Document:

Exhibit 10.9

 

EXECUTION COPY

EXHIBIT H

 

LU RESTRICTIVE COVENANT AGREEMENT

 

THIS LU RESTRICTIVE
COVENANT AGREEMENT (as may be amended or modified from time to time, this “Agreement”) is made and entered
into as of November 12, 2018, by and between InvaGen Pharmaceuticals Inc., a New York corporation (“Buyer”)
and Lucy Lu, M.D. (“Dr. Lu”).

 

WHEREAS, Avenue
Therapeutics, Inc., a Delaware corporation (the “Company”), Madison Pharmaceuticals, Inc., and Buyer have entered
into that certain Stock Purchase and Merger Agreement, dated as of the date hereof (the “SPMA”); and

 

WHEREAS, Dr.
Lu is receiving a substantial economic benefit from the transactions contemplated by the SPMA, and Buyer would not have entered
into the SPMA without the execution and delivery by Dr. Lu of this Agreement.

 

NOW THEREFORE,
in consideration of the mutual promises and covenants contained herein, and other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the parties agree as follows:

 

1.            Definitions.
Capitalized terms used but not defined in this Agreement shall have the respective meanings ascribed to them in the SPMA.

 

2.            Restrictive
Covenants.

 

(a)           For
a period commencing on the date hereof and ending on the earlier of (i) (x) the termination of the SPMA in accordance with its
terms if at the time of such termination the First Stage Closing has not occurred or (y) the date that is five years after the
termination of the SPMA in accordance with its terms if at the time of such termination the First Stage Closing has occurred and
(ii) five years after the Second Stage Closing Date (such period, the “Term”), Dr. Lu shall not (and shall cause
her Affiliates not to), on her own or through any other Person, engage or participate in, or render services to (whether as owner,
operator, member, stockholder, manager, consultant, strategic partner, employee or otherwise) any Person engaged in, the business
of hospital administered pain management anywhere in the world other than Canada, Central America or South America (a “Competing
Business”), including licensing, acquiring or seeking to develop Intellectual Property relating in any manner to hospital
administered pain management, including by means of a collaboration agreement, partnership, joint venture, or other investment,
or through sponsorship, management, research or development arrangements. During the Term, Dr. Lu shall not (and Dr. Lu shall cause
her Affiliates not to), directly or indirectly, use or transfer to another Person, or facilitate the use or transfer by or to another
Person, of any Investigational New Drug, NDA, “regulatory documents”, “essential documents” or any amendments
thereto, any data or information contained in the files submitted to the FDA, or any other information or data, in each case, related
to the Product or improvements thereon.

 

    	 

     

    

 

(b)           During
the Term, Dr. Lu shall not (and shall cause her Affiliates not to), directly or indirectly, (i) solicit for employment, recruit
or hire, either as an employee or a consultant, any employee, consultant or independent contractor of the Company or Buyer or any
of their respective Affiliates who was an employee, consultant or independent contractor of the Company or Buyer or any of their
respective Affiliates as of the date of this Agreement or at any time thereafter and prior to the expiration of the Term to become
an employee or consultant of, or otherwise provide services to, Dr. Lu, her Affiliates, or any entity to which she or any of them
provide services, except, solely from and after the earlier of the Second Stage Closing and the termination of the SPMA, where
such action with regard to any person set forth on Schedule 1 would not constitute a breach of Section 2(a) above, (ii) interfere
or attempt to interfere with any transaction, agreement, prospective agreement, business opportunity or business relationship relating
to the Product in which the Company or Buyer or any of their respective Affiliates is involved in as of the date of this Agreement
or at any time thereafter and prior to the expiration of the Term or (iii) otherwise engage or participate in any effort or act
to induce any Person to discontinue a relationship with the Company or Buyer or any of their respective Affiliates.

 

(c)           Dr.
Lu shall (and shall cause her Affiliates and Representatives to), keep confidential and not disclose to any other Person or use
any information, technology, know-how, trade secrets, product formulas, industrial designs, franchises, inventions or other industrial
and intellectual property in her possession or control regarding the Company or its businesses (unless and to the extent compelled
to disclose by judicial or administrative process or, in the opinion of its counsel, by other Legal Requirements). The obligations
of Dr. Lu under this Section 2(c) shall not apply to information that (i) is obtained from public information, (ii) is received
from a third party after the date hereof not, to the actual knowledge of Dr. Lu after reasonable investigation, subject to any
obligation of confidentiality with respect to such information, or (iii) is or becomes known to the public, other than through
a breach of this Agreement.

