Document:

Exhibit
10.2

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (the “Agreement”) is made and entered into by and among GT Biopharma, Inc. (“Parent”) and
each of its subsidiaries (together with Parent, the “Company”) and Manu Ohri (“Executive”) as of May 15, 2022
and is effective as of February 14, 2022 (the “Effective Date”).

 

WHEREAS,
the Company is desirous of employing Executive, and Executive wishes to be employed by the Company in accordance with the terms and conditions
set forth in this Agreement.

 

NOW,
THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES AND OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT OF WHICH IS HEREBY
ACKNOWLEDGED, IT IS MUTUALLY AGREED AS FOLLOWS:

 

1.
Position and Duties: Executive shall be employed by Parent and each of its subsidiaries as its Chief Financial Officer reporting
to Parent’s Chief Executive Officer. Executive agrees to devote the necessary business time, energy and skill to his duties at
the Company. These duties of Executive under this Agreement shall include all those duties customarily performed by a company’s
Chief Financial Officer as well as providing advice and consultation on general corporate matters and other projects as may be assigned
by Parent’s Chief Executive Officer and/or Board of Directors on an as needed basis. Executive shall perform his duties remotely
from his residence in Anaheim Hills, California or at the Company’s executive offices, currently located in Brisbane, California,
unless mutually agreed by Executive and Parent. During the term of Executive’s employment, Executive shall be permitted to serve
on boards of directors of not-for-profit entities, provided such service does not adversely affect the performance of Executive’s
duties to the Company under this Agreement, and are not in conflict with the interests of the Company.

 

2.
Term of Employment: This Agreement shall remain in effect for a period of two years from the Effective Date and thereafter will
automatically renew for successive one year periods unless either party provides ninety days’ prior written notice of termination.
Upon the termination of Executive’s employment prior to the expiration of the term of this Agreement, Executive shall receive the
applicable benefits set forth in this Agreement. Upon the termination of Executive’s employment for any reason, neither Executive
nor the Company shall have any further obligation or liability under this Agreement to the other, except as set forth below.

 

3.
Compensation: Executive shall be compensated by the Parent for his services to the Company as follows:

 

(a)
Base Salary: Executive shall be paid a base salary of $400,000 per year (the “Base Salary”), effective May 15, 2022,
payable by Parent monthly in cash in accordance with Parent’s normal payroll procedures. Executive’s Base Salary shall be
reviewed on at least an annual basis and may be adjusted as appropriate, but in no event shall it be reduced to an amount below Executive’s
Base Salary than in effect. In the event of such an adjustment, that amount shall become Executive’s Base Salary.

 

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(b)
Benefits: Executive shall have the right, on the same basis as other senior executives of the Company, to participate in and to
receive benefits under any of the Company’s employee benefit plans, medical insurance (which extends to Executive’s immediate
family), as such plans may be modified from time to time, and provided that in no event shall Executive receive less than (4) four weeks
paid vacation per annum, (6) six paid sick days per annum, and (5) five paid personal days per annum.

 

(c)
Performance Bonus: Executive shall have the opportunity to earn a performance bonus of up to forty percent (40%) of the Base Salary
in accordance with the Parent’s Performance Bonus Plan if in effect (“Target Bonus”); if the Parent does not have a
Performance Bonus Plan in effect at any given time during the term of this Agreement, then Parent’s Compensation Committee or Board
of Directors shall have discretion as to determining bonus compensation for Executive.

 

(d)
General Grant: At such time as the Parent may issue compensatory shares in accordance with the rules of the Nasdaq Stock Market,
LLC and subject to approval by the Compensation Committee of Parent’s Board of Directors, the Parent shall (1) issue to Executive,
pursuant to a stock award agreement (which, among other provisions, shall prohibit Executive from transferring such shares for a period
of 6 months following issuance), 100,000 shares of common stock of the Parent, which shares shall be deemed to be fully vested on the
Effective Date; and (2) issue to Executive options to purchase 200,000 shares of common stock of the Company, with 66,667 shares vesting
on the Effective Date of the Agreement, 66,667 shares vesting on the first annual anniversary of the Effective Date, and the remaining
66,666 shares vesting on the second annual anniversary of the Effective Date, subject to Executive’s continued service on each
such vesting dates, provided, that in the event of a Change in Control, such shares shall accelerate and vest immediately prior to the
consummation thereof. In the event the Executive shall  leave the employment of the Company for any reason prior to the first
anniversary of the Effective Date, the Executive shall return to the Parent 50,000 shares of common stock of the Parent. In the event
the Executive shall leave the employment of the Company for any reason between the first anniversary and second anniversary of the Effective
date, the Executive shall return to the Parent 25,000 shares of common stock of the Parent.

 

(e)
Expenses: Parent shall reimburse Executive for reasonable travel, lodging, entertainment and meal expenses incurred in connection
with the performance of services within this Agreement. Executive shall be entitled to fly Business Class on any flight longer than four
(4) hours and receive full reimbursement for such flight from Parent.

 

(f)
Travel: Executive shall travel as necessary from time to time to satisfy his performance and responsibilities under this Agreement.

 

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4.
Effect of Termination of Employment:

 

(a)
Voluntary Termination: In the event of Executive’s voluntary termination from employment with the Company, other than for
Change in Control Period Good Reason or for Non Change in Control Good Reason, Executive shall be entitled to no compensation or benefits
from the Company other than those earned under Section 3 through the date of his termination and in the case of each stock option, restricted
stock award or other Company stock-based award granted to Executive, the extent to which such awards are vested through the date of his
termination. In the event that Executive’s employment terminates as a result of his death or disability, Executive shall be entitled
to a pro rata share of the performance-based bonus, if any, for which Executive is then-eligible pursuant to Section 3(c) (presuming
performance meeting, but not exceeding, target performance goals) in addition to all compensation and benefits earned under Section 3
through the date of termination.

