Document:

Exhibit 10.1

 

SEPARATION AGREEMENT
AND GENERAL RELEASE

 

This Separation Agreement
and Release (the “Agreement”) is between Xavier D. Williams (“Employee”) and American Virtual Cloud Technologies,
Inc. (“Employer”) and is effective on the eighth day following Employee’s execution of this Agreement provided Employee
has not revoked the Agreement (the “Effective Date”).

 

RECITALS

 

Employee and Employer previously
entered into that certain Employment Agreement, effective as of October 1, 2020 (the “Employment Agreement”); capitalized
terms used herein but not defined herein shall have the meanings given to such terms in the Employment Agreement;

 

Employee was notified on June
28, 2021 that he was relieved of all operational duties and is to no longer perform any duties for the Employer;

 

Employee’s last day
worked was July 1, 2021 but expressly for purposes of required SEC filings, the Employer and Employee agree that Employee’s employment
with the Employer will terminate on the Effective Date;

 

Employee and Employer desire
to define their respective rights and obligations for the future;

 

Employee desires to release
any claims or causes of action Employee may have against Employer and the other Employer Released Parties (as defined herein); and

 

Employer desires to release
any claims or causes of action Employer may have against Employee and the other Employee Released Parties (as defined herein.

 

Now, therefore, for and in
consideration of the mutual covenants and promises hereinafter set forth, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Employee and Employer agree:

 

1. Termination.
Employee was paid his normal base salary through July 1, 2021. Whether or not Employee signs this Agreement, Employee will additionally
receive reimbursement for any unreimbursed business expenses properly incurred by Employee in accordance with the Employer’s policy
prior to July 1, 2021 and his vested benefits, if any, under the employee benefit plans of the Employer. Employee acknowledges that the
payments made pursuant to this Section 1 will be in full satisfaction of all wages, benefits and other compensation owed to Employee for
employment or service through the Termination Date. Subject to and expressly contingent upon Employee’s reasonable satisfaction
with Employer’s Director’s and Officer’s insurance policy (the “D&O Policy”), Employee shall continue
to serve on the Employer’s board of directors (the “Board”), and shall be elected as, and serve as, Vice Chairman of
the Board as of the Effective Date until September 1, 2021, at which time the Employee agrees to resign as Vice Chairman of the Board
and all other positions with the Board. For the avoidance of doubt, Employee shall have no obligation to serve on the Board if the D&O
Policy is not reasonably satisfactory to Employee. To the extent that Employee’s services as Vice Chairman exceed more than five
(5) hours per week, Employer agrees to compensate Employee at an hourly rate of $250.00 for time spent actually providing services to
the Employer.

 

     

     

    

 

2. Employer’s
Obligations to Employee. Provided that Employee executes and does not revoke this Agreement, Employer shall, in full satisfaction
of its obligation to provide the following (collectively, the “Termination Compensation”):

 

(a) Pay
to Employee an amount equal to his current Base Salary of $600,000 (subject to applicable withholding taxes), payable in two (2) equal
installments as follows: (i) $300,000 on or before July 31, 2021, unless such date is prior to the Effective Date, in which case Employer
will pay within five (5) business days of the Effective Date; and (ii) $300,000 on or before November 30, 2021;

 

(b) Pay
to Employee an amount equal to $448,767.12, subject to applicable withholding taxes, which represents a pro rata portion of Employee’s
Bonus for 2021, which shall be payable on or before November 30, 2021;

 

(c) Pay
the cost of Employee’s and any dependents’ coverage under COBRA under the Employer’s health plan currently in effect
for the 12-month period following the Effective Date;

 

(d) Employer
shall indemnify Employee from and against any and all liabilities, claims, and costs arising at any time, arising through the Effective
Date and which are related to Employee’s employment and duties with the Employer. The indemnification obligations under this Section
2(d) are conditioned upon: (i) the Employee providing the Employer with prompt written notice of any such claims (if Employee is or becomes
aware of such liabilities, claims, and/or costs prior to Employer); (ii) the Employer having, at its option, sole control and authority
to defend or settle such claims; and (iii) the Employee cooperating with the Employer, at the Employer’s sole cost and expense,
in the defense of such claims. The Employer will not accept any settlement that imposes liability not covered by the indemnification or
restrictions on the Employee without the Employee’s prior written consent, which consent will not be unreasonably withheld or delayed.
The Employee may participate in the defense of any claims through his own counsel at his own expense; and

 

(e) Subject
to the terms, conditions, and exclusions of any applicable policies, Employer agrees to maintain coverage for Employee on its D&O
Policy for any conduct in connection with his duties with the Employer occurring through the Effective Date through September 1, 2023,
and shall provide Employee with written confirmation that such insurance policy is active, along with copies of the D&O Policy. For
the avoidance of doubt, while Employee shall be covered by the D&O Policy until September 1, 2023, Employee shall not be required
to serve on the Board after August 31, 2021.

 

(f) Time
is of the essence with respect to all payments due hereunder.

 

    2 

     

    

 

3. Prior
Rights and Obligations. Except as herein set forth, this Agreement extinguishes all rights, if any, which Employee may have, and obligations,
if any, of Employer and its affiliates, contractual or otherwise, (a) relating to the employment, service or termination of employment
of Employee with Employer or its affiliates, or (b) under the Employment Agreement, any employment contract or other plan with Employer
or its affiliates, and any severance plan, policy or practice. Employee agrees that the above amounts are the only amounts that will be
paid in connection with Employee’s termination of employment or service and fully satisfy Employer’s and its affiliates’
obligations to Employee under the Employment Agreement, that Employee is not entitled to or owed any other severance benefits or compensation
arising out of the employment, service or termination of employment of Employee with Employer, and that Employee is receiving benefits
under this Agreement that Employee would not be entitled to but for the execution of this Agreement.

 

4. Employer
Assets. Employee hereby represents and warrants that Employee has no claim or right, title or interest in, or possession of, any property
or assets of Employer or its affiliates. On the Effective Date, to the extent Employee has not already done so, Employee shall deliver
to Employer any such property or assets in Employee’s possession or control, including, without limitation, any information technology
equipment, keys and security cards issued to Employee by Employer, and all electronically stored information (or information derived therefrom)
(including disclosing to Employer electronic user IDs and passwords).

