Document:

Exhibit
10.3

 

 

 

11-12
St. James’s Square

Piccadilly

London

SW1Y
4LB

 

Gary
S. Jacob

171
East 84th Street, Apt. # 16J New York, NY 10028

U.S.A.

 

21
December 2020

 

	Re:	EMPLOYMENT
    AGREEMENT

 

Dear
Gary:

 

This
Employment Agreement (the “Agreement”) between you (referred to hereinafter as the “Executive”)
and OKYO Pharma Limited, a company incorporated in Guernsey, Channel Islands (the “Company”) sets forth the
terms and conditions that shall govern the period of Executive’s continued employment with the Company (referred to hereinafter
as “Employment” or the “Employment Period”). Your employing entity for the purposes of the
Employment will be OKYO Pharma US Inc., a wholly owned subsidiary of the Company.

 

	1.	Duties
    and Scope of Employment

 

	 	(a)	Employment
    Term. Executive will commence full-time Employment with the Company under the terms of this Agreement, effective as of
    January 7, 2021 (the “Effective Date”) and, thereafter, unless either party hereto provides the other party
    with not less than 3 months’ written notice to the other to terminate this Agreement. Notwithstanding the forgoing,
    Executive’s Employment under this Agreement may be terminated at any time before the expiration of the Term in accordance
    with Sections 5 and 6 below.

 

	 	(b)	Position
    and Responsibilities. During the Employment Period, the Company agrees to employ Executive in the position of Chief Executive
    Officer. Executive will report to the Company’s Board of Directors (the “Board”), and Executive will
    be based out of the Company’s office in New York; provided, however, that Executive will be required to travel from
    time to time for business reasons as reasonably required by the Company in connection with the performance of his duties hereunder,
    and Executive acknowledges and agrees that such business travel will not constitute Good Reason to resign under Section 6
    below. Executive will perform the duties and have the responsibilities and authority customarily performed and held by an
    employee in Executive’s position or as otherwise may be assigned or delegated to Executive by the Board.

 

    	 	-1-	 

    	 

    

 

 

	 	(c)	Obligations
    to the Company. During the Employment Period, Executive shall perform Executive’s duties faithfully and to the best
    of Executive’s ability and will devote such business efforts and time to the Company as are necessary to properly discharge
    the role of Chief Executive Officer. The Company acknowledges that the Executive has continuing roles on the boards
    of two public companies: Hepion Pharmaceuticals, Inc. and Cardiff Oncology, Inc. and on the board of one private company,
    Virpax Pharmaceuticals, Inc..

 

	 	(d)	Business
    Opportunities. During Executive’s Employment, Executive shall promptly disclose to the Company each business opportunity
    of a type, which based upon its prospects and relationship to the business of the Company or its affiliates, the Company might
    reasonably consider pursuing. In the event that Executive’s Employment is terminated for any reason, the Company or
    its affiliates shall have the exclusive right to participate in or undertake any such opportunity on their own behalf without
    any involvement by or compensation to Executive under this Agreement.

 

	 	(e)	No
    Conflicting Obligations. Executive represents and warrants to the Company that Executive is under no obligations or commitments,
    whether contractual or otherwise, that are inconsistent with Executive’s obligations under this Agreement or that would
    otherwise prohibit Executive from performing Executive’s duties with the Company. In connection with Executive’s
    Employment, Executive shall not use or disclose any trade secrets or other proprietary information or intellectual
    property learned or possessed by the Executive based on his/her prior employment and/or positions. Executive represents and
    warrants to the Company that Executive has returned all property and tangible confidential information belonging to any prior
    employer.

 

	2.	Cash
    and Incentive Compensation

 

	 	(a)	Base
    Salary. The Company shall pay Executive, as compensation for Executive’s services, a base salary at a gross annual
    rate of $300,000, less all required tax withholdings and other applicable deductions, in accordance with the Company’s
    standard payroll procedures. The annual compensation specified in this subsection (a), together with any modifications (including
    any increase in salary) in such compensation that the Company may make from time to time, is referred to in this Agreement
    as the “Base Salary”. Executive’s Base Salary will be subject to an annual review by the Board and
    adjustments that will be made based upon the Company’s normal performance review practices; provided, however, in no
    event may the Base Salary be reduced below $300,000 per annum. Effective as of the date of any change to Executive’s
    Base Salary, the Base Salary as so changed shall be considered the new Base Salary for all purposes of this Agreement.

 

    	 	-2-	 

    	 

    

 

 

	 	(b)	Cash
    Incentive Bonus. Executive will be eligible to be considered for an annual cash incentive bonus (the “Cash Bonus”)
    each calendar year during the Employment Period based upon the achievement of certain objective or subjective performance
    goals of the Company’s global operations (collectively, the “Performance Goals”). In compliance with
    all relevant legal requirements and based on Executive’s level within the Company, the Performance Goals for Executive’s
    Cash Bonus for a particular year will be established by, and in the sole discretion of, the Board in accordance with the Company’s
    annual budget process, which may vary from year to year and take into account any unique business circumstances facing the
    Company for such year. The initial target amount for any such Cash Bonus will be 50% of the Base Salary (being $150,000) (the
    “Target Bonus”), less all required tax withholdings and other applicable deductions; provided, however,
    Executive will be eligible to earn a Cash Bonus that is less than or greater than the Target Bonus based on the achievement
    level of the Performance Goals as follows:

 

The
determinations of the Board with respect to such Cash Bonus shall be final and binding. Executive’s Target Bonus for any
subsequent year may be adjusted up or down, as determined in the sole discretion of the Board in accordance with the Company’s
annual budget process. Except as otherwise provided in Section 6 below, Executive shall not earn a Cash Bonus unless Executive
is employed by the Company or an affiliate of the Company on the date when such Cash Bonus is actually paid by the Company.

