Document:

Exhibit 10.2

 

General Release of Claims

 

I, Elliot Maza (the
 “Employee”), in consideration of and subject to the performance by Immune Pharmaceuticals, Inc. (together with
its subsidiaries, the “Corporation”), of its obligations under the Employment Agreement dated as of November
1, 2017, as modified by a letter agreement dated the date hereof (as so amended, the “Agreement”), do hereby
release and forever discharge as of the date hereof the Corporation and its respective affiliates, subsidiaries and direct or indirect
parent entities and all present, former and future directors, officers, agents, representatives, employees, successors and assigns
of the Corporation and/or its respective affiliates, subsidiaries and direct or indirect parent entities (collectively, the “Released
Parties”) to the extent provided below (this “General Release”). The Released Parties are intended
to be third-party beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance
with the terms hereof in respect of the rights granted to such Released Parties hereunder. Terms used herein but not otherwise
defined shall have the meanings given to them in the Agreement.

 

1.       Employee
understands that any payments or benefits paid or granted to him under Section 5.5 or Section 10.1 of the Agreement
represent, in part, consideration for signing this General Release and are not salary, wages or benefits to which he was already
entitled. Employee understands and agrees that he will not receive certain of the payments and benefits specified in Section
5.5 or Section 10.1 of the Agreement unless he executes this General Release and does not revoke this General Release
within the time period permitted hereafter.

 

2.       Employee
agrees that he is not entitled to and will not seek any further consideration, including but not limited to, any wages, vacation
pay, sick pay, disability pay, bonus, compensation, profit sharing contributions, restricted stock, stock options, payment or benefit
from the Released Parties other than that to which he is entitled pursuant to the Agreement.

 

3.       In
consideration of the payments and benefits to Employee provided herein and in the Agreement, Employee knowingly and voluntarily
(for himself, his heirs, executors, administrators and assigns) releases and forever discharges the Corporation and the other Released
Parties from any and all complaints, claims, liabilities, obligations, promises, agreements, damages, actions, causes of action,
suits, rights, demands, losses, debts and expenses (including attorneys’ fees and costs), whether known or unknown, that
Employee ever had, now has or hereafter can or may have arising or accruing at any time up to and including the date this General
Release is fully executed, including any claims arising out of Employee’s employment with the Corporation or the termination
of that employment based upon any theory of tort, contract or law and any prohibited acts under local, state and federal employment
or benefits laws, including, without limitation, breach of any express or implied employment contract or agreement, wrongful discharge,
breach of the implied covenant of good faith and fair dealing, intentional or negligent infliction of emotional distress, fraud,
retaliation, misrepresentation, defamation, interference with prospective economic advantage, failure to pay wages due or other
monies owed, and discrimination based on race, sex, age, religion, national origin, sexual orientation, disability, marital status,
retaliation and any other protected characteristic (individually and collectively, “Claims”), except as to the
enforcement of this General Release and any rights which cannot be waived as a matter of law. This includes a release of all rights
and Claims, including, without limitation, any and all claims Employee may have under the National Labor Relations Act, the Age
Discrimination in Employment Act as amended, the Older Workers Benefit Protection Act, Title VII of the Civil Rights Acts of 1964
as amended, the Civil Rights Act of 1870, the Americans with Disabilities Act of 1990 as amended, the Family and Medical Leave
Act, the Fair Labor Standards Act of 1938 as amended by the Equal Pay Act of 1963, as amended, the Lilly Ledbetter Fair Pay Act
of 2009, the Employee Retirement Income Security Act of 1974, the Civil Rights Act of 1991, the Sarbanes-Oxley Act, the U.S. Patriot
Act, the Worker’s Adjustment and Retraining Notification Act, the Occupational Safety and Health Act, the Consolidated Omnibus
Budget Reconciliation Act of 1985, the New York State Human Rights Law, the New York City Human Rights Law, the New York Labor
Law, the New York Wage Theft Prevention Act, the New York the Worker’s Adjustment and Retraining Notification Act, as well
as any other federal, state or local law, statute, ordinance, regulation or common law regarding employment, employment discrimination,
termination, retaliation, equal opportunity, wages and hours, or otherwise. Employee specifically understands that he is releasing
Claims based on race, color, sex, sexual orientation or preference, pregnancy, marital status, religion, national origin, citizenship,
veteran status, disability, age and any other category protected by law.

