Document:

EX-10.63

   

  											Exhibit 10.63

   

  TERMINATION OF PROPERTY MANAGEMENT AGREEMENT

  THIS TERMINATION OF PROPERTY MANAGEMENT AGREEMENT (this “Agreement”) is made this _2_ day of August, 2022, but is effective as of June 10, 2022 (the “Effective Date”), by and between:

  BARRON COLLIER PARTNERSHIP, LLLP, a Florida limited partnership ("BCP"),

  SILVER STRAND III PARTNERSHIP, a Florida general partnership ("SS III")

  OAK HAMMOCK GROVES, LTD., a Florida limited partnership ("OHG")

  SERENOA INVESTMENTS, LLC, a Florida limited liability company ("Serenoa")

  (individually, “Owner” or collectively, as a group, either “Owner” or “Owners”),

  each having a business address of 2600 Golden Gate Parkway, Naples, Florida 34105,

   

  and

   

  ALICO, INC., a Florida corporation (“Manager”),

  having a business address of

  10070 Daniels Interstate Court, Suite 200, Fort Myers, Florida 33913.

   

  R E C I T A L S:

  A.	Owners and Manager entered into that certain Property Management Agreement, dated as of July 16, 2020, by and among Owners and Manager (the "PMA").

  B.	Owners and Manager desire to terminate the PMA on the terms set forth herein.

  NOW, THEREFORE, in consideration of the terms and conditions hereinafter set forth, the sufficiency of which consideration is hereby acknowledged, Owners and Manager agree as follows:

  1.Termination.  Subject to the provisions hereof including those set forth in sub-paragraphs 1a.-1p below, the PMA is hereby terminated effective as of the Effective Date and shall be of no further force and effect and neither party shall have any rights or obligations thereunder; provided, however, any causes of action arising and accruing under the PMA prior to the Effective Date may be pursued after the Effective Date (subject to any applicable statutes of limitations) and the provisions of the following paragraphs of the PMA shall survive for, and continue for, the respective periods noted below:

  (a)Paragraph 8 Invoicing of Expenses shall survive pending the final True Up Payment and terminate upon the final resolution of and disputes involving payment under Paragraph 8. 

  (b)Paragraph 11 Management Fee shall survive only to the extent of ensuring that the monthly installment of the Management Fee payable by Owners to manager with respect to the month of June 2022 is paid (if not already fully 

   

  

   

  paid as of the Effective Date), with the understanding that, notwithstanding the fact that the Effective Date falls in the middle of the month of June 2022, Manager shall be entitled to retain, and to be considered to have earned, the entire June 2022 installment of the Management Fee.

  (c)Paragraph 16 Relationship of Parties as it relates to the period from the effective date of the PMA to the Effective Date of this Agreement shall survive indefinitely.

  (d)The notification obligations under Paragraph 23, to the extent they relate to the period from the effective date of the PMA to the Effective Date of this Agreement, shall survive indefinitely.

  (e)Paragraph 25 Indemnification; Limitation of Liability shall survive the Effective Date for a period ending 60 days after the expiration of the respective applicable statute of limitations. 

  (f)Paragraph 26 Notice shall survive indefinitely.

  (g)Paragraph 28 Limitation on Damages shall survive indefinitely.

  (h)Paragraph 29 Choice of Law shall survive indefinitely. 

  (i)Paragraph 30 Interpretation shall survive indefinitely.

  (j)Paragraph 31 Captions shall survive indefinitely.

  (k)Paragraph 32 Successors and Permitted Assigns shall survive indefinitely.

  (l)Paragraph 36 Attorneys' Fee shall survive indefinitely.

  (m)Paragraph 37 Confidentiality shall survive indefinitely.

  (n)Paragraph 40 Outstanding Payments shall survive pending the final True Up Payment and terminate upon the final resolution of and disputes involving payment under the PMA, including without limitation final resolution of and disputes involving payment obligations that survive under this paragraph 1.

  (o)Paragraph 41 Liability of Owners shall survive indefinitely.

  (p)Paragraph 42 Waiver of Jury Trial shall survive indefinitely.

  With respect to any other provisions of the PMA that are stated to survive the termination of the PMA, if and to the extent that any such provisions conflict with any of the terms hereof, the terms of this Agreement shall control. 

  2.Repurchase of Rolling Stock. Paragraph 3 of the PMA provided Manager with the option to purchase certain owned Rolling Stock from BCP, OHG, and SS III and Manager exercised such 

  2

  

   

  Option with respect to certain owned Rolling Stock and acquired the Agreed Upon Rolling Stock (as defined in the PMA).  Although Sub-paragraph 3(g)(4) of the PMA requires BCP, OHG, and SS III (i) to repurchase the Agreed Upon Rolling Stock for seventy (70%) of the purchase price Manager paid for such Agreed Upon Rolling Stock and (ii) to repurchase each item of Subsequently Acquired Rolling Stock for the Then Deemed Depreciated Value thereof (as defined in the PMA), the parties hereto have agreed that only certain of the Agreed Upon Rolling Stock (as specifically identified on Schedule 1 (the “Repurchased Rolling Stock”)) will be repurchased by BCP and OHG, with the remainder of the Agreed Upon Rolling Stock and the remainder of the Subsequently Acquired Rolling Stock remaining owned by Manager and no longer subject to the repurchase obligation set forth in Sub-paragraph 3(g)(4) of the PMA. BCP and OHG have taken delivery of the Repurchased Rolling Stock and the agreed upon purchased price has been paid for the same.  Manager will execute and deliver to each respective purchaser thereof an original Bill of Sale for such respective portion of the Repurchased Rolling Stock, with the Bill of Sale being substantially in the form attached hereto as Schedule 2. In the addition, as of such date, Manager shall execute and file all other forms required by the Florida Department of Highway Safety and Motor Vehicles necessary to effectuate the valid transfer of title of the respective Repurchased Rolling Stock to such respective Owner with any sales taxes due in connection with such sales (taking into account all applicable sales tax exemptions) to be paid by Owner.  From and after the Effective Time, each Owner agrees to indemnify and hold Manager harmless from any and all loss, liability, or expense (including without limitation reasonable attorneys' fees and costs) sustained by Manager on account of property damage or personal injury (including without limitation death resulting therefrom) sustained or alleged to have been sustained by any person or persons, including without limitation employees of any Owner, and their respective subcontractors, arising out of or in any way connected with the use or operation of the Repurchased Rolling Stock by any Owner, any of its subcontractor(s) and any of their respective employees and agents, or by any of any Owner’s successors, assigns, or transferees of the Repurchased Rolling Stock.  Manager agrees to indemnify and hold Owners harmless from any and all loss, liability, or expense (including without limitation reasonable attorneys’ fees and costs) sustained by any Owner on account of property damage or personal injury (including without limitation death resulting therefrom) sustained or alleged to have been sustained by any person or persons, including without limitation employees, agents, representatives, officers or directors of such entity or any its subsidiaries, affiliates, partners or subcontractors, arising out of or in any way connected with the use or operation of the Repurchased Rolling Stock occurring during the period from the respective time such Repurchased Rolling Stock was acquired by Manager and to the Effective Time.  Further, the parties, on behalf of themselves and all others claiming under them including any insurer, waive all claim, and rights of recovery against each other, to the extent covered by and within the limits of any insurance, including all rights of subrogation, for loss or damage to property or personal injury arising from any perils insured against under the terms of any insurance policy carried by either party and regardless of the negligence of either party or its servants, agents or employees. 

  3.Equipment Leases. Notwithstanding the provisions of Paragraph 4 of the PMA, Manager shall retain the Equipment Leases (as defined in Paragraph 4 of the PMA) and the associated Equipment and no Owner shall be obligated to re-assume or shall have the right to re-assume any of the Equipment Leases (as defined in Paragraph 4 of the PMA). 

  3

  

   

  4.Records. To the extent requested in writing by Owner from time to time (and provided that Owner specifically identifies the copies of records requested in such written request), Manager shall provide to Owner, within a reasonable time after such written request is received by Manager, copies of those requested records relating to the operation of the Property kept by Manager to the extent such records are reasonably necessary for Owner to operate the Property including but not limited to any records pertaining to chemicals used or delivered to the Property under Paragraph 13 of the PMA. 

  5.Employees.  Owner understands and acknowledges that, because of the termination of the PMA, Manager will be terminating and/or has terminated the employees identified on Schedule 3 and has paid and/or will be paying certain severance payments to those employees and has incurred and/or will be incurring certain other costs of separation (together “Separation Payments”).  Owner acknowledges and agrees that the Separation Payments will be treated as Invoiceable Costs (as defined in Paragraph 8 of the PMA) for purposes of Paragraph 8 of the PMA (including for purposes of the final True-Up Payment computation) and will be reimbursable by Owner to Manager in accordance with the provisions of Paragraph 8 of the PMA.

  6.Right of First Refusal. The Right of First Refusal set forth in Paragraph 38 is terminated as of the Effective Date. Manager shall deliver the Termination of Right of First Refusal (in substantially the form attached hereto as Schedule 4) on the Effective Date for recording by Owners in the Public Records of Collier County. 

  7.Memorandum of Agreement. Manager shall deliver the Termination of Memorandum of Agreement (in substantially the form attached hereto as Schedule 5) on the Effective Date for recording by Owners in the Public Records of Collier County. 

  8.DACA Termination. Upon payment of the final True Up Payment, the Deposit Account Control Agreement, dated as of October 30, 2020 by and between Owners, Manager, and First Foundation Bank, successor by merger to First Florida Integrity Bank, shall be terminated within ten (10) business days of such payment and Manager will assist Owners in effecting such termination and execute any documents reasonably required to effectuate such termination.  

