Document:

Exhibit
10.2

 

CONFIDENTIAL

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (this “Agreement”), is made and entered into to be effective as of the 23rd day
of July, 2018 (the “Effective Date”), between Lantern Pharma Inc. (the “Company”),
and Panna Sharma (“Executive”). The Company and Executive may be referred to herein individually as
a “Party” or collectively as the “Parties.”

 

A. The
Company believes that the future growth, profitability, and success of the Company will be significantly enhanced by the employment
of Executive.

 

B. The
Company desires to employ Executive, and Executive wishes to be employed by the Company, on the terms and subject to the conditions
set forth in this Agreement.

 

NOW,
THEREFORE, for and in consideration of the mutual promises and covenants and the considerations as set forth herein and other
good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Parties hereto do hereby agree
as follows:

 

1.
Position; Duties; Term.

 

1.1. Position.
Executive shall have the title of Chief Executive Officer and President of the Company.

 

1.2 Ancillary
Positions. In addition to Executive’s position with the Company, the Company shall use reasonable commercial efforts
to assure that (i) Executive shall serve as Chief Executive Officer, Managing Member, Managing Partner, or in a similar leadership
capacity with respect to any and all subsidiaries that are controlled by the Company, including entities established overseas,
including Northern Ireland, India or other locations current or anticipated. If a board of directors or board of members exists
with respect to any such subsidiaries, Company shall use reasonable commercial efforts to assure that Executive shall have a position
on the board of those entities.

 

1.3 Duties.
Executive shall have such authority and duties as are usual and customary for the positions described in Section 1.1. Executive
shall perform such other services and duties as the Company may from time to time designate, provided that such services and duties
are consistent with Executive’s present duties. Executive shall devote Executive’s full time and reasonable best efforts
to the operations, business, and affairs of the Company.

 

1.4 Term.
The term of Executive’s employment under this Agreement shall begin on the Effective Date and, unless sooner terminated
in accordance with Section 3, shall conclude on July 30th, 2020 (the “Term”). The Parties agree
that the Term may be extended only by mutual, written agreement between the Parties. Should the Parties continue the employment
relationship beyond the Term without a written agreement extending (or otherwise modifying) the Agreement, such employment shall
be on an at-will basis, and the provisions only applicable during the Term, such as the termination and termination payment provisions
set forth in Section 3, shall not be applicable.

 

2. Base
Salary; Bonus; Incentive Equity; Benefits; Expenses; Vacation. During the Term, the Company shall provide the following:

 

2.1. Salary.
The Company shall pay Executive a base annual salary (“Base Salary”) as detailed in the attached Exhibit A.

 

     

     

    

 

2.2. Bonus.
Executive shall be eligible for certain bonus-based compensation as detailed in the attached Exhibit A.

 

2.3 Incentive
Equity. Executive shall receive incentive equity in the Company as detailed in the attached Exhibit A.

  

2.4 Benefits.
Executive shall be eligible to participate in the health insurance, vacation, and other employee benefit plans and programs generally
provided by the Company to its executive employees in accordance with the terms thereof as in effect from time to time.

  

2.5 Expenses.
The Company will reimburse and/or pay Executive’s reasonable documented, out-of-pocket expenses as detailed in the attached
Exhibit A.

  

3. Termination
of Employment. The following provisions apply during the Term.

 

3.1 By
Notice to Either Party. Either Executive or the Company may terminate Executive’s employment effective upon 30 days’
prior written notice to the other Party. The Company may require Executive to cease performing services for the Company immediately
after receiving or providing notice of termination; provided, however, in such event, the Company shall remain obligated
to pay an amount equal to Executive’s Base Salary (at the same monthly rate as paid immediately prior to such notice) during
the 30 days’ notice period, and Executive shall remain bound by the same obligations he owed to the Company immediately
prior to such notice.

 

3.2 By
the Company for Cause. Executive’s employment may be terminated by the Company for Cause (as defined below), during
the Term, effective immediately upon written notice to Executive. Such notice shall set forth generally the facts and circumstances
alleged to constitute Cause. As used herein, the term “Cause” means:

  

(a) Executive’s
material breach of his duties as an employee of the Company or material failure to perform Executive’s obligations under
this Agreement other than those set forth in Section 4, provided, however, that such failure is not cured
(to the extent curable) within ten (10) days after Executive receives notice from the Company of such material breach or failure;

  

(b) Executive’s
breach or threatened breach of one or more of the provisions of Section 4 of this Agreement;

  

(c)
 Executive’s refusal or failure to follow the reasonable instructions of the Company
or the Company’s Board of Directors (the “Board”) concerning duties or actions consistent with Executive’s
position;

  

(d) Failure
to achieve any specified material operational or strategic milestones that are agreed upon by the Board and Executive from time
to time.

  

(e) Executive’s
breach of any Company rule or policy that is reasonably likely to have a material adverse effect on the Company, provided,
however, that such breach is not cured (to the extent curable) within ten (10) after Executive receives notice from the
Company that of such breach;

 

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(f) Executive’s
material failure, other than by reason of disability, to perform satisfactorily to the Board on a regular basis any duties under
Section 1.3, provided, however, that such failure is not cured (to the extent curable) within ten (10) days
after Executive receives notice from the Company that he is not performing his duties satisfactorily;

 

(g) Any
intentional or grossly negligent act or failure to act by Executive that causes or threatens to cause a material loss to the Company
or any business of the Company;

 

(h) Executive’s
commission of, indictment for, conviction for, or plea of guilty or nolo contendere to a crime of moral turpitude or fraud, embezzlement,
or other similar act of dishonesty or moral turpitude, or, separately, any violation of local, state or federal laws, rules or
regulations that materially impairs or injures the reputation of, or materially harms, the Company; or

 

(i) Executive’s
appropriation of any business opportunity of the Company for Executive’s personal benefit, the personal benefit of a member
of Executive’s immediate family, or the benefit of any entity in which Executive or a member of Executive’s immediate
family, directly or indirectly, owns an equity interest possessing at least five
percent (5%) of total combined voting power of all equity interests entitled to vote, or at least five percent (5%) of the total
value of all classes of equity.

 

3.3 Payments
Upon Termination.

  

(a)
 In the event of Executive’s termination of employment, during the Term, for any
reason and at any time other than as set forth in Section 3.3(b), the Company shall have no obligation to pay to Executive
anything beyond (i) earned but unpaid salary through the end of Executive’s employment, and (ii) reimbursement for all funds
advanced in connection with Executive’s employment for reasonable expenses incurred by Executive and approved by the Company
through the end of Executive’s employment (collectively referred to as the “Accrued Benefits”).

  

(b) In
the event the Company terminates the employment relationship without Cause (as defined in Section 3.2) during the Term,
the Company shall pay to Executive the Accrued Benefits, plus severance pay in an amount equal to the greater of (i) Executive’s
applicable Base Salary for the remainder of the Term following the date of termination of employment, or (ii) three months of
additional compensation, calculated based on Executive’s applicable Base Salary at the time of such termination (the “Severance
Pay”). The Severance Pay will be paid by the Company in monthly installments, less all applicable withholdings,
in accordance with the Company’s standard payroll practices. In addition, in the event the Company terminates the employment
relationship without Cause (as defined in Section 3.2) during the Term, Executive shall be paid a prorated annual bonus
amount (the “Prorated Bonus”), if applicable. The Prorated Bonus will be subject to compliance with
the performance requirements for such bonus as described in Section III of Exhibit A hereto for the calendar year in which Executive’s
employment is terminated, with such Prorated Bonus amount to be calculated based upon compliance with the performance requirements
for such bonus as described in Section III of Exhibit A hereto for such months during the calendar year of termination that Executive
was employed by the Company, pro-rated based upon Executive’s months of employment for the calendar year of termination.
Payment of any Prorated Bonus amounts due to Executive shall be made within 30 days after the end of Executive’s employment.
Notwithstanding the foregoing, Severance Pay and Prorated Bonus amounts shall only be paid in the event Executive executes (and
does not revoke) a full and complete release of claims in a form to be provided by the Company. In addition, in the event the
Company terminates the employment relationship without Cause (as defined in Section 3.2) during the Term, and circumstances
are later discovered to indicate that Cause existed at the time of such termination, then the Company shall have no obligation
to pay the Severance Pay and Prorated Bonus, and Executive shall, following notice from Company to Executive of the circumstances
constituting Cause, reimburse Company for any portions of such Severance Pay and Prorated Bonus that have previously been paid
to Executive. In the event Executive fails to deliver (or revokes) the release agreement referenced above, Executive shall not
be entitled to the Severance Pay and Prorated Bonus.

