Document:

Exhibit
10.5

 

Amendment
1 to Executive Employment Agreement

 

Dated
as of September 29, 2021

 

This
Amendment No. 1 to Executive Employment Agreement (this “Amendment”) dated as of the date first set forth above (the “Amendment
Date”) is entered into by and between Jupiter Neurosciences, Inc., a Delaware corporation (the “Company”) and Marshall
Hayward (the “Executive”). The Company and Executive may collective be referred to as the “Parties” and each
individually as a “Party”.

 

WHEREAS,
the Parties are the parties to that certain Executive Employment Agreement, dated as of September 1, 2021 (the “Original Agreement”),
and now desire to amend the Original Agreement as set forth herein in order to correct certain typographical errors therein, and pursuant
to Section 14 of the Original Agreement the Parties may amend the Original Agreement in writing;

 

NOW,
THEREFORE, in consideration of the promises and of the mutual covenants and agreements hereinafter set forth, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

 

	 	1.	Defined
    Terms. Defined terms used herein without definition shall have the meanings given in the Original Agreement.
	 	 	 
	 	2.	Amendments.
    Pursuant to Section 14 of the Original Agreement, the Original Agreement is hereby amended as follows, with such amendments to be
    deemed effective as of the Effective Date:

 

		(a)	The
                                            first sentence of Section 1(a) of the Original Agreement is hereby amended and restated in
                                            its entirety to provide as follows:

 

The
term of this Agreement (the “Initial Term”) shall begin as of the Effective Date and shall end on the earlier of (i) the
third (3rd) anniversary of the Effective Date and (ii) the time of the termination of the Executive’s employment in
accordance with the terms herein.

 

		(b)	Section
                                            3(d)(1) of the Original Agreement is hereby amended and restated in its entirety to provide
                                            as follows:

 

For
Cause. In the event that the Company terminates the Term or Executive’s employment hereunder with Cause, with the existence
of “Cause” to be determined by the Board, then in such event, subject to Section 3(g), (i) the Company shall pay to Executive
any unpaid Base Salary and benefits then owed or accrued, and any unreimbursed expenses, pursuant to the terms of Section 2(d), incurred
by the Executive in each case through the termination date, and each of which shall be paid within 10 days following the termination
date; (ii) any unvested portion of any equity granted to Executive under any agreements with the Company (collectively, the “Equity
Grants”) shall immediately be forfeited as of the termination date without any further action of the Parties; and (iii) all of
the Parties’ rights and obligations hereunder shall thereafter cease, other than such rights or obligations which arose prior to
the termination date or in connection with such termination, and subject to Section 15.

 

    	1

    	 

    

 

		(c)	The
                                            first sentence of Section 10 of the Original Agreement is hereby amended and restated in
                                            its entirety to provide as follows:

 

Any
shares of Common Stock or other securities of the Company that may be issued or granted to the Executive hereunder or pursuant to any
other agreement between the Company and the Executive in connection with the transactions contemplated herein may be referred to as the
“Securities”, and Executive represents and warrants to the Company as set forth in this Section 10 with respect to the Securities
and Executive’s receipt thereof, as of the Effective Date and as of the date of any issuance or granting of any Securities.

 

		(d)	The
                                            first sentence of Section 14 of the Original Agreement is hereby amended and restated in
                                            its entirety to provide as follows:

 

This
Agreement and any other agreement entered into between the Company and Executive with respect to the issuance of any equity securities
of the Company or other equity awards relating to the Company set forth the entire agreement of the Parties hereto and shall supersede
any and all prior agreements and understandings concerning the Executive’s employment by the Company.

 

	 	3.	Remainder
    in Force. Other than as amended herein, the Original Agreement shall remain in full force and effect until terminated in accordance
    with its terms. Any reference in the Original Agreement to the “Agreement” shall now be deemed a reference to the Original
    Agreement as amended by this Amendment.
	 	 	 
	 	4.	Miscellaneous.

 

	 	(a)	The
    headings in this Amendment are for reference only and shall not affect the interpretation of this Amendment.
	 	 	 
	 	(b)	This
    Amendment and the rights and obligations of the Parties shall be governed by and construed and enforced in accordance with the laws
    of the State of Florida without giving effect to any choice or conflict of law provision or rule (whether of the State of Florida
    or any other jurisdiction).
	 	 	 
	 	(c)	This
    Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to
    be one and the same agreement. A signed copy of this Amendment delivered by facsimile, e-mail or other means of electronic transmission
    shall be deemed to have the same legal effect as delivery of an original signed copy of this Amendment.

 

[Signatures
appear on following page]

 

    	2

    	 

    

 

IN
WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed as of the Amendment Date.

 

	 	Jupiter
    Neurosciences, Inc.
	 	 	 
	 	By:
    	/s/
    Christer Rosén
	 	Name:
    	Christer
    Rosén
	 	Title:
    	Chairman
    and Chief Executive Officer
	 	 	 
	 	Executive:
	 	 	 
	 	By:
    	/s/
    Marshall Hayward
	 	Name:	Marshall
Hayward

 

    	3Exhibit
10.6

 

Executive
Employment Agreement

 

Dated
as of June 1, 2021

 

This
Executive Employment Agreement (the “Agreement”) dated as of the date first set forth above (the “Effective Date”)
is entered into by and between Jupiter Orphan Therapeutics, Inc., a Delaware corporation (the “Company”) and Alexander Rosén
(the “Executive”). The Company and Executive may collective be referred to as the “Parties” and each individually
as a “Party”.

 

WHEREAS,
the Company now desires to employ the Executive as the Chief Administrative Officer of the Company and the Executive desires to serve in such
capacities on behalf of the Company, in each case subject to the terms and conditions herein;

 

NOW,
THEREFORE, in consideration of the promises and of the mutual covenants and agreements hereinafter set forth, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Executive hereby agree as follows:

 

	 	1.	Employment.

 

	 	(a)	Term.
    The term of this Agreement (the “Initial Term”) shall begin as of the Effective Date and shall end on the earlier of
    (i) the third (3rd) anniversary of the Effective Date and (ii) the time of the termination of the Executive’s employment in
    accordance with Section 2(e). The Initial Term and any Renewal Term (as defined below) shall automatically be extended for one or
    more additional terms of one (1) year each (each a “Renewal Term” and together with the Initial Term, the “Term”),
    unless either the Company or Executive provides notice to the other Party of their desire to not so renew the Initial Term or Renewal
    Term (as applicable) at least thirty (30) days prior to the expiration of the then-current Initial Term or Renewal Term, as applicable.
    Executive’s employment with the Company shall be “at will,” meaning that either Executive or the Company may terminate
    Executive’s employment at any time and for any reason, subject to Section 3. Any contrary representations that may have been
    made to Executive are superseded by this Agreement.
	 	 	 
	 	(b)	Duties.
    The Company hereby appoints Executive, and Executive shall serve, as the Chief Administrative Officer of the Company and shall
    report to the Chief Executive Officer of the Company. The Executive shall have such duties and responsibilities as are consistent
    with Executive’s position with the Company. In addition, the Executive shall perform all other duties and accept all other
    responsibilities incident to such position as may reasonably assigned to Executive by the Chief Executive Officer or the Board of
    Directors of the Company (the “Board”). During the Term, Executive shall devote all of Executive’s business time
    and energies to the business and affairs of Company. Notwithstanding the foregoing, nothing herein shall preclude Executive from (i)
    performing services for such other companies as Company may designate or permit; (ii) engaging in charitable activities and
    community affairs; and (iii) managing Executive’s personal investments and affairs; provided, however, that the activities set
    out in clauses (i), (ii), and (iii) shall be limited by Executive so as not to materially interfere, individually or in the
    aggregate, with the performance of Executive’s duties and responsibilities hereunder.

