Document:

csgs-ex1055_6.htm

EXHIBIT 10.55

EMPLOYMENT AGREEMENT

This Employment Agreement is made and entered into on the 26th day of August, 2020, among CSG SYSTEMS INTERNATIONAL, INC. (“CSGS”), a Delaware corporation, CSG SYSTEMS, INC. (“Systems”), a Delaware corporation, and BRIAN A. SHEPHERD (the “Executive”). CSGS and Systems collectively are referred to in this Employment Agreement as the “Companies”.

* * *

WHEREAS, the Executive currently is employed by the Companies; and 

	

	
WHEREAS, the Companies and the Executive desire to enter into an Employment Agreement to set forth the terms of the Executive's employment with the Companies as the President and Chief Executive Officer of the Companies; 

	

	
NOW, THEREFORE, the Companies and the Executive agree, that effective on the Effective Date, the terms of the Executive’s employment by the Companies are as follows:

1.Employment and Duties. Each of the Companies hereby employs the Executive as its President and Chief Executive Officer commencing January 1, 2021, and continuing throughout the term of this agreement and agrees to cause the Executive from time to time to be elected or appointed to such corporate office. The duties and responsibilities of the Executive shall include the duties and responsibilities of the Executive’s corporate office referred to in the preceding sentence which are set forth in the respective bylaws of the Companies from time to time and such other duties and authorities consistent with the Executive’s corporate offices referred to in the preceding sentence and this agreement which the Board of Directors of CSGS (the “Board”) from time to time may assign to the Executive. If the Executive is elected or appointed as a director of CSGS or Systems or as an officer or director of any of the respective subsidiaries of the Companies during the term of this agreement, then he also shall serve in such capacity or capacities but without additional compensation.

2.Term of Employment. The employment of the Executive under this agreement will begin on the date of this agreement with the Executive continuing in his position as the Executive Vice President and Group President of the Companies until December 31, 2020.  The Executive shall become the President and the Chief Executive Officer of the Companies commencing January 1, 2021, and shall continue until the first to occur of (a) the Executive’s death, (b) the effective date of the Executive’s voluntary resignation as an employee of the Companies, (c) the effective date of the termination of the Executive’s employment by the Companies by reason of the Executive’s disability pursuant to Paragraph 10(b) of this agreement, (d) the effective date of the termination of the Executive’s employment by the Companies for cause pursuant to Paragraph 10(c) of this agreement, (e) the effective date of the termination of the Executive’s employment by the Companies for any reason other than cause or the Executive’s death or disability pursuant to Paragraph 10(d) or Paragraph 10(e) of this agreement, or (f) the effective date of the termination of the Executive’s employment pursuant to Paragraph 10(f) of this agreement. Upon the termination of the employment of the Executive under this agreement, the applicable provisions of Paragraph 10 of this agreement shall become effective; and the Companies and the Executive 

thereupon and thereafter shall comply with the applicable provisions of Paragraph 10 of this agreement.

3.Place of Employment. Regardless of the location of the executive offices of the Companies during the term of this agreement, the Companies shall maintain a suitably staffed office for the Executive in the Denver, Colorado, metropolitan area during the term of this agreement; and the Executive will not be required without his consent to relocate or transfer his executive office or principal residence from the immediate vicinity of the Denver, Colorado, metropolitan area.

4.Base Salary. For all services to be rendered by the Executive pursuant to this Agreement, the Companies agree to pay the Executive during the term of this agreement a base salary (the “Base Salary”) for each calendar year at an annual rate which is not less than the annual rate of the Executive’s Base Salary in effect on December 31 of the immediately preceding calendar year. The Executive’s annual incentive bonus provided for in Paragraph 5 and all other compensation and benefits to which the Executive is or may become entitled pursuant to this agreement or under any plans or programs of the Companies shall be in addition to the Base Salary. The Executive’s Base Salary commencing January 1, 2021, will be $700,000.

5.Annual Incentive Bonus. The Compensation Committee of the Board shall provide an incentive bonus program for the Executive for each calendar year during the term of this agreement. The Executive and the Companies understand and acknowledge that, among other things, such incentive bonus program will involve achievement by the Companies of various financial objectives, which may include but are not limited to revenues and earnings, and also may include achievement by the Companies or the Executive of various mutually agreed-upon non-financial objectives. Such incentive bonus program for each calendar year beginning after December 31, 2020, shall provide the opportunity for the Executive to earn an incentive bonus of not less than one hundred percent (100%) of his Base Salary for such calendar year if the agreed upon objectives are fully achieved. The Board from time to time also may establish incentive compensation programs for the Executive covering periods of more than one (1) year, and any such programs shall be in addition to the annual incentive bonus program required by this Paragraph 5.

6.Expenses. During the term of this agreement, the Executive shall be entitled to prompt reimbursement by the Companies of all reasonable ordinary and necessary travel, entertainment, and other expenses incurred by the Executive (in accordance with the policies and procedures established by the Companies for their respective senior executive officers) in the performance of his duties and responsibilities under this agreement; provided, that the Executive shall properly account for such expenses in accordance with the policies and procedures of the Companies, which may include but are not limited to itemized accountings.

7.Other Benefits. During the term of this agreement, the Companies shall provide to the Executive and his eligible dependents at the expense of the Companies individual or group medical, hospital, dental and long-term disability insurance coverages and group life insurance coverage, in each case at least as favorable as those coverages which are provided to other senior executive officers of the Companies. During the term of this agreement, the Executive also shall be entitled to participate in such other benefit plans or programs which the Companies from time 

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to time may make available to their employees generally (except, if applicable, any programs in which executive officers of CSGS are not eligible to participate because of securities law reasons).

8.Vacations and Holidays. During the term of this agreement, the Executive shall be entitled to paid vacations and holidays in accordance with the policies of the Companies in effect from time to time for their respective senior executive officers, but in no event shall the Executive be entitled to less than four (4) weeks of vacation during each calendar year.

9.Full-Time Efforts and Other Activities. During the term of this agreement, to the best of his ability and using all of his skills, the Executive shall devote substantially all of his working time and efforts during the normal business hours of the Companies to the business and affairs of the Companies and to the diligent and faithful performance of the duties and responsibilities assigned to him pursuant to this agreement, except for vacations, holidays, and sick days. However, the Executive may devote a reasonable amount of his time to civic, community, or charitable activities, to service on the governing bodies or committees of trade associations or similar organizations of which either or both of the Companies are members, and, with the prior approval of the Board, to service as a director of other corporations and to other types of activities not expressly mentioned in this paragraph, so long as the activities referred to in this sentence do not materially interfere with the proper performance of the Executive’s duties and responsibilities under this agreement. The Executive also shall be free to manage and invest his assets in such manner as will not require any substantial services by the Executive in the conduct of the businesses or affairs of the entities or in the management of the properties in which such investments are made, so long as such activities do not materially interfere with the proper performance of the Executive’s duties and responsibilities under this agreement. At all times during the term of this agreement, the Executive shall comply with the requirements of the then current Code of Ethics and Business Conduct of CSGS.

10.Termination of Employment.

(a)Termination Because of Death. The Executive’s employment by the Companies under this agreement shall terminate upon his death. If the Executive’s employment under this agreement terminates because of his death, then the Executive’s estate or his beneficiaries (as further described in subparagraph 10(k)) will be entitled to receive the following compensation and benefits from the Companies:

	
 
	
(i)
	
A lump sum payment equal to the sum of the following, to the extent accrued and unpaid up to and including the date of termination of the Executive’s employment (the “Termination Date”): (A) the Executive’s Base Salary, and (B) the balance of the Executive’s earned and unused vacation pay, in each case payable within fourteen (14) days after the Termination Date (collectively, the “Accrued Benefits”);
	
 

	
 
	
(ii)
	
A lump sum payment under the terms of the then-existing annual incentive bonus plan for senior executives of the Companies, on a pro rata basis, equal to the product of (A) the Executive’s annual incentive bonus for the calendar year in which the Termination Date 
	
 

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occurs (computed as if the Executive were employed by the Companies throughout such calendar year) and (B) a fraction, the numerator of which is the number of days during the calendar year in which the Termination Date occurs that the Executive was employed by the Companies and the denominator of which is 365, payable on the date bonuses are paid under the annual incentive bonus plan to then-current senior executives of the Companies (the “Pro Rata Bonus”);
	
 

	
 
	
(iii)
	
Any other amounts earned, accrued, or owed to the Executive under this agreement but not paid as of the Termination Date; and
	
 

	
 
	
(iv)
	
Any other benefits payable by reason of the Executive’s death, or to which the Executive otherwise may be entitled, under any benefit plans or programs of the Companies in effect on the Termination Date.
	
