Document:

Exhibit 10.30

 

 

March 13, 2020

 

Jay R. Newmark, MD, MBA

 

RE: Employment Offer: Chief Medical Officer

 

Dear Jay:

 

I am pleased to offer you the opportunity to join
Clarus Therapeutics, Inc. as Chief Medical Officer. Beginning immediately but not later than March 23, 2020. The actual first day of your
employment shall be referred to in this letter agreement as the “Start Date”. The specific terms of your employment are outlined
below.

 

You will report to me and will be based out of
your home office in Miami, FL. Periodically throughout the year (but less than 30 days in any year), you may be required to work from
Clarus’s office located in Northbrook, IL. Additionally, travel will be required to meet the objectives of your role and will include,
among other places, visits to key opinion leaders, medical/scientific meetings, meetings with FDA and visits to Syneos Health (and affiliated
company offices). Your principal duties as Chief Medical Officer will include, but may not be limited to, the following:

 

	●	Participate as a key member of Clarus’s senior management team to ensure that the medical affairs
function supports the successful development, launch and support of JATENZO®;
	●	Manage Clarus’ Drug Safety Review Panel
	●	Provide leadership and support for Clinical Development team (including a CRO) relative to study conduct
including FDA interaction as needed;
	●	Serve as internal medical monitor on all clinical studies;
	●	Provide updates at Clarus’ board of directors meetings re: clinical development program
	●	Develop and lead execution of a Phase IV clinical strategy for JATENZO that includes publication and presentation
of key findings;
	●	Serve as principal company contact for health care professionals;
	●	Develop and maintain key thought leader relationships and medical/scientific advisory boards;
	●	Review pertinent medical literature and attend key scientific meetings (e.g. American Urological Society,
Endocrine Society, American College of Endocrinology, American College of Physicians, etc.);
	●	Post NDA approval, provide medical review of all advertising and promotional materials;
	●	Working closely with Clarus’s commercialization team:

		○	Analyze customer insights and competitive dynamics to inform/adjust marketing strategy and address customer
needs
		○	Participate in the development of promotional materials and ensure these comply with regulatory policies
and procedures; and

 

	●	Support budgeting, forecasting and business operations/management
processes.

 

    1

     

    

 

Your starting salary will be at the rate of $325,000
per year paid in semi-monthly installments. Future salary increases will be at the discretion of Clarus’s Board of Directors (the
“Board”). In further consideration of your position at Clarus and subject to final Board approval, Clarus will grant you an
option to purchase 350,000 shares of common stock at its fair market value as of the grant date (the “Initial Grant”). The
options will vest in equal monthly installments over a 4-year period with a one-year cliff-vesting provision that is tied to the date
you commenced full time consulting for Clarus, namely, November 29, 2019. This means no shares vest until November 29, 2020 whereupon
87,500 shares will vest. After this date, the remaining 262,500 shares will vest ratably over 36 months. However, if within one year of
your employment there is: (a) a merger or consolidation under which Clarus is not the surviving entity; (b) a sale of all or substantially
all of Clarus’ assets; (c) a reorganization or liquidation of Clarus; (d) you are terminated without “Cause” (as defined
herein); or (e) you resign for “Good Reason” (as defined herein), then one-half of the Initial Grant will immediately vest.
After one year of employment, should (a), (b), (c), (d), or (e) occur, your Initial Grant will vest immediately. The Initial Grant is
subject only to the terms and conditions of Clarus’ stock option plan and the associated stock option agreement (the “Equity
Documents”). Future grant awards may be made based on Company and individual employee performance. Clarus intends to use option
grants as a strong performance incentive.

 

In addition to your base salary and stock options,
you will be eligible for an annual bonus based on the achievement of corporate and individual objectives as approved by the Board. Your
bonus target will be 30% of your base salary and will reflect what fraction of the year you were employed by Clarus. The decision to award
bonuses rests solely with the Board and there is no guarantee that a bonus will be awarded to you. You must be employed with Clarus on
the date the bonus is paid to earn any part of the bonus.

 

Clarus currently provides medical/dental/vision
benefits as outlined on the attached benefits summary. Should you choose not to avail yourself of these benefits, you will not be compensated
for this decision.

 

In addition to Company holidays, as noted in the
attachment hereto, you will also earn on a pro-rata basis twenty-five (25) days of paid vacation per calendar year. For 2020, your vacation
days will be prorated on the basis of your Start Date. If you are unable to use all of your vacation in any one year because the workload
at Clarus is such that it is not possible for you to do so, you may rollover up to 5 days to the next year but may not have a cumulative
total of vacation days in excess of thirty (30) days.

