Document:

Exhibit 4.1

 

THE REGISTERED HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL,
TRANSFER OR ASSIGN THIS PURCHASE WARRANT, OR ANY OF THE UNDERLYING SECURITIES, EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER
OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT, OR ANY OF
THE UNDERLYING SECURITIES, FOR A PERIOD ENDING ON, AND INCLUDING, THE DATE THAT IS ONE HUNDRED EIGHTY (180) DAYS BEGINNING ON THE
DATE OF COMMENCEMENT OF SALES OF THE OFFERING TO ANYONE OTHER THAN (I) SPARTAN CAPITAL SECURITIES, LLC, OR A REPRESENTATIVE OR
A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF SPARTAN CAPITAL SECURITIES, LLC, OR
OF ANY SUCH UNDERWRITERS OR SELECTED DEALER.

  

THIS
PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO [●]. VOID AFTER 5:00 P.M., EASTERN TIME, [●].

 

UNDERWRITER’S
WARRANT

 

FOR
THE PURCHASE OF [●] SHARES OF COMMON STOCK

 

OF

 

LIPELLA
PHARMACEUTICALS INC.

 

1.         Purchase
Warrant. THIS CERTIFIES THAT, pursuant to that certain Underwriting Agreement by and between LIPELLA PHARMACEUTICALS INC.,
a Delaware corporation (the “Company”), on one hand, and Spartan Capital Securities, LLC (the “Holder”),
on the other hand, dated [●] (the “Underwriting Agreement”), the Holder, as registered owner of this underwriter’s
warrant (this “Purchase Warrant”), is entitled, at any time or from time to time from [●] (the “Exercise
Date”), and at or before 5:00 p.m., Eastern Time, on [●] (the “Expiration Date”), but not thereafter,
to subscribe for, purchase and receive, in whole or in part, up to [●] shares of Common Stock of the Company, par value $0.0001
per share (“Common Stock”) (the “Shares”), subject to adjustment as provided in Section
6 hereof. If the Expiration Date is a day on which banking institutions are authorized by law to close, then this Purchase
Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the period
ending on the Expiration Date, the Company agrees not to take any action that would terminate this Purchase Warrant. This Purchase
Warrant is initially exercisable at $[●] per share (125% of the price of the shares of Common Stock sold in the Offering);
provided, however, that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted
by this Purchase Warrant, including the exercise price per share and the number of shares of Common Stock to be received upon such
exercise, shall be adjusted as therein specified. The term “Exercise Price” shall mean the initial exercise
price of this Purchase Warrant as set forth above or the adjusted exercise price as a result of the events set forth in Section
6 below, depending on the context. Capitalized terms not defined herein shall have the meaning ascribed to them in the Underwriting
Agreement.

 

2.         Exercise.

 

2.1       Exercise
Form. In order to exercise this Purchase Warrant, the exercise form attached hereto as Exhibit A must be duly executed
and completed and delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the shares
of Common Stock being purchased payable in cash by wire transfer of immediately available funds to an account designated by the
Company or by certified check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern
Time, on the Expiration Date, this Purchase Warrant shall become and be void without further force or effect, and all rights represented
hereby shall cease and expire.

 

    1

     

    

 

2.2       Cashless
Exercise. The Holder may elect to receive the number of shares of Common Stock equal to the value of this Purchase Warrant
(or the portion thereof being exercised), by surrender of this Purchase Warrant to the Company, together with the exercise form
attached hereto, in which event the Company shall issue to Holder, Shares in accordance with the following formula:

 

	X	=	Y(A-B)	 	 
	A	 	 
	 	 	 	 
	Where,	X	=	The number of shares
    of Common Stock to be issued to Holder;
	 	Y	=	The number of shares
    of Common Stock for which the Purchase Warrant is being exercised;
	 	A	=	The fair market
    value of one share of Common Stock; and
	 	B	=	The Exercise Price.

 

For
purposes of this Section 2.2, the “fair market value” of a share of Common Stock is defined as follows:

 

	 	(i)	if the shares of
    Common Stock are traded on a national securities exchange, the value shall be deemed to be the weighted average closing price
    on such exchange for the five consecutive trading days ending on the trading day immediately prior to the exercise form being
    submitted in connection with the exercise of the Purchase Warrant; or

 

	 	(ii)	if the shares of
    Common Stock are actively traded over-the-counter, the value shall be deemed to be the weighted average closing bid price
    of the shares of Common Stock for the five consecutive trading days ending on the trading day immediately prior to the exercise
    form being submitted in connection with the exercise of the Purchase Warrant; or

 

	 	(iii)	if there is no market
    for the shares of Common Stock, the value shall be the fair market value thereof, as determined in good faith by the Board.

 

2.3             Legend.
Each certificate for the securities purchased under this Purchase Warrant shall bear the following legends unless such securities
have been registered under the Securities Act of 1933, as amended (the “Act”), or are exempt from registration
under the Act:

 

(i) “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD ENDING ON, AND
INCLUDING, THE DATE THAT IS ONE HUNDRED AND EIGHTY (180) DAYS BEGINNING ON THE DATE OF COMMENCEMENT OF SALES OF THE OFFERING PURSUANT
TO THE REGISTRATION STATEMENT OF THE COMPANY’S SECURITIES (FILE NO. 333-266397) AND MAY NOT BE (A) SOLD, TRANSFERRED,
ASSIGNED, PLEDGED OR HYPOTHECATED TO ANYONE OTHER THAN SPARTAN CAPITAL SECURITIES, LLC, OR BONA FIDE OFFICERS OR PARTNERS OF SPARTAN
CAPITAL SECURITIES, LLC, OR (B) CAUSED TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT OR CALL TRANSACTION THAT WOULD
RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THE SECURITIES HEREUNDER, EXCEPT AS PROVIDED FOR IN FINRA RULE 5110(E)(2).”

 

(ii)
Any legend required by the securities laws of any state to the extent such laws are applicable to the Shares represented by a
certificate, instrument, or book entry so legended.

 

3.         Transfer.

 

3.1        General
Restrictions. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder
will not: (a) sell, transfer, assign, pledge or hypothecate this Purchase Warrant or any of the Shares exercisable hereunder for
a period ending on, and including, the date that is one hundred eighty (180) days beginning on the date of commencement of sales
of the Offering (the “Initial Transfer Date”) to anyone other than: (i) the Underwriter or a selected dealer
participating in the Offering, or (ii) a bona fide officer or partner of the Underwriter or of any such selected dealer, in each
case in accordance with FINRA Rule 5110(e)(2)(B), or (b) cause this Purchase Warrant or the securities issuable hereunder to be
the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition
of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(e)(2). On and after the Initial
Transfer Date, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order
to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto as Exhibit B
duly executed and completed, together with this Purchase Warrant and payment of all transfer taxes, if any, payable in connection
therewith. The Company shall within five (5) Business Days transfer this Purchase Warrant on the books of the Company and shall
execute and deliver a new warrant or warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase
the aggregate number of shares of Common Stock purchasable hereunder or such portion of such number as shall be contemplated by
any such assignment. 

