Document:

Exhibit 10.9

 

CHECKPOINT
THERAPEUTICS, INC.

AMENDED
AND RESTATED

2015 INCENTIVE PLAN

 

ARTICLE 1

PURPOSE

 

1.1.        GENERAL.
The purpose of the Checkpoint Therapeutics, Inc. Amended and Restated 2015 Incentive Plan (the “Plan”) is to promote
the success, and enhance the value, of Checkpoint Therapeutics, Inc. (the “Company”), by linking the personal interests
of employees, officers, directors and consultants of the Company or any Affiliate (as defined below) to those of Company stockholders
and by providing such persons with an incentive for outstanding performance. The Plan is further intended to provide flexibility
to the Company in its ability to motivate, attract, and retain the services of employees, officers, directors and consultants upon
whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent. Accordingly,
the Plan permits the grant of incentive awards from time to time to selected employees, officers, directors and consultants of
the Company and its Affiliates.

 

1.2        HISTORY.
The Plan was originally adopted by the Board on March 3, 2015, and was approved by the stockholders of the Company on the same
date. The Plan was amended and restated by the Board on December 18, 2015.

 

ARTICLE 2

DEFINITIONS

 

2.1.        DEFINITIONS.
When a word or phrase appears in this Plan with the initial letter capitalized, and the word or phrase does not commence a sentence,
the word or phrase shall generally be given the meaning ascribed to it in this Section or in Section 1.1 unless a clearly different
meaning is required by the context. The following words and phrases shall have the following meanings:

 

(a)        “Affiliate”
means (i) any Subsidiary or Parent, or (ii) an entity that directly or through one or more intermediaries controls, is controlled
by or is under common control with, the Company, as determined by the Committee.

 

(b)        “Award”
means an award of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Deferred Stock Units, Performance
Awards, Other Stock-Based Awards, or any other right or interest relating to Stock or cash, granted to a Participant under the
Plan.

 

(c)        “Award
Certificate” means a written document, in such form as the Committee prescribes from time to time, setting forth the terms
and conditions of an Award. Award Certificates may be in the form of individual award agreements or certificates or a program document
describing the terms and provisions of an Award or series of Awards under the Plan. The Committee may provide for the use of electronic,
internet or other non-paper Award Certificates, and the use of electronic, internet or other non-paper means for the acceptance
thereof and actions thereunder by a Participant.

 

(d)        “Beneficial
Owner” shall have the meaning given such term in Rule 13d-3 of the General Rules and Regulations under the 1934 Act.

 

(e)        “Board”
means the Board of Directors of the Company.

 

    	 	 	 

     

    

 

(f)        “Cause”
as a reason for a Participant’s termination of employment shall have the meaning assigned such term in the employment, consulting,
severance or similar agreement, if any, between such Participant and the Company or an Affiliate; provided, however,
that if there is no such employment, consulting, severance or similar agreement in which such term is defined, and unless otherwise
defined in the applicable Award Certificate, “Cause” shall mean any of the following acts by the Participant, as determined
by the Committee: (i) the commission of any act by the Participant constituting financial dishonesty against the Company or any
of its Affiliates (which act would be chargeable as a crime under applicable law); (ii) the Participant’s engaging in any
other act of dishonesty, fraud, intentional misrepresentation, moral turpitude, illegality or harassment which would: (A) materially
adversely affect the business or the reputation of the Company or any of its Affiliates with their respective then-current or prospective
customers, suppliers, lenders and/or other third parties with whom such entity does or might do business; or (B) expose the Company
or any of its Affiliates to a risk of civil or criminal legal damages, liabilities or penalties; (iii) the willful and repeated
failure by the Participant to follow the lawful directives of the Board or the Participant’s supervisor; (iv) any material
misconduct, material violation of the Company’s written policies, or willful and deliberate non-performance of duty by the
Participant in connection with the business affairs of the Company or any of its Affiliates; or (v) the Participant’s material
breach of any employment, severance, non-competition, non-solicitation, confidential information, or restrictive covenant agreement,
or similar agreement, with the Company or an Affiliate. The determination of the Committee as to the existence of “Cause”
shall be conclusive on the Participant and the Company.

 

(g)        “Change
in Control” means and includes the occurrence of any one of the following events but shall specifically exclude a Public
Offering:

 

(i)        during
any consecutive 12-month period, individuals who, at the beginning of such period, constitute the Board (the “Incumbent Directors”)
cease for any reason to constitute at least a majority of such Board, provided that any person becoming a director after the beginning
of such 12-month period and whose election or nomination for election was approved by a vote of at least a majority of the Incumbent
Directors then on the Board shall be an Incumbent Director; provided, however, that no individual initially elected
or nominated as a director of the Company as a result of an actual or threatened election contest with respect to the election
or removal of directors (“Election Contest”) or other actual or threatened solicitation of proxies or consents by or
on behalf of any Person other than the Board (“Proxy Contest”), including by reason of any agreement intended to avoid
or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent Director; or

 

(ii)       any
Person, other than a Principal Stockholder, becomes a Beneficial Owner, directly or indirectly, of either (A) 50% or more of the
then-outstanding shares of common stock of the Company (“Company Common Stock”) or (B) securities of the Company representing
50% or more of the combined voting power of the Company’s then outstanding securities eligible to vote for the election of
directors (the “Company Voting Securities”); provided, however, that for purposes of this subsection
(ii), the following acquisitions of Company Common Stock or Company Voting Securities shall not constitute a Change in Control:
(w) an acquisition directly or indirectly from the Company, (x) an acquisition by the Company or a Subsidiary, (y) an acquisition
by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, or (z) an acquisition
pursuant to a Non-Qualifying Transaction (as defined in subsection (iii) below); or

 

    	 	 	 

     

    

 

(iii)      the
consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving
the Company or a Subsidiary (a “Reorganization”), or the sale or other disposition of all or substantially all of the
Company’s assets (a “Sale”) or the acquisition of assets or stock of another corporation or other entity (an
“Acquisition”), unless immediately following such Reorganization, Sale or Acquisition: (A) all or substantially all
of the individuals and entities who were the Beneficial Owners, respectively, of the outstanding Company Common Stock and outstanding
Company Voting Securities immediately prior to such Reorganization, Sale or Acquisition beneficially own, directly or indirectly,
more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding
voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such
Reorganization, Sale or Acquisition (including, without limitation, an entity which as a result of such transaction owns the Company
or all or substantially all of the Company’s assets or stock either directly or through one or more subsidiaries, the “Surviving
Entity”) in substantially the same proportions as their ownership, immediately prior to such Reorganization, Sale or Acquisition,
of the outstanding Company Common Stock and the outstanding Company Voting Securities, as the case may be, and (B) no person (other
than (x) the Company or any Subsidiary, (y) the Surviving Entity or its ultimate parent entity, or (z) any employee benefit plan
(or related trust) sponsored or maintained by any of the foregoing) is the Beneficial Owner, directly or indirectly, of 50% or
more of the total common stock or 50% or more of the total voting power of the outstanding voting securities eligible to elect
directors of the Surviving Entity, and (C) at least a majority of the members of the board of directors of the Surviving Entity
were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such
Reorganization, Sale or Acquisition (any Reorganization, Sale or Acquisition which satisfies all of the criteria specified in (A),
(B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”).

 

(h)        “Code”
means the Internal Revenue Code of 1986, as amended from time to time. For purposes of this Plan, references to sections of the
Code shall be deemed to include references to any applicable regulations thereunder and any successor or similar provision.

 

(i)        “Committee”
means the committee of the Board described in Article 4.

 

(j)        “Company”
means Checkpoint Therapeutics, Inc., a Delaware corporation, or any successor corporation.

 

(k)        “Continuous
Service” means the absence of any interruption or termination of service as an employee, officer, consultant or director
of the Company or any Affiliate, as applicable; provided, however, that for purposes of an Incentive Stock Option
“Continuous Service” means the absence of any interruption or termination of service as an employee of the Company
or any Parent or Subsidiary, as applicable, pursuant to applicable tax regulations. Continuous Service shall not be considered
interrupted in the following cases: (i) a Participant transfers employment between the Company and an Affiliate or between Affiliates,
(ii) in the discretion of the Committee as specified at or prior to such occurrence, in the case of a spin-off, sale or disposition
of the Participant’s employer from the Company or any Affiliate, (iii) a Participant transfers from being an employee of
the Company or an Affiliate to being a director of the Company or of an Affiliate, or vice versa, (iv) in the discretion of the
Committee as specified at or prior to such occurrence, a Participant transfers from being an employee of the Company or an Affiliate
to being a consultant to the Company or of an Affiliate, or vice versa, or (v) any leave of absence authorized in writing by the
Company prior to its commencement; provided, however, that for purposes of Incentive Stock Options, no such leave
may exceed 90 days, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon
expiration of a leave of absence approved by the Company is not so guaranteed, on the 91st day of such leave any Incentive Stock
Option held by the Participant shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as
a Nonstatutory Stock Option. Whether military, government or other service or other leave of absence shall constitute a termination
of Continuous Service shall be determined in each case by the Committee at its discretion, and any determination by the Committee
shall be final and conclusive; provided, however, that for purposes of any Award that is subject to Code Section
409A, the determination of a leave of absence must comply with the requirements of a “bona fide leave of absence”
as provided in Treas. Reg. Section 1.409A-1(h).

 

    	 	 	 

     

    

 

(l)        “Deferred
Stock Unit” means a right granted to a Participant under Article 9 to receive Shares (or the equivalent value in cash or
other property if the Committee so provides) at a future time as determined by the Committee, or as determined by the Participant
within guidelines established by the Committee in the case of voluntary deferral elections.

 

(m)        “Disability”
of a Participant means that the Participant is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous
period of not less than 12 months. If the determination of Disability relates to an Incentive Stock Option, Disability means Permanent
and Total Disability as defined in Section 22(e)(3) of the Code. In the event of a dispute, the determination of whether a Participant
is Disabled will be made by the Committee and may be supported by the advice of a physician competent in the area to which such
Disability relates.

 

(n)        “Dividend
Equivalent” means a right granted with respect to an Award pursuant to Article 11.

 

(o)        “Effective
Date” has the meaning assigned such term in Section 3.1.

 

(p)        “Eligible
Participant” means an employee, officer, consultant or director of the Company or any Affiliate.

 

(q)        “Exchange”
means any national securities exchange on which the Stock may from time to time be listed or traded.

 

(r)        “Fair
Market Value,” on any date, means (i) if the Stock is listed on an Exchange, the closing sales price on such Exchange on
such date or, in the absence of reported sales on such date, the closing sales price on the immediately preceding date on which
sales were reported, or (ii) if the Stock is not listed on an Exchange, the mean between the bid and offered prices as quoted by
the applicable interdealer quotation system for such date, provided that if the Stock is not quoted on an interdealer quotation
system or it is determined that the fair market value is not properly reflected by such quotations, Fair Market Value will be determined
by such other method as the Committee determines in good faith to be reasonable and in compliance with Code Section 409A.

 

    	 	 	 

     

    

 

(s)        “Full-Value
Award” means an Award other than in the form of an Option or SAR, and which is settled by the issuance of Stock (or
at the discretion of the Committee, settled in cash valued by reference to Stock value).

 

(t)        “Good
Reason” (or a similar term denoting constructive termination) has the meaning, if any, assigned such term in the employment,
consulting, severance or similar agreement, if any, between a Participant and the Company or an Affiliate; provided, however,
that if there is no such employment, consulting, severance or similar agreement in which such term is defined, “Good Reason”
shall have the meaning, if any, given such term in the applicable Award Certificate. If not defined in either such document, the
term “Good Reason” as used herein shall not apply to a particular Award.

 

(u)        “Grant
Date” of an Award means the first date on which all necessary corporate action has been taken to approve the grant of the
Award as provided in the Plan, or such later date as is determined and specified as part of that authorization process. Notice
of the grant shall be provided to the grantee within a reasonable time after the Grant Date.

 

(v)       “Incentive
Stock Option” means an Option that is intended to be an incentive stock option and meets the requirements of Section 422
of the Code or any successor provision thereto.

 

(w)        “Independent
Directors” means those members of the Board who qualify at any given time as an “independent” director under
the applicable rules of each Exchange on which the Shares are listed, and as a “non-employee” director under Rule 16b-3
of the 1934 Act.

 

(x)        “Non-Employee
Director” means a director of the Company who is not a common law employee of the Company or an Affiliate.

 

(y)        “Nonstatutory
Stock Option” means an Option that is not an Incentive Stock Option.

 

(z)        “Option”
means a right granted to a Participant under Article 7 of the Plan to purchase Stock at a specified price during specified time
periods. An Option may be either an Incentive Stock Option or a Nonstatutory Stock Option.

 

(aa)       “Other
Stock-Based Award” means a right, granted to a Participant under Article 12, that relates to or is valued by reference to
Stock or other Awards relating to Stock.

 

(bb)       “Parent”
means a corporation, limited liability company, partnership or other entity which owns or beneficially owns a majority of the outstanding
voting stock or voting power of the Company. Notwithstanding the above, with respect to an Incentive Stock Option, Parent shall
have the meaning set forth in Section 424(e) of the Code.

 

(cc)       “Participant”
means an Eligible Participant who has been granted an Award under the Plan; provided that in the case of the death of a Participant,
the term “Participant” refers to a beneficiary designated pursuant to Section 13.4 or the legal guardian or other legal
representative acting in a fiduciary capacity on behalf of the Participant under applicable state law and court supervision.

 

(dd)       “Performance
Award” means any award granted under the Plan pursuant to Article 10.

 

    	 	 	 

     

    

 

(ee)       “Person”
means any individual, entity or group, within the meaning of Section 3(a)(9) of the 1934 Act and as used in Section 13(d)(3) or
14(d)(2) of the 1934 Act.

 

(ff)       “Plan”
means the Checkpoint Therapeutics, Inc. Amended and Restated 2015 Incentive Plan, as amended from time to time.

