Document:

EX-4.3

 Exhibit 4.3 

Execution Version 

FRANKLIN RESOURCES, INC. 

Officer’s Certificate 

Regarding Issuance of Additional 1.600% Notes due 2030 

and 
 Establishing the Terms of the
2.950% Notes due 2051 
 The undersigned, Matthew Nicholls, Executive Vice President and Chief Financial Officer of Franklin Resources, Inc.
(the “Company”), a Delaware corporation, hereby certifies on behalf of the Company pursuant to Sections 2.01, 3.01, 3.03 and 15.01 of the Indenture, dated as of October 6, 2020 (the “Indenture”), between the
Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), as follows: 
  

	 	1.	 The Indenture has been duly and validly authorized, executed and delivered by the Company.

  

	 	2.	 Additional 1.600% Notes due 2030. The issuance of additional Securities designated as 1.600% Notes due
2030 in an aggregate principal amount of $100,000,000 (the “Additional 2030 Notes”) has been approved and authorized in accordance with the provisions of the Indenture pursuant to resolutions of the Board of Directors.

  

	 	a.	 The Additional 2030 Notes shall have the same terms as the series of Securities designated as “1.600%
Notes due 2030” established pursuant to that certain Officer’s Certificate, dated October 19, 2020 (the “Existing 2030 Notes”), other than the following terms: 

 

	 	i.	 The issue date of the Additional 2030 Notes is August 12, 2021. 

 

	 	ii.	 Interest on the Additional 2030 Notes will accrue from and including April 30, 2021.

  

	 	iii.	 Interest on the Additional 2030 Notes will be paid on April 30 and October 30 of each year,
commencing on October 30, 2021. The interest payment to be made on the Additional 2030 Notes on October 30, 2021 will include pre-issuance accrued interest from and including April 30, 2021 to
but excluding the issue date. 

  

	 	b.	 The Additional 2030 Notes shall have the same CUSIP number as the Existing 2030 Notes and shall be fungible
with the Existing 2030 Notes for U.S. federal income tax and securities law purposes. 

  

	 	c.	 The Additional 2030 Notes and the Existing 2030 Notes shall constitute a single series of Securities under the
Indenture. 

  

	 	d.	 The Additional 2030 Notes will initially be issued in the form of one Global Security in the name of
Cede & Co., as nominee of The Depository Trust Company. The Depository Trust Company shall serve as the Depositary for such Global Security. 

  

	 	e.	 The Additional 2030 Notes shall have such additional terms and provisions as are set forth in Exhibit A
hereto, all of which terms and provisions are incorporated by reference in and made a part of this Officer’s Certificate as if set forth in full herein. 

  
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	 	3.	 2.950% Notes due 2051. The issuance of a series of Securities designated as 2.950% Notes due 2051 in an
initial aggregate principal amount of $350,000,000 (the “2051 Notes”) has been approved and authorized in accordance with the provisions of the Indenture pursuant to resolutions of the Board of Directors. 

 

	 	a.	 The terms of the 2051 Notes shall be as follows: 

 

	 	i.	 The title of the 2051 Notes shall be the “2.950% Notes due 2051.” 

 

	 	ii.	 The aggregate principal amount of 2051 Notes which may be authenticated and delivered under the Indenture is
initially limited to $350,000,000 (except for 2051 Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of, other 2051 Notes pursuant to Sections 3.04, 3.06, 4.06 or 13.05 of the Indenture). 

 

	 	iii.	 The 2051 Notes will mature on August 12, 2051. 

 

	 	iv.	 The 2051 Notes will bear interest at the annual rate of 2.950%. Interest on the 2051 Notes will accrue from
August 12, 2021 or from the most recent interest payment date to which interest has been paid or duly provided for and will be payable semi-annually in arrears on February 12 and August 12 of each year, commencing February 12,
2022 to the Holders in whose names the 2051 Notes are registered at the close of business on the immediately preceding February 1 and August 1, respectively, subject to certain exceptions set forth in the form of the 2051 Notes attached
hereto as Exhibit B. The amount of interest payable on the 2051 Notes will be computed on the basis of a 360-day year consisting of twelve 30-day months.

  

	 	v.	 The 2051 Notes shall be redeemable, as a whole or in part, at the option of the Company at any time as
described in Exhibit B, and are not subject to a sinking fund. 

  

	 	vi.	 The 2051 Notes will be the unsecured and unsubordinated obligation of the Company and rank equal in right of
payment to all other unsubordinated indebtedness of the Company. 

  

	 	vii.	 Payments of principal of, premium, if any, or interest with respect to the 2051 Notes shall be made in such
coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. 

  
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	 	viii.	 The 2051 Notes are issuable in fully registered form only, in denominations of $2,000 and integral multiples of
$1,000 in excess thereof. 

  

	 	ix.	 The 2051 Notes shall be dischargeable and defeasible in whole or in part pursuant to the terms of the
Indenture, including, without limitation Sections 11.01 and 11.02 of the Indenture. 

  

	 	x.	 The 2051 Notes will initially be issued in the form of one Global Security in the name of Cede & Co.,
as nominee of The Depository Trust Company. The Depository Trust Company shall serve as the Depositary for such Global Security. 

  

	 	xi.	 The 2051 Notes shall have such additional terms and provisions as are set forth in Exhibit B hereto, all
of which terms and provisions are incorporated by reference in and made a part of this Officer’s Certificate as if set forth in full herein. 

  

	 	b.	 The Trustee shall initially be appointed as the Paying Agent and Registrar with respect to the 2051 Notes.

  

	 	4.	 Form of Notes. 

 

	 	a.	 Attached hereto as Exhibit A is a true, correct and complete specimen of the form of the Additional 2030
Note, which complies with the resolutions of the Board of Directors referred to below and which establishes the form and terms of the Additional 2030 Notes as required by Sections 2.01 and 3.01 of the Indenture. 

 

	 	b.	 Attached hereto as Exhibit B is a true, correct and complete specimen of the form of the 2051 Note,
which complies with the resolutions of the Board of Directors referred to below and which establishes the form and terms of the 2051 Notes as required by Sections 2.01 and 3.01 of the Indenture. 

 

	 	5.	 I have read and reviewed the relevant provisions of the Indenture including, but not limited to Sections 2.01,
3.01 and 15.01 of the Indenture and the definitions set forth in the Indenture as to terms used in those sections, setting forth the conditions relating to the authentication and delivery by the Trustee of the Additional 2030 Notes and the 2051
Notes and such other documents, certificates and corporate or other records as I have deemed necessary or appropriate to enable me to express an informed opinion as to whether such covenants or conditions have been complied with. Based on the
foregoing, in my opinion, (i) I have made such examination or investigation as is necessary for me to express an informed opinion as to whether the covenants and conditions precedent to the execution by the Company and authentication and
delivery by the Trustee of the Additional 2030 Notes and the 2051 Notes have been complied with and (ii) all such covenants and conditions precedent to the issuance by the Company

  
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and the authentication and delivery by the Trustee of the Notes, as requested in the Company Order, dated as of the date hereof, pursuant to which the Company has requested that the Trustee
authenticate and deliver the Additional 2030 Notes and the 2051 Notes, have been complied with in accordance with the terms of the Indenture. 

Capitalized terms used herein without definition shall have the respective meanings ascribed to such terms in the Indenture. 

[Signature page follows] 

  
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 IN WITNESS WHEREOF, the undersigned has executed this Certificate on August 12, 2021.

  

			
	FRANKLIN RESOURCES, INC.
		
	By:	 	/s/ Matthew Nicholls
	Name:	 	Matthew Nicholls
	Title:	 	 Executive Vice President and
 Chief Financial
Officer

 [Signature Page to Officer’s Certificate (Indenture)] 

 EXHIBIT A 

Form of Additional 2030 Note 

 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED
TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE (I) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR (II) BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR BY THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY,
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

  
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 FRANKLIN RESOURCES, INC. 

1.600% Notes due 2030 
  

			
	Certificate No. [•]	  	 CUSIP: 354613 AL5

ISIN: US354613AL54

 Interest Payment Dates: April 30 and October 30 of each year, commencing October 30, 2021. 