 

Your employment shall be at will, meaning you
or the Company can terminate it at any time. In the event your employment ends for any reason, Clarus shall pay your salary plus accrued
but unused vacation though the termination date. In addition, in the event Clarus terminates your employment without Cause (as defined
below), or you resign for Good Reason (as defined below), and provided you enter into, do not revoke, and comply with the terms of a separation
agreement in a form acceptable to Clarus which shall include a general release against Clarus and related persons and entities (the “Release”);
Clarus will continue your base salary for the six (6) month period that immediately follows the date of termination (the “Salary
Continuation Payments”). Salary Continuation Payments shall commence within 30 days after the Date of Termination and shall be made
on Clarus’s regular payroll dates; provided, however, that if the 30-day period begins in one calendar year and ends in a second
calendar year, the Salary Continuation Payments shall begin to be paid in the second calendar year. In the event you miss a regular payroll
period between the date of termination and first Salary Continuation Payment date, the first Salary Continuation Payment shall include
a “catch up” payment. For purposes of this letter agreement, “Cause” means: (i) conduct by you in connection with
your service to Clarus that is fraudulent, unlawful or grossly negligent; (ii) your material breach of your material responsibilities
to Clarus or your willful failure to comply with reasonable and lawful directives of the Chief Commercial Officer or written policies
of Clarus, which has not been cured within thirty (30) days’ written notice by Clarus; (iii) breach by you of your representations,
warranties, covenants and/or obligations under this Agreement, which has not been cured within thirty (30) days’ written notice
by Clarus; (iv) material misconduct by you which seriously discredits or damages Clarus, which has not been cured within thirty (30) days’
written notice by Clarus ;and/or (v) nonperformance or unsatisfactory performance of your material duties or responsibilities to Clarus
as determined in good faith by Clarus, which has not been cured within thirty (30) days’ written notice by Clarus . For purposes
of this letter agreement, “Good Reason” means: (i) breach by Clarus of its representations, warranties, covenants and/or obligations
under this Agreement, which has not been cured within thirty (30) days’ written notice by you; (ii) a reduction in your salary without
your written consent; and/or (iii) a material reduction in your job title and/or primary and then-current responsibilities, which has
not been cured within thirty (30) days’ written notice by you.

 

    2

     

    

 

Jay, I have no doubt that your contributions to
Clarus will be significant and immediate. You will be joining a team that is committed to successfully commercializing JATENZO and making
it the market-leading testosterone replacement therapy in the U.S. Of greater importance from my perspective is the opportunity we will
have to positively impact the health of hypogonadal men who are prescribed JATENZO.

 

Finally, as a condition of your employment, you
must sign the attached Inventions, Confidentiality and Noncompetition Agreement (the “Restrictive Covenant Agreement”), the
terms of which are incorporated by reference into this letter agreement.

 

This agreement shall inure to the benefit of and
be binding upon you and Clarus, and each of our respective successors, executors, administrators, heirs and permitted assigns.

 

This agreement, including the Restrictive Covenant
Agreement and the Equity Documents, constitute the complete agreement between you and Clarus, contain all of the terms of your employment
with Clarus and supersede any prior agreements, representations or understandings (whether written, oral or implied) between you and Clarus.
The terms of this Agreement and the resolution of any disputes as to the meaning, effect, performance or validity of this Agreement or
arising out of, related to, or in any way connected with, this Agreement, your employment with Clarus or any other relationship between
you and Clarus (the “Disputes”) will be governed by Illinois law, excluding laws relating to conflicts or choice of law. You
and Clarus submit to the exclusive personal jurisdiction of the federal and state courts located in the State of Illinois in connection
with any Dispute or any claim related to any Dispute.

 

This Agreement may not be modified or amended,
and no breach shall be deemed to be waived, unless agreed to in writing by you and a duly authorized officer or Board member of Clarus.
This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute
one and the same instrument.

 

Please indicate your acceptance of this offer
by signing below and returning a copy of this letter to me by mail, email or by facsimile no later than Friday, March 20, 2020.

