Document:

Exhibit 10.8

 

RenovoRX,
INC.

 

CHANGE
IN CONTROL AND SEVERANCE AGREEMENT

 

This
Change in Control and Severance Agreement (the “Agreement”) is made by and between RenovoRx, Inc., a Delaware corporation
(the “Company”), and Ramtin Agah (“Service Provider”), effective as of the Effective Date, as defined
in Section 7 below.

 

This
Agreement provides certain protections to Service Provider in connection with an involuntary termination of Service Provider’s
consulting services with the Company under the circumstances described in this Agreement, including in connection with a change in control
of the Company. Certain capitalized terms used in this Agreement are defined in Section 7 below.

 

The
Company and Service Provider agree as follows:

 

1.
Term of Agreement. This Agreement will continue indefinitely until terminated by written consent of the parties hereto, or if
earlier, upon the date that all of the obligations of the parties hereto with respect to this Agreement have been satisfied.

 

2.
Service. The Company and Service Provider acknowledge that Service Provider’s consulting services to the Company are and
will continue to be governed by the Consulting Agreement originally entered into between Service Provider and the Company as of January
1, 2018, as such agreement has been or may be amended from time to time (the “Consulting Agreement”). The Company
and Service Provider acknowledge that if Service Provider becomes an employee of the Company, such employment services will be at-will,
as defined under applicable law. No payments, benefits, or provisions under this Agreement will confer upon Service Provider any right
to continue Service Provider’s services with the Company, nor will they interfere with or limit in any way the right of the Company
or Service Provider to terminate such relationship at any time, with or without cause, to the extent permitted by applicable laws and
the terms of the Consulting Agreement, if then in place.

 

3.
Severance Benefits.

 

(a)
Qualifying Termination Outside of the Change in Control Period. In the event of a Qualifying Termination that occurs other than
during the Change in Control Period, Service Provider will receive the following payments and benefits from the Company, subject to the
requirements of this Agreement:

 

(i)
Base Compensation Severance. A single, lump sum, cash payment equal to fifty percent (50%) of Service Provider’s Annual
Base Compensation.

 

(ii)
Bonus Severance. A single, lump sum, cash payment equal to the product of (i) the Service Provider’s Target Bonus, if any,
that the Service Provider would have earned for the entire fiscal year in which the Qualifying Termination occurs; and (ii) a fraction,
the numerator of which is the number of days the Service Provider was in Service during the fiscal year in which the Qualifying Termination
occurs and the denominator of which is the number of days in such fiscal year.

 

    	 

    	 

    

 

(iii)
COBRA Severance. If Service Provider’s Service as of immediately prior to the Qualifying Termination was as an employee,
then, subject to Service Provider timely electing continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985,
as amended (“COBRA”) and further subject to Section 5(c), Service Provider will receive Company-paid group health,
dental and vision coverage for Service Provider and any of Service Provider’s eligible dependents, as applicable (the “COBRA
Severance”), following the Qualifying Termination until the earliest of: (A) six (6) months following the date of the Qualifying
Termination, (B) the date on which Service Provider and Service Provider’s eligible dependents (as applicable) become covered under
similar plans, or (C) the expiration of Service Provider’s (and any of Service Provider’s eligible dependents’, as
applicable) eligibility for continuation coverage under COBRA.

 

(b)
Qualifying Termination During the Change in Control Period. In the event of a Qualifying Termination that occurs during the Change
in Control Period, Service Provider will receive the following payments and benefits from the Company, subject to the requirements of
this Agreement:

 

(i)
Base Compensation Severance. A single, lump sum, cash payment equal to one-hundred percent (100%) of Service Provider’s
Annual Base Compensation.

 

(ii)
COBRA Severance. If Service Provider’s Service as of immediately prior to the Qualifying Termination was as an employee,
then, subject to Service Provider timely electing continuation coverage under COBRA and further subject to Section 5(c), Service Provider
will receive COBRA Severance until the earliest of: (A) twelve (12) months following the date of the Qualifying Termination, (B) the
date on which Service Provider and Service Provider’s eligible dependents (as applicable) become covered under similar plans, or
(C) the expiration of Service Provider’s (and any of Service Provider’s eligible dependents, as applicable) eligibility for
continuation coverage under COBRA.

 

(iii)
Vesting Acceleration of Service-based Equity Awards. Notwithstanding the terms of the Company equity plan or plans under which
the Service Provider’s Awards are granted or any applicable award agreements, vesting acceleration of one hundred percent (100%)
of any Equity Awards that are outstanding and unvested as of the date of the Qualifying Termination.

 

(c)
Termination Other Than a Qualifying Termination. If the termination of Service Provider’s Service does not constitute a
Qualifying Termination, then Service Provider will not be entitled to receive any severance or other benefits in connection with such
termination except for those, if any, as may then be established under the Company’s then existing severance and benefits plans
or programs.

 

(d)
Non-duplication of Payment or Benefits. Notwithstanding any provision of this Agreement to the contrary, if Service Provider is
entitled to any cash severance, continued health coverage benefits, vesting acceleration of any Awards, or other severance or separation
benefits similar to those provided under this Agreement, by operation of applicable law or under a plan, policy, contract, or arrangement
sponsored by or to which the Company is a party other than this Agreement (“Other Benefits”), then the corresponding
severance payments and benefits under this Agreement will be reduced by the amount of Other Benefits paid or provided to Service Provider.

 

    	-1-

    	 

    

 

(e)
Death of Service Provider. In the event of Service Provider’s death before all payments or benefits Service Provider is
entitled to receive under this Agreement have been provided, the unpaid amounts will be provided to Service Provider’s designated
beneficiary, if living, or otherwise to Service Provider’s personal representative in accordance with the terms of this Agreement.

