Document:

Exhibit 10.15

 

ASSIGNMENT

 

WHEREAS: MEDICIS PHARMACEUTICAL CORPORATION,
a corporation organized under the laws of Delaware (hereinafter ASSIGNOR), is an owner of certain patent rights pursuant to that
certain Development and License Agreement between ASSIGNOR and ASSIGNEE (defined below), dated October 9, 2011 (hereinafter AGREEMENT);
and

 

WHEREAS: ASSIGNOR desires to assign
to SOL-GEL TECHNOLOGIES LTD., a corporation organized under the laws of the Country of Israel (hereinafter ASSIGNEE) ASSIGNOR'S
entire interest in and to a US patent application # 13/537,646, titled: "Stabilized Topical Formulations Containing Core-Shell
Microcapsules" (the "PATENT").

 

NOW, THEREFORE, for good and valuable
consideration provided by ASSIGNEE to ASSIGNOR, the receipt of which is hereby acknowledged, ASSIGNOR hereby sells, assigns and
transfers to ASSIGNEE, its successors, legal representatives, or assigns, ASSIGNOR'S full and exclusive rights, titles and interests
to the PATENT, and to any additional legal protections to be obtained for said PATENT or any continuations, continuations-in-part,
divisions, renewals, extensions, substitutions, replacements, or reissues thereof, and every priority right that is or may be predicated
upon or arise from the PATENT, or any legal equivalent of any thereof in any country for the full term or terms for which the same
may be granted.

 

SAID ASSIGNOR hereby further covenants
that ASSIGNOR has full right to convey the entire right, title, and interest herein sold, assigned, transferred, and set over herein.

 

AND SAID ASSIGNOR further covenants that
ASSIGNOR will, at any time, when reasonably called upon to do so by the ASSIGNEE, its successors, legal representatives, or assigns,
at ASSIGNEE'S cost and expense, communicate thereto any facts known to him relating to said PATENT; execute and deliver any and
all lawful papers (including, but not limited to, granting powers of attorney and executing inventor declarations for continuations-in-part
and reissues of patent applications hereby assigned); make all rightful oaths, affidavits, or declarations; testify in any legal
proceedings, mediations, arbitrations, or other proceedings; and perform all other reasonable lawful acts that may be deemed by
ASSIGNEE necessary or desirable to obtain, secure, and/or vest the benefit of the rights herein assigned, and perfect the title
to said PATENT and all related rights thereto in the name of and for the benefit for the ASSIGNEE, its successors, legal representatives,
or assigns, and to assist or enable the ASSIGNEE, its successors, legal representatives, or assigns to enforce, protect, or otherwise
benefit from the rights in said, applications and patents hereby granted.

 

ASSIGNEE hereby grants to ASSIGNOR and
ASSIGNOR'S affiliates a non-exclusive, transferable, sub-licensable, royalty-free, perpetual, license to practice those inventions
claimed under the PATENT.

 

    	 	 	 

     

    

 

This ASSIGNMENT shall be binding upon ASSIGNOR'S
heirs, executors, administrators, successors, and/or assigns.

 

	Date: 8/16/13	/s/ [ILLEGIBLE]
	 	MEDICIS PHARMACEUTICAL CORPORATION

 

I hereby accept the above assignment for
and on behalf/of the ASSIGNEE

 

	Date: August 8, 2013	/s/ Alon Seri-Levy
	 	SOL-GEL TECHNOLOGIES LTD.Exhibit 10.1

 

EXECUTION COPY

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (the "Agreement"), is effective
as of August 16, 2017 (the “Effective Date”), and executed August 23, 2017 between Ampio Pharmaceuticals, Inc., a Delaware
corporation headquartered at 373 Inverness Parkway, Suite 200, Englewood, CO 80112
USA, hereinafter referred to as the "Company"), and Thomas E. Chilcott, III (“Employee").