  9.Liens. Manager has not recorded any liens under Paragraph 40 of the PMA and provided Manager is paid in full on or before August 19, 2022, will not record any liens thereunder.

  10.No Prior Assignment.  Manager represents and warrants to Owners that, other than collateral assignments by Manager as part of blanket security interests granted to secure indebtedness of Manager, Manager has not assigned any of its rights under the PMA to any third party and, to Manager’s knowledge, no party has any claim against any Owner related to the PMA.  Owners represent and warrant to Manager that Owners have not assigned any of its rights under the PMA to any third party and, to Owner’s knowledge, no party has any claim against Manager related to the PMA.

  11.Attorneys’ Fees.  In the event a legal proceeding is instituted to enforce any provision hereof or rights granted hereby, including the recovery of damage or enforcement of the right of indemnification, the party prevailing in such action may recover its costs thus incurred, including reasonable legal fees and costs, including without limitation, paralegal fees and court 

  4

  

   

  costs, in presuit mediation and settlement activities and in arbitration, trial, court-ordered mediation, appellate and bankruptcy proceedings. 

  12.Agreement Binding on Successors.  The rights and obligations of the parties to this Agreement will inure to the benefit of and will bind the successors or the legal representative of the respective parties and assigns of one party to which the other party has given its written consent; provided however, that this Agreement cannot be assigned by either party without the written consent of the other party, provided that no consent shall be required for an assignment by Manager if the assignment is to an affiliate of the party or other person that constitutes a substantially similar company with comparable or better financial and operational resources.

  13.Entire Agreement.  This Agreement constitutes the complete agreement between the parties regarding the subject matter hereof. Each of the parties to this Agreement acknowledges that none of them have made any communications to the other, or oral understandings with the other, contrary to, in addition to, or different from the terms of this Agreement and that all prior agreements or understandings on any topic that is the subject matter of this Agreement are, as of the date hereof, superseded, null and void.

  14.Amendment.  This Agreement shall not be amended, modified or changed except in writing and signed by the parties hereto.

  15.Severability.  If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction.  Upon a determination that any term or provision is invalid, illegal, or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement to affect the original intent of the parties as closely as possible in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.  

  16.Headings; Gender; Number.  In this Agreement, captions of the sections and paragraphs are for convenience and reference only, and the words contained therein shall in no way be held to explain, modify, amplify or aid in interpretations, construction or meaning of the provisions hereof.  For purposes of this Agreement, when the context so requires, the masculine, feminine and neuter genders may be used interchangeably and the singular may include the plural and vice versa.

  17.Counterparts.  This Agreement may be executed in one or more electronic (including, but not limited to, facsimile, .pdf, .tif, and .jpeg) or original counterparts, each of which when executed and delivered shall be deemed an original and all of which together shall constitute one and the same instrument.

  18.Governing Law; Jurisdiction.  This Agreement shall be construed and enforced in accordance with the laws of the State of Florida without regard to its conflicts of law provisions or any other provision of Florida law that would require or permit the application of the substantive law of any other jurisdiction to govern this Agreement. Each party expressly submits to the personal jurisdiction and venue of the courts of competent jurisdiction of the State of Florida for 

  5

  

   

  the litigation of any disputes or claims arising under this Agreement and any actions to enforce the terms of this Agreement will be brought in the 20th Judicial Circuit Court of Florida. 

  19.WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT THAT IT MAY HEREAFTER BE PERMITTED BY LAW, THE PARTIES HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR THE TRANSACTION CONTEMPLATED HEREBY. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL- ENCOMPASSING OF ANY AND ALL DISPUTES (EACH A “DISPUTE”, AND COLLECTIVELY, ANY OR ALL, THE “DISPUTES”) OF ANY KIND WHATSOEVER THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT OR THE TRANSACTION CONTEMPLATED HEREBY, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, ANTITRUST CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON-LAW OR STATUTORY CLAIMS. THE PARTIES FURTHER WARRANT AND REPRESENT TO ONE ANOTHER THAT IT HAS REVIEWED THIS WAIVER WITH LEGAL COUNSEL OF ITS OWN CHOOSING, OR HAS HAD AN OPPORTUNITY TO DO SO, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS HAVING HAD THE OPPORTUNITY TO CONSULT WITH LEGAL COUNSEL.

   

  [Signature Page Follows]

  6

  

   

  IN WITNESS WHEREOF, the parties have caused this Termination of Property Management Agreement to be executed by their respective duly authorized officers as of the date and year first set forth above.

   

  		
	 
	 
OWNERS: 
 
BARRON COLLIER PARTNERSHIP, LLLP
 
     By: Barron Collier Management, LLC, 
            its General Partner
 
 
 
            By: _____/s/ Blake Gable___________
            Name:  Blake Gable
            Title:    President
 
 

   

   

  STATE OF FLORIDA

   

  COUNTY OF COLLIER

   

  The foregoing instrument was acknowledged before me by means of (X) physical presence or (__) online notarization this _2_ day of August, 2022, by Blake Gable as President of BARRON COLLIER MANAGEMENT, LLC, a Florida limited liability company, as General Partner of BARRON COLLIER PARTNERSHIP, LLLP, a Florida limited partnership, on behalf of the company. He (check one) (_X_) is personally known to me or (__) has produced _______________________________ as identification.

   

   

   

             /s/ Priscylla M. Gomez   

  Notary Public

  Printed Name:	Priscylla M. Gomez	

  My commission expires: February 5, 2025

   

  Signature Page to Termination of Property Management Agreement

   

  

   

  IN WITNESS WHEREOF, the parties have caused this Termination of Property Management Agreement to be executed by their respective duly authorized officers as of the date and year first set forth above.

   

  		
	 
	 
SILVER STRAND III PARTNERSHIP
 
     By: Barron Collier Management, LLC, 
            as Authorized Agent
 
 
 
            By: _______/s/ Bradley A. Boaz_______
                   Bradley A. Boaz, Executive Vice President
             

   

  STATE OF FLORIDA

   

  COUNTY OF COLLIER

   

  The foregoing instrument was acknowledged before me by means of (X) physical presence or (__) online notarization this _2_ day of August, 2022, by Bradley A. Boaz, as Executive Vice President of BARRON COLLIER MANAGEMENT, LLC, a Florida limited liability company, as an Authorized Agent of SILVER STRAND III PARTNERSHIP, a Florida general partnership, on behalf of the company. He (check one) (_X_) is personally known to me or (__) has produced _______________________________ as identification.

   

   

             /s/ Priscylla M. Gomez

  Notary Public

  Printed Name:	Priscylla M. Gomez	

  My commission expires: February 5, 2025

   

  Signature Page to Termination of Property Management Agreement

   

  

   

   

  IN WITNESS WHEREOF, the parties have caused this Termination of Property Management Agreement to be executed by their respective duly authorized officers as of the date and year first set forth above.

   

   

  		
	 
	OAK HAMMOCK GROVES, LTD.
 
     By:  OHG Naples, Inc., 
             its General Partner
 
 
 
            By: ______/s/Barron Collier, III______
            Name:  Barron Collier, III,
            Title:    as Authorized Agent and President
 
 

   

   

  STATE OF FLORIDA

  COUNTY OF COLLIER

  The foregoing instrument was acknowledged before me by means of (_X_) physical presence or (__) online notarization this _9_ day of August, 2022, Barron Collier, III, as President of OHG NAPLES, INC., a Florida corporation, as General Partner of OAK HAMMOCK GROVES, LTD., a Florida limited partnership, on behalf of the company. He (check one) (_X_) is personally known to me or (__) has produced _______________________________ as identification.

   

   

             /s/ Priscylla M. Gomez   

  Notary Public

  Printed Name: Priscylla M. Gomez	

  My commission expires: February 5, 2025

   

  Signature Page to Termination of Property Management Agreement

   

  

   

  IN WITNESS WHEREOF, the parties have caused this Termination of Property Management Agreement to be executed by their respective duly authorized officers as of the date and year first set forth above.

   

  		
	 
	SERENOA INVESTMENTS, LLC
 
 
 
By: ____/s/ Katherine G. Sproul________
Name:  Katherine G. Sproul,
Title:    Manager
 
 

   

   

  STATE OF FLORIDA

  COUNTY OF COLLIER

  The foregoing instrument was acknowledged before me by means of (_X_) physical presence or (__) online notarization this _2_ day of August, 2022, by Katherine G. Sproul, as Manager of SERENOA INVESTMENTS, LLC, a Florida limited liability company, on behalf of the company. She (check one) (_X_) is personally known to me or (__) has produced _______________________________ as identification.

   

   

            /s/ Pamela M. Walkup   

  Notary Public

  Printed Name: Pamela M. Walkup	

  My commission expires: March 28, 2024

   

   

  Signature Page to Termination of Property Management Agreement

   

  

   

   

  IN WITNESS WHEREOF, the parties have caused this Termination of Property Management Agreement to be executed by their respective duly authorized officers as of the date and year first set forth above.

   

  		
	 
	 

	 
 
 
 
 
	 
MANAGER:
 
ALICO, INC.:
 
 
 
By: _______/s/ John E. Kiernan_______
       John E. Kiernan, President and CEO
 

   

   

  STATE OF FLORIDA

  COUNTY OF LEE

  The foregoing instrument was acknowledged before me by means of (_X_) physical presence or (__) online notarization this _10__ day of August, 2022, by John E. Kiernan, as President and CEO of Alico, Inc., a Florida corporation, on behalf of the corporation. He (check one) (_X_) is personally known to me or (__) has produced _______________________________ as identification.

