Document:

EMPLOYMENT
AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (this “Agreement”) is dated and effective as of March 11, 2019 (the “Effective
Date”), by and between PROFESSIONAL DIVERSITY NETWORK, INC., a Delaware corporation (the “Company”),
and Xin He (Adam) (“Executive”).

 

RECITALS:

 

Executive
has been offered the position of Chief Financial Officer (“CFO”) of the Company, which is engaged in the business
of developing and operating online networks dedicated to serving diverse professionals in the United States and designing, developing,
and hosting online job boards for clients. The Executive, by virtue of his CFO position, shall be the Company’s “principal
financial officer” and a Section 16 officer for purposes of Section 16 of the Securities Exchange Act of 1934, as amended.

 

The
Company, through its Board of Directors, has provided its recommendation regarding appropriate compensation and incentive levels
for the CFO position.

 

The
Company and Executive now wish to execute this Agreement, which shall reflect the recommendations and set forth the terms and
conditions of Executive’s employment with the Company.

 

NOW
THEREFORE, in consideration of the covenants, representations, and warranties contained herein. The parties hereto agree as
follows:

 

1.
Employment. The Company hereby employs Executive, and Executive hereby accepts such employment and agrees to serve the
Company upon the terms and conditions set forth in this Agreement.

 

2.
Employment-at-Will. Subject to the remainder of this Agreement, including the provisions of Section 15 below. Executive’s
employment shall be at-will and not subject to a particular timeframe. Executive specifically recognizes and agrees that this
Agreement does not abrogate the at-will employment doctrine or create a right to employment for a specific period of time.

 

3.
Duties and Responsibilities. Executive shall serve as Chief Financial Officer of the Company and shall have such normal
and customary duties and responsibilities commensurate with his position, subject to the general supervision of the Chief Executive
Officer of the Company and oversight by the Audit Committee of the Board of Directors of the Company. Executive shall devote his
best efforts and attention to the business and affairs of the Company and shall diligently, faithfully and competently perform
his duties and responsibilities hereunder; provided however that the foregoing shall not preclude Executive from engaging in other
business endeavors and from spending time and attention with respect thereto and other endeavors, whether business, charitable,
philanthropic or otherwise. A list of permitted activities in which Executive is currently engaged is attached as Exhibit A hereto.
Executive recognizes that his primary responsibility is to the Company, however, Executive shall be permitted to work remotely.

 

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4.
Compensation and Related Matters.

 

(a)
Base Salary. The Company shall pay Executive an annual base salary (“Base Salary”) of Two Hundred Thousand
Dollars ($200,000), payable in substantially equal monthly or more frequent installments in accordance with the Company’s
normal and customary payroll practices. The Compensation Committee of the Company’s Board of Directors (the “Compensation
Committee”) shall review and further adjust Executive’s Base Salary on at least an annual basis in its sole and
absolute discretion, provided that during the Employment Period the Company may not decrease Executive’s Base Salary below
the amount set forth in this section. Any such increased Base Salary shall be and become the “Base Salary” for purposes
of this Agreement.

 

(b)
Expense Reimbursement. The Company shall pay or reimburse Executive for all reasonable business expenses properly incurred
by Executive in the ordinary course of performing his duties and responsibilities hereunder, subject to the Company’s normal
and customary practices and policies as are in effect from time to time with respect to travel. Entertainment and other business
expenses (including the Company’s reasonable requirements with respect to prior approval, reporting and documentation of
such expenses).

 

(c)
Benefits. The Company will provide or offer for Executive’s participation such benefits as are generally provided
or offered by the Company to its other senior executive officers. Including, without limitation, health/major medical insurance,
life insurance, disability insurance and welfare benefits, Paid Time Off (sick days, holiday, etc.) and other fringe benefits
(collectively, “Benefits”), if and to the extent that Executive is eligible to participate in accordance with the
terms of the applicable Benefit plan or program generally and subject to any required contributions.

 

(d)
Bonus. Executive shall be eligible for an annual bonus of up to fifty-percent (50%) of his base salary, according to the
terms and conditions of a bonus plan that is based upon the financial results achieved by the Company for the fiscal year or such
other performance goals established by the Compensation Committee, in its sole discretion. Such a bonus plan shall be established
within ninety (90) days of the Effective Date of this Agreement.

 

(e)
Options. Executive is hereby granted 30,000 options (the “Options”) to purchase shares of the Company’s
Common Stock pursuant to the terms and conditions set forth in the Non-Qualified Stock Option Agreement attached hereto as Exhibit
B (the Option Agreement). The options shall vest 1 /3 immediately upon award, 1 /3 on the first anniversary of the Effective Date,
and the final 1 /3 on the second anniversary of the Effective Date. Subject to Executive’s continued employment with the
company, The Options shall be granted with an exercise price equal to the Fair Market Value (as defined in the Company’s
2013 Equity Compensation Plan as Amended) of a share of Common Stock on the date of the grant and shall expire on the tenth anniversary
of the date of the grantor, if earlier, at the time set forth in the Equity Award Agreement relating to Executive’s termination
of employment.

