Document:

Exhibit
10.20 

 

MELT
PHARMACEUTICALS, INC.

12264
El Camino Real, Suite 350

San
Diego, CA 92130

 

September
27, 2018

 

Greg
Madison

[***]

[***]

 

Re:
Employment Terms 

 

Dear
Greg:

 

On
behalf of Melt Pharmaceuticals, Inc. (the “Company”), I am pleased to offer you employment in the position of Chief
Executive Officer of the Company, on the terms set forth in this offer letter agreement (the “Agreement”).

 

1.
Effectiveness.

 

(a)
Your employment with the Company and all of the terms of this Agreement shall become effective one week following closing of a bona-fide
equity financing with third party investors resulting in cash gross proceeds to the Company of at least $10,000,000 within the one-hundred-twenty
(120) days following the date listed above (the “Employment Effective Date”). In the event that such closing does
not occur within the designed time frame, your employment with the Company and this Agreement shall be null and void ab initio
and neither party hereto shall have any liability or obligation hereunder.

 

(b)
Prior to the Employment Effective Date, you will provide part-time consulting services to help secure a financing transaction meeting
the criteria above, as requested by the Company from time to time (the “Consulting Services”).

 

(i)
As compensation for your Consulting Services:

 

(A)
the Company shall, subject to your execution below and commencement of Consulting Services, grant you a restricted stock award covering
632,500 shares of the Company’s common stock (the “Stock Award”). The Stock Award shall vest 25% on the one
year anniversary of its grant date and in equal quarterly installments thereafter ending on the four year anniversary of its grant date,
subject to your continued service to the Company (which shall include your consulting and employment services) and vesting acceleration
as set forth in Section 9(b) below. The Stock Award is subject to approval by the Company’s Board of Directors (the “Board”)
and the terms of a Restricted Stock Award Grant Notice and Agreement that will be provided to you by the Company. You understand that
the grant of the Stock Award will trigger taxable income to you, and you agree to timely file a Section 83(b) election with the Internal
Revenue Service and provide documentation of such election to the Company; and

 

(B)
upon the occurrence of the Employment Effective Date and provided that you continue to provide Consulting Services pursuant to this
Agreement through such date, you shall be paid a one-time lump sum cash payment of $100,000, less required payroll deductions and tax
withholdings, to be paid within thirty (30) days following the Employment Effective Date.

 

(ii)
Either you or the Company may terminate the Consulting Services at any time upon advance written notice to the other party. Your
legitimate and documented business expenses incurred in performing the Consulting Services will be reimbursed by the Company as provided
under its business expense reimbursement policies. You understand that you shall not be an employee of the Company prior to the Employment
Effective Date, and shall not be entitled to any compensation or benefits for performing the Consulting Services other than as set forth
in this Section 1(b).

 

    	 

    	 

    

 

2.
Employment Position; Duties. Upon the Employment Effective Date, you will be employed in the position of Chief Executive Officer
of the Company. In this position, you will report to the Board, and you will have those duties and responsibilities as customary for
this position and as may be directed by the Board. Your commencement of employment shall begin on or around the Employment Effective
Date (such actual date, the “Employment Start Date”), Your work duties may include work for, or on behalf of, Affiliates
of the Company (as defined below). You will primarily work from your current location in Milton, Massachusetts, although you understand
that reasonable travel shall be required in the performance of your position with the Company. During your employment, you will devote
your full-time best efforts to the business of the Company and its Affiliates.

 

3.
Employee Base Salary; Employee Benefits and Business Expenses.

 

(a)
Base Salary. Your base salary will be paid at the annual rate of $460,000, less required payroll deductions and tax withholdings,
paid on the Company’s normal payroll schedule (which shall initially be bi-weekly). As an exempt salaried employee, you will be
required to work the Company’s normal business hours, and such additional time as appropriate for your work assignments and position.
You will not be eligible for extra payment under the overtime laws. Your base salary may otherwise be adjusted from time to time at the
Company’s discretion. Within six (6) months following the closing of the Company’s first firm-commitment underwritten public
offering of its equity securities pursuant to a registration statement filed with the Securities and Exchange Commission (“IPO”),
the Board or the Compensation Committee of the Board (the “Compensation Committee”) will review your base salary against
market practices of public peer companies, with the assistance of an outside compensation consultant, and shall increase your base salary,
if necessary, according to such market practices, as determined appropriate by the Board or the Compensation Committee in its discretion.

 

(b)
Employee Benefits. As a regular full-time employee, you will be eligible to participate in the Company’s standard employee
benefits (pursuant to the terms and conditions of the benefit plans and applicable policies), as they may be terminated or changed from
time to time within the Company’s discretion.

 

(c)
Business Expenses. Your legitimate and documented business expenses will be reimbursed by the Company as provided under its business
expense reimbursement policies.

 

4.
Annual Performance Bonus. Beginning January 1, 2019, in addition to base salary, you will be eligible to earn discretionary incentive
compensation at a total annual target amount of sixty percent (60%) of your base salary in effect during the bonus year (“Performance
Bonus”), based on the achievement of corporate and individual performance targets to be mutually established by you and the
Board or the Compensation Committee thereof. The Performance Bonus, if earned, will be paid on an annual basis, less required payroll
deductions and tax withholdings, after the close of the fiscal year and after determination by the Board (or the Compensation Committee
thereof) of the level of achievement of the applicable performance targets and metrics and the level of the Performance Bonus amount
(if any). In no event will the Performance Bonus, if any, be paid later than March 15 of the year following the year to which the Performance
Bonus relates. No Performance Bonus amount is guaranteed and, in addition to the other conditions for earning such Performance Bonus,
you must remain an employee in good standing of the Company at the close of the Performance Bonus fiscal year in order to earn any Performance
Bonus.

 

    	 

    	 

    

 

5.
Equity Awards. In addition to the Stock Award, you will be eligible to receive additional equity award grants under the Company’s
equity incentive plans from time to time in the discretion of the Board or its Compensation Committee, and in accordance with the terms
and conditions of such plans.

 

6.
Compliance With Proprietary Information Agreement and Company Policies. As a condition of employment, you shall sign and comply with
the Confidential Information, Inventions, Non-Solicitation and Non-Competition Agreement (the “Confidential Information Agreement”)
which will be provided to you by the Company under separate cover. In addition, you are required to abide by the Company’s policies
and procedures, as may be modified from time to time within the Company’s discretion.

 

7.
Protection of Third Party Information and Outside Activities.

 

(a)
Third Party Information. In your work for the Company or its Affiliates (including the Consulting Services), you will be expected
not to make any unauthorized use or disclosure of any confidential information or materials, including trade secrets, of any former employer
or other third party; and not to violate any lawful agreement that you may have with any third party. By signing this Agreement, you
represent that you are able to perform your job duties within these guidelines, and you are not in unauthorized possession or control
of any confidential documents, information, or other property of any former employer or third party. In addition, you represent that
your employment hereunder will not represent a violation of any agreement you may have with any third party (e.g., a former employer)
which may limit your ability to perform your duties to the Company or its Affiliates, or which could present a conflict of interest with
the Company or its Affiliates, including but not limited to disclosure (and a copy) of any contractual restrictions on solicitations
or competitive activities, and are not bound by any such restrictions which would restrict or prevent you from performing the Consulting
Services or accepting employment with the Company.

 

(b)
Outside Activities. During your employment with the Company, you may engage in civic and not-for-profit activities, act as a trustee
for estate planning purposes and engage in, and manage, personal investments, so long as such activities do not interfere with the performance
of your duties hereunder or present a conflict of interest with the Company or its Affiliates. Subject to the restrictions set forth
herein, and only with prior written disclosure to and consent of the Board, you may engage in other types of business or public activities.
Your service on any board of directors (or similar) of an outside entity or organization shall be subject to prior written approval of
the Board, except for your board service to the American Kidney Fund, which the Board hereby acknowledges and approves. The Board may
rescind approval of outside services, if the Board determines, in its sole discretion, that such activities compromise or threaten to
compromise the Company’s or its Affiliates’ business interests or conflict with your duties to the Company or its Affiliates.

 

8.
At-Will Employment Relationship. Your employment relationship with the Company is at-will. Accordingly, you may terminate your employment
with the Company at any time and for any reason whatsoever simply by notifying the Company, and the Company may terminate your employment
at any time with or without Cause or prior notice. In addition, subject to your right to resign for “Good Reason” as described
in Section 9(d)(vi) below, the Company retains the discretion to modify your other employment terms from time to time, including but
not limited to your position, duties, authority, reporting relationship, work location, compensation, and benefits.

 

    	 

    	 

    

 

9.
Severance Benefits.

 

(a)
Severance Benefits for Covered Termination. If (A) your employment is terminated due to (1) a termination by the Company without
Cause (other than as a result of your death or Disability) or (2) your resignation for Good Reason (collectively, a “Covered
Termination”), (B) you satisfy the Release Requirement and (C) you continue to abide by the terms of your Confidential Information
Agreement, then you will receive the “Severance Benefits” as set forth in this Section 9(a) as your sole severance
benefits, and you will not be eligible for severance benefits under any other policy, plan or agreement except to the extent required
by law. Specifically, you will receive:

 

(i)
Base Severance Payments. Severance pay in the form of continuation of your base salary at the time of your Covered Termination (but
ignoring any decrease that forms the basis of your resignation for Good Reason, if applicable) for a period of twelve (12) months, subject
to required payroll deductions and tax withholdings (the “Base Severance Payments”). Subject to Section 10, the Severance
Payments shall be made on the Company’s regular payroll schedule in effect following your termination date, provided, however,
that any such payments that are otherwise scheduled to be made prior to the Release Effective Date (as defined below) shall instead accrue
and be made on the first regular payroll date following the Release Effective Date; and

 

(ii)
Bonus Severance Payment. A lump sum cash amount equivalent to your Performance Bonus for the year in which the termination date occurs,
prorated based on the number of days that you were employed during such performance year, divided by the total number of days in such
performance year (the “Bonus Severance Payment”). Your base salary as in effect on the termination date, ignoring
any decrease that forms the basis of your resignation for Good Reason, if applicable, shall be used for calculating the Bonus Severance
Payment. The Bonus Severance Payment will be paid in a lump sum cash payment within sixty (60) days of the Release Effective Date, but
in no event later than March 15 of the year following the year in which your Covered Termination occurs; and

 

(iii)
Health Care Continuation Coverage Payments.

