Document:

Exhibit 10.1

 

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

 

This First Amendment (the
“Amendment”) to the Employment Agreement is dated as of January 29, 2021 and effective as of February 1, 2021 and is
entered into by and between Hoth Therapeutics, Inc., a Nevada corporation (the “Corporation”) and Stefanie Johns
(the “Employee”). All capitalized terms used herein but not otherwise defined shall have the meanings set forth
in the Employment Agreement (as defined herein).

 

WHEREAS, on August
28, 2020, the Corporation entered into an employment agreement with the Employee pursuant to which the Employee serves as Chief
Scientific Officer of the Corporation (the “Employment Agreement”); and

 

WHEREAS, the Corporation
and the Employee desire to amend the Employment Agreement to increase Employee’s salary as set forth herein.

 

NOW THEREFORE, in
consideration of the above, and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:

 

		1.	Section 4(a) of the Employment Agreement is amended and restated in its entirety as follows:

 

(a) The Corporation shall pay the
Employee as compensation for her services hereunder, in equal bi-weekly installments during the Term, an annual salary of Two Hundred-Fifty
Thousand Dollars ($250,000.00), less such deductions as shall be required to be withheld by applicable law and regulations. The
Corporation shall review the Base Salary on an annual basis and has the right but not the obligation to increase it. Employee’s
annual rate of base salary, as in effect from time to time, is hereinafter referred to as the “Base Salary.”

 

		2.	This Amendment shall be for the benefit of and be binding upon, the parties hereto and their respective
successors and assigns. Except as amended hereby, the terms and provisions
of the Employment Agreement shall remain in full force and effect, and the Employment Agreement is in all respects ratified and
confirmed. On and after the date of this agreement, each reference in the Employment Agreement to the “Agreement”,
“hereinafter”, “herein”, “hereinafter”, “hereunder”, “hereof”, or words
of like import shall mean and be a reference to the Employment Agreement as amended by this Amendment. This Amendment shall
be construed, enforced, and governed under the internal laws of the State of New York, without giving effect to any choice of law
provision or rule of any other jurisdiction. This Amendment may be executed in counterparts, each of which shall be deemed an original
but all of which together will constitute one and the same instrument. Counterpart signature pages to this Amendment transmitted
by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to
preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper
document bearing an original signature.

 

    

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be duly executed by their respective authorized signatories as of the date first indicated above.

 

 

	 	HOTH THERAPEUTICS, INC.
	 	 
	 	By: 	/s/ Robb Knie
	 		Name: Robb Knie
	 		Title: Chief Executive Officer
	 	 	 
	 	 	 
	 	EMPLOYEE
	 	 
	 	/s/ Stefanie Johns
	 	Stefanie JohnsExhibit
10.1

 

 

January
7, 2021

 

Ms.
Suping Liu Cheung

20987
Greenleaf Drive

Cupertino,
CA

95014

 

Dear
Suping,

 

I
am pleased to offer you the full-time position of Chief Financial Officer, with Marrone Bio Innovations, Inc. (the “Company”),
reporting to Kevin Helash, Chief Executive Officer. Your actual start date will be determined upon successfully passing your drug
test and background check. We anticipate your start date to be on or before February 18, 2021. However, Human Resources
will notify you as to when you can actually start your employment with Marrone Bio Innovations. 

 

You
will receive a base salary of $275,000.00 on an annualized basis. Your per payroll rate, prior to withholding, is $10,576.93 which
is based on twenty-six (26) payrolls per calendar year. Direct deposit of paychecks to your bank account is available. In addition,
you will receive a $50,000 (gross) sign on bonus, which will be paid in early April 2021, in line with the Company protocol.

 

Subject
to final approval of our Board of Directors and/or Compensation Committee of the Board, you will be granted an option to purchase
400,000 shares of the Company’s common stock. The price per share of any approved option will be the closing price of our
common stock as of the date on which the Compensation Committee approves the award. Your entitlement to any stock option that
may be approved is, conditioned upon your signing of an Award Agreement and will be subject to its terms and the terms of our
2013 Stock Incentive Plan (as amended, the “Plan”). The option will vest over a period of four (4) years. One year
from the date of grant of the option, 25% of the total shares will be vested. Such option will continue to vest over the remaining
3 years on a pro-rata basis equally each month over the period following the date of grant (2.083% per month over 36 months).
The option shall continue to vest for so long as you provide “Continuous Service” to the Company or a “Related
Entity” as those terms is defined in the Plan.

