Document:

Specimen Master Note No. 2, MTN Series F

 Exhibit 4.86 

Master Note No. 2 

(Face of Security) 
 GS FINANCE
CORP. 
 MEDIUM-TERM NOTES, SERIES F 

FULLY AND UNCONDITIONALLY GUARANTEED BY 

THE GOLDMAN SACHS GROUP, INC. 
  

 
 THIS SECURITY IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE GSFC 2008 INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF
THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE GSFC 2008 INDENTURE. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO GS
FINANCE CORP. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PERSON MAKING THE DECISION TO ACQUIRE THIS SECURITY SHALL BE DEEMED, ON BEHALF OF ITSELF AND THE
HOLDER, BY ACQUIRING AND HOLDING THIS SECURITY OR EXERCISING ANY RIGHTS RELATED THERETO, TO REPRESENT THAT: 
 (i) THE FUNDS THAT THE HOLDER IS USING
TO ACQUIRE THIS SECURITY ARE NOT THE ASSETS OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), A GOVERNMENTAL PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS SIMILAR TO THE PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, OR AN

 
ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42)
OF ERISA, OR OTHERWISE; OR 
 (ii)(A) THE HOLDER WILL RECEIVE NO LESS AND PAY NO MORE THAN “ADEQUATE CONSIDERATION” (WITHIN THE MEANING OF
SECTION 408(B)(17) OF ERISA AND SECTION 4975(F)(10) OF THE CODE) IN CONNECTION WITH THE PURCHASE AND HOLDING OF THIS SECURITY; (B) NONE OF THE PURCHASE, HOLDING OR DISPOSITION OF THIS SECURITY OR THE EXERCISE OF ANY RIGHTS RELATED TO THE
SECURITY WILL RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR THE CODE (OR WITH RESPECT TO A GOVERNMENTAL PLAN, UNDER ANY SIMILAR APPLICABLE LAW OR REGULATION); AND (C)NEITHER THE GOLDMAN SACHS
GROUP, INC. NOR ANY OF ITS AFFILIATES IS A “FIDUCIARY” (WITHIN THE MEANING OF SECTION 3(21) OF ERISA OR, WITH RESPECT TO A GOVERNMENTAL PLAN, UNDER ANY SIMILAR APPLICABLE LAW OR REGULATION) WITH RESPECT TO THE PURCHASER OR HOLDER IN
CONNECTION WITH SUCH PERSON’S ACQUISITION, DISPOSITION OR HOLDING OF THIS SECURITY, OR AS A RESULT OF ANY EXERCISE BY THE GOLDMAN SACHS GROUP, INC. OR ANY OF ITS AFFILIATES OF ANY RIGHTS IN CONNECTION WITH THE SECURITY, AND NEITHER THE GOLDMAN
SACHS GROUP, INC. NOR ANY OF ITS AFFILIATES HAS PROVIDED INVESTMENT ADVICE IN CONNECTION WITH SUCH PERSON’S ACQUISITION, DISPOSITION OR HOLDING OF THIS SECURITY. 

THIS SECURITY, INCLUDING EACH SUPPLEMENTAL OBLIGATION AS DEFINED HEREIN, IS FULLY AND UNCONDITIONALLY GUARANTEED BY THE GOLDMAN SACHS GROUP, INC. (THE
“GUARANTOR”) PURSUANT TO THE GUARANTEE SET FORTH IN THE GSFC 2008 INDENTURE HEREINAFTER REFERRED TO (THE “GUARANTEE”). 
 THIS
SECURITY IS NOT A BANK DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY, NOR IS IT AN OBLIGATION OF, OR GUARANTEED BY, A BANK. 

  
 -2- 

 This Security is a Global Security within the meaning of the GSFC 2008 Indenture hereinafter referred
to and represents one or more obligations of GS Finance Corp., a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”, which term includes any successor Person under the
GSFC 2008 Indenture) (each such obligation, a “Supplemental Obligation”). 
 Each Supplemental Obligation will have the terms reflected
herein, as supplemented by the terms set forth in the section entitled “Terms and Conditions” in the pricing supplement, prospectus supplement or other prospectus (however titled) relating to such Supplemental Obligation (the
“Terms and Conditions Information”), which “Terms and Conditions” section is on file with the Trustee hereinafter referred to and identified in the records of the Trustee. With respect to each Supplemental Obligation, the
terms specified in the applicable Terms and Conditions Information are hereby incorporated by reference herein and are deemed to be a part hereof as of the applicable Original Issue Date (as defined in the applicable Terms and Conditions
Information). Each reference to “this Security” or a “Security of this series” includes and shall be deemed to refer to each Supplemental Obligation. 

With respect to each Supplemental Obligation, every term of this Security is subject to modification, amendment or elimination through the incorporation of
the applicable Terms and Conditions Information by reference, whether or not the phrase “unless otherwise provided in the Terms and Conditions Information” or language of similar import precedes the term of this Security so modified,
amended or eliminated. It is the intent of the parties hereto that, in the case of any conflict between the applicable Terms and Conditions Information and the terms herein, the applicable Terms and Conditions Information shall control over the
terms herein with respect to the relevant Supplemental Obligation. Without limiting the foregoing, in the case of each Supplemental Obligation, the Holder (as defined in the GSFC 2008 Indenture) of this Security is directed to the applicable
Terms and Conditions Information for a description of certain terms of such Supplemental Obligation. 
 The following terms apply to each Supplemental
Obligation under this Security. Terms that are not defined the first time they are used in this Security shall have the meaning indicated elsewhere in this Security. Defined terms may or may not be capitalized and, without limiting the
foregoing, certain defined terms may be capitalized herein but those same terms may not be capitalized in the applicable Terms and Conditions Information.

  
 -3- 

 The Face Amount of each Supplemental Obligation under this Security, if any, shall be as specified in the
applicable Terms and Conditions Information. If no Face Amount is so specified, references in this Security to Face Amount shall be deemed to refer to the Principal Amount of such Supplemental Obligation. 

The Principal Amount of each Supplemental Obligation under this Security shall be as specified in the applicable Terms and Conditions Information. 

Neither full defeasance nor covenant defeasance applies to any Supplemental Obligation under this Security, unless otherwise provided in the applicable Terms
and Conditions Information. 
 The Calculation Agent for each Supplemental Obligation under this Security is Goldman Sachs & Co. LLC, unless
otherwise provided in the applicable Terms and Conditions Information. 
 OTHER TERMS: 

All terms used in this Security that are not defined in this Security or in the Terms and Conditions Information but are defined in the GSFC 2008
Indenture referred to on the reverse of this Security shall have the meanings assigned to them in the GSFC 2008 Indenture. References in this Security to numbered Sections are to numbered Sections on the face of this Security, unless the
context requires otherwise. Section headings on the face of this Security, as modified, amended or eliminated through the incorporation of the Terms and Conditions Information by reference, are for convenience only and shall not affect the
construction of this Security. 
 “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which
banking institutions in New York City generally are authorized or obligated by law, regulation or executive order to close. 
 “Scheduled Business
Day” means, with respect to each Supplemental Obligation under this Security that uses such term, a day that is scheduled to be a Business Day as of the Trade Date or Pricing Date applicable to such Supplemental Obligation. 

Unless the Terms and Conditions Information with respect to a Supplemental Obligation under this Security specifies that a “Default Amount”
is not applicable to such Supplemental Obligation (or otherwise modifies or amends it), “Default 

  
 -4- 

 
Amount” with respect to each Supplemental Obligation under this Security means, on any day (except as provided in the last sentence under “Default Quotation Period” below), an
amount, in U.S. dollars, equal to the cost of having a Qualified Financial Institution expressly assume, as of such day, the due and punctual payment of the principal of and any interest on such Supplemental Obligation under this Security, and the
performance or observance of every covenant hereof and of the GSFC 2008 Indenture on the part of the Company to be performed or observed with respect to such Supplemental Obligation under this Security as of that day and as if no default or
acceleration had occurred (or to undertake other obligations providing substantially equivalent economic value to the Holder of this Security as the Company’s obligations hereunder). Such cost will equal (i) the lowest amount that a
Qualified Financial Institution (selected as provided below) would charge to effect such assumption (or undertaking) plus (ii) the reasonable expenses (including reasonable attorneys’ fees) incurred by the Holder of this Security in
preparing any documentation necessary for such assumption (or undertaking). During the Default Quotation Period, each Holder of this Security and the Company may request a Qualified Financial Institution to provide a quotation of the amount it would
charge to effect such assumption (or undertaking) and must, if it obtains such a quotation, notify the other in writing of such quotation. The amount referred to in clause (i) of this paragraph will equal the lowest (or, if there is only one,
the only) quotation so obtained, and as to which notice is so given, during the Default Quotation Period; provided, however, that, with respect to any quotation, the party not obtaining such quotation may object, on reasonable and significant
grounds, to the effectuation of such assumption (or undertaking) by the Qualified Financial Institution providing such quotation and notify the other party in writing of such grounds within two Business Days after the last day of the Default
Quotation Period, in which case such quotation will be disregarded in determining the Default Amount. 
 Unless the Terms and Conditions Information with
respect to a Supplemental Obligation under this Security specifies that a “Default Amount” is not applicable to such Supplemental Obligation (or otherwise modifies or amends it), the “Default Quotation Period” with
respect to each Supplemental Obligation will be the period beginning on the day the Default Amount first becomes due and payable and ending on the third Business Day after such due day, unless no such quotation is so obtained, or unless every such
quotation so 