 

RECITALS 

 

WHEREAS, the Company is a duly organized
Delaware corporation, with its principal place of business within the State of Colorado, and is in the business of developing and
marketing pharmaceutical products; and

 

WHEREAS, the Company desires assurance
of the continued association and services of the Employee in order to continue to retain the Employee’s experience, skills,
abilities, background and knowledge, and is willing to continue to engage the Employee’s services on the terms and conditions
set forth in this Agreement; and

 

WHEREAS, Employee desires to be
in the continued employment of the Company, and is willing to accept such continued employment on the terms and conditions set
forth in this Agreement.

 

NOW, THEREFORE, the parties hereto agree to the terms
and conditions of this Agreement as follows:

 

1. Employment for Term. The Company hereby agrees to
employ Employee and Employee hereby accepts such employment with the Company for the period of 24 months beginning on the Effective
Date. The term of this Agreement (the "Term") shall continue until the termination of Employee's employment in accordance
with the provisions of this Agreement. The termination of Employee's employment under this Agreement shall end at the Term, but
shall not terminate Employee's or the Company's other obligations that are intended to survive the termination of this Agreement
(including without limitation, the payments under Section 7 and 8 and Employee’s obligations under Section 9).

 

2. Position and Duties. During the Term, Employee shall
serve as Chief Financial Officer of the Company, and perform such duties as are consistent with this position. The Employee shall
report to the Chief Executive Officer of the Company. During the Term, Employee shall also hold such additional positions and titles
as the Chief Executive Officer or the Board of Directors of the Company (the "Board") may determine from time to time.
During the Term, Employee shall devote his full business time to his duties as the Chief Financial Officer of the Company. Notwithstanding
the foregoing, the Company hereby acknowledges that it consents to Employee’s participation in those outside activities described
on Exhibit A hereto. During the Term of this Agreement, Employee agrees not to acquire, assume or participate in, directly or indirectly,
any position, investment or interest known by the Employee to be adverse to the Company, its business or prospects, its financial
position, or otherwise or in any company, person or entity that is, directly or indirectly, in competition with the business of
the Company or any of its affiliates. On termination of Employee’s employment, regardless of the reason for such termination,
Employee shall immediately (and with contemporaneous effect) resign any directorships, offices or other positions that Employee
may hold in the Company or any affiliate, unless otherwise agreed in writing by the parties.

 

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3. Compensation. 

 

(a) Base Salary. The Company shall
pay Employee a base salary of $200,000 per annum, payable at least monthly on the Company's regular pay cycle for executive officers
(the “Base Salary”). Except as specifically otherwise provided herein, the Base Salary may be increased only by recommendation
of the Compensation Committee of the Board and ratified by the Compensation Committee or a majority of the independent members
of the Board.

 

(b) Annual Review. The Base Salary
shall be reviewed at the end of each calendar year (the first such review to occur at the end of calendar year 2017).

 

(c) Equity Compensation. In connection
with the execution of this Agreement, and subject to approval of the Company’s Compensation Committee, which may not occur
until the Effective Date, the Company hereby agrees to grant initial equity compensation to Employee in the aggregate amount of
200,000 options to purchase shares of Company Common Stock. These options shall vest in accordance with the terms and schedule
set forth in Exhibit B hereto. Such vesting schedule will be accelerated, to the extent provided in Section 8 of this Agreement.

 

