Document:

NONQUALIFIED STOCK OPTION GRANT AGREEMENT

 

MATINAS BIOPHARMA HOLDINGS, INC.

 

This Stock Option Grant
Agreement (the “Grant Agreement”) is made and entered into effective on the Date of Grant set forth in Exhibit
A (the “Date of Grant”) by and between Matinas BioPharma Holdings, Inc., a Delaware corporation (the “Company”),
and the individual named in Exhibit A hereto (the “Optionee”).

 

WHEREAS, the Company
desires to provide the Optionee an incentive to participate in the success and growth of the Company through the opportunity to
earn a proprietary interest in the Company; and

 

WHEREAS, to give effect
to the foregoing intention, the Company desires to grant the Optionee an option pursuant to the Matinas BioPharma Holdings, Inc.
2013 Equity Compensation Plan (the “Plan”) to acquire the Company’s common stock, par value $.0001 per
share (the “Common Stock”);

 

NOW, THEREFORE, in
consideration of the mutual covenants hereinafter set forth and for good and valuable consideration, the parties hereto agree as
follows:

 

1.          Grant.
The Company hereby grants the Optionee a Nonqualified Stock Option (the “Option”) to purchase up to the number
of shares of Common Stock (the “Shares”) set forth in Exhibit A hereto at the exercise price per Share
(the “Exercise Price”) set forth in Exhibit A, subject to the terms and conditions set forth herein and
the provisions of the Plan, the terms of which are incorporated herein by reference. Capitalized terms used but not otherwise defined
in this Grant Agreement shall have the meanings as set forth in the Plan.

 

2.          Vesting.
Except as otherwise provided in this Grant Agreement, this Option will vest and become exercisable, in whole or in part, with respect
to 2.7778% of the total number of Shares Subject to the Option set forth on Exhibit A on the last day of each month for
each of the thirty-six calendar months (36) following the Date of Grant (commencing with the last day of the month in which the
Date of Grant occurs); provided, however, that no portion of this Option will vest after the date on which the Optionee’s
employment or other Service with the Company and its Subsidiaries terminates.

 

3.          Exercise
Period Following Termination of Service. This Option shall terminate and be canceled to the extent not exercised within ninety
(90) days after the Optionee’s employment or other Service with the Company and its Subsidiaries terminates, except that
if such termination is due to the death or Disability of the Optionee, this Option shall terminate and be canceled twelve (12)
months from the date of termination of Service. Notwithstanding the foregoing, in the event that the Optionee’s employment
or other Service with the Company and its Subsidiaries is terminated for Cause, then the Option shall immediately terminate on
the date of such termination of Service and shall not be exercisable for any period following such date. In no event, however,
shall this Option be exercised later than the Expiration Date set forth in Exhibit A and in no event shall this Option be exercised
for more Shares than the Shares which otherwise have become exercisable as of the date of termination.

 

    	 

    	 

    

 

4.          Method
of Exercise. This Option is exercisable by delivery to the Company of an exercise notice (the “Exercise Notice”)
in a form satisfactory to the Committee or by such other form or means as the Committee may permit or require. Any Exercise Notice
shall state or provide the number of Shares with respect to which the Option is being exercised (the “Exercised Shares”),
and include such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan.
The Exercise Notice shall be accompanied by payment of the aggregate Exercise Price for the Exercised Shares in (i) cash; (ii)
check; or (iii) such other manner as is acceptable to the Committee, provided that such form of consideration is permitted by the
Plan and by applicable law. Upon exercise of the Option by the Optionee and prior to the delivery of such Exercised Shares, the
Company shall have the right to require the Optionee to satisfy applicable Federal and state tax income tax withholding requirements
and the Optionee’s share of applicable employment withholding taxes in a method satisfactory to the Company. Notwithstanding
the foregoing, no Exercised Shares shall be issued unless such exercise and issuance complies with the requirements relating to
the administration of stock option plans and other applicable equity plans under U.S. state corporate laws, U.S. federal and state
securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted, and the applicable
laws of any foreign country or jurisdiction where stock grants or other applicable equity grants are made under the Plan; assuming
such compliance, for income tax purposes the Exercised Shares shall be considered transferred to the Optionee on the date the Option
is exercised with respect to such Shares.

 

5.          Covenants
Agreement. This Option shall be subject to forfeiture at the election of the Company in the event that the Optionee breaches
any agreement between the Optionee and the Company with respect to noncompetition, nonsolicitation, assignment of inventions and
contributions and/or nondisclosure obligations of the Optionee.

 

6.          Taxes.
By executing this Grant Agreement, Optionee acknowledges and agrees that Optionee is solely responsible for the satisfaction of
any applicable taxes that may be imposed on Optionee that arise as a result of the grant, vesting or exercise of the Option, including
without limitation any taxes arising under Section 409A of the Code (regarding deferred compensation) or Section 4999 of the Code
(regarding golden parachute excise taxes), and that neither the Company nor the Committee shall have any obligation whatsoever
to pay such taxes or otherwise indemnify or hold Optionee harmless from any or all of such taxes.

 

7.          Non-Transferability
of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution
and may be exercised during the lifetime of the Optionee only by the Optionee. The terms of the Plan and this Grant Agreement shall
be binding upon the executors, administrators, heirs, successors and assigns of the Optionee.

 

    	 

    	 

    

 

8.          Securities
Matters. All Shares and Exercised Shares shall be subject to the restrictions on sale, encumbrance and other disposition provided
by Federal or state law. The Company shall not be obligated to sell or issue any Shares or Exercised Shares pursuant to this Grant
Agreement unless, on the date of sale and issuance thereof, such Shares are either registered under the Securities Act of 1933,
as amended (the “Securities Act”), and all applicable state securities laws, or are exempt from registration
thereunder. Regardless of whether the offering and sale of Shares under the Plan have been registered under the Securities Act,
or have been registered or qualified under the securities laws of any state, the Company at its discretion may impose restrictions
upon the sale, pledge or other transfer of such Shares (including the placement of appropriate legends on stock certificates or
the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary in order to achieve
compliance with the Securities Act or the securities laws of any state or any other law.

