Document:

ex10-4.htm

Exhibit 10.4

 

Compensation of Directors

 

Effective January 1, 2010, the board of directors of Gyrodyne Company of America, Inc. approved a change in the structure of directors compensation to a flat annual fee payable monthly. From January 1, 2010 until January 1, 2013, the annual director fee was set at $30,000, which includes attendance at board meetings and committee meetings, and the additional Chairman’s fee was set at $24,000 per year. Effective January 1, 2013, the board authorized an increase in annual director fees to $42,000 per year (which includes attendance at board meetings and committee meetings), and an increase in the Chairman’s fee to $36,000 per year for a total of $78,000 per year. Directors are entitled to be reimbursed for travel and other expenses related to company business.Exhibit 1013

		
			Exhibit 10.13
		

		
			CONSULTING AGREEMENT
		

		
			This Consulting Agreement (“Agreement”) confirms the understanding between David Schreiber (“Schreiber”) and Vermillion, Inc. (“the Company”) pursuant to which the Company has retained Schreiber to provide consulting services of the type described below (collectively, the “Services”), on the terms and subject to the conditions set forth herein, in connection with the matters referred to herein.
		

		
			1.Scope of Services and Compensation
		

		
			(a)Schreiber agrees to perform for the Company, beginning immediately upon the signing of this Agreement, the Services in relation to the Company’s evaluation and assessment of the feasibility of various business strategies and operational plans as outlined by the Company’s CEO.
		

		
			(b)Schreiber will also perform other duties from time to time as are reasonably requested by Company and agreed to by Schreiber.
		

		
			(c)During the term of this Agreement, Schreiber will be paid $375-per hour for performing the Services.  Notwithstanding the preceding sentence, Schreiber will be paid a minimum of $51,750 for aperiod from the date hereof and ending on April 1, 2016 (which represents compensation for 138 hours of Services).  Travel time will not be billed for. An additional 62 hours will be performed as a professional courtesy resulting from a previous agreement.These 62 hours will not be billed for.
		

		
			(d)The Company shall make payments for Services to Schreiber promptly upon presentation of a statement of services rendered.  Schreiber will invoice the Company on a monthly basis.
		

			
	
			
				 (e)
			The Company shall reimburse Schreiber for his reasonable out of pocket costs, including meals, travel, lodging, parking and other expenses incurred in connection with the performance of his duties under this Agreement.Travel time is not billed for.

		
			2.Period of Performance and Exclusivity
		

		
			(a)Unless otherwise extended by the parties, this Agreement shall run for an initial period of three (3) months from the date hereof (the “Initial Term”), and shall automatically renew for additional three (3) month terms unless either party  provides written notice of its intent not to renew (in each case, if any, a “Renewal Term”).  The Initial Term and any Renewal Terms shall constitute the “Term”.
		

		
			(b)During the term of this Agreement, Schreiber shall not perform Services related to the Company’s business for any person during the term of this Agreement other than the Company, or an affiliate of the Company, without the Company’s prior written consent. 
		

		
			3.Termination.
		

		
			(a)This Agreement may be terminated by either Schreiber or the Company at any time upon five (5) days prior written notice.  Upon such a termination, Schreiber shall be entitled to 
		

		 

 

		all accrued payments and reimbursement of expenses permissible under this Agreement and due to him on the date of termination.  In addition, if this Agreement is terminated by the Company before the conclusion of the Term, Schreiber shall be entitled to receive any amounts due pursuant to the minimum guaranty payment set forth in Section 1(c).
		

		
			(b)The parties acknowledge that the provisions of Sections 1, 4 and other provisions, which may be reasonably interpreted to be intended to do, so shall survive the expiration or termination of this Agreement. 
		

		
			4.Indemnification.
		

		
			The Company shall indemnify and hold harmless Schreiber from and against any and all claims, damages, losses and judgments (including reasonable attorneys’ fees and costs) arising from or related to this Agreement, except to the extent that the matter giving rise to such claim for indemnity was the result of fraud, bad faith, recklessness, willful misconduct, the commission of a felony or the gross negligence of Schreiber.
		

