Document:

Exhibit 10.13

 

ETON PHARMACEUTICALS, INC.

21925 Field Parkway

Suite 235

Deer Park, IL 60010

 

June 23, 2017

 

Wilson Troutman

1038 E. Adams Street

Lombard, IL 60148

 

		Re:	Employment Terms

 

Dear Wilson:

 

On behalf of Eton Pharmaceuticals, Inc.
(the “Company”), I am pleased to offer you employment in the position of Chief Financial Officer of the Company,
on the terms set forth in this offer letter agreement (the “Agreement”).

 

1.           Employment
Position; Duties. As Chief Financial Officer of the Company, you will report to the Chief Executive Officer of the Company,
and you will have those duties and responsibilities as customary for this position and as may be directed by the Chief Executive
Officer of the Company. Your work duties may include work for, or on behalf of, Affiliates of the Company (as defined below).
You will primarily work from your current location in Chicago, Illinois, although you understand that reasonable travel shall
be required in the performance of your position with the Company. During your employment, you will devote your full-time best
efforts to the business of the Company and its Affiliates. Your commencement of employment pursuant to this Agreement will start
on or around July 17, 2017 (such actual date of your commencement of employment, the “Start Date”).

 

2.           Employee
Base Salary; Employee Benefits and Business Expenses.

 

(a)         Base
Salary. Your base salary will be paid at the annual rate of $200,000, less required payroll deductions and tax withholdings,
paid on the Company’s normal payroll schedule (which shall initially be bi-weekly). As an exempt salaried employee, you
will be required to work the Company’s normal business hours, and such additional time as appropriate for your work assignments
and position. You will not be eligible for extra payment under the overtime laws. Your base salary may otherwise be adjusted from
time to time at the Company’s discretion.

 

    	 	A-1	 

     

    

 

(b)         Employee
Benefits. As a regular full-time employee, you will be eligible to participate in the Company’s standard employee benefits
(pursuant to the terms and conditions of the benefit plans and applicable policies), as they may be terminated or changed from
time to time within the Company’s discretion.

 

(c)         Business
Expenses. Your legitimate and documented business expenses will be reimbursed by the Company as provided under its business
expense reimbursement policies.

 

3.           Annual
Performance Bonus. In addition to base salary, you will be eligible to earn discretionary incentive compensation at a total
annual target amount of forty percent (40%) of your base salary in effect during the bonus year (“Performance Bonus”),
based on the achievement of corporate and/or individual performance targets to be determined and approved by the Board of Directors
(the “Board”) or the Compensation Committee of the Board (the “Compensation Committee”).
The Performance Bonus, if earned, will be paid on an annual basis, less required payroll deductions and tax withholdings, after
the close of the fiscal year and after determination by the Board (or the Compensation Committee thereof) of the level of achievement
of the applicable performance targets and metrics and the level of the Performance Bonus amount (if any). No Performance Bonus
amount is guaranteed and, in addition to the other conditions for earning such Performance Bonus, you must remain an employee
in good standing of the Company on the Performance Bonus payment date in order to earn any Performance Bonus. You will be eligible
for a Performance Bonus for the initial year of your employment with the Company, pro-rated based on when your Start Date occurs.

 

4.           Equity
Award. Following your commencement of employment with the Company, you will be granted an option under the Company’s
2017 Equity Incentive Plan (the “Plan”) to purchase 150,000 shares of common stock of the Company (the “Option”).
The Option shall vest with respect to 25% of the shares underlying the Option on the one-year anniversary of your Start Date,
and in equal yearly installments thereafter, subject to your continued services to the Company. The Option shall be subject to
approval by the Board (or authorized committee thereof) and to the terms and conditions of the Plan, stock option grant notice
and option agreement to be entered into between you and the Company. The Option shall have an exercise price per share equal to
the fair market value of the Company’s common stock on the grant date of the Option, as determined by the Board (or authorized
committee thereof) in its sole, good faith discretion.

 

5.           Compliance
With Confidential Information Agreement and Company Policies. As a condition of employment, you shall sign and comply with
the Company’s form of Confidential Information and Inventions Agreement (or similarly termed agreement) (the “Confidential
Information Agreement”) which will be provided by the Company. In addition, you are required to abide by the Company’s
policies and procedures, as may be modified from time to time within the Company’s discretion.