 

4.
Accrued Compensation. On any termination of Service Provider’s Service, Service Provider will be entitled to receive all
accrued but unpaid consulting fee and expense reimbursements, and, if Service Provider’s Service as of immediately prior to the
Qualifying Termination was as an employee, all accrued but unpaid wages, and other benefits due to Service Provider under any Company-provided
plans, policies, and arrangements.

 

5.
Conditions to Receipt of Severance.

 

(a)
Separation Agreement and Release of Claims. Service Provider’s receipt of any severance payments or benefits upon a Qualifying
Termination under Section 3 is subject to Service Provider signing and not revoking the Company’s then standard separation agreement
and release of claims with the Company (the “Release”), which must become effective and irrevocable no later than
the sixtieth (60th) day following the date of the Qualifying Termination (the “Release Deadline Date”).
If the Release does not become effective and irrevocable by the Release Deadline Date, Service Provider will forfeit any right to severance
payments or benefits under Section 3.

 

(b)
Payment Timing. Any lump sum cash severance payments under Section 3 relating to base compensation severance and any bonus severance
will be provided to Service Provider on the first regularly scheduled payroll date of the Company following the date the Release becomes
effective and irrevocable, subject to any delay required by Section 5(d) below. Any Equity Awards that are restricted stock units, performance
shares, performance units, and/or similar full value awards (“Full Value Awards”) that accelerate vesting under Section
3(b)(iii) will be settled, subject to any delay required by Section 5(d) below (or the terms of the Full Value Award agreement or other
Company plan, policy, or arrangement governing the settlement timing of the Full Value Award to the extent such terms specifically require
any such delay in order to comply with the requirements of Section 409A, as applicable), on a date within ten (10) days following the
date the Release becomes effective and irrevocable.

 

    	-2-

    	 

    

 

(c)
COBRA Severance Limitations. If the Company determines in its sole discretion that it cannot provide the COBRA Severance, if any
is otherwise due under the terms of Section 3, 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 such COBRA Severance, subject to any
delay required by Section 5(d) below and except as provided by the last sentence of this Section 5(c), the Company will provide to Service
Provider a taxable monthly payment payable on the last day of a given month (provided that no such payments will be made prior to the
effectiveness of the Release, and any such payments delayed as a result will be paid, subject to any delay required by Section 5(d) below,
in a lump sum on the first regularly scheduled payroll date of the Company following the date the Release becomes effective and irrevocable),
in an amount equal to the monthly COBRA premium that Service Provider would be required to pay to continue Service Provider’s group
health coverage in effect on the date of the Qualifying Termination (which amount will be based on the premium rates applicable for the
first month of COBRA Severance for Service Provider and any eligible dependents of Service Provider) (each, a “COBRA Replacement
Payment”), which COBRA Replacement Payments will be made regardless of whether Service Provider elects COBRA continuation coverage
and will end on the earlier of (i) the date upon which Service Provider obtains other employment (excluding any employment outside of
the Company that is in effect as of the Effective Date), or (ii) 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 Severance period set forth in clause (A) of Section 3(a)(iii)
or Section 3(b)(ii), as applicable. 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 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), Service Provider
will not receive the COBRA Replacement Payments or any further COBRA Severance.

 

(d)
Section 409A. The Company intends that all payments and benefits provided under this Agreement or otherwise are exempt from, or
comply with, the requirements of Section 409A so that none of the payments or benefits will be subject to the additional tax imposed
under Section 409A, and any ambiguities and ambiguous terms in this Agreement will be interpreted in accordance with this intent. No
payments or benefits to be provided to Service Provider, if any, under this 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 Service Provider has a “separation from service” within the
meaning of Section 409A. To the extent required to be exempt from or comply with Section 409A, references to the termination of Service
Provider’s Service, termination of Service Provider’s consulting services, termination of Service Provider’s employment
or similar phrases used in this Agreement will mean Service Provider’s “separation from service” within the meaning
of Section 409A.

 

(i)
Any payments or benefits paid or provided under this Agreement that satisfy the requirements of the “short-term deferral”
rule under Treasury Regulations Section 1.409A-1(b)(4), or that qualify as payments made as a result of an involuntary separation from
service under Treasury Regulations Section 1.409A-1(b)(9)(iii) that is within the limit set forth thereunder, will not constitute Deferred
Payments for purposes of this Section 5(d).

 

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(ii)
Notwithstanding any provisions to the contrary in this Agreement, if Service Provider is a “specified employee” within the
meaning of Section 409A at the time of Service Provider’s separation from service (other than due to death), then any payments
or benefits under this Agreement that constitute Deferred Payments payable within the first six (6) months after Service Provider’s
separation from service instead will be payable on the date six (6) months and one (1) day after Service Provider’s separation
from service; provided that in the event of Service Provider’s death within such six (6) month period, any payments delayed by
this subsection (ii) will be paid to Service Provider in a lump sum as soon as administratively practicable after the date of Service
Provider’s death. To the extent that Service Provider is not a specified employee but Service Provider’s Qualifying Termination
occurs at a time during the year whereby the Release Deadline Date will occur in the year immediately following the year in which the
Qualifying Termination occurs, then any payments or benefits under this Agreement that constitute Deferred Payments that otherwise would
be payable prior to the Release Deadline Date instead will be paid on the first regularly scheduled payroll date of the Company following
the Release Deadline Date.

 

(iii)
The Company reserves the right to amend this Agreement as it considers necessary or advisable, in its sole discretion and without the
consent of Service Provider 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 Treasury Regulations Section 1.409A-2(b)(2). In no event will Service Provider have any discretion to
choose Service Provider’s taxable year in which any payments or benefits are provided under this Agreement. In no event will the
Company or any parent, subsidiary or other affiliate of the Company have any responsibility, liability or obligation to reimburse, indemnify
or hold harmless Service Provider for any taxes, penalties or interest that may be imposed, or other costs that may be incurred, as a
result of Section 409A.