 

    	 	 	 

     

    

 

4.       For
the purpose of implementing a full and complete release and discharge of the Released Parties as set forth above, Employee acknowledges
that this General Release is intended to include in its effect, without limitation, all claims known or unknown that you have or
may have against the Released Parties which arise out of or relate to Employee’s employment, including but not limited to
compensation, performance or termination of employment with the Corporation, except for, and notwithstanding anything in this General
Release to the contrary, claims which cannot be released solely by private agreement. This General Release also excludes any claims
relating to any right you may have to payments pursuant to Section 5.5 or Section 10.1, as applicable in the Agreement, any claim
for workers’ compensation benefits and any rights you may have to indemnification or directors’ and officers’
liability insurance under the Corporation’s bylaws or certificate of incorporation, any indemnification agreement to which
you are a party or beneficiary or applicable law, as a result of having served as an officer, director or employee of the Corporation
or any of its affiliates.

 

5.       In
the course of his employment with the Corporation prior to the date hereof, Employee may have had access to confidential and proprietary
information and records, data and other trade secrets of the Corporation (“Confidential Information”). Confidential
Information shall include, without limitation, the following types of information or material, both existing and contemplated,
regarding the Corporation or its parents, subsidiaries, direct and indirect affiliated corporations and other entities: corporate
information, including plans, strategies, policies, resolutions, drawings, designs, proposals and any litigation or negotiations; marketing
information, including marketing and sales plans, strategies, methods, customer and/or supplier information, pricing information,
prospects or market research data; financial information, including cost and performance data, debt arrangement, equity
structure, investors and holdings; operational and scientific information, including trade secrets, confidential processes,
specifications, expertise, techniques, inventions, concepts, ideas and technical information; and personnel information,
including personnel lists, resumes, personnel data, organizational structure, compensation structure and performance evaluations.
Employee shall not directly or indirectly disclose Confidential Information to any person or entity or use any Confidential Information
in any way. Employee represents and warrants that as of his Release Date, he has returned to the Corporation all property of the
Corporation in his possession, including, but not limited to, all office equipment, computer equipment and peripherals (such as
laptops, printers and memory sticks), cell phones, credit cards, keys, documents, manuals, procedures, notebooks and any other
Confidential Information. In addition, Employee represents and warrants that he has deleted all of the Corporation’s Confidential
Information from his personal computers, other memory devices and/or records.

 

    	 	-2-	 

     

    

 

6.       This
General Release is not an admission by the Corporation of any liability. The Corporation specifically denies and disclaims any
discrimination or injury to any person.

 

7.       The
parties agree that this General Release may not be introduced in any proceeding, except to establish the settlement and release,
the breach of this General Release, or as may be required by law or judicial directive.

 

8.       Employee
agrees not to directly or indirectly take, support, encourage or participate in any activity or attempted activity which in any
way would disparage the Corporation, its parents, subsidiaries and affiliated entities. Employee agrees not to write or speak about
the Corporation, its parents, subsidiaries and affiliated entities in negative terms.

 

9.       Employee
agrees that Employee will not disclose the existence or terms of this General Release except to his immediate family, tax advisor
and attorney, federal or state taxing authorities, or as compelled by court process.

 

10.       Employee
agrees to cooperate with the Corporation with respect to any past, present or future legal matters that relate to or arise out
of Employee’s employment with the Corporation or in the event that any claim or action is brought against the Corporation
concerning a matter which Employee may have knowledge or information. Employee’s cooperation may take the form of, among
other things, Employee making himself reasonably available for interviews by the Corporation’s counsel, providing copies
of any relevant documents Employee may have, and preparing to testify and testifying at depositions, informal and formal hearings,
and trials. Such cooperation should not adversely interfere with any future positions Employee may obtain. Nothing in the General
Release shall be construed to prohibit the Employee from cooperating with and participating in any investigation by or action taken
by federal, state, or local administrative agencies, regulatory agencies, or law enforcement agencies. Furthermore, Employee’s
cooperation with and participation in any investigation by, or action taken by, federal, state or local administrative agencies,
regulatory agencies, or law enforcement agencies will not violate any provision of this Agreement.

 

11.       This
General Release contains the complete understanding of the parties with respect to the subject matter hereof. No other promises
or agreements shall be binding or shall modify this General Release unless reduced to writing and signed by the parties hereto
or counsel for the parties.

 

    	 	-3-	 

     

    

 

12.       This
General Release shall be governed by New York law without regard to conflicts of laws principles, and any action to enforce this
General Release must be brought and heard in a court within the State of New York. The parties to this General Release consent
to personal jurisdiction in New York in any action commenced to enforce its terms.

