Document:

tcon_Ex_102

		
			SEVERANCE AGREEMENT
		

		
			 

		

		
			This Severance Agreement (the “Agreement”) is entered into by and between Ronald L. Shazer (“you” or “your”) and the Company.  This Agreement has an effective date of October 5, 2015 (the “Effective Date”).  The Board has authorized the Company to enter into this Agreement in order for you to become a Covered Employee (as defined in the Plan) and participant in the Plan as provided by the Plan.  This Agreement is the Severance Agreement described in the Plan and this Agreement enumerates the Plan benefits that may be provided to you as a Covered Employee as referenced in Section II of the Plan.  All provisions of this Agreement are subject to and governed by the terms of the Plan.  In the event of any conflict in terms between the Plan and this Agreement, the terms of the Plan shall prevail and govern.
		

		
			In consideration of the mutual covenants and promises made in this Agreement, you and the Company agree as follows:  
		

		
			Certain Definitions.  In addition to terms defined elsewhere herein or in the Plan, the following terms have the following meanings when used in this Agreement:
		

		
			“Board” means the Company’s Board of Directors.
		

		
			“Cause” means the occurrence of one or more of the following:  
		

		
			Your commission of fraud or other unlawful conduct in your performance of duties for the Company;
		

		
			your conviction of, or a plea of guilty or nolo contendere to, a felony or other crime (except for misdemeanors which are not materially injurious to the business or reputation of the Company or a Company affiliate); or
		

		
			your willful refusal to perform in any material respect your duties and responsibilities for the Company or a Company affiliate or your failure to comply in any material respect with the terms of any agreement between you and the Company, including any proprietary information and assignment of inventions agreement or and the policies and procedures of the Company or a Company affiliate at which you are employed or serve as an officer and/or director if such refusal or failure causes or reasonably expects to cause injury to the Company or a Company affiliate; 
		

		
			fraud or other illegal conduct in your performance of duties for the Company or a Company affiliate; 
		

		
			any conduct by you which is materially injurious to the Company or a Company affiliate or materially injurious to the business reputation of the Company or a Company affiliate.  
		

		
			The foregoing events are an exhaustive list for which your employment can be terminated by the Company for Cause for purposes of this Agreement.  Prior to your termination for Cause at any time within 12 months following a Change in Control, you will be provided with written notice from the Company describing the conduct forming the basis for the alleged Cause and to the extent curable as determined by the Board in its good faith discretion, an opportunity of 15 days to cure such conduct before the Company may terminate you for Cause.  If the Board determines that the Cause event is curable, you may during this 15 day period present your case to the full Board before any termination for Cause is finalized by the Company.  Any termination for “Cause” will not limit any other right or remedy the Company may have under this Agreement or otherwise.
		

		 

 

		
			“Change in Control” has the meaning as defined in the Company's 2015 Equity Incentive Plan.  For purposes of this Agreement, only the first Change in Control occurring after the Effective Date will be a “Change in Control.” 
		

		
			  “Company” shall mean TRACON Pharmaceuticals, Inc., a Delaware corporation, and shall include any successor company following a Change in Control.  
		

		
			“Good Reason” means any one or more of the following events and where the initial existence of such event occurred on or after a Change in Control.  This “Good Reason” definition and process is intended to comply with the safe harbor provided under Treasury Regulation Section 1.409A-1(n)(2)(ii) and shall be interpreted accordingly.  
		

		
			You have incurred a material diminution in your responsibilities, duties or authority;
		

		
			You have incurred a material diminution in your Base Salary; or
		

		
			A relocation of the Company’s principal place of business where you are assigned to work outside of the San Diego metropolitan area without your written consent. 
		

		
			“Plan” means the TRACON Pharmaceuticals, Inc. Severance Plan, as may be amended by the Company.
		

		
			“Qualifying Termination” means that (i) your last day employment with the Company (the “Termination Date”) occurred on or within 12 months after a Change in Control and (ii) that your termination in clause (i) was because the Company terminated your employment without Cause or because you resigned your employment for Good Reason in accordance with Section 2(c). 
		

		
			Consequences of Qualifying Termination of Employment.
		

		
			If your employment is terminated due to a Qualifying Termination, you will be eligible to receive a severance payment equal to nine months (the “Severance Period”) of your annual base salary based on your salary rate as of the day before your Termination Date (“Severance”).  The cash payments provided by this Section 2 shall be paid to you in substantially equal monthly installments, payable over the period following your Termination Date through the end of the Severance Period, provided, however, the first payment shall be made on the 60th day following the Termination Date and such first installment shall be in an amount to cover the first two months following your Termination Date.
		

		
			The Company shall continue to pay the Company portion of the premiums for your Company group health insurance coverage for you and your dependents for a number of months following the Termination Date equal to the applicable Severance Period provided you continue to timely pay the same portion (if any) of the necessary premium that you were responsible to pay as of immediately before your Termination Date.  If it becomes unreasonable for the Company to continue to pay for this coverage for you (or imposes adverse tax consequences on you) because of changes in applicable law then the Company shall make the premium payments to you on an after-tax basis.  The payments under this subsection (b) shall immediately cease once you are provided other group health insurance coverage.
		

		
			You may resign your employment from the Company for “Good Reason” within 12 months following a Change in Control and within ninety (90) days after the date that any one of the “Good Reason” events described in subparts (i) through (iii) of Section 1(d) above has first occurred 

		 

 

without your written consent.  Your resignation for Good Reason will only be effective if the Company has not cured or remedied the Good Reason event within 30 days after its receipt of your written notice (such notice shall describe in detail the basis and underlying facts supporting your belief that a Good Reason event has occurred).  Such notice of your intention to resign for Good Reason must be provided to the Company within 45 days of the initial existence of a Good Reason event.  Failure to timely provide such written notice to the Company or failure to timely resign your employment for Good Reason means that you will be deemed to have consented to and waived the Good Reason event.  If the Company does timely cure or remedy the Good Reason event, then you may either resign your employment without Good Reason or you may continue to remain employed on an at-will basis.  
		

		
			As a condition to receiving (and continuing to receive) the payments provided in Section 2(a) and (b), you must: (i) within not later than forty-five (45) days after your Termination Date, execute (and not revoke) and deliver to the Company a separation agreement and general release of all claims in substantially the form attached as Exhibit A hereto (the “Separation Agreement”) and (ii) remain in full compliance with such Separation Agreement.
		