  

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(c) Except
as specifically provided herein, Executive shall not be entitled to any compensation, severance or other benefits from the Company
or any of its affiliates upon the termination of employment for any reason whatsoever.

 

3.4 Upon
a termination of the employment relationship, Executive shall be deemed to have resigned all officer, board of directors, board
of members, and similar management positions held with the Company or any of the Company’s subsidiaries or affiliates.

 

4. Restrictive
Covenants. 

 

4.1. Definitions.

 

(a) “Customers
or Alliance Partners” means (a) during Executive’s employment, any individual, business, partnership, corporation,
association, or other entity to whom (i) products or product candidates have been sold, assigned or licensed by the Company within
the eighteen (18) months immediately prior to the Relevant Time (as defined in Section 4.1(g)), or (ii) services have been
provided by the Company within the eighteen (18) months immediately prior to the Relevant Time (as defined in Section 4.1(f)),
and (b) after the “Termination Date” (defined below), any individual, business, partnership, corporation,
association, or other entity to whom (1) products or product candidates have been sold, assigned or licensed by the Company within
the two (2) years immediately prior to the Termination Date, or (2) services have been provided by the Company within the two
(2) years immediately prior to the Termination Date.

 

(b) “Company
Property” means all cell phones, computers, cars, keys, card-keys, electronics, and equipment and all records,
files, notes, reports or other documents or materials, including Confidential Information, whether in written or electronic form,
and all copies thereof (including electronic copies), relating to the Company or its operations, business or affairs that belongs
to the Company or that Executive shall prepare, obtain from the Company, or that Executive has been provided with in connection
with Executive’s employment with the Company.

 

(c) “Competitive
Activities” means activities that directly compete with products, product candidates that are being actively pursued,
product treatment indications, biomarker-driven treatment approaches, services, or technologies, that the Company is actively
developing, selling, distributing, licensing and/or manufacturing. Biomarker-driven treatment approaches that the Company is actively
pursuing shall include, without limitation, the approach of using specific genetic signatures and artificial intelligence and
machine learning technology to assist with identifying patient populations with greater likelihood to respond to treatment.

 

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(d) “Confidential
Information” means the following information regarding the Company: (i) information regarding the Company’s
business, operations, assets, liabilities or financial condition; (ii) information regarding the Company’s pricing, sales,
merchandising, marketing, capital expenditures, costs, joint ventures, business alliances, purchasing or manufacturing; (iii)
information regarding the Company’s employees or representatives, including their identities, responsibilities, competence
and compensation; (iv) information regarding the Company’s current Customers or Alliance Partners (or prospective Customers
or Alliance Partners identified within the twelve (12) month period prior to Executive’s termination), including information
regarding their purchasing patterns; (v) information regarding the Company’s current and material vendors, suppliers, or
distributors; (vi) forecasts, projections, budgets and business plans regarding the Company; (vii) information regarding the Company’s
planned or pending acquisitions, divestitures or other business combinations; (viii) any and all Trade Secrets (defined below);
and (ix) material technical information, patent applications that have not been published by the United States Patent and Trademark
Office, sketches, drawings, blueprints, models, know-how, discoveries, inventions, improvements, techniques, processes, business
methods, equipment, algorithms, proprietary software programs, proprietary software source documents and formulae, in each case
regarding the Company’s current products, product candidates, services, or future or proposed products, product candidates
or services (including information concerning the Company’s research, experimental work, development, design details and
specifications, and engineering), but only relating to such items that were in effect or development, or with respect to which
Executive was otherwise aware, during Executive’s employment; provided, however, that Confidential Information
does not include any of the foregoing that becomes generally known to and available for use by the public other than as a result
of Executive’s acts or omissions.

 

(e) “Trade
Secrets” means information (including, but not limited to, technical or nontechnical data, formulas, practices,
processes, algorithms, designs, patterns, compilations, programs, devices, methods (including, without limitation, commercial
methods and evaluation and selection methods), artificial intelligence and machine learning technology and approaches, computer
software and programs (including object code and source code), database technologies, systems, structures, architectures, processes,
improvements, techniques, drawings, financial data, financial plans, product plans or lists of actual or potential customers,
collaborators or suppliers) with respect to which the Company (1) derives economic value, actual or potential, from such information
not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value
from its disclosure or use; and (2) has conducted efforts that are reasonable under the circumstances to maintain the secrecy
of such information.

 

(f) “Prospective
Customers or Alliance Partners” means (a) during Executive’s employment, any individual, business, partnership,
corporation, association, or other entity that the Company has attempted or intended to provide services to, or sell, assign or
license products or product candidates within the one (1) year immediately prior to the Relevant Time and (b) after the Termination
Date, any individual, business, partnership, corporation, association, or other entity that the Company has attempted or intended
to provide services to, or sell, assign or license products or product candidates within the one (1) year immediately prior to
the Termination Date.

 

(g) “Relevant
Time” means the time at which Executive violates, attempts to violate, or is alleged to have violated or attempted
to violate Section 4.5 and/or Section 4.6 and/or Section 4.2(b) of this Agreement.

 

(h) “Restricted
Period” means the period of Executive’s employment and one year immediately following the Termination Date.

 

(i)
“Restrictive Covenants” refers to the matters discussed in this Section 4.

 

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(j) “Termination
Date” means the last date of Executive’s employment with the Company.

 

(k) “Territory”
means (a) any state of the United States of America in which the Company or any of its subsidiaries have engaged in the Business
of the Company (or are actively pursuing, or actively considering plans to engage in, the Business of the Company) during the
twelve (12) month period prior to Executive’s termination, and (b) any country other than the United States of America in
which the Company or any of its subsidiaries are actively conducting substantial business at the time. For purposes of this Agreement,
the term “Business of the Company” shall mean (i) the business of developing oncology pharmaceutical products and
biologic products, (ii) the business of seeking to license, assign or enter into strategic alliances with respect to oncology
pharmaceutical products and biologic products, and (iii) the business of using specific genetic signatures and artificial intelligence
and machine learning technology and approaches to assist with identifying patient populations with greater likelihood to respond
to treatment. In addition, the Business of the Company shall include, without limitation, the design, development, manufacture,
distribution, and/or sale or license of products, product candidates or product categories or services or service categories that
the Company is actively designing, developing, researching, selling, licensing, distributing and/or manufacturing within the eighteen
(18) months immediately prior to the Termination Date.

  

(l) “Work”
means any and all works of authorship and associated copyrights created by Executive in the scope of Executive’s employment
hereunder and prior to the termination of Executive’s employment.

 

4.2. Protection
of Confidential Information.

 

(a) Access.
The Company and Executive acknowledge that to assist Executive in the performance of Executive’s duties hereunder, Executive
will, from time to time, receive or have access to Confidential Information owned by the Company, its affiliates and/or third
persons (including Customers or Alliance Partners and Prospective Customers or Alliance Partners who have furnished such information
and materials to the Company under obligations of confidentiality).