 

3.            Representations
and Warranties. Dr. Lu represents and warrants to Buyer as follows:

 

(a)           Dr.
Lu has read and understands the terms of this Agreement and agrees to be bound by its terms and conditions.

 

(b)           Dr.
Lu has the requisite legal capacity to enter into and perform this Agreement.

 

(c)           This
Agreement has been duly executed and delivered by Dr. Lu, and this Agreement constitutes the valid and binding agreement of Dr.
Lu enforceable against her in accordance with its terms.

 

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(d)           The
execution or delivery by Dr. Lu of this Agreement or the performance by Dr. Lu of her obligations under this Agreement will not
(i) result in any breach of, require (with or without notice or lapse of time or both) any payment, consent or notice or constitute
a default (or give rise to any right of purchase, termination, amendment, acceleration or cancellation) under any Contract or order
or judgment to which Dr. Lu is a party or by which she or her assets are bound, (ii) result in the creation of an Encumbrance,
or (iii) violate any applicable Legal Requirement, other than, in each case, such breaches, defaults or violations that have not
had, or are not reasonably likely to have, a material adverse effect on the ability of Dr. Lu to perform her obligations under
or to consummate the transactions contemplated by this Agreement.

 

4.            Remedies.
Buyer and Dr. Lu acknowledge and agree that the remedies at law for any breach by Dr. Lu of any of the covenants or provisions
of this Agreement are inadequate, and that Buyer shall be entitled to an injunction, specific performance or other equitable relief
against Dr. Lu in the event of any breach. Dr. Lu agrees to reimburse Buyer any and all fees, costs and expenses (including reasonable
attorneys’ fees) incurred for purposes of enforcing this Agreement in the event such enforcement is either consented to by
Dr. Lu or ordered by a court of competent jurisdiction. Without limiting the foregoing, in the event of a breach or threatened
breach by Dr. Lu of the terms of this Agreement, Buyer shall be entitled, if it so elects, to: (a) have the provisions of this
Agreement specifically enforced by any court having equity jurisdiction or to enjoin Dr. Lu from any further violation of this
Agreement; (b) require Dr. Lu to account for and pay over to Buyer all compensation, profits, monies, accruals, increments or other
benefits derived or received by Dr. Lu as the result of any transactions constituting a breach of this Agreement, and Dr. Lu hereby
agrees to promptly account for and pay over such benefits to Buyer; and (c) institute legal proceedings to obtain other monetary
damages for any such breach. Without limiting the foregoing, Buyer shall be entitled to set-off any amount owed by Dr. Lu under
this Agreement as a result of her breach hereof against any amount owed to Dr. Lu or any of its Affiliates under the SPMA or any
Ancillary Agreement. Each of the rights and remedies enumerated above shall be independent of the others, and shall be severally
enforceable, and all of such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available
to Buyer at law or in equity.

 

5.            Severability.
In the event that any of the covenants or provisions of Section 2 hereof may be determined to be invalid, illegal or unenforceable
by a court of competent jurisdiction in a final non-appealable judgment or order as a result of any time or scope (geographic or
otherwise) limitations provided therein, Buyer and Dr. Lu expressly agree that such covenants and provisions shall be effective
nevertheless for the greatest period of time and within the greatest scope (geographic or otherwise) that would not render them
invalid, illegal or unenforceable, and in such event Dr. Lu hereby consents that such provisions may be judicially modified accordingly
in any proceeding brought to enforce the provisions of Section 2 hereof. Any other covenant or provision of this Agreement
that may be determined to be invalid, illegal or unenforceable shall be ineffective only to the extent of such invalidity, illegality
or unenforceability without invalidating or rendering unenforceable any remaining provisions of this Agreement.

 

6.            Tolling
Period. The obligations contained in Section 2 hereof shall be extended by any length of time during which Dr. Lu
is or was in breach of any such obligations.

