16, 2020 by and between Executive and LBS (the “Employment Agreement”) provides
that Executive may receive certain severance benefits upon termination of his employment for certain reasons (the “Severance Benefits”),
conditioned upon his execution of an acceptable Separation Agreement, and the parties providing such severance benefits to Executive,
in addition to the payment of compensation he has earned as of the Separation Date, based on the terms set forth in this Agreement, and
Executive, the Company and LBS agree that Executive’s resignation is such a circumstance entitling him to Severance Benefits; and

 

In
consideration for the good and valuable consideration described herein, the parties further agree as follows:

 

		1.	Severance.
                                            The Company will provide Executive with the following “Severance Benefits”

 

		a.	The
                                            Company shall send by overnight mail within 72 hours of the Separation Date Executive’s
                                            final pay through the Separation Date.
		b.	On
                                            the first regular pay date which is after the Effective Date of this Agreement, the Company
                                            shall pay any expense reimbursements for appropriate business expenses properly submitted
                                            by Executive by the Effective Date in accordance with the Company’s reimbursement policy
                                            for business expenses incurred through the Separation Date. Executive will not seek reimbursement
                                            for purchase of a cell phone prior to the Separation Date.
		c.	Commencing
                                            on the first regular pay date which is after the Effective Date of this Agreement, the Company
                                            will provide Executive with his salary for a period of twelve months after the Separation
                                            Date, payable on the Company’s regular monthly payroll dates, as set from time to time,
                                            subject to all legally required taxes and withholdings.

 

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		d.	Executive’s
                                            group health insurance shall end on October 31, 2022, at midnight PST. The Company shall
                                            directly pay Executive’s COBRA group health insurance premiums for Executive and Executive’s
                                            eligible dependents, upon an election of COBRA benefits, from November 1, 2022 the until
                                            the earliest of i) through and including October 11, 2023 (representing twelve months of
                                            premium payment); ii) the expiration of Executive’s eligibility for COBRA benefits,
                                            or iii) the date when Executive becomes eligible for substantially comparable health insurance
                                            benefits in connection with new employment or self-employment.
		e.	The
                                            Company will provide Executive with up to six months of virtual job-placement services with
                                            Lee Hecht Harrison, at a value of $3,100.00, which must be utilized within six months after
                                            the Separation Date. If Executive does not use this service, no additional benefits will
                                            be owed or provided to Executive.
		f.	Executive
                                            acknowledges and agrees that the Severance benefits provided for hereunder are payable by
                                            the Company and that Insperity has no obligation to provide the Severance benefits, even
                                            though the benefits may be processed by Insperity.
		g.	All
                                            of Executive’s equity incentive awards (which are stock option awards) granted prior
                                            to the Separation Date pursuant to any equity incentive plan of LBS or the Company, which
                                            are subject to time-based vesting, will be accelerated and deemed vested as if Executive
                                            had remained employed for the 12 months after the Separation Date. Each stock option award
                                            may be exercised by Executive after the Separation Date (which shall be the “Termination
                                            Date” for purposes of each equity incentive award) for the period of time as set forth
                                            in the applicable equity incentive award agreement documenting a stock option award, assuming
                                            a termination without cause. It is agreed that the Company, and not Insperity, will be responsible
                                            for any equity-related transactions should Executive choose to exercise the options or have
                                            other such transactions in the future, including payroll processing and W-2 reporting under
                                            the company’s FEIN.
		h.	The
                                            Company will not oppose nor appeal any award of unemployment benefits to Executive but will
                                            be obligated to respond truthfully to any request for information from the State of California
                                            Employment Development Department in connection with any application for unemployment benefits.

 

		2.	Mutual
                                            Release. Each party hereby releases the other party, including their respective current
                                            and former parent companies, subsidiaries, and affiliated companies, as well as any of their
                                            respective current and former insurers, directors, officers, agents, shareholders, and employees,
                                            and in the case of LBS and the Company, Insperity (“Released Parties”) from any
                                            claims that it/he may have against any of them as of the date of this Agreement, whether
                                            such claims arise from common law, statute, regulation, or contract. This release includes
                                            but is not limited to rights and claims arising under Title VII of the Civil Rights Act,
                                            the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Americans
                                            with Disabilities Act, the Genetic Information Nondiscrimination Act, the Family Medical
                                            Leave Act, the California Family Rights Act, the California Fair Employment and Housing Act,
                                            the California Pregnancy Discrimination Act, and any state or federal leave law or workers
                                            compensation retaliation law. By accepting the Severance benefits and additional compensation
                                            provided hereunder, Executive has agreed to release the Released Parties from any liability
                                            arising out of his employment with and separation from the Company, LBS and Insperity. By
                                            accepting Executive’s resignation from the boards of directors of each of the Company
                                            and LBS, the Company, LBS and Insperity has agreed to release the Released Parties from any
                                            liability arising out of Executive’s employment with and separation from the Company,
                                            LBS and Insperity. This includes, but is not limited to, claims alleging breach of contract,
                                            defamation, dishonesty, emotional distress, harassment, discrimination, or retaliation based
                                            on age, gender, race, religion, national origin, disability, or any other status protected
                                            under state, local or federal law. Notwithstanding anything in this release, Executive shall
                                            not be released from any conduct which constitutes a breach of his fiduciary obligations
                                            such as fraud, dishonesty, immoral conduct, or criminal or civil liability toward LBS or
                                            the Company.