   

   

   

   

  							/s/ Mary E. Molina		

  							Notary Public

  							Printed Name:	Mary E. Molina	

  							My commission expires:July 24, 2023

  Signature Page to Termination of Property Management Agreement

   

  

   

  Schedule 1

  List of Repurchased Rolling Stock

   

   

  Signature Page to Termination of Property Management Agreement

   

  

   

  SCHEDULE 2

  FORM OF BILL OF SALE FOR REPURCHASED ROLLING STOCK

   

  THIS BILL OF SALE is made and given effective as of the day of June, 2022, by ALICO, INC., a Florida corporation ("Seller") to 	, a 	 ("Buyer").

   

  RECITALS

   

  A.Buyer and Seller are parties to that certain Property Management Agreement effective as of July 16, 2020 (the "Agreement"), pertaining to citrus grove caretaking and management services with respect to the Land defined in the preamble thereof.

   

  B.Buyer and Seller have agreed to terminate the Agreement in accordance with the terms set forth in that certain Termination of Property Management Agreement effective of even date herewith (the "Termination Agreement") and, in connection therewith, have agreed that Buyer will purchase and Seller will sell the rolling stock and other equipment described herein.

   

  NOW, THEREFORE, in consideration of the Termination Agreement and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Seller hereby agrees as follows:

   

  1.Capitalized terms used herein but not defined herein shall have the meanings assigned to them in the Termination Agreement and in the Agreement, with any conflict in definitions being resolved in favor of the definitions in the Termination Agreement.

   

  2.Seller hereby sells, transfers, conveys, assigns and delivers to Buyer all of Seller's right, title and interest in and to the personal property specifically described on Exhibit "A" attached hereto and incorporated herein by reference (collectively, the "Personalty").

   

  3.SELLER HEREBY REPRESENTS AND WARRANTS TO BUYER THAT IT OWNS THE PERSONALTY FREE OF ANY LIENS AND ENCUMBRANCES ARISING FROM AND AFTER JULY 16, 2020, AND SELLER, FOR ITSELF, ITS SUCCESSORS AND ASSIGNS, DOES HEREBY AND WILL WARRANT AND FOREVER DEFEND SUCH RIGHT AND TITLE TO THE PERSONALTY UNTO BUYER, ITS SUCCESSORS AND ASSIGNS, AGAINST THE LAWFUL CLAIMS OF ALL PERSONS WHOMSOEVER.

   

  4.This Bill of Sale shall be governed by and construed in accordance with the internal laws of the State of Florida, without giving effect to the principles thereof relating to the conflict of laws.

   

  5.This Bill of Sale may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Bill of Sale delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Bill of Sale.

  (Signatures on Following Page)

   

  

   

  Schedule 2 - Form of Bill of Sale for Repurchased Rolling Stock

   

   

  

   

  IN WITNESS WHEREOF, ALICO, INC., a Florida corporation, has caused this instrument to be executed by its duly authorized officer as of the date and year first set forth above.

   

   

   

   

  SELLER:

   

  ALICO, INC.:

   

   

  ________________________________

  By:  John E. Kiernan, President and CEO

   

   

   

  STATE OF FLORIDA

   COUNTY OF LEE

  The foregoing instrument was acknowledged before me by means of (__) physical presence or (__) online notarization this 	 day of August, 2022, by John E. Kiernan, as President and CEO of Alico, Inc., a Florida corporation, on behalf of the corporation. He (check one) (__) is personally known to me or (__) has produced 	 as identification.

   

   

   

  Notary Public

  Printed Name:	 

  My commission expires:		

   

   

  

   

   

   

  

   

  Schedule 3

   

  List of Employees Terminated by Manager

   

  					
	Employee Name
	Hire Date
	Seniority date
	Seniority VOS
	Location_Desc

	ADAME, JESUS ARMANDO
	07/15/2020
	09/29/1997
	25.27
	BC North Grove

	ALVAREZ IV, JUAN JOSE
	04/05/2021
	04/05/2021
	1.74
	BC Silver Strand Ill

	CANTU, VALDOMERO
	07/24/2020
	09/18/2017
	5.29
	BC North Grove

	CORNELIO, CARLOS
	07/15/2020
	02/05/1983
	39.93
	BC North Grove

	GOMEZ CHAVEZ, JOSE S
	07/15/2020
	05/22/1990
	32.63
	BC North Grove

	GONZALEZ, LEONARDO
	07/24/2020
	05/17/2000
	22.64
	BC Oak Hammock

	HOFFMAN, JOHN R
	07/15/2020
	05/05/1986
	36.68
	BC North Grove

	LOPEZ, MARTIN
	07/15/2020
	06/01/1989
	33.61
	BC Silver Strand Ill

	MALDONADO, LEONARDO
	09/30/2020
	09/30/2020
	2.25
	BC North Grove

	MURILLO ROMAN, CONRADO
	07/15/2020
	01/28/1991
	31.95
	BC North Grove

	PEACOCK, ROY LEWIS
	07/15/2020
	09/28/1982
	40.28
	BC Silver Strand Ill

	PUENTE, BRANDON DANIEL
	04/08/2021
	04/08/2021
	1.73
	BC Silver Strand Ill

	RAMIREZ, MANUEL
	07/15/2020
	03/24/1994
	28.79
	BC North Grove

	TAYLOR, JOHN F
	07/15/2020
	01/09/1989
	34.00
	BC Silver Strand Ill

	BRISTER-ROSE, GWENDOLYN
	07/15/2020
	08/28/1989
	33.36
	BC North Grove

	RAYA, EFRAIN
	07/15/2020
	10/28/2002
	20.19
	BC North Grove

   

   

  

   

  SCHEDULE 4

   

  FORM OF TERMINATION OF RIGHT OF FIRST REFUSAL AGREEMENT

   

   

   

   

  PREPARED BY AND RETURN TO:

   

  William N. Barnes, Esq.

  AKERMANLLP

  420 South Orange Avenue, Suite 1200

  Orlando, Florida 32801

   

   

  TERMINATION OF RIGHT OF FIRST REFUSAL AGREEMENT

  _____ ___,2022

   

  KNOW ALL MEN BY THESE PRESENTS: That ALICO, INC., a Florida corporation, and ______________  , _____________ entered into that certain Right of First Refusal Agreement, dated July 16, 2020 (the "Right of First Refusal Agreement"), which was recorded in the Public Records of Collier County Florida at Official Records Book__________, Page ____.  ALICO, INC. and
                                               hereby acknowledge the termination of such Right of First Refusal Agreement and hereby direct the Clerk of the said Circuit Court to cancel the same of record.

  [Signature Pages to Follow]

   

   

  	Schedule 4-From of Termination of Right of First Refusal Agreement

   

  

   

  IN WITNESS WHEREOF, ALICO, INC., a Florida corporation, has caused this instrument to be executed by its duly authorized officer as of the date and year first set forth above.

   

  ALICO, INC.:

   

   

   

  By: John E. Kiernan, President and CEO

   

   

   

  STATE OF FLORIDA 

  COUNTY OF LEE

  The foregoing instrument was acknowledged before me by means of (__) physical presence or (__) online notarization this 	day of 		,2022, by John E. Kiernan, as President and CEO of Alico, Inc., a Florida corporation, on behalf of the corporation. He (check one) (__) is personally known to me or (__) has produced	 as identification.

   

   

   

  Notary Public

  Printed Name:_________

  My commission expires:__________		

   

   

  Page 2 of 3

   

  	Schedule 4-From of Termination of Right of First Refusal Agreement

   

  

   

   

   

  	Schedule 4-From of Termination of Right of First Refusal Agreement

   

  

   

  IN WITNESS WHEREOF, ____________________, a ____________________, has caused this instrument to be executed by its duly authorized officer as of the date and year first set forth above.

  ____________________, a __________________

  By: ____________________________

  	 

   

   

   

  STATE OF FLORIDA 

  COUNTY OF COLLIER

  The foregoing instrument was acknowledged before me by means of (__) physical presence or (__) online	notarization	this			day	of		, 2022,	by		,	as	, on behalf of the company. He (check one) (__) is personally known to me or (__) has produced 	 as identification.

   

   

   

   

   

   

  Notary Public

  Printed Name:	

  My commission expires:	

   

   

   

   

   

   

  Page 3 of 3

   

   

   

  	Schedule 4-From of Termination of Right of First Refusal Agreement

   

  

   

  PREPARED BY AND RETURN TO:

   

  William N. Barnes, Esq.

  AKERMANLLP

  420 South Orange Avenue, Suite 1200 Orlando, Florida 3280 I

   

  CANCELLATION OF MEMORANDUM OF PROPERTY AGREEMENT

  ______________________,2022

   

  KNOW ALL MEN BY THESE PRESENTS: That

  BARRON COLLIER PARTNERSHIP, LLLP, a Florida limited partnership ("BCP"), 

  SILVER STRAND III PARTNERSHIP, a Florida general partnership ("SS 111")

  OAK HAMMOCK GROVES, LTD., a Florida limited partnership ("OHG")

  SERENOA	INVESTMENTS,	LLC,	a	Florida	limited	liability	company ("Serenoa") (collectively, the "Owners")

   

  and

   

  ALICO, INC., a Florida corporation ("Alico")

   

  entered into that certain Property Management Agreement, dated as of July 16, 2020 (the "Property Management Agreement") for which a Memorandum of Property Management Agreement was recorded in the Public Records of County Florida at Official Records Book, Page       (the "Memorandum"). Each of the Owners and Alico hereto hereby acknowledge the termination of such Property Management Agreement in accordance with the terms provided for in that certain Termination of Property Management Agreement dated as of August__, 2022 but effective as of June I 0, 2022 and hereby directs the Clerk of the said Circuit Court to cancel the Memorandum of record.