 

(b)Termination Because of Disability. If the Executive becomes incapable by reason of physical injury, disease, or mental illness of substantially performing his duties and responsibilities under this agreement with or without a reasonable accommodation for a continuous period of six (6) months or more or for more than one hundred eighty (180) days in the aggregate (whether or not consecutive) during any 12-month period, then at any time after the elapse of such six-month period or such 180 days, as the case may be, the Board may terminate the Executive’s employment by the Companies under this agreement. If the Executive’s employment under this agreement is terminated by the Board because of such disability on the part of the Executive, then the Executive will be entitled to receive the following compensation and benefits from the Companies:

	
 
	
(i)
	
The Accrued Benefits, payable within fourteen (14) days after the Termination Date;
	
 

	
 
	
(ii)
	
The Pro Rata Bonus, payable on the date bonuses are paid under the annual incentive bonus plan to then-current employees;
	
 

	
 
	
(iii)
	
Any other amounts earned, accrued, or owed to the Executive under this agreement but not paid as of the Termination Date;
	
 

	
 
	
(iv)
	
Continued participation at the Companies’ expense in the group medical, dental, life, and long-term disability insurance benefit plans or programs of the Companies which may be in effect from time to time and in which the Executive was participating as of the Termination Date, to the extent that such continued participation by the Executive is permitted under the terms and conditions of such plans (unless such continued participation is restricted or prohibited by applicable governmental regulations governing such plans), until the first to occur of the cessation of such disability, the Executive’s death, the Executive’s attainment of age sixty-five (65), or 
	
 

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(separately with respect to the termination of each benefit) the provision of a substantially equivalent benefit to the Executive by another employer of the Executive; and
	
 

	
 
	
(v)
	
Any other benefits payable by reason of the Executive’s disability, or to which the Executive otherwise may be entitled, under any benefit plans or programs of the Companies in effect on the Termination Date.
	
 

For purposes of this subparagraph (b), decisions with respect to the Executive’s disability shall be made by the Board, using its reasonable good faith judgment; and, in making any such decision, the Board shall consider and rely upon the opinions of (i) a duly licensed and qualified physician selected by a majority of the members of the Board who are not employees of either of the Companies or any of their respective subsidiaries and (ii) the Executive’s personal physician.

(c)Termination for Cause. The Board may terminate the Executive’s employment by the Companies under this agreement for cause; however, for purposes of this agreement “cause” shall mean only (i) the Executive’s confession or conviction of theft, fraud, embezzlement, or other crime involving dishonesty, (ii) the Executive’s certification of materially inaccurate financial or other information pertaining to the Companies (or either of them) or any of the respective subsidiaries of the Companies with actual knowledge of such inaccuracies on the part of the Executive, (iii) the Executive’s refusal or willful failure to cooperate with an investigation by a governmental agency pertaining to the financial or other business affairs of the Companies (or either of them) or any of the respective subsidiaries of the Companies unless such refusal or willful failure is based upon a written directive of the Board or the written advice of counsel, (iv) the Executive’s excessive absenteeism (other than by reason of physical injury, disease, or mental illness) without a reasonable justification and failure on the part of the Executive to cure such absenteeism within twenty (20) days after the Executive’s receipt of a written notice from the Board setting forth the particulars of such absenteeism, (v) material violation by the Executive of the provisions of Paragraph 11, (vi) habitual and material negligence by the Executive in the performance of his duties and responsibilities under or pursuant to this agreement and failure on the part of the Executive to cure such negligence within twenty (20) days after his receipt of a written notice from the Board setting forth in reasonable detail the particulars of such negligence, (vii) material non-compliance by the Executive with his obligations under Paragraph 9 and failure to correct such non-compliance within twenty (20) days after the Executive’s receipt of a written notice from the Board setting forth in reasonable detail the particulars of such non-compliance, (viii) material failure by the Executive to comply with a lawful directive of the Board and failure to cure such non-compliance within twenty (20) days after the Executive’s receipt of a written notice from the Board setting forth in reasonable detail the particulars of such non-compliance, (ix) a material breach by the Executive of any of his fiduciary duties to the Companies (or either of them) or any of the respective subsidiaries of the Companies and, if such breach is curable, the Executive’s failure to cure such breach within ten (10) days after the Executive’s receipt of a written notice from the Board setting forth in reasonable detail the particulars of such breach, or (x) willful misconduct or fraud on the part of the Executive in the performance of the Executive’s duties under this agreement as determined in good faith by the Board. In no event shall the results of operations of the Companies or any business judgment made in good faith by the Executive constitute an independent basis for termination for cause of the Executive’s employment under 

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this agreement. Any termination of the Executive’s employment for cause must be authorized by a majority vote of the Board taken not later than six (6) months after a majority of the members of the Board (other than the Executive if he is a member of the Board) have actual knowledge of the occurrence of the event or conduct constituting the cause for such termination. If the Executive’s employment under this agreement is terminated by the Board for cause, then the Executive will be entitled to receive the following compensation and benefits from the Companies:

	
 
	
(i)
	
The Accrued Benefits, payable within fourteen (14) days after the Termination Date;
	
 

	
 
	
(ii)
	
Any other amounts earned, accrued, or owed to the Executive under this agreement but not paid as of the Termination Date; and
	
 

	
 
	
(iii)
	
Any other benefits payable to the Executive upon his termination for cause, or to which the Executive otherwise may be entitled, under any benefit plans or programs of the Companies in effect on the Termination Date.
	
 

(d)Termination Without Cause Prior to a Change of Control.  If, prior to the occurrence of a Change of Control, the Companies terminate the Executive’s employment under this agreement for any reason other than cause or the Executive’s death or disability, then the Executive will be entitled to receive the compensation, benefits, and other payments from the Companies provided in the following clauses (i), (iii), and (v) of this subparagraph (d) and, if the Executive (A) executes a release of all claims in a form reasonably acceptable to the Companies and the Executive (the “Release”) and the applicable revocation period with respect to the Release expires within 45 days (or such longer period as required by law) following the Termination Date and (B) continues to comply with (1) the Executive’s fiduciary obligations to the Companies, (2) the Executive’s covenants under Paragraphs 18 and 19 of this agreement, and (3) any other material ongoing obligations relating to the Companies to which the Executive is subject, also will be entitled to receive the payments and benefits provided in the following clauses (ii) and (iv) of this subparagraph (d):

	
 
	
(i)
	
The Accrued Benefits, payable within fourteen (14) days after the Termination Date;
	
 

	
 
	
(ii)
	
An amount calculated as follows:
	
 

1.If the Executive has been in the position for less than two years, then an amount equal to the sum of the Executive’s  Base Salary, incentive bonus (paid at 100% of achievement) and the value of any equity awards granted in the last year that would be applicable to the first year of potential vesting (paid at 100% of achievement);

2.If the Executive has been in the position for less than three years, then an amount equal to the sum of the Executive’s  Base Salary, incentive bonus (paid at 100% of achievement) and the value of any equity awards granted in 

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the last two years that would be applicable to each of the first two years of potential vesting (paid at 100% of achievement); or

3.If the Executive has been in the position for three years or more, then an amount equal to one hundred percent (100%) of the average of the Executive’s compensation shown in Box 1 (“Wages, tips, other compensation”) of the Executive’s Internal Revenue Service Form W-2 for each of the three calendar years immediately preceding the calendar year in which the Termination Date occurs;

payable in substantially equal installments in accordance with the Companies’ normal payroll practices for the twelve (12) months following the Termination Date; provided, that (A) such payments shall commence on the first regularly scheduled payroll date that is at least sixty (60) days following the Termination Date upon the conditions that the Executive has delivered the signed Release to the Companies and the Release has become irrevocable (the “Payment Commencement Date”) and (B) the first such payment shall include all payments that otherwise would have been paid to the Executive pursuant to this subparagraph between the Termination Date and the Payment Commencement Date if such payments had commenced as of the Termination Date;

	
 
	
(iii)
	
Any other amounts earned, accrued, or owed to the Executive under this agreement but not paid as of the Termination Date;
	
 

	
 
	
(iv)
	
Continued participation at the Companies’ expense in the group medical, dental, life, and long-term disability insurance benefit plans or programs of the Companies which may be in effect from time to time and in which the Executive was participating as of the Termination Date, to the extent that such continued participation by the Executive is permitted under the terms and conditions of such plans (unless such continued participation is restricted or prohibited by applicable governmental regulations governing such plans), until the first to occur of one (1) year after the Termination Date or (separately with respect to the termination of each benefit) the provision of a substantially equivalent benefit to the Executive by another employer of the Executive; and 
	
 

	
 
	
(v)
	
Any other benefits payable to the Executive upon his termination without cause, or to which the Executive otherwise may be entitled, under any benefit plans or programs of the Companies in effect on the Termination Date.
	