 

(A)
COBRA Premiums. If you timely elect continued coverage under COBRA, the Company will pay your COBRA premiums to continue your coverage
(including coverage for your eligible dependents, if applicable) (“COBRA Premiums”) through the period starting on
the termination date and ending twelve (12) months after the termination date (the “COBRA Premium Period”); provided,
however, that the Company’s provision of such COBRA Premium benefits will immediately cease if during the COBRA Premium Period
you become eligible for group health insurance coverage through a new employer or you cease to be eligible for COBRA continuation coverage
for any reason, including plan termination. In the event you become covered under another employer’s group health plan or otherwise
cease to be eligible for COBRA during the COBRA Premium Period, you must immediately notify the Company of such event. For purposes of
this Section, references to COBRA premiums shall not include any amounts payable you under a Section 125 health care reimbursement plan
under the Internal Revenue Code of 1986, as amended (the “Code”).

 

(B)
Special Cash Payments in Lieu of COBRA Premiums. Notwithstanding the foregoing, if the Company determines, in its sole discretion,
that it cannot pay the COBRA Premiums without potentially incurring financial costs or penalties under applicable law (including, without
limitation, Section 2716 of the Public Health Service Act), regardless of whether you or your dependents elect or are eligible for COBRA
coverage, the Company instead shall pay to you, on the first day of each calendar month following the time the Company determines it
cannot pay such COBRA Premiums, a fully taxable cash payment equal to the applicable COBRA premiums for that month (including the amount
of COBRA premiums for your eligible dependents), subject to applicable tax withholdings (such amount, the “Special Cash Payment”),
for the remainder of the COBRA Premium Period. You may, but are not obligated to, use such Special Cash Payments toward the cost of COBRA
premiums.

 

    	 

    	 

    

 

(b)
Severance Benefits for Covered Termination during Change in Control Period. Notwithstanding the foregoing, if your Covered Termination
occurs during the period commencing one (1) month prior to the Closing of a Change in Control and ending twelve (12) months following
the Closing of a Change in Control, in addition to the Severance Benefits described in Section 9(a), you shall also be eligible to receive
the following, subject to satisfaction of the Release Requirement:

 

(i)
Equity Acceleration. The vesting and exercisability of each outstanding unvested stock option and other stock award, as applicable,
that you hold covering Company common stock (each, an “Equity Award”) shall be accelerated in full and any reacquisition
or repurchase rights held by the Company in respect of common stock issued pursuant to any Equity Award granted to you shall lapse in
full. For purposes of determining the number of shares that will vest pursuant to the foregoing provision with respect to any Equity
Award that vests based on performance goals for which the performance period has not ended and that has multiple vesting levels depending
upon the level of performance, vesting acceleration with respect to any ongoing performance period(s) shall occur with respect to the
number of shares subject to the award as if the applicable performance criteria had been attained at a 100% level or, if greater, based
on actual performance as of your Covered Termination. If necessary to give effect to this Section 9(b)(i), if your Covered Termination
occurs prior to a Change in Control, all of the Equity Awards you hold as of immediately prior to your Covered Termination shall remain
outstanding after your Covered Termination for at least until the earlier of (i) thirty (30) days after your Covered Termination or (ii)
the Closing, if sooner. Notwithstanding anything to the contrary set forth herein, your Equity Awards shall remain subject to the terms
of the applicable Company plan and award documents under which such Equity Award was granted, including any provision for earlier termination
of such Equity Awards.

 

(c)
Release Requirement. To be eligible for the Severance Benefits pursuant to Sections 9(a) and 9(b) above, you must satisfy the following
release requirement (the “Release Requirement”): return to the Company a signed and dated general release of all known
and unknown claims, in such form as provided by the Company (the “Release and Waiver”) within the applicable deadline
set forth therein, and permit the Release and Waiver to become effective and irrevocable in accordance with its terms, which must occur
no later than sixty (60) days following your termination date (such effective date of the Release and Waiver, the “Release Effective
Date”). You may be asked to provide reasonable transitional services as a condition of payment of Severance Benefits.

 

(d)
Definitions.

 

(i)
“Affiliate” means, at the time of determination, any “parent” or “majority-owned subsidiary”
of the Company, as such terms are defined in Rule 405 promulgated under the Securities Act of 1933, as amended. The Board will have the
authority to determine the time or times at which “parent” or “majority-owned subsidiary” status is determined
within the foregoing definition.

 

(ii)
“Cause” means the occurrence of any one or more of the following: (i) your conviction of, or plea of no contest with
respect to, any felony, or of any misdemeanor involving dishonesty or moral turpitude; (ii) your participation in a fraud or act of dishonesty
(or an attempted fraud or act of dishonesty) that results in (or could result in) material harm to the Company or its Affiliates, including
but not limited to material harm to reputational interests; (iii) your violation of a fiduciary duty owed to the Company or its Affiliates;
(iv) your material breach of any fully executed agreement between you and the Company or any of its Affiliates, including but not limited
to this Agreement or your Confidential Information Agreement, or any applicable Company policies; (v) persistent or material neglect
of your job duties, which is not cured within ten (10) business days after you are provided written notice by the Company specifically
identifying the manner of your performance or neglect (provided, that, such written notice and opportunity to cure are not required
if your performance or neglect is not reasonably susceptible to being cured); (vi) your gross misconduct or material failure to comply
with a written lawful instruction of the Company or (vii) your inability or refusal to perform your job duties for any consecutive thirty
(30) day period for any reason that is not the result of death or Disability.

 

    	 

    	 

    

 

(iii)
“Change in Control” means the occurrence, in a single transaction or in a series of related transactions, of any one
or more of the following events:

 

(A)
any Exchange Act Person1 (excluding Imprimis Pharmaceuticals, Inc. and any of its Affiliates
(“Imprimis”)) becomes the Owner2, directly or indirectly, of securities
of the Company representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities
other than by virtue of a merger, consolidation or similar transaction. Notwithstanding the foregoing, a Change in Control will not be
deemed to occur (A) on account of the acquisition of securities of the Company directly from the Company, (B) on account of the acquisition
of securities of the Company by an investor, any affiliate thereof or any other Exchange Act Person that acquires the Company’s
securities in a transaction or series of related transactions the primary purpose of which is to obtain financing for the Company through
the issuance of equity securities or (C) solely because the level of Ownership held by any Exchange Act Person (the “Subject
Person”) exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other
acquisition of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would
occur (but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share
acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition
had not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated
percentage threshold, then a Change in Control will be deemed to occur;

 

(B)
there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately
after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto
do not Own, directly or indirectly, either (A) outstanding voting securities representing more than fifty percent (50%) of the combined
outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than fifty percent
(50%) of the combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation or similar transaction,
in each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately
prior to such transaction;

 

(C)
the stockholders of the Company approve or the Board approves a plan of complete dissolution or liquidation of the Company, or a
complete dissolution or liquidation of the Company will otherwise occur, except for a liquidation into a parent corporation; or

 

(D)
there is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets
of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated
assets of the Company and its Subsidiaries to Imprimis or to an Entity, more than fifty percent (50%) of the combined voting power of
the voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of the
outstanding voting securities of the Company immediately prior to such sale, lease, license or other disposition.

 

 

 

1
“Exchange Act Person” means any natural person, entity or “group” (within the meaning of Section
13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) the Company or any Subsidiary
of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding
securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter temporarily holding securities
pursuant to an offering of such securities, (iv) an entity Owned, directly or indirectly, by the stockholders of the Company in substantially
the same proportions as their Ownership of stock of the Company; or (v) any natural person, entity or “group” (within the
meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner, directly or indirectly, of securities
of the Company representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities.
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

2
“Own,” “Owned,” “Owner,” “Ownership” A person or entity will be deemed to
“Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of securities
if such person or entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or
shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.

 

    	 

    	 

    

 

Notwithstanding
the foregoing definition or any other provision of this Agreement, the term Change in Control will not include a sale of assets, merger
or other transaction effected exclusively for the purpose of changing the domicile of the Company.

 

(iv)
“Closing” means the initial closing of the Change in Control as defined in the definitive agreement executed in connection
with the Change in Control. In the case of a series of transactions constituting a Change in Control, “Closing” means the
first closing that satisfies the threshold of the definition for a Change in Control.

 

(v)
“Disability” means your inability to perform the essential functions of your position, with or without reasonable accommodation,
by reason of any medically determinable physical or mental impairment, where such inability has continued for at least a period of 60
days in any consecutive 365-day period, as determined by the Company in its sole discretion. This definition shall be interpreted and
applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable law.

 

(vi)
“Good Reason” for your resignation means the occurrence of any of the following events, conditions or actions taken by
the Company without Cause and without your written consent: (i) a material reduction of your annual base salary, which you and the Company
agree is a reduction of at least 10% of your annual base salary; provided, however, that Good Reason shall not be deemed to have
occurred in the event of a reduction in your annual base salary that is pursuant to a salary reduction program affecting substantially
all of the executive employees of the Company; (ii) a material reduction in your authority, duties or responsibilities, including a requirement
that you report to a corporate officer or employee of the Company instead of reporting directly to the Board; (iii) a relocation of your
principal place of employment with the Company to a place that increases your one-way commute by more than fifty (50) miles as compared
to your then-current principal place of employment immediately prior to such relocation (excluding regular travel in the ordinary course
of business); or (iv) a material breach by the Company of any provision of this Agreement; provided, however, that in each case
above, in order for your resignation to be deemed to have been for Good Reason, you must first give the Board written notice of the action
or omission giving rise to “Good Reason” within thirty (30) days after the first occurrence thereof; the Company must fail
to reasonably cure such action or omission within thirty (30) days after receipt of such notice (the “Cure Period”),
and your resignation from all positions you hold with the Company must be effective not later than thirty (30) days after the expiration
of such Cure Period.

