Document:

Exhibit

CIVITAS SOLUTIONS, INC.

October 13, 2017

Linda De Renzo

Re:    Retirement and Consulting Letter Agreement

Dear Linda:

This letter agreement (this "Letter Agreement") will confirm our understanding with regard to your retirement from Civitas Solutions, Inc. (the "Company") and certain consulting services you will perform for the Company.

1.    Retirement.   Your last day of work with the Company and your retirement date will be December 31, 2017 (your "Retirement Date").  You will resign all of your positions at the Company and its affiliates as of your Retirement Date and you will execute such additional documents as requested by the Company to evidence the foregoing.  Your Retirement Date will be the termination date of your employment for purposes of active participation in and coverage under all benefit plans and programs sponsored by or through the Company or its affiliates (except with respect to equity which shall be governed by paragraph 4 below). Notwithstanding the foregoing, you shall perform certain consulting services for the Company during calendar year 2018 as specified in paragraph 2 below. Prior to the Retirement Date, your employment shall continue to be governed in all respects by that certain Employment Agreement by and between you and the Company dated September 22, 2014 (the "Employment Agreement").  Your retirement will not be treated as an event resulting in severance pursuant to Section 6 of the Employment Agreement.  In the event that you do not remain employed with the Company through the Retirement Date, the termination of your employment shall be governed exclusively by the Employment Agreement and not this Letter Agreement, and this Letter Agreement shall have no further force or effect. So long as you remain an employee of the Company through the Retirement Date, you shall be entitled to a contribution of $25,650 to the account maintained in your name pursuant to the Fourth Amendment and Restatement of National Mentor Holdings, LLC Executive Deferred Compensation Plan, effective as of January 1, 2011 (the "Deferred Compensation Plan") made in respect of calendar year 2017, such contribution to be made by the Company in accordance with past practices. For purposes of clarity, you are a "specified employee" (as defined under Section 409A of the US Internal Revenue Code) and accordingly you benefits under the Deferred Compensation Plan will be delayed in accordance with the requirements of Section 409A of the Code and the Deferred Compensation Plan.  As a participant in the Second Amended and Restated National Mentor Holdings, LLC Executive Deferral Plan (the “Deferral Plan”), your previously elected deferrals will be paid in accordance with the terms of the Deferral Plan, subject to any required delay as a “specified employee”.  For the avoidance of doubt, commencing with calendar year 2018, you shall cease to accrue additional deferrals under the Deferred Compensation Plan and the Deferral Plan.

2.    Consulting Services

(a)Term.  From January 1, 2018 to January 1, 2019, subject to earlier termination for Cause (as defined in the Employment Agreement) or as a result of a material breach of this Letter Agreement by you, you will serve as a consultant and senior advisor to the Company’s Chief Executive Officer (the “CEO”) as needed with respect to such matters and/or projects to be determined by the CEO and reasonably agreed upon by you; provided, however, that, as a consultant, you will remain subject to the Company’s Insider Trading Policy generally during the Consulting Period and the CEO will not share material non-public information about the Company with you without your advance written agreement to receive such information and to once again become subject to the Company’s Addendum to Insider Trading Policy until the time of public release of such information by the Company.  You will have complete and sole discretion for the manner in which the services provided under this Agreement will be performed.  The period of time during which you serve in this capacity as a consultant is referred to herein as the “Consulting Period”.  Due to the anticipated level of services associated with these consulting duties, it is currently anticipated that the Retirement Date will be a "Separation from Service" within the meaning of Treas. Reg. §409A-l(h).

(b)Compensation.  In consideration for your consulting services contemplated by paragraph 2(a) hereof, you will be compensated for all such consulting services requested by the CEO with a one time retainer fee of $25,000 payable on January 1, 2018 and a monthly fee of $11,875, payable in arrears for twelve months on the first day of each month beginning on February 1, 2018, with the last such monthly payment to be made on January, 1, 2019, or such earlier time as the Consulting Period may terminate.   For avoidance of doubt and notwithstanding the foregoing, nothing herein is intended to supercede the provisions of Section 10 of the Employment Agreement pertaining to separate compensation to be payable to you under the circumstances set forth therein with respect to regulatory proceedings, claims, actions and any other such matters.

(c)Status as Independent Contractor.  During the Consulting Period, you will be an independent contractor and not an employee or agent of the Company.  In addition, you will not direct, manage, supervise or control any employees of the Company.  

(d)Non-Exclusivity of Services.  During the Consulting Period, you will be free to perform consulting services for persons, businesses or governmental entities other than the Company; provided, however, that the noncompetition and confidentiality provisions of your Employment Agreement shall remain in full force and effect as set forth therein and as confirmed and modified herein.  

(e)Taxes.  Consistent with your status as an independent contractor during the Consulting Period, the Company shall withhold no Federal, state or local income, social security, Medicare, Medicaid, or other payroll taxes from the compensation payable to you under this Agreement.  The Company will provide an IRS Form 1099 for amounts payable to you for services performed during the tax year.  You will be at all times responsible for paying when due all federal, state and local income taxes, including estimated and taxes incurred as a result of the compensation paid to you for services under this Agreement.  You agree to indemnify the Company for any claim, costs, losses, fees, penalties, interest or damage suffered by the Company as a result of your failure to comply with this provision.  

(f)Certification and Affirmative Obligations.  You certify that you are not presently debarred, suspended, proposed for debarment, declared ineligible or voluntarily excluded from transacting business by or with a Federal, state or local governmental department or agency.  Throughout the Consulting Period, you shall immediately disclose to the Company any such exclusion that would prohibit the delivery of the consulting services.

(g)Benefits During Consulting Period.  By executing this Agreement, you agree that you are only entitled to the compensation as set forth in paragraph 2(b) of this Agreement for your consulting services and will not be entitled to workers’ compensation or unemployment insurance benefits.  

(h)    Indemnification and Insurance.  The terms and provisions of that certain Indemnification Agreement between you and the Company dated as of September 22, 2014, shall remain in full force and effect with respect to the consulting services performed hereunder.  In addition, the Company’s errors and omissions insurance policy applicable to directors, officers and employees shall cover your consulting services during the Consulting Period.  

3.  Registration Rights Agreement.  As of April 1, 2018, you will no longer be covered by and subject to the rights and obligations of that certain First Amended and Restated Registration Rights Agreement dated as of October 1, 2015 between the Company, Vestar Capital Partners V, L.P. and the other parties listed therein (the "Registration Rights Agreement").