		
			5.Contractual Relationship
		

		
			In performing the services under this Agreement, Schreiber shall operate as, and have the status of, an independent contractor.  Schreiber shall not have authority to enter into any contract binding the Company or create any obligations on the part of the Company except as shall be specifically authorized by the Company.  The Company and Schreiber will be mutually responsible for determining methods for performing the services described in Section 1 hereof.
		

		
			6.Representatives and Notices
		

		
			All notices provided for herein shall be in writing, and may be served personally to the Fund representative or its assigns and/or a representative of Schreiber, at their respective places of business, or by registered mail to the address of each party, or may be transmitted by facsimile.
		

		
			7.Arbitration/Jurisdiction of the Court
		

		
			Any claim or controversy arising out of, or relating to, this agreement, or breach thereof, which is not settled between the signatories themselves, shall be settled by an independent arbitrator, mutually acceptable to both parties.  Jurisdiction for any legal action is stipulated by the parties to lie in the State of New York.
		

		
			8.Miscellaneous
		

		
			This Agreement constitutes the entire agreement between the Company and Schreiber relating to the provisions of the Services on and after the date of this Agreement and may not be assigned without the prior written consent of the other party.  It supersedes all prior communications, representations or agreements, whether oral or written, with respect to the subject matter hereof, and has not been induced by any representations, statements or agreements other than those expressed herein.  No agreements, hereafter made between the parties shall be binding on either party unless reduced to writing and signed by an authorized officer of the party bound.  This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.  
		

		 

 

		This Agreement shall be, in all respects, interpreted and construed, and the rights of the parties hereto governed, by the laws of the State of Connecticut without regard to its conflicts of laws provisions.
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			[Remainder of page intentionally left blank]
		

		 

 

		
		

		
			IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have caused this Consulting Agreement to be executed as of this 18th day of January, 2016.
		

		
			       Vermillion Inc.
		

		
			 
		

		
			By: /s/ Eric J. Schoen
		

		
			 
		

		
			 
		

		
			By:  Eric J. Schoen                           
		

		
			 
		

		
			Title:  Vice President of Finance and Chief Accounting Officer                          
		

		
			 
		

		
			 
		

		
			 
		

		
			/s/ David Schreiber
		

		
			                David SchreiberExhibit 10.11

 

EYEGATE PHARMACEUTICALS, INC.

 

SECOND AMENDED AND RESTATED EMPLOYMENT
AGREEMENT

 

THIS SECOND AMENDED
AND RESTATED EMPLOYMENT AGREEMENT, entered into as of February 25, 2016 (this “Agreement”), is made by and between
EyeGate Pharmaceuticals, Inc., a Delaware corporation (the “Employer”), and Stephen From (the “Employee”).

 

WHEREAS, the Employer
and the Employee entered into an Employment Agreement, dated as of June 24, 2005 (the “Original Agreement”);

 

WHEREAS, the Employer
and the Employee amended and restated the Original Agreement by entering into an Amended and Restated Employment Agreement, dated
as of April 28, 2006, as amended (the “A&R Agreement”); and

 

WHEREAS, the parties
hereto desire to amend and restate the A&R Agreement in its entirety.

 

NOW, THEREFORE, in
consideration of the premises and the mutual promises herein contained, the parties hereto hereby agree as follows:

 

1.           Freedom
to Contract. The Employee represents that he is free to enter into this Agreement, that he has not made and will not make any
agreements in conflict with this Agreement, and that he will not disclose to the Employer, or use for the Employer's benefit, any
trade secrets or confidential information which is the property of any other party.

 

2.           Employment.
The Employer hereby employs the Employee, and the Employee hereby accepts his continued employment by the Employer, subject to
and upon the terms and conditions set forth herein. The Employee shall be an “at-will” employee, subject to the terms
and provisions of this Agreement.

 

3.           Effective
Date and Term. The effective time of this Agreement shall be immediately following the closing of the Employer’s initial
public offering (the “IPO”) of its Common Stock (as such term is defined below) (such date being hereinafter referred
to as the “Effective Date”) and such employment shall continue thereafter in full force and effect until terminated
in accordance with the provisions of this Agreement. The obligations and agreements of the Employee pursuant to Sections 8.8, 10.2,
10.3, 11, 12 and 13 hereof shall survive the termination for any reason of this Agreement. The A&R Agreement shall remain in
full force and effect until the Effective Date, unless earlier terminated in accordance with its respective terms and conditions;
and if the IPO does not close, this Agreement shall be null, void, and without effect.