Record Dates: April 15 and October 15 preceding each Interest Payment Date 

Interest Rate: 1.600% per annum 
  

			
	Original Issue Date: [•]	  	Maturity Date: October 30, 2030

 FRANKLIN RESOURCES, INC., a Delaware corporation (the “Company”), for value received, hereby
promises to pay to CEDE & CO., as nominee of The Depositary Trust Company (the “Depositary”), or registered assigns, the principal sum of [•] ($[•]) on the Maturity Date specified above or upon earlier redemption
or repayment at the Corporate Trust Office, or such other location or locations as may be provided for pursuant to the Indenture referred to herein, in such coin, currency or currency unit specified above as at the time of payment shall be legal
tender for the payment of public and private debts, and to pay interest semi-annually on the Interest Payment Dates in each year and on the Maturity Date or upon earlier redemption or repayment; commencing on October 30, 2021 on said principal
sum at the Interest Rate specified above from the most recent date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from April 30, 2021, until the principal hereof becomes due and
payable. If any Interest Payment Date, the Maturity Date or a date fixed for redemption or repayment is not a Business Day (as hereinafter defined), then the related payment of interest and/or principal on such date shall be paid on the next
succeeding Business Day with the same force and effect as if made on such Interest Payment Date, Maturity Date or on the date fixed or redemption or repayment, as the case may be, and no further interest shall accrue in respect of the delay. 

For purposes of this Note, “Business Day” means any day other than (i) a Saturday or Sunday, or (ii) a day that in
the Borough of Manhattan, New York City is either a legal holiday or a day on which the federal or state banking institutions located therein are authorized or obligated by law, executive order or regulation to close. 

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the Holder in whose name this
Note (or one or more predecessor Notes) is registered at the close of business on the Record Date (whether or not a Business Day) immediately preceding such Interest Payment Date and interest payable on the Maturity Date or upon earlier redemption
or repayment will be payable to the Holder to whom principal is payable. Payment of principal, interest and premium, if any, on this Note will be made, if at maturity or upon earlier redemption or repayment, on the Maturity Date or the date fixed
for redemption or repayment, as applicable, upon surrender of this Note at the office of the Paying Agent. All such payments shall be made in immediately available funds, provided that this Note is presented to the Paying Agent in time for the
Trustee to make such payments in such funds in accordance with its normal procedures. Payment of interest on this Note (other than interest paid on the Maturity Date or upon earlier redemption or repayment) will be made by wire transfer to the
Holder entitled thereto appearing on the register for the Notes on the applicable Record Date; provided that such Holder shall have designated such account by written notice to the Trustee no later than the Record Date preceding the applicable
Interest Payment Date. Notwithstanding the foregoing, payments of principal, interest and premium, if any, on Global Securities shall be made in accordance with the Depositary’s procedures. Any interest not punctually paid or duly provided for
shall be payable as provided in the Indenture referred to on the reverse hereof. 

  
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 Initially, The Bank of New York Mellon Trust Company, N.A., a national banking association,
shall act as Paying Agent and Registrar with respect to the Notes. The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice, other than notice to the Trustee. 

Interest will be computed on the basis of a 360-day year of twelve
30-day months. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE
REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE. 
 This Note shall not be valid
or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by or on behalf of the Trustee under the Indenture referred to on the reverse hereof. 

AGENCY FOR TRANSFER, EXCHANGE AND PAYMENT: THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

  
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 IN WITNESS WHEREOF, the Company has caused this instrument to be signed in
its name by its duly authorized officers. 
 Dated: 

 

			
	FRANKLIN RESOURCES, INC.
		
	By:	 	 
		 	Name:
		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within- mentioned Indenture. 

 

			
	The Bank of New York Mellon Trust Company, N.A., as Trustee
		
	By:	 	 
		 	Authorized Signatory

 Date of authentication: 

 REVERSE OF NOTE 

1.600% Notes due 2030 
 This Note
is one of a duly authorized issue of a series of notes of the Company (hereinafter called the “Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to an indenture dated as of
October 6, 2020 (the “Indenture”), duly executed and delivered by the Company to The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), to which Indenture and all indentures supplemental
thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders. The Securities may be issued in one or more series, which different
series (and which securities issued within each series) may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption or repayment
provisions (if any), may be subject to different sinking fund, amortization or analogous provisions (if any), may be subject to different Events of Default (as defined in the Indenture) and may otherwise vary as in the Indenture provided. 

This Note is an additional Security (the “Additional Security”) in aggregate principal amount of $100,000,000 issued in
addition to the original series designated as “1.600% Notes due 2030” (the “Notes”) of the Company previously issued under the Indenture and that certain Officer’s Certificate, dated October 19, 2020 (the
“Original Securities”). The Original Securities and the Additional Securities are treated as a single class of securities under the Indenture. 

The Company may, from time to time, without the consent of the Holders of the Notes issue additional Securities under the Indenture having the
same terms (other than the issue date, the public offering price and, if applicable, the initial interest payment date and initial interest accrual date) and with the same CUSIP number as the Notes in an unlimited aggregate principal amount,
provided that no such additional Notes may be issued with the same CUSIP number unless such Notes will be fungible with the notes for U.S. federal income tax and securities law purposes. Any additional Securities having those similar terms, together
with the previously issued Notes, will constitute a single series of Securities under the Indenture. 
 This Note is the unsecured and
unsubordinated obligation of the Company and ranks equal in right of payment to all other unsubordinated indebtedness of the Company. The Notes will be issuable in fully registered form only, in denominations of $2,000 and integral multiples of
$1,000 in excess thereof. 
 In case an Event of Default with respect to the Notes shall have occurred and be continuing, the principal
hereof may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

This Note is not subject to any sinking fund. 

Optional Redemption 
 At the
Company’s option, the Notes may be redeemed, in whole or in part, by the Company at the applicable redemption price described below: 
  

	 	(a)	 At any time before the Par Call Date (as defined below), the Notes may be redeemed at a redemption price, equal
to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to
the date of 

  
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redemption), assuming for such purpose that the Notes mature on the Par Call Date, discounted to the redemption date on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at the then-current Treasury Rate plus 15 basis points, plus, in each case, accrued and unpaid
interest thereon to, but not including, the date of redemption. 

  

	 	(b)	 At any time on or after the Par Call Date, the Notes may be redeemed at a redemption price equal to 100% of the
principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to, but not including, the date of redemption. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having
an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed (assuming for such purpose that the Notes mature on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of the Notes (assuming for such purpose that the Notes mature on the Par Call Date). 

“Comparable Treasury Price” means, with respect to any redemption date, (A) the average of four Reference Treasury
Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such
quotations for such redemption date. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers
appointed by the Company. 
 “Par Call Date” means July 30, 2030. 

“Primary Treasury Dealer” means a primary U.S. government securities dealer in the United States. 

“Reference Treasury Dealer” means each of BofA Securities, Inc. and Citigroup Global Markets Inc. or their respective
affiliates that are Primary Treasury Dealers, and two other Primary Treasury Dealers selected by the Company, and each of their respective successors that are Primary Treasury Dealers; provided, however, that if any of the foregoing or their
affiliates shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m. New
York City time on the third Business Day preceding such redemption date. 
 “Treasury Rate” means, with respect to any
redemption date, the rate per annum equal to the semiannual equivalent yield to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such redemption date. The Treasury Rate will be calculated on the third Business Day preceding the redemption date. 

  
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 Notice of any redemption will be given by the Company or, at the Company’s request, by
the Trustee in the Company’s name and at the Company’s expense, at least 10 days but not more than 60 days before the redemption date to each Holder of the Notes. On or before a redemption date, the Company will deposit with the Paying
Agent (or the Trustee) money sufficient to pay the redemption price of and accrued and unpaid interest on the Notes to be redeemed on that date. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by lot and
in accordance with the applicable Depository procedures. 
 Unless the Company defaults in payment of the redemption price, on and after the
redemption date interest will cease to accrue on the Notes or portions thereof called for redemption. 
 Miscellaneous 

The Notes are subject to the discharge and defeasance provisions set forth in the Indenture, including without limitation, Section 11.01
and Section 11.02 of the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of at least a
majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected. 
 Upon due presentment for
registration of transfer of this Note at the office of the Paying Agent or at such other office or agency as is designated by the Company, a new Note or Notes of authorized denominations for like aggregate principal amount and like tenor will be
issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without charge except for any tax or other governmental charge imposed in connection therewith; provided, however, that this Note is
exchangeable only if (i) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Note or if at any time the Depositary ceases to be eligible or in good standing under the Exchange Act, or other
applicable statutes or regulations, and the Company does not appoint a successor Depositary within 90 days after the Company received such notice or becomes aware of such ineligibility or lack of good standing or (ii) the Company in its sole
discretion determines that this Note shall be exchanged for certificated Notes in definitive form, provided that the definitive Notes so issued in exchange for this Note shall be in authorized denominations and be of like aggregate principal amount
and tenor and terms as the portion of this Note to be exchanged. 
 The Company will pay any administrative costs imposed by banks in
connection with making payments on this Note by wire transfer, but any tax, assessment or governmental charge imposed upon payments will be borne by the Holder hereof. 