 

5. Waiver
and Release of All Claims.

 

(a) Release
by Employee. Subject to and expressly contingent upon Employee’s receipt of the Termination Compensation in accordance with
the terms of this Agreement, Employee agrees to and hereby does release the Employer and its affiliates, and each of their current and
former directors, officers, employees, agents, investors, predecessors and successors in interest, and all benefit plans sponsored by
any of them, and all fiduciaries for such benefits plans, past or present (collectively, the “Employer Released Parties” and
individually, a “Employer Released Party”), individually and collectively, from liability for any and all claims, damages,
and causes of action of any kind from the beginning of time through the date Employee signs this Agreement, including but not limited
to (a) any and all claims or causes of action arising under the Age Discrimination in Employment Act, as amended, 29 U.S.C. § 621,
et seq. (“ADEA”), Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Family and Medical Leave
Act, the Employee Retirement Income Security Act (“ERISA”), the Sarbanes-Oxley Act and the Dodd-Frank Wall Street Reform Act;
(b) any and all claims or causes of action arising under any other federal, state or local laws including but not limited any such claims
arising under the Pennsylvania Human Relations Act; and (c) any and all claims for breach of the Employment Agreement, the CIC Agreement,
any Equity Agreement (as defined below) or any contract, agreement, plan, policy, or practice, whether oral or written between Employee
and any Employer Released Party (all of the foregoing, the “Released Claims”).

 

This Agreement
does not prohibit Employee from filing a complaint with the EEOC or other governmental agency making a good faith report of possible violations
of applicable law to any governmental agency or from cooperating with any governmental investigation. However, Employee acknowledges that
by reason of his waiver and release of claims, he shall not be entitled to relief resulting from any such complaint or report, except
and only to the extent as may otherwise be required by applicable law. This Agreement and Employee’s release does extend to any
of the Released Claims brought by any organization, governmental agency, or person on behalf of Employee or as a class action under which
Employee may otherwise have a right or benefit and Employee agrees that he is not entitled to, has waived, and will not accept any such
relief.

 

    3 

     

    

 

Except as expressly
provided herein, the waiver and release provisions of this Agreement do not apply to any rights or claims for age discrimination that
may arise after the effective date of this Agreement. Further, this Agreement does not prohibit Employee from filing a claim to challenge
the validity of his release of claims under the ADEA or any claim for breach of this Agreement, or as permitted by the rules of, or any
programs administered by, the Securities and Exchange Commission.

 

(b) Release
by Employer. In consideration of and in return for the benefits stated in this Agreement, Employer agrees to and hereby does release
the Employee, and his affiliates, agents, representatives, heirs, and assigns (collectively, the “Employee Released Parties”)
from any and all liability, claims, damages, and causes of action of any kind from the beginning of time through the date Employer signs
this Agreement.

 

6. Equity
Agreements; Accelerated Vesting. All awards previously granted to Employee pursuant to the terms of the American Virtual Cloud Technologies,
Inc. 2020 Equity Incentive Plan (the “Equity Plan”) shall continue to be governed by the applicable terms of the applicable
Award Agreements (as such term is defined in the Equity Plan) (the “Equity Agreements”) and the Equity Plan; provided, however,
that 125,000 of Employee’s unvested restricted stock units (“RSUs”) shall vest immediately on the Effective Date. The
Employer shall deliver to Employee the number of Shares (as defined in the Equity Plan) corresponding to the RSUs, pursuant to the terms
of the Equity Plan. Employee is responsible for any personal income taxes which may arise from the vesting of the RSUs. Employer acknowledges
that Employee was previously granted 500,000 RSUs under the Equity Agreements, of which 62,500 RSUs vested prior to the Effective Date
hereof (of which Employee was issued a net of 46,752 RSUs after taxes), and following the vesting of Employee’s 125,000 RSUs hereunder,
Employee shall hold 171,752 RSUs.

 

7. Confidentiality.
Each party hereby acknowledges that it has provided certain of its Confidential Information, as defined below (the “Disclosing Party”),
to each party hereto, and each party acknowledges that it has received certain Confidential Information from each party hereto (the “Receiving
Party”). The parties agree to maintain as confidential all Confidential Information that is provided by any other party, and shall
not, without the prior written consent of the Disclosing Party, disclose, display, or otherwise make available to any person, or entity,
or use for such party’s own benefit, or for the benefit of another, any of the Disclosing Party’s Confidential Information.
The term “Confidential Information” shall include the terms of this Agreement, any non-public information about or relating
to any party’s finances, technology, business operations, strategies, customers, pricing, marketing, sourcing, personnel, affiliates,
suppliers, vendors, or customers, in each case whether spoken, printed, electronic or in any other form or medium. Confidential Information
shall not include information that: (a) is or becomes generally available to the public other than through the Receiving Party’s
breach of this Agreement; (b) is communicated to the Receiving Party by a third party that had no confidentiality obligations with
respect to such information; or (c) is required to be disclosed by law, including without limitation, pursuant to the terms of a court
order; provided that the Receiving Party has given the Disclosing Party prior notice of such disclosure and an opportunity to contest
such disclosure.

 

    4 

     

    

 

8. Non-Disparagement.
Employee and Employer each hereby agree not to disclose the terms of this Agreement to any other person, except that either party may
disclose such terms to their legal counsel, financial advisors and/or tax accountants, and Employee may disclose such information to members
of Employee’s immediate family. Employee agrees to refrain from making public or private statements or comments relating to any
of the Employer Released Parties which are derogatory, disparaging, or which may tend to injure any such party or person in its or their
business, public or private affairs unless required by law. Employer agrees to instruct its then-current officers and directors as of
the Effective Date to refrain from making public or private statements or comments relating to any of the Employee Released Parties which
are derogatory, disparaging, or which may tend to injure any such party or person in its or their business, public or private affairs
unless required by law. Employer and Employee agree that nothing in this section prohibits the Employee from engaging in any activity
protected under the National Labor Relations Act and that nothing in this section prohibits the Employer from issuing an SEC required
filing (including but not limited to the Form 8-K) as to the separation of Employee’s employment.

 

Employer and Employee agree
that Employer shall issue a mutually agreed upon press release announcing the separation of Employee’s employment.