 

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	 	2.	Compensation and Other Benefits. As compensation for
the services to be rendered hereunder, during the Term the Company shall pay to the Executive the salary and bonuses, and shall provide
the benefits, as set forth in this Section 2.

 

	 	(a)	Base
    Salary. The Company shall pay to the Executive an annual base salary of $240,000, payable on a monthly basis commencing on the
    Effective Date (as the same may be adjusted herein, the “Base Salary”). The Base Salary shall be paid in accordance with
    the Company’s payroll policies.
	 	 	 
	 	(b)	Option Issuance. On the Effective Date, the Company
    shall issue to Executive options to acquire 90,000 shares of common stock, par value $0.0001 per share (the “Common Stock”)
    of the Company, pursuant to the Option Agreement as attached hereto as Exhibit A (the “Option Agreement”) pursuant to
    the Company’s 2017 Stock Incentive Plan (the “Plan”). 25% of the Options shall be vested upon issuance, with the
    balance to vest in equal monthly installments over the following 36 months, and shall be exercisable for a period of ten (10) years
    except as otherwise provided in the Option Agreement or the Plan, and subject to earlier vesting or forfeiture as set forth herein
    and in the Option Agreement.
	 	 	 
	 	(c)	Bonus.
    Commencing with the Company’s 2021 fiscal year, Executive shall be eligible to receive an annual cash bonus (the “Annual
    Performance Bonus”), with the target amount of such Annual Performance Bonus equal to thirty percent (30%) of the Base Salary
    in the year to which the Annual Performance Bonus relates; provided that the actual amount of the Annual Performance Bonus may be
    greater or less than such target amount. The amount of the Annual Performance Bonus shall be determined by the Board or an appropriate
    committee thereof in its sole discretion, and shall be paid to Executive no later than March 15th of the calendar year immediately
    following the calendar year in which it was earned. Except as provided in Section 3, Executive must be employed by Company on the
    last day of the applicable fiscal year to which the Annual Performance Bonus relates in order to be eligible for, and to be deemed
    as having earned, such Annual Performance Bonus. The Company shall deduct from the Annual Performance Bonus all amounts required
    to be deducted or withheld under applicable law or under any employee benefit plan in which Executive participates. Executive shall
    be eligible to receive any additional discretionary bonuses as determined by the Board.
	 	 	 
	 	(d)	Fringe
    Benefits. During the Term, the Executive shall be entitled to fringe benefits consistent with the practices of the Company, and
    to the extent the Company provides similar benefits to the Company’s executive officers. In addition to standard paid holidays,
    Executive may take up to twenty (20) days of paid time off per year, to be scheduled so as not to materially disrupt Company’s
    operations, pursuant to the terms and conditions of Company policy and practices as applied to Company senior executives.
	 	 	 
	 	(e)	Business
    Expenses. The Executive shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business, entertainment
    and travel expenses incurred by the Executive in connection with the performance of Executive’s duties hereunder and in accordance
    with the Company’s expense reimbursement policies and procedures. Executive must submit any request for reimbursement no later
    than ninety (90) days following the date that such business expense is incurred. All reimbursements provided under this Agreement
    shall be made or provided in accordance with the requirements of Section 409A including, where applicable, the requirement that (i)
    any reimbursement is for expenses incurred during Executive’s lifetime (or during a shorter period of time specified in this
    Agreement); (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for
    reimbursement in any other calendar year; (iii) the reimbursement of an eligible expense shall be made no later than the last day
    of the calendar year following the year in which the expense is incurred; and (iv) the right to reimbursement or in-kind benefits
    is not subject to liquidation or exchange for another benefit

 

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	 	3.	Termination.

 

		(a)	Definition
                                            of Cause. For purposes hereof, “Cause” shall mean:

 

	 	(i)	a
    violation of any material written rule or policy of the Company for which violation any employee may be terminated pursuant to the
    written policies of the Company reasonably applicable to an executive employee;
	 	 	 
	 	(ii)	misconduct
    by the Executive to the material detriment of the Company;
	 	 	 
	 	(iii)	the
    Executive’s conviction (by a court of competent jurisdiction, not subject to further appeal) of, or pleading guilty to, a felony;
	 	 	 
	 	(iv)	the
    Executive’s gross negligence in the performance of Executive’s duties and responsibilities to the Company as described
    in this Agreement; or
	 	 	 
	 	(v)	the
    Executive’s material failure to perform Executive’s duties and responsibilities to the Company as described in this Agreement
    (other than any such failure resulting from the Executive’s incapacity due to physical or mental illness or any such failure
    subsequent to the Executive being delivered a notice of termination without Cause by the Company or delivering a notice of termination
    for Good Reason to the Company), in either case after written notice from the Board to the Executive of the specific nature of such
    material failure and the Executive’s failure to cure such material failure within 10 days following receipt of such notice.

 

		(b)	Definition
                                            of Good Reason. For purposes hereof, “Good Reason” shall mean:

 

	 	(i)	at
    any time following a Change of Control (as defined below), a material diminution by the Company of compensation and benefits (taken
    as a whole) provided to the Executive immediately prior to a Change of Control;
	 	 	 
	 	(ii)	a
    reduction in Base Salary or target or maximum bonus, other than as part of an across-the-board reduction in salaries of management
    personnel; 

 

    	 	3	 

     

    

 

	 	(iii)	the
    relocation of the Executive’s principal executive office to a location more than 50 miles further from the Executive’s
    principal executive office immediately prior to such relocation; or
	 	 	 
	 	(iv)	a
    material breach by the Company of any of the terms and conditions of this Agreement which the Company fails to correct within 10
    days after the Company receives written notice from Executive of such violation.

 

		(c)	Definition
                                            of Change of Control. A “Change of Control” shall be deemed to have occurred
                                            if, after the Effective Date, (i) the beneficial ownership (as defined in Rule 13d-3 under
                                            the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of securities
                                            representing more than 50% of the combined voting power of the Company is acquired by any
                                            “person” as defined in sections 13(d) and 14(d) of the Exchange Act (other than
                                            the Company, any subsidiary of the Company, or any trustee or other fiduciary holding securities
                                            under an employee benefit plan of the Company), (ii) the merger or consolidation of the Company
                                            with or into another corporation where the shareholders of the Company, immediately prior
                                            to the consolidation or merger, would not, immediately after the consolidation or merger,
                                            beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly
                                            or indirectly, shares representing in the aggregate 50% or more of the combined voting power
                                            of the securities of the corporation issuing cash or securities in the consolidation or merger
                                            (or of its ultimate parent corporation, if any) in substantially the same proportion as their
                                            ownership of the Company immediately prior to such merger or consolidation, or (iii) the
                                            sale or other disposition of all or substantially all of the Company’s assets to an
                                            entity, other than a sale or disposition by the Company of all or substantially all of the
                                            Company’s assets to an entity, at least 50% of the combined voting power of the voting
                                            securities of which are owned directly or indirectly by shareholders of the Company, immediately
                                            prior to the sale or disposition, in substantially the same proportion as their ownership
                                            of the Company immediately prior to such sale or disposition.

 

		(d)	Termination
                                            by the Company. The Company may terminate the Term and Executive’s employment hereunder
                                            at any time, with or without Cause, subject to the terms and conditions herein.