 

9.          Investment
Purpose. The Optionee represents and warrants that unless the Shares are registered under the Securities Act, any and all Shares
acquired by the Optionee under this Grant Agreement will be acquired for investment for the Optionee’s own account and not
with a view to, for resale in connection with, or with an intent of participating directly or indirectly in, any distribution of
such Shares within the meaning of the Securities Act. The Optionee agrees not to sell, transfer or otherwise dispose of such Shares
unless they are either (1) registered under the Securties Act and all applicable state securities laws, or (2) exempt from such
registration in the opinion of Company counsel.

 

10.         Lock-Up
Agreement. The Optionee hereby agrees that in the event that the Optionee exercises this Option during a period in which any
directors or officers of the Company have agreed with one or more underwriters not to sell securities of the Company, then, as
a condition to such exercise, the Optionee shall enter into an agreement, in form and substance satisfactory to the Company, pursuant
to which the Optionee shall agree to restrictions on transferability of the Shares comparable to the restrictions agreed upon by
such directors or officers of the Company.

 

11.         Other
Plans. No amounts of income received by the Optionee pursuant to this Grant Agreement shall be considered compensation
for purposes of any pension or retirement plan, insurance plan or any other employee benefit plan of the Company or its subsidiaries,
unless otherwise expressly provided in such plan.

 

12.         No
Guarantee of Continued Service. The Optionee acknowledges and agrees that the right to exercise the Option pursuant to the
exercise schedule hereof is earned only by continuing employment or Service with the Company and/or its Subsidiaries (and not through
the act of being hired, being granted an option or purchasing shares hereunder). The Optionee further acknowledges and agrees that
(i) this Grant Agreement, the transactions contemplated hereunder and the exercise schedule set forth herein do not constitute
an express or implied promise of continued employment or Service for the exercise period or for any other period, and shall not
interfere with the Optionee’s right or the right of the Company or its Subsidiaries to terminate the employment or Service
relationship at any time, with or without cause, subject to the terms of any written employment agreement that the Optionee may
have entered into with the Company or any of its Subsidiaries; and (ii) the Company would not have granted this Option to the Optionee
but for these acknowledgements and agreements.

 

    	 

    	 

    

 

13.         Entire
Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan and this Grant Agreement constitute the entire
agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements
of the Company and the Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee’s
interest except by means of a writing signed by the Company and the Optionee. In the event of any conflict between this Grant Agreement
and the Plan, the Plan shall be controlling, except as otherwise specifically provided in the Plan. This Grant Agreement shall
be construed under the laws of the State of New Jersey, without regard to conflict of laws principles.

 

14.         Opportunity
for Review. Optionee and the Company agree that this Option is granted under and governed by the terms and conditions of the
Plan and this Grant Agreement. The Optionee has reviewed the Plan and this Grant Agreement in their entirety, has had an opportunity
to obtain the advice of counsel prior to executing this Grant Agreement and fully understands all provisions of the Plan and this
Grant Agreement. The Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the
Committee upon any questions relating to the Plan and this Grant Agreement. The Optionee further agrees to notify the Company upon
any change in the residence address indicated herein.

 

15.         Section
409A. This Option is intended to be excepted from coverage under Section 409A and shall be administered, interpreted and construed
accordingly. The Company may, in its sole discretion and without the Optionee’s consent, modify or amend the terms of this
Grant Agreement, impose conditions on the timing and effectiveness of the exercise of the Option by Optionee, or take any other
action it deems necessary or advisable, to cause the Option to be excepted from Section 409A (or to comply therewith to the extent
the Company determines it is not excepted).

 

[Signature Page Follows]

 

    	 

    	 

    

IN WITNESS WHEREOF, the parties hereto have executed this Grant
Agreement as of the date set forth in Exhibit A.

 

	 	MATINAS BIOPHARMA HOLDINGS, INC.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	OPTIONEE

 

	 	 
	 	Name:

 

    	 

    	 

    

 

EXHIBIT
A

 

NONQUALIFIED STOCK OPTION GRANT AGREEMENT

 

MATINAS BIOPHARMA HOLDINGS, INC.

 

 

	 	(a).	Optionee’s Name:	 	 

 

	 	(b).	Date of Grant:	 	 

 

	 	(c).	Number of Shares Subject to the Option: 	 	 

 

	 	(d).	Exercise Price:  $______  per Share		 

 

	 	(e).	Expiration Date: 	 	 

 

 

	 	   (Initials)

Optionee

 

	 	(Initials)

 Company SignatoryEMPLOYMENT AGREEMENT

 

This
EMPLOYMENT AGREEMENT (this “Agreement”), dated July 30, 2013
and effective on the date of the initial closing of the private placement offering of the Company’s common stock (the “Effective
Date”), is by and between MATINAS BIOPHARMA HOLDINGS, INC., a Delaware corporation (the “Company”)
and Roelof Rongen (the “Executive”).

 

WITNESSETH:

 

WHEREAS, the
Company desires to employ the Executive as its President and Chief Executive Officer and the Executive desires to accept
such employment, on the terms and conditions set forth in this Agreement; and

 

WHEREAS, the
Company and the Executive have mutually agreed that, as of the Effective Date, this Agreement shall govern the terms of
employment between the Executive and the Company.

 

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

 

ARTICLE 1

EMPLOYMENT;TERM OF AGREEMENT

 

Section 1.1.         Employment
and Acceptance. During the Term (as defined in Section 1.2), the Company shall employ the Executive, and the
Executive shall accept such employment and serve the Company, in each case, subject to the terms and conditions of this
Agreement.

 

Section 1.2.        
Term. The employment relationship hereunder shall be for the period commencing on the Effective Date and, subject to earlier
termination as provided in ARTICLE 4, ending on the third anniversary of the Effective Date (the “Term”).
In the event that the Executive’s employment with the Company terminates, the Company’s obligation to continue
to pay, after the Termination Date (as defined in Section 4.2(b)), Base Salary (as defined in Section 3.1(a)),
Annual Bonus (as defined in Section 3.1(b)) and other unaccrued benefits shall terminate, except as may be provided
for in ARTICLE 4.