		
			Assignability; Binding Nature.  Commencing on the Effective Date, this Agreement will be binding upon you and the Company.  This Agreement may not be assigned by you except that your rights to compensation and benefits hereunder, subject to the limitations of this Agreement, may be transferred by will or operation of law.  No rights or obligations of the Company under this Agreement may be assigned or transferred except in the event of a merger or consolidation in which the Company is not the continuing entity, or the sale or liquidation of all or substantially all of the assets of the Company provided that the assignee or transferee is the successor to all or substantially all of the assets of the Company and assumes the Company’s obligations under this Agreement contractually or as a matter of law.  The Company will require any such purchaser, successor or assignee to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such purchase, succession or assignment had taken place.  Your rights and obligations under this Agreement shall not be transferable by you by assignment or otherwise provided, however, that if you die, all amounts then payable to you hereunder shall be paid in accordance with the terms of this Agreement to your devisee, legatee or other designee or, if there be no such designee, to your estate.
		

		
			Governing Law.  This Agreement is governed by the Employee Retirement Income Security Act of 1974, as amended, and, to the extent applicable, the laws of the State of Delaware, without reference to the conflict of law provisions thereof.     
		

		
			Taxes.  The Company shall have the right to withhold and deduct from any payment hereunder any federal, state or local taxes of any kind required by law to be withheld with respect to any such payment.  The Company (including without limitation members of its Board) shall not be liable to you or other persons as to any unexpected or adverse tax consequence realized by you and you shall be solely responsible for the timely payment of all taxes arising from this Agreement that are imposed on you.  This Agreement is intended to comply with the applicable requirements of Internal Revenue Code (the "Code") Section 409A and shall be limited, construed and interpreted in a manner so as to comply therewith.  Each payment made pursuant to any provision of this Agreement shall be considered a separate payment and not one of a series of payments for purposes of Code Section 409A.  While it is intended that all payments and benefits provided under this Agreement to you will be exempt from or comply with Code Section 409A, the Company makes no representation or covenant to ensure that the payments under this Agreement are exempt from or compliant with Code Section 409A.  The Company will have no liability to you or any other party if a payment or benefit under this Agreement is challenged by any taxing authority or is ultimately determined not to be exempt or compliant.  In addition, if upon your Termination Date, you are then a “specified employee” (as defined in Code Section 409A), then 

		 

 

solely to the extent necessary to comply with Code Section 409A and avoid the imposition of taxes under Code Section 409A, the Company shall defer payment of “nonqualified deferred compensation” subject to Code Section 409A payable as a result of and within six (6) months following your Termination Date until the earlier of (i) the first business day of the seventh month following your Termination Date or (ii) ten (10) days after the Company receives written confirmation of your death.  Any such delayed payments shall be made without interest.  If (i) any or all of the Severance payments and benefits under this Agreement would otherwise constitute “parachute payments” as defined under Code Section 280G and (ii) the Company in its discretion elects to solicit its stockholders for their approval of putative parachute payments in accordance with Treasury Regulation Section 1.280G-1 Q&A 6, 7, then such Severance payments and benefits shall be subject to such stockholder approval and you shall cooperate with the Company in such solicitation including without limitation timely executing any required waivers of compensation.
		

		
			No Change in At-Will Status.  Your employment with the Company is and shall continue to be at-will, as defined under applicable law.  If your employment terminates for any reason, you shall not be entitled to any payments, benefits, damages, awards or compensation other than as provided by this Agreement or required by applicable law, or as may otherwise be established under the Company’s then existing employee benefit plans or policies at the time of termination.  Nothing in this Agreement modifies your at-will employment status and either you or the Company can terminate the employment relationship at any time, with or without Cause.
		

		
			Entire Agreement.  Except as otherwise specifically provided in this Agreement, the Plan and this Agreement (and the agreements referenced herein) contain all the legally binding understandings and agreements between you and the Company pertaining to the subject matter of this Agreement and supersedes all such agreements, whether oral or in writing, previously discussed or entered into between the parties.  
		

		
			Covenants
		

		
			(a) As a condition of this Agreement and to your receipt of any post-employment benefits, you agree that you will fully and timely comply with all of the covenants set forth in this Section 6(a) (which shall survive your termination of employment and termination or expiration of this Agreement):
		

		
			You will fully comply with all obligations under the proprietary information and inventions agreement between you and the Company (as amended from time to time, the “Confidentiality Agreement”) and further agree that the provisions of the Confidentiality Agreement shall survive any termination or expiration of this Agreement or termination of your employment or any subsequent service relationship with the Company;
		

		
			Within five (5) days of the Termination Date, you shall return to the Company all Company confidential information including, but not limited to, intellectual property, etc. and you shall not retain any copies, facsimiles or summaries of any Company proprietary information;
		

		
			You will not at any time during or following your employment with the Company, make (or direct anyone to make) any disparaging statements (oral or written) about the Company, or any of its affiliated entities, officers, directors, employees, stockholders, representatives or agents, or any of the Company’s products or services or work-in-progress, that are harmful to their businesses, business reputations or personal reputations;
		

		
			You agree that, upon the Company’s request and without any payment therefore, you shall reasonably cooperate with the Company (and be available as necessary) after the Termination 

		 

 

Date in connection with any matters involving events that occurred during your period of employment with the Company.
		

		
			You also agree that you will fully and timely comply with all of the covenants set forth in this Section 8(b) (which shall survive your termination of employment and termination or expiration of this Agreement):
		

		
			You will fully pay off any outstanding amounts owed to the Company no later than their applicable due date or within thirty days of your Termination Date (if no other due date has been previously established); 
		

		
			Within five (5) days of the Termination Date, you shall return to the Company all Company property including, but not limited to, computers, cell phones, pagers, keys, business cards, etc.;
		

		
			Within fifteen (15) days of the Termination Date, you will submit any outstanding expense reports to the Company on or prior to the Termination Date; and
		

		
			As of the Termination Date, you will no longer represent that you are an officer, director or employee of the Company and you will immediately discontinue using your Company mailing address, telephone, facsimile machines, voice mail and e-mail. 
		

		
			You acknowledge that (i) upon a violation of any of the covenants contained in Section 8 of this Agreement or (ii) if the Company is terminating your employment for Cause, the Company would as a result sustain irreparable harm, and, therefore, you agree that in addition to any other remedies which the Company may have, the Company shall be entitled to seek equitable relief including specific performance and injunctions restraining you from committing or continuing any such violation; and
		

		
			Offset.  Any Severance or other payments or benefits made to you under this Agreement may be reduced, in the Company’s discretion, by any amounts you owe to the Company provided that any such offsets do not violate Code Section 409A.  To the extent you receive severance or similar payments and/or benefits under any other Company plan, program, agreement, policy, practice, or the like, or under the WARN Act or similar state law, the payments and benefits due to you under this Agreement will be correspondingly reduced on a dollar-for-dollar basis (or vice-versa) in a manner that complies with Code Section 409A.   
		

