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Exhibit 10.1

RESTRICTED STOCK UNIT GRANT AGREEMENT

1.    Grant of Award.  World Fuel Services Corporation, a Florida corporation (the “Company”) has awarded to [ ] (the “Participant”), effective as of [ ] (the “Grant Date”), [ ] restricted stock units (the “RSUs”) corresponding to the same number of shares (the “Shares”) of the Company’s common stock, par value US$0.01 per share (the “Common Stock”).  The RSUs have been granted under the Company’s 2020 Omnibus Plan (the “Plan”), which is incorporated herein for all purposes, and the grant of RSUs shall be subject to the terms, provisions and restrictions set forth in this Agreement and the Plan.  As a condition to entering into this Agreement, and as a condition to the issuance of any Shares (or any other securities of the Company), the Participant agrees to be bound by all of the terms and conditions set forth in this Agreement and in the Plan.
2.    Definitions.  Capitalized terms and phrases used in this Agreement shall have the meaning set forth below. Capitalized terms used herein and not defined in this Agreement, shall have the meaning set forth in the Plan.  
(a)    “Cause” means:
(i)    the failure by the Participant to perform, in a reasonable manner, his or her duties as assigned by the Company or any Subsidiary;
(ii)    any violation or breach by the Participant of his or her employment agreement, consulting or other similar agreement with the Company or any Subsidiary (or successor company), if any;
(iii)    any actual or threatened violation or breach by the Participant of any non-competition, non-solicitation, non-disclosure and/or other similar agreement with the Company or any Subsidiary;
(iv)    any violation or breach by the Participant of the Company’s Code of Conduct or any other Company policy;
(v)    any act by the Participant of dishonesty or fraud that injures the reputation or business of, or causes harm to, the Company or any Subsidiary (or successor company);
(vi)    the Participant’s impeding of, interfering with, or failing to reasonably cooperate with an investigation authorized by the Company or any Subsidiary or Affiliate; or
(vii)    the conviction of, or entry of a plea of guilty or nolo contendere to, a felony or a crime involving moral turpitude.
The good faith determination by the Committee of whether the Participant’s employment or service was terminated for “Cause” shall be final and binding for all purposes hereunder. Notwithstanding the foregoing, the definition of “Cause” shall, following a Change of Control, be modified so that (x) clause (i) shall no longer be applicable, and (y) clauses (ii) through (vi) above will be deemed to have the term “materiality” inserted as a qualifier to each instance of violation, breach or other misconduct by the Participant.

Exhibit 10.1

(b)    “Committee” means the Compensation Committee of the Board of Directors of the Company.
(c)    “Disability” means the inability of the Participant, due to illness, accident or any other physical or mental incapacity, to perform, with or without reasonable accommodation, the essential functions of his or her employment duties for the Company and its Subsidiaries for an aggregate of one hundred eighty (180) days within any period of twelve (12) consecutive months, as determined by a physician satisfactory to the Company, which determination will be final and binding; provided that, in the case of any payments or benefits that are subject to Section 409A, such circumstances shall only constitute “Disability” if to the extent they constitute Disability within the meaning of Treasury Regulation Section 1.409A-3(i)(4).
(e)    “Good Reason” means the occurrence of any of the following within two (2) years after the occurrence of a Change of Control:
(i)    the assignment to the Participant of regular duties inconsistent in any material respect with the Participant’s then-current position (including status, title and reporting requirements), authority, duties or responsibilities, or any other action by the Company that results in a material diminution in such position, authority, duties or responsibilities, excluding for this purpose an action not taken in bad faith and which is remedied by the Company promptly after written notice thereof given by the Participant;
(ii)    any reduction in, or failure to pay, the Participant’s base salary, other than a reduction or failure that is remedied by the Company within 15 days after notice thereof given by the Participant;
(iii)    any failure by the Company to provide the Participant with Bonus and equity opportunities, or employee benefits and perquisites in the aggregate, that are not less than those provided to the Participant in the calendar year immediately preceding the Change in Control, other than a failure not occurring in bad faith and that is remedied by the Company within 15 days after receipt of notice thereof given by the Participant; or
(iv)    the Company’s requiring the Participant to be based at any office or location outside of Miami-Dade or Broward County, Florida, except for travel reasonably required in the performance of the Participant's responsibilities, consistent with the Participant’s position.
Notwithstanding the foregoing, none of the circumstances described above shall constitute Good Reason unless (i) the Participant provides the Company with written notice specifying in reasonable detail the circumstances alleged to constitute Good Reason within ninety (90) days of the initial existence of any such circumstances, (ii) the Company fails to remedy the circumstances within the thirty (30) days following its receipt of such notice and (iii) the Participant actually terminates employment within the six (6) months following the initial existence of such circumstance.
(f)     “Section 409A” means Section 409A of the U.S. Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder.
(g)    “Termination Date” means the date on which the Participant is no longer an employee of the Company or any Subsidiary.  

