Document:

Exhibit 10.13

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement (“Agreement”)
is made as of January 13, 2022 by and between Gelesis Holdings, Inc., a Delaware corporation (the “Company”),
and [       ] (“Indemnitee”).

 

RECITALS

 

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

 

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

 

WHEREAS, the Bylaws (the “Bylaws”)
of the Company require indemnification of the officers and directors of the Company, and Indemnitee may also be entitled to indemnification
pursuant to the General Corporation Law of the State of Delaware (the “DGCL”);

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

Section 2.               Definitions.

 

As used in this Agreement:

 

(a)            “Affiliate”
and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and
Regulations under the Securities Exchange Act of 1934, as amended, as in effect on the date of this Agreement; provided, however, that
no Person who is a director or officer of the Company shall be deemed an Affiliate or an Associate of any other director or officer of
the Company solely as a result of such Person’s position as director or officer of the Company.

 

(b)            A
Person shall be deemed the “Beneficial Owner” of, and shall be deemed to “Beneficially Own” and have “Beneficial
Ownership” of, any securities:

 

(i)            which
such Person or any of such Person’s Affiliates or Associates, directly or indirectly, Beneficially Owns (as determined pursuant
to Rule 13d-3 of the Rules under the Exchange Act, as in effect on the date of this Agreement);

 

(ii)            which
such Person or any of such Person’s Affiliates or Associates, directly or indirectly, has: (A) the legal, equitable or contractual
right or obligation to acquire (whether directly or indirectly and whether exercisable immediately or only after the passage of time,
compliance with regulatory requirements, satisfaction of one or more conditions (whether or not within the control of such Person) or
otherwise) upon the exercise of any conversion rights, exchange rights, rights, warrants or options, or otherwise; (B) the right
to vote pursuant to any agreement, arrangement or understanding (whether or not in writing); or (C) the right to dispose of pursuant
to any agreement, arrangement or understanding (whether or not in writing) (other than customary arrangements with and between underwriters
and selling group members with respect to a bona fide public offering of securities);

 

(iii)           which
are Beneficially Owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) with which such Person or
any of such Person’s Affiliates or Associates has any agreement, arrangement or understanding (whether or not in writing) (other
than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of securities)
for the purpose of acquiring, holding, voting or disposing of any securities of the Company; or

 

(iv)           that
are the subject of a derivative transaction entered into by such Person or any of such Person’s Affiliates or Associates,
including, for these purposes, any derivative security acquired by such Person or any of such Person’s Affiliates or
Associates that gives such Person or any of such Person’s Affiliates or Associates the economic equivalent of ownership of an
amount of securities due to the fact that the value of the derivative security is explicitly determined by reference to the price or
value of such securities, or that provides such Person or any of such Person’s Affiliates or Associates an opportunity,
directly or indirectly, to profit or to share in any profit derived from any change in the value of such securities, in any case
without regard to whether (A) such derivative security conveys any voting rights in such securities to such Person or any of
such Person’s Affiliates or Associates; (B) the derivative security is required to be, or capable of being,
settled through delivery of such securities; or (C) such Person or any of such Person’s Affiliates or Associates may have
entered into other transactions that hedge the economic effect of such derivative security;

 

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Notwithstanding the foregoing, no Person engaged
in business as an underwriter of securities shall be deemed the Beneficial Owner of any securities acquired through such Person’s
participation as an underwriter in good faith in a firm commitment underwriting.

 

(c)            A
 “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of
the following events:

 

(i)             Acquisition
of Stock by Third Party. Any Person is or becomes the Beneficial Owner (as defined above), directly or indirectly, of securities of
the Company representing fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities unless
the change in relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction in the aggregate
number of outstanding shares of securities entitled to vote generally in the election of directors, provided that a Change of Control
shall be deemed to have occurred if subsequent to such reduction such Person becomes the Beneficial Owner, directly or indirectly, of
any additional securities of the Company conferring upon such Person any additional voting power;

 

(ii)            Change
in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution of this
Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated
by a Person who has entered into an agreement with the Company to effect a transaction described in Sections 2(c)(i), 2(c)(iii) or
2(c)(iv)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least
two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination
for election was previously so approved, cease for any reason to constitute at least a majority of the members of the Board;

 

(iii)            Corporate
Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation
which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving or successor entity) more than
50% of the combined voting power of the voting securities of the surviving or successor entity outstanding immediately after such merger
or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such surviving or
successor entity;

 

(iv)           Liquidation.
The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale, lease, exchange
or other transfer by the Company, in one or a series of related transactions, of all or substantially all of the Company’s assets;
and

 

(v)            Other
Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A
of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of
1934, as amended, whether or not the Company is then subject to such reporting requirement.