		
			Notice.  Any notice that the Company is required to or may desire to give you shall be given by personal delivery, recognized overnight courier service, email, telecopy or registered or certified mail, return receipt requested, addressed to you at your address of record with the Company, or at such other place as you may from time to time designate in writing.  Any notice that you are required or may desire to give to the Company hereunder shall be given by personal delivery, recognized overnight courier service, email, telecopy or by registered or certified mail, return receipt requested, addressed to the Company’s Chief Executive Officer at its principal office, or at such other office as the Company may from time to time designate in writing.  The date of actual delivery of any notice under this Section 10 shall be deemed to be the date of delivery thereof.
		

		
			Waiver; Severability.  No provision of this Agreement may be amended or waived unless such amendment or waiver is agreed to by you and the Company in writing.  No waiver by you or the Company of the breach of any condition or provision of this Agreement will be deemed a waiver of a similar or dissimilar provision or condition at the same or any prior or subsequent time.  Except as expressly provided herein to the contrary, failure or delay on the part of either party hereto to enforce any 

		 

 

right, power, or privilege hereunder will not be deemed to constitute a waiver thereof.  In the event any portion of this Agreement is determined to be invalid or unenforceable for any reason, the remaining portions shall be unaffected thereby and will remain in full force and effect to the fullest extent permitted by law.
		

		
			Voluntary Agreement.  You acknowledge that you have been advised to review this Agreement with your own legal counsel and other advisors of your choosing and that prior to entering into this Agreement, you have had the opportunity to review this Agreement with your attorney and other advisors and have not asked (or relied upon) the Company or its counsel to represent you or your counsel in this matter.  You further represent that you have carefully read and understand the scope and effect of the provisions of this Agreement and that you are fully aware of the legal and binding effect of this Agreement.  This Agreement is executed voluntarily by you and without any duress or undue influence on the part or behalf of the Company.  
		

		
			By signing below, you expressly acknowledge that you (i) have received a copy of the Plan and its Summary Plan Description, (ii) understand the terms of the Plan and this Agreement, (iii) are voluntarily entering into this Agreement and (iv) are agreeing to be bound by the terms of the Plan and this Agreement.
		

		
			 
		

		
			

		 

 

Please acknowledge your acceptance and understanding of this Agreement by signing and returning it to the undersigned.  A copy of this signed Agreement will be sent to you for your records.
		

		
			 
		

			
					
						Charles P. Theuer, President and CEO

					
					
						 

				
	
					
						ACKNOWLEDGED AND AGREED:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						TRACON PHARMACEUTICALS, INC.

					
					
						Ronald L. Shazer

				
	
					
						 

					
					
						 

				
	
					
						/s/  Charles P. Theuer, President and CEO

					
					
						/s/  Ronald L. Shazer

				
	
					
						BY:  Charles P. Theuer, President and CEO     

					
					
						 

				
	
					
						 

					
					
						 

				

		
			 
		

		
			

		 

 

EXHIBIT A
		

		
			 
		

		
			SEPARATION AGREEMENT AND GENERAL RELEASE OF ALL CLAIMS
		

		
			This Separation Agreement and General Release, dated [DATE] (the “Agreement”),  is made pursuant to that certain Severance Agreement dated [DATE] (the “Severance Agreement”) entered into by and between [NAME] ("Employee") on the one hand, and TRACON Pharmaceuticals, Inc. (the "Company"), on the other.  This Agreement is entered into in consideration for and as condition precedent to the Company providing separation benefits to Employee pursuant to the Severance Agreement.  It is understood and agreed that the Company is not otherwise obligated to provide such benefits under the terms of the Severance Agreement and that the Company is doing so as a direct result of Employee’s willingness to agree to the terms hereof.  Collectively, Employee and the Company shall be referred to as the "Parties."
		

			
	
			
				 1.
			Employee was formerly employed by the Company.  Employee's employment with the Company ended effective [DATE] (the "Termination Date").  

			
	
			
				 2.
			The purpose of this Agreement is to resolve any and all disputes relating to Employee's employment with the Company, and the termination thereof (the "Disputes").  The Parties desire to resolve the above-referenced Disputes, and all issues raised by the Disputes, without the further expenditure of time or the expense of contested litigation.  Additionally, the Parties desire to resolve any known or unknown claims as more fully set forth below.  For these reasons, they have entered into this Agreement.

			
	
			
				 3.
			Employee acknowledges and agrees that Employee has received all wages due to Employee through the Termination Date, including but not limited to all accrued but unused vacation, bonuses, commissions, options, benefits, and monies owed by the Company to Employee.  Employee further agrees and acknowledges that Employee has been fully paid and reimbursed for any and all business expenses which Employee incurred during his/her employment with the Company.  

			
	
			
				 4.
			The Company expressly denies any violation of any federal, state or local statute, ordinance, rule, regulation, policy, order or other law.  The Company also expressly denies any liability to Employee.  This Agreement is the compromise of disputed claims and nothing contained herein is to be construed as an admission of liability on the part of the Company hereby released, by whom liability is expressly denied.  Accordingly, while this Agreement resolves all issues referenced herein, it does not constitute an adjudication or finding on the merits of the allegations in the Disputes and it is not, and shall not be construed as, an admission by the Company of any violation of federal, state or local statute, ordinance, rule, regulation, policy, order or other law, or of any liability alleged in the Disputes.

			
	
			
				 5.
			In consideration of and in return for the promises and covenants undertaken by the Company and Employee herein and the releases given by Employee herein:

			
	
			
				 a.
			[The Company has previously granted to Employee the following options (collectively, the “Options”) to purchase shares of the Company’s common stock (the “Shares”) under the Company’s 2011 Equity Incentive Plan (the “Plan”):  [List all Option Grants].  As of the Termination Date of [DATE], a total of [_______] shares underlying Employee's stock options are vested (collectively, the "Vested Stock Options").  The remaining shares underlying Employee's stock options are unvested and have been forfeited and canceled as of the Termination Date.  Employee has until the date that is ninety (90) days after the Termination Date to exercise any or all of the Vested Options (the “Option Termination Date”).  Any portion of Employee's Vested Stock Options that remain unexercised as of the Option Termination Date shall be forfeited and canceled as of such date.]

		 

 

			
	
			
				 b.
			In addition to any compensation otherwise due Employee for actual work performed up to and including the Termination Date, Employee shall receive severance compensation as outlined in Section 2(a) of the Severance Agreement.  Pursuant to Section 2(a) of the Severance Agreement, Employee will receive a total sum of $_______, less standard withholdings, representing [_____] month[s] of Employee’s base salary (the “Severance Pay”).  The Severance Pay shall be paid to Employee in cash, in substantially equal monthly installments, payable over the [_____] month period following the Termination Date; provided, however, the first payment shall be made on the 60th day following the Termination Date and such first installment shall be in an amount to cover the first two months following the Termination Date (for avoidance of doubt such amount may only be one month of compensation if the amount being provided to Employee is arising under Section 2(a)(i) of the Severance Agreement).  As a condition to receiving and continuing to receive the Severance Pay, Employee must (i) within but not later than forty-five (45) days after the Termination Date, execute (and not revoke) and deliver to the Company this Agreement and (ii) remain in full compliance with this Agreement and the Severance Agreement.  Employee shall not be entitled to accrue any additional leave or other benefits subsequent to the Termination Date.