 

    2

     

    

 

3.2         Restrictions
Imposed by the Act. The securities evidenced by this Purchase Warrant shall not be transferred unless and until: (i) the Company
has received the opinion of counsel for the Company that the securities may be transferred pursuant to an exemption from registration
under the Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction of
the Company, (ii) a registration statement or a post-effective amendment to the Registration Statement relating to the offer and
sale of such securities that has been declared effective by the Commission and includes a current prospectus or (iii) a registration
statement, pursuant to which the Holder has exercised its registration rights pursuant to Sections 4.1 and 4.2 herein,
relating to the offer and sale of such securities has been filed and declared effective by the Commission and compliance with
applicable state securities law has been established.

 

4.         Registration
Rights. The Company shall be required to keep a registration statement effective on Form S-1 until such date that is the earlier
of the date when all of the shares of Common Stock underlying this Purchase Warrant have been publicly sold by the Holder or such
time as Rule 144 or another similar exemption under the Securities Act, is available for the sale of all of such Holder’s
Shares underlying this Purchase Warrant without registration.

 

5.         New
Purchase Warrants to be Issued.

 

5.1         Partial
Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned
in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for
cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or
transfer tax if exercised pursuant to Section 2.1 hereof, the Company shall cause to be delivered to the Holder without
charge a new warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase
the number of shares of Common Stock purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

 

5.2         Lost
Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this
Purchase Warrant and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver
a new warrant of like tenor and date. Any such new warrant executed and delivered as a result of such loss, theft, mutilation
or destruction shall constitute a substitute contractual obligation on the part of the Company.

 

6.         Adjustments.

 

6.1         Adjustments
to Exercise Price and Number of Shares of Common Stock. The Exercise Price and the number of Shares of Common Stock underlying
this Purchase Warrant shall be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1       Share
Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of
outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock or by a split up of shares
of Common Stock or other similar event, then, on the effective day thereof, the number of shares of Common Stock purchasable hereunder
shall be increased in proportion to such increase in outstanding shares of Common Stock , and the Exercise Price shall be proportionately
decreased.

 

    3

     

    

 

6.1.2       Aggregation
of Shares of Common Stock. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number
of outstanding shares of Common Stock is decreased by a consolidation, combination or reclassification of shares of Common Stock
or other similar event, then, on the effective date thereof, the number of shares of Common Stock purchasable hereunder shall
be decreased in proportion to such decrease in outstanding shares, and the Exercise Price shall be proportionately increased.

 

6.1.3       Replacement
of shares of Common Stock upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares
of Common Stock other than a change covered by Section 6.1.1 or Section 6.1.2 hereof or that solely affects the
par value of such shares of Common Stock, or in the case of any share reconstruction or amalgamation or consolidation of the Company
with or into another corporation (other than a consolidation or share reconstruction or amalgamation in which the Company is the
continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of Common
Stock ), or in the case of any sale or conveyance to another corporation or entity of the property of the Company as an entirety
or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Purchase Warrant shall have
the right thereafter (until the expiration of the right of exercise of this Purchase Warrant) to receive upon the exercise hereof,
for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares of Common
Stock or other securities or property (including cash) receivable upon such reclassification, reorganization, share reconstruction
or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of shares
of Common Stock of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if any reclassification
also results in a change in shares of Common Stock covered by Section 6.1.1 or Section 6.1.2, then such adjustment
shall be made pursuant to Section 6.1.1, Section 6.1.2 and this Section 6.1.3. The provisions of this Section
6.1.3 shall similarly apply to successive reclassifications, reorganizations, share reconstructions or amalgamations, or consolidations,
sales or other transfers.

 

6.1.4       Fundamental
Transaction. If, at any time while this Purchase Warrant is outstanding, the Company enters into the following transactions
with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of
Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated
or affiliated with, the other Persons making or party to such stock or share purchase agreement or other business combination):
(i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company
with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer,
conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any
direct or indirect purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant
to which holders of shares of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or
property and has been accepted by the holders of 50% or more of the outstanding shares of Common Stock, (iv) the Company, directly
or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the shares
of Common Stock or any compulsory share exchange pursuant to which the shares of Common Stock is effectively converted into or
exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spinoff or scheme of arrangement) with another Person or group of Persons (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Purchase Warrant, the Holder shall have the right to receive, for each Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, the number of shares
of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
or alternative consideration (the “Alternative Consideration”) receivable as a result of such Fundamental Transaction
by a holder of the number of shares of Common Stock for which this Purchase Warrant is exercisable immediately prior to such Fundamental
Transaction. For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply
to such Alternative Consideration based on the amount of Alternative Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternative Consideration
in a reasonable manner reflecting the relative value of any different components of the Alternative Consideration. If holders
of shares of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction,
then the Holder shall be given the same choice as to the Alternative Consideration it receives upon any exercise of this Purchase
Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which
the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the
Company under this Purchase Warrant, and to deliver to the Holder in exchange for this Purchase Warrant a security of the Successor
Entity evidenced by a written instrument substantially similar in form and substance to this Purchase Warrant which is exercisable
for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares
of Common Stock acquirable and receivable upon exercise of this Purchase Warrant immediately prior to such Fundamental Transaction,
and with an exercise price which applies the Exercise Price hereunder to such shares of capital stock (but taking into account
the relative value of the shares of Common Stock pursuant to such Fundamental Transaction, the value of such shares of capital
stock, the number of shares of such capital stock and the exercise price for such shares of capital stock for the purpose of protecting
the economic value of this Purchase Warrant immediately prior to the consummation of such Fundamental Transaction). Upon the occurrence
of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the
date of such Fundamental Transaction, the provisions of this Purchase Warrant referring to the “Company” shall refer
instead to the Successor Entity), and may exercise every right and power of, the Company and shall assume all of the obligations
of the Company, under this Purchase Warrant with the same effect as if such Successor Entity had been named as the Company herein.

 

    4

     

    

 

6.1.5       Changes
in Form of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this Section
6.1, and any warrants issued after such change, in exchange or replacement of this Purchase Warrant may state the same Exercise
Price and the same number of shares of Common Stock as are stated in the Purchase Warrant initially issued pursuant to this Purchase
Warrant. The acceptance by any Holder of the issuance of a new warrant reflecting a required or permissive change shall not be
deemed to waive any rights to an adjustment occurring after the date hereof or the computation thereof.

 

6.2         Substitute
Purchase Warrant. Except as otherwise provided in Section 6.1.5, in case of any consolidation of the Company with, or share
reconstruction or amalgamation of the Company with or into, another corporation (other than a consolidation or share reconstruction
or amalgamation which does not result in any reclassification or change of the outstanding shares of Common Stock ), the corporation
formed by such consolidation or share reconstruction or amalgamation shall execute and deliver to the Holder a supplemental warrant
providing that the holder of this Purchase Warrant shall have the right thereafter (until the stated expiration of this Purchase
Warrant) to receive, upon exercise of such supplemental warrant, the kind and amount of shares of common stock and other securities
and property receivable upon such consolidation or share reconstruction or amalgamation, by a holder of the number of shares of
Common Stock of the Company for which this Purchase Warrant might have been exercised immediately prior to such consolidation,
share reconstruction or amalgamation, sale or transfer. Such supplemental warrant shall provide for adjustments which shall be
substantially the same to the adjustments provided for in this Section 6. The above provisions of this Section 6
shall similarly apply to successive consolidations or share reconstructions or amalgamations.

 

6.3         Elimination
of Fractional Interests. The Company shall not be required to issue certificates representing fractions of shares of Common
Stock upon the exercise of this Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional
interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or
down, as the case may be, to the nearest whole number of shares of Common Stock or other securities, properties or rights.