 

(vii)
“Subsidiary” means, with respect to the Company, (i) any corporation of which more than fifty percent (50%) of the outstanding
capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether,
at the time, stock of any other class or classes of such corporation will have or might have voting power by reason of the happening
of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company
or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits or
capital contribution) of more than fifty percent (50%).

 

(e)
Other. You will not be eligible for any Severance Benefits under any circumstances other than those described herein, including circumstances
in which your employment is terminated by the Company for Cause, you terminate your employment for any reason at any time (other than
for Good Reason), or your employment terminates due to your death or Disability. In addition, if you materially breach any continuing
obligations to the Company (including but not limited to any material breach of the Confidential Information Agreement) during the period
of time that you are receiving any Severance Benefits, you will forfeit your entitlement to any then unpaid Severance Benefits, and the
Company’s obligation to continue to pay or provide such Severance Benefits will immediately terminate as of the date of your material
breach.

 

    	 

    	 

    

 

10.
Section 409A. It is intended that all of the benefits and other payments payable under this Agreement satisfy, to the greatest extent
possible, an exemption from the application of Section 409A of the Code and the regulations and other guidance thereunder and any state
law of similar effect (collectively “Section 409A”), and this Agreement will be construed to the greatest extent possible
as consistent with those provisions, and to the extent no so exempt, this Agreement (and any definitions hereunder) will be construed
in a manner that complies with Section 409A, and any ambiguities herein shall be interpreted accordingly. Specifically, the benefits
under this Agreement are intended to satisfy the exemptions from application of Section 409A provided under Treasury Regulations Sections
1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9) and each installment of severance benefits, if any, is a separate “payment”
for purposes of Treasury Regulations Section 1.409A-2(b)(2)(i). However, if such exemptions are not available and you are, upon your
“separation from service” with the Company (within the meaning of Treasury Regulation Section 1.409A-1(h)) (without
regard to any permissible alternative definition thereunder) (“Separation from Service”), a “specified employee”
for purposes of Section 409A, then, solely to the extent necessary to avoid adverse personal tax consequences under Section 409A, the
timing of the severance benefits payments shall be delayed until the earlier of (i) six (6) months and one (1) day after your Separation
from Service, or (ii) your death. Severance benefits shall not commence until you have a Separation from Service. If the severance benefits
are not covered by one or more exemptions from the application of Section 409A and the Release and Waiver could become effective in the
calendar year following the calendar year in which your Separation from Service occurs, the Release Effective Date will not be deemed
effective, for purposes of payment of severance, any earlier than the first day of the second calendar year. Except to the minimum extent
that payments must be delayed because you are a “specified employee” or until the Release Effective Date, all severance amounts
will be paid as soon as practicable in accordance with this Agreement and the Company’s normal payroll practices.

 

11.
Section 280G.

 

(a)
If any payment or benefit you would receive from the Company or otherwise in connection with a change in control of the Company or
other similar transaction (“Payment”) would (1) constitute a “parachute payment” within the meaning of
Section 280G of the Code, and (2) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise
Tax”), then such Payment will be equal to the Reduced Amount. The “Reduced Amount” will be either (x) the
largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax, or (y) the largest portion,
up to and including the total, of the Payment, whichever amount ((x) or (y)), after taking into account all applicable federal, state
and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in your
receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject
to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment
equals the Reduced Amount, reduction will occur in the manner (the “Reduction Method”) that results in the greatest
economic benefit for you. If more than one method of reduction will result in the same economic benefit, the items so reduced will be
reduced pro rata (the “Pro Rata Reduction Method”).

 

(b)
Notwithstanding the foregoing, if the Reduction Method or the Pro Rata Reduction Method would result in any portion of the Payment
being subject to taxes pursuant to Section 409A that would not otherwise be subject to taxes pursuant to Section 409A, then the Reduction
Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to
Section 409A as follows: (A) as a first priority, the modification shall preserve to the greatest extent possible, the greatest economic
benefit for you as determined on an after-tax basis; (13) as a second priority, Payments that are contingent on future events (e.g.,
being terminated without cause), shall be reduced (or eliminated) before Payments that are not contingent on future events; and (C) as
a third priority, Payments that are “deferred compensation” within the meaning of Section 409A shall be reduced (or eliminated)
before Payments that are not deferred compensation within the meaning of Section 409A.

 

    	 

    	 

    

 

(c)
The independent registered public accounting firm engaged by the Company for general audit purposes as of the day prior to the effective
date of the event described in Section 280G(b)(2)(A)(i) of the Code will perform the foregoing calculations. If the independent registered
public accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the
change in control or similar transaction, the Company will appoint a nationally recognized independent registered public accounting firm
to make the determinations required hereunder. The Company will bear all expenses with respect to the determinations by such independent
registered public accounting firm required to be made hereunder. The independent registered public accounting firm engaged to make the
determinations hereunder will make its determination with input from you (or your counsel) and provide its calculations, together with
detailed supporting documentation, to the Company and you within fifteen (15) calendar days after the date on which your right to a Payment
is triggered (if requested at that time by the Company or you) or such other time as reasonably requested by the Company or you.

 

12.
Dispute Resolution. To ensure the rapid and economical resolution of disputes that may arise in connection with your employment with
and services for the Company, you and the Company agree that any and all disputes, claims, or causes of action, in law or equity, including
but not limited to statutory claims, arising from or relating to the enforcement, breach, performance, or interpretation of this Agreement,
your employment with and services for the Company, or the termination of your employment with and services for the Company, will be resolved
pursuant to the Federal Arbitration Act, 9 U.S.C. §§1-16, and to the fullest extent permitted by law, by final, binding and
confidential arbitration conducted in Boston, Massachusetts (or such other location as mutually agreed by the parties) by JAMS, Inc.
(“JAMS”) or its successors by a single arbitrator. Both you and the Company acknowledge that by agreeing to
this arbitration procedure, you each waive the right to resolve any such dispute through a trial by jury or judge or administrative proceeding.
Any such arbitration proceeding will be governed by JAMS’ then applicable rules and procedures for employment disputes,
which will be provided to you upon request. In any such proceeding, the arbitrator shall (a) have the authority to compel adequate discovery
for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written arbitration
decision including the arbitrator’s essential findings and conclusions and a statement of the award. You and the Company each shall
be entitled to all rights and remedies that either would be entitled to pursue in a court of law. Nothing in this Agreement is intended
to prevent either the Company or you from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of
any such arbitration pursuant to applicable law. The Company shall (x) pay all filing fees in excess of those that would be required
if the dispute were decided in a court of law, (y) pay the arbitrator’s fees and any other fees or costs unique to arbitration,
and (z) in the event that you prevail in the arbitration proceeding, pay your reasonable attorney’s fees and costs incurred in
connection with the arbitration. Any awards or orders in such arbitrations may be entered and enforced as judgments in the federal and
state courts of any competent jurisdiction.

 

13.
Indemnification. Upon the Employment Effective Date, you shall be eligible for indemnification by the Company in your role as Chief
Executive Officer to the fullest extent as provided for pursuant to Section 8.1 of the Company’s By-Laws, as may be amended and
restated from time to time.

 

14.
Miscellaneous. This Agreement, along with the Confidential Information Agreement, forms the complete and exclusive statement of your
agreement with the Company regarding the subject matter hereof. It supersedes and replaces any other agreements or promises made to you
by anyone concerning your employment terms with the Company or any Affiliate thereof, whether oral or written. This Agreement may not
be amended or modified except by a written modification signed by you and a duly authorized member of the Board, with the exception of
those changes expressly reserved to the Company’s discretion in this Agreement. This Agreement is governed by the laws of the Commonwealth
of Massachusetts without reference to conflicts of law principles, and it is intended to bind and inure to the benefit of and be enforceable
by the Company and its successors and assigns. If any provision of this Agreement shall be held invalid or unenforceable in any respect,
such invalidity or enforceability shall not affect the other provisions of this Agreement, and such provision will be reformed, construed
and enforced so as to render it valid and enforceable consistent with the general intent of the parties insofar as possible under applicable
law. With respect to the enforcement of this Agreement, no waiver of any right hereunder shall be effective unless it is in writing.
Any ambiguity in this Agreement shall not be construed against either party as the drafter. This Agreement may be executed in counterparts
which shall be deemed to be part of one original, and facsimile and electronic signatures shall be equivalent to original signatures.
To the extent required by law, your employment with the Company will be subject to satisfactory proof of your identity and right to work
in the United States.

 

    	 

    	 

    

 

To
accept our offer of consulting and employment under the terms set forth herein, please sign and date this Agreement and return the fully
signed document to me at your earliest convenience and no later than within fifteen business days from the date listed above.

 

Please
let me know if you have any questions.

 

	Sincerely.	 
	 	 
	MELT
    PHARMACEUTICALS, INC.	 
	 	 	 
	By:	/s/
    Mark L. Baum               	 
	 	Mark
    L. Baum	 

 

	Reviewed,
    Understood, and Accepted:	 	 
	 	 	 
	/s/
    Greg Madison	 	9/28/18
	Greg
    Madison	 	Date
	 	 	 
	Accepted
    by Company	 	 
	 	 	 
	/s/
    Mark L. Baum	 	9/27/18
	Mark
    L. Baum, Executive Director	 	Date

 

    	 

    	 

    

 

CONFIDENTIAL
INFORMATION, INVENTIONS,

 

AND
NON-SOLICITATION AGREEMENT

 

In
consideration of my employment or continued employment by MELT Pharmaceuticals, Inc.,
its parent, subsidiaries, affiliates, successors, predecessors, or assigns, as applicable, (collectively, the “Company”),
the compensation and benefits provided to me now and during my employment with the Company, the on-going access to and use of the Company’s
Confidential Information (as defined below), I agree to the terms of this Confidential Information,
Inventions, and Non-Solicitation Agreement (the “Agreement”).