 

    	 	2.	 

     

    

 

6.           Protection
of Third Party Information and Outside Activities.

 

(a)         Third
Party Information. In your work for the Company or its Affiliates, you will be expected not to make any unauthorized use or
disclosure of any confidential information or materials, including trade secrets, of any former employer or other third party;
and not to violate any lawful agreement that you may have with any third party. By signing this Agreement, you represent that
you are able to perform your job duties within these guidelines, and you are not in unauthorized possession or control of any
confidential documents, information, or other property of any former employer or third party. In addition, you represent that
you have disclosed to the Company in writing any agreement you may have with any third party (e.g., a former employer) which may
limit your ability to perform your duties to the Company or its Affiliates, or which could present a conflict of interest with
the Company or its Affiliates, including but not limited to disclosure (and a copy) of any contractual restrictions on solicitations
or competitive activities, and are not bound by any such restrictions which would restrict or prevent you from accepting employment
with the Company.

 

(b)         Outside
Activities. During your employment with the Company, you may engage in civic and not-for-profit activities, act as a trustee
for estate planning purposes and engage in, and manage, personal investments, so long as such activities do not interfere with
the performance of your duties hereunder or present a conflict of interest with the Company or its Affiliates. Subject to the
restrictions set forth herein, and only with prior written disclosure to and consent of the Board, you may engage in other types
of business or public activities. Your service on any board of directors (or similar) of an outside entity or organization shall
be subject to prior written approval of the Board (or an authorized committee thereof). The Board may rescind approval of outside
services, if the Board determines, in its sole discretion, that such activities compromise or threaten to compromise the Company’s
or its Affiliates’ business interests or conflict with your duties to the Company or its Affiliates.

 

(c)         Duty
of Loyalty. During your employment with the Company, you will not, without the express written consent of the Board, directly
or indirectly serve as an officer, director, stockholder, employee, partner, proprietor, investor, joint venturer, associate,
representative or consultant of any person or entity engaged in, or planning or preparing to engage in, business activity competitive
with any line of business engaged in (or, to your knowledge, immediately planned to be engaged in) by the Company or its Affiliates;
provided, however, that you may purchase or otherwise acquire up to (but not more than) five percent (5%) of any class of securities
of any enterprise (without participating in the activities of such enterprise) if such securities are listed on any national or
regional securities exchange. In addition, you will be subject to certain restrictions (including restrictions continuing after
your employment ends) under the terms of your Confidential Information Agreement.

 

    	 	3.	 

     

    

 

7.           At-Will
Employment Relationship. Your employment relationship with the Company is at-will. Accordingly, you may terminate your employment
with the Company at any time and for any reason whatsoever simply by notifying the Company, and the Company may terminate your
employment at any time with or without Cause or prior notice. In addition, the Company retains the discretion to modify your other
employment terms from time to time, including but not limited to your position, duties, authority, reporting relationship, work
location, compensation, and benefits.

 

8.           Severance
Benefits.

 

(a)         Severance
Benefits for Covered Termination. If, beginning on or after the six (6) month anniversary of your Start Date, (A) your employment
is terminated due to (1) a termination by the Company without Cause (other than as a result of your death or Disability) or (2)
your resignation for Good Reason (collectively, a “Covered Termination”), (B) you satisfy the Release Requirement
and (C) you continue to abide by the terms of your Confidential Information Agreement and the provisions of this Agreement that
survive your termination, including the Non-Competition provisions set forth in Section 11 (the requirements set forth in (B)
and (C), the “Severance Requirements”), then you will receive the “Severance Benefits” as
set forth in this Section 8(a) as your sole severance benefits, and you will not be eligible for severance benefits under any
other policy, plan or agreement except to the extent required by law. Specifically, you will receive:

 

(i)          Severance
Payments. Severance pay in the form of continuation of your base salary at the time of your Covered Termination (but ignoring
any decrease that forms the basis of your resignation for Good Reason, if applicable) for a period of six (6) months, subject
to required payroll deductions and tax withholdings (the “Severance Payments”). Subject to Section 9, the Severance
Payments shall be made on the Company’s regular payroll schedule in effect following your termination date, provided, however,
that any such payments that are otherwise scheduled to be made prior to the Release Effective Date (as defined below) shall instead
accrue and be made on the first regular payroll date following the Release Effective Date; and

 

(ii)         Health
Care Continuation Coverage Payments.

