Document:

EXHIBIT 10.3

 

EMPLOYMENT
AGREEMENT

This
EMPLOYMENT AGREEMENT (the “Agreement”)
is entered into effective as of April 11, 2016, (the “Effective Date”) by and between NanoAntibiotics, Inc. (the “Company”),
and Jonathan M. Adams (“Executive”).

		1.	Term.

The
term of this Agreement shall commence on April 11, 2016 and shall terminate on April 10, 2019 (the “Employment
Term”).

		2.	Duties

(a)    
During
the Employment Term, Executive shall be employed by Company as its Chairman and Chief Executive Officer. Executive shall report
directly and solely to the Company's Board of Directors (the "Board").
Executive shall have the authority, functions, duties, powers, and responsibilities normally associated with such position, as
well as those duties which may be assigned to Executive from time to time by the Board.

(b)   
Upon
the effective date of the merger he shall become a member of Board of Directors, serving for an initial term of three years. The
Company agrees to nominate Executive for election to the Board as a member of the management slate at each annual meeting of stockholders
during his employment hereunder at which Executive's director class comes up for election. Executive agrees to serve on the Board
if elected.

		3.	Salary

		(a)	Executive
shall receive an annual base salary of $250,000 per year commencing on the Effective Date.

		(b)	Executive
shall devote his part time and best efforts, to the Company until the Company commences paying his base salary in cash. The Company
shall begin paying his base salary in cash and he shall commence devoting his full time effort to the Company when new investment
funding has been secured by the Company sufficient to pay for at least two years of his salary, such new investment not to be less
than $1 million, unless Executive agrees to a lesser amount.

		(c)	The
Parties recognize that the Company may not have the financial wherewithal to pay the compensation provided hereunder as of the
commencement of the Employment Term and for the foreseeable future thereafter. In light of this, the Parties agree that they shall,
together and in good faith, exercise reasonable judgment to determine, no less frequently than every month during the Term, whether
and when the Company has the ability to effect payment of the compensation due to the Executive hereunder, such determination to
be based primarily on an analysis of the financial condition of the Company, as reflected in the Company’s financial

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statements.

		(d)	If,
with respect to any month during the Employment Term, the Parties agree that the Company is not in a position to effect payment
of the compensation due Executive for that month, the Company may elect to defer payment of the applicable amount of such compensation
for such month until the Company is in position to effect payment. In that case, the amount of such compensation otherwise due
and payable shall accrue interest at a per annum rate of six percent (6%) until paid.

		(e)	Interest
shall be computed on the basis of a 360-day year and shall accrue on the actual number of days elapsed for any whole or partial
month in which interest is being calculated.

		(f)	Executive’s
annual salary increase will range from 10% to 20% for each year commencing January 2017, during the term of the Agreement. The
Board, in its discretion, may increase the base salary by an additional amount based upon relevant circumstances.

		4.	Stock
Options

Executive
is hereby granted on the date hereof Options Group A which options are exercisable at $0.06 per share, the closing price on April
11, 2016, the date hereof.

Options
Group A: which is comprised in its entirety of 3 million Shares, shall become vested and exercisable (i) as to 1 million Shares
one year after of the date hereof, (ii) as to 1 million Shares two years after the date hereof, and (iii) as to 1 million Shares
3 years after the date hereof. All Group A options shall immediately vest upon the occurrence of a “Fundamental Transaction”
as defined in the Agreement and Plan of Merger dated April 11, 2016, Exhibit F Lock-up Agreement, Section 2.

		5.	Benefits

Executive
shall be entitled to receive all benefits generally made available to executives of Company.

		6.	Reimbursement
for Expenses

Executive
shall be expected to incur various business expenses customarily incurred by persons holding like positions, including but not
limited to traveling, entertainment and similar expenses incurred for the benefit of Company. Pursuant to Company's customary policies
regarding the reimbursement of such expenses in force at the time of payment. Executive shall be promptly reimbursed for all authorized
or allowable expenses properly and reasonably incurred by Executive on behalf of the Company in the performance of his duties hereunder.

