Document:

Exhibit 10.23
August 9, 2021
Todd Patrick
4503 Glencoe Avenue 
Marina del Rey, CA 90292
Dear Todd:
This letter amends the agreement between you and C3J Therapeutics, Inc. dated October 1, 2018, as amended (the “Prior Agreement” and, together with this letter, the “Agreement”), to set forth the terms of your continued employment with Armata Pharmaceuticals, Inc. (the “Company”) in connection with your retirement as Chief Executive Officer.
1.       Continuing Role. You agree to continue your employment with the Company as an advisor to the new Chief Executive Officer, Dr. Brian Varnum (the “CEO”) from August 1, 2021 through December 31, 2022 (the “Transition Period”). You will make reasonable efforts to be available to provide the advisory services upon reasonable advance notice as requested by the CEO. You agree to devote your full business time and attention to your work for the Company through December 31, 2021, and fifty percent (50%) of your business time and attention to your work for the Company through the remainder of the Transition Period. Except upon the prior written consent of the Board of Directors of the Company (the “Board”), you will not, during your employment with the Company, (i) accept or maintain any other employment, or (ii) engage, directly or indirectly, in any other business activity (whether or not pursued for pecuniary advantage) that might interfere with your duties and responsibilities as a Company employee or create a conflict of interest with the Company. The Company agrees that your previously disclosed board positions with AltPep Corporation and the Foster Foundation do not violate or breach the obligations under this Section 1.
2.       Salary. Your base salary for this advisory role will be paid at the annualized rate of (i) $550,000 for advisory services from August 1, 2021 through December 31, 2021, and (ii) $275,000 for advisory services through the remainder of the Transition Period, payable on the Company’s regular payroll dates and subject to approved deductions and required withholdings.
3.       Bonus. You will be eligible to earn an annual performance bonus for each fiscal year during the Transition Period based on achievement of Company performance objectives to be established by the Board or its compensation committee and applicable to members of the Company’s senior “C level” leadership team. Your annual target performance bonus will be equal to 50% of your base salary, although the amount of any payment will be dependent upon actual performance as determined by the Board or its compensation committee, which determination shall be no less than the percentage of achievement awarded to the members of the senior C level leadership team. Except as provided in Section 5(b) below, you must be employed by the Company 
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through the last day of the fiscal year for which bonuses are paid in order to be eligible to receive a bonus.
4.       Equity Awards. You shall not be eligible to receive grants of equity awards during the Transition Period. However, your outstanding stock option and restricted share unit awards shall continue to vest, in accordance with their terms, for as long as you continue to provide the services hereunder during the Transition Period. Subject to and conditioned upon you providing the advisory services through the end of the Transition Period, one half of the outstanding and unvested Company stock options and restricted share units held by you as of the last day of the Transition Period shall become fully vested as of that date, and all vested stock options held by you as of that date (including those that vest hereunder) shall remain exercisable in full for their remaining 10-year term, provided that you sign and do not revoke a release of claims on a form provided by the Company (the “Release”).
5.       Termination Obligations. The Company is an “at-will” employer. Accordingly, either you or the Company may terminate the employment relationship at any time, with or without advance notice, and with or without cause.
a.               In the event of a termination of your employment with the Company, by either party and regardless of the reasons, you shall be entitled to: (i) any accrued but unpaid base salary and accrued but unused paid time off, which shall be paid in accordance with the Company's customary payroll procedures and subject to all applicable deductions; (ii) reimbursement for unreimbursed business expenses properly incurred by you, which shall be subject to and paid in accordance with the Company's expense reimbursement policy; (ii) such employee benefits, if any, to which you may be entitled under applicable law, including COBRA; (iv) your rights to outstanding stock options and restricted share units in accordance with the terms, and subject to the conditions, of the 2016 Equity Incentive Plan (the “Equity Plan”) and the applicable award agreements, as modified by Section 4 above, and (v) your rights to arbitration under the Prior Agreement.
b.               In the event the Company terminates your employment during the Transition Period other than for “Cause” (as defined in the Equity Plan), then in addition to the payments and benefits described in Section 5(a) above, and provided that you sign and do not revoke a Release, you shall be entitled to the following payments and benefits: (i) continued payment of your base salary through the end of the Transition Period, payable in regular installments in accordance with the Company’s normal payroll practices per the following terms: (x) the installments shall commence to be paid on the first payroll date that occurs after the Release is received by the Company and becomes effective and irrevocable in accordance with its terms, (y) the first installment shall include as a lump sum all payments (without interest) that accrued from the termination date until such first payroll date, and (z) the remaining installments shall be paid as otherwise scheduled for the remainder of the Transition Period, (ii) assuming that you elect COBRA coverage under the applicable medical and dental plans of the Company, subsidized monthly COBRA premiums through the end of the Transition Period, so that you will only be required to pay the premiums applicable to continuing employees under those plans during that
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time; provided that such subsidy shall cease on the date on which you become eligible for medical and dental coverage from a third party, (iii) the bonus amounts otherwise earned under Section 3 of this Agreement, payable at the same time such amounts are paid to continuing executives under the Company’s annual bonus plan, and determined as if your employment continued through the end of the Transition Period, and (iv) immediate vesting of your outstanding equity awards, based on the number of shares that would have vested had you remained employed through the end of the Transition Period and received the additional accelerated vesting (and extended exercise period) set forth in Section 4 above. The Company shall have no further liability to pay you severance under any plan, agreement or arrangement maintained by the Company or its affiliates. In this regard, the severance provisions of the Prior Agreement are replaced and superseded by this Section 5.
This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. Except as explicitly set forth herein, the Prior Agreement will remain in full force and effect, including, but not limited to, the paragraphs relating to your fringe benefits and arbitration under the AAA.
Todd, we look forward to your continuing role with the Company as advisor to the CEO. Please sign and date this Agreement in the space provided below to acknowledge your acceptance of the terms of this agreement.
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	Sincerely,
	    