 

6.
Limitation on Payments.

 

(a)
Reduction of Severance Benefits. If any payment or benefit that Service Provider would receive from the Company or any other party
whether in connection with the provisions in this Agreement or otherwise (the “Payments”) would (i) constitute a “parachute
payment” within the meaning of Section 280G of the Code and (ii) but for this sentence, be subject to the excise tax imposed by
Section 4999 of the Code (the “Excise Tax”), then the Payments will be either delivered in full, or delivered as to
such lesser extent that would result in no portion of the Payments being subject to the Excise Tax, whichever of the foregoing amounts,
taking into account the applicable federal, state and local income taxes and the Excise Tax, results in Service Provider’s receipt,
on an after-tax basis, of the greatest amount of Payments, notwithstanding that all or some of the Payments may be subject to the Excise
Tax. If a reduction in Payments is made in accordance with the immediately preceding sentence, the reduction will occur, with respect
to the Payments considered parachute payments within the meaning of Code Section 280G, in the following order: (A) reduction of cash
payments in reverse chronological order (that is, the cash payment owed on the latest date following the occurrence of the event triggering
the Excise Tax will be the first cash payment to be reduced); (B) cancellation of equity awards that were granted “contingent on
a change in ownership or control” within the meaning of Section 280G of the Code in the reverse order of date of grant of the equity
awards (that is, the most recently granted equity awards will be cancelled first); (C) reduction of the accelerated vesting of equity
awards in the reverse order of date of grant of the equity awards (that is, the vesting of the most recently granted equity awards will
be cancelled first); and (D) reduction of employee benefits in reverse chronological order (that is, the benefit owed on the latest date
following the occurrence of the event triggering the Excise Tax will be the first benefit to be reduced). In no event will Service Provider
have any discretion with respect to the ordering of Payment reductions. Service Provider will be solely responsible for the payment of
all personal tax liability that is incurred as a result of the payments and benefits received under this Agreement, and neither the Company
nor any parent, subsidiary or other affiliate of the Company have any responsibility, liability or obligation to reimburse, indemnify
or hold harmless Service Provider for any of those payments of personal tax liability.

 

    	-4-

    	 

    

 

(b)
Determination of Excise Tax Liability. Unless the Company and Service Provider otherwise agree in writing, any determinations
required under this Section 6 will be made in writing by a nationally recognized accounting or valuation firm (the “Firm”)
selected by the Company, whose determinations will be conclusive and binding upon Service Provider and the Company for all purposes.
For purposes of making the calculations required by this Section 6, the Firm may make reasonable assumptions and approximations concerning
applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code.
The Company and Service Provider will furnish to the Firm such information and documents as the Firm reasonably may request in order
to make determinations under this Section 6. The Company will bear the costs and make all payments required to be made to the Firm for
the Firm’s services that are rendered in connection with any calculations contemplated by this Section 6. The Company will have
no liability to Service Provider for the determinations of the Firm.

 

7.
Definitions. The following terms referred to in this Agreement will have the following meanings:

 

(a)
“Annual Base Compensation” means Service Provider’s (x) monthly base consulting fee multiplied by twelve
(referred to as the “annual base consulting fee”) or, (y) if at the applicable time, Service Provider is an employee
of the Company annual base salary, in effect immediately prior to Service Provider’s Qualifying Termination (or, if the termination
is due to a resignation for Good Reason based on a material reduction in Service Provider’s annual base consulting fee or annual
base salary, as applicable, then Service Provider’s annual base consulting fee or annual base salary, as applicable, in effect
immediately prior to the reduction) or, if Service Provider’s Qualifying Termination occurs during the Change in Control Period
and the amount is greater, Service Provider’s annual base consulting fee or annual base salary, as applicable, in effect immediately
prior to the Change in Control.

 

(b)
“Award” means stock options and other equity awards covering shares of Company common stock granted to Service Provider.

 

(c)
“Board” means the Company’s Board of Directors.

 

(d)
“Cause” means Service Provider’s: (i) dishonesty of a material nature; (ii) theft or embezzlement of Company
funds or assets; (iii) being convicted of, or guilty plea or no contest plea to, a felony charge or any misdemeanor involving moral turpitude,
or the entry of a consent decree with any governmental body; (iv) noncompliance in any material respect with any U.S. or non-U.S. laws
or regulations; (v) violation of any express direction or any rule, regulation or policy established by the Company or the Board; (vi)
material breach of this Agreement or the Consulting Agreement (or any other confidentiality agreement or other agreement with the Company
concerning the terms and condition of Service Provider’s relationship with the Company); (vii) breach of any fiduciary duty to
the Company; (viii) gross incompetence, neglect, or misconduct in the performance of Service Provider’s duties; or (ix) repeated
failure to perform Service Provider’s duties and responsibilities for the Company or follow the reasonable and lawful instructions
of the Company.