 

1.
Confidential Information Protections.

 

1.1.
Nondisclosure; Recognition of Company’s Rights. At all times during and after my employment by Company, I will hold in confidence
and will not disclose, use, lecture upon, or publish any of Company’s Confidential Information (defined below), except as may be
required in connection with my work for Company, or as expressly authorized by the Chief Executive Officer (if I am not the Chief Executive
Officer) or Board of Directors of the Company. I will obtain the Board’s written approval before publishing or submitting for publication
any material (written, oral, or otherwise) that relates to my work at Company and/or incorporates any Confidential Information. I hereby
assign to Company any rights I may have or acquire in any and all Confidential Information and recognize that all Confidential Information
shall be the sole and exclusive property of Company and its assigns. Notwithstanding the foregoing, pursuant to 18 U.S.C. Section 1833(b),
I shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that:
(a) is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely
for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in
a lawsuit or other proceeding, if such filing is made under seal.

 

1.2.
Confidential Information. The term “Confidential Information” shall mean any and all confidential knowledge, data
or information related to Company’s business or its actual or demonstrably anticipated research or development gained during my
employment with the Company, including without limitation (a) trade secrets, inventions, ideas, processes, computer source and object
code, data, formulae, programs, other works of authorship, know-how, improvements, discoveries, developments, designs, and techniques;
(b) information regarding customers and potential customers of the Company, including customer lists, names, representatives, their needs
or desires with respect to the types of products or services offered by the Company, proposals, bids, contracts and their contents and
parties, the type and quantity of products and services provided or sought to be provided to customers and potential customers of the
Company and other non-public information relating to customers and potential customers; (c) information regarding any of the Company’s
business partners and their services, including names; representatives, proposals, bids, contracts and their contents and parties, the
type and quantity of products and services received by the Company, and other non-public information relating to business partners; (d)
information regarding personnel, employee lists, compensation, and employee skills; and (e) any other non-public information which a
competitor of the Company could use to the competitive disadvantage of the Company. Notwithstanding the foregoing, it is understood that,
at all such times, I am free to use information which is generally known in the trade or industry through no breach of this Agreement
or other act or omission by me. Further, notwithstanding the foregoing or anything to the contrary in this Agreement or any other agreement
between the Company and me, nothing in this Agreement shall limit my right to discuss my employment or report possible violations of
law or regulation with any federal government agency or similar state or local agency or to discuss the terms and conditions of my employment
with others to the extent expressly permitted by Section 7 of the National Labor Relations Act.

 

1.3.
Third Party Information. I understand that Company has received and in the future will receive from third parties confidential or
proprietary information (“Third Party Information”) subject to a duty on Company’s part to maintain the confidentiality
of such information and to use it only for certain limited purposes. During and after the term of my employment, I will hold Third Party
Information known by me, or told to me by Company, to be confidential in strict confidence and will not disclose to anyone (other than
Company personnel who need to know such information in connection with their work for Company) or use, Third Party Information, except
in connection with my work for Company or unless expressly authorized by an officer of Company in writing.

 

    	A-1

    	 

    

 

1.4.
Term of Nondisclosure Restrictions. I understand that Confidential Information and Third Party Information is never to be used or
disclosed by me. If a temporal limitation on my obligation not to use or disclose such information is required under applicable law,
and the Agreement or its restriction(s) cannot otherwise be enforced, I agree and the Company agrees that the two (2) year period after
the date my employment ends will be the temporal limitation relevant to the contested restriction; provided, however, that
this sentence will not apply to trade secrets protected without temporal limitation under applicable law.

 

1.5.
No Improper Use of Information of Prior Employers and Others. I represent that my employment by Company does not and will not breach
any agreement with any former employer, including any noncompete agreement or any agreement to keep in confidence or refrain from using
information acquired by me prior to my employment by Company. I further represent that I have not entered into, and will not enter into,
any agreement, either written or oral, in conflict with my obligations under this Agreement. During my employment by Company, I will
not improperly make use of, or disclose, any information or trade secrets of any former employer or other third party, nor will I bring
onto the premises of Company or use any unpublished documents or any property belonging to any former employer or other third party,
in violation of any lawful agreements with that former employer or third party. I will use in the performance of my duties only information
that is generally known and used by persons with training and experience comparable to my own, is common knowledge in the industry or
otherwise legally in the public domain, or is otherwise provided or developed by Company.

 

2.
Inventions.

 

2.1.
Definitions. As used in this Agreement, the term “Invention” means any ideas, concepts, information, materials,
processes, data, programs, know-how, improvements, discoveries, developments, designs, artwork, formulae, other copyrightable works,
and techniques and all Intellectual Property Rights in any of the items listed above. The term “Intellectual Property Rights”
means all trade secrets, Copyrights, trademarks, mask work rights, patents and other intellectual property rights recognized by the
laws of any jurisdiction or country. The term “Copyright” means the exclusive legal right to reproduce, perform,
display, distribute and make derivative works of a work of authorship (as a literary, musical, or artistic work) recognized by the laws
of any jurisdiction or country. The term “Moral Rights” means all paternity, integrity, disclosure, withdrawal, special
and any other similar rights recognized by the laws of any jurisdiction or country.

 

2.2.
Excluded Inventions and Other Inventions. Attached hereto as Attachment 1 is a list describing all existing Inventions, if
any, that may relate to the Company’s business or actual or demonstrably anticipated research or development and that were made
by me or acquired by me prior to the commencement of my employment with, and which are not to be assigned to, the Company (“Excluded
Inventions”). If no such list is attached, I represent and agree that it is because I have no rights in any existing Inventions
that may relate to the Company’s business or actual or demonstrably anticipated research or development. For purposes of this Agreement,
“Other Inventions” means Inventions in which I have or may have an interest, as of the commencement of my employment
or thereafter, other than Company Inventions (defined below) and Excluded Inventions. I acknowledge and agree that if I use any Excluded
Inventions or any Other Inventions in the scope of my employment, or if I include any Excluded Inventions or Other Inventions in any
product or service of the Company, or if my rights in any Excluded Inventions or Other Inventions may block or interfere with, or may
otherwise be required for, the exercise by the Company of any rights assigned to the Company under this Agreement, I will immediately
so notify the Company in writing. Unless the Company and I agree otherwise in writing as to particular Excluded Inventions or Other Inventions,
I hereby grant to the Company, in such circumstances (whether or not I give the Company notice as required above), a non-exclusive, perpetual,
transferable, fully-paid and royalty-free, irrevocable and worldwide license, with rights to sublicense through multiple levels of sublicensees,
to reproduce, make derivative works of, distribute, publicly perform, and publicly display in any form or medium, whether now known or
later developed, make, have made, use, sell, import, offer for sale, and exercise any and all present or future rights in, such Excluded
Inventions and Other Inventions. To the extent that any third parties have rights in any such Other Inventions, I hereby represent and
warrant that such third party or parties have validly and irrevocably granted to me the right to grant the license stated above.

 

2.3.
Assignment of Company Inventions. Inventions assigned to Company, or to a third party as directed by Company pursuant to Section
2.6, are referred to in this Agreement as “Company Inventions.” Subject to Section 2.4 (Unassigned or Nonassignable
Inventions) and except for Excluded Inventions set forth in Attachment 1 and Other Inventions, I hereby assign to Company all
my right, title, and interest in and to any and all Inventions (and all Intellectual Property Rights with respect thereto) made, conceived,
reduced to practice, or learned by me, either alone or with others, during the period of my employment by Company. To the extent required
by applicable Copyright laws, I agree to assign in the future (when any copyrightable Inventions are first fixed in a tangible medium
of expression) my Copyright rights in and to such Inventions. Any assignment of Company Inventions (and all Intellectual Property Rights
with respect thereto) hereunder includes an assignment of all Moral Rights. To the extent such Moral Rights cannot be assigned to Company
and to the extent the following is allowed by the laws in any country where Moral Rights exist, I hereby unconditionally and irrevocably
waive the enforcement of such Moral Rights, and all claims and causes of action of any kind against Company or related to Company’s
customers, with respect to such tights. . I further acknowledge and agree that neither my successors-in-interest nor legal heirs retain
any Moral Rights in any Company Inventions (and any Intellectual Property Rights with respect thereto).

 

    	A-2

    	 

    

 

2.4.
Unassigned or Nonassignable Inventions. I recognize that this Agreement will not be deemed to require assignment of any Invention
that I developed entirely on my own time without using the Company’s equipment, supplies, facilities, trade secrets, or Confidential
Information, except for those Inventions that either (i) relate to the Company’s actual or anticipated business, research or development,
or (ii) result from or are connected with work performed by me for the Company. In addition, this Agreement does not apply to any Invention
which qualifies fully for protection from assignment to the Company under any specifically applicable state law, regulation, rule or
public policy (“Specific Inventions Law”).

 

2.5.
Obligation to Keep Company Informed. During the period of my employment and for one (1) year after my employment ends, I will promptly
and fully disclose to Company in writing all Inventions authored, conceived, or reduced to practice by me, either alone or with others.
In addition, I will promptly disclose to the Company all patent applications filed by me or on my behalf within one (1) year after termination
of employment. At the time of each such disclosure, I will advise the Company in writing of any Inventions that I believe fully qualify
for protection under the provisions of any applicable Specific Inventions Law; and I will at that time provide to the Company in writing
all evidence necessary to substantiate that belief. The Company will keep in confidence and will not use for any purpose or disclose
to third parties without my consent any confidential information disclosed in writing to the Company pursuant to this Agreement relating
to Inventions that qualify fully for protection under a Specific Inventions Law. I will preserve the confidentiality of any Invention
that does not fully qualify for protection under a Specific Inventions Law.

