Document:

EX-10.1

 Exhibit 10.1 

CNB FINANCIAL CORPORATION 

DEFINED CONTRIBUTION PLAN 
 FOR
TITO LIMA 
 Effective January 2, 2022 

 TABLE OF CONTENTS 
  

			
	 	 	PAGE
	 ARTICLE I—PURPOSE
	 	1
		
	 ARTICLE II—DEFINITIONS
	 	1
		
	 2.1  Account
	 	1
	 2.2  Administrative Committee
	 	1
	 2.3  Beneficiary
	 	1
	 2.4  Board or Board of Directors
	 	1
	 2.5  Cause
	 	1
	 2.6  Change in Control
	 	1
	 2.7  Code
	 	2
	 2.8  Disability
	 	2
	 2.9  Distribution Election
	 	2
	 2.10  Effective Date
	 	2
	 2.11  Bank Contribution Account
	 	2
	 2.12  Bank Contribution
	 	2
	 2.13  ERISA
	 	3
	 2.14  Installment Eligible or Installment Eligibility
	 	3
	 2.15  Interest Rate
	 	3
	 2.16  Plan
	 	3
	 2.17  Plan Year
	 	3
	 2.18  Separation from Service
	 	3
	 2.19  Small Benefit
	 	3
	 2.20  Specified Employee
	 	3
		
	 ARTICLE III—PARTICIPATION AND ACCOUNTS
	 	4
		
	 3.1  Participation
	 	4
	 3.2  Bank Contributions
	 	4
		
	 ARTICLE IV—VESTING AND FORFEITURE
	 	4
		
	 4.1  Vesting of Bank Contributions
	 	4
	 4.2  Forfeiture of Bank Contributions
	 	4
		
	 ARTICLE V—EARNINGS
	 	4
		
	 5.1 Earnings on Accounts
	 	4
	 5.2 Statement of Account
	 	5

 TABLE OF CONTENTS 

 

			
	 	 	 PAGE

		
	 ARTICLE VI—DISTRIBUTIONS FROM THE PLAN
	 	5
		
	 6.1  Benefit upon Separation from Service after Attainment of Installment
Eligibility
	 	5
	 6.2  Benefit upon Separation from Service prior to Attainment of Installment
Eligibility
	 	5
	 6.3  Change in Time of Payment
	 	5
	 6.4  Time of Payment
	 	6
	 6.5  Benefit upon Death
	 	6
	 6.6  Benefit upon a Change in Control
	 	6
	 6.7  Benefit upon a Disability
	 	6
	 6.8  Small Benefit
	 	6
	 6.9  Delayed Payments
	 	7
	 6.10  Withholding and Payroll Taxes
	 	7
	 6.11  Payment to Guardian
	 	7
		
	 ARTICLE VII—BENEFICIARY DESIGNATION
	 	7
		
	 7.1  Beneficiary Designation
	 	7
	 7.2  Changing Beneficiary
	 	7
	 7.3  No Beneficiary Designation
	 	8
	 7.4  Effect of Payment
	 	8
		
	 ARTICLE VIII—ADMINISTRATION
	 	8
		
	 8.1  Administration
	 	8
	 8.2  Agents
	 	8
	 8.3  Binding Effect of Decisions
	 	8
		
	 ARTICLE IX—CLAIMS PROCEDURE
	 	8
		
	 9.1  Claim Procedures
	 	8
		
	 ARTICLE X—AMENDMENT AND TERMINATION OF PLAN
	 	10

			
		
	TABLE OF CONTENTS	 	
	 	 	 PAGE

		
	 ARTICLE XI—MISCELLANEOUS
	 	10
		
	 11.1  Unfunded Plan
	 	10
	 11.2  Unsecured General Creditor
	 	10
	 11.3  Trust Fund
	 	11
	 11.4  Nonassignability
	 	11
	 11.5  Not a Contract of Employment
	 	11
	 11.6  Executive Cooperation
	 	11
	 11.7  Governing Law
	 	11
	 11.8  Validity
	 	11
	 11.9  Gender
	 	12
	 11.10 Successors
	 	12
	 11.11 Notices
	 	12
	 11.12 Compliance with Code Section 409A
	 	12
	 11.13 Entire Agreement
	 	12

 SCHEDULE A 

Payment Form Election 
 SCHEDULE B 

Beneficiary Designation 

 CNB FINANCIAL CORPORATION 

DEFINED CONTRIBUTION PLAN 

FOR TITO LIMA 
 ARTICLE
I—PURPOSE 
 CNB Financial Corporation, a Pennsylvania banking corporation (the “Bank”) hereby adopts CNB Financial
Corporation Defined Contribution Plan for Tito Lima (the “Plan”) to provide current tax planning opportunities and supplemental funds upon retirement or death for Tito Lima (“Executive”). The Plan is intended and shall be
interpreted to comply with Code Section 409A and those provisions of the Employee Retirement Income Security Act of 1974, as amended, applicable to an unfunded plan maintained primarily to provide deferred compensation benefits for the
Executive. 
 ARTICLE II—DEFINITIONS 
  

	2.1	 Account 

“Account” means the interest of the Executive in the Plan as represented by the bookkeeping entries kept by the Bank. An Account may
include separate subaccounts, as may be required. 
  

	2.2	 Administrative Committee 

“Administrative Committee” shall mean the compensation committee of the Board of Directors pursuant to Article VIII of the Plan. 

 

	2.3	 Beneficiary 

“Beneficiary” means the person, persons or entity last designated by the Executive to receive any benefits payable after
Executive’s death pursuant to Article VII of the Plan. 
  

	2.4	 Board or Board of Directors 

“Board” or “Board of Directors” means the Board of Directors of the Bank. 

 

	2.5	 Cause 

“Cause” means deliberate dishonesty of the Executive with respect to the Bank, gross negligence, gross neglect, or the commission of
a felony or gross-misdemeanor which results in any material adverse effect on the Bank. 
  

	2.6	 Change in Control 

“Change in Control” means a change in control of CNB Financial Corporation, as described in Code Section 409A(a)(2)(A)(v) and
the regulations promulgated thereunder except that in determining if there has been a “change in the effective control” of CNB Financial Corporation, as defined in Treasury Regulation
Section 1.409A-3(i)(5)(vi), “thirty percent” shall be replaced with “fifty-one percent.” 

  
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TITO LIMA 

	2.7	 Code 

“Code” means the Internal Revenue Code of 1986, as amended, and including all guidance and regulations promulgated thereunder. 

 

	2.8	 Disability 

“Disability” and “Disabled” mean the Executive is: 

(a) Unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or 

(b) By reason of any medically determinable physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Bank; or 

(c) Determined to be totally disabled by the Social Security Administration or the Railroad Retirement Board. 

The Administrative Committee will determine whether or not the Executive has incurred a Disability under subsections
(a) and (b) above based on such evidence as it deems necessary or appropriate. 
  

	2.9	 Distribution Election 

“Distribution Election” is the election the Executive makes as to either form of payment or time of payment, or both, under the
provisions of Article VI with respect to his or her Bank Contribution Account. Distribution Elections made pursuant to Article VI shall be irrevocable on January 1, 2022, except as may be provided in Section 6.3. 

 

	2.10	 Effective Date 

“Effective Date” means January 2, 2022. 
  

	2.11	 Bank Contribution Account 

“Bank Contribution Account” means the Account(s) established to record Bank Contributions and any earnings credited thereto. 

 

	2.12	 Bank Contribution 

“Bank Contribution” means the amount the Bank credits to the Executive’s Bank Contribution Account as a nonelective contribution
in accordance with Section 3.2 of the Plan. This shall be 20% of Executive’s annual base salary, not including any annual bonuses, group-term life insurance premiums, any noncash benefit provided to the Executive, or any fringe benefit
under Code Section 132, whether or not excludible from gross income. This contribution shall be calculated before any payroll reduction for any amounts deferred by the Executive pursuant to the Bank’s tax qualified plans maintained under
Code Section 401(a) or a plan maintained under Code Section 125, or under this Plan. 

  
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	2.13	 ERISA 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and including all guidance and regulations promulgated
thereunder. 
  

	2.14	 Installment Eligible or Installment Eligibility 

“Installment Eligible” or “Installment Eligibility” means the point in time when the Executive has become eligible to
receive installment distributions under Section 6.1 because the Executive has attained age sixty-five (65) prior to the Executive’s Separation from Service. 
  

	2.15	 Interest Rate 

“Interest Rate” means the earnings rate credited to an Account. The earnings rate credited for a Plan Year shall be a fixed rate of
4%. 
  

	2.16	 Plan 

“Plan” means the CNB Financial Corporation Defined Contribution Plan for Tito Lima as set forth in this document and any Distribution
Election, as the same may be amended from time to time. 
  

	2.17	 Plan Year 

“Plan Year” means the calendar year. 
  

	2.18	 Separation from Service 

“Separation from Service” and “Separated from Service” means the Executive’s termination of employment with the Bank
and all affiliated and subsidiary entities that are considered to be part of a controlled group with the Bank pursuant to Code Section 414(b) or (c), except that in applying Code Section 1563 “fifty percent” shall be substituted
for “eighty percent.” Whether a termination of employment has occurred is determined based on whether the facts and circumstances indicate that the Bank and the Executive reasonably anticipate that no further services will be performed
after a certain date or that the level of bona fide services the Executive will perform after such date (whether as an employee or as an independent contractor) will permanently decrease to no more than twenty percent (20%) of the average level of
bona fide services performed (whether as an employee or independent contractor) over the immediately preceding thirty-six (36) months (or the full period of service to the Bank if the Executive has been
providing services to the Bank for less than thirty-six (36) months). Separation from Service shall be determined consistent with and pursuant to Code Section 409A(a)(2)(A)(i). 

 

	2.19	 Small Benefit 

“Small Benefit” means a lump-sum payment pursuant to Section 6.8 of the Plan. 

 

	2.20	 Specified Employee 

“Specified Employee” means a specified employee as defined in Code Section 409A(a)(2)(B). 

  
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 ARTICLE III—PARTICIPATION AND ACCOUNTS 

 

	3.1	 Participation 

The Executive shall commence participation in this Plan as of the Effective Date. 

 

	3.2	 Bank Contributions 

On the first business day of each year, until Executive has a Separation from Service, a contribution will be allocated to the Executive’s
Bank Contribution Account. 
 ARTICLE IV—VESTING AND FORFEITURE 

 

	4.1	 Vesting of Bank Contributions 

(a) Bank Contributions. Executives shall be 0% vested in their Bank Contributions until later of the date that they
attain age fifty-five (55) or five (5) years of service, at which point they shall be 100% vested in all Bank Contributions. 

(b) Effect of Separation from Service. The vested percentage in any partially vested Bank Contributions shall not
increase after the Executive’s date of Separation from Service. 
 (c) Full Vesting upon the Occurrence of Certain
Events. The Executives shall immediately fully vest in all Bank Contributions upon the occurrence of any of the following events: 

(i) The Executive’s death; 

(ii) The Executive’s Disability; or 

(iii) CNB Financial Corporation undergoes a Change in Control. 

 

	4.2	 Forfeiture of Bank Contributions 

Notwithstanding Section 4.1 or anything in this Plan to the contrary, the payment of benefits from the Bank Contributions Account may, at
the discretion of the Board, be prohibited or discontinued, and such benefits forfeited if the Executive is involuntarily Separated from Service for Cause or if, within six months following the Executive’s Separation from Service, the Board
determines it could have involuntarily Separated from Service the Executive for Cause. 
 ARTICLE V—EARNINGS 

 

	5.1	 Earnings on Accounts 

Each December 31, the Executive’s Bank Contributions Account shall be credited with an amount equal to the Interest Rate for that
Plan Year multiplied by the balance in the Bank Contributions Account as of the previous December 31 plus the amount of the Bank Contribution credited to the Executive’s Bank Contribution Account as of January 1 under Section 3.2. If
the Bank Contribution was credited on a date other than January 1 for a Plan Year, the Interest Rate credited to this portion of the Executive’s Bank Contribution Account shall be prorated for the number of days it actually was included in
the Bank Contribution Account for that Plan Year. 