 

ARTICLE 2

TITLE; DUTIES AND OBLIGATIONS; LOCATION

 

Section 2.1.         Title.
The Company shall employ the Executive to render exclusive and full-time services to the Company. The Executive shall serve in
the capacity of President and Chief Executive Officer.

 

    	 

    	 

    

 

Section 2.2.         Duties.
The Executive shall report to the Company’s Board of Directors (the “Board”)and be subject to the lawful
direction of the Board. The Executive agrees to perform to the best of his ability, experience and talent those acts and duties,
consistent with the position of President and Chief Executive Officer as the Board shall from time to time direct. During the Term,
the Executive also shall serve in such other executive-level positions or capacities as may, from time to time, be reasonably requested
by the Board, including, without limitation (subject to election, appointment, re-election or re-appointment, as applicable) as
(a) a member of the Board and/or as a member of the board of directors or similar governing body of any of the Company’s
subsidiaries or other Affiliates (as defined below), (b) an officer of any of the Company’s subsidiaries or other Affiliates,
and/or (c) a member of any committee of the Company and/or any of its subsidiaries or other Affiliates, in each case, for no additional
compensation. As used in this Agreement, “Affiliate” of any individual or entity means any other individual
or entity that directly or individual controls, is controlled by, or is under common control with, the individual or entity. For
avoidance of doubt, any election of the Executive as a member of the Board is independent from the employment of the Executive
under this Agreement and subject to normal procedures, bylaws and agreements regulating the election and/or removal of the members
of the Board; provided, however, that, as set forth above, such service shall be for no additional compensation.

 

Section 2.3.         Compliance
with Policies, etc. During the Term, the Executive shall be bound by, and comply fully with, all of the Company’s policies
and procedures for employees and officers in place from time to time, including, but not limited to, all terms and conditions set
forth in the Company’s employee handbook, compliance manual, codes of conduct and any other memoranda and communications
applicable to the Executive pertaining to the policies, procedures, rules and regulations, as currently in effect and as may be
amended from time to time. These policies and procedures include, among other things and without limitation, the Executive’s
obligations to comply with the Company’s rules regarding confidential and proprietary information and trade secrets.

 

Section 2.4.         Time
Commitment. During the Term, the Executive shall use his best efforts to promote the interests of the Company (including its
subsidiaries and other Affiliates) and shall devote all of his business time, ability and attention to the performance of his duties
for the Company and shall not, directly or indirectly, render any services to any other person or organization, whether for compensation
or otherwise, except with the Board’s prior written consent or as specified on Schedule A of the Covenants Agreement (as
defined in Section 5.1), provided that the foregoing shall not prevent the Executive from (i) participating in charitable,
civic, educational, professional, community or industry affairs, or (ii) managing the Executive’s passive personal investments,
so long as, in each case, such activities individually or in the aggregate do not materially interfere or conflict with the Executive’s
duties hereunder or create a potential business or fiduciary conflict (in each case, as determined by the Board).

 

Section 2.5.         Location.
The Executive’s principal place of business for the performance of his duties under this Agreement shall be at the principal
executive office of the Company. Notwithstanding, the foregoing, the Executive shall be required to travel as necessary to perform
his duties hereunder.

 

    	-2-

    	 

    

 

ARTICLE 3

COMPENSATION AND BENEFITS; EXPENSES

 

Section 3.1.        
Compensation and Benefits. For all services rendered by the Executive in any capacity during the Term (including, without
limitation, serving as an officer, director or member of any committee of the Company or any of its subsidiaries or other Affiliates),
the Executive shall be compensated as follows (subject, in each case, to the provisions of ARTICLE 4 below):

 

(a)        Base
Salary. During the Term, the Company shall pay the Executive a base salary (the “Base Salary”) at the
annualized rate of $300,000, which shall be subject to customary withholdings and authorized deductions and be payable in
equal installments in accordance with the Company’s customary payroll practices in place from time to time. The
Executive’s Base salary shall be subject to periodic adjustments as the Board and/or the Compensation Committee of the
Board (the “Compensation Committee”) shall in its/their discretion deem appropriate; provided, however,
that upon the later to occur of (i) the closing of an additional round of financing (including equity, debt or convertible
debt financing, and whether in one transaction or a series of related transactions) with gross proceeds of at least $15
million following the current private placement offering (the initial closing of which is occurring as of the Effective
Date), and (ii) the initiation of the first Phase III trial of MAT9001, the annualized rate of Base Salary shall increase by
$50,000, and upon each one-year anniversary thereof during the term, shall be increased by an additional $50,000. As used in
this Agreement, the term “Base Salary” shall refer to Base Salary as may be adjusted from time to
time.

 

(b)        Annual
Bonus. For each calendar year ending during the Term (beginning with the calendar year ending December 31, 2013), the
Executive shall be eligible to receive an annual bonus (the “Annual Bonus”) with a target amount equal to
forty percent (40%) of the Base Salary earned by the Executive for such calendar year (the “Target Annual
Bonus”). The actual amount of each Annual Bonus will be based upon the level of achievement of the Company’s
corporate objectives and the Executive’s individual objectives, in each case, as established by the Board or the
Compensation Committee for the calendar year with respect to which such Annual Bonus relates. The determination of the level
of achievement of the corporate objectives and the Executive’s individual performance objectives for a year shall be
made by the Board or the Compensation Committee Committee, in its reasonable discretion. Each Annual Bonus for a calendar
year, to the extent earned, will be paid in a lump sum in the following calendar year, within the first 75 days of such
following year. The Annual Bonus shall not be deemed earned until the date that it is paid. Accordingly, in order for the
Executive to receive an Annual Bonus, the Executive must be actively employed by the Company at the time of such payment.

 

(c)        Signing
Bonus. Within thirty (30) days following the Effective Date, the Company will pay to the Executive in a lump sum the
amount of $150,000 as a signing bonus.