 

9. Termination
of Non-Compete Agreement. Employer and Employee hereby acknowledge and agree that the non-compete covenant contained in sections (i)
through (iii) of the Employment Agreement with the heading “Non-Compete Agreement” is hereby terminated and of no further
force or effect, and Employee is free to engage in or pursue any other business, including business that may be competitive with the business
of Employer, provided that Employee may not solicit any customer of the Employer (regarding the sale of cloud communication services for
a period of one (1) year) for any such competitive business as set forth in section (iv) of the Employment Agreement with the heading
“Non-Compete Agreement.” Employer and Employee hereby agree and acknowledge that the non-solicitation covenant contained in
section (iv), as it pertains to executives or employees of the Company, is hereby terminated as to any executives and employees of the
Employer with whom Employee had material contact prior to his employment by the Employer.

 

10. Affirmation
of Continuing Duties. Except as otherwise provided herein, in accordance with Employee’s existing and continuing obligations,
Employee agrees to abide by and acknowledges the enforceability of certain covenants under the Employment Agreement, including the sections
of the Employment Agreement with the headings “Confidentiality,” “Confidentiality After Termination of Employment,”
and “Intellectual Property Rights.” This includes, without limitation, to the extent Employee has not already done so, promptly
after the execution of this Agreement, delivering to Employer all confidential information in accordance with the Employment Agreement.
Employee acknowledges that his compliance with these continuing obligations in the Employment Agreement and the confidentiality and non-disparagement
provisions herein is a condition to his receipt of the benefits provided under this Agreement. In addition to any other legal or equitable
remedies Employer may have, in the event that Employee violates any such provisions of the Employment Agreement, Employer shall be entitled
to cease payment of any amounts due under this Agreement.

 

    5 

     

    

 

11. Exclusive
Benefits. Employee agrees and acknowledges that the only benefits associated with the termination of Employee’s employment with
Employer to which Employee is entitled are the benefits stated in this Agreement (including those sections of the Employment Agreement
and Equity Agreements incorporated by reference) and that Employee is not entitled to any additional benefits under any other policy,
plan or agreement of Employer or any of its affiliates in connection with Employee’s termination.

 

12. Unenforceable
Provisions. In the event that any provision of this Agreement is determined in the future to be invalid, void or unenforceable for
any reason, such determination shall not affect the validity and enforceability of all remaining provisions of this Agreement. The only
exception is that upon a determination that Employee’s agreements contained in Section 5 above (the waiver and release of all claims)
are unenforceable, Employer shall have the right to discontinue payments until Employee signs a new enforceable release and waiver of
claims in a form reasonably satisfactory to Employer, unless Employee’s agreements in Section 5 are voided due to Employee’s
challenge of the enforceability of such provision, in which case the entire Agreement shall be voidable, at the option of Employer, thereby
requiring, to the extent permitted by applicable law, the return to Employer of all payments given in consideration for those release
provisions.

 

13. Choice
of Law. This Agreement shall be governed by and construed and enforced, in all respects, in accordance with the law of the State of
Georgia, without regard to the principles of conflict of law of such state, except as preempted by federal law. The Parties hereby irrevocably
consent to jurisdiction and venue in the federal or state courts located in Fulton County, Georgia and waive objection to the jurisdiction
and venue being in such courts.

 

14. Merger.
This Agreement supersedes, replaces and merges all previous agreements and discussions relating to the same or similar subject matters
between Employee and Employer and constitutes the entire agreement between Employee and Employer with respect to the subject matter of
this Agreement (including any contrary provision in the Employment Agreement), other than those portions of the Employment Agreement and
Equity Agreements incorporated herein by reference. This Agreement may not be changed or terminated orally, and no change, termination
or waiver of this Agreement or any of the provisions herein contained shall be binding unless made in writing and signed by all parties,
and in the case of Employer, by an authorized officer.

 

15. Rights
under the Age Discrimination in Employment Act. Employee acknowledges and agrees that he has at least twenty-one (21) days to review
this Agreement; he has been advised by Employer to consult with an attorney regarding the terms of this Agreement prior to executing it;
if he executes this Agreement, he has seven days following the execution of this Agreement to revoke this Agreement (by providing written
notice to Employer before 5:00 p.m. on the seventh day); this Agreement shall not become effective or enforceable until the revocation
period has expired; he does not, by the terms of this Agreement, waive claims or rights that may arise under the ADEA after the date he
executes this Agreement; he is receiving, pursuant to this Agreement, consideration in addition to anything of value to which he is already
entitled; and he understands this Agreement and it is written in such a manner that he understands his rights and obligations under the
Agreement.

 

    6 

     

    

 

16. Agreement
Voluntary; No Reliance. Employee acknowledges and agrees that Employee has carefully read this Agreement and understands that it is
a release of all claims, known and unknown, past or present including all claims under the ADEA. Employee warrants that he is executing
this Agreement without any representation of any kind or character not expressly set forth herein.

 

17. No
Admissions. The parties expressly understand and agree that the terms of this Agreement are contractual and not merely recitals and
that the agreements herein and consideration paid are to compromise doubtful and disputed claims, avoid litigation, and buy peace, and
that no statement or consideration given, nor offer of same, shall be construed as an admission of any claim by either party, such admissions
being expressly denied.

 

18. Further
Actions. Employee agrees to execute such additional documents as may reasonably be required by Employer to effectuate his termination
of employment and the implementation of this Agreement. Without limiting the generality of the foregoing, Employee agrees to sign such
resignation letters as may be requested by Employer from time to time to document that Employee no longer serves as an officer of Employer
or any subsidiary of Employer.

 

19. Cooperation.
In the event that the Employer requires any information or testimony from the Employee in connection with any claim made against the Employer,
or any claims made by the Employer against persons or entities not party to this Agreement, the Employee agrees to cooperate fully with
the Employer, including: (a) appearing at any deposition, trial, hearing or arbitration; (b) meeting telephonically or in person with
attorneys or agents designated by the Employer, at a reasonable time and place designated by the Employer and prior to the giving of testimony,
for the purpose of discussing such testimony; and (c) providing the Employer with any relevant documentation in the Employee’s custody,
control or possession. The Employer will, however, pay for or reimburse the Employee for any reasonable expenses, including attorneys’
fees, the Employee incurs in connection with such cooperation, provided the Employer has agreed in writing in advance to such expenses.
If Employer fails to agree in advance to such expenses, Employee shall have no duty to provide any information or cooperation pursuant
to this section. To the extent that Employee is required to provide information or cooperation pursuant to this section, Employer agrees
to compensate Employee at an hourly rate of $250.00 for time spent for such cooperation.

