Document:

Exhibit 10.7

 

EYEGATE PHARMACEUTICALS, INC.

 

SECOND AMENDED AND RESTATED EMPLOYMENT
AGREEMENT

 

THIS SECOND AMENDED
AND RESTATED EMPLOYMENT AGREEMENT, entered into as of _______________, 2014 (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.
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.
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.

 

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.

 

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.

 

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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.

 

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”).

 

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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”.

 

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.

 

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(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.

 

(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.

 

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(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.

 

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.

 

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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.

 

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.

 

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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.

 

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.

 

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[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:	 	 
	 	 	 
	 	 	 
	Its	 	 
	 	 	 
	 	 	 
	Title	 	 

 

	Employee:	 
	 	 
	 	 
	Stephen From	 

 

    	10Exhibit 10.8

 

EYEGATE PHARMACEUTICALS, INC.

271 Waverley Oaks Road

Suite 108

Waltham, MA 02452

 

______________ ____, 2014

 

Michael P. Manzo

70 Neptune Street

Beverly, MA 01915

 

Dear Michael:

 

We are pleased to extend
you this Amended and Restated Offer of Employment (this “Letter Agreement”) to continue to be the Vice President
of Engineering of Eyegate Pharmaceuticals, Inc., a Delaware corporation (the “Company”).

 

This Letter Agreement
amends and restates the prior letter agreement between you and the Company, dated as of August 22, 2006, as amended (the “Prior
Letter”) and shall be effective immediately following the closing of the Company’s initial public offering (the “IPO”)
of its common stock, $0.01 par value per share (“Common Stock”), (the “Effective Date”) and shall continue
thereafter in full force and effect until terminated in accordance with the provisions of this Letter Agreement. The Prior Letter
shall remain in full force and effect, subject to its respective termination provisions, until the Effective Date; and if the IPO
does not close, this Letter Agreement shall be null, void, and without effect.

 

1. Duties and Extent of Service

 

As the Vice President
of Engineering of the Company, you will continue to have responsibility for performing those duties as are customary for, and are
consistent with, such position, as well as those duties as the Board of Directors of the Company (the “Board”) or the
President and Chief Executive Officer of the Company (the “CEO”) may from time to time designate. You will directly
report and be responsible to the CEO. You agree to abide by the rules, regulations, instructions, personnel practices and policies
of the Company and any changes therein that may be adopted from time to time by the Company. Except for vacations and absences
due to temporary illness, you will be expected to devote your full time and effort to the business and affairs of the Company.
You are an “at-will” employee, subject to the terms and conditions of this Letter Agreement.

 

    	 

    	 

    

  

2. Compensation

 

In consideration of
your employment with the Company, the Company will pay you a base salary of Twenty Thousand Eight Hundred Thirty-Three and 33/100
Dollars ($20,833.33) per month (which annualizes to Two Hundred Fifty Thousand Dollars ($250,000.00) per year), payable in accordance
with the Company’s standard payroll practices and subject to applicable withholdings and deductions. You will also be eligible
to participate in our annual bonus program, wherein you will be eligible to be considered for a discretionary bonus up to a maximum
amount of thirty percent (30%) of your base salary in a given year (“Bonus”).  The granting of a Bonus
is entirely discretionary on the part of the Company, though if any Bonus is granted, it will be based in part on your individual
performance against agreed upon objectives as well as Company and management team performance against objectives set by the Company. 
If a bonus is granted to you for any year, it will be paid to you in a lump sum no later than March 15th of the year
following the calendar year for which the bonus is awarded. There is no guaranty that you will receive a Bonus in any particular
year and, accordingly, if your employment with the Company ceases for any reason, you will not be entitled to any Bonus after your
last day of employment with the Company, unless expressly stated in this Letter Agreement. 

 

You will be entitled
to accrue up to twenty (20) days paid vacation annually, subject to the Company’s policies on use and forfeiture. You will
also be entitled to participate in such employee benefit plans and fringe benefits as may be offered or made available by the Company
from time to time to its employees. As of the date hereof, the Company anticipates offering the following benefits: Medical Plan
(eighty percent (80%) of the premium cost of which will be paid by the Company), Dental Plan, Long and Short Term Disability Insurance,
Life and Accidental Death Insurance and a 401k Plan. The Board reserves the right from time to time to change any feature of the
Company’s employee benefit plans and fringe benefits, including, but not limited to, the amounts of any employee contribution.
Your participation in such employee benefit plans and fringe benefits, and the amount and nature of the benefits to which you shall
be entitled thereunder or in connection therewith, shall be subject to the terms and conditions of such employee benefit plans
and fringe benefits.