(d) Other and Additional Compensation.
Subsections (a) and (c) above establish Employee’s compensation during the Term which shall not preclude the Board from awarding
Employee a higher salary, bonuses or stock options, restricted stock or other forms of additional equity awards at the discretion
of the Board during the Term of this agreement. The Employee shall be eligible for a bonus in the amount of $25,000, as a result
of his involvement in a successful non-dilutive or convertible debt raise of $2.5 million to $4 million and a bonus of $50,000
with his involvement in an equity raise equal to or greater than $7 million. In addition an annual discretionary bonus (hereinafter
referred to as the “Bonus”) of up to fifty percent (50%) of the Base Salary, subject to standard deductions
and withholdings, based on the Compensation Committee’s determination, in good faith, and based upon the Employee’s
individual achievement and Company performance objectives as set by the Board or the Compensation Committee, of whether the Employee
has met such performance milestones as are established for the Employee by the Board or the Compensation Committee, in good faith,
and are initially as set forth on Exhibit B (hereinafter referred to as the “Performance Milestones”). The Performance
Milestones will be based on certain factors including, but not limited to, the Employee’s performance and the Company’s
financial performance. The Employee’s Bonus target will be reviewed annually and may be adjusted by the Board or the Compensation
Committee in its discretion, provided however, that the Bonus target may only be reduced upon Employee’s written consent.
The Employee must be employed on the date the Bonus is awarded to be eligible for the Bonus, subject to the termination provisions
hereof. Bonuses shall be paid during the calendar quarter following the calendar quarter for which such Bonus was earned when Performance
Milestones are met during a calendar quarter. Fourth quarter Bonuses, Bonuses calculated on the basis of partial Performance Milestone
satisfaction and Bonuses based upon annual milestones shall be paid by March 15 of the following year.

 

4. Employee Benefits. During the Term, Employee shall
be entitled to participate at the same level as other senior executive officers of the Company in any group insurance, hospitalization,
medical, health and accident, disability, fringe benefit and tax-qualified retirement plans or programs of the Company now existing
or hereafter established to the extent that he is eligible under the general provisions thereof. For the term of this Agreement,
Employee shall be entitled to paid vacation at the rate of (4) weeks per annum. In accordance with Company policy, unused vacation
earned in one year may be carried over beyond December 31st of the following year only to the extent set forth in the
Company’s official vacation policy, but individual vacations shall not exceed 2 weeks in duration unless approved in advance
by the CEO and the Chairman of the Audit Committee.

 

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5. Expenses. The Company shall reimburse Employee for
actual, reasonable out-of-pocket expenses incurred by him in the performance of his services for the Company upon the receipt of
appropriate documentation of such expenses which shall be submitted in such form, and with such supporting documentation, as called
for or required by Company policy.

 

6. Termination. 

 

(a) General. The Term shall end immediately
upon Employee's death. Employee’s employment may also be terminated by the Company immediately upon notice with or without
Cause or as a result of Employee’s Disability, or by Employee with or without Good Reason (as such terms are defined below).

 

(b) Notice of Termination. Either
party shall give written notice of termination to the other party. If the Employee terminates employment hereunder with or without
Good Reason, Employee shall provide the Company with 30 days’ prior written notice of termination. Notwithstanding the foregoing,
in the event that the Employee gives a notice of termination to the Company, the Company may unilaterally accelerate the date of
termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement.

 

(c) Notification of New Employer.
In the event that Employee leaves the employ of the Company, Employee grants consent to notification by the Company to Employee’s
new employer about his rights and obligations under this Agreement and the PIA (hereinafter defined).

 

7. Severance Benefits. 

 

(a) Cause Defined. "Cause"
means (i) willful malfeasance or willful misconduct by Employee in connection with his employment; (ii) Employee's gross negligence
in performing any of his duties under this Agreement; (iii) Employee's conviction of, or entry of a plea of guilty to, or entry
of a plea of nolo contendre with respect to, any crime other than a traffic violation or an infraction which is a misdemeanor;
(iv) Employee’s willful and deliberate violation of a Company policy, (v) Employee's unintended but material breach of any
written policy applicable to all employees adopted by the Company which, to the extent curable, is not cured to the reasonable
satisfaction of the Board of Directors within thirty (30) business days after notice thereof; (vi) the Employee’s unauthorized
use or disclosure of any proprietary information or trade secrets of the Company or any other party as to which the Employee owes
an obligation of nondisclosure as a result of the Employee’s relationship with the Company, (vii) the Employee’s willful
and deliberate breach of his obligations under this Agreement, or (viii) any other material breach by Employee of any of his obligations
in this Agreement which, to the extent curable, is not cured to the reasonable satisfaction of the Board of Directors within thirty
(30) business days after notice thereof.