 

    7 

     

    

 

20. Notice.
Any notice (“Notice”) permitted or required to be given under this Agreement must be given in writing and delivered in person
or by registered, U.S. mail, return receipt requested, postage prepaid, or through FedEx, UPS, DHL, or any other reputable, professional
delivery service that maintains a confirmation of delivery system to the following addresses:

 

To Employer:

 

Alan I. Annex

Jason T. Simon

Keshia M. Tiemann

Greenberg Traurig, LLP

333 SE 2nd Avenue, Suite 4400

Miami, FL 33131

Tel: (305) 579-0500

Fax: (305) 579-0717

annexa@gtlaw.com

simonj@gtlaw.com

tiemannk@gtlaw.com

 

To Employee:

 

Michael Eisner

9601 Wilshire Blvd., 7th Floor

Beverly Hills, CA 90210

Tel: (310) 855-3200

Fax: (310) 855-3201

meisner@eisnerlaw.com

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK;

SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the parties
have caused this Agreement to be executed in multiple counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument, effective as provided above.

 

	EMPLOYEE	 
	 	 
	 	 
	/s/ Xavier D. Williams	 
	Xavier D. Williams	 
	 	 
	Date:  July 16, 2021	 

 

	EMPLOYER	 
	 	 	 
	American Virtual Cloud Technologies, Inc.	 
	 	 	 
	By: 	/s/ Thomas King	 
	Name:	Thomas King	 
	Title:	Chief Financial Officer	 
	 	 	 
	Date:  July 16, 2021	 

 

 

9Exhibit 4.1

 

     

     

    

 

	 	The Articles of Incorporation were adopted at the Extraordinary
	 	General Meeting of Novartis AG held on October 15, 1996.
	 	 
	 	Alterations adopted by General Meetings of:
	 	 
	 	April 21, 1999
	 	October 11, 2000 (extraordinary GM)
	 	March 22, 2001
	 	March 21, 2002
	 	March 4, 2003
	 	February 24, 2004
	 	March 1, 2005
	 	February 28, 2006
	 	February 26, 2008
	 	February 24, 2009
	 	February 26, 2010
	 	April 8, 2011 (extraordinary GM)
	 	February 23, 2012
	 	February 27, 2015
	 	February 23, 2016
	 	February 28, 2017
	 	March 2, 2018
	 	February 28, 2019
	 	February 28, 2020
	 	March 2, 2021
	 	 
	 	(The original German text remains, in all matters, binding and definitive)
	 	 
	 	Novartis AG
	 	4002 Basel, Switzerland
	 	 
	 	© March 2021, Novartis AG

 

     

     

    

 

	1	 	Articles
of Incorporation of Novartis AG

 

	Section 1	Corporate
  Name, Registered Office, Purpose and Duration	2
	 	 	 
	Section 2	Share
    Capital	2
	 	 	 
	Section 3	Corporate
    Bodies	4
	 	A.
    General Meeting of Shareholders	4
	 	B.
     Board of Directors	8
	 	C.
     Auditors	11
	 	 	 
	Section 4	Compensation
  of the Board of Directors and the Executive Committee	12
	 	 	 
	Section 5	Annual
  Financial Statements, Consolidated FinancialStatements and Profit Allocation	15
	 	 	 
	Section 6	Publications
    and Place of Jurisdiction	15

 

     

     

    

 

	2	 	Articles
of Incorporation of Novartis AG

 

	Section 1	Corporate Name, Registered Office, Purpose and Duration
	 	 
	 	Article 1
	Corporate name,

Registered office.	Under the Corporate name

 Novartis AG

 Novartis SA

 Novartis Inc.

 there exists a company limited by shares with its registered office in
Basel.
	 	 
	 	Article 2

	Purpose	1	Purpose of the Company is to hold interests in enterprises in the area of health care or nutrition. The Company may also hold interests
in enterprises in the areas of biology, chemistry, physics, information technology or related areas.
	 	 	 
	 	2	The Company may acquire, mortgage, liquidate or sell real estate and intellectual property rights in Switzerland or abroad.
	 	 	 
	 	3	In pursuing its purpose, the Company strives to create sustainable value.
	 	 	 
	 	 	Article 3
	Duration	 	The duration of the Company is unlimited.

 

	Section 2	 	Share Capital
	 	 	 
	 	 	Article 4
	Share capital	1	The share capital of the Company is CHF 1 217 210 460,
    fully paid-in and divided into 2 434 420 920 registered shares. Each
    share has a nominal value of CHF 0.50.
	 	 	
	 	2	Upon resolution of the General Meeting of Shareholders
    registered shares may be converted into bearer shares and reversed
    bearer shares may be converted into registered shares.
	 	 	 
	 	 	Article 5
	Shareholders
regis- 

ter and restrictions

 of registration,

 Nominees	1	The
Company shall maintain a shareholders register showing the last names, first names, domicile, address and nationality (in the case of
legal entities the registered office) of the holders or usufructuaries of registered shares.

 

     

     

    

 

	3	 	Articles
of Incorporation of Novartis AG

 

		2	Upon
                                            request acquirers of registered shares are registered in the shareholders register as shareholders
                                            with the right to vote, provided that they declare explicitly to have acquired the registered
                                            shares in their own name and for their own account. Subject to the restrictions set forth
                                            in paragraph 6 of this article, no person or entity shall be registered with the right to
                                            vote for more than 2% of the registered share capital as set forth in the commercial register.
                                            This restriction of registration also applies to persons who hold some or all of their shares
                                            through nominees pursuant to this article. All of the foregoing is subject to Article 685d
                                            paragraph 3 of the Swiss Code of Obligations.

 

		3	The
                                            Board of Directors may register nominees with the right to vote in the share register to
                                            the extent of up to 0.5% of the registered share capital as set forth in the commercial register.
                                            Registered shares held by a nominee that exceed this limit may be registered in the shareholders
                                            register if the nominee discloses the names, addresses and the number of shares of the persons
                                            for whose account it holds 0.5% or more of the registered share capital as set forth in the
                                            commercial register. Nominees within the meaning of this provision are persons who do not
                                            explicitly declare in the request for registration to hold the shares for their own account
                                            and with whom the Board of Directors has entered into a corresponding
agreement.