			
	
			
				 c.
			Provided Employee timely elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA") of the Company's group health plan, the Company shall pay the entire applicable premiums to continue Employee's existing medical and dental benefits through [DATE], which represents [_____] month[s] following the Termination Date.  Thereafter, Employee shall be eligible to continue his or her medical and dental benefits at his or her own cost in accordance with COBRA.  If at any time subsequent to the Termination Date, Employee obtains medical and dental benefits through another employer, Employee shall immediately notify the Company that he or she has obtained such medical and dental benefits and the Company shall no longer be required to pay any premiums for Employee's medical and dental benefits as of the date that Employee's new medical and dental benefits begin coverage.

			
	
			
				 d.
			Any tax liabilities resulting from or arising out of the benefits to Employee referred to in paragraphs 5a, 5b and 5c, above, shall be the sole and exclusive responsibility of Employee.  Employee agrees to indemnify and hold the Company and the others released herein harmless from and for any tax liability (including, but not limited to, assessments, interest, and penalties) imposed on the Company by any taxing authority on account of the Company failing to withhold for tax purposes any amount from the benefits made as consideration of this Agreement.

			
	
			
				 6.
			Except for any rights created by this Agreement, in consideration of and in return for the promises and covenants undertaken herein by the Company, and for other good and valuable consideration, receipt of which is hereby acknowledged:

		
			Employee does hereby acknowledge full and complete satisfaction of and does hereby release, absolve and discharge the Company, and each of its parents, subsidiaries, divisions, related companies and business concerns, past and present, as well as each of its partners, trustees, directors, officers, agents, attorneys, servants and employees, past and present, and each of them (hereinafter collectively referred to as "Releasees") from any and all claims, demands, liens, agreements, contracts, covenants, actions, suits, causes of action, grievances, wages, vacation payments, severance payments, obligations, commissions, overtime payments, debts, profit sharing claims, expenses, damages, judgments, orders and liabilities of whatever kind or nature in law, equity or otherwise, whether known or unknown to Employee which Employee now owns or holds or has at any time owned or held as against Releasees, or any of them, including specifically but not exclusively and without limiting the generality of the foregoing, any and all claims, demands, grievances, agreements, obligations and causes of action, known or unknown, suspected or unsuspected by Employee: (1) arising out of or in any way connected with the Disputes; or (2) arising out of Employee's employment with the Company; or (3) arising out of 

		 

 

or in any way connected with any claim, loss, damage or injury whatever, known or unknown, suspected or unsuspected, resulting from any act or omission by or on the part of the Releasees, or any of them, committed or omitted on or before the Effective Date hereof.  Additionally, Employee in any future claims may not use against Releasees as evidence any acts or omissions by or on the part of the Releasees, or any of them, committed or omitted on or before the Effective Date hereof, and no such future claims may be based on any such acts or omissions.  Also without limiting the generality of the foregoing, Employee specifically releases the Releasees from any claim for attorneys' fees.  EMPLOYEE ALSO SPECIFICALLY AGREES AND ACKNOWLEDGES EMPLOYEE IS WAIVING ANY RIGHT TO RECOVERY BASED ON STATE OR FEDERAL AGE, SEX, PREGNANCY, RACE, COLOR, NATIONAL ORIGIN, MARITAL STATUS, RELIGION, VETERAN STATUS, DISABILITY, SEXUAL ORIENTATION, MEDICAL CONDITION OR OTHER ANTI-DISCRIMINATION LAWS, INCLUDING, WITHOUT LIMITATION, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, THE AGE DISCRIMINATION IN EMPLOYMENT ACT,  THE EQUAL PAY ACT, THE AMERICANS WITH DISABILITIES ACT, THE CALIFORNIA FAIR EMPLOYMENT AND HOUSING ACT, THE CALIFORNIA FAMILY RIGHTS ACT, CALIFORNIA LABOR CODE SECTION 970, THE FAMILY AND MEDICAL LEAVE ACT, THE EMPLOYEE RETIREMENT INCOME SECURITY ACT, THE WORKER ADJUSTMENT AND RETRAINING ACT, THE FAIR LABOR STANDARDS ACT, AND ANY OTHER SECTION OF THE CALIFORNIA LABOR OR GOVERNMENT CODE, ALL AS AMENDED, WHETHER SUCH CLAIM BE BASED UPON AN ACTION FILED BY EMPLOYEE OR BY A GOVERNMENTAL AGENCY.  This release does not release claims that cannot be released as a matter of law.
		

			
	
			
				 7.
			Employee agrees and understands as follows:  It is the intention of Employee in executing this instrument that it shall be effective as a bar to each and every claim, demand, grievance and cause of action hereinabove specified.  In furtherance of this intention, Employee hereby expressly waives any and all rights and benefits conferred upon Employee by the provisions of Section 1542 of the California Civil Code and expressly consents that this Agreement shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected claims, demands and causes of action, if any, as well as those relating to any other claims, demands and causes of action hereinabove specified.  Section 1542 provides:

		
			"A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor."
		

		
			Having been so apprised, Employee nevertheless hereby voluntarily elects to and does waive the rights described in Civil Code section 1542 and elects to assume all risks for claims that now exist in Employee's favor, known or unknown, that are released under this Agreement.
		

			
	
			
				 8.
			Employee agrees:  (l) the fact of and the terms and conditions of this Agreement; and (2) any and all actions by Releasees taken in accordance herewith, are confidential, and shall not be disclosed, discussed, publicized or revealed by the parties or their attorneys to any other person or entity, including but not limited to radio, television, press media, newspapers, magazines, professional journals and professional reports, excepting only the Parties' accountants, lawyers, immediate family members (mother, father, brother, sister, child, spouse), the persons necessary to carry out the terms of this Agreement or as required by law.  Should Employee be asked about the Disputes or this Agreement, Employee shall limit Employee's response, if any, by stating that the matters have been amicably resolved.

		 

 

			
	
			
				 9.
			In the event a government agency files or pursues a charge or complaint relating to Employee’s employment with the Company and/or the Disputes, Employee agrees not to accept any monetary or other benefits arising out of the charge or complaint.

			
	
			
				 10.
			Employee agrees not to make any derogatory, disparaging or negative comments about the Company, its products, officers, directors, or employees.  