 

    	-3-

    	 

    

 

(d)        Equity
Compensation. The Company will recommend to the Compensation Committee at its next regularly scheduled meeting following
the Effective Date a grant to the Executive of options to purchase up to 350,000 shares of the Company’s common stock
pursuant to the Company’s 2013 Equity Compensation Plan (the “2013
Plan”), on the terms and conditions determined by the Compensation Committee, with such grant subject to
stockholder approval of the Company’s 2013 Equity Compensation Plan. During the Term, subject to the terms and
conditions established within the 2013 Plan or any successor equity compensation plan as may be in place from time to time
and separate Award Agreements (as defined in the 2013 Plan), the Executive also shall be eligible to receive from time to
time additional Stock Options, Stock Unit Awards, Performance Shares, Performance Units, Incentive Bonus Awards, Other
Cash-Based Awards and/or Other Stock-Based Awards (as such capitalized terms are defined in the 2013 Plan), in amounts, if
any, to be approved by the Board or the Compensation Committee in its discretion.

 

(e)        Benefit
Plans. The Executive shall be entitled to participate in all employee benefit plans and programs (excluding severance
plans, if any) generally made available by the Company to senior executives of the Company, to the extent permissible under
the general terms and provisions of such plans or programs and in accordance with the provisions thereof. The Company may
amend, modify or rescind any employee benefit plan or program and/or change employee contribution amounts to benefit costs
without notice in its discretion. Prior to establishing such benefit plans, the Company may pay the expense of health and
dental insurance maintained by the Executive for his own benefit plus his immediate family at the Effective Date up to an
amount of $2,500 per month.

 

(f)        Paid
Vacation. The Executive shall be entitled to paid vacation days in accordance with the Company’s vacation policies
in effect from time to time for its executive team; provided, however, that the Executive shall be entitled to no less than
fifteen (15) paid vacation days per calendar year during the Term.

 

Section 3.2.        Expense
Reimbursement. The Company shall reimburse the Executive during the Term, in accordance with the Company’s expense reimbursement
policies in place from time, for all reasonable out-of-pocket business expenses incurred by the Executive in the performance of
his duties hereunder. In order to receive such reimbursement, the Executive shall furnish to the Company documentary evidence of
each such expense in the form required to comply with the Company’s policies in place from time to time.

 

ARTICLE 4

TERMINATION OF EMPLOYMENT

 

Section 4.1.        Termination Without Cause or Resignation
for Good Reason.

 

(a)        The Company may terminate the Executive’s employment
hereunder at any time without Cause (other than by reason of death or Disability) upon ninety (90) days prior written notice to
the Executive. Executive may terminate his employment hereunder for Good Reason upon written notice to the Company in accordance
with the provisions set forth in Section 4.1(c).

 

(b)        As used in
this Agreement, “Cause” means: (i) a material act, or act of fraud, committed by the Executive that is intended
to result in the Executive’s personal enrichment to the detriment or at the expense of the Company or any of its Affiliates;
(ii) the Executive is convicted of a felony; (iii) gross negligence or willful misconduct by the Executive, or failure by the Executive
to perform the duties or obligations reasonably assigned to the Executive by the Board or the CEO from time to time, which is not
cured upon ten (10) days prior written notice (unless such negligence, misconduct or failure is not susceptible to cure, as determined
in the reasonable discretion of the Board); or (iv) the Executive violates the Covenants Agreement (as defined in Section 5.1
below).

 

    	-4-

    	 

    

 

(c)        As used in this Agreement, “Good Reason”
means the occurrence of any of the following: (1) a material breach by the Company of the terms of this Agreement; (2) a material
reduction in the Executive’s Base Salary; (3) a material diminution in the Executive’s authority, duties or responsibilities;
or (4) a material change in the geographic location at which the Executive performs services for the Company; provided, however,
that the Executive must notify the Company within ninety (90) days of the occurrence of any of the foregoing conditions that he
considers it to be a “Good Reason” condition and provide the Company with at least thirty (30) days in which to cure
the condition. If the Executive fails to provide this notice and cure period prior to his resignation, or resigns more than six
(6) months after the initial existence of the condition, his resignation will not be deemed to be for “Good Reason.”

 

(d)        If the Executive’s employment is terminated pursuant
to Section 4.1(a) other than during the Post-Change in Control Period (as defined in Section 4.1(e)), the Executive
shall, in full discharge of all of the Company’s obligations to the Executive, be entitled to receive, and the Company’s
sole obligation to the Executive under this Agreement or otherwise shall be to pay or provide to the Executive, the following:

 

(i) the Accrued Obligations (as
defined in Section 4.2(b));

 

(ii) six (6) months accelerated
vesting of all of the Executive’s outstanding stock options, restricted stock and other equity incentive awards; and

 

(iii) subject to Section 4.4 and Section
4.5:

 

(A) payments
equal to twelve (12) months of the Executive’s Base Salary (at the rate in effect immediately prior to the Termination Date)
(less applicable withholdings and authorized deductions), to be paid in equal installments bimonthly in accordance with the Company’s
customary payroll practices, commencing sixty (60) days following the Termination Date (the “Pre-CIC Severance Payments”);
and

 

(B)
if the Executive then participates in the Company’s medical and/or dental plans and the Executive timely elects to
continue and maintain group health plan coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as
amended (“COBRA”), the Company will pay monthly, on the Executive’s behalf, a portion of the cost of
such coverage for the twelve (12) months after the Termination Date, which payments will be equal to the amount of the
monthly premium for such coverage, less the amount that the Executive would have been required to pay if the Executive had
remained an active employee of the Company (the “Pre-CIC COBRA Assistance”); provided,
however, that if and to the extent that the Company may not provide such Pre-CIC COBRA Assistance without
incurring tax penalties or violating any requirement of the law, the Company shall use its commercially reasonable best
efforts to provide substantially similar assistance in an alternative manner provided that the cost of doing so does not
exceed the cost that the Company would have incurred had the Pre-CIC COBRA Assistance been provided in the manner described
above or cause a violation of Section 409A (as defined in Section 5.16).