 

(b)
Termination for Cause: If Executive’s employment is terminated by the Company for Cause, Executive shall be entitled to
no compensation or benefits from the Company other than those earned under Section 3 through the date of termination and, in the case
of each stock option, restricted stock award or other Company stock-based award granted to Executive, the extent to which such awards
are vested through the date of his termination. In the event that the Company terminates Executive’s employment for Cause, the
Company shall provide written notice to Executive of that fact prior to, or concurrently with, the termination of employment. Failure
to provide written notice that the Company is terminating Executive’s employment for Cause shall constitute an irrevocable waiver
of any contention that the termination was for Cause.

 

(c)
Involuntary Termination During Change in Control Period: If Executive’s employment with the Company terminates as a result
of a Change in Control Period Involuntary Termination, then, in addition to any other benefits described in this Agreement and subject
to Executive’s execution of a general release of claims against the Company, Executive shall receive the following:

 

(i)
all compensation and benefits earned under Section 3 through the date of the Company’s termination of Executive’s employment;

 

(ii)
a lump sum payment equivalent to the greater of (a) the bonus paid or payable to Executive for the year immediately prior to the year
in which the Change in Control occurred and (b) the Target Bonus under the Performance Bonus Plan, if any, in effect immediately prior
to the year in which the Change in Control occurs;

 

(iii)
a lump sum payment equivalent to the remaining Base Salary (as it was in effect immediately prior to the Change in Control) due Executive
from the date of Change in Control Period Involuntary Termination to the end of the term in this Agreement or one-half of Executive’s
Base Salary then in effect, whichever is the greater; and

 

(iv)
reimbursement for the cost of medical, life, disability insurance coverage at a level equivalent to that provided by the Company for
a period expiring upon the earlier of: (a) one year; or (b) the time Executive begins alternative employment wherein said insurance coverage
is available and offered to Executive. It shall be the obligation of Executive to inform Parent that new employment has been obtained.

 

Unless
otherwise agreed to by Executive, the amount payable to Executive under subsections (i) through (iii), above, shall be paid to Executive
in a lump sum within thirty (30) days following the Company’s termination of Executive’s employment. The amounts payable
under subsection (iv) shall be paid monthly during the reimbursement period.

 

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(d)
Termination Without Cause in the Absence of Change in Control: In the event that Executive’s employment terminates as a
result of a Non Change in Control Period Involuntary Termination, then, in addition to any other benefits described in this Agreement
and subject to Executive’s execution of a general release of claims against the Company, Executive shall receive the following
benefits:

 

(i)
all compensation and benefits earned under Section 3 through the date of the Company’s termination of Executive’s employment;

 

(ii)
a lump sum payment equivalent to the greater of (a) the bonus paid or payable to Executive for the year immediately prior to the year
in which the Non Change in Control Period Involuntary Termination occurred and (b) the Target Bonus under the Performance Bonus Plan,
if any, in effect immediately prior to the year in which the Non Change in Control Period Involuntary Termination occurs;

 

(iii)
a lump sum payment equivalent to the remaining Base Salary (as it was in effect immediately prior to the Non Change in Control Period
Involuntary Termination) due Executive from the date of the Non Change in Control Period Involuntary Termination to the end of the term
of this Agreement or one-half of Executive’s Base Salary then in effect, whichever is the greater; and

 

(iv)
reimbursement for the cost of medical, life and disability insurance coverage at a level equivalent to that provided by the Company for
a period of the earlier of: (a) one year; or (b) the time Executive begins alternative employment wherein said insurance coverage is
available and offered to Executive. It shall be the obligation of Executive to inform Parent that new employment has been obtained.

 

Unless
otherwise agreed to by Executive, the amount payable to the Executive under subsections (i) through (iii) above shall be paid to Executive
in a lump sum within thirty (30) days following the Company’s termination of Executive’s employment. The amounts payable
under subsection (iv) shall be paid monthly during the reimbursement period.

 

(e)
Resignation with Good Reason During Change in Control Period: If Executive resigns his employment with the Company as a result
of a Change in Control Period Good Reason, then, in addition to any other benefits described in this Agreement and subject to Executive’s
execution of a general release of claims against the Company, Executive shall receive the following:

 

(i)
all compensation and benefits earned under Section 3 through the date of Executive’s termination of employment;

 

(ii)
a lump sum payment equivalent to the greater of (a) the bonus paid or payable to Executive for the year immediately prior to the year
in which the Change in Control occurred and (b) the Target Bonus under the Performance Bonus Plan, if any, in effect immediately prior
to the year in which the Change in Control occurs;

 

(iii)
a lump sum payment equivalent to the remaining Base Salary (as it was in effect immediately prior to the Change in Control) due Executive
from the date of Executive’s Change in Control Period Good Reason termination to the end of the term of this Agreement or one-half
of Executive’s Base Salary then in effect, whichever is the greater; and

 

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(iv)
reimbursement for the cost of medical, life and disability insurance coverage at a level equivalent to that provided by the Company for
a period of the earlier of: (a) one year; or (b) the time Executive begins alternative employment wherein said insurance coverage is
available and offered to Executive. It shall be the obligation of Executive to inform the Parent that new employment has been obtained.

 

Unless
otherwise agreed to by Executive, the amount payable to the Executive under subsections (i) through (iii) above shall be paid to Executive
in a lump sum within thirty (30) days following Executive’s termination of employment. The amounts payable under subsection (iv)
shall be paid monthly during the reimbursement period.