 

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

 

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

 

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

 

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

 

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

 

(i)            “Person”
shall mean (i) an individual, a corporation, a partnership, a limited liability company, an association, a joint stock company, a
trust, a business trust, a government or political subdivision, any unincorporated organization, or any other association or entity including
any successor (by merger or otherwise) thereof or thereto, and (ii) a “group” as that term is used for purposes of Section 13(d)(3) of
the Securities Exchange Act of 1934, as amended.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)            to
indemnify for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory
law or common law;

 

(c)            to
indemnify for any reimbursement of, or payment to, the Company by Indemnitee of any bonus or other incentive-based or equity-based
compensation or of any profits realized by Indemnitee from the sale of securities of the Company pursuant to Section 304 of the
Sarbanes-Oxley Act of 2002 or any formal policy of the Company adopted by the Board (or a committee thereof), or any other
remuneration paid to Indemnitee if it shall be determined by a final judgment or other final adjudication that such remuneration was
in violation of law;

 

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

 

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

 

Section 8.               Advancement
of Expenses. Subject to Section 9(b), the Company shall advance the Expenses incurred by Indemnitee in connection with any Proceeding,
and such advancement shall be made within ten (10) days after the receipt by the Company of a statement or statements requesting
such advances (including any invoices received by Indemnitee, which such invoices may be redacted as necessary to avoid the waiver of
any privilege accorded by applicable law) from time to time, whether prior to or after final disposition of any Proceeding. Advances shall
be unsecured and interest free. Advances shall be made without regard to Indemnitee’s (i) ability to repay the expenses, (ii) ultimate
entitlement to indemnification under the other provisions of this Agreement, and (iii) entitlement to and availability of insurance
coverage, including advancement, payment or reimbursement of defense costs, expenses or covered loss under the provisions of any applicable
insurance policy (including, without limitation, whether such advancement, payment or reimbursement is withheld, conditioned or delayed
by the insurer(s)). Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement which shall
constitute an undertaking providing that Indemnitee undertakes to the fullest extent required by law to repay the advance if and to the
extent that it is ultimately determined by a court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee
is not entitled to be indemnified by the Company. No other form of undertaking shall be required. The right to advances under this paragraph
shall in all events continue until final disposition of any Proceeding, including any appeal therein. Nothing in this Section 8 shall
limit Indemnitee’s right to advancement pursuant to Section 12(e) of this Agreement.

 

Section 9.                Procedure
for Notification and Defense of Claim.

 

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

 

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

 

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

 

(d)            The
Company shall not be liable to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding effected
without its prior written consent (which consent shall not be unreasonably withheld or delayed). Without limiting the generality of the
foregoing, the fact that an insurer under an applicable insurance policy delays or is unwilling to consent to such settlement or is or
may be in breach of its obligations under such policy, or the fact that directors’ and officers’ liability insurance is otherwise
unavailable or not maintained by the Company, may not be taken into account by the Company in determining whether to provide its consent.
The Company shall not, without the prior written consent of Indemnitee (which consent shall not be unreasonably withheld or delayed),
enter into any settlement which (i) includes an admission of fault of Indemnitee, any non-monetary remedy imposed on Indemnitee or
any monetary damages for which Indemnitee is not wholly and actually indemnified hereunder or (ii) with respect to any Proceeding
with respect to which Indemnitee may be or is made a party or may be otherwise entitled to seek indemnification hereunder, does not include
the full release of Indemnitee from all liability in respect of such Proceeding.

 

Section 10.              Procedure
Upon Application for Indemnification.

 

(a)            Upon
written request by Indemnitee for indemnification pursuant to Section 9(a), a determination, if such determination is required
by applicable law, with respect to Indemnitee’s entitlement to indemnification hereunder shall be made in the specific case by
one of the following methods: (i) by a majority vote of the disinterested directors, even though less than a quorum;
(ii) by a committee of disinterested directors designated by a majority vote of the disinterested directors, even though less
than a quorum; or (iii) if there are no disinterested directors or if the disinterested directors so direct, by Independent
Counsel in a written opinion to the Board. For purposes hereof, disinterested directors are those members of the Board who are not
parties to the action, suit or proceeding in respect of which indemnification is sought. In the case that such determination is made
by Independent Counsel, a copy of Independent Counsel’s written opinion shall be delivered to Indemnitee and, if it is so
determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within forty-five (45) days after
such determination. Indemnitee shall cooperate with the Independent Counsel or the Company, as applicable, in making such
determination with respect to Indemnitee’s entitlement to indemnification, including providing to such counsel or the Company,
upon reasonable advance request, any documentation or information which is not privileged or otherwise protected from disclosure and
which is reasonably available to Indemnitee and reasonably necessary to such determination. The Company shall likewise cooperate
with Indemnitee and Independent Counsel, if applicable, in making such determination with respect to Indemnitee’s entitlement
to indemnification, including providing to such counsel and Indemnitee, upon reasonable advance request, any documentation or
information which is not privileged or otherwise protected from disclosure and which is reasonably available to the Company and
reasonably necessary to such determination. Any out-of-pocket costs or expenses (including reasonable attorneys’ fees and
disbursements) actually and reasonably incurred by Indemnitee in so cooperating with the Independent Counsel or the Company shall be
borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company
hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

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

 

(c)            Notwithstanding
anything to the contrary contained in this Agreement, the determination of entitlement to indemnification under this Agreement shall be
made without regard to the Indemnitee’s entitlement to and availability of insurance coverage, including advancement, payment or
reimbursement of defense costs, expenses or covered loss under the provisions of any applicable insurance policy (including, without limitation,
whether such advancement, payment or reimbursement is withheld, conditioned or delayed by the insurer(s)).