 

3. Stock Options

 

You shall be eligible
for grants of stock options (the “Options”) under the Company’s 2005 Equity Incentive Plan, as amended, and/or
the Company’s 2014 Equity Incentive Plan, as may be amended from time to time (collectively, the “Plan”), subject
to the discretion of the Board. The Options shall be incentive stock options to purchase shares of 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 termination of your employment with the Company, you may exercise the Options, to
the extent then exercisable, but only for the limited period of time set forth in the Plan and/or the Stock Option Agreements.
Any shares of Common Stock you acquire pursuant to the exercise of Options shall be subject to the terms, restrictions on transfer
and voting provisions set forth in the Plan, the Stock Option Agreements, and any other agreement to which you shall become a party
pursuant to the terms of the Plan.

 

    	 

    	 

    

 

4. Nondisclosure and Developments

 

You hereby acknowledge
that you have executed and are currently a party and subject to the Company's standard Employee Proprietary Information, Inventions,
Non-Competition And Non-Solicitation Agreement. By accepting this Letter Agreement, you are ratifying and accepting the terms of
the Employee Proprietary Information, Inventions, Non-Competition and Non-Solicitation Agreement.

 

5. No Conflicting Obligation

 

You hereby represent
and warrant that the execution and delivery of this Letter Agreement, the performance by you of any or all of the terms of this
Letter Agreement and the performance by you of your duties as an employee of the Company do not and will not breach or contravene:
(i) any agreement or contract (including, without limitation, any employment or consulting agreement, any agreement not to compete
or any confidentiality or nondisclosure agreement) to which you are or may become a party on or at any time after the Effective
Date; or (ii) any obligation you may otherwise have under applicable law to any former employer or to any person to whom you have
provided, provide or will provide consulting services.

 

6. Termination

 

Termination Rights
of the Parties. You may terminate your employment at any time by giving the Company 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 Company; and (ii) any date prior to such 30th calendar day that is specified by the
Company by notice to you. The Company may terminate your employment at any time by giving notice of termination to you, whereupon,
unless otherwise specified by the Company, the date of termination of your employment shall be the date on which notice of termination
is given to you. Upon your death or disability such that you are unable to perform your duties as determined, in good faith, by
the CEO, your employment shall terminate immediately upon such occurrence. Subject to Section 7 hereof, the date on which your
employment hereunder terminates is hereinafter referred to as the “Termination Date”.

 

Right to Compensation
Upon Termination.

 

(a)            If your employment
terminates hereunder for any reason whatsoever, the Company shall pay you (or, in the case of your death, your estate) all accrued
but unpaid base salary and vacation pay through and including the Termination Date, which amounts shall be paid to you (or your
estate) in a lump sum as of such Date, You shall also be entitled to such other benefits for which you are eligible under the terms
and conditions of the Company’s benefit plans, stock option arrangements and any applicable law.

 

    	 

    	 

    

  

(b)            In addition to
the amounts described in subsection (a) hereof, if your employment is terminated by the Company for any reason other than for Cause
(as defined below) at any time, including within a twelve (12) month period following a Change of Control (as defined below), or
if you terminate your employment for Good Reason at any time, then, subject to subsection (f) below and Section 7, you shall be
entitled to severance pay in the form of: (i) a continuation of the periodic payment of your salary for a period of six (6) months
from the Termination Date; and (ii) the payment of any Bonus that you would have received for the year in which such termination
occurs, payable no later than the last installment of your severance. The continued salary payments shall be made in accordance
with Company’s standard payroll practices and timing as in effect from time to time. “Change of Control”
shall mean (a) the closing of any merger or consolidation of the Company with any other unrelated person or entity, or (b) the
sale of all or substantially all of the assets of Company 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 Company to an unrelated party, such that,
in each case, the transaction has been approved by the Company’s stockholders and in which the stockholders of Company 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 Company; 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 you are
the Vice President Engineering of the Company at the time of a Change of Control.