 

	 	(i)	For
    Cause. In the event that the Company terminates the Term or Executive’s employment hereunder with Cause, with the existence of “Cause”
to be determined by the Board, then in such event, subject to Section 3(g), (i) the Company shall pay to Executive any unpaid Base
Salary and benefits then owed or accrued, and any unreimbursed expenses, pursuant to the terms of Section 2(e), incurred by the Executive
in each case through the termination date, and each of which shall be paid within 10 days following the termination date; (ii) any unvested
portion of any equity granted to Executive hereunder or under the Option Agreement or any other agreements with the Company (collectively,
the “Equity Grants”) shall immediately be forfeited as of the termination date without any further action of the Parties;
and (iii) all of the Parties’ rights and obligations hereunder shall thereafter cease, other than such rights or obligations which
arose prior to the termination date or in connection with such termination, and subject to Section 15.

 

    	 	4	 

     

    

 

	 	(ii)	Without
    Cause. In the event that the Company terminates the Term or Executive’s employment hereunder without Cause, then in such
    event, subject to Section 3(g), (i) the Company shall pay to Executive any Base Salary and benefits then owed or accrued and any
    unreimbursed expenses incurred by the Executive in each case through the termination date, and each of which shall be paid within
    10 days following the termination date; (ii) the Company shall pay to Executive an amount in cash equal to the target Annual Performance
    Bonus for which Executive would have been eligible with respect to the year in which termination of Executive’s employment
    occurs multiplied by a fraction, the numerator of which is the number of days during which Executive is employed by Company during
    the year of termination and the denominator of which is 365 (the “Pro- Rated Bonus”), which shall be paid within 10 days
    following the termination date; (iii) the Company shall continue to pay to Executive the Base Salary that would have been paid to
    Executive for the following twelve (12) month period, assuming that this Agreement and the Term had remained in effect, which shall
    be paid in accordance with the Company’s customary payroll schedule; (iv) any Equity Grant already made to Executive shall,
    to the extent not already vested, be deemed automatically vested; and (v) all of the Parties’ rights and obligations hereunder
    shall thereafter cease, other than such rights or obligations which arose prior to the termination date or in connection with such
    termination, and subject to Section 15.

 

		(e)	Termination
                                            by the Executive. The Executive may terminate the Term and resign from Executive’s
                                            employment hereunder at any time, with or without Good Reason.

 

	 	(i)	With
    Good Reason. In the event that Executive terminates the Term or resigns from Executive’s employment hereunder with Good
    Reason, the Company shall pay to Executive the amounts, and Executive shall, subject to Section 3(g), be entitled to such benefits
    (including without limitation any vesting of unvested shares under any Equity Grant), that would have been payable to Executive or
    which Executive would have received had the Term and Executive’s employment been terminated by the Company without Cause pursuant
    to Section 3(d)(ii).
	 	 	 
	 	(ii)	Without
    Good Reason. In the event that Executive terminates the Term or resigns from Executive’s employment hereunder without Good
    Reason, the Company shall pay to Executive the amounts, and Executive shall be entitled, subject to Section 3(g), to such benefits
    (including without limitation any vesting of unvested shares under any Equity Grant), that would have been payable to Executive or
    which Executive would have received had the Term and Executive’s employment been terminated by the Company with Cause pursuant
    to Section 3(d)(i).

 

		(f)	Termination
                                            by Death or Disability. In the event of the Executive’s death or total disability
                                            (as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended) during
                                            the Term, the Term and Executive’s employment shall terminate on the date of death
                                            or total disability. In the event of such termination, the Company’s sole obligations
                                            hereunder to the Executive (or the Executive’s estate) shall be for unpaid Base Salary,
                                            any accrued and unpaid Annual Performance Bonus for the prior fiscal year; and the Pro-Rated
                                            Bonus, each of which shall be paid within 10 days following the date of the Executive’s
                                            termination, and any unvested portion of any Equity Grants shall immediately be forfeited
                                            as of the termination date without any further action of the Parties.

 

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		(g)	Conflict.
                                            In the event of a conflict between the terms and conditions herein and those in any other
                                            agreement or contract between the Company and the Executive with respect to any Equity Grants
                                            granted to Executive, the terms and conditions of such other agreement or contract shall
                                            control.

 

	 	4.	Payments.

 

	 	(a)	Anything
    in this Agreement to the contrary notwithstanding, if it is determined that any payment or benefit provided to the Executive under
    this Agreement or otherwise, whether or not in connection with a Change of Control (a “Payment”), would constitute an
    “excess parachute payment” within the meaning of section 280G of the Internal Revenue Code of 1986, as amended (the “Code”),
    such that the Payment would be subject to an excise tax under section 4999 of the Code (the “Excise Tax”), the Company
    shall pay to the Executive an additional amount (the “Gross-Up Payment”) such that the net amount of the Gross-Up Payment
    retained by the Executive after the payment of any Excise Tax and any federal, state and local income and employment tax on the Gross-Up
    Payment, shall be equal to the Excise Tax due on the Payment and any interest and penalties in respect of such Excise Tax. For purposes
    of determining the amount of the Gross-Up Payment, Executive shall be deemed to pay federal income tax and employment taxes at the
    highest marginal rate of federal income and employment taxation in the calendar year in which the Gross-Up Payment is to be made
    and state and local income taxes at the highest marginal rate of taxation in the state and locality of Executive’s residence
    (or, if greater, the state and locality in which Executive is required to file a nonresident income tax return with respect to the
    Payment) in the calendar year in which the Gross-Up Payment is to be made, net of the maximum reduction in federal income taxes that
    may be obtained from the deduction of such state and local taxes.
	 	 	 
	 	(b)	All
    determinations made pursuant to Section 4(a) shall be made by the Company which shall provide its determination and any supporting
    calculations (the “Determination”) to the Executive within thirty days of the date of the Executive’s termination
    or any other date selected by the Executive or the Company. Within ten calendar days of the delivery of the Determination to the
    Executive, the Executive shall have the right to dispute the Determination (the “Dispute”). The existence of any Dispute
    shall not in any way affect the Executive’s right to receive the Gross- Up Payments in accordance with the Determination. If
    there is no dispute, the Determination by the Company shall be final, binding and conclusive upon the Executive, subject to the application
    of Section 4(c). Within ten days after the Company’s determination, the Company shall pay to the Executive the Gross-Up Payment,
    if any. If the Company determines that no Excise Tax is payable by the Executive, it will, at the same time as it makes such Determination,
    furnish Executive with an opinion that the Executive has substantial authority not to report any Excise Tax on Executive’s
    federal, state, local income or other tax return. The Company agrees to indemnify and hold harmless the Executive of and from any
    and all claims, damages and expenses resulting from or relating to its determinations pursuant to this Section 4(b), except for claims,
    damages or expenses resulting from the gross negligence or willful misconduct of the Company.

