Document:

Exhibit 10.11

 

 

EXECUTIVE
EMPLOYMENT AGREEMENT

This Executive Employment Agreement (the
“Agreement”), dated April 27, 2018, is between Amesite Inc. (the “Company”)
and Ann Marie Sastry PhD. (“Executive”).

		1.	Position and Responsibilities

a.   
Position. Executive is employed by the Company to render services to the Company in the position of Chair, President
and CEO. Executive shall perform such duties and responsibilities as are normally related to such position in accordance with the
standards of the industry and any additional duties now or hereafter assigned to Executive by the Company. Executive shall abide
by the rules, regulations, and practices as adopted or modified from time to time in the Company’s sole discretion.

b.   
Other Activities. Except upon the prior written consent or approval of the Board of Directors of the Company (the
“Board”), Executive will not, during the term of this Agreement, (i) accept any other employment, or (ii) engage,
directly or indirectly, in any other business activity (whether or not pursued for pecuniary advantage) that might interfere with
Executive’s duties and responsibilities hereunder or create a conflict of interest with the Company. Notwithstanding the
foregoing, Executive may serve on up to two boards of directors (or advisory boards), without the consent of the Board; provided
that such services (x) are not competitve to the Company, (y) are not provided to an entity competitive to the Company and (z)
do not create a conflict of interest. Executive shall disclose the names of the boards to the Company.

c.   
No Conflict.  Executive represents and warrants that Executive’s execution of this Agreement, Executive’s
employment with the Company, and the performance of Executive’s proposed duties under this Agreement shall not violate any
obligations Executive may have to any other employer, person or entity, including any obligations with respect to proprietary or
confidential information of any other person or entity.

		2.	Compensation and Benefits

a.   
Base Salary. In consideration of the services to be rendered under this Agreement, the Company shall pay Executive
a salary at the rate of Three Hundred Fifty Thousand Dollars ($350,000) per year (“Base Salary”). The Base Salary shall
be paid in accordance with the Company’s regularly established payroll practice. Executive’s Base Salary will be reviewed
from time to time in accordance with the established procedures of the Company for adjusting salaries for similarly situated employees
and may be adjusted in the sole discretion of the Company.

b.   
Bonus. Executive shall be eligible for a bonus of up to $200,000 for the year ending June 30, 2019 based upon achievement
of the following objectives:

     

     

    

 

(1)       Execute
contracts for two (2) customers with the Company;

(2)       Design
Amesite platform;

(3)       Design
courses for the platform;

(4)       Launch
Amesite platform; and

(5)       Launch
(2) courses.

The determination of achievement of each
of these objectives shall be made by the Board of Directors and the bonus for each objective shall be paid no later than 2 weeks
from the board meeting that recognizes the completion of each objective on a case by case basis, but in no event later than April
15, 2019. For following fiscal years, Executive shall be entitled to bonus compensation in an amount up to 100% of her Base Salary
if Executive meets or exceeds bonus milestones established by the Board in consultation with Executive. For following fiscal years,
Executive shall be entitled to a cash bonus of up to 100% for mutually agreed upon milestones established with the Board; and mutually
agreed upon commission (i.e., 5%) for any and all revenue generated by efforts of the CEO for Company subject to mutually agreed
upon financials of Company.

c.   
Benefits. Executive shall be eligible to participate in the benefits made generally available by the Company to similarly-situated
employees, in accordance with the benefit plans established by the Company, and as may be amended from time to time in the Company’s
sole discretion, provided, that life insurance shall be included.

d.   
Stock Options. Executive will be eligible to participate in the Amesite Equity Incentive Plan (the “Plan”),
subject to the discretion and approval of the Board. Any options or other equity incentives shall vest in accordance with the Plan
and any related award agreements (collectively with the Plan, the “Award Documents”); provided, however, that any issued
awards shall fully vest upon a change in control (as defined under the Award Documents).

e.   
Paid Time Off. Executive shall be entitled to receive paid time off in accordance with the policies of the Company
in effect from time to time.

f.    
Equipment. The Company shall provide to Executive, or reimburse the Executive for the cost of, a cellular smartphone,
laptop computer and any other equipment reasonably necessary for Executive to perform the duties and responsibilities under this
Agreement.

g.   
Expenses.  The Company shall reimburse Executive for reasonable business expenses incurred in the performance of
Executive’s duties hereunder in accordance with the Company’s expense reimbursement policies in existence from time
to time.

     

     

    

 

		3.	At-Will Employment; Termination By Company

a.   
At-Will Termination by Company. Executive’s employment with the Company shall be “at-will” at all
times. The Company may terminate Executive’s employment with the Company at any time, upon thirty (30) days prior written
notice, for any reason or no reason at all, notwithstanding anything to the contrary contained in or arising from any statements,
policies or practices of the Company relating to the employment, discipline or termination of its employees. Upon and after such
termination, all obligations of the Company under this Agreement shall cease, except as otherwise provided herein.

b.   
Severance. Except in situations where the employment of Executive is terminated For Cause or by death, in the event
that the Company terminates Executive’s employment at any time, Executive will receive (i) an amount equal to twelve (12)
months of the Executive’s then-current Base Salary, payable in the form of salary continuation (“Severance” and
such period, the “Severance Period”) and (ii) if Executive timely elects COBRA continuation coverage, the Company will
pay the cost of continuation coverage for Executive and her eligible family members under the Company’s group health plan
until the earlier of (A) the end of the Severance Period, and (B) the date Executive become covered under another employer’s
group health plan. Executive’s eligibility for Severance is conditioned on Executive having first signed a release agreement
in the form attached as Exhibit A. Executive shall not be entitled to any Severance if Executive’s employment is terminated
For Cause or by death or if Executive’s employment is terminated by Executive without Good Reason (as defined in Section 5.b.
below).