 

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(f)
Withholding. All Base Salary, bonus, and other compensation described in this Agreement shall be subject to withholding
for federal state or local taxes, amounts withheld under applicable benefit policies or programs, and any other amounts that may
be required to be withheld by law, judicial order or otherwise.

 

(g)
Paid Time Off. Executive shall receive twenty-five (25) days of Paid Time Off (PTO) per year, and all paid Company holidays
in accordance with Company policy. PTO days shall be used for sick leave, appointments, personal needs, or pre-planned holidays.

 

5.
Executive Work Product and Inventions. Executive agrees that Inventions (as defined below) shall be deemed “work
made for hire” and shall be the property of the Company. Executive shall promptly disclose to the Company all such
Inventions and hereby irrevocably assigns to Company all such Inventions and all such worldwide right title and interest therein.
Executive hereby waives and agrees not to assert any moral rights or similar rights under the laws of any jurisdiction with respect
to any Inventions. Executive further agrees to execute or cause to be executed any and all assignment documents or other documents
that may be necessary to perfect the ownership rights of the Company in such Inventions or to secure the Company’s statutory
protection (including, without limitation. patent trademark. trade secret or copyright protection) throughout the world for any
and all such Inventions. For purposes here “invention” means all work product including, without limitation, any and
all creative works, discoveries, ideas. inventions, designs, devices, models, prototypes, processes, works, know how, documentation,
files, information, manuals, materials, input materials and output materials, software programs or packages (together with any
related documentation, source code or codes, object codes, upgrades, revisions, modifications and any related materials) and other
information and materials, and the media upon which they are located (including cards, tapes, discs and other storage facilities),
which are conceived, created, developed, reduced to practice, fixed in a tangible medium of expression or otherwise made by Executive
solely or jointly with others in connection with or arising from Executive’s employment hereunder (whether or not during
regular business hours).

 

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6.
Confidential Information.

 

(a)
Executive covenants and agrees that, except to the extent the use or disclosure of any Confidential Information is required to
carry out Executive’s assigned duties with the Company, during Executive’s employment with the Company and thereafter:
(i) Executive shall keep strictly confidential and not disclose to any person not employed by the Company any Confidential Information
and (ii) Executive shall not use for Executive or for any other person or entity any Confidential Information. However, this provision
shall not preclude Executive from the use or disclosure of information known generally to the public (other than information known
generally to the public as a result of Executive’s violation of this Section), or any disclosure required by law or court
order so long as Executive provides the Company immediate written notice of any potential disclosure under this subsection and
cooperates with the Company to prevent or limit such disclosure to the extent lawful, “Confidential Information”
means all confidential, proprietary or business information related to the Company’s business that is furnished to, obtained
by, or created by Executive during Executive’s employment with the Company and which could be used to harm or compete against
the Company. Confidential Information includes, by way of illustration, such information relating to: (A) the Company’s
customers and suppliers, including customer lists, supplier lists, contact information, contractual terms, prices, and billing
histories; (B) the Company’s finances, including financial statements, balance sheets, sales data, forecasts, profit margins
and cost analyses; (C) the Company’s plans and projections for new and developing business opportunities and for maintaining
existing business; and (D) the Company’s operating methods, business processes and techniques, services, products, prices,
costs, service performance, and operating results.

 

All
property, documents, data, and Confidential Information prepared or collected by Executive as part of Executive’s employment
with the Company, in whatever form, are and shall remain the property of the Company. Executive agrees that Employee shall return
upon the Company’s request at any time (and in any event before Executive’s employment with the Company ends) all
documents, data, Confidential Information, and other property belonging to the Company in Executive’s possession or control,
regardless of how stored or maintained and including all originals, copies and compilations.

 

(b)
Executive acknowledges that he is aware that federal and state securities laws prohibit any person or entity who has material,
non-public information about a publicly-traded company such as the Company from purchasing or selling securities of such company,
or from communicating such information to any other person or entity under circumstances in which it is reasonably foreseeable
that such person or entity is likely to purchase or sell such securities. Executive affirms that he has been presented with a
copy of the Company’s Insider Trading Policy as well as its Code of Ethics and that he agrees to abide by the rules and
principles set forth therein.

 

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7.
Non-compete.

 

(a)
During the Restricted Period (as defined below), Executive shall not: (i) engage in Competitive Activity (as defined below) within
the Prohibited Territory (as defined below); or (ii) assist any entity or person to engage in Competitive Activity within the
Prohibited Territory, whether as an owner, franchisee, franchisor, investor, consultant agent or otherwise.