 

    	-5-

    	 

    

 

(e)
“Change in Control” means the first occurrence of any of the following events on or after the Effective Date:

 

(i)
Change in Ownership of the Company. A change in the ownership of the Company which occurs on the date that any one person, or
more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with
the stock held by such Person, constitutes more than fifty percent (50%) of the total voting power of the stock of the Company; provided,
however, that for purposes of this subsection, the acquisition of additional stock by any one Person, who is considered to own more than
fifty percent (50%) of the total voting power of the stock of the Company will not be considered a Change in Control; provided, further,
that any change in the ownership of the stock of the Company as a result of a private financing of the Company that is approved by the
Board also will not be considered a Change in Control. Further, if the stockholders of the Company immediately before such change in
ownership continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of shares
of the Company’s voting stock immediately prior to the change in ownership, direct or indirect beneficial ownership of fifty percent
(50%) or more of the total voting power of the stock of the Company or of the ultimate parent entity of the Company, such event shall
not be considered a Change in Control under this subsection (i). For this purpose, indirect beneficial ownership shall include, without
limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business entities which
own the Company, as the case may be, either directly or through one or more subsidiary corporations or other business entities; or

 

(ii)
Change in Effective Control of the Company. If the Company has a class of securities registered pursuant to Section 12 of the
U.S. Securities Exchange Act of 1934, as amended, a change in the effective control of the Company which occurs on the date that a majority
of members of the Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by
a majority of the members of the Board prior to the date of the appointment or election. For purposes of this subsection (ii), if any
Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person
will not be considered a Change in Control; or

 

(iii)
Change in Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial portion
of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period
ending on the date of the most recent acquisition by such Person or Persons) assets from the Company that have a total gross fair market
value equal to or more than fifty percent (50%) of the total gross fair market value of all of the assets of the Company immediately
prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute
a change in the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the
Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the
Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, fifty percent
(50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns,
directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding stock of the Company, or
(4) an entity, at least fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly, by a Person
described in this subsection (iii)(B)(3). For purposes of this subsection (iii), gross fair market value means the value of the assets
of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

 

    	-6-

    	 

    

 

For
purposes of this definition, persons will be considered to be acting as a group if they are owners of a corporation that enters into
a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.

 

Notwithstanding
the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within
the meaning of Section 409A. Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (x) its
sole purpose is to change the jurisdiction of the Company’s incorporation, or (y) its sole purpose is to create a holding company
that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such
transaction.

 

(f)
“Change in Control Period” means the period beginning on the date of a Change in Control and ending on (and inclusive
of) the date that is the one (1) year anniversary of a Change in Control.

 

(g)
“Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or regulation
thereunder will include such section or regulation, any valid regulation promulgated under such section, and any comparable provision
of any future legislation or regulation amending, supplementing or superseding such section or regulation.

 

(h)
“Director” means a member of the Board.

 

(i)
“Disability” means total and permanent disability as defined in Code Section 22(e)(3).

 

(j)
“Effective Date” means November 11, 2021.

 

(k)
“Equity Awards” means Awards that, as of the date of the Qualifying Termination, are held by Service Provider and
subject to continued service-based vesting criteria, but not subject to the achievement of any performance-based or other similar vesting
criteria.

 

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(l)
“Good Reason” means Service Provider’s termination of Service Provider’s Services within thirty (30) days
following the end of the Company’s Cure Period (as defined below) as a result of the occurrence of any of the following without
Service Provider’s written consent: (i) a material diminution in Service Provider’s annual base salary or annual base consulting
fee, as applicable; (ii) the assignment to Service Provider of duties that are materially inconsistent with Service Provider’s
duties that results in a material diminution of Service Provider’s duties with the Company in effect immediately prior to such
assignment; (iii) a material diminution in Service Provider’s authority, responsibilities, or job title; (iv) a material change
in the location of Service Provider’s primary place of work (if Service Provider has been assigned a primary place of work) to
a location more than thirty (30) miles from Service Provider’s primary place of work immediately prior to such change and that
is further from Service Provider’s residence; provided, however, that Service Provider must provide written notice to the Company
of the condition that could constitute a “Good Reason” event within sixty (60) days following the initial existence of such
condition and such condition must not have been remedied by the Company within thirty (30) days (the “Cure Period”)
of such written notice. To the extent Service Provider’s primary work location is Service Provider’s residence due to a shelter-in-place
order or similar work-from-home arrangement that applies to Service Provider, Service Provider’s primary place of work, from which
a change in location under the foregoing clause (iv) will be measured, will be considered the Company’s office location where Service
Provider’s Service primarily was based immediately prior to the commencement of such shelter-in-place order or similar work-from-home
arrangement.

 

(m)
“Qualifying Termination” means a termination of Service Provider’s Service with the Company either (i) by the
Company without Cause and other than due to Service Provider’s death or Disability, or (ii) by Service Provider for Good Reason.

 

(n)
“Section 409A” means Code Section 409A and the Treasury Regulations and guidance thereunder, and any applicable state
law equivalent, as each may be promulgated, amended or modified from time to time.

 

(o)
“Service” means Service Provider’s service to the Company or any of its subsidiaries, whether as a consultant
or an employee. For the avoidance of doubt, Service will be deemed to continue upon any transfer directly from status as a consultant
to the Company or any of its subsidiaries to status as an employee of the Company or any of its subsidiaries, or vice versa.

 

(p)
“Target Bonus” means Service Provider’s annual (or annualized, if applicable) target bonus in effect immediately
prior to Service Provider’s Qualifying Termination or, if Service Provider’s Qualifying Termination occurs during the Change
in Control Period and the amount is greater, Service Provider’s annual (or annualized, if applicable) target bonus in effect immediately
prior to the Change in Control.

 

8.
Successors. This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors, and legal representatives
of Service Provider upon Service Provider’s death, and (b) any successor of the Company. Any such successor of the Company will
be deemed substituted for the Company under the terms of this Agreement for all purposes. For this purpose, “successor” means
any person, firm, corporation, or other business entity which at any time, whether by purchase, merger, or otherwise, directly or indirectly
acquires all or substantially all of the assets or business of the Company. None of the rights of Service Provider to receive any form
of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution.
Any other attempted assignment, transfer, conveyance, or other disposition of Service Provider’s right to compensation or other
benefits will be null and void.