 

(f)
Resignation with Good Reason in the Absence of Change in Control: If Executive resigns his employment with the Company as a result
of a Non Change in Control Period Good Reason, then, in addition to any other benefits described in this Agreement and subject to Executive’s
execution of a general release of claims against the Company, Executive shall receive the following:

 

(i)
all compensation and benefits earned under Section 3 through the date of Executive’s termination of employment;

 

(ii)
a lump sum payment equivalent to a greater of (a) the bonus paid or payable to Executive for the year immediately prior to the year in
which Executive resigns and (b) the Target Bonus under the Performance Bonus Plan, if any, in effect immediately prior to the year in
which Executive resigns;

 

(iii)
a lump sum payment equivalent to the remaining Base Salary (as it was in effect immediately prior to Executive’s resignation) due
Executive from the date of Executive’s resignation to the end of the term of this Agreement or one-half of Executive’s Base
Salary then in effect, whichever is the greater; and

 

(iv)
reimbursement for the cost of medical, life and disability insurance coverage at a level equivalent to that provided by the Companies
for a period of the earlier of: (a) one year or (b) the time Executive begins alternative employment wherein said insurance coverage
is available and offered to Executive. It shall be the obligation of Executive to inform Parent that new employment has been obtained.

 

Unless
otherwise agreed to by Executive, the amount payable to the Executive under subsections (i) through (iii) above shall be paid to Executive
in a lump sum within thirty (30) days following Executive’s termination of employment. The amounts payable under subsection (iv)
shall be paid monthly during the reimbursement period.

 

(g)
Resignation from Positions: In the event that Executive’s employment with the Company is terminated for any reason, on the
effective date of the termination Executive shall simultaneously resign from each position he holds as an officer and, if applicable,
on the Board of Directors of each of Parent, its subsidiaries and any of their affiliated entities.

 

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5.
Certain Definitions: For the purpose of this Agreement, the following capitalized terms shall have the meanings set forth below:

 

(a)
“Cause” shall mean any of the following occurring on or after the date of this Agreement:

 

(i)
Executive’s theft, dishonesty, breach of fiduciary duty for personal profit, or falsification of any employment or Company record;

 

(ii)
Executive’s willful violation of any law, rule, or regulation (other than traffic violations, misdemeanors or similar offenses)
or final cease-and-desist over, in each case that involves moral turpitude;

 

(iii)
any material breach by Executive of the Company’s Code of Professional Conduct, which breach shall be deemed “material”
if it results from an intentional act by Executive and has a material detrimental effect on the Company’s reputation or business;
or

 

(iv)
any material breach by Executive of this Agreement, which breach, if curable, is not cured within thirty (30) days following written
notice of such breach from the Company.

 

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

 

(i)
Parent is party to a merger or consolidation which results in the holders of the voting securities of Parent outstanding immediately
prior thereto failing to retain immediately after such merger or consolidation direct or indirect beneficial ownership of more than fifty
percent (50%) of the total combined voting power of the securities entitled to vote generally in the election of directors of Parent
or the surviving entity outstanding immediately after such merger of consolidation;

 

(ii)
a change in the composition of the Board of Directors of the Parent occurring within a period of twenty-four (24) consecutive months,
as a result of which fewer than a majority of the directors are Incumbent Directors;

 

(iii)
effectiveness of an agreement for the sale, lease or disposition by Parent of all or substantially all of Parent’s assets; or

 

(iv)
a liquidation or dissolution of Parent.

 

(c)
“Change in Control Period” shall mean the period commencing on the date sixty (60) days prior to the date of consummation
of the Change in Control and ending one hundred eighty (180) days following consummation of the Change in Control.

 

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(d)
“Change in Control Period Good Reason” shall mean Executive’s resignation for any of the following conditions, first
occurring during a Change in Control Period and occurring without Executive’s written consent:

 

(i)
a decrease in Executive’s Base Salary, a decrease in Executive’s Target Bonus (as a multiple of Executive’s Base Salary)
under the Performance Bonus Plan, or a decrease in employee benefits, in each case other than as a part of any across-the-board reduction
applying to all senior executives of either Company which does not disproportionately impact Executive when compared to similarly situated
executives;

 

(ii)
a material, adverse change in Executive’s title, authority and responsibilities, as measured against Executive’s title, authority
and responsibilities immediately prior to such change;

 

(iii)
a requirement that Executive relocate his principal workplace from Anaheim Hills, California;

 

(iv)
any material breach by the Company of any provision of this Agreement, which breach is not cured within thirty (30) days following written
notice of such breach from Executive;

 

(v)
any failure of Parent to obtain the assumption of this Agreement by any of Parent’s successors or assigns by purchase, merger,
consolidation, sale of assets or otherwise; or

 

(vi)
any purported termination of Executive’s employment for “material breach of contract” which is purportedly effected
without providing the “cure” period, if applicable, described in Section 5(d)(iv), above.

 

The
effective date of any resignation from employment by Executive for Change in Control Period Good reason shall be the date of notification
to Parent of such resignation from employment by Executive.

 

(e)
“Non Change in Control Period Good Reason” shall mean Executive’s resignation within six months of any of the following
conditions first occurring outside of a Change in Control Period and occurring without Executive’s written consent:

 

(i)
a decrease in Executive’s total cash compensation opportunity (adding Base Salary and Target Bonus, if any) of greater than ten
percent (10%);

 

(ii)
a material, adverse change in Executive’s title, authority or responsibilities, as measured against Executive’s title, authority
or responsibilities immediately prior to such change;

 

(iii)
any material breach by the Company of a provision of this Agreement, which breach is not cured within thirty (30) days following written
notice of such breach from Executive;

 

(iv)
a requirement that Executive relocate his principal workplace from Anaheim Hills, California; or

 

(v)
any purported termination of Executive’s employment for “material breach of contract” which is purportedly effected
without providing the “cure” period, if applicable, described in Section 5(e)(iii), above.