			
	
			
				 11.
			If any provision of this Agreement or application thereof is held invalid, the invalidity shall not affect other provisions or applications of the Agreement which can be given effect without the invalid provision or application.  To this end, the provisions of this Agreement are severable.

			
	
			
				 12.
			Employee agrees and understands that this Agreement may be treated as a complete defense to any legal, equitable, or administrative action that may be brought, instituted, or taken by Employee, or on Employee's behalf, against the Company or the Releasees, and shall forever be a complete bar to the commencement or prosecution of any claim, demand, lawsuit, charge, or other legal proceeding of any kind against the Company and the Releasees.

			
	
			
				 13.
			This Agreement and all covenants and releases set forth herein shall be binding upon and shall inure to the benefit of the respective Parties hereto, their legal successors, heirs, assigns, partners, representatives, parent companies, subsidiary companies, agents, attorneys, officers, employees, directors and shareholders.

			
	
			
				 14.
			The Parties hereto acknowledge each has read this Agreement, that each fully understands its rights, privileges and duties under the Agreement, that each has had an opportunity to consult with an attorney of its choice and that each enters this Agreement freely and voluntarily.

			
	
			
				 15.
			This Agreement may not be released, discharged, abandoned, changed or modified in any manner, except by an instrument in writing signed by Employee and an officer of the Company.  The failure of any Party to enforce at any time any of the provisions of this Agreement shall in no way be construed as a waiver of any such provision, nor in any way to affect the validity of this Agreement or any part thereof or the right of any Party thereafter to enforce each and every such provision.  No waiver of any breach of this Agreement shall be held to be a waiver of any other or subsequent breach.

			
	
			
				 16.
			This Agreement and the provisions contained herein shall not be construed or interpreted for or against any party hereto because that party drafted or caused that party's legal representative to draft any of its provisions.

			
	
			
				 17.
			In the event of litigation arising out of or relating to this Agreement, the prevailing party shall be entitled to recover reasonable attorneys' fees and costs.

			
	
			
				 18.
			Employee acknowledges Employee may hereafter discover facts different from, or in addition to, those Employee now knows or believes to be true with respect to the claims, demands, liens, agreements, contracts, covenants, actions, suits, causes of action, wages, obligations, debts, expenses, damages, judgments, orders and liabilities herein released, and agrees the release herein shall be and remain in effect in all respects as a complete and general release as to all matters released herein, notwithstanding any such different or additional facts.

			
	
			
				 19.
			The undersigned each acknowledge and represent that no promise or representation not contained in this Agreement has been made to them and acknowledge and represent that this Agreement and the Severance Agreement contains the entire understanding between the Parties 

		 

 

	and contains all terms and conditions pertaining to the compromise and settlement of the subjects referenced herein.  The undersigned further acknowledge that the terms of this Agreement are contractual and not a mere recital.

			
	
			
				 20.
			Employee expressly acknowledges, understands and agrees that this Agreement includes a waiver and release of all claims which Employee has or may have under the Age Discrimination in Employment Act of 1967, as amended, 29 U.S.C. §621, et seq. (“ADEA”).  The terms and conditions of Paragraphs 20 through 22 apply to and are part of the waiver and release of ADEA claims under this Agreement.  Company hereby advises Employee in writing to discuss this Agreement with an attorney before signing it.  Employee acknowledges the Company has provided Employee at least forty-five days within which to review and consider this Agreement before signing it.  If Employee elects not to use all forty-five days, then Employee knowingly and voluntarily waives any claim that Employee was not in fact given that period of time or did not use the entire forty-five days to consult an attorney and/or consider this Agreement.

			
	
			
				 21.
			Within three calendar days of signing and dating this Agreement, Employee shall deliver the signed original of this Agreement to [_____________] of the Company.  However, the Parties acknowledge and agree that Employee may revoke this Agreement for up to seven calendar days following Employee's execution of this Agreement and that it shall not become effective or enforceable until the revocation period has expired.  The Parties further acknowledge and agree that such revocation must be in writing addressed to and received by  [_____________]of the Company not later than midnight on the seventh day following execution of this Agreement by Employee.  If Employee revokes this Agreement under this Paragraph, this Agreement shall not be effective or enforceable and Employee will not receive the benefits described above, including those described in Paragraph 5.

			
	
			
				 22.
			If Employee does not revoke this Agreement in the timeframe specified in Paragraph 21 above, the Agreement shall be effective at 12:00:01 a.m. on the eighth day after it is signed by Employee (the "Effective Date").

			
	
			
				 23.
			This Agreement is intended to be exempt from the requirements of section 409A of the Internal Revenue Code of 1986 as amended (“Section 409A”) and will be interpreted accordingly.  While it is intended that all payments and benefits provided under this Agreement to Employee or on behalf of Employee will be exempt from Section 409A, the Company makes no representation or covenant to ensure that such payments and benefits are exempt from or compliant with Section 409A.  The Company will have no liability to Employee or any other party if a payment or benefit under this Agreement is challenged by any taxing authority or is ultimately determined not to be exempt from or compliant with Section 409A.

			
	
			
				 24.
			This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original and such counterparts shall together constitute one and the same Agreement.

			
	
			
				 25.
			This Agreement shall be construed in accordance with, and be deemed governed by, the Employee Retirement Income Security Act of 1974, as amended, and, to the extent applicable, the laws of the State of Delaware, without reference to the conflict of law provisions thereof.     

			
	
			
				 26.
			The Company executes this Agreement for itself and on behalf of all other respective Releasees.

		
			 
		

		
			

		 

 

I have read the foregoing Separation Agreement and General Release of All Claims, consisting of [____] pages, and I accept and agree to the provisions contained therein and hereby execute it voluntarily and with full understanding of its consequences.
		

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

			
					
						 

					
					
						 

				
	
					
						Dated: ___________

					
					
						
[NAME]

				
	
					
						 

					
						Dated:___________

					
						 

					
					
						 

					
						TRACON Pharmaceuticals, Inc. 

					
						
Name:
Title:Exhibit 10.1

 

As of August 4, 2015

 

Frank J. Del Rio

President and Chief Executive Officer

Norwegian Cruise Line Holdings Ltd.

7665 Corporate Center Drive

Miami, Florida 33126

 

Re: Amendment to Executive Employment
Agreement

 

Dear Frank:

 

On January 9, 2015,
you assumed the position of President and Chief Executive Officer of Norwegian Cruise Line Holdings Ltd. (“Norwegian”
or the “Company”). This letter agreement (the “Agreement”), effective as of the date hereof, constitutes
an amendment to your Amended and Restated Executive Employment Agreement dated as of June 5, 2014 by and among you, Oceania
Cruises, Inc. (“Oceania”) and Prestige Cruises International, Inc. (“PCI”) (the “Employment Agreement”)
and the letter agreement dated September 2, 2014 among you, Oceania, Norwegian, and PCI (the “September 2014 Letter
Agreement”). Unless otherwise stated, all capitalized terms shall be defined as set forth in the September 2014 Letter
Agreement or in the Employment Agreement to the extent incorporated by reference in the September 2014 Letter Agreement (collectively,
the “Prior Agreements”).