 

(b)
The “Restricted Period” means: (i) the period that Executive is employed by the Company; and (ii) a period
of 12 months following Executive’s last day of employment with the Company and its affiliates (the “Separation
Date”). Notwithstanding the foregoing, in the event that Executive’s employment is terminated by the Company (other
than for “Cause”) (as hereinafter defined) or Executive terminates his employment for “Good Reason”
(as hereinafter defined, the Restricted Period shall not extend beyond the period for which Severance Pay is calculated pursuant
to Section l5 hereof. In addition, nothing herein restricts Executive from continuing the non-Company work she engaged in during
the course of this Agreement provided that such work is not a Competitive Activity.

 

(c)
“Competitive Activity” means competing against the Company by:

 

(i)
engaging in work for a competitor of the Company that is the same as or substantially similar to the work Executive performed
on behalf of the Company at any time; (ii) engaging in an aspect of the business of the Company that Executive was involved with
on behalf the Company at any time; and/or (iii) engaging in an aspect of the business of the Company about which Executive received
Confidential Information in the course of employment with the Company at any time. Notwithstanding the preceding, owning less
than 5% of the outstanding shares in a public company shall not constitute by itself Competitive Activity or assisting others
to engage in Competitive Activity.

 

(d)
“Prohibited Territory” means: (i) Executive’s assigned territory or geographic area of responsibility
for the Company at any time: (ii) each city in which Executive performed services for the Company at any time: (iii) each state
in which Executive performed services for the Company at any time; and (iv) the United States. Executive’s initial assigned
territory for the Company will be: New York, California, and Illinois.

 

8.
Non-Interference.

 

(a)
During the Restricted Period. Executive shall not: (i) solicit, encourage, or cause any Restricted Customer (as defined below)
to purchase any services or products from anyone other than the Company that arc competitive with or a substitute for the services
or products offered by the Company; (ii) sell or provide any services or products to any Restricted Customer that are competitive
with or a substitute for the Company’s services or products. (iii) solicit, encourage, or cause any Restricted Customer
not to do business with or to reduce any part of its business with the Company; (iv) solicit, encourage, or cause any supplier
of goods or services to the Company not to do business with or to reduce any part of its business with the Company; (v) make any
disparaging remarks about the Company or its business, services, affiliates, officers, managers, directors or employees, whether
in writing, verbally, or on any online forum; or (vi) assist anyone else to engage in the conduct prohibited by this Section.

 

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(b)
“Restricted Customer” means during the restricted period: (i) any Company customer with whom Executive had
business contact or communications at any time; (ii) any Company customer for whom Executive supervised or assisted with the Company’s
dealings at any time; (iii) any Company customer about whom Executive received Confidential Information in the course of employment
with the Company at any time; any prospective Company customer for whom Executive assisted with a proposal at any time: and/or
(iv) any prospective Company customer for whom Executive supervised the Company’s dealings at any time.

 

9.
Non-Raiding. During the Restricted Period, Executive shall not, directly or indirectly: (a) hire as an employee or engage
as an independent contractor any person employed by the Company with whom Executive worked while employed by the Company or about
whose abilities Executive became aware while employed by the Company (each, a “Restricted Employee”); or (b)
solicit any Restricted Employee to leave the Company (other than by the use of non-targeted general solicitation in media).

 

10.
Reasonableness. Executive has carefully read and considered the provisions of this Agreement and, having done so, agrees
that the restrictions set forth herein are fair, reasonable, and necessary to protect the Company’s legitimate business
interests, including its goodwill with its customers, suppliers and employees and its confidential and trade secret. In addition,
Executive acknowledges and agrees that the foregoing restrictions do not unreasonably restrict Executive with respect to earning
a living should Executive’s employment with the Company end. As such, Executive agrees not to contest the general validity
or enforceability of this Agreement in any forum. The post-employment covenants in this Agreement shall survive Executive’s
last day of employment with the Company and its affiliates and shall be in addition to any restrictions imposed upon Executive
by statute, at common law, or other written agreements. Executive agrees that the Company may share the terms of this Agreement
with any business with which Executive becomes associated while any of the post-employment restrictions in this Agreement remain
in effect.

 

11.
Remedies. Executive acknowledges and agrees that Executive’s breach of this Agreement would result in irreparable
damage and continuing injury to the Company. Therefore, in the event of any breach or threatened breach of this Agreement the
Company shall be entitled to an injunction enjoining Executive from committing any violation or threatened violation of this Agreement
without limiting the Company’s other remedies. The Company shall be required to post a bond of no more than $500 to obtain
such an injunction.

