Document:

Exhibit 10.2

 

January 29, 2020

 

1st Amendment of the Managing
Director Service Agreement

 

entered into between

 

Panoptes Pharma Ges.m.b.H. (FN 399293 x),

Reisnerstraße 34/1, 1030 Vienna,

(hereinafter "Panoptes"
or "Company"),

 

and

 

Dr. Franz Obermayr

(hereinafter "Managing Director")

 

And, solely with respect to Sections 3.3, 3.5, 4.1 and 5.1:

 

EyeGate Pharmaceuticals, Inc.,

State of Delaware, State File Number: 001-36672

271 Waverley Oaks Road, Suite 108,

Waltham, MA 02452, USA,

(hereinafter "EyeGate")

 

(together "Parties"; each
also "Party")

 

as follows:

 

     

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PREAMBEL

 

The Managing Director is employed on the
basis of the Managing Director-Service Agreement dated December 18, 2020, entered into between him and the Company, represented
by the CEO of the Company's sole shareholder EyeGate Pharmaceuticals, Inc ("EyeGate").

 

The Managing Director shall take over the
position as Acting Chief Executive Officer ("Acting CEO") of EyeGate as of February 1, 2021.

 

Against this background, the Company, EyeGate
and the Managing Director have agreed to amend and supplement the Managing Director-Service Agreement as follows:

 

Item 1. "Rights and duties as managing
directors" shall be amended and read as follows:

 

		1.1	The Managing Director shall conduct the business of the Company in accordance with the law,
the Company's articles of association, the rules of procedure for the management, the resolutions and instructions of the
shareholders and the provisions of this Managing Director's Service Agreement ("Agreement") with the due care of a prudent
businessman and for the benefit of the Company.

 

		1.2	It is noted that in addition to serving as Managing Director of the Company, he shall also serve
as Acting CEO of EyeGate as of February 1, 2021, having such duties and responsibilities as may be assigned to him by the
Board of Directors of EyeGate from time to time and such other duties and responsibilities as are normal and customary for Acting
Chief Executive Officers.

 

		1.3	Subject to his activity as Acting CEO of EyeGate pursuant to section 1.2, the Managing Director
shall provide the Company with his manpower as well as his professional knowledge and experience without restriction.

 

Item 3. "Remuneration" shall
be amended and read as follows:

 

		3.1	The Managing Director receives a fixed annual salary of EUR 248,000 (Euro two hundred forty-eight
thousand) gross, payable in fourteen equal monthly amounts. This results in a fixed monthly salary of EUR 17,714.29 (Euro seventeen
thousand seven hundred fourteen point twenty nine) gross. The 13th monthly salary is paid together with the remuneration for the
month of June, the 14th monthly salary together with the remuneration for the month of November. The monthly amount paid out regularly
includes a basic salary of EUR 8,768.57 (Euro eight thousand seven hundred sixty eight point fifty seven) for normal working hours.

 

		3.2	The remuneration pursuant to section 3.1 also covers services provided by the Managing Director
which exceed the normal working hours applicable to employees of the Company (e.g. overtime, work on Sundays and public holidays).
It is understood that the Managing Director will provide such additional services if required.

 

     

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		3.3	Furthermore, the remuneration pursuant to section 3.1 also covers the services of the Managing
Director as Acting CEO of EyeGate. The Managing Director will therefore maintain time records stating the daily working hours attributable
to his function as Managing Director of the Company and as Acting CEO of EyeGate. The respective amount of remuneration pursuant
to section 3.1 attributable to his services as Acting CEO of EyeGate shall be reimbursed by EyeGate to the Company on at least
a quarterly basis.

 

		3.4	The Company shall be entitled to withhold and pay the social security contributions and taxes
payable by the Managing Director. The resulting net amount shall be transferred to an account to be specified by the Managing Director
and a corresponding statement of account shall be sent to the Managing Director.

 

		3.5	The Managing Director shall be reimbursed for travel expenses and other out-of-pocket expenses
incurred in connection with the performance of the obligations as Managing Director in a reasonable amount in accordance with the
corresponding tax regulations. The Managing Director shall substantiate his expenses to the extent that receipts are usually provided.
In all other cases, personal receipts (e.g. telephone, tips) are sufficient, provided they are recognised by the tax authorities.
Travel expenses and other out-of-pocket expenses incurred by the Managing Director in connection with the performance of the obligations
as Acting CEO of EyeGate shall firstly be reimbursed by the Company, which in turn shall be reimbursed for the respective amount
by EyeGate.