 

(b) Non-Disclosure.
Executive shall hold in strict confidence and shall not directly or indirectly disclose, disseminate, publicize, copy or make
lists of any, or use any Confidential Information, except to the extent required for Executive to perform his duties hereunder
or as authorized in writing by the Company or required by any court or administrative agency of competent jurisdiction, other
than: (i) on a confidential basis to an authorized employee or authorized independent contractor or authorized agent of the Company,
(ii) to a person to whom disclosure is, or use of which is, reasonably necessary or appropriate in connection with the performance
by Executive of his duties to the Company as set forth in this Agreement, or (iii) to the extent such portions of Confidential
Information are compelled by law, subpoena, or other lawful process to be disclosed. If Executive is compelled by law, subpoena,
or other lawful process to disclose any Confidential Information, then Executive shall give prompt written notice of such fact
to the Company so that the Company may, if it so desires, seek a protective order or other governmental or judicial relief, at
the Company’s expense, to prevent or limit disclosure of the Confidential Information. Notwithstanding
anything in this Agreement to the contrary, nothing in this Agreement will or is intended to require prior notice to the Company
of or prohibit any communication by Executive with the United States Securities and Exchange Commission or any other applicable
regulatory authority with respect to any possible violation of applicable laws or the rules and regulations promulgated thereunder.

 

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4.3. Return
of Company Property. All Company Property shall be and shall remain the sole and exclusive property of the Company throughout
Executive’s employment and after the termination thereof for any reason. Upon the termination of Executive’s employment
with the Company or such earlier time or times as the Company may request, Executive shall promptly return to the Company all
Company Property, and, to the extent such property is records, files, notes, or other documents, return all copies thereof in
Executive’s possession or under Executive’s custody or control. Executive is prohibited from retaining any copies
of Company Property after the termination of employment for any reason.

 

4.4. Inventions
and Works Made For Hire.

  

(a) Executive
agrees that any and all inventions (including, without limitation, any and all algorithms, software programs, software source
documents and formulae, hardware, molecular compositions and other inventions), improvements, discoveries, designs, enhancements,
innovations, modifications, works of authorship, intellectual property, concepts or ideas, or expressions thereof, whether or
not subject to patent, copyright, trademark or service mark protections, and whether or not reduced to practice, that are made,
conceived, generated, authored or developed by Executive while employed with the Company or through Executive’s use of Confidential
Information and which relate to or result from the actual or anticipated business, work, products, product candidates, research
or investigation of the Company (collectively, “Inventions”), shall be the sole and exclusive property of the Company
or a subsidiary designated by the Company. Executive hereby irrevocably assigns and transfers to the Company all of Executive’s
right, title and interest in and to any and all such Inventions. In addition, Executive shall promptly do all things reasonably
requested by the Company to assign to and vest in the Company or the applicable subsidiary the entire right, title and interest
to any such Inventions and to obtain full protection therefor. Executive shall promptly disclose all Inventions to the Company
in writing on a confidential basis. In addition, during the three (3) years following the Termination Date, Executive will provide
the Company with a complete copy of each patent application filed by Executive or that names Executive as an inventor or co-inventor.

 

(b) Executive
agrees that any and all Work shall be deemed a “work made for hire” within the meaning of the United States Copyright
Act, Title 17, United States Code, which vests all copyright interest in and to the Work in the Company. To the extent that any
such Work is not, by operation of law, a “work made for hire”, Executive hereby assigns and transfers to the Company
all of his right, title and interest therein, including, without limitation, any copyrights and renewals or extensions thereto.

 

(c) Executive
shall promptly execute all applications, assignments or other instruments as may be requested by Company, from time to time, to
further establish Company’s ownership of Inventions, including patent, copyright and other intellectual property rights
in any and all countries on such Inventions as the Company, in its sole discretion, shall determine. In the event Company is unable
for any reason, after good faith reasonable effort, to secure Executive’s signature on any document which the Executive
is required to execute in accordance with the terms of this Section 4.4, Executive hereby irrevocably designates
and appoints the Company to act for and on behalf of the Executive, and hereby authorizes and provides the Company with a power
of attorney, to execute, verify and file any such documents with the same legal force and effect as if executed by Executive.

 

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(d) Executive’s
obligation to assign Inventions to the Company does not apply to an invention that is developed entirely on Executive’s
own time, using entirely his own equipment, supplies, facilities and resources, unless such invention: (1) relates at the
time of conception or reduction to practice of the invention to the Company’s business, or actual or demonstrably anticipated
research or development of the Company; (2) results from any Work or other services or duties performed by Executive for the Company;
or (3) is based on Confidential Information or is developed using Confidential Information. To avoid any potential confusion as
to ownership over any such invention, Executive agrees to immediately disclose such invention to the Company. If Executive fails
to do so, any undisclosed invention will be presumed to be a Company Invention, and Executive will have the burden of establishing
that it is otherwise.

  

4.5. Non-Solicitation
of Customers, Alliance Partners and Personnel. During the Restricted Period, Executive (individually, or through or on behalf
of any individual, business, partnership, corporation, association or other entity) shall not, in any capacity or for anyone other
than the Company, directly or indirectly, without the prior written consent of the Board:

 

(a) induce,
recruit, solicit, entice, or attempt to induce, recruit, solicit, or entice any Customers or Alliance Partners to terminate, alter,
or limit its, his, or her relationship with the Company;

 

(b) induce,
recruit, solicit, entice, or attempt to induce, recruit, solicit, or entice any Prospective Customers or Alliance Partners to
not work with, engage, or otherwise, contract with the Company;

 

(c) perform
Competitive Activities for any Customers or Alliance Partners or Prospective Customers or Alliance Partners;

 

(d) interfere
with the Company’s relations with its Customers or Alliance Partners or otherwise divert business from the Company; or

 

(e) induce,
recruit, solicit, entice, hire, or attempt to induce, recruit, solicit, entice, or hire or assist others in inducing, recruiting,
soliciting, enticing or hiring any person or entity who (i) is an employee or contractor of the Company or was an employee or
contractor of the Company within the twelve (12) months prior to the Relevant Time or the Termination Date, as applicable, or
(ii) Executive comes into contact with directly as a result of Executive’s employment with the Company, or encourage such
person or entity to terminate his, her or its employment or contractor relationship with the Company, other than pursuant to general
advertisements.

 

4.6. Non-Competition.

 

(a) Acknowledgement.
Executive acknowledges and agrees that (i) the Company is engaged in a highly competitive business; (ii) the Company has made
substantial investments to develop its business interests and goodwill and to provide special training and access to Confidential
Information to Executive for the performance of Executive’s duties hereunder; (iii) the success of the Company’s business
in the marketplace depends upon its goodwill and reputation for quality and dependability; (iv) the limitations as to time, geographical
area, and scope of activity to be restrained in these Restrictive Covenants are reasonable and are not greater than necessary
to protect the goodwill and other business interests of the Company; and (v) the investments made by the Company are worthy of
protection and the Company’s need for protection afforded by the Restrictive Covenants is greater than any hardship Executive
might experience by complying with the terms thereof.

 

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(b) Competitive
Activities. During the Restricted Period, Executive shall not, directly or indirectly, whether individually or as a principal,
agent, employee, employer, consultant, investor or partner, (i) engage in or participate in Competitive Activities on behalf of
any person or entity other than the Company and its subsidiaries and affiliated entities, or (ii) make any financial investment
in, become employed by or render services to or for any person or other business enterprise, including all affiliates thereof
(other than the Company and its subsidiaries and affiliated entities), that engages in Competitive Activities. During the portion
of the Restricted Period that follows the Termination Date, such Competitive Activities are prohibited anywhere in the Territory.
Notwithstanding the foregoing, Competitive Activities shall not be construed to preclude Executive from making any investment
in the securities of any entity, whether or not engaged in competition with the Company, to the extent that such securities are
actively traded on a national securities exchange or in the over-the-counter market in the United States or any foreign securities
exchange and such investment does not exceed two percent (2%) of the issued and outstanding shares or other ownership interests
in such entity or give Executive the right or power to control or participate directly in the making of policy decisions of such
entity. By way of further clarification, Executive’s employment with the Company is
on a full time basis and, accordingly, during the term of his employment with the Company Executive is prohibited from competing
with the Company, whether directly or indirectly and regardless of location, provided that Executive shall not be prohibited
from conducting activities solely for the benefit of the Company and its subsidiaries in Executive’s capacity as an employee
of the Company.