		4.	Other Terminations By Company

a.   
Termination for Cause. For purposes of this Agreement, “For Cause” shall mean: (i) Executive is convicted
of or pleads no contest to a felony crime involving fraud, theft or embezzlement agaist the Company; (ii) Executive willfully engages
in conduct that is in bad faith and materially injurious to the Company, including but not limited to, misappropriation of trade
secrets, fraud or embezzlement; (iii) Executive commits a material breach of this Agreement, which breach is not cured within twenty
days after written notice to Executive from the Company; (iv) Executive willfully refuses to implement or follow a lawful policy
or directive of the Company, which breach is not cured within twenty days after written notice to Executive from the Company; or
(v) Executive engages in misfeasance or malfeasance demonstrated by a documented pattern of failure to perform job duties diligently
and professionally, provided that Executive receives written notice of such failures and first receives a corrective plan of action
pescribing an opportunity to cure such performance issues. The Company may terminate Executive’s employment For Cause at
any time, without any advance notice. The Company shall pay Executive all compensation to which Executive is entitled up through
the date of termination, subject to any other rights or remedies of the Company under law; and thereafter all obligations of the
Company under this Agreement shall cease.

     

     

    

 

b.   
By Death. Executive’s employment shall terminate automatically upon Executive’s death. The Company shall
pay to Executive’s beneficiaries or estate, as appropriate, any compensation then due and owing. Thereafter all obligations
of the Company under this Agreement shall cease. Nothing in this Section shall affect any entitlement of Executive’s heirs
or devisees to the benefits of any life insurance plan or other applicable benefits.

c.   
By Disability. If Executive becomes eligible for the Company’s long term disability benefits or if Executive
is unable to carry out the responsibilities and functions of the position held by Executive by reason of any physical or mental
impairment for more than ninety consecutive days or more than one hundred and twenty days in any twelve-month period, then, to
the extent permitted by law, the Company may terminate Executive’s employment. The Company shall pay to Executive all compensation
to which Executive is entitled up through the date of termination, and thereafter all obligations of the Company under this Agreement
shall cease, subject to the Severance obligations set forth in Section 3.b. above. Nothing in this Section shall affect Executive’s
rights under any disability plan in which Executive is a participant.

		5.	Termination By Executive

a.   
At-Will Termination by Executive. Executive may terminate employment with the Company at any time for any reason
or no reason at all, upon two weeks’ advance written notice. During such notice period Executive shall continue to diligently
perform all of Executive’s duties hereunder. The Company shall have the option, in its sole discretion, to make Executive’s
termination effective at any time prior to the end of such notice period as long as the Company pays Executive all compensation
to which Executive is entitled up through the last day of the two week notice period. Thereafter all obligations of the Company
shall cease.

b.   
Termination for Good Reason After Change of Control. Executive’s termination shall be for “Good Reason”
if Executive provides written notice to the Company of the Good Reason within thirty days of the event constituting Good Reason
and provides the Company with a period of twenty days to cure the event constituting Good Reason and the Company fails to cure
the Good Reason within that period. For purposes of this Agreement, “Good Reason” shall mean any of the following events
if the event is effected by the Company without the consent of Executive: (A) a change in Executive’s position with
the Company which materially reduces Executive's level of responsibility; (B) a material reduction in Executive’s Base Salary,
except for reductions that are comparable to reductions generally applicable to similarly situated executives of the Company; or
(C) a relocation of Executive’s principal place of employment by more than fifty miles. In any such event, Executive may
terminate her employment for Good Reason, in which case Executive will receive (i) an amount equal to twelve (12) months of the
Executive’s then-current Base Salary, payable in the form of salary continuation (“Good Reason Severance” and
such period, the “Good Reason Severance Period”) and (ii) if Executive timely elects COBRA continuation coverage, the
Company will pay the cost of continuation coverage for Executive and her eligible family members under the Company’s group
health plan until the earlier of (A) the end of the Good Reason Severance Period, and (B) the date Executive become covered under
another employer’s group health plan. Executive’s eligibility for Good Reason Severance is conditioned on Executive
having first signed a release agreement in the form attached as Exhibit A. Thereafter all obligations of the Company or its successor
under this Agreement shall cease.

 

     

     

    

 

		6.	Termination Obligations

a.   
Return of Property. Executive agrees that all property (including without limitation all equipment, tangible proprietary
information, documents, records, notes, contracts and computer-generated materials) furnished to or created or prepared by Executive
incident to Executive’s employment belongs to the Company and shall be promptly returned to the Company upon termination
of Executive’s employment.

b.   
Resignation and Cooperation. Upon termination of Executive’s employment, Executive shall be deemed to have
resigned from all offices and directorships then held with the Company. Following any termination of employment, Executive shall
cooperate with the Company in the winding up of pending work on behalf of the Company and the orderly transfer of work to other
employees. Executive shall also cooperate with the Company in the defense of any action brought by any third party against the
Company that relates to Executive’s employment by the Company.

c.   
Continuing Obligations. Executive understands and agrees that Executive’s obligations under Sections 6, 7,
and 8 herein (including Exhibits B and C) shall survive the termination of Executive’s employment for any reason and the
termination of this Agreement.