4.    Equity Treatment.  You acknowledge and agree that the awards granted to you under the Company’s 2014 Omnibus Incentive Plan (the “Plan”) that currently remain outstanding and subject to awards are the following:
	
			
	Grant Date
	Type of Award
	Number of Shares that Remain Subject to the Award

	September 16, 2014
	Non-qualified stock options
	20,909

	January 13, 2016
	Time-based RSU
	2,839

	 
	Non-qualified stock option
	5,802

	March 17, 2016
	Performance-based RSU
	2,129

	December 9, 2016
	Time-based RSU
	6,268

	 
	Non-qualified stock option
	8,158

	March 3, 2017
	Time-based RSU
	5,384

	 
	Performance-based RSU
	2,692

Provided that you comply with the terms of this Agreement and continue to provide services through the end of the Consulting Period, you will continue to have the opportunity to vest in all outstanding equity awards under the Plan as if you had continued to be employed by the Company during the Consulting Period.  Your Retirement Date shall not constitute a “Termination of Employment” for purposes of such awards, but such “Termination of Employment” will instead be the end of the Consulting Period.  In addition, for purposes of the vesting of the performance restricted stock units issued to you under the Plan, no “Termination of Employment” shall be deemed to occur until the end of the Consulting Period, and such termination will be treated as a “Retirement” (with the consent of the Compensation Committee) as of the end of the Consulting Period such that those awards will continue to have the opportunity to time vest through the end of the Consulting Period in accordance with the schedule set forth in the agreements governing the performance restricted stock units, and you will be entitled to any payout upon completion of the performance periods as set forth in the award agreements.   With respect to the Non-qualified stock options listed above, and notwithstanding anything to the contrary in the applicable grant agreements, you shall have thirty (30) days following the end of the Consulting Period to exercise the Non-qualified stock options granted on September 16, 2014 (the “2014 NQSO”) and ninety (90) days following the end of the Consulting Period to exercise any other awards that are vested at such time; provided, however that in no event will any option be exercisable beyond the stated term of such option as provided in the applicable grant agreement.  If during the Consulting Period the Company shall accelerate outstanding unvested awards under the Plan either for any executive officer or award recipients generally in connection with a change of control of the Company, your unvested awards will be treated the same and be subject to such acceleration. For the avoidance of doubt, you shall continue to be be eligible for any additional equity grants under the Plan through the Retirement Date.
5.    Incentive Compensation for Partial Fiscal Year 2018.  Under the terms of the Company’s Management Annual Cash Incentive Compensation Plan for fiscal 2018, since you are retiring you are eligible for the payment of a prorated portion of your calculated annual incentive payout when paid upon completion of fiscal 2018.  The Company will pay you one quarter of your calculated annual bonus for fiscal 2018. 

6.    Certain Provisions of Employment Agreement Remain in Effect.  Notwithstanding your retirement as of December 31, 2017, the following provisions of your employment agreement shall remain in effect:  Sections 7 through 10, provided, however, that the “Restricted Period” as defined therein shall run for an additional twelve months after the Consulting Period.

7.    No Other Compensation or Benefits.  You acknowledge that, except as expressly provided in this Letter Agreement and as provided under the terms of a Company employee benefit plan in which you participate or as otherwise required by applicable law, you will not receive any additional compensation or other benefits of any kind following the Retirement Date.

8.    Restrictive Covenants; Survival.   You hereby (a) reaffirm the rights and obligations under Sections 7 through 10 of the Employment Agreement as modified above, and (b) understand, acknowledge and agree that such rights and obligations will survive your retirement from the Company and remain in full force and effect in accordance with all of the terms and conditions thereof and herein.  While your obligations under Sections 7 through 10 of the Employment Agreement remain in force, you may request the written approval of the Company’s Chief Executive Officer to serve as an officer, director, agent or employee of another business enterprise.  Notwithstanding the restrictions set forth in Section 9 of the Employment Agreement, you may retain your current Company-issued cellphone and cellphone number (which we understand was your number before you joined the Company), your current Company-issued laptops, a copy of your contacts database and copies of diaries, notes, calendars and personal papers related to your terms and conditions of employment, participation in employee benefits, expense reimbursements and tax reporting and filing, provided, however that all Confidential Information is removed from each such device within one month of your Retirement Date.

9.    Government Investigations.  Notwithstanding the foregoing, nothing in this Agreement or the Employment Agreement is intended to conflict with the whistleblower provisions of any United States federal, state or local law or regulation, including but not limited to Rule 21F-17 of the Securities Exchange Act of 1934 or § 1833(b) of the Defend Trade Secrets Act of 2016.  Accordingly, nothing in this Agreement or the Employment Agreement prohibits you from reporting possible violations of United States federal, state or local law or regulation to any United States federal, state or local 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 to an attorney, or from making other disclosures that are protected under the whistleblower provisions of federal law or regulation, or from disclosing trade secrets and other confidential information in the course of such reporting; provided that you use your reasonable best efforts to (i) disclose only information that is reasonably related to such possible violations or that is requested by such agency or entity, and (ii) request that such agency or entity treat such information as confidential.  You do not need the prior authorization of the Company to make any such reports or disclosures and are not required to notify the Company that you have made such reports or disclosures.  In addition, you have the right to disclose trade secrets and other confidential information in a document filed in a lawsuit or other proceeding, provided that the filing is made under seal and protected from public disclosure.

10.    Mutual Nondisparagement.  You hereby agree not to make false, disparaging or defamatory statements in public or in private regarding the Company or its officers, directors, employees, shareholders, agents or products at any time following the Retirement Date.  The Company hereby agrees that it will direct its executive officers and directors, while employed by the Company or serving as a director of the Company, not to make any false, disparaging or defamatory statements in public or in private about you or otherwise disparage you in any manner that is likely to be harmful to your business reputation.   The foregoing will not be violated by truthful statements in response to legal process, governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings), and the foregoing limitation on the Company's  executive officers and directors will not be violated by statements that they in good faith believe are necessary or appropriate to make in connection with performing their duties and obligations to the Company.

11.    Extension of Exercise Period of 2014 NQSO.  Upon your request to be made no later than November 15, 2018, the Company agrees that it will (i) prepare an amendment to the agreement governing the 2014 NQSO to extend the post-termination exercise period from thirty (30) days following the end of the Consulting Period to ninety (90) days following the end of the Consulting Period, and (ii) prior to the execution of such amendment, seek approval of such amendment by the Company’s Board of Directors or the Compensation Committee of the Company’s Board of Directors.  

12.    Governing Law.  This Letter Agreement will be governed by, and construed under and in accordance with, the internal laws of the Commonwealth of Massachusetts, without regard to the choice of law rules thereof.