 

		4	Corporate
                                            bodies and partnerships or other groups of persons or joint owners who are interrelated to
                                            one another through capital ownership, voting rights, uniform management or otherwise linked
                                            as well as individuals or corporate bodies and partnerships who act in concert to circumvent
                                            the regulations concerning the limitation of participation or the nominees (especially as
                                            syndicates), shall be treated as one single person or nominee within the meaning of paragraphs
                                            2 and 3 of this article.

 

		5	After
                                            hearing the registered shareholder or nominee, the Board of Directors may cancel registrations
                                            in the shareholders register with retroactive effect as of the date of registration if the
                                            registration was effected based on false information. The respective shareholder or nominee
                                            shall be informed immediately of the cancellation of the registration.

 

		6	The Board of Directors shall specify the details
                                            and give the necessary orders concerning the adherence to the preceding regulations. In particular
                                            cases it may allow exemptions from the limitation for registration in the share register
                                            or the regulation concerning nominees. It may delegate its duties.

 

		7	The limitation for registration in the
                                            share register provided for in this article shall also apply to shares acquired or subscribed
                                            by the exercise of subscription, option or conversion rights.

 

     

     

    

 

	4	 	Articles
of Incorporation of Novartis AG

 

	 	 	Article 6
	Form of shares 	1	Subject to paragraphs 2 and 4 of this article, the registered shares of the Company are issued as uncertificated securities (in terms
of the Swiss Code of Obligations) and as book entry securities (in terms of the Book Entry Securities Act).
	 	 	 
	 	2	The Company may withdraw shares issued as book entry securities from the custodian system (Verwahrungssystem).
	 	 	 
	 	3	Provided that the shareholder is registered in the shareholders register, the shareholder may request from the Company a statement of
his or her registered shares at any time.
	 	 	 
	 	4	The shareholder has no right to the printing and delivery of certificates. The Company may, however, print and deliver certificates (individual
share certificates, certificates or global certificates) for shares at any time. The Company may, with the consent of the shareholder,
cancel issued certificates that are returned to the Company.

 

	 	 	Article 7

	Exercise of rights	1	The
                                            shares are not divisible. The Company accepts only one representative per share.

 

		2	The right to vote and the other rights
                                            associated with a registered share may only be exercised vis-à-vis the Company by
                                            a shareholder, usufructuary or nominee who is registered in the share register.

 

	Section 3	 	Corporate Bodies
	 	 	A. General Meeting of Shareholders
	 	 	 
	 	 	Article 8
	Competence	 	The General Meeting of Shareholders is the supreme body of the Company.
	 	 	 
	 	 	Article 9
	General Meetings

 a. Annual General

 Meeting	 	The Annual General Meeting of Shareholders shall be held each year within six months after the close of the financial year of the Company;
at the latest twenty days before the meeting the annual report and the reports of the auditors shall be made available for inspection
by the Shareholders at the registered office of the Company. Notification thereof may be made by way of a publication in the publication
organs set forth in Article 38 of these Articles of Incorporation.

 

     

     

    

 

	5	 	Articles
of Incorporation of Novartis AG

 

	 	 	Article 10
	b. Extraordinary

 General Meetings of

 Shareholders	1	Extraordinary General Meetings of Shareholders shall take place upon request of the Board of Directors or the Auditors.
	 	 	 
	 	2	Furthermore, Extraordinary General Meetings of Shareholders shall be convened upon resolution of a General Meeting of Shareholders or
if it is required by one or more shareholders who are representing in the aggregate not less than one tenth of the share capital and submit
a petition signed by such shareholder or shareholders specifying the items for the agenda and the proposals.
	 	 	 
	 	 	Article 11

	Convening of

 General Meetings of

 Shareholders	1	General Meetings of Shareholders shall be convened
                                            by the Board of Directors at the latest twenty days before the date of the meeting. The meeting
                                            shall be convened by way of a notice appearing once in the official publication organs of
                                            the Company. Registered shareholders may also be informed by mail.

 

		2	The notice of a meeting shall state the items
                                            on the agenda and the proposals of the Board of Directors and as the case may be of the shareholders
                                            who demanded that a General Meeting of Shareholders be convened and, in case of elections,
                                            the names of the nominated candidates.

 

	 	 	Article 12
	Agenda	1	One or more shareholders whose combined shareholdings represent an aggregate nominal value of at least CHF 1 million may demand that an
item be included in the agenda of a General Meeting of Shareholders. Such a demand must be made in writing at the latest forty-five days
before the meeting and shall specify the items and the proposals of such a shareholder.
	 	 	 
	 	2	No resolution shall be passed at a General Meeting of Shareholders on matters for which no proper notice was given. This provision shall
not apply to proposals to convene an Extraordinary General Meeting of Shareholders or to initiate a special audit.

 

	 	 	Article 13

	Presiding officer,

 Minutes, Vote

 counters	1	The
                                            General Meeting of Shareholders shall take place at the registered office of the Company,
                                            unless the Board of Directors decides otherwise. The Chairman of the Board of Directors or
                                            in his absence a Vice-Chairman or any other member of the Board of Directors designated by
                                            the Board of Directors shall take the chair.

 

		2	The presiding officer shall appoint a secretary
                                            and the vote counters. The minutes shall be signed by the presiding officer and the secretary.

 

     

     

    

 

	6	 	Articles
of Incorporation of Novartis AG

 

	 	 	Article 14
	Proxies	1	The Board of Directors may issue regulations regarding the participation and the representation at the General Meeting of Shareholders
and may allow electronic proxies without qualified signatures.
	 	 	 
	 	2	A shareholder shall only be represented by his legal representative, another shareholder with the right
    to vote, or the Independent Proxy (in German: Unabhängiger Stimmrechtsvertreter).
	 	 	 
	 	3	The General Meeting of Shareholders shall elect the Independent Proxy for a term of office lasting until completion of the next Annual
General Meeting of Shareholders. Re-election is possible.
	 	 	 