Exhibit 10.1

3.    Vesting and Forfeiture of Shares. 
(a)    Subject to the provisions of this Section 3, if the Participant is continuously employed by the Company or any Subsidiary from the Grant Date through and until any of the dates (the “Vesting Date”) set forth in the vesting schedule attached hereto as Exhibit A (the “Vesting Schedule”), then the RSUs shall become vested as set forth in the Vesting Schedule on the applicable Vesting Date.  Except as otherwise provided in this Section 3, there shall be no proportionate or partial vesting of the RSUs prior to the applicable Vesting Date.  
(b)    The vesting of the RSUs (or, if applicable, Acquirer RSUs (as defined below)) shall be accelerated if and to the extent provided in this Section 3(b):
(i)    The RSUs shall immediately vest upon the occurrence of a Change of Control of the Company while the Participant is employed by the Company or any Subsidiary.  Notwithstanding the foregoing, if in the event of a Change of Control the successor company assumes or substitutes the RSUs as of the date of the Change of Control, then the vesting of the RSUs that are assumed or substituted shall not be so accelerated as a result of such Change of Control.  For this purpose, the RSUs shall be considered assumed or substituted only if (A) the RSUs that are assumed or substituted vest at the times that such RSUs would vest pursuant to this Agreement, and (B) following the Change of Control, the RSUs confer the right to  receive, for each unvested RSU held immediately prior to the Change of Control, the consideration (whether stock, cash or other securities or property) received by holders of Shares in the transaction constituting a Change of Control for each Share held on the effective date of such transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the transaction constituting a Change of Control is not solely common stock of the successor company or its parent or subsidiary, the Company may provide that the consideration to be received upon the vesting of any RSU will be solely common stock of the successor company or its parent or subsidiary substantially equal in fair market value to the per share consideration received by holders of Shares in the transaction constituting a Change of Control.  The determinations of (1) whether the RSUs shall be assumed or substituted or shall accelerate vesting in accordance with this Section 3(b)(i) and (2) in the event of an assumption or substitution, such substantial equality of value of consideration shall be made by the Compensation Committee of the Company (the “Committee”) in its sole discretion and its determinations shall be conclusive and binding.  The award resulting from the assumption or substitution of the RSUs by the successor company shall be referred to hereafter as the “Acquirer RSUs”.
                                (ii)           In the event that the Participant’s employment with the Company and its Subsidiaries is terminated due to the Participant’s death or Disability prior to the applicable Vesting Date and (A) prior to a Change of Control, the Participant shall immediately vest upon the Termination Date in a pro-rated portion of the RSUs determined in accordance with Section 3(c) hereof, and the balance of the RSUs shall be immediately forfeited upon the Termination Date, or (B) within the two (2) year period following a Change of Control, the Participant shall immediately vest upon the Termination Date in all outstanding Acquirer RSUs to the extent unvested as of the Termination Date.  
                                (iii)           In the event that the Participant’s employment with the Company or its Subsidiaries is terminated by the Company or its Subsidiaries without Cause prior to the applicable Vesting Date and (A) prior to a Change of Control, the Participant shall immediately 