 

Section 11.              Presumptions
and Effect of Certain Proceedings.

 

(a)            To
the extent permitted by applicable law, in making a determination with respect to entitlement to indemnification hereunder, it shall be
presumed that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification
in accordance with Section 9(a) of this Agreement, and the Company shall have the burden of proof and the burden of persuasion
by clear and convincing evidence to overcome that presumption in connection with the making of any determination contrary to that presumption.

 

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

 

(c)            Indemnitee
shall be deemed to have acted in good faith if Indemnitee’s actions are based on good faith reliance on the records or books
of account of the Company or any other Enterprise, including financial statements, or on information supplied to Indemnitee by the
directors, officers, agents or employees of the Company or any other Enterprise in the course of their duties, or on the advice of
legal counsel for the Company or any other Enterprise or on information or records given or reports made to the Company or any other
Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the
Company or any other Enterprise. The provisions of this Section 11(c) shall not be deemed to be exclusive or to limit in
any way the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct set forth in this
Agreement. In addition, the knowledge and/or actions, or failure to act, of any director, manager, partner, officer, employee, agent
or trustee of the Company, any subsidiary of the Company, or any Enterprise shall not be imputed to Indemnitee for purposes of
determining the right to indemnification under this Agreement. Whether or not the foregoing provisions of this
Section 11(c) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in
a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. Anyone seeking to
overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

Section 12.             Remedies
of Indemnitee.

 

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

 

    10

     

    

 

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

 

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

 

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

 

(e)            The
Company shall indemnify Indemnitee to the fullest extent permitted by law against any and all Enforcement Expenses and, if requested by
Indemnitee, shall within ten (10) days after receipt by the Company of a written request therefor) advance, to the extent not prohibited
by law, such Enforcement Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee
for indemnification or advancement from the Company under this Agreement or under any directors’ and officers’ liability insurance
policies maintained by the Company in the suit for which indemnification or advancement is being sought. Such written request for advancement
shall include invoices received by Indemnitee in connection with such Enforcement Expenses but, in the case of invoices in connection
with legal services, any references to legal work performed or to expenditures made that would cause Indemnitee to waive any privilege
accorded by applicable law need not be included with the invoice.

 

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

 

    11

     

    

 

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

 

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

 

(b)            To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, managers,
partners, officers, employees, agents or trustees of the Company or of any other Enterprise, Indemnitee shall be covered by
such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such
director, manager, partner, officer, employee, agent or trustee under such policy or policies. If, at the time of the receipt of a
notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company
shall give prompt notice of such claim to the insurers in accordance with the procedures set forth in the respective policies. The
Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all
amounts payable as a result of such Proceeding in accordance with the terms of such policies. Upon request of Indemnitee, the
Company shall also promptly provide to Indemnitee: (i) copies of all of the Company’s potentially applicable
directors’ and officers’ liability insurance policies, (ii) copies of such notices delivered to the applicable
insurers, and (iii) copies of all subsequent communications and correspondence between the Company and such insurers regarding
the Proceeding.

 

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

 

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

 

    12

     

    

 

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

 

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

 

Section 16.             Enforcement.

 

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

 

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

 

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

 

    13

     

    

 

Section 18.              Notice
by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena,
complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification, reimbursement
or advancement as provided hereunder. The failure of Indemnitee to so notify the Company or any delay in notification shall not relieve
the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise, unless, and then only to the extent that,
the Company did not otherwise learn of the Proceeding and such delay is materially prejudicial to the Company’s ability to defend
such Proceeding or matter; and, provided, further, that notice will be deemed to have been given without any action on the part of Indemnitee
in the event the Company is a party to the same Proceeding.

 

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

 

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

 

(b)            If
to the Company to:

 

Gelesis Holdings, Inc.

501 Boylston Street, Suite 6102,

Boston, Massachusetts 02116

Attention: General Counsel

 

with a copy to dabraham@gelesis.com

 

and

 

James T. Barrett, Esq.

