Document:

EXHIBIT 10.35

 

MODIFICATION TO EMPLOYMENT AGREEMENTS

 

This modification agreement
dated September 14, 2018 (the “Modification Agreement”), is by and between Accelerated Pharma, Inc., a corporation
organized under the laws of the State of Delaware (the “Company”), on the one hand, and Michael Fonstein, Randy S.
Saluck, Ekaterina Nikolaevskaya and Dmitry Prudnikov, collectively, the “Executive Officers”), on the other hand, and
relates to the employment agreements between the Company and the Executive Officers dated June 10, 2016. The Company and the Executive
Officers are sometimes referred to individually, as a “Party”) and collectively, as the “Parties.”

 

WHEREAS, on June
10, 2016, the Company entered into Employment Agreements with each of the Executive Officers which: (i) provided for an “Effective
Date,” as defined in the Employment Agreements, as the date of consummation of the Company’s Offering (the “2017
IPO”); and (ii) provided that the Executive Officers devote the substantial portion of their working time and energies to
the business and affairs of the Company; and

 

WHEREAS, the Company
was not successful in the consummation of the 2017 IPO and the Executive Officers did not, in fact, devote the substantial portion
of their working time and energies to the business and affairs of the Company because the Company lacked the capital resources
to actively pursue its business plan from January 1, 2017 to the present; and

 

WHEREAS, the Company
and the each of the Executive Officers have agreed to enter into this Modification Agreement, which supersedes the Employment Agreements
dated June 10, 2016 in their entirety.

 

NOW, THEREFORE,
in consideration of the foregoing premises and mutual covenants and agreements herein, and for other good and valuable consideration,
the Parties hereby agree as follows:

 

1. Waiver of Compensation
and Other Benefits. As a result of the facts that the Company was not successful in the consummation of the 2017 IPO and the
Executive Officers did not, in fact, devote the substantial portion of their working time and energies to the business and affairs
of the Company because the Company lacked the capital resources to actively pursue its business plan and pay the Executive Officers
pursuant to the terms of their Employment Agreements. As a result of the foregoing, the Executive Officers have each agreed that
from January 1, 2017 to the present, to: (i) forego, waive and forgive any and all payments, consideration, compensation and other
benefits (collectively, the “Employment Benefits”) under their respective Employment Agreements from January 1, 2017
to the date first set forth above; and (ii) forever forgive any rights whatsoever to any Employment Benefits and any rights that
exist or may exist to accruals to and for any Employment Benefits under their respective Employment Agreements.

 

2. New Employment Agreements.

 

(a) The Company has agreed
in principle with Michael Fonstein, Ekaterina Nikolaevskaya and Dmitry Prudnikov to enter into new employment agreements which
shall provide for annual base salaries equal to 30% of the annual base salary provided in the Fonstein Employment Agreement and
35% of the annual base salaries provided in the Nikolaevskaya and Prudnikov Employment Agreements, with such other terms and conditions
subject to negotiation between the Company and the three referenced Executive Officers (the “New Employment Agreements”),
it being understood that Fonstein, Nikolaevskaya and Prudnikov shall devote the substantial portion of their working time and energies
to the business and affairs of the Company.

 

(b) The New Employment
Agreements will not become effective unless and until the Company successfully completes its planned unit offering of shares and
warrants, as set forth in the draft Form S-1 that the Company intends to file with the SEC in September 2018 (the “2018 Registration
Statement”).

 

(c) The Parties understand
and agree that Randy S. Saluck has taken a full-time position with another, unrelated entity and will not continue to serve the
Company in a full-time capacity or even any capacity and, as a result, the Company and Mr. Saluck intend to either negotiate a
severance agreement or other form of engagement agreement at terms and conditions that have not yet been determined.

 

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3. Miscellaneous.

 

(a) Governing Law.
This Agreement shall be construed and governed under and by the laws of the State of Connecticut, without regard to the conflicts
of laws principles thereof.