 

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7.            Acknowledgments.
Dr. Lu hereby acknowledges and agrees that (a) this Agreement (including the time, scope (geographic or otherwise) or any other
limitations provided in Section 2 hereof) is reasonable and necessary for the protection of the immediate interests of Buyer,
and that any violation of this Agreement would cause substantial injury to Buyer and that Buyer would not have entered into the
SPMA, this Agreement and the other Ancillary Agreements without receiving the additional consideration offered by Dr. Lu in binding
herself to this Agreement; (b) the scope of this Agreement, in terms of duration, geographic area, activities restricted and otherwise,
is reasonable; and (c) Dr. Lu has had a reasonable opportunity to have this Agreement reviewed by legal counsel.

 

8.            Miscellaneous.

 

(a)           Entire
Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect
to the subject matter of this Agreement and supersedes any and all prior agreements, negotiations, correspondence, undertakings,
understandings and communications of the parties hereto with respect to the subject matter of this Agreement.

 

(b)           Transaction
Costs. Except as otherwise provided herein, the parties to this Agreement will pay their own
costs and expenses (including legal, accounting and other fees) relating to this Agreement.

 

(c)           Modifications.
Any amendment or modification to this Agreement, including this undertaking itself, shall only be valid if effected by an instrument
or instruments in writing and shall be effective against each of the parties hereto that has signed such instrument or instruments.
The parties agree that they jointly negotiated and prepared this Agreement and that this Agreement will not be construed against
any party on the grounds that such party prepared or drafted the same.

 

(d)           Notices.
Notices will be deemed to have been received (a) upon receipt of a registered letter, (b) three
Business Days following proper deposit with an internationally recognized express overnight delivery service, or (c) in the case
of transmission by email, as of the date so transmitted (or if so transmitted after normal business hours at the place of the recipient,
on the Business Day following such transmission):

 

If to Dr. Lu:

 

Lucy Lu, M.D.

455 Main Street, #4F

New York, NY 10044

Email: llu@avenuetx.com

  

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If to Buyer:

 

InvaGen Pharmaceuticals Inc.

Site B, 7 Oser Ave. 

Hauppauge, NY 11788

c/o A.S.
Kumar, Esq.

Global General
Counsel

Cipla Ltd.

Cipla House,
Peninsula Business Park,

Ganapatrao
Kadam Marg, Lower Parel West,

Mumbai, Maharashtra
400013, India

Email: as.kumar@cipla.com
and cosecretary@cipla.com

 

With a copy (which shall not constitute
notice) to:

 

InvaGen Pharmaceuticals Inc.

Site B, 7 Oser Ave.

Hauppauge, NY 11788

c/o

Nishant Saxena

Global Chief Strategy Officer

Cipla Ltd.

Cipla House, Peninsula Business Park,

Ganapatrao Kadam Marg, Lower Parel West,

Mumbai, Maharashtra 400013, India

Email: nishant.saxena@cipla.com

 

With a copy (which shall not constitute
notice) to:

 

Hughes Hubbard & Reed LLP

One Battery Park Plaza

New York, NY 10004-1482

Attn: Kenneth A. Lefkowitz

Email: ken.lefkowitz@hugheshubbard.com

 

or to such other address as may
be hereafter communicated in writing by the parties in a notice given in accordance with this Section 8(d), which address
shall then apply to the respective notice provisions of the SPMA and all other Ancillary Agreements.

 

(e)           Public
Announcements. Except as required by Legal Requirements or by the
requirements of any stock exchange on which the securities of a party hereto or any of its Affiliates are listed, no party to this
Agreement will make, or cause to be made, any press release or public announcement in respect of this Agreement or the transactions
contemplated hereby or otherwise communicate with any news media with respect to the foregoing without prior notification to the
other parties, and the parties to this Agreement will consult with each other and cooperate as to the form, timing and contents
of any such press release, public announcement or disclosure.

 

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(f)            Severability.
Each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable Legal Requirements,
but if any provision of this Agreement is found to be unenforceable or invalid under applicable Legal Requirements, such provision
will be ineffective only to the extent of such unenforceability or invalidity, and the parties will negotiate in good faith to
modify this Agreement so that the unenforceable or invalid provision is replaced by such valid and enforceable provision which
the parties consider, in good faith, to match as closely as possible the invalid or unenforceable provision and to achieve the
same or a similar economic effect and to give effect to the parties’ original intent. The remaining provisions of this Agreement
will continue to be binding and in full force and effect.