		7.	Inventions and Proprietary Information; Prohibition on Third Party Information

a.   
Proprietary Information Agreement. Executive agrees to sign and be bound by the terms of the Company’s At-Will
Employment, Confidentiality Information, Invention Assignment and Arbitration Agreement, which is attached as Exhibit B (“Proprietary
Information Agreement”). To the extent any of the terms and conditions of the Proprietary Information Agreement are inconsisent
with the terms of this Agreement, the terms of this Agreement shall control.

     

     

    

 

b.   
Non-Disclosure of Third Party Information. Executive represents and warrants and covenants that Executive shall not
disclose to the Company, or use, or induce the Company to use, any proprietary information or trade secrets of others at any time,
including but not limited to any proprietary information or trade secrets of any former employer, if any; and Executive acknowledges
and agrees that any violation of this provision shall be grounds for Executive’s immediate termination and could subject
Executive to substantial civil liabilities and criminal penalties. Executive further specifically and expressly acknowledges that
no officer or other employee or representative of the Company has requested or instructed Executive to disclose or use any such
third party proprietary information or trade secrets.

		8.	Arbitration

Executive agrees to be bound by the terms of the arbitration
provisions in the Proprietary Information Agreement.

		9.	Amendments; Waivers; Remedies

This Agreement may not be amended or waived except by a writing
signed by Executive and by a duly authorized representative of the Company other than Executive. Failure to exercise any right
under this Agreement shall not constitute a waiver of such right. Any waiver of any breach of this Agreement shall not operate
as a waiver of any subsequent breaches. All rights or remedies specified for a party herein shall be cumulative and in addition
to all other rights and remedies of the party hereunder or under applicable law.

		10.	Assignment; Binding Effect

a.   
Assignment. The performance of Executive is personal hereunder, and Executive agrees that Executive shall have no
right to assign and shall not assign or purport to assign any rights or obligations under this Agreement. This Agreement may be
assigned or transferred by the Company; and nothing in this Agreement shall prevent the consolidation, merger or sale of the Company
or a sale of any or all or substantially all of its assets.

b.   
Binding Effect. Subject to the foregoing restriction on assignment by Executive, this Agreement shall inure to the
benefit of and be binding upon each of the parties; the affiliates, officers, directors, agents, successors and assigns of the
Company; and the heirs, devisees, spouses, legal representatives and successors of Executive.

		11.	Notices

All notices or other communications required or permitted hereunder
shall be made in writing and shall be deemed to have been duly given if delivered: (a) by hand; (b) by a nationally recognized
overnight courier service; or (c) by United States first class registered or certified mail, return receipt requested, to the principal
address of the other party, as set forth below. The date of notice shall be deemed to be the earlier of (i) actual receipt of notice
by any permitted means, or (ii) five business days following dispatch by overnight delivery service or the United States Mail.
Executive shall be obligated to notify the Company in writing of any change in Executive’s address. Notice of change of address
shall be effective only when done in accordance with this paragraph.

     

     

    

 

Company’s Notice Address:

205 E. Washington St., Suite B

Ann Arbor, MI 48104

 

 

Executive’s Notice Address:

*************

 

		12.	Severability

If any provision of this Agreement shall be held by a court
or arbitrator to be invalid, unenforceable, or void, such provision shall be enforced to the fullest extent permitted by law, and
the remainder of this Agreement shall remain in full force and effect. In the event that the time period or scope of any provision
is declared by a court or arbitrator of competent jurisdiction to exceed the maximum time period or scope that such court or arbitrator
deems enforceable, then such court or arbitrator shall reduce the time period or scope to the maximum time period or scope permitted
by law.

		13.	Taxes

All amounts paid under this Agreement (including without limitation
Base Salary and Severance) shall be paid less all applicable state and federal tax withholdings and any other withholdings required
by any applicable jurisdiction or authorized by Executive. Notwithstanding any other provision of this Agreement whatsoever, the
Company, in its sole discretion, shall have the right to provide for the application and effects of Section 409A of the Code (relating
to deferred compensation arrangements) and any related administrative guidance issued by the Internal Revenue Service. The Company
shall have the authority to delay the payment of any amounts under this Agreement to the extent it deems necessary or appropriate
to comply with Section 409A(a)(2)(B)(i) of the Code (relating to payments made to certain “key employees” of publicly-traded
companies); in such event, the payment(s) at issue may not be made before the date which is six (6) months after the date of Executive’s
separation from service, or, if earlier, the date of death.

 

     

     

    

 

		14.	Governing Law AND VENUE

This Agreement is deemed to have been executed in the State
of Michigan and shall be construed and enforced in accordance with the laws of the State of Michigan, without regard to its conflict
of laws principles. The parties consent to the exclusive jurisdiction of the courts in the State of Michigan, County of Washtenaw,
or, if jurisdiction is proper, in the United States District Court for the Eastern District of Michigan and agree that any proceeding
in connection with any claim or dispute relating to this Agreement shall be conducted in such courts, and waive any defense of
lack of personal jurisdiction or improper or inconvenient venue.

		15.	Interpretation

This Agreement shall be construed as a whole, according to
its fair meaning, and not in favor of or against any party. Sections and section headings contained in this Agreement are for reference
purposes only, and shall not affect in any manner the meaning or interpretation of this Agreement. Whenever the context requires,
references to the singular shall include the plural and the plural the singular.

		16.	Counterparts

This Agreement may be executed in any number of counterparts,
each of which shall be deemed an original of this Agreement, but all of which together shall constitute one and the same instrument.