 

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It
is understood and agreed that Executive is waiving any rights under Section 1542 of the California Civil Code, which provides:

 

“A
general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor
at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the
debtor or released party.”

 

Rights
Reserved. This release does not apply to claims for workers compensation benefits, to making or participating in any administrative
charge or in any investigation before any governmental agency charged with enforcement of any federal, state or local law, including
but not limited to the Equal Employment Opportunity Commission, any similar state or local agency, the National Labor Relations Board,
or the Securities and Exchange Commission (“SEC”). This release does not prevent Executive from engaging in any concerted
activity for the purposes of collective bargaining or other mutual aid and protection. Executive does agree, however, that by signing
this release, you waive any right to recover monetary damages or other individual relief in connection with any charge or investigation
in which you may participate. Notwithstanding the foregoing, nothing herein prohibits you from seeking or obtaining a whistleblower award
from the SEC (and not the Released Parties) pursuant to Section 21F of the Securities Exchange Act of 1934, as amended.

 

		3.	Existing
                                            Agreements. Nothing in this Agreement shall be construed to alter any prior agreements
                                            Executive entered into with the Company or Insperity, including but not limited to the terms
                                            of Executive’s Employment Agreement, the Confidentiality, Invention Assignment, and
                                            Non-Compete Agreement you executed, or any agreement concerning arbitration, intellectual
                                            property, confidentiality, non-solicitation, or non-competition with LBS and/or the Company.

 

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		4.	No
                                            Admission of Liability. It is understood and agreed that entering into this Agreement
                                            does not constitute an admission of liability or fault by any party or person or of any unlawful
                                            conduct of any kind.
	 	 	 
		5.	Non-Disparagement.
                                            Executive and the Company agree not to disparage each other or to do anything that portrays
                                            Executive or the Company, or the Company’s business, products, or personnel in a negative
                                            light or that might injure the Executive or the Company’s business or affairs. This
                                            includes, but is not limited to, disparaging remarks, postings on social media, or conduct
                                            imputing negative, immoral or unlawful conduct to the Executive or the Company, or the Company’s
                                            shareholders, officers, directors, employees, agents, advisors, partners, affiliates, consultants,
                                            products, formulae, business processes, corporate structure, organization, or marketing methods.
                                            Executive further acknowledges that he has not, and will not, do anything which will subject
                                            the Company to exposure for fraud, dishonesty, immoral conduct, or criminal or civil liability.
                                            Nothing in this section affects the rights reserved under Section 2 or prevents Executive
                                            from discussing or disclosing any information about unlawful acts in the workplace which
                                            Executive has reason to believe are unlawful.

 

In
the event the Company is contacted for a reference about Executive by a potential employer, the Company will refer all requests to Insperity’s
Contact Center (1-866-715-3552), which will provide only dates of employment and last position held.

 

In
the event Executive or any officers, employees or directors of the Company or LBS is contacted with questions about Executive’s
departure, each will state only that Executive has resigned to pursue other opportunities.

 

		6.	Return
                                            of Property. Executive covenants that he is obligated to, and will, return to the Company
                                            all property belonging to the Company, LBS or to Insperity by the Effective Date, including
                                            but not limited to documents, files, forms, customer information and lists, business information,
                                            keys, his Company laptop computer, hand held devices, pagers, and Company-issued credit card.
	 	 	 
		7.	Severability.
                                            It is understood and agreed that if any portion of this Agreement is found to be unenforceable,
                                            in whole or in part, the portion of the Agreement which is unenforceable will be severed
                                            and the remainder of the Agreement shall remain in force and effect.
	 	 	 
		8.	Waiting
                                            Time; Right to Revoke. Executive has 45 days in which to consider this Agreement and
                                            if it is not accepted within 45 days, it will expire. Executive has the right to consult
                                            with an attorney before executing this Agreement. Upon signing this Agreement, Executive
                                            should return the signed Agreement to Samantha Pellerin, Insperity Sr. HR Specialist at Samantha.Pellerin@insperity.com.
                                            After signing this Agreement, Executive will have a right to revoke this Agreement for a
                                            period of seven days after execution. The Agreement may be revoked by providing written notice
                                            of revocation to Samantha Pellerin, Insperity Sr. HR Specialist at Samantha.Pellerin@insperity.com.
                                            This Agreement will be effective on the eighth day after it is signed, if it has not been
                                            revoked (“Effective Date”).
	 	 	 
		9.	Modification.
                                            This Agreement may only be modified by a writing signed by Executive and by the Company and
                                            LBS.
	 	 	 
		10.	Voluntary
                                            Execution. This Agreement fully and accurately describes the agreement of the parties
                                            and is signed knowingly and voluntarily. Any waiver of rights and offer of benefits is understood
                                            and agreed to and is entered into after full consideration and consultation with each party’s
                                            respective advisors, and of their own free will.

 

[Signature
Page Follows]

 

    	4

     

    

 

Signature
Page to Separation and Release

 

	Date:		 	 
	 	 	 	Thomas Hallam, Executive
	 	 	 	 	 
	 	 	 	LEADING BIOSCIENCES, INC.
	 	 	 	 	 
	Date:
    		 	 
	 	 	 	Name:	J.D.
    Finley
	 	 	 	Its:	Interim
    CEO
	 	 	 	 	 
	 	 	 	PALISADE BIO, INC.
	 	 	 	 	 
	Date:		 	
	 	 	 	Name:	J.D.
    Finley
	 	 	 	Its:	Interim
    CEO

 

    	5

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