		7.	Termination
by Company

(a)
The Company shall have the right to terminate this Agreement under the following circumstances:

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(i)   
Upon
the death of Executive.

(ii) 
For
Good Cause upon notice from the Company. Termination by the Company of Executive's employment for "Good
Cause'1 as used in this Agreement shall be limited to (1) gross negligence or malfeasance by Executive in the performance
of his duties under this Agreement (whether before or after a corporate sale or combination event identified in Section 10(ii)
below); or (2) the voluntary resignation by Executive as an employee of the Company without the prior written consent of the Company.

(b)  
If
this Agreement is terminated pursuant to Section 7(a)(i) or (ii) hereof after the Company begins paying Executive the Base Salary
of $250,000 per year as set forth in Section 3(a) of this Agreement, Executive or his estate shall be entitled to receive a cash
payment equal to the present value (based on the Company's then current cost of borrowing as determined by the Company's chief
financial officer for the remainder of the term hereof) of his base salary for the balance of the term of this Agreement, payable
within 30 days of the date of termination. Notwithstanding the foregoing, no such payments shall be made until such payment is
no longer subject to Section 162(m) of the Code. In the event Executive’s employment is terminated prior to the time that
the Company commences payment to Executive the Base Salary pursuant to Section 3(a) of this Agreement, the Company shall pay to
Executive severance payments in the amount of One Hundred Fifty Thousand and 00/100 Dollars ($150,000.00) per year, beginning on
the next regular pay period after the termination of Executive’s employment, and ending on the three (3) year anniversary
of the termination of Executive’s employment, for a total of Four Hundred Fifty Thousand and 00/100 Dollars ($450,000.00),
less any applicable taxes and withholdings as required by law, and paid in accordance with the Company’s regular payroll
policies and practices then in effect.

(c)  
If
this Agreement is terminated pursuant to Section 7(a) above. Executive's rights and Company's obligations hereunder shall forthwith
terminate except as to the Company’s obligations pursuant to Section 7(b) above, and as otherwise expressly provided in this
Agreement and as further provided with respect to the Options hereby granted.

(d)    
Whenever
compensation is payable to Executive hereunder during a time when he is partially or totally disabled and such disability (except
for the provisions hereof) would entitle him to disability income or to salary continuation payments from Company according to
the terms of any plan now or hereafter provided by Company or according to any Company policy in effect at the time of such disability,
the compensation payable to him hereunder shall be inclusive of any such disability income or salary continuation and shall not
be in addition thereto. If disability income is payable directly to Executive by an insurance company under an insurance policy
paid for by Company, the amounts paid to him by said insurance company shall be considered to be part of the payments to be made
by Company to him pursuant to this Section 7, and shall not be in addition thereto.

8.   
Termination by Executive

Executive
shall have the right to terminate his employment under this Agreement upon 30 days' notice to the Company given within 60 days
following the occurrence of any of the following events, each of which shall constitute "Good
Reason" for such termination:

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(a)  
Executive
is not elected or retained as Chairman and Chief Executive Officer and a director of the Company; or

(b)  
The
Company acts to materially reduce Executive's duties and responsibilities hereunder. Executive's duties and responsibilities shall
not be deemed materially reduced for purposes hereof solely by virtue of the fact that the Company is (or substantially all of
its assets are) sold to, or is combined with, another entity provided that (a) Executive shall continue to have the same duties,
responsibilities and authority with respect to Company's businesses as he has as of the date hereof and as Executive may have with
respect to businesses added hereafter, including but not limited to, biotechnology and (b) Executive shall report solely and directly
to the board of directors (and not to the chief executive officer or chairman of the board of directors) of the entity (or to the
individual) that acquires Company or its assets or, if there shall be an ultimate parent of such entity, then to the board of directors
of such ultimate parent and (c) Executive shall be elected and retained as a member of the board of directors of such entity or
ultimate parent (if there shall be one).