 

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The
effective date of any resignation from employment by Executive for Non Change in Control Period Good reason shall be the date of notification
to Parent of such resignation from employment by Executive.

 

(f)
“Incumbent Directors” shall mean members of Parent’s Board of Directors who either (a) are members of Parent’s
Board of Directors as of the date hereof, or (b) are elected, or nominated for election, to Parent’s Board of Directors with the
affirmative vote of at least a majority of the Incumbent Directors at the time of such election or nomination (but shall not include
an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of members
of Parent’s Board of Directors).

 

(g)
“Change in Control Period Involuntary Termination” shall mean during a Change in Control Period the termination by the Company
of Executive’s employment with the Company for any reason, including termination as a result of death or disability of Executive,
but excluding termination for Cause. The effective date of any Change in Control Period Involuntary Termination shall be the date of
notification to Executive of the termination of employment by the Company.

 

(h)
“Non Change in Control Period Involuntary Termination” shall mean outside a Change in Control Period the termination by the
Company of Executive’s employment with the Company for any reason, including termination as a result of death or disability of
Executive, but excluding termination for Cause. The effective date of any Non Change in Control Period Involuntary Termination shall
be the date of notification to Executive of the termination of employment by the Company.

 

6.
Dispute Resolution: In the event of any dispute or claim relating to or arising out of this Agreement (including, but not limited
to, any claims of breach of contract, wrongful termination or age, sex, race or other discrimination), Executive and the Company agree
that all such disputes shall be fully addressed and finally resolved by binding arbitration conducted by the American Arbitration Association
in the State of California in accordance with its National Employment Dispute Resolution rules. In connection with any such arbitration,
Parent shall bear all costs not otherwise borne by a plaintiff in a court proceeding. The Company agrees that any decisions of arbitrator(s)
will be binding and in any state that the Company conducts the operation of its business.

 

7.
Attorneys’ Fees: The prevailing party shall be entitled to recover from the losing party its attorneys’ fees and costs
incurred in any action brought to enforce any right arising out of the Agreement.

 

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8.
Restrictive Covenants:

 

(a)
Nondisclosure. During the term of this Agreement and following termination of Executive’s employment with the Company, Executive
shall not divulge, communicate, use to the detriment of the Company or for the benefit of any other person or persons, or misuse in any
way, any Confidential Information (as hereinafter defined) pertaining to the business of the Company. Any Confidential Information or
data now or hereafter acquired by Executive with respect to the business of the Company (which shall include, but not be limited to,
confidential information concerning the Company’s financial condition, prospects, technology, customers, suppliers, methods of
doing business and promotion of the Company’s products and services) shall be deemed a valuable, special and unique asset of the
Company that is received by Executive in confidence as a fiduciary. For purposes of this Agreement “Confidential Information”
means information disclosed to Executive or known by Executive as a consequence of or through his employment by the Company (including
information conceived, originated, discover or developed by Executive) prior to or after the date hereof and not generally known or in
the public domain about the Company or its business. Notwithstanding the foregoing, none of the following information shall be treated
as Confidential Information: (i) information which is known to the public at the time of disclosure to Executive; (ii) information which
becomes known to the public by publication or otherwise after disclosure to Executive through no fault of Executive; (iii) information
which was rightfully received by Executive from a third party without violating any non-disclosure obligation owed to or in favor of
the Company; or (iv) information unrelated to the Company’s business which was developed by or on behalf of Executive independently
of any disclosure hereunder as shown by written records. Nothing herein shall be deemed to restrict Executive from disclosing Confidential
Information to the extent required by law or by any court.

 

(b)
Non-Competition. Executive shall not, while employed by the Company, engage or participate, directly or indirectly (whether as
an officer, director, employee, partner, consultant, or otherwise), in any business that manufactures, markets or sells products that
directly compete with any product of the Company. Nothing herein shall prohibit Executive from being a passive owner of less than 5%
of the stock of any entity directly engaged in a competing business.

 

(c)
Property Rights; Assignment of Inventions. With respect to information, inventions and discoveries or any interest in any copyright
and/or other property right developed, made or conceived of by Executive, either alone or with others, during his employment by the Company
arising out of such employment and pertinent to any field of business or research in which, during such employment, the Company is engaged
or (if such is known to or ascertainable by Executive) is considering engaging, Executive hereby agrees:

 

(i)
that all such information, inventions and discoveries or any interest in any copyright and/or other property right, whether or not patented
or patentable, shall be and remain the exclusive property of the Company;

 

(ii)
to disclose promptly to an authorized representative of Parent all such information, inventions and discoveries or any copyright and/or
other property right and all information in Executive’s possession as to possible applications and uses thereof;

 

(iii)
not to file any patent application relating to any such invention or discovery except with the prior written consent of an authorized
officer of Parent (other than Executive);

 

(iv)
that Executive hereby waives and releases any and all rights Executive may have in and to such information, inventions and discoveries,
and hereby assigns to the Company and/or its nominees all of Executive’s right, title and interest in them, and all of Executive’s
right, title and interest in any patent, patent application, copyright or other property right based thereon. Executive hereby irrevocably
designates and appoints Parent and each of its duly authorized officers and agents as his agent and attorney-in-fact to act for his and
on his behalf and in his stead to execute and file any document and to do all other lawfully permitted acts to further the prosecution,
issuance and enforcement of any such patent, patent application, copyright or other property right with the same force and effect as
if executed and delivered by Executive; and

 

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(v)
at the request of Parent, and without expense to Executive, to execute such documents and perform such other acts as Parent deems necessary
or appropriate, for the Company to obtain patents on such inventions in a jurisdiction or jurisdictions designated by Parent, and to
assign the Company or their respective designees such inventions and any and all patent applications and patents relating thereto.