 

	 	(c)	Option
    Award. Subject to the approval of the Board of Directors, the Executive will be granted 40,000,000 Share Options (as defined
    in the OKYO Option Plan, which is defined below) as soon as reasonably practicable after the date of this Agreement or, if
    later, the Effective Date (the “Option Award”). The Option Award will be subject to the terms and conditions
    of the OKYO Unapproved Share Option Plan (the “OKYO Option Plan”) and that certain Option Award Agreement
    evidencing the grant of the Option Award (the “Option Award Agreement”), both of which documents are incorporated
    herein by reference. Executive should consult with Executive’s own tax advisor concerning the tax obligations associated
    with accepting an Option Award. The Share Option shall vest over 4 years in 4 equal tranches as set out in the schedule set
    forth in the Share Award Agreement, the vesting will be solely on time basis. The Company’s Remuneration Committee will
    write to you with the details of the grant and the arrangements relating to it.

 

	 	(d)	Executive
    Assistant. The Company will provide the Executive with an executive assistant and, during the Term, the Company will be
    responsible for all costs for the employment of the executive assistant.

 

    	 	-3-	 

    	 

    

 

 

	3.	Employee
    Benefits

 

During
the Employment Period, Executive shall be eligible to (a) receive paid time off (“PTO”) and sick leave in accordance
with the Company’s practices and policies, as may be amended from time to time and (b) participate in the employee benefit
plans maintained by the Company and generally available to similarly situated employees of the Company, subject in each case to
the generally applicable terms and conditions of the plan or policy in question and to the determinations of any Person or committee
administering such employee benefit plan or policy. The Company reserves the right to cancel or change the employee benefit plans,
policies and programs it offers to its employees at any time. In the event that the Executive maintains his own healthcare and/or
dental plan the Company will make a cost reimbursement to the Executive in lieu of participation in any Company sponsored or operated
scheme.

 

	4.	Business
    Expenses

 

The
Company will reimburse Executive for necessary and reasonable business expenses incurred in connection with Executive’s
duties hereunder and use of a corporate credit or charge card, all in accordance with the Company’s generally applicable
policies.

 

	5.	Employment
    at Will; Rights Upon Termination

 

	 	(a)	Employment
    at Will. Notwithstanding the Term set forth in Section 1(a), Executive’s Employment shall be “at will,”
    meaning that either Executive or the Company shall be entitled to terminate Executive’s Employment at any time and for
    any reason, with or without Cause or notice. Any contrary representations that may have been made to Executive shall be superseded
    by this Agreement. This Agreement shall constitute the full and complete agreement between Executive and the Company on the
    “at-will” nature of Executive’s Employment, which may only be changed in an express written agreement signed
    by Executive and a duly authorized officer of the Company.

 

	 	(b)	Rights
    Upon Termination. Except as expressly provided in Section 6, upon the termination of Executive’s Employment, Executive
    shall only be entitled to (i) the accrued but unpaid Base Salary compensation and PTO and sick days regardless of the annual
    cap in the Company handbook, (ii) other benefits earned and the reimbursements described in this Agreement or under any Company-provided
    plans, policies, and arrangements for the period preceding the effective date of the termination of Employment, each in accordance
    with the governing documents and policies of any such benefits, reimbursements, plans and arrangements, and (iii) such other
    compensation or benefits from the Company as may be required by law (collectively, the “Accrued Benefits”).

 

    	 	-4-	 

    	 

    

 

 

	6.	Termination
    Benefits

 

	 	(a)	Termination
    without Cause or Resignation for Good Reason. If (x) the Company (or any parent, subsidiary or successor of the Company)
    terminates Executive’s employment with the Company for a reason other than Cause, Executive becoming Disabled or Executive’s
    death or (y) Executive resigns from such employment for Good Reason, in each case, at any time during the Initial Term, then,
    in addition to the Accrued Benefits and subject to Section 7, Executive will be entitled to the following:

 

	 	(i)	Severance
    Payment. Executive will receive a lump sum severance payment equal to twelve (12) months of Executive’s Base Salary,
    as then in effect, less all required tax withholdings and other applicable deductions, which will be paid in accordance with
    the Company’s regular payroll procedures commencing as of the first payroll date occurring on or after the Release Deadline
    (as defined in Section 7(a)).