9.     
Consequences of Breach
by Company

If
Executive's employment is terminated by the Company for any reason, other than as set forth in Section 7(a)(i) or 7(a)(ii) or this
Agreement, or if Company shall terminate Executive's employment under this Agreement in any other way that is a breach of this
Agreement by Company, the following shall apply:

(a)  
Executive
shall receive a cash payment equal to the present value (based on Company's then current cost of borrowing as determined by the
chief financial officer of Company for the remainder of the term hereof) of Executive's base salary hereunder for the remainder
of the term, payable within 30 days of the date of such termination.

(b)  
Subject
to Section 9 hereof, all stock options granted by Company to Executive prior to the date hereof shall accelerate and become immediately
exercisable and thereafter remain exercisable until the earlier of the fifth anniversary of the date of such termination.

10.   
Compensation Upon
Termination

Notwithstanding
anything to the contrary in this Agreement, the following shall apply to any benefits provided under Sections 7-9 that constitute
“deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)
and the regulations and other guidance thereunder and any state law of similar effect (collectively “Section
409A”):

(a)
Any payment of such benefits shall not commence in connection with the Executive’s termination of employment unless and until
the Executive has also incurred a “separation from service,” (as defined in Treasury Regulations Section 1.409A-l(h))
(“Separation
from Service”)
or such termination of employment is due to the Executive’s death, unless the Company reasonably determines that such amounts
may be provided to the Executive without causing the Executive to incur the adverse personal tax consequences under Section 409A.

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(b)
It is intended that (A) each installment of any such benefits be regarded as a separate “payment” for purposes of Treasury
Regulations Section 1.409A-2(b)(2)(i), (B) all payments of any such benefits satisfy, to the greatest extent possible, the exemptions
from the application of Section 409A provided under Treasury Regulations Sections 1.409A-1 (b)(4) and 1.409A-l(b)(9)(iii), and
(C) any such benefits consisting of premiums payable under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”)
also satisfy, to the greatest extent possible, the exemption from the application of Section 409A provided under Treasury Regulations
Section 1.409A-l(b)(9)(v). However, if the Company determines that any such benefits constitute “deferred compensation”
under Section 409A and the Executive is a “specified employee” of the Company, as such term is defined in Section 409A(a)(2)(B)(i),
then, solely to the extent necessary to avoid the imposition of the adverse personal tax consequences under Section 409A, (i) the
timing of such benefit payments shall be delayed until the earlier of (a) the date that is six (6) months and one (1) day after
the Executive’s Separation from Service and (b) the date of the Executive’s death (such applicable date, the “Delayed
Initial Payment Date”), and (ii) the Company shall (a) pay the Executive a lump sum amount equal to the sum of the benefit
payments that the Executive would otherwise have received through the Delayed Initial Payment Date if the commencement of the payment
of the benefits had not been delayed pursuant to this paragraph and (b) commence paying the balance, if any, of the benefits in
accordance with the applicable payment schedule.

11.   
Excise Tax Limit

In
the event that the vesting of the Options together with all other payments and the value of any benefit received or to be received
by the Executive would result in all or a portion of such payment being subject to excise tax under Section 4999 of the Code, then
the Executive's payment shall be either (A) the full payment or (B) such lesser amount that would result in no portion of the payment
being subject to excise tax under Section 4999 of the Code (the "Excise Tax"), whichever of the foregoing amounts, taking
into account the applicable Federal, state, and local employment taxes, income taxes, and the Excise Tax, results in the receipt
by the Executive, on an after-tax basis, of the greatest amount of the payment notwithstanding that all or some portion of the
payment may be taxable under Section 4999 of the Code. All determinations required to be made under this Section 11 shall be made
by nationally recognized accounting firm which is the Company's outside auditor immediately prior to the event triggering the payments
that are subject to the Excise Tax, which firm must be reasonably acceptable to Executive (the "Accounting Firm"). The
Company shall cause the Accounting Firm to provide detailed supporting calculations of its determinations to the Company and Executive.
Notice must be given to the Accounting Firm within fifteen (15) business days after an event entitling