 

(A)       COBRA
Premiums. If you timely elect continued coverage under COBRA, the Company will pay your COBRA premiums to continue your coverage
(including coverage for your eligible dependents, if applicable) (“COBRA Premiums”) through the period starting
on the termination date and ending six (6) months after the termination date (the “COBRA Premium Period”);
provided, however, that the Company’s provision of such COBRA Premium benefits will immediately cease if during the COBRA
Premium Period you become eligible for group health insurance coverage through a new employer or you cease to be eligible for
COBRA continuation coverage for any reason, including plan termination. In the event you become covered under another employer's
group health plan or otherwise cease to be eligible for COBRA during the COBRA Premium Period, you must immediately notify the
Company of such event. For purposes of this Section, references to COBRA premiums shall not include any amounts payable you under
a Section 125 health care reimbursement plan under the Internal Revenue Code of 1986, as amended (the “Code”).

 

    	 	4.	 

     

    

 

(B)       Special
Cash Payments in Lieu of COBRA Premiums. Notwithstanding the foregoing, if the Company determines, in its sole discretion,
that it cannot pay the COBRA Premiums without potentially incurring financial costs or penalties under applicable law (including,
without limitation, Section 2716 of the Public Health Service Act), regardless of whether you or your dependents elect or are
eligible for COBRA coverage, the Company instead shall pay to you, on the first day of each calendar month following the time
the Company determines it cannot pay such COBRA Premiums, a fully taxable cash payment equal to the applicable COBRA premiums
for that month (including the amount of COBRA premiums for your eligible dependents), subject to applicable tax withholdings (such
amount, the “Special Cash Payment”), for the remainder of the COBRA Premium Period. You may, but are not obligated
to, use such Special Cash Payments toward the cost of COBRA premiums.

 

(b)         Severance
Benefits for Covered Termination during Change in Control Period. Notwithstanding the foregoing, if your Covered Termination
occurs during the period commencing one (1) month prior to the Closing of a Change in Control and ending twelve (12) months
following the Closing of a Change in Control, in addition to the Severance Benefits described in Section 8(a), you shall also
be eligible to receive the following, subject to satisfaction of the Severance Requirements:

 

(i)         Equity
Acceleration. The vesting and exercisability of each outstanding unvested stock option and other stock award, as applicable,
that you hold covering Company common stock (each, an “Equity Award”) shall be accelerated in full and any
reacquisition or repurchase rights held by the Company in respect of common stock issued pursuant to any Equity Award granted
to you shall lapse in full. For purposes of determining the number of shares that will vest pursuant to the foregoing provision
with respect to any Equity Award that vests based on performance goals for which the performance period has not ended and that
has multiple vesting levels depending upon the level of performance, vesting acceleration with respect to any ongoing performance
period(s) shall occur with respect to the number of shares subject to the award as if the applicable performance criteria had
been attained at a 100% level or, if greater, based on actual performance as of your Covered Termination. If necessary to give
effect to this Section 8(b)(i), if your Covered Termination occurs prior to a Change in Control, all of the Equity Awards you
hold as of immediately prior to your Covered Termination shall remain outstanding after your Covered Termination for at least
until the earlier of (i) thirty (30) days after your Covered Termination or (ii) the Closing, if sooner. Notwithstanding anything
to the contrary set forth herein, your Equity Awards shall remain subject to the terms of the applicable Company plan and award
documents under which such Equity Award was granted, including any provision for earlier termination of such Equity Awards.

 

    	 	5.	 

     

    

 

(c)         Release
Requirement. To be eligible for the Severance Benefits pursuant to Sections 8(a) and 8(b) above, you must satisfy the following
release requirement (the “Release Requirement”): return to the Company a signed and dated general release of
all known and unknown claims, in such form as provided by the Company (the “Release and Waiver”) within the
applicable deadline set forth therein, and permit the Release and Waiver to become effective and irrevocable in accordance with
its terms, which must occur no later than sixty (60) days following your termination date (such effective date of the Release
and Waiver, the “Release Effective Date”). You may be asked to provide reasonable transitional services as
a condition of payment of Severance Benefits.

 

(d)         Definitions.