 

(g)           Assignment.
No party hereto may assign, in whole or in part, or delegate all or any part of its rights, interests or obligations under this
Agreement without the prior written consent of the other party. Any assignment or delegation made without such consent will be
void. Notwithstanding the foregoing, Buyer shall be entitled to (a) assign its rights under this Agreement to any one of its Affiliates,
and (b) assign any or all of its rights and obligations under this Agreement (in whole or in part) as collateral security in a
financing transaction.

 

(h)           Governing
Law. This Agreement and any claims or causes of action pursuant to it will be governed by and
construed in accordance with the laws of the State of Delaware, without regard for its principles of conflict of laws.

 

(i)            Specific
Performance. Each party acknowledges and agrees that the other party
would be irreparably damaged if the provisions of this Agreement are not performed in accordance with their terms and that any
breach of this Agreement and the non-consummation of the transactions contemplated hereby by either party could not be adequately
compensated in all cases by monetary damages alone. Accordingly, in addition to any remedy to which such other party may be entitled
under Section 8(j), provisional measures and injunctive relief necessary to protect the possibility of each party to seek
specific performance from the other from the tribunal referred to in Section 8(j) can be sought from any court of competent
jurisdiction. Each of the parties hereto (i) agrees that it shall not oppose the granting of any such relief and (ii) hereby irrevocably
waives any requirement for the security or posting of any bond in connection with any such relief (it is understood that clause
(i) of this sentence is not intended to, and shall not, preclude any party hereto from litigating on the merits the substantive
claim to which such remedy relates).

 

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(j)            Submission
to Jurisdiction. Each of the parties hereto irrevocably agrees that
any Proceeding with respect to this Agreement and the rights and obligations arising hereunder, or for recognition and
enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by
any other party hereto or its successors or assigns, shall be brought and determined exclusively in the Court of Chancery of the
State of Delaware, or in the event (but only in the event) that such court does not have subject matter jurisdiction over such
action or proceeding, in the federal courts sitting in the State of Delaware. Each of the parties hereto agrees that mailing of
process or other papers in connection with any such action or proceeding in the manner provided in Section 8(d), or
in such other manner as may be permitted by applicable Legal Requirements, will be valid and sufficient service thereof. Each of
the parties hereto hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property,
generally and unconditionally, to the personal jurisdiction of the aforesaid courts and agrees that it will not bring any action
relating to this Agreement or any of the transactions contemplated by this Agreement in any court or tribunal
other than the aforesaid courts. Each of the parties hereto hereby irrevocably waives, and agrees not to assert, by way of motion,
as a defense, counterclaim, or otherwise, in any action or proceeding with respect to this Agreement and the rights and
obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the
rights and obligations arising hereunder: (a) any claim that it is not personally subject to the jurisdiction of the above named
courts for any reason other than the failure to serve process in accordance with this Section 8(j); (b) any claim that
it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether
through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise);
and (c) to the fullest extent permitted by the applicable Legal Requirements, any claim that (i) the suit, action or proceeding
in such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper, or (iii) this Agreement,
or the subject matter hereof, may not be enforced in or by such courts.

 

(k)           Waiver
of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY
CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND,
THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT or the
transactions contemplated hereby. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT: (A) NO
REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE
THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION; (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (C) SUCH
PARTY MAKES THIS WAIVER VOLUNTARILY; AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8(k).

 

(l)           Waiver.
Any term or condition of this Agreement may be waived at any time by the party that is entitled to the benefit thereof, but no
such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the party waiving such
term or condition, and no waiver by any party of any default, misrepresentation, or breach of warranty or covenant hereunder, shall
be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty, covenant or agreement hereunder
or affect in any way any rights arising by virtue of any such prior or subsequent occurrence. No failure or delay of any party
in exercising any right or remedy hereunder shall operate as a waiver thereof, and no waiver by any party of any term or condition
of this Agreement, in any one or more instances, shall be deemed to be or construed as a waiver of the same or any other term or
condition of this Agreement on any future occasion.

