Document:

Exhibit 10.5

 

Aerovate
therapeutics, INC.

 

[FORM OF] DIRECTOR INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement (“Agreement”)
is made as of [Date] by and between Aerovate Therapeutics, Inc., a Delaware corporation (the “Company”), and [Director
Name] (“Indemnitee”).

 

RECITALS

 

WHEREAS, the Company desires to attract and retain
the services of highly qualified individuals, such as Indemnitee, to serve the Company;

 

WHEREAS, in order to induce Indemnitee to provide
or continue to provide services to the Company, the Company wishes to provide for the indemnification of, and advancement of expenses
to, Indemnitee to the maximum extent permitted by law;

 

WHEREAS, the Amended and Restated Certificate of
Incorporation (as amended and in effect from time to time, the “Charter”) and the Amended and Restated Bylaws (as amended
and in effect from time to time, the “Bylaws”) of the Company require indemnification of the officers and directors
of the Company, and Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware
(the “DGCL”);

 

WHEREAS, the Charter, the Bylaws and the DGCL expressly
provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered
into between the Company and members of the board of directors, officers and other persons with respect to indemnification;

 

WHEREAS, the Board of Directors of the Company
(the “Board”) has determined that the increased difficulty in attracting and retaining highly qualified persons such
as Indemnitee is detrimental to the best interests of the Company’s stockholders;

 

WHEREAS, it is reasonable and prudent for the Company
contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable
law, regardless of any amendment or revocation of the Charter or the Bylaws, so that they will serve or continue to serve the Company
free from undue concern that they will not be so indemnified;

 

WHEREAS, this Agreement is a supplement to and
in furtherance of the indemnification provided in the Charter, the Bylaws and any resolutions adopted pursuant thereto, and shall not
be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

[WHEREAS, Indemnitee has certain rights to
indemnification and/or insurance provided by [ ] (“[ ]”) which Indemnitee and [ ] intend to be secondary to the primary
obligation of the Company to indemnify Indemnitee as provided in this Agreement, with the Company’s acknowledgment and
agreement to the foregoing being a material condition to Indemnitee’s willingness to serve or continue to serve on the
Board.]

 

    1 

     

    

 

NOW, THEREFORE, in consideration of the premises
and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1.    Services to the Company.
Indemnitee agrees to [continue to] serve as a director of the Company. Indemnitee may at any time and for any reason resign from such
position (subject to any other contractual obligation or any obligation imposed by law), in which event the Company shall have no obligation
under this Agreement to continue Indemnitee in such position. This Agreement shall not be deemed an employment contract between the Company
(or any of its subsidiaries or any Enterprise) and Indemnitee.

 

Section 2.    Definitions.

 

As used in this Agreement:

 

(a)       “Change
in Control” shall mean (i) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated
person or entity, (ii) a merger, reorganization or consolidation pursuant to which the holders of the Company’s outstanding voting
power and outstanding stock immediately prior to such transaction do not own a majority of the outstanding voting power and outstanding
stock or other equity interests of the resulting or successor entity (or its ultimate parent, if applicable) immediately upon completion
of such transaction, (iii) the sale of all of the Stock of the Company to an unrelated person, entity or group thereof acting in concert,
or (iv) any other transaction in which the owners of the Company’s outstanding voting power immediately prior to such transaction
do not own at least a majority of the outstanding voting power of the Company or any successor entity immediately upon completion of the
transaction other than as a result of the acquisition of securities directly from the Company.

 

(b)       “Corporate
Status” describes the status of a person as a current or former director of the Company or current or former director, manager,
partner, officer, employee, agent or trustee of any other Enterprise which such person is or was serving at the request of the Company.

 

(c)       “Enforcement
Expenses” shall include all reasonable attorneys’ fees, court costs, transcript costs, fees of experts, travel expenses,
duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other out-of-pocket disbursements
or expenses of the types customarily incurred in connection with an action to enforce indemnification or advancement rights, or an appeal
from such action. Expenses, however, shall not include fees, salaries, wages or benefits owed to Indemnitee.

 

(d)       “Enterprise”
shall mean any corporation (other than the Company), partnership, joint venture, trust, employee benefit plan, limited liability company,
or other legal entity of which Indemnitee is or was serving at the request of the Company as a director, manager, partner, officer, employee,
agent or trustee.

 

    2 

     

    

 

(e)       “Expenses”
shall include all reasonable attorneys’ fees, court costs, transcript costs, fees of experts, travel expenses, duplicating costs,
printing and binding costs, telephone charges, postage, delivery service fees, and all other out-of-pocket disbursements or expenses of
the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing
to be a witness in, or otherwise participating in, a Proceeding or an appeal resulting from a Proceeding. Expenses, however, shall not
include amounts paid in settlement by Indemnitee, the amount of judgments or fines against Indemnitee or fees, salaries, wages or benefits
owed to Indemnitee.

 

(f)       “Independent
Counsel” means a law firm, or a partner (or, if applicable, member or shareholder) of such a law firm, that is experienced in
matters of Delaware corporation law and neither presently is, nor in the past five (5) years has been, retained to represent: (i) the
Company, any subsidiary of the Company, any Enterprise or Indemnitee in any matter material to any such party; or (ii) any other party
to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel”
shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest
in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company
agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against
any and all expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

(g)       The
term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, alternate dispute resolution
mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in
the right of the Company or otherwise and whether of a civil, criminal, administrative, regulatory or investigative nature, and whether
formal or informal, in which Indemnitee was, is or will be involved as a party or otherwise by reason of the fact that Indemnitee is or
was a director of the Company or is or was serving at the request of the Company as a director, manager, partner, officer, employee, agent
or trustee of any Enterprise or by reason of any action taken by Indemnitee or of any action taken on his or her part while acting as
a director of the Company or while serving at the request of the Company as a director, manager, partner, officer, employee, agent or
trustee of any Enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which
indemnification, reimbursement or advancement of expenses can be provided under this Agreement; provided, however, that
the term “Proceeding” shall not include any action, suit or arbitration, or part thereof, initiated by Indemnitee to enforce
Indemnitee’s rights under this Agreement as provided for in Section 12(a) of this Agreement.

 

Section
3.    Indemnity in Third-Party Proceedings. The Company shall indemnify Indemnitee to the extent set
forth in this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a
Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be
indemnified against all Expenses, judgments, fines, penalties, excise taxes, and amounts paid in settlement actually and reasonably
incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if
Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the
Company and, in the case of a criminal proceeding, had no reasonable cause to believe that his or her conduct was unlawful.

 

    3 

     

    

 

Section 4.    Indemnity in Proceedings by or in
the Right of the Company. The Company shall indemnify Indemnitee to the extent set forth in this Section 4 if Indemnitee is, or is
threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor.
Pursuant to this Section 4, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee or on
his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in
a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. No indemnification for Expenses
shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by
a court to be liable to the Company, unless and only to the extent that the Delaware Court of Chancery (the “Delaware Court”)
shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee
is fairly and reasonably entitled to indemnification for such expenses as the Delaware Court shall deem proper.

 

Section 5.    Indemnification for Expenses of a
Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement and except as provided in Section
7, to the extent that Indemnitee is a party to or a participant in any Proceeding and is successful in such Proceeding or in defense
of any claim, issue or matter therein, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by
him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful as to one or more but
less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and
reasonably incurred by Indemnitee or on his or her behalf in connection with each successfully resolved claim, issue or matter. For purposes
of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without
prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

Section 6.    Reimbursement for Expenses of a Witness
or in Response to a Subpoena. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee, by reason of
his or her Corporate Status, (i) is a witness in any Proceeding to which Indemnitee is not a party and is not threatened to be made a
party or (ii) receives a subpoena with respect to any Proceeding to which Indemnitee is not a party and is not threatened to be made
a party, the Company shall reimburse Indemnitee for all Expenses actually and reasonably incurred by him or her or on his or her behalf
in connection therewith.

 

Section 7.    Exclusions. Notwithstanding any
provision in this Agreement to the contrary, the Company shall not be obligated under this Agreement:

 

(a)       to
indemnify for amounts otherwise indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that
Indemnitee has otherwise actually received such amounts under any insurance policy, contract, agreement or otherwise; provided that
the foregoing shall not affect the rights of Indemnitee or the Secondary Indemnitors as set forth in Section 13(c);

 

    4 

     

    

 

(b)       to indemnify
for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or common
law, or from the purchase or sale by Indemnitee of such securities in violation of Section 306 of the Sarbanes Oxley Act of 2002 (“SOX”);

 

(c)       to
indemnify with respect to any Proceeding, or part thereof, brought by Indemnitee against the Company, any legal entity which it controls,
any director or officer thereof or any third party, unless (i) the Board has consented to the initiation of such Proceeding or part thereof
and (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable
law; provided, however, that this Section 7(c) shall not apply to (A) counterclaims or affirmative defenses asserted by
Indemnitee in an action brought against Indemnitee or (B) any action brought by Indemnitee for indemnification or advancement from the
Company under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company
in the suit for which indemnification or advancement is being sought as described in Section 12; or

 

(d)       to provide
any indemnification or advancement of expenses that is prohibited by applicable law (as such law exists at the time payment would otherwise
be required pursuant to this Agreement).