 

(i)         “Affiliate”
means, at the time of determination, any “parent” or “majority-owned subsidiary” of the Company, as such
terms are defined in Rule 405 promulgated under the Securities Act of 1933, as amended. The Board will have the authority to determine
the time or times at which “parent” or “majority-owned subsidiary” status is determined within the foregoing
definition.

 

(ii)         “Cause”
means the occurrence of any one or more of the following: (i) your conviction of, or plea of no contest with respect to, any felony,
or of any misdemeanor involving dishonesty or moral turpitude; (ii) your participation in a fraud or act of dishonesty (or an attempted
fraud or act of dishonesty) that results in (or could result in) material harm to the Company or its Affiliates, including but
not limited to material harm to reputational interests; (iii) your violation of a fiduciary duty owed to the Company or its Affiliates;
(iv) your material breach of any fully executed agreement between you and the Company or any of its Affiliates, including but not
limited to this Agreement or your Confidential Information Agreement, or any applicable Company policies; (v) persistent, unsatisfactory
performance or neglect of your job duties, which is not cured within ten (10) business days after you are provided written notice
by the Company specifically identifying the manner of your performance or neglect (provided, that, such written notice and
opportunity to cure are not required if your performance or neglect is not reasonably susceptible to being cured); (vi) your gross
misconduct or material failure to comply with a written instruction of the Company; or (vii) your inability to perform your job
duties for any consecutive thirty (30) day period for any reason that is not the result of death or Disability.

 

(iii)        “Change
in Control” means the occurrence, in a single transaction or in a series of related transactions, of any one or more
of the following events:

 

    	 	6.	 

     

    

 

(A)       any
Exchange Act Person1 (excluding Imprimis Pharmaceuticals, Inc. and any of its Affiliates (“Imprimis”))
becomes the Owner2, directly or indirectly, of securities of the Company representing more than fifty percent (50%)
of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation
or similar transaction. Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account of the acquisition
of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor,
any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction or series
of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity securities
or (C) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”) exceeds
the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting
securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur (but for
the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition,
the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition had
not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated
percentage threshold, then a Change in Control will be deemed to occur;

 

(B)       there
is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after
the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto
do not Own, directly or indirectly, either (A) outstanding voting securities representing more than fifty percent (50%) of the
combined outstanding voting power of the surviving entity in such merger, consolidation or similar transaction or (B) more than
fifty percent (50%) of the combined outstanding voting power of the parent of the surviving entity in such merger, consolidation
or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities
of the Company immediately prior to such transaction;

 

(C)       the
stockholders of the Company approve or the Board approves a plan of complete dissolution or liquidation of the Company, or a complete
dissolution or liquidation of the Company will otherwise occur, except for a liquidation into a parent corporation; or

 

 

1
“Exchange Act Person” means any natural person, entity or “group” (within the meaning
of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) the Company
or any Subsidiary of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee
or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an
underwriter temporarily holding securities pursuant to an offering of such securities, (iv) an entity Owned, directly or indirectly,
by the stockholders of the Company in substantially the same proportions as their Ownership of stock of the Company; or (v) any
natural person, entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as
of the Effective Date, is the Owner, directly or indirectly, of securities of the Company representing more than fifty percent
(50%) of the combined voting power of the Company’s then outstanding securities. “Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

2
“Own,” “Owned,” “Owner,” “Ownership” A person or entity
will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership”
of securities if such person or entity, directly or indirectly, through any contract, arrangement, understanding, relationship
or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.

 

    	 	7.	 

     

    

 

(D)       there
is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of
the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated
assets of the Company and its Subsidiaries to Imprimis or to an entity, more than fifty percent (50%) of the combined voting power
of the voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership
of the outstanding voting securities of the Company immediately prior to such sale, lease, license or other disposition.

 

Notwithstanding the foregoing definition
or any other provision of this Agreement, the term Change in Control will not include a sale of assets, merger or other transaction
effected exclusively for the purpose of changing the domicile of the Company.

 

(iv)         “Closing”
means the initial closing of the Change in Control as defined in the definitive agreement executed in connection with the Change
in Control. In the case of a series of transactions constituting a Change in Control, “Closing” means the first closing
that satisfies the threshold of the definition for a Change in Control.