 

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	 	(c)	As
    a result of the uncertainty in the application of sections 4999 and 280G of the Code, it is possible that the Gross-Up Payments either
    will have been made which should not have been made, or will not have been made which should have been made, by the Company (an “Excess
    Gross-Up Payment” or a “Gross-Up Underpayment,” respectively). If it is established pursuant to (A) a final determination
    of a court for which all appeals have been taken and finally resolved or the time for all appeals has expired, or (B) an Internal
    Revenue Service (the “IRS”) proceeding which has been finally and conclusively resolved, that an Excess Gross-Up Payment
    has been made, such Excess Gross-Up Payment shall be deemed for all purposes to be a loan to the Executive made on the date the Executive
    received the Excess Gross-Up Payment and the Executive shall repay the Excess Gross-Up Payment to the Company either (i) on demand,
    if the Executive is in possession of the Excess Gross-Up Payment or (ii) upon the refund of such Excess Gross-Up Payment to the Executive
    from the IRS, if the IRS is in possession of such Excess Gross-Up Payment, together with interest on the Excess Gross-Up Payment
    at (X) 120% of the applicable federal rate (as defined in Section 1274(d) of the Code) compounded semi-annually for any period during
    which the Executive held such Excess Gross-Up Payment and (Y) the interest rate paid to the Executive by the IRS in respect of any
    period during which the IRS held such Excess Gross- Up Payment. If a Gross-Up Underpayment occurs as determined under one or more
    of the following circumstances: (I) such determination is made by the Company (which shall include the position taken by the Company,
    together with its consolidated group, on its federal income tax return) or is made by the IRS, (II) such determination is made by
    a court, or (III) such determination is made upon the resolution to the Executive’s satisfaction of the Dispute, then the Company
    shall pay an amount equal to the Gross-Up Underpayment to the Executive within ten calendar days of such determination or resolution,
    together with interest on such amount at 120% of the applicable federal rate compounded semi-annually from the date such amount should
    have been paid to the Executive pursuant to the terms of this Agreement or otherwise, but for the operation of this Section 4(c),
    until the date of payment.

 

	 	5.	Post-Termination Assistance. Upon the Executive’s
termination of employment with the Company, the Executive agrees to fully cooperate in all matters relating to the winding up or pending
work on behalf of the Company and the orderly transfer of work to other employees of the Company following any termination of the Executives’
employment. The Executive further agrees that Executive will provide, upon reasonable notice, such information and assistance to the
Company as may reasonably be requested by the Company in connection with any audit, governmental investigation, litigation, or other
dispute in which the Company is or may become a party and as to which the Executive has knowledge; provided, however, that (i) the Company
agrees to reimburse the Executive for any related out-of-pocket expenses, including travel expenses, and (ii) any such assistance may
not unreasonably interfere with Executive’s then current employment.

 

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	 	6.	No Mitigation or Set Off. In no event shall the Executive
be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any
of the provisions of this Agreement and such amounts shall not be reduced, regardless of whether the Executive obtains other employment.
The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder
shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right
which the Company may have against the Executive or others; provided, however, the Company shall have the right to offset the amount
of any funds loaned or advanced to the Executive and not repaid against any severance obligations the Company may have to the Executive
hereunder.

 

	 	7.	Confidentiality

	 	(a)	Definition.
    For purposes of this Agreement, “Confidential Information” shall mean all Company Work Product (as hereinafter defined)
    and all non-public written, electronic, and oral information or materials of Company communicated to or otherwise obtained by Executive
    in connection with this Agreement, which is related to the products, business and activities of Company, its Affiliates (as defined
    below), and subsidiaries, and their respective customers, clients, suppliers, and other entities with which such party does business,
    including: (i) all costing, pricing, technology, software, documentation, research, techniques, procedures, processes, discoveries,
    inventions, methodologies, data, tools, templates, know how, intellectual property and all other proprietary information of Company;
    (ii) the terms of this Agreement; and (iii) any other information identified as confidential in writing by Company. Confidential
    Information shall not include information that: (a) was lawfully known by Executive without an obligation of confidentiality before
    its receipt from Company; (b) is independently developed by Executive without reliance on or use of Confidential Information; (c)
    is or becomes publicly available without a breach by Executive of this Agreement; or (d) is disclosed to Executive by a third party
    which is not required to maintain its confidentiality. An “Affiliate” of a Party shall mean any entity directly or indirectly
    controlling, controlled by, or under common control with, such Party at any time during the Term for so long as such control exists.
	 	 	 
	 	(b)	Company
    Ownership. Company shall retain all right, title, and interest to the Confidential Information, including all copies thereof
    and all rights to patents, copyrights, trademarks, trade secrets and other intellectual property rights inherent therein and appurtenant
    thereto. Subject to the terms and conditions of this Agreement, Company hereby grants Executive a non-exclusive, non-transferable,
    license during the Term to use any Confidential Information solely to the extent that such Confidential Information is necessary
    for the performance of Executive’s duties hereunder. Executive shall not, by virtue of this Agreement or otherwise, acquire
    any proprietary rights whatsoever in Confidential Information, which shall be the sole and exclusive property and confidential information
    of Company. No identifying marks, copyright or proprietary right notices may be deleted from any copy of Confidential Information.
    Nothing contained herein shall be construed to limit the rights of Company from performing similar services for, or delivering the
    same or similar deliverable to, third parties using the Confidential Information and/or using the same personnel to provide any such
    services or deliverables.

 

    	 	8	 

     

    

 

	 	(c)	Confidentiality
    Obligations. Executive agrees to hold the Confidential Information in confidence and not to copy, reproduce, sell, assign, license,
    market, transfer, give or otherwise disclose such Confidential Information to any person or entity or to use the Confidential Information
    for any purposes whatsoever, without the express written permission of Company, other than disclosure to Executive’s, partners,
    principals, directors, officers, employees, subcontractors and agents on a “need-to- know” basis as reasonably required
    for the performance of Executive’s obligations hereunder or as otherwise agreed to herein. Executive shall be responsible to
    Company for any violation of this Section 7 by Executive’s employees, subcontractors, and agents. Executive shall maintain
    the Confidential Information with the same degree of care, but no less than a reasonable degree of care, as Executive employs concerning
    its own information of like kind and character.
	 	 	 
	 	(d)	Required
    Disclosure. If Executive is requested to disclose any of the Confidential Information as part of an administrative or judicial
    proceeding, Executive shall, to the extent permitted by applicable law, promptly notify Company of that request and cooperate with
    Company, at Company’s expense, in seeking a protective order or similar confidential treatment for the Confidential Information.
    If no protective order or other confidential treatment is obtained, Executive shall disclose only that portion of Confidential Information
    which is legally required and will exercise all reasonable efforts to obtain reliable assurances that confidential treatment will
    be accorded the Confidential Information which is required to be disclosed.
	 	 	 
	 	(e)	Enforcement.
    Executive acknowledges that the Confidential Information is unique and valuable, and that remedies at law will be inadequate
    to protect Company from any actual or threatened breach of this Section 7 by Executive and that any such breach would cause irreparable
    and continuing injury to Company. Therefore, Executive agrees that Company shall be entitled to seek equitable relief with respect
    to the enforcement of this Section 7 without any requirement to post a bond, including, without limitation, injunction and specific
    performance, without proof of actual damages or exhausting other remedies, in addition to all other remedies available to Company
    at law or in equity. For greater clarity, in the event of a breach or threatened breach by Executive of any of the provisions of
    this Section 7, in addition to and not in limitation of any other rights, remedies or damages available at law or in equity, Company
    shall be entitled to a permanent injunction or other like remedy in order to prevent or restrain any such breach or threatened breach
    by Executive, and Executive agrees that an interim injunction may be granted against Executive immediately on the commencement of
    any action, claim, suit or proceeding by Company to enforce the provisions of this Section 7, and Executive further irrevocably consents
    to the granting of any such interim or permanent injunction or any like remedy. If any action at law or in equity is necessary to
    enforce the terms of this Section 7, Executive, if it is determined to be at fault, shall pay Company’s reasonable legal fees
    and expenses on a substantial indemnity basis.
	 	 	 