The Company, the Trustee and any agent of the Company or the Trustee shall deem and treat the registered Holder hereof as the absolute owner
of this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership or other writing hereon) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and subject to the
provisions on the face hereof, interest hereon, and for all other purposes, and neither the Company nor the Trustee nor any agent of the Company or the Trustee shall be affected by any notice to the contrary. 

  
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 No recourse under or upon any obligation, covenant or agreement contained in the Indenture
or in any Note, or because of any indebtedness evidenced thereby, shall be had against any incorporator, partner, stockholder, other equity holder, officer, director, employee or controlling person, as such, of the Company or of any predecessor or
successor entity, either directly or through the Company or any predecessor or successor entity, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise,
all such liability being expressly waived and released by the acceptance hereof and as part of the consideration for the issue hereof. 

Undefined terms used herein which are defined in the Indenture shall have the respective meanings assigned thereto in the Indenture. 

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
 R-4 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations: 
 TEN COM — as tenants in common 

TEN ENT — as tenants by the entireties 

JT TEN — as joint tenants with right of survivorship and not as tenants in common 

UNIF GIFT MIN ACT — Custodian 

(Cust) (Minor) 

under Uniform Gifts to Minors Act 

(State) Additional abbreviations may also be used though not in the above list 

 
  

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

PLEASE INSERT TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE 
  

 
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF
ASSIGNEE 
  
  

the within Note of FRANKLIN RESOURCES, INC. and hereby does irrevocably constitute and appoint 

 
  

Attorney to transfer the said Note on the books of the within-named Company, with full power of substitution in the premises. 

Dated                      

 

					
		  	  

		  	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.	  	

 EXHIBIT B 

Form of 2051 Note 

 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED
TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE (I) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR (II) BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR BY THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY,
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

  
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 FRANKLIN RESOURCES, INC. 

2.950% Notes due 2051 
  

					
	Certificate No. [•]	  		  	CUSIP: 354613 AM3
		  		  	ISIN: US354613AM3

 Interest Payment Dates: February 12 and August 12 of each year, commencing February 12, 2022 

Record Dates: February 1 and August 1 preceding each Interest Payment Date 

Interest Rate: 2.950% per annum 
  

					
	Original Issue Date: [•]	  		  	Maturity Date: August 12, 2051

 FRANKLIN RESOURCES, INC., a Delaware corporation (the “Company”), for value received, hereby
promises to pay to CEDE & CO., as nominee of The Depositary Trust Company (the “Depositary”), or registered assigns, the principal sum of [•] ($[•]) on the Maturity Date specified above or upon earlier redemption
or repayment at the Corporate Trust Office, or such other location or locations as may be provided for pursuant to the Indenture referred to herein, in such coin, currency or currency unit specified above as at the time of payment shall be legal
tender for the payment of public and private debts, and to pay interest semi-annually on the Interest Payment Dates in each year and on the Maturity Date or upon earlier redemption or repayment; commencing on February 12, 2022 on said principal
sum at the Interest Rate specified above from the most recent date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from the Original Issue Date, until the principal hereof becomes due and
payable. If any Interest Payment Date, the Maturity Date or a date fixed for redemption or repayment is not a Business Day (as hereinafter defined), then the related payment of interest and/or principal on such date shall be paid on the next
succeeding Business Day with the same force and effect as if made on such Interest Payment Date, Maturity Date or on the date fixed or redemption or repayment, as the case may be, and no further interest shall accrue in respect of the delay. 

For purposes of this Note, “Business Day” means any day other than (i) a Saturday or Sunday, or (ii) a day that in
the Borough of Manhattan, New York City is either a legal holiday or a day on which the federal or state banking institutions located therein are authorized or obligated by law, executive order or regulation to close. 

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the Holder in whose name this
Note (or one or more predecessor Notes) is registered at the close of business on the Record Date (whether or not a Business Day) immediately preceding such Interest Payment Date and interest payable on the Maturity Date or upon earlier redemption
or repayment will be payable to the Holder to whom principal is payable, except that, if this Note is issued between a Record Date and the initial Interest Payment Date relating to such Record Date, interest for the period beginning on the Original
Issue Date and ending on such initial Interest Payment Date shall be paid to the Holder to whom this Note shall have been originally issued. Payment of principal, interest and premium, if any, on this Note will be made, if at maturity or upon
earlier redemption or repayment, on the Maturity Date or the date fixed for redemption or repayment, as applicable, upon surrender of this Note at the office of the Paying Agent. All such payments shall be made in immediately available funds,
provided that this Note is presented to the Paying Agent in time for the Trustee to make such payments in such funds in accordance with its normal procedures. Payment of interest on this Note (other than interest paid on the Maturity Date or upon
earlier redemption or repayment) will be made by wire transfer to the Holder entitled thereto appearing on the register for the Notes on the applicable Record Date; provided that such Holder shall have designated such account by written notice to
the Trustee no later than the Record Date preceding the applicable Interest Payment Date. Notwithstanding the foregoing, payments of principal, interest and premium, if any, on Global Securities shall be made in accordance with the Depositary’s
procedures. Any interest not punctually paid or duly provided for shall be payable as provided in the Indenture referred to on the reverse hereof. 

  
 4 

 Initially, The Bank of New York Mellon Trust Company, N.A., a national banking association,
shall act as Paying Agent and Registrar with respect to the Notes. The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice, other than notice to the Trustee. 

Interest will be computed on the basis of a 360-day year of twelve
30-day months. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE
REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE. 
 This Note shall not be valid
or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by or on behalf of the Trustee under the Indenture referred to on the reverse hereof. 

AGENCY FOR TRANSFER, EXCHANGE AND PAYMENT: THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

  
 5 

 IN WITNESS WHEREOF, the Company has caused this instrument to be signed in its name by its
duly authorized officers. 
 Dated: 
  

			
	FRANKLIN RESOURCES, INC.
		
	By:	 	 
		 	Name:
		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within- mentioned Indenture. 

 

			
	The Bank of New York Mellon Trust Company, N.A., as Trustee
		
	By:	 	 
		 	Authorized Signatory

 Date of authentication: 

 REVERSE OF NOTE 

2.950% Notes due 2051 
 This Note
is one of a duly authorized issue of a series of notes of the Company (hereinafter called the “Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to an indenture dated as of
October 6, 2020 (the “Indenture”), duly executed and delivered by the Company to The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), to which Indenture and all indentures supplemental
thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders. The Securities may be issued in one or more series, which different
series (and which securities issued within each series) may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption or repayment
provisions (if any), may be subject to different sinking fund, amortization or analogous provisions (if any), may be subject to different Events of Default (as defined in the Indenture) and may otherwise vary as in the Indenture provided. 

This Note is one of a series designated as “2.950% Notes due 2051” (the “Notes”) of the Company, initially limited
in aggregate principal amount to $350,000,000. The Company may, from time to time, without the consent of the Holders of the Notes issue additional Securities under the Indenture having the same terms (other than the issue date, the public offering
price and, if applicable, the initial interest payment date and initial interest accrual date) and with the same CUSIP number as the Notes in an unlimited aggregate principal amount, provided that no such additional Notes may be issued with the same
CUSIP number unless such Notes will be fungible with the notes for U.S. federal income tax and securities law purposes. Any additional Securities having those similar terms, together with the previously issued Notes, will constitute a single series
of Securities under the Indenture. 
 This Note is the unsecured and unsubordinated obligation of the Company and ranks equal in right of
payment to all other unsubordinated indebtedness of the Company. The Notes will be issuable in fully registered form only, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

In case an Event of Default with respect to the Notes shall have occurred and be continuing, the principal hereof may be declared, and upon
such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

This Note is not subject to any sinking fund. 

Optional Redemption 
 At the
Company’s option, the Notes may be redeemed, in whole or in part, by the Company at the applicable redemption price described below: 
  

	 	(c)	 At any time before the Par Call Date (as defined below), the Notes may be redeemed at a redemption price, equal
to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to
the date of redemption), assuming for such purpose that the Notes mature on the Par Call Date, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then-current Treasury Rate plus 20 basis points, plus, in each case, accrued and unpaid interest thereon to, but not including, the date of redemption. 