 

2.6.
Government or Third Party. I agree that, as directed by the Company, I will assign to a third party, including without limitation
the United States, all my right, title, and interest in and to any particular Company Invention.

 

2.7.
Ownership of Work Product. I agree that Company will exclusively own all work product that is made by me (solely or jointly with
others) within the scope of my employment, and I hereby irrevocably and unconditionally assign to Company all right, title, and interest
worldwide in and to such work product. I acknowledge that all original works of authorship which are made by me (solely or jointly with
others) within the scope of my employment and which are protectable by Copyright are “works made for hire,” pursuant to United
States Copyright Act (17 U.S.C., Section 101). I understand and agree that I have no right to publish on, submit for publishing, or use
for any publication any work product protected by this Section, except as necessary to perform services for Company. 

 

2.8.
Enforcement of Intellectual Property Rights and Assistance. During and after the period of my employment and at Company’s request
and expense I will assist the Company in every proper way to obtain, and from time to time enforce, United States and foreign Intellectual
Property Rights and Moral Rights relating to Company Inventions in any and all countries. To that end I will execute, verify and deliver
such documents and perform such other acts (including appearances as a witness) as the Company may reasonably request for use in applying
for, obtaining, perfecting, evidencing, sustaining and enforcing such Intellectual Property Rights and the assignment thereof. In addition,
I will execute, verify and deliver assignments of such Intellectual Property Rights to the Company or its designee, including the United
States or any third party designated by the Company. My obligation to assist the Company with respect to Intellectual Property Rights
relating to such Company Inventions in any and all countries will continue beyond the termination of my employment, but the Company will
compensate me at a reasonable rate after my termination for the time actually spent by me at the Company’s request on such assistance.
In the event the Company is unable for any reason, after reasonable effort, to secure my signature on any document needed in connection
with the actions specified in this paragraph, I hereby irrevocably designate and appoint the Company and its duly authorized officers
and agents as my agent and attorney in fact, which appointment is coupled with an interest, to act for and on my behalf to execute, verify
and file any such documents and to do all other lawfully permitted acts to further the purposes of the preceding paragraph with the same
legal force and effect as if executed by me. I hereby waive and quitclaim to the Company any and all claims, of any nature whatsoever,
which I now or may hereafter have for infringement of any Intellectual Property Rights assigned under this Agreement to the Company.

 

    	A-3

    	 

    

 

2.9.
Incorporation of Software Code. I agree that I will not incorporate into any Company software or otherwise deliver to Company any
software code licensed under the GNU General Public License or Lesser General Public License or any other license that, by its terms,
requires or conditions the use or distribution of such code on the disclosure, licensing, or distribution of any source code owned or
licensed by Company except in strict compliance with the Company’s policies regarding the use of such software.

 

3.
Records. I agree to keep and maintain adequate and current records (in the form of
notes, sketches, drawings and in any other form that is required by the Company) of all Confidential Information developed by me and
all Inventions made by me during the period of my employment by the Company, which records shall be available to, and remain the sole
property of, the Company at all times.

 

4.
Non-Solicitation. I agree that during the period of my employment and for the period
of one (1) year after the date my employment ends for any reason, including but not limited to voluntary termination by me or involuntary
termination by Company, I will not, as an officer, director, employee, consultant, owner, partner, or in any other capacity (with or
without compensation), either directly or through others:

 

4.1.
solicit, induce, encourage, or participate in solicitation of, inducement of, or encouragement of any employee, consultant or independent
contractor of Company to terminate his or her relationship with Company;

 

4.2.
hire, employ, or engage in business with or attempt to hire, employ, or engage in business with any person employed by Company or
who has left the employment of Company within the preceding three (3) months or discuss any potential employment or business association
with such person, even if I did not initiate the discussion or seek out the contact; or

 

4.3.
encourage, solicit, induce or accept business from any Customer or Potential Customer with the purpose, effect or potential of: (i)
selling (or assisting another person’s selling) or providing such Customer or Potential Customer products or services that are
the same, similar, or related to products or services provided by Company; or (ii) terminating, diminishing, or materially altering in
a manner harmful to Company, the Customer or Potential Customer’s relationship with Company.

 

The
parties agree that for purposes of this Agreement, a “Customer or Potential Customer” is any person or entity who
or which, at any time during the two (2)-year period prior to the date my employment with Company ends, (i) contracted for, was billed
for, or received from Company any product, service or process with which I worked directly or indirectly during my employment by Company
or about which I acquired Confidential Information or Third Party Information; or (ii) was in contact with me or in contact with any
other employee, owner, or agent of Company, of which contact I was or should have been aware, concerning any product, service or process
with which I worked directly or indirectly during my employment with Company or about which I acquired Confidential Information or Third
Party Information; or (iii) was solicited by Company in an effort in which I was involved or of which I was or should have been aware.

 

5.
Intentionally Omitted.

 

6.
Reasonableness of Restrictions.

 

6.1.
I acknowledge that I have the right to consult with counsel prior to signing this Agreement. I further acknowledge that I will derive
significant value from the Company’s agreement to provide me with Company Confidential Information to enable me to optimize the
performance of my duties to the Company. I further acknowledge that my fulfillment of the obligations contained in this Agreement, including,
but not limited to, my obligation neither to disclose nor to use Company Confidential Information other than for the Company’s
exclusive benefit and my obligations not to compete and not to solicit are necessary to protect Company Confidential Information and,
consequently, to preserve the value and goodwill of the Company. I agree that this Agreement does not prevent me from earning a living
or pursuing my career. I agree that the restrictions contained in this Agreement are reasonable, proper, and necessitated by the Company’s
legitimate business interests. I represent and agree that I am entering into this Agreement freely and with knowledge of its contents
with the intent to be bound by the Agreement and the restrictions contained in it.

 

6.2.
If any restrictions set forth in Sections 4 or 5 of this Agreement are found by any court of competent jurisdiction to be unenforceable
because they extend for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall
be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable.

 

7.
Return Of Company Property. Upon termination of my employment or upon Company’s
request at any other time, I will deliver to Company all of Company’s property, equipment, and documents, together with all copies
thereof, and any other material containing or disclosing any Inventions, Third Party Information or Confidential Information and certify,
in writing that I have fully complied with the foregoing obligation. I agree that I will not copy, delete, or alter any information contained
upon my Company computer or Company equipment before I return it to Company. In addition, if I have used any personal computer, server,
or email system to receive, store, review, prepare or transmit any Company information, including but not limited to, Confidential Information,
I agree to provide the Company with a computer-useable copy of all such Confidential Information and then permanently delete and expunge
such Confidential Information from those systems.

 

    	A-4

    	 

    

 

8.
Notification Of New Employer.

 

8.1.
If I am offered employment or the opportunity to enter into any business venture as owner, partner, consultant or other capacity
while the restrictions described in Sections 4 and 5. of this Agreement are in effect, I agree to inform my potential employer, partner,
co-owner and/or others involved in managing the business with which I have an opportunity to be associated of my obligations under this
Agreement and also agree to provide such person or persons with a copy of this Agreement.

 

8.2.
I agree to inform the Company of all employment and business ventures which I enter into while the restrictions described in Sections
4 and 5 of this Agreement are in effect and I also authorize the Company to provide copies of this Agreement to my employer, partner,
co-owner and/or others involved in managing the business with which I am employed or associated and to make such persons aware of my
obligations under this Agreement.

 

9.
Legal And Equitable Remedies. I acknowledge that, because my services are personal
and unique and because I will have access to the Confidential Information of Company, any breach of this Agreement by me would cause
irreparable injury to Company for which monetary damages would not be an adequate remedy and, therefore, will entitle Company to injunctive
relief (including specific performance). The rights and remedies provided to each party in this Agreement are cumulative and in addition
to any other rights and remedies available to such party at law or in equity.

 

10.
General Provisions.

 

10.1.
Governing Law. This Agreement will be governed by and construed according to the laws of the Commonwealth of Massachusetts as such
laws are applied to agreements entered into and to be performed entirely within Massachusetts between Massachusetts residents. I hereby
expressly consent to the personal jurisdiction and venue of the state and federal courts located in the Commonwealth of Massachusetts
for any lawsuit filed there against me by the Company arising from or related to this Agreement.

 

10.2.
Severability. If any provision of this Agreement is, for any reason, held to be ambiguous, invalid or unenforceable, the other provisions
of this Agreement will remain enforceable and the ambiguous, invalid or unenforceable provision(s) shall be deemed modified to be valid
and enforceable to the maximum extent permitted by law.

 

10.3.
Successors and Assigns. This Agreement is for my benefit and the benefit of the Company, its successors, assigns, parent corporations,
subsidiaries, affiliates, and purchasers, and will be binding upon my heirs, executors, administrators and other legal representatives.
Notwithstanding anything to the contrary herein, the Company may assign this Agreement and its rights and obligations under this Agreement
to any successor to all or substantially all of the Company’s relevant assets, whether by merger, consolidation, reorganization,
reincorporation, sale of assets or stock, or otherwise. For avoidance of doubt, the Company’s successors and assigns are authorized
to enforce the Company’s rights under this Agreement.

 

10.4.
Survival. This Agreement shall survive the termination of my employment and the assignment of this Agreement by Company to any successor
or other assignee and shall be binding upon my heirs and legal representatives.

 

10.5.
Notices. Each party must deliver all notices or other communications required or permitted under this Agreement in writing to the
other party at the address listed on the signature page, by courier, by certified or registered mail (postage prepaid and return receipt
requested), or by a nationally-recognized express mail service. Notice will be effective upon receipt or refusal of delivery. Each party
may change its address for receipt of notice by giving notice of the change to the other party.

 

10.6.
Waiver. Any waiver or failure to enforce any provision of this Agreement on one occasion will not be deemed a waiver of that provision
or any other provision on any other occasion.

 

10.7.
Export. I agree not to export, reexport, or transfer, directly or indirectly, any U.S. technical data acquired from Company or any
products utilizing such data, in violation of the United States export laws or regulations.