Goodwin Procter LLP

100 Northern Avenue

Boston, Massachusetts 02210

Email: JBarrett@goodwinlaw.com

 

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

 

    14

     

    

 

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

 

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

 

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

 

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

 

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

 

    15

     

    

 

Section 25.             Monetary
Damages Insufficient/Specific Enforcement. The Company and Indemnitee agree that a monetary remedy for breach of this Agreement
may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm.
Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific
performance hereof, without any necessity of showing actual damage or irreparable harm (having agreed that actual and irreparable
harm will result in not forcing the Company to specifically perform its obligations pursuant to this Agreement) and that by seeking
injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to
which Indemnitee may be entitled. The Company and Indemnitee further agree that Indemnitee shall be entitled to such specific
performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions,
without the necessity of posting bonds or other undertaking in connection therewith. The Company acknowledges that in the
absence of a waiver, a bond or undertaking may be required of Indemnitee by the Court, and the Company hereby waives any such
requirement of a bond or undertaking.

 

[Remainder of Page Intentionally Left Blank]

 

    16

     

    

 

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

 

	 	Gelesis Holdings, Inc.
	 	 
	 	By:	 
	 		Name: 
	 		Title: 
	 	 	 
	 	 	 
	 	 	[Name of Indemnitee]Exhibit
10.1

 

EMPLOYMENT
AGREEMENT

 

THIS
AGREEMENT (the “Agreement”) is entered into as of January 17, 2022 between Lishan Aklog MD, residing at                    (“Executive”), and Lucid Diagnostics Inc., a Delaware corporation having its principal office at One Grand
Central Place, Suite 4600, New York, NY 10165 (“Company”);

 

WHEREAS,
the Company desires to employ Executive, and Executive desires to be employed by the Company, on the terms and conditions herein set
forth;

 

NOW,
THEREFORE, in consideration of the premises and of the mutual covenants and agreements hereinafter set forth, the Company and the Executive
hereby agree as follows:

 

1.
Employment, Duties and Acceptance.

 

1.1
General. The Company hereby agrees to employ the Executive as its Chief Executive Officer (“CEO”) and Chairman of
the Board of Directors (“Chairman”). All of Executive’s powers and authority in any capacity shall at all times be
subject to the direction and control of the Company’s Board of Directors (“Board”). The Board may assign to Executive
such management and supervisory responsibilities and executive duties for the Company or any subsidiary of the Company, including serving
as an executive officer and/or director of any subsidiary, as are consistent with Executive’s status as Chief Executive Officer
and Chairman. The Company and Executive acknowledge that Executive’s primary functions and duties as Chief Executive Officer shall
be general management and control of the affairs and business of the Company.

 

1.2
Duties. Executive accepts such employment and agrees to devote such time as he reasonably deems necessary to the performance of
his duties hereunder. Nothing herein shall be construed as preventing Executive from (i) making and supervising investments on a personal
or family basis (including trusts, funds and investment entities in which Executive or members of his family have an interest), (ii)
serving as a consultant to, or on boards of directors of, or in any other capacity to other companies, for profit and not for profit,
provided they will not interfere with the performance of Executive’s duties hereunder or violate the provisions of Section 5.4
hereof, or (iii) acting as Chief Executive Officer and Chairman of, and a director of, PAVmed Inc., a Delaware corporation (“PAVmed”)
(or whichever other positions Executive may hold at PAVmed from time to time) and performing his responsibilities in such role or roles.

 

1.3
Location. Executive will perform his duties in New York, New York. Executive shall undertake such occasional travel, within or
outside the United States, as is reasonably necessary in the interests of the Company.

 

2.
Term. The initial term of this agreement shall commence on January 17, 2022 (the “Effective Date”) and terminate on
March 15, 2025 (the “Initial Term”) unless terminated earlier as hereinafter provided in this Agreement. In addition, the
term of this Agreement shall thereafter automatically renew for periods of one-year (the “Renewal Term”) unless either party
gives written notice to the other party at least 60 days prior to the end of the term or at least 60 days prior to any one-year renewal
period, that the Agreement shall not be further extended. The period commencing on the Effective Date and ending on the date on which
the term of the Executive’s employment under the Agreement terminates is referred to herein as the “Term.”

 

    	 

     

    

 

3.
Compensation and Benefits.

 

3.1
Salary. The Company shall pay to Executive a salary (“Base Salary”) at the annual rate of $300,000. Executive’s
compensation shall be paid in equal, periodic installments in accordance with the Company’s normal payroll procedures.

 

3.2
Bonus. In addition to the Base Salary, Executive shall be eligible to receive a discretionary performance bonus (“Bonus”)
with a target of one hundred percent (100%) of the Executive’s Base Salary in effect as of December 31st of the preceding
year based on Executive’s and the Company’s performance over the preceding year. The payment and amount of any Bonus shall
be in the sole discretion of the Board or the Compensation Committee of the Board (the “Committee”).