 

		3.6	In the event that the Managing Director ceases to serve as the Acting CEO of EyeGate for any
reason but otherwise continues to serve as Managing Director of the Company, then the salary payable to the Managing Director shall
be as set forth in the Managing Director Service Agreement as in effect immediately prior to February 1, 2021.

 

Item 4. "Bonus" shall be amended
and read as follows:

 

		4.1	The Managing Director may – for his performance as Managing Director of the Company and
as Acting CEO of EyeGate – be awarded a "Discretionary bonus" of up to 30% (thirty per cent) of his fixed annual
salary for each fiscal year. Payment of any "Discretionary bonus" shall be made by 31st (thirty-first) March of
the following fiscal year by the Company. The respective amount of the bonus attributable to his performance as Acting CEO of EyeGate
shall be reimbursed by EyeGate to the Company within 10 (ten) days after payment of the "Discretionary Bonus" to the
Managing Director.

 

		4.2	The Managing Director shall furthermore receive a one-off "Retention Bonus" for the
fiscal year 2021 of EUR 86,000 (Euro eighty six thousand). The "Retention Bonus" shall in principle be paid in two equal
instalments. One half shall be paid together with the remuneration for the month of June 2021, the other half together with
the remuneration for the month of December 2021. If Panoptes is terminating the Agreement before December 31, 2021, the
Managing Director is entitled to receive the full amount of the "Retention Bonus".

 

     

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Item 5. "Employee Pension Fund"
shall be renamed, amended and read as follows:

 

		5.	Severance pay

 

		5.1	If the employment of the Managing Director is terminated by the Company for any reason other
than for Cause as defined in section 5.2 at any time or if the employment of the Managing Director is terminated by the Managing
Director for Good Reason as defined in section 5.2:

 

		5.1.1	the Managing Director shall be entitled to severance pay in the form of a continuation of the
monthly payment of his salary in an aggregate amount equal to fifty percent (50%) of the Managing Director’s annual salary
as in effect on the date of termination, which is, subject to Section 5.3, payable in six (6) installments at the end
of each calendar month starting from the termination date;

 

		5.1.2	the Managing Director shall be entitled to an amount equal to the product of (i) the maximum
Discretionary Bonus, pursuant to section 4.1, that he would have been eligible to receive for the year in which such termination
occurs, which shall be payable no later than the last installment of his severance; and

 

		5.1.3	that portion of the Managing Director’s then-unvested stock options and/or restricted
stock awards granted by EyeGate to the Managing Director under any EyeGate stock option plan which would have become vested over
the six (6) month period following such termination had the Managing Director continued as a managing director of the Company
throughout such six (6) month period, shall, instead, become fully vested and immediately exercisable on the date of termination,
notwithstanding any vesting schedule or other provisions to the contrary in the agreements evidencing such options or awards, and
EyeGate and the Managing Director hereby agree that such stock option agreements and restricted stock awards will be deemed to
be amended to give effect to this provision

 

		5.2	"Cause" shall mean unlawful or dishonest conduct, or a breach of any of the Managing
Director's/CEO's obligations, including but not limited to his confidentiality obligations towards the Company and EyeGate (other
than as a result of his death or disability) and the reasons listed in Section 27 of the Austrian Employee Act. "Good
Reason" shall mean (i) the failure of the Company and EyeGate to employ the Managing Director in his position as Managing
Director such that his duties, authority, or responsibilities are materially diminished without his consent (other than the removal
of the Managing Director as Acting CEO of EyeGate); (ii) a material reduction in the salary below the amount stipulated in
section 3.1 hereof without his consent (unless such reduction is in connection with a proportional reduction in compensation to
all or substantially all of EyeGate's officers or, if in connection with the removal of the Managing Director as Acting CEO of
EyeGate, such reduction is to a level equal to or greater than the salary in effect for the Managing Director immediately prior
to his appointment as Acting CEO of EyeGate); (iii) the material relocation of his principal place of employment or (iv) a
material breach of this Agreement.

 

     

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		5.3	With the severance pay pursuant to Section 5.1, all claims against the Company and EyeGate
shall be settled. Any obligation of the Company to provide the Managing Director severance payments or other benefits under this
Agreement is expressly conditioned upon the Managing Director reviewing and signing a general release of claims ("Release").
The Company shall provide the Managing Director with the Release promptly after the date on which the Managing Director gives or
receives, as the case may be, notice of termination of his function as Managing Director of the Company. Payment of all severance
payment or other benefits to which the Managing Director may be entitled after the termination date shall commence after the effective
date of the Release. To the extent that the Release's effective date occurs after severance payments or other benefits may become
due hereof, the payments that have accumulated between the termination date and before the Release's effective date will be paid
in a lump sum in the first payment made after the Release's effective date.