 

     

     

    

 

4.           Title
and Duties; Extent of Services.

 

4.1.          The
Employee shall promote the business and affairs of the Employer as President and Chief Executive Officer. As President and Chief
Executive Officer of the Employer, the Employee shall have such duties and responsibilities as may be assigned to him by the Employer’s
Board of Directors (the “Board of Directors”) from time to time and such other duties and responsibilities as are normal
and customary for Chief Executive Officers. The Employee shall report and be responsible to the Board of Directors. The Employee
shall devote his best efforts and entire time, attention and energies to the business and affairs of the Employer. Subject to Section
4.2 of this Agreement, unless the Employee has received the approval of the Board of Directors, he shall not participate in any
other business or render services to any other business, as a principal, consultant, employee, or in any other capacity.

 

4.2.          During
his employment, the Employee may serve on the board of directors, board of advisors, or other similar governing or advisory boards
of other companies, institutions, or organizations without the prior written consent of the Board of Directors, provided that:
(i) the Employee does not use proprietary, confidential and/or trade secret information, property, assets or employees of the Employer
in engaging in such activities; (ii) any such activities do not pose a conflict of interest or interfere with the Employee’s
duties to the Employer; and (iii) any such activities are not directly or indirectly for or for the benefit of a business engaged
in any commercial activity that is competitive with the Employer or otherwise in breach of the Confidentiality Agreement.

 

5.           Election
to Board. As long as the Employee remains the Chief Executive Officer of the Employer, the Employer shall use its best efforts
to cause the Employee to continue to be elected to the Board of Directors.

 

6.           Compliance
with Policies. Employee acknowledges and agrees that compliance with Employer’s policies, practices, and procedures is
a term and condition of his employment under this Agreement.

 

7.           Location
of Employment. Employee shall work out of offices of the Employer or any subsidiary of the Employer that are located in the
vicinity of Boston, Massachusetts or shall work at any other location mutually agreed upon by the Employer and the Employee.

 

8.           Compensation
and Benefits.

 

8.1.          Salary.
The Employer shall pay the Employee a salary at the annual rate of Thirty-Three Thousand Three Hundred Thirty-Three and 33/100
Dollars ($33,333.33) per month (which annualizes to Four Hundred Thousand Dollars ($400,000.00)), payable bi-weekly in arrears
or otherwise in accordance with the Employer’s normal and customary payroll practices applicable to all of its employees.
The amount of salary payable by Employer pursuant to this Section 8.1 shall be subject to such deductions or amounts to be withheld
as shall be required under applicable law.

 

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8.2.          Performance
Bonus. The Employee shall be eligible to receive a performance bonus in respect of each fiscal year of the Employer. Payment
of any such performance bonus and the amount, if any, of any such performance bonus shall be entirely at the discretion of the
Board of Directors. In determining the amount of any performance bonus to be paid to Employee under this Section 8.2, the Board
of Directors shall consider the extent to which the performance criteria established between the Employee and the Board of Directors
with respect to such fiscal year has been achieved; provided, however, that in no event shall the amount of any performance
bonus paid to Employee under this Section 8.2 with respect to any fiscal year exceed fifty percent (50%) of Employee’s salary
for such fiscal year. In the event that the Board of Directors of the Employer determines, in its discretion, to make payment of
a performance bonus to Employee pursuant to this Section 8.2, then Employer shall use best efforts to make payment of such performance
bonus within sixty (60) calendar days of the end of the applicable fiscal year of the Employer. Notwithstanding anything express
or implied in this Section 8.2 to the contrary, Employee must remain an employee of the Employer on the date that Employer makes
payment of any performance bonus pursuant to this Section 8.2 in order to receive any performance bonus.

 

8.3.          Medical
Benefits. During the term of this Agreement, the Employee shall be entitled to participate in the health insurance plan offered
or generally made available to the Employer's employees, under the same terms and conditions as those offered other, similarly
situated employees of the Employer, except as otherwise provided in Section 10.2(d) hereof

 

8.4.          Sick
Leave and Vacation. During the term of this Agreement, the Employee shall be entitled to sick leave and vacation consistent
with the Employer's policy concerning sick leave and vacation.