  
 -5- 

 
obtained is objected to within five Business Days after such due day as provided above, in which case the Default Quotation Period will continue until the third Business Day after the first
Business Day on which prompt notice is given of such a quotation as provided above, unless such quotation is objected to as provided above within five Business Days after such first Business Day, in which case the Default Quotation Period will
continue as provided in this sentence. Notwithstanding the foregoing, if the Default Quotation Period (and the subsequent two Business Day objection period) has not ended prior to the Determination Date or Valuation Date, as applicable, for such
Supplemental Obligation, then the Default Amount will equal the Principal Amount of such Supplemental Obligation. 
 Unless the Terms and Conditions
Information with respect to a Supplemental Obligation under this Security specifies that a “Default Amount” is not applicable to such Supplemental Obligation (or otherwise modifies or amends it), “Qualified Financial
Institution” with respect to each Supplemental Obligation means, at any time, a financial institution organized under the laws of any jurisdiction in the United States of America, Europe or Japan that at such time has outstanding debt
obligations with a stated maturity of one year or less from the date of issue and that is, or whose securities are, rated either A-1 or higher by Standard & Poor’s Ratings Services (or any
successor) or P-1 or higher by Moody’s Investors Service, Inc. (or any successor) or, in either case, such other comparable rating, if any, then used by such rating agency. 

  
 -6- 

 1. Promise to Pay Principal and Other Amounts 

(a) With respect to each Supplemental Obligation under this Security, the Company, for value received, hereby promises to pay to Cede & Co., as
nominee for The Depository Trust Company, or registered assigns, as principal, the Principal Amount on the applicable Stated Maturity Date, as specified in the applicable Terms and Conditions Information, and any other applicable amounts specified
in the Terms and Conditions Information on the date or dates specified in the applicable Terms and Conditions Information, in each case subject to the other provisions of this Security, including the applicable Terms and Conditions Information.
Without limiting the foregoing, if the Terms and Conditions Information with respect to a Supplemental Obligation specifies that a coupon is payable with respect to a Supplemental Obligation under this Security, the Company also promises to pay the
coupon on each coupon payment date as specified in such Terms and Conditions Information, subject to the other provisions of this Security, including such Terms and Conditions Information. Further, without limiting the foregoing, if the Terms and
Conditions Information with respect to a Supplemental Obligation specifies that interest is payable with respect to a Supplemental Obligation under this Security, the Company also promises to pay interest on each interest payment date as specified
in such Terms and Conditions Information, subject to the other provisions of this Security, including such Terms and Conditions Information. 
 (b) The
Company also promises to pay interest (to the extent that the payment of such interest shall be legally enforceable) on any overdue principal, at the applicable Overdue Principal Rate specified in the applicable Terms and Conditions Information,
from the date such principal is due until it is paid or made available for payment, and any such interest shall be payable to the Holder on demand. 
 If
the Terms and Conditions Information with respect to a Supplemental Obligation under this Security specifies that a coupon is payable, the Company also promises to pay interest (to the extent that the payment of such interest shall be legally
enforceable) on any overdue coupon, at the applicable Overdue Coupon Rate specified in the applicable Terms and Conditions Information, from the date such coupon is due until it is paid or made available for payment, and any such interest shall be
payable to the Holder on demand. 

  
 -7- 

 If the Terms and Conditions Information with respect to a Supplemental Obligation under this Security
specifies that interest is payable, the Company also promises to pay interest (to the extent that the payment of such interest shall be legally enforceable) on any installment of interest that is overdue at the Overdue Interest Rate specified in the
applicable Terms and Conditions Information, from the date such installment is due until any such installment is paid or made available for payment, and any such interest shall be payable to the Holder on demand. 

2. Principal Amount 
 (a) With respect to each
Supplemental Obligation under this Security, the principal of this Security that becomes due and payable on the Stated Maturity Date for such Supplemental Obligation shall be the Principal Amount specified in the Terms and Conditions Information
with respect to such Supplemental Obligation(excluding any interest or coupon, if applicable), unless (i) the Terms and Conditions Information with respect to such Supplemental Obligation specifies that the Supplemental Obligation is subject to
redemption by the Company (automatically, at the option of the Company or otherwise) and/or redemption or repayment at the option of the Holder (or beneficial owner) (in whatever manner) and (ii) the Supplemental Obligation is to be so redeemed
or repaid by its terms (the occurrence of (i) and (ii) together, a “redemption event”). If a redemption event has previously occurred, the principal of this Security that becomes due and payable on the payment date specified in the
Terms and Conditions Information with respect to such Supplemental Obligation shall be the cash the Company is obligated to pay on such date with respect to any Face Amount then Outstanding, as specified in such Terms and Conditions Information
(excluding any interest or coupon, if applicable). 
 (b) Unless the Terms and Conditions Information with respect to a Supplemental Obligation under this
Security specifies that “Default Amount” is not applicable to such Supplemental Obligation (or otherwise modifies or amends it), the principal of a Supplemental Obligation under this Security that becomes due and payable upon acceleration
of the Maturity of such Supplemental Obligation after an Event of Default has occurred pursuant to the GSFC 2008 Indenture shall be the Default Amount. With respect to each Supplemental Obligation under this Security, when the cash that the
Company is obligated to pay as set forth above in this Section 2 has been paid as provided herein (or such 

  
 -8- 

 
amount has been made available for payment), the principal of such Supplemental Obligation under this Security shall be deemed to have been paid in full, whether or not this Security shall have
been surrendered for payment or cancellation. References to the payment of the principal of this Security on any day shall be deemed to mean the payment of the cash that the Company is obligated to pay as principal on such day as provided above in
this Section 2 (excluding any interest or coupon, if applicable). Notwithstanding the foregoing, if the Terms and Conditions Information with respect to a Supplemental Obligation under this Security specifies a Face Amount, solely for the
purpose of determining whether any consent, waiver, notice or other action to be given or taken by Holders of Securities pursuant to the GSFC 2008 Indenture has been given or taken by Holders of Outstanding Securities in the requisite
aggregate principal amount, the principal amount of such Supplemental Obligation under this Security on any day will be deemed to equal the portion of the applicable Face Amount then Outstanding (if the Terms and Conditions Information with respect
to a Supplemental Obligation under this Security does not specify a Face Amount, references in this sentence to Face Amount shall be deemed to refer to the Principal Amount without regard to the payment at maturity). This Security shall cease to be
Outstanding as provided in the definition of such term in the GSFC 2008 Indenture or when the principal of this Security shall be deemed to have been paid in full as provided above and any interest payable on this Security has been paid (or,
in the case of any such interest, when such interest has been made available for payment). 
 3. Role of Calculation Agent 

The Calculation Agent, in its sole discretion, will make all determinations and calculations relating to the amount payable on this Security, including matters
specified herein or in the Terms and Conditions Information as matters to be determined by the Calculation Agent. The Calculation Agent shall make all such determinations and calculations in its sole discretion, and absent manifest error all
determinations and calculations made by the Calculation Agent shall be final and binding on the Company, the Holder and all other Persons having an interest in this Security, without liability on the part of the Calculation Agent. 