  
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	5.2	 Statement of Account 

From time to time, but not less frequently than annually, the Bank shall provide to the Executive a benefit statement setting forth the balance
of the Bank Contribution Account maintained for the Executive. 
 ARTICLE VI—DISTRIBUTIONS FROM THE PLAN 

 

	6.1	 Benefit upon Separation from Service after Attainment of Installment Eligibility 

(a) Form of Payment. Prior to the Effective Date, the Executive shall be required to elect the manner in which the
vested amount of the Bank Contribution Account, if any, shall be distributed upon Separation from Service after the Executive becomes Installment Eligible. The Executive may choose either: 

(i) Lump sum; or 

(ii) Annual installments for a period of ten (10) years. The first installment shall be paid as provided under
Section 6.4 or Section 6.7, as appropriate. Each subsequent annual installment shall be redetermined and paid as of the anniversary date of the first installment payment based on the then remaining Account balance and the remaining number
of installments. 
 (b) Default. In the event the Executive does not timely elect the manner in which the
Executive’s Bank Contribution Account is to be distributed, such Account shall be distributed in a lump sum. 
  

	6.2	 Benefit upon Separation from Service prior to Attainment of Installment Eligibility

 Form of Payment. Irrespective of Distribution Election(s) previously made by the Executive for
his Bank Contribution Account, all vested balances in the Executive’s Bank Contribution Account shall be distributed as a result of his Separation from Service, other than retirement, prior to attainment of Installment Eligibility in a lump
sum. 
  

	6.3	 Change in Time of Payment 

The Executive may subsequently change a Distribution Election provided: 

(a) Such election is submitted to the Administrative Committee in writing at least twelve (12) months prior to the date
any amount is to be distributed from the Plan; 
 (b) Such election shall not take effect until twelve (12) months after
it is submitted to the Administrative Committee in writing; and 
 (c) The payment of benefits from the Executive’s Bank
Contribution Account to which a subsequent election applies shall not commence until at least five (5) years from the date such payment would otherwise have been made. 

  
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	6.4	 Time of Payment 

Upon the Executive’s Separation from Service for any reason other than death or Disability, the Bank shall pay to the Executive a benefit
equal to the vested balance in the Executive’s Bank Contribution Account(s) in accordance with this Article VI. A lump sum distribution or the first in a series of installment payments under Section 6.1 shall be made within ninety
(90) days of the later of the Executive’s date of Separation from Service or his attainment of age sixty-five (65), subject to Sections 6.8 and 6.9 of the Plan. 
  

	6.5	 Benefit upon Death 

(a) Prior to Commencement of Benefits. If the Executive dies prior to the commencement of benefit payments under this
Plan, the Bank shall pay to the Beneficiary the Executive’s vested Bank Contribution Account balances in a lump sum within ninety (90) days of the Executive’s date of death. 

(b) After the Commencement of Benefits. If the Executive dies following the commencement of benefit payments, the Bank
shall pay to the Beneficiary any remaining installment payments that would have been paid to the Executive had the Executive survived. Such payments shall be made at the same time and in the same form as the Executive would have received had he or
she survived. 
 (c) After the Completion of Distributions. If the Executive dies after all Account balances have been
completely distributed, no death benefit shall be payable to the Beneficiary. 
  

	6.6	 Benefit upon a Change in Control 

(a) Separation from Service After Change in Control. If the Executive has a Separation from Service within one
(1) year of an event constituting a Change in Control, their benefit shall be paid as a lump sum within ninety (90) days of the post-Change in Control Separation from Service, regardless of whether they have reached Installment
Eligibility. 
 (b) Post Change in Control Benefit Upon Death. If the Executive dies after an event constituting a
Change in Control, the benefit shall be paid as provided in Section 6.5. 
  

	6.7	 Benefit upon a Disability 

Form and Timing of Payment. If the Executive is found to be Disabled, the Executive shall be paid as provided under his Distribution
Election in either a lump sum or installments. A lump sum distribution or the first in a series of installment payments under Section 6.1 shall be payable immediately or as soon as administratively possible, but in no case shall such payment be
delayed longer than ninety (90) days of the finding that the Executive is Disabled. 
  

	6.8	 Small Benefit 

Notwithstanding anything herein to the contrary, but subject to Section 6.9 of the Plan, if, on the date payment is to commence, the
Executive’s vested Bank Contributions Account balance (plus the Executive’s vested interest in any other plan or plans required to be aggregated with this Plan under Section 409A) is less than the then current IRS limit on elective
deferrals to a 401(k) plan under Code Section 402(g)(1)(B), such Account balance shall be paid to the Executive in a single lump sum within ninety (90) days of the Executive’s date of Separation from Service. 

  
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	6.9	 Delayed Payments 

Notwithstanding anything herein to the contrary, if the Executive is a Specified Employee as of his or her date of Separation from Service
except due to death, payment of Executive’s Account may not be made or commence before the date that is six (6) months after the date of Separation from Service (or, if earlier, the date of death of the Executive). If the Executive’s
Account is scheduled to be paid in annual installments, then the first payment following the six (6) month delay will be valued as of the date the payment will be made, and subsequent payments will be made on the anniversary of the date payment
was actually made. 
  

	6.10	 Withholding and Payroll Taxes 

The Bank shall withhold from Plan payments any taxes required to be withheld from such payments under federal, state or local law. In addition,
any withholding of taxes required with respect to the vesting of Bank Contributions that is required by federal, state, or local law, including but not limited to FICA and Medicare taxes, shall be withheld from the Executive’s compensation. The
Executive shall bear the ultimate responsibility for payment of all taxes owed under this Plan. 
  

	6.11	 Payment to Guardian 

If a Plan benefit is payable to a minor or a person declared incompetent or to a person incapable of handling the disposition of his property,
the Administrative Committee may direct payment to the guardian, conservator, legal representative or person having the care and custody of such minor, incompetent or incapacitated person. The Administrative Committee may require proof of minority,
incompetency, incapacity, conservatorship or guardianship as it may deem appropriate prior to distribution. Such distribution shall completely discharge the Bank from all liability with respect to such benefit. 

ARTICLE VII—BENEFICIARY DESIGNATION 
  

	7.1	 Beneficiary Designation 

The Executive shall have the right, at any time, to designate one (1) or more persons or entities as Beneficiary (both primary as well as
secondary) to whom benefits under this Plan shall be paid in the event of Executive’s death prior to complete distribution of the Executive’s vested benefit. Each Beneficiary designation shall be in a written form prescribed by
Administrative Committee and shall be effective only when filed with Administrative Committee during the Executive’s lifetime. 
  

	7.2	 Changing Beneficiary 

Any Beneficiary designation may be changed by the Executive without the consent of the previously named Beneficiary by the filing of a new
Beneficiary designation with the Administrative Committee. The filing of a new designation shall supersede all designations previously filed. If the Executive’s Compensation is community property, any Beneficiary designation shall be valid or
effective only as permitted under applicable law. 

  
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	7.3	 No Beneficiary Designation 

If the Executive fails to designate a Beneficiary in the manner provided above, if the designation is void, or if the Beneficiary dies before
the Executive or before complete distribution of the Executive’s benefits, the Executive’s Beneficiary shall be the person in the first of the following classes in which there is a survivor: 

(a) The Executive’s surviving spouse; 

(b) The Executive’s children in equal shares, except that if any of the children predecease the Executive with surviving
issue, then such issue shall take by right of representation; 
 (c) The Executive’s estate. 

 

	7.4	 Effect of Payment 

Payment to the Beneficiary shall completely discharge Bank’s obligations to the Executive and Beneficiary under this Plan. 

ARTICLE VIII—ADMINISTRATION 
  

	8.1	 Administration 

The Plan shall be administered by the Administrative Committee, which shall be the person or persons appointed by the Board of Directors or the
Chief Executive Officer of the Bank to administer the Plan, and which shall have the authority to make, amend, interpret and enforce all appropriate rules and regulations for the administration of the Plan and decide or resolve, in its sole
discretion, any and all questions, including interpretations of the Plan, as may arise in such administration. 
  

	8.2	 Agents 

The Administrative Committee may employ agents and delegate to them such administrative duties as it sees fit, and may consult with counsel who
may be counsel to the Bank. 
  

	8.3	 Binding Effect of Decisions 

The decision or action of the Administrative Committee with respect to any question arising out of or in connection with the administration,
interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final, conclusive and binding upon all persons having any interest in the Plan. 

ARTICLE IX—CLAIMS PROCEDURE 
  

	9.1	 Claim Procedures 

Any person claiming a benefit (“Claimant”) under the Plan shall present the request in writing to the Administrative Committee. 

(a) Initial Claim Review. If the claim is wholly or partially denied, the Administrative Committee will, within ninety
(90) days (one hundred eighty (180) days in special circumstances) after the receipt of such claim, provide the Claimant with written notice of the denial setting forth in a manner calculated to be understood by the Claimant: 

 

  
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 (i) The specific reason or reasons for which the claim was denied; 

(ii) Specific reference to pertinent provisions of the Plan, rules, procedures or protocols upon which the Administrative
Committee relied to deny the claim; 
 (iii) A description of any additional material or information that the Claim- ant may
file to perfect the claim and an explanation of why this material or information is necessary; 
 (iv) An explanation of the
Plan’s claims review procedure and the time limits applicable to such procedure and a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse determination upon review. 

If special circumstances require an extension of time for processing the claim, the Claimant will be notified within the initial ninety
(90) day review period of the special circumstances requiring the extension and the date by which the Administrative Committee expects to render a decision. 

In addition, notwithstanding the foregoing, if the claim relates to a disability determination (“Disability Claim”), the decision
shall be rendered within forty-five (45) days after receipt of the claim, which may be extended twice by an additional thirty (30) days per extension for matters beyond the control of the Administrative Committee. The claimant will be
notified in writing of any such extension(s) before the end of the applicable decision period, as well as the circumstances requiring the extension, the date by which a decision on the claim is expected to be rendered and such other information
required by ERISA. 
 (b) Review of Claim. If a claim for benefits is denied, in whole or in part, the Claimant may request to have
the claim reviewed. The Claimant will have sixty (60) days (one hundred and eighty (180) days in the case of a Disability Claim) after receiving notice of the adverse benefit determination in which to request a review. The request must be
in writing and delivered to the Administrative Committee. If no such review is requested, the initial decision of the Administrative Committee will be considered final and binding. 

The Administrative Committee’s decision on review shall be sent to the Claimant in writing and shall include specific reasons for the
decision, written in a manner calculated to be understood by the Claimant, as well as specific references to the pertinent Plan provisions, rules, procedures or protocols upon which the Administrative Committee relied to deny the appeal. The
Administrative Committee shall consider all information submitted by the Claimant, regardless of whether the information was part of the original claim. The decision shall also include a statement of the Claimant’s right to bring an action
under Section 502(a) of ERISA if the claim is denied on review. 
 The Administrative Committee’s decision on review shall be made
not later than sixty (60) days (forty-five (45) days in the case of a Disability Claim) after its receipt of the request for review, unless special circumstances, such as the need to hold a hearing, require a longer period of time, in
which case a decision shall be rendered as soon as possible but not later than one hundred and twenty (120) days after receipt of the Claimant’s request for review ninety (90) days in the case of a Disability Claim). If the
Administrative Committee generates any new evidence during the process of reviewing a Disability Claim, the Claimant shall be provided with such new evidence in sufficient time to respond to the new evidence within the review period. If special
circumstances require an extension of time for processing, the Claimant will be notified within the initial sixty (60) day period of the special circumstances requiring the extension and the date by which the Administrative Committee expects to
render a decision. 
  