 

13.       Employee
shall not institute nor be represented as a party in any lawsuit, claim, complaint or other proceeding against or involving the
Corporation, its parents, subsidiaries or affiliated entities based on Employee’s employment with the Corporation or upon
any act or omission occurring up to and including the date this General Release is fully executed, whether as an individual or
class action, under any federal, state or local laws, rules, regulations or any other basis. Further, Employee shall not seek or
accept any award or settlement from any such source or proceeding (not including unemployment insurance proceedings). In the event
that Employee institutes, is a knowing participant, or is a willing member of a class that institutes any such action, Employee’s
claims shall be dismissed or class membership terminated with prejudice immediately upon presentation of this General Release.
This General Release does not affect Employee’s right to file a charge with the Equal Employment Opportunity Commission (“EEOC”),
or any similar state or local agency, or to participate in any investigation conducted by the EEOC, or any similar state or local
agency, but Employee acknowledges that he is not entitled to any monies other than those payments described in the Agreement.

 

14.       Nothing
in this General Release prohibits Employee from reporting possible violations of federal law or regulation to any governmental
agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress,
and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal
or state law or regulation. Employee does not need the prior authorization of the Corporation to make any such reports or disclosures
and Employee is not required to notify the Corporation that Employee has made such reports or disclosures. Further, this General
Release does not limit Employee’s right to receive an award for information provided to any governmental agency or entity.

 

15.       Employee
agrees that he will not make any applications for employment with Employer, its parents, subsidiaries or affiliated entities and
further agrees that any application for employment he makes to such entities will violate this General Release and will be rejected
by Employer or its parents, subsidiaries or affiliated entities pursuant to the terms herein.

 

16.       This
General Release is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“409A”).
Employer shall undertake to administer, interpret and construe the provisions of the General Release in a manner that does not
result in the imposition of any additional tax, penalty or interest under 409A.

 

17.       
Employee warrants he is fully competent to enter into this General Release and Employee acknowledges that he has been afforded
the opportunity to review this General Release with an attorney, that he has been advised to consult with an attorney about this
General Release prior to executing it, that Employee has read and understands this General Release and that Employee has signed
this General Release freely and voluntarily.

 

    	 	-4-	 

     

    

 

PLEASE READ CAREFULLY.
THIS GENERAL RELEASE INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

 

To signify their agreement
to the terms of this General Release, the parties have executed this General Release on the dates set forth under their signatures
which appear below.

 

 

	Elliot Maza	Immune Pharmaceuticals, Inc.
	 	 
	By: /s/ Elliot
    Maza                               	By: /s/ Jeffrey Paley, MD                        
	 	
        Name: Jeffrey Paley, MD

        Title: Chair of the Nominating and

        Corporate Governance Committee

        of the Board of Directors

         

	Date: August 28, 2018	Date: August 28, 2018

 

    	 	-5-Exhibit 10.3

 

First Amendment to Employment Terms

  

Whereas, Anthony Fiorino,
MD, PhD (“Executive” or “You”) is currently employed by Immune Pharmaceuticals Inc. (the “Company;”
collectively, the “Parties”) as the Company’s Chief Medical Officer and Chief Operating Officer; and

 

Whereas, the Parties
are bound by a Letter Agreement dated August 14, 2017, specifying the terms and conditions of Executive’s employment (the
 “Unamended Agreement”); and

 

Whereas, the Company
seeks to appoint you as Interim Chief Executive Officer (“CEO”) and therefore seeks to amend the agreement in accordance
with Section 14 of the Agreement.

 

Accordingly, the following
changes (this “First Amendment”) are hereby incorporated into the Agreement, effective August 28, 2018.

  

Section 1 (“Position and Duties”)
of the Unamended Agreement states:

 

You will function as the Chief
Medical Officer and Chief Operating Officer of the Company, responsible for all scientific and medical research, pre-clinical and
clinical development and drug manufacturing activities and, in addition, will perform all duties as determined necessary by the
Chief Executive Officer. This position is full-time for which you agree to devote 100% of your working hours.

 

And is hereby replaced with:

 

You have functioned until now
as the Chief Medical Officer and Chief Operating Officer of the Company (your “Prior Role”); henceforth you will function
as the Interim Chief Executive Officer (“CEO”) of the Company for the Term specified in Section 2. If your term as
Interim CEO concludes owing to the Company appointing another party to the position of CEO, then you will resume your Prior Role,
subject to the terms and conditions of the Unamended Agreement, except where otherwise noted in this First Amendment.

 

In your position as Interim
CEO, you will report directly to the Board of Directors of the Company (the “Board”) and perform such duties and responsibilities
as may be properly and lawfully required from time to time by the Board, with your principal work place being at the Company’s
offices in Fort Lee, New Jersey. You will devote sufficient business time, energy and talent to serving as Interim CEO, and will
perform your duties conscientiously and faithfully, subject to the reasonable and lawful directions of the Board and in accordance
with the policies, rules and decisions adopted from time to time by the Company and the Board.