 

		5.4	Irrespective of the cause of the termination of the employment as Managing Director, the Managing
Director is entitled to the "severance pay new" under the provisions of the Company Employee and Self-Employment Pension
Act ("BMSVG"), based on the monthly amounts paid by the Company to the employee pension fund Niederösterreichische
Vorsorgekasse AG (PVK guide number 71700), Neue Herrengasse 10, 3100 St. Pölten. Any "severance pay new" pursuant
to section 14 BMSVG that the Managing Director is entitled to upon termination of the employment as Managing Director against the
employee pension fund which results from expectancies acquired for periods of the employment with the Company (irrespective whether
this amount is paid out to him by the employee pension fund or not) shall be set off against the severance pay pursuant to section
5.1, so that the latter is reduced by the gross amount of the "severance pay new" and only becomes due in this reduced
amount.

 

This Amendment shall become
effective as of signing by all parties. All other provisions of the Managing Director-Service Agreement shall remain in full force
and effect.

 

Signature page follows

 

     

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Vienna, January 29, 2021

 

	 	/s/ Dr. Franz Obermayr	 
	
	 	Dr. Franz Obermayr	 

 

Waltham, Massachusetts, January 29,
2021

 

on its own behalf (solely with respect to
Sections 3.3, 3.5, 4.1 and 5.1) and on behalf of Panoptes Pharma Ges.m.b.H. in its capacity as sole shareholder:

 

EyeGate Pharmaceuticals, Inc.

 

 

	 	/s/ Paul Chaney	 
	
	 	Paul Chaney, ChairmanExhibit 10.3

 

EXECUTION COPY

 

EYEGATE PHARMACEUTICALS, INC.

FOURTH AMENDED AND RESTATED EMPLOYMENT
AGREEMENT

 

THIS FOURTH AMENDED AND RESTATED EMPLOYMENT
AGREEMENT, entered into as of January 29, 2021 (this “Agreement”), is made by and between EyeGate Pharmaceuticals, Inc.,
a Delaware corporation (the “Employer”), and Stephen From the “Employee”).

 

WHEREAS, the Employer and the Employee entered
into an Employment Agreement, dated as of June 24, 2005 (the “Original Agreement”);

 

WHEREAS, the Employer and the Employee amended
and restated the Original Agreement by entering into an Amended and Restated Employment Agreement, dated as of April 28, 2006,
as amended (the “A&R Agreement”);

 

WHEREAS, the Employer and the Employee amended
and restated the A&R Agreement by entering into a Second Amended and Restated Employment Agreement, dated as of February 25,
2016, as amended (the “2nd A&R Agreement”);

 

WHEREAS, the Employer and the Employee amended
and restated the 2nd A&R Agreement by entering into a Third Amended and Restated Employment Agreement, dated as
of November 29, 2017 (as amended, the “3rd A&R Agreement”);

 

WHEREAS, the Employer and the Employee have
discussed a transition of the Employee from the Employer’s President and Chief Executive Officer to the Employer’s
Executive Chairman (the “Transition”);

 

WHEREAS, under Section 10 of the 3rd
A&R Agreement the Employee is entitled to certain rights, compensation and benefits upon a Severance by the Employee for “Good
Reason” as defined in the 3rd A&R Agreement;

 

WHEREAS, the Transition would entitle the
Employee to resign with Good Reason and be entitled to the benefits described in Section 10 of the 3rd A&R
Agreement;

 

WHEREAS, the Employee has agreed to accept
the Transition, remain employed by the Employer under the terms described herein, and defer his entitlement to the benefits described
in Section 10 of the 3rd A&R Agreement until his employment ends; and,

 

WHEREAS, the Employer and Employee wish
to document the Employee’s new title, duties and responsibilities and, subject to the terms hereof, to preserve his entitlement
to the benefits described in Section 10 of the 3rd A&R Agreement until his employment ends;

 

NOW, THEREFORE, in consideration of the
premises and the mutual promises herein contained, the parties hereto hereby agree as follows:

 

     

    

    

 

1.            Freedom
to Contract. The Employee represents that he is free to enter into this Agreement, that he has not made and will not make
any agreements in conflict herewith, and that he will not disclose to the Employer, or use for the Employer’s benefit, any
trade secrets or confidential information which is the property of any other party.

