Document:

Exhibit 10.1

 

	RenovoRx

    4546
    El Camino Real, Ste. B1

    Los
    Altos, CA 94022

    www.renovorx.com
	

 

AUGUST
15, 2022

Angela
Nelms

[Contact
information on file with the Company]

 

Via Email

 

Re:
Offer of Employment with RenovoRx, Inc.

 

Dear
Angela:

 

I
am pleased to offer you a position with RenovoRx, Inc. (the “Company”), with a start date of September 19,
2022 (the “Start Date”).

 

1. Title;
Position; Location. You will serve as the Company’s Chief Operating Officer. This is a full-time exempt position that will
report to the Chief Executive Officer (“CEO”). You will perform your duties from the Company’s
corporate offices located in Los Altos, California (with the exception of any period during which a shelter-in-place order or
similar work-from-home arrangement affecting your employment with the Company remains in effect), subject to customary travel as
reasonably required by the Company and necessary to perform your job duties.

 

2. Base
Salary. Your annual base salary will be $400,000 (“Salary”), which will be payable, less any
applicable withholdings, in accordance with the Company’s normal payroll practices.

 

3. Annual
Bonus. You will have the opportunity to be awarded a discretionary annual cash bonus targeted at thirty-five percent (35%) of
your annual base salary earned during the fiscal year, based on achieving performance objectives established by the Company’s
Board of Directors (“Board”) or its Compensation Committee (the “Committee”), as
applicable, in its sole discretion and payable upon achievement of those objectives, and subject to such terms and conditions, as
determined by the Board or the Committee. Any such bonus that the Company determines may be payable to you for 2022 will be prorated
based on your Start Date. Unless determined otherwise by the Board or the Committee, as applicable, any such bonus will be subject
to your continued employment through and until the date of payment, and any such bonus amounts paid will be subject to any
applicable withholdings. Your annual bonus opportunity and the applicable terms and conditions may be adjusted from time to time by
the Board the Committee, as applicable, in its sole discretion. In addition, the Company may, in its discretion, grant additional
discretionary bonus amounts to you.

 

4. Equity
Awards.

 

a. Initial
Stock Option. In addition, if you decide to join the Company, the Company will recommend to the Committee that the Company grant
you an option to purchase shares of the Company’s common stock having an aggregate grant date fair value (that is, a
Black-Scholes value) of approximately $765,000 (the “Option”). The exercise price per share of the Option
will equal the fair market value per share of the Common Stock on the date of grant, as determined in accordance with the
Company’s 2021 Omnibus Equity Incentive Plan or such other Company equity incentive plan under which the Option is granted.
The Option will be granted to you only if you remain an employee of the Company through the grant date. The Option will be subject
to the terms and conditions of the Company’s equity incentive plan under which it is granted and a stock option agreement
provided to you by the Company. It will be recommended that the Option be subject to a four-year vesting period subject to your
continued service with the Company, with 25% of the shares subject to the option scheduled to vest on the one year anniversary of
your Start Date and the remaining 75% of the shares subject to the Option scheduled to vest in approximately equal monthly
installments over the remaining thirty-six (36) months (or 1/48th of the total shares subject to the Option per month) on each
monthly anniversary of the vesting commencement date (your Start Date), in each case subject to your continued service with the
Company through the applicable vesting date). No right to any stock is earned or accrued until such time that vesting occurs, nor
does the grant confer any right to continue vesting or to a continued employment relationship.

 

    	 

     

    

 

b. Future
Equity Awards. You will be eligible to receive awards of stock options or other equity awards pursuant to any plans or
arrangements the Company may have in effect from time to time. The Board or the Committee, as applicable, will determine in its sole
discretion whether you will be granted any such equity awards and the terms of any such award in accordance with the terms of any
applicable plan or arrangement that may be in effect from time to time.

 

5. Relocation.
In recognition that you will need to relocate to perform your duties at the Company’s corporate offices, the Company will
reimburse you for reasonable moving expenses up to a maximum of $20,000. The relocation reimbursement will be taxable and thus you
will receive less than $20,000 after applicable withholdings. If your reimbursements total less than $20,000, the Company will pay
you a tax gross-up payment in an amount such that you will receive the reimbursement amount after the payment of applicable
withholding taxes or if the payment with the gross-up amount exceeds $20,000 then you will be reimbursed $20,000 after applicable
withholdings. To be reimbursed, you will need to submit receipts to the CFO. Any such reimbursements will be paid to you, within
thirty (30) days following your submission of such receipts, subject to your continued employment through the payment date and will
be reflected on your W-2 for payroll withholding.