		17.	Authority

Each party represents and warrants that such party has the
right, power and authority to enter into and execute this Agreement and to perform and discharge all of the obligations hereunder;
and that this Agreement constitutes the valid and legally binding agreement and obligation of such party and is enforceable in
accordance with its terms.

		18.	Entire Agreement

This Agreement is intended to be the final, complete, and exclusive
statement of the terms of Executive’s employment by the Company and may not be contradicted by evidence of any prior or contemporaneous
statements or agreements. The terms related to intellectual property are set forth in the Proprietary Information Agreement but
as provided in Section 7.A the terms of this Agreement shall control in the event of any inconsistency. To the extent that the
practices, policies or procedures of the Company, now or in the future, apply to Executive and are inconsistent with the terms
of this Agreement, the provisions of this Agreement shall control. Any subsequent change in Executive’s duties, position,
or compensation will not affect the validity or scope of this Agreement.

 

     

     

    

 

		19.	Executive AcknowledgEment

EXECUTIVE ACKNOWLEDGES EXECUTIVE HAS HAD THE OPPORTUNITY
TO CONSULT LEGAL COUNSEL CONCERNING THIS AGREEMENT, THAT EXECUTIVE HAS READ AND UNDERSTANDS THE AGREEMENT, THAT EXECUTIVE IS FULLY
AWARE OF ITS LEGAL EFFECT, AND THAT EXECUTIVE HAS ENTERED INTO IT FREELY BASED ON EXECUTIVE’S OWN JUDGMENT AND NOT ON ANY
REPRESENTATIONS OR PROMISES OTHER THAN THOSE CONTAINED IN THIS AGREEMENT.

In
Witness Whereof, the parties have duly executed this Agreement as of the date first written above.

 

 

	[Company]:	[Executive]:
	 	 
	 	 
	By: /s/ Richard Ogawa                          
    	/s/ Ann Marie Sastry                       
	Name	 
	 	 
	Title: Member of the Board of DirectorsExhibit 10.12

 

EXECUTIVE AGREEMENT

 

This Executive Agreement
(the “Agreement”) is made and entered into effective as of June 1, 2020 (the “Effective Date”),
by and between Ann Marie Sastry (the “Executive”) and Amesite, Inc., a Delaware corporation (the “Company”).

 

R E C I T A L S

 

A.       WHEREAS,
the Company wishes to retain Executive as its Chief Executive Officer; and

 

B.       WHEREAS,
in order to provide Executive with the financial security and sufficient encouragement to become retained by the Company, the Board
of Directors of the Company (the “Board”) believes that it is in the best interests of the Company to provide
Executive with certain engagement terms and severance benefits as set forth herein.

 

AGREEMENT

 

In consideration of the
mutual covenants herein contained and the engagement of Executive by the Company, the parties agree as follows:

 

1.       Definition
of Terms. The following terms referred to in this Agreement shall have the following meanings:

 

(a)       “Cause”
shall mean any of the following: (i) the commission of an act of fraud, embezzlement or material dishonesty which is intended
to result in substantial personal enrichment of Executive in connection with Executive’s engagement with the Company; (ii) Executive’s
conviction of, or plea of nolo contendere, to a crime constituting a felony (other than traffic-related offenses);
(iii) Executive’s willful misconduct that is materially injurious to the Company; (iv) a material breach of Executive’s
nondisclosure and assignment of invention agreement that is materially injurious to the Company; or (v) Executive’s
(1) material failure to perform her duties as an officer of the Company, and (2) failure to “cure” any such
failure within thirty (30) days after receipt of written notice from the Company delineating the specific acts that constituted
such material failure and the specific actions necessary, if any, to “cure” such failure.

 

(b)       “Change
of Control” shall mean the occurrence of any of the following events:

 

(i)       the
date on which any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”)) obtains “beneficial ownership” (as defined in Rule 13d-3
of the Exchange Act) or a pecuniary interest in fifty percent (50%) or more of the combined voting power of the Company’s
then outstanding securities (“Voting Stock”);

 

(ii)       the
consummation of a merger, consolidation, reorganization, or similar transaction involving the Company, other than a transaction:
(1) in which substantially all of the holders of the Voting Stock immediately prior to such transaction hold or receive directly
or indirectly fifty percent (50%) or more of the voting stock of the resulting entity or a parent company thereof, in substantially
the same proportions as their ownership of the Company immediately prior to the transaction; or (2) in which the holders of
the Company’s capital stock immediately before such transaction will, immediately after such transaction, hold as a group
on a fully diluted basis the ability to elect at least a majority of the authorized directors of the surviving entity (or a parent
company); or

 

(iii)       there
is consummated a sale, lease, license or disposition of all or substantially all of the consolidated assets of the Company and
its subsidiaries, other than a sale, lease, license or disposition of all or substantially all of the consolidated assets of the
Company and its subsidiaries to an entity, fifty percent (50%) or more of the combined voting power of the voting securities of
which are owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately
prior to such sale, lease, license or disposition.

 

    

     

    

 

(c)       “Disability”
means a physical or mental disability, which prevents Executive from performing Executive’s duties under this Agreement for
a period of at least 120 consecutive days in any twelve month period or 150 non consecutive days in any twelve month period.