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Executive
to a payment under this Agreement. All fees and expenses of the Accounting Firm shall be borne solely by the Company. The Accounting
Firm's determinations must be made with substantial authority (within the meaning of Section 6662 of the Code). For the purposes
of all calculations under Section 280G of the Code and the application of this Section 11, Company and Executive hereby elect and
agree to make all determination as to present value using 120 percent of the applicable Federal rate (determined under Section
1274(d) of the Code) compounded semiannually, as in effect on the date of this Agreement. Company agrees to reimburse Executive
(on an after-tax basis) for his reasonable legal and other professional expenses of pursuing any reasonable contest, claim or cause
of action (including any claim of tax refund) on his own behalf that may arise (notwithstanding the application of the foregoing
provisions of this Section 11) as a result of (i) the Internal Revenue Service seeking to impose an Excise Tax on Executive or
(ii) Company (or any successor) withholding or seeking to withhold any Excise Tax from any payment or benefit to Executive without
Executive's consent; provided, however, reimbursement will only be provided under this subsection (ii) if Executive prevails (excluding
a settlement).

12.   
Binding Agreement

This
Agreement shall be binding upon and inure to the benefit of Executive, his heirs, distributees, and assigns and Company, its successors
and assigns. Executive may not, without the express written permission of the Company, assign or pledge any rights or obligations
hereunder to any person, firm or corporation.

13.   
Amendment; Waiver

This
Agreement, together with any stock option agreement(s) entered into between the Company and Executive and any other documents or
agreements specifically referenced in this Agreement, contains the entire agreement of the parties with respect to the employment
of Executive by Company. No amendment or modification of this Agreement shall be valid unless evidenced by a written instrument
executed by the parties hereto. No waiver by either party of any breach by the other party of any provision or condition of this
Agreement shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time.

14.   
Governing Law

This
Agreement shall be governed by, enforced, and construed under and in accordance with the laws of the United States of America and,
with respect to matters of state law, with the laws of New York. Any dispute arising under or in any way related to this Agreement
will be submitted to binding arbitration before a single arbitrator by the American Arbitration Association in accordance with
the Association’s commercial rules then in effect. The arbitration will be conducted in New York, New York. The decision
of the arbitrator will set forth in reasonable detail the basis for the decision and will be binding on the parties. The arbitration
award may be confirmed by any court of competent jurisdiction.

15.
Notices

All
notices which a party is required or may desire to give to the other party under or in

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connection
with this Agreement shall be given in writing by addressing the same to the other party as follows:

If
to Executive to :

Jonathan
M. Adams 25 West 15th Street, Unit B Chicago, 1L 60605

If
to the Company, to:

NanoAntibiotics,
Inc.

100
Gumming Center Suite 247-C Beverly, MA 01915

or
at such other place as may be designated in writing by like notice. Any notice shall be deemed to have been given within 48 hours
after being addressed as required herein and deposited, first-class postage prepaid, in the United States mail.

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IN
WITNESS WHEREOF, the parties have agreed to and executed this Agreement on the date set forth by Executive below.

ACCEPTED
AND AGREED:

 

	JONATHAN M. ADAMS	 	NANOANTIBIOTICS, INC.
	 	 	 
	/s/ Jonathan M. Adams 	 	By: /s/ Elliot Ehrlich
	Date: 4/11/16	 	Name: Elliot Ehrlich
	Title:	 	 

 

    -8-EXHIBIT 10.4

 

AMENDMENT NO. 1 TO EMPLOYMENT
AGREEMENT

This Amendment No. 1 (“Amendment”)
to the Employment Agreement between NanoAntibiotics, Inc. (now, BioVie Inc. (“BioVie” or “Company”)) and
Jonathan Adams (“Adams” or “Executive”), dated April 11, 2016 (“Agreement”) is entered into
between Adams and BioVie as of July 3, 2018 (“Effective Date”).

WHEREAS, the parties wish to amend
the terms of the Agreement, including extending the Employment Term.

NOW, THEREFORE, the parties agree
as follows:

1.       Capitalized
terms herein shall have the meaning set forth in the Agreement unless otherwise defined herein.

2.       The
Employment Term is extended such that it shall terminate on July 2, 2019, i.e., one year after the Effective Date above.