	 	(f)	Related
    Duties. Executive shall: (i) promptly deliver to Company upon Company’s request all materials in Executive’s possession
    which contain Confidential Information; (ii) use its best efforts to prevent any unauthorized use or disclosure of the Confidential
    Information; (iii) notify Company in writing immediately upon discovery of any such unauthorized use or disclosure; and (iv) cooperate
    in every reasonable way to regain possession of any Confidential Information and to prevent further unauthorized use and disclosure
    thereof.

 

    	 	9	 

     

    

 

	 	(g)	Legal
    Exceptions. Further notwithstanding the foregoing provisions of this Section 7, Executive may disclose confidential information
    as may be expressly required by law, governmental rule, regulation, executive order, court order, or in connection with a dispute
    between the Parties; provided that prior to making any such disclosure, subject to applicable law, Executive shall use its best efforts
    to: (i) provide Company with at least fifteen (15) days’ prior written notice setting forth with specificity the reason(s)
    for such disclosure, supporting documentation therefor, and the circumstances giving rise thereto; and (ii) limit the scope and duration
    of such disclosure to the strictest possible extent.
	 	 	 
	 	(h)	Limitation.
    Except as specifically set forth herein, no licenses or rights under any patent, copyright, trademark, or trade secret are granted
    by Company to Executive hereunder, or are to be implied by this Agreement. Except for the restrictions on use and disclosure of Confidential
    Information imposed in this Agreement, no obligation of any kind is assumed or implied against either Party or their Affiliates by
    virtue of meetings or conversations between the Parties hereto with respect to the subject matter stated above or with respect to
    the exchange of Confidential Information. Each Party further acknowledges that this Agreement and any meetings and communications
    of the Parties and their affiliates relating to the same subject matter shall not: (i) constitute an offer, request, invitation or
    contract with the other Party to engage in any research, development or other work; (ii) constitute an offer, request, invitation
    or contract involving a buyer-seller relationship, joint venture, teaming or partnership relationship between the Parties and their
    affiliates; or (iii) constitute a representation, warranty, assurance, guarantee or inducement with respect to the accuracy or completeness
    of any Confidential Information or the non-infringement of the rights of third persons.

 

	 	8.	Intellectual Property Rights.

 

	 	(a)	Disclosure
    of Work Product. As used in this Agreement, the term “Work Product” means any invention, whether or not patentable,
    know-how, designs, mask works, trademarks, formulae, processes, manufacturing techniques, trade secrets, ideas, artwork, software
    or any copyrightable or patentable works. Executive agrees to disclose promptly in writing to Company, or any person designated by
    Company, all Work Product that is solely or jointly conceived, made, reduced to practice, or learned by Executive in the course of
    any work performed for Company (“Company Work Product”). Executive agrees (a) to use Executive’s best efforts to
    maintain such Company Work Product in trust and strict confidence; (b) not to use Company Work Product in any manner or for any purpose
    not expressly set forth in this Agreement; and (c) not to disclose any such Company Work Product to any third party without first
    obtaining Company’s express written consent on a case-by-case basis.
	 	 	 
	 	(b)	Ownership
    of Company Work Product. Executive agrees that any and all Company Work Product conceived, written, created or first reduced
    to practice in the performance of work under this Agreement shall be deemed “work for hire” under applicable law and
    shall be the sole and exclusive property of Company.

 

    	 	10	 

     

    

 

	 	(c)	Assignment
    of Company Work Product. Executive irrevocably assigns to Company all right, title and interest worldwide in and to the Company
    Work Product and all applicable intellectual property rights related to the Company Work Product, including without limitation, copyrights,
    trademarks, trade secrets, patents, moral rights, contract and licensing rights (the “Proprietary Rights”). Except as
    set forth below, Executive retains no rights to use the Company Work Product and agrees not to challenge the validity of Company’s
    ownership in the Company Work Product. Executive hereby grants to Company a perpetual, non-exclusive, fully paid-up, royalty-free,
    irrevocable and world-wide right, with rights to sublicense through multiple tiers of sublicensees, to reproduce, make derivative
    works of, publicly perform, and display in any form or medium whether now known or later developed, distribute, make, use and sell
    any and all Executive owned or controlled Work Product or technology that Executive uses to complete the services and which is necessary
    for Company to use or exploit the Company Work Product.
	 	 	 
	 	(d)	Assistance.
    Executive agrees to cooperate with Company or its designee(s), both during and after the Term, in the procurement and maintenance
    of Company’s rights in Company Work Product and to execute, when requested, any other documents deemed necessary by Company
    to carry out the purpose of this Agreement. Executive will assist Company in every proper way to obtain, and from time to time enforce,
    United States and foreign Proprietary Rights relating to Company Work Product in any and all countries. Executive’s obligation
    to assist Company with respect to Proprietary Rights relating to such Company Work Product in any and all countries shall continue
    beyond the termination of this Agreement, but Company shall compensate Executive at a reasonable rate to be mutually agreed upon
    after such termination for the time actually spent by Executive at Company’s request on such assistance.
	 	 	 
	 	(e)	Execution
    of Documents. In the event Company is unable for any reason, after reasonable effort, to secure Executive’s signature on
    any document requested by Company pursuant to this Section 8 within seven (7) days of the Company’s initial request to Executive,
    Executive hereby irrevocably designates and appoints Company and its duly authorized officers and agents as its agent and attorney
    in fact, which appointment is coupled with an interest, to act for and on its behalf solely to execute, verify and file any such
    documents and to do all other lawfully permitted acts to further the purposes of this Section 8 with the same legal force and effect
    as if executed by Executive. Executive hereby waives and quitclaims to Company any and all claims, of any nature whatsoever, which
    Executive now or may hereafter have for infringement of any Proprietary Rights assignable hereunder to Company.
	 	 	 
	 	(f)	Executive
    Representations and Warranties. Executive hereby represents and warrants that: (i) Company Work Product will be an original work
    of Executive or all applicable third parties will have executed assignments of rights reasonably acceptable to Company; (ii) neither
    the Company Work Product nor any element thereof will infringe the intellectual property rights of any third party; (iii) neither
    the Company Work Product nor any element thereof will be subject to any restrictions or to any mortgages, liens, pledges, security
    interests, encumbrances or encroachments; (iv) Executive will not grant, directly or indirectly, any rights or interest whatsoever
    in the Company Work Product to any third party; (v) Executive has full right and power to enter into and perform Executive’s
    obligations under this Agreement without the consent of any third party; (vi) Executive will use best efforts to prevent injury to
    any person (including employees of Company) or damage to property (including Company’s property) during the Term; and (vii)
    should Company permit Executive to use any of Company’s equipment, tools, or facilities during the Term, such permission shall
    be gratuitous and Executive shall be responsible for any injury to any person (including death) or damage to property (including
    Company’s property) arising out of use of such equipment, tools or facilities.

 

    	 	11	 

     

    

 

	 	9.	Non-Compete and Non-Solicitation

 

	 	(a)	Existing
    Business Interests. The Parties acknowledge that the Company is engaged in the various business as disclosed to the Executive
    (together with such other activities as may be engaged in from time to time, the “Existing Business”). As part of this
    Existing Business, Company has developed and continues to develop Confidential Information regarding the operation of such business.
    In addition, Company has developed and continues to develop substantial relationships with existing and prospective clients, accounts,
    suppliers and others, as well as goodwill associated with these relationships and business. These relationships are a substantial
    business asset owned by, and proprietary to, Company and are integral to Company’s Existing Business and continued operation.
	 	 	 