 

In addition, during your tenure
as Interim CEO, you will be appointed to the Board. subject to re-election by stockholders. Due to your status as an insider during
the Term, you will not receive any non-employee director cash retainers or other cash compensation under the Company’s director
compensation program for your services as a director; however, you will be entitled to receive the same type of annual equity award
for the same number of shares of the Company’s common stock, with the same terms and at the same time, as such annual equity
awards that you would have been entitled to receive had you continued to serve as one of the Company’s executives (the “New
Equity Awards”). The vesting and/or exercisability of outstanding equity awards and the New Equity Awards will continue during
and after the Term in the same manner as the annual equity awards to the Company’s non-employee directors. The Company may
elect for you to remain on the Board following the end of the Term.

 

    	 	1	 

     

    

 

The following is hereby appended to
Section 2 (“Term”) of the Unamended Agreement:

 

Your term as Interim CEO begins
on the Effective Date of the Amendment and will end upon the earlier of (a) the date on which a successor CEO is hired and begins
employment with the Company, (b) the date on which you are named non-interim CEO, or (c) the date of your termination of employment
pursuant to Section 8 below. Notwithstanding any change in position or title or this First Amendment or subsequent amendments,
the Effective Date of the Unamended Agreement for purposes of salary, severance, stock option vesting and all related matters shall
remain August 15, 2017.

 

Section 3 (“Compensation”)
of the Unamended Agreement states in Paragraph (a) (“Annual Base Salary”):

 

Your annual base salary shall
be $300,000 until the closing by the Company of one or more subsequent financings with gross proceeds to the Company equal to $5,000,000
in the aggregate, and $360,000 thereafter; , less required and authorized deductions (the "Base Salary"), with such Base
Salary paid to you on a semi-monthly basis in accordance with the Company’s regular payroll practices.

 

And is hereby replaced with:

 

Your initial annual “Base
Salary” shall be $400,000, less required and authorized deductions (the "Base Salary"), with such Base Salary paid
to you on a semi-monthly basis in accordance with the Company’s regular payroll practices. If you resume your Prior Role,
your base salary shall be adjusted according to the provisions in Section 3 of the Unamended Agreement, under which, for the avoidance
of doubt, you were to have received an annual raise as specified in the unamended Agreement on August 15, 2018. In this case, the
annual raise will be made effective as of the date you resume your Prior Role; however, the Effective Date for future base salary
adjustments shall remain August 15.

 

    	 	2	 

     

    

 

Section 3 (“Compensation”)
of the Unamended Agreement further states in Paragraph a (“Annual Base Salary”):

 

Your Base Salary
will be reviewed on an annual basis and may be modified, at the sole discretion of the Chief Executive Officer in consultation
with the Compensation Committee of the Board of Directors of the Company (the “Board”) but in no case will you receive
an annual raise of less than the percentage increase (if any) in the Consumer Price Index: Urban Wage Earners and Clerical Workers
for the N.Y. Northeastern N.J. region as published by the U.S. Bureau of Labor Statistics during the immediately preceding 12-month
period running from October 1st through September 30th.

 

And is hereby replaced with:

 

Your Base Salary
will be reviewed on an annual basis and may be modified at the sole discretion of the Compensation Committee of the Board of Directors
of the Company (the “Board”), but in no case will you receive an annual raise of less than the greater of (i) 3% or
(ii) the percentage increase (if any) in the Consumer Price Index: Urban Wage Earners and Clerical Workers for the N.Y. Northeastern
N.J. region as published by the U.S. Bureau of Labor Statistics during the immediately preceding 12-month period running from
October 1st through September 30th. For avoidance of doubt, any raise in your Base Salary will become effective no later than
the annual anniversary of the Effective Date (August 15).

 

Section 3 (“Compensation”)
of the Unamended Agreement states in Paragraph b (“Bonus”):

 

You will be eligible
for periodic and annual cash incentive awards during the Term, upon your achievement of mutually agreed upon goals, in amounts
to be determined by the Chief Executive Officer in consultation with the Compensation Committee of the Board. Your annual bonus
will be a minimum of 10% of your annual Base Salary.