 

	 	(ii)	Continued
    Employee Benefits. If Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation
    Act of 1985, as amended (“COBRA”) for Executive and Executive’s eligible dependents (including spouse),
    within the time period prescribed pursuant to COBRA, the Company will reimburse Executive for the COBRA premiums for such
    coverage (at the coverage levels in effect immediately prior to Executive’s termination or resignation) until the earlier
    of (A) the end of the six (6) month period following the termination date, or (B) the date upon which Executive and/or Executive’s
    eligible dependents become covered under similar plans. COBRA reimbursements will be made by the Company to Executive consistent
    with the Company’s normal expense reimbursement policy and will be taxable to the extent required to avoid adverse consequences
    to Executive or the Company under either Code Section 105(h) or the Patient Protection and Affordable Care Act of 2010.

 

	 	(iii)	Pro-Rated
    Bonus Payment. Executive will receive a pro-rated annual bonus for the fiscal year in which Executive terminates employment
    equal to (x) the annual bonus that Executive would have received based on actual performance for such fiscal year if Executive
    had remained in the employ of the Company for the entire fiscal year multiplied by (y) a fraction, the numerator of which
    is the number of days Executive was in the employ of the Company during the fiscal year including the termination date and
    the denominator of which is 365 (the “Pro-Rated Bonus”). The Pro-Rated Bonus, if any, shall be paid at the same
    time annual bonuses are paid by the Company to other executives of the Company for the fiscal year in which Executive terminated
    employment.

 

    	 	-5-	 

    	 

    

 

 

	 	(b)	Termination
    due to Death or Disability. If Executive’s employment with the Company is terminated due to Executive becoming Disabled
    or Executive’s death during the Term, then, in addition to the Accrued Benefits and subject to Section 7, Executive or
    Executive’s surviving spouse, beneficiaries or estate (as the case may be) will be entitled to receive the payments
    and benefits set forth in Section 6(a)(i)-(iii) and those certain benefits set forth in any Share Award Agreements.

 

	 	(c)	Voluntary
    Resignation (other than for Good Reason); Termination for Cause. If Executive’s employment with the Company is terminated
    due to (i) Executive’s voluntary resignation (other than for Good Reason), or (ii) the Company’s termination of
    Executive’s employment with the Company for Cause, then Executive will receive the Accrued Benefits, but will not be
    entitled to any other compensation or benefits from the Company except to the extent required by law (for example, COBRA).
    All Accrued Benefits shall in all cases be paid within thirty (30) days of Executive’s termination of employment (or
    such earlier date as required by applicable law) pursuant to this Section 6.

 

	 	(d)	Timing
    of Payments. Subject to any specific timing provisions in Section 6(a), or, as applicable, the provisions of Section 7,
    payment of the severance and benefits hereunder shall be made or commence to be made within 30 days following Executive’s
    termination of employment, or such earlier date as required by applicable law.

 

	 	(e)	Exclusive
    Remedy. In the event of a termination of Executive’s employment with the Company (or any parent, subsidiary or successor
    of the Company), the provisions of this Section 6 are intended to be and are exclusive and in lieu of any other rights or
    remedies to which Executive or the Company may otherwise be entitled, whether at law, tort or contract, in equity, or under
    this Agreement (other than the payment of accrued but unpaid wages, as required by law, and any unreimbursed reimbursable
    expenses). Executive will be entitled to no other severance, benefits, compensation or other payments or rights upon a termination
    of employment, including, without limitation, any severance payments and/or benefits provided in the Employment Agreement,
    other than those benefits expressly set forth in Section 6 of this Agreement or pursuant to written equity award agreements
    with the Company.

 

	 	(f)	No
    Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement,
    nor will any earnings that Executive may receive from any other source reduce any such payment.

 

	 	(g)	Deemed
    Resignation. Upon termination of Executive’s employment for any reason, Executive shall be deemed to have resigned
    from all offices and directorships, if any, then held with the Company and its affiliates.

 

    	 	-6-	 

    	 

    

 

 

	7.	Conditions
    to Receipt of Severance

 

	 	(a)	Release
    of Claims Agreement. The receipt of any severance payments or benefits pursuant to this Agreement is subject to Executive
    (or, if applicable, Executive’s surviving spouse, beneficiaries or estate, as the case may be) signing and not revoking
    a separation agreement and release of claims in a form acceptable to the Company (the “Release”), which
    must become effective no later than the sixtieth (60th) day following Executive’s termination of employment (the “Release
    Deadline”), and if not, Executive will forfeit any right to severance payments or benefits under this Agreement.
    To become effective, the Release must be executed by Executive (or, if applicable, Executive’s estate) and any revocation
    periods (as required by statute, regulation, or otherwise) must have expired without Executive (or, if applicable, Executive’s
    estate) having revoked the Release. In addition, in no event will severance payments or benefits be paid or provided until
    the Release actually becomes effective. If the termination of employment occurs at a time during the calendar year where the
    Release Deadline could occur in the calendar year following the calendar year in which Executive’s termination of employment
    occurs, then any severance payments or benefits under this Agreement that would be considered Deferred Payments (as defined
    in Section 7(d)(i)) will be paid on the first payroll date to occur during the calendar year following the calendar year in
    which such termination occurs, or such later time as required by (i) the payment schedule applicable to each payment or benefit
    as set forth in Section 6, (ii) the date the Release becomes effective, or (iii) Section 7(d)(ii); provided that the first
    payment shall include all amounts that would have been paid to Executive if payment had commenced on the date of Executive’s
    termination of employment.