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	Jules Haimovitz
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	Chairman of the Board of Directors
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	ACCEPTED AND AGREED:
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	8/9/2021
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	Todd Patrick
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	Date

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3Exhibit
10.1

 

Rush Street Interactive, Inc.

900 N. Michigan Avenue, Suite 950

Chicago, Illinois 60611

 

 

August 12, 2021

 

VIA ELECTRONIC MAIL

 

Gregory A. Carlin

c/o Rush Street Interactive, L.P.

900 N. Michigan Avenue, Suite 950

Chicago, Illinois 60611

 

 

	 	Re:	Vice
    Chairman Appointment Letter from Rush Street Interactive, Inc.

 

Dear Greg:

 

We are pleased to confirm
your appointment as the non-executive Vice Chairman of the Board of Directors of Rush Street Interactive, Inc. (the “Company”
and the Company’s board of directors the “Board”). The purpose of this letter agreement (this “Letter Agreement”)
is to set forth the terms of your appointment as Vice Chairman of the Board. Effective as of the date hereof, your employment letter dated
December 27, 2020 (the “2020 Agreement”) shall terminate and be of no further force and effect other than the “Non-Compete/Non-Solicitation”
section of such agreement (which shall apply for twelve (12) months following the end of the Employment Period (as defined in the 2020
Agreement)) and the Employment Period shall terminate effective as of the date hereof and you shall no longer serve as Chief Executive
Officer or as an employee of the Company or any of its direct or indirect subsidiaries. Other than the non-compete and non-solicitation
covenants contained in the “Non-Compete/Non-Solicitation” section of the 2020 Agreement, the Company hereby waives the right
to enforce any non-compete and non-solicitation covenants applicable to you contained in any equity award agreements or the Company's
equity incentive plans, or any other agreement between the parties.

 

Compensation

 

Effective as of the date hereof,
as Vice Chairman of the Board, you will be eligible to participate as a non-employee director, subject to its terms and conditions, in
the Company’s equity incentive plan. The amount of your annual long-term incentives under the equity incentive plan is to be equal
to $250,000 (but in no event less than the amount granted to other non-employee directors on the Board, excluding the Company’s
Executive Chairman), which, as with the other directors receiving compensation, currently shall consist of restricted shares that vest
upon and subject to your remaining as a director on the Board at the next annual shareholders meeting of the Company. Your ongoing service
as a director on the Board shall constitute “Continuous Service” under the terms of the Company’s equity incentive plan.