 

4.7. Enforcement.
Executive agrees that a breach, or a threatened or reasonably anticipated breach on his part of the Restrictive Covenants will
cause such damage to the Company as will be irreparable and for that reason Executive further agrees that the Company shall be
entitled to seek injunctive or other equitable relief as determined by any court of competent jurisdiction, restraining any such
breach or threatened or reasonably anticipated breach of the Restrictive Covenants by Executive, or by Executive’s employer,
employees, partners, or agents, or by any entity by or through which Executive directly or indirectly is engaging in or attempting
the actions which violate the Restrictive Covenants without proof of any actual damages that have been or may result to the Company
by such breach or threatened or reasonably anticipated breach and without the necessity of posting a bond or other security. This
right to pursue injunctive relief shall be cumulative and in addition to any and all other remedies the Company may have, including,
specifically, recovery of damages.

 

4.8. Extension
of Restricted Period for Injunctive Relief. If Executive violates the Restrictive Covenants and the Company brings legal action
for injunctive or other relief under Section 4.7, the Company shall not be deprived of the benefit of the full period of
the Restrictive Covenants as a result of the time spent by the Company in obtaining such relief. Accordingly, the Restricted Period
shall be tolled for the duration of any period during which the Company seeks and obtains such relief from a court of competent
jurisdiction or for a time period equal to the period during which Executive was in violation of the Restrictive Covenants, whichever
is longer.

 

4.9. Reasonableness
of Restrictions. Executive expressly acknowledges and agrees that the Restrictive Covenants are reasonable as to scope, geography,
and time. Executive further agrees that the Restrictive Covenants shall be construed in such a manner as to be enforceable under
applicable laws if a court of competent jurisdiction determines that a more limited scope, geography, or time period is required.
Without limitation on the generality of this Section 4, in the event the tribunal conducting such proceeding determines
that the Restrictive Covenants do not meet the requirements of applicable law, then the Company and Executive agree that the Company
is deemed to have requested that this Agreement be modified, amended, or reformed by the tribunal for purposes of best effectuating
the purposes of this Agreement and as needed to be reasonable and enforceable under applicable law.

 

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4.10. Notice
to Third Parties. Executive expressly agrees to notify any prospective employer or affiliate in a business competitive with
the Company of the Restrictive Covenants, and authorizes the Company to make contact with, and discuss the nature and obligations
of the Restrictive Covenants with, any person or affiliate reasonably believed by the Company to be engaged or about to be engaged
in an act that would constitute a violation of the Restrictive Covenants. Notwithstanding anything to the contrary in this Agreement,
including but not limited to the terms of this Section 4, the Company authorizes Executive to provide any prospective employer
or affiliate in a business competitive with the Company with a copy of the Restrictive Covenants during the Restricted Period.

 

4.11 Additional
Notices. Executive represents that he has notified the Board of (i) any and all engagements, assignments, or other obligations
existing as of the Effective Date that relate to Executive providing services to or for the benefit of any person or entity other
than the Company or would prohibit or interfere with Executive’s ability to provide services to the Company as contemplated
by this Agreement, and (ii) any and all advisory or board positions relating to Executive. Executive has also provided the Board
with a schedule of when any such engagements and assignments will be completed and closed. In addition, Executive has released
himself of any competitive assignments, engagements and obligations, and of any advisory contracts with other oncology biotechnology
or pharmaceutical companies, as of the Effective Date.

 

4.12 Application
of Section 4. This Section 4 shall survive the end of Executive’s employment with the Company and any termination
of this Agreement, and it shall apply regardless of the reasons for Executive’s termination of employment, whether during
or after the Term, and Executive agrees to abide by this Section 4 irrespective of whether Executive contends that the
Company breached this Agreement. In the event that, prior to the end of the Restricted Period, Executive breaches any of his obligations
under Section 4, the Company’s obligations to provide the Severance Pay or any other payments under this Agreement
shall thereupon immediately cease.

 

5. Arbitration.

  

5.1. Arbitration
of Claims. Executive and the Company agree that all claims, demands, causes of action,
disputes, controversies, or other matters in question (“Claims”), whether arising out of this Agreement
or the Executive’s service (or termination from service) with the Company, whether arising in contract, tort, or otherwise
and whether provided by statute, equity, or common law, shall be resolved exclusively by binding arbitration. The arbitration
will be held under the auspices of the American Arbitration Association (“AAA”). The Company and the
Executive agree that, except as provided in this Agreement, any arbitration shall be in accordance with the Federal Arbitration
Act (“FAA”) and, to the extent an issue is not addressed by the FAA, with the then-current rules of
the AAA. Any arbitration commenced pursuant to this Agreement shall be conducted by a single neutral arbitrator, who shall have
a minimum of three years of employment arbitration experience (the “Arbitrator”). The Arbitrator shall
apply the substantive law of Texas (excluding choice-of-law principles that might call for the application of some other jurisdiction's
law) or federal law, or both as applicable to the claims asserted. The results of arbitration will be binding and conclusive on
the Parties hereto. The Parties agree that the costs of arbitration, Arbitrator’s fees, and all attorneys’ fees will
be borne by the Party who or which does not substantially prevail in the arbitration, as determined by the Arbitrator. The Parties
agree that venue for arbitration will be: (i) at such location in the State of New Jersey as the Parties may mutually agree upon;
(ii) the city where the Company’s headquarters are then located; or (iii) at such other location as may be mutually agreed
upon by the Parties. Any and all of the Arbitrator’s orders, decisions, and awards may be enforceable in, and judgment upon
any award rendered by the Arbitrator may be confirmed and entered by, any federal or state court having jurisdiction.

 

     10

     

    

 

5.2. Administrative
Actions. Except as otherwise provided in this Agreement or as otherwise required under applicable law, the Parties agree not
to initiate or prosecute any lawsuit or administrative action (other than an administrative charge of discrimination to the Equal
Employment Opportunity Commission, or a similar fair employment practices agency, or an administrative charge within the jurisdiction
of the National Labor Relations Board) in any way related to any Claim covered by this Agreement. Responding to any administrative
charge of discrimination, or similar fair employment practices agency, or an administrative charge within the jurisdiction of
the National Labor Relations Board shall not constitute a waiver of the right to arbitration under this Agreement.

 

5.3. Exclusions.
Claims for unemployment compensation benefits are not covered by this Section 5. Also not covered by this Section 5 are claims
by the Company for Executive’s breach of any of the Restrictive Covenants. Executive acknowledges that the Company will
be irreparably harmed if Executive’s obligations in respect of the Restrictive Covenants are not specifically enforced and
that the Company would not have an adequate remedy at law in the event of a violation by Executive of his obligations. Therefore,
notwithstanding Section 5.1 above, Executive agrees and consents that the Company shall not be required to arbitrate disputes
regarding the obligations in respect of the Restrictive Covenants, and in addition to any other remedies at law or in equity that
the Company may have, including attorneys’ fees and related costs, the Company will be entitled to seek injunctive relief
or any appropriate decree of specific performance for Executive’s obligations in respect of the Restrictive Covenants. Initiation
of or participation in such judicial or administrative proceedings shall not constitute a waiver of the right to arbitrate any
other Claims within the scope of this Section 5.

  

5.4. EXECUTIVE
ACKNOWLEDGES THAT, BY SIGNING THIS AGREEMENT, EXECUTIVE IS WAIVING ANY OF EXECUTIVE’S RIGHT TO HAVE ANY CLAIM ALLEGED BY
EXECUTIVE LITIGATED IN A COURT OR DECIDED BY A JURY. BY SIGNING THIS AGREEMENT, EXECUTIVE FURTHER ACKNOWLEDGES THAT EXECUTIVE
IS WAIVING ALL JUDICIAL RIGHTS TO APPEAL, AND THAT EXECUTIVE MAY BE COMPELLED TO ARBITRATE UNDER APPLICABLE LAW.