 

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(b) Disability Defined. "Disability"
shall mean (i) Employee's incapacity due to a physical or mental condition and, if reasonable accommodation is required by law,
after any reasonable accommodation, that results in Employee being substantially unable to perform his duties hereunder for six
consecutive months (or for six months out of any nine month period) or (ii) a qualified independent physician mutually acceptable
to the Company and Employee determines that Employee is incapacitated due to a physical or mental condition and, if reasonable
accommodation is required by law, after any reasonable accommodation so as to be unable to regularly perform the duties of his
position and such condition is expected to be of a permanent or near-permanent duration. Until such time as Employee is terminated
for Disability under this paragraph (b), Employee shall continue to receive his Base Salary hereunder, provided that if the Company
provides Employee with disability insurance coverage, payments of Employee's Base Salary shall be reduced by the amount of any
disability insurance payments received by Employee due to such coverage. The Company shall give Employee written notice of termination
due to Disability ,which shall take effect sixty (60) days after the date it is sent to Employee unless Employee shall have returned
to the performance of his duties hereunder during such sixty (60) day period (whereupon such notice shall become void).

 

(c) Good Reason Defined. For purposes
of this Agreement, “Good Reason” shall mean, without Employee’s written consent: (i) there is a material reduction
of the level of Employee’s compensation (excluding any bonuses) (except where there is a general reduction applicable to
the management team generally, provided, however, that in no case may the Base Salary be reduced below the amount stated in Section
3(a)), (ii) there is a material reduction in Employee’s overall responsibilities or authority, or scope of duties (it being
understood that the occurrence of a Change in Control shall not, by itself, necessarily constitute a reduction in Employee’s
responsibilities or authority); or (iii) there is a material change in the principal geographic location at which Employee must
perform his services (it being understood that the relocation of Employee to a facility or a location within forty (40) miles of
the State Capitol Building in Denver, Colorado shall not be deemed material for purposes of this Agreement). No event shall be
deemed to be “Good Reason” if the Company has cured the event (if susceptible to cure) within 30 days of receipt of
written notice from Employee specifying the event or events which, absent cure, would constitute “Good Cause.”

 

(d) Accrued Compensation Defined. Accrued
Compensation shall mean an amount, which shall include all amounts earned or accrued by Employee through the date of termination
of this Agreement but not paid as of such date, including (i) Base Salary, (ii) reimbursement for business expenses incurred by
the Employee on behalf of the Company, pursuant to the Company’s expense reimbursement policy in effect at such time, (iii)
any expense allowance pursuant to Company policy, (iv) accrued but unused vacation pay per Company policy, and (v) bonuses and
incentive compensation earned and awarded prior to the date of termination. Accrued Compensation shall be paid on the first regular
pay date after the date of termination (or earlier, if required by applicable law).

 

(e) Termination.

 

(i) Cause; Without Good Reason;
Death. If the Company ends the Term for Cause, if Employee resigns as an employee of the Company for reasons other than an
event of Good Reason, or the Employee dies, then the Company shall pay to Employee the Accrued Compensation but shall have no obligation
to pay Employee any amount, whether for salary, benefits, bonuses, or other compensation or expense reimbursements of any kind,
accruing after the end of the Term, and such rights shall, except as otherwise required by law or pursuant to the applicable award
agreement or plan, be forfeited immediately upon the end of the Term. For the sake of clarity, any stock options, restricted stock
or other equity compensation shall, to the extent vested on the date of resignation without Good Reason, the date the Company ends
the Term for Cause, or the date of Employee’s death, remain outstanding and exercisable to the extent provided in the applicable
award agreement or plan, by the Employee or his personal representative or executor.

 

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(ii) Without Cause; Good Reason.
In the event that the Company terminates Employee’s employment hereunder without Cause, Employee terminates his employment
with Good Reason, he shall be entitled to the Accrued Compensation and, subject to Section 21 and 22 below,

 

(A) A lump sum payment equal to 1.5 times his Base Salary
in effect at the date of termination, less applicable withholding which will be paid to Employee within 60 days of the date of
termination of employment.