  
 R-1 

	 	(d)	 At any time on or after the Par Call Date, the Notes may be redeemed at a redemption price equal to 100% of the
principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to, but not including, the date of redemption. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having
an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed (assuming for such purpose that the Notes mature on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of the Notes (assuming for such purpose that the Notes mature on the Par Call Date). 

“Comparable Treasury Price” means, with respect to any redemption date, (A) the average of four Reference Treasury
Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such
quotations for such redemption date. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers
appointed by the Company. 
 “Par Call Date” means February 12, 2051. 

“Primary Treasury Dealer” means a primary U.S. government securities dealer in the United States. 

“Reference Treasury Dealer” means each of BofA Securities, Inc. and HSBC Securities (USA) Inc. or their respective affiliates
that are Primary Treasury Dealers, and two other Primary Treasury Dealers selected by the Company, and each of their respective successors that are Primary Treasury Dealers; provided, however, that if any of the foregoing or their affiliates shall
cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m. New York City time on the third Business Day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to
maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.
The Treasury Rate will be calculated on the third Business Day preceding the redemption date. 
 Notice of any redemption will be given by
the Company or, at the Company’s request, by the Trustee in the Company’s name and at the Company’s expense, at least 10 days but not more than 60 days before the redemption date to each Holder of the Notes. On or before a redemption
date, the Company will deposit with the Paying Agent (or the Trustee) money sufficient to pay the redemption price of and accrued and unpaid interest on the Notes to be redeemed on that date. If less than all of the Notes are to be redeemed, the
Notes to be redeemed shall be selected by lot and in accordance with the applicable Depository procedures. 

  
 R-2 

 Unless the Company defaults in payment of the redemption price, on and after the redemption
date interest will cease to accrue on the Notes or portions thereof called for redemption. 
 Miscellaneous 

The Notes are subject to the discharge and defeasance provisions set forth in the Indenture, including without limitation, Section 11.01
and Section 11.02 of the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of at least a
majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected. 
 Upon due presentment for
registration of transfer of this Note at the office of the Paying Agent or at such other office or agency as is designated by the Company, a new Note or Notes of authorized denominations for like aggregate principal amount and like tenor will be
issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without charge except for any tax or other governmental charge imposed in connection therewith; provided, however, that this Note is
exchangeable only if (i) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Note or if at any time the Depositary ceases to be eligible or in good standing under the Exchange Act, or other
applicable statutes or regulations, and the Company does not appoint a successor Depositary within 90 days after the Company received such notice or becomes aware of such ineligibility or lack of good standing or (ii) the Company in its sole
discretion determines that this Note shall be exchanged for certificated Notes in definitive form, provided that the definitive Notes so issued in exchange for this Note shall be in authorized denominations and be of like aggregate principal amount
and tenor and terms as the portion of this Note to be exchanged. 
 The Company will pay any administrative costs imposed by banks in
connection with making payments on this Note by wire transfer, but any tax, assessment or governmental charge imposed upon payments will be borne by the Holder hereof. 

The Company, the Trustee and any agent of the Company or the Trustee shall deem and treat the registered Holder hereof as the absolute owner
of this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership or other writing hereon) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and subject to the
provisions on the face hereof, interest hereon, and for all other purposes, and neither the Company nor the Trustee nor any agent of the Company or the Trustee shall be affected by any notice to the contrary. 

No recourse under or upon any obligation, covenant or agreement contained in the Indenture or in any Note, or because of any indebtedness
evidenced thereby, shall be had against any incorporator, partner, stockholder, other equity holder, officer, director, employee or controlling person, as such, of the Company or of any predecessor or successor entity, either directly or through the
Company or any predecessor or successor entity, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and
released by the acceptance hereof and as part of the consideration for the issue hereof. 
 Undefined terms used herein which are defined in
the Indenture shall have the respective meanings assigned thereto in the Indenture. 
 THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
 R-3 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations: 
 TEN COM — as tenants in common 

TEN ENT — as tenants by the entireties 

JT TEN — as joint tenants with right of survivorship and not as tenants in common 

UNIF GIFT MIN ACT — Custodian 

(Cust)    (Minor) 

under Uniform Gifts to Minors Act 

(State) Additional abbreviations may also be used though not in the above list 

 
  

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

PLEASE INSERT TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE 
  

 
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF
ASSIGNEE 
  
  

the within Note of FRANKLIN RESOURCES, INC. and hereby does irrevocably constitute and appoint 

 
  

Attorney to transfer the said Note on the books of the within-named Company, with full power of substitution in the premises. 

Dated                     

 

					
		  	  

	        	  	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.EXHIBIT 10.1

 

Executive
Employment Agreement

 

This Executive Employment
Agreement (“Agreement”) is made by and between Joseph Sarret (“Executive”) and CohBar,
Inc. (the “Company”) (collectively referred to as the “Parties” or individually referred
to as a “Party”) and is effective as of the date it is signed by the Parties (the “Effective Date”).

 

Recitals

 

WHEREAS, the Company desires to employ the Executive
and the Executive desires to be employed by the Company pursuant to the terms and conditions of this Agreement;

 

NOW, THEREFORE, in consideration of the mutual
promises made herein, the Company and Executive hereby agree as follows:

 

Covenants

 

1. Position.
Effective on May 3, 2021 (the “Start Date”), Executive will be appointed as the Company’s President and
Chief Executive Officer (“CEO”) reporting to the Company’s Board of Directors (the “Board”).
Executive will have all of the duties, responsibilities and authority commensurate with the position of CEO. Executive’s office
will be at the Company’s headquarters, currently located in Menlo Park, California.

 

Executive will be expected to devote
Executive’s full working time and attention to the business of the Company, and Executive will not render services to any
other business without the prior approval of the Board. Notwithstanding the foregoing, Executive may manage personal investments,
participate in civic, charitable, and academic activities (if in a limited, non-leadership capacity unless a larger role is approved
by the Board)), and, subject to prior approval by the Board, serve on the board of directors (and any committees) and/or as an
advisor of other for-profit companies, provided that such activities do not at the time the activity or activities commence or
thereafter (i) create an actual or potential business or fiduciary conflict of interest or (ii) individually or in the aggregate,
interfere materially with the performance of Executive’s duties to the Company.

 

Executive will be appointed to the Board effective
as of the Start Date, and for so long as Executive serves as the CEO, subject to the requirements of applicable law (including, without
limitation, any rules or regulations of any exchange on which the common stock of the Company is listed), the Board and/or the Governance
and Nominating Committee of the Board will nominate Executive for re-election to the Board at each annual meeting at which Executive is
subject to re-election. If Executive’s position as CEO is terminated by Executive or the Company for any reason, Executive agrees
to promptly resign from the Board and any committee thereof, unless requested otherwise by the Board.

 

2. Base Salary.
Executive will receive an initial base salary (the “Base Salary”) at the annualized rate of $450,000 per year.
The Base Salary shall be payable in accordance with the Company’s standard payroll schedule, and will be pro-rated for any partial
years of employment. Thereafter, Executive’s annual base salary shall be periodically reviewed as a part of the Company’s
regular review of compensation, and will be determined by the Compensation Committee of the Board (the “Compensation Committee”).

 

3.
Target Bonus. For Fiscal Year 2021, Executive will be eligible for an annual target bonus (the “Target Bonus”)
of 50% of Executive’s Base Salary, with the actual bonus amount awarded to Executive (the “Actual Bonus”)
to be earned upon achievement of performance objectives to be established by the Board, and prorated based upon the number of days Executive
is employed as CEO during such year. The Actual Bonus may be below, at or above the Target Bonus based on the level of achievement of
the applicable performance objectives. To receive payment of any Actual Bonus, Executive must be employed by the Company on the
last day of the period to which such bonus relates and at the time bonuses are paid, except as otherwise provided herein.

 

     

     

    

 

4. Benefits &
Vacation. Executive will be entitled to participate in all employee retirement (401(k)), insurance, benefit and vacation programs
of the Company as are in effect from time to time and in which other senior executives of the Company are eligible to participate, on
the same terms as such other senior executives.

 

5. Equity.

 

(a) On the later
to occur of Executive’s Start Date and the second (2nd) business day following the public announcement of this Agreement
(the “Grant Date”), the Company will grant Executive a stock option to purchase 2,600,000 shares of the Company’s
common stock (the “Time-Vesting Option”). The Time-Vesting Option will vest as to 1/4 of the total shares subject
to the Time-Vesting Option on the one year anniversary of Executive’s Start Date and as to 1/48 of the total shares subject to the
Time-Vesting Option over the following thirty-six months, in each case subject to Executive’s continued service through the applicable
vesting date except as set forth herein.