  
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 The decision on review shall be in writing and shall include specific
reasons for the decision written in a manner calculated to be understood by the claimant with specific reference to the provisions of the Plan on which the decision is based and other information required by ERISA, as well as an explanation of the
Claimant’s right to submit the claim for binding arbitration in the event of an adverse determination on review (or legal action in the case of a Disability claim). 

(c) Exhaustion of Plan’s Claims and Review Procedures Required; Limitations on Legal Actions. The Plan’s claims and
appeal procedures described above must be exhausted with respect to any claim of any kind relating to the Plan. If any legal action is permitted to be filed with respect to a Disability Claim under the Plan, such action must be brought by the
Claimant no later than one (1) year after the Administrative Committee’s denial of the claim on review, regardless of any state or federal statutes establishing provisions relating to limitations on actions. 

ARTICLE X—AMENDMENT AND TERMINATION OF PLAN 

The Board may, in its sole discretion and at any time, amend or terminate the Plan by a written instrument subject to the following: 

(a) No amendment or termination shall adversely affect the rights or benefits of the Executive under the Plan without the
Executive’s prior written consent; and 
 (b) Any amendment to, or termination of, the Plan, including any change in the
timing or form of payment of benefits, including the total liquidation of the Plan, shall comply with Code Section 409A. 
 ARTICLE
XI—MISCELLANEOUS 
  

	11.1	 Unfunded Plan 

This Plan is an unfunded plan maintained primarily to provide deferred compensation benefits for a select group of “management or highly
compensated employees” within the meaning of Sections 201, 301, and 401 of ERISA, and therefore is exempt from the provisions of Parts 2, 3 and 4 of Title I of ERISA. The Board may terminate the Plan and make no further benefit payments if it
is determined by the United States Department of Labor, a court of competent jurisdiction, or an opinion of counsel that the Plan constitutes an employee pension benefit plan within the meaning of Section 3(2) of ERISA which is not so exempt.

  

	11.2	 Unsecured General Creditor 

The Executive and his Beneficiaries, heirs, successors, and assigns shall have no secured legal or equitable rights, interest or claims in any
property or assets of the Bank, nor shall they be beneficiaries of, or have any rights, claims or interests in, any life insurance policies, annuity contracts or the proceeds therefrom owned or which may be acquired by the Bank. Such policies,
annuity contracts or other assets of the Bank shall not be held in any trust for the benefit of the Executive, his Beneficiaries, heirs, successors or assigns, or held in any way as collateral security for the fulfilling of the obligations of any
Bank under this Plan. Any and all of the Bank’s assets and policies shall be, and remain, the general, unpledged, unrestricted assets of the Bank. The Bank’s obligation under the Plan shall be an unfunded and unsecured promise to pay money
in the future. 
  

  
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	11.3	 Trust Fund 

In its discretion, the Bank may establish one (1) or more trusts, with such trustees as the Bank may approve, for the purpose of providing
for the payment of benefits owed under this Plan. Although such a trust shall be irrevocable, its assets shall be held for payment to the Bank’s general creditors in the event of insolvency or bankruptcy. To the extent any benefits provided
under this Plan with respect to the Executive are paid from any such trust, that Bank shall have no further obligation to pay them. If not paid from the trust, such benefits shall remain the obligation solely of the Bank. 

 

	11.4	 Nonassignability 

The Executive shall not have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer,
hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be unassignable and nontransferable. No part of the amounts payable shall,
prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by the Executive, nor shall they be transferable by operation of law in the event of the Executive’s
bankruptcy or insolvency. 
 Notwithstanding the above paragraph, the Bank may accelerate the time for paying benefits to someone other than
the Executive to the extent necessary to fulfill a domestic relations order (as defined in Code Section 414(p)(1)(B)). 
  

	11.5	 Not a Contract of Employment 

This Plan shall not constitute a contract of employment between the Bank and the Executive. Nothing in this Plan shall give the Executive the
right to be retained in the service of the Bank or to interfere with the right of the Bank to discipline or discharge the Executive at any time. 
  

	11.6	 Executive Cooperation 

The Executive shall cooperate with the Bank by furnishing any and all information requested by the Bank in order to facilitate the payment of
benefits hereunder, and by taking such physical examinations as the Bank may deem necessary and taking such other action as may be requested by the Bank. 
  

	11.7	 Governing Law 

The provisions of this Plan shall be construed and interpreted according to the laws of Pennsylvania except as preempted by federal law. 

 

	11.8	 Validity 

If any provision of this Plan is held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts
hereof, but this Plan shall be construed and enforced as if such illegal and invalid provision had never been inserted herein. 

  
 PAGE 11 - DEFINED CONTRIBUTION PLAN FOR
TITO LIMA 

	11.9	 Gender 

The masculine gender shall include the feminine and the singular shall include the plural, except where the context expressly dictates
otherwise. 
  

	11.10	 Successors 

This Agreement shall bind the Executive, the Bank, and their heirs, successors, personal representatives and assigns. The Bank expressly agrees
that it shall not merge or consolidate into or with another bank or sell substantially all of its assets to another bank, firm or person until such bank, firm or person expressly agrees, in writing, to assume and discharge the duties and obligations
of the Bank under this Agreement. 
  

	11.11	 Notices 

All notices shall be in writing, and shall be sufficiently given if delivered to the Bank at its principal place of business, or to the
Executive at his last known address as shown in the Bank’s records, in person, by Federal Express or similar receipted delivery, or, if mailed, postage prepaid, by certified mail, return receipt requested. The date of such mailing shall be
deemed the date of notice, demand or consent. 
  

	11.12	 Compliance with Code Section 409A 

All provisions in this document shall be interpreted, to the extent possible, to be compliant with Code Section 409A. However, in the
event any provision of this Plan is determined to not be in compliance with Code Section 409A and any regulations or other guidance promulgated thereunder, such provision shall be null and void to the extent of such noncompliance. 

 

	11.13	 Entire Agreement 

This Plan constitutes the entire understanding and agreement with respect to the subject matter contained herein. There are no agreements,
understandings, restrictions, representations or warranties between the Executive and the Bank pertaining to the subject matter hereof, other than those as set forth or provided for herein. 

 

			
	CNB Financial Corporation
		
	By:	 	 /s/ Joseph B. Bower, Jr.

		 	Its President and Chief Executive Officer
		
	Dated:	 	December 31, 2021

  
 PAGE 12 - DEFINED CONTRIBUTION PLAN FOR
TITO LIMAExhibit 10.1

 

EXECUTION COPY

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This Executive
Employment Agreement (the “Agreement”) is entered into effective January 3, 2022 (the “Effective
Date”), by and between Roger Jeffs (“Executive”) and Liquidia Technologies, Inc., a Delaware
corporation (the “Company”). Each of the Company and Executive is a “Party” and, collectively,
they are the “Parties.”

 

The Company desires to employ
Executive and, in connection with such employment, to compensate Executive for Executive’s personal services to the Company; and

 

Executive desires to provide
personal services to the Company in return for certain compensation.

 

Accordingly, in consideration
of the mutual promises and covenants contained herein, the Parties agree to the following:

 

		1.	Employment by the Company.

 

1.1 At-Will Employment.
Executive shall be employed by the Company on an “at will” basis, meaning either the Company or Executive may terminate Executive’s
employment at any time, with or without cause or advance notice. Any contrary representations that may have been made to Executive shall
be superseded by this Agreement. This Agreement shall constitute the full and complete agreement between Executive and the Company on
the “at will” nature of Executive’s employment with the Company, which may be changed only in an express written agreement
signed by Executive and a duly authorized officer of the Company. Executive’s rights to any compensation following a termination
shall be only as set forth in Section 6.

 

1.2 Position.
Subject to the terms set forth herein, the Company agrees to employ Executive in the position of Chief Executive Officer and, in this
position, Executive shall also serve as Chief Executive Officer of Liquidia Corporation (“Parent”) and as President
and Chief Executive Officer of Liquidia PAH, LLC (“LQDA PAH”). Executive hereby accepts such employment. Executive
will report to the Board of Directors of Parent (“Board”) and/or such Board directors or committees designated
by the Board. The Company, Parent, LQDA PAH and the direct and indirect subsidiaries of the Parent shall be collectively referred to as
the “Company Group.” Executive will also hold a seat on the Board of Parent during his employment as Chief Executive
Officer, which he will be required to relinquish on any termination of employment.

 

1.3 Principal Location
of Services. Executive shall perform his duties hereunder principally out of the Company’s corporate headquarters (presently
located in Morrisville, North Carolina) and shall undertake such travel within or outside of the United States as is necessary or advisable
for the efficient operations of the Company and the performance of Executive’s duties hereunder.

 

1.4 Transition
Period. From the Effective Date to February 1, 2022 (the “Transition Period”), the Company shall
employ Executive on a part-time basis with the expectation that he will work approximately 20 hours per week during the Transition Period,
understanding that Executive’s hours in any given week will vary depending on business requirements. On and after February 1,
2022, Executive shall work on a full-time basis. At all times during Executive’s Employment with the Company, Executive will be
considered an “exempt” employee for applicable wage and hour laws, meaning that the Executive’s Base Salary (as defined
below) shall compensate Executive for all hours worked, and Executive will not be eligible for overtime pay.

 

1.5 Duties.
Executive shall faithfully perform all duties related to the position or positions held by Executive, including but not limited to all
duties set forth in this Agreement and/or in the bylaws or operating agreement, as applicable, of the Company Group related to the position
or positions held by Executive and all additional duties that are reasonably prescribed from time to time by the Board. Executive shall
devote Executive’s full business time and attention to the performance of Executive’s duties and responsibilities on behalf
of the Company Group and in furtherance of their best interests. Executive shall make such business trips at the Company’s expense
to such places as may be necessary or advisable for the efficient operations of the Company.

 

    	 	1	 

     

    

 

1.6 Company Policies.
Executive shall comply with all policies, standards, rules, and regulations of the Company Group (a “Company Policy”
or collectively, the “Company Policies”) and all applicable government laws, rules, and regulations that are
now or hereafter in effect. Executive acknowledges receipt of copies of all written Company Policies that are in effect as of the date
of this Agreement. Notwithstanding the foregoing, in the event that the terms of this Agreement differ from or are in conflict with the
Company Group’s general employment policies or practices, this Agreement shall control.

 

2.
Compensation.

 

2.1 Salary.
The Company shall pay Executive a base salary of $650,000 an annualized basis (paid at 50% during the Transition Period), payable subject
to standard federal and state payroll withholding requirements in accordance with the Company’s standard payroll practices (“Base
Salary”). Executive’s Base Salary may be increased from time to time by the Board. Notwithstanding anything to the
contrary, the Base Salary may be reduced if the Board determines such reduction is necessary and justified by the financial condition
of the Company and implements an equal percentage reduction in the base salaries of all of the Company’s executive officers, but
in no event will such reduction be greater than ten percent (10%) of the Base Salary. A reduction in Executive’s Base Salary in
accordance with the immediately preceding sentence shall not constitute a material diminution in Base Salary as described in Section 6.4(b) of
this Agreement.