 

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(m)          Counterparts;
Facsimile Signature. This Agreement may be executed in one (1) or
more counterparts, by original or facsimile (or other such electronically transmitted) signature, each of which will be deemed
an original, but all of which will constitute one and the same instrument. Any party executing this Agreement by facsimile (or
other such electronically transmitted) signature shall, upon request from another party hereto, promptly deliver to the requesting
party an original counterpart of such signature. 

 

(n)           Rights
Cumulative. All rights and remedies of each of the parties under this
Agreement will be cumulative, and the exercise of one or more rights or remedies will not preclude the exercise of any other right
or remedy available under this Agreement or applicable Legal Requirements.

 

(o)           Interpretation.
(a) The words “hereof”, “herein”, and “hereunder”
and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision
of this Agreement; (b) the words “date hereof,” when used in this Agreement, shall refer to the date set forth
in the Preamble; (c) the terms defined in the singular have a comparable meaning when used in the plural, and vice versa;
(d) the terms defined in the present tense have a comparable meaning when used in the past tense, and vice versa; (e) any
references herein to a specific Section or Article shall refer, respectively, to Sections or Articles of this Agreement; (f) wherever
the word “include”, “includes”, or “including” is used in this Agreement, it shall be deemed
to be followed by the words “without limitation”; (g) references herein to any gender includes each other gender;
(h) the word “or” shall not be exclusive; (i) the headings herein are for convenience of reference only,
do not constitute part of this Agreement and shall not be deemed to limit or otherwise affect any of the provisions hereof; (j)
any references herein to any Governmental Authority shall be deemed to also be a reference to any successor Governmental Authority
thereto; and (k) the parties hereto have participated jointly in the negotiation and drafting of this Agreement and, in the event
that an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties
hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision
of this Agreement. 

 

(p)           Survival.
This Section 8 shall survive any termination of this Agreement.

 

[SIGNATURE PAGE TO FOLLOW]

 

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IN WITNESS
WHEREOF, the parties hereto have executed this Agreement as of the date first set forth above.

 

	/s/ Lucy Lu	 
	 	 
	Lucy Lu, M.D.	 
	 	Date:          	 	 

 

	InvaGen Pharmaceuticals Inc.	 
	 	 
	By:	/s/ Deepak Agarwal	 
	 	Name:         	Deepak Agarwal	 
	 	Title:	CFO	 
	 	Date:	 	 

 

[Signature Page
to Lu Restrictive Covenant Agreement]

 

    	 

     

    

 

Schedule 1

 

Tim Hillman (CMC and Program Management),
Ali Kandil (Supply Chain Management), Mark Harnett (Biostatistician and Medical Writing), Scott Reines (Medical Consultant), Bonnie
Goldmann (Regulatory Consultant).Exhibit 10.10

 

EXECUTION
COPY

Exhibit
I

 

FIRST AMENDMENT TO EXECUTIVE EMPLOYMENT
AGREEMENT

 

THIS FIRST AMENDMENT
TO EXECUTIVE EMPLOYMENT AGREEMENT (this “Amendment”) is entered into effective as of this 12th day of
November, 2018, by and between Avenue Therapeutics, Inc., a Delaware corporation (the “Company”) and
Lucy Lu, M.D. (the “Executive”).

 

WITNESSETH:

 

WHEREAS, Executive
and the Company entered into an Executive Employment Agreement dated as of June 10, 2015 (the “Employment Agreement”);

 

WHEREAS, Executive
and the Company wish to alter certain terms of the Employment Agreement with regard to the separation benefits provided to Executive
in certain circumstances; and

 

WHEREAS, in light of
the foregoing, Executive and the Company desire to mutually and voluntarily amend the Employment Agreement pursuant to the terms
as set forth herein, effective as of the date set forth above.

 

NOW, THEREFORE, in
consideration of the foregoing, the mutual promises herein contained, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows.

