Document:

Exhibit 10.4

    

    

    Gain Therapeutics, Inc.

    4800 Hampden Lane Suite 200

    Bethesda, MD 20814

    

    

    July 8, 2020

    

    

    Eric Richman

    (via email eirichman@gaintherapeutics.com)

    

    

    Dear Eric:

    

    

    Gain Therapeutics, Inc. (the “Company”) is pleased to offer you the position of Chief Executive Officer of the Company on the following terms:

    

    

    1.          Position.

     

    

    (a)          You will be employed as Chief Executive Officer (“CEO”) of the Company and you will report to the Company’s Board of Directors (the “Board”). This is a full-time position. 
      By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties for the Company. During the term of your employment, you shall also
      serve, without additional compensation, as a member of the Board for the term of your employment as CEO.

    

    

    
      (b)          You agree to the best of your ability and experience that you will at all times loyally and conscientiously perform all of the duties and obligations required of and from you pursuant
        to the express and implicit terms hereof, and to the reasonable satisfaction of the Company.  During your employment, you further agree that you will devote all of your business time and attention to the business of the Company, the Company will be
        entitled to all of the benefits and profits arising from or incidental to all such work services and advice, you will not render commercial or professional services of any nature to any person or organization, whether or not for compensation,
        without the prior written consent of the Company, and you will not directly or indirectly engage or participate in any business that is competitive in any manner with the business of the Company.  Nothing in this letter agreement will prevent you
        from accepting speaking or presentation engagements in exchange for honoraria or from serving on boards of charitable organizations or public or private corporations that are not competitive in any manner with the business of the Company (current
        relationships in exhibit A), or from owning no more than one percent (1%) of the outstanding equity securities of a corporation whose stock is listed on a national stock exchange.

      

      

    

    2.          Start Date.  Subject to fulfillment of any conditions imposed by this letter agreement, you will commence this new position with the Company
      effective July 20, 2020 and will be effective for a period of two years thereafter.

    

    

    3.          Proof of Right to Work.  For purposes of federal immigration law, you will be required to provide to the Company satisfactory documentary proof
      of your identity and eligibility for employment in the United States, and this offer is contingent upon such satisfactory proof.  Such documentation must be provided to the Company within three business days of your date of hire.

    

    

    4.          Cash Compensation.  The Company will pay you a starting salary at the rate of $300,000 per year, less required deductions and withholdings,
      payable in accordance with the Company’s standard payroll schedule.  This salary will be subject to adjustment pursuant to the Company’s employee compensation policies in effect from time to time. As an exempt salaried employee, you will be expected
      to work hours as required by the nature of your work assignments, including hours beyond the Company’s normal business hours, and you will not be eligible for, nor entitled to receive, overtime compensation.

    
      
        

    

    
    In addition, you will be paid a signing bonus of $30,000 and eligible to be considered for a discretionary incentive bonus for each fiscal year of the Company. Whether you are awarded any bonus for
      a given fiscal year, and the amount of the bonus (if any), will be determined by the Company in its sole discretion based upon achievement of Company and personal objectives established and approved by the Company’s Board of Directors. The
      determinations of the Company’s Board of Directors with respect to your bonus will be final and binding.

    

    

    5.          Employee Benefits.  As a regular employee of the Company, you will be eligible to participate in a number of Company-sponsored benefits,
      including its medical, dental and 401(k) plans, under the terms and conditions of the benefit plans that may be in effect from time to time.  In addition, you will be entitled to 20 vacation days and to accrue and use paid vacation benefits, in
      accordance with the Company’s vacation policy, as in effect from time to time.

    

    

    6.          Confidential Information and Inventions Assignment/Company Policies.  Like all Company employees, you will be required, as a condition of your
      employment with the Company, to sign the Company’s standard Employee Confidential Information and Inventions Assignment Agreement, a copy of which is attached hereto as Exhibit 1.  In addition, you will
      be expected to abide by Company rules and policies.