 

	 	(b)	Non-solicitation.
    The receipt of any termination benefits pursuant to Section 6 will be subject to Executive not violating the provisions
    of Section 9. In the event Executive breaches the provisions of Section 9, all continuing payments and benefits to which Executive
    may otherwise be entitled pursuant to Section 6 will immediately cease.

 

	 	(c)	Confidential
    Information Agreement. Executive’s receipt of any payments or benefits under Section 6 will be subject to Executive
    continuing to comply with the terms of the Confidentiality Agreement (as defined in Section 11 below).

 

	 	(d)	Section
    409A.

 

	 	(i)	Notwithstanding
    anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any, pursuant
    to this Agreement that, when considered together with any other severance payments or separation benefits, are considered
    deferred compensation not exempt under Section 409A (together, the “Deferred Payments”) will be paid or
    otherwise provided until Executive has a “separation from service” within the meaning of Section 409A. And for
    purposes of this Agreement, any reference to “termination of employment,” “termination” or any similar
    term shall be construed to mean a “separation from service” within the meaning of Section 409A. Similarly, no
    severance payable to Executive, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant
    to Treasury Regulation Section 1.409A-1(b)(9) will be payable until Executive has a “separation from service”
    within the meaning of Section 409A.

 

    	 	-7-	 

    	 

    

 

 

	 	(ii)	Notwithstanding
    anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of
    Section 409A at the time of Executive’s termination of employment (other than due to death), then the Deferred Payments,
    if any, that are payable within the first six (6) months following Executive’s separation from service, will become
    payable on the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s
    separation from service. All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule
    applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following Executive’s
    separation from service, but prior to the six (6) month anniversary of the separation from service, then any payments delayed
    in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of
    Executive’s death and all other Deferred Payments will be payable in accordance with the payment schedule applicable
    to each payment or benefit. Each payment, instalment and benefit payable under this Agreement is intended to constitute a
    separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

 

	 	(iii)	Without
    limitation, any amount paid under this Agreement that satisfies the requirements of the “short-term deferral”
    rule set forth in Section 1.409A- 1(b)(4) of the Treasury Regulations is not intended to constitute Deferred Payments for
    purposes of clause (i) above.

 

	 	(iv)	Without
    limitation, any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation
    from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit
    is not intended to constitute Deferred Payments for purposes of clause (i) above. Any payment intended to qualify under this
    exemption must be made within the allowable time period specified in Section 1.409A-1(b)(9)(iii) of the Treasury Regulations.

 

	 	(v)	To
    the extent that reimbursements or in-kind benefits under this Agreement constitute non-exempt “nonqualified deferred
    compensation” for purposes of Section 409A, (1) all reimbursements hereunder shall be made on or prior to the last day
    of the calendar year following the calendar year in which the expense was incurred by Executive, (2) any right to reimbursement
    or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (3) the amount of expenses eligible
    for reimbursement or in-kind benefits provided in any calendar year shall not in any way affect the expenses eligible for
    reimbursement or in-kind benefits to be provided, in any other calendar year.

 

    	 	-8-	 

    	 

    

 

 

	 	(vi)	The
    payments and benefits provided under Sections 6(a) are intended to be exempt from or comply with the requirements of Section
    409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed
    under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to be exempt or so comply. The Company
    and Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions
    that are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual
    payment to Executive under Section 409A.

 

	8.	Definition
    of Terms

 

The
following terms referred to in this Agreement will have the following meanings:

 

	 	(a)	Cause.
    “Cause” means:

 

	 	(i)	Executive
    is convicted of, or pleads guilty or “nolo contendere” to, a felony or any crime involving fraud or dishonesty
    or which has an adverse effect upon the Company or any of the Company’s affiliates;

 

	 	(ii)	Executive
    defrauds the Company or commits an act of embezzlement against the Company;

 

	 	(iii)	Executive
    performs his duties during normal working hours under the influence of non-prescription controlled substances or habitual
    intoxication; or

 

	 	(iv)	Executive
    materially breaches this Agreement, any other agreement between Executive and the Company or its affiliates, and/or the written
    policies or procedures of the Company, in each such case, to the extent such breach remains uncured. Except for a breach which,
    by its nature, cannot reasonably be expected to be cured, Executive shall have ten (10) business days from the date the Company
    provides notice to Executive of such breach within which to cure any acts constituting Cause; provided however, that, if the
    Company reasonably expects irreparable injury from a delay of ten (10) business days, the Company may give the Executive notice
    of such shorter period within which to cure as is reasonable under the circumstances, which may include the termination of
    the Executive’s employment without notice and with immediate effect.

 

    	 	-9-	 

    	 

    

 

 

	 	(b)	Change
    of Control. “Change of Control” shall have the meaning ascribed to such term in the OKYO Share Option Plan.

 

	 	(c)	Code.
    “Code” means the Internal Revenue Code of 1986, as amended.

 

	 	(d)	Disability.
    “Disability” or “Disabled” means that Executive 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
    which has lasted, or can be expected to last, for a continuous period of not less than one (1) year. Any question as to the
    existence of the Executive’s Disability as to which the Executive and the Company cannot agree shall be determined in
    writing by a qualified independent physician mutually acceptable to the Executive and the Company. If the Executive and the
    Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians
    shall select a third who shall make such determination in writing. The determination of Disability made in writing to the
    Company and the Executive shall be final and conclusive for all purposes of this Agreement.