 

    	-8-

    	 

    

 

9.
Notice.

 

(a)
General. All notices and other communications required or permitted under this Agreement will be in writing and will be effectively
given (i) upon actual delivery to the party to be notified, (ii) upon transmission by email, (iii) twenty-four (24) hours after confirmed
facsimile transmission, (iv) one (1) business day after deposit with a recognized overnight courier, or (v) three (3) business days after
deposit with the U.S. Postal Service by first class certified or registered mail, return receipt requested, postage prepaid, addressed:
(A) if to Service Provider, at the address Service Provider will have most recently furnished to the Company in writing, (B) if to the
Company, at the following address:

 

RenovoRx,
Inc.

4546
El Camino Real, Suite B1

Los
Altos, California 94022

Attention:
Chief Executive Officer

 

(b)
Notice of Termination. Any termination of Service Provider’s Service by the Company for Cause will be communicated by a
notice of termination of Service Provider’s Service to Service Provider, and any termination by Service Provider for Good Reason
will be communicated by a notice of termination to the Company, in each case given in accordance with Section 9(a). The notice will indicate
the specific termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and circumstances claimed
to provide a basis for termination under the provision so indicated, and will specify the termination date (which will be not more than
thirty (30) days after the later of (i) the giving of the notice or (ii) the end of any applicable cure period).

 

10.
Resignation. The termination of Service Provider’s Service for any reason also will constitute, without any further required
action by Service Provider, Service Provider’s voluntary resignation from all officer and/or director positions held at the Company
or any of its subsidiaries or affiliates, and at the Board’s request, Service Provider will execute any documents reasonably necessary
to reflect the resignations.

 

11.
Miscellaneous Provisions.

 

(a)
No Duty to Mitigate. Service Provider will not be required to mitigate the amount of any payment contemplated by this Agreement,
nor will any payment be reduced by any earnings that Service Provider may receive from any other source except as specified in Sections
3(d), 5(d) and 6.

 

(b)
Waiver; Amendment. No provision of this Agreement will be modified, waived or discharged unless the modification, waiver or discharge
is agreed to in writing and signed by an authorized officer of the Company (other than Service Provider) and by Service Provider. No
waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party will
be considered a waiver of any other condition or provision or of the same condition or provision at another time.

 

    	-9-

    	 

    

 

(c)
Headings. Headings are provided herein for convenience only, and will not serve as a basis for interpretation or construction
of this Agreement.

 

(d)
Entire Agreement. This Agreement, the Consulting Agreement, and the Company’s 2021 Omnibus Equity Incentive Plan and award
agreements thereunder governing Service Provider’s Awards, constitutes the entire agreement of the parties and supersedes in their
entirety all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied)
of the parties with respect to the subject matter of this Agreement.

 

(e)
Governing Law. This Agreement will be governed by the laws of the State of California but without regard to the conflict of law
provision. To the extent that any lawsuit is permitted with respect to any provisions under this Agreement, Service Provider hereby expressly
consents to the personal and exclusive jurisdiction and venue of the state and federal courts located in the State of California for
any lawsuit filed against Service Provider by the Company.

 

(f)
Severability. If any provision of this Agreement is or becomes or is deemed to be invalid, illegal, or unenforceable for any reason,
such invalidity, illegality, or unenforceability will not affect the remaining parts of this Agreement, and this Agreement will be construed
and enforced as if the invalid, illegal, or unenforceable provision had not been included.

 

(g)
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”), if any. 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 Service Provider to remit to the Company, an amount sufficient to satisfy any applicable Withholdings with respect
to such payments and benefits. Neither the Company nor any parent, subsidiary or other affiliate of the Company will have any responsibility,
liability or obligation to pay Service Provider’s taxes arising from or relating to any payments or benefits under this Agreement.

 

(h)
Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together
will constitute one and the same instrument.

 

[Signature
Page Follows]

 

    	-10-

    	 

    

 

By
its signature below, each of the parties signifies its acceptance of the terms of this Agreement, in the case of the Company by its duly
authorized officer.

 

	COMPANY	RenovoRX,
    INC.
	 	 
	 	By:
    	/s/
    Shaun R. Bagai
	 	 	Shaun
    R. Bagai
	 	Title:
    	Chief
    Executive Officer  
	 	Date:
    	November
    11, 2021
	 	 	 
	SERVICE
    PROVIDER	 	/s/
    Ramtin Agah
	 	 	Ramtin
    Agah, MD
	 	Date:	 November 11, 2021

 

    	-11-Exhibit
10.9

 

RenovoRx,
INC.

 

KEY
SERVICE PROVIDER INCENTIVE COMPENSATION PLAN 

 

1.
Purposes of the Plan. The Plan is intended to increase stockholder value and the success of the Company by motivating Service
Providers to (a) perform to the best of their abilities and (b) achieve the Company’s objectives.

 

2.
Definitions.

 

(a)
“Actual Award” means as to any Performance Period, the actual award (if any) payable to a Participant for the Performance
Period, subject to the authority of the Administrator (as defined in Section 3) under Section 4(d) to modify the award.

 

(b)
“Affiliate” means any corporation or other entity (including, but not limited to, partnerships and joint ventures)
controlled by the Company.

 

(c)
“Board” means the Board of Directors of the Company.

 

(d)
“Bonus Pool” means the pool of funds available for distribution to Participants. Subject to the terms of the Plan,
the Administrator establishes the Bonus Pool for each Performance Period.

 

(e)
“Code” means the U.S. Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or regulation
thereunder will include such section or regulation, any valid regulation promulgated under such section, and any comparable provision
of any future legislation or regulation amending, supplementing or superseding such section or regulation.

 

(f)
“Committee” means a committee appointed by the Board (pursuant to Section 3) to administer the Plan.