 

6. Employee
Benefits. You will be eligible to participate in the benefit plans and programs established by the Company for its employees
from time to time, subject to their applicable terms and conditions, including without limitation any eligibility requirements. The
Company will reimburse you for reasonable travel or other expenses incurred by you in the furtherance of or in connection with the
performance of your duties under this Agreement, pursuant to the terms of the Company’s expense reimbursement policy as may be
in effect from time to time. The Company reserves the right to modify, amend, suspend or terminate the benefit plans, programs, and
arrangements it offers to its employees at any time.

 

7. Severance.
You will be eligible to enter into a Change in Control and Severance Agreement (the “Severance Agreement”)
applicable to you based on your position within the Company. The Severance Agreement will specify the severance payments and
benefits you may become entitled to receive in connection with certain qualifying terminations of your employment with the
Company.

 

8. At-Will
Employment. The Company is excited about your joining and looks forward to a beneficial and productive relationship.
Nevertheless, you should be aware that your employment with the Company is for no specified period and constitutes at-will
employment. As a result, you are free to resign at any time, for any reason or for no reason. Similarly, the Company is free to
conclude its employment relationship with you at any time, with or without cause, and with or without notice. We request that, in
the event of resignation, you give the Company at least two weeks’ notice. You should note that the Company may modify job
titles, salaries, benefits, and other terms and conditions of employment from time to time as it deems necessary.

 

9. Background
Check. The Company reserves the right to conduct background investigations and/or reference checks on all of its potential
employees. Your job offer, therefore, is contingent upon a clearance of such a background investigation and/or reference check, if
any. 

 

10. Immigration
Laws. For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your
identity and eligibility for employment in the United States. Such documentation must be provided within three (3) business days of
the effective date of your employment, or your employment relationship with the Company may be terminated.

 

    	Page 2

     

    

 

11. Prior
Employment/Third Party Information. We ask that, if you have not already done so, you disclose to the Company any and all
agreements relating to your prior employment that may affect your eligibility to be employed by the Company or limit the manner in
which you may be employed. It is the Company’s understanding that any such agreements will not prevent you from performing the
duties of your position, and by signing this letter, you confirm that you have no contractual commitments or other legal obligations
that would prohibit you from performing your duties for the Company. Similarly, you agree not to bring any third-party confidential
information to the Company, including that of any former employer, and that you will not in any way utilize any such information in
performing your duties for the Company.

 

12. Conflicting
Obligations. While you render services to the Company, you will not engage in any other employment, consulting or other business
activity (whether full-time or part-time) that would create a conflict of interest with the Company, and any engagement or
participation in any outside business activity or business affairs by you will be subject to full disclosure and prior written
approval from the Company’s CEO.

 

13. Confidentiality
Agreement/Arbitration. As a condition of your employment, you are also required to sign and comply with an At-Will Employment,
Confidential Information, Invention Assignment and Arbitration Agreement (the “Confidentiality Agreement”)
which requires, among other provisions, the assignment of patent rights to any invention made during your employment at the Company,
non-disclosure of Company proprietary information, and arbitration of any disputes or claims relating to or arising out of our
employment relationship (subject to the terms and conditions of the arbitration provision set forth in the Confidentiality
Agreement). Please note that we must receive your signed Confidentiality Agreement before your first day of employment.

 

14. Company
Policies. As a Company employee, you will be expected to abide by the Company’s rules and standards. Specifically, you
will be required to sign an acknowledgment that you have read and that you understand the Company’s rules of conduct which are
included in the Company Manual.

 

15. Miscellaneous.
This letter, together with the Confidentiality Agreement, and the Severance Agreement set forth the terms of your employment with
the Company and supersede any prior representations or agreements including, but not limited to, any representations made during
your recruitment, interviews or pre-employment negotiations, whether written or oral. This Agreement will be governed by the laws of
the State of California but without regard to the conflict of law provision. This letter, including, but not limited to, its at-will
employment provision, may not be modified or amended except by a written agreement signed by a duly authorized officer of the
Company (other than yourself) and you.

 

[Signature
page follows]

 

    	Page 3

     

    

 

We
look forward to you joining the Company. If the foregoing terms are agreeable, please indicate your acceptance by signing this offer
letter in the space provided below and returning it to me. This offer of employment will terminate if it is not accepted, signed and
returned by August 18, 2022, at 5:00pm PT.

 

	 	Sincerely,
	 	 
	 	RenovoRx, Inc.
	 	 	 
	 	By:	/s/
    Shaun R. Bagai
	 	 	Shaun
    R. Bagai
	 	 	Chief
    Executive Officer

 

	Agreed
    to and accepted: 	 
	 	 
	/s/
    Angela Gill Nelms	 
	Angela
    Nelms	 
	 	 
	Dated:
    8/17/2022	 

 

    	Page 4Exhibit
10.2

 

RenovoRX,
INC.