The Company shall take such action as shall be necessary to ensure that there is at all relevant times a financial institution serving as the Calculation
Agent hereunder. The 

  
 -9- 

 
Company may, in its sole discretion at any time and from time to time, upon written notice to the Trustee, but without notice to the Holder of this Security, terminate the appointment of any
Person serving as the Calculation Agent and appoint another Person (including any Affiliate of the Company) to serve as such agent. Insofar as any Supplemental Obligation under this Security provides for the Calculation Agent to obtain the level,
price, value or other amount of any underlier, or other information, from any institution or other source, the Calculation Agent may do so from any source or sources of the kind contemplated or otherwise permitted hereby notwithstanding that any one
or more of such sources are such agent, Affiliates of such agent or Affiliates of the Company. 
 4. Payment 

Payment of any amount payable on this Security will be made in cash, in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. Payment of cash on this Security will be made to an account designated by the Holder and acceptable to the Company or, if no such account is designated and acceptable as aforesaid, at the office
or agency of the Company maintained for that purpose in The City of New York; provided, however, that, at the option of the Company, payment of any interest may be made by check mailed to the address of the Holder entitled thereto as such
address shall appear in the Security Register; and provided, further, that payment at Maturity shall be made only upon surrender of this Security at such office or agency (unless the Company waives surrender). Notwithstanding the foregoing,
if this Security is a Global Security, any payment may be made pursuant to the Applicable Procedures of the Depositary as permitted in the GSFC 2008 Indenture. The Holder of this Security shall not be entitled under the terms of this Security
to receive, in payment hereof, any property other than cash. 
 5. Holidays 

Unless otherwise provided with respect to a Supplemental Obligation in the applicable Terms and Conditions Information, and notwithstanding any provision of
the GSFC 2008 Indenture, if any payment of principal or interest would otherwise be due on this Security on a day (the “Specified Day”) that is not a Business Day, such payment may be made (or such principal or interest may
be made available for payment) on the next succeeding Business Day with the same 

  
 -10- 

 
force and effect as if such payment were made on the Specified Day. The provisions of this Section 5 shall apply to this Security in lieu of the provisions of Section 1.13 of the GSFC
2008 Indenture. 
 6. Reverse of this Security 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place. 
 7. Certificate of Authentication 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the GSFC 2008 Indenture or be valid or obligatory for any purpose. The Company and the Trustee acknowledge that for purposes of the GSFC 2008 Indenture, manually affixing a signature by electronic means shall
constitute a manual signature. 
 8. Guarantee by the Guarantor 

This Security, including each Supplemental Obligation, is fully and unconditionally guaranteed by the Guarantor pursuant to the Guarantee set forth in the GSFC
2008 Indenture. 

  
 -11- 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: July 1, 2020 
  

			
	By:	  	 GS FINANCE CORP.
  

/s/ James J. White, Jr.

		  	 Name: James J. White, Jr.

Title: Treasury Signatory

 This is one of the Securities of the series designated herein and referred to in the GSFC 2008 Indenture. 

Dated: July 1, 2020 
  

			
	By:	  	 THE BANK OF NEW YORK MELLON, 
as Trustee

 
 /s/ Francine Kincaid_

		  	 Authorized Signatory

 (End of Face of Security) 

  
 -12- 

 (Reverse of Security) 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”) issued and to be issued in one
or more series under a Senior Debt Indenture, dated as of October 10, 2008, as supplemented by the First Supplemental Indenture, dated as of February 20, 2015, the Second Supplemental Indenture, dated as of January 17, 2017, the Third
Supplemental Indenture, dated as of June 15, 2018, the Fourth Supplemental Indenture, dated as of August 21, 2018, the Fifth Supplemental Indenture, dated as of October 2, 2018, the Sixth Supplemental Indenture, dated as of
November 9, 2018 and the Seventh Supplemental Indenture, dated as of July 1, 2020, and as may be further supplemented or amended from time to time (herein called the “GSFC 2008 Indenture”, which term
shall have the meaning assigned to the term “Indenture” in such instrument), each among the Company, as Issuer, The Goldman Sachs Group, Inc., as Guarantor (herein called the “Guarantor”, which term includes any
successor guarantor under the GSFC 2008 Indenture), and The Bank of New York Mellon, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the GSFC 2008 Indenture), and reference is
hereby made to the GSFC 2008 Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the Securities and of the terms upon which
the Securities are, and are to be, authenticated and delivered. Insofar as the provisions of the GSFC 2008 Indenture may conflict with the provisions set forth on the face of this Security, the latter shall control for purposes of this
Security. 
 This Security is one of the series designated on the face hereof, limited to an aggregate principal amount as shall be determined and may be
increased from time to time by the Company (or the equivalent thereof in any other currency or currencies or currency units). References herein to “this series” mean the series of Securities designated as Medium-Term Notes, Series
F, except that solely for purposes specified below, the term “series” (and references to Securities of a series) shall be deemed to refer to Supplemental Obligations with the same CUSIP number. 

The GSFC 2008 Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the Guarantor and the rights of the Holders of the Securities to be affected under the GSFC 2008 Indenture at any time by the 

  
 -13- 

 
Company, the Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of all Securities at the time Outstanding to be affected, considered together as one class
for this purpose (such Securities to be affected may be Securities of the same or different series and, with respect to any series, may comprise fewer than all the Securities of such series). 

The GSFC 2008 Indenture also contains provisions (i) permitting the Holders of a majority in principal amount of the Securities at the time
Outstanding to be affected under the GSFC 2008 Indenture, considered together as one class for this purpose (such affected Securities may be Securities of the same or different series and, with respect to any particular series, may comprise
fewer than all the Securities of such series), on behalf of the Holders of all Securities so affected, to waive compliance by the Company or the Guarantor with certain provisions of the GSFC 2008 Indenture and (ii) permitting the Holders
of a majority in principal amount of the Securities of any series at the time Outstanding to be affected under the GSFC 2008 Indenture (with each such series considered separately for this purpose), on behalf of the Holders of all Securities
of such series, to waive certain past defaults under the GSFC 2008 Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of
this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. For the purpose of this paragraph, the term
“default” means, with respect to any Securities, any event which is, or after notice or lapse of time or both would become, an Event of Default or Covenant Breach in respect of such Securities. As used in this paragraph, the term
“series” (and references to the Securities of a series) shall mean Supplemental Obligations having the same CUSIP number. 
 If an Event of
Default with respect to Securities of a series shall occur and be continuing, the principal of the Securities of such series may be declared due and payable in the manner and with the effect provided in the GSFC 2008 Indenture. With respect
to the Securities of a series, the only Events of Default are payment defaults on the Securities of such series that continue for 30 days and insolvency events, all as specified in the GSFC 2008 Indenture. Any other default under or breach of
the GSFC 2008 Indenture or 

  
 -14- 

 
the Securities will not give rise to an Event of Default, whether after notice, the passage of time or otherwise. As used in this paragraph, the term “series” (and references to
the Securities of a series) shall mean Supplemental Obligations having the same CUSIP number. 
 As provided in and subject to the provisions of the GSFC
2008 Indenture, the Holder of a Security of any series shall not have the right to institute any proceeding with respect to the GSFC 2008 Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder,
unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default or Covenant Breach with respect to the Securities of such series, the Holders of not less than 25% in principal amount of the Securities of
such series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default or Covenant Breach, as applicable, as Trustee and offered the Trustee indemnity reasonably satisfactory
to it, and the Trustee shall not have received from the Holders of a majority in principal amount of the Securities of such series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such
proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or
interest hereon on or after the respective due dates expressed herein. 
 As used in the preceding paragraph, the term “series” (and
references to Securities of a series) shall mean Supplemental Obligations having the same CUSIP number. 
 If so provided pursuant to the terms of any
specific Securities, the above-referenced provisions of the GSFC 2008 Indenture regarding the ability of Holders to waive certain defaults, or to request the Trustee to institute proceedings (or to give the Trustee other directions) in
respect thereof, may be applied differently with regard to such Securities. 
 No reference herein to the GSFC 2008 Indenture and no provision of
this Security or of the GSFC 2008 Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security at the times, place and rate,
and in the coin or currency, herein prescribed, or alter or impair the obligation of the Guarantor, which is unconditional, to pay pursuant to the GSFC 2008 Indenture. 

  
 -15- 

 As provided in the GSFC 2008 Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security
are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his or her attorney duly authorized in writing, and thereupon one
or more new Securities of this series and of like tenor, of Authorized Denominations, and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

This Security and any Security issued in exchange for or in lieu of this Security are issuable only in registered form without coupons in Authorized
Denominations. As provided in the GSFC 2008 Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor, of a
different Authorized Denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or
the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Guarantor, the Trustee nor any such agent shall be affected by
notice to the contrary. 
 This Security is a Global Security and is subject to the provisions of the GSFC 2008 Indenture relating to the Global
Securities, including the limitations in Section 3.05 thereof on transfers and exchanges of Global Securities. 
 This Security and the GSFC 2008
Indenture shall be governed by and construed in accordance with the laws of the State of New York. 

  
 -16-Exhibit 10.1

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

This Employment Agreement
(the "Agreement"), made and entered into this 30th day of June, 2020 by and between Akari Therapeutics PLC,
a company organized under the law of England and Wales (the “Company”) and Torsten Hombeck (“Executive”).