 

2.            Employment.
The Employer hereby employs the Employee, and the Employee hereby accepts his continued employment by the Employer, subject to
and upon the terms and conditions set forth herein.

 

3.            Effective
Date and Term. The effective time of this Agreement shall be as of February 1, 2021 (the “Effective Date”)
and such employment shall continue thereafter in full force and effect until January 31, 2022, or terminated in accordance
with the provisions of this Agreement. The obligations and agreements of the Employee pursuant to Sections 8.5, 9.2, 9.3, 10, 11
and 12 hereof shall survive the termination for any reason of this Agreement. The 3rd A&R Agreement shall remain
in full force and effect until the Effective Date, unless earlier terminated in accordance with its respective terms and conditions.

 

4.            Title
and Duties; Extent of Services.

 

4.1            The
Employee shall promote the business and affairs of the Employer as Executive Chairman. As Executive Chairman of the Employer, the
Employee shall have such duties and responsibilities as may be assigned to him by the Employer’s Board of Directors (the
 “Board of Directors”) from time to time and such other duties and responsibilities as are normal and customary for
Executive Chairman, including, but not limited to, the responsibilities set forth on Exhibit A hereto. The Employee
shall report and be responsible to the Board of Directors. The Employee shall devote his best efforts and at least sixty percent
(60%) of his time, attention and energies (constituting at least 24 hours per week) to the business and affairs of the Employer.

 

4.2            Subject
to Section 4.3 of this Agreement, during his employment, the Employee may participate in any other business or render services
to any other business, as a principal, consultant, employee, or in any other capacity and serve on the board of directors, board
of advisors, or other similar governing or advisory boards of other companies, institutions, or organizations, provided that the
Employee continues to comply with Section 4.1 hereof .

 

4.3            In
connection with any services provided by the Employee to any other business or any service by the Employee on any board pursuant
to Section 4.2: (i) the Employee may not use proprietary, confidential and/or trade secret information, property, assets
or employees of the Employer in engaging in such activities; (ii) such activities may not pose a conflict of interest or interfere
with the Employee’s duties to the Employer; and (iii) any such activities may not directly or indirectly be for or for
the benefit of a business engaged in any commercial activity that is competitive with the Employer (meaning any business involved
with the development, marketing or commercialization of any product using DHODH inhibitors and field of cross-linked hyaluronic
acids or any other products developed, licensed or acquired by Employer during Employee’s employment). Additionally, prior
to providing any services to another company, institution or organization that would otherwise be permitted pursuant to Section 4.2,
the Employee must provide written notice to the Employer’s Board of Directors notifying them of such arrangements.

 

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5.            Election
to Board. As long as the Employee remains the Executive Chairman of the Employer, the Employer shall use its best efforts
to cause the Employee to continue to be elected to the Board of Directors. For the avoidance of doubt, the Employee shall not be
entitled to any compensation in addition to the compensation to which he is entitled pursuant to this Agreement in connection with
his service on the Board of Directors while the Employee is serving as the Executive Chairman of the Employer.

 

6.            Compliance
with Policies. Employee acknowledges and agrees that compliance with Employer’s policies, practices, and procedures
is a term and condition of his employment under this Agreement.

 

7.            Location
of Employment. Employee shall work out of offices of the Employer or any subsidiary of the Employer that are located in
the vicinity of Boston, Massachusetts or shall work at any other location mutually agreed upon by the Employer and the Employee.

 

8.            Compensation
and Benefits.

 

8.1            Salary.
The Employer shall pay the Employee a salary at the rate of Twenty Thousand Dollars ($20,000.00) per month for the first six (6) months
following the Effective Date, Seventeen Thousand Five Hundred Fifty Dollars ($17,550.00) per month for the sixth (6th)
through twelfth (12th) months following the Effective Date, and Twenty Thousand Dollars ($20,000.00) per month thereafter,
payable bi-weekly in arrears or otherwise in accordance with the Employer’s normal and customary payroll practices applicable
to all of its employees. The amount of salary payable by Employer pursuant to this Section 8.1 shall be subject to such deductions
or amounts to be withheld as shall be required under applicable law or as lawfully requested by the Employee.

 

8.2            Medical
Benefits. During the term of this Agreement, the Employee shall be entitled to participate in the health insurance plan offered
or generally made available to the Employer’s employees, under the same terms and conditions as those offered to other, similarly
situated employees of the Employer.