 

CHANGE
IN CONTROL AND SEVERANCE AGREEMENT

 

This
Change in Control and Severance Agreement (the “Agreement”) is made by and between RenovoRx, Inc., a Delaware corporation
(the “Company”), and Angela Gill Nelms (“Executive”), effective as of the Effective Date, as defined
in Section 7 below.

 

This
Agreement provides certain protections to Executive in connection with an involuntary termination of Executive’s employment with
the Company under the circumstances described in this Agreement, including in connection with a change in control of the Company. Certain
capitalized terms used in this Agreement are defined in Section 7 below.

 

The
Company and Executive agree as follows:

 

1.
Term of Agreement. This Agreement will continue indefinitely until terminated by written consent of the parties hereto, or if
earlier, upon the date that all of the obligations of the parties hereto with respect to this Agreement have been satisfied.

 

2.
At-Will Employment. The Company and Executive acknowledge that Executive’s employment is and will continue to be at-will,
as defined under applicable law. No payments, benefits, or provisions under this Agreement will confer upon Executive any right to continue
Executive’s employment with the Company, nor will they interfere with or limit in any way the right of the Company or Executive
to terminate such relationship at any time, with or without cause, to the extent permitted by applicable laws.

 

3.
Severance Benefits.

 

(a)
Qualifying Termination Outside of the Change in Control Period. In the event of a Qualifying Termination that occurs other than
during the Change in Control Period, Executive will receive the following payments and benefits from the Company, subject to the requirements
of this Agreement:

 

(i)
Base Compensation Severance. A single, lump sum, cash payment equal to fifty percent (50%) of Executive’s Annual Base Compensation.

 

(ii)
Bonus Severance. A single, lump sum, cash payment equal to the product of (i) the Executive’s Target Bonus, if any, that
the Executive would have earned for the entire fiscal year in which the Qualifying Termination occurs; and (ii) a fraction, the numerator
of which is the number of days the Executive was employed by the Company during the fiscal year in which the Qualifying Termination occurs
and the denominator of which is the number of days in such fiscal year.

 

(iii)
COBRA Severance. Subject to Executive timely electing continuation coverage under the Consolidated Omnibus Budget Reconciliation
Act of 1985, as amended (“COBRA”) and further subject to Section 5(c), Executive will receive Company-paid group health,
dental and vision coverage for Executive and any of Executive’s eligible dependents, as applicable (the “COBRA Severance”),
following the Qualifying Termination until the earliest of: (A) six (6) months following the date of the Qualifying Termination, (B)
the date on which Executive and Executive’s eligible dependents (as applicable) become covered under similar plans, or (C) the
expiration of Executive’s (and any of Executive’s eligible dependents’, as applicable) eligibility for continuation
coverage under COBRA.

 

    	 

     

    

 

(b)
Qualifying Termination During the Change in Control Period. In the event of a Qualifying Termination that occurs during the Change
in Control Period, Executive will receive the following payments and benefits from the Company, subject to the requirements of this Agreement:

 

(i)
Base Compensation Severance. A single, lump sum, cash payment equal to one-hundred percent (100%) of Executive’s Annual
Base Compensation.

 

(ii)
COBRA Severance. Subject to Executive timely electing continuation coverage under COBRA and further subject to Section 5(c), Executive
will receive COBRA Severance until the earliest of: (A) twelve (12) months following the date of the Qualifying Termination, (B) the
date on which Executive and Executive’s eligible dependents (as applicable) become covered under similar plans, or (C) the expiration
of Executive’s (and any of Executive’s eligible dependents, as applicable) eligibility for continuation coverage under COBRA.

 

(iii)
Vesting Acceleration of Service-based Equity Awards. Notwithstanding the terms of the Company equity plan or plans under which
the Executive’s Awards are granted or any applicable award agreements, vesting acceleration of one hundred percent (100%) of any
Equity Awards that are outstanding and unvested as of the date of the Qualifying Termination.

 

(c)
Termination Other Than a Qualifying Termination. If the termination of Executive’s employment does not constitute a Qualifying
Termination, then Executive will not be entitled to receive any severance or other benefits in connection with such termination except
for those, if any, as may then be established under the Company’s then existing severance and benefits plans or programs.

 

(d)
Non-duplication of Payment or Benefits. Notwithstanding any provision of this Agreement to the contrary, if Executive is entitled
to any cash severance, continued health coverage benefits, vesting acceleration of any Awards, or other severance or separation benefits
similar to those provided under this Agreement, by operation of applicable law or under a plan, policy, contract, or arrangement sponsored
by or to which the Company is a party other than this Agreement (“Other Benefits”), then the corresponding severance
payments and benefits under this Agreement will be reduced by the amount of Other Benefits paid or provided to Executive.