 

(gg)       “Principal
Stockholder” means Fortress Biotech, Inc., or any entity that
is directly or indirectly affiliated with the Principal Stockholder.

 

(hh)       “Public
Offering” means a public offering of any class or series of the Company’s equity securities pursuant to a registration
statement filed by the Company under the 1933 Act or registration of the Company’s equity securities pursuant to Section
12(b) or 12(g) of the 1934 Act.

 

(ii)       “Restricted
Stock” means Stock granted to a Participant under Article 9 that is subject to certain restrictions and to risk of forfeiture.

 

(jj)       “Restricted
Stock Unit” means the right granted to a Participant under Article 9 to receive shares of Stock (or the equivalent value
in cash or other property if the Committee so provides) in the future, which right is subject to certain restrictions and to risk
of forfeiture.

 

(kk)       “Shares”
means shares of the Company’s Stock. If there has been an adjustment or substitution with respect to the Shares (whether
or not pursuant to Article 14), the term “Shares” shall also include any shares of stock or other securities that are
substituted for Shares or into which Shares are adjusted.

 

(ll)       “Specified
Employee” has the meaning given such term in Code Section 409A and the final regulations thereunder.

 

(mm)       “Stock”
means the $0.001 par value common stock of the Company and such other securities of the Company as may be substituted for Stock
pursuant to Article 14.

 

(nn)       “Stock
Appreciation Right” or “SAR” means a right granted to a Participant under Article 8 to receive a payment equal
to the difference between the Fair Market Value of a Share as of the date of exercise of the SAR over the base price of the SAR,
all as determined pursuant to Article 8.

 

(oo)       “Subsidiary”
means any corporation, limited liability company, partnership or other entity of which a majority of the outstanding voting stock
or voting power is beneficially owned directly or indirectly by the Company. Notwithstanding the above, with respect to an Incentive
Stock Option, Subsidiary shall have the meaning set forth in Section 424(f) of the Code.

 

(pp)         “1933
Act” means the Securities Act of 1933, as amended from time to time.

 

(qq)       “1934
Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

    	 	 	 

     

    

 

ARTICLE 3

EFFECTIVE TERM OF PLAN

 

3.1.        EFFECTIVE
DATE. Subject to the approval of the Plan by the Company’s stockholders within 12 months after the Plan’s adoption
by the Board, the Plan will become effective on the date that it is adopted by the Board (the “Effective Date”).

 

3.2.        TERMINATION
OF PLAN. Unless earlier terminated as provided herein, the Plan shall continue in effect until the tenth anniversary of the
Effective Date or, if the stockholders approve an amendment to the Plan that increases the number of Shares subject to the Plan,
the tenth anniversary of the date of such approval. The termination of the Plan on such date
shall not affect the validity of any Award outstanding on the date of termination, which shall continue to be governed by the
applicable terms and conditions of the Plan.

 

ARTICLE 4

ADMINISTRATION

 

4.1.        COMMITTEE.
The Plan shall be administered by a Committee appointed by the Board (which Committee shall consist of at least two directors)
or, at the discretion of the Board from time to time, the Plan may be administered by the Board. It is intended that at least two
of the directors appointed to serve on the Committee shall be Independent Directors and that any members of the Committee who do
not so qualify shall abstain from participating in any decision to make or administer Awards that are made to Eligible Participants
who at the time of consideration for such Award are persons subject to the short-swing profit rules of Section 16 of the 1934 Act.
However, the mere fact that a Committee member shall fail to qualify as an Independent Director or shall fail to abstain from such
action shall not invalidate any Award made by the Committee which Award is otherwise validly made under the Plan. The members of
the Committee shall be appointed by, and may be changed at any time and from time to time in the discretion of, the Board. Unless
and until changed by the Board, the Compensation Committee of the Board is designated as the Committee to administer the Plan.
The Board may reserve to itself any or all of the authority and responsibility of the Committee under the Plan or may act as administrator
of the Plan for any and all purposes. To the extent the Board has reserved any authority and responsibility or during any time
that the Board is acting as administrator of the Plan, it shall have all the powers and protections of the Committee hereunder,
and any reference herein to the Committee (other than in this Section 4.1) shall include the Board. To the extent any action of
the Board under the Plan conflicts with actions taken by the Committee, the actions of the Board shall control.

 

4.2.        ACTION
AND INTERPRETATIONS BY THE COMMITTEE. For purposes of administering the Plan, the Committee may from time to time adopt rules,
regulations, guidelines and procedures for carrying out the provisions and purposes of the Plan and make such other determinations,
not inconsistent with the Plan, as the Committee may deem appropriate. The Committee may correct any defect, supply any omission
or reconcile any inconsistency in the Plan or in any Award in the manner and to the extent it deems necessary to carry out the
intent of the Plan. The Committee’s interpretation of the Plan, any Awards granted under the Plan, any Award Certificate
and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties
and shall be given the maximum deference permitted by applicable law. Each member of the Committee is entitled to, in good faith,
rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or any
Affiliate, the Company’s or an Affiliate’s independent certified public accountants, Company counsel or any executive
compensation consultant or other professional retained by the Company to assist in the administration of the Plan. No member of
the Committee will be liable for any good faith determination, act or omission in connection with the Plan or any Award.

 

    	 	 	 

     

    

 

4.3.        AUTHORITY
OF COMMITTEE. Except as provided in Section 4.1 hereof, the Committee has the exclusive power, authority and discretion to:

 

(a)        grant
Awards;

 

(b)        designate
Participants;

 

(c)        determine
the type or types of Awards to be granted to each Participant;

 

(d)        determine
the number of Awards to be granted and the number of Shares or dollar amount to which an Award will relate;

 

(e)        determine
the terms and conditions of any Award granted under the Plan;

 

(f)        prescribe
the form of each Award Certificate, which need not be identical for each Participant;

 

(g)        decide
all other matters that must be determined in connection with an Award;

 

(h)        establish,
adopt or revise any rules, regulations, guidelines or procedures as it may deem necessary or advisable to administer the Plan;

 

(i)        make
all other decisions and determinations that may be required under the Plan or as the Committee deems necessary or advisable to
administer the Plan;

 

(j)        amend
the Plan or any Award Certificate as provided herein; and

 

(k)        adopt
such modifications, procedures, and subplans as may be necessary or desirable to comply with provisions of the laws of the United
States or any non-U.S. jurisdictions in which the Company or any Affiliate may operate, in order to assure the viability of the
benefits of Awards granted to participants located in the United States or such other jurisdictions and to further the objectives
of the Plan.

 

Notwithstanding any of
the foregoing, grants of Awards to Non-Employee Directors hereunder shall (i) be subject to the applicable award limits set forth
in Section 5.1 hereof, and (ii) be made only in accordance with the terms, conditions and parameters of a plan, program or policy
for the compensation of Non-Employee Directors as in effect from time to time that is approved and administered by the Board. The
Committee may not make other discretionary grants hereunder to Non-Employee Directors.

 

4.4.        DELEGATION.
The Committee may, by resolution, expressly delegate to a special committee, consisting of one or more directors who may but need
not be officers of the Company, the authority, within specified parameters as to the number and terms of Awards, to (i) designate
officers and/or employees of the Company or any of its Affiliates to be recipients of Awards under the Plan, and (ii) to determine
the number of such Awards to be received by any such Participants; provided, however, that such delegation of duties
and responsibilities to an officer of the Company may not be made with respect to the grant of Awards to eligible participants
who are subject to Section 16(a) of the 1934 Act at the Grant Date. The acts of such delegates shall be treated hereunder as acts
of the Committee and such delegates shall report regularly to the Committee regarding the delegated duties and responsibilities
and any Awards so granted.

 

    	 	 	 

     

    

 

4.5.        INDEMNIFICATION.
Each person who is or shall have been a member of the Committee, or of the Board,
or an officer of the Company to whom authority was delegated in accordance with this Article 4 shall be indemnified and held
harmless by the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred
by him or her in connection with or resulting from any claim, action, suit, or proceeding
to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act
under the Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s approval,
or paid by him or her in satisfaction of any judgment in any such action, suit, or proceeding against him
or her, provided he or she shall give the Company an opportunity, at its own expense,
to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf, unless such
loss, cost, liability, or expense is a result of his or her own willful misconduct or except as expressly provided by statute.
The foregoing right of indemnification shall not be exclusive of any other rights of
indemnification to which such persons may be entitled under the Company’s charter or
bylaws, as amended from time to time, as a matter of law, or otherwise, or any power that the Company may have to indemnify
them or hold them harmless.

 

ARTICLE 5

SHARES SUBJECT TO THE PLAN

 

5.1.        NUMBER
OF SHARES. Subject to adjustment as provided in Sections 5.2 and Section 14.1, the aggregate number of Shares reserved and
available for issuance pursuant to Awards granted under the Plan shall be 2,000,000. The maximum number of Shares that may be issued
upon exercise of Incentive Stock Options granted under the Plan shall be 2,000,000. The maximum aggregate number of Shares associated
with any Award granted under the Plan in any calendar year to any one Non-Employee Director shall be 100,000 Shares.

 

5.2.        SHARE
COUNTING. Shares covered by an Award shall be subtracted from the Plan share reserve as of the Grant Date, but shall be added
back to the Plan share reserve in accordance with this Section 5.2.

 

(a)        To
the extent that an Award is canceled, terminates, expires, is forfeited or lapses for any reason, any unissued or forfeited Shares
originally subject to the Award will be added back to the Plan share reserve and again be available for issuance pursuant to Awards
granted under the Plan.

 

(b)        Shares
subject to Awards settled in cash will be added back to the Plan share reserve and again be available for issuance pursuant to
Awards granted under the Plan.

 

(c)        Shares
withheld or repurchased from an Award or delivered by a Participant to satisfy minimum tax withholding requirements will be added
back to the Plan share reserve and again be available for issuance pursuant to Awards granted under the Plan. 

 

(d)        If
the exercise price of an Option is satisfied in whole or in part by delivering Shares to the Company (by either actual delivery
or attestation), the number of Shares so tendered (by delivery or attestation) shall be added to the Plan share reserve and will
be available for issuance pursuant to Awards granted under the Plan.

 

(e)        To
the extent that the full number of Shares subject to an Option or SAR is not issued upon exercise of the Option or SAR for any
reason, including by reason of net-settlement of the Award, the unissued Shares originally subject to the Award will be added back
to the Plan share reserve and again be available for issuance pursuant to other Awards granted under the Plan.

 

    	 	 	 

     

    

 

(f)        To
the extent that the full number of Shares subject to an Award other than an Option or SAR is not issued for any reason, including
by reason of failure to achieve maximum performance goals, the unissued Shares originally subject to the Award will be added back
to the Plan share reserve and again be available for issuance pursuant to Awards granted under the Plan.

 

(g)        Substitute
Awards granted pursuant to Section 13.9 of the Plan shall not count against the Shares otherwise available for issuance under the
Plan under Section 5.1.

 

(h)        Subject
to applicable Exchange requirements, shares available under a stockholder-approved plan of a company acquired by the Company (as
appropriately adjusted to Shares to reflect the transaction) may be issued under the Plan pursuant to Awards granted to individuals
who were not employees of the Company or its Affiliates immediately before such transaction and will not count against the maximum
share limitation specified in Section 5.1.

 

5.3.        STOCK
DISTRIBUTED. Any Stock distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Stock,
treasury Stock or Stock purchased on the open market.

 

ARTICLE 6

ELIGIBILITY

 

6.1.        GENERAL.
Awards may be granted only to Eligible Participants. Incentive Stock Options may be granted only to Eligible Participants who are
employees of the Company or a Parent or Subsidiary as defined in Section 424(e) and (f) of the Code. Eligible Participants who
are service providers to an Affiliate may be granted Options or SARs under this Plan only if the Affiliate qualifies as an “eligible
issuer of service recipient stock” within the meaning of Treas. Reg. Section 1.409A-1(b)(5)(iii)(E) of the final regulations
under Code Section 409A.

 

ARTICLE 7

STOCK OPTIONS

 

7.1.        GENERAL.
The Committee is authorized to grant Options to Participants on the following terms and conditions:

 

(a)        EXERCISE
PRICE. The exercise price per Share under an Option shall be determined by the Committee, provided that the exercise price
for any Option (other than an Option issued as a substitute Award pursuant to Section 13.9) shall not be less than the Fair Market
Value as of the Grant Date.

 

(b)        PROHIBITION
ON REPRICING. Except as otherwise provided in Article 14, without the prior approval of stockholders of the Company: (i) the
exercise price of an Option may not be reduced, directly or indirectly, (ii) an Option may not be cancelled in exchange for cash,
other Awards, or Options or SARs with an exercise or base price that is less than the exercise price of the original Option, or
otherwise, and (iii) the Company may not repurchase an Option for value (in cash or otherwise) from a Participant if the current
Fair Market Value of the Shares underlying the Option is lower than the exercise price per share of the Option

 

(c)        TIME
AND CONDITIONS OF EXERCISE. The Committee shall determine the time or times at which an Option may be exercised in whole or
in part, subject to Section 7.1(e). The Committee shall also determine the performance or other conditions, if any, that must be
satisfied before all or part of an Option may be exercised or vested.

 

    	 	 	 

     

    

 

(d)        PAYMENT.
The Committee shall determine the methods by which the exercise price of an Option may be paid, the form of payment, and the methods
by which Shares shall be delivered or deemed to be delivered to Participants. As determined by the Committee at or after the Grant
Date, payment of the exercise price of an Option may be made, in whole or in part, in the form of (i) cash or cash equivalents,
(ii) delivery (by either actual delivery or attestation) of previously-acquired Shares based on the Fair Market Value of the Shares
on the date the Option is exercised, (iii) withholding of Shares from the Option based on the Fair Market Value of the Shares on
the date the Option is exercised, (iv) broker-assisted market sales, or (iv) any other “cashless exercise” arrangement.

 

(e)        EXERCISE
TERM. Except for Nonstatutory Options granted to Participants outside the United States, no Option granted under the Plan shall
be exercisable for more than ten years from the Grant Date.