 

(B) Continued participation (via state or federal insurance
continuation laws such as COBRA, to the extent available) in the health and welfare plans (or comparable plans, if continued participation
in the Company’s plans is not available) provided by the Company to Employee at the time of termination for a period of two
years from the date of termination or, if earlier, until he is eligible for comparable coverage with a subsequent employer. The
Company agrees to reimburse the payments Employee makes for such coverage, whether via continuation or separate comparable policy.
Premium reimbursements shall be made by the Company to Employee consistent with the Company’s normal expense reimbursement
policy, provided that Employee submits documentation to the Company substantiating his payments for insurance coverage. Employee
shall give the Company prompt notice of his eligibility for comparable coverage.

 

(C) All vested stock options shall remain exercisable
from the date of termination until the expiration date of the applicable award. So long as the Section 8 below does not
apply, then all options which are unvested at the date of termination Without Cause or for Good Reason shall be accelerated as
of the date of termination as defined in the Employees Stock option agreements.

 

(D) Any severance payments and/or other separation benefits
contemplated by this Agreement are conditional on Employee: (i) continuing to comply with the terms of this Agreement and the PIA
(as defined herein); (ii) delivering prior to or contemporaneously with any such severance payments, and not revoking, (x) a customary
general release of claims relating to Employee’s employment and/or this Agreement against the Company or its successor, its
subsidiaries and their respective directors, officers and stockholders and (y) a customary affirmation of Employee’s continuing
obligations hereunder and under the PIA.

 

Unless otherwise required by law, no severance payments and/or
benefits under this Agreement will be paid and/or provided until after the expiration of any relevant revocation period.

 

8. Change in Control Payments. The provisions of this
paragraph 8 set forth the terms of an agreement reached between Employee and the Company regarding Employee's rights and obligations
upon the occurrence of a "Change in Control" (as hereinafter defined) of the Company during the Term. These provisions
are intended to assure and encourage in advance Employee's continued attention and dedication to his assigned duties and his objectivity
during the pendency and after the occurrence of any such Change in Control. The following provisions shall apply in the event of
a Change in Control, in addition to any payment or benefit that may be required pursuant to Section 7.

 

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(a) Equity. Upon the occurrence of
a Change in Control, all stock options, restricted stock and other stock-based grants to Employee by the Company or that may be
granted in the future shall, irrespective of any provisions of his award agreements, immediately and irrevocably vest and become
exercisable and any restrictions thereon shall lapse.

 

(b) Definitions. For purposes of
this paragraph 8, the following terms shall have the following meanings:

 

"Change in Control" shall mean any of the following:

 

(1) the acquisition
by any individual, entity, or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (the "Acquiring
Person"), other than the Company, or any of its Subsidiaries, of beneficial ownership (within the meaning of Rule 13d-3- promulgated
under the Exchange Act) of 50% or more of the combined voting power or economic interests of the then outstanding voting securities
of the Company entitled to vote generally in the election of directors (excluding any issuance of securities by the Company in
a transaction or series of transactions made principally for bona fide equity financing purposes); or

 

(2) the acquisition of the Company by another
entity by means of any transaction or series of related transactions to which the Company is party (including, without limitation,
any stock acquisition, reorganization, merger or consolidation but excluding any issuance of securities by the Company in a transaction
or series of transactions made principally for bona fide equity financing purposes), other than a transaction or series of related
transactions in which the holders of the voting securities of the Company outstanding immediately prior to such transaction or
series of related transactions retain, immediately after such transaction or series of related transactions, as a result of shares
in the Company held by such holders prior to such transaction or series of related transactions, at least a majority of the total
voting power represented by the outstanding voting securities of the Company or such other surviving or resulting entity (or if
the Company or such other surviving or resulting entity is a wholly-owned subsidiary immediately following such acquisition, its
parent); or

 

(3) the sale or other disposition of all
or substantially all of the assets of the Company in one transaction or series of related transactions.

 

9. Proprietary Information and Inventions Agreement.
As a condition of Employee’s employment with the Company, Employee agrees to sign the Company’s standard form of Proprietary
Information and Inventions Agreement (“PIA”).