 

7.         Reservation
and Listing. The Company shall at all times reserve and keep available out of its authorized shares of Common Stock, solely
for the purpose of issuance upon exercise of this Purchase Warrant, such number of shares of Common Stock or other securities,
properties or rights as shall be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of this
Purchase Warrant and payment of the Exercise Price therefor, unless this Purchase Warrant is exercised pursuant to a cashless
exercise, as provided in Section 2.2 hereof, in accordance with the terms hereby, all shares of Common Stock and other
securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive
rights of any shareholder. The Company further covenants and agrees that upon exercise of this Purchase Warrant and payment of
the exercise price therefor, unless this Purchase Warrant is exercised pursuant to a cashless exercise, as provided in Section
2.2 hereof, all shares of Common Stock and other securities issuable upon such exercise shall be duly and validly issued,
fully paid and non-assessable and not subject to preemptive rights of any shareholder. As long as this Purchase Warrant shall
be outstanding, the Company shall use its commercially reasonable efforts to cause all shares of Common Stock issuable upon exercise
of this Purchase Warrant to be listed (subject to official notice of issuance) on all national securities exchanges (or, if applicable,
on the OTCQB Market or any successor quotation system) on which the shares of Common Stock are then listed and/or quoted (if at
all).

 

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8.         Certain
Notice Requirements.

 

8.1         Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holder the right to vote or consent or to
receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder
of the Company. If, however, at any time prior to the expiration of this Purchase Warrant and the exercise thereof, any of the
events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice
of such event at least fifteen days prior to the date fixed as a record date or the date of closing the transfer books (the “Notice
Date”) for the determination of the shareholders entitled to such dividend, distribution, conversion or exchange of
securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice
shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing,
the Company shall deliver to the Holder a copy of each notice given to the other shareholders of the Company at the same time
and in the same manner that such notice is given to the shareholders.

 

8.2         Events
Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of
the following events: (i) if the Company shall take a record of the holders of its shares of Common Stock for the purpose of entitling
them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise
than out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company,
(ii) the Company shall offer to all the holders of its shares of Common Stock any additional shares of capital stock of the Company
or securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to
subscribe therefor, or (iii) a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation
or share reconstruction or amalgamation) or a sale of all or substantially all of its property, assets and business shall be proposed.

 

8.3         Notice
of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant
to Section 6 hereof, send notice to the Holder of such event and change (“Price Notice”). The Price
Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true and
accurate by the Company’s Chief Financial Officer.

 

8.4       Transmittal
of Notices. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall
be deemed to have been duly made if made in accordance with the notice provisions of the Underwriting Agreement to the addresses
and contact information set forth below:

 

If
to the Holder, then to:

 

Spartan
Capital Securities, LLC 

45
Broadway, 19th Floor 

New
York, NY 10006 

Attn:
Jason Diamond, Managing Director, Head of Investment Banking 

		Email:	 

 

With
a copy to:

 

Hunter
Taubman Fischer & Li LLC 

48
Wall Street, Suite 2800 

New
York, NY 1100

Attn: Louis Taubman, Esq. 

		Email:	 

 

    6

     

    

 

If
to the Company:

 

Lipella
Pharmaceuticals Inc. 

7800
Susquehanna St. Suite 505 

Pittsburgh,
PA 15208 

(    )      -  

		Attn.:	Jonathan
Kaufman

		Email:	 

 

With
a copy to: 

 

Sullivan
& Worcester LLP 

1633
Broadway 

New
York, NY 10019 

		Attn:	David
E. Danovitch, Esq.

		Email:	 

 

9.         Miscellaneous.

 

9.1         Amendments.
The Company and the Underwriter may from time to time supplement or amend this Purchase Warrant without the approval of the Holder
in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent
with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the
Company and the Underwriter may deem necessary or desirable and that the Company and the Underwriter deem shall not adversely
affect the interest of the Holder. All other modifications or amendments shall require the written consent of and be signed by
the party against whom enforcement of the modification or amendment is sought.

 

9.2         Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Purchase Warrant.

 

9.3         Entire
Agreement. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection
with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof,
and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4         Binding
Effect. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and
their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed
to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions
herein contained.

 

9.5         Governing
Law; Submission to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed and enforced in accordance
with the laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees
that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant shall be brought
and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District
of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any
objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served
upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage
prepaid, addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service and
shall be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing
party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees
and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on
its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and the Holder hereby
irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby.

 

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9.6         Waiver,
etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall
not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant
or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase
Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be
effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such
waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver
of any other or subsequent breach, non-compliance or non-fulfillment.

 

9.7         Holder
Not Deemed a Shareholder. Except as otherwise specifically provided herein, the Holder, solely in its capacity as a holder
of this Purchase Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company
for any purpose, nor shall anything contained in this Purchase Warrant be construed to confer upon the Holder, solely in its capacity
as a holder of this Purchase Warrant, any of the rights of a shareholder of the Company or any right to vote, give or withhold
consent to any corporate action (whether any reorganization, issue of shares, reclassification of shares, consolidation, merger,
conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance
to the Holder of the Shares which it is then entitled to receive upon the due exercise of this Purchase Warrant. In addition,
nothing contained in this Purchase Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities
(upon exercise of this Purchase Warrant or otherwise) or as a shareholder of the Company, whether such liabilities are asserted
by the Company or by creditors of the Company.

 

9.8         Restrictions.
The Holder acknowledges that the Shares acquired upon the exercise of this Purchase Warrant, if not registered, and the Holder
does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

9.9         Severability.
Wherever possible, each provision of this Purchase Warrant shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Purchase Warrant shall be prohibited by or invalid under applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or
the remaining provisions of this Purchase Warrant.

 

[Signature
Page Follows]

 

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IN
WITNESS WHEREOF, the Company has caused this Purchase Warrant to be signed by its duly authorized officer as of the [●]th
day of _______, 2022.

 

	 	LIPELLA PHARMACEUTICALS INC.
	 	 	 
	 	By:	 
	 	Name:	Jonathan Kaufman
	 	Title:	President and CEO

 

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EXHIBIT
A

 

Exercise
Notice

 

Form
to be used to exercise Purchase Warrant:

 

Date:
__________, 202_

 

The
undersigned hereby elects irrevocably to exercise the Purchase Warrant for ______ shares of Common Stock of LIPELLA PHARMACEUTICALS
INC., a Delaware corporation (the “Company”), and hereby makes payment of $____ (at the rate of $____ per share)
in payment of the Exercise Price pursuant thereto. Please issue the shares of Common Stock as to which this Purchase Warrant is
exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of
shares of Common Stock for which this Purchase Warrant has not been exercised.

 

or

 

The
undersigned hereby elects irrevocably to convert its right to purchase ___ shares of Common Stock under the Purchase Warrant for
______ shares of Common Stock, as determined in accordance with the following formula:

 

	 	 X	 =	Y(A-B)	 
	 	A	 
	Where,	X	=	The
    number of shares of Common Stock to be issued to Holder;
	 	Y	=	The number of shares of Common Stock
    for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value (as defined
    in Section 2.2 of this Purchase Warrant) of one share of Common Stock which is equal to $_____; and
	 	B	=	The Exercise Price which is equal
    to $______ per share

 

The
undersigned agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement
with respect to the calculation shall be resolved by the Company in its sole discretion.