 

(e)
Death of Executive. In the event of Executive’s death before all payments or benefits Executive is entitled to receive under
this Agreement have been provided, the unpaid amounts will be provided to Executive’s designated beneficiary, if living, or otherwise
to Executive’s personal representative in accordance with the terms of this Agreement.

 

    	-2-
	RenovoRx - Change in Control and Severance Agreement (Angela Gill Nelms)

     

    

 

4.
Accrued Compensation. On any termination of Executive’s employment with the Company, Executive will be entitled to receive
all accrued but unpaid vacation, expense reimbursements, wages, and other benefits due to Executive under any Company-provided plans,
policies, and arrangements.

 

5.
Conditions to Receipt of Severance.

 

(a)
Separation Agreement and Release of Claims. Executive’s receipt of any severance payments or benefits upon a Qualifying
Termination under Section 3 is subject to Executive signing and not revoking a separation agreement and release of claims in a form satisfactory
to the Company, including, but not limited to, a general release and other provisions required by the Company (the “Release”),
which must become effective and irrevocable no later than the sixtieth (60th) day following the date of the Qualifying Termination
(the “Release Deadline Date”). If the Release does not become effective and irrevocable by the Release Deadline Date,
Executive will forfeit any right to severance payments or benefits under Section 3.

 

(b)
Payment Timing. Any lump sum cash severance payments under Section 3 relating to base compensation severance and any bonus severance
will be provided to Executive on the first regularly scheduled payroll date of the Company following the date the Release becomes effective
and irrevocable (but no later than March 15 of the calendar year following the year in which Executive’s termination occurs), subject
to any delay required by Section 5(d) below. Any Equity Awards that are restricted stock units, performance shares, performance units,
and/or similar full value awards (“Full Value Awards”) that accelerate vesting under Section 3(b)(iii) will be settled,
subject to any delay required by Section 5(d) below (or the terms of the Full Value Award agreement or other Company plan, policy, or
arrangement governing the settlement timing of the Full Value Award to the extent such terms specifically require any such delay in order
to comply with the requirements of Section 409A, as applicable), on a date within ten (10) days following the date the Release becomes
effective and irrevocable.

 

(c)
COBRA Severance Limitations. If the Company determines in its sole discretion that it cannot provide the COBRA Severance, if any
is otherwise due under the terms of Section 3, without potentially violating, or being subject to an excise tax under, applicable law
(including, without limitation, Section 2716 of the Public Health Service Act), then in lieu of such COBRA Severance, subject to any
delay required by Section 5(d) below and except as provided by the last sentence of this Section 5(c), the Company will provide to Executive
a taxable monthly payment payable on the last day of a given month (provided that no such payments will be made prior to the effectiveness
of the Release, and any such payments delayed as a result will be paid, subject to any delay required by Section 5(d) below, in a lump
sum on the first regularly scheduled payroll date of the Company following the date the Release becomes effective and irrevocable), in
an amount equal to the monthly COBRA premium that Executive would be required to pay to continue Executive’s group health coverage
in effect on the date of the Qualifying Termination (which amount will be based on the premium rates applicable for the first month of
COBRA Severance for Executive and any eligible dependents of Executive) (each, a “COBRA Replacement Payment”), which
COBRA Replacement Payments will be made regardless of whether Executive elects COBRA continuation coverage and will end on the earlier
of (i) the date upon which Executive obtains other employment, or (ii) the date the Company has paid an amount totaling the number of
COBRA Replacement Payments equal to the number of months in the applicable COBRA Severance period set forth in clause (A) of Section
3(a)(iii) or Section 3(b)(ii), as applicable. For the avoidance of doubt, the COBRA Replacement Payments may be used for any purpose,
including, but not limited to continuation coverage under COBRA, and will be subject to any applicable withholdings. Notwithstanding
anything to the contrary under this Agreement, if the Company determines in its sole discretion at any time that it cannot provide the
COBRA Replacement Payments without violating applicable law (including, without limitation, Section 2716 of the Public Health Service
Act), Executive will not receive the COBRA Replacement Payments, any further COBRA Severance or any payments or benefits in lieu thereof.