 

(v)         “Disability”
means your inability to perform the essential functions of your position, with or without reasonable accommodation, by reason of
any medically determinable physical or mental impairment, where such inability has continued for at least a period of 60 days in
any consecutive 365 day period, as determined by the Company in its sole discretion.

 

(vi)         “Good
Reason” for your resignation means the occurrence of any of the following events, conditions or actions taken by the
Company without Cause and without your written consent: (i) a material reduction of your annual base salary; provided, however,
that Good Reason shall not be deemed to have occurred in the event of a reduction in your annual base salary that is pursuant to
a salary reduction program affecting substantially all of the executive employees of the Company; (ii) a material reduction in
your authority, duties or responsibilities; (iii) a relocation of your principal place of employment with the Company to a place
that increases your one-way commute by more than fifty (50) miles as compared to your then-current principal place of employment
immediately prior to such relocation (excluding regular travel in the ordinary course of business); or (iv) a material breach by
the Company of any provision of this Agreement; provided, however, that in each case above, in order for your resignation to be
deemed to have been for Good Reason, you must first give the Board written notice of the action or omission giving rise to “Good
Reason” within thirty (30) days after the first occurrence thereof; the Company must fail to reasonably cure such action
or omission within thirty (30) days after receipt of such notice (the “Cure Period”), and your resignation from
all positions you hold with the Company must be effective not later than thirty (30) days after the expiration of such Cure Period.

 

    	 	8.	 

     

    

 

(vii)         “Subsidiary”
means, with respect to the Company, (i) any corporation of which more than fifty percent (50%) of the outstanding capital stock
having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the
time, stock of any other class or classes of such corporation will have or might have voting power by reason of the happening of
any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company
or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits
or capital contribution) of more than fifty percent (50%).

 

(e)         Other.
You will not be eligible for any Severance Benefits under any circumstances other than those described herein, including circumstances
in which your employment is terminated by the Company for Cause, you terminate your employment for any reason at any time, or
your employment terminates due to your death or Disability. In addition, if you materially breach any continuing obligations to
the Company (including but not limited to any material breach of the Confidential Information Agreement and the Non-Competition
terms set forth in Section 11) during the period of time that you are receiving any Severance Benefits, you will forfeit your
entitlement to any then unpaid Severance Benefits, and the Company’s obligation to continue to pay or provide such Severance
Benefits will immediately terminate as of the date of your material breach.

 

9.           Section
409A. It is intended that all of the benefits and other payments payable under this Agreement satisfy, to the greatest extent
possible, an exemption from the application of Section 409A of the Code and the regulations and other guidance thereunder and
any state law of similar effect (collectively “Section 409A”), and this Agreement will be construed to the
greatest extent possible as consistent with those provisions, and to the extent no so exempt, this Agreement (and any definitions
hereunder) will be construed in a manner that complies with Section 409A, and any ambiguities herein shall be interpreted accordingly.
Specifically, the benefits under this Agreement are intended to satisfy the exemptions from application of Section 409A provided
under Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9) and each installment of severance benefits,
if any, is a separate “payment” for purposes of Treasury Regulations Section 1.409A-2(b)(2)(i). However, if such exemptions
are not available and you are, upon your “separation from service” with the Company (within the meaning of Treasury
Regulation Section 1.409A-1(h) (without regard to any permissible alternative definition thereunder) (“Separation from
Service”), a “specified employee” for purposes of Section 409A, then, solely to the extent necessary to
avoid adverse personal tax consequences under Section 409A, the timing of the severance benefits payments shall be delayed until
the earlier of (i) six (6) months and one (1) day after your Separation from Service, or (ii) your death. Severance benefits shall
not commence until you have a Separation from Service. If the severance benefits are not covered by one or more exemptions from
the application of Section 409A and the Release and Waiver could become effective in the calendar year following the calendar
year in which your Separation from Service occurs, the Release Effective Date will not be deemed effective, for purposes of payment
of severance, any earlier than the first day of the second calendar year. Except to the minimum extent that payments must be delayed
because you are a “specified employee” or until the Release Effective Date, all severance amounts will be paid as
soon as practicable in accordance with this Agreement and the Company’s normal payroll practices.

 

    	 	9.	 