 

12.
Protections for Certain Affiliates. For purposes of the restrictions in Section 5 (Executive Work Product and Inventions),
6 (Confidential Information), 7 (Non-Compete), 8 (Non-Interference), 9 (Non-Raiding), 10 (Reasonableness) 11 (Remedies) and 15(e)
(Return of Property), the “Company” shall mean: (a) Professional Diversity Network, Inc.; (b) any parent, subsidiary,
affiliate or successor (each, an “Affiliate”) of Professional Diversity Network, Inc. for or with whom Executive
performed any services or had any work responsibilities at any time; and (c) any Affiliate of Professional Diversity Network,
Inc. whose Confidential Information was disclosed to Executive at any time during the restricted period.

 

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13.
Prior Employer’s Information. While employed by the Company and its affiliates, Executive shall not: (a) breach any
obligation of confidentiality that Executive may owe to a third party; or (b) disclose or use any trade secrets belonging to a
third party. In order to ensure compliance with the foregoing. Executive agrees not to refer to, use or disclose in the course
of employment with the Company any information. documents or data belonging to a competitor or former employer that are not readily
available to the public. Executive shall immediately notify the Company’s human resources department if Executive receives
any communication from a third party regarding Executive’s confidentiality or similar obligations to them. The terms in
this section shall be in addition to. and not limit, Executive’s obligations to the Company and its affiliates under other
agreements and policies related to this issue.

 

14.
Notice to Future Employers. Executive agrees that during the Restricted Period, Executive will notify the Company in writing
of any subsequent occupation whether as owner, employee, officer, director, agent consultant independent contractor, or the like,
and his duties and responsibilities in that position. Further, Executive agrees that during said period, he will inform each new
employer, prior to accepting employment of the existence of this Agreement and the terms of the restrictive covenants and confidentiality
restrictions contained herein. Executive acknowledges that during said period the Company shall have the right to contact independently,
any potential or actual future employer of Executive to notify it of Executive’s obligations under this Agreement and provide
such employer with a copy of this Agreement. The Company shall also be entitled. at its election. to notify any such actual or
potential employer of the Companies understanding of the requirements of this Agreement and what steps, if any, the Company intends
to take to ensure compliance with or enforcement of this Agreement. Failure of the Company to avail itself of the benefits of
this subsection shall not in any way affect its right to obtain enforcement of any provision of this Agreement.

 

15.
Termination.

 

(a)
Termination by the Company for Cause. The Company shall have the right to terminate Executive’s employment hereunder
for Cause, which shall be communicated by a “Notice of Termination” (as defined below), effective immediately. Notwithstanding
anything to the contrary contained herein, if Executive’s employment is terminated other than pursuant to this Section 15(a),
after which the Company determines that Executive’s acts or omissions would have constituted grounds to terminate Executive
for Cause. then Executive shall be deemed to have been terminated for Cause pursuant to this Section 15(a); provided that, such
determination shall be made following the procedure contemplated by the Notice of Termination procedures set forth below. In the
event of such termination, then the Company shall pay to Executive his then current Base Salary and Benefits accrued, and any
expenses for which Executive is entitled to be reimbursed, up to and including the effective date of such termination, Executive
shall not be entitled to any other salary, bonus, benefits or other compensation as a result of termination pursuant to this Section
15(a). For purposes hereof, “Cause” means the occurrence of any one of the following on the part of Executive:
(i) conviction of or a plea of nolo contendre to a felony or act of moral turpitude which affects or reflects on the Company
or any Affiliate in a material and negative manner; (ii) attempted or actual theft, fraud or embezzlement of money or tangible
or intangible assets or property of the Company or any Affiliate; (iii) gross negligence or willful misconduct in respect of Executive’s
performance of his duties and responsibilities to the Company or any Affiliate; or (vi) breach of any material term, covenant,
representation or warranty contained in this Agreement, which such breach (if susceptible to cure) remains uncured or is repeated
following fifteen (15) days written notice from the Company to Executive thereof.

 

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For
purposes of this Agreement, a “Notice of Termination” shall mean delivery to Executive of a copy of a resolution
duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board (excluding the Executive)
at a meeting of the Board called and held for the purpose (after reasonable notice to Executive and reasonable opportunity for
Executive, together with Executive’s counsel, to be heard before the Board prior to such vote), finding that in the good
faith opinion of the Board Executive was guilty of conduct set forth in this Section 15(a) and specifying the particulars thereof
in reasonable detail. For purposes of clarity, the Notice of Termination may occur after Executive’s employment has been
terminated in the event the Company determines that Executive’s acts or omissions would have constituted grounds to terminate
Executive for Cause, as contemplated above.