 

8.3            Sick
Leave and Vacation. During the term of this Agreement, the Employee shall be entitled to sick leave and vacation consistent
with the Employer’s policy concerning sick leave and vacation.

 

8.4            Discretionary
Nature of Benefits. The Employee understands that the Employer may amend, change or cancel or terminate any of its employment
policies and “employee benefits” at any time as allowed by law or by any applicable plan, agreement or arrangement
representing or evidencing such employee benefits.

 

8.5            Taxes.
All compensation and benefits (including, without limitation, any fringe benefits, bonuses, non-cash compensation, severance pay
or benefits under Article 8 and Section 10.2 hereof) payable or to be provided to the Employee shall be subject to all
applicable withholding taxes, to applicable foreign, federal, state and local deductions, and to any other proper deductions.

 

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9.             Termination.

 

9.1            Termination
Rights of the Parties. The Employee’s employment hereunder may be terminated (i) by the Employer for Cause effective
immediately upon Employer’s notice of termination for Cause; or (ii) by the Executive for Good Reason effective thirty
(30) days after Employee provides notice of grounds for Good Reason, unless Employer reverses the action or cures the condition
that constitutes Good Reason within such thirty (30) day period. or (iii) by the Employee’s death or disability such
that he is unable to perform his duties as determined, in good faith, by the Board of Directors of the Employer, his employment
shall terminate immediately upon such occurrence. Subject to Section 12, the date on which the Employee’s employment
terminates hereunder is hereinafter referred to as the “Termination Date.”

 

9.2            Employee’s
Right to Compensation Following Termination; Severance Pay.

 

(a)            If
the Employee’s employment hereunder terminates for any reason whatsoever, the Employer shall pay him (or, in the case of
death, his estate) all accrued but unpaid base salary and vacation pay through and including the Termination Date, which amounts
shall be paid to the Employee (or his estate) in a lump sum as of such Termination Date. The Employee, or his estate shall also
be entitled to such other benefits for which he is eligible under the terms and conditions of the Employer’s employee benefit
plans, stock options arrangements, and any applicable law. The accrued compensation and benefits described in this Section 9.2(a) are
collectively referred to as the “Accrued Benefits.”

 

(b)            If
the Employer terminates the employment of the Employee at any time for Cause, then (i) the Employee shall be entitled to receive
the Accrued Benefits and the Monthly Severance Payments (as defined below), and (ii) neither the Employee nor his estate,
heirs or other successors shall be entitled to any severance pay or other benefits under this Agreement after the termination date
except as provided in clause (i).

 

(c)            If
the employment of the Employee is terminated for any reason other than by the Employer for Cause and at any time then, subject
to Sections 9.3 and 12, and in addition to the Accrued Benefits, the Employee (or, in the case of death, his estate) shall be entitled
to: (i) severance pay in the form of payments of Thirty Three Thousand Three Hundred Thirty-Three Dollars and Thirty-Three
Cents ($33,333.33) per month for a period of eighteen (18) months from the Termination Date (the “Monthly Severance Payments”);
and (ii) a lump sum cash payment of $300,000.00, to be paid no later than the date of the last monthly payment pursuant to
clause (i) hereof. The continued salary payments referred to in the foregoing clause (i) shall be made in accordance
with the Employer’s standard payroll practices and timing as in effect from time to time.

 

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(d)            If
the employment of the Employee is terminated for any reason other than by the Employer for Cause and at any time, and if the Employee
elects under COBRA or an analogous state law, continuation coverage under the Employer’s health and dental plans, then the
Employer will subsidize the cost of such coverage for a period beginning on the Termination Date and ending on the eighteen (18)
month anniversary of the Termination Date (the “Subsidy Period”), under the same terms and conditions then applicable
to active employees with identical coverage (“COBRA Subsidy”), except that the Employee must pay the employee portion
for such coverage by making each monthly co-payment to the Employer, in full, no later than the first five (5) business days
of any month during which such COBRA Subsidy applies. If the Employee has elected continuation coverage under COBRA or any analogous
state law, then the Employee shall be responsible for all costs for any remainder of the COBRA (or analogous) period. If the Employee
has, instead, elected health and dental coverage under a state exchange, then the Employee shall pay the cost of premiums for such
coverage directly, subject to reimbursement by the Employer for an amount equal to the COBRA Subsidy, and the Employer shall pay
any such reimbursement, in full, no later than thirty (30) days after the end of the Subsidy Period. Notwithstanding anything herein
to the contrary, (A) the amount of the COBRA Subsidy shall not exceed the dollar amount provided to similarly situated active
employees of the Employer, and (B) to the extent that the Employer’s payment of such COBRA Subsidy to the Employee is
treated as a violation of any applicable non-discrimination laws under the Affordable Care Act, then such COBRA Subsidy shall be
unavailable to the Employee under this subsection and his severance under subsection (c) hereof shall be increased by an amount
equal to the dollar value of the COBRA Subsidy that would have otherwise been available. Notwithstanding any other provision herein
to the contrary, any reimbursement of the COBRA Subsidy shall be paid to the Employee no later than December 31 of the year
following the year in which the COBRA expense was incurred.