 

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(e)Termination Without Cause After a Change of Control. If, within eighteen (18) months after the occurrence of a Change of Control (as determined under Paragraph 15 of this agreement), the Companies or any Permitted Assignee terminates the Executive’s employment under this agreement for any reason other than cause or the Executive’s death or disability, then the Executive shall be entitled to receive the compensation, benefits, and other payments from the Companies provided in the following clauses (i), (ii), (iv), and (vi) of this subparagraph (e) and, if the Executive (A) executes a release of all claims in a form reasonably acceptable to the Companies (the “Release”) and the applicable revocation period with respect to the Release expires within 45 days (or such longer period as required by law) following the Termination Date and (B) continues to comply with (1) the Executive’s fiduciary obligations to the Companies, (2) the Executive’s covenants under Paragraphs 18 and 19 of this agreement, and (3) any other material ongoing obligations relating to the Companies to which the Executive is subject, also will be entitled to receive the payments and benefits provided in the following clauses (iii) and (v) of this subparagraph (e):

	
 
	
(i)
	
The Accrued Benefits, payable within fourteen (14) days after the Termination Date;
	
 

	
 
	
(ii)
	
The automatic vesting of all unvested Restricted Stock Awards under Restricted Stock Award Agreements between CSGS and the Executive which are in effect on the Termination Date and which provide for automatic vesting of the unvested Award Shares upon the Executive’s involuntary (on the part of the Executive) termination of employment without cause after the occurrence of a Change of Control (the “Change of Control Termination”);
	
 

	
 
	
(iii)
	
An amount equal to three (3) times the sum of (1) the Executive’s Base Salary for the calendar year in which the Termination Date occurs plus (2) the performance-based cash bonus which the Executive would receive for the calendar year in which the Termination Date occurs if the Companies attained 100% of their performance goals for such calendar year, reduced as necessary so that the actual amount, if any, payable under this clause (iii) plus the applicable amounts of any other relevant payments or benefits under this subparagraph (e) is $1.00 less than the amount which would result in the imposition of a tax under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), on “excess parachute payments” (as defined in Section 280G of the Code), such amount to be paid in a lump sum by the Companies to the Executive no later than thirty (30) days after the determination of such amount;
	
 

	
 
	
(iv)
	
Any other amounts earned, accrued, or owed to the Executive under this agreement but not paid as of the Termination Date; and
	
 

	
 
	
(v)
	
Continued participation at the Companies’ expense in the group medical, dental, life, and long-term disability insurance benefit plans or programs of the Companies which may be in effect from 
	
 

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time to time and in which the Executive was participating as of the Termination Date, to the extent that such continued participation by the Executive is permitted under the terms and conditions of such plans (unless such continued participation is restricted or prohibited by applicable governmental regulations governing such plans), until the first to occur of two (2) years after the Termination Date or (separately with respect to the termination of each benefit) the provision of a substantially equivalent benefit to the Executive by another employer of the Executive; and
	
 

	
 
	
(vi)
	
Any other benefits payable to the Executive upon his termination without cause, or to which the Executive otherwise may be entitled, under any benefit plans or programs of the Companies in effect on the Termination Date.
	
 

Notwithstanding the foregoing provisions of this subparagraph (e), with respect to compensation subject to Section 409A of the Code, the lump sum payment provision set forth in clause (iii) of this subparagraph (e) will only apply if the Change of Control event is also a “change in control event” as determined under Treasury Regulation section 1.409A-3(i)(5); otherwise, the payment will be made at the same time and in the same form as set forth in subparagraph 10(d)(ii) of this agreement.

(f)Constructive Termination.  If at any time during the term of this agreement the Executive terminates his employment on account of a Constructive Termination, then the Executive shall be eligible to receive all of the payments and benefits provided in subparagraph 10(d) of this agreement, which shall be paid in accordance with subparagraph 10(d); however, if the Constructive Termination occurs within eighteen (18) months following a Change of Control, then the Executive instead shall be eligible to receive all of the payments and benefits provided in subparagraph 10(e) of this agreement, which shall be paid in accordance with subparagraph 10(e). For purposes of this subparagraph (f), “Constructive Termination” means any action by the Board or a Permitted Assignee, in each case without the Executive’s prior consent, that materially and adversely alters the authority, duties, or responsibilities of the Executive. Notwithstanding the foregoing provisions of this subparagraph (f), in no event will the occurrence of any such condition constitute a Constructive Termination unless (i) the Executive provides written notice to the Board or the Permitted Assignee (as applicable) of the existence of the condition giving rise to a Constructive Termination within ninety (90) days following the date the Executive first becomes aware of the existence of such condition and (B) the Board or Permitted Assignee (as applicable) fails to materially cure such condition to the Executive’s reasonable satisfaction within thirty (30) days following the date of such notice, upon which failure to cure the Executive will immediately resign his employment with the Companies.

(g)Voluntary Resignation. If the Executive voluntarily resigns as an employee of the Companies and thereby voluntarily terminates his employment under this agreement and if none of subparagraphs (a) through (f) of this Paragraph 10 is applicable to such termination, then the Executive will be entitled to receive only the following compensation, benefits, and other payments from the Companies:

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(i)
	
The Accrued Benefits, payable within fourteen (14) days after the Termination Date;
	
 

	
 
	
(ii)
	
Any other amounts earned, accrued, or owed to the Executive under this agreement but not paid as of the Termination Date;
	
 

	
 
	
(iii)
	
If (and only if) the Executive’s voluntary resignation is effective on December 31 of a particular calendar year, the Executive’s annual incentive bonus (if any) to be paid in accordance with the regular schedule for its payment and equity vesting (if any) for such calendar year in accordance with the regular schedule for such vesting; and
	
 

	
 
	
(iv)
	
Any other benefits payable to the Executive upon his voluntary resignation, or to which the Executive otherwise may be entitled, under any benefit plans or programs of the Companies in effect on the Termination Date.
	
 

The Executive understands and agrees that if this subparagraph (g) is applicable to the termination of the Executive’s employment with the Companies, then, unless his voluntary resignation is effective on December 31 of a particular calendar year, the Executive will not be entitled to any annual incentive bonus for the calendar year in which his voluntary resignation becomes effective.

(h)Liquidated Damages. The Executive agrees to accept the compensation, benefits, and other payments provided for in subparagraph (d), subparagraph (e), or subparagraph (f) of this Paragraph 10, as the case may be, as full and complete liquidated damages for any breach of this agreement relating to or resulting from the actual or constructive termination of the Executive’s employment under this agreement for a reason other than cause or the Executive’s death or disability; and the Executive shall not have and hereby waives and relinquishes any other rights or claims in respect of any such breach.

(i)Notice of Other Benefits. Whenever relevant for purposes of this Paragraph 10, the Executive promptly shall notify the Companies of his receipt from another employer of any benefits of the types referred to in subparagraphs (b)(iv), (d)(iv), and (e)(v) of this Paragraph 10. Such information shall be updated by the Executive whenever necessary to keep the Companies informed on a current basis.

(j)Modification of Benefit Plans or Programs. Nothing contained in this Paragraph 10 shall obligate the Companies to institute, maintain, or refrain from changing, amending, or discontinuing any benefit plan or program referred to in subparagraph (b)(iv), (d)(iv), or (e)(v) of this Paragraph 10 so long as such actions are similarly applicable to senior executives of the Companies generally.

(k)Rights of Estate. The Executive may, by written instrument delivered to the Companies during the Executive’s lifetime, designate primary and contingent beneficiaries to receive (at the same time or times that the payments would have been made to the Executive if the Executive were still living) the unpaid portion of any cash payments if the Executive dies prior to his receipt of all of the cash payments to which he may be entitled pursuant to subparagraph (a), 

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(b), (c), (d), (e), (f), or (g) of this Paragraph 10, and the Executive may designate the proportions in which such beneficiaries are to receive such payments. The Executive may change such beneficiary designations from time to time, and the last written beneficiary designation filed with the Companies prior to the Executive’s death will control. If the Executive fails to designate a beneficiary, or if no designated beneficiary survives the Executive, or if all designated beneficiaries who survive the Executive die before all payments are made, then the remaining payments shall be made to the legal representative of the Executive’s estate.

11.Nondisclosure.  During the term of this agreement and thereafter, the Executive shall not, without the prior written consent of the Board or a person (other than the Executive) so authorized by the Board, disclose or use for any purpose (except in the course of his employment under this agreement and in furtherance of the business of the Companies or any of their respective subsidiaries) any confidential information, trade secrets, or proprietary data of the Companies or any of their respective subsidiaries (collectively, for purposes of this agreement, “Confidential Information”); provided, however, that Confidential Information shall not include any information then known generally to the public or ascertainable from public or published information (other than as a result of unauthorized disclosure by the Executive) or any information of a type not otherwise considered confidential by persons engaged in the same business or a business similar to that conducted by the Companies or their respective subsidiaries, as the case may be.

12.Successors and Assigns. This agreement and all rights under this agreement shall be binding upon, inure to the benefit of, and be enforceable by the parties hereto and their respective personal or legal representatives, executors, administrators, heirs, distributees, devisees, legatees, successors, and assigns. This agreement is personal in nature, and none of the parties to this agreement shall, without the written consent of the others, assign or transfer this agreement or any right or obligation under this agreement to any other person or entity, except as permitted by Paragraph 14.

13.Notices. For purposes of this agreement, notices and other communications provided for in this agreement shall be deemed to be properly given if delivered personally or sent either by next-business-day prepaid express delivery by a recognized national express delivery service or by United States certified mail, return receipt requested, postage prepaid, in either case addressed as follows:

If to the Executive:Brian A. Shepherd

c/o CSG Systems, Inc.

6175 South Willow Drive, 10th Floor

Greenwood Village, Colorado 80111

If to the Companies:CSG Systems International, Inc.

and CSG Systems, Inc.

6175 South Willow Drive, 10th Floor

Greenwood Village, Colorado 80111

Attn: General Counsel,

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or to such other address as either party may have furnished to the other party in writing in accordance with this paragraph. Such notices or other communications shall be effective only upon receipt.