 

(b)
Termination as a Result of Executive’s Disability or Death. The Company shall have the right to terminate Executive’s
employment hereunder in the event of Executive’s Disability or death, effective immediately. In the event of such termination.
then the Company shall pay to Executive (or his legal representative) Executive’s then current Base Salary and Benefits
accrued, and any expenses for which Executive is entitled to be reimbursed, up to and including the effective date of such termination.
Executive shall not be entitled to any other salary, bonus, benefits or other compensation as a result of termination pursuant
to this Section l5(b). For purposes hereof. “Disability” means the inability of Executive to substantially perform
his duties and responsibilities to the Company by reason of a physical or mental disability or infirmity (i) for a continuous
period of ninety (90) days or for at least 180 days in any consecutive twelve (12) month period or (ii) at such earlier time as
Executive submits or the Company receives satisfactory medical evidence that Executive has a physical or mental disability or
infirmity which will likely prevent him from returning to the performance of his work duties for ninety (90) days or longer. In
the event of any dispute regarding the determination of Executive’s Disability, such determination shall be made by a physician
selected by the Company and reasonably acceptable to Executive, at the Company’s sole expense; provided, however, that Executive’s
Disability shall be conclusively presumed if such determination is made by an insurer providing disability insurance coverage
to Executive or the Company in respect of Executive.

 

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(c)
Termination by the Company Without Cause. The Company or Employee may terminate Executive’s employment hereunder
for any reason (or for no reason) whatsoever, effective upon 30 days advance written notice and payment to Executive of Executive’s
then current Base Salary for such 30-day period as a Severance. In the event of such termination by the Company (i.e., other than
by reason of death, Disability or for Cause), then the Company shall pay to Executive his then current Base Salary (but not in
such a manner that any payment for Base Salary during the notice period would result in a duplicative payment) and Benefits accrued,
Bonus Payout (as defined in and subject to Section 15(d) below) and any expenses for which Executive is entitled to be reimbursed.
up to and including the effective date of such termination. Total compensation in this scenario is thus 30 days of Base Salary
plus an additional 30 days as Severance for a total compensation payout of 60 days compensation payable within forty-five days
of the Notice.

 

(d)
Removal From Positions. Any termination of Executive’s employment with the Company shall automatically effectuate
Executive’s removal from any and all officer and other positions that Executive then holds with the Company or any of its
Affiliates as of the effective termination date.

 

In
addition, Executive shall receive any portion of the bonus attributable to any completed fiscal year which has accrued, but has
not yet been paid, payable at the same time and in the same manner as the Severance Pay. Executive shall also be entitled to payment
of a pro rata bonus for the fiscal year in which Executive incurs a termination without Cause or Resignation for Good Reason,
based on the Company’s actual performance during the applicable performance period and payable within 2 1⁄2 months
following the conclusion of the performance period.

 

(i)
Provided Executive timely elects continued coverage for Executive and Executive’s spouse and dependents who are then covered
under the Company’s group health plan under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”)
pay to Executive a single cash lump sum payment within 15 days following the 60th day following the effective date
of Executive· s termination an amount equal to the employer portion of the costs of continued health coverage for Executive.
such spouse and dependents at their then-current level under the Company’s health plan for the six-month period following
the effective date of Executive’s termination. Executive and Executive’s spouse and dependents in the Company’s
post termination participation in the Company’s health plan shall be in the sole discretion of Executive and at such participant’s
sole expense in accordance with COBRA.

 

In
the event of Executive’s death during but prior to the payment of any amounts described under this Section 15, the Company
will pay such unpaid amounts to Executive’s estate in accordance with the provisions of this Agreement and the Release Agreement.

 

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(e)
Return of Property. Immediately upon the Company’s request or on the termination date of Executive’s employment—whichever
occurs first. Executive shall return to the Company all Confidential Information and any other property of the Company, its Affiliates,
or any third parties which is in Executive’s possession or control by virtue of his employment with the Company. Property
to be returned to the Company shall include without limitation, all documents and things (whether in tangible or electronic format
and whether such documents or things contain any Confidential Information) in Executive’s possession or control, further
including without limitation, all computer programs, files and diskettes, and all written or printed files, manuals, contracts,
memoranda. forms, notes, records and charts, and any and all copies of or extracts from, any of the foregoing.

 

16.
Assignment. The parties acknowledge and agree that the covenants. terms and provisions contained in this Agreement constitute
a personal employment contract and the rights and obligations of the parties hereunder cannot be transferred, sold, assigned,
pledged or hypothecated, excepting that the Company may assign this Agreement in connection with a sale of the business, merger,
consolidation, share exchange, sale of substantially all of the Company’s assets. or other reorganization, whether or not
the Company is the continuing entity, provided that the assignee is the successor to the business and all or substantially all
of the assets of the Company.