 

(b) On the Grant
Date, the Company will grant Executive a stock option to purchase 1,300,000 shares of the Company’s common stock (the “Performance-Vesting
Option”). The Performance- Vesting Option will vest over a two-year period, subject to achievement of Performance Metrics
(as defined below) and Executive’s continued service through the applicable vesting dates except as set forth herein. The performance
metrics will be comprised of specific significant Company-based milestones that will be determined by the Board as promptly as possible
following the Grant Date and no later than June 30, 2021 (the “Performance Metrics”).

 

Each of the Time-Vesting Option and the Performance-Vesting
Option (collectively, the “Options”) shall be granted with an exercise price equal to the closing price of the
Company’s common stock on the Nasdaq Global Market on the Grant Date. The Options will be further subject to the terms and conditions
to be set forth in the applicable award agreements between Executive and the Company, which award agreements shall provide for substantially
similar terms and conditions as apply to stock options granted to the Company’s other senior executives pursuant to the Company’s
2011 Equity Incentive Plan and standard form of stock option agreement (except as required to give effect to the Performance Metrics).
If possible, in the Company’s discretion, a portion of the Time-Vesting Option will be granted under the Company’s 2011 Equity
Incentive Plan as an incentive stock option to the maximum extent permitted by Section 422 of the Code. Executive shall be eligible for
future equity grants as determined by the Compensation Committee.

 

6. Expenses.
The Company will, in accordance with applicable Company policies and guidelines, reimburse Executive for all reasonable and necessary
expenses incurred by Executive in connection with Executive’s performance of services on behalf of the Company during Executive’s
employment with the Company. The reimbursement for all such expenses shall be paid pursuant to the Company’s policies and practices,
following Executive’s submission of proper documentation for such expenses.

 

7. Definitions.
As used in this Agreement, the following terms have the following meanings.

 

“Cause” shall mean
the occurrence of any of the following events, as determined by the Company and/or the Board in its and/or their sole and absolute discretion:

 

(a) Executive has
been convicted of, or has pleaded guilty or nolo contendere to, any felony or crime involving moral turpitude;

 

    2

     

    

 

(b) Executive has
engaged in a willful act of misconduct, or committed any act of fraud, theft, embezzlement, misappropriation of funds, breach of fiduciary
duty or other willful act of material dishonesty against the Company;

 

(c) other than in
the case of a termination of employment within 12 months following a Change in Control or as a result of a Disability, Executive has materially
failed or refused to satisfactorily perform the material duties lawfully and reasonably assigned to Executive or has performed such material
duties with gross negligence;

 

(d) Executive has
breached any material term or condition of this Agreement, the PIIA or any other material agreement with the Company; or

 

(e) Executive has
acted in willful violation or disregard of any written Company policy or practice, including a code of conduct, which results in material
loss, damage or injury to the Company;

 

in each case provided that
any of the foregoing may be cured, if curable (as reasonably determined by the Board), within 30 days’ notice from the Company.

 

“Change in Control”
means the occurrence of any of the following events: (a) any “person” (as such term is used in Sections 13(d) and 14(d) of
the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of
securities of the Company representing more than fifty percent (50%) of the total voting power represented by the Company’s then
outstanding voting securities; or (b) the consummation of the sale or disposition by the Company of all or substantially all of the Company’s
assets; or (c) the consummation 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 or its parent) more than fifty percent (50%) of the total
voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after
such merger or consolidation.

 

Notwithstanding the foregoing, to the extent that
any amount constituting deferred compensation (as defined in Section 409A of the Code) would become payable under this Agreement by reason
of a Change in Control, such amount shall become payable only if the event constituting a Change in Control would also qualify as a change
in ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company, each
as defined within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final Treasury
Regulations and IRS guidance that has been promulgated or may be promulgated thereunder from time to time.

 

“COBRA”
means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. “Code” means the Internal Revenue
Code of 1986, as amended.

 

“Constructive
Termination” means Executive terminates Executive’s employment for Good Reason. For the avoidance of doubt, termination
due to Executive’s death or Executive’s disability will not constitute a Constructive Termination.

 

“Disability”
means Executive’ inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last for a continuous period of twelve months or more.

 

“Equity Awards”
means all options to purchase shares of Company common stock as well as any and all other stock-based awards granted to the Executive
from and after the Effective Date, including but not limited to stock bonus awards, restricted stock, restricted stock units or stock
appreciation rights.

 

    3

     

    

 

“Good Reason”
for Executive to terminate Executive’s employment hereunder shall mean the occurrence of any of the following events without Executive’s
consent:

 

(a) any material diminution
in Executive’s authority, duties or responsibilities as in effect immediately prior to such reduction or a material diminution in
the authority, duties or responsibilities of the person or persons to whom Executive are required to report;

 

(b) a material reduction
by the Company in Executive’s annual Base Salary or Executive’s Target Bonus opportunity, as initially set forth herein or
as increased thereafter; provided, however, that Good Reason shall not be deemed to have occurred in the event of a reduction in Executive’s
annual Base Salary or Target Bonus opportunity that is pursuant to a salary reduction program affecting substantially all of the employees
of the Company and that does not adversely affect Executive to a greater extent than other similarly situated employees;

 

(c) a material change in
the geographic location of the Company’s headquarters and a concomitant material change in the geographic location in which Executive
must perform Executive’s duties, except for reasonably required travel on the Company’s or any successor’s or affiliate’s
business; or

 

(d) a material breach by
the Company of this Agreement;

 

provided, however, that,
any such termination by Executive shall only be deemed for Good Reason pursuant to this definition if: (1) Executive gives the Company
written notice of Executive’s intent to terminate for Good Reason within ninety (90) days following the first occurrence of the
condition(s) that Executive believes constitute(s) Good Reason, which notice shall describe such condition(s); (2) the Company fails to
remedy such condition(s) within thirty (30) days following receipt of the written notice (the “Cure Period”);
and (3) Executive voluntarily terminates Executive’s employment within thirty (30) days following the end of the Cure Period.

 

8. Effect of Termination
of Employment.

 

(a) Termination for
Cause, Death or Disability, or Voluntary Resignation. In the event Executive’s employment is terminated for Cause,
Executive’s employment terminates due to Executive’s death or disability, Executive voluntarily resigns
Executive’s employment other than for Good Reason, Executive will be paid only: (i) any earned but unpaid Base Salary, (ii)
except in the case of termination for Cause, the amount of any Actual Bonus earned and payable from a prior bonus period which
remains unpaid by the Company as of the date of the termination of employment determined in good faith in accordance with customary
practice, to be paid at the same time as bonuses are paid for that period to other eligible executives, (iii) other unpaid and
then-vested amounts, including any amount payable to Executive under the specific terms of any agreements, plans or awards,
including insurance and health and benefit plans in which Executive participates, unless otherwise specifically provided in this
Agreement and (iv) reimbursement for all reasonable and necessary expenses incurred by Executive in connection with
Executive’s performance of services on behalf of the Company in accordance with applicable Company policies and guidelines, in
each case as of the effective date of such termination of employment (the “Accrued Compensation”).

 

(b)
Termination without Cause or Constructive Termination, Absent a Change in Control. If the Company terminates Executive’s
employment without Cause or if Executive’s employment is terminated by Executive due to a Constructive Termination, in either case
not in connection with a Change in Control (which is addressed in Section 8(c) below), provided that (except with respect to the
Accrued Compensation) Executive resigns from all positions Executive may hold with the Company (including as a member of the Board) and
any of its subsidiaries or affiliated entities at such time (the “Resignation Requirement”) and delivers to
the Company a signed general release of claims in favor of the Company in the form attached hereto as Exhibit A (the “Release”)
and satisfies all conditions to make the Release effective within sixty (60) days following Executive’s termination of employment
(the “Release Deadline”), then, Executive shall be entitled to the following, payable in lump sum in
the first payroll period following expiration of the Release Deadline unless otherwise indicated:

 

i. the Accrued Compensation,
payable on the termination date;

 

    4

     

    

 

ii.
a lump sum payment equal to twelve (12) months of Executive’s then-current Base Salary;

 

iii.
a lump sum payment equal to Executive’s Target Bonus for the then-current fiscal year, prorated based upon the number of
days Executive is employed as CEO during such year, less any previously paid amount thereof; and

 

iv. if Executive elects to
receive continued healthcare coverage pursuant to the provisions of COBRA, the Company shall continue the Executive’s coverage and
directly pay, or reimburse the Executive for, the premium for the Executive and the Executive’s covered dependents through the earlier
of (i) 12 months following Executive’s termination and (ii) the date that the Executive and the Executive’s covered dependents
become eligible for coverage under another employer’s plans (the “Continuation Period”); provided,
that as soon as administratively practicable following the date the Release becomes effective, the Company shall pay to the Executive
a cash lump-sum payment equal to the monthly premiums that would have been paid on behalf of the Executive had such payments commenced
on the date of the termination. Notwithstanding the foregoing, the Company may elect at any time during the Continuation Period that,
in lieu of paying or reimbursing the premiums, the Company shall instead provide the Executive with a monthly cash payment equal to the
amount the Company would have otherwise paid pursuant to this Section, less applicable tax withholdings (the “COBRA
Benefit”).