 

Section 8.    Advancement of Expenses. Subject
to Section 9(b), the Company shall advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in connection with
any Proceeding, and such advancement shall be made as incurred, and such advancement shall be made within thirty (30) days after the receipt
by the Company of a statement or statements requesting such advances (including any invoices received by Indemnitee, which such invoices
may be redacted as necessary to avoid the waiver of any privilege accorded by applicable law) from time to time, whether prior to or after
final disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s
(i) ability to repay the expenses, (ii) ultimate entitlement to indemnification under the other provisions of this Agreement, and (iii)
entitlement to and availability of insurance coverage, including advancement, payment or reimbursement of defense costs, expenses of covered
loss under the provisions of any applicable insurance policy (including , without limitation, whether such advancement, payment or reimbursement
is withheld, conditioned or delayed by the insurer(s)). Indemnitee shall qualify for advances upon the execution and delivery to the Company
of this Agreement which shall constitute an undertaking providing that Indemnitee undertakes to the fullest extent required by law to
repay the advance if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final judgment, not
subject to appeal, that Indemnitee is not entitled to be indemnified by the Company. The right to advances under this paragraph shall
in all events continue until final disposition of any Proceeding, including any appeal therein. Nothing in this Section 8 shall limit
Indemnitee’s right to advancement pursuant to Section 12(e) of this Agreement.

 

    5 

     

    

 

Section 9.   Procedure for Notification and Defense of
Claim.

 

(a)       To obtain
indemnification under this Agreement, Indemnitee shall submit to the Company a written request therefor specifying the basis for the claim,
the amounts for which Indemnitee is seeking payment under this Agreement, and all documentation related thereto as reasonably requested
by the Company.

 

(b)       In the
event that the Company shall be obligated hereunder to provide indemnification for or make any advancement of Expenses with respect to
any Proceeding, the Company shall be entitled to assume the defense of such Proceeding, or any claim, issue or matter therein, with counsel
approved by Indemnitee (which approval shall not be unreasonably withheld or delayed) upon the delivery to Indemnitee of written notice
of the Company’s election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such
counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees or expenses of separate counsel
subsequently employed by or on behalf of Indemnitee with respect to the same Proceeding; provided that (i) Indemnitee shall have
the right to employ separate counsel in any such Proceeding at Indemnitee’s expense and (ii) if (A) the employment of separate counsel
by Indemnitee has been previously authorized by the Company, (B) Indemnitee shall have reasonably concluded that there may be a conflict
of interest between the Company and Indemnitee in the conduct of such defense, or (C) the Company shall not continue to retain such counsel
to defend such Proceeding, then the fees and expenses actually and reasonably incurred by Indemnitee with respect to his or her separate
counsel shall be Expenses hereunder.

 

(c)        In
the event that the Company does not assume the defense in a Proceeding pursuant to paragraph (b) above, then the Company will be entitled
to participate in the Proceeding at its own expense.

 

(d)        The
Company shall not be liable to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding effected
without its prior written consent (which consent shall not be unreasonably withheld or delayed). The Company shall not, without the prior
written consent of Indemnitee (which consent shall not be unreasonably withheld or delayed), enter into any settlement which (i) includes
an admission of fault of Indemnitee, any non-monetary remedy imposed on Indemnitee or any monetary damages for which Indemnitee is not
wholly and actually indemnified hereunder or (ii) with respect to any Proceeding with respect to which Indemnitee may be or is made a
party or may be otherwise entitled to seek indemnification hereunder, does not include the full release of Indemnitee from all liability
in respect of such Proceeding.

 

Section 10.  Procedure Upon Application for Indemnification.

 

(a)       Upon
written request by Indemnitee for indemnification pursuant to Section 9(a), a determination, if such determination is required by
applicable law, with respect to Indemnitee’s entitlement to indemnification hereunder shall be made in the specific case by
one of the following methods: (x) if a Change in Control shall have occurred, by Independent Counsel in a written opinion to the
Board; or (y) if a Change in Control shall not have occurred: (i) by a majority vote of the disinterested directors, even though
less than a quorum; (ii) by a committee of disinterested directors designated by a majority vote of the disinterested directors,
even though less than a quorum; or (iii) if there are no disinterested directors or if the disinterested directors so direct, by
Independent Counsel in a written opinion to the Board. For purposes hereof, disinterested directors are those members of the Board
who are not parties to the action, suit or proceeding in respect of which indemnification is sought. In the case that such
determination is made by Independent Counsel, a copy of Independent Counsel’s written opinion shall be delivered to Indemnitee
and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within thirty (30)
days after such determination. Indemnitee shall cooperate with the Independent Counsel or the Company, as applicable, in making such
determination with respect to Indemnitee’s entitlement to indemnification, including providing to such counsel or the Company,
upon reasonable advance request, any documentation or information which is not privileged or otherwise protected from disclosure and
which is reasonably available to Indemnitee and reasonably necessary to such determination. Any out-of-pocket costs or expenses
(including reasonable attorneys’ fees and disbursements) actually and reasonably incurred by Indemnitee in so cooperating with
the Independent Counsel or the Company shall be borne by the Company (irrespective of the determination as to Indemnitee’s
entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

    6 

     

    

 

(b)       If the
determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 10(a), the Independent Counsel
shall be selected by the Board if a Change in Control shall not have occurred or, if a Change in Control shall have occurred, by Indemnitee.
Indemnitee or the Company, as the case may be, may, within ten (10) days after written notice of such selection, deliver to the Company
or Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be
asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel”
as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent
a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated,
the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or the Delaware
Court has determined that such objection is without merit. If, within twenty (20) days after the later of (i) submission by Indemnitee
of a written request for indemnification pursuant to Section 9(a), and (ii) the final disposition of the Proceeding, including any appeal
therein, no Independent Counsel shall have been selected without objection, either Indemnitee or the Company may petition the Delaware
Court for resolution of any objection which shall have been made by Indemnitee or the Company to the selection of Independent Counsel
and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate.
The person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section
10(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 12(a) of this Agreement, Independent
Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional
conduct then prevailing).

 

    7 

     

    

 

Section 11. Presumptions and Effect of Certain
Proceedings.

 

(a)       To the
extent permitted by applicable law, in making a determination with respect to entitlement to indemnification hereunder, it shall be presumed
that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance
with Section 9(a) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the
making of any determination contrary to that presumption. Neither (i) the failure of the Company or of Independent Counsel to have made
a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances
because Indemnitee has met the applicable standard of conduct, nor (ii) an actual determination by the Company or by Independent Counsel
that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee
has not met the applicable standard of conduct.

 

(b)       The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of
guilty, nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which
he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

 

(c)       The
knowledge and/or actions, or failure to act, of any director, manager, partner, officer, employee, agent or trustee of the Company, any
subsidiary of the Company, or any Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification
under this Agreement.

 

Section 12.  Remedies of Indemnitee.

 

(a)       Subject
to Section 12(f), in the event that (i) a determination is made pursuant to Section 10 of this Agreement that Indemnitee is not
entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8 of this
Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 10(a) of this Agreement
within sixty (60) days after receipt by the Company of the request for indemnification for which a determination is to be made other
than by Independent Counsel, (iv) payment of indemnification or reimbursement of expenses is not made pursuant to Section 5 or 6 or
the last sentence of Section 10(a) of this Agreement within thirty (30) days after receipt by the Company of a written request
therefor (including any invoices received by Indemnitee, which such invoices may be redacted as necessary to avoid the waiver of any
privilege accorded by applicable law) or (v) payment of indemnification pursuant to Section 3 or 4 of this Agreement is not made
within thirty (30) days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be
entitled to an adjudication by the Delaware Court of his or her entitlement to such indemnification or advancement. Alternatively,
Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial
Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an
award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant
to this Section 12(a); provided, however, that the foregoing time limitation shall not apply in respect of a
proceeding brought by Indemnitee to enforce his or her rights under Section 5 of this Agreement. The Company shall not oppose
Indemnitee’s right to seek any such adjudication or award in arbitration.

 

    8 

     

    

 

(b)       In the
event that a determination shall have been made pursuant to Section 10(a) of this Agreement that Indemnitee is not entitled to indemnification,
any judicial proceeding or arbitration commenced pursuant to this Section 12 shall be conducted in all respects as a de novo trial, or
arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding
or arbitration commenced pursuant to this Section 12, the Company shall have the burden of proving Indemnitee is not entitled to indemnification
or advancement, as the case may be.

 

(c)        If
a determination shall have been made pursuant to Section 10(a) of this Agreement that Indemnitee is entitled to indemnification, the Company
shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent (i) a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading,
in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

 

(d)       The
Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator
that the Company is bound by all the provisions of this Agreement.

 

(e)       The
Company shall indemnify Indemnitee to the fullest extent permitted by law against any and all Enforcement Expenses and, if requested by
Indemnitee, shall (within thirty (30) days after receipt by the Company of a written request therefor) advance, to the extent not prohibited
by law, such Enforcement Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee
for indemnification or advancement from the Company under this Agreement or under any directors’ and officers’ liability insurance
policies maintained by the Company in the suit for which indemnification or advancement is being sought. Such written request for advancement
shall include invoices received by Indemnitee in connection with such Enforcement Expenses but, in the case of invoices in connection
with legal services, any references to legal work performed or to expenditures made that would cause Indemnitee to waive any privilege
accorded by applicable law need not be included with the invoice.

 

(f)       Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required
to be made prior to the final disposition of the Proceeding, including any appeal therein.

 

    9 

     

    

 

Section 13. Non-exclusivity; Survival of Rights; Insurance;
Primacy of Indemnification; Subrogation.

 

(a)       The
rights of indemnification and to receive advancement as provided by this Agreement shall not be deemed exclusive of any other rights to
which Indemnitee may at any time be entitled under applicable law, the Charter, the Bylaws, any agreement, a vote of stockholders or a
resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or
restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate
Status prior to such amendment, alteration or repeal. To the extent that a change in Delaware law, whether by statute or judicial decision,
permits greater indemnification or advancement than would be afforded currently under the Charter, Bylaws and this Agreement, it is the
intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or
remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative
and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right
or remedy.