    

    

    7.          Employment Relationship.  Your employment with the Company may be terminated by either you or the Company at any time and for any reason, with or
      without cause or advance notice.  Any contrary representations that may have been made to you are superseded by this letter agreement.  This is the full and complete agreement between you and the Company on this term.  Although your job duties,
      title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly
      authorized officer of the Company (other than you).

    

    

    9.          Tax Matters.  All forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable withholding and
      payroll taxes and other deductions required by law. You are encouraged to obtain your own tax advice regarding your compensation from the Company. You agree that the Company does not have a duty to design its compensation policies in a manner that
      minimizes your tax liabilities, and you will not make any claim against the Company or the Board related to tax liabilities arising from your compensation.

    

    

    10.          No Conflicting Obligations.  You understand and agree that by accepting this offer of employment, you represent to the Company that your
      performance will not breach any other agreement to which you are a party and that you have not, and will not during the term of your employment with the Company, enter into any oral or written agreement in conflict with any of the provisions of this
      letter or the Company’s policies.  You are not to bring with you to the Company, or use or disclose to any person associated with the Company, any confidential or proprietary information belonging to any former employer or other person or entity with
      respect to which you owe an obligation of confidentiality under any agreement or otherwise.  The Company does not want or need and will not use such information, will assist you to preserve and protect the confidentiality of proprietary information
      belonging to third parties, and expects you to use in performing your duties for the Company only information which is generally known and used by persons with training and experience comparable to your own, which is common knowledge in the industry
      or otherwise legally in the public domain, or which is otherwise provided or developed by the Company.  Also, we expect you to abide by any obligations to refrain from soliciting any person employed by or otherwise associated with any former employer
      and suggest that you refrain from having any contact with such persons until such time as any non-solicitation obligation expires.

    

    

    11.          Interpretation, Amendment and Enforcement.  This letter agreement, together with the Confidential
      Information and Inventions Assignment Agreement, constitutes the complete agreement between you and the Company, contains all of the terms of your employment with the Company and supersedes any prior agreements, representations or understandings
      (whether written, oral or implied) between you and the Company.  It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other agreements, promises,
      warranties or representations concerning its subject matter. Changes in the terms hereof, other than those changes expressly reserved to the Company’s discretion in this letter, require an express written modification signed by both you and a duly
      authorized officer of the Company.  The terms of this letter agreement and the resolution of any disputes as to the meaning, effect, performance or validity of this letter agreement or arising out of, related to, or in any way connected with, this
      letter agreement, your employment by the Company or any other relationship between you and the Company (the “Disputes”) will be governed by Delaware law, excluding laws relating to conflicts or choice of law.  You and the Company submit to the
      exclusive personal jurisdiction of the federal and state courts located in Delaware in connection with any Dispute or any claim related to any Dispute.

    

    

    * * * * *

    
      2

      
        

    

    We hope that you will accept our offer to join the Company.  You may indicate your agreement with these terms and accept this offer by signing and dating both the enclosed duplicate original of
      this letter agreement and the enclosed Confidential Information and Inventions Agreement and returning them to me.  This offer, if not accepted, will expire at the close of business on July 19, 2020.

    

    

    If you have any questions, please do not hesitate to contact me.

    

    

    Very truly yours,

    

    

    Gain Therapeutics, Inc.

    

    

    

    

    	By:

          	/s/ Shawn Titcomb

          	 
	 	Shawn Titcomb

          	 
	 	Director / Officer

          	 

    

    

    I have read and accept this employment offer:

    

    

    	
            /s/ Eric I. Richman

            

          	 

    Signature

    

    

    Printed Name:  Eric I. Richman

    

    

    Dated:

    

    

    July  8, 2020

    
      3

      
        

    

    Exhibit A

    

    

    InFuse Holdings – Founder and Chairman

    LabConnect – Chairman

    Neubase (NBSE) – Director

    Rev Capital II, LLC – Manager

    VerImmune, Inc. – Advisor

    Epidarex Capital – Advisor

    NovelStem, Inc. – Director

    Babson Diagnostics – AdvisorExhibit 10.6

    

    

    Lugano, September l, 2019

    

    

    Mr. Salvatore Calabrese

    Via Quintino Sella, n.2

    20121, Milano (Mi) Italy

    Tax ID (P.IVA): 10437540965

    

    

    

    

    Re:          Consulting Agreement

    

    

    Dear Mr. Calabrese,

    

    

    We hereby intend to submit to your attention the following proposal.