 

(c) Termination without
Cause or Constructive Termination, in Connection with a Change in Control. In the event a Change in Control occurs and if the Company
terminates Executive’s employment without Cause or if Executive’s employment is terminated by Executive due to a Constructive
Termination of Executive’s employment, in either case within twelve (12) months following such Change in Control, provided that
(except with respect to the Accrued Compensation) Executive satisfies the Resignation Requirement and delivers to the Company the signed
Release and satisfies all conditions to make the Release effective by the Release Deadline, Executive shall be entitled to the following
(in lieu of any benefits pursuant to Section 8(b)), payable in lump sum in the first payroll period following expiration of the
Release Deadline unless otherwise indicated:

 

i.
the Accrued Compensation, payable on the termination date;

 

ii.
a lump sum payment equal to twelve (12) months of Executive’s then-current Base Salary;

 

iii.
a lump sum payment equal to 100% of Executive’s Target Bonus (assuming target achievement
level) for the then-current fiscal year, less any previously paid amount thereof;

 

iv. the COBRA Benefit; and

 

v. immediate acceleration
of all of the then-unvested shares subject to Executive’s Equity Awards, provided that awards that would otherwise vest only upon
satisfaction of performance criteria that have not yet been satisfied or cannot be determined as of the date of Executive’s termination
shall be measured as if all applicable performance criteria were achieved at target levels, unless otherwise provided (and to the extent
specified) by the terms of such grants.

 

Notwithstanding the foregoing, if the then-outstanding
equity grants, including the Time-Vesting Option, are not assumed, continued or substituted in connection with a Change in Control, then
the vesting of such equity grants will accelerate in full immediately prior to the Change in Control; provided, that any then-outstanding
performance-based equity grants, including the Performance-Vesting Option, will be subject to the applicable grant agreement).

 

    5

     

    

 

For the avoidance of doubt, the benefits payable
pursuant to Sections 8(a) through (c) are mutually exclusive and not cumulative.

 

9. Parachute Payments.
In the event that the severance and other benefits provided for in this Agreement or otherwise payable to Executive (a) constitute
“parachute payments” within the meaning of Section 280G of the Code and (b) but for this Section, would be subject to the
excise tax imposed by Section 4999 of the Code, then, at Executive’s discretion, Executive’s severance and other benefits
under this Agreement shall be payable either (i) in full, or (ii) as to such lesser amount which would result in no portion of such severance
and other benefits being subject to the excise tax under Section 4999 of the Code, whichever of the foregoing amounts, taking into account
the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, results in the receipt by Executive
on an after-tax basis, of the greatest amount of severance benefits under this Agreement, notwithstanding that all or some portion of
such severance benefits may be taxable under Section 4999 of the Code. Any reduction shall be made in the following manner: first a pro-rata
reduction of (i) cash payments subject to Section 409A of the Code as deferred compensation and (ii) cash payments not subject to Section
409A of the Code, and second a pro rata cancellation of (i) equity- based compensation subject to Section 409A of the Code as deferred
compensation and (ii) equity-based compensation not subject to Section 409A of the Code, with equity all being reduced in reverse order
of vesting and equity not subject to treatment under Treasury regulation 1.280G- Q & A 24(c) being reduced before equity that is
so subject. Unless the Company and Executive otherwise agrees in writing, any determination required under this Section shall be made
in writing by the Company’s independent public accountants (the “Accountants”), whose determination shall
be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required by this Section,
the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith
interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and Executive shall furnish to the Accountants
such information and documents as the Accountants may reasonably request in order to make a determination under this Section. The Accountants
shall deliver to the Company and Executive sufficient documentation for Executive to rely on it for purpose of filing Executive’s
tax returns. The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by
this Section.

 

10. Section 409A.
To the extent (a) any payments to which Executive becomes entitled under this Agreement, or any agreement or plan referenced herein, in
connection with Executive’s termination of employment with the Company constitute deferred compensation subject to Section 409A
of the Code and (b) Executive is deemed at the time of such termination of employment to be a “specified” employee under Section
409A of the Code, then such payment or payments shall not be made or commence until the earlier of (i) the expiration of the six (6) month
period measured from the date of Executive’s “separation from service” (as such term is at the time defined in regulations
under Section 409A of the Code) with the Company; or (ii) the date of Executive’s death following such separation from service;
provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to Executive, including
(without limitation) the additional twenty percent (20%) tax for which Executive would otherwise be liable under Section 409A(a)(1)(B)
of the Code in the absence of such deferral. Upon the expiration of the applicable deferral period, any payments which would have otherwise
been made during that period (whether in a single sum or in installments) in the absence of this paragraph shall be paid to Executive
or Executive’s beneficiary in one lump sum (without interest).

 

Except as otherwise expressly provided herein,
to the extent any expense reimbursement or the provision of any in kind benefit under this Agreement (or otherwise referenced herein)
is determined to be subject to (and not exempt from) Section 409A of the Code, the amount of any such expenses eligible for reimbursement,
or the provision of any in kind benefit, in one calendar year shall not affect the expenses eligible for reimbursement or in kind benefits
to be provided in any other calendar year, in no event shall any expenses be reimbursed after the last day of the calendar year following
the calendar year in which Executive incurred such expenses, and in no event shall any right to reimbursement or the provision of any
in kind benefit be subject to liquidation or exchange for another benefit.

 

    6

     

    

 

To the extent that any provision of this Agreement
is ambiguous as to its exemption or compliance with Section 409A, the provision will be read in such a manner so that all payments hereunder
are exempt from Section 409A to the maximum permissible extent, and for any payments where such construction is not tenable, that those
payments comply with Section 409A to the maximum permissible extent. To the extent any payment under this Agreement may be classified
as a “short term deferral” within the meaning of Section 409A, such payment shall be deemed a short term deferral, even if
it may also qualify for an exemption from Section 409A under another provision of Section 409A. Payments pursuant to this Agreement (or
referenced in this Agreement), and each installment thereof, are intended to constitute separate payments for purposes of Section 1.409A
2(b)(2) of the regulations under Section 409A. Any termination of Executive’s employment is intended to constitute a separation
from service and will be determined consistent with the rules relating to a “separation from service” as such term is defined
in Treasury Regulation Section 1.409A 1.

 

11. At Will Employment.
Employment with the Company is for no specific period of time. Executive’s employment with the Company will be “at will,”
meaning that either Executive or the Company may terminate Executive’s employment at any time and for any reason, with or without
cause. Any contrary representations that may have been made to Executive are superseded by this Agreement. This is the full and complete
agreement between Executive and the Company on this term. Although Executive’s compensation and benefits, as well as the Company’s
personnel policies and procedures, may change from time to time, the “at will” nature of Executive’s employment may
only be changed in an express written agreement signed by Executive and a duly authorized officer of the Company (other than Executive).

 

12. Confidential Information
and Other Company Policies. Executive will enter into and be bound by and comply fully with the Company’s standard form
of Proprietary Information and Inventions Assignment Agreement (the “PIIA”), insider trading policy, code of
conduct, and any other policies and programs adopted by the Company regulating the behavior of its employees, as such policies and programs
may be amended from time to time to the extent the same are not inconsistent with this Agreement, unless Executive consents to the same
at the time of such amendment.

 

13. Company Records
and Confidential Information.

 

(a) Records.
All records, files, documents and the like, or abstracts, summaries or copies thereof, relating to the business of the Company or the
business of any subsidiary or affiliated companies, which the Company or Executive prepares or uses or comes into contact with, will remain
the sole property of the Company or the affiliated or subsidiary company, as the case may be, and will be promptly returned upon termination
of employment.

 

(b) Confidentiality.
Executive acknowledges that Executive has acquired and will acquire knowledge regarding confidential, proprietary and/or trade secret
information in the course of performing Executive’s responsibilities for the Company, and Executive further acknowledges that such
knowledge and information is the sole and exclusive property of the Company. Executive recognizes that disclosure of such knowledge and
information, or use of such knowledge and information, to or by a competitor could cause serious and irreparable harm to the Company.