 

(d)       “Good
Reason” shall mean without Executive’s express written consent any of the following: (i) a significant reduction
of Executive’s duties, position or responsibilities relative to Executive’s duties, position or responsibilities as
measured either immediately prior to such reduction or taking into consideration any overall reduction occurring during any period
of twelve (12) consecutive calendar months, or the removal of Executive from such position, duties or responsibilities; (ii) a
material change in Executive’s upward reporting responsibilities; (iii) a reduction of Executive’s compensation
as in effect immediately prior to such reduction; (iv) the relocation of Executive to a facility or a location more than twenty-five
(25) miles from the Executive’s then current primary residence; (v) a material breach by the Company of this Agreement
or any other agreement with Executive that is not corrected within fifteen (15) days after written notice from Executive (or such
earlier date that the Company has notice of such material breach); or (vi) the failure of the Company to obtain the written
assumption of this Agreement by any successor contemplated in Section 11 below.

 

2.       Duties
and Scope of Position. During the Engagement Term (as defined below), Executive will serve as Chief Executive Officer of the
Company, reporting directly to the Board of Directors (without the interposition of another individual or committee), and assuming
and discharging such responsibilities as are commensurate with Executive’s position. During the Engagement Term, Executive
will provide services in a manner that will faithfully and diligently further the business of the Company and will devote a substantial
portion of Executive’s business time, attention and energy thereto. Notwithstanding the foregoing, nothing in this Agreement
shall restrict Executive from managing her investments, engaging in or undertaking other business affairs and other matters or
serving on civic or charitable boards or committees, provided that no such activities unduly interfere with the performance of
her obligations under this Agreement, provided that Executive shall honor the non-competition and non-solicitation terms as per
Section 14 below. During the Engagement Term, Executive agrees to disclose to the Company those other companies of which she
is a member of the Board of Directors, an executive officer, or a consultant.

 

3.       Term.
The term of Executive’s engagement under this Agreement shall commence as of the date above (the “Effective Date”)
and shall continue for a period of three (3) years, unless earlier terminated in accordance with Section 8 hereof. The
term of Executive’s engagement shall be automatically renewed for successive one (1) year periods until the Executive
or the Company delivers to the other party a written notice of their intent not to renew the “Engagement Term,” such
written notice to be delivered at least sixty (60) days prior to the expiration of the then-effective “Engagement Term”
as that term is defined below. The period commencing as of the Effective Date and ending three (3) years from the Effective
Date or such later date to which the term of Executive’s engagement under the Agreement shall have been extended is referred
to herein as the “Engagement Term” and the end of the Engagement Term is referred to herein as the “Expiration
Date.”

 

4.       Base
Compensation. Initially, the Company shall pay to Executive a base compensation (the “Base Compensation”)
of $350,000 per year (prorated for any partial year), payable in equal semi-monthly installments, which Base Compensation shall
be increased to $550,000 per year upon completion of an initial public offering of the Company’s securities. In addition,
each year during the term of this Agreement, Executive shall be reviewed for purposes of determining the appropriateness of increasing
her Base Compensation hereunder. For purposes of the Agreement, the term “Base Compensation” as of any point
in time shall refer to the Base Compensation as adjusted pursuant to this Section 4.

 

5.       Target
Bonus. In addition to her Base Compensation, Executive shall be given the opportunity to earn an annual bonus (the “Bonus”)
of up to $300,000. The Bonus shall be earned by Executive upon the Company’s achievement of performance milestones for a
fiscal year (in each case, the “Target Year”) to be mutually agreed upon by the Executive and the Board or its
compensation committee. Such performance milestones shall be established by the last day of the first month of the Target Year.
The Bonus shall be paid by the fifteenth day of the second month of the fiscal year immediately following the Target Year. In the
event Executive is retained by the Company for less than the full Target Year for which a Bonus is earned pursuant to this Section 5,
Executive shall be entitled to receive a pro-rated Bonus for such Target Year based on the number of days Executive was retained
by the Company during such Target Year divided by 365. The determinations of the Board or its compensation committee with respect
to Bonuses will be final and binding.

 

    -2-

     

    

 

6.       Stock
Option Grants.  525,000 qualified stock options (the “Initial Options”) shall be granted to Executive under
SEC rule 701 and pursuant to the Company’s stock option plan upon commencement of the Engagement Term. In addition,
additional qualified stock options (the “Additional Options”; and together with the Initial Options, the “Options”)
shall be granted to Executive for each successive year of the Engagement Term, based upon a 100% equity equivalent of Base Compensation.
For purposes of clarity, the term “100% equity equivalent of Base Compensation” shall be calculated as follows: if
the Base salary for a given successive year is $550,000 and the fair market value per share on the date of grant is $10.00 per
share, then Executive will be granted 55,000 options exercisable at $10.00 per share for such successive year. Such Options will
have an exercise price equal to fair market value per share on the date of grant and will vest annually in equal amounts over a
period of two (2) years, with 50% shares vesting on the one-year anniversary of the date of grant and the remaining 50% shares
vesting on the two-year anniversary of the date of grant. The option agreements will include (i) a Change of Control provision
whereby as of immediately prior to a Change of Control of the Company, all of the stock options will vest and become fully exercisable
and (ii) a termination provision whereby in the event Executive’s engagement is terminated voluntarily without Good
Reason by the Employee or for Cause by the Company, the unvested stock options will expire forthwith but (iii) if such engagement
is terminated for any other reason (except death or Disability), the options may not be exercised at any time later than six (6) months
after such termination of Executive’s engagement. If Executive’s engagement is terminated by death or Disability, the
Options may be exercised within a period of one (1) year after such termination.

 

7.       Benefits. Executive
shall participate in all employee welfare and benefit plans and shall receive such other fringe benefits as the Company offers
to its senior executives and directors. Until such time that the Company implements an employee health insurance plan, the Company
agrees to reimburse Executive for all COBRA payments she makes to maintain health insurance coverage for herself and her family.