3.       Effective
on the closing of a Change of Control Event (which shall mean the purchase of greater than fifty percent of the outstanding and
issued common stock of Company by an individual or business entity) and subject to approval by the Board of Directors of Company
and appointment by the Board of a new CEO, Adams’s duties as Chief Executive Officer shall cease and Adams shall assume the
duties of the positions of President and Chief Operating Officer of the Company, reporting to the new CEO.

4.       Base
salary for Adams shall continue at $250,000 per year.

5.       The
remaining unvested stock options (one million shares) shall become fully vested and exercisable as of the Effective Date.

6.       Company
shall recommend to the Board that Adams continue to be re-nominated for re-election as a member of the Board for term(s) ending
in 2020.

7.       Section
7(b) (“Termination by the Company”) is amended in its entirety as follows: “In the event Adams’s employment
with the Company terminates, Adams shall have no right to receive any compensation, benefits or any other payments or remuneration
of any kind from the Company, except as otherwise provided by this Section 7, in Section 10, in any separate written agreement
between Adams and the Company or as may be required by law. In the event Adams’s employment with the Company is terminated
for any reason, Adams shall receive the following (collectively, the “Accrued Amounts”): (i) Adams’s Base Salary
through and including the effective date of Adams’s termination of employment (the “Termination Date”), which
shall be paid on the first regularly scheduled payroll date of the Company following the Termination Date or on or before any earlier
date as required by applicable law; (ii) payment of any vested benefit due and owing under any employee benefit plan, policy or
program pursuant to the terms of such plan, policy or program; and (iv) payment for unreimbursed business expenses subject to,
and in accordance with, the terms of Section 6 of the Agreement, which payment shall be made within 30 days after Adams submits
the applicable supporting documentation to the Company, and in any event no later than on or before the last day of Adams’s
taxable year following the year in which the expense was

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incurred. If any such termination
is without Good Cause, Company shall pay Adams in a lump sum an amount equal the remaining Base Salary for the balance of this
Agreement, subject to the receipt of a full and complete a mutual release of any and all claims in the customary form executed
by Adams, and Company shall have no further obligations to Adams under this Agreement or any other agreement. For purposes of this
Section 7, “Good Cause” shall mean Adams: (a) commits an act of fraud, moral turpitude or embezzlement in connection
with his duties; (b) violates a material provision of the Company’s Code of Ethics as adopted by the Board, or any applicable
state or federal law or regulation; (c) violates any confidentiality obligations owed to the Company; (d) fails or refuses to comply
with a relevant and material obligation assumable and chargeable to an executive of his corporate rank and responsibilities under
the Sarbanes-Oxley Act and the regulations of the Securities and Exchange Commission promulgated thereunder; or (e) is convicted
of, or enters a plea of guilty or no contest to, a felony under state or federal law, other than a traffic violation or offense
not involving dishonesty or moral turpitude.

8.       Section
8(a) is amended by replacing the words “Chairman and Chief Executive Officer” with the words “President and Chief
Operating Officer.”

9.       The
first paragraph of Section 9 is amended by deleting it and replacing it with the following language:

“If Executive’s
employment is terminated by the Company for any reason, other than as set forth in Section 7(a)(i) or 7(a)(ii) or this Agreement,
or if the Company shall terminate Executive’s employment under this Agreement in any other way that is a breach of this Agreement
by Company, or if Executive terminates his employment under Section 8, the following shall apply:”

10.       Section
9(a) is amended such that the payment to be made by the Company shall be, instead of the amount described therein, the Base Salary
of $250,000.

11.       Except
for the changes set forth in Paragraphs 1-10, above, all other terms and conditions of the Agreement shall remain effective and
in force.

IN WITNESS WHEREOF, the parties
or their duly authorized representatives have executed this amendment on the date first written above.

	BioVie Inc.	 	BioVie Inc.
	 	 	 
	 	 	 
	By:   /s/ R. Richard Wieland         	 	By:     /s/ Jonathan Adams         
	Name: R. Richard Wieland II	 	Name: Jonathan Adams
	Title: Chief Financial Officer	 	Title: Chief Executive Officer

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