 

14. Indemnification.
Executive and the Company will enter into the form of indemnification agreement provided to other similarly situated officers and
directors of the Company. In addition, Executive will be named as an insured on the director and officer liability insurance policy currently
maintained by the Company, or as may be maintained by the Company from time to time.

 

15. Arbitration.
To the fullest extent permitted by law, and subject to the limitations on arbitration set forth in subsection (a)(i) and (ii) below, the
Parties agree as follows:

 

(a) The Parties agree
to submit to mandatory binding arbitration any and all claims arising out of or related to Executive’s employment with the Company
and the termination thereof (the “Arbitrable Claims”), except as follows:

 

(i) This arbitration
section does not restrict Executive’s right to file (A) claims in court for violation of the California Labor Code, including on
a representative action basis under California Labor Code Sections 2698, et seq, or the California Fair Employment and Housing
Act; or (B) administrative claims before any government agency where, as a matter of law, Executive has the right to file such administrative
claims (including, but not limited to, the National Labor Relations Board, the Equal Employment Opportunity Commission, the Department
of Labor, and applicable state and local agencies); and

 

    7

     

    

 

(ii) Each Party
may seek injunctive relief in court related to the improper use, disclosure or misappropriation of that Party’s private, proprietary,
confidential and/or trade secret information.

 

(b) For all (i) Arbitrable
Claims, and (ii) claims covered by subsection (a)(i) above that Executive voluntarily elects to adjudicate through arbitration rather
that in court, the arbitration shall be conducted in San Mateo County, California through JAMS before a single neutral arbitrator, in
accordance with the JAMS employment arbitration rules then in effect. The JAMS rules may be found and reviewed at http://www.jamsadr.com/rules-employment-arbitration.
If Executive is unable to access these rules, Executive may let the Company know and will be provided with a hardcopy. The arbitrator
shall issue a written decision that contains the essential findings and conclusions on which the decision is based. Executive shall bear
only those costs of arbitration that Executive would otherwise bear had Executive brought a claim covered by this arbitration provision
in court.

 

(c) This arbitration
section is governed by and will be construed in accordance with the Federal Arbitration Act, 9 U.S.C. 1, et seq. If, for any reason,
any term of this arbitration provision is held to be invalid or unenforceable, all other valid terms and conditions of this arbitration
provision shall be severable in nature, and remain fully enforceable.

 

16. Compensation Recoupment.
All amounts payable to Executive hereunder shall be subject to recoupment pursuant to the Company’s compensation recoupment policy
adopted by the Board or as required by law during the term of Executive’s employment with the Company that is applicable generally
to executive officers of the Company.

 

17. Miscellaneous.

 

(a) Employment
Eligibility Verification. For purposes of federal immigration law, Executive will be required to provide to the Company
documentary evidence of Executive’s identity and eligibility for employment in the United States. Such documentation must be
provided to us within three (3) business days of Executive’s Start Date, or Executive’s employment relationship with the
Company may be terminated.

 

(b) Absence of
Conflicts; Competition with Prior Employer. Executive represents that Executive’s performance of Executive’s duties under
this Agreement will not breach any other agreement as to which Executive is a party. Executive agrees that Executive has disclosed to
the Company all of Executive’s existing employment and/or business relationships, including, but not limited to, any consulting
or advising relationships, outside directorships, investments in privately held companies, and any other relationships that may create
a conflict of interest. Executive is not to bring with Executive to the Company, or use or disclose to any person associated with the
Company, any confidential or proprietary information belonging to any former employer or other person or entity with respect to which
Executive owes an obligation of confidentiality under any agreement or otherwise. The Company does not need and will not use such information
and we will assist Executive in any way possible to preserve and protect the confidentiality of proprietary information belonging to third
parties. Also, we expect Executive to abide by any obligations to refrain from soliciting any person employed by or otherwise associated
with any former employer and suggest that Executive refrains from having any contact with such persons until such time as any non-solicitation
obligation expires.

 

(c)
Successors. This Agreement is binding on and may be enforced by the Company and its successors and permitted assigns and is
binding on and may be enforced by Executive and Executive’s heirs and legal representatives. Any successor to the Company
or substantially all of its business (whether by purchase, merger, consolidation or otherwise) will in advance assume in writing and be
bound by all of the Company’s obligations under this Agreement and shall be the only permitted assignee.

 

    8

     

    

 

(d) Notices.
Notices under this Agreement must be in writing and will be deemed to have been given when personally delivered or two days after mailed
by U.S. registered or certified mail, return receipt requested and postage prepaid. Mailed notices to Executive will be addressed to Executive
at the home address which Executive has most recently communicated to the Company in writing. Notices to the Company will be addressed
to the Chairman of the Board at the Company’s corporate headquarters.

 

(e) Waiver.
No provision of this Agreement will be modified or waived except in writing signed by Executive and an officer of the Company duly authorized
by its Board. No waiver by either Party of any breach of this Agreement by the other Party will be considered a waiver of any other breach
of this Agreement.

 

(f) Severability.
In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void,
this Agreement shall continue in full force and effect without said provision.

 

(g) Tax Matters;
Withholding. Executive is encouraged to obtain Executive’s own tax advice regarding Executive’s compensation from the
Company. Executive agrees that the Company does not have a duty to design its compensation policies in a manner that minimizes Executive’s
tax liabilities, and Executive will not make any claim against the Company or its Board related to tax liabilities arising from Executive’s
compensation. All sums payable to Executive hereunder shall be reduced by all federal, state, local and other withholding and similar
taxes and payments required by applicable law

 

(h) Entire Agreement.
This Agreement represents the entire agreement between the Parties concerning the subject matter herein. It may be amended, or any of
its provisions waived, only by a written document executed by both Parties in the case of an amendment, or by the Party against whom the
waiver is asserted.

 

(i) Governing
Law. This Agreement will be governed by the laws of the State of California without reference to conflict of laws provisions.

 

(j) Survival.
The provisions of this Agreement shall survive the termination of Executive’s employment for any reason to the extent necessary
to enable the Parties to enforce their respective rights under this Agreement.

 

[Signature
Page to Executive Employment
Agreement Follows]

 

    9

     

    

 

 

IN WITNESS WHEREOF, the Parties have
executed this Agreement on the respective dates set forth below.

 

	Executive	 	Cohbar, inc.

 

	/s/ Joseph Sarret	 	/s/ David Greenwood
	Joseph Sarret	 	David Greenwood
	 	 	Chairman of the Board of Directors
	 	 	 
	4/26/2021	 	4/26/2021
	Date	 	Date

  

[Signature
Page to Executive Employment
Agreement]

 

     

     

    

 

Exhibit A

 

Release

 

This general release of all
claims and covenant not to sue (the “Release”) is entered into between [___________] (“Executive”)
and CohBar, Inc. (the “Company”) (collectively, the “parties”).

 

WHEREAS, on [April ], 2021,
Executive and the Company entered into an Executive Employment Agreement regarding Executive’s employment with the Company (the
“Employment Agreement”) to which this Release is attached as Exhibit A);

 

WHEREAS, on [___________],
Executive’s employment with the Company terminated (the “Separation Date”);

 

WHEREAS, this agreement serves
as the Release, pursuant to the Employment Agreement; and

 

WHEREAS, Executive and the
Company desire to mutually, amicably and finally resolve and compromise all issues and claims surrounding Executive’s employment
and separation from employment with the Company;

 

NOW THEREFORE, in consideration for
the mutual promises and undertakings of the parties as set forth below, Executive and the Company hereby enter into this Release.

 

1. Acknowledgment
of Payment of Wages. By Executive’s signature below, Executive acknowledges that, on the Separation Date, the Company paid
Executive for all wages, salary, accrued vacation (if applicable), bonuses, commissions, reimbursable expenses previously submitted by
Executive, and any similar payments due Executive from the Company as of the Separation Date. By signing below, Executive acknowledges
that the Company does not owe Executive any other amounts, except as may become payable under the Employment Agreement and the Release.
Please promptly submit for reimbursement all final outstanding expenses, if any.

 

2. Return
of Company Property. Executive hereby warrants to the Company that Executive has returned to the Company all property or data
of the Company of any type whatsoever that has been in Executive’s possession, custody or control.