	 	(b)	Developing
    Business Interests. The Company also is engaged in expanding its business by developing new business concepts and services (the
    “Developing Business”). As part of this Developing Business, the Company has developed and continues to develop Confidential
    Information related thereto, valuable relationships with prospective and existing clients, accounts, suppliers and others, and continues
    to create goodwill associated with these relationships and business. The Developing Business is a substantial business asset owned
    by, and proprietary to, the Company.
	 	 	 
	 	(c)	Other
    Legitimate Business Interests. In addition to the Existing Business and the Developing Business, Company has other legitimate
    business interests which are necessary to protect through the provisions of this Section 9, which Executive acknowledges include,
    but are not limited to the following (collectively the “Other Legitimate Business Interests”):

 

	 	(i)	The
    Company has expended considerable resources in developing relationships with its suppliers, clients and customers;
	 	 	 
	 	(ii)	The
    Company has expended considerable resources to recruit and hire vendors and/or employees who could perform services for Company;
	 	 	 
	 	(iii)	Executive
    may, through the contractual relationship set forth herein, develop a substantial relationship with Company’s existing or potential
    clients, including but not limited to being the sole or primary contact between Company and its clients and principals; and

 

    	 	12	 

     

    

 

	 	(iv)	The
    relationship between Company and its clients and principals will depend on the quality and quantity of the services Executive performs
    for Company.

 

	 	(d)	Acknowledgement
    of Company’s Right to Protection of Business Interests. Executive acknowledges and agrees that Company desires, is entitled
    to, and deserves, protection of its legitimate business interests associated with the Existing Business, the Developing Business
    and the Other Legitimate Business Interests. Accordingly, Executive agrees to the restrictions set forth in this Section 9 as reasonable
    under the circumstances.
	 	 	 
	 	(e)	Non-Compete
    Restriction.

 

	 	(i)	Subject
    to applicable law, Executive agrees that, for the Term and for a period of nine (9) months thereafter, Executive shall not, directly
    or indirectly: (i) engage in any other business, association or relationship of any kind with any business which provides, in whole
    or in part, the same or similar services and/or products offered by Company as part of its Existing Business or Developing Businesses
    which directly or indirectly competes with Company; nor (ii) solicit or accept, or induce any person to reduce goods or services
    to Company, or in any manner assist others in the solicitation, acceptance, or inducement of, any business transactions with Company’s
    existing and prospective clients, accounts, suppliers and/or other persons or entities with whom Company has had business relationships
    (or whom Company had specifically identified for a prospective business relationship). As used herein, Executive shall be considered
    “directly engaged” in such business if Executive acts as a shareholder, officer, owner, consultant, associate, employee
    or agent of any business offering and/or providing any of the restricted services and/or products identified above; and shall be
    considered “indirectly engaged” if any immediate relative of such persons (spouse, children, parents or siblings), or
    other person with whom such persons have a significant personal relationship, is engaged in such business.
	 	 	 
	 	(ii)	Executive
    agrees that the geographic scope of the above restrictions shall extend to the geographic area in which Company actively conducted
    business immediately prior to termination of this Agreement.

 

	 	(f)	No-Solicitation.
    In recognition and consideration of Company’s Existing Business, Developing Business and Other Legitimate Business Interests,
    subject to applicable law, Executive agrees that, for the Term and for a period of three (3) years thereafter, Executive shall not,
    directly or indirectly solicit or discuss with any employee of Company the employment of such Company employee by any other commercial
    enterprise other than Company, nor recruit, attempt to recruit, hire or attempt to hire any such Company employee on behalf of any
    commercial enterprise other than Company. Nothing in this Section 9(f) shall prohibit Executive from undertaking a general recruitment
    advertisement provided that the foregoing is not targeted towards any person identified above, or from hiring, employing or engaging
    any such person who responds to such general recruitment advertisement.

 

    	 	13	 

     

    

 

		(g)	Remedies
                                            for Breach of Restrictions.

 

	 	(i)	Executive
    admits and agrees that Executive’s breach of the provisions of this Section 9 would result in irreparable harm to Company.
    Accordingly, in the event of Executive’s breach or threatened breach of such restrictions, Executive agrees that Company shall
    be entitled to an injunction restraining such breach or threatened breach without the necessity of posting a bond or other security.
    Further, in the event of Executive’s breach, the duration of the restrictions contained in this Section 9 shall be extended
    for the entire time that the breach existed so that Company is provided with the full time period provided herein.
	 	 	 
	 	(ii)	In
    addition to injunctive relief, Company shall be entitled to any other remedy available in law or equity by reason of Executive’s
    breach or threatened breach of the restrictions contained in this Section 9.
	 	 	 
	 	(iii)	If
    the Company retains an attorney to enforce the provisions of this Section 9, the Company shall be entitled to recover its reasonable
    attorneys’ fees and costs so incurred from Executive, both prior to filing a lawsuit, during the lawsuit and on appeal.

 

		(h)	Blue
                                            Pencil. Executive has carefully read and considered the provisions of this Section 9
                                            and, having done so, agrees that the restrictions set forth in such Section 9 are fair and
                                            reasonable and are reasonably required for the protection of the legitimate business interests
                                            of the Company. In the event that a court of competent jurisdiction shall determine that
                                            any of the foregoing restrictions are unenforceable, the Parties hereto agree that it is
                                            their desire that such court substitute an enforceable restriction in place of any restriction
                                            deemed unenforceable, and that the substitute restriction be deemed incorporated herein and
                                            enforceable against Executive. It is the intent of the Parties hereto that the court, in
                                            so determining any such enforceable substitute restriction, recognize that it is their intent
                                            that the foregoing restrictions be imposed and maintained to the greatest extent possible.

 

	 	10.	Representations and Warranties Relating to Securities.
The Options, any shares of Common Stock or other securities of the Company that may be issued or granted to the Executive hereunder or
pursuant to any other agreement between the Company and the Executive in connection with the transactions contemplated herein may be
referred to as the “Securities”, and Executive represents and warrants to the Company as set forth in this Section 10 with
respect to the Securities and Executive’s receipt thereof, as of the Effective Date and as of the date of any issuance or granting
of any Securities.

 

	 	(a)	Executive
    is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D promulgated pursuant to the Securities
    Act (an “Accredited Investor”).

 

    	 	14	 

     

    

 

	 	(b)	Executive
    hereby represent that the Securities awarded pursuant to this Agreement are being acquired for Executive’s own account and
    not for sale or with a view to distribution thereof. Executive acknowledges and agrees that any sale or distribution of Securities
    which have vested may be made only pursuant to either (a) a registration statement on an appropriate form under the Securities Act
    of 1933, as amended (the “Securities Act”), which registration statement has become effective and is current with regard
    to the shares being sold, or (b) a specific exemption from the registration requirements of the Securities Act that is confirmed
    in a favorable written opinion of counsel, in form and substance satisfactory to counsel for the Company, prior to any such sale
    or distribution. Executive hereby consents to such action as the Board or the Company deems necessary or appropriate from time to
    time to prevent a violation of, or to perfect an exemption from, the registration requirements of the Securities Act or to implement
    the provisions of this Agreement, including but not limited to placing restrictive legends on certificates evidencing shares of Securities
    (whether or not the Restrictions applicable thereto have lapsed) and delivering stop transfer instructions to the Company’s
    stock transfer agent.
	 	 	 
	 	(c)	Executive
    understands that the Securities is being offered and sold to Executive in reliance upon specific exemptions from the registration
    requirements of United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and
    Executive’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of the Executive
    set forth herein in order to determine the availability of such exemptions and the eligibility of the Executive to acquire the Securities.
	 	 	 