 

	 	(e)	Good
    Reason. “Good Reason” means Executive’s termination of employment within thirty (30) days following
    the expiration of any cure period (discussed below) following the occurrence of one or more of the following, without Executive’s
    consent:

 

	 	(i)	A
    material reduction in Executive’s responsibilities, powers, or authority as an employee of the Company; provided, however,
    that Executive shall not have Good Reason to terminate his employment in the event the Company delegates some of his then-current
    job duties to newly hired employees, so long as Executive retains full authority to supervise and direct such newly hired
    employees;

 

	 	(ii)	Any
    reduction in Executive’ salary or earned performance bonus;

 

	 	(iii)	Any
    change in Executive’s job title;

 

	 	(iv)	The
    Board publicly denigrates Executive in a manner that harms Executive’s business reputation; provided, however, that
    Executive shall not have Good Reason to terminate his employment for any statement the Company or its Board makes in good
    faith pursuant to a subpoena or in an investigation or proceeding by a Governmental Authority or as otherwise required by
    law or with Executive’s consent;

 

	 	(v)	Executive
    is required to work outside his home office or the New York area for more than ninety (90) days in any three hundred sixty-five
    (365) day period; or

 

    	 	-10-	 

    	 

    

 

 

	 	(vi)	The
    Company materially breaches this Agreement. Executive will not resign for Good Reason without first providing the Company
    with written notice of the acts or omissions constituting the grounds for Good Reason within sixty (60) days of the initial
    existence of the grounds for Good Reason and a reasonable cure period of not less than thirty (30) days following the date
    the Company receives such notice during which such condition must not have been cured.

 

	 	(f)	Governmental
    Authority. “Governmental Authority” means any federal, state, municipal, foreign or other government, governmental
    department, commission, board, bureau, agency or instrumentality, or any private or public court or tribunal.

 

	 	(g)	Person.
    “Person” shall be construed in the broadest sense and means and includes any natural person, a partnership,
    a corporation, an association, a joint stock company, a limited liability company, a trust, a joint venture, an unincorporated
    organization and other entity or Governmental Authority.

 

	 	(h)	Section
    409A. “Section 409A” means Section 409A of the Code, and the final regulations and any guidance promulgated
    thereunder or any state law equivalent.

 

	9.	Restrictive
    Covenants

 

	 	(a)	Non-Solicitation.
    During the period commencing on the date of this Agreement and continuing until the one-year anniversary of the date when
    Executive’s Employment terminated for any reason, Executive shall not directly or indirectly, personally or through
    others, solicit, recruit or attempt to solicit or recruit (on Executive’s own behalf or on behalf of any other Person)
    either (i) any current employee of the Company or any of the Company’s affiliates, (ii) any former employee of the Company
    or any of the Company’s affiliates who left the Company’s (or such affiliate’s) service within the six (6)
    months preceding the Executive’s termination date, or (iii) the business of any customer of the Company or any of the
    Company’s affiliates on whom Executive called or with whom Executive became acquainted during Executive’s Employment.
    Executive represents that Executive is (i) familiar with the foregoing covenant not to solicit, and (ii) fully aware of Executive’s
    obligations hereunder, including, without limitation, the reasonableness of the length of time and scope of these covenants.

 

	 	(b)	Non-Disparagement.
    Executive shall not make any remarks disparaging the conduct or character of the Company, any of the Company’s affiliates,
    any of the Company’s or any Company affiliates’ current employees, officers, directors, successors or assigns;
    provided, however, that this provision shall not apply to any statement Executive makes in good faith pursuant to a subpoena
    or an investigation or proceeding by a Governmental Authority or as otherwise required by law or with the Company’s
    consent.

 

    	 	-11-	 

    	 

    

 

 

	10.	Golden
    Parachute

 

	 	(a)	Anything
    in this Agreement to the contrary notwithstanding, if any payment or benefit Executive would receive from the Company or otherwise
    (“Payment”) 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 such Payment shall be equal to the Reduced Amount. The “Reduced Amount” shall be
    either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax;
    or (y) the largest portion, up to and including the total, of the Payment, whichever amount in either (x) or (y), after taking
    into account all applicable federal, state and local employment taxes, income taxes, and (in the case of (y)) the Excise Tax
    (all computed at the highest applicable marginal rate), results in Executive’s receipt, on an after-tax basis, of the
    greater amount of the Payment. Any reduction made pursuant to this Section 10(a) shall be made in accordance with the following
    order of priority: (i) stock options whose exercise price exceeds the fair market value of the optioned stock (“Underwater
    Options”) (ii) Full Credit Payments (as defined below) that are payable in cash, (iii) non-cash Full Credit Payments
    that are taxable, (iv) non-cash Full Credit Payments that are not taxable (v) Partial Credit Payments (as defined below) and
    (vi) non-cash employee welfare benefits. In each case, reductions shall be made in reverse chronological order such that the
    payment or benefit owed on the latest date following the occurrence of the event triggering the excise tax will be the first
    payment or benefit to be reduced (with reductions made pro-rata in the event payments or benefits are owed at the same time).
    “Full Credit Payment” means a payment, distribution or benefit, whether paid or payable or distributed
    or distributable pursuant to the terms of this Agreement or otherwise, that if reduced in value by one dollar reduces the
    amount of the parachute payment (as defined in Section 280G of the Code) by one dollar, determined as if such payment, distribution
    or benefit had been paid or distributed on the date of the event triggering the excise tax. “Partial Credit Payment”
    means any payment, distribution or benefit that is not a Full Credit Payment.