 

(f)        NO
DEFERRAL FEATURE. No Option shall provide for any feature for the deferral of compensation other than the deferral of recognition
of income until the exercise or disposition of the Option.

 

(g)        NO
DIVIDEND EQUIVALENTS. No Option shall provide for Dividend Equivalents.

 

7.2.        INCENTIVE
STOCK OPTIONS. The terms of any Incentive Stock Options granted under the Plan must comply with the requirements of Section
422 of the Code. Without limiting the foregoing, any Incentive Stock Option granted to a Participant who at the Grant Date owns
more than 10% of the voting power of all classes of shares of the Company must have an exercise price per Share of not less than
110% of the Fair Market Value per Share on the Grant Date and an Option term of not more than five years. If all of the requirements
of Section 422 of the Code (including the above) are not met, the Option shall automatically become a Nonstatutory Stock Option.

 

ARTICLE 8

STOCK APPRECIATION RIGHTS

 

8.1.        GRANT
OF Stock Appreciation Rights. The Committee is authorized to grant Stock Appreciation
Rights to Participants on the following terms and conditions:

 

(a)        RIGHT
TO PAYMENT. Upon the exercise of a SAR, the Participant has the right to receive, for each Share with respect to which the
SAR is being exercised, the excess, if any, of (i) the Fair Market Value of one Share on the date of exercise; over (ii) the base
price of the SAR as determined by the Committee and set forth in the Award Certificate, which shall not be less than the Fair Market
Value of one Share on the Grant Date.

 

(b)        PROHIBITION
ON REPRICING. Except as otherwise provided in Article 14, without the prior approval of stockholders of the Company: (i) the
base price of a SAR may not be reduced, directly or indirectly, (ii) a SAR may not be cancelled in exchange for cash, other Awards,
or Options or SARs with an exercise or base price that is less than the base price of the original SAR, or otherwise, and (iii)
the Company may not repurchase a SAR for value (in cash or otherwise) from a Participant if the current Fair Market Value of the
Shares underlying the SAR is lower than the base price per share of the SAR.

 

    	 	 	 

     

    

 

(c)        TIME
AND CONDITIONS OF EXERCISE. The Committee shall determine the time or times at which a SAR may be exercised in whole or in
part. Except for SARs granted to Participants outside the United States, no SAR shall be exercisable for more than ten years from
the Grant Date.

 

(d)        NO
DEFERRAL FEATURE. No SAR shall provide for any feature for the deferral of compensation other than the deferral of recognition
of income until the exercise or disposition of the SAR.

 

(e)        NO
DIVIDEND EQUIVALENTS. No SAR shall provide for Dividend Equivalents.

 

(f)        OTHER
TERMS. All SARs shall be evidenced by an Award Certificate. Subject to the limitations of this Article 8, the terms, methods
of exercise, methods of settlement, form of consideration payable in settlement (e.g., cash, Shares or other property), and any
other terms and conditions of the SAR shall be determined by the Committee at the time of the grant and shall be reflected in the
Award Certificate.

 

ARTICLE 9

RESTRICTED STOCK, RESTRICTED STOCK UNITS

AND DEFERRED STOCK UNITS

 

9.1.        GRANT
OF RESTRICTED STOCK, RESTRICTED STOCK UNITS AND DEFERRED STOCK UNITS. The Committee is authorized to make Awards of Restricted
Stock, Restricted Stock Units or Deferred Stock Units to Participants in such amounts and subject to such terms and conditions
as may be selected by the Committee. An Award of Restricted Stock, Restricted Stock Units or Deferred Stock Units shall be evidenced
by an Award Certificate setting forth the terms, conditions, and restrictions applicable to the Award.

 

9.2.        ISSUANCE
AND RESTRICTIONS. Restricted Stock, Restricted Stock Units or Deferred Stock Units shall be subject to such restrictions on
transferability and other restrictions as the Committee may impose (including, for example, limitations on the right to vote Restricted
Stock or the right to receive dividends on the Restricted Stock). These restrictions may lapse separately or in combination at
such times, under such circumstances, in such installments, upon the satisfaction of performance goals or otherwise, as the Committee
determines at the time of the grant of the Award or thereafter. Except as otherwise provided in an Award Certificate or any special
Plan document governing an Award, a Participant shall have all of the rights of a stockholder with respect to Restricted Stock,
but none of the rights of a stockholder with respect to Restricted Stock Units or Deferred Stock Units until such time as Shares
of Stock are paid in settlement of such Awards. Unless otherwise provided in the applicable Award Certificate, Restricted Stock
will be entitled to full dividend rights, and any dividends paid thereon will be paid or distributed to the holder no later than
the end of the calendar year in which the dividends are paid to stockholders or, if later, the 15th day of the third month following
the date the dividends are paid to stockholders.

 

9.3.        FORFEITURE.
Subject to the terms of the Award Certificate and except as otherwise determined by the Committee at the time of the grant of the
Award or thereafter, upon termination of Continuous Service during the applicable restriction period or upon failure to satisfy
a performance goal during the applicable restriction period, Restricted Stock or Restricted Stock Units that are at that time subject
to restrictions shall be forfeited.

 

    	 	 	 

     

    

 

9.4.        DELIVERY
OF RESTRICTED STOCK. Shares of Restricted Stock shall be delivered to the Participant at the Grant Date either by book-entry
registration or by delivering to the Participant, or a custodian or escrow agent (including, without limitation, the Company or
one or more of its employees) designated by the Committee, a stock certificate or certificates registered in the name of the Participant.
If physical certificates representing shares of Restricted Stock are registered in the name of the Participant, such certificates
must bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock.

 

ARTICLE 10

PERFORMANCE AWARDS

 

10.1.        GRANT
OF PERFORMANCE AWARDS. The Committee is authorized to grant any Award under this Plan, including cash-based Awards, with performance-based
vesting criteria, on such terms and conditions as may be selected by the Committee. Any such Awards with performance-based vesting
criteria are referred to herein as Performance Awards. The Committee shall have the complete discretion to determine the number
of Performance Awards granted to each Participant and to designate the provisions of such Performance Awards as provided in Section
4.3. All Performance Awards shall be evidenced by an Award Certificate or a written program established by the Committee, pursuant
to which Performance Awards are awarded under the Plan under uniform terms, conditions and restrictions set forth in such written
program.

 

10.2.        PERFORMANCE
GOALS. The Committee may establish performance goals for Performance Awards which may be based on any criteria selected by
the Committee. Such performance goals may be described in terms of Company-wide objectives or in terms of objectives that relate
to the performance of the Participant, an Affiliate or a division, region, department or function within the Company or an Affiliate.
If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company
or the manner in which the Company or an Affiliate conducts its business, or other events or circumstances render performance goals
to be unsuitable, the Committee may modify such performance goals in whole or in part, as the Committee deems appropriate. If a
Participant is promoted, demoted or transferred to a different business unit or function during a performance period, the Committee
may determine that the performance goals or performance period are no longer appropriate and may (i) adjust, change or eliminate
the performance goals or the applicable performance period as it deems appropriate to make such goals and period comparable to
the initial goals and period, or (ii) make a cash payment to the participant in an amount determined by the Committee.

 

ARTICLE 11

DIVIDEND EQUIVALENTS

 

11.1.        GRANT
OF DIVIDEND EQUIVALENTS. The Committee is authorized to grant Dividend Equivalents with respect to Full-Value Awards granted
hereunder, subject to such terms and conditions as may be selected by the Committee. Dividend Equivalents shall entitle the Participant
to receive payments equal to ordinary cash dividends or distributions with respect to all or a portion of the number of Shares
subject to a Full-Value Award, as determined by the Committee. The Committee may provide that Dividend Equivalents will be paid
or distributed when accrued or be deemed to have been reinvested in additional Shares or otherwise reinvested. Unless otherwise
provided by the Committee or in the Award Certificate, Dividend Equivalents will be paid or distributed to the Participant no later
than the end of the calendar year in which the dividends are paid to stockholders or, if later, the 15th day of the third month
following the date the dividends are paid to stockholders.

 

    	 	 	 

     

    

 

ARTICLE 12

STOCK OR OTHER STOCK-BASED AWARDS

 

12.1.        GRANT
OF STOCK OR OTHER STOCK-BASED AWARDS. The Committee is authorized, subject to limitations under applicable law, to grant to
Participants such other Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related
to Shares, as deemed by the Committee to be consistent with the purposes of the Plan, including without limitation Shares awarded
purely as a “bonus” and not subject to any restrictions or conditions, convertible or exchangeable debt securities,
other rights convertible or exchangeable into Shares, and Awards valued by reference to book value per Share or the value of securities
of or the performance of specified Parents or Subsidiaries. The Committee shall determine the terms and conditions of such Awards.

 

ARTICLE 13

PROVISIONS APPLICABLE TO AWARDS

 

13.1.        AWARD
CERTIFICATES. Each Award shall be evidenced by an Award Certificate. Each Award Certificate shall include such provisions,
not inconsistent with the Plan, as may be specified by the Committee.

 

13.2.        FORM
OF PAYMENT FOR AWARDS. At the discretion of the Committee, payment of Awards may be made in cash, Stock, a combination of cash
and Stock, or any other form of property as the Committee shall determine. In addition, payment of Awards may include such terms,
conditions, restrictions and/or limitations, if any, as the Committee deems appropriate, including, in the case of Awards paid
in the form of Stock, restrictions on transfer and forfeiture provisions. Further, payment of Awards may be made in the form of
a lump sum, or in installments, as determined by the Committee.

 

13.3.        LIMITS
ON TRANSFER. No right or interest of a Participant in any unexercised or restricted Award may be pledged, encumbered, or hypothecated
to or in favor of any party other than the Company or an Affiliate, or shall be subject to any lien, obligation, or liability of
such Participant to any other party other than the Company or an Affiliate. No unexercised or restricted Award shall be assignable
or transferable by a Participant other than by will or the laws of descent and distribution; provided, however, that
Nonstatutory Stock Options may be transferred without consideration to members of a Participant’s immediate family (“Immediate
Family Members”), to trusts in which such Immediate Family Members have more than fifty percent (50%) of the beneficial interest,
to foundations in which such Immediate Family Members (or the Participant) control the management of assets, and to any other entity
(including limited partnerships and limited liability companies) in which the Immediate Family Members (or the Participant) own
more than fifty percent (50%) of the voting interest; and, provided, further, that the Committee may (but need not)
permit other transfers (other than transfers for value) where the Committee concludes that such transferability (i) does not result
in accelerated taxation, (ii) does not cause any Option intended to be an Incentive Stock Option to fail to be described in Code
Section 422(b), and (iii) is otherwise appropriate and desirable, taking into account any factors deemed relevant, including without
limitation, state or federal tax or securities laws applicable to transferable Awards.

 

13.4.        BENEFICIARIES.
Notwithstanding Section 13.3, a Participant may, in the manner determined by the Committee, designate a beneficiary to exercise
the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary,
legal guardian, legal representative, or other person claiming any rights under the Plan is subject to all terms and conditions
of the Plan and any Award Certificate applicable to the Participant, except to the extent the Plan and Award Certificate otherwise
provide, and to any additional restrictions deemed necessary or appropriate by the Committee. If no beneficiary has been designated
or survives the Participant, any payment due to the Participant shall be made to the Participant’s estate. Subject to the
foregoing, a beneficiary designation may be changed or revoked by a Participant, in the manner
provided by the Company, at any time provided the change or revocation is filed with the Committee.

 

    	 	 	 

     

    

 

13.5.        STOCK
TRADING RESTRICTIONS. All Stock issuable under the Plan is subject to any stop-transfer orders and other restrictions as the
Committee deems necessary or advisable to comply with federal or state securities laws, rules and regulations and the rules of
any Exchange or automated quotation system on which the Stock is listed, quoted, or traded. The Committee may place legends on
any Stock certificate or issue instructions to the transfer agent to reference restrictions applicable to the Stock.

 

13.6.        EFFECT
OF A CHANGE IN CONTROL. Upon the occurrence of a Change in Control: (i) outstanding Options, SARs, and other Awards in the
nature of rights that may be exercised shall become fully exercisable, (ii) time-based vesting restrictions on outstanding Awards
shall lapse, and (iii) the target payout opportunities attainable under outstanding performance-based Awards shall be deemed to
have been fully earned as of the effective date of the Change in Control based upon an assumed achievement of all relevant performance
goals at the “target” level, and there shall be a prorata payout to Participants
within sixty (60) days following the Change in Control (unless a later date is required by Section 16.3 hereof), based upon
the length of time within the performance period that has elapsed prior to the Change in Control. Any Awards shall thereafter
continue or lapse in accordance with the other provisions of the Plan and the Award Certificate. To the extent that this provision
causes Incentive Stock Options to exceed the dollar limitation set forth in Code Section 422(d), the excess Options shall be deemed
to be Nonstatutory Stock Options.

 

13.7.        ACCELERATION
FOR ANY OTHER REASON. Regardless of whether an event has occurred as described in Section 13.6 above, the Committee may in
its sole discretion at any time determine that all or a portion of a Participant’s Options, SARs, and other Awards in the
nature of rights that may be exercised shall become fully or partially exercisable, that all or a part of the time-based vesting
restrictions on all or a portion of the outstanding Awards shall lapse, and/or that any performance-based criteria with respect
to any Awards shall be deemed to be wholly or partially satisfied, in each case, as of such date as the Committee may, in its sole
discretion, declare. The Committee may discriminate among Participants and among Awards granted to a Participant in exercising
its discretion pursuant to this Section 13.7. Notwithstanding anything in the Plan, including this Section 13.7, the Committee
may not accelerate the payment of any Award if such acceleration would violate Section 409A(a)(3) of the Code.