Exhibit 10.1

vest upon the Termination Date in a pro-rated portion of the RSUs determined in accordance with Section 3(c) hereof, and the balance of the RSUs shall be immediately forfeited upon the Termination Date, or (B) within the two (2) year period following a Change of Control, the Participant shall immediately vest upon the Termination Date in all outstanding Acquirer RSUs to the extent unvested as of the Termination Date.  
(iv)     In the event that the Participant’s employment with the Company or its Subsidiaries is terminated by the Participant for Good Reason prior to the applicable Vesting Date and on or within the two (2) year period following a Change of Control, the Participant shall immediately vest upon the Termination Date in all outstanding Acquirer RSUs to the extent unvested as of the Termination Date.  
                      (c)    For purposes of Section 3(b)(ii) and (iii), the pro-rated portion shall be calculated by multiplying the number of RSUs set forth in Section 1 hereof by a fraction, the numerator of which shall be the number of days which have elapsed between the Grant Date and the Termination Date, and the denominator of which shall be the total number of days between the Grant Date and the final vesting Date set forth in the Vesting Schedule; provided, however, that if the Termination Date occurs after any Vesting Date set forth in the Vesting Schedule, then the pro-rated portion shall be reduced by the number of RSUs that vested prior to the Termination Date in accordance with the Vesting Schedule.  
                    (d)    In the event that the Participant’s employment with the Company and its Subsidiaries is terminated prior to the applicable Vesting Date for any other reason not specified in Section 3(b)(ii), (iii) or (iv), then the Participant shall immediately forfeit all of the unvested RSUs (or, if applicable, Acquirer RSUs). 
                    (e)    Termination of employment with the Company (or, if applicable, the successor company) to accept immediate re-employment with a Subsidiary, or vice-versa, or termination of employment with a Subsidiary to accept immediate re-employment with a different Subsidiary, shall not be deemed termination of employment for purposes of this Section 3. Nothing in this Section 3 or this Agreement shall be deemed to limit or modify any non-competition, confidentiality or non-solicitation restrictions that the Participant is already subject to, which restrictions shall continue to be separately enforceable in accordance with their terms.    
4.     Adjustment. The number of RSUs (or, if applicable, Acquirer RSUs) are subject to adjustment by the Committee in the event of any increase or decrease in the number of issued Shares resulting from a subdivision or consolidation of the Common Stock or the payment of a stock dividend on Common Stock, or any other increase or decrease in the number of Shares effected without receipt or payment of consideration by the Company. 
5.    Settlement of Awards.  
(a)    Delivery of Shares.  The Company shall deliver the Shares corresponding to the vested RSUs (or, if applicable, Acquirer RSUs) to the Participant within 30 days following the applicable Vesting Date; provided, however, that (i) in the event of the Participant’s termination of employment (A) due to death or Disability or (B) on or within the two (2) year period following a Change of Control, by the Company without Cause or by the Participant for Good Reason, the Company shall deliver the Shares corresponding to the vested RSUs (or, if applicable, Acquirer RSUs) to the Participant within 30 days following such Termination Date, (ii) in the event of a 