 

NOW,
THEREFORE, in consideration of the mutual promises, terms, provisions, and conditions contained herein, the parties agree as
follows:

 

		1.	Roles and Duties.

 

(a)
Chief Financial Officer Role. Subject to the terms and conditions of this Agreement and Appendix A attached hereto, Company
shall employ Executive as its Chief Financial Officer reporting to the Company's Chief Executive Officer. Executive accepts such
employment upon the terms and conditions set forth herein, and agrees to perform to the best of Executive's ability the duties
normally associated with such position and as determined by Company in its sole discretion. During Executive's employment, Executive
shall devote all of Executive's business time and energies to the business and affairs of Company, provided that nothing
contained in this Section l shall prevent or limit Executive's right to manage Executive 's personal investments on Executive's
own personal time, including, without limitation the right to make passive investments in the securities of: (a) any entity which
Executive does not control, directly or indirectly, and which does not compete with Company, or (b) any publicly held entity so
long as Executive's aggregate direct and indirect interest does not exceed two percent (2%) of the issued and outstanding securities
of any class of securities of such publicly held entity. During Executive's employment, Executive shall not engage in any other
non-Company related business activities of any nature whatsoever (including board memberships) without the Company's prior written
consent. In addition, and so long as such activities do not interfere materially with Executive's performance of Executive's duties
hereunder, Executive also may participate in civic, charitable and professional activities, but shall not serve in any official
capacity, including as a member of a board, without the prior written consent of the Company's Board of Directors ("Board").

 

		2.	Term of Employment.

 

(a)              
Term. The term of this Agreement shall commence on the Closing Date which is the date this Agreement and Appendix
A are signed by the parties (the "Commencement Date") and shall continue for a period of one year (the "Term"),
unless terminated earlier pursuant to Section 2(b). The Term shall renew automatically for successive one-year periods, unless
either party has given written notice three-months prior to the expiration of the Term that such party elects not to renew the
Term. ln the event of non-renewal, this Agreement and the Executive's employment hereunder shall terminate automatically at the
close of business on the last day of the Term.

 

    	 	1	 

     

    

 

(b)              
Termination. Notwithstanding anything else contained in this Agreement, Executive's employment hereunder shall terminate
prior to the end of the Term upon the earliest to occur of the following:

 

		(i)	Death. Immediately upon Executive's death;

 

		(ii)	Termination by Company.

 

(A)      
If because of Executive's Disability (as defined below in Section 2(c)), written notice by Company to Executive that Executive's
employment is being terminated as a result of Executive's Disability, which termination shall be effective on the date of such
notice or such later date as specified in writing by Company;

 

(B)             
If for Cause (as defined below in Section 2(d)), written notice by Company to Executive that Executive's employment is being
terminated for Cause which termination shall be effective on the date of such notice or such later date as specified in writing
by Company; or

 

(C)             
If by Company for reasons other than under Sections 2(b)(ii)(A) or (B), written notice by Company to Executive that Executive's
employment is being terminated, which termination shall be effective ninety (90) days after the date of such notice or such later
date as specified in writing by Company.

 

		(iii)	Termination by Executive.

 

(A)             
If for Good Reason (as defined below in Section 2(e)), written notice by Executive to Company that Executive is terminating
Executive's employment for Good Reason and that sets forth the factual basis supporting the alleged Good Reason, which termination
shall be effective thirty (30) days after the date of such notice; provided that if Company has cured the circumstances
giving rise to the Good Reason, then such termination shall not be effective; or

 

(B)             
If without Good Reason, written notice by Executive to Company that Executive is terminating Executive's employment, which
determination shall be effective at least ninety (90) days after the date of such notice.

 

Notwithstanding
anything in this Section 2(b), Company may at any point terminate Executive's employment for Cause prior to the effective date
of any other termination contemplated hereunder.

 

(c)              
Definition of “Disability". For purposes of this Agreement, "Disability" shall mean Executive's
incapacity or inability to perform Executive's duties and responsibilities as contemplated herein for one hundred twenty (120)
days or more within any one (1) year period (cumulative or consecutive), because Executive's physical or mental health has become
so impaired as to make it impossible or impractical for Executive to perform the duties and responsibilities contemplated hereunder.
Determination of Executive's physical or mental health shall be determined by Company after consultation with a medical expert
appointed by mutual agreement between Company and Executive who has examined Executive. Executive hereby consents to such examination
and consultation regarding Executive's health and ability to perform as aforesaid.

 

    	 	2	 

     

    

 

(d)              
Definition of "Cause". Cause" shall include: (i) Executive's willful engagement in dishonesty, illegal
conduct or gross misconduct, which is, in each case, is materially injurious to Company or any affiliate; (ii) Executive's deliberate
insubordination; (iii) Executive's substantial malfeasance or nonfeasance of duty; (iv) Executive's unauthorized disclosure of
confidential information; (v) Executive's embezzlement, misappropriation or fraud, whether or not related Executive's employment
with Company; (vi) Indictment and/or conviction of Executive for any felony or their equivalent in any jurisdiction in the United
States or abroad; (vii) any investigation of Executive or lawsuit filed against Executive by the United States Securities and Exchange
Commission or similar entity in the United States or abroad; (viii) any substantiated claim of discrimination by the US Equal Employment
Opportunity Commission or any court of competent jurisdiction in the United States or abroad; or (ix) Executive's breach of a material
provision of any employment, non-disclosure, invention assignment, non-competition, or similar agreement between Executive and
Company. In all cases, Company shall provide Executive with written notice of the specific conduct or events that Company believes
constitutes Cause and, in case of (ii) and (iii) above, Executive shall have thirty (30) days to effect a cure of the claimed conduct
or events.

 

(e)              
Definition of "Good Reason". As used herein, a "Good Reason" shall mean: (i) relocation of Executive's
principal business location to a location more than fifty (50) miles from Executive's then-current business location; (ii) a material
diminution in Executive's duties, authority or responsibilities; or (iii) a material reduction in the Executive's Base Salary;
provided that (A) Executive provides Company with written notice that Executive intends to terminate Executive's employment hereunder
for one of the grounds set forth in this Section 2(e) within fifteen (15) days of such ground occurring, (B) if such ground is
capable of being cured, the Company has failed to cure such ground within a period of thirty (30) days from the date of such written
notice, and (C) Executive terminates Executive's employment within sixty (60) days from the date of notice. For purposes of clarification,
the above-listed conditions shall apply separately to each occurrence of Good Reason and failure to adhere to such conditions in
the event of Good Reason shall not disqualify Executive from asserting Good Reason for any subsequent occurrence of Good Reason.

 

For purposes
of this Agreement, "Good Reason" shall be interpreted in a manner, and limited to the extent necessary, so that it shall
not cause adverse tax consequences for either party with respect to Section 409A ("Section 409A") of the Internal Revenue
Code of 1986, as amended (the ”Code") and any successor statute, regulation and guidance thereto.

 

    	 	3	 

     

    

 

		3.	Compensation.

 

(a)              
Base Salary. Company shall pay Executive a base salary (the "Base Salary") at the annual rate of $290,000.
The Base Salary shall be payable in substantially equal periodic installments in accordance with Company’s payroll practices
as in effect from time to time. Company shall deduct from each such installment all amounts required to be deducted or withheld
under applicable law or under any employee benefit plan in which Executive participates. The Board or an appropriate committee
thereof shall review the Base Salary on an annual basis.

 

(b)             
Annual Performance Bonus. Executive shall be eligible to receive an annual cash bonus (the "Annual Performance
Bonus"), with the target amount of such Annual Performance Bonus equal to thirty percent (30%) of Executive's Base Salary
in the year to which the Annual Performance Bonus relates provided that the actual amount of the Annual Performance Bonus
may be greater or less than such target amount. The amount of the Annual Performance Bonus shall be determined by the Board or
an appropriate committee thereof in its sole discretion and shall be paid to Executive no later than January 3l st of
the calendar year immediately following the calendar year in which it was earned. Except as otherwise provided for in this Agreement,
Executive must be employed by Company on the date on which the Annual Performance Bonus is paid in order to be eligible for, and
to be deemed as having earned, such Annual Performance Bonus. Company shall deduct from the Annual Performance Bonus all amounts
required to be deducted or withheld under applicable law or under any employee benefit plan in which Executive participates.

 

(c)              
Equity. Subject to approval of the Board or an appropriate committee thereof, Company shall grant Executive on the
Commencement Date or as soon as practicable thereafter pursuant to the terms of the current Akari Therapeutics PLC Equity Incentive
Plan (the "Plan"), a stock option (the "Option") to purchase 7,000,000 shares of common stock of the Company,
at a per share exercise price equal to the Fair Market Value (as defined in the Plan) of the Company's common stock on the date
of grant, which Option shall be, to the maximum extent permissible, treated as an "incentive stock option" within the
meaning of Section 422 of the Code. The Option shall vest ratably on a semi-annual basis over four years on each anniversary of
the Commencement Date, provided that Executive remains employed by Company on the vesting date; provided, further,
however, that the Option shall vest fully immediate prior to a Change of Control (as defined below) or upon the non-renewal of
this Agreement. The Option shall be evidenced in writing by, and subject to the terms and conditions of, the Plan and the Company's
standard form of stock option agreement, which agreement shall expire ten (10) years from the date of grant except as otherwise
provided in the stock option agreement or the Plan. Executive shall have the option to purchase an additional 3,000,000 shares
of common stock of the Company on January 1, 2021 consistent with the same terms set forth in this paragraph provided that Executive
is still employed by Company on that date and has not been notified of any Termination or Expiration under the terms of this Agreement.