 

3.3
Restrictive Common Stock Awards and Stock Options. The Board (or Compensation Committee) may, in its sole discretion, grant Employee
options to purchase shares of the Company’s common stock from time to time under the Company’s equity compensation plans,
but Executive understands that it is under no obligation to do so. Upon the Effective Date, the Company shall grant Executive 60,000
shares of the Company’s Restricted Common Stock under the Company’s Second Amended 2018 Long-Term Incentive Plan (“Plan”).
Subject to continued service to the Company through the applicable vesting date and the provisions of the Plan, this Restricted Common
Stock shall become non-forfeitable on the three-year anniversary of the Effective Date. Any unvested forfeitable shares, shall become
immediately vested and non-forfeitable in the event of a termination for Good Reason or immediately after any Change of Control (as defined
in the Plan).

 

3.4
Benefits. Executive shall be entitled to such medical, life, disability and other benefits as are generally afforded to other
executives of the Company, subject to applicable waiting periods and other conditions, as well as participation in all other company-wide
employee benefits, including a defined contribution pension plan and 401(k) plan, as may be made available generally to executive employees
from time to time. The Executive shall be eligible to participate in the Company’s annual and long-term incentive plans and programs
in accordance with the terms of such plans and programs as in effect and afforded to other senior executives of the Company at levels
determined by the Board (or committee of the Board).

 

3.5
Vacation and Sick Days. Executive shall be entitled to twenty-five (25) days of paid vacation and five (5) days of paid sick days
in each year during the Term and to a reasonable number of other days off for religious and personal reasons in accordance with customary
Company policy.

 

3.6
Expenses. The Company shall pay or reimburse Executive for all transportation, hotel and other expenses reasonably incurred by
Executive on business trips and for all other ordinary and reasonable out-of-pocket expenses actually incurred by him in the conduct
of the business of the Company, including expenses relating to his laptop, cell phone and Blackberry or other similar devices, against
itemized vouchers submitted with respect to any such expenses and approved in accordance with customary procedures.

 

4.
Termination.

 

4.1
Death. If Executive dies during the Term, Executive’s employment hereunder shall terminate and the Company shall pay to
Executive’s estate the amount set forth in Section 4.6(a).

 

4.2
Disability. The Company, by written notice to Executive, may terminate Executive’s employment hereunder if Executive shall
fail because of illness or incapacity to render services of the character contemplated by this Agreement for one hundred eighty (180)
days. Upon such termination, the Company shall pay to Executive the amount set forth in Section 4.6(a).

 

    	 

     

    

 

4.3
By Company for “Cause” or By Executive Without “Good Reason”. The Company, by written notice to Executive,
may terminate Executive’s employment hereunder for “Cause”. As used herein, “Cause” shall mean: (a) the
refusal or failure by Executive to carry out specific directions of the Board which are of a material nature and consistent with his
status as Chief Executive Officer (or whichever positions Executive holds at such time), or the refusal or failure by Executive to perform
a material part of Executive’s duties hereunder; (b) the commission by Executive of a material breach of any of the provisions
of this Agreement; (c) fraud or dishonest action by Executive in his relations with the Company or any of its subsidiaries or affiliates
(“dishonest” for these purposes shall mean Executive’s knowingly or recklessly making of a material misstatement or
omission for his personal benefit); or (d) the conviction of Executive of a felony under federal or state law. Notwithstanding the foregoing,
no “Cause” for termination shall be deemed to exist with respect to Executive’s acts described in clauses (a) or (b)
above, unless the Company shall have given written notice to Executive within a period not to exceed thirty (30) calendar days of the
initial existence of the occurrence, specifying the “Cause” with reasonable particularity and, within thirty (30) calendar
days after such notice, Executive shall not have cured or eliminated the problem or thing giving rise to such “Cause;” provided,
however, no more than two cure periods need be provided during any twelve-month period. Upon such termination, the Company shall pay
to Executive the amount set forth in Section 4.6(b). The Company shall also pay such amount to Executive upon his termination of employment
without “Good Reason” (as defined below), which Executive shall have the right to do on at least thirty (30) days written
notice to the Company.

 

4.4
By Executive for “Good Reason”. The Executive, by written notice to the Company, may terminate Executive’s employment
hereunder if a “Good Reason” exists. For purposes of this Agreement, “Good Reason” shall mean the occurrence
of any of the following circumstances without the Executive’s prior written consent: (a) a substantial and material adverse change
in the nature of Executive’s title, duties or responsibilities with the Company that represents a demotion from his title, duties
or responsibilities as in effect immediately prior to such change (such change, a “Demotion”); (b) material breach of this
Agreement by the Company; (c) a failure by the Company to make any payment to Executive when due, unless the payment is not material
and is being contested by the Company, in good faith; (d) a liquidation, bankruptcy or receivership of the Company; (e) a change in the
principal office or work place assigned to the Executive to a location more than 35 miles distant from its location immediately prior
to such change; (f) a material reduction of the Executive’s base salary or bonus opportunity, unless pursuant to a reduction in
such items applicable proportionally to all senior management and board members; or (g) any reason or no reason following a Change of
Control (as defined in the Restricted Common Stock Agreement and the Indemnification Agreement) and the Executive’s notice of resignation
under this subsection is provided to the surviving entity following a Change of Control within the 60-day period following the closing
of the Change of Control. Notwithstanding the foregoing, no “Good Reason” shall be deemed to exist with respect to the Company’s
acts described in clauses (a), (b), (c), (e), or (f) above, unless Executive shall have given written notice to the Company within a
period not to exceed thirty (30) calendar days of the initial existence of the occurrence, specifying the “Good Reason” with
reasonable particularity and, within thirty (30) calendar days after such notice, the Company shall not have cured or eliminated the
problem or thing giving rise to such “Good Reason”; provided, however, that no more than two cure periods shall be provided
during any twelve-month period of a breach of clauses (a), (b), (c), (e) or (f) above. Upon such termination, the Company shall pay to
Executive the amount set forth in Section 4.6(c).