 

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	RenovoRx - Change in Control and Severance Agreement (Angela Gill Nelms)

     

    

 

(d)
Section 409A. The Company intends that all payments and benefits provided under this Agreement or otherwise are exempt from, or
comply with, the requirements of Section 409A so that none of the payments or benefits will be subject to the additional tax imposed
under Section 409A, and any ambiguities and ambiguous terms in this Agreement will be interpreted in accordance with this intent. No
payments or benefits to be provided to Executive, if any, under this Agreement or otherwise, when considered together with any other
severance payments or separation benefits that are considered deferred compensation under Section 409A (together, the “Deferred
Payments”) will be paid or otherwise provided until Executive has a “separation from service” within the meaning
of Section 409A. To the extent required to be exempt from or comply with Section 409A, references to the termination of Executive’s
employment or similar phrases used in this Agreement will mean Executive’s “separation from service” within the meaning
of Section 409A.

 

(i)
Any payments or benefits paid or provided under this Agreement that satisfy the requirements of the “short-term deferral”
rule under Treasury Regulations Section 1.409A-1(b)(4), or that qualify as payments made as a result of an involuntary separation from
service under Treasury Regulations Section 1.409A-1(b)(9)(iii) that is within the limit set forth thereunder, will not constitute Deferred
Payments for purposes of this Section 5(d).

 

(ii)
Notwithstanding any provisions to the contrary in this Agreement, if Executive is a “specified employee” within the meaning
of Section 409A at the time of Executive’s separation from service (other than due to death), then any payments or benefits under
this Agreement that constitute Deferred Payments payable within the first six (6) months after Executive’s separation from service
instead will be payable on the date six (6) months and one (1) day after Executive’s separation from service; provided that in
the event of Executive’s death within such six (6) month period, any payments delayed by this subsection (ii) will be paid to Executive
in a lump sum as soon as administratively practicable after the date of Executive’s death. To the extent that Executive is not
a specified employee but Executive’s Qualifying Termination occurs at a time during the year whereby the Release Deadline Date
will occur in the year immediately following the year in which the Qualifying Termination occurs, then any payments or benefits under
this Agreement that constitute Deferred Payments that otherwise would be payable prior to the Release Deadline Date instead will be paid
on the first regularly scheduled payroll date of the Company following the Release Deadline Date.

 

    	-4-
	RenovoRx - Change in Control and Severance Agreement (Angela Gill Nelms)

     

    

 

(iii)
The Company reserves the right to amend this Agreement as it considers necessary or advisable, in its sole discretion and without the
consent of Executive or any other individual, to comply with any provision required to avoid the imposition of the additional tax imposed
under Section 409A or to otherwise avoid income recognition under Section 409A prior to the actual payment of any benefits or imposition
of any additional tax. Each payment, installment, and benefit payable under this Agreement is intended to constitute a separate payment
for purposes of Treasury Regulations Section 1.409A-2(b)(2). In no event will Executive have any discretion to choose Executive’s
taxable year in which any payments or benefits are provided under this Agreement. In no event will the Company or any parent, subsidiary
or other affiliate of the Company have any responsibility, liability or obligation to reimburse, indemnify or hold harmless Executive
for any taxes, penalties or interest that may be imposed, or other costs that may be incurred, as a result of Section 409A.

 

6.
Limitation on Payments.

 

(a)
Reduction of Severance Benefits. If any payment or benefit that Executive would receive from the Company or any other party whether
in connection with the provisions in this Agreement or otherwise (the “Payments”) would (i) constitute a “parachute
payment” within the meaning of Section 280G of the Code and (ii) but for this sentence, be subject to the excise tax imposed by
Section 4999 of the Code (the “Excise Tax”), then the Payments will be either delivered in full, or delivered as to
such lesser extent that would result in no portion of the Payments being subject to the Excise Tax, whichever of the foregoing amounts,
taking into account the applicable federal, state and local income taxes and the Excise Tax, results in Executive’s receipt, on
an after-tax basis, of the greatest amount of Payments, notwithstanding that all or some of the Payments may be subject to the Excise
Tax. If a reduction in Payments is made in accordance with the immediately preceding sentence, the reduction will occur, with respect
to the Payments considered parachute payments within the meaning of Code Section 280G, in the following order: (A) reduction of cash
payments in reverse chronological order (that is, the cash payment owed on the latest date following the occurrence of the event triggering
the Excise Tax will be the first cash payment to be reduced); (B) cancellation of equity awards that were granted “contingent on
a change in ownership or control” within the meaning of Section 280G of the Code in the reverse order of date of grant of the equity
awards (that is, the most recently granted equity awards will be cancelled first); (C) reduction of the accelerated vesting of equity
awards in the reverse order of date of grant of the equity awards (that is, the vesting of the most recently granted equity awards will
be cancelled first); and (D) reduction of employee benefits in reverse chronological order (that is, the benefit owed on the latest date
following the occurrence of the event triggering the Excise Tax will be the first benefit to be reduced). In no event will Executive
have any discretion with respect to the ordering of Payment reductions. Executive will be solely responsible for the payment of all personal
tax liability that is incurred as a result of the payments and benefits received under this Agreement, and neither the Company nor any
parent, subsidiary or other affiliate of the Company have any responsibility, liability or obligation to reimburse, indemnify or hold
harmless Executive for any of those payments of personal tax liability.