 

9.
General:

 

(a)
Successors and Assigns: The provisions of this Agreement shall inure to the benefit of and be binding upon the Company, Executive
and each and all of their respective heirs, legal representatives, successors and assigns. The duties, responsibilities and obligations
of Executive under this Agreement shall be personal and not assignable or delegable by Executive in any manner whatsoever to any person,
corporation, partnership, firm, company, joint venture, or other entity. Executive may not assign, transfer, convey, mortgage, pledge
or in any other manner encumber the compensation or other benefits to be received by him or any rights which he may have pursuant to
the terms and provisions of this Agreement.

 

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

 

(c)
Notices: Any notices to be given pursuant to this Agreement by either party may be effected by personal delivery or by overnight
delivery with receipt requested. Mailed notices shall be addressed to the parties at the addresses stated below, but each party may change
its or his/her address by written notice to the other in accordance with this subsection (c). Mailed notices to Executive shall be addressed
as follows:

 

Manu
Ohri

Email:
manu.ohri@gmail.com

 

Mailed
notices to the Company shall be addressed as follows:

 

GT
Biopharma, Inc.

8000
Marina Blvd., Suite 100

Brisbane,
CA 94005

 

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(d)
Entire Agreement: This Agreement constitutes the entire employment agreement among Executive and the Company regarding the terms
and conditions of his employment, with the exception of any stock option, restricted stock or other Company stock-based award agreements
among Executive and the Company to the extent not modified by this Agreement. This Agreement supersedes all prior negotiations, representations
or agreements among Executive and the Company, whether written or oral, concerning Executive’s employment by the Company.

 

(e)
Withholding Taxes: All payments made under this Agreement shall be subject to reduction to reflect taxes required to be withheld
by law.

 

(f)
Counterparts: This Agreement may be executed by Parent and Executive in counterparts, each of which shall be deemed an original
and which together shall constitute one instrument.

 

(g)
Headings: Each and all of the headings contained in this Agreement are for reference purposes only and shall not in any manner
whatsoever affect the construction or interpretation of this Agreement or be deemed a part of this Agreement for any purpose whatsoever.

 

(h)
Savings Provision: To the extent that any provision of this Agreement or any paragraph, term, provision, sentence, phrase, clause
or word of this Agreement shall be found to be illegal or unenforceable for any reason, such paragraph, term, provision, sentence, phrase,
clause or word shall be modified or deleted in such a manner as to make this Agreement, as so modified, legal and enforceable under applicable
laws. The remainder of this Agreement shall continue in full force and effort.

 

(i)
Construction: The language of this Agreement and of each and every paragraph, term and provision of this Agreement shall, in all
cases, for any and all purposes, and in any and all circumstances whatsoever be construed as a whole, according to its fair meaning,
not strictly for or against Executive or the Company, and with no regard whatsoever to the identity or status of any person or persons
who drafted all or any portion of this Agreement.

 

(j)
Further Assurances: From time to time, at the Company’s request and without further consideration, Executive shall execute
and deliver such additional documents and take all such further action as reasonably requested by the Company to be necessary or desirable
to make effective, in the most expeditious manner possible, the terms of this Agreement and to provide adequate assurance of Executive’s
due performance hereunder.

 

(k)
Governing Law: Executive and the Companies agree that this Agreement shall be interpreted in accordance with and governed by the
laws of the State of California.

 

(l)
Board Approval: Parent and each of its subsidiaries warrants to Executive that the Board of Directors of Parent and each of its
subsidiaries has ratified and approved this Agreement, and that Parent will cause the appropriate disclosure filing to be made with the
Securities and Exchange Commission in a timely manner.

 

[Signature
Page Follows]

 

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IN
WHITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

 

	EXECUTIVE	 
	 	 
	/s/
    Manu Ohri	 
	Manu
    Ohri	 
	 	 
	GT
    BIOPHAMA, INC.	 
	 	 
	/s/
    Michael Breen	 
	Michael
    Breen	 
	Executive
    Chairman of the Board and	 
	Interim
    Chief Executive Officer	 

 

    	12EX-10.1

 Exhibit 10.1 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATES
IN THE UNITED STATES. THIS NOTE IS SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM. THE ISSUER OF THIS NOTE MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

THIS NOTE AND THE INDEBTEDNESS EVIDENCED HEREBY MAY BECOME SUBORDINATED IN RIGHT OF PAYMENT TO SENIOR INDEBTEDNESS (AS DEFINED BELOW) TO THE EXTENT SET FORTH
IN AN INTERCREDITOR AGREEMENT (AS DEFINED BELOW); AND THE HOLDER OF THIS INSTRUMENT, BY ITS ACCEPTANCE HEREOF, IRREVOCABLY AGREES TO EXECUTE AND BE BOUND BY THE PROVISIONS OF ANY SUCH INTERCREDITOR AGREEMENT. 

SECURED PROMISSORY NOTE 
  

			
	Date of Note:	  	May 11, 2022
		
	Principal Amount of Note:	  	$10,000,000.00

 For value received, Enjoy Technology, Inc., a Delaware corporation (the “Borrower”),
promises to pay to the undersigned holder or such party’s assigns (the “Holder”) the principal amount set forth above with interest on the outstanding principal amount at a rate equal to 10% per annum. Interest shall
commence with and include the date hereof and shall continue on the outstanding principal amount until paid in full (or in part pursuant to Section 1(b)). Interest shall be computed on the basis of a year of 365 days for the actual number of
days elapsed and shall compound quarterly. Subject to any Intercreditor Agreement, all interest and principal, unless previously prepaid, shall be due and payable upon written demand by Holder following the
six-month anniversary of the date of this Note. 
 This secured promissory note (this
“Note”) is referred to in and is executed and delivered in connection with that certain Security Agreement dated as of May 11, 2022 and executed by the Borrower in favor of the Secured Parties set forth therein (as the
same may from time to time be amended, modified or supplemented or restated, the “Security Agreement”). Additional rights and obligations of the Holder are set forth in the Security Agreement. All capitalized terms used
herein and not otherwise defined herein shall have the respective meanings given to them in the Security Agreement. 
 1.
BASIC TERMS. 
 (a) Payments. All payments of interest and principal on
this Note shall be in lawful money of the United States of America and shall be made to the Holder or, if applicable, to the Holder’s permitted assigns. All payments shall be applied first to accrued interest, and thereafter to principal. 