 

(b)       To the
extent that the Company maintains an insurance policy or policies providing liability insurance for directors, managers, partners, officers,
employees, agents or trustees of the Company or of any other Enterprise, Indemnitee shall be covered by such policy or policies in accordance
with its or their terms to the maximum extent of the coverage available for any such director, manager, partner, officer, employee, agent
or trustee under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company
has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to
the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or
desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance
with the terms of such policies.

 

(c)       [The
Company hereby acknowledges that Indemnitee has certain rights to indemnification, advancement of expenses and/or insurance provided
by [ ] and certain of its affiliates (collectively, the “Secondary Indemnitors”). The Company hereby agrees (i)
that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the
Secondary Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee
are secondary), (ii) that it shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for
the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as
required by the terms of this Agreement and the Charter and/or Bylaws (or any other agreement between the Company and Indemnitee),
without regard to any rights Indemnitee may have against the Secondary Indemnitors, and (iii) that it irrevocably waives,
relinquishes and releases the Secondary Indemnitors from any and all claims against the Secondary Indemnitors for contribution,
subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the
Secondary Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the
Company shall affect the foregoing and the Secondary Indemnitors shall have a right of contribution and/or be subrogated to the
extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and Indemnitee
agree that the Secondary Indemnitors are express third party beneficiaries of the terms of this Section 13(c).]

 

    10 

     

    

 

(d)       [Except
as provided in paragraph (c) above,] in the event of any payment under this Agreement, the Company shall be subrogated to the extent of
such payment to all of the rights of recovery of Indemnitee [(other than against the Secondary Indemnitors)], who shall execute all papers
required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company
to bring suit to enforce such rights.

(e)       [Except
as provided in paragraph (c) above,] the Company’s obligation to provide indemnification or advancement hereunder to Indemnitee
who is or was serving at the request of the Company as a director, manager, partner, officer, employee, agent or trustee of any other
Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement from such other Enterprise.

 

Section 14.  Duration of Agreement. This
Agreement shall continue until and terminate upon the later of: (a) ten (10) years after the date that Indemnitee shall have ceased to
serve as a director of the Company or (b) one (1) year after the final termination of any Proceeding, including any appeal, then pending
in respect of which Indemnitee is granted rights of indemnification or advancement hereunder and of any proceeding commenced by Indemnitee
pursuant to Section 12 of this Agreement relating thereto. This Agreement shall be binding upon the Company and its successors and assigns
and shall inure to the benefit of Indemnitee and his or her heirs, executors and administrators. The Company shall require and cause any
successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part,
of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume
and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such
succession had taken place.

 

Section 15.  Severability. If any provision
or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality
and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section of this
Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision
or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent
of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each
portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself
invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

    11 

     

    

 

Section 16.  Enforcement.

 

(a)       The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order
to induce Indemnitee to serve or continue to serve as a director of the Company, and the Company acknowledges that Indemnitee is relying
upon this Agreement in serving as a director of the Company.

 

(b)       This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided,
however, that this Agreement is a supplement to and in furtherance of the Charter, the Bylaws and applicable law, and shall not
be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

Section 17.  Modification and Waiver.
No supplement, modification or amendment, or waiver of any provision, of this Agreement shall be binding unless executed in writing by
the parties thereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions
of this Agreement nor shall any waiver constitute a continuing waiver. No supplement, modification or amendment of this Agreement or of
any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by
such Indemnitee prior to such supplement, modification or amendment.

 

Section 18.  Notice by Indemnitee. Indemnitee
agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information
or other document relating to any Proceeding or matter which may be subject to indemnification, reimbursement or advancement as provided
hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee
under this Agreement or otherwise.

 

Section 19.  Notices. All notices, requests,
demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given if (i) delivered
by hand and receipted for by the party to whom said notice or other communication shall have been directed, (ii) mailed by certified or
registered mail with postage prepaid, on the third business day after the date on which it is so mailed, (iii) mailed by reputable overnight
courier and receipted for by the party to whom said notice or other communication shall have been directed or (iv) sent by facsimile transmission,
with receipt of oral confirmation that such transmission has been received:

 

(a)       If to
Indemnitee, at such address as Indemnitee shall provide to the Company.

 

(b)       If to the Company
to:

 

Aerovate Therapeutics, Inc.

200 Berkeley Street, Floor 18

Boston, MA 02116

Attention: Chief Financial Officer

 

or to any other address as may have been furnished to Indemnitee by
the Company.

 

    12 

     

    

 

Section 20.  Contribution. To the fullest
extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason
whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments,
fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding in such
proportion as is deemed fair and reasonable in light of all of the circumstances in order to reflect (i) the relative benefits received
by the Company and Indemnitee in connection with the event(s) and/or transaction(s) giving rise to such Proceeding; and/or (ii) the relative
fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transactions.

 

Section 21.  Internal Revenue Code Section
409A. The Company intends for this Agreement to comply with the Indemnification exception under Section 1.409A-1(b)(10) of the regulations
promulgated under the Internal Revenue Code of 1986, as amended (the “Code”), which provides that indemnification of,
or the purchase of an insurance policy providing for payments of, all or part of the expenses incurred or damages paid or payable by Indemnitee
with respect to a bona fide claim against Indemnitee or the Company do not provide for a deferral of compensation, subject to Section
409A of the Code, where such claim is based on actions or failures to act by Indemnitee in his or her capacity as a service provider of
the Company. The parties intend that this Agreement be interpreted and construed with such intent.

 

Section 22.  Applicable Law and Consent to Jurisdiction.
This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws
of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee
pursuant to Section 12(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action
or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court, and not in any other state
or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction
of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) consent to
service of process at the address set forth in Section 19 of this Agreement with the same legal force and validity as if served upon
such party personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding
in the Delaware Court, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the
Delaware Court has been brought in an improper or inconvenient forum.

 

Section 23.  Headings. The headings
of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or
to affect the construction thereof. 

 

    13 

     

    

 

Section 24.  Identical
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be
an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party
against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

[Remainder of Page Intentionally Left Blank]

 

    14 

     

    

 

IN WITNESS WHEREOF, the parties have caused this
Agreement to be signed as of the day and year first above written.

 

	 	AEROVATE THERAPEUTICS, INC.

 

	 	By:	 

	 	 	Name:

	 	 	Title:

 

	 	 	 

	 	 	[Name of Indemnitee]

 

     

     

    

 

 

 

AEROVATE
therapeutics, INC.

 

[FORM
OF] OFFICER INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement (“Agreement”)
is made as of [Date] by and between Aerovate Therapeutics, Inc., a Delaware corporation (the “Company”), and [Officer
Name] (“Indemnitee”). 1

 

RECITALS

 

WHEREAS, the Company desires to attract and retain
the services of highly qualified individuals, such as Indemnitee, to serve the Company;

 

WHEREAS, in order to induce Indemnitee to provide
or continue to provide services to the Company, the Company wishes to provide for the indemnification of, and advancement of expenses
to, Indemnitee to the maximum extent permitted by law;

 

WHEREAS, the Amended and Restated Certificate of
Incorporation (as amended and in effect from time to time, the “Charter”) and the Amended and Restated Bylaws (as amended
and in effect from time to time, the “Bylaws”) of the Company require indemnification of the officers and directors
of the Company, and Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware
(the “DGCL”);

 

WHEREAS, the Charter, the Bylaws and the DGCL expressly
provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered
into between the Company and members of the board of directors, officers and other persons with respect to indemnification;

 

WHEREAS, the Board of Directors of the Company
(the “Board”) has determined that the increased difficulty in attracting and retaining highly qualified persons such
as Indemnitee is detrimental to the best interests of the Company’s stockholders;

 

WHEREAS, it is reasonable and prudent for the Company
contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable
law, regardless of any amendment or revocation of the Charter or the Bylaws, so that they will serve or continue to serve the Company
free from undue concern that they will not be so indemnified; and

 

WHEREAS, this Agreement is a supplement to and
in furtherance of the indemnification provided in the Charter, the Bylaws and any resolutions adopted pursuant thereto, and shall not
be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

 

1 NTD: To be entered
into with all C-level officers and Section 16 officers.

 

     

     

    

 

NOW, THEREFORE, in consideration of the premises
and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1.         Services to the Company. Indemnitee
agrees to [continue to] serve as [a director and] an officer of the Company. Indemnitee may at any time and for any reason resign from
[any] such position (subject to any other contractual obligation or any obligation imposed by law), in which event the Company shall
have no obligation under this Agreement to continue Indemnitee in such position. This Agreement shall not be deemed an employment contract
between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee.

 

Section 2.        Definitions.

 

As used in this Agreement:

 

(a)       “Change
in Control” shall mean (i) the sale of all or substantially all of the assets of the Company on a consolidated basis to an
unrelated person or entity, (ii) a merger, reorganization or consolidation pursuant to which the holders of the Company’s outstanding
voting power and outstanding stock immediately prior to such transaction do not own a majority of the outstanding voting power and outstanding
stock or other equity interests of the resulting or successor entity (or its ultimate parent, if applicable) immediately upon completion
of such transaction, (iii) the sale of all of the Stock of the Company to an unrelated person, entity or group thereof acting in concert,
or (iv) any other transaction in which the owners of the Company’s outstanding voting power immediately prior to such transaction
do not own at least a majority of the outstanding voting power of the Company or any successor entity immediately upon completion of
the transaction other than as a result of the acquisition of securities directly from the Company.

 

(b)       “Corporate
Status” describes the status of a person as a current or former [director or] officer of the Company or current or former director,
manager, partner, officer, employee, agent or trustee of any other Enterprise which such person is or was serving at the request of the
Company.