	 	4	If the Company does not have an Independent Proxy, the Board of Directors shall appoint the Independent Proxy for the next General Meeting
of Shareholders.

 

	 	 	Article 15

	Voting rights	 	Each share provides entitlement to one vote.

 

	 	 	Article 16

	Resolutions,

 Elections	1	Unless
                                            the law requires otherwise, the General Meeting passes resolutions and elections with the
                                            absolute majority of the votes validly represented.

 

		2	Resolutions and elections shall be taken either
                                            on a show of hands or by electronic voting, unless the General Meeting decides for, or the
                                            presiding officer orders, a secret ballot.

 

		3	The presiding officer may at any time order
                                            to repeat an election or resolution taken on a show of hands with a secret ballot, if he
                                            doubts the results of the vote. In this case, the preceding election or resolution taken
                                            on a show of hands is deemed not to have taken place.

 

		4	If no election has taken place at the first
                                            ballot and if there is more than one candidate, the presiding officer shall order a second
                                            ballot in which the relative majority shall be decisive.

 

     

     

    

 

	8	 	Articles
                                            of Incorporation of Novartis AG

 

	 	 	Article 17
	Powers of the General Meeting of Shareholders	 	The following powers shall be vested exclusively in the General Meeting of Shareholders:
	 	 	 

	 	 	a) 	To adopt and amend the Articles of Incorporation;
	 	 	 
	 	 	b) 	To elect and remove the members of the Board of Directors,
the Chairman of the Board of Directors, the members of the Compensation Committee, the Independent Proxy and the Auditors;
	 	 	 
	 	 	c)	 To approve the management report (if required) and the consolidated
financial statements;
	 	 	 
	 	 	d) 	To approve the financial statements and to decide on the appropriation
of available earnings shown on the balance sheet, in particular with regard to dividends;
	 	 	 
	 	 	e) 	To approve the aggregate amounts of compensation of the Board
of Directors and the Executive Committee in accordance with Article 29 of these Articles of Incorporation;
	 	 	 
	 	 	f)	 To grant discharge to the members of the Board of Directors
and to the members of the Executive Committee;
	 	 	 
	 	 	g) 	To decide on matters that are reserved by law or by the Articles
of Incorporation to the General Meeting of Shareholders.

 

	 	 	Article 18
	Special quorum 	 	The approval of at least two-thirds of the votes represented is re-quired for resolutions of the General Meeting of Shareholders on:
	 	 	 
	 	 	a) 	An alteration of the purpose of the Company;
	 	 	 
	 	 	b) 	The creation of shares with increased voting powers;
	 	 	 
	 	 	c) 	An implementation of restrictions on the transfer of registered
shares and the removal of such restrictions;
	 	 	 
	 	 	d) 	An authorized or conditional increase of the share capital;
	 	 	 
	 	 	e) 	An increase of the share capital out of equity, by contribution
in kind or for the purpose of an acquisition of property and the grant of special rights;
	 	 	 
	 	 	f) 	A restriction or suspension of rights of option to subscribe;
	 	 	 
	 	 	g) 	A change of location of the registered office of the Company;
	 	 	 
	 	 	h) 	The dissolution of the Company.

 

	 	 	B. Board of
    Directors
	 	 	 
	 	 	Article 19
	Number of Directors	 	The Board of Directors shall
    consist of a minimum of 8 and a maximum of 16 members.
	 	 	 
	 	 	Article 20
	Term of office	1	 The members of the Board
    of Directors and the Chairman of the Board of Directors shall be
    elected individually by the General Meeting of Shareholders for
    a term of office lasting until completion of the next Annual General Meeting
    of Shareholders.

 

     

     

    

 

	9	 	Articles
                                            of Incorporation of Novartis AG

 

		2	Members
                                            whose term of office has ended may be immediately re-elected, subject to paragraph 3 hereinafter.

 

		3	A
                                            member shall not serve on the Board for more than 12 years. The Board of Directors may, under
                                            certain circumstances and if deemed in the best interests of the Company, recommend exceptions
                                            to this rule to the General Meeting of Shareholders.
	 	 	 
	 	 	Article 21
	Organization	1	The Board of
Directors constitutes itself in compliance with legal requirements and taking into consideration the resolutions of the General
Meeting of Shareholders. It shall elect one or two Vice-Chairmen.
It shall appoint a secretary, who need not be a member of the Board of Directors.
	 	 	 
	 	2	If the
                                                                         office of the Chairman of the Board of Directors is vacant, the Board of Directors shall appoint a new Chairman from amongst its
                                                                         members for the remaining term of office.
	 	 	 
	 	 	Article 22
	Convening of meetings	 	The Chairman shall convene
meetings of the Board of Directors if and when the need arises or if a member so requires in writing.
	 	 	 
	 	 	Article 23
	Resolutions	1	For
                                            the Board of Directors to pass resolutions, at least a majority of its members must be present.
                                            No such quorum shall be required for resolutions of the Board of Directors providing for
                                            the confirmation of capital increases or for the amendment of the Articles of Incorporation
                                            in connection with increases of the share capital.
	 	 	 
		2	The
                                            adoption of resolutions by the Board of Directors requires a majority of the votes cast.
                                            The Chairman shall not have the deciding vote.
	 	 	 
		3	Resolutions
                                            may also be passed via teleconference, or, unless a member calls for an oral deliberation,
                                            in writing by way of a circular or electronic data transfer.

 

     

     

    

 

	10	 	Articles
of Incorporation of Novartis AG

 

	 	 	Article 24
	Powers of the Board of
Directors	1	The
                                            Board of Directors has in particular the following non-delegable and inalienable duties:

		a)	The
                                            ultimate direction of the Company’s business and issuing of the necessary directives;

 

		b)	The
                                            determination of the organization of the Company;

 

		c)	The
                                            determination of the principles of accounting, financial controlling and financial planning;

 

		d)	The
                                            appointment and removal of the persons entrusted with the management and representation of
                                            the Company (including the CEO and the other members of the Executive Committee);

 

		e)	The
                                            ultimate supervision of the persons entrusted with the management of the Company, specifically
                                            in view of their compliance with the law, Articles of Incorporation, regulations and directives;

 

		f)	The
                                            preparation of the annual report and the compensation report in accordance with the provisions
                                            of the law and the Articles of Incorporation;

 

		g)	The
                                            preparations for the General Meeting of Shareholders and carrying out of the resolutions
                                            of the General Meeting of Shareholders;

 

		h)	The notification to the court
in the event of over-indebtedness; and

 

		i)	The adoption of resolutions
concerning increases in share capital to the extent that such power is vested in the Board of Directors (Article 651 paragraph 4
of the Swiss Code of Obligations), as well as resolutions concerning the confirmation of capital increases and respective
amendments to the Articles of Incorporation.