 

For calendar year 2022, the
Executive’s Base Salary shall be $325,000 (paid in cash). In addition, he shall receive an equity grant in the form of Restricted
Stock Units (“RSUs”) on the Effective Date. The number of RSUs will be determined by dividing $325,000 by the
Fair Market Value (as defined by the Liquidia Corporation 2020 Long-Term Incentive Plan, as amended by the Parent from time to time (the
 “Plan”)) of the Parent’s Common Stock on the Effective Date. The RSUs shall (i) be granted under
and subject to the terms of the Plan and the form of RSU grant agreement, and (ii) be subject to the following vesting schedule:
25% of the grant will become vested quarterly through the first anniversary of the Effective Date, subject to Executive’s continuous
employment with the Company on each such vesting date. Notwithstanding the foregoing, in the event of a Change in Control (as defined
in the Plan) then 100% of the unvested portion of the RSUs shall become vested as of the closing date of such Change in Control, provided
that the Executive is actively employed with the Company on such date.

 

2.2 Performance Bonus.
During the period Executive is employed with the Company, Executive shall be eligible to earn a discretionary annual cash bonus of up
to 50% of Base Salary (“Target Amount”), subject to review and adjustment by the Company in its sole discretion,
pursuant to the terms of the Liquidia Corporation Annual Cash Bonus Plan, as amended by the Company from time to time (the “Bonus
Plan”), or its successor plan. Any bonus, if earned, will be paid to Executive within the time period set forth in the Bonus
Plan.

 

2.3 Quarterly Bonus.
Executive will be paid a bonus equal to (A) the difference, and only if the difference is positive, between (i) the per share
closing price of Parent Common Stock on the date on which the Second Tranche Option is granted to the Executive as set forth in Section 2.5
herein minus (ii) the per share closing price of Parent Common Stock on the Effective Date multiplied by (B) 931,475
(the “Quarterly Bonus”). Twenty-five percent (25%) of the Quarterly Bonus will be paid on January 5, 2023
and the remainder shall be paid in equal installments on the last day of each calendar quarter through December 31, 2025, subject
to Executive’s continuous employment with the Company on each such payment date. For the avoidance of doubt, if the Second Tranche
Option is issued after the 2022 annual shareholder meeting, the Quarterly Bonus, if any, will be calculated based on the closing price
on which the Second Tranche Option is granted as set forth in Section 2.5 herein. Notwithstanding the foregoing, in the event of
a Change in Control (as defined in the Plan) then 100% of the remaining unpaid Quarterly Bonus amount shall be paid as of the closing
date of such Change in Control, provided that the Executive is actively employed with the Company on such date.

 

    	 	2	 

     

    

 

2.4 Sign-On Stock Option.
Upon employment and subject to approval of the Compensation Committee of the Board, Executive will receive a nonstatutory stock option
entitling him to purchase up to 1,682,827 shares (the “Sign-On Option”) of Parent Common Stock, with the exercise
price per share of Common Stock underlying the Sign-On Option equal to the Fair Market Value (as defined under the Plan) of a share of
Common Stock on the date of grant. The Sign-On Option shall (i) be granted under and subject to the terms of the Plan and the form
of nonstatutory stock option grant agreement, and (ii) be subject to the following vesting schedule: 25% of the grant will become
vested and exercisable or settled, as applicable, on first anniversary of the Effective Date and the balance will become vested and exercisable
or settled, as applicable, in equal monthly installments over the following thirty-six (36) months, subject to Executive’s continuous
employment with the Company on each such vesting date. Notwithstanding the foregoing, in the event of a Change in Control (as defined
in the Plan) then 100% of the unvested portion of the Sign-On Option shall become vested and exercisable as of the closing date of such
Change in Control, provided that the Executive is actively employed with the Company on such date.

 

2.5 Second Tranche Stock
Option. Subject to Executive’s continued employment and stockholder approval of an increase to the Share Pool (as defined
in the Plan) no later than the annual meeting next following the Effective Date, Executive will be eligible to receive a nonstatutory
stock option entitling him to purchase up to 931,475 shares (the “Second Tranche Option”) of Parent Common Stock.
The Second Tranche Option will be subject to approval of the Compensation Committee of the Board and will have an exercise price per share
of Common Stock underlying the Second Tranche Option equal to the Fair Market Value (as defined under the Plan) of a share of Common Stock
on the date of grant. The Second Tranche Option shall (i) be granted under and subject to the terms of the Plan and the form of nonstatutory
stock option grant agreement, and (ii) be subject to the following vesting schedule: 25% of the grant will become vested and exercisable
on the first anniversary of the Effective Date, and the remaining portion of the grant will become vested and exercisable, as applicable,
in equal monthly installments over the following thirty-six (36) months, subject to Executive’s continuous employment with the Company
on each such vesting date. For the avoidance of doubt, in the event the Parent’s stockholders do not approve an increase to the
Share Pool at the annual meeting, subject to Executive’s continued employment and the approval of the Compensation Committee, the
Second Tranche Option will remain due to the Executive and shall be granted on January 3, 2023 subject to the terms of the Plan and
applicable nonstatutory stock grant agreement with an exercise price per share of Common Stock equal to the Fair Market Value (as defined
under the Plan) of a share of Common Stock on such date and the vesting schedule will remain as described above. Additional time or performance-based
equity awards will not eliminate the obligation to issue the Second Tranche Option as set forth in this Section 2.5. Notwithstanding
the foregoing, in the event of a Change in Control (as defined in the Plan) then 100% of the unvested portion of the Second Tranche Option
shall become vested and exercisable as of the closing date of such Change in Control, provided that the Executive is actively employed
with the Company on such date.

 

2.6 Benefits.
Executive will be eligible to participate on the same basis as similarly situated employees of the Company in the Company Group’s
benefit plans in effect from time to time during Executive’s employment. All matters of eligibility for coverage or benefits under
any benefit plan shall be determined in accordance with the provisions of such plan. The Company Group reserves the right to change, alter,
or terminate any benefit plan in its sole discretion.

 

2.7 Expense Reimbursement.
The Company shall reimburse Executive for all customary and appropriate business-related expenses actually incurred and documented in
accordance with Company Policy, as in effect from time to time. For the avoidance of doubt, to the extent that any reimbursements payable
to Executive are subject to the provisions of Section 409A of the Code: (a) any such reimbursements will be paid no later than
December 31 of the year following the year in which the expense was incurred, (b) the amount of expenses reimbursed in one year
will not affect the amount eligible for reimbursement in any subsequent year, and (c) the right to reimbursement under this Agreement
will not be subject to liquidation or exchange for another benefit. If under the terms of this Agreement the Executive is entitled to
a tax gross-up payment, the gross-up payment will be made by December 31 of the year following the year in which the Executive remits
the related taxes.

 

    	 	3	 

     

    

 

3.
Proprietary Information, Inventions, Non-Competition and Non-Solicitation Obligations.
As a condition of employment with the Company, Executive agrees to execute and abide by a Confidentiality, Inventions and Non-Competition
Agreement (the “Confidential Information Agreement”) in the form attached hereto as Exhibit A,
which may be amended by the Parties from time to time without regard to this Agreement. The Confidential Information Agreement contains
provisions that are intended by the Parties to survive and do survive termination of this Agreement.

 

3.1 Permissible Communications.
Notwithstanding anything to the contrary in the Confidential Information Agreement, Executive acknowledges that nothing in the Confidential
Information Agreement shall be construed to prohibit Executive from (a) filing a charge or complaint with, or participating in any
proceeding before, a government agency authorized to enforce and investigate suspected violations of federal anti-discrimination laws,
labor relations laws, occupational health and safety laws, wage and hour laws, and such similar state or local laws; (b) reporting
possible violations of federal securities laws to the appropriate government enforcing agency and making such other disclosures that are
expressly protected under such laws, or (c) responding truthfully to inquiries from, or otherwise cooperating with, any governmental
or regulatory investigation (the activities set forth in clauses (a) through (c) are collectively referred to as the “Protected
Activities”). Executive understands that in connection with such Protected Activity, Executive is permitted to disclose
documents or other information as permitted by law, and without giving notice to, or receiving authorization from, the Company; provided,
however, that Executive agrees to take all reasonable precautions to prevent any unauthorized use or disclosure of any information
that may constitute Proprietary Information under the Confidential Information Agreement to any parties other than the appropriate government
agencies. Executive further understands that “Protected Activity” does not include the disclosure of any Company attorney-client
privileged communications, and that any such disclosure without the Board’s written consent shall constitute a material breach of
this Agreement.

 

3.2 Defend Trade Secrets
Act. Pursuant to the Defend Trade Secrets Act of 2016, Executive acknowledges that Executive will not have criminal or civil liability
under any Federal or State trade secret law for the disclosure of a trade secret that (a) is made (i) in confidence to a Federal,
State, or local government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting
or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding,
if such filing is made under seal. In addition, if Executive files a lawsuit for retaliation by the Company for reporting a suspected
violation of law, Executive may disclose the trade secret to Executive’s attorney and may use the trade secret information in the
court proceeding, if Executive (x) files any document containing the trade secret under seal and (y) does not disclose the trade
secret, except pursuant to court order.

 

4.
Outside Activities During Employment.
Except with the prior written consent of the Board, which shall not be unreasonably withheld, Executive will not, while employed by the
Company, undertake or engage in any other employment, occupation, or business enterprise that would interfere with Executive’s responsibilities
and the performance of Executive’s duties hereunder, except for (i) reasonable time devoted to volunteer services for or on
behalf of such religious, educational, non-profit, and/or other charitable organization as Executive may wish to serve, (ii) reasonable
time devoted to activities in the non-profit and business communities consistent with Executive’s duties, (iii) advisory or
board of director roles set forth on Exhibit B or as otherwise approved by the Board, which will not be unreasonably
withheld, (iv) direct investments in private companies, provided that such company is not a Competing Business (as defined in the
Confidential Information Agreement) and Executive is not involved in the business of such company, and (v) such other activities
as may be specifically approved by the Board. This restriction shall not, however, preclude Executive from owning less than five percent
(5%) of the total outstanding shares of a publicly traded company, or employment or service in any capacity with any entity within the
Company Group.

 

5.
No Conflict with Existing Obligations. Executive represents that Executive’s
performance of all the terms of this Agreement and as an executive of the Company do not and will not breach any agreement or obligation
of any kind made prior to Executive’s employment by the Company, including agreements or obligations Executive may have with prior
employers or entities for which Executive has provided services. Executive has not entered into, and Executive agrees that Executive will
not enter into, any agreement or obligation, either written or oral, in conflict herewith.

 

    	 	4	 

     

    

 

6.
Termination Of Employment. The Parties acknowledge that Executive’s
employment relationship with the Company is at-will. The provisions in this Section govern the amount of compensation, if any, to
be provided to Executive upon termination of employment and do not alter this at-will status.

 

6.1 Termination by the
Company Without Cause.

 

(a) The Company shall have
the right to terminate Executive’s employment with the Company pursuant to this Section 6.1 at any time without “Cause”
(as defined in Section 6.2(b) below) by giving notice as described in Section 7.1 of this Agreement. A termination pursuant
to Sections 6.3 and 6.5 below is not a termination without “Cause” for purposes of receiving the benefits described in this
Section 6.1.