 

(e)            In
the event that the Employee’s service as Executive Chairman of the Employer is terminated for any reason other than by the
Employer for Cause and at any time, then that portion of the Employee’s then-unvested stock options and/or restricted stock
awards granted to the Employee under any Employer stock option plan that would have become vested on or prior to the eighteen (18)
month anniversary of the Termination Date had the Employee continued as an employee of Employer throughout such date, shall, instead,
become fully vested and immediately exercisable on the Termination Date, notwithstanding any vesting schedule or other provisions
to the contrary in the agreements or plans evidencing such options or awards, and the Employer and the Employee hereby agree that
such stock option agreements and restricted stock awards are hereby, and will be deemed to be, amended to give effect to this provision.

 

(f)            The
Employee hereby acknowledges and agrees that he shall not be entitled to receive any compensation or benefits from the Employer
with respect to any period of time after the Termination Date except to the extent otherwise expressly provided in this Section 9.2
or with respect to any service provided by the Employee as a non-employee director of the Employer following the Termination Date.

 

(g)            For
purposes of this Agreement, “Cause” shall mean (i) the Employee’s conviction (including a guilty plea or
a no contest plea) of a felony, or of any other crime involving fraud, embezzlement, dishonesty or moral turpitude, or (ii) a
material breach of any of the Employee’s obligations hereunder that would reasonably be expected to have a material adverse
effect on the business, results of operations, or financial condition of the Employer, as reasonably determined by the Board of
Directors of the Employer (other than as a result of the Employee’s death or disability), in each case after the Employer
has provided the Employee with not less than thirty (30) days written notice of the same and with the opportunity to cure within
such thirty (30) day period, to the extent curable. For the purposes of this Agreement, “Good Reason” shall mean (i) the
failure of the Employer to employ the Employee in his current position such that Employee’s duties, authority, or responsibilities
are materially diminished without the Employee’s consent; (ii) a material reduction in the Employee’s aggregate
base salary below the amount stipulated in Section 8.1 hereof without the Employee’s consent (unless such reduction
is in connection with a proportional reduction in compensation to all or substantially all of the Employer’s officers); (iii) the
relocation of Employee’s principal place of employment that increases the Employee’s one-way commute by more than fifty
(50) miles; or (iv) a material breach by the Employer of this Agreement.

 

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9.3            Employee
Release. Any obligation of the Employer to provide the Employee severance payments or other benefits under this Agreement is
expressly conditioned upon the Employee reviewing and signing (and not revoking during any applicable revocation period) a general
release of claims in the form customarily executed by department employees of the Employer (the “Release”). The Employer
shall provide the Employee with the Release promptly after the date on which the Employee gives or receives, as the case may be,
notice of termination of the Employee’s employment. Payment of all severance payment or other benefits to which the Employee
may be entitled after the Termination Date, other than the Accrued Benefits, shall commence after the effective date of the Release,
as set forth in the Release. To the extent that the Release’s effective date occurs after severance payments or other benefits
may become due under Section 9.2 hereof, the payments that have accumulated between the Termination Date and before the Release’s
effective date will be paid in a lump sum in the first payment made after the Release’s effective date.