 

(g)
“Company” means RenovoRx, Inc., a Delaware corporation, or any successor thereto.

 

(h)
“Company Group” means the Company and any Parents, Subsidiaries, and Affiliates.

 

(i)
“Disability” means a permanent and total disability determined in accordance with uniform and nondiscriminatory standards
adopted by the Administrator from time to time.

 

(j)
“Fiscal Year” means the fiscal year of the Company.

 

(k)
“Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Code Section 424(e).

 

(l)
“Participant” means as to any Performance Period, a Service Provider who has been selected by the Administrator for
participation in the Plan for that Performance Period.

 

(m)
“Performance Period” means the period of time for the measurement of the performance criteria that must be met to
receive an Actual Award, as determined by the Administrator. A Performance Period may be divided into one or more shorter periods if,
for example, but not by way of limitation, the Administrator desires to measure some performance criteria over twelve (12) months and
other criteria over three (3) months.

 

(n)
“Plan” means this Key Service Provider Incentive Compensation Plan (including any appendix attached hereto), as may
be amended from time to time.

 

(o)
“Section 409A” means Section 409A of the Code and any proposed or final Treasury Regulations and Internal Revenue
Service guidance, compliance programs and other interpretive authority promulgated thereunder, or any state law equivalent, as each may
be amended or promulgated, as applicable, from time to time.

 

(p)
“Service Provider” means any (i) executive or other employee of the Company Group, or (ii) other service provider
of the Company Group, in each case whether such individual is so employed or engaged at the time the Plan is adopted or becomes so employed
or engaged subsequent to the adoption of the Plan. For clarity, an officer of the Company Group may either be an employee, an independent
contractor or other service provider. For avoidance of doubt, for purposes of the Plan, engagement as a service provider to the Company
Group may be through a third-party entity (for example, through an agency).

 

    	 

     

    

 

(q)
“Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Code Section
424(f), in relation to the Company.

 

(r)
“Target Award” means the target award, at one hundred percent (100%) of target level performance achievement, payable
under the Plan to a Participant for a Performance Period, as determined by the Administrator in accordance with Section 4(b).

 

(s)
“Tax Withholdings” means any applicable tax, social insurance and social security liability or premium obligations
in connection with the awards under the Plan, including without limitation: (i) all federal, state, and local income, employment and
any other taxes (including the Participant’s U.S. Federal Insurance Contributions Act (FICA) obligation) that are required to be
withheld by the Company Group, (ii) the Participant’s and, to the extent required by the Company Group, the applicable fringe benefit
tax liability of the Company Group associated with an award under the Plan, and (iii) any other applicable taxes or social insurance
or social security liabilities or premium the responsibility for which the Participant has, or has agreed to bear, with respect to such
award under the Plan.

 

(t)
“Termination of Service” means a cessation of the employee-employer or independent contractor or other service provider
relationship between a Service Provider and the Company Group, including without limitation a termination by resignation, discharge,
death, Disability, retirement, or the disaffiliation of a Parent, Subsidiary or Affiliate. For purposes of the Plan, transfer of a Service
Provider between any members of the Company Group (for example, between the Company and a Subsidiary) will not be deemed a Termination
of Service.

 

3.
Administration of the Plan.

 

(a)
Administrator. The Plan will be administered by the Board or a Committee (the “Administrator”). To the extent
necessary or desirable to satisfy applicable laws, the Committee acting as the Administrator will consist of not less than two (2) members
of the Board. The members of any Committee will be appointed from time to time by, and serve at the pleasure of, the Board. The Board
may retain the authority to administer the Plan concurrently with a Committee and may revoke the delegation of some or all authority
previously delegated. Different Administrators may administer the Plan with respect to different groups of Service Providers. Unless
and until the Board otherwise determines, the Board’s Compensation Committee will administer the Plan.

 

(b)
Administrator Authority. It will be the duty of the Administrator to administer the Plan in accordance with the Plan’s provisions.
The Administrator will have all powers and discretion necessary or appropriate to administer the Plan and to control its operation, including,
but not limited to, the power to (i) determine which Service Providers will be granted awards, (ii) prescribe the terms and conditions
of awards, (iii) interpret the Plan and the awards, (iv) adopt such procedures and sub-plans as are necessary or appropriate to permit
participation in the Plan by Service Providers who are non-U.S. nationals or employed or engaged outside of the U.S. or to qualify awards
for special tax treatment under the laws of jurisdictions other than the U.S., (v) adopt rules for the administration, interpretation
and application of the Plan as are consistent therewith, and (vi) interpret, amend or revoke any such rules. Any determinations and decisions
made or to be made by the Administrator pursuant to the provisions of the Plan, unless specified otherwise by the Administrator, will
be in the Administrator’s sole discretion.

 

(c)
Decisions Binding. All determinations and decisions made by the Administrator and/or any delegate of the Administrator pursuant
to the provisions of the Plan will be final, conclusive, and binding on all persons, and will be given the maximum deference permitted
by law.

 

(d)
Delegation by Administrator. The Administrator, on such terms and conditions as it may provide, may delegate all or part of its
authority and powers under the Plan to one or more directors and/or officers of the Company. Such delegation may be revoked at any time.

 

(e)
Indemnification. Each person who is or will have been a member of the Administrator will be indemnified and held harmless by the
Company against and from (i) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection
with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved
by reason of any action taken or failure to act under the Plan or any award, and (ii) from any and all amounts paid by him or her in
settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such claim, action,
suit, or proceeding against him or her, provided he or she will give the Company an opportunity, at its own expense, to handle and defend
the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification will not
be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Certificate of Incorporation
or Bylaws, by contract, as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold them
harmless.