  [Signature Pages to Follow]

   

   

  

   

  IN WITNESS WHEREOF, the parties hereto have caused this Cancellation of Memorandum of Property Management Agreement to be executed by their respective duly authorized officers as of the date and year first set forth above.

   

   

  BARRON COLLIER PARTNERSHIP, LLLP

   

  By: Barron Collier Management, LLC, its General Partner

   

  By: Blake Gable, President

   

   

   

  STATE OF FLORIDA

   COUNTY OF COLLIER

  The foregoing instrument was acknowledged before me by means of (___) physical presence or (___) online notarization this 		day of 	  , 2022, by Blake Gable as President of BARRON COLLIER MANAGEMENT, LLC, a Florida limited liability company, as General Partner of BARRON COLLIER PARTNERSHIP, LLLP, a Florida limited partnership, on behalf of the company. He (check one) (___) is personally known to me or (___) has produced 	as identification.

   

   

   

   

   

   

  Notary Public

  Printed Name:		 

  My commission expires:	

   

  Page 2 of 6

   

   

   

  

   

  IN WITNESS WHEREOF, the parties hereto have caused this Cancellation of Memorandum of Property Management Agreement to be executed by their respective duly authorized officers as of the date and year first set forth above.

   

   

  SILVER STRAND III PARTNERSHIP

   

  By: Barron Collier Management, LLC, as Authorized Agent

   

   

  By: Bradley A. Boaz, Executive Vice President

   

  STATE OF FLORIDA 

  COUNTY OF COLLIER

  The foregoing instrument was acknowledged before me by means of (_) physical presence or (_) online notarization this 		day of 	, 2022, by Bradley A. Boaz, as Executive Vice President of BARRON COLLIER MANAGEMENT, LLC, a Florida limited liability company, as an Authorized Agent of SILVER STRAND III PARTNERSHIP, a Florida general partnership, on behalf of the company. He (check one) (_) is personally known to me or (_) has produced 	as identification.

   

   

   

  Notary Public

  Printed Name:

  My commission expires:

   

   

  Page 3 of 6

   

  

   

  IN WITNESS WHEREOF, the parties have caused this Cancellation of Property Management Agreement to be executed by their respective duly authorized officers as of the date and year first set forth above.

   

   

  OAK HAMMOCK GROVES, LTD.

   

  By: OHG Naples, Inc., its General Partner

   

  By: Barron Collier, III, President

   

   

  STATE OF FLORIDA 

  COUNTY OF COLLIER

  The foregoing instrument was acknowledged before me by means of (__) physical presence or (__) online notarization this 		day of 	, 2022, Barron Collier, III, as President of OHG NAPLES, INC., a Florida corporation, as General Partner of OAK HAMMOCK GROVES, LTD., a Florida limited partnership, on behalf of the company. He (check one) (__) is personally known to me or (__) has has produced 	as identification.

   

  Notary Public

  Printed Name:

  My commission expires:

   

  Page 4 of 6

   

  

   

  IN WITNESS WHEREOF, the parties have caused this Cancellation of Property Management Agreement to be executed by their respective duly authorized officers as of the date and year first set forth above.

   

  SERENOA INVESTMENTS, LLC

   

   

   

  By:  Katherine G. Sproul, Manager

   

   

   

  STATE OF FLORIDA

   COUNTY OF COLLIER

  The foregoing instrument was acknowledged before me by means of (__) physical presence or (__)

  online notarization this 		day of 	, 2022, by Katherine G. Sproul, as Manager of SERENOA INVESTMENTS, LLC, a Florida limited liability company, on behalf of the company. She (check one) (__) is personally known to me or (__)	has produced __	 as identification.

   

  Notary Public

  Printed Name

  My commission expires:

   

  Page 5 of 6

   

  

   

  IN WITNESS WHEREOF, the parties have caused this Cancellation of Property Management Agreement to be executed by their respective duly authorized officers as of the date and year first set forth above.

   

   

  MANAGER:

   

  ALICO, INC.:

   

   

   

  By: John E. Kiernan, President and CEO

   

   

  STATE OF FLORIDA COUNTY OF LEE

  The foregoing instrument was acknowledged before me by means of (__) physical presence or (__) online notarization this 		day of 	, 2022, by John E. Kiernan, as President and CEO of Alico, Inc., a Florida corporation, on behalf of the corporation. He (check one) (__) is personally known to me or (__) has produced 	_________ as identification.

   

   

   

  Notary Public

  Printed Name: ___________________

  My commission expires: _____________

   

   

   

   

   

   

  Page 6 of 6EXHIBIT 10.1

 

Execution Version

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT, dated as of December
8, 2022, by and between vTv Therapeutics LLC, a Delaware limited liability company (the “Company”), and Steven Tuch
(the “Executive”), and for certain purposes specified herein only, vTv Therapeutics Inc., a Delaware corporation (“vTv”).

 

WHEREAS the Company desires to employ the
Executive, and the Executive is willing to serve the Company, for the period and upon such other terms and conditions of this Agreement.

 

NOW, THEREFORE, the Company and the Executive hereby agree
as follows:

 

		1.	Employment, Duties and Acceptance.

 

		1.1.	Employment, Duties. The Company hereby employs the Executive for the Term (as defined in Section 2.1), to render exclusive
and full-time services to the Company as the Executive Vice President and Chief Financial Officer of the Company, and to perform such
other duties consistent with such position as may be assigned to the Executive by the Chief Executive Officer of the Company (the “CEO”)
and the Board of Directors of the Company (the “Board”). During the Term, the Executive shall report solely to the
CEO and the Board.

 

		1.2.	Acceptance. The Executive hereby accepts such employment and agrees to render the services described above. During the Term,
the Executive agrees to serve the Company faithfully and to the best of the Executive’s ability, to devote the Executive’s
entire business time, energy, and skill to such employment, and to use the Executive’s best efforts, skill, and ability to promote
the Company’s interests. The Executive further agrees to accept election, and to serve during all or any part of the Term, as an
officer or director of vTv and of any Subsidiary or Affiliate of vTv or the Company, without any compensation therefor other than that
specified in this Agreement, if elected to any such position by the shareholders or by the Board of vTv or of any Subsidiary or Affiliate,
as the case may be. The Executive shall not engage in any other business activity or serve in any industry, trade, professional, governmental,
or academic position during the Term, except as may be expressly approved in advance by the Chief Executive Officer in writing or unless
set forth on Annex A hereto. The Executive shall be permitted to serve on the board of an entity that does not compete with the
Company, subject to the advance written approval by the Chief Executive Officer and the Executive shall also be permitted to engage in
charitable, community or personal investment activities; provided that such activities and investments do not conflict with or
interfere with the Executive’s obligations under this Agreement and that such investments are in compliance with the Company’s
policies and procedures.

 

		1.3.	Location. It is anticipated that the Executive shall be permitted to work in New York City and/or remotely from Executive’s
residence, subject to reasonable travel requirements on behalf of the Company, to fulfill Executive’s responsibilities under this
Agreement (including, but not limited to, the Company’s headquarters).

 

     

     

    

		2.	Term of Employment; Certain Post-Term Benefits.

 

		2.1.	The Term. This Agreement and the term of the Executive’s employment under this Agreement (the “Term”)
shall become effective as of December 8, 2022 (the “Effective Date”) and will continue until terminated in accordance
with Section 4.

 

		3.	Compensation; Benefits; Equity.

 

		3.1.	Salary. As compensation for all services to be rendered pursuant to this Agreement, during the Term, the Company agrees to
pay the Executive a base salary, payable in accordance with the Company’s normal payroll practices, at the annual rate of not less
than $450,000 less such deductions or amounts to be withheld as required by applicable law and regulations (the “Base Salary”).
The Base Salary may not be reduced during the Term without the consent of the Executive. In the event that the Board, from time to time,
increases the Base Salary, such increased amount shall, from and after the effective date of the increase, constitute “Base Salary”
for purposes of this Agreement.

 

		3.2.	Incentive Compensation.

 

		3.2.1.	Annual Cash Bonus. Commencing with the 2023 fiscal year, the Executive shall be eligible to receive, to the extent earned based
on individual and corporate performance as determined by the compensation committee of vTv (the “Compensation Committee”),
an annual cash performance bonus (a “Cash Bonus”) in respect of each fiscal year that ends during the Term. Executive’s
Cash Bonus for each such fiscal year shall equal up to 40% of his Base Salary in effect at the time such performance is evaluated (the
“Target Cash Bonus”), with greater or lesser amounts (including zero) paid based upon individual and corporate performance
as determined by the Compensation Committee. Subject to the Executive’s continued employment at the end of each applicable fiscal
year, the amount earned in respect of any Target Cash Bonus shall be determined by the Compensation Committee after the end of the fiscal
year for which such Target Cash Bonus is granted and shall be paid to the Executive on or prior to March 15th of the following
calendar year. If the Executive’s employment is terminated after March 15th of the following calendar year and the Cash
Bonus earned for the prior year has not yet been paid, then Executive shall be paid such earned Cash Bonus at the same time annual bonuses
are paid to other executives of the Company. Notwithstanding anything in this Agreement to the contrary, it is acknowledged and agreed
that no Cash Bonus shall be required to be paid to Executive, if the Compensation Committee determines that the Company does not have
sufficient cash liquidity to pay cash bonuses (after considering the Company’s current and projected future liabilities).