 

	 	(b)	A
    nationally recognized certified public accounting firm selected by the Company (the “Accounting Firm”)
    shall perform the foregoing calculations related to the Excise Tax. If a reduction is required pursuant to Section 10(a),
    the Accounting Firm shall administer the ordering of the reduction as set forth in Section 10(a). The Company shall bear all
    expenses with respect to the determinations by such accounting firm required to be made hereunder.

 

	 	(c)	The
    Accounting Firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting
    documentation, to Executive and the Company within fifteen (15) calendar days after the date on which Executive’s right
    to a Payment is triggered. Any good faith determinations of the Accounting Firm made hereunder shall be final, binding, and
    conclusive upon Executive and the Company.

 

    	 	-12-	 

    	 

    

 

 

	11.	Confidentiality
    Agreement

 

Executive
acknowledges and agrees that Executive will continue to remain bound by that certain Confidential Information and Invention Assignment
Agreement previously entered into by and between Executive and the Company, a copy of which is attached hereto as Attachment A
(the “Confidentiality Agreement”)

 

	12.	Arbitration

 

	 	(a)	Arbitration.
    In consideration of Executive’s Employment with the Company, its promise to arbitrate all employment-related disputes,
    and Executive’s receipt of the compensation, pay raises and other benefits paid to Executive by the Company, at present
    and in the future, Executive agrees that any and all controversies, claims, or disputes with anyone (including the Company
    and any employee, officer, director, shareholder or benefit plan of the Company in their capacity as such or otherwise) arising
    out of, relating to, or resulting from Executive’s Employment with the Company or termination thereof, including any
    breach of this Agreement, will be subject to binding arbitration. The Federal Arbitration Act shall also apply with full force
    and effect.

 

	 	(b)	Dispute
    Resolution. Disputes that Executive agrees to arbitrate, and thereby agrees to waive any right to a jury trial, include
    any statutory claims under local, state, or federal law, including, but not limited to, claims under Title VII of the Civil
    Rights Act of 1964, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Older
    Workers Benefit Protection Act, the Sarbanes Oxley Act, the Worker Adjustment and Retraining Notification Act, claims of harassment,
    discrimination, and wrongful termination, and any statutory or common law claims. Executive further understands that this
    agreement to arbitrate also applies to any disputes that the Company may have with Executive.

 

	 	(c)	Procedure.
    Executive agrees that any arbitration will be administered by Judicial Arbitration & Mediation Services, Inc. (“JAMS”),
    pursuant to its Employment Arbitration Rules & Procedures (the “JAMS Rules”). The arbitrator shall have the
    power to decide any motions brought by any party to the arbitration, including motions for summary judgment and/or adjudication,
    motions to dismiss and demurrers, and motions for class certification, prior to any arbitration hearing. The arbitrator shall
    have the power to award any remedies available under applicable law, and the arbitrator shall award attorneys’ fees
    and costs to the prevailing party, except as prohibited by law. The Company will pay for any administrative or hearing fees
    charged by the administrator or JAMS, and all arbitrator’s fees, except that Executive shall pay any filing fees associated
    with any arbitration that Executive initiates, but only so much of the filing fee as Executive would have instead paid had
    Executive filed a complaint in a court of law. Executive agrees that the arbitrator shall administer and conduct any arbitration
    in accordance with New York law, and that the arbitrator shall apply substantive and procedural Washington law to any dispute
    or claim, without reference to the rules of conflict of law. To the extent that the JAMS Rules conflict with New York law,
    New York law shall take precedence. The decision of the arbitrator shall be in writing. Any arbitration under this Agreement
    shall be conducted in New York, New York.

 

    	 	-13-	 

    	 

    

 

 

	 	(d)	Remedy.
    Arbitration shall be the sole, exclusive, and final remedy for any dispute between Executive and the Company. Accordingly,
    except as provided by this Agreement, neither Executive nor the Company will be permitted to pursue court action regarding
    claims that are subject to arbitration. Notwithstanding, the arbitrator will not have the authority to disregard or refuse
    to enforce any lawful Company policy, and the arbitrator will not order or require the Company to adopt a policy not otherwise
    required by law that the Company has not adopted.

 

	 	(e)	Administrative
    Relief. Executive is not prohibited from pursuing an administrative claim with a local, state, or federal administrative
    body or Government Authority that is authorized to enforce or administer laws related to employment, including, but not limited
    to, the Department of Fair Employment and Housing, the Equal Employment Opportunity Commission, the National Labor Relations
    Board, or the Workers’ Compensation Board. However, Executive may not pursue court action regarding any such claim,
    except as permitted by law.