 

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

 

(d)            For purposes of
this Letter Agreement, “Cause” shall mean unlawful or dishonest conduct, or a breach of any of your obligations
hereunder, including but not limited to your obligations under the Employee Proprietary Information, Inventions, Non-Competition
And Non-Solicitation Agreement (other than as a result of your death or disability). For the purposes of this Letter Agreement,
“Good Reason” shall mean: (i) the failure of the Company to employ you in your current position such that your
duties, authority, or responsibilities are materially diminished without your consent; (ii) a material reduction in your annual
base salary, without your consent, unless such material reduction occurs to all executive officers; (iii) a relocation of your
principal place of employment that increases your one-way commute by more than fifty (50) miles; or (iv) the Company’s material
breach of this Letter Agreement.

 

(e)            You hereby acknowledge
and agree that you shall not be entitled to receive any compensation or benefits from the Company with respect to any period of
time after the Termination Date except to the extent otherwise expressly provided in this Section.

 

(f)            Any obligation
of the Company to provide you severance payments under this Letter Agreement is expressly conditioned upon you reviewing and signing
(and not revoking during any applicable revocation period) a general release of claims in a form reasonably satisfactory to the
Company (the “Release”). The Company will provide you with the Release promptly after the date on which you
give or receive, as the case may be, notice of termination of your employment.

 

Regardless of the reason
your employment with the Company terminates, you will continue to comply with the Employee Proprietary Information, Inventions,
Non-Competition

And Non-Solicitation Agreement contemplated
hereby.

 

    	 

    	 

    

  

7. Section 409A of the Code

 

Anything in this Letter
Agreement to the contrary notwithstanding, if at the time of your separation from service within the meaning of Section 409A
of the United States Internal Revenue Code of 1986, as amended (the “Code”), the Company 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 your separation from service; and (B) your death.

 

Any installment payments
of severance or other deferred compensation under this Letter 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 Letter 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 Letter Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision
of this Letter 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 Letter 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 Company makes no
representation or warranty as to the compliance of this Letter Agreement with Code Section 409A, and, other than its tax withholding
obligation, the Company shall have no liability to you or any other person if any provisions of this Letter 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 Letter Agreement to the extent necessary to comply with Section 409A of the Code
with the intent to avoid liability under Code Section 409A.

 

    	 

    	 

    

  

8. Governing Law; Waiver of Jury Trial
and Punitive Damages

 

This Letter Agreement
shall be governed by and construed in accordance with the internal substantive 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 of the Company and
you waives its jurisdictional rights to other venues and to any defenses based on jurisdiction. EACH OF THE COMPANY AND YOU HEREBY
WAIVES ANY RIGHT TO A JURY TRIAL AND TO CLAIM OR RECOVER PUNITIVE DAMAGES.

 

9. Entire Agreement; Amendment

 

This Letter Agreement
(together with the Employee Proprietary Information, Inventions, Non-Competition And Non-Solicitation Agreement, and the Stock
Option Agreements) sets forth the sole and entire agreement and understanding between the Company and you with respect to the specific
matters contemplated and addressed hereby and thereby. No prior agreement, whether written or oral, shall be construed to change
or affect the operation of this Letter Agreement in accordance with its terms, and any provision of any such prior agreement which
conflicts with or contradicts any provision of this Letter Agreement is hereby revoked and superseded. This Letter Agreement may
be amended or terminated only by a written instrument executed both by you and the Company.

 

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

 

    	 

    	 

    

  

Please acknowledge
your acceptance of this offer and the terms of this Letter Agreement by signing below and returning a copy to the Company.

 

Sincerely,

 

Eyegate
Pharmaceuticals, Inc.

 

	By:	 	 
	Stephen From, President and CEO	 

 

I hereby acknowledge
that I have had a full and adequate opportunity to read, understand and discuss the terms and conditions contained in this Letter
Agreement prior to signing hereunder.

 

	 	 
	Michael P. Manzo	 

 

	Date:	 	 	 

 

	PLEASE COMPLETE THE FOLLOWING:	 

 

	Home Address:	 	 

 

	Home Telephone:	 	 

 

	Home Fax, if any:	 	 

 

	Home Email, if any:

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