 

		3.2.2.	Equity Bonus. On or within ten days following the Effective Date, (the “Grant Date”)
as applicable under the vTv 2015 Omnibus Incentive Plan, as the same shall be in effect from time to time (the “vTv Plan”),
the Executive shall receive an equity performance bonus equal to an option to purchase 500,000 shares of Class A

 

     

     

    

common stock, par value $0.01 per share of vTv (such
stock, the “Common Stock” and such option shares the “Option Shares”). The exercise price per share
of Common Stock subject thereto shall be the fair market value of one share of Common Stock on the Grant Date. Subject to the Participant’s
continued employment or service with the Company or an Affiliate, such grant will vest and, if applicable, become exercisable with respect
to 33.33% of the shares of Common Stock subject thereto on the first anniversary of the Grant Date and the remaining Common Stock shall
vest in equal quarterly installments on each of the eight (8) three (3) month anniversaries following the first anniversary of the Grant
Date. The award will have other customary terms and conditions as are consistent with the vTv Plan and with applicable law. If a Change
in Control (as defined in the vTv Plan) occurs during the Term, then any unvested Option Shares granted under this Section 3.2.2 shall
vest.

 

		3.2.3.	During the Term, Executive shall be eligible to earn additional performance-based equity compensation
(the “Performance Equity”) upon a successful financing or series of financings for a cumulative $50 million or more
over a twelve (12) month period (as determined by the Board). Upon the determination of such successful financing (which may be by the
current investors or new investors), the Executive shall receive an option to purchase shares of Common Stock in an amount equal to 0.6%
of the total shares of Common Stock outstanding as of the date of the completion of such successful financing (the “Completion”).
The exercise price per share of Common Stock subject thereto shall be the fair market value of one share of Common Stock on the date the
grant is made after the Completion. The Option Grant will vest 25% on the first anniversary of the Completion and the remaining Option
Shares shall vest in equal quarterly installments on each of the twelve (12) three (3) month anniversaries following the first anniversary
of the Completion (such that the option shall be fully vested on the fourth anniversary of the Completion) in each case subject to the
Executive’s continued employment. The award will have other customary terms and conditions as are consistent with the vTv Plan and
with applicable law. If a Change in Control occurs during the Term, then any unvested options which have been granted pursuant to this
Section 3.2.3 shall vest.

 

		3.3.	Business Expenses. The Company shall pay or reimburse the Executive for all reasonable expenses actually incurred or paid by
the Executive during the Term in the performance of the Executive’s services under this Agreement, upon presentation of expense
statements or vouchers or such other supporting information as the Company customarily may require of its officers; provided, however,
that the maximum amount available for such expenses during any period may be fixed in advance by the Board.

 

		3.3.1.	Vacation. During the Term, the Executive shall be entitled to a vacation period or periods of thirty-two (32) days during any
calendar year (prorated for 2022) taken in accordance with the vacation policy of the Company during each year of the Term.

 

		3.3.2.	Fringe Benefits. During the Term, the Executive shall be entitled to all benefits for which the Executive shall be eligible under any qualified
pension plan, 401(k) plan, group insurance or other so-called “fringe” benefit plan which the Company provides to its executive
employees generally, which benefits may be amended, modified, or terminated in the Company’s sole discretion. The Company will reimburse
you for long term disability coverage premiums pursuant to the Company’s plan provided that you timely elect such coverage.

 

     

     

    

		4.	Termination.

 

		4.1.	Death. If the Executive dies during the Term, the Term shall terminate forthwith upon the Executive’s
death. The Company shall pay to the Executive’s estate: (i) any Base Salary earned but not paid; (ii) a Pro Rata Cash Bonus (defined
below), payable at the time and in the manner that Cash Bonuses are paid to other executives receiving such bonus payment; (iii) six (6)
months Base Salary (currently $225,000 in the aggregate) payable over six months ($37,500 per month) and (iv) Cash Bonus for the year
prior to the year in which the Executive dies if at the time of death, the Executive has earned a Cash Bonus payment for such prior year
and has not yet been paid such Cash Bonus, which prior year Cash Bonus will be paid at the time and in the manner such prior year Cash
Bonus is paid to other executives receiving such prior year Cash Bonus. The Executive shall have no further rights to any compensation
or any other benefits under this Agreement, except to the extent already earned and vested as of the day immediately prior to his death,
or as is earned, vested, or accrued by virtue of his death. “Pro Rata Cash Bonus” shall mean a pro-rata portion of
the Cash Bonus granted to the Executive for the year in which the date of termination occurs equal to a fraction, the numerator of which
is the number of calendar days during such year through (and including) the date of termination and the denominator of which is 365, with
such pro-rata portion earned in an amount based on the degree to which the applicable performance goals are achieved for the entire year
in which the date of termination occurs.

 

		4.2.	Disability. If, during the Term the Executive is unable to perform his duties hereunder due to a physical or mental
                                                                 incapacity for a period of six (6) months within any twelve (12) month period (hereinafter a “Disability”), the
                                                                 Company shall have the right at any time thereafter to terminate the Term upon sending written notice of termination to the
                                                                 Executive. If the Company elects to terminate the Term by reason of Disability, the Company shall pay to the Executive promptly
                                                                 after the notice of termination: (i) any Base Salary earned but not paid; (ii) a Pro Rata Cash Bonus paid at the time and in the
                                                                 manner such Cash Bonus is paid to other executives receiving such bonus payment; and (iii) a Cash Bonus for the year prior to the
                                                                 year in which the Executive is terminated if at the time of termination the Executive has earned a Cash Bonus payment for such prior
                                                                 year and has not yet been paid such Cash Bonus, which prior year Cash Bonus will be paid at the time and in the manner such prior
                                                                 year Cash Bonus is paid to other executives receiving such prior year Annual Cash Bonus, in each case less any other benefits
                                                                 payable to the Executive under any disability plan provided for hereunder or otherwise furnished to the Executive by the Company.
                                                                 The Executive shall have no further rights to any compensation or any other benefits under this Agreement except to the extent
                                                                 already earned and vested as of the day immediately prior to his termination by reason of Disability, or as earned, vested, or accrued
by virtue of his Disability.

 

     

     

    

		4.3.	Cause. The Company may at any time by written notice to the Executive terminate the Term for “Cause” (as defined
below) and, upon such termination, this Agreement shall terminate, and the Executive shall be entitled to receive no further amounts or
benefits hereunder, except for any Base Salary earned but not paid prior to such termination. For the purposes of this Agreement, “Cause”
means: (i) continued neglect by the Executive of the Executive’s duties hereunder; (ii) conviction of any felony; (iii) violation
of the rules, regulations, procedures or instructions relating to the conduct of employees, directors, officers and/or consultants of
the Company that apply to the Executive; (iv) willful misconduct by the Executive in connection with the performance of any material portion
of the Executive’s duties hereunder; (v) breach of fiduciary obligation owed to the Company or commission of any act of fraud, embezzlement,
disloyalty or defalcation, or usurpation of a Company opportunity; (vi) breach of any provision of this Agreement, including any non-
competition, non-solicitation and/or confidentiality provisions hereof; (vii) any willful act by the Executive that has a material adverse
effect upon the reputation of and/or the public confidence in the Company; (viii) failure to comply with a reasonable order, policy or
rule that constitutes material insubordination, or (ix) engaging in any discriminatory or sexually harassing behavior. A termination for
Cause by the Company of any of the events described in clauses (i), (iii), (v), and (vii), shall only be effective on thirty (30) days’
advance written notification, providing the Executive the opportunity to cure, if reasonably capable of cure within said thirty (30) day
period; provided, however, that no such notification is required if the Cause event is not reasonably capable of cure or
the Board determines that its fiduciary obligation requires it to effect a termination of the Executive for Cause immediately.

 

		4.4.	Termination by Company without Cause or by the Executive for Good Reason. If the Executive’s
employment is terminated by the Company without Cause (other than by reason of death or Disability) or by the Executive for Good Reason
(as defined below), the Term shall terminate, and the Executive shall receive: (i) as severance pay, an amount equal to nine (9) month’s
Base Salary ($37,500 per month and $337,500 in the aggregate) payable in installments in accordance with the Company’s normal payroll
practices over such nine (9)-month period (the “Severance Period”); (ii) continuation of group health plan benefits
to the extent authorized by and consistent with 29 U.S.C. § 1161 et seq. (commonly known as “COBRA”) during the
Severance Period, with the cost of the regular premium for such benefits shared in the same relative proportion by the Company and the
Executive as in effect on the date of termination (provided that the Company shall not be required to pay any portion of the premium
if such payment would result in penalty taxes imposed on the Company); (iii) a Pro Rata Cash Bonus paid at the time and in the manner
such Cash Bonus is paid to other executives receiving such bonus payment, and (iv) a Cash Bonus for the year prior to the year in which
the Executive is so terminated if at the time of termination, the Executive has earned a Cash Bonus payment for such prior year and such
Cash Bonus has not yet been paid, which prior year Cash Bonus will be paid at the time and in the manner such prior year Cash Bonus is
paid to other executives receiving such prior year Cash Bonus. The Executive shall have no further rights to any compensation or any other
benefits under this

 

     

     

    

Agreement. For purposes of this Agreement, “Good
Reason” means, without the advance written consent of the Executive: (i) a reduction in Base Salary; (ii) a material reduction
in the Executive’s responsibilities, title or chain of reporting; or (iii) if on or during the 12-month period following a Change
in Control (as defined in the vTv 2015 Omnibus Equity Incentive Plan as amended from time to time), the Executive is required to relocate
to a principal place of employment which increases his one way commute by more than fifty (50) miles (provided that it shall not
constitute Good Reason under this clause (iii) if the Executive is permitted to work remotely); provided that a termination by
the Executive for Good Reason under clauses (i), (ii) or (iii) shall be effective only if the Executive provides the Company with written
notice specifying the event which constitutes Good Reason within thirty (30) days following the occurrence of such event or date the Executive
became aware or should have become aware of such event and the Company fails to cure the circumstances giving rise to Good Reason within
thirty (30) days after such notice.