 

	 	(f)	Voluntary
    Nature of Agreement. Executive acknowledges and agrees that Executive is executing this Agreement voluntarily and without
    any duress or undue influence by the Company or anyone else. Executive further acknowledges and agrees that Executive has
    carefully read this Agreement and that Executive has asked any questions needed for Executive to understand the terms, consequences
    and binding effect of this Agreement and fully understands it, including that EXECUTIVE IS WAIVING EXECUTIVE’S RIGHT
    TO A JURY TRIAL.

 

	 	(g)	Independent
    Advice. Executive acknowledges that Executive has been advised to obtain independent advice and legal counsel to advise
    Executive concerning this Agreement, and that Executive has either done so or has knowingly waived that opportunity of Executive’s
    own free choice. Neither the Company nor any attorneys for the Company have advised Executive concerning this Agreement, and
    Executive is relying solely upon the advice of Executive’s own independent counsel (if any); nor has the Company or
    any attorneys for the Company coerced, used undue influence, or otherwise induced Executive to enter into this Agreement.

 

    	 	-14-	 

    	 

    

 

 

	13.	Successors

 

	 	(a)	Company’s
    Successors. This Agreement shall be binding upon any successor (whether direct or indirect and whether by purchase, lease,
    merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets.
    For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business
    or assets that become bound by this Agreement or any affiliate of any such successor that employs Executive.

 

	 	(b)	Executive’s
    Successors. This Agreement and all of Executive’s rights hereunder shall inure to the benefit of, and be enforceable
    by, Executive’s surviving spouse, beneficiaries, or estate (as the case may be).

 

	14.	Miscellaneous
    Provisions

 

	 	(a)	Indemnification.
    The Company shall indemnify Executive to the maximum extent permitted by applicable law and the Company’s articles
    of association with respect to Executive’s service and Executive shall also be covered under a directors and officers
    liability insurance policy paid for by the Company to the extent that the Company maintains such a liability insurance policy
    now or in the future. Executive agrees to indemnify and save Company and its affiliates harmless from any damages, which Company
    may sustain in any manner primarily through Executive’s wilful misconduct or gross negligence or a material breach of
    the provisions of this Agreement.

 

	 	(b)	Headings.
    All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this
    Agreement.

 

	 	(c)	Notice.

 

	 	(i)	General.
    Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly
    given when personally delivered to the recipient or after five (5) days when mailed by U.S. registered or certified mail,
    return receipt requested and postage prepaid. In Executive’s case, mailed notices shall be addressed to Executive at
    the home address that Executive most recently communicated to the Company in writing. In the case of the Company, mailed notices
    shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Secretary.

 

	 	(ii)	Notice
    of Termination. Any termination by the Company for Cause or by Executive for Good Reason will be communicated by a notice
    of termination to the other party hereto given in accordance with Section 14(c)(i) of this Agreement. Such notice will indicate
    the specific termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and circumstances
    claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which
    will be not more than thirty (30) days after the giving of such notice), subject to any applicable cure period. The failure
    by Executive or the Company to include in the notice any fact or circumstance which contributes to a showing of Good Reason
    or Cause, as applicable, will not waive any right of Executive or the Company, as applicable, hereunder or preclude Executive
    or the Company, as applicable, from asserting such fact or circumstance in enforcing his or her or its rights hereunder, as
    applicable.

 

    	 	-15-	 

    	 

    

 

 

	 	(d)	Modifications
    and 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 the Company (other than the 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.

 

	 	(e)	Whole
    Agreement. No other agreements, representations or understandings (whether oral or written and whether express or implied)
    that are not expressly set forth in this Agreement have been made or entered into by either party with respect to the subject
    matter hereof. This Agreement, the OKYO Share Option Plan and the Confidentiality Agreement contain the entire understanding
    of the parties with respect to the subject matter hereof, and such agreements render null and void any and all other prior
    or contemporaneous agreements between Executive and the Company or any affiliate of the Company.

 

	 	(f)	Withholding
    Taxes. All payments made under this Agreement shall be subject to reduction to reflect taxes or other deductions required
    to be withheld by law.

 

	 	(g)	Choice
    of Law and Severability. This Agreement shall be interpreted in accordance with the laws of the State of New York without
    giving effect to provisions governing the choice of law. If any provision of this Agreement becomes or is deemed invalid,
    illegal or unenforceable in any applicable jurisdiction by reason of the scope, extent or duration of its coverage, then such
    provision shall be deemed amended to the minimum extent necessary to conform to applicable law so as to be valid and enforceable
    or, if such provision cannot be so amended without materially altering the intention of the parties, then such provision shall
    be stricken and the remainder of this Agreement shall continue in full force and effect. If any provision of this Agreement
    is rendered illegal by any present or future statute, law, ordinance or regulation (collectively, the “Law”) then
    that provision shall be curtailed or limited only to the minimum extent necessary to bring the provision into compliance with
    the Law. All the other terms and provisions of this Agreement shall continue in full force and effect without impairment or
    limitation.

 

	 	(h)	No
    Assignment. This Agreement and all of Executive’s rights and obligations hereunder are personal to Executive and
    may not be transferred or assigned by Executive at any time. The Company may assign its rights under this Agreement to any
    entity that assumes the Company’s obligations hereunder in connection with any sale or transfer to such entity of all
    or a substantial portion of the Company’s assets.