 

10.8.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which
shall be taken together and deemed to be one instrument.

 

10.9.
Advice of Counsel. I ACKNOWLEDGE THAT, IN EXECUTING THIS AGREEMENT, I HAVE HAD THE OPPORTUNITY TO SEEK THE ADVICE OF INDEPENDENT
LEGAL COUNSEL, AND I HAVE READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT WILL NOT BE CONSTRUED
AGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION OF THIS AGREEMENT.

 

10.10.
Miscellaneous. No modification of or amendment to this Agreement, or any waiver of any rights under this Agreement, will be effective
unless in writing and signed by me and an authorized officer of the Company. Any subsequent change or changes in my duties, salary or
compensation will not affect the validity or scope of this Agreement. If no other agreement governs nondisclosure and assignment of inventions
during any period in which I was previously employed or am in the future employed by Company as an independent contractor, the obligations
pursuant to sections of this Agreement titled “Confidential Information Protections” and “Inventions” shall apply.

 

    	A-5

    	 

    

 

SIGNATURE
PAGE

 

This
Confidential Information, Inventions, And Non-Solicitation Agreement shall be effective as of the first day of my services with Company,
even if signed by me at a later date.

 

	Employee:	 	Melt
    Pharmaceuticals, Inc.:
	 	 	 	 
	I
    have read, understand, and accepted this agreement.	 	Accepted
    and Agreed:
	 	 	 	 	 
	/s/
    Greg Madison	 	/s/
    Mark L. Baum
	 	(Signature)	 	 	(Signature)
	 	 	 	 	 
	By:	Greg
    Madison	 	By:	Mark
    L. Baum
	 	 	 	 	 
	Title:	 	 	Title:	Exec.
    Dir.
	 	 	 	 	 
	Date:
    	9/28/18	 	Date:	9/28/18

 

    	A-6Exhibit
10.21 

 

MELT
PHARMACEUTICALS, INC.

12264
EL CAMINO REAL, SUITE 350

SAN
DIEGO, CA 92130

 

April
29, 2019

 

Mark
Hazard

[***]

[***]

 

	 	Re:	Employment
    Terms

 

Dear
Mark:

 

On
behalf of Melt Pharmaceuticals, Inc. (the “Company”), I am pleased to offer you employment in the position of Chief
Technical Officer of the Company, on the terms set forth in this offer letter agreement (the “Agreement”).

 

1.
Employment Position; Duties. Your employment shall begin on April 29, 2019 (such actual date, the “Employment Effective
Date”). Upon the Employment Effective Date, you will be employed in the position of Chief Technical Officer of the Company.
In this position, you will report to the Chief Executive Officer, and you will have those duties and responsibilities as customary for
this position and as may be directed by the Chief Executive Officer of the Company. Your work duties may include work for, or on behalf
of, Affiliates of the Company (as defined below). You will primarily work from your current location in Harrisburg, Pennsylvania area,
until the Company opens its office in the vicinity of Boston, Massachusetts, at which time you will primarily work from such office in
the vicinity of Boston, Massachusetts, but in any event you understand that reasonable travel shall be required in the performance of
your position with the Company. During your employment, you will devote your full-time best efforts to the business of the Company and
its Affiliates.

 

2.
Employee Base Salary; Employee Benefits and Business Expenses.

 

(a)
Base Salary. Your base salary will be paid at the annual rate of $330,000, less required payroll deductions and tax withholdings,
paid on the Company’s normal payroll schedule (which shall initially be bi-weekly). As an exempt salaried employee, you will be
required to work the Company’s normal business hours, and such additional time as appropriate for your work assignments and position.
You will not be eligible for extra payment under the overtime laws. Your base salary may otherwise be adjusted from time to time at the
Company’s discretion.

 

(b)
Employee Benefits. As a regular full-time employee, you will be eligible to participate in the Company’s standard employee
benefits including medical insurance, dental insurance, life insurance and/or pension plans (pursuant to the terms and conditions of
the benefit plans and applicable policies), as they may be commenced, terminated or changed from time to time within the Company’s
discretion.

 

(c)
Business Expenses. Your legitimate and documented business expenses will be reimbursed by the Company as provided under its business
expense reimbursement policies.

 

    	 

    	 

    

 

3.
Annual Performance Bonus. In addition to base salary, you will be eligible to earn discretionary incentive compensation at a total
annual target amount of forty percent (40%) of your base salary in effect during the bonus year (“Performance Bonus”),
based on the achievement of (a) corporate performance targets to be established by the Board of Directors of the Company (the “Board”)
or the Compensation Committee of the Board (the “Compensation Committee”) and (b) individual performance targets to
be mutually established by you and the Chief Executive Officer of the Company. Any 2019 Performance Bonus will be prorated based on the
number of days you were employed with the Company during 2019. The Performance Bonus, if earned, will be paid on an annual basis, less
required payroll deductions and tax withholdings, after the close of the fiscal year and after determination by the Board (or the Compensation
Committee thereof) of the level of achievement of the applicable performance targets and metrics and the level of the Performance Bonus
amount (if any). In no event will the Performance Bonus, if any, be paid later than March 15 of the year following the year to which
the Performance Bonus relates. No Performance Bonus amount is guaranteed and, in addition to the other conditions for earning such Performance
Bonus, you must remain an employee in good standing of the Company at the close of the Performance Bonus fiscal year in order to earn
any Performance Bonus.

 

4.
Equity Awards. The Company shall, subject to your execution of this Agreement below and commencement of your employment, grant you
an option award covering 90,000 shares of the Company’s common stock (the “Option Award”). The Option Award
shall vest 25% on the one year anniversary of the Employment Effective Date and in equal quarterly installments thereafter ending on
the four year anniversary of the Employment Effective Date, subject to your continued service to the Company and vesting acceleration
in Section 8(b) below. The Option Award is subject to approval by the Board and the terms of a Stock Option Grant Notice, Option Agreement
and Notice of Exercise that will be provided to you by the Company. The exercise price per share of the Option Award will be the fair
market value of the Company’s common stock on the grant date of such Option Award, as determined by the Board in its sole discretion.
In addition to the Option Award, you will be eligible to receive additional equity award grants under the Company’s equity incentive
plans from time to time in the discretion of the Board or its Compensation Committee, and in accordance with the terms and conditions
of such plans.

 

5.
Compliance With Proprietary Information Agreement and Company Policies. As a condition of employment, you shall sign and comply with
the Confidential Information, Inventions and Non-Solicitation Agreement (the “Confidential Information Agreement”)
which will be provided to you by the Company under separate cover. In addition, you are required to abide by the Company’s policies
and procedures, as may be modified from time to time within the Company’s discretion.

 

6.
Protection of Third Party Information and Outside Activities.

 

(a)
Third Party Information. In your work for the Company or its Affiliates, you will be expected not to make any unauthorized use or
disclosure of any confidential information or materials, including trade secrets, of any former employer or other third party; and not
to violate any lawful agreement that you may have with any third party. By signing this Agreement, you represent that you are able to
perform your job duties within these guidelines, and you are not in unauthorized possession or control of any confidential documents,
information, or other property of any former employer or third party. In addition, you represent that your employment hereunder will
not represent a violation of any agreement you may have with any third party (e.g., a former employer) which may limit your ability to
perform your duties to the Company or its Affiliates, or which could present a conflict of interest with the Company or its Affiliates,
including but not limited to disclosure (and a copy) of any contractual restrictions on solicitations or competitive activities, and
are not bound by any such restrictions which would restrict or prevent you from accepting employment with the Company.

 

    	 

    	 

    

 

(b)
Outside Activities. During your employment with the Company, you may engage in civic and not-for-profit activities, act as a trustee
for estate planning purposes and engage in, and manage, personal investments, so long as such activities do not interfere with the performance
of your duties hereunder or present a conflict of interest with the Company or its Affiliates. Subject to the restrictions set forth
herein, and only with prior written disclosure to and consent of the Company, you may engage in other types of business or public activities.
Your service on any board of directors (or similar) of an outside entity or organization shall be subject to prior written approval of
the Company. The Company may rescind approval of outside services, if the Company determines, in its sole discretion, that such activities
compromise or threaten to compromise the Company’s or its Affiliates’ business interests or conflict with your duties to
the Company or its Affiliates.

 

7.
At-Will Employment Relationship. Your employment relationship with the Company is at-will. Accordingly, you may terminate your employment
with the Company at any time and for any reason whatsoever simply by notifying the Company, and the Company may terminate your employment
at any time with or without Cause or prior notice. In addition, subject to your right to resign for “Good Reason” (as defined
below) the Company retains the discretion to modify your other employment terms from time to time, including but not limited to your
position, duties, authority, reporting relationship, work location, compensation, and benefits.

 

8.
Severance Benefits.

 

(a)
Severance Benefits for Covered Termination. If (i) your employment is terminated due to (A) a termination by the Company without
Cause (other than as a result of your death or Disability) or (B) your resignation for Good Reason (collectively, a “Covered
Termination”), (ii) you satisfy the Release Requirement and (iii) you continue to abide by the terms of your Confidential Information
Agreement, then you will receive the “Severance Benefits” as set forth in this Section 8(a) as your sole severance
benefits, and you will not be eligible for severance benefits under any other policy, plan or agreement except to the extent required
by law. Specifically, you will receive:

 

(i)
Base Severance Payments. Severance pay in the form of continuation of your base salary at the time of your Covered Termination (but
ignoring any decrease that forms the basis of your resignation for Good Reason, if applicable) for a period of nine (9) months (increased
to a total of twelve (12) months if your Covered Termination occurs during the CIC Period, described in Section 8(b)), subject to required
payroll deductions and tax withholdings (such applicable payments, the “Base Severance Payments”). Subject to Section
9, the Severance Payments shall be made on the Company’s regular payroll schedule in effect following your termination date, provided,
however, that any such payments that are otherwise scheduled to be made prior to the Release Effective Date (as defined below) shall
instead accrue and be made on the first regular payroll date following the Release Effective Date; and

 

    	 

    	 

    

 

(ii)
Bonus Severance Payment. A lump sum cash amount equivalent to your Performance Bonus for the year in which the termination date occurs,
prorated based on the number of days that you were employed during such performance year, divided by the total number of days in such
performance year (the “Bonus Severance Payment”). Your base salary as in effect on the termination date, ignoring
any decrease that forms the basis of your resignation for Good Reason, if applicable, shall be used for calculating the Bonus Severance
Payment. The Bonus Severance Payment will be paid in a lump sum cash payment within sixty (60) days of the Release Effective Date, but
in no event later than March 15 of the year following the year in which your Covered Termination occurs; and

 

(iii)
Health Care Continuation Coverage Payments.