13.    Entire Agreement.  Except as otherwise expressly provided herein, this Letter Agreement constitutes the entire agreement between you and the Company with respect to the subject matter hereof and supersede any and all prior agreements or understandings between you and the Company with respect to the subject matter hereof, whether written or oral. This Letter Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, and their respective heirs, successors and assigns, provided that you may not assign your rights or obligations hereunder. This Letter Agreement may be amended or modified only by a written instrument executed by you and the Company.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

If this Letter Agreement accurately reflects your understanding as to the terms and conditions of your retirement from the Company, please sign and date one copy of this Letter Agreement in the space provided below and return the same to me for the Company's records.

Very truly yours,

CIVITAS SOLUTIONS, INC.

By:    /s/ Bruce F. Nardella            

Name:        Bruce F. Nardella        

Title:        Chief Executive Officer    

VESTAR CAPITAL PARTNERS V, LLP
(with respect to Paragraph 3 only)

By:    /s/ Chris Durbin            

Name:        Chris Durbin            

Title:        Managing Director        

The above terms and conditions accurately reflect our understanding regarding the terms and conditions of my retirement from the Company, and I hereby confirm my agreement to the same.

Dated:  October 13, 2017            /s/ Linda De Renzo                
Linda De Renzo

1Exhibit 10.1

 

EXECUTION COPY

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT
AGREEMENT (“Agreement”) is made as of January 1, 2017 by and between Cyclacel Pharmaceuticals, Inc., a Delaware
corporation, (“Company”) and Spiro Rombotis (“the Executive”).

 

WHEREAS, Company
and the Executive were parties to an Employment Agreement dated January 1, 2014, which expires by its terms on January 1, 2017;

 

WHEREAS, the
Company and the Executive mutually extended the term of the Employment Agreement dated January 1, 2014 through December 31, 2017;

 

WHEREAS, Company
desires to continue to retain the Executive’s services as its President and Chief Executive Officer; and

 

WHEREAS, Company
and the Executive are desirous of agreeing the terms and conditions of the Executive’s employment with the Company as set
forth herein.

 

NOW, THEREFORE,
in consideration of the foregoing and the mutual covenants and conditions herein contained, the parties hereby agree as follows:

 

1.          Employment.
Company hereby employs the Executive and the Executive accepts such employment according to the terms and conditions set forth
in this Agreement.

 

2.          Term.
Except for earlier termination as hereinafter provided for, the term of the Executive’s employment hereunder shall be for
a period commencing on January 1, 2017 (“Commencement Date”) and continuing through January 1, 2019; the second anniversary
of the Commencement Date. Notwithstanding the foregoing, the Executive’s employment by the Company hereunder may be earlier
terminated, subject to Section 9 hereof, upon the occurrence of any one of the following events: (i) the Company’s decision
to terminate the Executive, (ii) the Executive’s decision to voluntarily resign or retire at any time or (iii) the parties’
mutual agreement in writing to terminate the Executive’s employment hereunder at any time. The period of time between the
Commencement Date and termination of the Executive’s employment hereunder shall be referred to herein as the “Employment
Period”.

 

3.          Position
and Services.

 

(a)          The
Executive will hold the position of President and Chief Executive Officer of the Company. The Executive will report directly to
the Board of Directors of the Company (the “Board”) and shall have such duties, responsibilities and authority with
respect to such positions as are set forth in the Bylaws of the Company, which duties and responsibilities shall in all events
include, but not be limited to, overall management responsibility for the operations and administration of the Company.

 

     

     

    

 

(b)          The
Executive will be expected to be in the full-time employment of the Company, to devote substantially all of his business time,
attention and efforts to the performance of his duties hereunder. Notwithstanding the foregoing, the Executive may make and manage
personal business investments of his choice and serve in any capacity with any civic, educational or charitable organization, or
any trade association, without seeking or obtaining approval by the Board, provided such activities and service do not materially
interfere or conflict with the performance of his duties hereunder or violate the non-competition provisions of Section 12 hereof.

 

(c)          The
Executive expressly agrees that during the Employment Period he will not be interested, directly or indirectly, in any form, fashion
or manner, as a partner, officer, director, advisor, employee, consultant, controlling stockholder or in any other form or capacity,
in any other business or company, except that he would not be prohibited by Section 12 hereof to serve as (a) member of one other
Board of Directors of a commercial organization, or (b) a member of one or more Boards of Directors or Trustees of a charitable
organization, as may, upon advance notice from the Executive be approved by the Board in its discretion after consideration of
possible conflicts, reputation(al) effects, time requirements and other interests of the Company.

 

The Executive is currently serving as a
Class 2 director on the Company’s Board for a term ending at the 2020 annual meeting. The Board will use its best efforts
to cause the nomination of the Executive thereafter for reelection as Class 2 director to the Board for successive terms, at every
time at which Class 2 directors are nominated to the stockholders for election, as long as the Executive serves as President and
Chief Executive Officer unless the Executive declines such nomination in writing to the Board. As with all members of the Board,
the Executive’s continuation as a director requires election as a director by the stockholders whenever directors are to
be elected by the stockholders. If the Executive ceases to serve as President and Chief Executive Officer for any reason and the
Board thereafter requests that the Executive resigns as a director of the Board, the Executive shall immediately resign as a director.

 

4.          Base
Salary. Company shall pay to the Executive an initial base salary at an annual rate of $530,553, subject to applicable
income and employment tax withholdings and all other required and authorized payroll deductions and withholdings. The Executive’s
salary shall be payable at the same time and basis as the Company pays its payroll in general. Increases in the Executive’s
annual base salary during the Employment Period may be effected from time to time based upon the review and approval of the Compensation
Committee of the Board (the “Compensation Committee”). During the Employment Period, the Executive’s base salary
rate shall not be reduced below the initial base salary rate provided hereunder, nor below any increased base salary rate that
may be effected as provided hereunder, except if the Board, in response to exceptionally adverse business circumstances makes a
general temporary reduction in the compensation of the executives of the Company.

 

    	 	2	 

     

    

 

5.          Annual
Incentive Bonus. In addition to the Executive’s base salary as provided above, the Executive will be eligible for
an annual cash incentive bonus for each calendar year of the Employment Period. The bonus for which the Executive is eligible for
each such year will be based on a target percentage of the then current base salary, which target percentage shall be at least
50% of Executive’s then current base salary. The determination of the amount of the annual cash incentive bonus will be based
upon the satisfaction of performance criteria established by the Compensation Committee in its discretion and upon consultation
with the Executive at the beginning of each year and subject to the approval of the Board. Depending on the Executives performance
against the performance criteria, the actual annual cash incentive bonus may be more, equal to or less than the target. Such performance
criteria will include corporate performance goals consistent with the Company’s business plan for the year, as well as individual
objectives for the Executive’s performance that may be separate from, but are consistent with, the Company’s business
plan. The final determinations as to the actual corporate and individual performance against the pre-established goals and objectives,
and the amount of the bonus payout in relationship to such performance, will be made by the Compensation Committee in its sole
discretion. To the extent the Company awards the Executive a cash bonus, the bonus, if payable, shall be calculated and paid no
later than two and a half months following the later of the close of the calendar or Company fiscal year to which such bonus relates.