 

    	-5-

    	 

    

 

(e)         If the Executive’s
employment is terminated pursuant to Section 4.1(a) during the twenty-four (24) months immediately following a Change in
Control (as defined below) (the “Post-Change in Control Period”), the Executive shall, in full discharge of
all of the Company’s obligations to the Executive (and in lieu of any payments and benefits set forth in Section 4.1(d)),
be entitled to receive, and the Company’s sole obligation to the Executive under this Agreement or otherwise shall
be to pay or provide to the Executive, the following:

 

(i) the Accrued Obligations;

 

(ii) full accelerated vesting
of all of the Executive’s outstanding stock options, restricted stock and other equity incentive awards; and

 

(iii) subject to Section
4.4 and Section 4.5:

 

(A) payments
equal to eighteen (18) months of the Executive’s Base Salary (at the rate in effect immediately prior to the Termination
Date) (less applicable withholdings and authorized deductions), to be paid in equal installments bimonthly in accordance with the
Company’s customary payroll practices, commencing sixty (60) days following the Termination Date (the “Post-CIC
Severance Payments”);

 

(B) if the
Executive then participates in the Company’s medical and/or dental plans and the Executive timely elects to continue and
maintain group health plan coverage pursuant to COBRA, the Company will pay monthly, on the Executive’s behalf, a portion
of the cost of such coverage for the eighteen (18) months after the Termination Date, which payments will be equal to the amount
of the monthly premium for such coverage, less the amount that the Executive would have been required to pay if the Executive had
remained an active employee of the Company (the “Post-CIC COBRA Assistance”); provided, however,
that if and to the extent that the Company may not provide such Post-CIC COBRA Assistance without incurring tax penalties
or violating any requirement of the law, the Company shall use its commercially reasonable best efforts to provide substantially
similar assistance in an alternative manner provided that the cost of doing so does not exceed the cost that the Company would
have incurred had the Post-CIC COBRA Assistance been provided in the manner described above or cause a violation of Section 409A;
and

 

(C) a payment
equal to the Executive’s Target Annual Bonus for the calendar year in which the Termination Date occurs, payable in a lump
sum on the 60th day following the Termination Date.

 

(f)         As used in this
Agreement, “Change in Control” means (x) a change in ownership of the Company under clause (i) below or (y)
a change in the ownership of a substantial portion of the assets of the Company under clause (ii) below:

 

    	-6-

    	 

    

 

(i)  Change in the Ownership
of the Company. A change in the ownership of the Company shall occur on the date that any one person, or more than one
person acting as a group (as defined in clause (iii) below), acquires ownership of capital stock of the Company that, together
with capital stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting
power of the capital stock of the Company. However, if any one person or more than one person acting as a group, is considered
to own more than 50 percent of the total fair market value or total voting power of the capital stock of the Company, the acquisition
of additional capital stock by the same person or persons shall not be considered to be a change in the ownership of the Company.
An increase in the percentage of capital stock owned by any one person, or persons acting as a group, as a result of a transaction
in which the Company acquires capital stock in the Company in exchange for property will be treated as an acquisition of stock
for purposes of this paragraph.

 

(ii)  Change
in the Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial
portion of the Company’s assets shall occur on the date that any one person, or more than one person acting as a group (as
defined in clause (iii) below), acquires (or has acquired during the 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 80 percent of
the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions. For
this purpose, 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. There is no Change in Control under this clause (ii)
when there is a transfer to an entity that is controlled by the shareholders of the Company immediately after the transfer, as
provided below in this clause (ii). A transfer of assets by the Company is not treated as a change in the ownership of such assets
if the assets are transferred to (a) a shareholder of the Company (immediately before the asset transfer) in exchange for or with
respect to its capital stock, (b) an entity, 50 percent or more of the total value or voting power of which is owned, directly
or indirectly, by the Company, (c) a person, or more than one person acting as a group, that owns, directly or indirectly, 50 percent
or more of the total value or voting power of all the outstanding capital stock of the Company, or (d) an entity, at least 50 percent
of the total value or voting power of which is owned, directly or indirectly, by a person described in clause (ii)(c) of this paragraph.
For purposes of this clause (ii), a person's status is determined immediately after the transfer of the assets.

 

(iii)  Persons
Acting as a Group. For purposes of clauses (i) and (ii) above, persons will not be considered to be acting as a group
solely because they purchase or own capital stock or purchase assets of the Company at the same time. However, 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 assets or capital stock, or similar business transaction with the Company. If a person, including an entity, owns stock in both
corporations that enter into a merger, consolidation, purchase or acquisition of assets or capital stock, or similar transaction,
such shareholder is considered to be acting as a group with other shareholders in a corporation only with respect to the ownership
in that corporation before the transaction giving rise to the change and not with respect to the ownership interest in the other
corporation. For purposes of this paragraph, the term “corporation” shall have the meaning assigned such term under
Treasury Regulation section 1.280G-1, Q&A-45.

 

    	-7-

    	 

    

 

(iv) Each
of clauses (i) through (iii) above shall be construed and interpreted consistent with the requirements of Section 409A and any
Treasury Regulations or other guidance issued thereunder.

 

Section 4.2. Termination for Cause; Voluntary Termination;
Expiration of Term.

 

(a)        
The Company may terminate the Executive’s employment hereunder at any time for Cause upon written notice to the
Executive. The Executive may voluntarily terminate his employment hereunder at any time without Good Reason upon ninety (90)
days prior written notice to the Company; provided, however, the Company reserves the right, upon written
notice to the Executive, to accept the Executive’s notice of resignation and to accelerate such notice and make the
Executive’s resignation effective immediately, or on such other date prior to Executive’s intended last day of
work as the Company deems appropriate. It is understood and agreed that the Company’s election to
accelerate Executive’s notice of resignation shall not be deemed a termination by the Company without Cause for
purposes of Section 4.1 of this Agreement or otherwise or constitute Good Reason (as defined in Section 4.1)
for purposes of Section 4.1 of this Agreement or otherwise. The Executive’s employment shall automatically terminate
upon the expiration of the Term in accordance with Section 1.2.

 

(b)        
If the Executive’s employment
is terminated pursuant to Section 4.2(a), the Executive shall, in full discharge of all of the Company’s obligations
to the Executive, be entitled to receive, and the Company’s sole obligation under this Agreement or otherwise shall be to
pay or provide to the Executive, the following (collectively, the “Accrued Obligations”):

 

(i)    the Executive’s earned,
but unpaid, Base Salary through the final date of the Executive’s employment by the Company (the “Termination Date”),
payable in accordance with the Company’s standard payroll practices;

 

(ii)   the Executive’s
accrued, but unused, vacation (in accordance with the Company’s policies);

 

(iii)  expenses reimbursable
under Section 3.2 above incurred on or prior to the Termination Date but not yet reimbursed; and

 

(iv)any amounts or benefits
that are vested amounts or vested benefits or that the Executive is otherwise entitled to receive under any plan, program, policy
or practice (with the exception of those, if any, relating to severance) on the Termination Date, in accordance with such plan,
program, policy, or practice.