14.Merger, Consolidation, Sale of Assets. In the event of (a) a merger of Systems with another corporation (other than CSGS) in a transaction in which Systems is not the surviving corporation, (b) the consolidation of Systems into a new corporation resulting from such consolidation, (c) the sale or other disposition of all or substantially all of the assets of Systems, the Companies may assign this agreement and all of the rights and obligations of the Companies under this agreement to the surviving, resulting, or acquiring entity (for purposes of this agreement, a “Permitted Assignee”); provided, that such surviving, resulting, or acquiring entity shall in writing assume and agree to perform all of the obligations of the Companies under this agreement; and provided further, that the Companies shall remain jointly and severally liable for the performance of the obligations of the Companies under this agreement in the event of a failure of the Permitted Assignee to perform its obligations under this agreement.

15.Change of Control. For purposes of this agreement, a “Change of Control” shall be deemed to have occurred upon the happening of any of the following events:

(a)CSGS is merged or consolidated into another corporation, and immediately after such merger or consolidation becomes effective the holders of a majority of the outstanding shares of voting capital stock of CSGS immediately prior to the effectiveness of such merger or consolidation do not own (directly or indirectly) a majority of the outstanding shares of voting capital stock of the surviving or resulting corporation in such merger or consolidation;

(b)any person, entity, or group of persons within the meaning of Sections 13(d) or 14(d) of the Securities Exchange Act of 1934 (the “1934 Act”) and the rules promulgated thereunder becomes the beneficial owner (within the meaning of Rule 13d-3 under the 1934 Act) of thirty percent (30%) or more of the outstanding voting capital stock of CSGS;

(c)the Common Stock of CSGS ceases to be publicly traded because of an issuer tender offer or other “going private” transaction (other than a transaction sponsored by the then current management of CSGS);

(d)CSGS dissolves or sells or otherwise disposes of all or substantially all of its property and assets (other than to an entity or group of entities which is then under common majority ownership (directly or indirectly) with CSGS);

(e)in one or more substantially concurrent transactions or in a series of related transactions, CSGS directly or indirectly disposes of a portion or portions of its business operations (collectively, the “Sold Business”) other than by ceasing to conduct the Sold Business without its being acquired by a third party (regardless of the entity or entities through which CSGS conducted the Sold Business and regardless of whether such disposition is accomplished through a sale of assets, the transfer of ownership of an entity or entities, a merger, or in some other manner) and either (i) the fair market value of the consideration received or to be received by CSGS for the Sold Business is equal to at least fifty percent (50%) of the market value of the outstanding Common Stock of CSGS determined by multiplying the average of the closing prices for the 

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Common Stock of CSGS on the thirty (30) trading days immediately preceding the date of the first public announcement of the proposed disposition of the Sold Business by the average of the numbers of outstanding shares of Common Stock on such thirty (30) trading days or (ii) the revenues of the Sold Business during the most recent four (4) calendar quarters ended prior to the first public announcement of the proposed disposition of the Sold Business represented fifty percent (50%) or more of the total consolidated revenues of CSGS during such four (4) calendar quarters; or

(f)during any period of two consecutive years or less, individuals who at the beginning of such period constituted the Board of Directors of CSGS cease, for any reason, to constitute at least a majority of the Board of Directors of CSGS, unless the election or nomination for election of each new director of CSGS who took office during such period was approved by a vote of at least seventy-five percent (75%) of the directors of CSGS still in office at the time of such election or nomination for election who were directors of CSGS at the beginning of such period.

16.Miscellaneous. No provision of this agreement may be modified, waived, or discharged unless such waiver, modification, or discharge is agreed to in writing and is signed by the Executive and an officer of CSGS (other than the Executive) so authorized by the Board. No waiver by any party to this agreement at any time of any breach by any other party of, or compliance by any other party with, any condition or provision of this agreement to be performed by such other party shall be deemed to be a waiver of similar or dissimilar provisions or conditions at the same or any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter of this agreement have been made by any party that are not expressly set forth in this agreement.

17.Representations of Companies. The Companies severally represent and warrant to the Executive that they have full legal power and authority to enter into this agreement, that the execution and delivery of this agreement by the Companies have been duly authorized by their respective boards of directors, and that the performance of their respective obligations under this agreement will not violate any agreement between the Companies, or either of them, and any other person, firm, or organization.

18.Non-Solicitation of Employees.  For a period of one (1) year after the effective date of the termination of the Executive’s employment under this agreement for any reason, whether voluntarily or involuntarily and with or without cause, without the prior written consent of CSGS the Executive agrees (i) not to directly or indirectly employ, solicit for employment, assist any other person in employing or soliciting for employment, or advise or recommend to any other person that such other person employ or solicit for employment any person who then is an employee of the Companies (or either of them) or any of the respective subsidiaries of the Companies and (ii) not to recommend to any then employee of the Companies (or either of them) or any of the respective subsidiaries of the Companies that such employee leave the employ of such employer.

19.Post-Termination Noncompetition. Because the Confidential Information known to or developed by the Executive during his employment by the Companies encompasses at the highest level information concerning the plans, strategies, products, operations, and existing and prospective customers of the Companies and their respective subsidiaries and could not practically 

13

be disregarded by the Executive, the Executive acknowledges that his provision of executive services to a competitor of the Companies or either of them or any of the respective subsidiaries of the Companies soon after the termination of the Executive’s employment by the Companies would inevitably result in the use of the Confidential Information by the Executive in his performance of such executive services, even if the Executive were to use his best efforts to avoid such use of the Confidential Information. To prevent such use of the Confidential Information and the resulting unfair competition and wrongful appropriation of the goodwill and other valuable proprietary interests of the Companies and their respective subsidiaries, the Executive agrees that for a period of one (1) year after the termination of his employment by the Companies for any reason, whether voluntarily or involuntarily and with or without cause, the Executive will not, directly or indirectly:

	
 
	
(a)
	
engage, whether as an employee, agent, consultant, independent contractor, owner, partner, member, or otherwise, in a business activity which then competes in a material way with a business activity then being actively engaged in by the Companies or either of them or any of their respective subsidiaries;

	
 
	
(b)
	
solicit or recommend to any other person that such period solicit any then customer of the Companies or either or them or any of their respective subsidiaries, which customer also was a customer of the Companies or either of them or any of their respective subsidiaries at any time during the one (1) year period prior to the termination of the Executive’s employment by the Companies, for the purpose of obtaining the business of such customer in competition with the Companies or either of them or any of their respective subsidiaries; or

	
 
	
(c)
	
induce or attempt to induce any then customer or prospective customer of the Companies or either of them or any of their respective subsidiaries to terminate or not commence a business relationship with the Companies or either of them or any of their respective subsidiaries.

The Companies and the Executive acknowledge and agree that the restrictions contained in this Paragraph 19 are both reasonable and necessary in view of the Executive’s positions with the Companies and that the Executive’s compensation and benefits under this agreement are sufficient consideration for the Executive’s acceptance of such restrictions. Nevertheless, if any of the restrictions contained in this Paragraph 19 are found by a court having jurisdiction to be unreasonable, or excessively broad as to geographic area or time, or otherwise unenforceable, then the parties intend that the restrictions contained in this Paragraph 19 be modified by such court so as to be reasonable and enforceable and, as so modified by the court, be fully enforced. Nothing contained in this paragraph shall be construed to preclude the investment by the Executive of any of his assets in any publicly owned entity so long as the Executive has no direct or indirect involvement in the business of such entity and owns less than 2% of the voting equity securities of such entity. Nothing contained in this paragraph shall be construed to preclude the Executive from becoming employed by or serving as a consultant to or having dealings with a publicly owned entity one of whose businesses is a competitor of the Companies or either of them or any of the respective subsidiaries of the Companies so long as such employment, consultation, or dealings do not directly or indirectly involve or relate to the business of such entity which is a competitor of the Companies or either of them or any of the respective subsidiaries of the Companies.

14

20.Joint and Several Obligations. All of the obligations of the Companies under this agreement are joint and several; and neither the bankruptcy, insolvency, dissolution, merger, consolidation, or reorganization nor the cessation of business or corporate existence of one of the Companies shall affect, impair, or diminish the obligations under this agreement of the other of the Companies. The compensation and benefits to which the Executive is entitled under this agreement are aggregate compensation and benefits, and the payment of such compensation or the provision of such benefits by one of the Companies shall to the extent of such payment or provision satisfy the obligations of the other of the Companies. The Companies may agree between themselves as to which of them will be responsible for some or all of the Executive’s compensation and benefits under this agreement, but any such agreement between the Companies shall not diminish to any extent the joint and several liability of the Companies to the Executive for all of such compensation and benefits.

21.Injunctive Relief. The Executive acknowledges that his violation of the provisions and restrictions contained in Paragraphs 11, 18, and 19 could cause significant injury to the Companies for which the Companies would have no adequate remedy at law. Accordingly, the Executive agrees that the Companies will be entitled, in addition to any other rights and remedies that then may be available to the Companies, to seek and obtain injunctive relief to prevent any breach or potential breach of any of the provisions and restrictions contained in Paragraph 11, 18, or 19.

22.Dispute Resolution. Subject to the provisions of Paragraph 21, any claim by the Executive or the Companies arising from or in connection with this agreement, whether based on contract, tort, common law, equity, statute, regulation, order, or otherwise (a “Dispute”), shall be resolved as follows:

	
 
	
(a)
	
Such Dispute shall be submitted to mandatory and binding arbitration at the election of either the Executive or the particular Company involved (the “Disputing Party”). Except as otherwise provided in this Paragraph 22, the arbitration shall be pursuant to the Commercial Arbitration Rules of the American Arbitration Association (the “AAA”).