 

(b)
Determination of Excise Tax Liability. Unless the Company and Executive otherwise agree in writing, any determinations required
under this Section 6 will be made in writing by a nationally recognized accounting or valuation firm (the “Firm”)
selected by the Company, whose determinations will be conclusive and binding upon Executive and the Company for all purposes. For purposes
of making the calculations required by this Section 6, the Firm may make reasonable assumptions and approximations concerning applicable
taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company
and Executive will furnish to the Firm such information and documents as the Firm reasonably may request in order to make determinations
under this Section 6. The Company will bear the costs and make all payments required to be made to the Firm for the Firm’s services
that are rendered in connection with any calculations contemplated by this Section 6. The Company will have no liability to Executive
for the determinations of the Firm.

 

    	-5-
	RenovoRx - Change in Control and Severance Agreement (Angela Gill Nelms)

     

    

 

7.
Definitions. The following terms referred to in this Agreement will have the following meanings:

 

(a)
“Annual Base Compensation “ means Executive’s annual base salary in effect immediately prior to Executive’s
Qualifying Termination (or, if the termination is due to a resignation for Good Reason based on a material reduction in Executive’s
annual base salary, then Executive’s annual base salary in effect immediately prior to the reduction) or, if Executive’s
Qualifying Termination occurs during the Change in Control Period and the amount is greater, Executive’s annual base salary in
effect immediately prior to the Change in Control.

 

(b)
“Award” means stock options and other equity awards covering shares of Company common stock granted to Executive.

 

(c)
“Board” means the Company’s Board of Directors.

 

(d)
“Cause” means Executive’s: (i) dishonesty of a material nature; (ii) theft or embezzlement of Company funds
or assets; (iii) being convicted of, or guilty plea or no contest plea to, a felony charge or any misdemeanor involving moral turpitude,
or the entry of a consent decree with any governmental body; (iv) noncompliance in any material respect with any U.S. or non-U.S. laws
or regulations; (v) violation of any express direction or any rule, regulation or policy established by the Company or the Board; (vi)
material breach of this Agreement or the Confidentiality Agreement; (vii) breach of any fiduciary duty to the Company; (viii) gross incompetence,
neglect, or misconduct in the performance of Executive’s duties; or (ix) repeated failure to perform Executive’s duties and
responsibilities for the Company or follow the reasonable and lawful instructions of the Company.

 

(e)
“Change in Control” means the first occurrence of any of the following events on or after the Effective Date:

 

(i)
Change in Ownership of the Company. A change in the ownership of the Company which occurs on the date that any one person, or
more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with
the stock held by such Person, constitutes more than fifty percent (50%) of the total voting power of the stock of the Company; provided,
however, that for purposes of this subsection, the acquisition of additional stock by any one Person, who is considered to own more than
fifty percent (50%) of the total voting power of the stock of the Company will not be considered a Change in Control; provided, further,
that any change in the ownership of the stock of the Company as a result of a private financing of the Company that is approved by the
Board also will not be considered a Change in Control. Further, if the stockholders of the Company immediately before such change in
ownership continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of shares
of the Company’s voting stock immediately prior to the change in ownership, direct or indirect beneficial ownership of fifty percent
(50%) or more of the total voting power of the stock of the Company or of the ultimate parent entity of the Company, such event shall
not be considered a Change in Control under this subsection (i). For this purpose, indirect beneficial ownership shall include, without
limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business entities which
own the Company, as the case may be, either directly or through one or more subsidiary corporations or other business entities; or

 

    	-6-
	RenovoRx - Change in Control and Severance Agreement (Angela Gill Nelms)

     

    

 

(ii)
Change in Effective Control of the Company. If the Company has a class of securities registered pursuant to Section 12 of the
U.S. Securities Exchange Act of 1934, as amended, a change in the effective control of the Company which occurs on the date that a majority
of members of the Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by
a majority of the members of the Board prior to the date of the appointment or election. For purposes of this subsection (ii), if any
Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person
will not be considered a Change in Control; or

 

(iii)
Change in Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial portion
of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period
ending on the date of the most recent acquisition by such Person or Persons) assets from the Company that have a total gross fair market
value equal to or more than fifty percent (50%) of the total gross fair market value of all of the assets of the Company immediately
prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute
a change in the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the
Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the
Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, fifty percent
(50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns,
directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding stock of the Company, or
(4) an entity, at least fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly, by a Person
described in this subsection (iii)(B)(3). For purposes of this subsection (iii), gross fair market value means the value of the assets
of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

 

For
purposes of this definition, persons will be considered to be acting as a group if they are owners of a corporation that enters into
a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.