 

6. Additional
Provisions.

 

6.1. Governing
Law. This Agreement shall be construed, administered and enforced according to the laws of the State of Texas without regard
to its principles of conflict of laws.

 

6.2. Venue.
Subject to Section 5 above, the Parties hereto hereby irrevocably consent and agree that the exclusive venue for any action
brought with respect to this Agreement shall be in the state courts of Texas. The Parties further agree to submit to the exclusive
jurisdiction of the State of Texas with respect to any dispute, controversy or claim arising out of or in connection with this
Agreement.

 

6.3. Binding
Effect; Assignment. Subject to the restrictions contained herein, this Agreement shall be binding on and inure to the benefit
of the Parties, and their respective heirs, personal representatives, successors and assigns, and the Parties agree for themselves
and their heirs, personal representatives, successors and assigns, to execute any instruments in writing which may be necessary
or proper in carrying out the purposes of this Agreement. The Company may assign this Agreement to any entity that acquires all
or substantially all of the business or assets of the Company, provided that the Company will require any successor or assignee
to expressly assume and agree to perform this Agreement. This Agreement is not otherwise assignable without the prior written
consent of both Executive and the Company.

 

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6.4. Severability.
In the event that any one or more of the provisions or portion thereof contained in this Agreement shall for any reason be held
to be invalid, illegal, or unenforceable in any respect, the same shall not invalidate or otherwise affect any other provisions
of this Agreement, and this Agreement shall be modified, amended, or reformed by the tribunal conducting such proceeding for the
purposes of best effectuating the purposes of this Agreement and as needed to be reasonable and enforceable under applicable law.

 

6.5. Waivers.
No waiver of any of the terms of this Agreement shall be valid unless signed by the party against whom such waiver is asserted.

 

6.6. Notices.
All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be
deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) on the next business day if sent
by a nationally recognized overnight courier; or (c) on the third day after the date mailed, by certified or registered mail,
return receipt requested, postage prepaid. Such communications must be sent to the respective Parties at the following addresses
(or at such other address for a party as shall be specified in a notice given in accordance with this Section 6.6):

  

	 	If to Company:	If
    to Executive:
	 	 	 
	 	Lantern Pharma Inc.	Panna Sharma
	 	1920 McKinney Ave,
    7th floor	1164 Dawn View Lane
	 	Dallas TX 75201	Atlanta, GA  30327
	 	Attention:  Board
    of Directors	 

 

6.7. Counterparts.
A fax signature, email scanned signature, or electronic signature of this Agreement shall be as effective as an original ink signature.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and will become effective
and binding upon the Parties at such time as all of the signatories have signed a counterpart of this Agreement. All counterparts
so executed shall constitute one Agreement binding on the Parties.

 

6.8. Review
by Counsel. Each Party represents and warrants that this Agreement is the result of full and otherwise fair bargaining over
its terms following a full and otherwise fair opportunity to have this Agreement reviewed by such Party’s own separate legal
counsel.

 

6.9. Further
Assurances. Each Party agrees to execute all additional papers and documents and to take all additional actions reasonably
requested by the other Party in order to further evidence or reflect the agreements contained in this Agreement.

 

6.10. Headings
and Pronouns. The subject headings of the sections contained herein are inserted for convenience only and shall not be considered
in interpreting any term or provision hereof. All pronouns and any variations thereof shall be deemed to refer to the masculine,
feminine, neuter, singular or plural as the identity of the entities or persons referred to any require.

 

6.11. Entire
Agreement. This Agreement constitutes the entire agreement between the Parties concerning the subject matter contained herein
and supersedes all prior and contemporaneous agreements and understandings, both written and oral, between the Parties with respect
to such subject matter. No modification, amendment, change, or discharge of any term or provision of this Agreement shall be valid
or binding unless the same is in writing and signed by the Parties hereto.

 

     12

     

    

 

6.12. Attorneys’
Fees. In the event that a court of competent jurisdiction, or an arbitrator in accordance with the terms above, determines
that a Party breached the terms of this Agreement, the prevailing Party shall be entitled to recover its reasonable attorney’s
fees and expenses in connection with having to enforce the terms of this Agreement.

 

6.13. Survivability.
The terms and provisions set forth in Sections 4, Section 5 and Section 6 shall survive and remain in full force
and effect following the termination of Executive’s employment for any reason.

  

6.14. Exhibits
and Annexes. Any additional provisions are set forth in Exhibit A, which is incorporated by reference.

  

Remainder
of Page Intentionally Left Blank.  

Signature
Page(s) To Follow.

  

     13

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement to be effective as of the Effective Date.

 

	 	COMPANY:
	 	 	 
	 	Lantern Pharma Inc.
	 	 	 
	 	By:	/s/ John Fucci
	 	 	Director and
	 	 	Compensation Committee Member
	 	 	 
	 	By:	/s/ Donald J. Keyser
	 	 	Director and
	 	 	Compensation Committee Member
	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	/s/ Panna Sharma
	 	Panna Sharma

  

[Signature Page to Employment Agreement]

     

     

    

 

EXHIBIT
A

 

I. Initial
Base Salary. The Company shall pay Executive an initial pre-tax base salary (“Initial Base Salary”)
of $260,000 (Two Hundred Sixty Thousand U.S. Dollars) per annum, less all applicable withholdings, with such Initial Base Salary
to be paid in accordance with the Company’s standard payroll practices.

 

II. Future
Base Salary. Following completion of a Series B Preferred Stock financing on terms that are approved by the Company’s
Board of Directors, and excluding any amounts raised pursuant to any prior bridge financing or similar funding, the Company shall
thereafter pay Executive a pre-tax base salary (“Future Base Salary”) of $432,000 (Four Hundred Thirty-Two
Thousand U.S. Dollars) per annum, less all applicable withholdings. Payment of such Future Base Salary shall otherwise be paid
in accordance with the Company’s standard payroll practices.

  

III. Bonus.

 

(a) Executive
will be eligible for a cash bonus in the amount of $100,000, with such bonus to be paid within the first three months of calendar
2019 and with Executive’s eligibility to receive the bonus to be subject to achievement of operational and strategic milestones
regarding the Company’s performance during calendar 2018 to be mutually agreed upon by the Company’s Board of Directors
and the Executive.

 

(b) In
addition, Executive will be eligible for an annual cash bonus of 25% (Twenty-Five Percent) of Executive’s applicable base
salary during the annual period with respect to which such bonus is being paid. Executive’s eligibility to receive the bonus
will be subject to achievement of operational and strategic milestones to be mutually agreed upon by the Company’s Board
of Directors and the Executive with respect to the applicable annual period to which the bonus relates. The milestones will be
reviewed at Board meetings and may be adjusted from time to time based on market conditions, competitive environment and Company
progress.

  

IV. Incentive
Equity.

 

(a) Within
15 business days following the signing date of the Agreement, the Company will grant Executive an immediately vested option to
purchase 45,875 shares of the Company’s common stock pursuant to, and in accordance with, the Lantern Pharma Inc. 2018 Equity
Incentive Plan (the “Plan”).

 

(b) In
addition, within 15 business days following the signing date of the Agreement, the Company will grant Executive an option to purchase
68,813 shares of the Company’s common stock pursuant to, and in accordance with, the Plan. Such option shall vest over a
36 month period, with one third of such option to vest on the first anniversary of the Effective Date and the remaining two thirds
of such option to vest proportionately on a monthly basis during the second and third years following the Effective Date.

 

(c) In
addition, within 30 business days following the Effective Date, the Company will grant Executive an option to purchase 34,406
shares of the Company’s common stock pursuant to, and in accordance with, the Plan. Such option shall vest based upon achievement
of performance milestones to be mutually agreed upon by the Company’s Board of Directors and the Executive prior to the
time such option is granted.