	
 
	
(b)
	
To initiate the arbitration, the Disputing Party shall notify the other party in writing within 30 days after the occurrence of the event or events which give rise to the Dispute (the “Arbitration Demand”), which notice shall (i) describe in reasonable detail the nature of the Dispute, (ii) state the amount of any claim, (iii) specify the requested relief, and (iv) name an arbitrator who (A) has been licensed to practice law in the U.S. for at least ten years, (B) has no past or present relationship with either the Executive or the Companies, and (C) is experienced in representing clients in connection with employment related disputes (the “Basic Qualifications”). Within fifteen (15) days after the other party’s receipt of the Arbitration Demand, such other party shall serve on the Disputing Party a written statement (i) answering the claims set forth in the Arbitration Demand and including any affirmative defenses of such party, (ii) asserting any counterclaim, which statement shall (A) describe in reasonable detail the nature of the Dispute relating to the counterclaim, (B) state the amount of the counterclaim, and (C) specify the requested relief, and (iii) naming a second arbitrator satisfying the Basic 

15

	
 
		
Qualifications. Promptly, but in any event within five (5) days thereafter, the two arbitrators so named shall select a third neutral arbitrator from a list provided by the AAA of potential arbitrators who satisfy the Basic Qualifications and who have no past or present relationship with the parties’ counsel, except as otherwise disclosed in writing to and approved by the parties. The arbitration will be heard by a panel of the three arbitrators so chosen (the “Arbitration Panel”), with the third arbitrator so chosen serving as the chairperson of the Arbitration Panel. Decisions of a majority of the members of the Arbitration Panel shall be determinative.

	
 
	
(c)
	
The arbitration hearing shall be held in Denver, Colorado. The Arbitration Panel is specifically authorized to render partial or full summary judgment as provided for in the Federal Rules of Civil Procedure. The Arbitration Panel will have no power or authority, under the Commercial Arbitration Rules of the AAA or otherwise, to relieve the parties from their agreement hereunder to arbitrate or otherwise to amend or disregard any provision of this agreement, including, without limitation, the provisions of this Paragraph 22.

	
 
	
(d)
	
If an arbitrator refuses or is unable to proceed with arbitration proceedings as called for by this Paragraph 22, such arbitrator shall be replaced by the party who selected such arbitrator or, if such arbitrator was selected by the two party-appointed arbitrators, by such two party-appointed arbitrators’ selecting a new third arbitrator in accordance with Paragraph 22(b), in either case within five (5) days after such declining or withdrawing arbitrator’s giving notice of refusal or inability to proceed. Each such replacement arbitrator shall satisfy the Basic Qualifications. If an arbitrator is replaced pursuant to this Paragraph 22(d) after the arbitration hearing has commenced, then a rehearing shall take place in accordance with the provisions of this Paragraph 22(d) and the Commercial Arbitration Rules of the AAA.

	
 
	
(e)
	
Within ten (10) days after the closing of the arbitration hearing, the Arbitration Panel shall prepare and distribute to the parties a writing setting forth the Arbitration Panel’s finding of facts and conclusions of law relating to the Dispute, including the reason for the giving or denial of any award. The findings and conclusions and the award, if any, shall be deemed to be confidential information.

	
 
	
(f)
	
The Arbitration Panel is instructed to schedule promptly all discovery and other procedural steps and otherwise to assume case management initiative and control to effect an efficient and expeditious resolution of the Dispute. The Arbitration Panel is authorized to issue monetary sanctions against either party if, upon a showing of good cause, such party is unreasonably delaying the proceeding.

	
 
	
(g)
	
Any award rendered by the Arbitration Panel will be final, conclusive, and binding upon the parties, and any judgment on such award may be entered and enforced in any court of competent jurisdiction.

16

	
 
	
(h)
	
Each party will bear a pro rata share of all fees, costs, and expenses of the arbitrators; and each party will bear all of the fees, costs, and expenses of his or its own attorneys, experts, and witnesses.

	
 
	
(i)
	
Nothing contained in the preceding provisions of this Paragraph 22 shall be construed to prevent either party from seeking from a court a temporary restraining order or other injunctive relief pending final resolution of a Dispute pursuant to this Paragraph 22.

23.No Duty to Seek Employment. The Executive shall not be under any duty or obligation to seek or accept other employment following the termination of his employment by the Companies; and, except as expressly provided in subparagraphs (b)(iv), (d)(iv), and (e)(v) of Paragraph 10, no amount, payment, or benefit due the Executive under this agreement shall be reduced, suspended, or discontinued if the Executive accepts such other employment.

24.Withholding of Taxes. The Companies may withhold from any amounts payable to the Executive under this agreement all federal, state, and local taxes which are required to be so withheld by any applicable law or governmental regulation or ruling.

25.Validity. The invalidity or unenforceability of any provision or provisions of this agreement shall not affect the validity or enforceability of any other provision of this agreement, which other provision shall remain in full force and effect; nor shall the invalidity or unenforceability of a portion of any provision of this agreement affect the validity or enforceability of the balance of such provision.

26.Counterparts. This document may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together shall constitute a single agreement.

27.Headings. The headings of the paragraphs contained in this document are for reference purposes only and shall not in any way affect the meaning or interpretation of any provision of this agreement.

28.Applicable Law. This agreement shall be governed by and construed in accordance with the internal substantive laws, and not the choice of law rules, of the State of Colorado.

29.Section 409A. The intent of the Companies and the Executive is that all payments and benefits under this agreement comply with Section 409A of the Code (“Section 409A”), to the extent subject thereto; and, accordingly, to the maximum extent permitted, this agreement shall be interpreted and administered so as to be in compliance with Section 409A. Notwithstanding anything contained in this agreement to the contrary, the Executive shall not be considered to have terminated employment with the Companies for purposes of any payments under this agreement which are subject to Section 409A until the Executive would be considered to have incurred a “separation from service” within the meaning of Section 409A. Each amount to be paid or benefit to be provided under this agreement shall be construed as a separate identified payment for purposes of Section 409A. Without limiting the foregoing and notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation or tax penalties under Section 409A, amounts that would otherwise be payable and benefits that would otherwise 

17

be provided to the Executive during the six-month period immediately following the Executive’s separation from service shall instead be paid on the first business day after the date that is six months following the Executive’s separation from service (or, if earlier, the Executive’s date of death). To the extent required to avoid an accelerated or additional tax under Section 409A, amounts reimbursable to the Executive under this agreement shall be paid to the Executive on or before the last day of the year following the year in which the expense was incurred, and the amount of expenses eligible for reimbursement (and in kind benefits provided to the Executive) during one year may not affect amounts reimbursable or provided in any subsequent year. The Companies make no representation to the Executive to the Executive that any or all of the payments described in this agreement will be exempt from or comply with Section 409A and make no undertaking to preclude Section 409A from applying to any such payment.

30.Clawback Rights. The Executive understands that the Companies have adopted a “clawback” policy that authorizes the Companies, in certain cases, to reduce or cancel, or require the recovery of, an executive officer’s annual bonus or long-term incentive compensation award, or portions thereof, if the Board determines that such bonus or award should be adjusted, cancelled, or recovered because the executive officer has engaged in intentional misconduct that has led to a material restatement of the financial statements of the Companies. If the Board (or a committee thereof to which such matter has been delegated) proposes to impose such a clawback with respect to any of the Executive’s compensation, then the Executive shall be entitled to be present and represented by his own legal counsel at any meeting of the Board (or of such committee) at which such proposed clawback is proposed to be acted upon. The Companies agree to pay the reasonable attorney’s fees of the Executive’s legal counsel (a) for representing the Executive at any such meeting of the Board (or of such committee) and (b) for representing the Executive in contesting, whether through judicial proceedings, arbitration, or otherwise, any clawback of any of the Executive’s compensation that the Board (or such committee) has approved and imposed.

31.Restricted Stock Award Adjustments. If automatic vesting of all unvested Restricted Stock Awards under then effective Restricted Stock Award Agreements between CSGS and the Executive would occur upon a Change of Control Termination of the Executive and such vesting would result in the imposition of a tax under Section 4999 of the Code on “excess parachute payments” (as defined in Section 280G of the Code), then the Compensation Committee of the Board will have the right in its sole discretion to reduce the aggregate number of shares of CSGS stock which will automatically vest in the Executive upon such event to an aggregate number of shares whose aggregate fair market value, net of any 280G Adjustment, is $1.00 less than (i) the amount which would result in the imposition of such tax minus (ii) the fair market value, net of any 280G Adjustment, of all other payments or benefits in the nature of compensation for purposes of Section 280G of the Code received or receivable by the Executive in connection with or as a result of the Executive’s Change of Control Termination; provided, however, that such reduction shall be applied to Award Shares covered by time-based Restricted Stock Awards and Award Shares covered by performance-based Restricted Stock Awards in the order that will result in the Executive’s receipt of the greatest number of Award Shares after such reduction has occurred. CSGS and the Executive agree that the provisions of this Paragraph 31 are applicable both to all Restricted Stock Award Agreements between CSGS and the Executive which are in effect on the date of this agreement and to all Restricted Stock Award Agreements between CSGS and the Executive which become effective after the date of this agreement and that all of such Restricted 

18

Stock Award Agreements are subject to and modified by this Paragraph 31. The provisions of subparagraph 10(e) of this agreement also are subject to the provisions of this Paragraph 31.