 

8.5.          Travel
Benefits. During the term of Employee’s employment with the Employer pursuant to this Agreement, Employer shall reimburse
the Employee for the costs of airfare (economy class) for up to two trips per year from Boston, Massachusetts, United States of
America to Paris, France and back for each of Employee, his spouse and two children. The Employer shall pay the Employee such reimbursements
for each such trip no later than the March 15th of the calendar year following the calendar year in which such trips
are taken.

 

8.6.          Other
Benefits. During the portion of the term of the Employee's employment with the Employer pursuant to this Agreement, the Employee
shall be entitled to receive such other retirement, welfare and fringe benefits (“employee benefits”) as are provided
by the Employer to its senior executives and/or key employees, in each case in accordance with the terms and conditions set forth
in the plan, agreement or arrangement representing or evidencing such benefits.

 

8.7.          Discretionary
Nature of Benefits. Employee understands that Employer may amend, change or cancel or terminate any of its employment policies
and “employee benefits” at any time as allowed by law or by any applicable plan, agreement or arrangement representing
or evidencing such employee benefits.

 

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8.8.          Taxes.
All compensation and benefits (including, without limitation, any fringe benefits, non-cash compensation, subsidies, severance
pay or benefits under Sections 8.5, 10.2 hereof) payable or to be provided to Employee shall be subject to applicable withholding
taxes, to applicable foreign, federal, state and local deductions, and to any other proper deductions.

 

9.           Stock
Options; Acceleration Upon Change of Control. The Employee shall be eligible for grants of stock options (the “Options”)
under the Employer’s 2005 Equity Incentive Plan, as amended, and/or the Employer’s 2014 Equity Incentive Plan, as may
be amended from time to time (collectively, the “Plan”), subject to the discretion of the Board of Directors. The Options
shall be incentive stock options to purchase shares of the Employer’s common stock, $0.001 par value per share (the “Common
Stock”). The Options, if any, shall be subject to, and governed by, the terms and provisions of the Plan and stock option
agreement(s) granted thereunder (“Stock Option Agreements”).

 

Upon a Change of Control
(as defined below), all of the Employee’s then unvested stock options and/or restricted stock awards granted to the Employee
prior to such Change of Control under the Plan shall become fully vested and immediately exercisable, notwithstanding any vesting
schedule or other provisions to the contrary in the agreements evidencing such options or awards, and the Employer and the Employee
hereby agree that such stock option agreements and restricted stock awards are hereby, and will be deemed to be, amended to give
effect to this provision. For the purposes hereof, a “Change of Control” occurs upon (a) the closing of any
merger or consolidation of Employer with any other unrelated person or entity, or (b) the sale of all or substantially all of the
assets of Employer to another unrelated person or entity, or (c) the sale of more than fifty percent (50%) of the total fair market
value or total voting power of the stock of the Employer to an unrelated party, such that, in each case, the transaction has been
approved by the Employer’s stockholders, and in which the stockholders of Employer immediately prior to such merger, consolidation
or sale shall, immediately after such merger, consolidation or sale, own less than fifty percent (50%) of the issued and outstanding
capital stock of the person or entity that is the surviving company of any such merger or consolidation, or the acquirer in the
case of any such sale of all or substantially all of the assets of Employer; provided, however, that the IPO shall not constitute
or otherwise be deemed a Change of Control. The provisions of this paragraph shall apply only if Employee is the Chief Executive
Officer of the Employer at the time of a Change of Control.

 

10.         Termination.

 

10.1.          Termination
Rights of the Parties. The Employee may terminate his employment at any time by giving the Employer thirty (30) calendar days'
prior written notice thereof, whereupon such employment shall terminate on the earlier of: (i) the 30th calendar day following
the date on which such notice is given to the Employer; or (ii) any date prior to such 30th day that is specified by the Employer
by notice to the Employee. The Employer may terminate the Employee's employment at any time by giving notice of termination to
the Employee, whereupon, unless otherwise specified by the Employer, the date of termination of the Employee's employment shall
be the date on which notice of termination is given to the Employee. Upon the death of the Employee or the Employee's disability
such that he is unable to perform his duties as determined, in good faith, by the Board of Directors of Employer, his employment
shall terminate immediately upon such occurrence. Subject to Section 13, the date on which the Employee's employment terminates
hereunder is hereinafter referred to as the “Termination Date”.