 

Section
4.3.         Termination Resulting from Death or Disability.

 

(c)        
 As the result
of any Disability suffered by the Executive, the Company may, upon five (5) days prior notice to the Executive, terminate the Executive’s
employment under this Agreement. The Executive’s employment shall automatically terminate upon his death.

 

    	-8-

    	 

    

 

(d)        
“Disability” means
a determination by the Company in accordance with applicable law that as a result of a physical or mental injury or illness, the
Executive is unable to perform the essential functions of his job with or without reasonable accommodation for a period of (i)
ninety (90) consecutive days; or (ii) one hundred twenty (120) days during any twelve (12) month period.

 

(e)        
If the Executive’s employment
is terminated pursuant to Section 4.3(a), the Executive or the Executive’s estate, as the case may be, shall be entitled
to receive, and the Company’s sole obligation under this Agreement or otherwise shall be to pay or provide to the Executive
or the Executive’s estate, as the case may be, the Accrued Obligations.

 

Section 4.4.         Release
Agreement. In order to receive the Pre-CIC Severance Payments or the Post-CIC Severance Payments (collectively referred to
herein as the “Severance Payments”) or the Pre-CIC COBRA Assistance or the Post-CIC COBRA Assistance
(collectively referred to herein as the “COBRA Assistance”) set forth in Section 4.1 (if eligible),
the Executive must timely execute (and not revoke) a separation agreement and general release (the “Release Agreement”)
in a customary form as is determined to be reasonably necessary by the Company in its good faith and reasonable discretion. If
the Executive is eligible for Severance Payments and COBRA Assistance pursuant to Section 4.1, the Company will deliver
the Release Agreement to the Executive within seven (7) calendar days following the Termination Date. The Severance Payments and
COBRA Assistance are subject to the Executive’s execution of such Release Agreement within 45 days of the Executive’s
receipt of the Release Agreement and the Executive’s non-revocation of such Release Agreement.

 

Section 4.5.        
 Post-Termination
Breach. Notwithstanding anything to the contrary contained in this Agreement, the Company’s obligations to provide the
Severance Payments and the COBRA Assistance will immediately cease if the Executive breaches any of the provisions of the Covenants
Agreement, the Release Agreement or any other agreement the Executive has with the Company.

 

Section 4.6.        
 Removal
from any Boards and Position. If the Executive’s employment is terminated for any reason under this Agreement, he shall
be deemed (without further action, deed or notice) to resign (i) if a member, from the Board or board of directors (or similar
governing body) of any Affiliate of the Company or any other board to which he has been appointed or nominated by or on behalf
of the Company and (ii) from all other positions with the Company or any subsidiary or other Affiliate of the Company, including,
but not limited to, as an officer of the Company and any of its subsidiaries or other Affiliates.

 

ARTICLE 5

GENERAL PROVISIONS

 

Section 5.1.        
 Company
Non-Disclosure and Invention Assignment Agreement. The Executive acknowledges and confirms that the Non-Disclosure and Invention
Assignment Agreement executed by the Executive in favor of the Company as of the date hereof (the “Covenants
Agreement”), the terms of which are incorporated herein by reference, remains in full force and effect and binding upon
the Executive. The Covenants Agreement shall survive the termination of this Agreement and the Executive’s employment by
the Company for the applicable period(s) set forth therein.

 

    	-9-

    	 

    

 

Section 5.2.        
 Expenses.
Each of the Company and the Executive shall bear its/his own costs, fees and expenses in connection with the negotiation, preparation
and execution of this Agreement.

 

Section 5.3.        
 Entire
Agreement. This Agreement and the Covenants Agreement contain the entire agreement of the parties hereto with respect to the
terms and conditions of the Executive’s employment during the Term and activities following termination of this Agreement
and the Executive’s employment with the Company and supersede any and all prior agreements and understandings, whether written
or oral, between the parties hereto with respect to the subject matter of this Agreement or the Covenants Agreement. Each party
hereto acknowledges that no representations, inducements, promises or agreements, whether oral or in writing, have been made by
any party, or on behalf of any party, which are not embodied herein or in the Covenants Agreement. The Executive acknowledges and
agrees that the Company has fully satisfied, and has no further, obligations to the Executive arising under, or relating to, any
other employment or consulting arrangement or understanding (including, without limitation, any claims for compensation or benefits
of any kind) or otherwise. No agreement, promise or statement not contained in this Agreement or the Covenants Agreement shall
be valid and binding, unless agreed to in writing and signed by the parties sought to be bound thereby.

 

Section 5.4.        
 No
Other Contracts. The Executive represents and warrants to the Company that neither the execution and delivery of this Agreement
by the Executive nor the performance by the Executive of the Executive’s obligations hereunder, shall constitute a default
under or a breach of the terms of any other agreement, contract or other arrangement, whether written or oral, to which the Executive
is a party or by which the Executive is bound, nor shall the execution and delivery of this Agreement by the Executive nor the
performance by the Executive of his duties and obligations hereunder give rise to any claim or charge against either the Executive,
the Company or any Affiliate, based upon any other contract or other arrangement, whether written or oral, to which the Executive
is a party or by which the Executive is bound. The Executive further represents and warrants to the Company that he is not a party
to or subject to any restrictive covenants, legal restrictions or other agreement, contract or arrangement, whether written or
oral, in favor of any entity or person which would in any way preclude, inhibit, impair or limit the Executive’s ability
to perform his obligations under this Agreement, including, but not limited to, non-competition agreements, non-solicitation agreements
or confidentiality agreements. The Executive shall defend, indemnify and hold the Company harmless from and against all claims,
actions, losses, liabilities, damages, costs and expenses (including reasonable attorney’s fees and amounts paid in settlement
in good faith) arising from or relating to any breach of the representations and warranties made by the Executive in this Section
5.4.