[Signatures appear on the following page.]

 

19

IN WITNESS WHEREOF, the Companies and the Executive have executed this Amended and Restated Employment Agreement on the day and year first above written.

		
	
 
	
CSG SYSTEMS INTERNATIONAL, INC.,

a Delaware corporation

	
 
	
 

	
By:
	
  /s/ Rolland B. Johns 

	
 
	
Rolland B. Johns 

	
 
	
Executive Vice President and Chief

	
 
	
Financial Officer

	
 
	
 

	
 
	
CSG SYSTEMS, INC., a Delaware corporation

	
 
	
 

	
By:
	
  /s/ Rolland B. Johns 

	
 
	
Rolland B. Johns 

	
 
	
Executive Vice President and Chief

	
 
	
Financial Officer

	
 
	
 

	
 
	
 

	
 
	
/s/ Brian A. Shepherd

	
 
	
Brian A. Shepherd

	
 
	
 

 

20Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT is made
and entered into as of this 28th day of August, 2020 and will go effective as of September 8, 2020 (the “Effective Date”),
by and between HOTH THERAPEUTICS INC, a Nevada corporation (the “Corporation”), and Stefanie Johns (the “Employee”),
under the following circumstances:

 

RECITALS:

 

A. The
Corporation desires to secure the services of the Employee upon the terms and conditions hereinafter set forth; and

 

B. The
Employee desires to render services to the Corporation upon the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, the parties mutually agree as follows:

 

1. Employment.
The Corporation hereby employs the Employee and the Employee hereby accepts employment as an Employee of the Corporation, subject
to the terms and conditions set forth in this Agreement.

 

2. Duties.
The Employee shall serve as the Chief Scientific Officer, with such duties, responsibilities and authority as are commensurate
and consistent with her position, as may be, from time to time, assigned to her by the Chief Executive Officer of the Corporation
(the “Chief Executive Officer”). The Employee shall report directly to the Chief Executive Officer. During the
Term (as defined in Section 3), the Employee shall devote the time and efforts necessary to perform her duties hereunder
unless otherwise authorized by the Board. Notwithstanding the foregoing, the Employee may spend reasonable amounts of time on
other projects for other companies, provided such activities do not materially interfere with the services required to be rendered
to the Corporation hereunder and do not violate the restrictive covenants set forth in Section 9 below.

 

3. Term of
Employment. The term of the Employee’s employment hereunder, unless sooner terminated as provided herein (the
“Initial Term”), shall be for a period of one (1) year commencing on the Effective Date. The term of this
Agreement shall automatically be extended for additional terms of one (1) year each (each a “Renewal
Term”) unless either party gives prior written notice of non-renewal to the other party no later than sixty (60)
days prior to the expiration of the Initial Term (“Non-Renewal Notice”), or the then current Renewal Term,
as the case may be. For purposes of this Agreement, the Initial Term and any Renewal Term are hereinafter collectively
referred to as the “Term.”

 

 4. Compensation of Employee.

 

(a) The
Corporation shall pay the Employee as compensation for her services hereunder, in equal bi-weekly installments during the Term,
an annual salary of Two Hundred Thousand Dollars ($200,000.00), (the “Base Salary”), less such deductions as
shall be required to be withheld by applicable law and regulations. The Corporation shall review the Base Salary on an annual basis
and has the right but not the obligation to increase it.

 

(b) In
addition to the Base Salary set forth in Section 4(a), the Employee shall be eligible to receive an annual bonus the (“Annual
Bonus”) as determined by the Compensation Committee of the Board. The Annual Bonus, if any, shall be paid by the Corporation
to the Employee following the completion of the Corporation’s annual audit and public announcement of such results and shall
be paid promptly following the Corporation’s announcement of earnings.

 

    1

     

    

 

(c) Equity
Awards. Employee shall be eligible for such grants of awards under stock option or other equity incentive plans of the Corporation
adopted by the Board and approved by the Corporation’s stockholders (or any successor or replacement plan adopted by the
Board and approved by the Corporation’s stockholders) (the “Plan”) as the Compensation Committee of the
Corporation may from time to time determine (the “Share Awards”).

 

(d) The
Corporation shall pay or reimburse the Employee for all reasonable out-of-pocket expenses actually incurred or paid by the Employee
in the course of his employment, consistent with the Corporation’s policy for reimbursement of expenses from time to time.

 

(e) The
Employee shall be entitled to participate in such pension, profit sharing, group insurance, hospitalization, and group health and
benefit plans and all other benefits and plans, including perquisites, if any, as the Corporation provides to its senior Employees,
including group family health insurance coverage which shall be paid by the Corporation (the “Benefit Plans”).

 

 5. Termination.

 

(a) This
Agreement and the Employee’s employment hereunder shall terminate upon the happening of any of the following events:

 

(i) upon
the Employee’s death;

 

 (ii) upon the Employee’s “Total Disability” (as herein defined);

 

(iii) upon
the expiration of the Initial Term of this Agreement or any Renewal Term thereof, if either party has provided a timely notice
of non-renewal in accordance with Section 3, above;

 

 (iv) at the Employee’s option, upon sixty (60) days prior written notice to the Corporation;

 

(v) at
the Employee’s option, in the event of an act by the Corporation, defined in Section 5(c), below, as constituting “Good
Reason” for termination by the Employee; and

 

(vi) at
the Corporation’s option, in the event of an act by the Employee, defined in Section 5(d), below, as constituting “Cause”
for termination by the Corporation.

 

(b) For
purposes of this Agreement, the Employee shall be deemed to be suffering from a “Total Disability” if the Employee
has failed to perform his regular and customary duties to the Corporation for a period of 180 days out of any 360-day period and
if before the Employee has become “Rehabilitated” (as herein defined) a majority of the members of the Board, exclusive
of the Employee, vote to determine that the Employee is mentally or physically incapable or unable to continue to perform such
regular and customary duties of employment. As used herein, the term “Rehabilitated” shall mean such time as
the Employee is willing, able and commences to devote his time and energies to the affairs of the Corporation to the extent and
in the manner that he did so prior to his Total Disability.

 

(c) For purposes of
this Agreement, the term “Good Reason” shall mean that the Employee has resigned due to (i) any diminution
of duties inconsistent with Employee’s title, authority, duties and responsibilities (including, without limitation, a
change in the chain of reporting); (ii) any reduction of or failure to pay Employee compensation provided for herein, except
to the extent Employee consents in writing to any reduction, deferral or waiver of compensation, which non-payment continues
for a period of fifteen (15) days following written notice to the Corporation by Employee of such non-payment; (iii) the
consummation of any Change in Control Transaction (as defined below) or (iv) any material violation by the Corporation of its
obligations under this Agreement that is not cured within thirty (30) days Agreement after receipt of written notice thereof
from the Employee. For purposes of this Agreement, the term “Change in Control Transaction” means the sale
of the Corporation to an un-affiliated person or entity or group of un-affiliated persons or entities pursuant to which such
party or parties acquire (i) shares of capital stock of the Corporation representing at least fifty percent (50%) of
outstanding capital stock or sufficient to elect a majority of the Board of the Corporation (whether by merger,
consolidation, sale or transfer of shares (other than a merger where the Corporation is the surviving corporation and the
shareholders and directors of the Corporation prior to the merger constitute a majority of the shareholders and directors,
respectively, of the surviving corporation (or its parent)) or (ii) all or substantially all of the Corporation’s
assets determined on a consolidated basis.

 

    2

     

    

 

 (d) For purposes of this Agreement, the term “Cause” shall mean:

 

(i) conviction
of a felony or a crime involving fraud or moral turpitude; or

 

(ii) theft,
material act of dishonesty or fraud, intentional falsification of any employment or Corporation records, or commission of any criminal
act which impairs Employee’s ability to perform appropriate employment duties for the Corporation; or

 

(iii) intentional
or reckless conduct or gross negligence materially harmful to the Corporation or the successor to the Corporation after a Change
in Control Transaction, including violation of a non- competition or confidentiality agreement; or

 

(iv) willful
failure to follow lawful and reasonable instructions of the person or body to which Employee reports; or

 

(v) gross negligence or willful misconduct
in the performance of Employee’s assigned duties; or

 

 (vi) any material breach of this Agreement by Employee.

 

 6. Effects of Termination.

 

(a) Upon
termination of the Employee’s employment pursuant to Section 5(a)(i) or (ii), in addition to the accrued but unpaid compensation
and vacation pay through the date of death or Total Disability and any other benefits accrued to her under any Benefit Plans outstanding
at such time and the reimbursement of documented, unreimbursed expenses incurred prior to such date, the Employee or her estate
or beneficiaries, as applicable, shall be entitled to the following severance benefits: (i) continued provision for a period of
twelve (12) months following the Employee’s death of benefits under Benefit Plans extended from time to time by the Corporation
to its senior Employees; and (ii) payment on a pro-rated basis of any bonus or other payments earned in connection with any bonus
plan to which the Employee was a participant as of the date of death or Total Disability.