 

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10.2.      Employee's
Right to Compensation Following Termination; Severance Pay.

 

(a)          If
the Employee’s employment hereunder terminates for any reason whatsoever, the Employer shall pay him (or, in the case of
death, his estate) all accrued but unpaid base salary and vacation pay through and including the Termination Date, which amounts
shall be paid to the Employee (or his estate) in a lump sum as of such Date. Subject to the terms and conditions of this Agreement,
the Employee shall also be entitled to such other benefits for which he is eligible under the terms and conditions of the Company’s
employee benefit plans, stock options arrangements, and any applicable law.

 

(b) If the Employee voluntarily
terminates his employment hereunder without Good Reason (as defined in Section 10.2(e) below) or in the event that Employee’s
employment hereunder terminates by reason of his death or disability, then neither Employee nor his estate, heirs or other successors
shall be entitled to severance pay.

 

(c)          If
the employment of the Employee is terminated by the Employer for any reason other than for Cause (as defined in Section 10.2(e)
below) at any time, including within twelve (12) months of a Change of Control, or if the employment of the Employee is terminated
by the Employee for Good Reason, then, subject to Sections 10.3 and 13 and subsection (d) hereof, the Employee shall be entitled
to: (i) severance pay in the form of a continuation of the periodic payment of his salary for a period of one year from the Termination
Date; and (ii) the performance bonus, pursuant to Section 8.2, that he would have received for the year in which such termination
occurs, payable no later than the last installment of his severance. The continued salary payments referred to in the foregoing
clause (i) shall be made in accordance with Employer’s standard payroll practices and timing as in effect from time to time.

 

(d)          If
the employment of the Employee is terminated by the Employer for any reason other than for Cause, or if the employment of the Employee
is terminated by the Employee for Good Reason at any time, and if the Employee elects under COBRA or an analogous state law, continuation
coverage under the Employer’s health and dental plans, then the Employer will subsidize the cost of such coverage for a period
of one year from the Termination Date, under the same terms and conditions then applicable to active employees with identical coverage
(“COBRA Subsidy”), except  that the Employee must pay the employee portion for such coverage by making
each monthly co- payment to the Employer, in full, no later than the first five (5) business days of any month during which such
COBRA Subsidy applies. If the Employee has elected continuation coverage under COBRA or any analogous state law, then the Employee
shall be responsible for all costs for the remainder of the COBRA (or analogous) period, beginning on the first anniversary of
his Termination Date. If the Employee has, instead, elected health and dental coverage under a state exchange, then the Employee
shall pay the cost of premiums for such coverage directly, subject to reimbursement by the Employer for an amount equal to the
COBRA Subsidy, and the Employer shall pay any such reimbursement, in full, no later than thirty (30) days after the first anniversary
of the Employee’s Termination Date. Notwithstanding anything herein to the contrary, (A) the amount of the COBRA Subsidy
shall not exceed the dollar amount provided to similarly situated active employees of the Employer, and (B) to the extent that
the Employer’s payment of such Subsidy to the Employee is treated as a violation of any applicable non-discrimination laws
under the Affordable Care Act, then such Subsidy shall be unavailable to the Employee under this subsection and his severance under
subsection (c) hereof shall be increased by an amount equal to the amount of the COBRA Subsidy that would have otherwise been available.

 

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(e)          Except
as otherwise provided in subsection (a) and applicable law, if the Employer terminates the employment of the Employee, at any time,
for Cause, then Employee shall not be entitled to compensation or benefits hereunder after the Termination Date, including, without
limitation, severance pay.