 

Section 5.5.        
 Notices.
Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally or sent
by nationally recognized overnight courier service (with next business day delivery requested). Any such notice or communication
shall be deemed given and effective, in the case of personal delivery, upon receipt by the other party, and in the case of a courier
service, upon the next business day, after dispatch of the notice or communication. Any such notice or communication shall be addressed
as follows:

 

    	-10-

    	 

    

 

If to the Company, to:

 

Matinas BioPharma Holdings, Inc.

915 Klosterman Road,
East

Tarpon Springs, Florida 34689

 

Attn: Board of Directors

 

With a copy to:

 

Lowenstein Sandler LLP

1251 Avenue of the Americas

New York, New York 10020

Attn: Michael J. Lerner, Esq.

 

If to the Executive, to:

 

Roelof Rongen

 

Any person named above may designate another address or fax
number by giving notice in accordance with this Section to the other persons named above.

 

Section 5.6.        
 Governing
Law; Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New Jersey,
without regard to principles of conflicts of law. Any and all actions arising out of this Agreement or Employee’s employment
by Company or termination therefrom shall be brought and heard in the state and federal courts of the State of New Jersey and the
parties hereto hereby irrevocably submit to the exclusive jurisdiction of any such courts. THE COMPANY AND THE EXECUTIVE HEREBY
WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY IN ANY ACTION CONCERNING THIS AGREEMENT OR ANY AND ALL MATTERS ARISING DIRECTLY OR
INDIRECTLY HEREFROM AND REPRESENT THAT THEY HAVE CONSULTED WITH COUNSEL OF THEIR CHOICE OR HAVE CHOSEN VOLUNTARILY NOT TO DO SO
SPECIFICALLY WITH RESEPCT TO THIS WAIVER.

 

Section 5.7.        
 Waiver.
Either party hereto may waive compliance by the other party with any provision of this Agreement. The failure of a party to insist
on strict adherence to any term of this Agreement on any occasion shall not be considered a waiver or deprive that party of the
right thereafter to insist upon strict adherence to that term or any other term of this Agreement. No waiver of any provision shall
be construed as a waiver of any other provision. Any waiver must be in writing.

 

    	-11-

    	 

    

 

Section 5.8.        
 Severability.
If any one or more of the terms, provisions, covenants and restrictions of this Agreement shall be determined by a court of competent
jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated and the parties will attempt to
agree upon a valid and enforceable provision which shall be a reasonable substitute for such invalid and unenforceable provision
in light of the tenor of this Agreement, and, upon so agreeing, shall incorporate such substitute provision in this Agreement.
In addition, if any one or more of the provisions contained in this Agreement shall for any reason be determined by a court of
competent jurisdiction to be excessively broad as to duration, geographical scope, activity or subject, it shall be construed,
by limiting or reducing it, so as to be enforceable to the extent compatible with then applicable law.

 

Section 5.9.        
 Counterparts.
This Agreement may be executed in any number of counterparts and each such duplicate counterpart shall constitute an original,
any one of which may be introduced in evidence or used for any other purpose without the production of its duplicate counterpart.
Moreover, notwithstanding that any of the parties did not execute the same counterpart, each counterpart shall be deemed for all
purposes to be an original, and all such counterparts shall constitute one and the same instrument, binding on all of the parties
hereto.

 

Section 5.10.        
 Advice of Counsel.
This Agreement was prepared by Lowenstein Sandler LLP in its capacity as legal counsel to the Company. Both parties hereto acknowledge
that they have had the opportunity to seek and obtain the advice of counsel before entering into this Agreement and have done so
to the extent desired, and have fully read the Agreement and understand the meaning and import of all the terms hereof.

 

Section 5.11.        
 Assignment.
This Agreement shall inure to the benefit of the Company and its successors and assigns (including, without limitation, the purchaser
of all or substantially all of its assets) and shall be binding upon the Company and its successors and assigns. This Agreement
is personal to the Executive, and the Executive shall not assign or delegate his rights or duties under this Agreement, and any
such assignment or delegation shall be null and void.

 

Section 5.12.        
 Agreement
to Take Actions. Each party to this Agreement shall execute and deliver such documents, certificates, agreements and other
instruments, and shall take all other actions, as may be reasonably necessary or desirable in order to perform his or its obligations
under this Agreement.

 

Section 5.13.        
 No
Attachment. Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation,
commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation or to execution, attachment, levy or similar
process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null,
void and of no effect; provided, however, that nothing in this Section 5.13 shall preclude the assumption
of such rights by executors, administrators or other legal representatives of the Executive or the Executive’s estate
and their assigning any rights hereunder to the person or persons entitled thereto.

 

    	-12-

    	 

    

 

Section 5.14.        
 Source
of Payment. Except as otherwise provided under the terms of any applicable employee benefit plan, all payments provided for
under this Agreement shall be paid in cash from the general funds of Company. The Company shall not be required to establish a
special or separate fund or other segregation of assets to assure such payments, and, if the Company shall make any investments
to aid it in meeting its obligations hereunder, the Executive shall have no right, title or interest whatever in or to any such
investments except as may otherwise be expressly provided in a separate written instrument relating to such investments. Nothing
contained in this Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of
any kind, or a fiduciary relationship, between Company and the Executive or any other person. To the extent that any person acquires
a right to receive payments from Company hereunder, such right, without prejudice to rights which employees may have, shall be
no greater than the right of an unsecured creditor of Company. The Executive shall not look to the owners of the Company for the
satisfaction of any obligations of the Company under this Agreement.

 

Section 5.15.        
 Tax
Withholding. The Company or other payor is authorized to withhold from any benefit provided or payment due hereunder, the amount
of withholding taxes due any federal, state or local authority in respect of such benefit or payment and to take such other action
as may be necessary in the opinion of the Board to satisfy all obligations for the payment of such withholding taxes. The Executive
will be solely responsible for all taxes assessed against him with respect to the compensation and benefits described in this Agreement,
other than typical employer-paid taxes such as FICA, and the Company makes no representations as to the tax treatment of such compensation
and benefits.