 

10. Successors and Assigns. 

 

(a) Employee. This Agreement is a
personal contract, and the rights and interests that the Agreement accords to Employee may not be sold, transferred, assigned,
pledged, encumbered, or hypothecated by him. All rights and benefits of Employee shall be for the sole personal benefit of Employee,
and no other person shall acquire any right, title or interest under this Agreement by reason of any sale, assignment, transfer,
claim, judgment or bankruptcy proceedings against Employee. Except as so provided, this Agreement shall inure to the benefit of
and be binding upon Employee and his personal representatives, distributees and legatees.

 

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(b) The Company. This Agreement shall
be binding upon the Company and inure to the benefit of the Company and of its successors and assigns, including (but not limited
to) any Company that may acquire all or substantially all of the Company's assets or business or into or with which the Company
may be consolidated or merged. Any such successor of the Company will be deemed substituted for the Company under the terms of
this Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation or other business
entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of
the assets or business of the Company.

 

11. Entire Agreement. This Agreement (together with the
equity award agreements referred to herein) represents the entire agreement between the parties concerning Employee's employment
with the Company and supersedes all prior negotiations, discussions, understanding and agreements, whether written or oral, between
Employee and the Company relating to the subject matter of this Agreement.

 

12. Amendment or Modification, Waiver. No provision of
this Agreement may be amended or waived unless such amendment or waiver is agreed to in writing signed by Employee and by a duly
authorized officer of the Company. No waiver by any party to this Agreement or any breach by another party of any condition or
provision of this Agreement to be performed by such other party shall be deemed a waiver of a similar or dissimilar condition or
provision at the same time, any prior time or any subsequent time.

 

13. Notices. Any notice to be given under this Agreement
shall be in writing and delivered personally or sent by overnight courier or registered or certified mail, postage prepaid, return
receipt requested, addressed to the party concerned at the address indicated below, or to such other address of which such party
subsequently may give notice in writing:

 

		If to Employee:	To the address specified in the payroll records of the
Company.

 

	If to the Company:	Ampio Pharmaceuticals, Inc.
	 	373
Inverness Parkway, Suite 200

Englewood,
CO 80112 USA,
 

  

Any notice delivered personally or by overnight courier shall
be deemed given on the date delivered and any notice sent by registered or certified mail, postage prepaid, return receipt requested,
shall be deemed given on the date mailed.

 

14. Severability. If any provision of this Agreement
or the application of any such provision to any party or circumstances shall be determined by any court of competent jurisdiction
or arbitrator acting pursuant to Section 19 below to be invalid and unenforceable to any extent, the remainder of this Agreement
or the application of such provision to such person or circumstances other than those to which it is so determined to be invalid
and unenforceable shall not be affected, and each provision of this Agreement shall be validated and shall be enforced to the fullest
extent permitted by law. If for any reason any provision of this Agreement containing restrictions is held to cover an area or
to be for a length of time that is unreasonable or in any other way is construed to be too broad or to any extent invalid, such
provision shall not be determined to be entirely null, void and of no effect; instead, it is the intention and desire of both the
Company and Employee that, to the extent that the provision is or would be valid or enforceable under applicable law, any court
of competent jurisdiction or arbitrator acting pursuant to Section 19 below shall construe and interpret or reform this Agreement
to provide for a restriction having the maximum enforceable area, time period and such other constraints or conditions (although
not greater than those currently contained in this Agreement) as shall be valid and enforceable under the applicable law.

 

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15. Survivorship. The respective rights and obligations
of the parties hereunder shall survive any termination of this Agreement to the extent necessary to the intended preservation of
such rights and obligations.

 

16. Headings. All descriptive headings of sections and
paragraphs in this Agreement are intended solely for convenience of reference, and no provision of this Agreement is to be construed
by reference to the heading of any section or paragraph.

 

17. Withholding Taxes. All salary, benefits, reimbursements
and any other payments to Employee under this Agreement shall be subject to all applicable payroll and withholding taxes and deductions
required by any law, rule or regulation of and federal, state or local authority.