 

(b) If the Company terminates
Executive’s employment at any time without Cause and provided that such termination constitutes a “separation from service”
(as defined under Treasury Regulation Section 1.409A-1(h) a “Separation from Service”), then Executive
shall be entitled to receive the Accrued Obligations (defined below) and, subject to Executive’s compliance with the obligations
in Section 6.1(c) below, then Executive shall also be entitled to receive (collectively, the “Severance Benefits”):

 

(i) a cash amount equal
to Executive’s then current Base Salary for twenty-four (24) months (the “Severance Period”), less all
applicable withholdings and deductions, paid in equal installments beginning on the Company’s first regularly scheduled payroll
date following the Release Effective Date (as defined in Section 6.1(c) below), with the remaining installments occurring on
the Company’s regularly scheduled payroll dates thereafter;

 

(ii) payment of that
portion of the premiums required to continue Executive’s group health care coverage under the applicable provisions of Title X of
the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) that exceeds the active employee rate,
provided that Executive timely elects to continue coverage under COBRA, until the earliest of (A) the close of the Severance Period,
(B) the expiration of Executive’s eligibility for the continuation coverage under COBRA, or (C) the date when Executive
becomes eligible for substantially equivalent health insurance coverage in connection with new employment (such period from the termination
date through the earliest of (A), (B) or (C), the “COBRA Payment Period”). Notwithstanding the foregoing,
if at any time the Company determines in its sole discretion that the payment of the COBRA premiums would result in a violation of the
nondiscrimination rules of Section 105(h)(2) of the Code, or any statute or regulation of similar effect (including but
not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act),
then in lieu of providing the COBRA premiums, the Company will instead pay Executive on the last day of each remaining month of the COBRA
Payment Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings for the
remainder of the COBRA Payment Period, regardless of whether Executive elects COBRA coverage (the “Special Severance Payment”).
Executive may, but is not obligated to, use such Special Severance Payment toward the cost of COBRA premiums. If Executive becomes eligible
for coverage under another employer’s group health plan or otherwise ceases to be eligible for COBRA during the COBRA Payment Period,
Executive must immediately notify the Company of such event, and all payments and obligations under this clause will cease.

 

(c) Executive will be paid
all of the Accrued Obligations on the Company’s first payroll date after Executive’s date of termination from employment or
earlier if required by law. Executive shall receive the Severance Benefits pursuant to Section 6.1(b) of this Agreement if:
(i) Executive signs and delivers to the Company an effective, general release of claims in favor of the Company Group and representatives,
in a form acceptable to the Company (the “Release”), by the 60th day following the termination date or such
earlier date as set forth in the Release, which cannot be revoked in whole or part (if applicable) by such date or such earlier date as
set forth in the Release (the date that the Release can no longer be revoked is referred to as the “Release Effective Date”);
(ii) if Executive holds any other positions with the Company, Executive resigns such position(s) to be effective no later than
the date of Executive’s termination date (or such other date as requested by the Board); (iii) Executive returns all Company
property in proper order and condition, reasonable wear and tear excepted, (including, but not limited to, all books, documents, papers,
materials and any other property or assets relating to the business or affairs of the Company Group which may be in Executive's possession
or under his control but excluding copies of records related to Executive’s compensation from the Company and any equity ownership
in the Parent); (iv) Executive complies with all post-termination obligations under this Agreement and the Confidential Information
Agreement; and (v) Executive complies with the terms of the Release, including without limitation any non-disparagement and confidentiality
provisions contained in the Release. To the extent that any Severance Benefits are deferred compensation under Section 409A of the
Code and are not otherwise exempt from the application of Section 409A, then, if the period during which Executive may consider and
sign the Release spans two calendar years, the payment of Severance Benefits will not be made or begin until the later calendar year.

 

    	 	5	 

     

    

 

(d) For purposes of this
Agreement, “Accrued Obligations” are (i) Executive’s accrued but unpaid salary through the date of
termination, (ii) any unreimbursed business expenses incurred by Executive payable in accordance with the Company’s standard
expense reimbursement policies, and (iii) benefits owed to Executive under any qualified retirement plan or health and welfare benefit
plan in which Executive was a participant in accordance with applicable law and the provisions of such plan.

 

(e) The Severance Benefits
provided to Executive pursuant to this Section 6.1 is in lieu of, and not in addition to, any benefits to which Executive may otherwise
be entitled under any Company severance plan, policy or program.

 

(f) Any damages caused
by the termination of Executive’s employment without Cause would be difficult to ascertain; therefore, the Severance Benefits for
which Executive is eligible pursuant to Section 6.1(b) above in exchange for the Release is agreed to by the Parties as liquidated
damages, to serve as full compensation, and not a penalty.

 

6.2 Termination by the
Company for Cause.

 

(a) Subject to Section 6.2(c) below,
the Company shall have the right to terminate Executive’s employment with the Company at any time for Cause by giving notice as
described in Section 7.1 of this Agreement.

 

(b) “Cause”
for termination shall mean that the Board has determined in its sole discretion that Executive has engaged in any of the following: (i) any
material breach of the terms of this Agreement by Executive, or the willful failure of Executive to diligently and properly perform Executive’s
material duties for the Company Group; (ii) Executive’s misappropriation or unauthorized use of any Company Group’s tangible
or intangible property that causes or is likely to cause material harm to such Company Group entity or its reputation, or material breach
of the Confidential Information Agreement or any other similar agreement regarding confidentiality, intellectual property rights, non-competition
or non-solicitation; (iii) any material failure to comply with the Company Policies or any other policies and/or directives of the
Board; (iv) Executive’s use of illegal drugs or any illegal substance, or Executive’s use of alcohol in any manner that
materially interferes with the performance of Executive’s duties under this Agreement; (v) any (A) dishonest or illegal
action (including, without limitation, embezzlement) by Executive, or (B) other action, whether or not dishonest or illegal, by Executive,
in either case which is materially detrimental to the interest and well-being of any Company Group entity, including, without limitation,
harm to its reputation; (vi) Executive’s failure to fully disclose any material conflict of interest Executive may have with
any Company Group entity in a transaction between such Company Group entity and any third party which is materially detrimental to the
interest and well-being of such Company entity; (vii) any adverse action or omission by Executive which would be required to be disclosed
pursuant to public securities laws or which would limit the ability of Parent or any entity affiliated with Parent to sell securities
under any Federal or state law or which would disqualify Parent or any affiliated entity from any exemption otherwise available to it;
or (viii) become prohibited by law or any order from any regulatory body or governmental body from being an employee or director
of any company, firm or entity; provided, however, that prior to any termination of Executive for “Cause,” if the grounds
for such Cause are reasonably capable of cure by Executive, the Board shall provide Executive with written notice of the grounds for Cause
and provide Executive with ten (10) business days in which to cure such Cause.

 

    	 	6	 

     

    

 

(c) In the event Executive’s
employment is terminated at any time for Cause, Executive will not receive Severance Benefits or any other severance compensation or benefits,
except that, pursuant to the Company’s standard payroll policies, the Company shall pay to Executive the Accrued Obligations.

 

6.3 Resignation by Executive.

 

(a) Executive may resign
from Executive’s employment with the Company at any time by giving notice as described in Section 7.1.

 

(b) In the event Executive
resigns from Executive’s employment with the Company for any reason (other than a resignation for Good Reason as described in Section 6.4
below), Executive will not receive Severance Benefits or any other severance compensation or benefits, except that, pursuant to the Company’s
standard payroll policies, the Company shall pay to Executive the Accrued Obligations.

 

6.4 Resignation by Executive
for Good Reason.

 

(a) Provided Executive
has not previously been notified of the Company’s intention to terminate Executive’s employment, Executive may resign from
employment with the Company for Good Reason (as defined in Section 6.4(b) below).

 

(b) “Good Reason”
for resignation shall mean the occurrence of any of the following without Executive’s prior consent: (i) a material diminution
in Executive’s authority, duties or responsibilities; (ii) a material diminution in Executive’s Base Salary; (iii) a
requirement that Executive report to a corporate officer or employee instead of reporting to the Board; (iv) Executive’s principal
place of employment is relocated from the Executive's principal office location (immediately before the change) without Executive's prior
consent; or (v) the Company materially breaches its obligations under this Agreement. In addition to any requirements set forth above,
in order for any of the above events to constitute “Good Reason,” Executive must (X) inform the Board of the existence
of the event within sixty (60) days of the initial existence of the event, after which date the Company shall have no less than thirty
(30) days to cure the event which otherwise would constitute “Good Reason” hereunder and (Y) Executive must terminate
his employment with the Company for such “Good Reason” no later than ninety (90) days after the initial existence of the event
which prompted Executive’s termination. Any actions taken by the Company to accommodate a disability of Executive or pursuant to
the Family and Medical Leave Act shall not be a Good Reason for purposes of this Agreement.

 

(c) In the event Executive
resigns from Executive’s employment for Good Reason, and provided that such termination constitutes a Separation from Service, then
subject to Executive’s compliance with the obligations in Section 6.1(c) above, Executive shall be eligible to receive
the same Severance Benefits as described in Section 6.1 and on the same terms and conditions set forth in Section 6.1(c) and
Section 6.1(e) as if Executive had been terminated by the Company without Cause.

 

(d) Any damages caused
by the termination of Executive’s employment for Good Reason would be difficult to ascertain; therefore, the Severance Benefits
for which Executive is eligible pursuant to Section 6.1(b) above in exchange for the Release is agreed to by the Parties as
liquidated damages, to serve as full compensation, and not a penalty.

 

6.5 Termination by Virtue
of Death or Disability of Executive.

 

(a) In the event of Executive’s
death while employed pursuant to this Agreement, all obligations of the Parties hereunder shall terminate immediately, and the Company
shall, pursuant to the Company’s standard payroll policies, pay to Executive’s legal representatives all Accrued Obligations.

 

    	 	7	 

     

    

 

(b) Subject to applicable
state and federal law, the Company shall at all times have the right, upon written notice to Executive, to terminate this Agreement based
on Executive’s Disability. Termination by the Company of Executive’s employment based on “Disability”
shall mean termination because a qualified medical doctor mutually acceptable to the Company and Executive or Executive’s personal
representative has certified in writing that: (A) Executive is unable, because of a medically determinable physical or mental disability,
to perform the essential functions of Executive’s job, with or without a reasonable accommodation, for more than one hundred and
eighty (180) calendar days measured from the last full day of work; or (B) by reason of mental or physical disability, it is unlikely
that Executive will be able, within one hundred and eighty (180) calendar days, to resume the essential functions of Executive’s
job, with or without a reasonable accommodation, and to otherwise discharge Executive’s duties under this Agreement. This definition
shall be interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable
law. In the event Executive’s employment is terminated based on Executive’s Disability, Executive will not receive Severance
Benefits or any other severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies, the Company
shall pay to Executive the Accrued Obligations.

 

6.6 Change in Control
Benefits. In the event the Company (or any surviving or acquiring corporation) terminates Executive’s employment without
Cause or Executive resigns for Good Reason within twelve (12) months following the effective date of a Change in Control (as defined in
the Plan), then Executive shall be entitled to the Accrued Obligations and, provided that Executive complies with the obligations in Section 6.1(c) of
this Agreement (including the requirement to provide an effective Release), Executive shall be eligible to receive the same Severance
Benefits as described in Section 6.1(b) and on the same conditions as if Executive had been terminated by the Company without
Cause; provided, however, that Executive shall receive an amount equal to the bonus (if any) that Executive would have earned pursuant
to the Bonus Plan with respect to any full Performance Period (as defined in the Bonus Plan) through which Executive continued to provide
services, notwithstanding the employment requirement set forth in Section 6.3 of the Bonus Plan, which shall be paid at the same
time and in the same manner that bonus awards are paid to the Company’s other participants in the Bonus Plan.