 

4.5
By Company Without “Cause”. The Company may terminate Executive’s employment hereunder without “Cause”
by giving at least one hundred eighty (180) days written notice to Executive; provided that following the Initial Term, such notice
period shall be reduced to sixty (60) days. Upon such termination, the Company shall pay to Executive the amount set forth in Section
4.6(c).

 

    	 

     

    

 

4.6
Compensation Upon Termination. In the event that Executive’s employment hereunder is terminated, the Company shall pay to
Executive the following compensation:

 

(a)
Payment Upon Death or Disability. In the event that Executive’s employment is terminated pursuant to Sections 4.1 or 4.2,
the Company shall no longer be under any obligation to Executive or his legal representatives pursuant to this Agreement except for:
(i) the Base Salary due Executive pursuant to Section 3.1 hereof through the date of termination; (ii) any Bonus which would have become
payable under Section 3.2 for the year in which the employment was terminated prorated by multiplying the full amount of the Bonus by
a fraction, the numerator of which is the number of “full calendar months” worked by Executive during the year of termination
and the denominator of which is 12 (a “full calendar month” is a month in which the Executive worked at least two weeks);
(iii) all earned and previously approved but unpaid Bonuses for any year prior to the year of termination; (iv) all valid expense reimbursements,
and (v) all accrued but unused vacation pay.

 

(b)
Payment Upon Termination by the Company For “Cause” or By Executive Without “Good Reason”. In the event
that the Company terminates Executive’s employment hereunder pursuant to Section 4.3, the Company shall have no further obligations
to the Executive hereunder, except for: (i) the Base Salary due Executive pursuant to Section 3.1 hereof through the date of termination,
(ii) all valid expense reimbursements and (iii) all unused vacation pay through the date of termination required by law to be paid.

 

(c)
Payment Upon Termination by Company Without Cause or by Executive for Good Reason. In the event that Executive’s employment
is terminated pursuant to Sections 4.4 or 4.5, the Company shall have no further obligations to Executive hereunder except for: (i) 100%
of the Base Salary due Executive pursuant to Section 3.1 hereof for twelve (12) months or twenty-four (24) months in the event of a Change
of Control that occurred within 60 days of termination, payable in full; (ii) an amount equal to the target Bonus for the year in which
the employment was terminated prorated by multiplying the full amount of the target Bonus by a fraction, the numerator of which is the
number of “full calendar months” worked by Executive during the year of termination and the denominator of which is 12 (a
“full calendar month” is a month in which the Executive worked at least two weeks); (iii) the Base Salary due Executive pursuant
to Section 3.1 hereof through the date of termination; (iv) all valid expense reimbursements; (v) all accrued but unused vacation pay
and (vi) to the extent the Executive timely elects to receive continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation
Act of 1985, as amended (“COBRA”), the Company shall pay or reimburse the Executive, on a monthly basis, an amount equal
to the full monthly premium for such coverage, from the date of termination until the earlier of (A) the date twelve (12) months following
the date of termination, and (B) the date of Executive becoming eligible for coverage under a new employer’s health insurance plan
(the COBRA health care continuation coverage period under Section 4980B of the Internal Revenue Code of 1986, as amended (the “Code”)
shall run concurrently with the foregoing period), subject, in the case of clause (i) and (ii), to Executive’s compliance with
Section 5 and to Executive’s execution of a release of claims in favor of the Company, its affiliates and their respective officers
and directors in a form provided by the Company and such release becoming effective.

 

(d)
Executive shall have no duty to mitigate awards paid or payable to him pursuant to this Agreement, and any compensation paid or payable
to Executive from sources other than the Company will not offset or terminate the Company’s obligation to pay to Executive the
full amounts pursuant to this Agreement.

 

    	 

     

    

 

5.
Protection of Confidential Information; Non-Competition.

 

5.1
Acknowledgment. Executive acknowledges that:

 

(a)
As a result of his current and prior employment with the Company, Executive has obtained and will obtain secret and confidential information
concerning the business of the Company and its subsidiaries and affiliates (referred to collectively in this Section 5 as the “Company”),
including, without limitation, financial information, proprietary rights, trade secrets and “know-how,” customers and sources
(“Confidential Information”).