 

13.8.        FORFEITURE
EVENTS. Awards under the Plan shall be subject to any compensation recoupment policy that the Company may adopt from time to
time that is applicable by its terms to the Participant. In addition, the Committee may specify
in an Award Certificate that the Participant’s rights, payments and benefits
with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain
specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include,
but shall not be limited to, (i) termination of employment for cause, (ii) violation of material Company or Affiliate policies,
(iii) breach of noncompetition, confidentiality or other restrictive covenants that may apply
to the Participant, (iv) other conduct by the Participant that is detrimental to the business or reputation of the Company
or any Affiliate, or (v) a later determination that the vesting of, or amount realized from, a Performance Award was based on materially
inaccurate financial statements or any other materially inaccurate performance metric criteria, whether or not the Participant
caused or contributed to such material inaccuracy.

 

13.9.        SUBSTITUTE
AWARDS. The Committee may grant Awards under the Plan in substitution for stock and stock-based awards held by employees of
another entity who become employees of the Company or an Affiliate as a result of a merger or consolidation of the former employing
entity with the Company or an Affiliate or the acquisition by the Company or an Affiliate of property or stock of the former employing
corporation. The Committee may direct that the substitute awards be granted on such terms and conditions as the Committee considers
appropriate in the circumstances.

 

    	 	 	 

     

    

 

ARTICLE 14

CHANGES IN CAPITAL STRUCTURE

 

14.1.        MANDATORY
ADJUSTMENTS. In the event of a nonreciprocal transaction between the Company and its stockholders that causes the per-share
value of the Stock to change (including, without limitation, any stock dividend, stock split, spin-off, rights offering, or large
nonrecurring cash dividend), the Committee shall make such adjustments to the Plan and Awards as it deems necessary, in its sole
discretion, to prevent dilution or enlargement of rights immediately resulting from such transaction. Action by the Committee
may include: (i) adjustment of the number and kind of shares that may be delivered under the Plan; (ii) adjustment of the number
and kind of shares subject to outstanding Awards; (iii) adjustment of the exercise price of outstanding Awards or the measure
to be used to determine the amount of the benefit payable on an Award; and (iv) any other adjustments that the Committee determines
to be equitable. Notwithstanding the foregoing, the Committee shall not make any adjustments to outstanding Options or SARs that
would constitute a modification or substitution of the stock right under Treas. Reg. Section 1.409A-1(b)(5)(v) that would be treated
as the grant of a new stock right or change in the form of payment for purposes of Code Section 409A. Without limiting
the foregoing, in the event of a subdivision of the outstanding Stock (stock-split), a declaration of a dividend payable in Shares,
or a combination or consolidation of the outstanding Stock into a lesser number of Shares, the authorization limits under Section
5.1 shall automatically be adjusted proportionately, and the Shares then subject to each Award shall automatically, without the
necessity for any additional action by the Committee, be adjusted proportionately without any change in the aggregate purchase
price therefor.

 

14.2       DISCRETIONARY
ADJUSTMENTS. Upon the occurrence or in anticipation of any corporate event or transaction involving the Company (including,
without limitation, any merger, reorganization, recapitalization, combination or exchange of shares, or any transaction described
in Section 14.1), the Committee may, in its sole discretion, provide (i) that Awards will be settled in cash rather than Stock,
(ii) that Awards will become immediately vested and non-forfeitable and exercisable (in whole or in part) and will expire after
a designated period of time to the extent not then exercised, (iii) that Awards will be assumed by another party to a transaction
or otherwise be equitably converted or substituted in connection with such transaction, (iv) that outstanding Awards may be settled
by payment in cash or cash equivalents equal to the excess of the fair market value of the underlying Stock, as of a specified
date associated with the transaction (or the per-shares transaction price), over the exercise or base price of the Award, (v) that
performance targets and performance periods for Performance Awards will be modified, or (vi) any combination of the foregoing.
The Committee’s determination need not be uniform and may be different for different Participants whether or not such Participants
are similarly situated.

 

14.3       GENERAL.
Any discretionary adjustments made pursuant to this Article 14 shall be subject to the provisions of Section 15.2. To the extent
that any adjustments made pursuant to this Article 14 cause Incentive Stock Options to cease to qualify as Incentive Stock Options,
such Options shall be deemed to be Nonstatutory Stock Options.

 

    	 	 	 

     

    

 

ARTICLE 15

AMENDMENT, MODIFICATION AND TERMINATION

 

15.1.        AMENDMENT,
MODIFICATION AND TERMINATION. The Board or the Committee may, at any time and from time to time, amend, modify or terminate
the Plan without stockholder approval; provided, however, that if an amendment
to the Plan would, in the reasonable opinion of the Board or the Committee, constitute a material change requiring stockholder
approval under applicable laws, policies or regulations or the applicable listing or other requirements of an Exchange,
then such amendment shall be subject to stockholder approval; and provided, further,
that the Board or Committee may condition any other amendment or modification on the approval of stockholders of the Company for
any reason, including by reason of such approval being necessary or deemed advisable (i) to comply with the listing or other requirements
of an Exchange, or (ii) to satisfy any other tax, securities or other applicable laws, policies or regulations. Except for any
mandatory adjustments to the Plan and Awards contemplated by Section 14.1, without the prior approval of the stockholders of the
Company, the Plan may not be amended to permit: (i) the exercise price or base price of an Option or SAR to be reduced, directly
or indirectly, (ii) an Option or SAR to be cancelled in exchange for cash, other Awards, or Options or SARs with an exercise or
base price that is less than the exercise price or base price of the original Option or SAR, or otherwise, or (iii) the Company
to repurchase an Option or SAR for value (in cash or otherwise) from a Participant if the current Fair Market Value of the Shares
underlying the Option or SAR is lower than the exercise price or base price per share of the Option or SAR.

 

15.2.        AWARDS
PREVIOUSLY GRANTED. At any time and from time to time, the Committee may amend, modify or terminate any outstanding Award without
approval of the Participant; provided, however:

 

(a)        Subject
to the terms of the applicable Award Certificate, such amendment, modification or termination shall not, without the Participant’s
consent, reduce or diminish the value of such Award determined as if the Award had been exercised, vested, cashed in or otherwise
settled on the date of such amendment or termination (with the per-share value of an Option or SAR for this purpose being calculated
as the excess, if any, of the Fair Market Value as of the date of such amendment or termination over the exercise or base price
of such Award);

 

(b)        The
original term of an Option or SAR may not be extended without the prior approval of the stockholders of the Company;

 

(c)        Except
as otherwise provided in Article 14, without the prior approval of the stockholders of the Company: (i) the exercise price or base
price of an Option or SAR may not be reduced, directly or indirectly, (ii) an Option or SAR may not be cancelled in exchange for
cash, other Awards, or Options or SARs with an exercise or base price that is less than the exercise price or base price of the
original Option or SAR, or otherwise, and (iii) the Company may not repurchase an Option or SAR for value (in cash or otherwise)
from a Participant if the current Fair Market Value of the Shares underlying the Option or SAR is lower than the exercise price
or base price per share of the Option or SAR; and

 

(d)        No
termination, amendment, or modification of the Plan shall adversely affect any Award previously granted under the Plan, without
the written consent of the Participant affected thereby. An outstanding Award shall not be deemed to be “adversely affected”
by a Plan amendment if such amendment would not reduce or diminish the value of such Award determined as if the Award had been
exercised, vested, cashed in or otherwise settled on the date of such amendment (with the per-share value of an Option or SAR for
this purpose being calculated as the excess, if any, of the Fair Market Value as of the date of such amendment over the exercise
or base price of such Award).

 

    	 	 	 

     

    

 

15.3.        COMPLIANCE
AMENDMENTS. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, the Board may amend the Plan
or an Award Certificate, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming
the Plan or Award Certificate to any present or future law relating to plans of this or similar nature (including, but not limited
to, Section 409A of the Code), and to the administrative regulations and rulings promulgated thereunder. By accepting an Award
under this Plan, a Participant agrees to any amendment made pursuant to this Section 15.3 to any Award granted under the Plan without
further consideration or action.

 

ARTICLE 16

GENERAL PROVISIONS

 

16.1.        RIGHTS
OF PARTICIPANTS.

 

(a)        No
Participant or any Eligible Participant shall have any claim to be granted any Award under the Plan. Neither the Company, its Affiliates
nor the Committee is obligated to treat Participants or Eligible Participants uniformly, and determinations made under the Plan
may be made by the Committee selectively among Eligible Participants who receive, or are eligible to receive, Awards (whether or
not such Eligible Participants are similarly situated).

 

(b)        Nothing
in the Plan, any Award Certificate or any other document or statement made with respect to the Plan, shall interfere with or limit
in any way the right of the Company or any Affiliate to terminate any Participant’s employment or status as an officer, or
any Participant’s service as a director, at any time, nor confer upon any Participant any right to continue as an employee,
officer, or director of the Company or any Affiliate, whether for the duration of a Participant’s Award or otherwise.

 

(c)        Neither
an Award nor any benefits arising under this Plan shall constitute an employment contract with the Company or any Affiliate and,
accordingly, subject to Article 15, this Plan and the benefits hereunder may be terminated at any time in the sole and exclusive
discretion of the Committee without giving rise to any liability on the part of the Company or any of its Affiliates.

 

(d)        No
Award gives a Participant any of the rights of a stockholder of the Company unless and until Shares are in fact issued to such
person in connection with such Award.

 

16.2.        WITHHOLDING.
The Company or any Affiliate shall have the authority and the right to deduct or withhold, or require a Participant to remit to
the Company or such Affiliate, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s
FICA obligation) required by law to be withheld with respect to any exercise, lapse of restriction or other taxable event arising
as a result of the Plan. The obligations of the Company under the Plan will be conditioned on such payment or arrangements and
the Company or such Affiliate will, to the extent permitted by law, have the right to deduct any such taxes from any payment of
any kind otherwise due to the Participant. Unless otherwise determined by the Committee at the time the Award is granted or thereafter,
any such withholding requirement may be satisfied, in whole or in part, by withholding from the Award Shares having a Fair Market
Value on the date of withholding equal to the minimum amount (and not any greater amount) required to be withheld for tax purposes,
all in accordance with such procedures as the Committee establishes. All such elections shall be subject to any restrictions or
limitations that the Committee, in its sole discretion, deems appropriate.

 

    	 	 	 

     

    

 

16.3.        SPECIAL
PROVISIONS RELATED TO SECTION 409A OF THE CODE.

 

(a)        It
is intended that the payments and benefits provided under the Plan and any Award shall either be exempt from the application of,
or comply with, the requirements of Section 409A of the Code. The Plan and all Award Certificates shall be construed in a manner
that effects such intent. Nevertheless, the tax treatment of the benefits provided under the Plan or any Award is not warranted
or guaranteed. Neither the Company, its Affiliates nor their respective directors, officers, employees or advisers (other than
in his or her capacity as a Participant) shall be held liable for any taxes, interest, penalties or other monetary amounts owed
by any Participant or other taxpayer as a result of the Plan or any Award.

 

(b)        Notwithstanding
anything in the Plan or in any Award Certificate to the contrary, to the extent that any amount or benefit that would constitute
non-exempt “deferred compensation” for purposes of Section 409A of the Code (“Non-Exempt Deferred Compensation”)
would otherwise be payable or distributable, or a different form of payment (e.g., lump sum or installment) of such Non-Exempt
Deferred Compensation would be effected, under the Plan or any Award Certificate by reason of the occurrence of a Change in Control,
or the Participant’s Disability or separation from service, such Non-Exempt Deferred Compensation will not be payable or
distributable to the Participant, and/or such different form of payment will not be effected, by reason of such circumstance unless
the circumstances giving rise to such Change in Control, Disability or separation from service meet any description or definition
of “change in control event”, “disability” or “separation from service”, as the case may be,
in Section 409A of the Code and applicable regulations (without giving effect to any elective provisions that may be available
under such definition). This provision does not affect the dollar amount or prohibit the vesting of any Award upon a Change
in Control, Disability or separation from service, however defined. If this provision prevents the payment or distribution of any
amount or benefit, or the application of a different form of payment of any amount or benefit, such payment or distribution shall
be made at the time and in the form that would have applied absent the non-409A-conforming event.

 

(c)        If
any one or more Awards granted under the Plan to a Participant could qualify for any separation pay exemption described in Treas.
Reg. Section 1.409A-1(b)(9), but such Awards in the aggregate exceed the dollar limit permitted for the separation pay exemptions,
the Company shall determine which Awards or portions thereof will be subject to such exemptions.

 

(d)        Notwithstanding
anything in the Plan or in any Award Certificate to the contrary, if any amount or benefit that would constitute Non-Exempt Deferred
Compensation would otherwise be payable or distributable under this Plan or any Award Certificate by reason of a Participant’s
separation from service during a period in which the Participant is a Specified Employee, then, subject to any permissible acceleration
of payment by the Committee under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of
interest), or (j)(4)(vi) (payment of employment taxes): (i) the amount of such Non-Exempt Deferred Compensation that would otherwise
be payable during the six-month period immediately following the Participant’s separation from service will be accumulated
through and paid or provided on the first day of the seventh month following the Participant’s separation from service (or,
if the Participant dies during such period, within 30 days after the Participant’s death) (in either case, the “Required
Delay Period”); and (ii) the normal payment or distribution schedule for any remaining payments or distributions will resume
at the end of the Required Delay Period.

 

(e)        If,
pursuant to an Award, a Participant is entitled to a series of installment payments, such Participant’s right to the series
of installment payments shall be treated as a right to a series of separate payments and not to a single payment. For purposes
of the preceding sentence, the term “series of installment payments” has the meaning provided
in Treas. Reg. Section 1.409A-2(b)(2)(iii) (or any successor thereto).

 

    	 	 	 

     

    

 

(f)        Whenever
an Award conditions a payment or benefit on the Participant’s execution and non-revocation of a release of claims, such release
must be executed and all revocation periods shall have expired within 60 days after the date of termination of the Participant’s
employment; failing which such payment or benefit shall be forfeited. If such payment or benefit is exempt from Section 409A of
the Code, the Company may elect to make or commence payment at any time during such 60-day period. If such payment or benefit constitutes
Non-Exempt Deferred Compensation, then, subject to subsection (d) above, (i) if such 60-day period begins and ends in a single
calendar year, the Company may make or commence payment at any time during such period at its discretion, and (ii) if such 60-day
period begins in one calendar year and ends in the next calendar year, the payment shall be made or commence during the second
such calendar year (or any later date specified for such payment under the applicable Award), even if such signing and non-revocation
of the release occur during the first such calendar year included within such 60-day period. In other words, a Participant is not
permitted to influence the calendar year of payment based on the timing of signing the release.