 

6.          Executive
Benefits. The Executive shall be entitled to receive employment benefits in accordance with the Company’s benefit
policies in effect from time to time, including without limitation, 401(k) plan, medical, dental and life insurance, accidental
death, travel accident, short and long term disability insurance, profit sharing, long term incentive plans, and 15 working days
of paid vacation annually.

 

7.          Expenses.
The Company shall reimburse the Executive for all reasonable and necessary expenses incurred by him in connection with the performance
of his services for the Company upon submission of expense reports and documentation in accordance with the Company’s policies.
The Company may request additional documentation or a further explanation to substantiate any expense submitted for reimbursement,
and retains the discretion to approve or deny a request for reimbursement. If an expense reimbursement is not exempt from Section
409A of the Internal Revenue Code of 1986, as amended (the “Code”), any reimbursement in one calendar year shall not
affect the amount that may be reimbursed in any other calendar year and a reimbursement (or right thereto) may not be exchanged
or liquidated for another benefit or payment. Any expense reimbursements subject to Section 409A of the Code shall be made no later
than the end of the calendar year following the calendar year in which such business expense is incurred by the Executive.

 

8.          Indemnification.
The Company shall indemnify the Executive in accordance with the Company’s By-laws. The Company agrees that it will make
all commercially reasonable efforts to keep in full force and effect, for the duration of all applicable statute of limitations
periods, directors and officers liability insurance policies on terms at least as favorable to the Executive as those in effect
on the date hereof.

 

9.          Termination.
This Agreement does not grant the Executive any right or entitlement to be retained by the Company. In the event of termination
by the Company of the Executive’s employment under the circumstances described below in this Section 9, the Executive shall
be entitled to the severance pay and benefits so specified.

 

    	 	3	 

     

    

 

(a)          Certain
Definitions. For purposes of this Section 9, the following terms shall have the meanings given below:

 

(i)          Termination
For Cause. The employment of the Executive hereunder shall be deemed to have been terminated “For Cause” if the
Company shall have terminated the Executive as a result of any of the following: (A) any act committed by the Executive which shall
represent a breach in any material respect of any of the terms of this Agreement and which breach is not cured within 30 days of
receipt by the Executive of written notice from the Company of such breach; (B) improper conduct, consisting of any willful act
or omission with the intent of obtaining, to the material detriment of the Company, any benefit to which the Executive would not
otherwise be entitled; (C) gross negligence, consisting of wanton and reckless acts or omissions in the performance of the Executive’s
duties to the material detriment of the Company; (D) addiction to drugs or chronic alcoholism or (E) any conviction of, or plea
of nolo contendere to, a crime (other than a traffic violation) under the laws of the United States, the United Kingdom, or any
of their respective political subdivisions, provided that the Executive receives a copy of a resolution duly adopted by a two thirds
majority affirmative vote of the membership of the Board excluding the Executive, at a meeting of the Board called and held for
such purpose after the Executive has been given reasonable notice of such meeting and has been given an opportunity, together with
his counsel, to be heard by the Board, finding that in the good faith opinion of the Board the Executive was guilty of the conduct
set forth and specifying the particulars thereof in detail.

 

(ii)         Termination
Without Cause. The employment of the Executive hereunder shall be deemed to have been terminated “Without Cause”
upon (A) termination of employment by the Company for any reason other than the reasons specified in Section 9(a)(i) hereof
as termination “For Cause” or the reasons specified in Section 9(a)(iii) hereof as termination because of the
Executive’s Disability or Death, (B) termination of employment by the Company by virtue of the expiry of the Employment Period
on 1 January 2019 (or any specific extension thereof), unless the Company has offered in writing to renew the Executive’s
employment after the expiry of the Employment Period on terms no less favorable than those provided in this Agreement (in which
case if the Executive does not accept renewal of his employment, the termination of his employment by virtue of the expiry of the
Employment Term will be deemed a resignation by the Executive), or (C) termination of employment by the Executive within 30 days
following a “Constructive Termination” event. For purposes hereof, the following shall constitute Constructive Termination
events: (1) any removal of the Executive from the position of President or Chief Executive Officer, (2) any material reduction
of the Executive’s duties, responsibilities or authority, including any change in the Executive’s positions as President
or Chief Executive Officer that results in such a reduction, (3) a material reduction by the Company in the Executive’s base
salary in effect on the date hereof or as may be increased from time to time except if the Board in response to exceptional adverse
business circumstances makes a general temporary reduction in the compensation of the executives of the Company, (4) the Company
requiring the Executive without the Executive’s express written consent to be based anywhere other than within 50 miles of
a Company office existing as of the date of this Agreement, unless the Executive would be based closer to his primary residence
and except for required travel on the Company’s business to an extent substantially consistent with the Executive’s
present business travel obligations, or (5) a material breach of this Agreement by the Company.

 

    	 	4	 

     

    

 

The foregoing shall be
treated as Constructive Termination events hereunder following the expiration of 30 days from the date the Executive has notified
Company (within 90 days) of the occurrence of such event and the Executive’s intention to treat such event as a constructive
termination and terminate the Executive’s employment on the basis thereof, provided that Company has not cured the constructive
termination event before the expiration of such 30-day period. The Executive’s termination will be effective upon the expiration
of the 30-day period.

 

(iii)        Disability.
The Executive shall be treated as having suffered a “Disability” if the Executive is prevented from performing his
duties hereunder by reason of illness or injury for a period of either (A) six or more consecutive months from the First Date of
Disability (as defined below) or (B) eight months in the aggregate during any 12-month period. The date as of which the Executive
is first absent from employment as a result of such illness or injury shall be referred to herein as the “First Date of Disability”.
Notwithstanding the foregoing, if and only to the extent that Executive’s disability is a trigger for the payment of deferred
compensation, as defined in Section 409A of the Code, “disability” shall have the meaning set forth in Section 409A(a)(2)(C)
of the Code.