 

	 	(i)	Counterparts.
    This Agreement 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. Execution of a facsimile copy will have the same force and effect as
    execution of an original, and a facsimile signature will be deemed an original and valid signature.

 

	 	(j)	Electronic
    Delivery. The Company may, in its sole discretion, decide to deliver any documents related to this Agreement by electronic
    means. Executive hereby consents to receive such documents by electronic delivery.

 

[Signature
Page Follows]

 

    	 	-16-	 

    	 

    

 

 

After
you have had an opportunity to review this Agreement, please feel free to contact me if you have any questions or comments. To
indicate your acceptance of this Agreement, please sign and date this letter in the space provided below and return it to the
Company.

 

	 	Very truly yours,
	 	OKYO PHARMA LIMITED
	 	 	 
	 	By:	/s/
    Willy Simon
        

	 	 	(Signature)
	 	Name:	Willy
    Simon
	 	Title:	NED

 

	ACCEPTED
    AND AGREED: GARY S. JACOB	 
	 	 
	/s/
    Gary Jacob	 
	(Signature)	 
	 	 
	13
    Jan. 2021	 
	Date	 

 

Attachment
A: Confidential Information and Invention Assignment Agreement

 

    	 	-17-	 

    	 

    

 

 

ATTACHMENT
A

 

CONFIDENTIAL
INFORMATION AND INVENTION ASSIGNMENT AGREEMENT

 

(On
File With the Company)

 

    	 	-18-Exhibit
10.10

 

FIRST
AMENDMENT

TO
THE

LICENSE
AND SUBLICENSE AGREEMENT

BY
AND BETWEEN

ON
TARGET THERAPEUTICS LLC AND OKYO PHARMA LIMITED

 

This
FIRST AMENDMENT TO THE LICENSE AND SUBLICENSE AGREEMENT (“First Amendment”) is dated as of March 25, 2021 (the “First
Amendment Effective Date”) by and between On Target Therapeutics, LLC, 15 Wynnewood Road, Wellesley, MA 02481 and (“On
Target”) and OKYO Pharma Limited, Martello Court, Admiral Park, St. Peter Port, Guernsey, GY1 3HB (“OKYO”).

 

BACKGROUND

 

WHEREAS,
the Parties have executed that certain License Agreement dated 22 May 2017 (the “Agreement”) and the Parties
would like to amend said Agreement;

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants set forth in this First Amendment, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

	 	1.	All
    terms and conditions of the Agreement not modified by this First Amendment shall continue in full force and effect in accordance
    with their terms. All capitalized terms not otherwise defined herein shall have the same definition as in the Agreement.
	 	 	 
	 	2.	Section
    1.9 “Licensed Patents”. Section 1.9 is hereby deleted and replaced with the following:

 

1.11
“Licensed Patents” means the following patent applications:

 

PCT/US2014/026662,
filed March 13, 2014, USSN 61/811,249 filed April 19, 2013, USSN 61/813,835, filed April 19, 2013, US 10,233,219, and USSN 16/245,472;
and including all provisionals, substitutions, continuations, continuations-in-part, divisionals, renewals, all letters patent
granted thereon, and all reissues, reexaminations, extensions, confirmations, revalidations, registrations, patents of addition
thereof, and any cases that claim priority to any of the foregoing (collectively “the First Patent Family”);

 

PCT/US2017/014605,
filed January 23, 2017, USSN 62/286,070 filed January 22, 2016, and USSN 16/070,467, and including all provisionals, substitutions,
continuations, continuations-in-part, divisionals, supplementary protection certificates, renewals, all letters patent granted
thereon, and all reissues, reexaminations, extensions, confirmations, revalidations, registrations, patents of addition thereof,
PCTs, and foreign equivalents to any of the foregoing, and any cases that claim priority to any of the foregoing.”

 

    	-1-

    	 

    

 

	 	3.	Section
    6.2 “Patent Prosecution”. The last sentence of section 6.2 shall be deleted. The following sentences shall
    be added:

 

“OKYO
shall not prosecute any claims from the First Patent Family that are not directed to Chemerin Products, or their manufacture or
use. On Target shall not prosecute any claims from the First Patent Family that are directed to Chemerin Products, or their manufacture
or use.”

 

	 	4.	Development
    Milestones. The Parties will jointly approach Tufts Medical Center, Inc. to renegotiate the Development Milestones set
    forth on Exhibit C to the April 3, 2017 License Agreement between On Target and Tufts Medical Center, Inc. (“Tufts”).
    If further modifications of the Development Milestones are needed in the future then the Parties will use the same joint process.
	 	 	 
	 	5.	Miscellaneous.
    This First Amendment may be executed in counterparts, each of which shall constitute an original and all of which, when taken
    together, shall constitute one instrument. No modification or amendment to this First Amendment shall be effective unless
    in writing signed by the duly authorized representative of both parties.

 

IN
WITNESS WHEREOF, the Parties hereto have caused this First Amendment to be executed by their duly authorized representatives,
as set forth below.

 

	On
    Target Therapeutics LLC.	 	OKYO
    Pharma Limited
	 	 	 
	By:
    	         	 	By:	 
	Name:
    	 	 	Name:	 
	Title:	 	 	Title:	

 

    	-2-

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