 

     

     

    

 

Treatment of 2021 Cash Bonus and Existing 2021
Equity Awards

 

You were eligible to participate
in the Company’s discretionary cash bonus plan upon the terms set forth in the 2020 Agreement. You will be entitled to a cash bonus
for 2021 for the period during which you served as CEO in an amount equal to $240,000, which such amount shall be payable to you within
five (5) business days of the date of this Letter Agreement. Further, you were granted and issued awards under the Company’s equity
incentive plan in April 2021 consisting of performance stock units, stock options and restricted stock units.  On the date hereof,
you agree and hereby surrender one-third of each such award and will continue to hold the remainder of such awards on the terms set forth
in the grant agreement(s) applicable to such awards (including vesting of such retained awards being subject to your remaining a director
on the Board).

 

At-Will Appointment

 

Subject to the terms and conditions
of this Letter Agreement, your appointment as Vice Chairman of the Board will be, at all times, at will. This means that you may resign
as Vice Chairman at any time, and the Board may, in its sole discretion, terminate your appointment as Vice Chairman at any time without
notice and for any reason or no reason at all. No one other than the Board has the authority to alter the at-will nature of your appointment
as Vice Chairman, or to make any agreement that amends or alters the terms and conditions of this Letter Agreement and any such amendment
or alteration must be in writing, must reference this Letter Agreement and must be signed a member of the Board authorized to so sign.

 

Applicable Law; Legal Remedies

 

This Letter Agreement, the
rights and obligations of the parties hereto, and all claims or disputes relating thereto, shall be governed by and construed in accordance
with the laws of the State of Illinois, without regard to the choice of law provisions thereof. Any controversy or claim arising out of
or related to (i) this Letter Agreement, (ii) the breach thereof, or (iii) your employment with the Company or the termination of such
employment, shall be settled by arbitration in Chicago, Illinois before a single arbitrator administered by the American Arbitration Association
("AAA") under its National Rules for the Resolution of Employment Disputes, amended and restated effective as of January 1,
2004, as the same may be amended, and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction
thereof.

 

Compliance with Gaming Laws

 

As required by the statutes,
rules and regulations relating to gaming where the Company and its subsidiaries and affiliates operates or is regulated (collectively,
the “Gaming Laws”), you must timely obtain and maintain all permits or licenses required under the Gaming Laws. In addition,
you agree to comply with all Gaming Laws applicable to you as a director of the Company as well as to assist the Company and its subsidiaries
and affiliates, as necessary, in complying with the Gaming Laws.

 

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Notwithstanding any
other provision of this Letter Agreement, if you fail to comply with the Gaming Laws or if you are denied a required license or
permit following the end of all applicable appeal periods, or if a regulator in a jurisdiction where the Company or its subsidiaries
or affiliates operates or is regulated (or has applied for a license to operate) requires that your appointment be terminated or
provides that your continued appointment as Vice Chairman shall create a gaming problem for the Company or its subsidiaries or
affiliates, your appointment shall terminate immediately, without notice or action and without liability on the part of Company or
its subsidiaries or affiliates.

 

By signing below, you represent
and warrant that you are not currently a party to any agreement or other restriction that you would violate by accepting this offer and
performing the duties contemplated by this Letter Agreement. This Letter Agreement constitutes the entire agreement between you and the
Company and supersedes all prior agreements, understandings, or arrangements, whether oral or written, among the parties with respect
to any matter related to this offer, including the 2020 Agreement.

 

[Signatures page to follow
on next page.]

 

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Please accept this Letter
Agreement by signing this Letter Agreement where indicated and returning them to me.

 

	 	Sincerely,
	 	 
	 	 
	 	 
	 	/s/
    Neil Bluhm
	 	Neil
    Bluhm
	 	Chairman
	 	Rush
    Street Interactive, Inc.

 

I accept and agree to all terms and conditions
of this Letter Agreement:

 

	/s/ Gregory A. Carlin	 	August 12, 2021
	Gregory A. Carlin	 	Date

 

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