 

(iv)        Change
in Control. A “Change in Control” shall be deemed to have taken place if:

 

(A) there shall be consummated
any consolidation or merger of the Company in which Company is not the continuing or surviving corporation or pursuant to any transaction
in which shares of the Company’s capital stock are converted into cash, securities or other property, or any sale, lease,
exchange or other transfer in one transaction or a series of transactions contemplated or arranged by any party as a single plan
of all or substantially all of the assets of the Company, or the approval of a plan of complete liquidation or dissolution of the
Company adopted by the stockholders of the Company; or

 

(B) any person (as such
term is used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”))
shall after the date hereof become the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly
or indirectly, of securities of the Company representing 35% or more of the voting power of all then outstanding securities of
the Company having the right under ordinary circumstances to vote in an election of the Board (including, without limitation, any
securities of the Company that any such person has the right to acquire pursuant to any agreement, or upon exercise of conversion
rights, warrants or options, or otherwise, shall be deemed beneficially owned by such person); or

 

(C) individuals who
at the date hereof constitute the entire Board and any new directors whose election by the Board, or whose nomination for election
by the Company’s stockholders, shall have been approved by a vote of at least a majority of the directors then in office
who either were directors at the date hereof or whose election or nomination for election shall have been so approved (the “Continuing
Directors”) shall cease for any reason to constitute a majority of the members of the Board; and

 

    	 	5	 

     

    

 

provided
further that in each of the foregoing cases, the Change of Control also meets all of the requirements of a “change in
the ownership of a corporation” within the meaning of Treasury Regulation §1.409A-3(i)(5)(v), a “change in the
effective control of a corporation” within the meaning of Treasury Regulation §1.409A-3(i)(5)(vi) or a “a change
in the ownership of a substantial portion of the corporation’s assets” within in the meaning of Treasury Regulation
§1.409A-3(i)(5)(vii).

 

(b)         Termination
Without Cause. In the event of termination of the Executive’s employment hereunder by Company “Without Cause”
(other than for a Termination for a Change of Control hereinafter separately provided for) the Executive shall be entitled to the
following severance pay and benefits:

 

(i)          Severance
Pay - severance payments in the form of continuation of the Executive’s base salary as in effect immediately prior to
such termination for a period of 12 months commencing on the sixtieth (60th) day following the effective date of such
termination;

 

(ii)         Benefits
Continuation - continued coverage under the Company’s medical care and life insurance benefit plans in which the Executive
is participating at the time of termination, or equivalent coverage thereof, on the same terms as applicable to other executive
employees of the Company from time to time, over the same period with respect to which the Executive’s base salary is continued
as provided in Section 9(b)(i) hereof; provided, however, that the Company’s obligation to provide such coverages shall be
terminated if the Executive obtains substitute coverage from another employer of the Executive at any time during the continuation
period; the Executive shall be obligated to notify Company of any such substitute coverage and the date of commencement thereof
promptly upon obtaining any such coverage. The Executive shall be entitled, at the expiration of the period of benefits continuation
under this Section 9(b)(ii), to elect continued medical coverage upon timely election of COBRA continuation coverage, in accordance
with Section 4980B of the Internal Revenue Code of 1986, as amended (or any successor provision thereto) with the Company premiums
paid at the same percentage as prior to the Executive’s termination; provided that, if COBRA continuation coverage is otherwise
earlier terminated under applicable law, then, in lieu of coverage, the Company will pay its share of the monthly Company premium
in effect prior to the termination of COBRA continuation coverage directly to the Executive each month for the remainder of the
relevant period. Any amounts paid by the Company on Executive’s behalf under this Section 9(b)(ii) to continue the Executive’s
medical care and life insurance benefits shall be recorded as additional income pursuant to Section 6041 of the Code and shall
not be entitled to any tax qualified treatment; and

 

(iii)        Stock
Options - all options to purchase shares of the Company’s common stock held by the Executive and which are vested immediately
prior to termination of employment shall become exercisable for a period of six months following the effective date of termination
of employment.

 

    	 	6	 

     

    

 

(c)          Termination
following Change in Control. In the event of termination of the Executive’s employment within six months following a
Change of Control the Executive shall be entitled to the following severance pay and benefits:

 

(i)          Severance
Pay -Severance payments in the form of continuation as the Executive’s base salary as in effect immediately prior to
such termination for a period of 24 months commencing on the sixtieth (60th) day following the effective date of termination;

 

(ii)         Benefits
Continuation - continued coverage under the Company’s medical care and life insurance benefit plans in which the Executive
is participating at the time of termination, or equivalent coverage thereof, on the same terms as applicable to other executive
employees of the Company from time to time, over the same period with respect to which the Executive’s base salary is continued
as provided in Section 9(c)(i) hereof; provided, however, that the Company’s obligation to provide such coverages shall be
terminated if the Executive obtains substitute coverage from another employer of the Executive at any time during the continuation
period; the Executive shall be obligated to notify Company of any such substitute coverage and the date of commencement thereof
promptly upon obtaining any such coverage. The Executive shall be entitled, at the expiration of the period of benefits continuation
under this Section 9(c)(ii), to elect continued medical coverage upon timely election of COBRA continuation coverage, in accordance
with Section 4980B of the Internal Revenue Code of 1986, as amended (or any successor provision thereto) with the Company premiums
paid at the same percentage as prior to the Executive’s termination; provided that, if COBRA continuation coverage is otherwise
earlier terminated under applicable law, then, in lieu of coverage, the Company will pay its share of the monthly Company premium
in effect prior to the termination of COBRA continuation coverage directly to the Executive each month for the remainder of the
relevant period. Any amounts paid by the Company on Executive’s behalf under this Section 9(c)(ii) to continue the Executive’s
medical care and life insurance benefits shall be recorded as additional income pursuant to Section 6041 of the Code and shall
not be entitled to any tax qualified treatment; and

 

(iii)        Stock
Options - all options to purchase shares of the Company’s common stock held by the Executive shall be vested and be exercisable
for a period of 18 months following the effective date of termination; and

 

(iv)        Return
to London - the Company will reimburse Executive for out of pocket expenses reasonably incurred by the Executive, subject to
an aggregate cap of $15,000, in connection with the relocation of Executive’s family and household goods from the New York-New
Jersey metropolitan area to London, provided, however, that (i) the Executive actually relocates his family and household goods
within one year following the date the termination of his employment becomes effective; and (ii) all such expenses are reimbursed
on or before the last day of the second taxable year following the year in which the Executive’s employment terminated.

 

    	 	7	 

     

    

 

(v)         280G
Excise Tax - it is the intention of Executive and the Company that no payments made or benefits provided by the Company to
or for the benefit of Executive under this Agreement or any other agreement or plan pursuant to which Executive is entitled to
receive payments or benefits shall be subject to the excise tax imposed on the Executive by Section 4999 of the Code (the “280G
Excise Tax”), relating to golden parachute payments. The Company agrees that in the event any payments to Executive pursuant
to this Agreement would result in a payment to Executive that would trigger any 280G Excise Tax, if appropriate and permissible,
the Company shall first submit to its stockholders for approval the transaction that may result in the imposition of the 280G Excise
Tax upon Executive in accordance with the regulations of the Internal Revenue Code governing shareholder approval of transactions
giving rise to 280G Excise Tax liability.