	 	(d)	Executive
    has been furnished with all documents and materials relating to the business, finances and operations of the Company and information
    that Executive requested and deemed material to making an informed investment decision regarding its acquisition of the Securities.
    Executive has been afforded the opportunity to review such documents and materials and the information contained therein. Executive
    has been afforded the opportunity to ask questions of the Company and its management. Executive understands that such discussions,
    as well as any written information provided by the Company, were intended to describe the aspects of the Company’s business
    and prospects which the Company believes to be material, but were not necessarily a thorough or exhaustive description and the Company
    makes no representation or warranty with respect to the completeness of such information and makes no representation or warranty
    of any kind with respect to any information provided by any entity other than the Company. Some of such information may include projections
    as to the future performance of the Company, which projections may not be realized, may be based on assumptions which may not be
    correct and may be subject to numerous factors beyond the Company’s control. Additionally, Executive understands and represents
    that Executive is acquiring the Securities notwithstanding the fact that the Company may disclose in the future certain material
    information that the Executive has not received. Executive has sought such accounting, legal and tax advice as Executive has considered
    necessary to make an informed investment decision with respect to Executive’s investment in the Securities. Executive has full
    power and authority to make the representations referred to herein, to acquire the Securities and to execute and deliver this Agreement.
    Executive, either personally, or together with Executive’s advisors has such knowledge and experience in financial and business
    matters as to be capable of evaluating the merits and risks of an investment in the Securities, is able to bear the risks of an investment
    in the Securities and understands the risks of, and other considerations relating to, a purchase of the Securities. The Executive
    and Executive’s advisors have had a reasonable opportunity to ask questions of and receive answers from the Company concerning
    the Securities. Executive’s financial condition is such that Executive is able to bear the risk of holding the Securities that
    Executive may acquire pursuant to this Agreement for an indefinite period of time, and the risk of loss of Executive’s entire
    investment in the Company. Executive has investigated the acquisition of the Securities to the extent Executive deemed necessary
    or desirable and the Company has provided Executive with any reasonable assistance Executive has requested in connection therewith.
    No representations or warranties have been made to Executive by the Company, or any representative of the Company, or any securities
    broker/dealer, other than as set forth in this Agreement.

 

    	 	15	 

     

    

 

	 	(e)	Executive
    also acknowledges and agrees that an investment in the Securities is highly speculative and involves a high degree of risk of loss
    of the entire investment in the Company and there is no assurance that a public market for the Securities will ever develop and that,
    as a result, Executive may not be able to liquidate Executive’s investment in the Securities should a need arise to do so.
    Executive is not dependent for liquidity on any of the amounts Executive is investing in the Securities. Executive has full power
    and authority to make the representations referred to herein, to acquire the Securities and to execute and deliver this Agreement.
    Executive understands that the representations and warranties herein are to be relied upon by the Company as a basis for the exemptions
    from registration and qualification of the issuance and sale of the Securities under the federal and state securities laws and for
    other purposes.
	 	 	 
	 	(f)	Executive
    understands that no United States federal or state agency or any other government or governmental agency has passed upon or made
    any recommendation or endorsement of the Securities.
	 	 	 
	 	(g)	Executive
    understands that until such time as the Securities have been registered under the Securities Act or may be sold pursuant to Rule
    144, Rule 144A under the Securities Act or Regulation S without any restriction as to the number of securities as of a particular
    date that can then be immediately sold, the Securities may bear a restrictive legend in substantially the following form (and a stop-transfer
    order may be placed against transfer of the certificates for such Securities):

 

“NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE
ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN
OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT
REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144, RULE 144A OR REGULATION S UNDER SAID ACT. NOTWITHSTANDING THE
FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT
SECURED BY THE SECURITIES.”

 

    	 	16	 

     

    

 

	 	(h)	This
    Agreement has been duly and validly authorized by Executive. This Agreement has been duly executed and delivered on behalf of Executive,
    and this Agreement constitutes a valid and binding agreement of Executive enforceable in accordance with its terms.
	 	 	 
	 	(i)	Executive
    is an individual resident of the state set forth in the notices provision for Executive herein.

 

	 	11.	Effect
                                            of Waiver. The waiver by either Party of a breach of any provision of this Agreement
                                            shall not operate or be construed as a waiver of any subsequent breach hereof. No waiver
                                            shall be valid unless in writing.

 

	 	12.	Assignment.
                                            This Agreement may not be assigned by either Party without the express prior written consent
                                            of the other Party hereto, except that Company may transfer, assign or delegate to any successor
                                            (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially
                                            all of the business and/or assets of the Company any of Company’s rights, obligations
                                            or duties hereunder. As used in this Agreement, “Company” shall mean the Company
                                            as hereinbefore defined and any successor to its business and/or assets as aforesaid which
                                            assumes and agrees to perform this Agreement by operation of law, or otherwise. This Agreement
                                            shall inure to the benefit of, and shall be binding upon, the successors and permitted assigns
                                            of the Parties.

 

	 	13.	No
                                            Third-Party Rights. Except as expressly provided in this Agreement, this Agreement is
                                            intended solely for the benefit of the Parties hereto and is not intended to confer any benefits
                                            upon, or create any rights in favor of, any person or entity other than the Parties hereto.

 

	 	14.	Entire
                                            Agreement; Effectiveness of Agreement. This Agreement, the Option Agreement and any other
                                            agreement entered into between the Company and Executive with respect to the issuance of
                                            any equity securities of the Company or other equity awards relating to the Company set forth
                                            the entire agreement of the Parties hereto and shall supersede any and all prior agreements
                                            and understandings concerning the Executive’s employment by the Company. This Agreement
                                            may be changed only by a written document signed by the Executive and the Company.

 

	 	15.	Survival.
                                            The provisions of Section 3, Section 4, Section 5, Section 6, Section 7, Section 8, Section
                                            9 and Section 13 through Section 26, inclusive, shall survive any termination or expiration
                                            of this Agreement, and provided that any expiration or termination of this Agreement shall
                                            not excuse a Party from compliance with, or fulfillment of, any obligations or conditions
                                            which arose prior to such expiration or termination.

 

	 	16.	Severability.
                                            If any one or more of the provisions, or portions of any provision, of the Agreement shall
                                            be held to be invalid, illegal or unenforceable, the validity, legality or enforceability
                                            of the remaining provisions or parts hereof shall not in any way be affected or impaired
                                            thereby.

 

    	 	17	 

     

    

 

	 	17.	Governing
                                            Law and Waiver of Jury Trial.

 

	 	(a)	All
    questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined, and this Agreement
    shall be governed by and construed and enforced in accordance with the internal laws of the State of Florida, and for all purposes
    shall be construed in accordance with the laws of such state, without giving effect to the choice of law provisions of such state.
	 	 	 
	 	(B)	SUBJECT
    TO SECTION 18, EACH PARTY AGREES THAT ALL LEGAL PROCEEDINGS CONCERNING THIS AGREEMENT SHALL BE COMMENCED IN THE STATE OF FLORIDA
    AND THE UNITED STATES FEDERAL COURTS SITTING IN PALM BEACH COUNTY, FLORIDA (THE “SELECTED COURTS”). EACH PARTY HERETO
    HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE SELECTED COURTS FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR
    IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT
    OF THE RIGHTS OF A PARTY UNDER THIS AGREEMENT), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING,
    ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH SELECTED COURTS, OR SUCH SELECTED COURTS ARE IMPROPER OR
    INCONVENIENT VENUE FOR SUCH PROCEEDING. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS
    BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY
    (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE
    SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN
    ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.
	 	 	 