 

(b) Entire Agreement;
Amendments. This Modification Agreement sets forth the entire understanding of the Parties concerning the subject matter of
this Modification Agreement, incorporates all prior negotiations and understandings between the Parties and supersedes in all respects
the June 10, 2016 Employment Agreements. There are no covenants, promises, agreements, conditions or understandings, either oral
or written, between them relating to the subject matter of this Modification Agreement other than those set forth herein.

 

(c) Notices. For
the purpose of this Modification Agreement, notices and all other communications provided for herein shall be in writing and shall
be deemed to have been duly given when delivered by hand or internationally recognized courier service addressed to the respective
addresses set forth below in this Modification Agreement, or via facsimile or email transmission to the number or email address
set forth below, or to such other address as either party may have furnished to the other in writing in accordance herewith, except
that notice of change of address shall be effective only upon receipt.

 

If to the Company:

 

Accelerated Pharma, Inc.

36 Church Lane

Westport, Connecticut 06880

Attention: Michael Fonstein, Chief
Executive Officer

Email: mfonstein@apipharmaceuticals.com

 

If to the Executive Officers:

 

Michael Fonstein, PhD.

15W155 81st street

Burr Ridge, IL 60527

Email: mfonstein@apipharmaceuticals.com

 

Ekaterina Nikolaevskaya

1-17 Zvonarsky Lane, 107031

Moscow, Russia

Email: enikolaevskaya@apipharmaceuticals.com

 

Dmitry Prudnikov

Kivokolennyi Lane, 12, building 1,
floor 6

101000, Moscow, Russia

Email: dprudnikov@apipharmaceuticals.com

 

Randy S. Saluck

10 Mortar Rock Road

Westport, Ct 06880

Email: rsaluck@apipharmaceuticals.com

 

(d) Prior Agreements.
This Modification Agreement supersedes all prior agreements and understandings (including verbal agreements) between the Executive
Officers and the Company regarding the terms and conditions of the Executive Officers’ Employment Agreements with the Company
and any and all rights and privileges of each Executive Officer thereunder, including any rights to payments or accruals under
the June 10, 2016 Employment Agreements from January 1, 2017 to the present.

 

(e) Execution and Counterparts.
This Modification Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each Party and delivered to the other Party,
it being understood that the Parties need not sign the same counterpart.

 

(Signatures on Following Page)

 

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IN WITNESS WHEREOF,
the Parties hereto have duly executed this Modification Agreement as of the day and year first above written.

 

ACCELERATED PHARMA, INC.

 

	/s/: Michael Fonstein	 
	Name:	Michael Fonstein	 
	Title:	Chief Executive Officer 	 

 

EXECUTIVE OFFICERS

 

	/s/: Michael Fonstein	 
	Name:	Michael Fonstein	 
	Title:	Chief Executive Officer 	 

 

	/s/: Ekaterina Nikolaevskaya	 
	Name:	Ekaterina Nikolaevskaya	 
	Title:	Chief Operating Officer 	 

 

	/s/: Dmitry Prudnikov	 
	Name:	Dmitry Prudnikov	 
	Title:	Chief Medical Officer 	 

 

	/s/: Randy S. Saluck	 
	Name:	Randy S. Saluck	 
	Title:	Chief Strategic Officer 	 

 

    	 	3EXHIBIT
10.36

 

FORM
OF NOTE EXTENSION AGREEMENT

 

This
Note Extension Agreement (“Extension Agreement”), is made and entered into effective as of October 8, 2018 (the “Effective
Date”), by and among Accelerated Pharma, Inc., a Delaware corporation (the “Company”), and the parties identified
on the signature page hereto (each a “Note Holder” and collectively, the “Note Holders”). The Company
and the Note Holders are sometimes referred to individually, as a “Party” and collectively, as the “Parties.”