 

1.                 AMENDMENT
TO SECTION 4.5.2 OF THE EMPLOYMENT AGREEMENT. Section 4.5.2 of the Employment Agreement is modified by replacing the existing
Section 4.5.2 in its entirety with a new Section 4.5.2 as follows:

 

4.5.2           Death
or Complete Disability. If Executive’s employment under this Agreement is terminated by her death or Complete Disability,
then, in addition to the amounts described in Section 4.5.1, and conditioned upon Executive (or her estate or heirs as applicable)
executing and not revoking a release of claims in the form attached as Exhibit B (the “Release”)
within the time periods specified therein, the Company will provide the following separation benefits: (i) the Company will continue
Executive’s Base Salary (at the rate in effect as of the termination) for a period of ninety (90) days beginning on the sixtieth
(60th) day following the termination of Executive’s employment with the Company, (ii) Executive shall be entitled
to a pro-rata share of the Annual Bonus, to be paid when and if such Annual Bonus would have been paid under this Agreement, and
(iii) immediate accelerated vesting of all unvested equity awards, except for equity awards granted pursuant to Section 8.7(c)
of the Stock Purchase and Merger Agreement by and among the Company, InvaGen Pharmaceuticals Inc. and Madison Pharmaceuticals Inc.
dated November 12, 2018 (the “SPMA”), such that, as of the effective date of the Release, the Executive
shall be vested in one hundred percent (100%) of all such equity awards. The Base Salary payments will be subject to standard payroll
deductions and withholdings and will be made on the Company’s regular payroll cycle, provided, however, that any payments
otherwise scheduled to be made prior to the effective date of the Release shall accrue and be paid in the first payroll period
that follows such effective date.

 

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2.                 AMENDMENT
TO SECTION 4.5.4 OF THE EMPLOYMENT AGREEMENT. Section 4.5.4 of the Employment Agreement is modified by replacing the existing
Section 4.5.4 in its entirety with a new Section 4.5.4 as follows:

 

4.5.4           Termination
Without Cause or Resignation For Good Reason Not In Connection with a Change of Control. If Executive’s employment under
this Agreement is terminated by the Company without Cause or Executive resigns for Good Reason, at any time other than at the time
of, or within six (6) months following a Change of Control, then, in addition to the amounts described in Section 4.5.1, and conditioned
upon Executive executing and not revoking the Release within the time periods specified therein, the Company will provide the following
separation benefits: (i) the Company will continue Executive’s Base Salary (at the rate in effect as of the termination)
for a period of twelve (12) months, beginning on the sixtieth (60th) day following the termination of Executive’s
employment with the Company, (ii) if Executive timely elects continued health insurance coverage under COBRA, the Company shall
pay the entire premium necessary to continue such coverage for Executive and Executive’s eligible dependents until the conclusion
of the time when Executive is receiving continuation of Base Salary payments or until Executive becomes eligible for group health
insurance coverage under another employer’s plan, whichever occurs first, provided however that the Company has the right
to terminate such payment of COBRA premiums on behalf of Executive and instead pay Executive a lump sum amount equal to the COBRA
premium times the number of months remaining in the specified period if the Company determines in its discretion that continued
payment of the COBRA premiums is or may be discriminatory under Section 105(h) of the Internal Revenue Code; (iii) Executive shall
be entitled to a pro-rata share of the Annual Bonus for the year in which the termination occurred, to be paid when and if such
Annual Bonus would have been paid under this Agreement; and (iv) immediate accelerated vesting of all unvested equity awards, except
for equity awards granted pursuant to Section 8.7(c) of the SPMA, such that, as of the effective date of the Release, the Executive
shall be vested in one hundred percent (100%) of all such equity awards. The Base Salary payments will be subject to standard payroll
deductions and withholdings and will be made on the Company’s regular payroll cycle, provided, however, that any payments
otherwise scheduled to be made prior to the effective date of the Release shall accrue and be paid in the first payroll period
that follows such effective date.