 

(c)       “Enforcement
Expenses” shall include all reasonable attorneys’ fees, court costs, transcript costs, fees of experts, travel expenses,
duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other out-of-pocket disbursements
or expenses of the types customarily incurred in connection with an action to enforce indemnification or advancement rights, or an appeal
from such action. Expenses, however, shall not include fees, salaries, wages or benefits owed to Indemnitee.

 

(d)       “Enterprise”
shall mean any corporation (other than the Company), partnership, joint venture, trust, employee benefit plan, limited liability company,
or other legal entity of which Indemnitee is or was serving at the request of the Company as a director, manager, partner, officer, employee,
agent or trustee.

 

(e)       “Expenses”
shall include all reasonable attorneys’ fees, court costs, transcript costs, fees of experts, travel expenses, duplicating
costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other out-of-pocket disbursements or
expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend,
investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding or an appeal resulting from a
Proceeding. Expenses, however, shall not include amounts paid in settlement by Indemnitee, the amount of judgments or fines against
Indemnitee or fees, salaries, wages or benefits owed to Indemnitee.

 

    2 

     

    

 

(f)       “Independent
Counsel” means a law firm, or a partner (or, if applicable, member or shareholder) of such a law firm, that is experienced in
matters of Delaware corporation law and neither presently is, nor in the past five (5) years has been, retained to represent: (i) the
Company, any subsidiary of the Company, any Enterprise or Indemnitee in any matter material to any such party; or (ii) any other party
to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel”
shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest
in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company
agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against
any and all expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

(g)       The
term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, alternate dispute resolution
mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in
the right of the Company or otherwise and whether of a civil, criminal, administrative, regulatory or investigative nature, and whether
formal or informal, in which Indemnitee was, is or will be involved as a party or otherwise by reason of the fact that Indemnitee is or
was [a director or] an officer of the Company or is or was serving at the request of the Company as a director, manager, partner, officer,
employee, agent or trustee of any Enterprise or by reason of any action taken by Indemnitee or of any action taken on his or her part
while acting as [a director or] an officer of the Company or while serving at the request of the Company as a director, manager, partner,
officer, employee, agent or trustee of any Enterprise, in each case whether or not serving in such capacity at the time any liability
or expense is incurred for which indemnification, reimbursement or advancement of expenses can be provided under this Agreement; provided,
however, that the term “Proceeding” shall not include any action, suit or arbitration, or part thereof, initiated by
Indemnitee to enforce Indemnitee’s rights under this Agreement as provided for in Section 12(a) of this Agreement.

 

Section 3.        Indemnity in Third-Party Proceedings.
The Company shall indemnify Indemnitee to the extent set forth in this Section 3 if Indemnitee is, or is threatened to be made, a party
to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant
to this Section 3, Indemnitee shall be indemnified against all Expenses, judgments, fines, penalties, excise taxes, and amounts paid in
settlement actually and reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue
or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best
interests of the Company and, in the case of a criminal proceeding, had no reasonable cause to believe that his or her conduct was unlawful.

 

    3 

     

    

 

Section 4.        Indemnity in Proceedings by or
in the Right of the Company. The Company shall indemnify Indemnitee to the extent set forth in this Section 4 if Indemnitee is, or
is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its
favor. Pursuant to this Section 4, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee
or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and
in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. No indemnification for Expenses
shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by
a court to be liable to the Company, unless and only to the extent that the Delaware Court of Chancery (the “Delaware Court”)
shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee
is fairly and reasonably entitled to indemnification for such expenses as the Delaware Court shall deem proper.

 

Section 5.        Indemnification for Expenses of
a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement and except as provided in Section
7, to the extent that Indemnitee is a party to or a participant in any Proceeding and is successful in such Proceeding or in defense of
any claim, issue or matter therein, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him
or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful as to one or more but less
than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably
incurred by Indemnitee or on his or her behalf in connection with each successfully resolved claim, issue or matter. For purposes of this
Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice,
shall be deemed to be a successful result as to such claim, issue or matter.

 

Section 6.        Reimbursement for Expenses of
a Witness or in Response to a Subpoena. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee, by reason
of his or her Corporate Status, (i) is a witness in any Proceeding to which Indemnitee is not a party and is not threatened to be made
a party or (ii) receives a subpoena with respect to any Proceeding to which Indemnitee is not a party and is not threatened to be made
a party, the Company shall reimburse Indemnitee for all Expenses actually and reasonably incurred by him or her or on his or her behalf
in connection therewith.

 

Section 7.        Exclusions. Notwithstanding
any provision in this Agreement to the contrary, the Company shall not be obligated under this Agreement:

 

(a)              
to indemnify for amounts otherwise indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent
that Indemnitee has otherwise actually received such amounts under any insurance policy, contract, agreement or otherwise;

 

(b)               to
indemnify for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the
Company within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state
statutory law or common law, or from the purchase or sale by Indemnitee of such securities in violation of Section 306 of the
Sarbanes-Oxley Act of 2002 (“SOX”);

 

    4 

     

    

 

(c)              
to indemnify for any reimbursement of, or payment to, the Company by Indemnitee of any bonus or other incentive-based or equity-based
compensation or of any profits realized by Indemnitee from the sale of securities of the Company pursuant to Section 304 of SOX or any
formal policy of the Company adopted by the Board (or a committee thereof), or any other remuneration paid to Indemnitee if it shall be
determined by a final judgment or other final adjudication that such remuneration was in violation of law;

 

(d)              
to indemnify with respect to any Proceeding, or part thereof, brought by Indemnitee against the Company, any legal entity which
it controls, any director or officer thereof or any third party, unless (i) the Board has consented to the initiation of such Proceeding
or part thereof and (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company
under applicable law; provided, however, that this Section 7(d) shall not apply to (A) counterclaims or affirmative defenses
asserted by Indemnitee in an action brought against Indemnitee or (B) any action brought by Indemnitee for indemnification or advancement
from the Company under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the
Company in the suit for which indemnification or advancement is being sought as described in Section 12; or

 

(e)              
to provide any indemnification or advancement of expenses that is prohibited by applicable law (as such law exists at the time
payment would otherwise be required pursuant to this Agreement).

 

 

Section 8.        Advancement of Expenses. Subject
to Section 9(b), the Company shall advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in connection with
any Proceeding, and such advancement shall be made as incurred, and such advancement shall be made within thirty (30) days after the receipt
by the Company of a statement or statements requesting such advances (including any invoices received by Indemnitee, which such invoices
may be redacted as necessary to avoid the waiver of any privilege accorded by applicable law) from time to time, whether prior to or after
final disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s
(i) ability to repay the expenses, (ii) ultimate entitlement to indemnification under the other provisions of this Agreement, and (iii)
entitlement to and availability of insurance coverage, including advancement, payment or reimbursement of defense costs, expenses of covered
loss under the provisions of any applicable insurance policy (including , without limitation, whether such advancement, payment or reimbursement
is withheld, conditioned or delayed by the insurer(s)). Indemnitee shall qualify for advances upon the execution and delivery to the Company
of this Agreement which shall constitute an undertaking providing that Indemnitee undertakes to the fullest extent required by law to
repay the advance if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final judgment, not
subject to appeal, that Indemnitee is not entitled to be indemnified by the Company. The right to advances under this paragraph shall
in all events continue until final disposition of any Proceeding, including any appeal therein. Nothing in this Section 8 shall limit
Indemnitee’s right to advancement pursuant to Section 12(e) of this Agreement.

 

    5 

     

    

 

Section 9.        Procedure for Notification and Defense
of Claim.

 

(a)       To obtain
indemnification under this Agreement, Indemnitee shall submit to the Company a written request therefor specifying the basis for the claim,
the amounts for which Indemnitee is seeking payment under this Agreement, and all documentation related thereto as reasonably requested
by the Company.

 

(b)       In the
event that the Company shall be obligated hereunder to provide indemnification for or make any advancement of Expenses with respect to
any Proceeding, the Company shall be entitled to assume the defense of such Proceeding, or any claim, issue or matter therein, with counsel
approved by Indemnitee (which approval shall not be unreasonably withheld or delayed) upon the delivery to Indemnitee of written notice
of the Company’s election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such
counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees or expenses of separate counsel
subsequently employed by or on behalf of Indemnitee with respect to the same Proceeding; provided that (i) Indemnitee shall have
the right to employ separate counsel in any such Proceeding at Indemnitee’s expense and (ii) if (A) the employment of separate counsel
by Indemnitee has been previously authorized by the Company, (B) Indemnitee shall have reasonably concluded that there may be a conflict
of interest between the Company and Indemnitee in the conduct of such defense, or (C) the Company shall not continue to retain such counsel
to defend such Proceeding, then the fees and expenses actually and reasonably incurred by Indemnitee with respect to his or her separate
counsel shall be Expenses hereunder.

 

(c)        In
the event that the Company does not assume the defense in a Proceeding pursuant to paragraph (b) above, then the Company will be entitled
to participate in the Proceeding at its own expense.

 

(d)        The
Company shall not be liable to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding effected
without its prior written consent (which consent shall not be unreasonably withheld or delayed). The Company shall not, without the prior
written consent of Indemnitee (which consent shall not be unreasonably withheld or delayed), enter into any settlement which (i) includes
an admission of fault of Indemnitee, any non-monetary remedy imposed on Indemnitee or any monetary damages for which Indemnitee is not
wholly and actually indemnified hereunder or (ii) with respect to any Proceeding with respect to which Indemnitee may be or is made a
party or may be otherwise entitled to seek indemnification hereunder, does not include the full release of Indemnitee from all liability
in respect of such Proceeding.