(b) Prepayment. The Borrower may prepay this Note in whole or in part at any time without the consent of the Holder, together
with all accrued but unpaid interest and the other amounts due hereunder in respect of the amount prepaid, without premium or penalty. 

 2. REPRESENTATIONS AND WARRANTIES. 

(a) Representations and Warranties of the Borrower. The Borrower hereby represents and warrants to the Holder as of the date
this Note was issued as follows: 
 (i) Organization, Good Standing and Qualification. The Borrower is a corporation duly
organized, validly existing and in good standing under the laws of the State of Delaware. The Borrower has the requisite corporate power to own and operate its properties and assets and to carry on its business as now conducted and as proposed to be
conducted. The Borrower is duly qualified and is authorized to do business and is in good standing as a foreign corporation in all jurisdictions in which the nature of its activities and of its properties (both owned and leased) makes such
qualification necessary, except for those jurisdictions in which failure to do so would not have a material adverse effect on the Borrower or its business (a “Material Adverse Effect”). 

(ii) Corporate Power. The Borrower has all requisite corporate power to issue this Note and to carry out and perform its
obligations under this Note. The Borrower’s board of directors has approved the issuance of this Note based upon a reasonable belief that the issuance of this Note is appropriate for the Borrower after reasonable inquiry concerning the
Borrower’s financing objectives and financial situation. 
 (iii) Authorization. All corporate action on the part of the
Borrower necessary for the issuance and delivery of this Note has been taken. This Note constitutes a valid and binding obligation of the Borrower enforceable in accordance with its terms, subject to laws of general application relating to
bankruptcy, insolvency, the relief of debtors and, with respect to rights to indemnity, subject to federal and state securities laws. 

(iv) Governmental Consents. All consents, approvals, orders or authorizations of, or registrations, qualifications,
designations, declarations or filings with, any governmental authority required on the part of the Borrower in connection with issuance of this Note has been obtained. 

(v) Compliance with Laws. To its knowledge, the Borrower is not in violation of any applicable statute, rule, regulation, order
or restriction of any domestic or foreign government or any instrumentality or agency thereof in respect of the conduct of its business or the ownership of its properties, which violation of which would have a Material Adverse Effect. 

(vi) Compliance with Other Instruments. The Borrower is not in violation or default of any term of its certificate of
incorporation or bylaws, or of any provision of any mortgage, indenture or contract to which it is a party and by which it is bound or of any judgment, decree, order or writ, other than such violation(s) that would not have a Material Adverse
Effect. The execution, delivery and performance of this Note will not result in any such violation or be in conflict with, or constitute, with or without the passage of time and giving of notice, either a default under any such provision,
instrument, judgment, decree, order or writ or an event that results in the creation of any lien, charge or encumbrance upon any assets of the Borrower or the suspension, revocation, impairment, forfeiture or nonrenewal of any material permit,
license, authorization or approval applicable to the Borrower, its business or operations or any of its assets or properties. 

(vii) No “Bad Actor” Disqualification. The Borrower has exercised reasonable care to determine whether any Borrower
Covered Person (as defined below) is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) through (viii), as modified by Rules 506(d)(2) and (d)(3), under the Act (“Disqualification
Events”). To the Borrower’s knowledge, no Borrower Covered Person is subject to a Disqualification Event. The Borrower has complied, to the extent required, with any disclosure obligations under Rule 506(e) under the Act. For
purposes of this Note, “Borrower Covered Persons” are those persons specified in Rule 506(d)(1) under the Act; provided, however, that Borrower Covered Persons do not include (a) the Holder, or (b) any person or
entity that is deemed to be an affiliated issuer of the Borrower solely as a result of the relationship between the Borrower and the Holder. 

  
 2. 

 (viii) Offering. Assuming the accuracy of the representations and warranties
of the Holder contained in subsection (b) below, the offer, issue and sale of this Note are and will be exempt from the registration and prospectus delivery requirements of the Act, and have been registered or qualified (or are exempt from
registration and qualification) under the registration, permit or qualification requirements of all applicable state securities laws. 

(ix) Use of Proceeds. The Borrower shall use the proceeds of this Note solely for the operations of its business, and not for
any personal, family or household purpose. 
 (b) Representations and Warranties of the Holder. The Holder hereby represents
and warrants to the Borrower as of the date hereof as follows: 
 (i) Purchase for Own Account. The Holder is acquiring this
Note solely for the Holder’s own account and beneficial interest for investment and not for sale or with a view to distribution of this Note or any part thereof, has no present intention of selling (in connection with a distribution or
otherwise), granting any participation in, or otherwise distributing the same, and does not presently have reason to anticipate a change in such intention. 

(ii) Information and Sophistication. Without lessening or obviating the representations and warranties of the Borrower set
forth in subsection (a) above, the Holder hereby: (A) acknowledges that the Holder has received all the information the Holder has requested from the Borrower and the Holder considers necessary or appropriate for deciding whether to
acquire this Note, (B) represents that the Holder has had an opportunity to ask questions and receive answers from the Borrower regarding the terms and conditions of the offering of this Note and to obtain any additional information necessary
to verify the accuracy of the information given the Holder and (C) further represents that the Holder has such knowledge and experience in financial and business matters that the Holder is capable of evaluating the merits and risk of this
investment. 
 (iii) Ability to Bear Economic Risk. The Holder acknowledges that investment in this Note involves a high
degree of risk, and represents that the Holder is able, without materially impairing the Holder’s financial condition, to hold this Note for an indefinite period of time and to suffer a complete loss of the Holder’s investment. 