 

18. Counterparts. This Agreement may be executed in one
or more counterparts, each of which shall be deemed to be an original but all of which together constitute one and same instrument.
The parties agree that facsimile signatures shall have the same force and effect as original signatures.

 

19. Applicable Law; Arbitration. The validity, interpretation
and enforcement of this Agreement and any amendments or modifications hereto shall be governed by the laws of the State of Colorado,
as applied to a contract executed within and to be performed in such State. The parties agree that any disputes shall be definitively
resolved by binding arbitration before the American Arbitration Association in Denver, Colorado in accordance with its rules of
arbitration procedure then in effect. The parties consent to the jurisdiction to the federal courts of the District of Colorado
or, if there shall be no jurisdiction, to the state courts located in Arapahoe County, Colorado, to enforce any arbitration award
rendered with respect thereto. Each party shall choose one arbitrator and the two arbitrators shall choose a third arbitrator.
All costs and fees related to such arbitration (and judicial enforcement proceedings, if any) shall be borne by the Company unless
Employee’s claim is deemed to be frivolous by the arbitrator(s) or judge.

 

20. Legal Fees. The Company shall pay the reasonable
expenses of Employee’s counsel in negotiating this Agreement.

 

21. Section 409A.
Notwithstanding anything to the contrary in this Agreement, if Employee is a “specified
employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and
the final regulations and any guidance promulgated thereunder (“Section 409A”) at the time of Employee’s termination
(other than due to death), and the severance payable to Employee, if any, pursuant to this Agreement, when considered together
with any other severance payments or separation benefits which may be considered deferred compensation under Section 409A (together,
the “Deferred Compensation Separation Benefits”) will not and could not under any circumstances, regardless of when
such termination occurs, be paid in full by March 15 of the year following Employee’s termination, then only that portion
of the Deferred Compensation Separation Benefits which do not exceed the Section 409A Limit (as defined below) may be made within
the first six (6) months following Employee’s termination of employment in accordance with the payment schedule applicable
to each payment or benefit. For these purposes, each severance payment is hereby designated as a

 

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separate payment and will not
collectively be treated as a single payment. Any portion of the Deferred Compensation Separation Benefits in excess of the Section
409A Limit shall accrue and, to the extent such portion of the Deferred Compensation Separation Benefits would otherwise have been
payable within the first six (6) months following Employee’s termination of employment, 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 Employee’s
termination. All subsequent Deferred Compensation Separation Benefits, if any, will be payable in accordance with the payment
schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Employee dies following his
termination but prior to the six (6) month anniversary of his termination, 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 Employee’s death and all other Deferred
Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit.
The foregoing provision is intended to 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 herein
will be interpreted to so comply. The Company and Employee agree to work together in good faith to consider amendments to this
Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional
tax or income recognition prior to actual payment to Employee under Section 409A. For purposes of this Agreement, “Section
409A Limit” will mean the lesser of two (2) times: (A) Employee’s annualized compensation based upon the annual rate
of pay paid to Employee during the Company’s taxable year preceding the Company’s taxable year of Employee’s
termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance
issued with respect thereto; or (B) the maximum amount that may be taken into account under a qualified plan pursuant to Section
401(a)(17) of the Code for the year in which Employee’s employment is terminated. The payment of the severance payments contemplated
by this Agreement is subject to the above-referenced release becoming irrevocable within 60 days of the date of termination of
employment. If such 60-day period begins in one calendar year and ends in a second calendar year, the severance payments shall
be paid in the second calendar year by the last day of the 60-day period.

 

22. Application of Internal Revenue Code Section 280G.
If any payment or benefit Employee would receive pursuant to a Change in Control 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, after taking into account all applicable federal, state and local
employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Employee’s
receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be
subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary so
that the Payment equals the Reduced Amount, reduction shall occur in the manner that results in the greatest economic benefit for
Employee. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro
rata.