 

    6 

     

    

 

Section 10.        Procedure Upon Application for Indemnification.2

 

(a)       Upon
written request by Indemnitee for indemnification pursuant to Section 9(a), a determination, if such determination is required by
applicable law, with respect to Indemnitee’s entitlement to indemnification hereunder shall be made in the specific case by
one of the following methods: [(x) if a Change in Control shall have occurred and indemnification is being requested by Indemnitee
hereunder in his or her capacity as a director of the Company, by Independent Counsel in a written opinion to the Board; or (y) in
any other case,] (i) by a majority vote of the disinterested directors, even though less than a quorum; (ii) by a committee of
disinterested directors designated by a majority vote of the disinterested directors, even though less than a quorum; or (iii) if
there are no disinterested directors or if the disinterested directors so direct, by Independent Counsel in a written opinion to the
Board. For purposes hereof, disinterested directors are those members of the Board who are not parties to the action, suit or
proceeding in respect of which indemnification is sought. In the case that such determination is made by Independent Counsel, a copy
of Independent Counsel’s written opinion shall be delivered to Indemnitee and, if it is so determined that Indemnitee is
entitled to indemnification, payment to Indemnitee shall be made within thirty (30) days after such determination. Indemnitee shall
cooperate with the Independent Counsel or the Company, as applicable, in making such determination with respect to
Indemnitee’s entitlement to indemnification, including providing to such counsel or the Company, upon reasonable advance
request, any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably
available to Indemnitee and reasonably necessary to such determination. Any out-of-pocket costs or expenses (including reasonable
attorneys’ fees and disbursements) actually and reasonably incurred by Indemnitee in so cooperating with the Independent
Counsel or the Company shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to
indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

(b)       If the
determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 10(a), the Independent Counsel
shall be selected by the Board[; provided that, if a Change in Control shall have occurred and indemnification is being requested
by Indemnitee hereunder in his or her capacity as a director of the Company, the Independent Counsel shall be selected by Indemnitee].
Indemnitee [or the Company, as the case may be,] may, within ten (10) days after written notice of such selection, deliver to the Company
[or Indemnitee, as the case may be,] a written objection to such selection; provided, however, that such objection may be
asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel”
as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent
a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated,
the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or the Delaware
Court has determined that such objection is without merit. If, within twenty (20) days after the later of (i) submission by Indemnitee
of a written request for indemnification pursuant to Section 9(a), and (ii) the final disposition of the Proceeding, including any appeal
therein, no Independent Counsel shall have been selected without objection, either Indemnitee or the Company may petition the Delaware
Court for resolution of any objection which shall have been made by Indemnitee or the Company to the selection of Independent Counsel
and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate.
The person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section
10(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 12(a) of this Agreement, Independent
Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional
conduct then prevailing).

 

 

2 NTD: Bracketed
portions for CEO Director version only

 

    7 

     

    

 

Section 11.        Presumptions and Effect of Certain
Proceedings.

 

(a)       To the
extent permitted by applicable law, in making a determination with respect to entitlement to indemnification hereunder, it shall be presumed
that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance
with Section 9(a) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the
making of any determination contrary to that presumption. Neither (i) the failure of the Company or of Independent Counsel to have made
a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances
because Indemnitee has met the applicable standard of conduct, nor (ii) an actual determination by the Company or by Independent Counsel
that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee
has not met the applicable standard of conduct.

 

(b)       The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of
guilty, nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which
he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

 

(c)       The
knowledge and/or actions, or failure to act, of any director, manager, partner, officer, employee, agent or trustee of the Company, any
subsidiary of the Company, or any Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification
under this Agreement.

 

Section 12.        Remedies of Indemnitee.

 

(a)       Subject
to Section 12(f), in the event that (i) a determination is made pursuant to Section 10 of this Agreement that Indemnitee is not
entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8 of this
Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 10(a) of this Agreement
within sixty (60) days after receipt by the Company of the request for indemnification for which a determination is to be made other
than by Independent Counsel, (iv) payment of indemnification or reimbursement of expenses is not made pursuant to Section 5 or 6 or
the last sentence of Section 10(a) of this Agreement within thirty (30) days after receipt by the Company of a written request
therefor (including any invoices received by Indemnitee, which such invoices may be redacted as necessary to avoid the waiver of any
privilege accorded by applicable law) or (v) payment of indemnification pursuant to Section 3 or 4 of this Agreement is not made
within thirty (30) days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be
entitled to an adjudication by the Delaware Court of his or her entitlement to such indemnification or advancement. Alternatively,
Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial
Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an
award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant
to this Section 12(a); provided, however, that the foregoing time limitation shall not apply in respect of a
proceeding brought by Indemnitee to enforce his or her rights under Section 5 of this Agreement. The Company shall not oppose
Indemnitee’s right to seek any such adjudication or award in arbitration.

 

    8 

     

    

 

(b)       In the
event that a determination shall have been made pursuant to Section 10(a) of this Agreement that Indemnitee is not entitled to indemnification,
any judicial proceeding or arbitration commenced pursuant to this Section 12 shall be conducted in all respects as a de novo trial, or
arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding
or arbitration commenced pursuant to this Section 12, the Company shall have the burden of proving Indemnitee is not entitled to indemnification
or advancement, as the case may be.

 

(c)        If
a determination shall have been made pursuant to Section 10(a) of this Agreement that Indemnitee is entitled to indemnification, the Company
shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent (i) a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading,
in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

 

(d)       The
Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator
that the Company is bound by all the provisions of this Agreement.

 

(e)       The
Company shall indemnify Indemnitee to the fullest extent permitted by law against any and all Enforcement Expenses and, if requested by
Indemnitee, shall (within thirty (30) days after receipt by the Company of a written request therefor) advance, to the extent not prohibited
by law, such Enforcement Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee
for indemnification or advancement from the Company under this Agreement or under any directors’ and officers’ liability insurance
policies maintained by the Company in the suit for which indemnification or advancement is being sought. Such written request for advancement
shall include invoices received by Indemnitee in connection with such Enforcement Expenses but, in the case of invoices in connection
with legal services, any references to legal work performed or to expenditures made that would cause Indemnitee to waive any privilege
accorded by applicable law need not be included with the invoice.

 

(f)       Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required
to be made prior to the final disposition of the Proceeding, including any appeal therein.

 

    9 

     

    

 

Section 13.        Non-exclusivity; Survival of Rights; Insurance;
Subrogation.

 

(a)       The
rights of indemnification and to receive advancement as provided by this Agreement shall not be deemed exclusive of any other rights to
which Indemnitee may at any time be entitled under applicable law, the Charter, the Bylaws, any agreement, a vote of stockholders or a
resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or
restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate
Status prior to such amendment, alteration or repeal. To the extent that a change in Delaware law, whether by statute or judicial decision,
permits greater indemnification or advancement than would be afforded currently under the Charter, Bylaws and this Agreement, it is the
intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or
remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative
and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right
or remedy.

 

(b)       To the
extent that the Company maintains an insurance policy or policies providing liability insurance for directors, managers, partners, officers,
employees, agents or trustees of the Company or of any other Enterprise, Indemnitee shall be covered by such policy or policies in accordance
with its or their terms to the maximum extent of the coverage available for any such director, manager, partner, officer, employee, agent
or trustee under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company
has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to
the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or
desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance
with the terms of such policies.

 

(c)       In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery
of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such
documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(d)       The
Company’s obligation to provide indemnification or advancement hereunder to Indemnitee who is or was serving at the request of the
Company as a director, manager, partner, officer, employee, agent or trustee of any other Enterprise shall be reduced by any amount Indemnitee
has actually received as indemnification or advancement from such other Enterprise.

 

Section 14.         Duration of Agreement.
This Agreement shall continue until and terminate upon the later of: (a) ten (10) years after the date that Indemnitee shall have
ceased to serve as [both a director and] an officer of the Company or (b) one (1) year after the final termination of any
Proceeding, including any appeal, then pending in respect of which Indemnitee is granted rights of indemnification or advancement
hereunder and of any proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement relating thereto. This Agreement
shall be binding upon the Company and its successors and assigns and shall inure to the benefit of Indemnitee and his or her heirs,
executors and administrators. The Company shall require and cause any successor (whether direct or indirect by purchase, merger,
consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by
written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the
same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

 

    10 

     

    

 

Section 15.        Severability. If any provision
or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality
and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section of this Agreement
containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall
not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision
or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent
of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion
of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid,
illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

Section 16.        Enforcement.

 

(a)       The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order
to induce Indemnitee to serve or continue to serve as [a director and] an officer of the Company, and the Company acknowledges that Indemnitee
is relying upon this Agreement in serving as [a director and] an officer of the Company.

 

(b)       This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided,
however, that this Agreement is a supplement to and in furtherance of the Charter, the Bylaws and applicable law, and shall not
be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

Section 17.        Modification and Waiver.
No supplement, modification or amendment, or waiver of any provision, of this Agreement shall be binding unless executed in writing by
the parties thereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions
of this Agreement nor shall any waiver constitute a continuing waiver. No supplement, modification or amendment of this Agreement or of
any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by
such Indemnitee prior to such supplement, modification or amendment.

 

    11 

     

    

 

Section 18.        Notice by Indemnitee.
Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena, complaint,
indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification,
reimbursement or advancement as provided hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company
of any obligation which it may have to Indemnitee under this Agreement or otherwise.

 

Section 19.        Notices. All notices, requests,
demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given if (i) delivered
by hand and receipted for by the party to whom said notice or other communication shall have been directed, (ii) mailed by certified or
registered mail with postage prepaid, on the third business day after the date on which it is so mailed, (iii) mailed by reputable overnight
courier and receipted for by the party to whom said notice or other communication shall have been directed or (iv) sent by facsimile transmission,
with receipt of oral confirmation that such transmission has been received:

 

(a)       If to
Indemnitee, at such address as Indemnitee shall provide to the Company.