 

(d) In
addition, within 30 business days following the Effective Date, the Company will grant Executive an option to purchase 34,406
shares of the Company’s common stock pursuant to, and in accordance with, the Plan. Such option shall vest upon the consummation
of a material out-licensing, strategic alliance or partnering transaction with respect to the Company’s product candidates
known as LP-184 (Irufulven2) or LP-200 (Tavocept).

 

     1

     

    

 

(e) Executive
and the Board shall meet to discuss future milestones and key value drivers for the Company that, if accomplished over a time
period to be specified by the Board, will allow the Company to provide an additional grant of vested options that amount to 2%
of the Company based on fully diluted capitalization at the time of the grant(s). Such future milestones and key value drivers
for the Company will be based on a plan to be prepared by Executive by November 30, 2018 following input from the Compensation
Committee, and subject to approval by the Board.

 

(f) The
Company shall also designate 100,000 shares of the Company’s common stock to be available and set aside in accordance with
the Plan for potential future option grants or incentive equity awards to Executive based on milestones and other performance
factors to be determined by the Board in its discretion from time to time.

 

(g) Executive
recognizes that the exercise price of the options to be granted to Executive as described above shall be determined in accordance
with the terms of the Plan at the time such applicable options are granted pursuant to the Plan. Executive further recognizes
that shares issued to Executive upon exercise of any and all such options, shall be subject to the terms and provisions of the
Company’s organizational documents, to the terms and provisions of the Plan and the related option grant documents, and
to the terms and provisions of any existing voting agreements, investors’ rights agreements, right of first refusal and
co-sale agreements and agreements of similar nature that may be in existence at the time any such options are exercised. Executive
agrees to take all other actions and execute such further agreements or documents as may be requested by the Company in order
to further evidence or reflect Executive’s agreement to be bound by such voting agreements, investors’ rights agreements,
right of first refusal and co-sale agreements, and agreements of similar nature.

 

(h) The
Company and Executive further recognize that the equity incentive option grants and awards described in this Section IV are subject
to obtaining all necessary shareholder approvals, and also subject to potential amendment of the Company’s Certificate of
Formation to allow sufficient available shares with respect to such grants.

  

V. Expenses.
Executive will be reimbursed by the Company for his reasonable, documented, out-of-pocket business expenses. These expenses will
be reimbursed consistent with the Company’s policy on expense reimbursement in effect from time to time. Executive will
be responsible for the expense of his meals, unless such meal is a business-related event, in which case such meal will be subject
to the Company’s general expense reimbursement policy.

 

 

2Exhibit 10.3

 

INDEMNIFICATION
AGREEMENT

 

This
Indemnification Agreement (“Agreement”), dated as of [DATE], is by and between Lantern Pharma Inc., a Delaware corporation
(the “Company”) and [NAME OF DIRECTOR/OFFICER] (the “Indemnitee”).

 

WHEREAS,
Indemnitee is [a director/an officer] of the Company;

 

WHEREAS,
both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and
officers of public companies;

 

WHEREAS,
the board of directors of the Company (the “Board”) has determined that enhancing the ability of the Company to retain
and attract as directors and officers the most capable persons is in the best interests of the Company and that the Company therefore
should seek to assure such persons that indemnification and insurance coverage is available; and

 

WHEREAS,
in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee’s
continued service as a [director/officer] of the Company and to enhance Indemnitee’s ability to serve the Company in an
effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable irrespective
of, among other things, any amendment to the Company’s certificate of incorporation or bylaws (collectively, the “Constituent
Documents”), any change in the composition of the Board or any change in control or business combination transaction relating
to the Company), the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses (as
defined in Section 1(f) below) to, Indemnitee as set forth in this Agreement and, to the extent insurance is maintained for the
coverage of Indemnitee under the Company’s directors’ and officers’ liability insurance policies.

 

NOW,
THEREFORE, in consideration of the foregoing and the Indemnitee’s agreement to [continue to] provide services to the
Company, the parties agree as follows:

 

1.
Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

 

(a) “Beneficial
Owner” has the meaning given to the term “beneficial owner” in Rule 13d-3 under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”).

 

(b) “Change
in Control” means the occurrence after the date of this Agreement of any of the following events:

 

(i) any
Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing fifty percent (50%)
or more of the Company’s then outstanding Voting Securities, unless the change in relative Beneficial Ownership of the Company’s
securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled
to vote generally in the election of directors;

 

(ii) the
consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation,
all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly
or indirectly, more than fifty percent (50%) of the combined voting power of the outstanding Voting Securities of the entity resulting
from such transaction;

  

    1

     

    

 

(iii)
during any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who
at the beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board
or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors
then still in office who either were directors at the beginning of the period or whose election or nomination for election was
previously so approved) cease for any reason to constitute at least a majority of the Board; or

 

(iv) the
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale
or disposition by the Company of all or substantially all of the Company’s assets.

 

(c) “Claim”
means:

 

(i) any
threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal,
administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

 

(ii) any
inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding
or alternative dispute resolution mechanism.

 

(d) “Delaware
Court” shall have the meaning ascribed to it in Section 9(e) below.

 

(e) “Disinterested
Director” means a director of the Company who is not and was not a party to the Claim in respect of which indemnification
is sought by Indemnitee.

 

(f) “Expenses”
means any and all expenses, including attorneys’ and experts’ fees, court costs, transcript costs, travel expenses,
duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating,
defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in,
any Claim. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Claim, including
without limitation the premium, security for, and other costs relating to any cost bond, supersedes bond, or other appeal bond
or its equivalent, and (ii) for purposes of Section 5 only, Expenses incurred by Indemnitee in connection with the interpretation,
enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise. Expenses, however, shall
not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(g) “Expense
Advance” means any payment of Expenses advanced to Indemnitee by the Company pursuant to Section 4 or Section 5 hereof.

 

(h) “Indemnifiable
Event” means any event or occurrence, whether occurring [before,] on or after the date of this Agreement, related to the
fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or
was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation,
limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, “Enterprise”)
or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time
any Loss is incurred for which indemnification can be provided under this Agreement).

 

    2

     

    

 

(i) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
performs, nor in the past three (3) years has performed, services for either: (i) the Company or Indemnitee (other than in connection
with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (ii) any other party
to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would
have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights
under this Agreement.

 

(j) “Losses”
means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA
excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign
taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable
in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend,
be a witness or participate in, any Claim.

 

(k) “Person”
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association,
organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange
Act.

 

(l) “Standard
of Conduct Determination” shall have the meaning ascribed to it in Section 9(b) below.

 

(m) “Voting
Securities” means any securities of the Company that vote generally in the election of directors.

 

2. Services
to the Company. Indemnitee agrees to continue to serve as a director or officer of the Company for so long as Indemnitee is
duly elected or appointed or until Indemnitee tenders his or her resignation or is no longer serving in such capacity. This Agreement
shall not be deemed an employment agreement between the Company (or any of its subsidiaries or Enterprise) and Indemnitee. Indemnitee
specifically acknowledges that his or her employment with, or service to, the Company or any of its subsidiaries or Enterprise
is at will and the Indemnitee may be discharged at any time for any reason, with or without cause, except as may be otherwise
provided in any written employment agreement between Indemnitee and the Company (or any of its subsidiaries or Enterprise), other
applicable formal severance policies duly adopted by the Board or, with respect to service as a director or officer of the Company,
by the Company’s Constituent Documents or Delaware law. This Agreement shall continue in force after Indemnitee has ceased
to serve as a director or officer of the Company or, at the request of the Company, of any of its subsidiaries or Enterprise,
as provided in Section 12 hereof.

 

3. Indemnification.
Subject to Section 9 and Section 10 of this Agreement, the Company shall indemnify Indemnitee, to the fullest extent permitted
by the laws of the State of Delaware in effect on the date hereof, or as such laws may from time to time hereafter be amended
to increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party
to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out
of an Indemnifiable Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought by
third parties, and Claims in which the Indemnitee is solely a witness.