(iv) Further Limitations on Disposition. Without in any way limiting the representations set forth above, the Holder further
agrees not to make any disposition of all or any portion of this Note unless and until: 
 (1) there is then in effect a
registration statement under the Act covering such proposed disposition and such disposition is made in accordance with such registration statement; or 

(2) the Holder shall have notified the Borrower of the proposed disposition and furnished the Borrower with a detailed statement of
the circumstances surrounding the proposed disposition, and if reasonably requested by the Borrower, the Holder shall have furnished the Borrower with an opinion of counsel, reasonably satisfactory to the Borrower, that such disposition will not
require registration under the Act or any applicable state securities laws; provided that no such opinion shall be required for dispositions in compliance with Rule 144 under the Act, except in unusual circumstances. 

  
 3. 

 Notwithstanding the provisions of paragraphs (1) and (2) above, no such registration statement or
opinion of counsel shall be necessary for a transfer by the Holder to any other entity who, directly or indirectly, controls, is controlled by, or is under common control with the Holder, if all transferees agree in writing to be subject to the
terms hereof to the same extent as if they were the Holder hereunder. 
 (v) Accredited Investor Status. The Holder is an
“accredited investor” as such term is defined in Rule 501 under the Act. 
 (vi) No “Bad Actor”
Disqualification. The Holder represents and warrants that neither (A) the Holder nor (B) any entity that controls the Holder or is under the control of, or under common control with, the Holder, is subject to any Disqualification
Event, except for Disqualification Events covered by Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Act and disclosed in writing in reasonable detail to the Borrower. The Holder represents that the Holder has exercised reasonable care to
determine the accuracy of the representation made by the Holder in this paragraph, and agrees to notify the Borrower if the Holder becomes aware of any fact that makes the representation given by the Holder hereunder inaccurate. 

(vii) Foreign Investors. If the Holder is not a United States person (as defined by Section 7701(a)(30) of the Internal
Revenue Code of 1986, as amended (the “Code”)), the Holder hereby represents that he, she or it has satisfied itself as to the full observance of the laws of the Holder’s jurisdiction in connection with any invitation to
subscribe for this Note or any use of this Note, including (A) the legal requirements within the Holder’s jurisdiction for the purchase of this Note, (B) any foreign exchange restrictions applicable to such purchase, (C) any
governmental or other consents that may need to be obtained, and (D) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale or transfer of this Note. The Holder’s subscription,
payment for and continued beneficial ownership of this Note will not violate any applicable securities or other laws of the Holder’s jurisdiction. 

(VIII) Forward-Looking Statements. With respect to any forecasts, projections of results and other
forward-looking statements and information provided to the Holder, the Holder acknowledges that such statements were prepared based upon assumptions deemed reasonable by the Borrower at the time of preparation. There is no assurance that such
statements will prove accurate, and the Borrower has no obligation to update such statements. 
 3. EVENTS
OF DEFAULT. 
 If there shall be any Event of Default (as defined below) hereunder, subject to the terms
of the Intercreditor Agreement, at the option and upon the declaration of the Holder and upon written notice to the Borrower (which election and notice shall not be required in the case of an Event of Default under subsection (ii) or (iii)
below), this Note shall accelerate and all principal and unpaid accrued interest shall become due and payable. The occurrence of any one or more of the following shall constitute an “Event of Default”: 

(i) the Borrower fails to pay timely any of the principal amount due under this Note on the date the same becomes due and payable or
any unpaid accrued interest or other amounts due under this Note on the date the same becomes due and payable; 
 (ii) the Borrower
files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors
or takes any corporate action in furtherance of any of the foregoing; 

  
 4. 

 (iii) an involuntary petition is filed against the Borrower (unless such petition is
dismissed or discharged within 60 days under any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee or assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or
control of any property of the Borrower); 
 (iv) an “Event of Default” (as defined in the Security Agreement); 

(v) an “event of default” (as defined under any Senior Indebtedness) shall have occurred and be continuing and the holders
of such Senior Indebtedness shall have accelerated such Indebtedness (and such acceleration shall not have been rescinded); or 

(vi) the occurrence of a transaction in which (a) any “person” or “group” (within the meaning of
Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934), other than the Holder or its affiliates, becomes the “beneficial owner” (as defined in Rule 13(d) under the Securities Exchange Act of 1934), directly or indirectly,
of a sufficient number of shares of all classes of stock then outstanding of Borrower ordinarily entitled to vote in the election of directors, empowering such “person” or “group” to elect a majority of the board of managers of
Borrower, who did not have such power before such transaction or (b) the sale of all or substantially all of the assets of the Company and its subsidiaries (taken as a whole) to any “person” (as defined in Rule 13(d) under the
Securities Exchange Act of 1934) other than the Holder or its affiliates. 
 4. MISCELLANEOUS PROVISIONS.

 (a) Waivers. The Borrower hereby waives demand, notice, presentment, protest and notice of dishonor. 