 

17.
Severability. If any one or more of the provisions or parts of a provision contained in this Agreement shall, for any reason,
be held to be invalid, illegal or unenforceable in any respect in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect (a) any other provision or part of a provision of this Agreement nor (b) this Agreement’s validity. legality
and enforceability in any other jurisdiction, but this Agreement shall be reformed and construed in any such jurisdiction as if
such invalid or illegal or unenforceable provision or part of a provision had never been contained herein and such provision or
part shall be reformed so that it would be valid. legal and enforceable to the maximum extent permitted in such jurisdiction.

 

18.
Governing Law; Venue. This Agreement shall be covered by, construed, applied and reinforced in accordance with the internal
laws of the State of Illinois, without regard to conflicts of law provisions. The parties agree that any action or proceeding
to enforce or arising out of this Agreement shall be commenced in the state courts, or in the United States District Court in
Chicago, Illinois. The parties consent to such jurisdiction, agree that venue will be proper in such courts and waive any objections
based upon Forum Non Conveniens. The choice of forum set forth in this section shall not be deemed to preclude the enforcement
of any action under this Agreement in any other jurisdiction.

 

19.
Continuing Obligation. The covenants, obligations, duties and liabilities of Executive pursuant to this Agreement (including.
and without limitation, the covenants set forth in Sections 5 through 9 of this Agreement) are continuing, absolute and unconditional
and shall remain in full force and effect as provided herein.

 

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20.
Indemnification. The Company shall include Executive in the coverage provided by its executive director and officer (D&O)
indemnity insurance policy. In addition, the Company shall indemnify Executive to the fullest extent permitted by Delaware law,
consistent with the Company’s Certificate of Incorporation and By-laws.

 

21.
Attorneys’ Fees. If any party brings any suit, action or claim to enforce the provisions of this Agreement, the prevailing
party shall be entitled to seek reasonable attorneys’ fees and litigation expenses in addition to court costs.

 

22.
Waiver. The waiver by the Company or Executive of any breach of any term or condition of this Agreement shall not be deemed
to constitute the waiver of any other breach of the same or any other term or condition hereof.

 

23.
Notices. Any notice, request consent or communication under this Agreement shall be effective only if it is in writing
and shall be deemed to have been given when personally delivered or three (3) days after being deposited in the United States
mail. certified or registered, postage prepaid. return receipt requested and addressed to the party at its or his last known address.
The address of any party may be changed by notice in writing to the other party duly served in accordance with this Section.

 

24.
Section 409A. The intent of the parties is that payments and benefits under this Agreement be exempt from, and to the extent
not exempt from, comply with Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively
“Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted
in accordance with such intent. To the extent that any provision hereof is modified in order to comply with Code Section 409A,
such modification shall be made in good faith and shall. to the maximum extent reasonably possible, maintain the original intent
and economic benefit to Executive and the Company of the applicable provision without violating the provisions of Code Section
409A. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on Executive
by Code Section 409A or damages for failing to comply with Code Section 409A. Without limiting the generality of the foregoing,
the Company and the Executive agree as follows:

 

	 	a)
    	Reimbursements
    payable to Executive hereunder shall be paid in no event later than the end of the calendar year following the year in which
    the reimbursable expense is incurred. In addition, such reimbursements shall be made in a manner that complies with all the
    requirements of Treasury Regulation Section 1.409A-3(i)(1)(iv). In no event shall reimbursements and payments provided under
    the Agreement be subject to liquidation or exchange in a manner which violates Treasury Regulation Section 1.409A-3(i)(1)(iv).

 

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	 	b)
    	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 is also a “separation
    from service” within the meaning of Code 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.”
	 	 	 
	 	c)
    	Notwithstanding
    any other payment schedule provided herein to the contrary, if Executive is deemed on the date of termination to be a “specified
    employee” within the meaning of that term under Code Section 409A(a)(2)(B), then each of the following shall
    apply:

 

	 	i.
    	With
    regard to any payment that is considered “nonqualified deferred compensation” under Code Section 409A payable
    on account of a “separation from service,” such payment shall be made on the date which is the earlier of (A)
    the expiration of the six (6)-month period measured from the date of such “separation from service” of
    Executive, and (B) the date of Executive’s death (the “Delay Period”) to the extent required under
    Code Section 409A. Upon the expiration of the Delay Period, all payments delayed pursuant to this Section (whether they would
    have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid to Executive in
    a lump sum, and all remaining payments due under this Agreement shall be paid or provided in accordance with the normal payment
    dates specified for them herein; and
	 	 	 
	 	ii.
    	To
    the extent that benefits to be provided during the Delay Period are considered “nonqualified deferred compensation”
    under Code Section 409A provided on account of a “separation from service” and such benefits are not otherwise
    exempt from Code Section 409A. Executive shall pay the cost of such benefits during the Delay Period, and the Company shall
    reimburse Executive, to the extent that such costs would otherwise have been paid by the Company or to the extent that such
    benefits would otherwise have been provided by the Company at no cost to Executive, the Company’s share of the cost
    of such benefits upon expiration of the Delay Period, and any remaining benefits shall be reimbursed or provided by the Company
    in accordance with the procedures specified herein.