 

(b)
The Company will suffer substantial damage which will be difficult to compute if, during the period of his employment with the Company
or thereafter, Executive should enter a business competitive with the Company or divulge Confidential Information.

 

(c)
The provisions of this Agreement are reasonable and necessary for the protection of the business of the Company.

 

5.2
Confidentiality. Executive agrees that he will not at any time, during the Term or thereafter, divulge to any person or entity
any Confidential Information obtained or learned by him as a result of his employment with the Company, except (i) in the course of performing
his duties hereunder (and, to the extent such information is available to PAVmed and so long as the Company is a subsidiary of PAVmed,
in the course of performing his duties to PAVmed), (ii) with the Company’s prior written consent; (iii) to the extent that any
such information is in the public domain other than as a result of Executive’s breach of any of his obligations hereunder; or (iv)
where required to be disclosed by law, regulation, stock exchange rule, court order, subpoena or other government process. If Executive
shall be required to make disclosure pursuant to the provisions of clause (iv) of the preceding sentence, Executive promptly, but in
no event more than 48 hours after learning of such subpoena, court order, or other government process, shall notify, confirmed by mail,
the Company and, at the Company’s expense, Executive shall: (a) take all reasonably necessary and lawful steps required by the
Company to defend against the enforcement of such subpoena, court order or other government process, and (b) permit the Company to intervene
and participate with counsel of its choice in any proceeding relating to the enforcement thereof.

 

5.3
Documents. Upon termination of his employment with the Company, Executive will promptly deliver to the Company all memoranda,
notes, records, reports, manuals, drawings, blueprints and other documents (and all copies thereof) relating to the business of the Company
and all property associated therewith, which he may then possess or have under his control; provided, however, that Executive shall be
entitled to retain copies of such documents reasonably necessary to document his financial relationship with the Company.

 

5.4
Non-competition. During the Term and for a period of one (1) year thereafter, or two (2) years thereafter in the event of a Change
of Control, Executive, without the prior written permission of the Company, shall not, anywhere in the world, (i) be employed by, or
render any services to, any person, firm or corporation engaged in the medical device industry or any other business which is directly
in competition with any “material” business conducted by the Company or any of its subsidiaries at the time of termination
(as used herein “material” means a business which generated at least 10% of the Company’s consolidated revenues for
the last full fiscal year for which audited financial statements are available) (“Competitive Business”); (ii) engage in
any Competitive Business for his or its own account; (iii) be associated with or interested in any Competitive Business as an individual,
partner, shareholder, creditor, director, officer, principal, agent, employee, trustee, consultant, advisor or in any other relationship
or capacity; (iv) employ or retain, or have or cause any other person or entity to employ or retain, any person who was employed or retained
by the Company while Executive was employed by the Company (other than Executive’s personal secretary and assistant); or (v) solicit,
interfere with, or endeavor to entice away from the Company, for the benefit of a Competitive Business, any of its customers or other
persons with whom the Company has a contractual relationship. Notwithstanding the foregoing, nothing in this Agreement shall preclude
Executive from (a) acting as Chief Executive Officer and Chairman of, and as a director of, PAVmed (or whichever other positions Executive
may hold at PAVmed from time to time) and performing his responsibilities in such role or roles, or (b) investing his personal assets
in any manner he chooses, provided, however, that Executive may not, during the period referred to in this Section 5.4, own more than
4.9% of the equity securities of any Competitive Business.

 

    	 

     

    

 

5.5
Injunctive Relief. If Executive commits a breach, or threatens to commit a breach, of any of the provisions of Sections 5.2 or
5.4, the Company shall have the right and remedy to seek to have the provisions of this Agreement specifically enforced by any court
having equity jurisdiction, it being acknowledged and agreed by Executive that the services being rendered hereunder to the Company are
of a special, unique and extraordinary character and that any such breach or threatened breach will cause irreparable injury to the Company
and that money damages will not provide an adequate remedy to the Company. The rights and remedies enumerated in this Section 5.5 shall
be in addition to, and not in lieu of, any other rights and remedies available to the Company under law or equity. In connection with
any legal action or proceeding arising out of or relating to this Agreement, the prevailing party in such action or proceeding shall
be entitled to be reimbursed by the other party for the reasonable attorneys’ fees and costs incurred by the prevailing party.

 

5.6
Modification. If any provision of Sections 5.2 or 5.4 is held to be unenforceable because of the scope, duration or area of its
applicability, the tribunal making such determination shall have the power to modify such scope, duration, or area, or all of them, and
such provision or provisions shall then be applicable in such modified form.