	 	(c)	TO
    THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING
    OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (A) CERTIFIES
    THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
    NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
    BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 17(c).
	 	 	 
	 	(d)	Subject
    to the provisions of Section 18, if any Party shall commence an action or proceeding to enforce any provisions of this Agreement,
    then the prevailing Party in such action or proceeding shall be reimbursed by the other Party for its attorney’s fees and other
    costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

    	 	18	 

     

    

 

	 	18.	Arbitration.
                                            Any controversy, claim or dispute arising out of or relating to this Agreement or the Executive’s
                                            employment by the Company, including, but not limited to, common law and statutory claims
                                            for discrimination, wrongful discharge, and unpaid wages, shall be resolved by arbitration
                                            in Jupiter, Florida pursuant to then-prevailing National Rules for the Resolution of Employment
                                            Disputes of the American Arbitration Association. The arbitration shall be conducted by three
                                            arbitrators, with one arbitrator selected by each Party and the third arbitrator selected
                                            by the two arbitrators so selected by the Parties. The arbitrators shall be bound to follow
                                            the applicable Agreement provisions in adjudicating the dispute. It is agreed by both Parties
                                            that the arbitrators’ decision is final, and that no Party may take any action, judicial
                                            or administrative, to overturn such decision. The judgment rendered by the arbitrators may
                                            be entered in the Selected Courts. Subject to the provisions of Section 18, each Party will
                                            pay its own expenses of arbitration and the expenses of the arbitrators will be equally shared
                                            provided that, if in the opinion of the arbitrators any claim, defense, or argument raised
                                            in the arbitration was unreasonable, the arbitrators may assess all or part of the expenses
                                            of the other Party (including reasonable attorneys’ fees) and of the arbitrators as
                                            the arbitrators deem appropriate. The arbitrators may not award either Party punitive or
                                            consequential damages.

 

	 	19.	General
                                            Remedies. Each Party acknowledges that a breach by it of its obligations hereunder will
                                            cause irreparable harm to the other Party, and thus each Party acknowledges that the remedy
                                            at law for a breach of its obligations under this Agreement will be inadequate and agrees,
                                            in the event of a breach or threatened breach by such Party of the provisions of this Agreement,
                                            that the other Party shall be entitled, in addition to all other available remedies at law
                                            or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions
                                            restraining, preventing or curing any breach of this Agreement and to enforce specifically
                                            the terms and provisions hereof, without the necessity of showing economic loss and without
                                            any bond or other security being required.

 

	 	20.	Indemnification.
                                            During the Term, the Executive shall be entitled to indemnification and insurance coverage
                                            for officers’ liability, fiduciary liability and other liabilities arising out of the
                                            Executive’s position with the Company in any capacity, in an amount not less than the
                                            highest amount available to any other executive, and such coverage and protections, with
                                            respect to the various liabilities as to which the Executive has been customarily indemnified
                                            prior to termination of employment, shall continue for at least six years following the end
                                            of the Term. Any indemnification agreement entered into between the Company and the Executive
                                            shall continue in full force and effect in accordance with its terms following the termination
                                            of this Agreement.

 

	 	21.	Expenses.
                                            Other than as specifically set forth herein, each of the Parties will bear their own respective
                                            expenses, including legal, accounting and professional fees, incurred in connection with
                                            this Agreement and the transactions contemplated herein.

 

    	 	19	 

     

    

 

	 	22.	Notices.
                                            All notices and other communications hereunder shall be in writing and shall be given by
                                            hand delivery to the other Party, or by registered or certified mail, return receipt requested,
                                            postage prepaid, or by email with return receipt requested and received or nationally recognized
                                            overnight courier service, addressed as set forth below or to such other address as either
                                            Party shall have furnished to the other in writing in accordance herewith. All notices, requests,
                                            demands and other communications shall be deemed to have been duly given (i) when delivered
                                            by hand, if personally delivered, (ii) when delivered by courier or overnight mail, if delivered
                                            by commercial courier service or overnight mail, and (iii) on receipt of confirmed delivery,
                                            if sent by email.

 

If
to the Company:

 

Jupiter Orphan Therapeutics, Inc.

Attn: Christer Rosén

601 Heritage Drive

Jupiter,
FL 33458

Email: rosen@jupiterorphan.com

 

With
a copy, which shall not constitute notice, to:

 

Anthony
L.G., PLLC

Attn:
John Cacomanolis

625
N. Flagler Drive, Suite 600

West
Palm Beach, FL 33401

Email:
JCacomanolis@anthonypllc.com
 

If
to Executive, to:

 

Alexander
Rosén

219 New Haven Blvd
Jupiter,
FL 33458

Email: a.rosen@jupiterorphan.com

 

	 	23.	Headings.
                                            The section headings contained in this Agreement are inserted for convenience only and shall
                                            not affect in any way the meaning or interpretation of this Agreement.

 

	 	24.	Counsel.
                                            The Parties acknowledge and agree that Anthony L.G., PLLC (“Counsel”) has acted
                                            as legal counsel to the Company, and that Counsel has prepared this Agreement at the request
                                            of the Company, and that Counsel is not legal counsel to Executive individually. Each of
                                            the Parties acknowledges and agrees that they are aware of, and have consented to, the Counsel
                                            acting as legal counsel to the Company and preparing this Agreement, and that Counsel has
                                            advised each of the Parties to retain separate counsel to review the terms and conditions
                                            of this Agreement and the other documents to be delivered in connection herewith, and each
                                            Party has either waived such right freely or has otherwise sought such additional counsel
                                            as it has deemed necessary. Each of the Parties acknowledges and agrees that Counsel does
                                            not owe any duties to Executive in Executive’s individual capacity in connection with
                                            this Agreement and the transactions contemplated herein. Each of the Parties hereby waives
                                            any conflict of interest which may apply with respect to Counsel’s actions as set forth
                                            herein, and the Parties confirm that the Parties have previously negotiated the material
                                            terms of the agreements as set forth herein.

 

	 	25.	Rule
                                            of Construction. The general rule of construction for interpreting a contract, which
                                            provides that the provisions of a contract should be construed against the Party preparing
                                            the contract, is waived by the Parties hereto. Each Party acknowledges that such Party was
                                            represented by separate legal counsel in this matter who participated in the preparation
                                            of this Agreement or such Party had the opportunity to retain counsel to participate in the
                                            preparation of this Agreement but elected not to do so.

 

	 	26.	Execution
                                            in Counterparts, Electronic Transmission. This Agreement may be executed in any number
                                            of counterparts, each of which shall be deemed an original. The signature of any Party which
                                            is transmitted by any reliable electronic means such as, but not limited to, a photocopy,
                                            electronically scanned or facsimile machine, for purposes hereof, is to be considered as
                                            an original signature, and the document transmitted is to be considered to have the same
                                            binding effect as an original signature or an original document.

 

[Signatures
appear on following page]

 

    	 	20	 

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date.

 

	 	Jupiter Orphan Therapeutics, Inc.
	 	 
	 	By:
    	/s/
    Christer Rosén
	 	Name:
    	Christer
    Rosén
	 	Title:
    	Chairman
    and Chief Executive Officer
	 	 
	 	Executive:
	 	 	 
	 	By:	/s/
    Alexander Rosén
	 	Name:	Alexander Rosén

 

    	 	21	 

     

    

 

Exhibit
A

Option
Agreement

 

(Attached)

 

    	 	22

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