 

Please
issue the shares of Common Stock as to which this Purchase Warrant is exercised in accordance with the instructions given below
and, if applicable, a new Purchase Warrant representing the number of shares of Common Stock for which this Purchase Warrant has
not been converted.

 

Signature

 

Signature
Guaranteed

 

INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

 

Name: 

(Print
in Block Letters) 

Address:

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or
enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by
a firm having membership on a registered national securities exchange.

 

     

     

    

 

EXHIBIT
B

 

Assignment
Notice

 

Form
to be used to assign Purchase Warrant:

 

ASSIGNMENT

 

(To
be executed by the registered Holder to effect a transfer of the within Purchase Warrant):

 

FOR
VALUE RECEIVED,                                                             does hereby sell, assign and transfer unto the right to purchase shares of Common Stock of LIPELLA PHARMACEUTICALS
INC., a Delaware corporation (the “Company”), evidenced by the Purchase Warrant and does hereby authorize the
Company to transfer such right on the books of the Company.

 

Dated:
            , 202

 

Signature

 

Signature
Guaranteed

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the within Purchase Warrant without alteration
or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or
by a firm having membership on a registered national securities exchange.Document

Exhibit 10.1

December 8, 2022

Bruce Felt
VIA EMAIL

Re: Transition Agreement
Dear Bruce:

This letter confirms the agreement (“Agreement”) between you and Domo, Inc. (the “Company”) concerning the terms of your employment separation and transition from the Company.

1.Transition Periods. 

a.CFO Transition Period. You will continue as a full-time at-will employee of the Company in your role as the Company’s Chief Financial Officer (“CFO”) during the period beginning on the Effective Date (as defined below) through the commencement of the next CFO in such CFO role, but in no event later than the one-year anniversary of the Effective Date (such actual period you continue to serve as CFO, the “CFO Transition Period”). During the CFO Transition Period, you will continue receiving your regular annual base salary of $450,000 (“Salary”), less applicable withholdings, in accordance with the Company’s normal payroll practices, and remain eligible to receive an annual cash bonus for the Company’s fiscal year 2023, at a target bonus opportunity equal to $325,000 (your “Target Bonus”), subject to the terms and conditions of the Company’s Executive Incentive Compensation Plan (the “Bonus Plan”) and annual bonus program for fiscal year 2023 adopted thereunder (your “2023 Bonus Opportunity”). However, you will not be considered a participant in the Bonus Plan for any fiscal year after the Company’s fiscal year 2023 and accordingly, you will not be eligible for an annual cash bonus for the Company’s fiscal year 2024. During the CFO Transition Period, the Company will continue to reimburse you for reasonable expenses incurred by you in performing services for the Company, including Travel Expenses, provided you timely submit to the Company supporting receipts and/or documentation in form and substance reasonably acceptable to the Company for such expenses in accordance with Company’s reimbursement policy, as in effect from time to time (the “Reimbursement Policy”). For purposes of this Agreement, “Travel Expenses” refers to ordinary and reasonable expenses incurred by you for you and your family to travel from your personal residence in California to the Company’s Utah headquarters, including expenses for first class airfare for your spouse, lodging in close proximity to the Company’s Utah headquarters, and a rental car. Your airfare will be an upgradable coach seat for such travel, with any exceptions from time to time as determined in your reasonable discretion, as appropriate. No reimbursements will occur later than the 15th day of the third month following the later of (i) the end of the Company’s fiscal year in which such Travel Expenses are incurred or (ii) the end of the calendar year in which such Travel Expenses are incurred. To the extent any reimbursement for Travel Expenses that you receive is taxable to 

Exhibit 10.1

you, you will receive a “gross-up” payment equal to the applicable federal and state taxes on such reimbursement payment, as estimated by the Company in good faith, at the same time as the applicable reimbursement is made. During the CFO Transition Period, you will continue to be eligible to participate in the benefit plans and programs established by the Company for its employees from time to time, subject to their applicable terms and conditions, including without limitation any eligibility requirements. The Company reserves the right to modify, amend, suspend, or terminate the benefit plans and programs it offers to its employees at any time.

b.Employment Separation; Second Release; Employment Severance. Upon the commencement of employment of the next CFO in such CFO role or if earlier, the one-year anniversary of the Effective Date, your CFO Transition Period will end immediately, and you will have resigned as an employee of the Company and from your role as CFO and the Company will have accepted such resignation (the date of termination of your employment with the Company, the “Employment Separation Date”). As of such date, you also will be deemed to have resigned from any and all officer and director roles with the Company and its subsidiaries without any further action required by you, provided that you agree to execute any documents as may be reasonably requested by the Company to reflect such resignation. Provided either (x) you have completed the CFO Transition Period in accordance with the schedule set forth in subsection a. above, or (y) prior to the commencement of employment of the next CFO in such CFO role, the Company terminates your employment without Cause (as defined below), and you timely execute and do not revoke the Second Release (attached hereto as Exhibit One) within the period prescribed therein, subject to subsection c. below, you will receive the additional consideration set forth in Sections 1 and 2 of the Second Release.

c.Termination for Cause; Severance Forfeiture. Notwithstanding the foregoing, in the event that  (i) you materially breach this Agreement or your Confidentiality Agreement (including without limitation any post-employment restrictive covenants set forth therein) and fail to cure such breach within 30 days after notice thereof, or (ii) the Company terminates your employment for Cause (as defined below) you will not be entitled to the consideration set forth in Sections 1 and 2 of the Second Release. For purposes of this Agreement, “Cause” means (i) your conviction of, or a plea of “guilty” or “no contest” to, a felony (other than a driving offense) under the laws of the United States or any state thereof, (ii) your gross negligence in the performance of your duties, malfeasance, or misappropriation of the assets of the Company, (iii) your failure to perform your duties to the satisfaction of the Company after having received written notice of such failure and having at least 30 days to cure such failure; (iv) your failure or refusal to comply with reasonable written policies, standards and regulations established by the Company from time to time; after having received written notice of such failure and having at least 30 days to cure such failure; (v) your failure to provide required documentation of your right to work in the United States within the time frame required by law, and (vi) your material breach of your At Will Employment, Confidential Information, Invention Assignment, 

Exhibit 10.1

Nonsolicitation, and Arbitration Agreement with the Company (“Confidentiality Agreement”). Any termination for “Cause” will require Board approval, and you will be given the opportunity to appear in person before the entire Board in order to explain your position on the allegations or claims that constitute “Cause.” The Board will make all determinations relating to termination, including without limitation any determination regarding Cause. 

d.Advisory Period. Immediately following the CFO Transition Period or one year after the Effective Date, whichever is first, you will commence advisory transitional services as reasonably requested by the Company’s Chief Executive Officer, CFO, or the Board for a period of four years (such actual period you provide such advisory transitional services, the “Advisory Period,” and together with the CFO Transition Period, the “Transition Periods”). Such advisory services will not exceed four hours per week. The Advisory Period may be extended by mutual agreement between you and the Company. In performing the advisory services, you will be an independent contractor and not an employee or agent of the Company. The Company will share confidential information with you as it deems necessary to effectively carry out the advisory services.