 

    	 	4	 

     

    

 

(d)              
Paid Time Off. Executive may take up to four (4) weeks of paid time off ("PTO") per year, to be scheduled
to minimize disruption to Company's operations, pursuant to the terms and conditions of Company policy and practices as applied
to Company senior executives.

 

(e)              
Fringe Benefits. Executive shall be entitled to participate in all benefit/welfare plans (e.g., medical, insurance,
retirement) and fringe benefits provided to Company senior executives. Executive understands that, except when prohibited by applicable
law, Company's benefit plans and fringe benefits may be amended by Company from time to time in its sole discretion.

 

(f)               
Reimbursement of Expenses. Company shall reimburse Executive for all ordinary and reasonable out-of-pocket business
expenses incurred by Executive in furtherance of Company's business in accordance with Company's policies with respect thereto
as in effect from time to time. Executive must submit any request for reimbursement no later than ninety (90) days following the
date that such business expense is incurred. All reimbursements provided under this Agreement shall be made or provided in accordance
with the requirements of Section 409A including, where applicable, the requirement that (i) any reimbursement is for expenses incurred
during Executive's lifetime (or during a shorter period of time specified in this Agreement); (ii) the amount of expenses eligible
for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year; (iii)
the reimbursement of an eligible expense shall be made no later than the last day of the calendar year following the year in which
the expense is incurred; and (iv) the right to reimbursement or in kind benefits is not subject to liquidation or exchange for
another benefit. Company shall have the right in its sole discretion to deny any request for reimbursement of out of pocket business
expenses that it deems unreasonable unless such expense has been approved by the CEO, the Board of Directors or their designee
prior to being incurred.

 

(g)             
Indemnification. Executive shall be entitled to indemnification with respect to Executive's services provided hereunder
pursuant to English law, the terms and conditions of Company's articles of incorporation, Company's directors and officers ("D&O")
liability insurance policy and Company's standard indemnification agreement for directors and officers as executed by Company and
Executive.

 

		4.	Payments Upon Termination.

 

(a)               
Definition of Accrued Obligations. For purposes of this Agreement, "Accrued Obligations" means: (i) the
portion of Executive 's Base Salary that has accrued, including vacation time, prior to any termination of Executive' s employment
with Company and has not yet been paid; and (ii) the amount of any expenses properly incurred by Executive on behalf of Company
prior to any such termination and not yet reimbursed. Executive's entitlement to any other compensation or benefit under any plan
of Company sha11 be governed by and determined in accordance with the terms of such plans, except as otherwise specified in this
Agreement.

 

    	 	5	 

     

    

 

(b)             
Termination by Company for Cause. by Executive Without Good Reason. or as a Result of Executive' s Disability or Death.
If Executive's employment hereunder is terminated by Company for Cause, by Executive without Good Reason, as a result of Executive's
Disability or death, then Company shall pay the Accrued Obligations to Executive promptly following the effective date of such
termination and shall have no further obligations to Executive.

 

(c)              
Termination by Company Without Cause, by Executive For Good Reason or Upon Expiration of the Term. In the event that
Executive's employment is terminated by action of Company other than for Cause, Executive terminates Executive's employment for
Good Reason or due to non-renewal of the Term, then, in addition to the Accrued Obligations, Executive shall receive the following,
subject to the terms and conditions described in Section 4(e) (including Executive's execution of a release of claims):

 

(i)               
Severance Payments. An amount equal to the sum of (x) Executive's annual Base Salary at the rate in effect as of
the termination date, and (y) the greater of actual or target Annual Performance Bonus to which Executive may have been entitled
for the year in which Executive’s employment terminates, in each case less all customary and required taxes and employment-related
deductions; provided that this bonus payment shall not be made in the event the termination is solely due to non-renewal of the
Term the Company. In case the Executive’s employment is terminated prior to July 1, 2021, the severance payment equals 50%
of the sum of (x) Executive’s annual Base Salary at the rate in effect as of the termination date, and (y) the greater of
actual or target Annual Performance Bonus to which Executive may have been entitled for the year in which Executive’s employment
terminates. The severance payment provided for in this Section 4(c)(i) shall be paid over a 12-month period in accordance with
Company's normal payroll practices (provided such payments shall be made at least monthly), commencing on the first payroll date
following the date on which the release of claims required by Section 4(e) becomes effective and non-revocable, but not after sixty
(60) days following the effective date of termination from employment; provided, that if the 60th day falls in the calendar year
following the year during which the termination or separation from service occurred, then the payments will commence in such subsequent
calendar year; provided, further that if such payments commence in such subsequent year, the first such installment shall include
an amount equal to the payments that would have been paid if the payments had commenced in the first month following the termination
of employment.

 

(ii)             
Benefits Payments. The Company shall pay to Executive an amount equal to the Company's share of the premium paid
for Executive while Executive was an active employee for medical insurance coverage under the Company's health care plan (the "Healthcare
Subsidy") for a period of twelve (12) months following Executive's termination date. The Healthcare Subsidy shall be paid,
less required withholdings, in the same manner and the same time as the payments under Section 4(c)(i) are paid.

 

    	 	6	 

     

    

 

Payment
of the above described severance payments and benefits are expressly conditioned on Executive's execution without revocation of
the release of claims under Section 4(e) and return of Company property under Section 6 and continued compliance with the Executive's
obligations in the Restrictive Covenant Agreement (as defined below and/or in Appendix A). In the event that Executive is eligible
for the severance payments and benefits under this Section 4(c), Executive shall not be eligible for and shall not receive any
of the severance payments and benefits as provided in Section 4(d).

 

(d)              
Termination by Company Without Cause or by Executive For Good Reason Following a Change of Control. In the event
that a Change of Control (as defined below) occurs and within a period of one (1) year following the Change of Control, either
Executive's employment is terminated other than for Cause, or Executive terminates Executive's employment for Good Reason, then,
in addition to the Accrued Obligations, Executive shall receive the following, subject to the terms and conditions described in
Section 4(e) (including Executive's execution of a release of claims):

 

(i)                
Severance Payment. An amount equal to one and a half times the sum of (x) Executive's annual Base Salary at the rate
in effect as of the termination date, and (y) the target Annual Performance Bonus to which Executive may have been entitled for
the year in which Executive’s employment terminates, in each case less all customary and required taxes and employment-related
deductions. In case the Executive’s employment is terminated prior to July 1, 2021, the severance payment equals 50% of one
and a half times of the sum of (x) Executive’s annual Base Salary at the rate in effect as of the termination date, and (y)
the greater of actual or target Annual Performance Bonus to which Executive may have been entitled for the year in which Executive’s
employment terminates. The severance payment provided for in this Section 4(d)(i) shall be paid over a 18-month period in accordance
with Company's normal payroll practices (provided such payments shall be made at least monthly), commencing on the first payroll
date fo1lowing the date on which the release of claims required by Section 4(e) becomes effective and non-revocable, but not after
sixty (60) days following the effective date of termination from employment; provided, that if the 60th day falls in the calendar
year following the year during which the termination or separation from service occurred, then the payments will commence in such
subsequent calendar year; provided further that if such payments commence in such subsequent year, the first such installment shall
include an amount equal to the payments that would have been paid if the payments had commenced in the first month following the
termination of employment.

 

(ii)             
Benefit Payments. The Company shall pay to Executive the Healthcare Subsidy for a period of eighteen (18) months
fo11owing Executive's termination date. The Healthcare Subsidy shall be paid, less required withholdings, in the same manner and
the same time as the payments under Section 4(d)(i) are paid.

 

    	 	7	 

     

    

 

Payment
of the above described severance payments and benefits are expressly conditioned on Executive's execution without revocation of
the release of claims under Section 4(e) and return of Company property under Section 6 and continued compliance with Executive's
obligations in the Restrictive Covenant Agreement. In the event that Executive is eligible for the severance payments and benefits
under this Section 4(d), Executive shall not be eligible for and shall not receive any of the severance payments and benefits as
provided in Section 4(c).

 

As
used herein, a "Change of Control" shall mean the occurrence of any of the fol1owing events: (A) The approval by
shareholders of the Company of a merger or consolidation of the Company with any other corporation, other than a merger or
consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than
fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity
outstanding immediately after such merger or consolidation; or (B) The approval by the shareholders of the Company of a plan
of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all
of the Company's assets. Except if company's valuation is less than that at the time of the merger on the 16 September 2015,
as calculated including any prior distribution of funds, dividends or sales proceeds

 

(e)              
Execution of Release of Claims. Company shall not be obligated to pay Executive any of the severance payments or
benefits described in this Section 4 unless and until Executive has executed (without revocation) a timely release of claims in
a form that is acceptable to Company, and which includes standard and reasonable terms regarding items such as mutual non-disparagement,
confidentiality, cooperation and the like, which must be provided to Executive within fifteen (15) days following separation from
service, and must be effective and irrevocable prior to the 60th day following Executive's separation from service (the
 "Review Period"), and which shall include a general release of claims against Company and its affiliated entities and
each of their officers, directors, employees and others associated with Company and its affiliated entities. If Executive fails
or refuses to return such agreement, or revokes the agreement, within the Review Period, Executive's severance payments hereunder
and benefits shall be forfeited.