 

(A)
COBRA Premiums. If you timely elect continued coverage under COBRA, the Company will pay your COBRA premiums to continue your coverage
(including coverage for your eligible dependents, if applicable) (“COBRA Premiums”) through the period starting on
the termination date and ending nine (9) months (increased to a total of twelve (12) months if your Covered Termination occurs during
the CIC Period, described in Section 8(b)) after the termination date (such applicable period, the “COBRA Premium Period”);
provided, however, that the Company’s provision of such COBRA Premium benefits will immediately cease if during the COBRA Premium
Period you become eligible for group health insurance coverage through a new employer or you cease to be eligible for COBRA continuation
coverage for any reason, including plan termination. In the event you become covered under another employer’s group health plan
or otherwise cease to be eligible for COBRA during the COBRA Premium Period, you must immediately notify the Company of such event. For
purposes of this Section, references to COBRA premiums shall not include any amounts payable by you under a Section 125 health care reimbursement
plan under the Internal Revenue Code of 1986, as amended (the “Code”).

 

(B)
Special Cash Payments in Lieu of COBRA Premiums. Notwithstanding the foregoing, if the Company determines, in its sole discretion,
that it cannot pay the COBRA Premiums without potentially incurring financial costs or penalties under applicable law (including, without
limitation, Section 2716 of the Public Health Service Act), regardless of whether you or your dependents elect or are eligible for COBRA
coverage, the Company instead shall pay to you, on the first day of each calendar month following the time the Company determines it
cannot pay such COBRA Premiums, a fully taxable cash payment equal to the applicable COBRA premiums for that month (including the amount
of COBRA premiums for your eligible dependents), subject to applicable tax withholdings (such amount, the “Special Cash Payment”),
for the remainder of the COBRA Premium Period. You may, but are not obligated to, use such Special Cash Payments toward the cost of COBRA
premiums.

 

    	 

    	 

    

 

(b)
Severance Benefits for Covered Termination during Change in Control Period. Notwithstanding the foregoing, if your Covered Termination
occurs during the period commencing one (1) month prior to the Closing of a Change in Control and ending twelve (12) months following
the Closing of a Change in Control (the “CIC Period”), in addition to the Severance Benefits described in Section
8(a), you shall also be eligible to receive the following, subject to satisfaction of the Release Requirement:

 

(i)
Equity Acceleration. The vesting and exercisability of each outstanding unvested stock option and other stock award, as applicable,
that you hold covering Company common stock (each, an “Equity Award”) shall be accelerated in full and any reacquisition
or repurchase rights held by the Company in respect of common stock issued pursuant to any Equity Award granted to you shall lapse in
full. For purposes of determining the number of shares that will vest pursuant to the foregoing provision with respect to any Equity
Award that vests based on performance goals for which the performance period has not ended and that has multiple vesting levels depending
upon the level of performance, vesting acceleration with respect to any ongoing performance period(s) shall occur with respect to the
number of shares subject to the award as if the applicable performance criteria had been attained at a 100% level or, if greater, based
on actual performance as of your Covered Termination. If necessary to give effect to this Section 8(b)(i), if your Covered Termination
occurs prior to a Change in Control, all of the Equity Awards you hold as of immediately prior to your Covered Termination shall remain
outstanding after your Covered Termination for at least until the earlier of (i) thirty (30) days after your Covered Termination or (ii)
the Closing, if sooner. Notwithstanding anything to the contrary set forth herein, your Equity Awards shall remain subject to the terms
of the applicable Company plan and award documents under which such Equity Award was granted, including any provision for earlier termination
of such Equity Awards.

 

(c)
Release Requirement. To be eligible for the Severance Benefits pursuant to Sections 8(a) or 8(b) above, you must satisfy the following
release requirement (the “Release Requirement”): return to the Company a signed and dated general release of all known
and unknown claims, in such form as provided by the Company (the “Release and Waiver”) within the applicable deadline
set forth therein, and permit the Release and Waiver to become effective and irrevocable in accordance with its terms, which must occur
no later than sixty (60) days following your termination date (such effective date of the Release and Waiver, the “Release Effective
Date”). You may be asked to provide reasonable transitional services as a condition of payment of Severance Benefits.

 

(d)
Definitions.

 

(i)
“Affiliate” means, at the time of determination, any “parent” or “majority-owned subsidiary”
of the Company, as such terms are defined in Rule 405 promulgated under the Securities Act of 1933, as amended. The Company will have
the authority to determine the time or times at which “parent” or “majority-owned subsidiary” status is determined
within the foregoing definition.

 

(ii)
“Cause” means the occurrence of any one or more of the following: (i) your conviction of, or plea of no contest
with respect to, any felony, or of any misdemeanor involving dishonesty or moral turpitude; (ii) your participation in a fraud or act
of dishonesty (or an attempted fraud or act of dishonesty) that results in (or could result in) material harm to the Company or its Affiliates,
including but not limited to material harm to reputational interests; (iii) your violation of a fiduciary duty owed to the Company or
its Affiliates; (iv) your material breach of any fully executed agreement between you and the Company or any of its Affiliates, including
but not limited to this Agreement or your Confidential Information Agreement, or any applicable Company policies; (v) persistent or material
neglect of your job duties, which is not cured within ten (10) business days after you are provided written notice by the Company specifically
identifying the manner of your performance or neglect (provided, that, such written notice and opportunity to cure are not required
if your performance or neglect is not reasonably susceptible to being cured); (vi) your gross misconduct or material failure to comply
with a written instruction of the Company; or (vii) your inability or refusal to perform your job duties for any consecutive thirty (30)
day period for any reason that is not the result of death or Disability.

 

    	 

    	 

    

 

(iii)
“Change in Control” means the occurrence, in a single transaction or in a series of related transactions, of any
one or more of the following events:

 

(A)
any Exchange Act Person1 (excluding Harrow Health, Inc. (f/k/a Imprimis Pharmaceuticals, Inc.) and any of its Affiliates
(“Harrow”)) becomes the Owner2, directly or indirectly, of securities of the Company representing more
than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger,
consolidation or similar transaction. Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account of
the acquisition of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company
by an investor, any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction
or series of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity
securities or (C) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”) exceeds
the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting securities
by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur (but for the operation of
this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person
becomes the Owner of any additional voting securities that, assigning the repurchase or other acquisition had not occurred, increases
the percentage of the then outstanding voting securities Owned by the Subject Person over the designated percentage threshold, then a
Change in Control will be deemed to occur;

 

 

 

1
“Exchange Act Person” means any natural person, entity or “group” (within the meaning of Section
13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) the Company or any Subsidiary
of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding
securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter temporarily holding securities
pursuant to an offering of such securities, (iv) an entity Owned, directly or indirectly, by the stockholders of the Company in substantially
the same proportions as their Ownership of stock of the Company; or (v) any natural person, entity or “group” (within the
meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner, directly or indirectly, of securities
of the Company representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities.
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

2
“Own,” “Owned,” “Owner,” “Ownership” A person or entity
will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership”
of securities if such person or entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise,
has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.

 

    	 

    	 

    

 

(B)
there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately
after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto
do not Own, directly or indirectly, either (A) outstanding voting securities representing more than fifty percent (50%) of the combined
outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than fifty percent
(50%) of the combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation or similar transaction,
in each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately
prior to such transaction;

 

(C)
the stockholders of the Company approve or the Board approves a plan of complete dissolution or liquidation of the Company, or a
complete dissolution or liquidation of the Company will otherwise occur, except for a liquidation into a parent corporation; or

 

(D)
there is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets
of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated
assets of the Company and its Subsidiaries to Harrow or to an Entity, more than fifty percent (50%) of the combined voting power of the
voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding
voting securities of the Company immediately prior to such sale, lease, license or other disposition.

 

Notwithstanding
the foregoing definition or any other provision of this Agreement, the term Change in Control will not include a sale of assets, merger
or other transaction effected exclusively for the purpose of changing the domicile of the Company.

 

(iv)
“Closing” means the initial closing of the Change in Control as defined in the definitive agreement executed in
connection with the Change in Control. In the case of a series of transactions constituting a Change in Control, “Closing”
means the first closing that satisfies the threshold of the definition for a Change in Control.

 

(v)
“Disability” means your inability to perform the essential functions of your position, with or without reasonable
accommodation, by reason of any medically determinable physical or mental impairment, where such inability has continued for at least
a period of 60 days in any consecutive 365-day period, as determined by the Company in its sole discretion. This definition shall be
interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable law.

 

(vi)
“Good Reason” for your resignation means the occurrence of any of the following events, conditions or actions
taken by the Company without Cause and without your written consent: (A) a material reduction of your annual base salary, which you and
the Company agree is a reduction of at least 10% of your annual base salary; provided, however, that Good Reason shall not be deemed
to have occurred in the event of a reduction in your annual base salary that is pursuant to a salary reduction program affecting substantially
all of the executive employees of the Company; (B) a material reduction in your authority, duties or responsibilities; (C) a relocation
of your principal place of employment with the Company to a place that increases your one-way commute by more than fifty (50) miles as
compared to your then-current principal place of employment immediately prior to such relocation (excluding regular travel in the ordinary
course of business and excluding the move of your principal place of employment from the Harrisburg, PA area to Boston, as described
in Section 1); or (D) a material breach by the Company of any provision of this Agreement; provided, however, that in each case
above, in order for your resignation to be deemed to have been for Good Reason, you must first give the Company written notice of the
action or omission giving rise to “Good Reason” within thirty (30) days after the first occurrence thereof, the Company must
fail to reasonably cure such action or omission within thirty (30) days after receipt of such notice (the “Cure Period”),
and your resignation from all positions you hold with the Company must be effective not later than thirty (30) days after the expiration
of such Cure Period.