 

(b)       If to the Company
to:

 

Aerovate Therapeutics, Inc.

200 Berkeley Street, Floor 18

Boston, MA 02116

Attention: Chief Financial Officer

 

or to any other address as may have been furnished to Indemnitee by
the Company.

 

Section 20.        Contribution. To the fullest
extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason
whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments,
fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding in such
proportion as is deemed fair and reasonable in light of all of the circumstances in order to reflect (i) the relative benefits received
by the Company and Indemnitee in connection with the event(s) and/or transaction(s) giving rise to such Proceeding; and/or (ii) the relative
fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transactions.

 

Section 21.        Internal Revenue Code Section
409A. The Company intends for this Agreement to comply with the Indemnification exception under Section 1.409A-1(b)(10) of the regulations
promulgated under the Internal Revenue Code of 1986, as amended (the “Code”), which provides that indemnification of,
or the purchase of an insurance policy providing for payments of, all or part of the expenses incurred or damages paid or payable by Indemnitee
with respect to a bona fide claim against Indemnitee or the Company do not provide for a deferral of compensation, subject to Section
409A of the Code, where such claim is based on actions or failures to act by Indemnitee in his or her capacity as a service provider of
the Company. The parties intend that this Agreement be interpreted and construed with such intent.

 

    12 

     

    

 

Section 22.        Applicable Law and Consent to
Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance
with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced
by Indemnitee pursuant to Section 12(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree
that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court, and not
in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive
jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii)
consent to service of process at the address set forth in Section 19 of this Agreement with the same legal force and validity as if served
upon such party personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding
in the Delaware Court, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware
Court has been brought in an improper or inconvenient forum.

 

Section 23.        Headings. The headings of
the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to
affect the construction thereof.

 

Section 24.        Identical Counterparts. This
Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which
together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought
needs to be produced to evidence the existence of this Agreement.

 

[Remainder of Page Intentionally Left Blank]

 

    13 

     

    

 

IN WITNESS WHEREOF, the parties have caused this
Agreement to be signed as of the day and year first above written.

 

	 	AEROVATE THERAPEUTICS, INC.

  

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

	    	[Name of Indemnitee]Exhibit 10.6

 

EMPLOYMENT
AGREEMENT

 

This Employment Agreement (“Agreement”)
is made between Aerovate Therapeutics Inc., a Delaware corporation (the “Company”), and _____________________ (the “Executive”)
and is effective as of the closing of the Company’s first underwritten public offering of its equity securities pursuant to an
effective registration statement under the Securities Act of 1933, as amended (the “Effective Date”). Except with respect
to the Equity Documents (as defined below), this Agreement supersedes in all respects all prior agreements between you and the Company
regarding the subject matter herein, including without limitation (i) the letter agreement between you and the Company dated ______ (the
 “Prior Agreement”), and (ii) any offer letter, employment agreement or severance agreement.

 

WHEREAS, the Company desires to continue to employ
you and you desire to continue to be employed by the Company on the new terms and conditions contained herein.

 

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

 

1.            
Employment.

 

(a)              
Term. The Company shall employ you and you shall be employed by the Company pursuant to this Agreement commencing as of
the Effective Date and continuing until such employment is terminated in accordance with the provisions hereof (the “Term”).
Your employment with the Company will continue to be “at will,” meaning that your employment may be terminated by the Company
or you at any time and for any reason subject to the terms of this Agreement.

 

(b)              
Position and Duties. You shall serve as the [Title] of the Company and shall have such powers and duties as may
from time to time be prescribed by the [Board of Directors (the “Board”)1/Chief
Executive Officer (the “CEO”)2]
You shall devote your full working time and efforts to the business and affairs of the Company. Notwithstanding the foregoing, you
may serve on other boards of directors, with the approval of the [CEO/the Board3],
or engage in religious, charitable or other community activities as long as such services and activities are disclosed to the Board and
do not interfere with your performance of your duties to the Company.

 

2.            
Compensation and Related Matters.

 

(a)              
Base Salary. Your initial base salary shall be paid at the rate of $[__________] per year. Your base salary shall be subject
to periodic review by the Board or the Compensation Committee of the Board (the “Compensation Committee”). The base salary
in effect at any given time is referred to herein as “Base Salary.” The Base Salary shall be payable in a manner that is
consistent with the Company’s usual payroll practices for executive officers.

 

 

1 For Tim Noyes

 

2 For other executives.

 

3 Board reference for Tim Noyes only

 

     

     

    

 

(b)              
Incentive Compensation. You shall be eligible to receive cash incentive compensation as determined by the Board or the
Compensation Committee from time to time. Your initial target annual incentive compensation shall be [___] percent of your Base Salary.
The target annual incentive compensation in effect at any given time is referred to herein as “Target Bonus.” The actual
amount of your annual incentive compensation, if any, shall be determined in the sole discretion of the Board or the Compensation Committee,
subject to the terms of any applicable incentive compensation plan that may be in effect from time to time. To earn incentive compensation,
you must be employed by the Company on the day such incentive compensation is paid.

 

(c)              
Expenses. You shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by you during the
Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for
its executive officers.

 

(d)              
Other Benefits. You shall be eligible to participate in or receive benefits under the Company’s employee benefit
plans in effect from time to time, subject to the terms of such plans.

 

(e)              
Paid Time Off. You shall be entitled to take paid time off in accordance with the Company’s applicable paid time
off policy for executives, as may be in effect from time to time.

 

(f)               
Equity. The equity awards held by you shall continue to be governed by the terms and conditions of the Company’s
applicable equity incentive plan(s) and the applicable award agreement(s) governing the terms of such equity awards held by you (collectively,
the “Equity Documents”), provided, however, and notwithstanding anything to the contrary in the Equity Documents,
Section 6(a)(ii) of this Agreement shall apply in the event of a termination by the Company without Cause or by you for Good Reason in
either event within the Change in Control Period (as such terms are defined below).

 

3.            
Termination. Your employment hereunder may be terminated without any breach of this Agreement under the following circumstances:

 

(a)              
Death. Your employment hereunder shall terminate upon death.

 

(b)              
Disability. The Company may terminate your employment if you are disabled and unable to perform or expected to be unable
to perform the essential functions of your then existing position or positions under this Agreement with or without reasonable accommodation
for a period of 180 days (which need not be consecutive) in any 12-month period. If any question shall arise as to whether during any
period you are disabled so as to be unable to perform the essential functions of your then existing position or positions with or without
reasonable accommodation, you may, and at the request of the Company shall, submit to the Company a certification in reasonable detail
by a physician selected by the Company to whom you or your guardian has no reasonable objection as to whether you are disabled or how
long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue.
You shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise
and you shall fail to submit such certification, the Company’s determination of such issue shall be binding on you. Nothing in
this Section 3(b) shall be construed to waive your rights, if any, under existing law including, without limitation, the Family and Medical
Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.

 

    2 

     

    

 

(c)              
Termination by Company for Cause. The Company may terminate the your employment hereunder for Cause. For purposes of this
Agreement, “Cause” shall mean any of the following:

 

(i)            
conduct by you constituting a material act of misconduct in connection with the performance of your duties, including, without
limitation, (A) willful failure or refusal to perform material responsibilities that have been requested by the [Board/CEO4];
(B) dishonesty to the [Board/CEO5] with respect to any material matter; or (C) misappropriation of funds or
property of the Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Company
property for personal purposes;

 

(ii)           
the commission by you of acts satisfying the elements of (A) any felony or (B) a misdemeanor involving moral turpitude,
deceit, dishonesty or fraud;

 

(iii)          
any misconduct by you, regardless of whether or not in the course of your employment, that would reasonably be expected to result
in material injury or reputational harm to the Company or any of its subsidiaries or affiliates if you were to continue to be employed
in the same position;

 

(iv)          
continued non-performance by you of your duties hereunder (other than by reason of your physical or mental illness, incapacity
or disability) which has continued for more than 30 days following written notice of such non-performance from the [Board/CEO6];

 

(v)           
a breach by you of any of the provisions contained in Section 8 of this Agreement or the Restrictive Covenants Agreement (as defined
below);

 

(vi)          
a material violation by you of any of the Company’s written employment policies; or

 

(vii)         
your failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities,
after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known
to be relevant to such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection
with such investigation.

 

 

4 Board for Tim Noyes; CEO for all
other executives.

 

5 Board for Tim Noyes; CEO for all
other executives.

 

6 Board for Tim Noyes; CEO for all
other executives.

 

    3 

     

    

 

(d)              
Termination by the Company without Cause. The Company may terminate your employment hereunder at any time without Cause.
Any termination by the Company of your employment under this Agreement which does not constitute a termination for Cause under Section
3(c) and does not result from the death or disability of you under Section 3(a) or (b) shall be deemed a termination without Cause.

 

(e)              
Termination by You. You may terminate employment hereunder at any time for any reason, including but not limited to, Good
Reason. For purposes of this Agreement, “Good Reason” shall mean that you have completed all steps of the Good Reason Process
(hereinafter defined) following the occurrence of any of the following events without your consent (each, a “Good Reason Condition”):

 

(i)             
a material diminution in your responsibilities, authority, or duties;

 

(ii)            
a material diminution in your Base Salary except for across-the-board salary reductions based on the Company’s financial
performance similarly affecting all or substantially all senior management employees of the Company;

 

(iii)          
a material change in the geographic location at which you provide services to the Company, such that there is an increase of at
least fifty (50) miles of driving distance to such location from your principal residence as of such change; or

 

(iv)          
a material breach of this Agreement by the Company.