2.Company Equity Awards. You previously were granted certain equity awards covering shares of the Company’s Class B common stock (“Shares”) under the Company’s 2018 Equity Incentive Plan and 2011 Equity Incentive Plan (the “Plans”) and applicable award agreements thereunder, that are outstanding as of the date first set forth above, as specified in Schedule A attached hereto (the “Equity Awards,” and such plans and agreements, the “Award Documents”). You and the Company agree that during the Transition Periods, your Equity Awards will continue vesting but otherwise will cease vesting upon cessation of your continued status as a “Service Provider” (as defined in the Plan under which the applicable Equity Award has been granted). Notwithstanding the foregoing, in the event that the Company terminates your status as a Service Provider without Cause and other than due to your death or Disability (as defined in the Plan under which the applicable Equity Award has been granted) (a “Qualifying Service Termination”), then the vesting of 100% of the then unvested and outstanding portion of your Equity Awards will accelerate (the “Award Acceleration”). The Award Acceleration is subject to your having timely executed and not revoked a release substantially similar to the Second Release provided by the Company in connection with your Qualifying Service Termination. Further, if you materially breach this Agreement or your Confidentiality Agreement (including without limitation any post-employment restrictive covenants set forth therein), you will not be entitled to the Award Acceleration. Any Equity Awards or portions thereof that have not vested through the date of cessation of your status as a Service Provider and do not vest pursuant to the Award Acceleration will be forfeited permanently and you will have no further rights with respect to such Equity Awards (or portions thereof) or Shares subject thereto.  Except as provided in this Section 2, your Equity Awards remain subject to the terms and conditions of the Award Documents. 

3.Employee Benefits; No Other Monies Owed. Your health insurance benefits will cease on the last day of the month in which the CFO Transition Period ends, subject to your right to continue your health insurance under the Consolidated Omnibus Budget 

Exhibit 10.1

Reconciliation Act of 1985, as amended, or similar state law (“COBRA”). Your participation in all benefits and incidents of employment, including without limitation, vesting in equity-based compensation (except as provided in Section 2 herein), the accrual of bonuses (if any), vacation, and paid time off, will cease as of the Employment Separation Date. You acknowledge that, except as expressly provided in this Agreement, you have not earned, and will not receive from the Company, any additional compensation, severance, or benefits on or after the Employment Separation Date, with the exception of any vested right you may have under the express terms of a written ERISA-qualified benefit plan. By way of example, you acknowledge that you have not earned and are not owed (except as expressly provided in this Agreement) any equity, bonus, incentive compensation, severance benefits, or commissions. You expressly acknowledge and agree that this Agreement supersedes in their entirety your Confirmatory Employment Letter with the Company dated June 15, 2018 (“Confirmatory Employment Letter”), and your Change in Control and Severance Agreement with the Company dated June 15, 2018 (“Severance Agreement”). You further acknowledge and agree that you are responsible for attorneys’ fees and costs for counsel you engaged prior to or in connection with executing this Agreement and that you will not seek reimbursement from the Company or its insurers for any such attorneys’ fees and costs. 

4.Return of Company Property. As of no later than the last day of the Transition Periods, you will return all documents and other items provided to you by the Company (with the exception of a copy of the Company’s Employee Handbook and personnel documents specifically relating to you), developed or obtained by you in connection with your employment with the Company, or otherwise belonging to the Company, including, without limitation, access cards, keys, reports, manuals, records, product samples, inventory, correspondence or other documents or materials related to the Company’s business that you have compiled, generated or received while working for the Company as well as all copies, samples, computer data, disks, or records of such material. You are not required to return to the Company the laptop, iPad, or cell phone purchased by the Company for your use. After returning these documents, data, and other property you will permanently delete from any electronic media in your possession, custody, or control (such as computers, cell phones, hand-held devices, back-up devices, zip drives, PDAs, etc.), or to which you have access (such as remote e-mail exchange servers, back-up servers, off-site storage, etc.), all documents or electronically stored materials of the Company, including writings, drawings, graphs, charts, sound recordings, images, and other data or data compilations stored in any medium from which such information can be obtained. Furthermore, you will, on or before the Employment Separation Date, provide the Company with a list of any documents that Employee created or is otherwise aware to be password protected and the password(s) necessary to access such password protected documents. The Company’s obligations under this Agreement are contingent upon Employee returning all of the Company’s documents, data, and other property as set forth above. 

5.Cooperation. You agree that during and following the Advisory Period, you will make yourself available, upon reasonable notice and under reasonable conditions, to assist the Company with respect to matters of which you were personally involved or had personal knowledge while providing employment or other services to the Company. Without 

Exhibit 10.1

limitation, such assistance may include signing documents, providing information or documents, cooperating with investigations, negotiations, lawsuits, or administrative proceedings involving the Company, preparing for and giving testimony, including written declarations or statements. 

6.Confidential Information. You hereby acknowledge that you are bound by your post-employment obligations in your Confidentiality Agreement (attached hereto as Exhibit Two), which you confirmed in your Confirmatory Employment Letter. You acknowledge and agree that as a result of your employment with the Company you have had access to the Company’s Confidential Information (as defined in the Confidentiality Agreement), that you will hold all Confidential Information in strictest confidence and that you will not make use of such Confidential Information on behalf of anyone.

7.Mutual Non-Disparagement. On and after the Employment Separation Date, you agree to refrain from any disparagement, defamation, libel, or slander of any of the Released Parties (as defined below), and agree to refrain from any tortious interference with the contracts and relationships of any of the Released Parties. The Company will instruct its directors and executive officers to refrain from, on and after the Employment Separation Date, any disparagement, defamation, libel, or slander of you. The restrictions in this paragraph do not apply to any compelled testimony or production of information, whether by legal process, subpoena or as part of a response to a request for information from any governmental or regulatory authority with jurisdiction over the party from whom information is sought, in each case, to the extent required.

8.General Release and Waiver of Claims. In exchange for the consideration set forth herein, you hereby bind yourself and your heirs, beneficiaries, trustees, administrators, executors, assigns, agents and legal representatives (collectively, the “Releasors”), and hereby waive and release to the maximum extent permitted by applicable law any and all claims or causes of action, whether known or unknown, against the Company and/or its predecessors, successors, past or present parents or subsidiaries, affiliated companies, or related entities (collectively, including the Company, the “Entities”) and/or the Entities’ respective past or present insurers, officers, directors, agents, attorneys, employees, shareholders, investors, assigns and employee benefit plans (collectively with the Entities, the “Released Parties”), with respect to any matter, including, without limitation, any matter related to your employment with or service to the Company. 

This waiver and release includes, without limitation, claims under the Employee Retirement Income Security Act (ERISA); claims for attorneys’ fees or costs; any and all claims for or related to stock, stock options, restricted stock units or other equity-based awards or securities of the Company; penalties claims; wage and hour claims; statutory claims; tort claims; contract claims; claims of wrongful discharge, constructive discharge, emotional distress, defamation, conversion, invasion of privacy, fraud, promissory estoppel, misrepresentation, breach of contract, breach of fiduciary duty, and breach of the covenant of good faith and fair dealing; claims for retaliation; claims related to discrimination or harassment based on any protected basis, under Title VII of the Civil Rights Act, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Utah Antidiscrimination Act or any other federal, state, or local law prohibiting 

Exhibit 10.1

discrimination, harassment or retaliation; and claims under all other federal, state and local laws, ordinances and regulations.