 

Notwithstanding
the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within
the meaning of Section 409A. Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (x) its
sole purpose is to change the jurisdiction of the Company’s incorporation, or (y) its sole purpose is to create a holding company
that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such
transaction.

 

    	-7-
	RenovoRx - Change in Control and Severance Agreement (Angela Gill Nelms)

     

    

 

(f)
“Change in Control Period” means the period beginning on the date of a Change in Control and ending on (and inclusive
of) the date that is the one (1) year anniversary of a Change in Control.

 

(g)
“Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or regulation
thereunder will include such section or regulation, any valid regulation promulgated under such section, and any comparable provision
of any future legislation or regulation amending, supplementing or superseding such section or regulation.

 

(h)
“Confidentiality Agreement” means Executive’s At-Will Employment, Confidential Information, Invention Assignment,
and Arbitration Agreement entered into with the Company in August or September 2022, or any similar agreement entered into with the Company
thereafter.

 

(i)
“Director” means a member of the Board.

 

(j)
“Disability” means total and permanent disability as defined in Code Section 22(e)(3).

 

(k)
“Effective Date” means September 19, 2022.

 

(l)
“Equity Awards” means Awards that, as of the date of the Qualifying Termination, are held by Executive and subject
to continued service-based vesting criteria, but not subject to the achievement of any performance-based or other similar vesting criteria.

 

(m)
“Good Reason” means Executive’s termination of Executive’s employment with the Company within thirty (30)
days following the end of the Company’s Cure Period (as defined below) as a result of the occurrence of any of the following without
Executive’s written consent: (i) a material diminution in Executive’s annual base salary; (ii) the assignment to Executive
of duties that are materially inconsistent with Executive’s duties that results in a material diminution of Executive’s duties
with the Company in effect immediately prior to such assignment; (iii) a material diminution in Executive’s authority, responsibilities,
or job title; (iv) a material change in the location of Executive’s primary place of work to a location more than fifty (50) miles
from Executive’s primary place of work immediately prior to such change and that is further from Executive’s residence; provided,
however, that Executive must provide written notice to the Company of the condition that could constitute a “Good Reason”
event within sixty (60) days following the initial existence of such condition and such condition must not have been remedied by the
Company within thirty (30) days (the “Cure Period”) of such written notice. To the extent Executive’s primary
work location is Executive’s residence due to a shelter-in-place order or similar work-from-home arrangement that applies to Executive,
Executive’s primary place of work, from which a change in location under the foregoing clause (iv) will be measured, will be considered
the Company’s office location where Executive’s employment with the Company primarily was based immediately prior to the
commencement of such shelter-in-place order or similar work-from-home arrangement.

 

    	-8-
	RenovoRx - Change in Control and Severance Agreement (Angela Gill Nelms)

     

    

 

(n)
“Qualifying Termination” means a termination of Executive’s employment with the Company either (i) by the Company
without Cause and other than due to Executive’s death or Disability, or (ii) by Executive for Good Reason.

 

(o)
“Section 409A” means Code Section 409A and the Treasury Regulations and guidance thereunder, and any applicable state
law equivalent, as each may be promulgated, amended or modified from time to time.

 

(p)
“Target Bonus” means Executive’s annual (or annualized, if applicable) target bonus in effect immediately prior
to Executive’s Qualifying Termination or, if Executive’s Qualifying Termination occurs during the Change in Control Period
and the amount is greater, Executive’s annual (or annualized, if applicable) target bonus in effect immediately prior to the Change
in Control.

 

8.
Successors. This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors, and legal representatives
of Executive upon Executive’s death, and (b) any successor of the Company. Any such successor of the Company will be deemed substituted
for the Company under the terms of this Agreement for all purposes. For this purpose, “successor” means any person, firm,
corporation, or other business entity which at any time, whether by purchase, merger, or otherwise, directly or indirectly acquires all
or substantially all of the assets or business of the Company. None of the rights of Executive to receive any form of compensation payable
pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted
assignment, transfer, conveyance, or other disposition of Executive’s right to compensation or other benefits will be null and
void.

 

9.
Notice.

 

(a)
General. All notices and other communications required or permitted under this Agreement will be in writing and will be effectively
given (i) upon actual delivery to the party to be notified, (ii) upon transmission by email, (iii) twenty-four (24) hours after confirmed
facsimile transmission, (iv) one (1) business day after deposit with a recognized overnight courier, or (v) three (3) business days after
deposit with the U.S. Postal Service by first class certified or registered mail, return receipt requested, postage prepaid, addressed:
(A) if to Executive, at the address Executive will have most recently furnished to the Company in writing, (B) if to the Company, at
the following address:

 

RenovoRx,
Inc.