 

    	 

    	 

    

 

(vii)
“Subsidiary” means, with respect to the Company, (A) any corporation of which more than fifty percent (50%) of
the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective
of whether, at the time, stock of any other class or classes of such corporation will have or might have voting power by reason of the
happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (B) any partnership, limited liability
company or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits
or capital contribution) of more than fifty percent (50%).

 

(e)
Other. You will not be eligible for any Severance Benefits under any circumstances other than those described herein, including circumstances
in which your employment is terminated by the Company for Cause, you terminate your employment for any reason at any time (other than
for Good Reason), or your employment terminates due to your death or Disability. In addition, if you materially breach any continuing
obligations to the Company (including but not limited to any material breach of the Confidential Information Agreement) during the period
of time that you are receiving any Severance Benefits, you will forfeit your entitlement to any then-unpaid Severance Benefits, and the
Company’s obligation to continue to pay or provide such Severance Benefits will immediately terminate as of the date of your material
breach.

 

9.
Section 409A. It is intended that all of the benefits and other payments payable under this Agreement satisfy, to the greatest extent
possible, an exemption from the application of Section 409A of the Code and the regulations and other guidance thereunder and any state
law of similar effect (collectively “Section 409A”), and this Agreement will be construed to the greatest extent possible
as consistent with those provisions, and to the extent not so exempt, this Agreement (and any definitions hereunder) will be construed
in a manner that complies with Section 409A, and any ambiguities herein shall be interpreted accordingly. Specifically, the benefits
under this Agreement are intended to satisfy the exemptions from application of Section 409A provided under Treasury Regulations Sections
1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9) and each installment of severance benefits, if any, is a separate “payment”
for purposes of Treasury Regulations Section 1.409A-2(b)(2)(i). However, if such exemptions are not available and you are, upon your
“separation from service” with the Company (within the meaning of Treasury Regulation Section 1.409A-1(h) (without regard
to any permissible alternative definition thereunder)) (“Separation from Service”), a “specified employee”
for purposes of Section 409A, then, solely to the extent necessary to avoid adverse personal tax consequences under Section 409A, the
timing of the severance benefits payments shall be delayed until the earlier of (A) six (6) months and one (1) day after your Separation
from Service, or (B) your death. Severance benefits shall not commence until you have a Separation from Service. If the severance benefits
are not covered by one or more exemptions from the application of Section 409A and the Release and Waiver could become effective in the
calendar year following the calendar year in which your Separation from Service occurs, the Release Effective Date will not be deemed
effective, for purposes of payment of severance, any earlier than the first day of the second calendar year. Except to the minimum extent
that payments must be delayed because you are a “specified employee” or until the Release Effective Date, all severance amounts
will be paid as soon as practicable in accordance with this Agreement and the Company’s normal payroll practices.

 

    	 

    	 

    

 

10.
Section 280G.

 

(a)
If any payment or benefit you would receive from the Company or otherwise in connection with a change in control of the Company or
other similar transaction (“Payment”) would (i) constitute a “parachute payment” within the meaning of
Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise
Tax”), then such Payment will be equal to the Reduced Amount. The “Reduced Amount” will be either (x) the
largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax, or (y) the largest portion,
up to and including the total, of the Payment, whichever amount ((x) or (y)), after taking into account all applicable federal, state
and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in your
receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject
to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment
equals the Reduced Amount, reduction will occur in the manner (the “Reduction Method”) that results in the greatest
economic benefit for you. If more than one method of reduction will result in the same economic benefit, the items so reduced will be
reduced pro rata (the “Pro Rata Reduction Method”).

 

(b)
Notwithstanding the foregoing, if the Reduction Method or the Pro Rata Reduction Method would result in any portion of the Payment
being subject to taxes pursuant to Section 409A that would not otherwise be subject to taxes pursuant to Section 409A, then the Reduction
Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to
Section 409A as follows: (i) as a first priority, the modification shall preserve to the greatest extent possible, the greatest economic
benefit for you as determined on an after-tax basis; (ii) as a second priority, Payments that are contingent on future events (e.g.,
being terminated without cause), shall be reduced (or eliminated) before Payments that are not contingent on future events; and (iii)
as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A shall be reduced (or eliminated)
before Payments that are not deferred compensation within the meaning of Section 409A.

 

(c)
The independent registered public accounting firm engaged by the Company for general audit purposes as of the day prior to the effective
date of the event described in Section 280G(b)(2)(A)(i) of the Code will perform the foregoing calculations. If the independent registered
public accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the
change in control or similar transaction, the Company will appoint a nationally recognized independent registered public accounting firm
to make the determinations required hereunder. The Company will bear all expenses with respect to the determinations by such independent
registered public accounting firm required to be made hereunder. The independent registered public accounting firm engaged to make the
determinations hereunder will make its determination with input from you (or your counsel) and provide its calculations, together with
detailed supporting documentation, to the Company and you within fifteen (15) calendar days after the date on which your right to a Payment
is triggered (if requested at that time by the Company or you) or such other time as reasonably requested by the Company or you.

 

    	 

    	 

    

 

11.
Dispute Resolution. To ensure the rapid and economical resolution of disputes that may arise in connection with your employment with
and services for the Company, you and the Company agree that any and all disputes, claims, or causes of action, in law or equity, including
but not limited to statutory claims, arising from or relating to the enforcement, breach, performance, or interpretation of this Agreement,
your employment with and services for the Company, or the termination of your employment with and services for the Company, will be resolved
pursuant to the Federal Arbitration Act, 9 U.S.C. §§1-16, and to the fullest extent permitted by law, by final, binding and
confidential arbitration conducted in Boston, Massachusetts (or such other location as mutually agreed by the parties) by JAMS, Inc.
(“JAMS”) or its successors by a single arbitrator. Both you and the Company acknowledge that by agreeing to
this arbitration procedure, you each waive the right to resolve any such dispute through a trial by jury or judge or administrative proceeding.
Any such arbitration proceeding will be governed by JAMS’ then applicable rules and procedures for employment disputes,
which will be provided to you upon request. In any such proceeding, the arbitrator shall (a) have the authority to compel adequate discovery
for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written arbitration
decision including the arbitrator’s essential findings and conclusions and a statement of the award. To the fullest extent permitted
by law, you and the Company will keep confidential such resolution of the dispute, any award for relief, and the written arbitration
decision, including the arbitrator’s essential findings and conclusions and a statement of the award. You and the Company each
shall be entitled to all rights and remedies that either would be entitled to pursue in a court of law. Nothing in this Agreement is
intended to prevent either the Company or you from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion
of any such arbitration pursuant to applicable law. The Company shall (x) pay all filing fees in excess of those that would be required
if the dispute were decided in a court of law, (y) pay the arbitrator’s fees and any other fees or costs unique to arbitration,
and (z) in the event that you prevail in the arbitration proceeding, pay your reasonable attorney’s fees and costs incurred in
connection with the arbitration. Any awards or orders in such arbitrations may be entered and enforced as judgments in the federal and
state courts of any competent jurisdiction.

 

12.
Indemnification. Upon the Employment Effective Date, you shall be eligible for indemnification by the Company in your role as Chief
Technical Officer to the fullest extent as provided for pursuant to Section 44 of the Company’s Bylaws, as may be amended and restated
from time to time.

 

    	 

    	 

    

 

13.
Miscellaneous. This Agreement, along with the Confidential Information Agreement, forms the complete and exclusive statement of your
agreement with the Company regarding the subject matter hereof. It supersedes and replaces any other agreements or promises made to you
by anyone concerning your employment terms with the Company or any Affiliate thereof, whether oral or written. This Agreement may not
be amended or modified except by a written modification signed by you and a duly authorized officer of the Company, with the exception
of those changes expressly reserved to the Company’s discretion in this Agreement. This Agreement is governed by the laws of the
Commonwealth of Massachusetts without reference to conflicts of law principles, and it is intended to bind and inure to the benefit of
and be enforceable by the Company and its successors and assigns. If any provision of this Agreement shall be held invalid or unenforceable
in any respect, such invalidity or unenforceability shall not affect the other provisions of this Agreement, and such provision will
be reformed, construed and enforced so as to render it valid and enforceable consistent with the general intent of the parties insofar
as possible under applicable law. With respect to the enforcement of this Agreement, no waiver of any right hereunder shall be effective
unless it is in writing. Any ambiguity in this Agreement shall not be construed against either party as the drafter. This Agreement may
be executed in counterparts which shall be deemed to be part of one original, and facsimile and electronic signatures shall be equivalent
to original signatures. To the extent required by law, your employment with the Company will be subject to satisfactory proof of your
identity and right to work in the United States.

 

To
accept our offer of employment under the terms set forth herein, please sign and date this Agreement and return the fully signed document
to me at your earliest convenience and no later than within fifteen business days from the date listed above.

 

[Signatures
Follow]

 

    	 

    	 

    

 

Please
let me know if you have any questions.

 

Sincerely,

 

	MELT
    PHARMACEUTICALS, INC.	 
	 	 	 
	By:	/s/
    Greg Madison	 
	 	Greg
    Madison	 

 

	Reviewed,
    Understood, and Accepted:	 	 
	 	 	 
	/s/
    Mark Hazard 	 	April
    29, 2019
	Mark
    Hazard	 	Date

 

	Accepted
    by Company:	 	 
	 	 	 
	/s/
    Greg Madison	 	May
    2, 2019
	Greg
    Madison, Chief Executive Officer	 	Date

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