 

		4.5.	Termination by the Executive other than for Good Reason. The Executive is required to provide the Company with thirty (30)
days’ prior written notice of termination to the Company. Subject to Section 4.4, upon termination of employment by the Executive,
the Term shall terminate, and the Executive shall receive any Base Salary earned but not paid prior to such termination and shall have
no further rights to any compensation (including any Base Salary or Cash Bonus) or any other benefits under this Agreement, except to
the extent already earned and vested as of the day immediately prior to such termination.

 

		4.6.	Release. Notwithstanding any other provision of this Agreement to the contrary, the Executive
acknowledges and agrees that any and all payments, other than payment of any accrued and unpaid Base Salary to which the Executive is
entitled under this Section 4 and expenses that are reimbursable under this Agreement, are conditioned upon and subject to the Executive’s
execution of a general waiver and release (for the avoidance of doubt, the Restrictive Covenants shall survive the termination of this
Agreement), in such form as may be prepared by the Company of all claims, except for such matters covered by provisions of this Agreement
which expressly survive the termination of this Agreement. Notwithstanding anything to the contrary, the severance payments and benefits
are conditioned on the Executive’s execution, delivery and nonrevocation of the general waiver and release of claims within fifty-five
(55) days following the Executive’s termination of employment (the “Release Condition”). Payments and benefits
of amounts which do not constitute nonqualified deferred compensation and are not subject to Section 409A (as defined below) shall commence
five (5) days after the Release Condition is satisfied and payments and benefits which are subject to Section 409A shall commence on the
sixtieth (60th) day after termination of employment (subject to further delay, if required pursuant to Section 4.7.2 below)
provided that the Release Condition is satisfied.

 

		4.7.	Section 409A.

 

		4.7.1.	This Agreement is intended to satisfy the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code,”
and such section, “Section 409A”) with respect to amounts, if any, subject thereto and shall be interpreted and construed
and shall be performed by the parties consistent with such intent. If either party notifies the other in writing that one or more provisions
of this Agreement contravenes any Treasury Regulations or guidance promulgated under Section 409A or causes any amounts to be subject
to interest, additional tax or penalties under Section 409A,

 

     

     

    

the parties shall agree
to negotiate in good faith to make amendments to this Agreement as the parties mutually agree, reasonably and in good faith are necessary
or desirable, to (i) maintain to the maximum extent reasonably practicable the original intent of the applicable provisions without violating
the provisions of Section 409A or increasing the costs to the Company of providing the applicable benefit or payment and (ii) to the
extent possible, to avoid the imposition of any interest, additional tax or other penalties under Section 409A upon the parties.

 

		4.7.2.	To the extent the Executive would otherwise be entitled to any payment or benefit under this Agreement,
or any plan or arrangement of the Company or its Affiliates, that constitutes a “deferral of compensation” subject to Section
409A and that, if paid during the six (6) months beginning on the date of termination of the Executive’s employment, would be subject
to the Section 409A additional tax because the Executive is a “specified employee” (within the meaning of Section 409A and
as determined by the Company), the payment or benefit will be paid or provided to the Executive on the earlier of the first day following
the six (6) month anniversary of the Executive’s termination of employment or death.

 

		4.7.3.	Any payment or benefit due upon a termination of the Executive’s employment that represents a “deferral of compensation”
within the meaning of Section 409A shall be paid or provided to the Executive only upon a “separation from service” as defined
in Treas. Reg. § 1.409A- 1(h). Each payment made under this Agreement shall be deemed to be a separate payment for purposes of Section
409A. Amounts payable under this Agreement shall be deemed not to be a “deferral of compensation” subject to Section 409A
to the extent provided in the exceptions in Treasury Regulation §§ 1.409A-1(b)(4) (“short- term deferrals”) and
(b)(9) (“separation pay plans,” including the exception under subparagraph (iii)) and other applicable provisions of Treasury
Regulation § 1.409A- 1 through A-6.

 

		4.7.4.	Notwithstanding anything to the contrary in this Agreement, any payment or benefit under this Agreement or otherwise that is exempt
from Section 409A pursuant to Treasury Regulation § 1.409A-1(b)(9)(v)(A) or (C) (relating to certain reimbursements and in-kind benefits)
shall be paid or provided to the Executive only to the extent that the expenses are not incurred, or the benefits are not provided, beyond
the last day of the second calendar year following the calendar year in which the Executive’s “separation from service”
occurs; and provided, further, that such expenses are reimbursed no later than the last day of the third calendar year following
the calendar year in which the Executive’s “separation from service” occurs. To the extent any expense reimbursement
or the provision of any in-kind

 

     

     

    

benefit is determined to be subject to Section 409A (and
not exempt pursuant to the prior sentence or otherwise), the amount of any such expenses eligible for reimbursement, or the provision
of any in-kind benefit, in one calendar year shall not affect provision of in-kind benefits or expenses eligible for reimbursement in
any other calendar year (except for any life-time or other aggregate limitation applicable to medical expenses), and in no event shall
any expenses be reimbursed after the last day of the calendar year following the calendar year in which the Executive incurred such expenses,
and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another
benefit.

 

		5.	Restrictive Covenant Acknowledgments; Reasonableness.

 

The Executive acknowledges that (i) his
employment and job duties for the Company, including under this Agreement, have resulted and will continue to result in the Executive’s
access and exposure to, and familiarity with, Confidential Information (as such term is defined in Section 9 of this Agreement) and that
the disclosure or unauthorized use of such Confidential Information by the Executive will injure the Company’s business; (ii) the
Company’s business would suffer great competitive harm if its Confidential Information should be disclosed to its competitors or
to the general public, and the Company would also suffer great harm if the Executive were to exploit the relationships which have been
established with the Company’s customers for the benefit of a competitor; (iii) the Company is entering into this Agreement in order
to prevent the disclosure of trade secrets and other competitively sensitive information relating to the Company’s business, and
in order to facilitate and induce the disclosure of Confidential Information among employees of the Company with the assurance that such
information will not be used in unfair competition against the Company; (iv) he has had the opportunity to be represented by counsel in
the negotiation and execution of this Agreement; and (v) that the covenants set forth in Sections 5 through 12 of this Agreement are reasonable
in terms of duration, scope and area restrictions and are necessary for the protection of the legitimate business interests of the Company
and its Affiliates. If, at the time of enforcement of such covenants, a court shall hold that the duration, scope, or area restrictions
stated therein are unreasonable under circumstances then existing, the Executive and the Company agree that the maximum duration, scope,
or area reasonable under such circumstances shall be substituted for the stated duration, scope or area and that the court shall be allowed
and directed to revise the covenants to cover the maximum period, scope and area permitted by applicable law. For purposes of Sections
5 through 10, 12, and 13 of this Agreement, the term “Company” shall include the Company, its Subsidiaries and its Affiliates.

 

		6.	Covenants Relating to Ownership of Notes, Records and Documents.

 

All memoranda, notes, records
and other documents (and copies thereof), whether in hard copy or electronic format, made or compiled by the Executive or made
available to the Executive during his employment concerning the business of the Company, including, without limitation, all
technical or scientific data, ideas, intellectual property, records, notes, experiment books, bidding data and other technical
material of the Company shall be the Company’s property; provided that the Executive
shall be entitled to keep a copy of this Agreement and compensation and benefit plans to which the Executive is entitled to receive benefits
thereunder. All such property shall be delivered to the Company on the date of termination of the Executive’s employment or upon
request at any time by the Company, regardless of whether such property contains Confidential Information.

 

     

     

    

		7.	Non-Solicitation Covenants.

 

		7.1.	During (i) the Executive’s employment with the Company and (ii) for a period of one (1) year following termination of the Executive’s
employment for any reason (the “NS Restricted Period”), the Executive shall not, directly or indirectly, solicit, divert,
or take away (or attempt to solicit, divert, or take away) the business of any client, customer or supplier of the Company (each such
party, a “Restricted Party”) or encourage any Restricted Party to cease doing business with the Company or to reduce
the amount of business such Restricted Party does with the Company. The post-employment restrictions in this Section 7.1 shall only apply
to customers that the Executive had “Material Contact” with. “Material Contact” means contact between the
Executive and an existing or prospective customer of the Company: (a) with whom the Executive dealt on behalf of the Company within two
(2) years prior to the date of the Executive’s termination; (b) whose dealings with the Company were coordinated or supervised by
the Executive within two years prior to the date of the Executive’s termination; (c) about whom the Executive obtained confidential
information or trade secrets in the ordinary course of business as a result of the Executive’s association with the Company within
two years prior to the date of the Executive’s termination; or, (d) who receives services authorized by the Company, the sale or
provision of which results or resulted in compensation, commissions, or earnings for the Executive within two years prior to the date
of Employee’s termination.