4546
El Camino Real, Suite B1

Los
Altos, California 94022

Attention:
Chief Executive Officer

 

(b)
Notice of Termination. Any termination of Executive’s employment by the Company for Cause will be communicated by a notice
of termination of Executive’s employment to Executive, and any termination by Executive for Good Reason will be communicated by
a notice of termination to the Company, in each case given in accordance with Section 9(a). The notice will indicate the specific termination
provision in this Agreement relied upon, will set forth in reasonable detail the facts and circumstances claimed to provide a basis for
termination under the provision so indicated, and will specify the termination date (which will be not more than thirty (30) days after
the later of (i) the giving of the notice or (ii) the end of any applicable cure period).

 

    	-9-
	RenovoRx - Change in Control and Severance Agreement (Angela Gill Nelms)

     

    

 

10.
Resignation. The termination of Executive’s employment for any reason also will constitute, without any further required
action by Executive, Executive’s voluntary resignation from all officer and/or director positions held at the Company or any of
its subsidiaries or affiliates, and at the Board’s request, Executive will execute any documents reasonably necessary to reflect
the resignations.

 

11.
Miscellaneous Provisions.

 

(a)
No Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor
will any payment be reduced by any earnings that Executive may receive from any other source except as specified in Sections 3(d), 5(d)
and 6.

 

(b)
Waiver; Amendment. No provision of this Agreement will be modified, waived or discharged unless the modification, waiver or discharge
is agreed to in writing and signed by an authorized officer of the Company (other than Executive) and by Executive. No waiver by either
party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party will be considered a waiver
of any other condition or provision or of the same condition or provision at another time.

 

(c)
Headings. Headings are provided herein for convenience only, and will not serve as a basis for interpretation or construction
of this Agreement.

 

(d)
Entire Agreement. This Agreement, together with the Confidentiality Agreement, Executive’s offer letter with the Company
dated August 15, 2022, and the Company’s 2021 Omnibus Equity Incentive Plan and award agreements thereunder governing Executive’s
Awards, constitutes the entire agreement of the parties and supersedes in their entirety all prior representations, understandings, undertakings
or agreements (whether oral or written and whether expressed or implied) of the parties with respect to the subject matter of this Agreement.

 

(e)
Governing Law. This Agreement will be governed by the laws of the State of California but without regard to the conflict of law
provision. To the extent that any lawsuit is permitted with respect to any provisions under this Agreement, Executive hereby expressly
consents to the personal and exclusive jurisdiction and venue of the state and federal courts located in the State of California for
any lawsuit filed against Executive by the Company.

 

(f)
Severability. If any provision of this Agreement is or becomes or is deemed to be invalid, illegal, or unenforceable for any reason,
such invalidity, illegality, or unenforceability will not affect the remaining parts of this Agreement, and this Agreement will be construed
and enforced as if the invalid, illegal, or unenforceable provision had not been included.

 

(g)
Withholding. The Company (and any parent, subsidiary or other affiliate of the Company, as applicable) will have the right and
authority to deduct from any payments or benefits all applicable federal, state, local, and/or non-U.S. taxes or other required withholdings
and payroll deductions (“Withholdings”). Prior to the payment of any amounts or provision of any benefits under this
Agreement, the Company (and any parent, subsidiary or other affiliate of the Company, as applicable) is permitted to deduct or withhold,
or require Executive to remit to the Company, an amount sufficient to satisfy any applicable Withholdings with respect to such payments
and benefits. Neither the Company nor any parent, subsidiary or other affiliate of the Company will have any responsibility, liability
or obligation to pay Executive’s taxes arising from or relating to any payments or benefits under this Agreement.

 

(h)
Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together
will constitute one and the same instrument.

 

[Signature
Page Follows]

 

    	-10-
	RenovoRx - Change in Control and Severance Agreement (Angela Gill Nelms)

     

    

 

By
its signature below, each of the parties signifies its acceptance of the terms of this Agreement, in the case of the Company by its duly
authorized officer.

 

	COMPANY	RenovoRX,
    INC.
	 	 
	 	By:	/s/
    Shaun R. Bagai
	 	 	Shaun
    R. Bagai
	 	 	 
	 	Title:	CEO
	 	 	 
	 	Date:	8/17/2022

 

	EXECUTIVE	 	/s/
    Angela Gill Nelms
	 	 	Angela Gill Nelms
	 	 	 
	 	Date:	8/17/2022

 

    	-11-
	RenovoRx - Change in Control and Severance Agreement (Angela Gill Nelms)

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