Notwithstanding the foregoing, the following are not included in the released claims (the “Excluded Claims”): (i) any rights or claims for indemnification you may have pursuant to your applicable written indemnification agreement with the Company dated June 28, 2018, and under the charter, bylaws or operating agreements of the Company, or under applicable law; (ii) any rights which cannot be waived as a matter of law; (iii) any rights you have to file or pursue a claim for workers’ compensation or unemployment insurance; (iv) any claims arising from the breach of this Agreement; and (v) any claims arising after the date you sign this Agreement.

You agree not to pursue any action nor seek damages or any other remedies for any released claims. You agree to execute any and all documents necessary to request dismissal or withdrawal, or to opt-out, of such claims with prejudice. Further, you agree not to participate in, seek to recover in, or assist in any litigation or investigation by other persons or entities against the Released Parties, except if served with a subpoena or as otherwise required by law. 

You understand that nothing in this Agreement limits your ability to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state, or local government agency or commission (“Government Agencies”). You further understand that this Agreement does not limit your ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without subpoena or notice to the Company. This Agreement does not limit your right to receive an award for information provided to any Government Agencies. You agree you will not knowingly encourage, counsel, or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against any of the Released Parties, unless under a subpoena or other court order to do so. You agree both to immediately notify the Company upon receipt of any such subpoena or court order, except as set forth above regarding cooperation with Government Agencies. Nothing herein shall prohibit or impair you or the Company from complying with all applicable laws, nor shall this Agreement be construed to obligate either party to commit (or aid or abet in the commission of) any unlawful act.

9.Waiver of Unknown Claims. You acknowledge that you are represented by counsel and are familiar with the principle that a general release does not extend to claims that the releasor does not know or suspect to exist in the releasor’s favor at the time of executing the release, which, if known by the releasor, must have materially affected the releasor’s settlement with the Released Parties. You, being aware of said principle, agree to expressly waive any right you may have to that effect, as well as under any other statute or common law principles of similar effect.  

10.Non-Disclosure. Except if required by law or if the specific information is publicly available due to your role as a former Section 16 Officer (as defined below), you agree 

Exhibit 10.1

that you will not disclose to others the terms and conditions of this Agreement, including any negotiations or the facts and circumstances leading up to it, except that you may disclose such information, on express condition of confidentiality, to your spouse and to your attorney or accountant in order for such individuals to render services to you. The Company agrees that, apart from publicly available information, the Company will not disclose to others the terms and conditions of this Agreement, including any negotiations or the facts and circumstances leading up to it, except as required by law or regulation, as required in legal proceedings, as requested by governmental agencies, for legitimate business purposes or to others bound by confidentiality obligations to the Company. For purposes of this Agreement, “Section 16 Officer” means an individual who, with respect to the Company’s securities, is subject to Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

11.No Admission. This Agreement is not and shall not be construed or contended by you to be an admission or evidence of any wrongdoing or liability on the part of any of the Released Parties. 

12.Complete and Voluntary Agreement. This Agreement, together with your Confidentiality Agreement and Equity Documents, constitute the entire agreement between you and the Company with respect to the subject matter hereof and supersedes all prior negotiations and agreements, whether written or oral, relating to such subject matter, including without limitation your Confirmatory Employment Letter and Severance Agreement. You acknowledge that neither the Released Parties nor their agents or attorneys have made any promise, representation or warranty whatsoever, either express or implied, written or oral, which is not contained in this Agreement for the purpose of inducing you to execute the Agreement, and you acknowledge that you have executed this Agreement in reliance only upon such promises, representations and warranties as are contained herein, and that you are executing this Agreement voluntarily, free of any duress or coercion. Further, you acknowledge that you have been represented by counsel with respect to this Agreement and that this is a negotiated agreement.

13.Severability. The provisions of this Agreement are severable. If any provision of this Agreement is held invalid or unenforceable, such provision shall be deemed deleted from this Agreement and such invalidity or unenforceability shall not affect any other provision of this Agreement, the balance of which will remain in and have its intended full force and effect; provided, however that if such invalid or unenforceable provision may be modified so as to be valid and enforceable as a matter of law, such provision shall be deemed to have been modified so as to be valid and enforceable to the maximum extent permitted by law.

14.Withholding. The Company (and any parent, subsidiary or other affiliate of the Company, as applicable) will have the right and authority to deduct from any payments or benefits all applicable federal, state, local, and/or non U.S. taxes or other required withholdings and payroll deductions (“Withholdings”). Prior to the payment of any amounts or provision of any benefits under this Agreement, the Company (and any parent, subsidiary, or other affiliate of the Company, as applicable) is permitted to deduct or withhold, or require you to remit to the Company, an amount sufficient to satisfy any applicable Withholdings with respect to such payments and benefits. Neither the 

Exhibit 10.1

Company nor any parent, subsidiary or other affiliate of the Company will have any responsibility, liability, or obligation to pay your taxes arising from or relating to any payments or benefits under this Agreement. 

15.Section 409A. The Company intends that all payments and benefits provided under the Agreement or otherwise are exempt from, or comply with, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and any Treasury Regulations and guidance promulgated under Section 409A of the Code and any state law equivalent (collectively, “Section 409A”) so that none of the payments or benefits will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted in accordance with this intent. 

a.No severance payment or separation benefits to be paid to you, if any, under the Agreement or otherwise, when considered together with any other severance payments or separation benefits that are considered deferred compensation under Section 409A (together, the “Deferred Payments”) will be paid or otherwise provided until you have a “separation from service” within the meaning of Section 409A. If, at the time of your separation from service, you are a “specified employee” within the meaning of Section 409A, then the Deferred Payments will be delayed to the extent necessary to avoid the imposition of the additional tax imposed under Section 409A, which generally means any severance payments and separation benefits otherwise payable to you before the first payroll date that occurs on or after six months and one day following your separation from service, instead will be paid on such payroll date. Provided, however, that in the event of your death within such six-month period, any payments delayed by this subsection a. will be paid in a lump sum as soon as administratively practicable after the date of your death. 

b.With respect to any Award Acceleration applicable to Equity Awards that are restricted stock units (“RSUs”), settlement of such RSUs will occur, subject to the delay described in subsection a. above, no later than 60 days following the date of your Qualifying Service Termination (the “Deadline Date”). To the extent that the delay described in subsection a. does not apply but your separation from service occurs at a time during the year whereby the Deadline Date will occur in the year immediately following the year in which your separation from service occurs, then any Award Acceleration that constitutes Deferred Payments that otherwise would be payable prior to the Deadline Date instead will be paid on the Deadline Date. 

c.To the extent necessary to comply with Section 409A, any taxable reimbursements under the Agreement will be made in accordance with the following additional requirements: the amount eligible for reimbursement in one calendar year may not affect the amount eligible for reimbursement in any other calendar year; and the right to reimbursement is not subject to liquidation or exchange for another benefit or payment. 

The Company reserves the right to amend the Agreement as it considers necessary or advisable, in its sole discretion and without your consent or any other individual, to 

Exhibit 10.1

comply with any provision required to avoid the imposition of the additional tax imposed under Section 409A or to otherwise avoid income recognition under Section 409A prior to the actual payment of any benefits or imposition of any additional tax. Each payment, installment, and benefit payable under this Agreement is intended to constitute a separate payment for purposes of U.S. Treasury Regulation Section 1.409A-2(b)(2). In no event will the Company or any other Released Party reimburse or indemnify you or hold you harmless for any taxes, penalties and interest that may be imposed, or other costs that may be incurred, as a result of Section 409A. 