 

1.           Continuation
of Employment/Severance

 

You will continue to serve
as President and Chief Executive Officer of Norwegian and will be elected to Norwegian’s Board of Directors, to serve in
such positions through the termination of your employment. The Period of Employment (as defined in the Employment Agreement) shall
be extended to June 30, 2019, or to such other date that may be otherwise agreed by the parties. If your employment terminates
upon the expiration of the Period of Employment, or if your employment is earlier terminated by the Company without “Cause”
or by you for “Good Reason” (as such terms are defined in the Employment Agreement), you will be entitled to all of
your same rights, including without limitation bonuses, severance and benefits (and subject to the same conditions) provided under
Section 6.2 of your Employment Agreement; provided, that, if the date of such employment termination occurs on or before
November 18, 2016, your cash severance payments described in Section 6.2(c) of your Employment Agreement shall be paid, in
accordance with the September 2014 Letter Agreement, in one lump sum payment on the 30th day following the date of employment
termination, subject to the provisions of Section 15 of the Employment Agreement.

 

2.           Base
Salary / Travel Expense Allowance

 

Modifying Section 4.1
of your Employment Agreement, for calendar year 2016 and each subsequent calendar year during the Period of Employment, the annual
Base Salary shall be One Million Five Hundred Thousand dollars ($1,500,000) and the proviso in the second sentence of such Section
4.1 is hereby deleted. Your travel expense allowance as provided in clause (iii) of the second paragraph of Section 4.4 of your
Employment Agreement shall be increased to $100,000 per calendar year beginning with calendar year 2016, with no expectation of
increases during the Period of Employment.

 

    	 	 	 

     

    

  

3.           Incentive
Compensation.

 

Modifying Section 4.2
of your Employment Agreement, for calendar year 2016 and each subsequent calendar year during the Period of Employment, the annual
Target Bonus amount for each such calendar year shall equal 200% (rather than 100%) of your Base Salary and the maximum Incentive
Bonus amount for each such calendar year shall equal 300% of your Base Salary.

 

4.           Additional
Options

 

Pursuant to Section 4.3
of your Employment Agreement, as further amended by Section 3 of the 2014 Letter Agreement, you are entitled to a grant of
an “Additional Option” on or about January 1 of each year during your Period of Employment. In lieu of, and in
full satisfaction of, any annual Additional Option referred to in the immediately preceding sentence, in connection with your entering
into this Agreement, you shall be awarded a one-time grant of stock options covering 1.25 million ordinary shares of Norwegian
(“Norwegian Options”) at an exercise price per share equal to the closing price of Norwegian’s ordinary shares
on the date of grant. Fifty percent (50%) of the Norwegian Options shall be time-vesting options, of which half shall vest and
be exercisable on June 30, 2017, and half shall vest and be exercisable on June 30, 2019, in each case, subject to your
continued employment on each vesting date. The remaining fifty percent (50%) of the Norwegian Options shall be performance-vesting
options, with vesting contingent on the achievement of performance hurdles based on earnings per share (“EPS”), return
on invested capital (“ROIC”) and appreciation in the Norwegian share price (“Share Appreciation”), as further
detailed on Exhibit A attached hereto. Upon your termination of employment without Cause or for Good Reason, all unvested
Norwegian Options shall automatically vest and become exercisable. Upon your termination of employment by reason of your death
or Disability, you shall vest in a prorated portion of the next installment of your unvested time-vesting Norwegian Options determined
by multiplying the number of Options covered by such installment by a fraction, the numerator of which is the number of days from
the preceding June 30 to the date of such termination and the denominator of which is 365. You (or your estate as the case may
be) shall have one year from your last date of employment to exercise the vested Norwegian Options. Other than as explicitly set
forth herein, unvested Norwegian Options shall be forfeited upon your employment termination. The Norwegian Options shall be granted
pursuant to and subject to the terms and conditions of a stock option award agreement and equity plan, each of which will be provided
to you in conjunction with the grant of such award. As used in the Agreement, “Disability” shall have the meaning ascribed
to the term “disabled” under Section 409A(a)(2)(C) of the Code.

 

5.           Restricted
Stock Units

 

In connection with your
entering into this Agreement, you shall be awarded a one-time grant of 300,000 Norwegian Restricted Share Units (“Norwegian
RSUs”). Fifty percent (50%) of the Norwegian RSUs shall be time-vesting and shall vest and be delivered to you ratably on
each of the first, second, third and fourth anniversaries of June 30, 2015, in each case, subject to your continued employment
on each vesting date. The remaining fifty percent (50%) of the Norwegian RSUs shall be performance-vesting, with vesting contingent
on the achievement of performance hurdles based on EPS, ROIC and Share Appreciation, as further detailed on Exhibit A attached
hereto. Upon your termination of employment without Cause or for Good Reason, all unvested Norwegian RSUs shall vest and be delivered
to you. Upon your termination of employment by reason of your death or Disability, you shall vest in a prorated portion of the
next installment of your unvested time-vesting Norwegian RSUs determined by multiplying the number of Norwegian RSUs covered by
such installment by a fraction, the numerator of which is the number of days from the preceding June 30 to the date of such termination
and the denominator of which is 365. Other than as explicitly set forth

 

    	 	2 	 

     

    

  

herein, unvested Norwegian
RSUs shall be forfeited upon your employment termination. The Norwegian RSUs shall be granted pursuant to and subject to the terms
and conditions of a restricted stock unit award agreement and equity plan, each of which will be provided to you in conjunction
with the grant of such award.

 

6.           Form
of Release

 

Modifying Section 6.1
and Section 6.2 of your Employment Agreement, severance payments shall be conditioned upon your execution
and non-revocation of a general release of claims in the form attached hereto as Exhibit B.

 

7.           Effect
on the Prior Agreements

 

Except as modified pursuant
to this Agreement, the Prior Agreements shall
remain in full force and effect. On and after the
date hereof, each reference in the Prior Agreements to “this Agreement,” “herein,” “hereof,”
“hereunder” or words of similar import shall mean and be a reference to the Prior Agreements as amended hereby. On
and after the date hereof, each reference in the Prior Agreements to the “Employer” or the “Company” or
words of similar import shall mean and be a reference to Norwegian, and each reference in the Prior Agreements to the “Parent
Group” or words of similar import shall mean and be a reference to Norwegian and each corporation, limited liability company,
partnership or other entity in which Norwegian directly or indirectly control a majority of the voting power. To the extent that
a provision of this Agreement conflicts with or differs from a provision of the Prior Agreements, such provision of this Agreement
shall prevail and govern for all purposes and in all respects.