 

Section 5.16.        
 409A
Compliance. All payments under this Agreement are intended to comply with or be exempt from the requirements of Section 409A
of the Code and regulations promulgated thereunder (“Section 409A”). As used in this Agreement, the “Code”
means the Internal Revenue Code of 1986, as amended. To the extent permitted under applicable regulations and/or other guidance
of general applicability issued pursuant to Section 409A, the Company reserves the right to modify this Agreement to conform with
any or all relevant provisions regarding compensation and/or benefits so that such compensation and benefits are exempt from the
provisions of 409A and/or otherwise comply with such provisions so as to avoid the tax consequences set forth in Section 409A and
to assure that no payment or benefit shall be subject to an “additional tax” under Section 409A. To the extent that
any provision in this Agreement is ambiguous as to its compliance with Section 409A, or to the extent any provision in this Agreement
must be modified to comply with Section 409A, such provision shall be read in such a manner so that no payment due to the Executive
shall be subject to an “additional tax” within the meaning of Section 409A(a)(1)(B) of the Code. If necessary to comply
with the restriction in Section 409A(a)(2)(B) of the Code concerning payments to “specified employees,” any payment
on account of the Executive’s separation from service that would otherwise be due hereunder within six (6) months after such
separation shall be delayed until the first business day of the seventh month following the Termination Date and the first such
payment shall include the cumulative amount of any payments (without interest) that would have been paid prior to such date if
not for such restriction. Each payment in a series of payments hereunder shall be deemed to be a separate payment for purposes
of Section 409A. In no event may the Executive, directly or indirectly, designate the calendar year of payment. All reimbursements
provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A, including, where applicable,
the requirement that (i) any reimbursement is for expenses incurred during the Executive’s lifetime (or during a shorter
period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may
not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will
be made on or before the last day of the calendar year following the year in which the expense is incurred, and (iv) the right
to reimbursement is not subject to liquidation or exchange for another benefit. Notwithstanding anything contained herein to the
contrary, the Executive shall not be considered to have terminated employment with the Company for purposes of Section 4.1
unless the Executive would be considered to have incurred a “termination of employment” from the Company within the
meaning of Treasury Regulation §1.409A-1(h)(1)(ii). In no event whatsoever shall the Company be liable for any additional
tax, interest or penalty that may be imposed on the Executive by Section 409A or damages for failing to comply with Section 409A.

 

    	-13-

    	 

    

 

Section 5.17.   280G Modified Cutback.

 

(a)        
 If any payment,
benefit or distribution of any type to or for the benefit of the Executive, whether paid or payable, provided or to be provided,
or distributed or distributable pursuant to the terms of this Agreement or otherwise (collectively, the “Parachute Payments”)
would subject the Executive to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), the
Parachute Payments shall be reduced so that the maximum amount of the Parachute Payments (after reduction) shall be one dollar
($1.00) less than the amount which would cause the Parachute Payments to be subject to the Excise Tax; provided that the Parachute
Payments shall only be reduced to the extent the after-tax value of amounts received by the Executive after application of the
above reduction would exceed the after-tax value of the amounts received without application of such reduction. For this purpose,
the after-tax value of an amount shall be determined taking into account all federal, state, and local income, employment and excise
taxes applicable to such amount. Unless the Executive shall have given prior written notice to the Company to effectuate a reduction
in the Parachute Payments if such a reduction is required, which notice shall be consistent with the requirements of Section 409A
to avoid the imputation of any tax, penalty or interest thereunder, then the Company shall reduce or eliminate the Parachute Payments
by first reducing or eliminating accelerated vesting of stock options or similar awards, then reducing or eliminating any cash
payments (with the payments to be made furthest in the future being reduced first), then by reducing or eliminating any other remaining
Parachute Payments; provided, that no such reduction or elimination shall apply to any non-qualified deferred compensation amounts
(within the meaning of Section 409A) to the extent such reduction or elimination would accelerate or defer the timing of such payment
in manner that does not comply with Section 409A.

 

    	-14-

    	 

    

 

(b)        
 An initial determination as to whether
(x) any of the Parachute Payments received by the Executive in connection with the occurrence of a change in the ownership or control
of the Company or in the ownership of a substantial portion of the assets of the Company shall be subject to the Excise Tax, and
(y) the amount of any reduction, if any, that may be required pursuant to the previous paragraph, shall be made by an independent
accounting firm selected by the Company (the “Accounting Firm”) prior to the consummation of such change in
the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company. The
Executive shall be furnished with notice of all determinations made as to the Excise Tax payable with respect to the Executive’s
Parachute Payments, together with the related calculations of the Accounting Firm, promptly after such determinations and calculations
have been received by the Company.

 

(c)        
 For purposes of this Section
5.17, (i) no portion of the Parachute Payments the receipt or enjoyment of which the Executive shall have effectively waived
in writing prior to the date of payment of the Parachute Payments shall be taken into account; (ii) no portion of the Parachute
Payments shall be taken into account which in the opinion of the Accounting Firm does not constitute a “parachute payment”
within the meaning of Section 280G(b)(2) of the Code; (iii) the Parachute Payments shall be reduced only to the extent necessary
so that the Parachute Payments (other than those referred to in the immediately preceding clause (i) or (ii)) in their entirety
constitute reasonable compensation for services actually rendered within the meaning of Section 280G(b)(4) of the Code or are otherwise
not subject to disallowance as deductions, in the opinion of the auditor or tax counsel referred to in such clause (ii); and (iv)
the value of any non-cash benefit or any deferred payment or benefit included in the Parachute Payments shall be determined by
the Company’s independent auditors based on Sections 280G and 4999 of the Code and the regulations for applying those sections
of the Code, or on substantial authority within the meaning of Section 6662 of the Code.

 

[Signature Page Follows]

 

    	-15-

    	 

    

  

IN WITNESS WHEREOF, the parties hereto
have executed this Agreement as of the day and year first above written.

 

	 	COMPANY
	 	 
	 	MATINAS BIOPHARMA HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Stephen P. Harrington
	 	Name: 	Stephen P. Harrington
	 	Title:	President
	 	 	 
	 	EXECUTIVE
	 	 
	 	/s/ Roelof Rongen
	 	Roelof Rongen

 

[Signature
Page to Employment Agreement]

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