16.Protected Activity. Nothing in this Agreement or in any other agreement between you and the Company, as applicable, will in any way limit or prohibit you from engaging for a lawful purpose in any Protected Activity. For purposes of this Agreement, “Protected Activity” means filing a charge, complaint, or report with, or otherwise communicating, cooperating, or participating in any investigation or proceeding that may be conducted by, any state, federal, or local governmental agency or commission, including the U.S. Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and the National Labor Relations Board (the “Government Agencies”). You understand that in connection with such Protected Activity, you are permitted to disclose documents or other information as permitted by law, and without giving notice to, or receiving authorization from, the Company. Notwithstanding the foregoing, you agree to take all reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Company confidential information under the Confidentiality Agreement to any parties other than the Government Agencies. You further understand that “Protected Activity” does not include the disclosure of any Company attorney-client privileged communications. Any language in the Confidentiality Agreement regarding your right to engage in Protected Activity that conflicts with, or is contrary to, this paragraph is superseded by this Agreement. In addition, pursuant to the Defend Trade Secrets Act of 2016, you are notified that an individual will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made in confidence to a federal, state, or local government official (directly or indirectly) or to an attorney 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 (and only if) such filing is made under seal. In addition, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the individual’s attorney and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

17.At-Will Employment. This Agreement does not imply any right to your continued employment for any period with the Company or any of its affiliates. Your employment with the Company will continue to be “at will.” It is for no specified term, and may be terminated by you or the Company at any time, with or without cause or advance notice. As of the Effective Date, you may join the board of directors and serve as an advisor to other companies that are not competitors of the Company. Upon the Employment Separation Date, you may become the Chief Financial Officer of any other company, subject to the obligations in your Confidentiality Agreement.

Exhibit 10.1

18.Miscellaneous. It is expressly agreed that this Agreement may not be altered, amended, modified, or otherwise changed in any respect except by another written agreement that specifically refers to this Agreement, executed by you and an authorized representative of the Company. This Agreement may be executed in any number of counterparts, each of which shall constitute an original and all of which together shall constitute one and the same instrument. Execution via DocuSign or a similar service, or of a facsimile copy or scanned image shall have the same force and effect as execution of an original, and an electronic or facsimile signature or scanned image of a signature shall be deemed an original and valid signature.

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

20.Effective Date. This Agreement is effective on the date it is signed by both parties (the “Effective Date”). 

[signature page follows]

Exhibit 10.1

Sincerely,
Domo, Inc.

By:    /s/ John Mellor                
    Chief Executive Officer
    Domo, Inc.

READ, UNDERSTOOD AND AGREED TO:

/s/ Bruce Felt    
Bruce Felt

December 8, 2022    
Date

Exhibit One:    Second Release 
Exhibit Two:   At-Will Employment, Confidential Information, Invention Assignment, Nonsolicitation and Arbitration Agreement
Schedule A:  Equity Awards 

Exhibit 10.1

Exhibit One
Second Release
(To be signed and returned to the Company upon expiration of the CFO Transition Period)
This Second Release agreement (“Second Release”), which is Exhibit One to the separation and transition agreement (the “Agreement”), is entered into by and between you, Bruce Felt, and Domo, Inc. (the “Company”). Any term not otherwise defined herein shall have the meaning ascribed in the Agreement. 

1.Consideration. In exchange for the promises and commitments in the Agreement and your compliance with all terms and conditions of the Agreement and this Second Release including without limitation your completion of employment with the Company in accordance with the schedule set forth in Section 1.a. of the Agreement, and provided you timely sign and return (and do not revoke) this Second Release, then the Company will provide you the following severance benefits:

a.Cash Severance. Cash payments equal in aggregate to the sum of (i) 12 months of your Salary, and (ii) the product of $27,083 multiplied by the number of whole months in the Company’s fiscal year 2024 that the CFO Transition Period remained in effect (the “Cash Severance”), less applicable withholdings, with such cash payments payable in equal, monthly installments over the 12 months immediately following the Employment Separation Date; and

b.COBRA Severance. The Company will pay the premiums for coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) for you and your eligible dependents, if any, at the rates then in effect, subject to any subsequent changes in rates that are generally applicable to the Company’s active employees (the “COBRA Coverage”) until the earliest of (i) a period of 12 months from the date of termination of your employment, or (ii) the date upon which you cease to be eligible for coverage under COBRA (the “COBRA Severance”). 

Notwithstanding any provision to the contrary, if your employment with the Company is terminated by the Company pursuant to Section 1.c. of the Agreement relating to a termination for Cause, or you materially breach the Agreement or your Confidentiality Agreement and fail to cure such breach within 30 days after notice thereof, then you will not be entitled to receive any of the Agreement Severance. 

2.COBRA Severance Limitations. Your receipt of  COBRA Severance is subject to your electing COBRA continuation coverage within the time period prescribed pursuant to COBRA for you and your eligible dependents, if any. If the Company determines in its sole discretion that it cannot provide the COBRA Severance without potentially violating, or being subject to an excise tax under, applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then in lieu of any COBRA Severance, the Company will provide to you a taxable monthly payment payable on the last day of a given month (except as 

Exhibit 10.1

provided by the immediately following sentence), in an amount equal to the monthly COBRA premium that you would be required to pay to continue your group health coverage in effect on the Employment Separation Date (which amount will be based on the premium rates applicable for the first month of COBRA Coverage for you and any of your eligible dependents) (each, a “COBRA Replacement Payment”), which COBRA Replacement Payments will be made regardless of whether you elect COBRA continuation coverage and will end on the earlier of (x) the date upon which you obtain other employment or (y) the date the Company has paid an amount totaling the number of COBRA Replacement Payments equal to the number of months in the applicable COBRA Coverage period. For the avoidance of doubt, the COBRA Replacement Payments may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to any applicable withholdings. Notwithstanding anything to the contrary under this Second Release or the Agreement, if the Company determines in its sole discretion at any time that it cannot provide the COBRA Replacement Payments without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), you will not receive the COBRA Replacement Payments or any further COBRA Severance.

3.General Release and Waiver of Claims. In exchange for the consideration set forth in this Second Release, you hereby bind yourself and your heirs, beneficiaries, trustees, administrators, executors, assigns, agents and legal representatives (collectively, the “Releasors”), and hereby waive and release to the maximum extent permitted by applicable law any and all claims or causes of action, whether known or unknown, against the Company and/or its predecessors, successors, past or present parents or subsidiaries, affiliated companies, or related entities (collectively, including the Company, the “Entities”) and/or the Entities’ respective past or present insurers, officers, directors, agents, attorneys, employees, shareholders, investors, assigns and employee benefit plans (collectively with the Entities, the “Released Parties”), with respect to any matter, including, without limitation, any matter related to your employment with or service to the Company. 

This waiver and release includes, without limitation, claims under the Employee Retirement Income Security Act (ERISA); claims for attorneys’ fees or costs; any and all claims for or related to stock, stock options, RSUs or other equity securities of the Company; penalties claims; wage and hour claims; statutory claims; tort claims; contract claims; claims of wrongful discharge, constructive discharge, emotional distress, defamation, conversion, invasion of privacy, fraud, promissory estoppel, misrepresentation, breach of contract, breach of fiduciary duty, and breach of the covenant of good faith and fair dealing; claims for retaliation; claims related to discrimination or harassment based on any protected basis, under Title VII of the Civil Rights Act, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Utah Antidiscrimination Act or any other federal, state, or local law prohibiting discrimination, harassment or retaliation; and claims under all other federal, state and local laws, ordinances and 

Exhibit 10.1

regulations. This release does not apply to Excluded Claims as defined in the Agreement. 