 

8.           Counterparts

 

This Agreement may be executed
in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the
same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall
bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts
may be used in lieu of the originals for any purpose.

 

Sincerely,

 

NORWEGIAN CRUISE LINE HOLDLINGS
LTD.

 

	By:	/s/Steve Martinez	 
	 	Chairman, Compensation Committee of the Board of Directors	 

 

	Date Executed:	August 4, 2015	 

 

AGREED AND ACCEPTED:

 

	/s/Frank J. Del Rio	 	 
	Frank J. Del Rio	 	 

 

	Date Executed:	August 4, 2015	 

 

    	 	3 	 

     

    

 

Exhibit B

 

FORM OF GENERAL RELEASE
AGREEMENT

 

This Release Agreement
(this “Release Agreement)” is entered into this ___ day of __________, by and between [__________________],
an individual (Executive”), and Norwegian Cruise Line Holdings Ltd., a corporation organized under the laws of (the
“Company”).

 

WHEREAS, Executive
has been employed by the Company or one of its subsidiaries; and

 

WHEREAS, Executive’s
employment by the Company or one of its subsidiaries has terminated and, in connection with Executive’s Employment Agreement
with the Company, dated as of [_________] (the “Employment Agreement”), the Company and Executive desire to
enter into this Release Agreement upon the terms set forth herein;

 

NOW, THEREFORE,
in consideration of the covenants undertaken and the releases contained in this Release Agreement, and in consideration of the
obligations of the Company to pay severance and other benefits (conditioned upon this Release Agreement) under and pursuant to
the Employment Agreement, Executive and the Company agree as follows:

 

1.           Termination
of Employment.   Executive’s employment with the Company terminated on [__________] (the “Separation
Date”). Executive waives any right or claim to reinstatement as an employee of the Company and each of its affiliates.
Executive hereby confirms that Executive does not hold any position as an officer, director or employee with the Company and each
of its affiliates. Executive acknowledges and agrees that Executive has received all amounts owed for Executive’s regular
and usual salary (including, but not limited to, any overtime, bonus, accrued vacation, commissions, or other wages), reimbursement
of expenses, sick pay and usual benefits.

 

2.           Release.   Executive,
on behalf of Executive, Executive’s descendants, dependents, heirs, executors, administrators, assigns, and successors, and
each of them, hereby covenants not to sue and fully releases and discharges the Company and each of its parents, subsidiaries and
affiliates, past and present, as well as its and their trustees, directors, officers, members, managers, partners, agents, attorneys,
insurers, employees, stockholders, representatives, assigns, and successors, past and present, and each of them, hereinafter together
and collectively referred to as the “Releasees,” with respect to and from any and all claims, wages, demands,
rights, liens, agreements or contracts (written or oral), covenants, actions, suits, causes of action, obligations, debts, costs,
expenses, attorneys’ fees, damages, judgments, orders and liabilities of whatever kind or nature in law, equity or otherwise,
whether now known or unknown, suspected or unsuspected, and whether or not concealed or hidden (each, a “Claim”), which
he now owns or holds or he has at any time heretofore owned or held or may in the future hold as against any of said Releasees
(including, without limitation, any Claim arising out of or in any way connected with Executive’s service as an officer,
director, employee, member or manager of any Releasee, Executive’s separation from Executive’s position as an officer,
director, employee, manager and/or member, as applicable, of any Releasee, or any other transactions, occurrences, acts or omissions
or any loss, damage or injury whatever), whether known or unknown, suspected or unsuspected, resulting from any act or omission
by or on the part of said Releasees, or any of them, committed or omitted on or prior to the date of this

 

    	 	 	 

     

    

  

Release Agreement including,
without limiting the generality of the foregoing, [any Claim under Title VII of the Civil Rights Act of 1964, as amended,
the Civil Rights Act of 1991, as amended, the Civil Rights Acts of 1866 and 1871, as amended, the Age Discrimination in
Employment Act of 1967, as amended, the Americans with Disabilities Act of 1990, as amended, the Family and Medical Leave Act of
1993, as amended, the Rehabilitation Act of 1973 (including Section 504 thereof), as amended,
the Employee Retirement Income Security Act of 1990, as amended, the Workers Adjustment and Relocation Notice Act, as amended,
the Equal Pay Act, as amended, or any other applicable federal, state or local law, statute, order, regulation, or ordinance,
or any Claim for severance pay, equity compensation, bonus, sick leave, holiday pay, vacation pay, life insurance, health or medical
insurance or any other fringe benefit, workers’ compensation or disability (the “Release”);]1
provided, however, that the foregoing Release does not apply to any obligation of the Company to Executive pursuant
to any of the following: (1) any equity-based awards previously granted by the Company or its affiliates to Executive, to
the extent that such awards continue after the termination of Executive’s employment with the Company in accordance with
the applicable terms of such awards (and subject to any limited period in which to exercise such awards following such termination
of employment); (2) any rights to indemnification or liability insurance coverage that Executive may have pursuant to the
Employment Agreement; (3) any rights to continued medical or dental coverage that Executive may have under COBRA (or similar
applicable state law); (4) any rights to the severance and other benefits payable under Section 6 of the Employment Agreement
in accordance with the terms of the Employment Agreement; (5) any rights to payment of benefits that Executive may have under a
retirement plan sponsored or maintained by the Company or its affiliates that is intended to qualify under Section 401(a)
of the Internal Revenue Code of 1986, as amended; or (6) any rights with respect to workers’ compensation or unemployment
benefits under applicable state law. In addition, this Release does not cover any Claim that cannot be so released as a matter
of applicable law. Executive acknowledges and agrees that he has received any and all leave and other benefits that he has been
and is entitled to pursuant to the Family and Medical Leave Act of 1993.