     

    

 

10.         Section
280G.

 

(a)         If
any payment or benefit you would receive from the Company or otherwise in connection with a change in control of the Company or
other similar transaction (“Payment”) would (1) constitute a “parachute payment” within the meaning
of Section 280G of the Code, and (2) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the
“Excise Tax”), then such Payment will be equal to the Reduced Amount. The “Reduced Amount”
will 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 ((x) or (y)), 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 your receipt, on an after-tax basis, of the greater amount of the Payment 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 will occur in the manner (the “Reduction
Method”) that results in the greatest economic benefit for you. If more than one method of reduction will result in the
same economic benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”).

 

(b)         Notwithstanding
the foregoing, if the Reduction Method or the Pro Rata Reduction Method would result in any portion of the Payment being subject
to taxes pursuant to Section 409A that would not otherwise be subject to taxes pursuant to Section 409A, then the Reduction Method
and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to
Section 409A as follows: (A) as a first priority, the modification shall preserve to the greatest extent possible, the greatest
economic benefit for you as determined on an after-tax basis; (B) as a second priority, Payments that are contingent on future
events (e.g., being terminated without cause), shall be reduced (or eliminated) before Payments that are not contingent on future
events; and (C) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A shall
be reduced (or eliminated) before Payments that are not deferred compensation within the meaning of Section 409A.

 

(c)         The
independent registered public accounting firm engaged by the Company for general audit purposes as of the day prior to the effective
date of the event described in Section 280G(b)(2)(A)(i) of the Code will perform the foregoing calculations. If the independent
registered public accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group
effecting the change in control or similar transaction, the Company will appoint a nationally recognized independent registered
public accounting firm to make the determinations required hereunder. The Company will bear all expenses with respect to the determinations
by such independent registered public accounting firm required to be made hereunder. The independent registered public accounting
firm engaged to make the determinations hereunder will make its determination with input from you (or your counsel) and provide
its calculations, together with detailed supporting documentation, to the Company and you within fifteen (15) calendar days after
the date on which your right to a Payment is triggered (if requested at that time by the Company or you) or such other time as
reasonably requested by the Company or you.

 

    	 	10.	 

     

    

 

11.         Non-Competition.
You agree that during the period of your employment and for the period of 12 months after the date your employment ends for any
reason, including but not limited to voluntary termination by you or involuntary termination by the Company, you will not perform
services for, or in any way manage, operate, join, control or participating in the ownership, management, operation or control
of, or be connected to as an employee, shareholder, director, manager, member, consultant, adviser, volunteer, or partner to,
whether for compensation or not, any entity (including for your own account), that engages in a Competing Business anywhere in
the world where the Company conducts business. You and the Company agree that for purposes of this Agreement, “Competing
Business” means any product, creative solution, or service that contains the same active ingredient and which is sold
or provided in competition with a product, creative solution, or service that: (a) you sold or provided on behalf of the Company;
(b) one or more Company employees or business units managed, supervised, or directed by you sold or provided on behalf of the
Company; (c) was designed, developed, tested, distributed, marketed, provided, or produced by you (individually or in collaboration
with other Company employees) or one or more Company employees or business units you managed, supervised, or directed; or (d)
that was designated, tested, developed, distributed, marketed, produced, sold, or provided by the Company with management or executive
support from you. This provision does not prohibit you from being a passive investor of not more than 5% of the outstanding stock
of any Competing Business, so long as you have no active participation in the business of such Competing Business.

 

12.         Dispute
Resolution. To ensure the rapid and economical resolution of disputes that may arise in connection with your employment with
and services for the Company, you and the Company agree that any and all disputes, claims, or causes of action, in law or equity,
including but not limited to statutory claims, arising from or relating to the enforcement, breach, performance, or interpretation
of this Agreement, your employment with and services for the Company, or the termination of your employment with and services
for the Company, will be resolved pursuant to the Federal Arbitration Act, 9 U.S.C. §§1-16, and to the fullest extent
permitted by law, by final, binding and confidential arbitration conducted in Chicago, Illinois (or such other location as mutually
agreed by the parties) by JAMS, Inc. (“JAMS”) or its successors by a single arbitrator. Both you and
the Company acknowledge that by agreeing to this arbitration procedure, you each waive the right to resolve any such dispute through
a trial by jury or judge or administrative proceeding. Any such arbitration proceeding will be governed by JAMS’
then applicable rules and procedures for employment disputes, which will be provided to you upon request. In any such proceeding,
the arbitrator shall (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief
as would otherwise be permitted by law; and (b) issue a written arbitration decision including the arbitrator’s essential
findings and conclusions and a statement of the award. You and the Company each shall be entitled to all rights and remedies that
either would be entitled to pursue in a court of law. Nothing in this Agreement is intended to prevent either the Company or you
from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration pursuant
to applicable law. The Company shall pay all filing fees in excess of those that would be required if the dispute were decided
in a court of law, and shall pay the arbitrator’s fees and any other fees or costs unique to arbitration. Any awards or
orders in such arbitrations may be entered and enforced as judgments in the federal and state courts of any competent jurisdiction.