You agree not to pursue any action nor seek damages or any other remedies for any released claims. You agree to execute any and all documents necessary to request dismissal or withdrawal, or to opt-out, of such claims with prejudice. Further, you agree not to participate in, seek to recover in, or assist in any litigation or investigation by other persons or entities against the Released Parties, except if served with a subpoena or as otherwise required by law. 

You understand that nothing in this Second Release limits your ability to file a charge or complaint with Government Agencies. You further understand that this Second Release does not limit your ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without subpoena or notice to the Company. This Second Release does not limit your right to receive an award for information provided to any Government Agencies. You agree you will not knowingly encourage, counsel, or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against any of the Released Parties, unless under a subpoena or other court order to do so. You agree both to immediately notify the Company upon receipt of any such subpoena or court order, except as set forth above regarding cooperation with Government Agencies. Nothing herein shall prohibit or impair you or the Company from complying with all applicable laws, nor shall this Second Release be construed to obligate either party to commit (or aid or abet in the commission of) any unlawful act.

4.Waiver of Unknown Claims. You acknowledge that you are represented by counsel and are familiar with the principle that a general release does not extend to claims that the releasor does not know or suspect to exist in the releasor’s favor at the time of executing the release, which, if known by the releasor, must have materially affected the releasor’s settlement with the Released Parties. You, being aware of said principle, agree to expressly waive any right you may have to that effect, as well as under any other statute or common law principles of similar effect.

5.ADEA Waiver. You acknowledge that you are knowingly and voluntarily waiving and releasing any rights you may have under the Federal Age Discrimination in Employment Act (“ADEA Waiver”) and that the consideration given for the ADEA Waiver is in addition to anything of value to which you are already entitled. You further acknowledge that: (a) your ADEA Waiver does not apply to any claims that may arise after you sign this Second Release; (b) you have a right to and should consult with an attorney prior to executing this Second Release; (c) you have 21 calendar days within which to consider this Second Release; (d) you have seven calendar days following the execution of the Second Release to revoke it; and (e) the Second Release will not be effective until the eighth day after you sign it provided that you have not revoked it. You agree that 

Exhibit 10.1

any modifications, material or otherwise, made to this Second Release do not restart or affect in any manner the original 21-day consideration period. To revoke the Second Release, you must email a written notice of revocation to Dan.Stevenson@domo.com prior to the end of the seven-day period. You acknowledge that your consent to this Second Release is knowing and voluntary. 

6.Incorporation of Agreement Provisions. You and the Company agree that the Agreement’s provisions regarding Nondisparagement, Non-Disclosure, Arbitration Agreement, No Admission, Severability, Withholding, Miscellaneous and Governing Law are incorporated herein and apply to this Second Release.
 
7.Section 409A. The Company intends that all payments and benefits provided under this Second Release, the Agreement, or otherwise are exempt from, or comply with, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and any Treasury Regulations and guidance promulgated under Section 409A of the Code and any state law equivalent (collectively, “Section 409A”) so that none of the payments or benefits will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms in this Second Release or the Agreement will be interpreted in accordance with this intent. To the extent required to be exempt from or comply with Section 409A, references to the termination of your employment or similar phrases used in this Agreement will mean your “separation from service” within the meaning of Section 409A.

a.Any severance payable in cash and upon the effectiveness and irrevocability of the Second Release will be provided, subject to any delay required by subsection b. below, on the first regularly scheduled payroll date of the Company following the date this Second Release becomes effective and irrevocable, with any installment payments otherwise payable after such first payment date to be paid in accordance with its installment schedule. 

b.No payment or benefits to be paid to you, if any, under this Second Release or otherwise, when considered together with any other severance payments or separation benefits that are considered deferred compensation under Section 409A (together, the “Deferred Payments”) will be paid or otherwise provided until you have a “separation from service” within the meaning of Section 409A. If, at the time of termination of your employment, you are a “specified employee” within the meaning of Section 409A, then the payment of the Deferred Payments will be delayed to the extent necessary to avoid the imposition of the additional tax imposed under Section 409A, which generally means that you will receive payment on the first payroll date that occurs on or after the date that is six months and one day following your separation from service. Provided, however, that in the event of your death within such six-month period, any payments delayed by this subsection b. will be paid in a lump sum as soon as administratively practicable after the date of your death. To the extent that the delay described in the immediately preceding sentence does not 

Exhibit 10.1

apply but the termination of your employment occurs at a time during the year whereby the Deadline Date will occur in the year immediately following the year in which the termination of your employment occurs, then any payments or benefits under this Second Release that constitute Deferred Payments that otherwise would be payable prior to the Deadline Date instead will be paid on the Deadline Date. “Deadline Date” means the date 60 days following the date of termination of your employment with the Company. 

c.The Company reserves the right to amend this Second Release as it considers necessary or advisable, in its sole discretion and without your consent or any other individual, to comply with any provision required to avoid the imposition of the additional tax imposed under Section 409A or to otherwise avoid income recognition under Section 409A prior to the actual payment of any benefits or imposition of any additional tax. Each payment, installment, and benefit payable under this Agreement is intended to constitute a separate payment for purposes of U.S. Treasury Regulation Section 1.409A-2(b)(2). In no event will any member of the Company Group reimburse or indemnify you or hold you harmless for any taxes, penalties and interest that may be imposed, or other costs that may be incurred, as a result of Section 409A. 

8.Complete and Voluntary Agreement. This Second Release, together with the Agreement, Confidentiality Agreement and Award Documents (except as modified herein), constitute the entire agreement between you and the Company with respect to the subject matter hereof and supersedes all prior negotiations and agreements, whether written or oral, relating to such subject matter. You acknowledge that neither the Released Parties nor their agents or attorneys have made any promise, representation or warranty whatsoever, either express or implied, written or oral, which is not contained in the Agreement and Second Release for the purpose of inducing you to execute the Second Release, and you acknowledge that you have executed this Second Release in reliance only upon such promises, representations and warranties as are contained herein, and that you are executing it voluntarily, free of any duress or coercion. Further, you acknowledge that you have been represented by counsel with respect to this Second Release and that this is a negotiated agreement.

UNDERSTOOD, ACCEPTED, AND AGREED TO:

/s/ Bruce Felt    
Bruce Felt

December 8, 2022    
Date

Exhibit 10.1

Exhibit Two
At-Will Employment, Confidential Information, Invention Assignment, Nonsolicitation and Arbitration Agreement

Exhibit 10.1

Schedule A

Equity Awards
																					
	Type of Equity Award	Grant Date	Plan	Per Share Exercise Price	Number of Shares Subject to Equity Award as Granted	Number of Shares Under Equity Award That Vested*	Number of Shares Under Equity Award That Remain Unvested*
	RSU	03/05/2020	2018	$0	130,000	81,250	48,750
	RSU	03/09/2021	2018	$0	60,000	22,500	37,500
	RSU	03/15/2022	2018	$0	75,000	0	75,000

* Through and as of December 8, 2022, provided that you remain a Service Provider through such date.

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