 

The “Good Reason Process” consists of the following steps:

 

(i)            
you reasonably determine in good faith that a Good Reason Condition has occurred;

 

(ii)           
you notify the Company in writing of the first occurrence of the Good Reason Condition within 60 days of the first occurrence
of such condition;

 

(iii)          
you cooperate in good faith with the Company’s efforts, for a period of not less than 30 days following such notice (the
 “Cure Period”), to remedy the Good Reason Condition;

 

(iv)          
notwithstanding such efforts, the Good Reason Condition continues to exist; and

 

(v)           
you terminate employment within 60 days after the end of the Cure Period.

 

If the Company cures the Good Reason Condition during the Cure Period,
Good Reason shall be deemed not to have occurred.

 

    4 

     

    

 

If your employment with the Company is terminated
for any reason, the Company shall pay or provide to you (or your authorized representative or estate) (i) any Base Salary earned through
the Date of Termination; (ii) unpaid expense reimbursements (subject to, and in accordance with, Section 2(c) of this Agreement); and
(iii) any vested benefits you may have under any employee benefit plan of the Company through the Date of Termination, which vested benefits
shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the “Accrued Obligations”).

 

4.            
Notice and Date of Termination.

 

(a)              
Notice of Termination. Except for termination as specified in Section 3(a), any termination of your employment by the Company
or any such termination by you shall be communicated by written Notice of Termination to the other party hereto. For purposes of this
Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this
Agreement relied upon.

 

(b)              
Date of Termination. “Date of Termination” shall mean: (i) if your employment is terminated by death, the date
of death; (ii) if your employment is terminated on account of disability under Section 3(b) or by the Company for Cause under Section
3(c), the date on which Notice of Termination is given; (iii) if your employment is terminated by the Company without Cause under Section
3(d), the date on which a Notice of Termination is given or the date otherwise specified by the Company in the Notice of Termination;
(iv) if your employment is terminated by you under Section 3(e) other than for Good Reason, 30 days after the date on which a Notice
of Termination is given, and (v) if your employment is terminated by you under Section 3(e) for Good Reason, the date on which a Notice
of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that you give a Notice of Termination
to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination
by the Company for purposes of this Agreement.

 

5.            
Severance Pay and Benefits Upon Termination by the Company without Cause or by You for Good Reason Outside the Change in Control
Period. If your employment is terminated by the Company without Cause as provided in Section 3(d), or you terminate employment for
Good Reason as provided in Section 3(e), each outside of the Change in Control Period (as defined below), then, in addition to the Accrued
Obligations, and subject to (i) you signing a separation agreement and release in a form and manner satisfactory to the Company, which
shall include, without limitation, a general release of claims against the Company and all related persons and entities, a reaffirmation
of all of your Continuing Obligations (as defined below)[, and, in the Company’s sole discretion, a one-year post-employment
noncompetition agreement]7, and shall provide that if you breach any of the Continuing Obligations, all payments of the
Severance Amount shall immediately cease (the “Separation Agreement and Release”), and (ii) the Separation Agreement and
Release becoming irrevocable, all within 60 days after the Date of Termination (or such shorter period as set forth in the Separation
Agreement and Release), which shall include a seven (7) [business]8 day revocation period:

 

 

7
For MA executives.

 

8
For MA executives.

 

    5 

     

    

 

(a)              
the Company shall pay you an amount equal to [___] months of your Base Salary (the “Severance Amount”); [provided
in the event you are entitled to any payments pursuant to the Restrictive Covenants Agreement, the Severance Amount received in any calendar
year will be reduced by the amount you are paid in the same such calendar year pursuant to the Restrictive Covenants Agreement (the “Restrictive
Covenants Agreement Setoff”);]9 and

 

(b)              
subject to your copayment of premium amounts at the applicable active employees’ rate and your proper election to receive
benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall pay to
the group health plan provider, the COBRA provider or you a monthly payment equal to the monthly employer contribution that the Company
would have made to provide health insurance to you if you had remained employed by the Company until the earliest of (A) the [__]10
month anniversary of the Date of Termination; (B) your eligibility for group medical plan benefits under any other employer’s
group medical plan; or (C) the cessation of your continuation rights under COBRA; provided, however, if the Company determines that it
cannot pay such amounts to the group health plan provider or the COBRA provider (if applicable) without potentially violating applicable
law (including, without limitation, Section 2716 of the Public Health Service Act), then the Company shall convert such payments to payroll
payments directly to you for the time period specified above. Such payments shall be subject to tax-related deductions and withholdings
and paid on the Company’s regular payroll dates.

 

The amounts payable under Section 5, to the extent
taxable, shall be paid out in substantially equal installments in accordance with the Company’s payroll practice over [__]11
months commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar
year and ends in a second calendar year, the Severance Amount, to the extent it qualifies as “non-qualified deferred compensation”
within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), shall begin to be paid
in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall include a catch-up
payment to cover amounts retroactive to the day immediately following the Date of Termination. Each payment pursuant to this Agreement
is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).

 

6.            
Severance Pay and Benefits Upon Termination by the Company without Cause or by the You for Good Reason within the Change in
Control Period. The provisions of this Section 6 shall apply in lieu of, and expressly supersede, the provisions of Section 5 if
(i) your employment is terminated either (a) by the Company without Cause as provided in Section 3(d), or (b) by you for Good Reason
as provided in Section 3(e), and (ii) the Date of Termination is within [1 month prior to, or 12]12
months after the occurrence of the first event constituting a Change in Control (such period, the “Change in Control Period”).
These provisions shall terminate and be of no further force or effect after a Change in Control Period.

 

 

9
For MA executives.

 

10
NTD: Period to match the length of base salary continuation.

 

11
NTD: Period to match the length of base salary continuation

 

12
For Tim Noyes only

 

    6 

     

    

 

(a)              
If your employment is terminated by the Company without Cause as provided in Section 3(d) or you terminate employment for Good
Reason as provided in Section 3(e) and in each case the Date of Termination occurs during the Change in Control Period, then, in addition
to the Accrued Obligations, and subject to the signing of the Separation Agreement and Release by you and the Separation Agreement and
Release becoming fully effective, all within the time frame set forth in the Separation Agreement and Release but in no event more than
60 days after the Date of Termination:

 

(i)             
the Company shall pay you a lump sum in cash in an amount equal to [___] times the sum of (A) your then current Base Salary (or
your Base Salary in effect immediately prior to the Change in Control, if higher) plus (B) your Target Bonus for the then-current year
(the “Change in Control Payment”); provided the Change in Control Payment shall be reduced by the amount of the Restrictive
Covenants Agreement Setoff, if applicable13; and

 

(ii)            
notwithstanding anything to the contrary in any applicable option agreement or other stock-based award agreement, all time-based
stock options and other stock-based awards subject to time-based vesting held by you (the “Time-Based Equity Awards”) shall
immediately accelerate and become fully exercisable or nonforfeitable as of the later of (i) the Date of Termination or (ii) the effective
date of the Separation Agreement and Release (the “Accelerated Vesting Date”); provided that any termination or forfeiture
of the unvested portion of such Time-Based Equity Awards that would otherwise occur on the Date of Termination in the absence of this
Agreement will be delayed until the effective date of the Separation Agreement and Release and will only occur if the vesting pursuant
to this subsection does not occur due to the absence of the Separation Agreement and Release becoming fully effective within the time
period set forth therein. Notwithstanding the foregoing, no additional vesting of the Time-Based Equity Awards shall occur during the
period between your Date of Termination and the Accelerated Vesting Date; and

 

(iii)           
subject to your copayment of premium amounts at the applicable active employees’ rate and your proper election to receive
benefits under COBRA, the Company shall pay to the group health plan provider, the COBRA provider or you a monthly payment equal to the
monthly employer contribution that the Company would have made to provide health insurance to you if you had remained employed by the
Company until the earliest of (A) the [__]14
month anniversary of the Date of Termination; (B) your eligibility for group medical plan benefits under any other employer’s
group medical plan; or (C) the cessation of your continuation rights under COBRA; provided, however, if the Company determines that it
cannot pay such amounts to the group health plan provider or the COBRA provider (if applicable) without potentially violating applicable
law (including, without limitation, Section 2716 of the Public Health Service Act), then the Company shall convert such payments to payroll
payments directly to you for the time period specified above. Such payments shall be subject to tax-related deductions and withholdings
and paid on the Company’s regular payroll dates.

 

 

13
For MA executives.

 

14
NTD: Period to match severance period

 

    7 

     

    

 

The amounts payable under this Section 6(a), to
the extent taxable, shall be paid or commence to be paid within 60 days after the Date of Termination; provided, however, that if the
60-day period begins in one calendar year and ends in a second calendar year, such payments to the extent they qualify as “non-qualified
deferred compensation” within the meaning of Section 409A of the Code, shall be paid or commence to be paid in the second calendar
year by the last day of such 60-day period.

 

(b)              
Additional Limitation.

 

(i)            
Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution
by the Company to or for the benefit of you, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement
or otherwise, calculated in a manner consistent with Section 280G of the Code, and the applicable regulations thereunder (the “Aggregate
Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced
(but not below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which you became the subject
to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur if it would result in you receiving
a higher After Tax Amount (as defined below) than you would receive if the Aggregate Payments were not subject to such reduction. In
such event, the Aggregate Payments shall be reduced in the following order, in each case, in reverse chronological order beginning with
the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G
of the Code: (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based
payments and acceleration; and (4) non-cash forms of benefits; provided that in the case of all the foregoing Aggregate Payments all
amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c) shall be reduced before
any amounts that are subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c).

 

(ii)           
For purposes of this Section 6(b), the “After Tax Amount” means the amount of the Aggregate Payments less all federal,
state, and local income, excise and employment taxes imposed on you as a result of your receipt of the Aggregate Payments. For purposes
of determining the After Tax Amount, you shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation
applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest
marginal rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which
could be obtained from deduction of such state and local taxes.