    

    

    CONSULTING AGREEMENT

    

    

    between

    

    

    GT Gain Therapeutics S.A, a Swiss Corporation, with registered office in Via Peri 9D, 6900 Lugano, Switzerland, registration number with the Register of Enterprises of Lugano and Tax
      Code CHE 438 987 642, represented herein by Mr. Lorenzo Leoni, in his capacity as President (hereinafter referred to as the "Company"),

    

    

    
      and

    

    

    

    Mr. Salvatore Calabrese, Via Quintino Sella 2, 20121 Milano (MI), Italia, Tax ID 10437540965 (hereinafter referred to as the "Consultant").

    

    

    (the Company and the Consultant, the "Parties" and each a "Party")

    

    

    WHEREAS

    

    

    	(i)	
            the Company is a start-up dedicated to the research, discovery, development, production, licensing and marketing therapeutical products and technologies in the pharmaceuticals and biotechnology fields, and in
              particular of new therapies for the treatment of genetic diseases, orphan diseases and other illness;

          

    

    

    
      
        

    

    the Company needs assistance in the following activities (Consulting Subjects)

    

    

    	

          	a.	
            Organization and management of its finance, admin and tax structure as well as in the formalization and implementation of administrative procedures, reporting, preparation of the Company's budget and forecast, along
              with the preparation of interim income statements and the subsequent evaluation and analysis of deviations from the forecasts,

          

    

    

    	

          	b.	
            Management of the relations with consulting and advisory firms on taxes, statutory services, legal matters and independent auditors who certify the financial statements,

          

    

    

    	

          	c.	
            Supervision of personnel administration activities, management of the relationship with outside administrative service providers including the management of workers' social security and insurance policies,

          

    

    

    	

          	d.	
            Supervision of the activities for the correct processing of wages, the payment of contributions and compliance with the administrative activities for personnel management,

          

    

    

    	

          	e.	
            Assistance on contractual, social security and tax activities, connected to ordinary and extraordinary personnel management,

          

    

    

    	

          	f.	
            Assistance on the corporate development strategy of Company, including, but not limited to, fundraising, partnerships, licensing agreements, co-development agreements, asset deals, trade sales.

          

    

    

    	

          	(ii)	
            the Consultant desires to provide special expertise and knowledge to the Company in the areas related to the "Consulting Subjects"); and

          

    

    

    	

          	(iii)	
            the Company desires to retain the Consultant as an independent contractor on the terms and conditions hereinafter set forth to provide consulting and advisory services to the Company based on the Consultant's
              special knowledge and expertise in the Consulting Subjects.

          

    

    

    NOW, THEREFORE, for and in consideration of the mutual covenants and promises and representations contained herein, and other good and
      valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Consultant agree as follows:

    

    

    
      
        

    

    

    

    1.          Expertise of Consultant.

    

    

    1.1 The Consultant represents that he has special expertise and knowledge concerning the Consulting Subjects and that he is willing to and
      wishes to provide his consultation and advisory services to the Company in connection with such area or areas.

    

    

    1.2 The Consultant hereby represents and warrants to the Company that the Consultant is not bound by any obligations to any other entity
      which will prevent or encumber the Consultant from performing such services for the Company. The Consultant hereby represents and warrants that no provision in, or activity contemplated by this Agreement, including, without limitation, the
      compensation to be received by him pursuant to Section 3.1, violates or conflicts with any agreement, regulation or policy by which he is bound or to which he is subject, whether related to his employment or otherwise. The Consultant agrees that if
      any such violation or conflict exists or arises in the future, he will be solely responsible for the satisfactory resolution thereof, without recourse to the Company.