 

(b) Upon
termination of the Employee’s employment pursuant to Section 5(a)(iii), where the Corporation has offered to renew the term
of the Employee’s employment for an additional one (1) year period and the Employee chooses not to continue in the employ
of the Corporation, the Employee shall be entitled to receive only the accrued but unpaid compensation and vacation pay through
the date of termination and any other benefits accrued to him under any Benefit Plans outstanding at such time and the reimbursement
of documented, unreimbursed expenses incurred prior to such date. In the event the Corporation tenders a Non-Renewal Notice to
the Employee, then the Employee shall be entitled to the same severance benefits as if the Employee’s employment were terminated
pursuant to Section 5(a)(v); provided, however, if such Non-Renewal Notice was triggered due to the Corporation’s
statement that the Employee’s employment was terminated due to Section 5(a)(vi) (for “Cause”), then payment of
severance benefits will be contingent upon a determination as to whether termination was properly for “Cause.”

 

    3

     

    

 

(c) Upon termination
of the Employee’s employment pursuant to Section 5(a)(v) or other than pursuant to Section 5(a)(i), 5(a)(ii),
5(a)(iii), 5(a)(iv), or 5(a)(vi) (i.e., without “Cause”), in addition to the accrued but unpaid compensation and
vacation pay through the end of the Term or any then applicable extension of the Term and any other benefits accrued to her
under any Benefit Plans outstanding at such time and the reimbursement of documented, unreimbursed expenses incurred prior to
such date, the Employee shall be entitled to the following severance benefits: (i) a cash payment based on the current scale
of Employee’s Base Salary: (x) twelve (12) months of the Base Salary at the then current rate to be paid in a single
lump sum payment not later than sixty (60) days following such termination, less withholding of all applicable taxes; (ii)
continued provision for a period of twelve (12) months after the date of termination of the benefits under Benefit Plans
extended from time to time by the Corporation to its senior Employees; and (iii) payment on a pro-rated basis of any bonus or
other payments earned in connection with any bonus plan to which the Employee was a participant as of the date of the
Employee’s termination of employment. In addition, any options or restricted stock shall be immediately vested upon
termination of Employee’s employment pursuant to Section 5(a)(v) or by the Corporation without “Cause”.

 

(d) Upon
termination of the Employee’s employment pursuant to Section 5(a)(iv) or (vi), in addition to the reimbursement of documented,
unreimbursed expenses incurred prior to such date, the Employee shall be entitled to the following severance benefits: (i) accrued
and unpaid Base Salary and vacation pay through the date of termination, less withholding of applicable taxes; and (ii) continued
provision, for a period of one (1) month after the date of the Employee’s termination of employment, of benefits under Benefit
Plans extended to the Employee at the time of termination. Employee shall have any conversion rights available under the Corporation’s
Benefit Plans and as otherwise provided by law, including the Comprehensive Omnibus Budget Reconciliation Act.

 

(e) Any
payments required to be made hereunder by the Corporation to the Employee shall continue to the Employee’s beneficiaries
in the event of her death until paid in full.

 

7. Vacations. The Employee shall be entitled to a vacation of three (3) weeks per year, during which period her salary shall be paid in full.
The Employee shall take his vacation at such time or times as the Employee and the Corporation shall determine is mutually convenient.
Any vacation not taken in one (1) year shall accrue, and up to a maximum of six (6) weeks vacation shall carry over to the subsequent
year.

 

 8. Disclosure of Confidential Information.

 

(a) The
Employee recognizes, acknowledges and agrees that she has had and will continue to have access to secret and confidential information
regarding the Corporation, its subsidiaries and their respective businesses (“Confidential Information”), including
but not limited to, its products, methods, formulas, software code, patents, sources of supply, customer dealings, data, know-how,
trade secrets and business plans, provided such information is not in or does not hereafter become part of the public domain, or
become known to others through no fault of the Employee. The Employee acknowledges that such information is of great value to the
Corporation, is the sole property of the Corporation, and has been and will be acquired by him in confidence. In consideration
of the obligations undertaken by the Corporation herein, the Employee will not, at any time, during or after his employment hereunder,
reveal, divulge or make known to any person, any information acquired by the Employee during the course of his employment, which
is treated as confidential by the Corporation, and not otherwise in the public domain. The provisions of this Section 8 shall survive
the termination of the Employee’s employment hereunder for a period of two (2) years.

 

(b) The
Employee affirms that she does not possess and will not rely upon the protected trade secrets or confidential or proprietary information
of any prior employer(s) in providing services to the Corporation or its subsidiaries.

 

(c) In the event that
the Employee’s employment with the Corporation terminates for any reason, the Employee shall deliver forthwith to the
Corporation any and all originals and copies, including those in electronic or digital formats, of Confidential Information;
provided, however, Employee shall be entitled to retain (i) papers and other materials of a personal nature, including, but
not limited to, photographs, correspondence, personal diaries, calendars and rolodexes, personal files and phone books, (ii)
information showing his compensation or relating to reimbursement of expenses, (iii) information that she reasonably believes
may be needed for tax purposes and (iv) copies of plans, programs and agreements relating to her employment, or termination
thereof, with the Corporation.

 

    4

     

    

 

 9. Non-Competition and Non-Solicitation.

 

(a) The
Employee agrees and acknowledges that the Confidential Information that the Employee has already received and will receive is valuable
to the Corporation and that its protection and maintenance constitutes a legitimate business interest of the Corporation, to be
protected by the non-competition restrictions set forth herein. The Employee agrees and acknowledges that the non-competition restrictions
set forth herein are reasonable and necessary and do not impose undue hardship or burdens on the Employee. The Employee also acknowledges
that the Corporation’s business is conducted in New York, Connecticut and New Jersey (the “Territory”),
and that the Territory, scope of prohibited competition, and time duration set forth in the non- competition restrictions set forth
below are reasonable and necessary to maintain the value of the Confidential Information of, and to protect the goodwill and other
legitimate business interests of, the Corporation, its affiliates and/or its clients, investors or customers. The provisions of
this Section 9 shall survive the termination of the Employee’s employment hereunder for the time periods specified below.

 

(b) The
Employee hereby agrees and covenants that she shall not without the prior written consent of the Corporation, directly or indirectly,
in any capacity whatsoever, including, without limitation, as an employee, employer, consultant, principal, partner, shareholder,
officer, director or any other individual or representative capacity (other than (i) as a holder of less than two (2%) percent
of the outstanding securities of a company whose shares are traded on any national securities exchange or (ii) as a limited partner,
passive minority interest holder in a venture capital fund, private equity fund or similar investment entity which holds or may
hold an equity or debt position in portfolio companies that are competitive with the Corporation; provided however, that the Employee
shall be precluded from serving as an operating partner, general partner, manager or governing board designee with respect to such
portfolio companies), whether on the Employee’s own behalf or on behalf of any other person or entity or otherwise howsoever, during
the Term and thereafter to the extent described below, within the Territory:

 

(1) Engage,
own, manage, operate, control, be employed by, consult for, participate in, or be connected in any manner with the ownership, management,
operation or control of any business in competition with the Business of the Corporation, as defined in the next sentence. “Business”
shall mean the acquisition and development of patents through internal or external research and development, acquisition of existing
rights to intellectual property through the acquisition of already issued patents and pending patent applications, both in the
United States and abroad, development of products and processes associated with the Corporation’s intellectual property and
licensing its intellectual property to others seeking to develop products or processes or whose products or processes infringe
its intellectual property rights through legal processes, otherwise deriving value from licensing, commercialization, settlement
and litigation from its patents and obtaining patents from inventors and patent owners to monetize patent portfolios.

 

(2) Recruit,
solicit or hire, or attempt to recruit, solicit or hire, any employee, or independent contractor of the Corporation to leave the
employment (or independent contractor relationship) thereof, whether or not any such employee or independent contractor is party
to an employment agreement, for the purpose of competing with the Business of the Corporation;

 

(3) Attempt
in any manner to solicit or accept from any third party, with whom Employee had significant contact during Employee’s employment
by the Corporation (whether under this Agreement or otherwise), business competitive with the Business done by the Corporation
with such third party or to persuade or attempt to persuade any such third party to cease to do business or to reduce the amount
of business which such third party has customarily done or might do with the Corporation, or if any such party elects to move its
business to a person other than the Corporation, provide any services of the kind or competitive with the Business of the Corporation
for such party, or have any discussions regarding any such service with such party, on behalf of such other person for the purpose
of competing with the Business of the Corporation; or

 

    5

     

    

 

(4) Otherwise
interfere with any relationship, contractual or otherwise, between the Corporation and any other party, including, without limitation,
any supplier, distributor, co-venturer or joint venturer of the Corporation, for the purpose of soliciting such other party to
discontinue or reduce its business with the Corporation for the purpose of competing with the Business of the Corporation.

 

With respect
to the activities described in Paragraphs (1), (2), (3) and (4) above, the restrictions of this Section 9 shall continue during
the Employment Period and, upon termination of the Employee’s employment for a period of six (6) months thereafter.