 

    3

     

    

 

Best regards,

 

	/s/ Robert E. Dudley	 
	Robert E. Dudley, PhD	 
	President & CEO	 

 

	ACCEPTANCE:	/s/ Jay R. Newmark	 	19 March 2020
	 	Jay R. Newmark, MD, MBA	 	Date

 

 

4Exhibit 10.31

 

 

 

21 February 2021

 

Richard Peterson

 

	RE:	Employment Offer: Chief Financial Officer

 

Dear Ric:

 

I am pleased to offer you the opportunity to join Clarus Therapeutics,
Inc. as Chief Financial Officer (CFO) beginning immediately. The actual first day of your employment shall be referred to in this letter
agreement as the “Start Date”. The specific terms of your employment are outlined below. Overall, you will be responsible
for all finance functions, including financial and expense projections, financial and funding strategy(ies), fundraising and related investment
bank interactions, investor relations, business development and deal analysis, financial reporting, compliance, controls, budgeting, pricing,
tax, real estate, and treasury.

 

You will report to me and will be based out of your home office in
Memphis, TN. Periodically throughout the year, you may be required to travel to Clarus’s office located in Northbrook, IL or to
Clarus’s office in Murfreesboro, TN. Additionally, travel will be required to meet the objectives of your role and will include,
among other places, visits with investors and presentations at investor conferences. Clarus will reimburse you for such travel and related
expenses. Working closely with the CEO, other members of Clarus’s senior executive team, and Clarus’ Board of Directors, your
principal duties as CFO will include, but may not be limited to, the following:

 

		●	Provide leadership to secure adequate financing to realize Clarus’s obligations and objectives

 

		●	Actively participate and contribute in strategic planning and establishment of financial objectives

 

		●	Provide leadership, direction and management of the finance and accounting teams

 

		●	Assure that stable, well-developed and secure financial systems are in place and that all appropriate accounting standards and activities
are compliant the applicable laws and regulations (e.g., SEC)

 

		●	Once Clarus transitions to be a public company, ensure all required SEC filings are made in a timely fashion Establish and provide
oversight and leadership for an Investor Relations/Corporate Communications function (either within Clarus or via outside consultant services)

 

		●	Oversee Clarus’s business development activities

 

		●	Work closely with Chief Administrative Officer to ensure smooth overall operations of Clarus

 

     

     

    

 

Your starting salary will be at the rate of $437,000 per year paid
in semi-monthly installments. Future salary increases will be at the discretion of Clarus’s Board of Directors (the “Board”).
In further consideration of your position at Clarus and subject to final Board approval, Clarus will grant you an option to purchase shares
of common stock at its fair market value as of the grant date (the “Initial Grant”). However, because Clarus is transitioning
from a private to public company (and thus a new stock option plan will be put into effect for all Clarus employees at that time), it
is not possible to grant a specific number of options until then. Instead, based on the value of its share price at the close of business
on the first day Clarus stock is publicly traded, Clarus will grant you options (Initial Grant) equivalent in value to $800,000. If on
the basis of an ongoing comprehensive analysis by Clarus’s Compensation Committee of senior executive compensation there needs to
be an upward adjustment to the $800,000 value, then this will be communicated to you. Options granted to you will vest in equal monthly
installments over a 4-year period with a one-year cliff-vesting provision that is tied to the date you commence full time employment (i.e.,
Start Date). This means no options vest until the date of your first employment anniversary at which time 25% of the option shares will
vest. After this date, the remaining shares in your initial option grant will vest ratably over 36 months. Additional aspects regarding
vesting will be shared once the new option plan is put into place but suffice to say these will be ‘market’ for Clarus-like
public companies.

 

Clarus also will pay you a one-time signing bonus of $30,000. If during
the 12-month period after your Start Date, (i) you were to resign your position without Good Reason, or (ii) you are terminated by the
Company with Cause, then you must repay the signing bonus to Clarus within ten (10) days of the date when your employment with Clarus
ceases.

 

In addition to your base salary and stock options, you will be eligible
for an annual bonus based on the achievement of corporate and individual objectives as approved by the Board. Your bonus target will be
35% of your base salary and will reflect a full year that you were employed by Clarus. The decision to award bonuses rests solely with
the Board and there is no guarantee that a bonus will be awarded to you. You must be employed with Clarus on the date the bonus is paid
to earn any part of the bonus. It is Clarus’s intent that bonuses will be paid on or before the end of the first calendar quarter
of each new year.

 

Clarus currently provides medical/dental/vision benefits as outlined
on the attached benefits summary. Should you choose not to avail yourself of these benefits, you will not be compensated for this decision.

 

In addition to Company holidays, as noted in the attachment hereto,
you will also earn on a pro-rata basis twenty-five (25) days of paid vacation per calendar year. For 2021, your vacation days will be
prorated on the basis of your Start Date. If you are unable to use all of your vacation in any one year because the workload at Clarus
is such that it is not possible for you to do so, you may rollover up to 14 days to the next year but may not have a cumulative total
of vacation days in excess of thirty (30) days.