(b) Further Assurances. The Holder agrees and covenants that at any time and from time to time the Holder will promptly execute
and deliver to the Borrower such further instruments and documents and take such further action as the Borrower may reasonably require in order to carry out the full intent and purpose of this Note and to comply with state or federal securities laws
or other regulatory approvals. 
 (c) Transfers of Note. This Note may be transferred only upon its surrender to the Borrower
for registration of transfer, duly endorsed, or accompanied by a duly executed written instrument of transfer in form reasonably satisfactory to the Borrower. Thereupon, this Note shall be reissued to, and registered in the name of, the transferee,
or a new Note for like principal amount and interest shall be issued to, and registered in the name of, the transferee. Interest and principal as well as any fees provided herein shall be paid solely to the registered holder of this Note. Such
payment shall constitute full discharge of the Borrower’s obligation to pay such interest and principal. Notwithstanding the foregoing, the Holder may not assign this Note, whether by operation of law or otherwise, or any rights or duties
hereunder without the prior written consent of the Borrower, and any prohibited assignment will be void and of no force or effect; provided that the Holder may assign its right, title and interest in this Note to any person that is controlled by,
controls or is under common control with the Holder. 
 (d) Amendment and Waiver. Any term of this Note may be amended or
waived with the written consent of the Borrower and the Holder. Upon the effectuation of such waiver or amendment with the consent of the Holder in conformance with this paragraph, such amendment or waiver shall be effective as to, and binding
against any future holder of this Note. 

  
 5. 

 (e) Governing Law. This Note shall be governed by, and construed in
accordance with, the laws of the State of Delaware. In any action among or between any of the parties arising out of or relating to this Note, including any action seeking equitable relief, each of the parties irrevocably and unconditionally
consents and submits to the exclusive jurisdiction and venue of the state and federal courts located in Delaware. Each party hereby irrevocably waives all right to trial by jury in any action, proceeding or counterclaim (whether based on contract,
tort or otherwise) arising out of or relating to this Note, the transactions contemplated hereby and thereby or the actions of such parties in the negotiation, administration, performance and enforcement hereof and thereof. 

(f) Binding Agreement. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties. Nothing in this Note, expressed or implied, is intended to confer upon any third party any rights, remedies, obligations or liabilities under or by reason of this Note, except as expressly provided in this
Note. 
 (g) Counterparts; Manner of Delivery. This Note may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000,
Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

(h) Titles and Subtitles. The titles and subtitles used in this Note are used for convenience only and are not to be considered
in construing or interpreting this Note. 
 (i) Notices. All notices required or permitted hereunder shall be in writing and
shall be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, if not, then on the next business
day, (iii) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one day after deposit with a nationally recognized overnight courier (or two days after deposit with a
recognized international overnight courier with respect to international delivery), specifying next day delivery, with written verification of receipt. All communications to a party shall be sent to the party’s address set forth on the
signature page hereto or at such other address(es) as such party may designate by 10 days’ advance written notice to the other party hereto. 

(j) Expenses. The Borrower and the Holder shall each bear its respective expenses and legal fees incurred with respect to the
negotiation, execution and delivery of this Note and the transactions contemplated herein. 
 (k) Delays or Omissions. It is
agreed that no delay or omission to exercise any right, power or remedy accruing to the Holder, upon any breach or default of the Borrower under this Note shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any
such breach or default, or any acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter
occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character by the Holder of any breach or default under this Note, or any waiver by the Holder of any provisions or conditions of this Note, must be in
writing and shall be effective only to the extent specifically set forth in writing and that all remedies, either under this Note, or by law or otherwise afforded to the Holder, shall be cumulative and not alternative. This Note shall be void and of
no force or effect in the event that the Holder fails to remit the full principal amount to the Borrower within five calendar days of the date of this Note. 

  
 6. 

 (l) Entire Agreement. This Note constitutes the full and entire understanding
and agreement between the parties with regard to the subjects hereof, and no party shall be liable or bound to any other party in any manner by any representations, warranties, covenants and agreements except as specifically set forth herein. 

(m) Security Interest. The full amount of this Note is secured by the Collateral identified and described as security therefor
in the Security Agreement executed by and delivered by the Borrower to the Holder. 
 (n) Subordination. 

(i) As of the date hereof, the indebtedness evidenced by this Note is not subordinated. From and after the date hereof,
the indebtedness evidenced by this Note shall be expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment in full of any Senior Indebtedness. “Senior
Indebtedness” shall mean, unless expressly subordinated to or made on a parity with the amounts due under this Note, the principal of, unpaid interest on and amounts reimbursable, fees, expenses, costs of enforcement and other amounts
due in connection with (a) indebtedness of the Borrower to banks or commercial finance or other lending institutions regularly engaged in the business of lending money (including venture capital, investment banking or similar institutions and
their affiliates which sometimes engage in lending activities but which are primarily engaged in investments in equity securities), whether or not secured, and (b) any such indebtedness or any debentures, notes or other evidence of indebtedness
issued in exchange for such Senior Indebtedness, or any indebtedness arising from the satisfaction of such Senior Indebtedness by a guarantor. 

(ii) By acceptance of this Note, the Holder agrees to execute and deliver a customary subordination or intercreditor
agreement (the “Intercreditor Agreement”) reasonably requested from time to time by the holders of Senior Indebtedness and, as a condition to the Holder’s rights hereunder, the Borrower may require that the Holder
execute such Intercreditor Agreement. 
 [Signature pages follow] 

  
 7. 

 The parties have executed this SECURED PROMISSORY
NOTE as of the date first noted above. 
  

					
	BORROWER:
	
	ENJOY TECHNOLOGY, INC.
		
	By:	 	 /s/ Jonathan Mariner

		 	Name:	 	Jonathan Mariner
		 	Title:	 	Chief Administrative Officer
		
	E-mail:	 	 [***]

		
	Address:	 	 Enjoy Technology, Inc.
 3240 Hillview Avenue

Palo Alto, CA 94304

  

 The parties have executed this SECURED PROMISSORY
NOTE as of the date first noted above. 
  

			
	 HOLDER:
  

RON JOHNSON

	
	 /s/ Ron Johnson

		
	E-mail:	 	 [***]

		
	Address:	 	c/o Enjoy Technology, Inc.
		 	3240 Hillview Avenue
		 	Palo Alto, CA 94304

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