 

6.7 Cooperation With
Company After Termination of Employment. Following termination of Executive’s employment for any reason and for a period
of one (1) year thereafter, Executive agrees to cooperate (a) with a Company Group entity in (i) the defense of any legal
matter involving any matter that arose during Executive’s employment with the Company, and (ii) all matters relating to the
winding up of Executive’s pending work and the orderly transfer of any such pending work to such other employees as may be designated
by the Company; and (b) with all government authorities on matters pertaining to any investigation, litigation or administrative
proceeding pertaining to any Company Group entity. The Company will reimburse Executive for any reasonable travel and out of pocket expenses
incurred by Executive in providing such cooperation. The Company will also pay Executive a per diem amount equal to Executive’s
Base Salary as of the date of termination divided by two hundred and thirty (230) for each day or partial day that Executive devotes to
fulfilling his obligation to cooperate under this Section 6.7, unless Executive is then receiving continued payment of his Base Salary
under 6.1(b)(i), above. Following termination of Executive’s employment for any reason, and in the event of a failure by Executive
(following reasonable efforts by the Company to secure his voluntary cooperation) to resign from any position as officer or director of
any Company Group entity, with such resignation to be effective no later than the date of Executive’s termination date (or such
other date as requested by the Board), the Company is hereby irrevocably authorized to appoint its then-current Chief Executive Officer
to act in Executive’s name and on his behalf to execute any documents and to do all things reasonably necessary to effect such resignation.
Further, Executive shall not, at any time after termination of Executive’s employment for any reason, represent himself as being
an agent or representative of any Company Group entity, unless expressly authorized in a written agreement executed by an authorized officer
of the Company.

 

6.8 Application of Section 409A.

 

(a) It is intended that
any payments (including severance payments) payable under this Agreement satisfy, to the greatest extent possible, the exemptions from
the application of Section 409A of the Code and the regulations and other guidance thereunder and any state law of similar effect
(collectively, “Section 409A”). If not so exempt, this Agreement (and any definitions hereunder) will be
construed in a manner that complies with Section 409A and incorporates by reference all required definitions and payment terms.

 

    	 	8	 

     

    

 

(b) The preceding provisions
shall not be construed as a guarantee by the Company of any particular tax effect to Executive under this Agreement. The Company shall
not be liable to Executive for any payment made under this Agreement which is determined to result in an additional tax, penalty or interest
under Section 409A, nor for reporting in good faith any payment as an amount includible in gross income under Section 409A.

 

(c) No severance payments
will be made under this Agreement unless Executive’s termination of employment constitutes a “separation from service”
(as defined under Treasury Regulation Section 1.409A-1(h)).

 

(d) For purposes of Section 409A
(including, without limitation, for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii)), Executive’s right to receive
any installment payments under this Agreement (whether severance payments or otherwise) shall be treated as a right to receive a series
of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment.

 

(e) If the Company determines
that the severance benefits provided under this Agreement constitutes “deferred compensation” under Section 409A and
if Executive is a “specified employee” of the Company, as such term is defined in Section 409A(a)(2)(B)(i) of the
Code at the time of Executive’s Separation from Service, then, solely to the extent necessary to avoid the incurrence of the adverse
personal tax consequences under Section 409A, the timing of the Severance Benefits will be delayed as follows: on the earlier to
occur of (i) the date that is six months and one day after Executive’s Separation from Service, and (ii) the date of Executive’s
death (such earlier date, the “Delayed Initial Payment Date”), the Company will (1) pay to Executive a
lump sum amount equal to the sum of the Severance Benefits that Executive would otherwise have received through the Delayed Initial Payment
Date if the commencement of the payment of the Severance Benefits had not been delayed pursuant to this Section 6.8, and (2) commence
paying the balance of the Severance Benefits in accordance with the applicable payment schedule set forth in Section 6.1. No interest
shall be due on any amounts deferred pursuant to this Section 6.8.

 

6.9 Parachute Payments.

 

(a) Notwithstanding any
other provisions of this Agreement to the contrary, in the event that it shall be determined that any payment or distribution to or for
the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise
(a “Payment”) would be nondeductible by the Company for Federal income tax purposes because of Section 280G
of the Code, the Company shall reduce the aggregate present value of the Payments under this Agreement to the Reduced Amount (as defined
below) if, and only if, reducing the Payments under this Agreement will provide Executive with a greater net after-tax amount than would
be the case if no such reduction was made, taking into account the applicable federal, state, local and foreign income, employment and
other taxes, including the excise tax imposed by Section 4999 of the Code. If a reduction in the Payments is necessary, such reduction
shall occur in the following order: (1) reduction of cash payments; (2) cancellation of accelerated vesting of equity awards
other than stock options; (3) cancellation of accelerated vesting of stock options; and (4) reduction of other benefits paid
to Executive. Within any such category of payments and benefits (that is, clauses (1), (2), (3) or (4) of this Section 6.9(a)),
a reduction shall occur first with respect to amounts that are not “deferred compensation” within the meaning of Section 409A
of the Code and then with respect to amounts that are. The “Reduced Amount” shall be an amount expressed in
present value that maximizes the aggregate present value of Payments under this Agreement without causing any Payment to be nondeductible
by the Company because of Section 280G of the Code.

 

(b) All determinations
to be made under this Section 6.9 shall be made at the Company’s expense by a firm of certified public accountants of national
standing selected by the Company (the “Accounting Firm”) which may be the firm regularly auditing the financial
statements of the Company. The Company and Executive shall furnish to the Accounting Firm such information and documents as the Accounting
Firm may reasonably require in order to make a determination under this Section. To the extent requested by Executive, the Company shall
cooperate with Executive in good faith in valuing, and the Accounting Firm shall value, services to be provided by Executive (including
refraining from performing services pursuant to a covenant not to compete) before, on or after the date of the transaction which cause
the application of Section 280G of the Code such that payments in respect of such services may be considered to be “reasonable
compensation” within the meaning of the regulations under Section 280G of the Code. In making its determinations hereunder,
the Accounting Firm shall apply reasonable, good faith interpretations regarding the applicability of Section 280G and Section 4999,
along with any other applicable portions of the Code or other tax laws. The Accounting Firm shall make all determinations required to
be made under this Section and shall provide detailed supporting calculations to the Company and Executive within 30 days after the
Termination Date or such earlier time as is requested by the Company, and provide an opinion to Executive that he or she has substantial
authority not to report any excise tax on his or her Federal income tax return with respect to any Payments. Any such determination by
the Accounting Firm shall be binding upon the Company and Executive. Subject to Sections 6.1(c) and 6.9, within five business days
thereafter, the Company shall pay to or distribute to or for the benefit of Executive such amounts as are then due to Executive under
this Agreement.

 

    	 	9	 

     

    

 

(c) As a result of the
uncertainty in the application of Section 280G of the Code at the time of the initial determination by the Accounting Firm or the
Company hereunder, it is possible that Payments, as the case may be, will have been made by the Company which should not have been made
(“Overpayment”) or that additional Payments, as the case may be, which will not have been made by the Company
could have been made (“Underpayment”), in each case, consistent with the calculations required to be made hereunder.
In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against Executive which
the Accounting Firm believes has a high probability of success determines that an Overpayment has been made, promptly on notice and demand
Executive shall repay to the Company any such Overpayment paid or distributed by the Company to or for the benefit of Executive together
with interest at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code; provided, however, that no such
amount shall be payable by Executive to the Company if and to the extent such payment would not either reduce the amount on which Executive
is subject to tax under Section 1 and Section 4999 of the Code or generate a refund of such taxes. In the event that the Accounting
Firm, based upon controlling precedent or other substantial authority, determines that an Underpayment has occurred, any such Underpayment
shall be promptly paid by the Company to or for the benefit of Executive together with interest at the applicable federal rate provided
for in Section 7872(f)(2)(A) of the Code.

 

7.
General Provisions.

 

7.1 Notices.
Any notices required hereunder to be in writing shall be deemed effectively given: (a) upon personal delivery to the Party to be
notified, (b) when sent by electronic mail or confirmed facsimile if sent during normal business hours of the recipient, and if not,
then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested,
postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery,
with written verification of receipt. All communications shall be sent to the Company at its primary office location and to Executive
at Executive’s address as listed on the Company payroll, or at such other address as the Company or Executive may designate by ten
(10) days advance written notice to the other.

 

7.2 Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in
any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this
Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provisions had never
been contained herein.

 

7.3 Survival. Provisions
of this Agreement which by their terms must survive the termination of this Agreement in order to effectuate the intent of the Parties
will survive any such termination, whether by expiration of the term, termination of Executive’s employment, or otherwise, for such
period as may be appropriate under the circumstances.

 

    	 	10	 

     

    

 

7.4 Waiver.
If either Party should waive any breach of any provisions of this Agreement, it shall not thereby be deemed to have waived any preceding
or succeeding breach of the same or any other provision of this Agreement.

 

7.5 Complete Agreement.
This Agreement constitutes the entire agreement between Executive and the Company with regard to the subject matter hereof. This Agreement
is the complete, final, and exclusive embodiment of their agreement with regard to this subject matter and supersedes any prior oral discussions
or written communications and agreements. This Agreement is entered into without reliance on any promise or representation other than
those expressly contained herein, and it cannot be modified or amended except in writing signed by Executive and an authorized officer
of the Company, subject to the approval of the Board, its compensation committee or (if necessary) the stockholders of the Company. The
Parties have entered into a separate Confidential Information Agreement and have entered or may enter into separate agreements related
to equity. These separate agreements govern other aspects of the relationship between the Parties, have or may have provisions that survive
termination of Executive’s employment under this Agreement, may be amended or superseded by the Parties without regard to this Agreement
and are enforceable according to their terms without regard to the enforcement provision of this Agreement.

 

7.6 Headings.
The headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect
the meaning thereof.

 

7.7 Successors and Assigns.
The Company shall assign this Agreement and its rights and obligations hereunder in whole, but not in part, to any company or other entity
with or into which the Company may hereafter merge or consolidate or to which the Company may transfer all or substantially all of its
assets, if in any such case said Company or other entity shall by operation of law or expressly in writing assume all obligations of the
Company hereunder as fully as if it had been originally made a Party, but may not otherwise assign this Agreement or its rights and obligations
hereunder. Executive may not assign or transfer this Agreement or any rights or obligations hereunder, other than to Executive’s
estate upon death.

 

7.8 Withholding.
All amounts payable hereunder shall be subject to applicable tax withholding.

 

7.9 Choice of Law.
This Agreement in all respects shall be governed by and interpreted in accordance with the laws of the State of North Carolina, both procedural
and substantive, without regard to conflicts of law, except to the extent that federal laws and regulations preempt otherwise applicable
law.

 

7.10 Mandatory Mediation.
Prior to and as a condition of either Party’s filing suit in state or federal court, the Parties shall engage in a mediated
settlement conference in accordance with the North Carolina Superior Court Rules Implementing Statewide Mediation. The Parties shall
mediate in good faith until settlement is reached or an impasse is declared by the mediator.

 

7.11 Jurisdiction.
Each Party hereby irrevocably submits to the exclusive jurisdiction of the United States District Court located in Wake County, North
Carolina, or any state court located within such state, in respect of any claim relating to this Agreement or Executive’s employment
with the Company, and hereby waives, and agrees not to assert, as a defense in any action, suit or proceeding in which any such claim
is made that said Party is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in such
courts or that the venue thereof may not be appropriate or that this Agreement may not be enforced in or by such courts. Any appellate
proceedings shall take place in the appropriate courts having appellate jurisdiction over the courts set forth in this Section.

 

7.12 Counterparts.
This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one Party, but all
of which taken together will constitute one and the same Agreement. Facsimile signatures and signatures transmitted by PDF shall be equivalent
to original signatures.

 

[signatures
to follow on next page]

 

    	 	11	 

     

    

 

In
Witness Whereof, the Parties have executed this Agreement on the day and year first written above.

 

	 	Liquidia Technologies, Inc.
	 	 	 
	 	By:	/s/ Michael Kaseta
	 	 	Name:	Michael Kaseta
	 	 	Title:	Chief Financial Officer

 

	 	Executive:
	 	 
	 	 
	 	Roger Jeffs

 

    	 	12	 

     

    

 

Exhibit A

 

Confidentiality, Inventions
and Non-Competition AGREEMENT

 

    	 	A-1	 

     

    

 

   

 

PROPRIETARY
INFORMATION AGREEMENT

 

THIS PROPRIETARY INFORMATION
AGREEMENT (this “Agreement”) is effective as of ________ (the “Effective
Date”) by and between _______ (hereinafter “Employee”) and [Name of Employer] (together with Liquidia
Corporation and all of its other subsidiaries, collectively referred to herein as the “Company”).