 

(d)          Termination
Upon Disability or Death. In the event of termination of the Executive’s employment hereunder on account of the Executive’s
“Disability” or death, the Executive or the Executive’s heirs, estate or personal representatives under law,
as applicable, shall be entitled to the following severance pay and benefits:

 

(i)          Severance
Pay - severance payments in the form of continuation of the Executive’s base salary as in effect immediately prior to
such termination for a period of 12 months commencing on the sixtieth (60th) day following the effective date of the
termination, reduced by any amounts paid to the Executive in the time period following the First Date of Disability and until the
date of termination, and any payments received from any short-term or long-term disability plan of the Company;

 

(ii)         Benefits
Continuation - the same benefits as provided in Section 9(c)(ii) above, to be provided during the Employment Period while the
Executive is suffering from Disability and for a period of 12 months following the effective date of termination of employment
by reason of Disability; and

 

(iii)        Stock
Options - all options to purchase shares of the Company’s common stock held by the Executive which are exercisable immediately
prior to termination of employment shall remain exercisable for a period of 12 months following the effective date of termination
of employment.

 

(e)          Other
Terminations. In the event of termination of the Executive’s employment hereunder for any reason other than those specified
in subsections (b) through (d) of this Section 9, the Executive shall not be entitled to any severance pay, benefits continuation
or stock option rights contemplated by the foregoing provisions of this Section 9, except as otherwise provided in the applicable
benefit plans of the Company that cover the Executive.

 

(f)          Accrued
Rights. Notwithstanding the foregoing provisions of this Section 9, in the event of termination of the Executive’s employment
hereunder for any reason, the Executive shall be entitled to payment of any unpaid portion of his base salary, computed on a pro-rata
basis through the effective date of termination, and payment of any accrued but unpaid rights in accordance with the terms of any
incentive bonus or employee benefit plan or program of the Company.

 

    	 	8	 

     

    

 

(g)          Conditions
to Severance Benefits. (i) As conditions of the Executive’s entitlement and continued entitlement to the severance payments
and benefits provided by this Section 9, the Executive is required to (i) honor in accordance with their terms the provisions of
Sections 10, 11 and 12 hereof and (ii) execute and honor the terms of a waiver and release of claims against the Company substantially
in the form attached hereto as Exhibit A (and as may be modified consistent with the purposes of such waiver and release to reflect
changes in law following the date hereof), which must be effective and irrevocable prior to the sixtieth (60th) day
following the effective date of the termination of the Executive’s employment. The parties hereto agree that the Executive
is under no affirmative obligation to seek to mitigate or offset the severance payments and benefits provided by this Section 9.

 

(ii)        For
purposes only of this Section, the Executive shall be treated as having failed to honor the provisions of Sections 10, 11 or 12
hereof only upon the passing of a resolution by a majority of the Board making such a determination following notice of the alleged
failure by Company to the Executive, an opportunity for the Executive to cure the alleged failure for a period of 30 days from
the date of such notice and the Executive’s opportunity to be heard on the issue by the Board.

 

(iii)        Stock
Options. Notwithstanding any other provisions of this Agreement to the contrary, in the event that the Executive continues
to serve as a member of the Board following his termination of employment from the Company, his rights with respect to vesting
and exercisability of his then outstanding options shall continue under the same terms and conditions as if the Executive had not
terminated employment until such time as the Executive is no longer providing services to the Company as a non-executive member
of the Board. In addition, any option which is deemed to be an Incentive Stock Option pursuant to Section 422 of the Code, shall
become a Nonqualified Stock Option on the date that is three months after termination of Executive’s employment.

 

10.         Confidentiality.
The Executive agrees that he will not at any time during the term hereof or thereafter for any reason, in any fashion, form or
manner, either directly or indirectly, divulge, disclose or communicate to any person, firm, corporation or other business entity,
in any manner whatsoever, any confidential information or trade secrets concerning the business of the Company (including the business
of any unit thereof), including, without limiting the generality of the foregoing, the names of any of its customers, the prices
at which it obtains or has obtained any products or services, the techniques, methods or systems of its operation or management,
any customer proposals or other business opportunities, any information regarding its financial matters, or any other material
information concerning the business of the Company, its manner of operation, its plans or other material data. The provisions of
this paragraph shall not apply to (i) information disclosed in the performance of the Executive’s duties to the Company based
on his good faith belief that such a disclosure is in the best interests of the Company; (ii) information that is public knowledge;
(iii) information disseminated by the Company to others in the ordinary course of the Company’s business, in order to further
such business, provided the recipient of such information agrees to be subject to a confidentiality obligation at least comparable
to that herein; (iv) information or knowledge lawfully received by the Executive from a third party who, based upon due inquiry
by the Executive, is not bound by a confidential relationship to the Company; or (v) information disclosed under a requirement
of law or as directed by applicable legal authority having jurisdiction over the Executive.

 

    	 	9	 

     

    

 

11.         Inventions.
(i) To the extent that any of the Company’s current or future products or services relate to, embody or incorporate concepts,
technology or products of any kind relevant to the Company or its subsidiaries or affiliates that the Executive directly or indirectly
conceived or developed prior to the date hereof during the period of his employment by Company (“Prior Technology”),
the Executive assigns in perpetuity to Company any and all of his rights, title and interests, if any, to utilize, without any
cost to the Company, such Prior Technology, and the Executive agrees to assist Company in taking all action that may be reasonably
required, at the Company’s expense, to secure for the Company the benefits of the Executive’s ownership or rights,
if any, to use all such Prior Technology.

 

(ii) The Executive
is hereby retained in a capacity such that the Executive’s responsibilities include the making of technical, managerial and
promotional contributions of value to the Company. The Executive hereby assigns to Company all rights, title and interest in such
contributions and inventions made or conceived by the Executive alone or jointly with others which relate to the business of the
Company. This assignment shall include (a) the right to file and prosecute patent applications on such inventions in any and all
countries, (b) the patent applications filed and patents issuing thereon, and (c) the right to obtain copyright, trademark or trade
name protection for any such work product. The Executive shall promptly and fully disclose all such contributions and inventions
to the Company and assist the Company in obtaining and protecting the rights therein (including patents thereon), in any and all
countries; provided, however, that said contributions and inventions will be the property of the Company, whether or not patented
or registered for copyright, trademark or trade name protection, as the case may be. Inventions conceived by the Executive which
are not related to the business of the Company (as determined in good faith by the Board), will remain the property of the Executive.