 

    8 

     

    

 

(iii)          
The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to Section 6(b)(i) shall be made
by a nationally recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide detailed
supporting calculations both to the Company and you within 15 business days of the Date of Termination, if applicable, or at such earlier
time as is reasonably requested by the Company or you. Any determination by the Accounting Firm shall be binding upon the Company and
you.

 

(c)              
Definitions. For purposes of this Section 6, the following terms shall have the following meanings:

 

(i)            
“Change in Control” shall mean a “Sale Event” as defined in the Company’s 2021 Stock Option
and Incentive Plan.

 

7.            
Section 409A.

 

(a)              
Anything in this Agreement to the contrary notwithstanding, if at the time of your separation from service within the meaning
of Section 409A of the Code, the Company determines that you are a “specified employee” within the meaning of Section 409A(a)(2)(B)(i)
of the Code, then to the extent any payment or benefit that you become entitled to under this Agreement or otherwise on account of your
separation from service would be considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant
to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable
and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after your separation from service,
or (B) your death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up
payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and
the balance of the installments shall be payable in accordance with their original schedule.

 

(b)              
All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or
incurred by you during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable,
but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense
was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind
benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate
limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange
for another benefit.

 

(c)              
To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation”
under Section 409A of the Code, and to the extent that such payment or benefit is payable upon your termination of employment, then such
payments or benefits shall be payable only upon your “separation from service.” The determination of whether and when a separation
from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h).

 

    9 

     

    

 

(d)              
The parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any
provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner
so that all payments hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement or the Restrictive Covenants
Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). The parties agree
that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A
of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional
cost to either party.

 

(e)              
The Company makes no representation or warranty and shall have no liability to you or any other person if any provisions of this
Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from,
or the conditions of, such Section.

 

8.            
Continuing Obligations.

 

(a)              
Restrictive Covenants Agreement. As a condition of your continued employment, you are required to enter into the Employee
Confidentiality, Assignment, [and] Nonsolicitation [and Noncompetition Agreement]15, attached hereto as Exhibit
A (the “Restrictive Covenants Agreement”). [You acknowledge and agree that you received the Restrictive Covenants
Agreement with this Agreement and at least ten (10) business days before the commencement of your employment.]16 For purposes
of this Agreement, the obligations in this Section 8 and those that arise in the Restrictive Covenants Agreement and any other agreement
relating to confidentiality, assignment of inventions, or other restrictive covenants shall collectively be referred to as the “Continuing
Obligations.”

 

(b)              
Third-Party Agreements and Rights. You hereby confirm that you are not bound by the terms of any agreement with any previous
employer or other party which restricts in any way your use or disclosure of information, other than confidentiality restrictions (if
any), or your engagement in any business. You represent to the Company that your execution of this Agreement, your employment with the
Company and the performance of your proposed duties for the Company will not violate any obligations you may have to any such previous
employer or other party. In your work for the Company, you will not disclose or make use of any information in violation of any agreements
with or rights of any such previous employer or other party, and you will not bring to the premises of the Company any copies or other
tangible embodiments of non-public information belonging to or obtained from any such previous employment or other party.

 

(c)              
Litigation and Regulatory Cooperation. During and after your employment, you shall cooperate fully with the Company in
(i) the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of
the Company which relate to events or occurrences that transpired while you were employed by the Company, and (ii) the investigation,
whether internal or external, of any matters about which the Company believes you may have knowledge or information. Your full cooperation
in connection with such claims, actions or investigations shall include, but not be limited to, being available to meet with counsel
to answer questions or to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times.
During and after your employment, you also shall cooperate fully with the Company in connection with any investigation or review of any
federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while
you were employed by the Company. The Company shall reimburse you for any reasonable out-of-pocket expenses incurred in connection
with your performance of obligations pursuant to this Section 8(c).

 

 

15 For MA executives

 

16 For MA executives.

 

    10 

     

    

 

(d)              
Relief. You agree that it would be difficult to measure any damages caused to the Company which might result from any breach
by you of the Continuing Obligations, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly,
you agree that if you breach, or propose to breach, any portion of the Continuing Obligations, the Company shall be entitled, in
addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such breach without
showing or proving any actual damage to the Company.

 

(e)              
Protected Disclosures and Other Protected Action. Nothing in this Agreement shall be interpreted or applied to prohibit
you from making any good faith report to any governmental agency or other governmental entity (a “Government Agency”) concerning
any act or omission that you reasonably believe constitutes a possible violation of federal or state law or making other disclosures
that are protected under the anti-retaliation or whistleblower provisions of applicable federal or state law or regulation. In addition,
nothing contained in this Agreement limits your ability to communicate with any Government Agency or otherwise participate in any investigation
or proceeding that may be conducted by any Government Agency, including your ability to provide documents or other information, without
notice to the Company. In addition, for the avoidance of doubt, pursuant to the federal Defend Trade Secrets Act of 2016, you shall not
be held criminally or civilly liable under any federal or state trade secret law or under this Agreement or the Restrictive Covenants
Agreement for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state, or local government official,
either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation
of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

 

9.            
Consent to Jurisdiction. The parties hereby consent to the jurisdiction of the state and federal courts of the Commonwealth
of

Massachusetts.17
Accordingly, with respect to any such court action, you (a) submit to the exclusive personal jurisdiction of such courts; (b) consent
to service of process; and (c) waive any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to
personal jurisdiction or service of process.

 

 

17
Change to California for CA executives.

 

    11 

     

    

 

10.          
 [Waiver of Jury Trial. You and the Company irrevocably and unconditionally waives
all right to trial by jury in any Proceeding (whether based on contract, tort or otherwise) arising out of or relating to this Agreement
or YOUR employment by the Company or any affiliate of the Company, INCLUDING WITHOUT LIMITATION YOUrs or the Company’s performance
under, or the enforcement of, this Agreement.]18

 

11.          
Integration. This Agreement, the Restrictive Covenants Agreement, the Equity Documents, and any other confidentiality or
restrictive covenant obligation the Executive has with the Company, constitute the entire agreement between the parties with respect
to the subject matter hereof and supersedes all prior agreements between the parties concerning such subject matter, including the Prior
Agreement.

 

12.          
Withholding; Tax Effect. All payments made by the Company to you under this Agreement shall be net of any tax or other
amounts required to be withheld by the Company under applicable law. Nothing in this Agreement shall be construed to require the Company
to make any payments to compensate you for any adverse tax effect associated with any payments or benefits or for any deduction or withholding
from any payment or benefit.

 

13.          
Assignment. Neither you nor the Company may make any assignment of this Agreement or any interest in it, by operation of
law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations
under this Agreement (including the Restrictive Covenants Agreement) without your consent to any affiliate or to any person or entity
with whom the Company shall hereafter effect a reorganization, consolidate with, or merge into or to whom it transfers all or substantially
all of its properties or assets; provided further that if you remain employed or become employed by the Company, the purchaser or any
of their affiliates in connection with any such transaction, then you shall not be entitled to any payments, benefits or vesting pursuant
to Section 5 or pursuant to Section 6 of this Agreement. This Agreement shall inure to the benefit of and be binding upon you and the
Company, and each of yours and the Company’s respective successors, executors, administrators, heirs and permitted assigns.

 

14.          
Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or provision
of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then
the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is
so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid
and enforceable to the fullest extent permitted by law.

 

15.          
Survival. The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of your
employment to the extent necessary to effectuate the terms contained herein.

 

 

18
Remove for CA executives.

 

    12 

     

    

 

16.          
Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The
failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach
of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

17.          
Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if
in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage
prepaid, return receipt requested, to you at the last address you has filed in writing with the Company or, in the case of the Company,
at its main offices, attention of the Board.

 

18.          
Amendment. This Agreement may be amended or modified only by a written instrument signed by you and by a duly authorized
representative of the Company.

 

19.          
Effect on Other Plans and Agreements. An election by you to resign for Good Reason under the provisions of this Agreement
shall not be deemed a voluntary termination of employment by you for the purpose of interpreting the provisions of any of the Company's
benefit plans, programs or policies. Nothing in this Agreement shall be construed to limit the rights of you under the Company’s
benefit plans, programs or policies except as otherwise provided in Section 8 hereof, and except that you shall have no rights to any
severance benefits under any Company severance pay plan, offer letter or otherwise. [Except for the Restrictive Covenants Agreement,]19
in the event that you are a party to an agreement with the Company providing for payments or benefits under such plan or agreement
and under this Agreement, the terms of this Agreement shall govern and you may receive payment under this Agreement only and not both.
Further, Section 5 and Section 6 of this Agreement are mutually exclusive and in no event shall you be entitled to payments or benefits
pursuant to both Section 5 and Section 6 of this Agreement.

 

20.          
Governing Law. This is a Massachusetts contract and shall be construed under and be governed in all respects by the laws
of the Commonwealth of Massachusetts20, without giving effect to the conflict of laws principles thereof. With respect to
any disputes concerning federal law, such disputes shall be determined in accordance with the law as it would be interpreted and applied
by the United States Court of Appeals for the First21 Circuit.

 

21.          
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered
shall be taken to be an original; but such counterparts shall together constitute one and the same document.

 

 

19
For MA executives.

 

20
Change to California for CA executives

 

21
For CA executives, change to Ninth

 

    13 

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement effective on the Effective Date.

 

	 	AEROVATE THERAPEUTICS, INC.

 

		By:	
		Its:	

 

	 	[EXECUTIVE]

 

	 	 
	 	[Name]

 

    14 

     

    

 

[Exhibit A

 

Restrictive Covenants Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}]]