 

(g)        The
Company shall have the sole authority to make any accelerated distribution permissible under Treas. Reg. Section 1.409A-3(j)(4)
to Participants of deferred amounts, provided that such distribution(s) meets the requirements of Treas. Reg. Section 1.409A-3(j)(4).

 

16.4.        UNFUNDED
STATUS OF AWARDS. The Plan is intended to be an “unfunded” plan for incentive and deferred compensation. With respect
to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Certificate shall
give the Participant any rights that are greater than those of a general creditor of the Company or any Affiliate. In its sole
discretion, the Committee may authorize the creation of grantor trusts or other arrangements to meet the obligations created under
the Plan to deliver Shares or payments in lieu of Shares or with respect to Awards. This Plan is not intended to be subject to
ERISA.

 

16.5.        RELATIONSHIP
TO OTHER BENEFITS. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement,
savings, profit sharing, group insurance, welfare or benefit plan of the Company or any Affiliate unless provided otherwise in
such other plan. Nothing contained in the Plan will prevent the Company from adopting other or additional compensation arrangements,
subject to stockholder approval if such approval is required; and such arrangements may be either generally applicable or applicable
only in specific cases.

 

16.6.        EXPENSES.
The expenses of administering the Plan shall be borne by the Company and its Affiliates.

 

16.7.        TITLES
AND HEADINGS. The titles and headings of the Sections in the Plan are for convenience of reference only, and in the event of
any conflict, the text of the Plan, rather than such titles or headings, shall control.

 

16.8.        GENDER
AND NUMBER. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine;
the plural shall include the singular and the singular shall include the plural.

 

16.9.       FRACTIONAL
SHARES. No fractional Shares shall be issued and the Committee shall determine, in its discretion, whether cash shall be given
in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down.

 

    	 	 	 

     

    

 

16.10.       GOVERNMENT
AND OTHER REGULATIONS.

 

(a)       Notwithstanding
any other provision of the Plan, no Participant who acquires Shares pursuant to the Plan may, during any period of time that such
Participant is an affiliate of the Company (within the meaning of the rules and regulations of the Securities and Exchange Commission
under the 1933 Act), sell such Shares, unless such offer and sale is made (i) pursuant to an effective registration statement under
the 1933 Act, which is current and includes the Shares to be sold, or (ii) pursuant to an appropriate exemption from the registration
requirement of the 1933 Act, such as that set forth in Rule 144 promulgated under the 1933 Act.

 

(b)       Notwithstanding
any other provision of the Plan, if at any time the Committee shall determine that the registration, listing or qualification of
the Shares covered by an Award upon any Exchange or under any foreign, federal, state or local law or practice, or the consent
or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the granting
of such Award or the purchase or receipt of Shares thereunder, no Shares may be purchased, delivered or received pursuant to such
Award unless and until such registration, listing, qualification, consent or approval shall have been effected or obtained free
of any condition not acceptable to the Committee. Any Participant receiving or purchasing Shares pursuant to an Award shall make
such representations and agreements and furnish such information as the Committee may request to assure compliance with the foregoing
or any other applicable legal requirements. The Company shall not be required to issue or deliver any certificate or certificates
for Shares under the Plan prior to the Committee’s determination that all related requirements have been fulfilled. The Company
shall in no event be obligated to register any securities pursuant to the 1933 Act or applicable state or foreign law or to take
any other action in order to cause the issuance and delivery of such certificates to comply with any such law, regulation or requirement.

 

16.11.       GOVERNING
LAW. To the extent not governed by federal law, the Plan and all Award Certificates shall be construed in accordance with and
governed by the laws of the State of Delaware.

 

16.12.       SEVERABILITY.
In the event that any provision of this Plan is found to be invalid or otherwise unenforceable under any applicable law, such invalidity
or unenforceability will not be construed as rendering any other provisions contained herein as invalid or unenforceable, and all
such other provisions will be given full force and effect to the same extent as though the invalid or unenforceable provision was
not contained herein.

 

16.13.       NO
LIMITATIONS ON RIGHTS OF COMPANY. The grant of any Award shall not in any way affect the right or power of the Company to make
adjustments, reclassification or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell
or transfer all or any part of its business or assets. The Plan shall not restrict the authority of the Company, for proper corporate
purposes, to draft or assume awards, other than under the Plan, to or with respect to any person. If the Committee so directs,
the Company may issue or transfer Shares to an Affiliate, for such lawful consideration as the Committee may specify, upon the
condition or understanding that the Affiliate will transfer such Shares to a Participant in accordance with the terms of an Award
granted to such Participant and specified by the Committee pursuant to the provisions of the Plan.

 

The foregoing is hereby
acknowledged as being the Checkpoint Therapeutics, Inc. Amended and Restated 2015 Incentive Plan, which was amended and restated
effective as of December 18, 2015.

 

    	 	 	 

     

    

 

	 	CHECKPOINT THERAPEUTICS, INC.
	 	 	 
	 	By:	James F. Oliviero III
	 	 	 
	 	Its:	President & CEOExhibit 10.10

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This
Executive Employment Agreement (this “Agreement”) is made and entered into as of October 13,
2015 by and between Checkpoint Therapeutics, Inc. (the “Company”)
and James F. Oliviero III (“Executive”). The Company
and Executive are hereinafter collectively referred to as the “Parties”, and individually referred to
as a “Party”.

 

Recitals

 

WHEREAS the Company
desires to employ Executive and Executive desires to accept such employment, on the terms and conditions set forth in this Agreement;
and

 

WHEREAS, in his position,
Executive will have access to confidential information concerning the Company’s business, its customers and employees; and

 

WHEREAS, the Company
wishes to protect itself from unauthorized use of this information and to protect its investment in its employees, customer relationships
and confidential information.

 

NOW, THEREFORE, in
consideration of the foregoing, the mutual agreements contained herein, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

Agreement

 

1.          Employment.

 

1.1           Title.
Effective as of the Effective Date, Executive is employed by the Company in the position of President and Chief Executive Officer
(“CEO”), subject to the terms and conditions set forth in this Agreement.

 

1.2           Term.
The term of this Agreement will begin on October 13, 2015 (the “Effective Date”), and will continue until
it is terminated pursuant to Section 4 herein (the “Term”).

 

1.3           Duties.
Executive shall do and perform all services, acts or things necessary or advisable to conduct the business of the Company and
that are normally associated with the position of President and CEO. In his capacity as President and CEO, Executive shall report
to the Company’s Executive Chairman. Throughout this Agreement, references to the Company’s Executive Chairman will
mean the Company’s Board of Directors (the “Board”) in the event that there is no Executive Chairman
at the time.

 

1.4           Board
Service. The Company will use its best efforts to cause Executive to be appointed as a member of the Board and will include
Executive in the management slate for election as a director at every stockholders meeting during the Term at which Executive’s
term as a director would otherwise expire. During the Term, Executive will serve as a director if elected. Immediately upon the
termination of Executive’s employment with the Company for any reason, unless otherwise agreed to in writing between Executive
and the Company, Executive will be deemed to have resigned from all positions as an officer and director of the Company and any
of its affiliates. In furtherance of the preceding sentence, Executive will execute and return to the Company all letters and documents
that the Company may reasonably require in order to evidence such resignation(s), but Executive’s failure to execute and
return such documents will not have the effect of delaying or in any way invalidating the resignation(s) provided for by the preceding
sentence.

 

    	 	- 1 -	 

     

    

  

1.5           Policies
and Practices. Executive will abide by the policies and practices established by the Company and/or the Board (or any designated
committee thereof). In the event that the terms of this Agreement differ from or are in conflict with the Company’s policies
or practices or the Company’s Employee Handbook, this Agreement shall control.

 

2.          Loyalty;
Noncompetition; Nonsolicitation.

 

2.1           Loyalty.
During Executive’s employment by the Company, Executive shall devote substantially all of his business energies, interest,
abilities and productive time to the proper and efficient performance of Executive’s duties under this Agreement. Notwithstanding
the above, Executive may, on his own time, at his own expense and so as to not interfere with his duties and responsibilities at
the Company: (i) participate in civic, educational, charitable or fraternal organizations; (ii) manage his personal investments;
and (iii) with prior approval of the Executive Chairman, serve as a consultant to, or on the board of directors of, other companies
that do not compete with the Company.

 

2.2           Agreements
Protecting Confidential and Proprietary Information. In connection with and as a material condition of the Company’s
decision to offer Executive employment, Executive understands, acknowledges and agrees to promptly execute and be bound by certain
restrictive covenants during and after his employment with the Company, as contained in the Company’s Proprietary Information
and Inventions Agreement (“PIIA”); provided, however, that the provisions of Section 4 of the PIIA are
superseded by Section 2.3 of this Agreement. A copy of the PIIA is attached to this Agreement as Exhibit A.

 

2.3           Non-Competition
and Non-Solicitation.

 

2.3.1           Purpose.
Executive understands and agrees that the purpose of this Section 2.3 is solely to protect the Company’s legitimate business
interests, including, but not limited to its confidential and proprietary information, customer relationships and goodwill, and
the Company’s competitive advantage, and is not intended to impair, nor will it impair, Executive’s ability or right
to work or earn a living. Therefore, Executive agrees to be subject to restrictive covenants under the following terms.

 

2.3.2           Definitions.
As used in this Agreement, the following terms have the meanings given to such terms below.

 

(i)          “Affiliate”
means, with respect to any specific entity, any other entity that, directly or indirectly, through one or more intermediaries,
controls, is controlled by or is under common control with such specified entity.

 

    	 	- 2 -	 

     

    

  

(ii)         “Business”
means the business(es) in which the Company and any other entity that is directly or indirectly controlled by the Company are or
were engaged at the time of, or during the 12 month period prior to, the termination of Executive’s employment with the Company
for any reason.

 

(iii)        “Customer”
means any person or entity who is or was a customer or client of the Company or its Affiliates at the time of, or during the 12
month period prior to, the termination of Executive’s employment with the Company for any reason.

 

(iv)        “Company
Employee” means any person who is or was an employee of the Company or its Affiliates at the time of, or during the twelve
(12) month period prior to, the termination of Executive’s employment with the Company for any reason.

 

(v)         “Restricted
Period” means the period commencing on the date of termination of Executive’s employment with the Company for any
reason and ending twelve (12) months after such date.

 

(vi)        “Territory”
means the United States of America, it being understood that the Company’s business is nationwide in scope and a nationwide
restriction is reasonable and necessary to protect the Company’s interests.

 

2.3.3           Non-Participation
with the Company’s Competitors. During his employment with the Company and during the Restricted Period, Executive will
not, on his own behalf or on behalf of any other person, without the prior written consent of the Company, engage in any business
competitive with or adverse to that of the Company. In addition, during his employment with the Company and during the Restricted
Period, Executive will not acquire, assume or participate in, directly or indirectly, any position, investment or interest known
by Executive to be adverse or antagonistic to the Company, its business, or prospects, financial or otherwise, or in any company,
person, or entity that is, directly or indirectly, in competition with the business of the Company or any other entity that is
directly or indirectly controlled by the Company. Ownership by Executive, in professionally managed funds over which the Executive
does not have control or discretion in investment decisions, or as a passive investment, of less than five percent (5%) of any
class of securities of a corporation having a class of securities registered pursuant to the Securities Exchange Act of 1934 shall
not constitute a breach of this Section 2.3.3.

 

2.3.4           Non-Competition.
During his employment with the Company and during the Restricted Period, Executive will not, directly or indirectly, (i) engage
in the Business in the Territory (other than on behalf of the Company and/or its Affiliates), or (ii) hold a position based in
or with responsibility for all or part of the Territory, with any person or entity (other than the Company and/or its Affiliates)
engaging in the Business, whether as an employee, consultant, or otherwise, in which Executive will have duties, or will perform
or be expected to perform services for such person or entity, that is or are the same as or substantially similar to the position
held by Executive or those duties or services actually performed by Executive for the Company within the twelve (12) month period
immediately preceding the termination of Executive’s employment with the Company, or in which Executive will use or disclose
any confidential or proprietary information of the Company for the purpose of providing, or attempting to provide, such person
or entity with a competitive advantage with respect to the Business.

 

    	 	- 3 -	 

     

    

  

2.3.5           Non-Solicitation.
During his employment with the Company and during the Restricted Period, Executive will not, directly or indirectly, on Executive’s
own behalf or on behalf of any other party (except on behalf of the Company and/or its Affiliates):

 

		(i)	Call upon, solicit, divert, encourage or attempt to call
upon, solicit, divert, or encourage any Customer for purposes of marketing, selling, or providing products or services to such
Customer that are similar to or competitive with those offered by the Company;

 

		(ii)	Accept as a customer any Customer for purposes of marketing,
selling, or providing products or services to such Customer that are similar to or competitive with those offered by the Company;

 

		(iii)	Induce, encourage, or attempt to induce or encourage any
Customer to reduce, limit, or cancel its business with the Company; or

 

		(iv)	Solicit, induce, or attempt to solicit or induce any Company
Employee to terminate his or her employment with the Company.

 

2.3.6           Reasonableness
of Restrictions. Executive acknowledges and agrees that (i) his services to the Company under this Agreement are unique and
extraordinary; (ii) the restrictive covenants in this Agreement are essential elements of Executive’s employment by the Company
and are reasonable given Executive’s access to the Company’s confidential information and the substantial knowledge
and goodwill Executive will acquire with respect to the business of the Company as a result of his employment with the Company,
and the unique and extraordinary services to be provided by Executive to the Company; (iii) the restrictive covenants contained
in this Agreement are reasonable in time, territory, and scope, and in all other respects; and (iv) enforcement of the restrictions
contained herein will not deprive the Executive of the ability to earn a reasonable living.