 

WHEREAS,
the Company and Note Holders identified on Schedule A entered into Securities Purchase Agreements (collectively, the “Securities
Purchase Agreements” or “SPAs”) and other transaction documents (collectively, “Transaction Documents”)
dated as of December 23, 2014, May 8, 2015, June 11, 2015, November 6, 2015, April 20, 2016, April 22, 2016, May 9, 2016, May
27, 2016, July 15, 2016 and the unsigned September 2017 SPA (the April 20, 2016, April 22, 2016, May 9, 2016, May 27, 2016, July
15, 2016 and the unsigned September 2017 SPA, and several other Securities Purchase Agreements with dates ranging between July
2016 through September 2017 2017; and

 

WHEREAS,
pursuant to the Transaction Documents, the Company issued to the Note Holders certain secured convertible notes having maturity
date of December 31, 2017 (“Notes”); and

 

WHEREAS,
the Parties understand that the Company is in the process of filing a registration statement on Form S-1 (the “Registration
Statement”) with the United States Securities and Exchange Commission (the “SEC”) for its initial public offering
(“IPO”) of 750,000 units (the “Units”) at a price of $4.00 per Unit, each consisting of one (1) share
of common stock, par value $0.00001 (the “Common Stock”) and one (1)
Class A Warrant exercisable for a period of five (5) years to purchase one (1) additional share of Common Stock at an exercise
price of $4.40 per share; and

 

WHEREAS,
the Parties acknowledge that the Notes may be deemed to be past due and in connection with the completion of the audit of the
Company’s consolidated financial statements for the year-ended December 31, 2017 (the “2017 Financial Statements”)
and the filing of the Registration Statement, which is anticipated by or about October 10, 2018, the Company has requested and
the Note Holders have agreed to: (i) extend the maturity date of the Notes to January 31, 2019 (the “New Maturity Date”),
with the understanding that the New Maturity Date may be extended pursuant to a separate written agreement between the Parties;
and (ii) waive any Events of Default (as that term is defined in the Transaction Documents) that occurred or may have occurred
prior to the date hereof; and

 

WHEREAS,
the Company and Purchasers agree to the extension of the maturity date and the adoption of the New Maturity Date effective December
31, 2017 (the “Effective Date”).

 

NOW,
THEREFORE, the Company and Note Holders hereby agree as follows:

 

1.
The New Maturity Date of the 2014 Notes and the 2015 Notes is extended to January 31, 2019, effective as of December 31, 2017
(the “Effective Date”).

 

2.
As of the Effective Date and only in connection with this Extension Agreement, the undersigned Note Holders waive: (i) any Events
of Default that have occurred or may have occurred prior to the date hereof; and (ii) any restrictions contained in the Transaction
Documents in order to afford the Company the opportunity to implement and complete the IPO.

 

3.
The undersigned Note Holders each represent to the Company that he/she/it is the holder of the Notes in the amounts set forth
on Schedule A hereto, he/she/it has not sold, transferred or otherwise assigned any of the Notes and he/she/it has the authority
to enter into and deliver this Extension Agreement.

 

4.
This Extension Agreement may be executed in counterparts, each of which shall be deemed an original but all of which shall together
constitute one and the same instrument. This Extension Agreement may be signed and delivered by facsimile or electronically and
such facsimile or electronically signed and delivered Extension Agreement shall be enforceable.

 

    	 	 	 

    	 

    

 

IN
WITNESS WHEREOF, the Company and the undersigned Purchasers have caused this Tenth Consent to be executed as of the date first
written above.

 

	 	ACCELERATED PHARMA, INC.
	 	the “Company”
	 	 	 
	 	By:	/s/
    Michael Fonstein
	 	Name:	Michael Fonstein
	 	Title:	Chief Executive Officer

 

“PRIOR
PURCHASER”

 

Name
of Prior Purchaser: ______________________________________________________________

 

Signature
of Authorized Signatory of Prior Purchaser: _______________________________________

 

Name
of Authorized Signatory: ___________________________________________________________

 

Title
of Authorized Signatory: ____________________________________________________________

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