 

10. Clawback
Rights. The Annual Bonus, and any and all stock based compensation (such as options and equity awards, including Share Awards
and the Initial Option Grant) (collectively, the “Clawback Benefits”) shall be subject to “Corporation
Clawback Rights” as follows: During the period that the Employee is employed by the Corporation and upon the termination
of the Employee’s employment and for a period of three (3) years thereafter, if there is a restatement of any financial results
from which any Clawback Benefits to Employee shall have been determined, Employee agrees to repay any amounts which were determined
by reference to any Corporation financial results which were later restated (as defined below), to the extent the Clawback Benefits
amounts paid exceed the Clawback Benefits amounts that would have been paid, based on the restatement of the Corporation’s
financial information. All Clawback Benefits amounts resulting from such restated financial results shall be retroactively adjusted
by the Compensation Committee to take into account the restated results, and any excess portion of the Clawback Benefits resulting
from such restated results shall be immediately surrendered to the Corporation and if not so surrendered within ninety (90) days
of the revised calculation being provided to the Employee by the Compensation Committee following a publicly announced restatement,
the Corporation shall have the right to take any and all action to effectuate such adjustment. The calculation of the Revised Clawback
Benefits amount shall be determined by the Compensation Committee in good faith and applicable law, rules and regulations. All
determinations by the Compensation Committee with respect to the Clawback Rights shall be final and binding on the Corporation
and Employee. For purposes of this Section 9, a restatement of financial results that requires a repayment of a portion of the
Clawback Benefits amounts shall mean a restatement resulting from material non-compliance of the Corporation with any financial
reporting requirement under the federal securities laws and shall not include a restatement of financial results resulting from
subsequent changes in accounting pronouncements or requirements which were not in effect on the date the financial statements were
originally prepared (“Restatements”). Additionally, if any material breach of any agreement by Employee relating
to confidentiality, non-competition, non-raid of employees, or non-solicitation of vendors or customers (including, without limitation,
Sections 8 or 9 hereof) or if any material breach of Corporation policy or procedures which causes material harm to the Corporation
occurs, as determined by the Board in its sole discretion, then the Employee agrees to repay or surrender any Clawback Benefits
upon demand by the Corporation and if not so repaid or surrendered within ninety (90) days of such demand, the Corporation shall
have the right to take any and all action to effectuate such adjustment. The parties acknowledge it is their intention that the
foregoing Clawback Rights as relates to Restatements conform in all respects to the provisions of the Dodd-Frank Wall Street Reform
and Consumer Protection Act of 2010 (the “Dodd Frank Act”) and requires recovery of all “incentive-based”
compensation, pursuant to the provisions of the Dodd Frank Act and any and all rules and regulations promulgated thereunder from
time to time in effect. Accordingly, the terms and provisions of this Agreement shall be deemed automatically amended from time
to time to assure compliance with the Dodd Frank Act and such rules and regulation as hereafter may be adopted and in effect.

 

 11. Section 409A.

 

The provisions
of this Agreement are intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)
and any final regulations and guidance promulgated thereunder (“Section 409A”) and shall be construed in a manner
consistent with the requirements for avoiding taxes or penalties under Section 409A. The Corporation and Employee agree to work
together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate
or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Employee under Section
409A.

 

    6

     

    

 

To the extent
that Employee will be reimbursed for costs and expenses or in-kind benefits, except as otherwise permitted by Section 409A, (a)
the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit, (b) the amount of
expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible
for reimbursement, or in-kind benefits to be provided, in any other taxable year; provided that the foregoing clause (b) shall
not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such
expenses are subject to a limit related to the period the arrangement is in effect and (c) such payments shall be made on or before
the last day of the taxable year following the taxable year in which you incurred the expense.

 

A termination
of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of
any amounts or benefits upon or following a termination of employment unless such termination constitutes a “Separation from
Service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement references to a “termination,”
“termination of employment” or like terms shall mean Separation from Service.

 

Each installment
payable hereunder shall constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b), including Treasury
Regulation Section 1.409A-2(b)(2)(iii). Each payment that is made within the terms of the “short-term deferral” rule
set forth in Treasury Regulation Section 1.409A-1(b)(4) is intended to meet the “short-term deferral” rule. Each other
payment is intended to be a payment upon an involuntary termination from service and payable pursuant to Treasury Regulation Section
1.409A-1(b)(9)(iii), et. seq., to the maximum extent permitted by that regulation, with any amount that is not exempt from Code
Section 409A being subject to Code Section 409A.

 

Notwithstanding
anything to the contrary in this Agreement, if Employee is a “specified employee” within the meaning of Section 409A
at the time of Employee’s termination, then only that portion of the severance and benefits payable to Employee pursuant
to this Agreement, if any, and any other severance payments or separation benefits which may be considered deferred compensation
under Section 409A (together, the “Deferred Compensation Separation Benefits”), which (when considered together) do
not exceed the Section 409A Limit (as defined herein) may be made within the first six (6) months following Employee’s termination
of employment in accordance with the payment schedule applicable to each payment or benefit. Any portion of the Deferred Compensation
Separation Benefits in excess of the Section 409A Limit otherwise due to Employee on or within the six (6) month period following
Employee’s termination will accrue during such six (6) month period and will become payable in one lump sum cash payment
on the date six (6) months and one (1) day following the date of Employee’s termination of employment. All subsequent Deferred
Compensation Separation Benefits, if any, will be payable in accordance with the payment schedule applicable to each payment or
benefit. Notwithstanding anything herein to the contrary, if Employee dies following termination but prior to the six (6) month
anniversary of Employee’s termination date, then any payments delayed in accordance with this paragraph will be payable in
a lump sum as soon as administratively practicable after the date of Employee’s death and all other Deferred Compensation
Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit.

 

For purposes
of this Agreement, “Section 409A Limit” will mean a sum equal (x) to the amounts payable prior to March 15 following
the year in which Employee terminations plus (y) the lesser of two (2) times: (i) Employee’s annualized compensation based
upon the annual rate of pay paid to Employee during the Corporation’s taxable year preceding the Corporation’s taxable
year of Employee’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any IRS
guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant
to Section 401(a)(17) of the Code for the year in which Employee’s employment is terminated.

 

 12. Miscellaneous.

 

a. The
Employee acknowledges that the services to be rendered by her under the provisions of this Agreement are of a special, unique and
extraordinary character and that it would be difficult or impossible to replace such services. Accordingly, the Employee agrees
that any breach or threatened breach by her of Sections 8 or 9 of this Agreement shall entitle the Corporation, in addition to
all other legal remedies available to it, to apply to any court of competent jurisdiction to seek to enjoin such breach or threatened
breach. The parties understand and intend that each restriction agreed to by the Employee hereinabove shall be construed as separable
and divisible from every other restriction, that the unenforceability of any restriction shall not limit the enforceability, in
whole or in part, of any other restriction, and that one or more or all of such restrictions may be enforced in whole or in part
as the circumstances warrant. In the event that any restriction in this Agreement is more restrictive than permitted by law in
the jurisdiction in which the Corporation seeks enforcement thereof, such restriction shall be limited to the extent permitted
by law. The remedy of injunctive relief herein set forth shall be in addition to, and not in lieu of, any other rights or remedies
that the Corporation may have at law or in equity.

 

    7

     

    

 

b. Neither
the Employee nor the Corporation may assign or delegate any of their rights or duties under this Agreement without the express
written consent of the other; provided however that the Corporation shall have the right to delegate its obligation of payment
of all sums due to the Employee hereunder, provided that such delegation shall not relieve the Corporation of any of its obligations
hereunder.

 

c. This
Agreement constitutes and embodies the full and complete understanding and agreement of the parties with respect to the Employee’s
employment by the Corporation, supersedes all prior understandings and agreements, whether oral or written, between the Employee
and the Corporation, and shall not be amended, modified or changed except by an instrument in writing executed by the party to
be charged. The invalidity or partial invalidity of one or more provisions of this Agreement shall not invalidate any other provision
of this Agreement. No waiver by either party of any provision or condition to be performed shall be deemed a waiver of similar
or dissimilar provisions or conditions at the same time or any prior or subsequent time.

 

d. This
Agreement shall inure to the benefit of, be binding upon and enforceable against, the parties hereto and their respective successors,
heirs, beneficiaries and permitted assigns.

 

e. The
headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation
of this Agreement.

 

f. All
notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall be
deemed to have been duly given when personally delivered, sent by registered or certified mail, return receipt requested, postage
prepaid, or by private overnight mail service (e.g. Federal Express) to the party at the address set forth above or to such other
address as either party may hereafter give notice of in accordance with the provisions hereof. Notices shall be deemed given on
the sooner of the date actually received or the third business day after sending.

 

g. This
Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without reference to
principles of conflicts of laws and each of the parties hereto irrevocably consents to the jurisdiction and venue of the federal
and state courts located in the State of New York.

 

h. This
Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one of the same instrument. The parties hereto have executed this Agreement as of the date set forth
above.

 

[signature page follows immediately]

 

    8

     

    

 

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

 

	CORPORATION:	 
	 	 
	HOTH THERAPEUTICS, INC.	 
	 	 
	By:	/s/ Robb Knie	 
	 	 
	Robb Knie	 
	Title:  CEO	 
	 	 	 
	EMPLOYEE:	 
	 	 
	/s/
Stefanie Johns	 
	Stefanie Johns	 

 

 

9

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