 

2.3.7           Judicial
Modification. Should any part or provision of this Section 2.3 be held invalid, void, or unenforceable in any court of competent
jurisdiction, such invalidity, voidness, or unenforceability shall not render invalid, void, or unenforceable any other part or
provision of this Agreement. The parties further agree that if any portion of this Section 2.3 is found to be invalid or unenforceable
by a court of competent jurisdiction because its duration, territory, or other restrictions are deemed to be invalid or unreasonable
in scope, the invalid or unreasonable terms shall be replaced by terms that are valid and enforceable and that come closest to
expressing the intention of such invalid or unenforceable terms.

 

2.3.8           Enforcement.
Executive acknowledges and agrees that the Company may suffer irreparable harm in the event that Executive breaches any of Executive’s
obligations under this Section 2.3 and that monetary damages would be inadequate to compensate the Company for such breach. Accordingly,
Executive agrees that, in the event of a breach by Executive of any of Executive’s obligations under this Section 2.3, the
Company will be entitled to obtain from any court of competent jurisdiction preliminary and permanent injunctive relief, and expedited
discovery for the purpose of seeking relief, in order to prevent or to restrain any such breach. Executive agrees to waive any
requirement for the securing or posting of any bond in connection with such remedies. The Company will be entitled to recover its
reasonable costs incurred in connection with enforcing this Section 2.3, including reasonable attorneys’ fees and expenses.

 

    	 	- 4 -	 

     

    

 

3.          Compensation
of Executive.

 

3.1           Base
Salary. The Company shall pay Executive a base salary at the annualized rate of Three Hundred Ninety-Five Thousand
Dollars ($395,000.00) (the “Base Salary”), less all applicable taxes, deductions and withholdings,
to be paid in equal installments in accord with the Company’s normal payroll practices. The Base Salary shall be prorated
for any partial year of employment on the basis of a 365-day fiscal year and may be changed in the discretion of the Board. The
Board shall review Executive’s Base Salary annually and, in its discretion, may increase Executive’s Base Salary from
year to year. Such adjusted salary then shall become Executive’s Base Salary for purposes of this Agreement. The Base Salary
may only be decreased in connection with a Company-wide decrease in executive compensation; provided, however that Executive shall
not be subject to any greater percentage reduction than any other Company executive.

 

3.2           Annual
Bonus. Following each calendar year while employed hereunder, Executive will be eligible to receive a performance-based cash
bonus (the “Annual Bonus”) as described below.

 

3.2.1           The
target amount of the Annual Bonus will be fifty percent (50%) of the Base Salary. The amount of the Annual Bonus to be paid will
be based on Executive’s attainment of certain financial, clinical development, and/or business milestones (the “Goals
and Objectives”) to be established annually no later than March 1 of each year by agreement between Executive and
the Company’s Executive Chairman. The achievement of reach goals as determined by the Executive Chairman will result in a
maximum Annual Bonus of up to seventy-five percent (75%) of Executive’s Base Salary.

 

3.2.2           Executive
shall prepare an initial proposal of Goals and Objectives for each calendar year. If no Goals and Objectives are established by
March 1 of a given year as a result of (i) Executive’s failure to propose Goals and Objections in a timely manner, or (ii)
the Executive’s and Executive Chairman’s inability to agree on Goals and Objectives (provided that the Executive Chairman
acts in good faith and in a reasonable manner) the Board shall determine and provide Executive with the Goals and Objectives for
such given year in good faith.

 

3.2.3           For
calendar year 2015 only, the requirement that Goals and Objectives be established by March 1 will not apply, and Executive will
be eligible to earn a pro-rated Annual Bonus.

 

3.2.4           The
determination of whether Executive has met the Goals and Objectives, and if so, the bonus amount (if any) that will be paid, will
be determined by the Board in its sole discretion. Executive must remain employed by the Company through and including the last
day of the applicable calendar year in order to be eligible to earn or receive any Annual Bonus for that year. The Annual Bonus
for any given calendar year will be paid in cash as a single lump-sum payment no later than two and one half months after the end
of the year to which the Annual Bonus relates.

 

    	 	- 5 -	 

     

    

 

3.3           Capital
Raise Bonus. The Company will pay Executive a one-time cash bonus of One Hundred Thousand Dollars ($100,000) upon the completion
of the first public offering of the Company’s stock resulting in gross proceeds to the Company of at least $20,000,000 (but
expressly excluding for this purpose the offering contemplated as of the date of this Agreement to be led by National Securities
Corp.). Executive must be employed by the Company at the time of the completion of such an offering in order to receive the bonus
described in this Section 3.3.

 

3.4           Equity.
Executive will be entitled to receive equity grants from the Company as described in this Section 3.4. All equity grants will be
subject to the entry of a Restricted Stock Issuance Agreement or similar equity grant agreement between the Company and Executive,
and in the event of any irreconcilable difference between this Agreement and the equity grant agreement with respect to such equity
awards, this Agreement will control.

 

3.4.1           Effective
upon the Effective Date, Executive will be granted 1,000,000 restricted shares of the Company’s common stock, subject to
a repurchase right in favor of the Company that lapses as such shares vest as described below (the “Initial Shares”).

 

3.4.2           Provided
that Executive remains employed by the Company at the time of the final closing of the first equity financing resulting in gross
proceeds to the Company of at least $10,000,000, Executive will be granted additional restricted shares of the Company’s
common stock (the “Additional Shares”) as described herein. If, following such first equity financing,
Executive’s Initial Shares are not greater than or equal to five percent (5%) of the Company’s fully-diluted capitalization
(which shall include common stock issuable upon conversion, exchange or exercise of any derivative security, including without
limitation, options, warrants, convertible equity or debt or restricted equity, as well as any shares and/or convertible securities
the Company is obligated to issue based on such first equity financing), then Additional Shares will be awarded such that the sum
of the Additional Shares plus the Initial Shares will equal five percent (5%) of the Company’s fully-diluted capitalization
(including the Additional Shares) taking into account the effects of such financing. Notwithstanding the foregoing, if such first
equity financing is in excess of $30,000,000, the adjustment described herein shall be calculated as if the financing was for $30,000,000.
The Additional Shares will be subject to a repurchase right in favor of the Company that lapses as the Additional Shares vest as
described below. The Initial Shares and the Additional Shares are collectively referred to here as the “Shares”.

 

    	 	- 6 -	 

     

    

 

3.4.3           One-third
of the Shares will vest over time in four equal annual installments beginning on the Effective Date. One-third of the Shares will
vest in three equal parts based on the Company’s achievement of fully-diluted Market Capitalization of $250,000,000, $500,000,000,
and $750,000,000 respectively. For purposes of this Agreement, “Market Capitalization” shall be determined
by multiplying the total shares of the Company’s common stock that are outstanding (including common stock issuable upon
conversion, exchange or exercise of any derivative security, including without limitation, options, warrants, convertible equity
or debt or restricted equity) by the last reported closing price of the Company’s common stock on a nationally recognized
exchange or in the over-the-counter market. The final third will vest in two equal installments as follows: (i) one installment
will vest upon the earlier of (A) the Company’s first Corporate Development Transaction (as defined below) or (B) the first
FDA approval of a Company product or medical device, and (ii) the second installment will vest upon the earlier of (A) the Company’s
second Corporate Development Transaction (as defined below) or (B) a second FDA approval of a Company product or medical device.
As used herein, “Corporate Development Transaction” means the Company’s license or acquisition
of a technology, product, product candidate, medical device or company (provided that such license or acquisition occurs primarily
through Executive’s efforts or the efforts of the Company, rather than through the efforts of Fortress Biotech or Opus Point
Partners, or is first identified and brought to the Company’s attention by Executive). The Company’s Board will have
the exclusive discretion to determine whether a transaction qualifies as a Corporate Development Transaction, and the Board will
not fail to approve a transaction recommended by the Executive Chairman as a Corporate Development Transaction without reasonable
justification. For avoidance of doubt, the parties intend that the Additional Shares will vest on the same schedule as the Initial
Shares, as though the Additional Shares had been granted on the same date as the Initial Shares, with the result that Additional
Shares subject to time vesting may be vested upon grant.

 

3.4.4           The
Shares will also vest in full upon the occurrence of a “Qualifying Change in Control” meaning a Change
in Control (as defined below) in which the Company is valued in excess of $500,000,000 (on a fully-diluted basis).

 

3.4.5           During
the Term, Executive may be eligible for additional equity grants, as determined by the Board from time to time. Nothing herein
requires the Board to make additional equity grants in any year.

 

3.5           Expense
Reimbursements. The Company will reimburse Executive for all reasonable business expenses incurred by Executive in connection
with the performance of his duties hereunder, subject to the Company’s reimbursement policies in effect from time to time.

 

3.6           Benefits.
Executive shall, in accordance with Company policy and the applicable plan documents, be eligible to participate in benefits under
any benefit plan or arrangement that may be in effect from time to time and made available to the Company’s senior management
employees. If at any time during the Term the Company fails to offer medical or dental insurance coverage for Executive and the
eligible members of his immediate family, the Company will reimburse Executive for one hundred percent (100%) of the cost of Consolidated
Omnibus Budget Reconciliation Act (“COBRA”) coverage to maintain such medical or dental coverage, to
the extent available, provided, however, that should the Company reasonably determine that continued payment of the COBRA premiums
is or may be discriminatory under Section 105(h) of the Internal Revenue Code of 1986, as amended (the “Code”),
the Company will have the right to modify this benefit in order to comply with applicable law in a manner that best preserves the
economic intent of this provision.

 

    	 	- 7 -	 

     

    

 

3.7           Holidays
and Vacation. Executive shall be eligible to accrue up to four (4) weeks of paid vacation per year and will receive paid Company
holidays in accordance with Company policy. Unless otherwise required by law or in accordance with Company policy, accrued but
unused vacation time is not carried forward from one year to the next, and is not paid out upon termination of employment for any
reason. All available time off must be used in accordance with the Company’s policies and procedures. To the extent Executive
would be entitled to a greater number of vacation days or personal days under any other Company policy, such other policy shall
govern.

 

3.8           Withholdings.
The Company may withhold from any amounts payable under this Agreement such federal, state and local taxes as the Company determines
are required to be withheld pursuant to any applicable law along with any other amount properly requested by Executive.

 

4.          Termination.

 

4.1           Termination
by the Company. Executive’s employment with the Company is at will and may be terminated by the Company at any time and
for any reason, or for no reason, including, but not limited to, under the following conditions:

 

4.1.1           Termination
by the Company for Cause. The Company may terminate Executive’s employment under this Agreement for “Cause”
(as defined below) by delivery of written notice to Executive in accordance with the procedures set forth in Section 4.6.1 below.
Any notice of termination given pursuant to this Section 4.1.1 shall effect termination as of the date of the notice or as of such
other date as specified in the notice, subject to Section 4.6.1 and 4.6.2.

 

4.1.2           Termination
by the Company without Cause. The Company may terminate Executive’s employment under this Agreement without Cause at
any time and for any reason or for no reason. Such termination shall be effective on the date Executive is so informed or as otherwise
specified by the Company.

 

4.2           Termination
by Resignation of Executive. Executive’s employment with the Company is at will and may be terminated by Executive at
any time and for any reason or for no reason, including via a resignation for Good Reason in accordance with the procedures set
forth in Section 4.6.2 below.

 

4.3           Termination
for Death or Disability. Executive’s employment with the Company shall terminate effective upon the date of Executive’s
death or Disability (as defined below).

 

4.4           Termination
by Mutual Agreement of the Parties. Executive’s employment with the Company may be terminated at any time upon a mutual
agreement in writing of the Parties. Any such termination of employment shall have the consequences specified in such agreement.

 

    	 	- 8 -	 

     

    

 

4.5           Compensation
Upon Termination. 

 

4.5.1           Generally.
When this Agreement is terminated for any reason, Executive, or his estate, as the case may be, will be entitled to receive the
compensation and benefits earned through the effective date of termination, including, but not limited to, as applicable, any Base
Salary earned by Executive, expense reimbursement amounts owed to Executive, all unpaid amounts of the Annual Bonus for the prior
year, if any, Executive earned prior to the termination date by meeting the conditions set forth in Section 3.2, and any benefits
required to be paid or provided or which Executive is entitled to receive under any plan, program, policy or practice or contract
or agreement of the Company, less legally-required deductions and withholdings.

 

4.5.2           Termination
Without Cause or Resignation For Good Reason Not In Connection with a Change in Control. If Executive’s employment under
this Agreement is terminated by the Company without Cause or Executive resigns for Good Reason, at any time other than at the time
of, or within eighteen (18) months following a Change in Control, then, in addition to the amounts described in Section 4.5.1,
and conditioned upon Executive (or his estate, if applicable) executing and not revoking a release of claims in the form attached
as Exhibit B (the “Release”) within the time periods specified therein, the Company will provide
the following separation benefits: (i) the Company will continue Executive’s Base Salary (at the rate in effect as of the
termination) for a period of twelve (12) months, beginning on the sixtieth (60th) day following the termination of Executive’s
employment with the Company and with the first such payment comprising all salary accruing from the termination date through the
date of payment, (ii) partial accelerated vesting, effective as of the termination date, of all unvested equity awards with respect
to the same number of shares that would have vested if Executive had continued in employment for one year after the termination
date and to the extent any vested equity awards are stock options, Executive will have twelve (12) months from the date of termination
in which to exercise such options (but not beyond the expiration date of the options), (iii) any unvested portion of the Shares
subject to Market Capitalization or FDA approval vesting as described in Section 3.4.3 shall remain outstanding for a period of
six (6) months following the termination date and to the extent that such milestones are achieved during such six-month period,
the respective Shares shall vest and become non-forfeitable, and (iv) if Executive (or his estate, if applicable) elects to continue
his health insurance coverage under COBRA following the termination, then the Company shall pay the monthly premiums for such coverage
until the earliest of (A) the date that is twelve (12) months following termination, (B) the expiration of such continuation coverage
under COBRA, and (C) the date when Executive obtains substantially equivalent health insurance coverage in connection with new
employment or self-employment, provided, however, that should the Company reasonably determine that continued payment of the COBRA
premiums hereunder is or may be discriminatory under Section 105(h) of the Code or would otherwise cause adverse tax consequences
to the Company or any employee thereof, such COBRA premium payments will be treated as taxable compensation income to Executive,
subject to all applicable withholdings. Executive acknowledges that his exercise of a stock option more than three (3) months after
his employment ends (including during the extended post-employment exercise period described in this Section 4.5.2) will disqualify
the option from being treated as an incentive stock option under Section 422 of the Code, as amended, and will result in the option
being deemed a nonqualified stock option except in certain limited circumstances in connection with Executive’s death or
Disability.