 

(f)               
No Other Payments or Benefits Owing. The payments and benefits set forth in this Section 4 shall be the sole amounts
owing to Executive upon termination of Executive's employment for the reasons set forth above and Executive shall not be eligible
for any other payments or other forms of compensation or benefits. The payments and benefits set forth in Section 4 shall be the
sole remedy, if any, available to Executive in the event that Executive brings any claim against Company relating to the termination
of Executive's employment under this Agreement.

 

    	 	8	 

     

    

 

		5.	Prohibited Competition and Solicitation.

 

Executive expressly acknowledges
that: (a) there are competitive and proprietary aspects of the business of Company; (b) during the course of Executive's employment,
Company shall furnish, disclose or make available to Executive confidential and proprietary information and may provide Executive
with unique and specialized training; (c) such Confidential Information and training have been developed and shall be developed
by Company through the expenditure of substantial time, effort and money, and could be used by Executive to compete with Company;
and (d) in the course of Executive's employment, Executive shall be introduced to customers and others with important relationships
to Company, and any and all "goodwill" created through such introductions belongs exclusively to Company, including,
but not limited to, any goodwill created as a result of direct or indirect contacts or relationships between Executive and any
customers of Company. In light of the foregoing acknowledgements and as a condition of employment hereunder, Executive agrees to
execute and abide by Company's Confidentiality, Intellectual Property, Non-Competition and Non-Solicitation Agreement (the "Restrictive
Covenant Agreement").

 

		6.	Property and Records.

 

Upon the termination of Executive's
employment hereunder for any reason or for no reason, or if Company otherwise requests, Executive shall promptly: (a) return to
Company all tangible business information and copies thereof (regardless how such Confidential Information or copies are maintained),
and (b) deliver to Company any property of Company which may be in Executive's possession, including, but not limited to, Blackberry-type
devices, smart phones, laptops, cell phones, products, materials, memoranda, notes, records, reports or other documents or photocopies
of the same. Failure to promptly return the items in this paragraph shall excuse in full the payment of any severance or additional
benefits under this agreement.

 

		7.	Code Sections 409A and 280G.

 

(a)              
In the event that the payments or benefits set forth in Section 4 of this Agreement constitute “non-qualified
deferred compensation" subject to Section 409A, then the following conditions apply to such payments or benefits:

 

(i)                
Any termination of Executive's employment triggering payment of benefits under Section 4 must constitute a "separation
from service" under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. § l.409A-l (h) before distribution of such benefits
can commence. To the extent that the termination of Executive's employment does not constitute a separation of service under Section
409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1 (h) (as the result of further services that are reasonably anticipated
to be provided by Executive to Company at the time Executive's employment terminates), any such payments under Section 4 that constitute
deferred compensation under Section 409A shall be delayed until after the date of a subsequent event constituting a separation
of service under Section 409A{a)(2)(A){i) of the Code and Treas. Reg. §1.409A-1(h). For purposes of clarification, this Section
7(a) shall not cause any forfeiture of benefits on Executive's part, but shall only act as a delay until such time as a "separation
from service" occurs.

 

    	 	9	 

     

    

 

(ii)               Notwithstanding
any other provision with respect to the timing of payments under Section 4 if, at the time of Executive's termination,
Executive is deemed to be a "specified employee" of Company {within the meaning of Section 409A(a){2)(B)(i) of the
Code), then limited only to the extent necessary to comply with the requirements of Section 409A, any payments to which
Executive may become entitled under Section 4 which are subject to Section 409A (and not otherwise exempt from its
application) shall be withheld until the first (1st) business day of the seventh (7th) month following
the termination of Executive's employment, at which time Executive shall be paid an aggregate amount equal to the
accumulated, but unpaid, payments otherwise due to Executive under the terms of Section 4.

 

(b)              
It is intended that each installment of the payments and benefits provided under Section 4 of this Agreement shall
be treated as a separate "payment" for purposes of Section 409A. Neither Company nor Executive shall have the right to
accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section
409A.

 

(c)               
Notwithstanding any other provision of this Agreement to the contrary, this Agreement shall be interpreted and at
all times administered in a manner that avoids the inclusion of compensation in income under Section 409A, or the payment of increased
taxes, excise taxes or other penalties under Section 409A. The parties intend this Agreement to be in compliance with Section 409A.
Executive acknowledges and agrees that Company does not guarantee the tax treatment or tax consequences associated with any payment
or benefit arising under this Agreement, including but not limited to consequences related to Section 409A.

 

(d)              
If any payment or benefit Executive would receive under this Agreement, when combined with any other payment or benefit
Executive receives pursuant to a Change of Control (for purposes of this section, a "'Payment") would: (i) constitute
a "parachute payment" within the meaning of Section 280G 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 shall be either: (A) the full amount
of such Payment; or (B) such lesser amount (with cash payments being reduced before stock option compensation) as would result
in no portion of the Payment being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable
federal, state and local employments taxes, income taxes, and the Excise Tax, results in Executive's 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.

 

    	 	10	 

     

    

 

		8.	General.

 

Notices. Except as otherwise
specifically provided herein, any notice required or permitted by this Agreement shall be in writing and shall be delivered as
follows with notice deemed given as indicated: (i) by personal delivery when delivered personally; (ii) by overnight courier upon
written verification of receipt; (iii) by telecopy or facsimile transmission upon acknowledgment of receipt of electronic transmission;
or (iv) by certified or registered mail, return receipt requested, upon verification of receipt.

 

Notices to Executive shall be
sent to the last known address in Company's records or such other address as Executive may specify in writing.

 

Notice to Company shall be sent
to the Company’s United States headquarters at the time Notice is provided. As of the date of this Agreement, the United
States headquarters for the Company is: 135 West 41st Street, 5th Floor, New York, New York 10036. All notices
should be sent to the attention of the Chairman of the Board or to such other Company representative as Company may specify in
writing.

 

(a)              
Modifications and Amendments. The terms and provisions of this Agreement may be modified or amended only by written
agreement executed by the parties hereto.

 

(b)              
Waivers and Consents. The
terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written
document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be
deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether
or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it
was given and shall not constitute a continuing waiver or consent.

 

(c)              
Assignment. Company may assign its rights and obligations hereunder to any person or entity that succeeds to all
or substantially all of Company's business or that aspect of Company's business in which Executive is principally involved. Executive
may not assign Executive's rights and obligations under this Agreement without the prior written consent of Company.

 

(d)             
Governing Law/Dispute Resolution. This Agreement and the rights and obligations of the parties hereunder shall be
construed in accordance with and governed by the law of the State of New York, without giving effect to the conflict of law principles
thereof. Any legal action or proceeding with respect to this Agreement shall be brought in the courts of the Supreme Court of the
State of New York, New York County, or of the United States District Court for the Southern District of New York. By execution
and delivery of this Agreement, each of the parties hereto accepts for itself and in respect of its property, generally and unconditionally,
the non-exclusive jurisdiction of the aforesaid courts. With regard to any and all disputes arising out of this Agreement (including
Appendix A), Executive irrevocably agrees to service of process by United States first class mail or its equivalent internationally
and waives all rights to personal service of process. Executive also agrees not to challenge service of process or personal or
subject matter jurisdiction in any matter arising out of this Agreement including Appendix A.

 

    	 	11	 

     

    

 

(e)             
 Jury Waiver. ANY, ACTION, DEMAND, CLAIM, OR COUNTERCLAIM ARISING UNDER OR RELATING TO THIS AGREEMENT SHALL BE RESOLVED
BY A JUDGE ALONE AND EACH OF COMPANY AND EXECUTIVE WAIVES ANY RIGHT TO A JURY TRIAL THEREOF.

 

(f)               
Headings and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience
of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

(g)             
Entire Agreement. This Agreement, together with the other agreements specifically referenced herein, embodies the
entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior
oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant
or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the
express terms and provisions of this Agreement.

 

(h)             
Counterparts. This Agreement may be executed in two or more counterparts, and by different parties hereto on separate
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
For all purposes a signature by fax shall be treated as an original.

 

[Signature Page to
Follow]

 

    	 	12	 

     

    

 

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

 

	TORSTEN HOMBECK 	 	AKARI THERAPEUTICS PLC
	 	 	 
	 	 	 
	/s/ Torsten Hombeck 	 	/s/ Clive Richardson
	 	 	 
	Torsten Hombeck (Executive) 	 	Clive Richardson (CEO)
	 	 	 
	Date: 	 	Date:
	 	 	 
	Address: 	 	Address:

 

    	 	13	 

     

    

 

Appendix
A

 

Confidentiality,
Intellectual Property, Non-Competition and Non-Solicitation Agreement

 

This Confidentiality, Intellectual
Property, Non-Competition and Non-Solicitation Agreement (the “Agreement”) is entered into as of June
17, 2020 by and between Akari Therapeutics PLC (the “Company”), and Torsten Hombeck, an individual (the
 “Executive”).