 

		2	In
                                            addition, the Board of Directors can pass resolutions with respect to all matters which are
                                            not reserved to the authority of the General Meeting of Shareholders by law or by these Articles
                                            of Incorporation.
	 	 	 
	 	 	Article 25
	Delegation of powers	 	The Board of Directors may, within the
limits of the law and the Articles of Incorporation, delegate the management of the Company in whole or in part to one or several of
its members (including to ad hoc or permanent committees of the Board of Directors) or to third persons (Executive Committee).
	 	 	 
	 	 	Article 26
	Signature
power	 	The Board of Directors shall designate
those of its members as well as those third persons who shall have legal signatory power for the Company, and shall further determine
the manner in which such persons may sign on behalf of the Company.

 

     

     

    

 

	11	 	Articles
of Incorporation of Novartis AG

 

	 	 	Article 27
	Organization and powers of the Compensation
Committee	1	The
                                            Compensation Committee shall consist of a minimum of 3 and a maximum of 5 members of the
                                            Board of Directors.
	 	 	 
		2	The
                                            members of the Compensation Committee shall be elected individually by the General Meeting
                                            of Shareholders for a term of office lasting until completion of the next Annual General
                                            Meeting of Shareholders. Members of the Compensation Committee whose term of office has expired
                                            shall be immediately eligible for re-election.
	 	 	 
		3	If
                                            there are vacancies on the Compensation Committee, the Board of Directors shall appoint substitutes
                                            for the remaining term of office.
		4	The
                                            Board of Directors shall elect a chairman of the Compensation Committee. The Board of Directors
                                            shall, within the limits of the law and the Articles of Incorporation, define the organization
                                            of the Compensation Committee in regulations.
	 	 	 
		5	The
                                            Compensation Committee has the following powers:

 

		a)	Develop
                                            a compensation strategy in line with the principles described in the Articles of Incorporation
                                            and submit it for approval to the Board of Directors;

 

		b)	Propose
                                            to the Board of Directors the principles and structure of the compensation plans;

 

		c)	Support
                                            the Board of Directors in preparing the proposals to the General Meeting of Shareholders
                                            regarding the compensation of the members of the Board of Directors and the Executive Committee;

 

		d)	Submit
                                            the compensation report to the Board of Directors for approval;

 

		e)	Inform
                                            the Board of Directors about policies, programs and key decisions as well as comparisons
                                            of compensation levels at key competitors;

 

		f)	Regularly
                                            report to the Board of Directors on the decisions and deliberations of the Compensation Committee;

 

		g)	Assume
                                            other responsibilities assigned to it by law, the Articles of Incorporation or by the Board
of Directors.

 

		6	The
                                            Board of Directors issues regulations to determine for which positions of the Board of Directors
                                            and of the Executive Committee the Compensation Committee shall submit proposals regarding
                                            compensation, and for which positions it shall determine the compensation in accordance with
                                            the Articles of Incorporation.
	 	 	 
	 	 	C.
                                            Auditors
	 	 	 
	 	 	Article 28
	Term, Powers and Duties	 	The Auditors, who shall be elected by
the General Meeting of Shareholders each year, shall have the powers and duties vested in them by law.

 

     

     

    

 

	12	 	Articles
of Incorporation of Novartis AG

 

	Section 4	 	Compensation of the Board
of Directors and the Executive Committee

 

	 	 	Article 29
	Approval of compensation by the General
Meeting of Shareholders	1	The
                                            General Meeting of Shareholders shall approve annually and separately the proposals of the
                                            Board of Directors in relation to the maximum aggregate amount of:

 

		a)	Compensation of the Board of
Directors for the period until the next Annual General Meeting of Shareholders; and

 

		b)	Compensation of the Executive
Committee paid, promised or granted for the following financial year.
	 	 	 
	 	The Board of Directors may submit for approval by the General Meeting of Shareholders additional proposals relating to the same or different periods.

 

		2	If
                                            the General Meeting of Shareholders rejects the proposal of the Board of Directors for the
                                            total compensation of the Board of Directors and/or the Executive Committee, the decision
                                            on how to proceed shall reside with the Board of Directors. The options for the Board of
                                            Directors shall be to either convene an Extraordinary General Meeting to submit a new compensation
                                            proposal, or to determine the compensation for the corresponding period on an interim basis,
                                            subject to approval at the next Annual General Meeting of
    Shareholders.

 

		3	Notwithstanding
the preceding paragraphs, the Company or companies controlled by it may pay out compensation prior to approval by the General Meeting
of Shareholders subject to subsequent approval by a General Meeting of Shareholders.

 

		4	The
Board of Directors shall submit the compensation report to an advisory vote of the General Meeting of Shareholders.
	 	 	 
	 	 	Article 30
	Additional amount	 	If the maximum aggregate
amount of compensation already approved by the General Meeting of Shareholders is not sufficient to also cover the compensation of one
or more members who become members of or are promoted within the Executive Committee during a compensation period for which the General
Meeting of Shareholders has already approved the compensation of the Executive Committee, the Company or companies controlled by it shall
be authorized to pay or grant to such member(s) an additional amount during the compensation period(s) already approved. The
total additional amount for each relevant compensation period for which approval by the General Meeting of Shareholders has already been
obtained shall not exceed (in full and not pro rata temporis) 40% of the aggregate amount of compensation of the Executive Committee
last approved by the General Meeting of Shareholders per compensation period.

 

     

     

    

 

	13	 	Articles
of Incorporation of Novartis AG

 

	 	 	Article 31
	General compensation principles	1	Compensation
                                            of the non-executive members of the Board of Directors comprises fixed compensation elements
                                            only. In particular, non-executive members of the Board of Directors shall receive no company
                                            contributions to any pension plan, no performance-related elements and no financial instruments
                                            (e.g. options).