 

And is hereby replaced with:

 

You will be eligible
for periodic and annual cash incentive awards during the Term, upon your achievement of goals developed and mutually agreed to
by you and the Board (“Goals”) and provided to you in writing prior to the start of each calendar year. The total amount
of such award will consist of a “Performance Bonus” to be determined by the Compensation Committee of the Board, up
to 60% of your annual Base Salary, plus a “Minimum Bonus” that will in no case will be less than 15% of your annual
Base Salary. Should the Board fail to provide you with Goals by March 1 in any calendar year, then your Minimum Bonus for that
year will be 40% of your annual Base Salary. For avoidance of doubt, if you are the CEO of the Company (interim or non-interim)
on December 31, 2018, any cash incentive award for 2018 shall be determined according to the metrics described in this paragraph
and not according to your Prior Role.

 

    	 	3	 

     

    

 

The following is appended to Paragraph
c (“Equity”) of Section 3 (“Compensation”) of the Unamended Agreement:

 

In conjunction with your appointment
as Interim CEO, you are eligible to receive options to purchase shares of the Company’s stock, at a price per share equal
to the fair market value of the common stock on the date of the grant. The number of options and vesting schedule will be negotiated
separately. These options will be subject to acceleration as provided for in Sections 9 (“Severance”) and 11 (“Change
of Control”) below.

 

Section 9 (“Severance”)
of the Unamended Agreement states:

 

The “Severance Period”
shall be determined as follows: (i) if your Termination Date is before the one-year anniversary of the Effective Date, the Severance
Period shall be three (3) months; (ii) if your Termination Date is after the one-year anniversary of the Effective Date but before
the two-year anniversary of the Effective Date, the Severance Period shall be six (6) months; (iii) if your Termination Date is
on or after the two-year anniversary of the Effective Date and before the three-year anniversary of the Effective Date, the Severance
Period shall be nine (9) months; and (iv) if your Termination Date is on or after the three-year anniversary of the Effective Date,
the Severance Period shall be twelve (12) months.

 

And is hereby replaced with:

 

The “Severance Period”
shall be nine (9) months if your Termination Date is on or before December 31, 2018 and shall increase by one (1) month for each
month that you remain employed by the Company after that date. However, the Severance Period shall not accrue to more than twelve
(12) months. If you return to your Prior Role, your “Severance Period” will be calculated according to Section 9 of
the Unamended Agreement, with one (1) month added if the Severance Period according to the Unamended Agreement is less than twelve
(12) months.

 

The following Section 12 shall be added with the subsequent
Sections, beginning with Section 12 (“Non-Disparagement”) and through 20 (“Section 409A of the Internal Revenue
Code, as amended”) to be renumbered as Sections 13-21.

 

12.  
Indemnification and Insurance. 

 

The Company will indemnify you with respect to
activities in connection with your employment as Interim CEO and as an Executive of the Company should you resume your Prior Role,
to the full extent provided for in its corporate charter, Bylaws or any other indemnification policy or procedure as in effect
from time to time and applicable to its other directors and senior executive officers. In addition, you will be named as an insured
in your capacities as Interim CEO and as director of the Company on the director and officer liability insurance policy currently
maintained, or as may be maintained, by the Company from time to time.

 

    	 	4	 

     

    

  

Section 18 (“Notices”) of
the Unamended Agreement states:

 

If to Executive:

 

	 	Anthony S. Fiorino, MD, PhD
	 	1510 Summit Avenue, Apartment 501
	 	Union City, NJ 07087

 

and:

 

	 	308 Churchill Road
	 	Teaneck, NJ  07666

 

and:

 

	 	fiorino@alum.mit.edu

 

if to the Company:

 

	 	Immune Pharmaceuticals Inc.
	 	550 Sylvan Avenue, Suite 101
	 	Englewood Cliffs, NJ 07632
	 	Att: Chief Executive Officer

 

And is hereby replaced with:

 

If to you, the current
contact information maintained in your personnel file

  

if to the Company:

 

	 	Immune Pharmaceuticals Inc.
	 	One Bridge Plaza North, Suite 270
	 	Fort Lee, NJ 07024
	 	Attn: Board of Directors and Corporate Counsel

  

[SIGNATURE PAGE TO FOLLOW]

 

    	 	5	 

     

    

  

Agreed to and accepted on this 28th day of August
2018.

 

	 	Immune Pharmaceuticals Inc.	 
	 	 	 	 
	 	 	 	 
	 	/s/ Jeffrey Paley, MD	 
	 	Name: Jeffrey Paley, MD	 
	 	Title: 	Chair of the Nominating and Corporate Governance 	 
	 	 	Committee of the Board of Directors	 

  

 

	 	/s/ Tony Fiorino	 
	 	Anthony (“Tony”) Fiorino, MD, PhD	 

 

[REMAINDER OF PAGE IS BLANK]

 

    	 	6

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