 

In the event it is subsequently determined by the Internal Revenue
Service that some portion of the Reduced Amount as determined pursuant to clause (x) in the preceding paragraph is subject
to the Excise Tax, Employee agrees to promptly return to the Company a sufficient amount of the Payment so that no portion of the
Reduced Amount is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount is determined pursuant to clause
(y) in the preceding paragraph, Employee will have no obligation to return any portion of the Payment pursuant to the preceding
sentence.

 

    	 	9	 

     

    

 

Unless Employee and the Company agree on an alternative accounting
firm, the accounting firm engaged by the Company for general tax compliance purposes as of the day prior to the effective date
of the Change in Control shall perform the foregoing calculations. If the accounting firm so engaged by the Company is serving
as accountant or auditor for the individual, entity or group effecting the Change in Control, the Company shall appoint a nationally
recognized accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the
determinations by such accounting firm required to be made hereunder.

 

The Company shall use commercially reasonable efforts to cause
the accounting firm engaged to make the determinations hereunder to provide its calculations, together with detailed supporting
documentation, to the Employee and the Company within fifteen (15) calendar days after the date on which Employee’s
right to a Payment is triggered (if requested at that time by the Employee or the Company) or such other time as requested by Employee
or the Company.

 

23.       Indemnification.
As a condition to the effectiveness of this Agreement, the Company and Employee shall enter into a mutually acceptable indemnification
agreement.

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the date first written above.

 

	AMPIO PHARMACEUTICALS, INC.	EMPLOYEE
	 	 
	 	 
	 	 
	By:  /s/ Philip
H. Coelho                             	/s/
Thomas E. Chilcott, III 
	       Name: PHILIP H. COELHO	Name:   Thomas E. Chilcott, III
	       Chairman, Compensation Committee	 
	       Board of Directors	 

 

    	 	10	 

     

    

 

EXHIBIT A

 

Outside Activities

 

 

		1.	Serve on the Board of Directors of no more than one private or public company the business of which is not competitive with
that of the Company. Employee shall notify the Company of the identity of the company.

 

 

 

 

Note: No outside activity may interfere with Employee’s
best efforts in meeting the responsibilities of Chief Financial Officer of the Company, and may not require Employee to devote
more than 10 hours per month to these outside activities.

 

 

    	 	11	 

     

    

  

EXHIBIT B

 

Terms of Compensation

 

Management equity grant:

		·	200,000 total options to purchase shares of the Company’s common
stock. The strike price for all options will be the last sale price of the Company’s common stock as reported on Nasdaq.com
on the Effective Date.

		·	All options fully vest upon change in control, death, disability,
termination without cause, termination for good reason

		·	100,000 options are fully vested on Day 1 of this agreement

		·	100,000 options vest 365 days thereafter

 

 

 

Specific goals and responsibilities that will be considered
by the CEO and the Board of Directors in the determination of Employees annual bonuses.

 

 

Finance

		·	In consultation with the Chairman of the Audit Committee and our Accounting
firm, choose, purchase, install and manage a new labor efficient accounting system suitable for the comprehensive management and
tracking of our expanded operations, including the manufacturing of Ampion. 

		·	Develop and maintain a budget that tracks and controls all discretionary
expenses, including legal and accounting and the monthly manufacturing costs of the key products of Ampio.

		·	Identify all items that are critical to manufacturing any of the products
of Ampio and negotiate back-up supply sources for every critical item

		·	Accomplish the accurate reporting of financial statements and the
timely filing of all required SEC reports, 

 

Managing Relationships with Institutional Investors and the
Public 

		·	Prepare and execute an effective plan to persuade key Institutional
investors to take significant positions in, and become long term holders of, Ampio stock. Set quarterly goals for your performance
and circulate them to the CEO and BOD at the start of each quarter.

		·	Develop and continually refine a solid and defensible model of Ampio’s
projected financial performance (EPS, EBITDA, etc.) with which you will engage the financial analysts of Institutional Investors,
potential licensees or acquirers and the CEO and the BOD.

		·	Develop and manage a cost effective public relations program with
measureable goals that will allow early termination if not effective.

 

Other

		·	Any other goals that the CEO or the BOD deems necessary to meet the
operating goals of the company

 

 

    	 	12

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