 

    	 	- 9 -	 

     

    

 

4.5.3           Termination
Without Cause or Resignation For Good Reason In Connection with a Change in Control. If the Company terminates Executive’s
employment without Cause, or if Executive resigns for Good Reason, upon the occurrence of, or within the eighteen (18) months following,
the effective date of a Change in Control, then, in addition to the amounts described in Section 4.5.1, and conditioned upon Executive
(or his estate, if applicable) executing and not revoking the Release within the time periods specified therein, the Company will
provide the following separation benefits: (i) a single lump sum payment equal to the sum of (A) one hundred fifty percent (150%)
of Executive’s annual Base Salary as of the date of the termination (or, if higher, Executive’s Base Salary immediately
preceding the Change in Control), plus (B) one hundred fifty percent (150%) of the actual amount (if any) of the Annual Bonus paid
or payable to Executive for the year immediately preceding the year in which the termination occurs, payable on the sixtieth day
following the effective date of the termination, (ii) if Executive (or his estate, if applicable) elects to continue his health
insurance coverage under COBRA following the termination, then the Company shall pay the monthly premiums for such coverage until
the earliest of (A) the date that is twelve (12) months following termination, (B) the expiration of such continuation coverage
under COBRA, and (C) the date when Executive obtains substantially equivalent health insurance coverage in connection with new
employment or self-employment, provided, however, that should the Company reasonably determine that continued payment of the COBRA
premiums hereunder is or may be discriminatory under Section 105(h) of the Code or would otherwise cause adverse tax consequences
to the Company or any employee thereof, such COBRA premium payments will be treated as taxable compensation income to Executive,
subject to all applicable withholdings; and (iii) accelerated vesting of all unvested equity awards such that, on the effective
date of the Release, the Executive shall be vested in one hundred percent (100%) of all such equity awards, and to the extent any
such equity awards are stock options, Executive will have twelve (12) months from the date of termination in which to exercise
such options (but not beyond the expiration date of the options). Executive acknowledges that his exercise of a stock option more
than three (3) months after his employment ends (including during the extended post-employment exercise period described in this
Section 4.5.3) will disqualify the option from being treated as an incentive stock option under Section 422 of the Code, and will
result in the option being deemed a nonqualified stock option except in certain limited circumstances in connection with Executive’s
death or Disability.

 

4.5.4           Termination
by Reason of Death or Disability. In the event that Executive’s employment with the Company terminates as a result of
his death or Disability (as defined below), in addition to the amounts described in Section 4.5.1, and conditioned upon Executive
(or his estate, if applicable) executing and not revoking the Release within the time periods specified therein, the Company will
provide Executive (or his estate, if applicable) the following separation benefits: (i) continued payment of Executive’s
Base Salary (at the rate in effect as of the termination) for a period of four (4) months, beginning on the sixtieth (60th)
day following the termination of Executive’s employment with the Company and with the first such payment comprising all salary
accruing from the termination date through the date of payment; (ii) partial accelerated vesting, effective as of the termination
date, of all unvested equity awards with respect to the same number of shares that would have vested if Executive had continued
in employment for one year after the termination date and to the extent any vested equity awards are stock options, Executive will
have twelve (12) months from the date of termination in which to exercise such options (but not beyond the expiration date of the
options); and (iii) any unvested portion of the Shares subject to Market Capitalization or FDA approval vesting as described in
Section 3.4.3 shall remain outstanding for a period of four (4) months following the termination date and to the extent that such
milestones are achieved during such four-month period, the respective Shares shall vest and become non-forfeitable. For purposes
of this Agreement, “Disability” shall mean that Executive has been unable to perform his duties hereunder
as the result of physical or mental incapacity lasting at least ninety (90) days during any consecutive twelve-month period, as
determined by the Board in consultation with a physician chosen by the Company and acceptable to Executive or to Executive’s
legal representative (with such agreement on acceptability not to be unreasonably withheld). For purposes of making a determination
as to whether a Disability exists, at the Board’s request Executive agrees to make himself available and to cooperate in
a reasonable examination by the independent physician retained by the Board and to authorize the disclosure and release to the
Board of all medical records related to such examination.

 

    	 	- 10 -	 

     

    

 

4.6           Definitions.
For purposes of this Agreement, the following terms shall have the following meanings:

 

4.6.1           Cause.
As used herein, “Cause” means: (i) Executive’s fraud, embezzlement or misappropriation with respect
to the Company which is, or is likely to be, injurious to the Company, its financial condition, or its reputation, (ii) Executive’s
material breach of this Agreement, (iii) Executive’s material breach of the PIIA, (iv) Executive’s material breach
of fiduciary duties to the Company, (v) Executive’s willful and continual failure or refusal to perform his material duties
under this Agreement or continual failure to follow any specific lawful instructions of the Board (other than a failure resulting
from Disability), (vi) Executive’s conviction or plea of nolo contendere in respect of a felony or of a misdemeanor involving
moral turpitude, or (vii) Executive’s willful or negligent misconduct that has a material adverse effect on the property,
business, or reputation of the Company. Prior to terminating Executive’s employment for Cause pursuant to clauses (ii), (iii),
(v) or (vii), Executive shall have thirty (30) days after Executive’s receipt of written notice thereof from the Company
to cure any such failure, action or breach, to the extent subject to being cured.

 

4.6.2           Good
Reason. For purposes of this Agreement, “Good Reason” means the occurrence of any of the following
events without Executive’s express written consent: (i) a material reduction of Executive’s Base Salary (except in
connection with a Company-wide decrease in executive compensation in accordance with Section 3.1 of this Agreement), (ii) a material
diminution of Executive’s title, position, authority, duties, or responsibilities, (iii) a material change in the geographic
location at which the Executive must perform services (which, for purposes of this Agreement, means a relocation of the Executive’s
principal workplace to a location that is more than twenty-five miles from Manhattan, New York City), or (iv) the Company’s
material breach of this Agreement through any action or inaction. In order for Executive to resign for Good Reason, Executive must
provide written notice to the Company of the existence of the Good Reason condition within ninety (90) days of the date on which
Executive discovers the existence of such Good Reason condition. Upon receipt of such notice, the Company will have thirty (30)
days during which it may remedy the Good Reason condition and not be required to provide for the benefits described in Section
4.5.2 or 4.5.3 as applicable as a result of such proposed resignation. If the Good Reason condition is not remedied within such
thirty (30) day period, Executive may resign based on the Good Reason condition specified in the notice effective immediately upon
the expiration of the thirty (30) day cure period.

 

    	 	- 11 -	 

     

    

 

4.6.3           Change
in Control. For purposes of this Agreement, “Change in Control” shall mean the occurrence, in a single
transaction or in a series of related transactions, of any one or more of the following events (excluding in any case transactions
in which the Company or its successors issues securities to investors primarily for bona fide capital raising purposes):

 

(i)          the
acquisition by any person or entity, or more than one person or entity acting as a group, of securities of the Company representing
more than fifty percent (50%) of the combined voting power of the Company’s then-outstanding securities other than by virtue
of a merger, consolidation or other similar transaction;

 

(ii)         a
merger, consolidation or similar transaction following which the stockholders of the Company immediately prior thereto do not own
at least fifty percent (50%) of the combined outstanding voting power of the surviving entity (or that entity’s parent) in
such merger, consolidation or similar transaction;

 

(iii)        the
sale, lease, exclusive license or other disposition (whether direct or indirect, by sale of assets or stock, merger, consolidation
or otherwise) of all or substantially all of the business and/or assets of the Company; or

 

(iv)        individuals
who are members of the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority
of the members of the Board over a period of 12 months; provided, however, that if the appointment or election (or nomination for
election) of any new Board member was approved or recommended by a majority vote of the members of the Incumbent Board then still
in office, such new member shall, for purposes of this Agreement, be considered as a member of the Incumbent Board.

 

4.7           Survival
of Certain Sections. Sections 2, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 17, and 18 of this Agreement will survive the termination
of this Agreement.

 

4.8           Parachute
Payment. If any payment or benefit the Executive would receive pursuant to this Agreement, either alone or together with other
payments and benefits provided to him by the Company (the “Total Payments”) would (i) constitute
a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to
the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Total Payments shall
be reduced if and to the extent that a reduction in the Total Payments would result in Executive retaining a larger amount than
if Executive received all of the Total Payments, in each case measured on an after-tax basis (taking into account federal, state,
and local income taxes, and, if applicable, the Excise Tax). The determination of any reduction in the Total Payments will be made
at the Company’s expense by the Company’s independent public accountants or a law or consulting firm selected by the
Company, applying reasonable, good faith interpretations regarding the applicability of Section 280G and Section 4999, along with
any other applicable portions of the Code or other tax laws. If a reduction in the Total Payment is necessary, such reduction shall
occur in the following order: (i) reduction of cash payments; (ii) cancellation of accelerated vesting of equity awards
other than stock options; (iii) cancellation of accelerated vesting of stock options; and (iv) reduction of other benefits
paid to Executive. Within any such category of payments and benefits (that is, (i), (ii), (iii) or (iv)), a reduction shall
occur first with respect to amounts that are not “deferred compensation” within the meaning of Section 409A (as
defined in Section 4.9 below) and then with respect to amounts that are. In the event that acceleration of compensation from
Executive’s equity awards is to be reduced, such acceleration of vesting shall be canceled, subject to the immediately preceding
sentence, in the reverse order of the date of grant.

 

    	 	- 12 -	 

     

    

 

4.9           Section
409A Compliance. The Parties intend that all provisions of this Agreement and the payments made pursuant thereto will comply
with, or be exempt from, the application of Section 409A of the Code and the regulations and other guidance thereunder and any
state law of similar effect (collectively “Section 409A”), and all provisions of this Agreement will
be construed, to the maximum extent possible, in a manner consistent with the requirements for avoiding taxes or penalties under
Section 409A. Notwithstanding anything to the contrary set forth herein, any payments and benefits provided under this Section
4 that constitute “deferred compensation” within the meaning of Section 409A will not commence in connection with Executive’s
termination of employment unless and until Executive has also incurred a “separation from service” (as such term is
defined in Treasury Regulation Section 1.409A-1(h)), unless the Company reasonably determines that such amounts may be provided
to Executive without causing Executive to incur the additional 20% tax under Section 409A. The parties intend that each installment
of the separation benefits payments provided for in this Agreement is a separate “payment” for purposes of Treasury
Regulation Section 1.409A-2(b)(2)(i). For the avoidance of doubt, the parties intend that payments of any separation benefits hereunder
satisfy, to the greatest extent possible, the exemptions from the application of Section 409A provided under Treasury Regulation
Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9). Executive and the Company agree to use their best efforts to amend
the terms of this Agreement from time to time as may be necessary to avoid the imposition of penalties or additional taxes under
Section 409A; provided, however, any such amendment will provide Executive substantially equivalent economic payments and benefits
as set forth herein and will not in the aggregate, materially increase the cost to, or liability of, the Company hereunder. However,
if the Company determines that any separation benefits hereunder constitute “deferred compensation” under Section 409A
and Executive is, on the termination of service, a “specified employee” of the Company or any successor entity thereto,
as such term is defined in Section 409A, then, solely to the extent necessary to avoid the incurrence of the adverse personal tax
consequences under Section 409A, the timing of any separation benefits hereunder will be delayed until the earlier to occur of:
(i) the date that is six months and one day after Executive’s separation from service, or (ii) the date of Executive’s
death (such applicable date, the “Specified Employee Initial Payment Date”), and the Company (or the
successor entity thereto, as applicable) will (A) pay to Executive a lump sum amount equal to the sum of any separation benefits
hereunder that Executive would otherwise have received through the Specified Employee Initial Payment Date if the commencement
of the payment of any separation benefits hereunder had not been so delayed pursuant to this Section, and (B) commence paying the
balance of the separation benefits in accordance with the applicable payment schedules set forth in this Agreement.

 

    	 	- 13 -	 

     

    

 

5.          Assignment
and Binding Effect.

 

This Agreement shall
be binding upon and inure to the benefit of Executive and Executive’s heirs, executors, personal representatives, assigns,
administrators and legal representatives. Because of the unique and personal nature of Executive’s duties under this Agreement,
neither this Agreement nor any rights or obligations under this Agreement shall be assignable by Executive. This Agreement shall
be binding upon and inure to the benefit of the Company and its successors, assigns and legal representatives. Any such successor
of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes. For this purpose,
“successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger
or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company.

 

6.          Notices.

 

All notices or demands
of any kind required or permitted to be given by the Company or Executive under this Agreement shall be given in writing and shall
be personally delivered (and receipted for) or mailed by certified mail, return receipt requested, postage prepaid, addressed as
follows:

 

If to the
Company:

 

Checkpoint Therapeutics, Inc.

3 Columbus Circle

New York, New York 10019

Attn: Chairman of the Board

 

If to Executive:

 

James
F. Oliviero III

415 Washington Street

New York, NY 10013

 

Any such written notice
shall be deemed given on the earlier of the date on which such notice is personally delivered or three (3) days after its deposit
in the United States mail as specified above. Either Party may change its address for notices by giving notice to the other Party
in the manner specified in this Section.

 

7.          Choice
of Law.

 

This Agreement shall
be construed and interpreted in accordance with the internal laws of the State of New York without regard to its conflict of laws
principles. 