 

8.       Termination.

 

(a)       Termination
by the Company. Subject to the obligations of the Company set forth in Section 9, the Company may terminate Executive’s
engagement at any time and for any reason (or no reason), and with or without Cause, and without prejudice to any other right or
remedy to which the Company or Executive may be entitled at law or in equity or under this Agreement. Notwithstanding the foregoing,
in the event the Company desires to terminate the Executive’s engagement without Cause, the Company shall give the Executive
not less than sixty (60) days advance written notice. Executive’s engagement shall terminate automatically in the event of
her death.

 

(b)       Termination
by Executive. Executive may voluntarily terminate the Engagement Term upon sixty (60) days’ prior written notice for
any reason or no reason. Executive may terminate the engagement for Good Reason without notice.

 

(c)       Termination
for Death or Disability. Subject to the obligations of the Company set forth in Section 9, Executive’s engagement
shall terminate automatically upon her death. Subject to the obligations of the Company set forth in Section 9, in the event
Executive is unable to perform her duties as a result of Disability during the Engagement Term, the Company shall have the right
to terminate the engagement of Executive by providing written notice of the effective date of such termination.

 

9.       Payments
Upon Termination of Engagement.

 

(a)       Termination
for Cause, Death or Disability or Termination by Executive. In the event that Executive’s engagement hereunder is terminated
during the Engagement Term by the Company for Cause pursuant to Section 8(a), as a result of Executive’s death or Disability
pursuant to Section 8(c), or voluntarily without Good Reason by Executive, the Company shall compensate Executive (or in the
case of death, Executive’s estate) as follows: on the date of termination the Company shall pay to the Executive, if the
Executive or her legal representative instructs the Company in writing, a lump sum amount equal to (i) any portion of unpaid
Base Compensation then due for periods prior to the effective date of termination; (ii) any Bonus and/or Realization Bonus
earned and not yet paid through the date of termination; and (iii) within 2-1/2 months following submission of proper expense
reports by Executive or Executive’s estate, all expenses reasonably and necessarily incurred by Executive in connection with
the business of the Company prior to the date of termination.

 

    -3-

     

    

 

(b)       Termination
by Company Without Cause or by Executive For Good Reason. In the event that Executive’s engagement is terminated during
the Engagement Term by the Company without Cause pursuant to Section 8(a) or by Executive for Good Reason pursuant to
Section 8(b), the Company shall compensate Executive, as follows:

 

(i)       on
the date of termination, the Company shall pay to the Executive, if the Executive instructs the Company in writing, a lump sum
amount equal to (A) any portion of unpaid Base Compensation then due for periods prior to the effective date of termination;
(B) any Bonus earned and not yet paid through the date of termination; and (C) within 2-1/2 months following submission
of proper expense reports by Executive, all expenses reasonably and necessarily incurred by Executive in connection with the business
of the Company prior to the date of termination; and, provided that Executive executes a written release, substantially in the
form attached hereto as Exhibit “A”, of any and all claims against the Company and all related parties
with respect to all matters arising out of Executive’s engagement by the Company, the Company shall pay to the Executive
the Base Compensation and reimburse Executive’s payment of COBRA premiums for twelve (12) months from the date of termination.
In the event Executive’s engagement is terminated without Cause or for Good Reason and a Change of Control of the Company
occurs within six (6) months of such termination, Executive also shall be entitled to the severance benefits set forth under
Section 9(c).

 

(c)       Termination
in the Context of a Change of Control. Notwithstanding anything in Section 9(a) or 9(b) to the contrary,
in the event of Executive’s termination of engagement with the Company either (i) by the Company without Cause or Executive
for Good Reason at any time within six (6) months prior to the consummation of a Change of Control if, prior to or as of such
termination, a Change of Control transaction was Pending (as defined in Section 9(d) below) at any time during such six
(6)-month period, (ii) by Executive for Good Reason at any time within twelve (12) months after the consummation of a Change
of Control, or (iii) by the Company without Cause at any time within twelve (12) months after the consummation of a Change
of Control, then, Executive shall be entitled to the following payments and other benefits:

 

(i)       on
the date of termination (except as specified in clause (C)), the Company shall pay to the Executive, if the Executive instructs
the Company in writing, a lump sum amount equal to (A) any portion of unpaid Base Compensation then due for periods prior
to the effective date of termination; (B) any Bonus earned and not yet paid through the date of termination; and (C) within
2-1/2 months following submission of proper expense reports by Executive, all expenses reasonably and necessarily incurred by Executive
in connection with the business of the Company prior to the date of termination;

 

(ii)       on
the date of termination the Company shall pay to the Executive, if the Executive instructs the Company in writing, a lump sum amount
equal to twelve (12) months of Executive’s Base Compensation then in effect as of the day of termination and reimburse Executive
for the COBRA premiums she pays to maintain health insurance coverage for twelve (12) months following the date of termination;

 

(iii)       notwithstanding
any provision of any stock incentive plan, stock option agreement, realization bonus, restricted stock agreement or other agreement
relating to capital stock of the Company, all of the shares that are then unvested shall immediately vest and, with respect to
all options, warrants and other convertible securities of the Company beneficially held by Executive, become fully exercisable
for (A) a period of six months following the date of termination only if at the time of such termination there is a Change
of Control transaction Pending (as defined in Section 9(d) below) or (B) if clause (A) does not apply, then
such period of time set forth in the agreement evidencing the security; and

 

(iv)       Severance
benefits under this Section 9(c) and Section 9(b) above shall be mutually exclusive and severance under one
such section shall prohibit severance under the other.