 

    	 

     

    

 

4.
Selection of Participants and Determination of Awards.

 

(a)
Selection of Participants. The Administrator will select the Service Providers who will be Participants for any Performance Period.
Participation in the Plan will be on a Performance Period by Performance Period basis. Accordingly, a Service Provider who is a Participant
for a given Performance Period in no way is guaranteed or assured of being selected for participation in any subsequent Performance Period
or Performance Periods. No Service Provider will have the right to be selected to receive an award under this Plan or, if so selected,
to be selected to receive a future award.

 

(b)
Determination of Target Awards. The Administrator may, in its sole discretion, establish a Target Award for each Participant
(which may be expressed as a percentage of a Participant’s average annual base salary or annual consulting fee, as applicable,
for the Performance Period or a fixed dollar amount or such other amount or based on such other formula or factors as the Administrator
determines).

 

(c)
Bonus Pool. Each Performance Period, the Administrator may, in its discretion, establish a Bonus Pool, which pool may be established
before, during or after the applicable Performance Period. Actual Awards will be paid from the Bonus Pool (if a Bonus Pool has been
established). 

 

(d)
Discretion to Modify Awards. Notwithstanding any contrary provision of the Plan, the Administrator, at any time, may: (i) increase,
reduce or eliminate a Participant’s Actual Award, and/or (ii) increase, reduce or eliminate the amount allocated to the Bonus Pool.
The Actual Award may be below, at or above the Target Award, as determined by the Administrator. The Administrator may determine the
amount of any increase, reduction, or elimination based on such factors as it deems relevant, and will not be required to establish any
allocation or weighting with respect to the factors it considers.

 

(e)
Discretion to Determine Criteria. Notwithstanding any contrary provision of the Plan, the Administrator will determine the performance
goals, if any, applicable to any Target Award (or portion thereof) which may include, without limitation, goals related to: attainment
of research and development milestones; sales bookings; business divestitures and acquisitions; capital raising; cash flow; cash position;
contract awards or backlog; corporate transactions; customer renewals; customer retention rates from an acquired company, subsidiary,
business unit or division; earnings (which may include any calculation of earnings, including but not limited to earnings before interest
and taxes, earnings before taxes, earnings before interest, taxes, depreciation and amortization and net taxes); earnings per share;
expenses; financial milestones; gross margin; growth in stockholder value relative to the moving average of the S&P 500 Index or
another index; internal rate of return; leadership development or succession planning; license or research collaboration arrangements;
market share; net income; net profit; net sales; new product or business development; new product invention or innovation; number of
customers; operating cash flow; operating expenses; operating income; operating margin; overhead or other expense reduction; patents;
procurement; product defect measures; product release timelines; productivity; profit; regulatory milestones or regularly-related goals;
retained earnings; return on assets; return on capital; return on equity; return on investment; return on sales; revenue; revenue growth;
sales results; sales growth; savings; stock price; time to market; total stockholder return; working capital; unadjusted or adjusted
actual contract value; unadjusted or adjusted total contract value; and individual objectives such as peer reviews or other subjective
or objective criteria. As determined by the Administrator, the performance goals may be based on U.S. generally accepted accounting principles
(“GAAP”) or non-GAAP results and any actual results may be adjusted by the Administrator for one-time items or unbudgeted
or unexpected items and/or payments of Actual Awards under the Plan when determining whether the performance goals have been met. The
performance goals may be based on any factors the Administrator determines relevant, including without limitation on an individual, divisional,
portfolio, project, business unit, segment or Company-wide basis. Any criteria used may be measured on such basis as the Administrator
determines, including without limitation: (i) in absolute terms, (ii) in combination with another performance goal or goals (for example,
but not by way of limitation, as a ratio or matrix), (iii) in relative terms (including, but not limited to, results for other periods,
passage of time and/or against another company or companies or an index or indices), (iv) on a per-share basis, (v) against the performance
of the Company as a whole or a segment of the Company and/or (vi) on a pre-tax or after-tax basis. The performance goals may differ from
Participant to Participant and from award to award. Failure to meet the applicable performance goals will result in a failure to earn
the Target Award, except as provided in Section 4(d). The Administrator also may determine that a Target Award (or portion thereof) will
not have a performance goal associated with it but instead will be granted (if at all) as determined by the Administrator.

 

    	 

     

    

 

5.
Payment of Awards.

 

(a)
Right to Receive Payment. Each Actual Award will be paid solely from the general assets of the Company Group. Nothing in this
Plan will be construed to create a trust or to establish or evidence any Participant’s claim of any right other than as an unsecured
general creditor with respect to any payment to which the Participant may be entitled.

 

(b)
Timing of Payment. Payment of each Actual Award will be made as soon as practicable after the end of the Performance Period to
which the Actual Award relates and after the Actual Award is approved by the Administrator, but in no event after the later of (i) the
fifteenth (15th) day of the third (3rd) month of the Company’s taxable year immediately following the Company’s taxable year
in which the Participant’s Actual Award first becomes no longer subject to a substantial risk of forfeiture, and (ii) March 15
of the calendar year immediately following the calendar year in which the Participant’s Actual Award first becomes no longer subject
to a substantial risk of forfeiture. Unless otherwise determined by the Administrator, to earn an Actual Award a Participant must be
employed or engaged by the Company Group on the date the Actual Award is paid.

 

(c)
Form of Payment. Each Actual Award generally will be paid in cash (or its equivalent) in a single lump sum. The Administrator
reserves the right to settle an Actual Award with a grant of an equity award with such terms and conditions, including any vesting requirements,
as determined by the Administrator.

 

(d)
Payment in the Event of Death or Disability. If a Termination of Service occurs due to a Participant’s death or Disability
prior to payment of an Actual Award that the Administrator has determined will be paid for a prior Performance Period, then the Actual
Award will be paid to the Participant or the Participant’s estate, as the case may be, subject to the Administrator’s discretion
to reduce or eliminate any Actual Award otherwise payable.