 

8.          Integration.

 

This Agreement, including
all documents referenced herein, contains the complete, final and exclusive agreement of the Parties relating to the terms and
conditions of Executive’s employment and the termination of Executive’s employment, and supersedes all prior and contemporaneous
oral and written employment agreements or arrangements between the Parties.

 

    	 	- 14 -	 

     

    

 

9.          Amendment.

 

This Agreement cannot
be amended or modified except by a written agreement signed by Executive and the Company.

 

10.         Waiver.

 

No term, covenant or
condition of this Agreement or any breach thereof shall be deemed waived, except with the written consent of the Party against
whom the wavier is claimed, and any waiver or any such term, covenant, condition or breach shall not be deemed to be a waiver of
any preceding or succeeding breach of the same or any other term, covenant, condition or breach.

 

11.         Severability.

 

The finding by a court
of competent jurisdiction of the unenforceability, invalidity or illegality of any provision of this Agreement shall not render
any other provision of this Agreement unenforceable, invalid or illegal. Such court shall have the authority to modify or replace
the invalid or unenforceable term or provision with a valid and enforceable term or provision, which most accurately represents
the Parties’ intention with respect to the invalid or unenforceable term, or provision.

 

12.         Interpretation;
Construction.

 

The headings set forth
in this Agreement are for convenience of reference only and shall not be used in interpreting this Agreement. This Agreement has
been drafted by legal counsel representing the Company, but Executive has been encouraged to consult with, and has consulted with,
Executive’s own independent counsel and tax advisors with respect to the terms of this Agreement. The Parties acknowledge
that each Party and its counsel has reviewed and revised, or had an opportunity to review and revise, this Agreement, and any rule
of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation
of this Agreement.

 

13.         Arbitration.

 

13.1         In
the event that a dispute arises between the parties regarding the formation, interpretation, enforceability, performance and/or
the terms and conditions of this Agreement and/or if there arises any other claim or legal dispute between the parties with respect
to Executive’s employment or the termination thereof (including but not limited to claims based in tort or those which are
statutory in nature and claims relating to discrimination of any kind) (each a “Dispute”), the complaining
party shall submit the Dispute in writing to the other party for resolution.

 

13.2         If
the Dispute is not resolved between the parties within thirty (30) days of the date the Dispute is submitted in writing to the
other party, and if the complaining party wishes to pursue the Dispute, then the Dispute will be resolved by final and binding
arbitration conducted in accordance with the procedures set forth herein. To initiate arbitration proceedings, the complaining
party must make a demand for arbitration (the “Demand for Arbitration”) pursuant to the Employment Arbitration
Rules of the American Arbitration Association in effect at the time of the Dispute (the “AAA Rules”).

 

    	 	- 15 -	 

     

    

 

13.3         Any
arbitration commenced pursuant to this Section 13 will be conducted before a single arbitrator chosen in accordance with the AAA
Rules, and all arbitration proceedings will occur in New York, New York, unless otherwise agreed by the parties.

 

13.4         The
parties shall share all costs, filing fees, and administrative fees for the arbitration equally as they come due; the parties shall
be responsible for their own attorneys’ fees, witness fees, and travel costs, provided, however, that in the event a Dispute
arises following a Change in Control, then the arbitrator may, in his discretion, order the Company or the successor corporation
to the Company to pay Executive’s reasonable attorney’s fees, legal fees, filing fees, administrative fees for the
arbitration, in connection with Executive’s efforts, if successful, to obtain or enforce any payment or benefit provided
by this Agreement in connection with a termination following a Change in Control.

 

13.5         The
arbitrator shall have the authority to rule on any and all issues properly presented in the Demand for Arbitration and/or pursuant
to the AAA Rules and may award any and all relief provided under applicable law. The arbitrator’s award may be enforced,
vacated, modified or corrected as set forth in the Federal Arbitration Act, 9 U.S.C. § 1 et seq. This Section 13 shall be
governed by the Federal Arbitration Act, 9 U.S.C. § 1 et seq., as amended, and the applicable rules of the American Arbitration
Association.

 

13.6         The
parties expressly understand that by agreeing to this arbitration provision, they are agreeing to waive any rights to a civil action
and/or jury trial regarding any Disputes between them.

 

13.7         Notwithstanding
anything herein to the contrary, if either party seeks preliminary injunctive relief to protect its rights pursuant to this Agreement,
then such party will have the power, without waiving this arbitration agreement, to invoke the jurisdiction of any court having
jurisdiction for the exclusive purpose of obtaining such preliminary injunctive relief, and for such purposes each party hereby
consents to the jurisdiction of, and laying of venue in, the state and federal courts sitting in New York, New York.

 

14.         Representations
and Warranties.

 

14.1         Obligations
to Prior Employers. Executive represents and warrants to the Company that Executive is not obligated or restricted under any
agreement (including any non-competition or confidentiality agreement), judgment, decree, order or other restraint of any kind
that could impair Executive’s ability to perform the duties and obligations required of Executive hereunder. Executive further
represents and warrants to the Company that he has not violated any confidentiality agreement or other similar obligation that
he has to any former employer and that he has not disclosed any confidential or trade secret information belonging to any former
employer to the Company or its agents. Executive agrees that he will not use confidential information and/or trade secrets belonging
to any former employer in his employment with the Company or otherwise as a resource for building the business of the Company and
will structure his and the Company’s work environment and practices in such a way to ensure that any such information will
not be used or disclosed during the course of his relationship with the Company.

 

    	 	- 16 -	 

     

    

 

14.2         Litigation
Support. Both during and after Executive’s employment with the Company, if the Company is evaluating, pursuing, contesting
or defending any proceeding, charge, complaint, claim, demand, notice, action, suit, litigation, hearing, audit, investigation,
arbitration or mediation, in each case whether initiated by or against the Company (collectively, a “Proceeding”),
other than a Proceeding initiated by or against Executive, Executive will reasonably cooperate with the Company and its counsel
in the evaluation, pursuit, contest or defense of the Proceeding and provide such testimony and access to books and records as
may be necessary in connection therewith. Any such cooperation shall be done at times mutually convenient for Executive and the
Company, and the Company will ensure that any such cooperation does not interfere with any duties or obligations that Executive
may have to a third party, including any future employer. The Company will reimburse Executive for Executive’s reasonable
out-of-pocket expenses (including reasonable attorney’s fees) related to such cooperation.

 

14.3         Future
Employment. In the event of Executive’s separation from the Company, regardless of the reason or cause of that separation,
Executive agrees that for a period of twelve (12) months from the date his employment terminates, he will provide the Company with
no fewer than three (3) business days’ notice of his intent to accept employment with or for an organization other than Company
for the express purpose of allowing the Company to determine if such proposed employment interferes with any of Executive’s
surviving obligations under this Agreement. The notice of intent to accept employment will identify the new employer, list Executive’s
anticipated title and describe his anticipated duties.

 

15.         Indemnification.

 

The Company shall defend
and indemnify Executive in his capacity as President and Chief Executive Officer of the Company, and as a member of the Company’s
Board, to the fullest extent permitted under the Delaware General Corporate Law.

 

16.         Counterparts.

 

This Agreement may be
executed in two counterparts, each of which shall be deemed an original, all of which together shall contribute one and the same
instrument. Signatures to this Agreement transmitted by fax, by email in “portable document format” (“.pdf”)
or by any other electronic means intended to preserve the original graphic and pictorial appearance of this Agreement shall have
the same effect as physical delivery of the paper document bearing original signature.

 

17.         Jurisdiction;
Venue.

 

The Parties agree that,
subject to the Parties’ obligation to arbitrate disputes pursuant to Section 13 above, any litigation arising out of or related
to this Agreement or Executive’s employment by the Company shall be brought exclusively in any state or federal court in
New York, New York. Each Party (i) consents to the personal jurisdiction of said courts, (ii) waives any venue or inconvenient
forum defense to any proceeding maintained in such courts, and (iii) except as otherwise provided in this Agreement, agrees not
to bring any proceeding arising out of or relating to this Agreement or Executive’s employment by the Company in any other
court.

 

    	 	- 17 -	 

     

    

 

18.         Advertising
Waiver.

 

Executive agrees to permit
the Company, and persons or other organizations authorized by the Company, to use, publish and distribute advertising or sales
promotional literature concerning the products and/or services of the Company, or the machinery and equipment used in the provision
thereof, in which Executive’s name and/or pictures of Executive taken in the course of Executive’s provision of services
to the Company appear. Executive hereby waives and releases any claim or right Executive may otherwise have arising out of such
use, publication or distribution.

 

[Remainder of Page Intentionally Left
Blank. Signature Page Immediately Follows]

 

    	 	- 18 -	 

     

    

  

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

 

	Checkpoint Therapeutics, Inc.	 	 
	 	 	 
	/s/ Michael S. Weiss	 	10/13/2015
	 	 	Date

 

	Name:	Michael S. Weiss	 
	 	 	 
	Position: 	Executive Chairman	 

 

	Executive:	 	 
	 	 	 
	/s/ James F. Oliviero III	 	10/13/2015
	James F. Oliviero III	 	Date

 

    	 	- 19 -	 

     

    

 

EXHIBIT
A

 

Form of Proprietary Information and
Inventions Agreement

 

     

     

    

 

EXHIBIT
B

 

RELEASE OF CLAIMS

 

THIS RELEASE OF
CLAIMS (this “Release”) is made by James F. Oliviero III (“Executive”) as of the
date it is signed by Executive, as indicated on the signature page hereof.

 

Executive acknowledges
that he previously executed an Executive Employment Agreement (the “Agreement”) that included, among other items,
a promise of separation benefits from Checkpoint Therapeutics, Inc., Inc. (the “Company”) in certain situations,
contingent upon Executive’s execution of a release of claims. Pursuant to the terms of the Agreement and Company’s
promise to provide separation benefits, Executive executes this Release.

 

Executive, on his own
behalf and on behalf of his heirs, personal representatives, successors and assigns, hereby releases and forever discharges the
Company and each of its Affiliates and each and every one of their respective present and former shareholders, directors, officers,
members, employees, agents, insurers, predecessors, successors and assigns (the “Released Parties”), of and
from any and all claims, demands, actions, causes of action, damages, costs and expenses which Executive now has or may have by
reason of anything occurring, done or omitted to be done as of or prior to date he signs this Release arising out of or related
to Executive’s employment with the Company, including but not limited to: (i) any and all claims related to Executive’s
employment with Company and the termination of same; (ii) any and all claims for additional compensation or benefits other than
the compensation and benefits set forth in the Agreement, including but not limited to wages, commissions, deferred compensation,
bonuses, or other benefits of any kind; (iii) any and all claims relating to employment practices or policies of Company or its
Affiliates; (iv) any common law claims arising out of or related to Executive’s employment by the Company, including but
not limited to wrongful discharge, breach of contract, negligent or intentional infliction of emotional distress, or negligent
supervision or retention; and (v) any and all claims arising out of or related to Executive’s employment by the Company arising
under any state or federal legislation, including, but not limited to, claims under the Employee Retirement Income Security Act,
the Family Medical Leave Act, Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Age Discrimination
in Employment Act, the Americans with Disabilities Act, as amended, the Older Workers Benefit Protection Act, the New York Human
Rights Law, N.Y. Exec. Law § 290 et seq., the New York City Human Rights Law, N.Y.C. Admin. Code § 8-101
et seq., N.Y. Civ. Rights Law § 40-c et seq. (New York anti-discrimination law), N.Y. Lab.
Law § 190 (New York wage payment law), N.Y. Lab. Law § 740 (New York whistleblower protection law),
and any other federal, state or local law or regulation prohibiting employment discrimination or otherwise governing the employment
relationship between Executive and Company (the “Released Claims”), except that notwithstanding anything contained
in this Release, Executive understands that he is not releasing (i) any claim for indemnification or advancement by the Company,
whether pursuant to law, the Company’s bylaws, or under any directors and officers insurance policy maintained by the Company;
(ii) any claims which cannot by law be released; or (iii) claims arising out of or related to his ownership of any equity interest
in the Company.

 

     

     

    

 

Executive further covenants
and agrees that he will not sue or make any claim against any of the Released Parties on any ground arising out of or related to
any of the Released Claims. Executive acknowledges and agrees that this covenant does not preclude him from filing a charge or
complaint with, or cooperating in an investigation by, any government agency (including but not limited to the U.S. Equal Employment
Opportunity Commission), to the extent permitted by law, but Executive expressly releases, waives, and disclaims any right to monetary
damages, attorneys’ fees and/or costs related to or arising from any charge, complaint or lawsuit filed by Executive or on
his behalf, individually or collectively, involving the Released Parties.

 

In making this Release,
Executive further represents and acknowledges that:

 

(b)          He
is voluntarily entering into and signing this Release;

 

(c)          The
claims waived, released and discharged in the above Release include any and all claims Executive has or may have arising out of
or related to his employment with the Company and the termination of that employment, including any and all claims under the Age
Discrimination in Employment Act;

 

(d)          Those
claims waived, released and discharged in this Release do not include, and Executive is not waiving, releasing or discharging,
any claims that may arise after the date he signs this Release;

 

(e)          The
payments and benefits conditioned upon Executive’s execution of this Release constitute consideration that Executive was
not entitled to receive before the effective date of this Release absent the execution of this Release;

 

(f)          Executive
was given twenty-one (21) days within which to consider this Release;

 

(g)          The
Company has advised Executive of his right to consult with an attorney regarding this Release before executing the Release and
encouraged him to exercise that right;

 

(h)          Executive
may revoke this Release at any time within seven (7) days after the date he signs this Release, and this document will not become
effective or enforceable until the eighth (8th) day after the date he signs this Release (on which day this Release will automatically
become effective and enforceable unless previously revoked within that seven (7) day period); and

 

(i)          EXECUTIVE
HAS CAREFULLY READ THIS DOCUMENT, AND FULLY UNDERSTANDS EACH AND EVERY TERM.

 

I hereby execute this
Release on the   day of  , _______.

 

	 	 
	 	James F. Oliviero III

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