  

    3

     

    

 

4. Advancement
of Expenses. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by
final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred
by Indemnitee in connection with any Claim arising out of an Indemnifiable Event. Indemnitee’s right to such advancement
is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within
ninety (90) days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on
behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee
for such Expenses. In connection with any request for Expense Advances, Indemnitee shall not be required to provide any documentation
or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. In
connection with any request for Expense Advances, Indemnitee shall execute and deliver to the Company an undertaking (which shall
be accepted without reference to Indemnitee’s ability to repay the Expense Advances)[, in the form attached hereto as Exhibit
A, to repay any amounts paid, advanced, or reimbursed by the Company for such Expenses to the extent that it is ultimately determined,
following the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. Indemnitee’s
obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.

 

5.
Indemnification for Expenses in Enforcing Rights. To the fullest extent allowable under applicable law, the Company shall
also indemnify against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with Section
4, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee
for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement,
or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims relating
to Indemnifiable Events, and/or (b) recovery under any directors’ and officers’ liability insurance policies maintained
by the Company. However, in the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance
recovery, as the case may be, then all amounts advanced under this Section 5 shall be repaid. Indemnitee shall be required to
reimburse the Company in the event that a final judicial determination is made that such action brought by Indemnitee was frivolous
or not made in good faith.

 

6. Partial
Indemnity. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion
of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall
nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

 

7.
Notification and Defense of Claims.

 

(a) Notification
of Claims. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable
Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available
to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company
hereunder shall not relieve the Company from any liability hereunder unless the Company’s ability to participate in the
defense of such claim was materially and adversely affected by such failure/except that the Company shall not be liable to indemnify
Indemnitee under this Agreement with respect to any judicial award in a Claim related to an Indemnifiable Event if the Company
was not given a reasonable and timely opportunity to participate at its expense in the defense of such action. If at the time
of the receipt of such notice, the Company has directors’ and officers’ liability insurance in effect under which
coverage for Claims related to Indemnifiable Events is potentially available, the Company shall give prompt written notice to
the applicable insurers in accordance with the procedures set forth in the applicable policies. The Company shall provide to Indemnitee
a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and
such insurers regarding the Claim, in each case substantially concurrently with the delivery or receipt thereof by the Company.

  

    4

     

    

 

(b) Defense
of Claims. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at
its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof
with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the
defense of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently
directly incurred by Indemnitee in connection with Indemnitee’s defense of such Claim other than reasonable costs of investigation
or as otherwise provided below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses
related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee’s
own expense; provided, however, that if (i) Indemnitee’s employment of its own legal counsel has been authorized by the
Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company
in the defense of such Claim, (iii) after a Change in Control, Indemnitee’s employment of its own counsel has been approved
by the Independent Counsel or (iv) the Company shall not in fact have employed counsel to assume the defense of such Claim, then
Indemnitee shall be entitled to retain its own separate counsel (but not more than one law firm plus, if applicable, local counsel
in respect of any such Claim) and all Expenses related to such separate counsel shall be borne by the Company.

 

8.
Procedure upon Application for Indemnification. In order to obtain indemnification pursuant to this Agreement, Indemnitee
shall submit to the Company a written request therefor, including in such request such documentation and information as is reasonably
available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification
following the final disposition of the Claim[, provided that documentation and information need not be so provided to the extent
that the provision thereof would undermine or otherwise jeopardize attorney-client privilege]. Indemnification shall be made insofar
as the Company determines Indemnitee is entitled to indemnification in accordance with Section 9 below.

 

9. Determination
of Right to Indemnification.

 

(a) Mandatory
Indemnification; Indemnification as a Witness.

 

(i) To
the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable
Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice,
Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with Section 3 to the fullest extent allowable
by law, and no Standard of Conduct Determination (as defined in Section 9(b)) shall be required.

 

(ii) To
the extent that Indemnitee’s involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve
as a witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the
fullest extent allowable by law and no Standard of Conduct Determination (as defined in Section 9(b)) shall be required.

  

    5

     

    

 

(b) Standard
of Conduct. To the extent that the provisions of Section 9(a) are inapplicable to a Claim related to an Indemnifiable Event
that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct
under Delaware law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to
such Claim and any determination that Expense Advances must be repaid to the Company (a “Standard of Conduct Determination”)
shall be made as follows:

   

(i) if
no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board,
(B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than
a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board,
a copy of which shall be delivered to Indemnitee; and

 

(ii) if
a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested
Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to
the Board, a copy of which shall be delivered to Indemnitee.

 

The
Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for,
or advance to Indemnitee, within ninety (90) of such request, any and all Expenses incurred by Indemnitee in cooperating with
the person or persons making such Standard of Conduct Determination.

 

(c) Making
the Standard of Conduct Determination. The Company shall use its reasonable best efforts to cause any Standard of Conduct
Determination required under Section 9(b) to be made as promptly as practicable. If the person or persons designated to make the
Standard of Conduct Determination under Section 9(b) shall not have made a determination within thirty (30) days after the later
of (A) receipt by the Company of a written request from Indemnitee for indemnification pursuant to Section 8 (the date of such
receipt being the “Notification Date”) and (B) the selection of an Independent Counsel, if such determination is to
be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided
that such thirty (30) day period may be extended for a reasonable time, not to exceed an additional forty five (45) days, if the
person or persons making such determination in good faith requires such additional time to obtain or evaluate information relating
thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification
under this Agreement shall be required to be made prior to the final disposition of any Claim.

 

(d) Payment
of Indemnification. If, in regard to any Losses:

 

(i) Indemnitee
shall be entitled to indemnification pursuant to Section 9(a);

 

(ii) no
Standard Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

 

(iii) Indemnitee
has been determined or deemed pursuant to Section 9(b) or Section 9(c) to have satisfied the Standard of Conduct Determination,
then the Company shall pay to Indemnitee, within fifteen (15) days after the later of (A) the Notification Date or (B) the earliest
date on which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

  

    6

     

    

 

(e) Selection
of Independent Counsel for Standard of Conduct Determination. If a Standard of Conduct Determination is to be made by Independent
Counsel pursuant to Section 9.1(b)(i), the Independent Counsel shall be selected by the Board of Directors, and the Company shall
give written notice to Indemnitee advising [him/her] of the identity of the Independent Counsel so selected. If a Standard of
Conduct Determination is to be made by Independent Counsel pursuant to Section 9.1(b)(ii), the Independent Counsel shall be selected
by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel
so selected. In either case, Indemnitee or the Company, as applicable, may, within five (5) days after receiving written notice
of selection from the other, deliver to the other a written objection to such selection; provided, however, that such objection
may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition
of “Independent Counsel” in Section 1(i), and the objection shall set forth with particularity the factual basis of
such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such
written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent
Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit; and (ii)
the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party
advising such other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of
the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this sentence shall
apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding sentence
shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of
this Section 9(e) to make the Standard of Conduct Determination shall have been selected within twenty (20) days after the Company
gives its initial notice pursuant to the first sentence of this Section 9(e) or Indemnitee gives its initial notice pursuant to
the second sentence of this Section 9(e), as the case may be, either the Company or Indemnitee may petition the Court of Chancery
of the State of Delaware (“Delaware Court”) to resolve any objection which shall have been made by the Company or
Indemnitee to the other’s selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected
by the Court or such other person as the Court shall designate, and the person or firm with respect to whom all objections are
so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the
reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel’s determination
pursuant to Section 9(b).

 

(f) Presumptions
and Defenses.

 

(i) Indemnitee’s
Entitlement to Indemnification. In making any Standard of Conduct Determination, the person or persons making such determination
shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company
shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of
Conduct Determination that is adverse to Indemnitee may be challenged by the Indemnitee in the Delaware Court. No determination
by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard
of conduct may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement
or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard
of conduct.

 

(ii) Reliance
as a Safe Harbor. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following
circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed
to be in or not opposed to the best interests of the Company if Indemnitee’s actions or omissions to act are taken in good
faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or
statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their
duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as
to matters Indemnitee reasonably believes are within such other Person’s professional or expert competence and who has been
selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of
any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right
to indemnity hereunder.