 

(d)       Definition
of “Pending.” For purposes of Section 9(c), a Change of Control transaction shall be deemed to be “Pending”
each time any of the following circumstances exist: (A) the Company and a third party have entered into a confidentiality
agreement that has been signed by a duly-authorized officer of the Company and that is related to a potential Change of Control
transaction; or (B) the Company has received a written expression of interest from a third party, including a binding or non-binding
term sheet or letter of intent, related to a potential Change of Control transaction.

 

    -4-

     

    

 

(e)       If
Executive’s employment terminates for any reason, Executive shall have no obligation to seek other employment and there shall
be no setoff against amounts due to her under this Agreement for income or benefits from any subsequent employment.

 

10.       Indemnification.
The Company agrees to indemnify and hold harmless Executive, to the fullest extent permitted by the laws of the State of Delaware
and applicable federal law in effect on the date hereof, or as such laws may be amended to increase the scope of such permitted
indemnification, against any and all Losses if Executive was or is or becomes a party to or participant in, or is threatened to
be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including, without
limitation, Claims brought by or in the right of the Company, Claims brought by third parties, and Claims in which Executive is
solely a witness. For purposes of this section, “Claim” means any proceeding, threatened or contemplated civil, criminal,
administrative or arbitration action, suit or proceeding and any appeal therein and any inquiry or investigation which could lead
to such action, suit or proceeding. “Indemnifiable Event” means any event or occurrence, whether occurring before,
on or after the effective date of this Agreement, related to the fact that Executive was, or Executive was acting in her capacity
as, a director, officer, employee or agent of the Company or by reason of an action or inaction by Company or by Executive in any
such capacity whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided
under this Agreement. “Losses” means any and all damages, losses, liabilities, judgments, fines, penalties (whether
civil, criminal or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, reasonable
expenses, including attorney’s fees, experts’ fees, court costs, transcript costs, travel expenses, printing, duplication
and binding costs, and telephone charges, and all other charges paid or payable in connection with investigating, defending, being
a witness in or participating (including on appeal), or preparing to defend, be a witness or participate in, any Claim. The Company
further agrees to maintain a directors and officers liability insurance policy covering Executive in an amount, and on terms no
less favorable to her than the coverage the Company provides other senior executives and directors. The Executive’s rights
under this Section shall not be exclusive of any other rights which the Executive may have or hereafter acquire under applicable
law or due to authorization of the Company’s Board of Directors.

 

11.       Successors.
Any successor to the Company (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or
otherwise) to all or substantially all of the Company’s business and/or assets or otherwise pursuant to a Change of Control
shall assume the Company’s obligations under this Agreement and agree expressly in writing to perform the Company’s
obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations
in the absence of a succession. For all purposes under this Agreement, the term “Company” shall include any successor
to the Company’s business and/or assets (including any parent company to the Company), whether or not in connection with
a Change of Control, which becomes bound by the terms of this Agreement by operation of law or otherwise.

 

12.       Notices.
Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given
when personally delivered (if to the Company, addressed to its Secretary at the Company’s principal place of business on
a non-holiday weekday between the hours of 9 a.m. and 5 p.m.; if to Executive, via personal service to her last known residence)
or three business days following the date it is mailed by U.S. registered or certified mail, return receipt requested and postage
prepaid.

 

13.       Confidential
Information.                 Executive
recognizes and acknowledges that by reason of Executive’s engagement by and service to the Company before, during and, if
applicable, after the Engagement Term, Executive will have access to certain confidential and proprietary information relating
to the Company’s business, which may include, but is not limited to, trade secrets, trade “know-how,” product
development techniques and plans, formulas, customer lists and addresses, financing services, funding programs, cost and pricing
information, marketing and sales techniques, strategy and programs, computer programs and software and financial information (collectively
referred to herein as “Confidential  Information”). Executive acknowledges that such Confidential Information
is a valuable and unique asset of the Company and Executive covenants that she will not, unless expressly authorized in writing
by the Company, at any time during the course of Executive’s engagement use any Confidential Information or divulge or disclose
any Confidential Information to any person, firm or corporation except in connection with the performance of Executive’s
duties for and on behalf of the Company and in a manner consistent with the Company’s policies regarding Confidential Information.
Executive also covenants that at any time after the termination of such engagement, directly or indirectly, she will not use any
Confidential Information or divulge or disclose any Confidential Information to any person, firm or corporation, unless such information
is in the public domain through no fault of Executive or except when required to do so by a court of law, by any governmental agency
having supervisory authority over the business of the Company or by any administrative or legislative body (including a committee
thereof) with apparent jurisdiction to order Executive to divulge, disclose or make accessible such information. All written Confidential
Information (including, without limitation, in any computer or other electronic format) which comes into Executive’s possession
during the course of Executive’s engagement shall remain the property of the Company. Unless expressly authorized in writing
by the Company, Executive shall not remove any written Confidential Information from the Company’s premises, except in connection
with the performance of Executive’s duties for and on behalf of the Company and in a manner consistent with the Company’s
policies regarding Confidential Information. Upon the termination of Executive’s engagement (or at such earlier time as the
Company may request me to do so), Executive will promptly deliver the same, in her possession, custody or control, to the Company
or to any party designated by it, without retaining any copies, notes or excerpts thereof; provided, however, that that Executive
may retain documents and information (including but not limited to contact information of third parties) in any computer or other
electronic format in her possession that fall outside the scope of the business of the Company or any of the products or services
being developed, manufactured or sold by the Company; provided, however, that Executive shall not be entitled to use any such retained
documents and information in any manner that breaches the otherwise applicable restrictions and terms of this Agreement. Executive
agrees to render to the Company, or to any party designated by it, such reports of the activities undertaken by her or conducted
under her direction during her engagement as the Company may request. To the extent any of the terms and conditions of the Nondisclosure
and Assignment of Inventions Agreement are inconsistent with the terms of this provision, the terms of this provision shall control.