 

    	 	11.	 

     

    

 

13.         Indemnification.
Upon your Start Date, you shall be eligible for indemnification by the Company in your role as Chief Financial Officer to the
fullest extent as provided for pursuant to Section 8.1 of the Company’s By-Laws, as may be amended and restated from time
to time.

 

14.         Miscellaneous.
This Agreement, along with the Confidential Information Agreement, forms the complete and exclusive statement of your agreement
with the Company regarding the subject matter hereof. It supersedes and replaces any other agreements or promises made to you
by anyone concerning your employment terms with the Company or any Affiliate thereof, whether oral or written. This Agreement
may not be amended or modified except by a written modification signed by you and a duly authorized member of the Board, with
the exception of those changes expressly reserved to the Company’s discretion in this Agreement. This Agreement is governed
by the laws of the state of Illinois without reference to conflicts of law principles, and it is intended to bind and inure to
the benefit of and be enforceable by the Company and its successors and assigns. If any provision of this Agreement shall be held
invalid or unenforceable in any respect, such invalidity or unenforceability shall not affect the other provisions of this Agreement,
and such provision will be reformed, construed and enforced so as to render it valid and enforceable consistent with the general
intent of the parties insofar as possible under applicable law. With respect to the enforcement of this Agreement, no waiver of
any right hereunder shall be effective unless it is in writing. Any ambiguity in this Agreement shall not be construed against
either party as the drafter. This Agreement may be executed in counterparts which shall be deemed to be part of one original,
and facsimile and electronic signatures shall be equivalent to original signatures. To the extent required by law, your employment
with the Company will be subject to satisfactory proof of your identity and right to work in the United States.

 

To accept our offer of employment under
the terms set forth herein, please sign and date this Agreement and return the fully signed documents to me at your earliest convenience
and no later than within fifteen business days from the date listed above.

 

Please let me know if you have any questions.

 

    	 	12.	 

     

    

 

	Sincerely,
	 
	ETON PHARMACEUTICALS, INC.

 

	By:  	/s/ Sean Brynjelsen	 
	 	Sean Brynjelsen	 

 

	Reviewed, Understood, and Accepted:	 	 
	 	 	 
	/s/ Wilson Troutman	 	June 25, 2017
	Wilson Troutman	 	Date
	 	 	 
	Accepted by Company:	 	 
	 	 	 
	/s/ Sean Brynjelsen	 	June 25, 2017
	Sean Brynjelsen, Chief Executive Officer	 	Date

 

    	 	13.Exhibit 10.1

 

EQUITY PURCHASE AGREEMENT

 

August 13, 2018

 

 

 

Party A: Chun-Chung CHEN

 

Party B: NowNews Digital Media Technology Co., Ltd. (OTCQB
trading symbol: “NDMT”) 

 

WHEREAS, Party B intends to dispose its wholly-owned subsidiary,
Worldwide Media Investments Corp. and Party A intends to purchase 100% of the equity interest of Worldwide Media Investments Corp.
from Party B.

 

THEREFORE, Party A and Party B agree to the terms set forth
in below based on the commitments, warranties and conditions of the Equity Purchase Agreement (this “Agreement”):

 

		I.	Purchase

 

Method of Purchase

 

Party B agrees to sell 20,000,000
ordinary shares of Worldwide Media Investments Corp., constituting its 100% of the equity interest, to Party A in exchange for
an aggregate of $7,500,000. The transfer of the shares shall be completed within thirty (30) business days after the execution
date of this Agreement.