 

(f)          For
purposes of this Agreement, “Cause” shall mean unlawful or dishonest conduct, or a breach of any of the Employee's
obligations hereunder, including but not limited to his obligations under the Confidentiality Agreement (as defined below) (other
than as a result of the Employee's death or disability). For the purposes of this Agreement, “Good Reason” shall
mean (i) the failure of the Employer to employ the Employee in his current position such that Employee’s duties, authority,
or responsibilities are materially diminished without the Employee’s consent; (ii) a material reduction in the Employee’s
aggregate base salary below the amount stipulated in Section 8.1 hereof without the Employee’s consent (unless such reduction
is in connection with a proportional reduction in compensation to all or substantially all of the Employer’s officers); (iii)
the relocation of Employee’s principal place of employment that increases the Employee’s one-way commute by more than
fifty (50) miles; and (iv) a material breach by the Employer of this Agreement.

 

(g)          In
the event that the employment of the Employee is terminated by the Employer for any reason other than for Cause or in the event
that the Employee voluntarily terminates his employment hereunder for Good Reason, then that portion of the Employee’s then
unvested stock options and/or restricted stock awards granted to the Employee under any Employer stock option plan which would
have become vested over the twelve (12) month period following such termination had the Employee continued as an employee of Employer
throughout such twelve (12) month period, shall, instead, become fully vested and immediately exercisable on the Termination Date,
notwithstanding any vesting schedule or other provisions to the contrary in the agreements evidencing such options or awards, and
the Employer and the Employee hereby agree that such stock option agreements and restricted stock awards are hereby, and will be
deemed to be, amended to give effect to this provision.

 

(h)          Employee
hereby acknowledges and agrees that he shall not be entitled to receive any compensation or benefits from Employer with respect
to any period of time after the Termination Date except to the extent otherwise expressly provided in this Section 10.2.

 

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10.3.          Employee
Release. Any obligation of the Employer to provide the Employee severance payments or other benefits under this Agreement is
expressly conditioned upon the Employee reviewing and signing (and not revoking during any applicable revocation period) a general
release of claims in a form reasonably satisfactory to the Employer (the “Release”). The Employer shall provide the
Employee with the Release promptly after the date on which the Employee gives or receives, as the case may be, notice of termination
of the Employee’s employment.

 

11.         Proprietary
Information, Inventions, Non-Competition and Non-Solicitation Agreement. The Employee hereby acknowledges that he has entered
into the Employer's standard form of Proprietary Information, Inventions, Non-Competition and Non-Solicitation Agreement (the “Confidentiality
Agreement”), which is incorporated herein as if reproduced in its entirety. By accepting this Agreement, the Employee hereby
ratifies and accepts the terms of the Employee Proprietary Information, Inventions, Non-Competition and Non-Solicitation Agreement.
Notwithstanding the foregoing and any provision to the contrary contained in the Confidentiality Agreement, the Employee may cause
his name to be included on patent applications and other intellectual property filings not related to the Employer, provided
that (i) the subject matter of such patent applications may not be in any way connected with or result from the Employee’s
employment with the Employer or rely on knowledge of the Employee solely derived from Employee’s employment with Employer,
(ii) the patent applications or other intellectual property filings must be made in connection with the Employee’s role as
a director of or advisor to another entity (any such entity, an “Outside Board Entity”), and (iii) the subject matter
of such patent applications or other intellectual property filings may not be in direct or indirect competition with the business
and products of the Employer in any way.

 

12.         Unique
Nature of Agreement; Specific Enforcement. The Employer and Employee agree and acknowledge that the rights and obligations
set forth with this Agreement are of a unique and special nature and that the Employer is, therefore, without an adequate legal
remedy in the event of the Employee's violation of any of the covenants set forth in this Agreement. The Employer and Employee
agree, therefore, that each of the covenants made by the Employee under this Agreement shall be specifically enforceable in equity,
without the need to post a bond or provide other security, in addition to all other rights and remedies, at law or in equity or
otherwise (including termination of employment), that may be available to the Employer.

 

13.         Section 409A
of the Code.

 

Anything in this Agreement
to the contrary notwithstanding, if at the time of the Employee’s separation from service within the meaning of Section 409A
of the United States Internal Revenue Code of 1986, as amended (the “Code”), the Employer determines that you
are a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then the payment of any
deferred compensation hereunder shall not commence until the date that is the earlier of: (A) six (6) months and one (1) calendar
day after the Employee’s separation from service; and (B) his death.

 

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Any installment payments
of severance or other deferred compensation under this Agreement shall be deemed a series of separate payments for purposes of
section 409A of the Code. 