 

		2	Compensation
                                            of the members of the Executive Committee com-prises fixed and variable compensation elements.
                                            Fixed compen-sation comprises the base salary and may comprise other com-pensation elements
                                            and benefits. Variable compensation may comprise short-term and long-term compensation elements.

 

		3	Compensation
                                            (to non-executive members of the Board of Directors and to members of the Executive Committee)
                                            may be paid or granted in the form of cash, shares, other benefits or in kind. Compensation
                                            to members of the Executive Committee may also be paid or granted in the form of financial
                                            instruments or similar units. Compensation may be paid by the Company or companies controlled
                                            by it. The Board of Directors determines the valuation of each compensation element on the
                                            basis of the principles that apply to the establishment of the compensation report.
	 	 	 
	 	 	Article 32
	Variable compensation	1	The
variable compensation paid or granted to the members of the Executive Committee in a certain year shall consist of compensation
elements from short- and long-term compensation
plans (as defined in this Article 32).
	 	 	 
		2	The
short-term compensation plans are based on performance metrics that take into account the performance of the Novartis Group  
and/or parts thereof, and/or individual targets. Achievements are generally
measured based on the one-year period to which the short-term compensation relates. The short-term compensation pay-outs shall be subject
to caps that may be expressed as predetermined multipliers of the respective target levels.
	 	 	 
		3	The
long-term compensation plans are based on performance  metrics
that take into account strategic objectives of the Novartis   Group
(such as financial, innovation, Shareholder return and/or other   metrics).
Achievements are generally measured based on a period of not less than three years.
The long-term compensation pay-outs shall be subject to caps that may be expressed as predetermined multipliers of the respective target
levels.
	 	 	 
		4	The
                                            Board of Directors or, to the extent delegated to it, the Compensation Committee determines
                                            performance metrics, target levels, and their achievement.

 

     

     

    

 

	14	 	Articles
                                            of Incorporation of Novartis AG

 

		5	The
                                            Board of Directors or, to the extent delegated to it, the Compensation Committee determines
                                            grant, vesting, blocking, exercise and forfeiture conditions of the compensation; they may
                                            provide for continuation, acceleration or removal of vesting and exercise conditions, for
                                            payment or grant of compensation assuming target achievement or for forfeiture in the event
                                            of predefined events such as death, disability, retirement or termination of an employment
                                            or mandate agreement.
	 	 	 
	 	 	Article 33
	Agreements with 

Members of the

 Board
of Directors

 and of the Executive

 Committee	1	The
                                            Company or companies controlled by it may enter into agreements with members of the Board
                                            of Directors relating to their compensation for a fixed term of one year. The Company or
                                            companies controlled by it may enter into contracts of employment with members of the Executive
                                            Committee for a fixed term not exceeding one year or for an indefinite period of time with
                                            a notice period not exceeding 12 months.
	 	2	Contracts
                                            of employment with members of the Executive Committee may contain a prohibition of competition
                                            for the time after the end of employment for a duration of up to one year. The annual consideration
                                            for such prohibition shall not exceed the total annual compensation (i.e. base salary and
                                            annual incentive) last paid to such member of the Executive Committee.
	 	 	 
	 	 	Article 34
	Mandates outside of

 the Novartis Group	1	No member
    of the Board of Directors may hold more than 10 additional
    mandates in other companies, of which no more than 4 additional
    mandates shall be in other listed companies. Chair-manships
    of the board of directors of other listed companies count as two mandates.
    Each of these mandates shall be subject to approval by the Board
    of Directors.
	 	2	No member
    of the Executive Committee may hold more than 6 additional
    mandates in other companies, of which no more than 2 additional
    mandates shall be in other listed companies. Each of these mandates shall be subject
to approval by the Board of Directors. Members of the Executive Committee are not allowed to hold chairmanship of the board of directors
of other listed companies.
	 	3	The
                                            following mandates are not subject to these limitations:
	 	 	(a)	Mandates in companies which are controlled by the Company;
	 	 	(b)	Mandates
                                            which a member of the Board of Directors or of the Executive Committee holds at the request
                                            of the Company or companies controlled by it. No member of the Board of Directors or of the
                                            Executive Committee shall hold more than 5 such mandates; and
	 	 	(c)	Mandates
                                            in associations, charitable organizations, foundations, trusts and employee welfare foundations.
                                            No member of the Board of Directors or of the Executive Committee shall hold more than 10
                                            such mandates.

 

    

     

    

 

	15		Articles
    of Incorporation of Novartis AG

 

	 	4	Mandates
    shall mean mandates in the supreme governing body of a legal entity which is required to be registered in the commercial register
    or a comparable foreign register. Mandates in different legal entities which are under joint control are deemed one mandate.
	 	5	The Board
    of Directors may issue regulations that may determine additional restrictions, taking into account the position of the respective
    member.
	 	 	 
	 	 	Article 35
	Loans		No loans
    or credits shall be granted to the members of the Board of Directors
    or the Executive Committee.
	 	 	 
	Section 5	 	Annual
                                Financial Statements, Consolidated Financial Statements and Profit Allocation

	 	 	 
	 	 	Article 36
	Financial year	 	The Board of Directors shall
prepare for each financial year as of 31 December an annual report consisting of financial statements with a management report if
required and the consolidated financial statements.
	 	 	 
	 	 	Article 37
	Allocation of profit shown on the balance
sheet, Reserves	1	The
                                            allocation of the profit shown on the balance sheet shall be determined by the General Meeting
                                            of Shareholders subject to the legal provisions. The Board of Directors shall submit to the
                                            General Meeting of Shareholders its
proposals.
	 	2	In addition to statutory reserves additional reserves may be accrued.
	 	3	Dividends
                                            which have not been claimed within five years after the due date fall back to the Company
                                            and shall be allocated to the general reserves.
	 	 	 
	Section 6	 	Publications and Place of Jurisdiction
	 	 	 
	 	 	Article 38
	Publications	 	Shareholder communications
of the Company shall be made in the Swiss Official Gazette of Commerce. The Board of Directors may designate additional publication organs.
	 	 	 
	 	 	Article 39
	Place of
jurisdiction	 	The place of jurisdiction for any disputes
arising from or in connection with the shareholdership in the Company shall be at the registered office of the Company.

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