 

    -5-

     

    

 

14.       Non-Competition;
Non-Solicitation.

 

(a)       Non-Compete.
The Executive hereby covenants and agrees that during the Engagement Term and for a period of one year following the Expiration
Date, the Executive will not, without the prior written consent of the Company, directly or indirectly, on her own behalf or in
the service or on behalf of others, whether or not for compensation, engage in any business activity, or have any interest in any
person, firm, corporation or business, through a subsidiary or parent entity or other entity (whether as a shareholder, agent,
joint venturer, security holder, trustee, partner, Executive, creditor lending credit or money for the purpose of establishing
or operating any such business, partner or otherwise) with any Competing Business in the Covered Area. For the purpose of this
Section 14(a), (i) “Competing Business” means any software-as-a-service or platform-as-a-service technology
which delivers learning modules to educational institutions or businesses as of the Expiration Date and (ii) “Covered
Area” means all geographical areas of the United States and other foreign jurisdictions where Company then has offices
and/or sells its products directly or indirectly through distributors and/or other sales agents. Notwithstanding the foregoing,
(A) the Executive may own shares of companies whose securities are publicly traded, so long as ownership of such securities does
not constitute more than five percent (5%) of the outstanding securities of any such company, and (B) the Executive shall have
the right during and after the Engagement Term to disclose to the Board any services which Executive is providing to third parties,
or any relationship which Executive is establishing with third parties, and to the extent such disclosed services and/or relationship
are approved by the Board, such approved matters shall thereafter be considered permissible under this Agreement and outside the
scope of Employee’s restrictions under this Section 14(a).

 

(b)       Non-Solicitation.
The Executive further agrees that during the Engagement Term and for a period of one (1) year from the Expiration Date, the
Executive will not divert any business of the Company and/or its affiliates or any customers or suppliers of the Company and/or
the Company’s and/or its affiliates’ business to any other person, entity or competitor, or induce or attempt to induce,
directly or indirectly, any person to leave her or her employment with the Company and/or its affiliates; provided, however, that
the foregoing provisions shall not apply to a general advertisement or solicitation program that is not specifically targeted at
such employees.

 

(c)       Remedies.
The Executive acknowledges and agrees that her obligations provided herein are necessary and reasonable in order to protect the
Company and its affiliates and their respective business and the Executive expressly agrees that monetary damages would be inadequate
to compensate the Company and/or its affiliates for any breach by the Executive of her covenants and agreements set forth herein.
Accordingly, the Executive agrees and acknowledges that any such violation or threatened violation of this Section 14 will
cause irreparable injury to the Company and that, in addition to any other remedies that may be available, in law, in equity or
otherwise, the Company and its affiliates shall be entitled to obtain injunctive relief against the threatened breach of this Section 14
or the continuation of any such breach by the Executive without the necessity of proving actual damages.

 

    -6-

     

    

 

15.       Engagement
Relationship. Executive’s engagement with the Company will be “at will,” meaning that either Executive or
the Company may terminate Executive’s engagement at any time and for any reason, with or without Cause or Good Reason. 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 duties, title, 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
engagement may only be changed in an express written agreement signed by Executive and a duly authorized officer of the Company
(other than Executive).

 

16.       Miscellaneous
Provisions.

 

(a)       Modifications;
No Waiver. No provision of this Agreement may be modified, waived or discharged unless the modification, waiver or discharge
is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by
either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be
considered a waiver of any other condition or provision or of the same condition or provision at another time.

 

(b)       Entire
Agreement. This Agreement supersedes all prior agreements and understandings between the parties, oral or written. No modification,
termination or attempted waiver shall be valid unless in writing, signed by the party against whom such modification, termination
or waiver is sought to be enforced.

 

(c)       Choice
of Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the internal substantive
laws, but not the conflicts of law rules, of the State of Delaware.

 

(d)       Severability.
The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability
of any other provision hereof, which shall remain in full force and effect.

 

(e)       Counterparts.
This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one party, and
may be delivered by facsimile or other electronic means, but all of which shall be deemed originals and taken together will constitute
one and the same Agreement.

 

(f)       Headings.
The headings of the Articles and Sections hereof are inserted for convenience only and shall not be deemed to constitute a part
hereof nor to affect the meaning thereof.

 

(g)       Construction
of Agreement. In the event of a conflict between the text of the Agreement and any summary, description or other information
regarding the Agreement, the text of the Agreement shall control.

 

 

[Signature Page Follows]

 

    -7-

     

    

IN WITNESS WHEREOF,
each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year
first above written.

 

	COMPANY:	Amesite Inc.
	 	 
	 	 
	 	By:	/s/ Barbie Brewer
	 	Name:	Barbie Brewer
	 	Title:	Chair, Compensation Committee
	 	 	Authorized Signatory
	 	 	 
	 	 
	 	 
	EXECUTIVE:	/s/ Ann Marie Sastry, Ph.D.
	 	ANN MARIE SASTRY, PH.D.

 

    -8-

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