 

3. Consideration.
In exchange for Executive’s agreement to this Release and Executive’s other promises in the Employment Agreement and herein,
the Company agrees to provide Executive with the consideration set forth in Section 8 of the Employment Agreement. By signing below,
Executive acknowledges that Executive is receiving the consideration in exchange for waiving Executive’s rights to claims referred
to in this Release and Executive would not otherwise be entitled to the consideration.

 

4. General
Release and Waiver of Claims. The payments and promises set forth in this Release are in full satisfaction of all accrued salary,
vacation pay, bonus and commission pay, profit-sharing, stock, stock options or other ownership interest in the Company, termination benefits
or other compensation to which Executive may be entitled by virtue of Executive’s employment with the Company or Executive’s
separation from the Company, including pursuant to the Employment Agreement. To the fullest extent permitted by law, Executive, individually
and on behalf of his representatives, successors, and assigns, hereby releases and waives any and all claims, rights, demands, actions,
obligations, and causes of action of any and every kind, nature and character Executive may have against the Company, and each of its
present and former parents, owners, subsidiaries, divisions, affiliates, and its and their respective predecessors in interest, members,
partners, principals, shareholders, subscribers, consultants, professional advisors, directors, officers, agents, attorneys, employees,
and representatives, and the successors and assigns of each of them (collectively “Releasees”), whether known
or not known, including, without limitation, claims under any employment laws, including, but not limited to, claims of unlawful discharge,
breach of contract, breach of the covenant of good faith and fair dealing, fraud, violation of public policy, defamation, physical injury,
emotional distress, claims for additional compensation or benefits arising out of Executive’s employment or separation of employment,
claims under Title VII of the 1964 Civil Rights Act, as amended, the California Fair Employment and Housing Act and any other laws and/or
regulations relating to employment or employment discrimination, including, without limitation, claims based on age or under the Age Discrimination
in Employment Act or Older Workers Benefit Protection Act, and/or claims based on disability or under the Americans with Disabilities
Act.

 

     

     

    

 

By signing below, Executive expressly waives any
benefits of Section 1542 of the Civil Code of the State of California, which provides as follows:

 

“A GENERAL RELEASE DOES NOT EXTEND
TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE
AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.”

 

Executive and the Company do not intend to release
claims that Executive may not release as a matter of law, including but not limited to claims for indemnity under California Labor Code
Section 2802, or any claims for enforcement of this Release. To the fullest extent permitted by law, any dispute regarding the scope of
this general release shall be determined by an arbitrator under the procedures set forth in the arbitration clause below.

 

5. Covenant
Not to Sue. To the fullest extent permitted by law, at no time subsequent to the execution of this Release will Executive pursue,
or cause or knowingly permit the prosecution, in any state, federal or foreign court, or before any local, state, federal or foreign administrative
agency, or any other tribunal, of any charge, claim or action of any kind, nature and character whatsoever, known or unknown, which Executive
may now have, have ever had, or may in the future have against Releasees, which is based in whole or in part on any matter released by
this Release. Nothing in this paragraph shall prohibit or impair Executive or the Company from complying with all applicable laws, nor
shall this Release be construed to obligate either party to commit (or aid or abet in the commission of) any unlawful act.

 

6. Protected
Rights. Executive understands that nothing in the General Release and Waiver of Claims and Covenant Not to Sue paragraphs above,
or otherwise in this Release, limits Executive’s ability to file a charge or complaint with the Equal Employment Opportunity Commission,
the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other
federal, state or local government agency or commission (“Government Agencies”). Executive further understands
that this Release does not limit Executive’s ability to communicate with any Government Agencies or otherwise participate in any
investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without
notice to the Company. This Release does not limit Executive’s right to receive an award for information provided to any Government
Agencies.

 

7. Non-Disparagement.
In addition to any other existing obligations regarding non-disparagement, Executive shall not make, directly or indirectly, any negative
or disparaging statements or comments, either as fact or as opinion about the Company or its products, services, agents, representatives,
directors, officers, shareholders, attorneys, employees, vendors, affiliates, successors or assigns, or any person acting by, through,
under or in concert with any of them, with any written or oral statement. Nothing in this section shall prohibit Executive from
providing truthful information in response to a subpoena or other legal process.

 

     

     

    

 

8. Arbitration:
Except for any claim for injunctive relief arising out of a breach of a party’s obligations to protect the other’s proprietary
information, the parties agree to arbitrate, in San Mateo County, California through JAMS, any and all disputes or claims arising out
of or related to the validity, enforceability, interpretation, performance or breach of this Release, whether sounding in tort, contract,
statutory violation or otherwise, or involving the construction or application or any of the terms, provisions, or conditions of this
Release. Any arbitration may be initiated by a written demand to the other party. The arbitrator's decision shall be final, binding, and
conclusive. The parties further agree that this Release is intended to be strictly construed to provide for arbitration as the sole and
exclusive means for resolution of all disputes hereunder to the fullest extent permitted by law. The parties expressly waive any entitlement
to have such controversies decided by a court or a jury.

 

9. Company
Proprietary and Confidential Information & Other Policies. Executive hereby acknowledges that he will continue to be bound
by the Company Proprietary Information and Inventions Agreement dated [_________] (the “PIIA”). Executive will
continue to be bound by and comply fully with the Company’s, insider trading policy, code of conduct, and any other policies and
programs adopted by the Company regulating the behavior of its employees. Executive confirms that upon his termination, Executive will
deliver to the Company all documents and data of any nature containing or pertaining to such information and that Executive has not taken
or retained, whether in electronic or hard copy form, any such documents or data or any reproduction thereof.

 

10. No
Admission of Liability. This Release is not and shall not be construed or contended by Executive to be an admission or evidence
of any wrongdoing or liability on the part of the Company, its representatives, heirs, executors, attorneys, agents, partners, officers,
shareholders, directors, employees, subsidiaries, affiliates, divisions, successors or assigns. This Release shall be afforded the maximum
protection allowable under Federal Rule of Evidence 408, California Evidence Code Section 1152 and/or any other state or federal provisions
of similar effect.

 

11. Severability.
The provisions of this Release are severable, and if any part of it is found to be invalid or unenforceable, the other parts shall remain
fully valid and enforceable. Specifically, should a court, arbitrator, or government agency conclude that a particular claim may not be
released as a matter of law, it is the intention of the parties that the general release, the waiver of unknown claims and the covenant
not to sue above shall otherwise remain effective to release any and all other claims.

 

12. Review
of Release; Expiration of Offer. Executive understands that Executive may take up to twenty-one (21) days to consider this Release
(the “Consideration Period”). The offer set forth in this Release, if not accepted by Executive before the end
of the Consideration Period, will automatically expire. By signing below, Executive affirms that Executive was advised to consult with
an attorney prior to signing this Release. Executive also understands that Executive may revoke this Release within seven (7) days
of signing this document and that the consideration to be provided to Executive pursuant to Section 8 of the Employment Agreement
will be provided only after the expiration of that seven (7) day revocation period and pursuant to the terms regarding timing of payment
set forth in the Employment Agreement.

 

13. Effective
Date. This Release is effective on the eighth (8th) day after Executive signs it, provided Executive has not revoked it as of
that time (the “Effective Date”).

 

14. Other
Terms of Employment Agreement Incorporated Herein. All other terms of the Employment Agreement to the extent not inconsistent
with the terms of this Release are hereby incorporated in this Release as though fully stated herein and apply with equal force
to this Release, including, without limitation, the provisions set forth in Section 9, Section 10 and Sections 12 through 18.

 

[Signature
Page to Release Follows]

 

     

     

    

 

EMPLOYEE’S ACCEPTANCE OF RELEASE

 

BEFORE SIGNING MY NAME TO THE RELEASE, I STATE
THE FOLLOWING: I HAVE READ THE RELEASE, I UNDERSTAND IT AND I KNOW THAT I AM GIVING UP IMPORTANT RIGHTS. I HAVE OBTAINED SUFFICIENT
INFORMATION TO INTELLIGENTLY EXERCISE MY OWN JUDGMENT. I HAVE BEEN ADVISED THAT I SHOULD CONSULT WITH AN ATTORNEY BEFORE SIGNING
IT, AND I HAVE SIGNED THE RELEASE KNOWINGLY AND VOLUNTARILY.

 

Effective upon execution by Executive and the
Company.

 

	Executive	 	Cohbar, Inc.
	 	 	 
	 	 	 
	Joseph Sarret	 	[_________________]
	 	 	Chairman of the Board of Directors
	 	 	 
	 	 	 
	Date	 	Date
	 	 	 
	 	 	 
	Date Delivered to Executive	 	 

  

[Signature
Page to Release]

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