 

12.         Non-Competition.
(i) the Executive agrees that he shall not during the Employment Period and for a period of one year after the termination or end
thereof for any reason, without the approval of the Board which, after the end of the Employment Period, shall not unreasonably
be withheld or delayed, directly or indirectly, alone or as partner, joint venturer, officer, director, employee, consultant, agent,
independent contractor or controlling stockholder (other than as provided below) of any Company or business, engage in any “Competitive
Business” within the United States and within the United Kingdom. For purposes of the foregoing, the term “Competitive
Business” shall mean any business involved in the research, development, or sale of anticancer targeted therapeutics that
are nucleoside analogues, CDK inhibitors or Aurora/VEGFR2 inhibitors and/or medicines for the treatment of radiation dermatitis
or xerostomia or any other business in which the Company has been engaged up to and until the relevant time (as determined by the
Board of Directors); provided that, this provision shall in no way prevent the Executive, after the end of the Employment Period,
from being employed as a consultant.

 

    	 	10	 

     

    

 

(ii) Notwithstanding
the provisions of clause (i) above or any other provision of this Agreement to the contrary, the Executive shall not be prohibited
during the period applicable under clause (i) above from acting as a passive investor where (a) in the case of a Competitive Business
being a public corporation, the Executive owns not more than five percent (5%) of the issued and outstanding capital stock or such
higher percentage or amount as may be approved by the Board upon notice from the Executive prior to obtaining such interest; provided,
however, that the Executive shall not be treated as having violated the provisions of this Section 12 if in good faith he is unaware
that an entity in which he has an investment interest would be treated as a Competitive Business and, upon becoming aware of such
involvement, the Executive makes reasonable efforts to divest himself of his interest in such business; (b) in the case of any
employer or entity other than a Competitive Business that is engaged in, or whose affiliates are engaged in, the development or
marketing of products or technologies that are directly or indirectly competitive with any product or technology that is developed
or marketed or proposed to be developed or marketed by Company during the Employment Period, the Executive owns not more than five
percent (5%) of the issued and outstanding capital stock; or (c) receiving stock, options or warrants from any entity with which
the Executive can have a relationship pursuant to clause (i) above as part of the Executive’s compensation for services rendered
or to be rendered.

 

13.         Breach
of Restrictive Covenants. The parties agree that a breach or violation of Sections 10, 11 or 12 hereof will result in immediate
and irreparable injury and harm to the innocent party, who shall have, in addition to any and all remedies of law and other consequences
under this Agreement, the right to an injunction, specific performance or other equitable relief to prevent the violation of the
obligations hereunder.

 

14.         Non-Disparagement.
The Executive agrees that he will not, whether during his provision of services to the Company or thereafter, directly or indirectly,
make, cause to be made, or ratify any statement, public or private, oral or written, to any person that disparages, either professionally
or personally, the Company or any of its affiliates, past and present, and each of them, as well as its and their trustees, directors,
officers, agents, attorneys, insurers, employees, stockholders, representatives, assigns, and successors, past and present, and
each of them.

 

15.         Notices.
Any notice required to be given pursuant to the provisions of this Agreement shall be in writing and, if mailed, sent by registered
mail, postage prepaid, to the party named at the address set forth below, or at such other address as each party may hereafter
designate in writing to the other party:

 

	 	Company:	200 Connell Drive #1500
	 	 	Berkeley Heights, NJ 07922
	 	 	Attention: Chairman of the Board
	 	 	 
	 	with a copy to (which copy will not constitute notice):
	 	 
	 	 	Mintz Levin Cohn Ferris Glovsky & Popeo, P.C.
	 	 	666 Third Avenue
	 	 	New York, New York 10017
	 	 	Attention:  Joel Papernik, Esq.

 

	 	Executive: 	c/o Cyclacel Pharmaceuticals, Inc.
	 	 	200 Connell Drive #1500
	 	 	Berkeley Heights, NJ 07922

 

 

    	 	11	 

     

    

  

Any such notices shall be deemed to have
been delivered when served personally in the manner specified above.

 

16.         Dispute
Resolution. The parties shall waive trial by jury in any dispute between them.

 

17.         Entire
Agreement.

 

(a)          Change,
Modification, Waiver. No change or modification of this Agreement shall be valid unless it is in writing and signed by each
of the parties hereto. No waiver of any provision of this Agreement shall be valid unless it is in writing and signed by the party
against whom the waiver is sought to be enforced. The failure of a party to insist upon strict performance of any provision of
this Agreement in any one or more instances shall not be construed as a waiver or relinquishment of the right to insist upon strict
compliance with such provision in the future.

 

(b)          Integration
of All Agreements. This Agreement constitutes the entire Agreement between the parties and is intended to be an integration
of all agreements between the parties with respect to the Executive’s service with Company. Except as provided in Section
8 hereof concerning the Indemnification Agreement, any and all prior agreements between the Executive and the Company with respect
to the Executive’s service with the Company are hereby revoked.

 

(c)          Severability
of Provisions. If for any reason any provision of this Agreement should be declared void or invalid, such declaration shall
not affect the validity of the rest of this Agreement, which shall remain in force as if executed with the void or invalid provision
eliminated.

 

18.         Binding
Effect. This Agreement shall be binding upon all parties hereto and their heirs, successors and assigns. This Agreement
shall be assignable by Company to any entity acquiring all or substantially all of the assets of the Company.

 

19.         Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey.

 

20.         Miscellaneous.

 

(a)          Form.
As employed in this Agreement, the singular form shall include, if appropriate, the plural.

 

(b)          Headings.
The headings employed in this Agreement are solely for the convenience and reference of the parties and are not intended to be
descriptive of the entire contents of any paragraph and shall not limit or otherwise affect any of terms, provisions, or construction
thereof.

 

    	 	12	 

     

    

 

21.         Compliance
with Section 409A of the Code.

 

(a)          To
the extent any of the benefits payable under Section 9(b), (c) or (d) of this Agreement constitute non-qualified deferred compensation
subject to Section 409A of the Code, the following provisions shall apply:

 

(i)          Any
termination of employment triggering payment of such benefits must constitute a “separation from service” under Section
409A of the Code before distribution of such benefits can commence. For purposes of clarification, this paragraph shall not cause
any forfeiture of benefits on the part of the Executive, but shall only act as a delay until such time as a “separation from
service” occurs.

 

(ii)         If
the Executive is a “specified employee” (as that term is used in Section 409A of the Code and regulations and other
guidance issued thereunder) on the date his separation from service becomes effective, any benefits payable under Section 9 that
constitute non-qualified deferred compensation subject to Section 409A of the Code shall be delayed until the earlier of (A) the
business day following the six-month anniversary of the date his separation from service becomes effective, and (B) the date of
the Employee’s death, but only to the extent necessary to avoid the imposition of accelerated or increased income taxes,
excise taxes or other penalties under Section 409A of the Code. On the earlier of (A) the business day following the six-month
anniversary of the date his separation from service becomes effective, and (B) the Executive’s death, the Company shall pay
the Executive in a lump sum the aggregate value of the non-qualified deferred compensation that the Company otherwise would have
paid the Executive prior to that date under Section 9 of this Agreement.