 

3.           ADEA
Waiver.   Executive expressly acknowledges and agrees that by entering into this Release Agreement, Executive
is waiving any and all rights or Claims that he may have arising under the Age Discrimination in Employment Act of 1967, as amended
(the “ADEA”), which have arisen on or before the date of execution of this Release Agreement. Executive further
expressly acknowledges and agrees that:

 

A.           In
return for this Release Agreement, Executive will receive consideration beyond that which Executive was already entitled to receive
before entering into this Release Agreement;

 

B.           Executive
is hereby advised in writing by this Release Agreement to consult with an attorney before signing this Release Agreement;

 

C.           Executive
has voluntarily chosen to enter into this Release Agreement and has not been forced or pressured in any way to sign it;

 

D.           Executive
was given a copy of this Release Agreement on [______, 20__] and informed that he had [twenty one (21)/forty five (45)] days within
which to consider this Release

 

 

1
Note to Draft: To be updated at the time of termination of employment
to reflect then-applicable law. 

 

    	 	 	2 

     

    

  

Agreement and that if he
wished to execute this Release Agreement prior to expiration of such [21-day/45-day] period, he should execute the Endorsement
attached hereto;

 

E.           Executive
was informed that he had seven (7) days following the date of execution of this Release Agreement in which to revoke this Release
Agreement, and this Release Agreement will become null and void if Executive elects revocation during that time. Any revocation
must be in writing and must be received by the Company during the seven-day revocation period. In the event that Executive exercises
Executive’s right of revocation, neither the Company nor Executive will have any obligations under this Release Agreement;

 

F.           Nothing
in this Release Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity
of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs from doing so, unless specifically
authorized by federal law.

 

4.           No
Transferred Claims.    Executive warrants and represents that Executive has not heretofore assigned or transferred
to any person not a party to this Release Agreement any released matter or any part or portion thereof and he shall defend, indemnify
and hold the Company and each of its affiliates harmless from and against any claim (including the payment of attorneys’
fees and costs actually incurred whether or not litigation is commenced) based on or in connection with or arising out of any such
assignment or transfer made, purported or claimed.

 

5.           Proceedings.   Executive
acknowledges that Executive has not filed any complaint, charge, claim or proceeding against any of the Releasees before any local,
state, federal or foreign agency, court or other body (each individually a “Proceeding”).  Executive represents
that Executive is not aware of any basis on which such a Proceeding could reasonably be instituted.  Executive (i) acknowledges
that, with respect to any released matters, Executive will not initiate or cause to be initiated on his behalf any Proceeding and
will not participate in any Proceeding, in each case, except as required by law; and (ii) waives any right Executive may have
to benefit in any manner from any relief (whether monetary or otherwise) arising out of any Proceeding, including any Proceeding
conducted by the Equal Employment Opportunity Commission (“EEOC”).  Further, Executive understands that, by executing
this Release, Executive will be limiting the availability of certain remedies that Executive may have against the Company and limiting
also the ability of Executive to pursue certain claims against the Releasees.  Notwithstanding the above, nothing in this
Release Agreement shall prevent Executive from initiating or participating in an investigation or proceeding conducted by the EEOC.

 

6.           Severability.   It
is the desire and intent of the parties hereto that the provisions of this Release Agreement be enforced to the fullest extent
permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any
particular provision of this Release Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited
or unenforceable under any present or future law, such provision, as to such jurisdiction, shall be ineffective, without invalidating
the remaining provisions of this Release Agreement or affecting the validity or enforceability of such provision in any other jurisdiction;
furthermore, in lieu of such invalid or unenforceable provision there will be added automatically as a part of this Release Agreement,
a legal, valid and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible. Notwithstanding
the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction,
it shall, as to such jurisdiction, be so

 

    	 	 	3 

     

    

  

narrowly drawn, without invalidating
the remaining provisions of this Release Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

 

7.           Counterparts.   This
Release Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together
constitute one and the same agreement.

 

8.           Successors.    This
Release Agreement is personal to Executive and shall not, without the prior written consent of the Company, be assignable by Executive.
This Release Agreement shall inure to the benefit of and be binding upon the Company and its respective successors and assigns
and any such successor or assignee shall be deemed substituted for the Company under the terms of this Release Agreement for all
purposes. As used herein, “successor” and “assignee” shall include any person, firm, corporation or other
business entity which at any time, whether by purchase, merger, acquisition of assets, or otherwise, directly or indirectly acquires
the ownership of the Company, acquires all or substantially all of the Company’s assets, or to which the Company assigns
this Release Agreement by operation of law or otherwise.

 

9.           Governing
Law.   THIS RELEASE AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH UNITED STATES FEDERAL LAW
AND, TO THE EXTENT NOT PREEMPTED BY UNITED STATES FEDERAL LAW, THE LAWS OF THE STATE OF FLORIDA, WITHOUT GIVING EFFECT TO ANY CHOICE
OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF FLORIDA OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF
ANY JURISDICTION OTHER THAN UNITED STATES FEDERAL LAW AND THE LAW OF THE STATE OF FLORIDA TO BE APPLIED. IN FURTHERANCE OF THE
FOREGOING, APPLICABLE FEDERAL LAW AND, TO THE EXTENT NOT PREEMPTED BY APPLICABLE FEDERAL LAW, THE INTERNAL LAW OF THE STATE OF
FLORIDA WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS RELEASE AGREEMENT, EVEN IF UNDER SUCH JURISDICTION’S CHOICE
OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY.

 

10.         Amendment
and Waiver.   The provisions of this Release Agreement may be amended and waived only with the prior written
consent of the Company and Executive, and no course of conduct or failure or delay in enforcing the provisions of this Release
Agreement shall be construed as a waiver of such provisions or affect the validity, binding effect or enforceability of this Release
Agreement or any provision hereof.

 

11.         Descriptive
Headings.   The descriptive headings of this Release Agreement are inserted for convenience only and do not
constitute a part of this Release Agreement.

 

12.         Construction.
   Where specific language is used to clarify by example a general statement contained herein, such specific language shall not
be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates. The
language used in this Release Agreement shall be deemed to be the language chosen by the parties to express their mutual
intent, and no rule of strict construction shall be applied against any party.

 

13.         Nouns
and Pronouns.   Whenever the context may require, any pronouns used herein shall include the corresponding masculine,
feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice-versa.

 

    	 	 	4 

     

    

  

14.         Legal
Counsel.   Each party recognizes that this is a legally binding contract and acknowledges and agrees that they
have had the opportunity to consult with legal counsel of their choice. Executive acknowledges and agrees that he has read and
understands this Release Agreement completely, is entering into it freely and voluntarily, and has been advised to seek counsel
prior to entering into this Release Agreement and he has had ample opportunity to do so.

 

[The Remainder of this Page
is Intentionally Left Blank] 

 

    	 	 	5 

     

    

  

The undersigned have read
and understand the consequences of this Release Agreement and voluntarily sign it. The undersigned declare under penalty of perjury
under the laws of the State of Florida that the foregoing is true and correct.

 

	 	EXECUTED this ___ day of ___________ 20__, at __________
	 	 
	 	“Executive”
	 	 
	 	 

 

	 	Print Name:	 

 

	 	NORWEGIAN CRUISE LINE HOLDINGS LTD.
	 	a corporation organized under the laws of                        .

 

	 	By:	 

 

	 	Name:	 

 

	 	Title:

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