 

6.
General Provisions.

 

(a)
Tax Matters.

 

(i)
Section 409A. It is the intent that this Plan be exempt from or comply with the requirements of Section 409A so that none of the
payments to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous
terms will be interpreted to be so exempt or so comply. Each payment under this Plan is intended to constitute a separate payment for
purposes of Treasury Regulations Section 1.409A-2(b)(2). In no event will the Company Group have any liability, obligation, or responsibility
to reimburse, indemnify or hold harmless any Participant or other Service Provider for any taxes, penalties or interest imposed, or other
costs incurred, as a result of Section 409A.

 

(ii)
Withholding Obligations. The Company Group will have the right and authority to deduct from any Actual Award all applicable Tax
Withholdings. Prior to the payment of an Actual Award or such earlier time as any applicable Tax Withholdings are due, the Company Group
is permitted to deduct or withhold, or require a Participant to remit to the Company Group, an amount sufficient to satisfy any applicable
Tax Withholdings with respect to such Actual Award.

 

(b)
No Effect on Employment or Service. Neither the Plan nor any award under the Plan will confer upon a Participant any right regarding
continuing the Participant’s relationship as a Service Provider or other service provider to the Company Group, nor will they interfere
with or limit in any way the right of the Company Group or the Participant to terminate such relationship at any time, with or without
cause, to the extent permitted by applicable laws.

 

    	 

     

    

 

(c)
Forfeiture Events.

 

(i)
Clawback Policy; Applicable Laws. All awards under the Plan will be subject to reduction, cancellation, forfeiture, or recoupment
in accordance with any applicable clawback policy that the Company Group is required to adopt pursuant to the listing standards of any
national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank
Wall Street Reform and Consumer Protection Act or other applicable laws. In addition, the Administrator may impose such other clawback,
recovery or recoupment provisions with respect to an award under the Plan as the Administrator determines necessary or appropriate, including
without limitation a reacquisition right in respect of previously acquired cash, stock, or other property provided with respect to an
award. Unless this Section 6(c)(i) is specifically mentioned and waived in a written agreement between a Participant and a member of
the Company Group or other document, no recovery of compensation under a clawback policy will give the Participant the right to resign
for “good reason” or “constructive termination” (or similar term) under any agreement with a member of the Company
Group.

 

(ii)
Additional Forfeiture Terms. The Administrator may specify when providing for an award under the Plan that the Participant’s
rights, payments, and benefits with respect to the award will be subject to reduction, cancellation, forfeiture, or recoupment upon the
occurrence of specified events, in addition to any otherwise applicable vesting or performance conditions of the award. Such events may
include, without limitation, termination of the Participant’s status as a Service Provider for “cause” or any act by
a Participant, whether before or after the Participant’s status as a Service Provider terminates, that would constitute “cause.”

 

(iii)
Accounting Restatements. If the Company is required to prepare an accounting restatement due to the material noncompliance of
the Company, as a result of misconduct, with any financial reporting requirement under the securities laws, then any Participant who
knowingly or through gross negligence engaged in the misconduct, or who knowingly or through gross negligence failed to prevent the misconduct,
and any Participant who is one of the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002,
will reimburse the Company Group the amount of any payment with respect to an award earned or accrued under the Plan during the
twelve (12) month period following the first public issuance or filing with the U.S. Securities and Exchange Commission (whichever first
occurred) of the financial document embodying such financial reporting requirement.

 

(d)
Successors. All obligations of the Company under the Plan, with respect to awards under the Plan, will be binding on any successor
to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise,
of all or substantially all of the business or assets of the Company.

 

(e)
Nontransferability of Awards. No award under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated,
other than by will or by the laws of descent and distribution, and except as provided in Section 5(d). All rights with respect to an
award granted to a Participant will be available during his or her lifetime only to the Participant.

 

7.
Amendment, Termination, and Duration.

 

(a)
Amendment, Suspension, or Termination. The Administrator may amend or terminate the Plan, or any part thereof, at any time and
for any reason. The amendment, suspension or termination of the Plan will not, without the consent of the Participant, alter or impair
any rights or obligations under any Actual Award earned by such Participant. No award may be granted during any period of suspension
or after termination of the Plan.

 

(b)
Duration of Plan. The Plan will commence on the date first adopted by the Board or the Compensation Committee of the Board, and
subject to Section 7(a) (regarding the Administrator’s right to amend or terminate the Plan), will remain in effect thereafter
until terminated.

 

8.
Legal Construction.

 

(a)
Gender and Number. Unless otherwise indicated by the context, any feminine term used herein also will include the masculine and
any masculine term used herein also will include the feminine; the plural will include the singular and the singular will include the
plural.

 

(b)
Severability. If any provision of the Plan is or becomes or is deemed to be invalid, illegal, or unenforceable for any reason
in any jurisdiction or as to any Participant, such invalidity, illegality, or unenforceability will not affect the remaining parts of
the Plan, and the Plan will be construed and enforced as if the invalid, illegal, or unenforceable provision had not been included.

 

(c)
Governing Law. The Plan and all awards will be construed in accordance with and governed by the laws of the State of California,
but without regard to its conflict of law provisions.

 

(d)
Bonus Plan. The Plan is intended to be a “bonus program” as defined under U.S. Department of Labor regulations section
2510.3-2(c) and will be construed and administered in accordance with such intention.

 

(e)
Headings. Headings are provided herein for convenience only, and will not serve as a basis for interpretation or construction
of the Plan.

 

9.
Compliance with Applicable Laws. Awards under the Plan (including without limitation the granting of such awards) will be subject
to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as
may be required.

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