 

RECITALS

 

WHEREAS,
concurrently upon the execution of this Agreement (Appendix A), the Company and Executive are entering into an Executive Employment
Agreement under which Executive shall be employed by the Company; and

 

WHEREAS
Executive acknowledges that: (i) there are competitive and proprietary aspects of the business of Company; (ii) during the
course of Executive’s employment, Company has furnished, disclosed and/or made available and shall furnish, disclose and/or
make available to Executive confidential and proprietary information and may have provided and may provide Executive with unique
and specialized training; (iii) such Confidential Information and training have been developed and shall be developed by Company
through the expenditure of substantial time, effort and money, and could be used by Executive to compete with Company; and (iv)
in the course of Executive’s employment, Executive was introduced and shall be introduced to customers and others with important
relationships to Company, and any and all “goodwill” created through such introductions belongs exclusively to Company,
including, but not limited to, any goodwill created as a result of direct or indirect contacts or relationships between Executive
and any customers of Company; and

 

WHEREAS,
in light of the foregoing acknowledgements the Company requires that Executive make certain proprietary information, invention
assignment, non-compete and non-solicitation commitments as a condition to the continuation of his employment;

 

THEREFORE,
in consideration of Executive’s continued employment with the Company, and the compensation received by Executive from the
Company, from time to time, Executive and Company hereby agree as follows:

 

		1.	Definitions. For purposes of this Agreement, the following terms
are defined as follows:

 

1.1.    
“Affiliate” of the Company means an entity that, directly or indirectly, controls, is controlled
by, or is under common control with the Company.

 

     

     

    

 

1.2.    
"Company Intellectual Property" means Intellectual Property Rights created, conceived, conducted,
developed, reduced to practice, compiled, written, authored, made and/or produced by Executive (whether jointly or alone), whether
prior to or during the course of Executive employment with the Company, whether or not during working hours, and/or conceived,
conducted, developed, reduced to practice, compiled, written, authored, made and/or produced by Executive, prior to, during the
term of Executive's employment or thereafter using Company's premises, intellectual property (including without limitation Company
Intellectual Property) materials, products, and/or resources, all whether or not recorded in material form.

 

1.3.     
“Confidential Information” any and all information, data, materials, Know-How and Documents in
whatever form, including but not limited to technical and scientific information, data, information regarding research and development
related to actual or anticipated products, laboratory records, analytical and quality control data, trial data, case report forms,
data analyses, reports or summaries and information contained in submissions to, and information from regulatory authorities',
inventions, whether patentable or non-patentable, discoveries, conceptions, intellectual property rights, data rights, records,
results, formulations, methods, processes, techniques, compilation, program, devices, systems, compounds, innovations, designs,
drawings, sketches, diagrams, formulas, computer files, product definitions, product research, manuals, selection processes, data,
methods of manufacture, planning processes, trade secrets, business secrets, business plans, copyrights, proprietary information,
customer lists, names of customers, list of suppliers, marketing plans, strategies, forecasts, business forecasts, processes, finances,
costing, sales, prices, terms of payment, details of employees and officers and of the remuneration and other benefits paid to
them, improvements and any other data related to the business or affairs of Company, its Affiliates and/or their respective customers,
including customers with whom Company is negotiating, which is:

 

(i) disclosed by or on behalf
of Company, Affiliates and/or their respective customers to Executive; (ii) was or may be otherwise acquired by Executive during
his employment with the Company; and/or (iii) was and/or may be generated and/or developed by Executive as a result of: (a) use
by Executive of any Confidential Information of the Company, its Affiliates and/or their respective customers; and/or (b) Executive's
employment by Company, all whether or not in the case of documents or other written materials or any materials in electronic format
they are or were marked as confidential and whether or not, in the case of other information, such information is identified or
treated by the Company or any of its Affiliates as being confidential.

 

1.4.     
"Documents" means documents, records, notebooks, results, agreements, calculations in each case
whether electronic or in hard copy.

 

1.5.     
“Inventions” means all Know-How, Documents and business methods, inventions, discoveries, formulas,
ideas, results, records, concepts, processes, techniques,developments, improvements, innovations, new uses, derivatives, processes,
procedures formulae, models, assays prototypes, methods, designs, techniques, compounds, conceptions, results, data, data rights,
know how, materials, records, documentation, technology, products, works of authorship, laboratory records, analytical and quality
control data, trial data, case report forms, data analyses, reports or summaries, all whether or not patentable, copyrightable
or capable of registration, and whether or not recorded in any medium.

 

    	 	2	 

     

    

 

1.6.     
"Intellectual Property Rights" means patents, Inventions, copyright and related rights, trademarks,
trade names, service marks and domain names, rights in get-up, goodwill, rights to sue for passing off, design rights, semi-conductor
topography rights, database rights, confidential information, moral rights, proprietary rights, data rights, enforcement rights,
royalty rights and any other intellectual property rights in each case whether registered or unregistered and including all applications
or rights to apply for, and renewals or extensions of such rights and all similar or equivalent rights or forms of protection which
subsist or will subsist now or in the future in any part of the world.

 

1.7.     
"Know How" means a package of expertise, practical information or skills, resulting from experience
and testing relating to any inventions, formulae, designs, drawings, procedures or methods.

 

		2.	Confidential Information. Executive hereby covenants and undertakes as follows:

 

2.1.     
Nondisclosure of Confidential Information. Executive shall not at any time during his employment nor at any
time after its termination except for the benefit of the Company or its Affiliates, directly or indirectly use or assist a third
party to use; divulge, disclose, publish, transfer or communicate; and/or permit or cause any unauthorized disclosure of any Confidential
Information relating to the Company, its Affiliates, and/or their respective customers, prospective customers or suppliers. Notwithstanding
any other provision of this agreement, Executive may communicate with the government about possible legal violations without violating
the provisions of the Agreement.

 

2.2.     
The restrictions in clause 2.1. do not apply to:

 

2.2.1.  
any disclosure required for the proper performance of the Executive's duties during his employment or as authorized by the
Company's Board of Directors;

 

2.2.2.  
any disclosure made to any person authorized by the Company to possess the relevant information;

 

2.2.3.  
any information or knowledge that was known to the Executive prior to the commencement date of his employment; or

 

2.2.4. any information which becomes
available to the public generally otherwise than through the default of the Executive.

 

    	 	3	 

     

    

 

2.3.     
Any and all Confidential Information, Documents and Company Intellectual Property including, without limitation, lists of
customers and suppliers, employees correspondence, documents, computer and other discs and tapes, data listings, codes, designs
and drawings and other documents and materials whatsoever in Executive's possession or under Executive's control and whether or
not made or created by Executive, relating to the business and/or the financial affairs of the Company, its Affiliates, and/or
their respective agents, customers, prospective customers and/or suppliers, are and shall remain the exclusive property of the
Company or its relevant Affiliate; will be handed over by Executive to the Company on demand and, in any event, immediately on
the termination of Executive's employment and Executive will certify that all such property has been so handed over; and will on
demand and, in any event, immediately on the termination of Executive's employment, will be permanently deleted from any computer
system in Executive's possession or under Executive's control.

 

		3.	Intellectual Property

 

3.1.     
The parties acknowledge that Executive may have created in the past and/or may create in the future Inventions (alone or
jointly), prior to, during the course of Executive's employment with the Company and/or thereafter and that Executive has a special
obligation to further the interests of the Company in relation to such Inventions. Executive shall, promptly following creation,
disclose to the Company all such Inventions and works embodying Company Intellectual Property.

 

3.2.     
All rights, title and interests in and to the Company Intellectual Property shall be solely and exclusively owned by the
Company. Executive acknowledges and agrees that any and all such Company Intellectual Property, including any marketing, advertising
and promotional materials, and other works of authorship, are “works made for hire” for purposes of the Company’s
rights under copyrights laws. Executive hereby assigns and undertakes to assign to the Company any and all rights, title and interests
he may have or acquire in such Company Intellectual Property, without any further remuneration or compensation.