    

    

       2.          Consultant's duties. Independent Contractor. Designated Agent.

    

    

    2.1 The Consultant hereby agrees to perform for the Company and to provide to the Company his personal consultation and advisory services in
      the Consulting Subjects in accordance with the terms of this Agreement.

    

    

    2.2 Throughout the entire term of this Agreement, the Consultant shall be an independent contractor with the full power and authority to
      select the means, method and manner of performing his services hereunder; provided, however, that the Consultant will perform consulting and advisory or other services in the areas designated by the Company. The Consultant will in no way be
      considered to be an agent, employee or servant of the Company. The Consultant shall have no authority to bind the Company in any capacity for any purpose.

    

    

    

    

     3.   General Duties and Compensation.

    

    

    3.1 For the performance of his obligations under this Agreement, the Company shall pay the Consultant a fee of Euro 4.500 per month, assuming
      an average of 4 days/month of activity. If additional work will be required, and only with formal prior approval from Company, a daily fee of Euro 1500 will be applied. In addition, the Company shall reimburse the Consultant for reasonable and
      necessary expenses incurred in connection with his providing of consulting services (for example travelling, hotel expenses and other miscellaneous expenses) and with respect to which the Consultant promptly provides to the Company a detailed expense
      account.

    

    

    
      
        

    

    3.2 The fee and the reimbursement of expenses shall be made within 30 days of the receipt by the Company of the relevant invoice and expense
      account.

    

    

    3.3 The Consultant shall himself pay, and the Company shall have no liability for, all social security, federal income taxes, unemployment
      insurance, workmen's compensation insurance, pensions, annuities or other liabilities or taxes incurred by or on behalf of or for the benefit of the Consultant or any of his agents, employees or servants who are not employed by the Company arising
      out of the performance by the Consultant of his obligations under this Agreement.

    

    

    4.          Term and Termination.

    

    

    4.1 The initial term of this Agreement (the "Initial Term") shall be for a period of 9 months, starting from September
      1, 2019. On expiration of the Initial Term (and on expiration of the term of any subsequent extension), the Parties may decide to extend for additional period, unless either Party shall give 30 days notice for the termination of this agreement at any
      time.

    

    

    5.          Miscellaneous.

    

    

    5.1 The laws of Switzerland will govern the interpretation, validity, effect, performance and termination of this Agreement without regard to
      the place of execution or the place of performance thereof, and the courts in Lugano shall have personal exclusive jurisdiction over the Company and the Consultant to hear all disputes arising out of this Agreement and venue shall be proper with such
      courts to hear such disputes.

    

    

    5.2 This Agreement replaces all previous agreements and discussions relating to the subject matters hereof, and constitutes the entire
      agreement between the Company and the Consultant with respect to the subject matters of this Agreement. This Agreement may not be modified in any respect by any verbal statement, representation or agreement made by any employee, officer
      representative of the Company or by any written document unless it is signed by an officer of the Company.

    
      
        

    

    5.3 If any term or provision of this Agreement is deemed invalid, contrary to or prohibited under applicable laws or regulations of any
      jurisdiction, such provision shall be revised to the extent permitted by law and the remaining provisions hereof shall not be invalidated.

    

    

    5.4 In the event that you agree with this proposal, please return the text of this letter duly signed for receipt and full acceptance
      thereof.

    

    

    

    

    

    

    

    

    	 	 	 
	 	
            GT Gain Therapeutics S.A.

          
	 	 	 
	 	
            By:

          	
            /s/ Dr. Khalid Islam

          
	 	
            Name:

          	
            Dr. Khalid Islam

          
	 	
            Title:

          	
            Chairman

          

    

    

    	 	 	 
	 	
            Consultant

          
	 	 	 
	 	
            By:

          	
            
              /s/ Salvatore Calabrese

            

          
	 	
            Name:

          	
            Salvatore Calabrese

          
	 	
            Title:

          	
            Consultant

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