 

10.           Proprietary
Information, Inventions, Non-Competition and Non-Solicitation Agreement. The Employee hereby acknowledges that he
has entered into the Employer’s standard form of Proprietary Information, Inventions, Non-Competition and Non-Solicitation
Agreement (the “Confidentiality Agreement”), which is incorporated herein as if reproduced in its entirety. By accepting
this Agreement, the Employee hereby ratifies and accepts the terms of the Employee Proprietary Information, Inventions, Non-Competition
and Non-Solicitation Agreement. Notwithstanding the foregoing and any provision to the contrary contained in the Confidentiality
Agreement: (a) competitive activity shall mean only any business involved with the development, marketing or commercialization
of any product using DHODH inhibitors and the field of cross-linked hyaluronic acids or any other products developed, licensed
or acquired by Employer during Employee’s employment; and (b) the Employee may cause his name to be included on patent
applications and other intellectual property filings not related to the Employer, provided that (i) the subject matter of
such patent applications may not be in any way connected with or result from the Employee’s employment with the Employer
or rely on knowledge of the Employee solely derived from the Employee’s employment with the Employer, (ii) the patent
applications or other intellectual property filings must be made in connection with the Employee’s role as a director of
or advisor to another entity (any such entity, an “Outside Board Entity”), and (iii) the subject matter of such
patent applications or other intellectual property filings may not be in direct or indirect competition with the business and products
of the Employer in any way.

 

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11.            Unique
Nature of Agreement; Specific Enforcement. The Employer and the Employee agree and acknowledge that the rights and obligations
set forth with this Agreement are of a unique and special nature and that the Employer is, therefore, without an adequate legal
remedy in the event of the Employee’s violation of any of the covenants set forth in this Agreement. The Employer and the
Employee agree, therefore, that each of the covenants made by the Employee under this Agreement shall be specifically enforceable
in equity, without the need to post a bond or provide other security, in addition to all other rights and remedies, at law or in
equity or otherwise (including termination of employment), that may be available to the Employer.

 

12.           Section 409A
of the Code.

 

12.1          Anything
in this Agreement to the contrary notwithstanding, if at the time of the Employee’s Severance from service within the meaning
of Section 409A of the United States Internal Revenue Code of 1986, as amended (the “Code”), the Employer determines
that the Employee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then
the payment of any deferred compensation hereunder shall not commence until the date that is the earlier of: (A) six (6) months
and one (1) calendar day after the Employee’s Severance from service; and (B) his death.

 

12.2          Any
installment payments of severance or other deferred compensation under this Agreement shall be deemed a series of separate payments
for purposes of section 409A of the Code.

 

12.3          To
the extent necessary to comply with Section 409A of the Code, if the period for considering and executing the Release under
this Agreement spans two (2) calendar years, then the severance or payment will not be made or commence until the later calendar
year.

 

12.4          Notwithstanding
anything herein to the contrary, no event shall constitute a “termination of employment” in this Agreement, unless
such event is also a “Severance from service,” as that term is defined for purposes of Section 409A of the Code
and Treasury Regulations §1.409A-3(a)(1) and 1.409A-1(h), and any references hereunder to “termination of employment”
shall have the same meaning as “Severance from service,” as so defined.

 

12.5          The
parties intend that this Agreement will be administered in accordance with Section 409A of the Code such that no tax is triggered
thereunder. To the extent that any provision of this Agreement is ambiguous as to such compliance with Section 409A of the
Code, the provision shall be read in such a manner that all payments hereunder so comply with Section 409A of the Code. The
parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply
with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided
hereunder without additional tax cost to either party.

 

    7

    

    

 

12.6          The
Employer makes no representation or warranty as to the compliance of this Agreement with Code Section 409A, and, other than
its tax withholding obligation, the Employer shall have no liability to the Employee or any other person if any provisions of this
Agreement is determined to constitute deferred compensation taxable under Section 409A of the Code. However, the parties agree
to reasonably cooperate and work together to adopt amendments to this Agreement to the extent necessary to comply with Section 409A
of the Code with the intent to avoid liability under Code Section 409A.

 

13. Treatment of Parachute Payments.

 

13.1          Notwithstanding
any other provision of this Agreement to the contrary, if any of the payments or benefits provided or to be provided by the Employer
or its affiliates to the Employee or for the Employee’s benefit pursuant to the terms of this Agreement or otherwise (“Covered
Payments”) constitute parachute payments (“Parachute Payments”) within the meaning of Section 280G of the
Code and would, but for this Section 13, be subject to the excise tax imposed under Section 4999 of the Code (or any
successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such
taxes (collectively, the “Excise Tax”), then, subject to Section 13.3, the Covered Payments shall be either:

 

(a)            reduced
to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax (that amount, the
 “Reduced Amount”); or

 

(b)            payable
in full if the Employee’s receipt on an after-tax basis of the full amount of payments and benefits (after taking into account
the applicable federal, state, local and foreign income, employment and excise taxes (including the Excise Tax)) would result in
the Employee receiving an amount at least five percent (5%) greater than the Reduced Amount.