 

		II.	Rights and Obligations

 

After Party A obtains 100% of
the equity interest of Worldwide Media Investments Corp. from Party B, Party A shall accept Worldwide Media Investments Corp.’s
relevant rights and obligations. Party B shall inform Party A of all of its rights and obligations. Party B shall not refuse or
delay to perform such obligations for any reasons.

 

		III.	Obligation of Confidentiality

 

Both Parties shall keep confidential
and not publish or otherwise disclose to a third party, directly or indirectly, for any purpose, any confidential information indicated
in this Agreement regarding the details of this transaction. In the event that any party has the necessity to disclose any aforementioned
confidential information because of the laws, orders from the court of other authorities, or any other special circumstances that
require the disclosure of such information, such party shall immediately notify the other party in writing of such necessity. Provided,
the parties agree that, the special circumstances are limited to tax declaration, tax investigations conducted by the governmental
authorities, or because of the compliance of other legal regulations that are not violating this Agreement, and the confidential
information will not be used publicly. Otherwise, the parties shall not disclose the confidential information to a third party.
In the event that this Agreement is terminated, the parties hereto shall be subject to the confidentiality obligations under this
Agreement within two years after the termination of this Agreement.

 

     

     

    

 

		IV.	Termination/Invalidation of the Agreement

 

		4.1	Termination by Any of the Parties

 

If any party violates any provisions
of this Agreement, and fails to take remedial and corrective measures within 15 days, the other parties shall have the right to
terminate this Agreement.

 

		4.2	The Effectiveness of the Termination

 

In the event that this Agreement
is terminated in accordance with the Section 4.1 above, none of the parties is liable for providing compensation or damages to
the other parties for the termination of this Agreement; however, the rights or liabilities of the parties existed prior to the
termination shall not be not affected by the termination of this Agreement.

 

		V.	Miscellaneous

 

		5.1	Amendment to this Agreement

 

This Agreement shall not be amended
or revised unless the contracting parties provide consent in writing.

 

		5.2	Expenses

 

Except as otherwise agreed by the
parties, the expenses incurred due to the completion of the transactions under this Agreement (including but not limited to attorneys'
fees) shall be borne by the each party itself.

 

     

     

    

 

		5.3	Integrity

 

This Agreement is an integral contract
of transactions, and replaces all of the prior oral and written acknowledgement and agreements.

 

		5.4	Choice of Law

 

The interpretation and enforcement
of this Agreement is governed by the laws of the State of Nevada, United States.

 

		5.5	Dispute Resolution

 

All parties agree that all disputes
related to this Agreement shall be resolved by the parties through friendly means. Any dispute or claim that is related to this
Agreement, or related to the breach of this Agreement, which is not properly settled shall be resolved by arbitration. The arbitral
proceedings shall be conducted in the State of Nevada, United States, in accordance with the relevant regulations of the State
of Nevada, United States.

 

		5.6	Notice

 

Any and all of the notices among
the two parties related to this Agreement shall be in writing and shall be sent by fax or registered mail; if sent by registered
mail, on the 5th day after the date of the postmark, it shall be deemed to have been delivered to the other party; if sent by fax,
it will be deemed to have been delivered on the next business day after the transmission. The notice shall indicate the addresses
of the following parties:

 

 

     

     

    

 

Party A

 

	Receiver:	Chun-Chung Chen
	Address:	51 Jilong Road Second Part, 16th Floor, Xinyi District, Taipei City, Taiwan 

  

Party B:

 

	NowNews Digital Media Technology Co., Ltd.
	Attn:	Chi-Yuan Chang
	Address:	4F, No. 32, Ln. 407, Sec. 2. Tiding Road
	 	Neihu District, Taipei City, Taiwan

 

		5.7	Copy

 

This Agreement may be executed
in two counterparts, both of which when taken together shall constitute one and the same agreement.

 

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

 

     

     

    

 

 

Agreed and Accepted
by:

 

 

	Party A	 	 
	 	 	 
	Buyer: 	Chun-Chung CHEN	 
	 	 	 
	 	 	 
	
        

        ID Number:

        
	
        
	 
	 	 	 

 

 

	Party B	 	 
	 	 	 
	Seller: 	NowNews Digital Media Technology Co., Ltd. 	 
	 	 	 
	 	 	 
	
         Representative:
	
        

         
	 
	 	Alan Chen	 
	 	Chairman	 

 

 

_______,
2018

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