 

You
will be eligible for the 2021 Company Bonus Plan which changes from year to year, must be approved by the Board of Directors,
and is based on Company and individual goals. The determination of the Company with respect to the amount of any future bonuses
earned, if any, will be final and binding. Your target bonus rate will range from 0% to 40%.

 

1540
Drew Avenue ● Davis, CA 95618 ● Phone: 530-750-2800

  

    	 

     

    

 

 

 

 

MBI
will provide you with a company cell phone and laptop computer.

 

You
will be eligible for the Company’s benefits programs on the first day of the first full month of your employment. The benefits
currently offered are as follows:

 

	 	●	 Medical
    (HMO & PPO plans), Dental and Vision Insurance for you and your family. The Company will pay for 50% of your dependent
    premium for medical and dental insurance and you may pay the remaining 50% on a pre-tax basis under the Company’s medical
    plan.
	 	 	 
	 	●	 Cafeteria
    Plan (Section 125 Plan) which gives you the ability to set aside a portion of your paycheck on a pre-tax basis for dependent
    premiums as well as set up a flexible spending account for dependent care and unreimbursed medical expenses. 
	 	 	 
	 	●	 Long-term
    Disability Insurance for you, and Life Insurance equal to one (1) time your base salary. 
	 	 	 
	 	●	 Voluntary
    Supplemental Term Life Insurance and AD&D.

 

You
will be eligible to participate in the 401(k) Plan. Subject to terms of the Plan, you will receive a Company match of $1 for $1
for the first 3% of your salary you contribute and $0.50 for the next 2% of your salary (i.e. the maximum match is 4% if you contribute
5% of your salary).

 

You
will be eligible to participate in the Employee Stock Purchase Plan beginning on the first offering period after your start date.

 

You
will accrue 4.62 hours of vacation per pay period, which is equivalent to 120 hours on an annual basis.

 

In
addition, to assist with your relocation, MBI will offer the following:

 

	 	●	Upon
    starting employment, but not yet relocated to the Davis, CA area, MBI will provide temporary housing in Davis, CA booked &
    paid for by MBI. You may expense your mileage for travel between your home and Davis. 
	 	●	Relocation
    is expected to take place by September 1, 2021;
	 	●	If
    your current home sells prior to closing on your new home, MBI will pay for up to a 30 day stay in a hotel in Davis, CA;
	 	●	To
    ship household items, you will need to submit up to three (3) estimates from national moving companies, to be reviewed, approved
    and direct billed to MBI. This expense will be capped at $20,000.

 

1540
Drew Avenue ● Davis, CA 95618 ● Phone: 530-750-2800

 

    	 

     

    

 

 

In
addition to a timely response, this offer is contingent upon successfully passing (1) an executive background check, which may
include work references, criminal, and education credential checks and (2) a pre-employment drug test.

 

For
purposes of federal immigration laws, you are required to provide to the Company documentary evidence of your identity and eligibility
to work in the United States. Such documentation must be provided to us within three (3) business days of your date of hire or
our contingent employment relationship with you will be terminated. You will also be required, as a condition of employment, to
sign the Company’s standard Employee Confidential Information and Assignment Of Inventions Agreement.

 

Your
employment with the Company is for no specified period and constitutes at-will employment. As a result, you are free to resign
at any time, for any reason or for no reason. We prefer that if you resign you would provide a four-week notice. Similarly, the
Company is free to conclude its employment relationship with you at any time, with or without cause. However, in the event that
your employment is actually or constructively terminated by the Company without cause (not occurring in connection with a change
of control of the Company) the Company will pay six (6) months’ severance, as well as, cost for COBRA medical and dental
coverages.

 

To
indicate your acceptance of the Company’s offer, please sign and date this letter in the space provided below and return
it to Human Resources. This letter sets forth the terms of your employment with the Company and supersedes any prior representations
or agreements, whether written or oral. This letter may not be modified or amended except by a written agreement signed by the
Company and by you.

 

Please
respond no later than Monday, February 18, 2020. If we do not receive your acceptance by that time, we will assume you
are not interested, and this offer will be automatically withdrawn without further action as we will need to proceed with other
candidates we have for this position.

 

I
look forward to continuing to build MBI together with you.

 

Sincerely,

 

	/s/
    Linda V. Moore	 
	 	 
	Linda
    V. Moore	 
	EVP
    and General Counsel	 

 

I,
_Sue Cheung________________________________________, accept the terms of this agreement.

 

	Signature:
    	/s/
    Sue Cheung	 
	 	 	 
	Date
    Signed: 	1/25/2021	 

 

1540
Drew Avenue ● Davis, CA 95618 ● Phone: 530-750-2800

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