 

		7.2.	Executive shall not, for the duration of the NS Restricted Period, directly or indirectly, solicit or
encourage (or cause to be solicited or encouraged) any person who (i) is an employee of, or consultant then under contract with, the Company
or (ii) who was an employee of, or consultant with, the Company within the six (6) month period preceding such solicitation, to cease
employment with, or the provision of services to, the Company.

 

		8.	Noncompetition Covenant.

 

In support of the Executive’s commitment
to maintain the confidentiality of the Company’s Confidential Information, (i) during the Executive’s employment with the
Company and (ii) for a period of nine (9) month’s following termination of the Executive’s employment for any reason (the
“NC Restricted Period”), the Executive shall not, directly or indirectly, (a) enter the employ of any “Competing
Business” within the “Territory” (as such terms are defined below), (b) engage in any Competing Business within the
Territory for his own account, or (c) become interested in a Competing Business within the Territory as a partner, shareholder (whether
or not a controlling shareholder), director, officer, principal, agent, trustee, or in any other relationship or capacity. For purposes
of this Agreement,

 

     

     

    

“Competing Business” shall be defined
as any business that engages in clinical research to develop small molecule drug(s); provided, however, that this definition
shall only apply to clinical research and development activities which involve the following products and services provided by the Company
during the Term (i) a glucokinase activator program for the treatment of diabetes; (ii) a GLP1-R agonist program for the treatment of
diabetes; (iii) a receptor for advanced glycation end products antagonist program; (iv) a PDE4 program; (v) an NRF2-Bach1 pathway modulator
program; and (vi) research and development activities to modulate any therapeutic target that is the subject of an ongoing or planned
research, development or commercialization plan by the Company as of the last date of the Executive’s employment; provided
that, as applied to conduct by the Executive following the Term, a Competing Business shall only include such activities that the Company
was engaged in, or that the Company anticipated engaging in, as of the last day of the Term. For purposes of this Agreement, “Territory”
shall be defined as each and all the geographic areas and locations where (i) the Company carries on or transacts its business; (ii) the
Company sells or markets its products or services; or (iii) the Company’s customers are located.

 

		9.	Covenant Not to Disclose Confidential Information.

 

The Executive agrees that he has not
and shall not, at any time during or after the Term, use, reveal or divulge (except in the normal course of business to individuals or
entities under a confidentiality agreement in each case in furtherance of Executive performing his duties to the Company) (i) any trade
secrets (as defined under applicable state law), (ii) any other confidential information, including business plans, customer information,
formulae, financial information, pricing information, technical scientific data, technical processes, clinical or pre-clinical data, protocols,
research projects, results, information technology programs or processes, database, or other information which the Company deems to be
confidential or commercially sensitive, or (iii) any material confidential information whatsoever concerning any director, officer, employee,
shareholder, partner, customer or agent of the Company or their respective family members learned by the Executive heretofore or hereafter
(clauses (i) through (iii), collectively, “Confidential Information”).

 

		10.	Non-disparagement Covenant.

 

Executive agrees that, during the Executive’s
employment with the Company and at all times thereafter, the Executive shall not issue, circulate, publish, or utter any false or disparaging
statements, remarks or rumors about the Company or the customers, employees, directors, managers, officers, products, partners, shareholders,
or services of the Company; provided that nothing herein shall prohibit the Executive from providing truthful testimony if such
testimony is required by law. The Company will instruct its senior officers and directors not issue, circulate, publish or utter any false
or disparaging statements, remarks or rumors about the Executive.

 

		11.	Inventions Covenant.

 

		11.1.	During the course of employment, the Executive agrees to promptly disclose in confidence to the Company
all inventions, improvements, designs, original works of authorship, formulae, processes, algorithms, compositions
of matter, computer software programs, databases, mask works, and trade secrets (“Inventions”) that the Executive makes
or conceives or first reduces to practice or creates, either alone or jointly with others, whether or not in the course of his employment,
and whether or not such Inventions are patentable, copyrightable, or protectable as trade secrets.

 

     

     

    

		11.2.	The Executive understands that, under copyright laws, any copyrightable works prepared by the Executive within the course and scope
of his employment is “works for hire.” Consequently, the Company will be considered the author and owner of such works.

 

		11.3.	The Executive agrees that all Inventions that (i) are developed using equipment, supplies, facilities,
or trade secrets of the Company; (ii) result from work performed by the Executive for the Company; or (iii) relate to the Company’s
business or current or anticipated research and development, will be the sole and exclusive property of the Company. The Executive hereby
assigns and agrees to transfer to the Company any and all intellectual property, including all intellectual property rights, registrations,
trade secrets rights as well as worldwide rights in any intellectual property or other forms of protection.

 

		11.4.	The Executive also waives and agrees never to assert any “Moral Rights” the Executive might
have in or with respect to any Invention even after the Executive leaves the Company. “Moral Rights” means any right
(or similar right existing under the judicial or statutory law of any country or treaty) to claim authorship of any Invention, to object
or prevent modification of any Invention, or to withdraw from circulation or to control the publication distribution of any Invention.

 

		11.5.	The Executive agrees to execute, acknowledge, make and deliver to Company or its attorneys, without
additional compensation, but without expense to the Executive, any and all instruments, including, without limitation, United States and
foreign patent applications, trademark and copyright applications, applications for securing, protecting or registering any property rights
embraced within this Agreement, powers of attorney, assignments, oaths or affirmations, supplemental oaths and sworn statements, and to
do any and all lawful acts that, in the judgment of the Company or its attorneys, may be necessary or desirable to vest in or secure for,
or maintain for the benefit of, the Company, adequate patent and other property rights in the United States and all foreign countries
with respect to any and all such Inventions.

 

		11.6.	The Executive has attached hereto a list describing all inventions, original works of authorship, developments, improvements, and
trade secrets which were made by the Executive prior to employment with the Company (collectively referred to as “Prior Inventions”),
which belong to the Executive, which relate to the Company’s proposed business, products or research and development, and which
are not assigned to the Company hereunder; or, if no such list is attached, the Executive represents that there are no such Prior Inventions.
The Executive agrees that he will not incorporate, or permit to be incorporated, any Prior Invention owned by the Executive or in which
he has an

 

     

     

    

interest in a Company product or process without the Company’s
prior written consent. Notwithstanding the foregoing sentence, if, during the Executive’s employment, the Executive incorporates
into a Company product or process a Prior Invention owned by the Executive or in which he has an interest, the Company is hereby granted
and shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide license to make, have made, modify, use, and sell such
Prior Invention as part of or in connection with such product or process.

 

		12.	Property of the Company.

 

The Executive acknowledges that from
time to time in the course of providing services pursuant to this Agreement he shall have the opportunity to inspect and use certain property,
both tangible and intangible, of the Company, and the Executive hereby agrees that said property shall remain the exclusive property of
the Company, and the Executive shall have no right or proprietary interest in such property, whether tangible or intangible, including,
without limitation, the Company’s customer and supplier lists, contract forms, books of account, computer programs and similar property.
The Executive acknowledges and agrees that he has no expectation of privacy with respect to the Company’s telecommunications, networking,
or information processing systems (including, without limitation, files, e-mail messages and voice messages) and that the Executive’s
activity and any files or messages on or using any of those systems may be monitored at any time without notice. The Executive further
agrees that any property situated on the Company’s premises and owned by the Company, including disks and other storage media, filing
cabinets or other work areas, is subject to inspection by Company personnel without notice.

 

		13.	Cooperation.

 

The Executive agrees that during and
after his employment with the Company, the Executive will assist the Company in the defense of any claims or potential claims that may
be made or threatened to be made against the Company in any action, suit, or proceeding, whether civil, criminal, administrative, investigative,
or otherwise (each, an “Action”), and will assist the Company in the prosecution of any claims that may be made by
the Company in any Action, to the extent that such claims may relate to the Executive’s employment or the period of the Executive’s
employment by the Company. The Company shall reimburse the Executive for the Executive’s reasonable out-of-pocket expenses and pay
the Executive at a customary hourly rate for his time, associated with such cooperation following his termination of employment; provided
that the Executive shall not receive any pay for the first ten (10) hours of cooperation or while he is receiving severance.

 

		14.	Remedies.

 

		14.1.	The Executive and the Company agree and acknowledge that any breach or threatened breach of this Agreement by the Executive would
result in continuing material and irreparable harm and injury to the Company and/or its Affiliates, and because either (i) money damages
will not provide an adequate remedy to the Company or (ii) it would be difficult or impossible to establish the full monetary value of
such

 

     

     

    

damages, the Company shall be entitled to equitable relief
(including, without limitation, specific performance, account for profits, or injunctive relief) in the event of the Executive’s
breach or threatened breach of this Agreement. Any equitable relief is in addition to any other available remedy, including damages. In
connection with the bringing of any legal or equitable action for the enforcement of this Agreement, the Company shall be entitled to
recover, regardless of whether the Company seeks equitable relief, and regardless of the nature of the relief afforded, such reasonable
attorneys’ fees and expenses as the Company may incur in such legal action. If the Company sues the Executive for breach and is
not successful, then the court may award the Executive reasonable hourly legal fees in connection with his defense of such lawsuit.

 

		14.2.	In addition to any other remedy which may be available (i) at law or in equity
or (ii) pursuant to any other provision of this Agreement, the continued payments by the Company of Base Salary and the regular premium
for group health benefits pursuant to Section 4.4 (as modified by Section 2.2, if applicable) will cease as of the date on which such
violation first occurs. In addition, if the Executive breaches any of the Restrictive Covenants and the Company obtains injunctive relief
with respect thereto (that is not later reversed or otherwise terminated or vacated by judicial order), the period during which the Executive
is required to comply with that particular covenant shall be extended by the same period that the Executive was in breach of such covenant
prior to the effective date of such injunctive relief.