 

STATEMENT
OF PURPOSE

 

The Employee desires to be
employed by the Company, and the Company is willing to employ Employee strictly subject to Employee’s agreement to be bound by
the terms of this Agreement.

 

IN CONSIDERATION of the Company’s
employment of the Employee and the compensation and other benefits that the Company may provide to Employee as an employee, the Employee,
intending to be legally bound, agrees to the following:

 

1.       For
purposes of this Agreement, “Proprietary Information” is information (whether in written or other form or whether
or not patentable or protectable by copyright, trade secret, trade dress, trademark, or the like) that: (i) has been created,
invented, discovered, or developed by the Employee in connection with the Employee’s employment by the Company; (ii) is
non-public and has been disclosed, furnished, or communicated to the Employee in connection with the Employee’s employment by
the Company; or (iii) is non-public and the unauthorized disclosure of which could be detrimental to the interests of the Company.
Proprietary Information includes, but is not limited to, all inventions, works of authorship, trade
secrets, know how, proprietary or confidential information, including, but not limited to, research, product or business plans,
products, services, projects, proposals, processes, formulas, ideas, data, compositions, technology, computer
programs and related source code and object code, developments, designs, drawings, marketing information
and plans, customer lists, budgets, projections, partners, cost analyses, acquisition candidates, relevant parts of analysis,
reviews, compilations, studies or other records and documents, and other information owned by the Company, disclosed to the
Employee, or to which the Employee has been provided access or gains access, either directly or indirectly, by any means.
Proprietary Information does not include information that is or becomes generally available to the public other than as a result of
a disclosure by the Employee or by any other person or entity that is under a confidentiality obligation to Company with respect to
such information. 

 

    A-2

     

    

 

 

 

2.       Nondisclosure
of Proprietary Information.

 

2.1       The Employee
acknowledges and agrees that Proprietary Information is the sole property of the Company or its designee and that the Employee shall
have no right, title, license, or interest in or to any Proprietary Information. During and after the Employee’s employment by
the Company, the Employee shall keep in the strictest confidence and trust all Proprietary Information and shall not directly or indirectly
disclose, distribute, copy, supply, or use, in whole or in part, any Proprietary Information except as approved in advance in writing
by the Company. Notwithstanding the foregoing, it is understood that, at all such times, the Employee is free (i) to use information
which was known to the Employee prior to employment with the Company or which is generally known in the trade or industry through no
breach of this Agreement or other act or omission by the Employee, (ii) to discuss the terms of the Employee’s employment, wages
and working conditions to the extent expressly protected by applicable law, (iii) to report possible violations of federal securities
laws to the appropriate government enforcing agency and make such other disclosures that are expressly protected under such laws, (iv)
to respond to inquiries from, or otherwise cooperate with, any governmental or regulatory investigation, or (v) to testify truthfully
as compelled by lawful process or subpoena related to such testimony after the Employee has provided advance written notice of said subpoena
to the Company’s Chief Executive Officer and reasonably cooperates with the Company in any process to oppose said subpoena.

 

2.2       The
Employee shall not use or disclose to the Company, or assist in the disclosure to the Company of, proprietary
or confidential information belonging to any third parties, including any prior employer(s).

 

2.3       The
Employee acknowledges and agrees that the Company has received and in the future may
receive from third parties, including, but not limited to, potential collaborating
partners or customers of the Company, confidential or proprietary information (“Third Party Information”)
subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain
limited purposes. During the term of the Employee’s employment with the
Company and thereafter, the Employee will hold Third Party Information in the strictest confidence and will not disclose to anyone
(other than Company personnel or the Company’s designee who need to know
such information in connection with their work for the Company or such third party) or use Third Party Information, except in
connection with the Employee’s work for the Company or such third party, unless expressly approved in advance in writing by
the Company. The Employee further agrees to be bound by and subject to any confidentiality or nondisclosure agreements or clauses
with respect to such Third Party Information between the Company and any such third party.

 

    A-3

     

    

 

 

 

2.4       Pursuant
to the Defend Trade Secrets Act of 2016, the Employee acknowledges that the Employee will not have criminal or civil liability under
any federal or state trade secret law for the disclosure of a trade secret that (i) is made (a) in confidence to a federal, state, or
local government official, either directly or indirectly, or to an attorney and (b) solely for the purpose of reporting or investigating
a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing
is made under seal. In addition, if the Employee files a lawsuit for retaliation by the Company for reporting a suspected violation of
law, the Employee may disclose the trade secret to the Employee’s attorney and may use the trade secret information in the court
proceeding, if the Employee (x) files any document containing the trade secret under seal and (y) does not disclose the trade secret,
except pursuant to court order.

 

3.       Upon
the earliest to occur of (i) termination of the Employee’s employment by the
Company for any reason, (ii) termination of the Employee’s access to Proprietary Information, or (iii) the request of the Company,
the Employee shall return to the Company (and will not keep in Employee’s possession
or control or deliver to anyone else) all materials belonging to the Company, whether kept at the Employee’s business office,
personal residence or otherwise, including, but not limited to, all materials containing
or relating to any Proprietary Information in any written, tangible, electronic or other form that the Employee may have in Employee’s
possession or control, and any and all mobile telephones, personal digital assistants, pagers,
computer and other electronic devices and credit cards. After returning the materials and
equipment described in the preceding sentence to the Company, the Employee shall not retain any copies of any such materials.

 

4.       Ownership
of Proprietary Information.

 

4.1       All
Proprietary Information and other information, which by its nature is proprietary to the Company,
relating to the Company’s business or the Company’s anticipated business, or based on, derived from or relating to
any Proprietary Information (collectively, Proprietary Information and “Work
Product”) shall be the sole property of the Company. The Employee agrees that all Proprietary
Information and Work Product created, conceived, reduced to practice, made or otherwise developed by the Employee, solely or jointly,
during and in any way related to the Employee’s employment, shall be the exclusive
property of the Company and/or its designees or assignees, and shall be deemed “works made for hire,” as that term is defined
in Section 101 of the U.S. Copyright Act of 1976, as amended.

 

    A-4

     

    

 

  

 

4.2       If,
for any reason, any Proprietary Information and Work Product does not qualify as works
made for hire, the Employee shall assign and does hereby irrevocably, unconditionally, and without encumbrance of any kind assign to
the Company, and forever waives and agrees never to assert, all right, title, and interest, including without limitation, all patent,
trademark, copyright, trade secret, and other intellectual property (collectively, “Intellectual Property”) rights,
in and to such Proprietary Information and Work Product. The Employee shall assist
the Company, or its designee, in every proper way to secure the Company's rights in the Proprietary
Information and Work Product and any Intellectual Property rights relating thereto in any and all countries, including (i) the disclosure
to the Company of all pertinent information and data with respect thereto, (ii) the execution of all applications, specifications, oaths,
assignments and all other instruments which the Company shall deem necessary in order to apply for and obtain such rights and in order
to assign and convey to the Company or its designee the sole and exclusive right, title and interest in and to the Proprietary Information
and Work Product, and (iii) the defense of any claim, demand, action, litigation, suit, or other proceeding, including, but not limited
to, interference, cancellation, opposition, or other proceedings in respect of such applications or any registrations or patents issuing
therefrom. The Employee shall continue such assistance after the termination of the Employee’s employment
by the Company.

 

4.3       During
the Employee’s employment by the Company, the Employee shall report promptly
to the Company all Proprietary Information and Work Product created, conceived, reduced
to practice, or otherwise developed by the Employee, solely or jointly.

 

4.4       If
the Company is unable because of the Employee’s mental or physical incapacity or for any other reason to secure the Employee’s
signature to apply for or to secure protection of any Proprietary Information and Work Product, then the Employee hereby designates
and appoints the Company and its duly authorized officers and agents as its agents and attorneys-in-fact to execute and file any certificates,
applications or documents and to do all of their lawful acts necessary to perfect and protect the Company’s rights in the Proprietary
Information and Work Product. The Employee expressly acknowledges that the foregoing power of attorney is coupled with an interest
and is therefore irrevocable and shall survive the Employee’s death or incompetency and the termination of the Employee’s
employment or engagement by the Company.

 

4.5       The
Employee hereby represents and warrants that the Employee has fully disclosed to the Company on Schedule A attached hereto any idea,
invention, discovery or process relating to the Company’s business which, prior to the Employee’s employment with
the Company, the Employee conceived, reduced to practice, or developed, individually or jointly, and is to be excluded from the
scope of this Agreement.

 

    A-5

     

    

  

 

 

4.6       Notwithstanding
anything in this Agreement to the contrary, the obligation of the Employee to assign or offer to assign the Employee’s rights in
an invention to the Company shall not extend or apply to an invention that the undersigned developed (i) entirely on the Employee’s
own time; (ii) without using Company equipment, supplies, facilities, or other resources, Proprietary Information or trade secret information
unless such invention (a) relates to the Company’s business or actual or demonstrably anticipated research or development, or (b)
results from any work performed by the Employee for the Company. The Employee shall bear the burden of proof in establishing that the
Employee’s invention qualifies for exclusion under this Section 4.6.

 

5.       Covenant
Not To Compete.

 

5.1       For
purposes of Part 5 of this Agreement, including each of its subparts, the following terms shall have the following meanings:

 

a.       “Competing
Business” shall mean any corporation, partnership, person, or other entity that is researching, developing, manufacturing,
marketing, distributing, or selling any product, service, or technology that is competitive with any part of the Company’s Business.

  

b.       The
“Company’s Business” shall mean the development, manufacture, marketing, distribution, or sale of,
including research directed to, any product, service, or technology that the Company is developing, manufacturing, marketing,
distributing, or selling or to which the Company directed research at any time during Employee’s employment with the Company.
As of the date of this Agreement, the Company’s Business includes, but is not limited to, research directed to and the
development, manufacture, marketing, distribution, and/or sale of: (i) isolated size and/or shape controlled pharmaceutical or
therapeutic particles fabricated from a mold, including products of or containing the isolated size and/or shape controlled
pharmaceutical or therapeutic particles fabricated from a mold; (ii) size and/or shape controllable pharmaceutical or therapeutic
particles molded using a polymer or low surface energy mold; (iii) film based products of or containing arrays of size and/or shape
controlled structures molded from a low surface energy mold; (iv) isolated nano or micro size and/or shape controlled particles
fabricated from a mold, including products of or containing the isolated size and/or shape controlled particles fabricated from a
mold; (v) nano or micro size and/or shape controllable particles molded using a polymer or low surface energy mold; or (vi)
patterned drum fabrication and mold for manufacturing the products of (i)-(v) above. The Employee understands that during the
Employee’s employment with the Company, the Company’s Business may expand or change, and the Employee agrees that any
such expansions or changes shall expand or contract the definition of the Company’s Business and the Employee’s
obligations under this Agreement accordingly.

 

    A-6

     

    

 

 

 

c.       “Territory”
shall mean the following severable geographic areas: (i) the world, (ii) any country in which the Company or a Competing Business is
engaged in business, (iii) any country in which the Company is engaged in business, (iv) the United States, Europe, and Asia, (v) the
United States, (vi) any state, including the District of Columbia, in which the Company or a Competing Business is engaged in business,
(vii) any state, including the District of Columbia, in which the Company is engaged in business, (viii) North Carolina, (ix) a one hundred
mile radius of the Employee’s principal place of employment or work for the Company, or (x) a one hundred mile radius of the Company’s
corporate headquarters.