 

3.                 AMENDMENT
TO SECTION 4.55 OF THE EMPLOYMENT AGREEMENT. Section 4.5.5 of the Employment Agreement is modified by replacing the existing
Section 4.5.5 in its entirety with a new Section 4.5.5 as follows:

 

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4.5.5           Termination
Without Cause or Resignation For Good Reason In Connection with a Change of Control. If the Company terminates Executive’s
employment without Cause, or if Executive resigns for Good Reason, upon the occurrence of, or within the six (6) months following,
the effective date of a Change of Control and Executive has not entered into a new employment agreement with the Company’s
acquirer or an affiliate thereof, then, in addition to the amounts described in Section 4.5.1, and conditioned upon Executive executing
and not revoking the Release within the time periods specified therein, the Company will provide the following separation benefits:
(i) the Company will continue Executive’s Base Salary (at the rate in effect as of the termination) for a period of twelve
(12) months, beginning on the sixtieth (60th) day following the termination of Executive’s employment with the
Company, (ii) if Executive timely elects continued health insurance coverage under COBRA, the Company shall pay the entire premium
necessary to continue such coverage for Executive and Executive’s eligible dependents until the conclusion of the time when
Executive is receiving continuation of Base Salary payments or until Executive becomes eligible for group health insurance coverage
under another employer’s plan, whichever occurs first, provided however that the Company has the right to terminate such
payment of COBRA premiums on behalf of Executive and instead pay Executive a lump sum amount equal to the COBRA premium times the
number of months remaining in the specified period if the Company determines in its discretion that continued payment of the COBRA
premiums is or may be discriminatory under Section 105(h) of the Internal Revenue Code; (iii) Executive shall be entitled to a
pro-rata share of the Annual Bonus for the year in which the termination occurred, to be paid when and if such Annual Bonus would
have been paid under this Agreement; and (iv) immediate accelerated vesting of all unvested equity awards, such that, on the effective
date of the Release, the Executive shall be vested in one hundred percent (100%) of all such equity awards. The Base Salary payments
will be subject to standard payroll deductions and withholdings and will be made on the Company’s regular payroll cycle,
provided, however, that any payments otherwise scheduled to be made prior to the effective date of the Release shall accrue and
be paid in the first payroll period that follows such effective date.

 

4.                 RESTRICTIVE
COVENANT AGREEMENT. In connection with and as a material condition of the Parties’ entry in this Amendment and the Company’s
continued employment of Executive, Executive agrees to contemporaneously execute and be bound by certain restrictive covenants,
as set forth in the Restrictive Covenant Agreement is attached to this Amendment as Exhibit A (the “Restrictive
Covenant Agreement”). Upon its execution, the Restrictive Covenant Agreement will constitute a material part of the
Employment Agreement and will be incorporated by reference therein. For the avoidance of doubt, the Restrictive Covenant Agreement
is in addition to, and not in lieu of, any existing restrictive covenants in the Employment Agreement, including but not limited
to those contained in Section 2 of the Employment Agreement and the PIIA.

    	3

     

    

 

5.                 REMAINDER
OF EMPLOYMENT AGREEMENT. Except as expressly set forth in this Amendment, the provisions of the Employment Agreement will remain
in full force and effect, in their entirety, in accordance with their terms.

 

6.                 MISCELLANEOUS.
This Amendment will be governed, construed, and interpreted in accordance with the laws of the State of New York, without giving
effect to conflicts of laws principles. The parties agree that this Amendment may only be modified in a signed writing executed
by both parties. This Amendment will be binding upon and will inure to the benefit of the parties hereto and their respective heirs,
successors and assigns. This Amendment may be executed in separate counterparts, each of which is deemed to be an original and
all of which taken together constitute one agreement. Facsimile or PDF reproductions of original signatures will be deemed binding
for the purpose of the execution of this Amendment.

 

[Signature Page Immediately Follows]

 

    	4

     

    

 

IN WITNESS WHEREOF,
the parties have executed this First Amendment to Executive Employment Agreement to be effective as of the day and year first
above written.

 

	Avenue Therapeutics, Inc.	 	 
	 	 	 
	/s/ Joseph Vazzano	 	 
	 	 	Date
	Name:	Joseph Vazzano	 	 
	Position:   	VP of Finance	 	 
	 	 	 
	Executive:	 	 
	 	 	 
	/s/ Lucy Lu, M.D.	 	 
	Lucy Lu, M.D.	 	Date

 

[Signature Page
to First Amendment to Executive Employment Agreement]

 

    	

     

    

 

EXHIBIT A

 

[Restrictive Covenant Agreement]

 

[Exhibit A to First Amendment to Executive
Employment Agreement]

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