 

3.3.     
During the period in which the Executive is employed by the Company and/or otherwise provides services to the Company, and
after termination of such period, the Executive will:

 

3.3.1.  
Upon the request of the Company, to execute all such documents, both during and after his employment, as the Company may
require to vest in the Company all right, title and interest pursuant to this Agreement;

 

3.3.2.   to
provide all such information and assistance and do all such further things as the Company may require to enable it to
protect, maintain and exploit the Company Intellectual Property to the best advantage, including (without limitation), at the
Company's request, applying for the protection of Inventions throughout the world;

 

    	 	4	 

     

    

 

3.3.3.  
to assist the Company in applying for the registration of any registerable Company Intellectual Property, enable it to enforce
the Company Intellectual Property against third parties and to defend claims for infringement of third-party Intellectual Property
Rights;

 

3.3.4.  
not to apply for the registration of any Company Intellectual Property in the United States or any other part of the world
without the prior written consent of the Company; and

 

3.3.5.  
to treat all Company Intellectual Property as Company's Confidential Information unless the Company has consented in writing
to its disclosure by Executive.

 

3.4.     
Executive hereby irrevocably appoint the Company as Executive's attorney in his name to sign, execute, do or deliver on
Executive's behalf any deed, document or other instrument and to use Executive name for the purpose of giving full effect to this
Section 3.

 

		4.	Additional Undertakings and Representations

 

4.1.     
The Executive has not and shall not disclose to the Company or induce the Company to use any Inventions and/or confidential
information belonging to any third party.

 

4.2.     
The Executive hereby represents and warrants that he has no continuing obligations with respect to assignment or disclosure
of Confidential Information and/or Company Intellectual Property to any previous employers or other person. The Executive further
certifies that he does not claim any previous unpatented or non-published inventions or expressions, respectively, within the scope
of this Agreement.

 

4.3.     
The Executive represents and warrants that the consummation by him of the transactions described herein will not result
in or constitute any of the following: a breach of any term or condition of this Agreement; a default or an event that, with notice
or lapse of time or both, would constitute a default, breach or violation of any agreement, instrument or arrangement to which
the Executive is a party or an event that would permit any third party to terminate an agreement or to accelerate the maturity
of one of the duties or obligations owed to it by the Executive.

 

4.4.     
Executive and the Company agree that it is important for any prospective employer to be aware of this Agreement, so that
disputes concerning this Agreement can be avoided in the future. Therefore, the Executive agrees that, following termination of
employment with the Company, the Company may forward a copy of this Agreement to any future prospective or actual employer, and
the Executive releases the Company from any claimed liability or damage caused to the Executive by virtue of the Company’s
act in making that prospective or actual employer aware of this Agreement.

 

    	 	5	 

     

    

 

		5.	Covenant not to Compete; Non-Solicitation.

 

5.1.     
As the CFO of the Company, the Executive had and will continue to have access to the Company’s most sensitive and
commercially valuable Confidential Information. The Executive hereby covenants that the Executive shall not, for a period of twelve
(12) months after the termination of the Executive’s employment (the "Restricted Period"), do any of the
following directly or indirectly without the prior written consent of the Company in its sole discretion:

 

5.1.1.  
engage or participate, directly or indirectly, in any business activity defined as involving C5 complement inhibitors which
is in direct competition with the business of the Company as conducted during the term of the Executive’s Employment and/or
as to Executive's knowledge is to be carried out by the Company and/or by any of its Affiliates at any time during the Restricted
Period (collectively the "Business");

 

5.1.2.  
become an employee, agent, distributor, consultant or other service provider to any person or entity engaged in a business
that is competitive with the Business of the Company;

 

5.1.3.  
influence or attempt to influence any customer or potential customer of the Company to terminate or modify any written or
oral agreement or course of dealing with the Company and/or any of its Affiliates; or

 

5.1.4.  
influence or attempt to influence any person to terminate or modify its employment, consulting, agency, distributorship
or other arrangement with the Company and/or any of its Affiliates.

 

5.2.     
The Executive acknowledges that the Executive has carefully read and considered the provisions of this Section 5. The Executive
acknowledges that the foregoing restrictions may limit the Executive’s ability to earn a livelihood in a business similar
to the Company’s business, but the Executive nevertheless acknowledges that he has received, and will receive, sufficient
consideration and other benefits in connection with the Executive’s employment with the Company to justify such restrictions,
which restrictions the Executive does not believe would prevent the Executive from earning a living in businesses that are not
competitive with the Company’s business and without otherwise violating the restrictions set forth herein.

 

		6.	General Provisions.

 

6.1.     
The Executive acknowledges that the Company and any person, corporation, partnership or other entity affiliated with the
Company will suffer immediate and irreparable harm as a result of any violation, breach or threatened breach of this Agreement
by the Executive. The Company shall be entitled, and the Executive hereby consents to the issuance in any court of competent jurisdiction,
with or without notice, and in addition to any other remedy, including damages, which may be available at law or in equity, to
temporary, preliminary and permanent orders and injunctions, without bond or undertaking, restraining and enjoining such breach
or violation by the Executive and any other person, corporation, partnership or other entity including their officers, directors,
shareholders, employers, servants or agents who may be acting in concert with the Executive or to whom such Company Confidential
Information may have been disclosed. If the Company is successful in any legal action seeking enforcement of this Agreement or
damages relating thereto it shall be entitled to reimbursement of its out-of-pocket expenses, including reasonable legal fees and
disbursements, in connection therewith.

 

    	 	6	 

     

    

 

6.2.     
Executive acknowledges that: (i) this Agreement has been specifically bargained between the parties and reviewed by Executive,
(ii) Executive has had an opportunity to obtain legal counsel to review this Agreement, and (iii) the covenants made by and duties
imposed upon Executive hereby are fair, reasonable and minimally necessary to protect the legitimate business interests of the
Company, and such covenants and duties will not place an undue burden upon Executive’s livelihood in the event of termination
of Executive’s employment by the Company and the strict enforcement of the covenants contained herein.

 

6.3.     
Except as otherwise specifically provided herein, any notice required or permitted by this Agreement shall be in writing
and shall be delivered as follows with notice deemed given as indicated: (i) by personal delivery when delivered personally; (ii)
by overnight courier upon written verification of receipt; (iii) by telecopy or facsimile transmission upon acknowledgment of receipt
of electronic transmission; or (iv) by certified or registered mail, return receipt requested, upon verification of receipt.

 

Notices to Executive shall be sent to the last
known address in Company’s records or such other address as Executive may specify in writing.

 

Notice to Company shall always be sent to the Company’s
United States headquarters at the time Notice is provided. As of the date of this Agreement, the United States headquarters for
the Company is: 135 West 41st Street, 5th Floor, New York, New York 10036. All notices should be sent to
the attention of the Chairman of the Board or to such other Company representative as Company may specify in writing.

 

6.4.     
This Agreement may be altered, amended or modified only in writing, signed by both of the parties hereto.

 

6.5.     
Headings included in this Agreement are for convenience only and are not intended to limit or expand the rights of the parties
hereto. References to Sections herein shall mean sections of the text of this Agreement, unless otherwise indicated.

 

6.6.     
This Agreement and the rights and duties set forth herein may not be assigned by Executive without the express written consent
of the Company.

 

6.7.     
If any court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then
such invalidity or unenforceability shall have no effect on the other provisions hereof, which shall remain valid, binding and
enforceable and in full force and effect, and such invalid or unenforceable provision shall be construed in a manner so as to give
the maximum valid and enforceable effect to the intent of the parties expressed therein.

 

    	 	7	 

     

    

 

6.8.     
The waiver by either party of the breach of any provision of this Agreement shall not operate or be construed as a waiver
of any subsequent breach by either party.

 

6.9.     
The rights and obligations under this Agreement shall survive the termination of Executive's employment and/or the termination
of this Agreement, for aby reason, and shall remain in full force and effect thereafter.

 

6.10.    
This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed
by the law of the State of New York, without giving effect to the conflict of law principles thereof. Any legal action or proceeding
with respect to this Agreement shall be brought in the courts of the Supreme Court of the State of New York, New York County, or
of the United States District Court for the Southern District of New York. By execution and delivery of this Agreement, each of
the parties hereto accepts for itself and in respect of its property, generally and unconditionally, the non-exclusive jurisdiction
of the aforesaid courts. With regard to any and all disputes arising out of this Appendix A (and the Employment Agreement attached
hereto), Executive irrevocably agrees to service of process by United States first class mail or its equivalent internationally
and waives all rights to personal service of process. Executive also agrees not to challenge service of process or personal or
subject matter jurisdiction in any matter arising out of this Employment Agreement including this Appendix A.

 

6.11.    
Jury Waiver. ANY, ACTION, DEMAND, CLAIM, OR COUNTERCLAIM ARISING UNDER OR RELATING TO THIS AGREEMENT SHALL BE RESOLVED BY
A JUDGE ALONE AND EACH OF COMPANY AND EXECUTIVE WAIVES ANY RIGHT TO A JURY TRIAL THEREOF.

  

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

 

	TORSTEN HOMBECK 	 	AKARI THERAPEUTICS PLC
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Torsten Hombeck (Executive) 	 	Clive Richardson (CEO)
	 	 	 
	Date: 	 	Date:
	 	 	 
	Address: 	 	Address:

 

    	 	8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}]]