 

(iii)        It
is intended that each installment of the payments and benefits provided under Section 9 this Agreement shall be treated as a separate
“payment” for purposes of Section 409A of the Code. In particular, if the installment severance payments set forth
in Sections 9(b)(i), 9(c)(i) and 9(d)(i) of this Agreement otherwise qualify under Treas. Reg. §1.409A-1(b)(9)(iii) as an
involuntary separation plan, the installment severance payments shall be divided into two portions. That number of installments
commencing on the first payment date set forth in Sections 9(b)(i), 9(c)(i) and 9(d)(i) of this Agreement that are in the aggregate
less than two times the applicable compensation limit under Section 401(a)(17) of the Code for the year in which the termination
of the Executive’s employment occurs (provided the termination of the Executive’s employment is also a “separation
from service”) shall be payable in accordance with Treas. Reg. §1.409A-1(b)(9)(iii) as an involuntary separation plan.
The remainder of the installments shall be paid in accordance with Sections 21(a)(i) and (ii) above.

 

(iv)        Neither
the Company nor Executive shall have the right to accelerate or defer the delivery of any such payments or benefits except to the
extent specifically permitted or required by Section 409A of the Code.

 

(b)          Notwithstanding
any other provision of this Agreement to the contrary, if any term in the Agreement is ambiguous, such term or terms shall be interpreted
in a manner that avoids the inclusion of compensation in income under Section 409A(a)(1) of the Code. For purposes of clarification,
this Section 20 shall be a rule of construction and interpretation and nothing in this Section 20 shall cause a forfeiture of benefits
on the part of the Executive.

 

[signature page follows]

 

    	 	13	 

     

    

 

IN WITNESS WHEREOF, this Agreement
is executed as of the date first above written.

 

	 	Cyclacel Pharmaceuticals, Inc.

 

	 	By:	 
	 	 	Name	 
	 	 	Title	 

 

	 	Spiro Rombotis
	 	 
	 	 

 

    	 	14	 

     

    

 

EXHIBIT A

 

1.          Your
Release of Claims. You hereby agree and acknowledge that by signing this Agreement, and for other good and valuable consideration,
you are waiving your right to assert any and all forms of legal claims against the Company1/
of any kind whatsoever, whether known or unknown, arising from the beginning of time through the date you execute this Agreement
(the “Execution Date”). Except as set forth below, your waiver and release herein is intended to bar any form of legal
claim, complaint or any other form of action (jointly referred to as “Claims”) against the Company seeking any form
of relief including, without limitation, equitable relief (whether declaratory, injunctive or otherwise), the recovery of any damages,
or any other form of monetary recovery whatsoever (including, without limitation, back pay, front pay, compensatory damages, emotional
distress damages, punitive damages, attorneys’ fees and any other costs) against the Company, for any alleged action, inaction
or circumstance existing or arising through the Execution Date.

 

Without limiting the
foregoing general waiver and release, you specifically waive and release the Company from any Claim arising from or related to
your prior employment relationship with the Company or the termination thereof, including, without limitation:

 

		**	Claims under any state or federal discrimination, fair employment practices or other employment
related statute, regulation or executive order (as they may have been amended through the Execution Date) prohibiting discrimination
or harassment based upon any protected status including, without limitation, race, national origin, age, gender, marital status,
disability, veteran status or sexual orientation. Without limitation, specifically included in this paragraph are any Claims arising
under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans
With Disabilities Act and any similar Federal and state statute.

 

		**	Claims under any other state or federal employment related statute, regulation or executive order
(as they may have been amended through the Execution Date) relating to wages, hours or any other terms and conditions of employment.

 

		**	Claims under any state or federal common law theory including, without limitation, wrongful discharge,
breach of express or implied contract, promissory estoppel, unjust enrichment, breach of a covenant of good faith and fair dealing,
violation of public policy, defamation, interference with contractual relations, intentional or negligent infliction of emotional
distress, invasion of privacy, misrepresentation, deceit, fraud or negligence.

 

		**	Any other Claim arising under state or federal law.

 

 

1/          For purposes of this Agreement, the Company includes the Company and any of its divisions, affiliates (which means all persons and entities directly or indirectly controlling, controlled by or under common control with the Company), subsidiaries and all other related entities, and its and their directors, officers, employees, trustees, agents, successors and assigns.

 

    	 	15	 

     

    

  

Notwithstanding the
foregoing, nothing contained in this Release constitutes a waiver of any Claims you may have against the Company arising from or
related to the Indemnification Agreement and By-laws provisions referenced in Section 8 of the Employment Agreement, dated January
1, 2014, entered into between you and the Company.

 

You acknowledge and
agree that, but for providing this waiver and release, you would not be receiving the economic benefits being provided to you under
the terms of this Agreement.

 

It is the Company’s
desire and intent to make certain that you fully understand the provisions and effects of this Agreement. To that end, you have
been encouraged and given the opportunity to consult with legal counsel for the purpose of reviewing the terms of this Agreement.
Also, because you are over the age of 40 and consistent with the provisions of the Age Discrimination in Employment Act (“ADEA”),
which prohibits discrimination on the basis of age, the Company is providing you with twenty-one (21) days in which to consider
and accept the terms of this Agreement by signing below and returning it to me at: [name], [address].

 

You may rescind
your assent to this Agreement if, within seven (7) days after you sign this Agreement, you deliver by hand or send by mail (certified,
return receipt and postmarked within such 7 day period) a notice of rescission to me at the Company. The eighth day following your
signing of this Agreement is the Effective Date.

 

Also, consistent with
the provisions of Federal and state discrimination laws, nothing in this release shall be deemed to prohibit you from challenging
the validity of this release under such discrimination laws (the “ Discrimination Laws”) or from filing a charge or
complaint of age or other employment related discrimination with the Equal Employment Opportunity Commission (“EEOC”)
or state equivalent, or from participating in any investigation or proceeding conducted by the EEOC or state equivalent. Further,
nothing in this release or Agreement shall be deemed to limit the Company’s right to seek immediate dismissal of such charge
or complaint on the basis that your signing of this Agreement constitutes a full release of any individual rights under the Discrimination
Laws, or to seek restitution to the extent permitted by law of the economic benefits provided to you under this Agreement in the
event that you successfully challenge the validity of this release and prevail in any claim under the Discrimination Laws.

 

	 	By:	 
	 	 	Spiro Rombotis

 

	 	Date signed:	 

 

    	 	16

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