 

		14.3.	Notwithstanding anything to the contrary contained herein, nothing in this Agreement shall prohibit Executive from reporting possible
violations of federal law or regulation to or otherwise cooperating with or providing information requested by any governmental agency
or entity, including, but not limited to, the Department of Justice, the Securities and Exchange Commission, the United States Congress,
any state legislative and executive agency, and any agency Inspector General, or making other disclosures that are protected under the
whistleblower provisions of federal law or regulation. Executive does not need the prior authorization of the Company to make any such
reports or disclosures and Executive is not required to notify the Company that Executive has made such reports or disclosures.

 

		15.	Executive Representation. The Executive hereby represents and warrants that (i) the execution,
delivery, and performance of this Agreement by the Executive does not and will not conflict with, breach, violate, or cause a default
under any agreement, contract, or instrument to which the Executive is a party or any judgment, order, or decree to which the Executive
is subject and (ii) the Executive is not a party or bound by any other employment agreement, noncompetition agreement, or confidentiality
agreement with any other person or entity, other than the Company. The Executive further represents that he shall provide a copy of this
Agreement to any new employer during the Term and for three (3) years thereafter and that the Company shall have a right to provide a
copy of this Agreement to any new employer of the Executive during such period. Prior to execution of this Agreement, the Executive was
advised by the Company of the Executive’s right to seek independent advice from an attorney of the Executive’s own selection
regarding this Agreement. The Executive

 

     

     

    

acknowledges that the Executive has entered into this
Agreement knowingly and voluntarily and with full knowledge and understanding of the provisions of this Agreement after being given the
opportunity to consult with counsel and has in fact consulted with counsel. The Executive further represents that in entering into this
Agreement, the Executive is not relying on any statements or representations made by any of the Company’s directors, officers, employees,
or agents which are not expressly set forth herein, and that the Executive is relying only upon the Executive’s own judgment and
any advice provided by the Executive’s attorney. The Executive acknowledge and agrees that he was represented by counsel and expressly
agrees to all the provisions in this Agreement, including, without limitation, the governing law, venue, and forum in Section 17.

 

		16.	Notices.

 

All notices, requests, consents, and
other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given if delivered
personally, sent by overnight courier, or mailed first class, postage prepaid, by registered or certified mail (notices mailed shall be
deemed to have been given on the date mailed), as follows (or to such other address as either party shall designate by notice in writing
to the other in accordance herewith):

 

If to the Company, to:

 

vTv Therapeutics LLC

3980 Premier Drive, Suite 310

High Point, NC 27265

Attention: Chief Executive Officer

 

If to vTv, to:

 

vTv Therapeutics Inc.

3980 Premier Drive, Suite 310

High Point, NC 27265

Attention: Chief Executive Officer

 

If to the Executive, to:

 

Such address as shall most currently
appear on the records of the Company.

 

		17.	Governing Law; Dispute Resolution.

 

		17.1.	It is the intent of the parties hereto that all questions with respect to the construction of this Agreement and the rights and liabilities
of the parties hereunder shall be determined in accordance with the laws of the State of Delaware, without regard to principles of conflicts
of laws thereof that would call for the application of the substantive law of any jurisdiction other than the State of Delaware.

 

     

     

    

		17.2.	Each party irrevocably agrees for the exclusive benefit of the other that any and all suits, actions or proceedings relating to this
Agreement (a “Proceeding”) shall be maintained in either the courts of the State of Delaware or the federal District
Courts sitting in Wilmington, Delaware (collectively, the “Chosen Courts”) and that the Chosen Courts shall have exclusive
jurisdiction to hear and determine or settle any such Proceeding and that any such Proceedings shall only be brought in the Chosen Courts.
Each party irrevocably waives any objection that it may have now or hereafter to the laying of the venue of any Proceedings in the Chosen
Courts and any claim that any Proceedings have been brought in an inconvenient forum and further irrevocably agrees that a judgment in
any Proceeding brought in the Chosen Courts shall be conclusive and binding upon it and may be enforced in the courts of any other jurisdiction.

 

		17.3.	Each of the parties hereto agrees that this Agreement involves at least $100,000 and that this Agreement has been entered into in
express reliance on Section 2708 of Title 6 of the Delaware Code. Each of the parties hereto irrevocably and unconditionally agrees that
(i) to the extent such party is not otherwise subject to service of process in the State of Delaware, it will appoint (and maintain an
agreement with respect to) an agent in the State of Delaware as such party’s agent for acceptance of legal process and notify the
other parties hereto of the name and address of said agent, (ii) service of process may also be made on such party by pre-paid certified
mail with a validated proof of mailing receipt constituting evidence of valid service sent to such party at the address set forth in Section
15 of this Agreement, as such address may be changed from time to time pursuant hereto, and (iii) service made pursuant to clause (i)
or (ii) above shall, to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such party
personally within the State of Delaware.

 

		18.	General.

 

		18.1.	JURY TRIAL WAIVER. THE PARTIES EXPRESSLY AND KNOWINGLY WAIVE ANY RIGHT TO A JURY TRIAL IN THE EVENT ANY ACTION ARISING UNDER
OR IN CONNECTION WITH THIS AGREEMENT OR THE EXECUTIVE’S EMPLOYMENT WITH THE COMPANY IS LITIGATED OR HEARD IN ANY COURT.

 

		18.2.	Continuation of Employment. Unless the parties otherwise agree in writing, continuation of the Executive’s employment
with the Company beyond the expiration of the Term shall be deemed an employment “at will” and shall not be deemed to extend
any of the provisions of this Agreement, and the Executive’s employment may thereafter be terminated “at will” by the
Executive or the Company and the Executive will be entitled to fringe benefits which the Executive is eligible to receive for so long
as the Executive continues to be employed with the Company and the Executive shall be eligible for severance in accordance with the terms
of the Company’s severance policy then in effect. Notwithstanding the foregoing, the Executive shall be subject to the Restrictive
Covenants set forth in Sections 6 through 12 of this Agreement for the NC Restricted Period, the NS Restricted Period, the Reduced NC
Restricted Period, or such other duration specified in the section of this Agreement
applicable to such Restrictive Covenant, as applicable.

 

     

     

    

		18.3.	Headings. The section headings contained herein are for reference purposes only and shall not in any way affect the meaning
or interpretation of this Agreement.

 

		18.4.	Entire Agreement. This Agreement sets forth the entire agreement and understanding of the parties relating to the Executive’s
employment by the Company, and supersedes all prior agreements, arrangements, and understandings, written or oral, relating to the Executive’s
employment by the Company and its Affiliates including, without limitation, effective as of the Effective Date, any severance, retention,
change in control or similar types of benefits. No representation, promise, or inducement has been made by either party that is not embodied
in this Agreement, and neither party shall be bound by or liable for any alleged representation, promise or inducement not so set forth.

 

		18.5.	Assignment; Successors. This Agreement, and the Executive’s rights and obligations hereunder, may not be assigned by
the Executive. Upon thirty (30) days prior notice to Executive, the Company may assign its rights, together with its obligations, hereunder
(i) to any Affiliate or (ii) to third parties in connection with any sale, transfer, or other disposition of all or substantially all
of the business or assets of the Company; in any event the obligations of the Company hereunder shall be binding on its successors or
assigns, whether by merger, consolidation or acquisition of all or substantially all of its business or assets. For the avoidance of doubt,
the Company may assign this Agreement to vTv in connection with any internal reorganization.

 

		18.6.	Waiver. This Agreement may be amended, modified, superseded, canceled, renewed, or extended and
the terms or covenants hereof may be waived, only by a written instrument executed by all the parties hereto, or in the case of a waiver,
by the party waiving compliance. The failure of either party at any time or times to require performance of any provision hereof shall
in no manner affect the right at a later time to enforce the same. No waiver by either party of the breach of any term or covenant contained
in this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or construed as, a further or
continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement.

 

		18.7.	Withholding Taxes. The Company may withhold from any amounts payable under this Agreement such federal, state, local and other
taxes as may be required to be withheld pursuant to any applicable law or regulation.

 

		19.	Subsidiaries and Affiliates.

 

As used herein, the term “Subsidiary” shall
mean any corporation or other business entity controlled directly or indirectly by the corporation or other business entity in question,
and the term “Affiliate” shall mean and include any corporation or other business entity directly or indirectly controlling,
controlled by or under common control with the corporation or other business entity in question.

 

 

[Remainder of Page Intentionally Left Blank]

 

 

 

 

     

     

    

ANNEX A

 

 

		1.	Entrepreneur-in-Residence, Yale Ventures and Trustee, Blythedale Children’s Hospital. Trustee position to be finalized in 2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signatures follow on next page]

     

     

    

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

 

 

	 	VTV THERAPEUTICS LLC	 
	 	 	 	 
	 	By:	/s/ Paul Sekhri	 
	 	 	Name:	Paul Sekhri	 
	 	 	Title:	President and Chief Executive Officer	 

 

 

 

	 	For purposes of Section 3.2.2 and 3.2.3 hereof, only:	 
	 	 	 	 
	 	VTV THERAPEUTICS INC.	 
	 	 	 	 
	 	By:	/s/ Paul Sekhri	 
	 	 	Name:	Paul Sekhri	 
	 	 	Title:	President and Chief Executive Officer	 

 

 

	 		/s/ Steven Tuch	 
	 	 	Steven Tuch

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}]]