 

	 	d)
    	To
    the extent that severance payments or benefits pursuant to this Agreement are conditioned upon the execution and delivery
    by Executive of a release of claims. Executive shall forfeit all rights to such payments and benefits unless such release
    is signed and delivered (and no longer subject to revocation, if applicable) within sixty (60) days following the date of
    Executive’s termination of employment. If the foregoing release is timely executed and delivered and no longer subject
    to revocation as provided in the preceding sentence, then the following shall apply:

 

    	12

     

    

 

 

	 	i.
    	To
    the extent that any such cash payment or continuing benefit to be provided is not “nonqualified deferred compensation”
    for purposes of Code Section 409A, then such payment or benefit shall commence upon the first scheduled payment date immediately
    following the date that the release is executed, delivered and no longer subject to revocation (the “Release Effective
    Date”) The first such cash payment shall include payment of all amounts that otherwise would have been due prior
    to the Release Effective Date under the terms of this Agreement applied as though such payments commenced immediately upon
    Executive’s termination of employment, and any payments made thereafter shall continue as provided herein. The delayed
    benefits shall in any event expire at the time such benefits would have expired had such benefits commenced immediately following
    Executive’s termination of employment.
	 	 	 
	 	ii.
    	Subject
    to Section 24(c)(i). to the extent that any such cash payment or continuing benefit to be provided is “nonqualified
    deferred compensation” for purposes of Code Section 409A, then such payments or benefits shall be made or commence
    upon the sixtieth (60th) day following Executive’s termination of employment. The first such cash payment shall include
    payment of all amounts that otherwise would have been due prior thereto under the terms of this Agreement had such payments
    commenced immediately upon Executive’s termination of employment and any payments made thereafter shall continue as
    provided herein. The delayed benefits shall in any event expire at the time such benefits would have expired had such benefits
    commenced immediately following Executive’s termination of employment.

 

	 	 	A.
    	The
    Company may provide, in its sole discretion. that Executive may continue to participate in any benefits delayed pursuant to
    this Section 24(d) during the period of such delay, provided that Executive shall bear the full cost of such benefits during
    such delay period. Upon the date such benefits would otherwise commence pursuant to this Section 22(d). the Company may reimburse
    Executive the Company share of the cost of such benefits, to the extent that such costs would otherwise have been paid by
    the Company or to the extent that such benefits would otherwise have been provided by the Company at no cost to Executive,
    in each case, had such benefits commenced immediately upon Executive’s termination of employment. Any remaining benefits
    shall be reimbursed or provided by the Company in accordance with the schedule and procedures specified herein.

 

    	13

     

    

 

 

	 	e)
    	For
    purposes of Code Section 409A, Executive’s right to receive any installment payments pursuant to this Agreement shall
    be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies
    a payment period with reference to a number of days, the actual date of payment within the specified period shall be within
    the sole discretion of the Company.
	 	 	 
	 	f)
    	Notwithstanding
    any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes
    “nonqualified deferred compensation” for purposes of Code Section 409A be subject to offset by any other
    amount unless otherwise permitted by Code Section 409A.

 

25.
Miscellaneous. This Agreement may be executed in two or more counterparts (including via facsimile), each of which shall
be deemed an original. but all of which together shall constitute one and the same instrument. The section headings contained
in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

 

26.
Entire Agreement. This Agreement contains the entire agreement of the parties with respect to the subject matter herein
and supersedes any prior written or oral agreements or understandings between the parties with respect to the subject matter herein.
including any employment agreements or offer letters.

 

[Signature
page follows]

 

    	14

     

    

 

IN
WITNESS WHEREOF, the parties hereto have made and entered into this Employment Agreement this date first hereinabove set forth.

 

	 	THE
    COMPANY
	 	 
	 	PROFESSIONAL
    DIVERSITY NETWORK, INC.
	 	 