 

5.7
Survival. The provisions of this Section 5 shall survive the termination of this Agreement for any reason, except in the event
Executive is terminated by the Company without “Cause,” or if Executive terminates this Agreement with “Good Reason,”
in either of which events, clauses (i), (ii) and (iii) of Section 5.4 shall be null and void and of no further force or effect. “Good
Reason” for purposes of this Section shall not include termination for Good Reason defined in Section 4.4(g) in connection with
a Change of Control and while Executive is receiving payments in accordance with Section 4.6 (c).

 

6.
Miscellaneous Provisions.

 

6.1
Notices. All notices provided for in this Agreement shall be in writing, and shall be deemed to have been duly given when (i)
delivered personally to the party to receive the same, or (ii) when mailed first class postage prepaid, by certified mail, return receipt
requested, addressed to the party to receive the same at his or its address set forth below, or such other address as the party to receive
the same shall have specified by written notice given in the manner provided for in this Section 6.1. All notices shall be deemed to
have been given as of the date of personal delivery or mailing thereof.

 

If
to Executive:

 

Lishan
Aklog, M.D.

 

If
to the Company:

 

Lucid
Diagnostics Inc.

One
Grand Central Place, Suite 4600

New York, NY 10165

Attention:
Chief Executive Officer

 

    	 

     

    

 

With
a copy in either case to:

 

Friedman
Kaplan Seiler & Adelman LLP

7
Times Square

New
York, NY 10036

Attention:
Michael Gordon

Email:
mgordon@fklaw.com

 

6.2
Entire Agreement; Waiver. This Agreement sets forth the entire agreement of the parties relating to the employment of Executive
and is intended to supersede all prior negotiations, understandings and agreements. No provisions of this Agreement may be waived or
changed except by a writing by the party against whom such waiver or change is sought to be enforced. The failure of any party to require
performance of any provision hereof or thereof shall in no manner affect the right at a later time to enforce such provision.

 

6.3
Governing Law. All questions with respect to the construction of this Agreement, and the rights and obligations of the parties
hereunder, shall be determined in accordance with the law of the State of New York applicable to agreements made and to be performed
entirely in New York.

 

6.4
Binding Effect; Non-assignability. This Agreement shall inure to the benefit of and be binding upon the successors and assigns
of the Company. This Agreement shall not be assignable by Executive, but shall inure to the benefit of and be binding upon Executive’s
heirs and legal representatives.

 

6.5
Severability. Should any provision of this Agreement become legally unenforceable, no other provision of this Agreement shall
be affected, and this Agreement shall continue as if the Agreement had been executed absent the unenforceable provision.

 

6.6
Section 409A. This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code (“Section
409A”). To the extent that any payments and/or benefits provided hereunder are not considered compliant with Section 409A, the
parties agree that the Company shall take all actions necessary to make such payments and/or benefits become compliant.

 

6.7
Arbitration; Expenses. In the event of any dispute under the provisions of this Agreement, other than a dispute in which the primary
relief sought is an equitable remedy such as an injunction, the parties shall be required to have the dispute, controversy or claim settled
by arbitration in the non-moving parties jurisdiction in accordance with the Employment Arbitration Rules and Mediation Procedures then
in effect of the American Arbitration Association, before an arbitrator agreed to by both parties. If the parties cannot agree upon the
choice of arbitrator, the Company and the Executive will each choose an arbitrator. The two arbitrators will then select a third arbitrator
who will serve as the actual arbitrator for the dispute, controversy or claim. Any award entered by the arbitrator shall be final, binding
and nonappealable and judgment may be entered thereon by either party in accordance with applicable law in any court of competent jurisdiction.
This arbitration provision shall be specifically enforceable. The arbitrator shall have no authority to modify any provision of this
Agreement or to award a remedy for a dispute involving this Agreement other than a benefit specifically provided under or by virtue of
the Agreement. Each party shall be responsible for its own expenses relating to the conduct of the arbitration (including reasonable
attorneys’ fees and expenses) and shall share the fees of the American Arbitration Association.

 

6.8
Attorneys’ Fees. Except as provided in Section 6.7 above, in any action at law or in equity to enforce or construe any provisions
or rights under this Agreement, the unsuccessful party or parties to such litigation, as determined by the courts pursuant to a final
judgment or decree, shall pay the successful party or parties all costs, expenses, and reasonable attorneys’ fees incurred by such
successful party or parties (including, without limitation, such costs, expenses, and fees on any appeals), and if such successful party
or parties shall recover judgment in any such action or proceedings, such costs, expenses, and attorneys’ fees shall be included
as part of such judgment.

 

[signature
page follows]

 

    	 

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.

 

	 	LUCID
    DIAGNOSTICS INC.
	 	 	 
	 	By:
    	/s/
    James L. Cox, M.D.
	 	Name:
    	James
    L. Cox, M.D.
	 	Title:	Chairperson
    of Compensation Committee
	 	 	 
	 	By:
    	/s/
    Lishan Aklog, M.D.
	 	Name:
    	Lishan
    Aklog, M.D.

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