 

13.2          Any
such reduction pursuant to Section 13.1 shall be made in accordance with Section 409A of the Code and the following:

 

(i)            the
Covered Payments which do not constitute nonqualified deferred compensation subject to Section 409A of the Code shall be reduced
first; and

 

(ii)            all
other Covered Payments shall then be reduced as follows: (i) cash payments shall be reduced before non-cash payments; and
(ii) payments to be made on a later payment date shall be reduced before payments to be made on an earlier payment date.

 

13.3          Any
determination required under this Section 13, including whether any payments or benefits are Parachute Payments, shall be
made by the Employer in its reasonable discretion. The Employee shall provide the Employer with such information and documents
as the Employer may reasonably request in order to make a determination under this Section 13. The Employer’s determination
shall be final and binding on the Employee.

 

    8

    

    

 

14.           Miscellaneous.

 

14.1          Entire
Agreement. This Agreement, the Confidentiality Agreement and the Release shall represent the entire agreement of the parties
with respect to the arrangements contemplated hereby, and supersede the 3rd A&R Agreement in its entirety, unless
otherwise provided herein. No prior agreement, whether written or oral, shall be construed to change, amend, alter, repeal or invalidate
this Agreement. This Agreement may be amended only by a written instrument executed in one or more counterparts by the parties.

 

14.2          Waiver.
No consent to or waiver of any breach or default in the performance of any obligations hereunder shall be deemed or construed to
be a consent to or waiver of any other breach or default in the performance of any of the same or any other obligations hereunder.
Failure on the part of either party to complain of any act or failure to act of the other party or to declare the other party in
default, irrespective of the duration of such failure, shall not constitute a waiver of rights hereunder and no waiver hereunder
shall be effective unless it is in writing, executed by the party waiving the breach or default hereunder.

 

14.3          Assignment.
This Agreement shall be binding upon and inure to the benefit of the parties hereto, their respective successors and assigns and,
in the case of the Employee, his heirs. This Agreement may be assigned by the Employer to any Affiliate of the Employer and to
a successor of its business (whether by purchase or otherwise). “Affiliate of the Employer” means any person which,
directly or indirectly, controls or is controlled by, or is under common control with, the Employer and, for the purposes of this
definition, “control” (including the terms “controlled by” and “under common control with”)
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of another, whether through the ownership of voting securities, the holding of office in another, by contract, or otherwise. The
Employee may not assign or transfer any or all of his rights or obligations under this Agreement.

 

14.4          Disputes.
In case of any dispute hereunder, the parties will submit to the exclusive jurisdiction and venue of any court of competent jurisdiction
sitting in Suffolk County, Massachusetts, and will comply with all requirements necessary to give such court jurisdiction over
the parties and the controversy. Each party waives any right to a jury trial and to claim or recover punitive damages.

 

14.5          Severability.
All headings and subdivisions of this Agreement are for reference only and shall not affect its interpretation. In the event that
any provision of this Agreement should be held unenforceable by a court of competent jurisdiction, such court is hereby authorized
to amend such provision so as to be enforceable to the fullest extent permitted by law, and all remaining provisions shall continue
in full force without being impaired or invalidated in any way.

 

    9

    

    

 

14.6          Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of The Commonwealth of Massachusetts. All
disputes or claims shall be brought in the state or federal courts located in Suffolk County Massachusetts and each party waives
its jurisdictional rights to other venues and to any defenses based on jurisdiction. Notwithstanding the foregoing, any controversy
or claim relating to or arising out of the rights of the Employee to receive any payments other than the Accrued Benefits in connection
with a termination of the Employee by the Employer for Cause shall be determined by arbitration administered by the American Arbitration
Association in accordance with the Employment Arbitration Rules, without discovery and with a single arbitrator, and judgment on
the award rendered by the arbitrator may be entered in any court have jurisdiction thereon. In connection with any such arbitration,
the parties shall be responsible for their own respective attorneys’ fees, provided, however, that in the event the Employee
prevails in such arbitration, the Employee shall be entitled to recover his reasonable, documented attorneys’ fees incurred
in connection with such arbitration from the Employer.

 

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    10

    

    

 

IN WITNESS WHEREOF, the Employer and the Employee have executed
this Agreement as of the date first set forth above.

 

	Employer:
	 
	EYEGATE PHARMACEUTICALS, INC.
	 
	 
	By:	/s/ Paul Chaney  	 
	Name:  Paul Chaney
	Title:    Chairman
	 

 

	Employee:
	 
	/s/ Stephen From	 
	Stephen From

 

    11

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