 

 To the extent
necessary to comply with Section 409A of the Code, if the time period for considering and executing the Release under this Letter
Agreement spans two (2) calendar years, then the severance or payment will not be made or commence until the later calendar year.

 

Notwithstanding anything
herein to the contrary, no event shall constitute a “termination of employment” in this Agreement, unless such event
is also a “separation from service,” as that term is defined for purposes of Section 409A of the Code and Treasury
Regulations §1.409A-3(a)(1) and 1.409A-1(h), and any references hereunder to “termination of employment” shall
have the same meaning as “separation from service,” as so defined.

 

The parties intend
that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision of
this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner
so that all payments hereunder comply with Section 409A of the Code. The parties agree that this Agreement may be amended,
as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related
rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.

 

The Employer makes
no representation or warranty as to the compliance of this Agreement with Code Section 409A, and, other than its tax withholding
obligation, the Employer shall have no liability to the Employee or any other person if any provisions of this Agreement is determined
to constitute deferred compensation taxable under Section 409A of the Code. However, the parties agree to reasonably cooperate
and work together to adopt amendments to this Agreement to the extent necessary to comply with Section 409A of the Code with the
intent to avoid liability under Code Section 409A.

 

14.         Miscellaneous.

 

14.1.          Entire
Agreement. This Agreement, the Confidentiality Agreement, and the Stock Option Agreements shall represent the entire agreement
of the parties with respect to the arrangements contemplated hereby. No prior agreement, whether written or oral, shall be construed
to change, amend, alter, repeal or invalidate this Agreement. This Agreement may be amended only by a written instrument executed
in one or more counterparts by the parties.

 

14.2.          Waiver.
No consent to or waiver of any breach or default in the performance of any obligations hereunder shall be deemed or construed to
be a consent to or waiver of any other breach or default in the performance of any of the same or any other obligations hereunder.
Failure on the part of either party to complain of any act or failure to act of the other party or to declare the other party in
default, irrespective of the duration of such failure, shall not constitute a waiver of rights hereunder and no waiver hereunder
shall be effective unless it is in writing, executed by the party waiving the breach or default hereunder.

 

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14.3.          Assignment.
This Agreement shall be binding upon and inure to the benefit of the parties hereto, their respective successors and assigns and,
in the case of the Employee, his heirs. This Agreement may be assigned by the Employer to any Affiliate of the Employer and to
a successor of its business (whether by purchase or otherwise). “Affiliate of the Employer” means any person which,
directly or indirectly, controls or is controlled by, or is under common control with, the Employer and, for the purposes of this
definition, “control” (including the terms “controlled by” and “under common control with”)
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of another, whether through the ownership of voting securities, the holding of office in another, by contract, or otherwise. The
Employee may not assign or transfer any or all of his rights or obligations under this Agreement.

 

14.4.          Disputes.
In case of any dispute hereunder, the parties will submit to the exclusive jurisdiction and venue of any court of competent jurisdiction
sitting in Suffolk County, Massachusetts, and will comply with all requirements necessary to give such court jurisdiction over
the parties and the controversy. Each party waives any right to a jury trial and to claim or recover punitive damages.

 

14.5.          Severability.
All headings and subdivisions of this Agreement are for reference only and shall not affect its interpretation. In the event that
any provision of this Agreement should be held unenforceable by a court of competent jurisdiction, such court is hereby authorized
to amend such provision so as to be enforceable to the fullest extent permitted by law, and all remaining provisions shall continue
in full force without being impaired or invalidated in any way.

 

14.6.          Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of The Commonwealth of Massachusetts. All
disputes or claims shall be brought in the state or federal courts located in Suffolk County Massachusetts and each party waives
its jurisdictional rights to other venues and to any defenses based on jurisdiction.

 

[Remainder of Page Intentionally Left
Blank; Signature Page to Follow]

 

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IN WITNESS WHEREOF,
the Employer and the Employee have executed this Agreement as of the date first set forth above.

 

Employer:

 

Eyegate
Pharmaceuticals, Inc.

 

	By: 	/s/ Paul Chaney	 
	Name:  	Paul Chaney	 
	Title: 	Chairman	 
	 	 	 
	Employee:	 
	 	 
	/s/ Stephen From	 
	Stephen From	 

 

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