 

Your employment shall be at will, meaning you or the Company can terminate
it at any time. In the event your employment ends for any reason, Clarus shall pay your salary plus accrued but unused vacation though
the termination date. In addition, in the event Clarus terminates your employment without Cause (as defined below), or you resign for
Good Reason (as defined below), and provided you enter into, do not revoke, and comply with the terms of a separation agreement in a form
acceptable to Clarus which shall include a general release against Clarus and related persons and entities (the “Release”);
Clarus will continue your base salary for the twelve (12) month period that immediately follows the date of termination (the “Salary
Continuation Payments”). Salary Continuation Payments shall commence within 30 days after the Date of Termination and shall be made
on Clarus’s regular payroll dates; provided, however, that if the 30-day period begins in one calendar year and ends in a second
calendar year, the Salary Continuation Payments shall begin to be paid in the second calendar year. In the event you miss a regular payroll
period between the date of termination and first Salary Continuation Payment date, the first Salary Continuation Payment shall include
a “catch up” payment. For purposes of this letter agreement, “Cause” means: (i) conduct by you in connection with
your service to Clarus that is fraudulent, unlawful or grossly negligent; (ii) your material breach of your material responsibilities
to Clarus or your willful failure to comply with reasonable and lawful directives of the Chief Executive Officer or written policies of
Clarus, which has not been cured within thirty (30) days’ written notice by Clarus; (iii) breach by you of your representations,
warranties, covenants and/or obligations under this Agreement, which has not been cured within thirty (30) days’ written notice
by Clarus; (iv) material misconduct by you which seriously discredits or damages Clarus, which has not been cured within thirty (30) days’
written notice by Clarus ;and/or (v) nonperformance or unsatisfactory performance of your material duties or responsibilities to Clarus
as determined in good faith by Clarus, which has not been cured within thirty (30) days’ written notice by Clarus . For purposes
of this letter agreement, “Good Reason” means: (i) breach by Clarus of its representations, warranties, covenants and/or obligations
under this Agreement, which has not been cured within thirty (30) days’ written notice by you; (ii) a reduction in your salary without
your written consent; and/or (iii) a material reduction in your job title and/or primary and then-current responsibilities, which has
not been cured within thirty (30) days’ written notice by you.

 

    2 

     

    

 

Ric, I have no doubt that your contributions to Clarus will be significant
and immediate. You will be joining a team that is committed to successfully commercializing JATENZO and making it the market-leading testosterone
replacement therapy in the U. S. In addition, we want to build on the foundation of JATENZO to create a thriving, profitable pharmaceutical
company that sells and develops products that help people live better, healthier lives.

 

Finally, as a condition of your employment, you must sign the attached
Inventions, Confidentiality and Noncompetition Agreement (the “Restrictive Covenant Agreement”), the terms of which are incorporated
by reference into this letter agreement.

 

This agreement shall inure to the benefit of and be binding upon you
and Clarus, and each of our respective successors, executors, administrators, heirs and permitted assigns.

 

This agreement, including the Restrictive Covenant Agreement and future
Equity Documents related to Clarus’s option plan when it is a public entity, constitute the complete agreement between you and Clarus,
contain all of the terms of your employment with Clarus and supersede any prior agreements, representations or understandings (whether
written, oral or implied) between you and Clarus. The terms of this Agreement and the resolution of any disputes as to the meaning, effect,
performance or validity of this Agreement or arising out of, related to, or in any way connected with, this Agreement, your employment
with Clarus or any other relationship between you and Clarus (the “Disputes”) will be governed by Illinois law, excluding
laws relating to conflicts or choice of law. You and Clarus submit to the exclusive personal jurisdiction of the federal and state courts
located in the State of Illinois in connection with any Dispute or any claim related to any Dispute.

 

This Agreement may not be modified or amended, and no breach shall
be deemed to be waived, unless agreed to in writing by you and a duly authorized officer or Board member of Clarus. This Agreement may
be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same
instrument.

 

Please indicate your acceptance of this offer by signing below and
returning a copy of this letter to me by email no later than Monday, February 22, 2020.

 

Best regards,

 

	/s/ Robert E. Dudley	 
	Robert E. Dudley, PhD	 
	President & CEO	 

 

	ACCEPTANCE:  	/s/
    Richard Peterson	 	February 21, 2021
	 	Richard (Ric) Peterson	 	Date

 

 

3

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