  

    7

     

    

 

(iii) No
Other Presumptions. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with
or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that
Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is
otherwise not permitted.

 

(iv) Defense
to Indemnification and Burden of Proof. It shall be a defense to any action brought by Indemnitee against the Company to enforce
this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an
Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify
Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden
of proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

 

(v) Resolution
of Claims. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the
merits or otherwise for purposes of Section 9.1(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and
uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any
manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding
with our without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits
or otherwise for purposes of Section 9.1(a)(i). The Company shall have the burden of proof to overcome this presumption.

 

10. Exclusions
from Indemnification. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to:

 

(a) indemnify
or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings
against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

 

(i) proceedings
referenced in Section 5 above (unless a court of competent jurisdiction determines that each of the material assertions made by
Indemnitee in such proceeding was not made in good faith or was frivolous); or

 

(ii) where
the Company has joined in or the Board has consented to the initiation of such proceedings.

 

(b) indemnify
Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable
law.

 

(c) indemnify
Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation
of Section 16(b) of the Exchange Act, or any similar successor statute.

 

(d) indemnify
or advance funds to Indemnitee for Indemnitee’s reimbursement to the Company of any bonus or other incentive-based or equity-based
compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of
the Company, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley
Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising from
the purchase or sale by Indemnitee of securities in violation of Section 306 of

  

    8

     

    

 

11. Settlement
of Claims. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened
or pending Claim related to an Indemnifiable Event effected without the Company’s prior written consent, which shall not
be unreasonably withheld; provided, however, that if a Change in Control has occurred, the Company shall be liable for indemnification
of the Indemnitee for amounts paid in settlement if an Independent Counsel has approved the settlement. The Company shall not
settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on the Indemnitee without the Indemnitee’s
prior written consent.

 

12. Duration.
All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director
or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent
of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to
an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including
any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if,
in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

 

13. Non-Exclusivity.
The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents,
the General Corporation Law of the State of Delaware, any other contract or otherwise (collectively, “Other Indemnity Provisions”);
provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any
Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change
is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement
as of the date hereof, Indemnitee will be deemed to have such greater right hereunder. The Company will not adopt any amendment
to any of the Constituent Documents the effect of which would be to deny, diminish or encumber Indemnitee’s right to indemnification
under this Agreement or any Other Indemnity Provision.

 

14. Liability
Insurance. For the duration of Indemnitee’s service as a [director/officer] of the Company, and thereafter for so long
as Indemnitee shall be subject to any pending Claim relating to an Indemnifiable Event, the Company shall use commercially reasonable
efforts (taking into account the scope and amount of coverage available relative to the cost thereof) to continue to maintain
in effect policies of directors’ and officers’ liability insurance providing coverage that is at least substantially
comparable in scope and amount to that provided by the Company’s current policies of directors’ and officers’
liability insurance. In all policies of directors’ and officers’ liability insurance maintained by the Company, Indemnitee
shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are provided to the most
favorably insured of the Company’s directors, if Indemnitee is a director, or of the Company’s officers, if Indemnitee
is an officer (and not a director) by such policy. Upon request, the Company will provide to Indemnitee copies of all directors’
and officers’ liability insurance applications, binders, policies, declarations, endorsements and other related materials.

 

15. No
Duplication of Payments. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect
of any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other
Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

 

16. Subrogation.
In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all
of the rights of recovery of Indemnitee. Indemnitee shall execute all papers required and shall do everything that may be necessary
to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to
enforce such rights.

  

    9

     

    

 

17. Amendments.
No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties
hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party
against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof
(whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure
to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

 

18. Binding
Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their
respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially
all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company
shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially
all or a substantial part of the business and/or assets of the Company, by written agreement in form and substances satisfactory
to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company
would be required to perform if no such succession had taken place.

 

19. Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof)
are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions
shall remain enforceable to the fullest extent permitted by law. [Upon such determination that any term or other provision is
invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated
hereby be consummated as originally contemplated to the greatest extent possible.]

 

20. Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given
if delivered by hand, against receipt, or mailed, by postage prepaid, certified or registered mail:  

 

(a) if
to Indemnitee, to the address set forth on the signature page hereto.

 

(b) If
to the Company, to:

 

Lantern
Pharma Inc.

Attn:
Corporate Secretary

78
John Miller Way, Suite 416

Kearny,
New Jersey 07032

 

With
a copy to:

 

Lewis
Brisbois Bisgaard & Smith LLP

333
Bush Street, Suite 1100

San
Francisco, CA 94104

Attn:
Scott E. Bartel, Partner

 

Notice
of change of address shall be effective only when given in accordance with this Section. All notices complying with this Section
shall be deemed to have been received on the date of hand delivery or on the third business day after mailing.

  

    10

     

    

 

21. Governing
Law and Forum. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of
Delaware applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts of
laws. The Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of
or in connection with this Agreement shall be brought only in the Delaware Court and not in any other state or federal court in
the United States, (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding
arising out of or in connection with this Agreement, and (c) waive, and agree not to plead or make, any claim that the Delaware
Court lacks venue or that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient
forum.

 

22. Headings.
The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute
part of this Agreement or to affect the construction or interpretation thereof.

 

23. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original,
but all of which together shall constitute one and the same Agreement.

 

[Remainder
of Page Intentionally Left Blank]

  

    11

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

  

	 	LANTERN PHARMA INC.
	 	a Delaware corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	INDEMNITEE
	 	 
	 	 
	 	Name:	      
	 	Address:	 
	 	 
	 	 

  

    12

     

    

 

EXHIBIT
A

 

FORM
OF UNDERTAKING TO REPAY ADVANCEMENT OF EXPENSES

 

     

     

    

 

Date

 

Lantern
Pharma Inc.

Attn:
Corporate Secretary

78
John Miller Way, Suite 416

Kearny,
New Jersey 07032

 

Re:
Undertaking to Repay Advancement of Expenses.

 

Ladies
and Gentlemen:

 

This
undertaking is being provided pursuant to that certain Indemnification Agreement, dated [DATE], by and between Lantern Pharma
Inc., a Delaware corporation (the “Company”), and the undersigned as Indemnitee (the “Indemnification
Agreement”). Terms used herein and not otherwise defined shall have the meanings ascribed to them in the Indemnification
Agreement. Pursuant to the Indemnification Agreement, among other things, I am entitled to the advancement of Expenses paid or
incurred in connection with Claims relating to Indemnifiable Events.

 

I
have become subject to [DESCRIPTION OF PROCEEDING] (the Proceeding) based on [my status as [an officer/[TITLE OF OFFICER]/a director]
of the Company/alleged actions or failures to act in my capacity as [an officer/[TITLE OF OFFICER]/a director] of the Company.
This undertaking also constitutes notice to the Company of the Proceeding pursuant to Section 7 of the Indemnification Agreement.
The following is a brief description of the [current status of the] Proceeding:

 

[DESCRIPTION
OF PROCEEDING]

 

Pursuant
to Section 4 of the Indemnification Agreement, the Company can (a) pay such Expenses on my behalf, (b) advance funds in an amount
sufficient to pay such Expenses, or (c) reimburse me for such Expenses. Pursuant to Section 4] of the Indemnification Agreement,
I hereby request an Expense Advance in connection with the Proceeding. The Expenses for which advances are requested are as follows:]

 

[DESCRIPTION
OF EXPENSES]

 

In
connection with the request for Expense Advances set out above/delivered to the Company separately on [DATE], I hereby undertake
to repay any amounts paid, advanced or reimbursed by the Company for such Expense Advances to the extent that it is ultimately
determined that I am not entitled to indemnification under the Indemnification Agreement.

 

This
undertaking shall be governed by and construed in accordance with the laws of the State of Delaware without regard to the principles
of conflicts of laws thereof.

  

	 	Very truly yours,
	 	 
	 	 
	 	Name:
	 	[Title:]

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