 

5.2       It
is recognized and understood by the Employee that, through the Employee’s association with the Company, the Employee shall: (i)
have access to trade secrets and confidential information of the Company, including, but not limited to, valuable information about its
intellectual property, business operations and methods, and the persons with which it does business in various locations throughout the
world, that is not generally known to or readily ascertainable by the Company’s competitors, (ii) develop relationships with the
Company’s customers and others with which the Company does business, and these relationships are among the Company’s most
important assets, (iii) receive specialized knowledge of and specialized training in the Company’s Business, and (iv) gain such
knowledge of the Company’s Business that, during the course of the Employee’s employment with the Company and for a period
of one year following the termination thereof, the Employee could not perform services for a Competing Business without inevitably disclosing
the Company’s trade secrets and Proprietary Information to that Competing Business.

 

5.3       While
employed by the Company, the Employee will not, without the express written consent of an authorized representative of the Company: (i)
perform services (as an employee, independent contractor, officer, director, or otherwise) for any Competing Business, (ii) engage in
any activities (or assist others to engage in any activities) that compete with the Company’s Business, (iii) own or beneficially
own an equity interest in a Competing Business, (iv) request, induce, or solicit (or assist others to request, induce, or solicit) any
existing or prospective customers, suppliers, business partners, or contractors of the Company to curtail or cancel their business with
the Company or to do business within the scope of the Company’s Business with a Competing Business, or (v) request, induce, or
solicit (or assist others to request, induce, or solicit) any employee of the Company to terminate his or her employment with the Company.

 

    A-7

     

    

 

 

 

5.4       For
a period of one year following the termination of the Employee’s employment with the Company, the Employee will not, without the
express written consent of an authorized representative of the Company: (i) perform services (as an employee, independent contractor,
officer, director, or otherwise), within the Territory for any Competing Business, that are the same or substantially similar to any
services that the Employee performed for the Company or that otherwise utilize skills, knowledge, and/or business contacts and/or relationships
that the Employee developed while providing services to the Company, (ii) engage in any activities (or assist others to engage in any
activities) within the Territory that compete with the Company’s Business, (iii) own or beneficially own an equity interest in
a Competing Business, (iv) request, induce, or solicit (or assist others to request, induce, or solicit) any existing customer or any
prospective customers to whom the Company has made a written proposal (“Prospective Customers”), suppliers, business
partners, or contractors of the Company, during the last year of the Employee’s employment with the Company, to curtail or cancel
their business with the Company or to do business within the scope of the Company’s Business with a Competing Business, (v) request,
induce, or solicit (or assist others to request, induce, or solicit) any existing customer or Prospective Customers, suppliers, business
partners, or contractors of the Company with which the Employee worked or had business contact during the last year of the Employee’s
employment with the Company to curtail or cancel their business with the Company or to do business within the scope of the Company’s
Business with a Competing Business, or (vi) request, induce, or solicit (or assist others to request, induce, or solicit) any employee
of the Company to terminate his or her employment with the Company. Where a Competing Business is a large enterprise with separately
operated business units, the restrictions in Section 5.4(i) shall not apply to any such business unit that has no involvement in the
research, development, manufacture, marketing, distribution, or sale of a product, service, or technology that is competitive with any
part of the Company’s Business; provided, however, that this sentence does not apply to any employees in a scientific role
or whose role involves the research, development or maintenance of the Company’s trade secrets. These
obligations will continue for the specified period regardless of whether the termination of the Employee’s employment was voluntary
or involuntary or with or without cause, and the specified period shall be tolled and shall not run during any time in which the Employee
fails to abide by this obligations.

 

5.5       The
Employee shall not at any time following the termination of the Employee’s employment with the Company use the name or trading
style of the Company in any country, or use in any country any name or trading style which is the same as or similar to any of the
trade or service marks of the Company or any brand name or proposed brand name of any of the Company's products or proposed
products, or represent himself or herself as carrying on or continuing or being connected with the Company or its business for any
purpose whatsoever unless otherwise agreed by the Company in writing.

 

    A-8

     

    

  

 

 

5.6       While
employed by the Company, the Employee shall disclose to the audit committee of the Company the Employee’s interest in respect of
any contract or arrangement in which the Employee has any personal material interest, directly or indirectly, or any conflicts of interest
(including the conflict of interest that may arise from the Employee’s directorship(s) or executive position or personal investments
in any corporation(s)) that may involve the Employee. Upon such disclosure, the Employee shall abstain from voting in respect of any
such contract, arrangement, proposal, transaction, or matter in which the conflict of interest arises, unless and until the audit committee
has determined that no such conflict of interest exists.

 

5.7       As
an exception to the restrictions set forth in Parts 5.3 and 5.4 herein, the Employee may own passive investments in a Competing Businesses,
(including, but not limited to, indirect investments through mutual funds), provided that the securities of the Competing Business are
publicly traded and the Employee does not own or control more than two percent of the outstanding voting rights or equity of the Competing
Business.

 

5.8       In the event that
a court determines that the length of time, the geographic area, or the activities prohibited under this Agreement are too restrictive
to be enforceable, the Court may reduce the scope of the restriction to the extent necessary to make the restriction enforceable.

 

5.9       The
market for the Company’s services and the Company’s Business is highly specialized and highly competitive such that other
companies and business entities compete with the Company in various locations throughout the world. The provisions set forth in this
Agreement: (i) are reasonably necessary to protect the Company’s legitimate business interests, (ii) are reasonable as to the time,
territory, and scope of activities that are restricted, (iii) do not interfere with the Employee’s ability to earn a comparable
living or secure employment in the field of the Employee’s choice, (iv) do not interfere and are not inconsistent with public policy
or the public interest, and (v) are described with sufficient accuracy and definiteness to enable the Employee to understand the scope
of the restrictions on the Employee.

 

5.10       Because
of the unique nature of the Proprietary Information, the Employee understands and agrees that the Company will suffer irreparable
harm in the event that the Employee fails to comply with any of the Employee’s obligations under this Agreement and that
monetary damages will be inadequate to compensate the Company for such breach. Accordingly, the Employee agrees that the Company
will, in addition to any other remedies available to it at law or in equity, be entitled to injunctive relief to enforce the terms
of this Agreement.

 

    A-9

     

    

 

 

 

6.       The
Employee hereby authorizes the Company to provide a copy of this Agreement, including any exhibits hereto, to any and all of the Employee’s
future employers and to notify any and all such future employers that the Company intends to exercise its legal rights arising out of
or in connection with this Agreement and/or any breach or any inducement of a breach hereof.

 

7.       The
Employee agrees that, during the term of the Employee’s employment with the Company, the Employee will not: (i) engage in any other
employment, occupation, consulting, or other business activity that conflicts with the Employee’s obligations to the Company, or
(ii) engage in any other activities that conflict with the Employee’s obligations to the Company.

 

8.       Debarment
Certification

 

8.1       The
Employee represents and promises that Employee:

 

		(a)	is not presently, and during the Employee’s
                                            employment will not be, debarred or convicted for a crime for which Employee can be debarred
                                            under the Generic Drug Enforcement Act of 1992 (21USC335a)(the “Act”);
                                            and

 

		(b)	is not presently, and during the Employee’s
                                            employment will not be, indicted or otherwise criminally or civilly charged by a government
                                            entity (Federal or State) with commission of the kinds of conduct for which Employee can
                                            be debarred under the Act; and

 

		(c)	will not employ or otherwise engage any
                                            individual who has been (i) debarred or (ii) convicted of a crime for which a person can
                                            be debarred under the Act, in any capacity in connection with the activities of developing
                                            or reporting data which may become part of an application for approval of a drug or biologic.

  

8.2        The
Employee promises that, during the Employee’s employment with the Company, the Employee will promptly notify the Company upon learning
of or having a belief that the Employee cannot satisfy the obligations of Section 8.1 above.

 

    A-10

     

    

 

 

 

 

9.       The
Employee agrees that this Agreement shall be enforced, construed and interpreted under the law of the state of North Carolina,
without regard to the conflicts of laws principles thereof. The state and federal courts in North Carolina shall be the exclusive
venues for the adjudication of all disputes arising out of this Agreement, and the Employee consents to the exercise of personal
jurisdiction over the Employee in any such adjudication and hereby waives any and all objections and defenses to the exercise of
such personal jurisdiction.

 

10.       The
Employee agrees that: (i) the Employee’s employment relationship with the Company is “at-will,” which means that either
the Employee or the Company can terminate the relationship at any time for any reason or no reason, with or without notice, unless the
Employee and the Company are parties to a contract that expressly provides a fixed term of employment, (ii) the Employee’s employment
relationship with the Company is contingent upon the Employee’s execution of this Agreement, which is a material inducement to
the Company to offer the employment relationship to the Employee and to provide Proprietary Information to the Employee, and (iii) this
Agreement shall survive any termination for any reason whatsoever of the Employee’s employment relationship with the Company.

 

11.       The
Employee agrees that the Company’s failure to insist upon strict compliance with any provision of this Agreement shall not be deemed
a waiver of such provision or of any other provision in the Agreement. The provisions of this Agreement shall be enforceable, notwithstanding
the existence of any breach of this Agreement by the Company or of any claim by the Employee against the Company, whether predicated
on this Agreement or otherwise.

 

12.       This
Agreement contains the entire understanding between the parties with respect to the subject matter hereof and supersedes all prior or
contemporary agreements or understandings, whether written or oral, with respect thereto, provided, however, prior to the execution of
this Agreement, if Company and the Employee were parties to any agreement regarding the subject matter hereof, that agreement will be
superseded by this Agreement prospectively only. This Agreement may not be modified or amended except by an agreement in writing signed
by both parties.

 

13.       The
Employee agrees that this Agreement is assignable by the Company at the Company’s discretion and the Employee authorizes the Company’s
successors and assigns to enforce this Agreement for their respective benefits.

 

14.       The
invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision
of this Agreement and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law.

 

    A-11

     

    

  

 

 

15.       The
Employee agrees that a breach of any provision(s) of this Agreement will toll the running of the limitation period with respect to such
provision(s) for as long as such breach occurs.

 

16.       The
Employee agrees and acknowledges that the Company’s agreement to employ the Employee, in and of itself, is sufficient and adequate
consideration for the Employee’s promises and obligations hereunder, and that the compensation and other benefits that the Company
provides the Employee during the course of the Employee’s employment are, independently and collectively, sufficient and adequate
consideration for the Employee’s promises and obligations hereunder.

 

IN WITNESS WHEREOF, and intending
to be legally bound hereby, the Employee has executed this Agreement to be effective as of the date set forth above.

 

[NAME OF EMPLOYER]

  

By: _____________________________(s)

Name:

Title:

  

________________________________(s)

 

    A-12

     

    

  

 

 

SCHEDULE A

  

The following items are inventions,
ideas, computer software programs or other equipment or technology not covered by Section 4 of this Agreement, which the undersigned
conceived of or developed, wholly or in part, prior to the Employee’s employment or
engagement with the Company and shall be excluded from the scope of this Agreement.

 

If the undersigned has
no such items to disclose, write “NONE” on this line: _____________.

 

Description of Items: (if applicable)

 

	Title on Document	 	Date on Document	 	Name of Witness

 on Document
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	

 

[NAME OF EMPLOYER]

 

________________________________________________

 

	By: ________________________________________	Employee Name
	 	 
	Dated:__________________________________________________________ 	Dated:

  

 _________________

  

    A-13

     

    

  

Exhibit B

 

LIST
OF ADVISORY AND BOARD ROLES

 

		·	Kriya Therapeutics – Board Vice-Chairman (private company)
		·	Axsome Therapeutics – Board Director (Nasdaq: AXSM)

 

    	 	B-1

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