	 	By: 	/s/
    Michael Wang
	 	Name:	Michael
    Wang
	 	Its: 	CEO

 

	 	EXECUTIVE
	 	  
	 	/s/
    Xin He (Adam)
	 	Xin
                                         He (Adam)

 

    	15

     

    

 

EXHIBIT
A

Permitted
Activities

 

	● 	Providing
    leadership, direction and management of the finance and accounting team 
	 	 
	●	Providing
    strategic recommendations to the CEO/president and members of the executive management team
	 	 
	●	Managing
    the processes for financial forecasting and budgets, and overseeing the preparation of all financial reporting 
	 	 
	● 	Advising
    on long-term business and financial planning 
	 	 
	● 	Establishing
    and developing relations with senior management and external partners and stakeholders 
	 	 
	● 	Reviewing
    all formal finance, HR and IT related procedures Personally review and approve all Form 8-K, 10-K, and 10-Q filings with the
    Securities and Exchange Commission 
	 	 
	● 	Report
    risk issues to the audit committee of the board of directors 

 

    	16cue-ex1010_634.htm

Exhibit 10.10

Cue Biopharma, Inc.

Director Compensation Policy

Members of the Board of Directors (the “Board”) of Cue Biopharma, Inc. (the “Company”) who are not employees of the Company or any subsidiary of the Company (“non-employee directors”) shall receive compensation for their services on the Board in accordance with this Director Compensation Policy (this “Policy”).

Cash Compensation

Each non-employee director shall be paid an annual cash retainer of $35,000 prorated for partial periods and paid quarterly in arrears as soon as practicable following the end of each quarter for which payment under this Policy is owed.

In addition to the annual cash retainer described above, the chairman of the Board, if he or she is a non-employee director (the “Non-Employee Chairman”), shall be paid an annual cash retainer of $45,000 and standing committee members shall be paid the annual committee fees set forth below, in each case prorated for partial periods and paid quarterly in arrears as soon as practicable following the end of each quarter for which payment under this Policy is owed; provided, the committee fees for  2018 shall be paid retroactive to January 1, 2018.

	
Audit Committee Chair:  
	
$15,000

	
Audit Committee Member (other than the committee Chair):
	
$7,500

	
Compensation Committee Chair:  
	
$10,000

	
Corporate Development Committee Member (other than the committee Chair):  
	
$5,000

	
Corporate Development Committee Chair:  
	
$10,000

	
Science and Technology Strategy Committee Member (other than the committee Chair):  
	
$5,000

	
Science and Technology Strategy Committee Chair:  
	
$10,000

	
Compensation Committee Member (other than the committee Chair):  
	
$5,000

	
Corporate Governance and Nominating Committee Chair:  
	
$8,000

	
Corporate Governance and Nominating Committee Member (other than the committee Chair):  
	
$4,000

 

Equity Compensation

Upon initial appointment to the Board a non-employee director shall be awarded Options to purchase 50,000 shares of the Company’s common stock (“Common Stock”).  So long as such 

1

 

non-employee director remains a Service Provider such Options shall vest in eight equal semi-annual installments.  Upon Separation from Service due to the non-employee director’s death, or if there is a Change of Control, then any such then unvested Options shall become fully vested as of the date of such death or Change of Control, as applicable.  If such non-employee director ceases to remain a Service Provider for any reason other than death or a Change of Control, then any such unvested Options shall be forfeited as of the date of such Separation from Service. 

On the first trading day following December 31 of each year (each, an “Annual Option Grant Date”), each non-employee director other than the Non-Employee Chairman shall be awarded Options to purchase 8,000 shares of Common Stock and the Non-Employee Chairman shall be awarded Options to purchase 9,600 shares of Common Stock.  Such Options shall not become vested until the first anniversary of the Annual Option Grant Date (the “Annual Award Vesting Date”).  Notwithstanding the foregoing, the annual Options to be awarded for 2018 service shall be awarded as of June 12, 2018 and the Annual Award Vesting Date for such Options shall be December 31, 2018.  Upon Separation from Service due to the non-employee director’s death, or if there is a Change of Control, any such Options shall become fully vested as of the date of such death or Change of Control, as applicable.  If a non-employee director ceases to remain a Service Provider for any reason other than death before the Annual Award Vesting Date or a Change of Control, then such Options shall be forfeited as of the date of such Separation from Service.  

For so long as shares remain available for issuance thereunder, any Options issued in accordance with the terms of this Policy shall be made under and pursuant to the Company’s 2016 Non-Employee Equity Incentive Plan (the “Non-Employee Plan”).  Following such time as shares are no longer available under the Non-Employee Plan,  any Options issued in accordance with the terms of this Policy shall be made under and pursuant to the Company’s 2016 Omnibus Incentive Plan (the “Omnibus Plan”).  Capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Non-Employee Plan or Omnibus Plan, as applicable.  The Board, in its sole discretion and in recognition for meritorious service, may elect to vest up to 100% of a Director’s unvested equity awards upon retirement.

Expense Reimbursement

The compensation described in this Policy is in addition to reimbursement of all out-of-pocket expenses incurred by directors in attending meetings of the Board.

Employee Directors

An employee of the Company who serves as a director receives no additional compensation for such service.

Adopted Effective July 27, 2016, as amended October 30, 2018

2

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