Exhibit 10.1

Change of Control pursuant to which the RSUs accelerate vesting in accordance with the first sentence of Section 3(b)(i) of this Agreement, the Company shall deliver the Shares or shall have been deemed to deliver the Shares corresponding to the vested RSUs to the Participant upon such Change of Control.  In the event of a Change of Control pursuant to which the RSUs are assumed or substituted in accordance with Section 3(b)(i) of this Agreement, all references in this Section 5(a) to (x) the Company shall be to the successor company and (y) Shares shall be to the consideration corresponding to Acquirer RSUs.
(b)    Death of Participant. By written notice to the Company’s Secretary, the Participant may designate a beneficiary or beneficiaries to whom any vested RSUs (or, if applicable, Acquirer RSUs) and the Participant’s Cash Account (as defined below) shall be transferred upon the death of the Participant. In the absence of such designation, or if no designated beneficiary survives the Participant, such vested RSUs (or, if applicable, Acquirer RSUs) and the Participant’s Cash Account shall be transferred to the legal representative of the Participant’s estate. No such transfer of the RSUs (or, if applicable, Acquirer RSUs), or the right to convert the Shares corresponding to such RSUs (or, if applicable, shares corresponding to Acquirer RSUs) or the conversion of any portion thereof into Common Stock (or, if applicable, Acquirer shares), shall be effective to bind the Company unless the Company shall have been furnished with (i) written notice thereof, (ii) a copy of the will and/or such evidence as the Company deems necessary to establish the validity of such transfer or right to convert, and (iii) an executed agreement by the transferee, administrator, or executor (as applicable) to (A) comply with all the terms of this Agreement that are or would have been applicable to the Participant and (B) be bound by the acknowledgements made by the Participant in connection with this grant. 
(c)    Settlement Conditioned Upon Satisfaction of Tax Obligations.  Notwithstanding the foregoing, the Company’s obligation to deliver any consideration pursuant to this Section 5 shall be subject to, and conditioned upon, satisfaction of the Participant’s obligations relating to the applicable federal, state, local and foreign withholding or other taxes pursuant to Section 9 hereof. 
6.    Rights with Respect to Shares Represented by RSUs.
(a)    No Rights as Shareholder until Delivery.  Except as otherwise provided in this Section 6, the Participant shall not have any rights, benefits or entitlements with respect to any Shares subject to this Agreement unless and until the Shares have been delivered to the Participant.  On or after delivery of the Shares, the Participant shall have, with respect to the Shares delivered, all of the rights of a shareholder of the Company, including the right to vote the Shares and the right to receive all dividends, if any, as may be declared on the Shares from time to time.  
(b)    Dividend Equivalents.  
(i)    Cash Dividends.  As of each date on which the Company pays a cash dividend with respect to its Shares, the Company shall credit to a bookkeeping account (the “Cash Account”) for the Participant an amount equal to the cash dividend that would have been payable with respect to the Shares corresponding to the RSUs (or, if applicable, shares corresponding to Acquirer RSUs), excluding any RSUs (or, if applicable, Acquirer RSUs) which have been forfeited, as if those Shares had been issued and outstanding as of the dividend payment date.  Upon the vesting of any RSUs (or, if applicable, Acquirer RSUs) hereunder, the 

Exhibit 10.1

Participant shall vest in and have the right to receive that portion of the Cash Account which relates to any such vested RSUs (or, if applicable, Acquirer RSUs). The value of the Participant’s Cash Account shall vest and be distributable to the Participant at the same time as the RSUs (or, if applicable, Acquirer RSUs) vest and the Shares corresponding to the vested RSUs (or, if applicable, consideration corresponding to Acquirer RSUs) are distributed to the Participant.
(ii)    Stock Dividends.  As of each date on which the Company pays a stock dividend with respect to its Shares, the Shares corresponding to the RSUs shall be increased by the stock dividend that would have been payable with respect to the Shares that correspond to the RSUs, and shall be subject to the same vesting requirements as the RSUs to which they relate and, to the extent vested, shall be distributed at the same time as the Shares corresponding to vested RSUs are distributed.
7.    Transfers.  The Participant may not, directly or indirectly, sell, pledge or otherwise transfer any RSUs or Acquirer RSUs or any rights with respect to the Cash Account.  
8.    Registration Statement.  The Participant acknowledges and agrees that the Company has filed a Registration Statement on Form S-8 (the “Registration Statement”) under the Securities Act of 1933, as amended (the “1933 Act”), to register the Shares under the 1933 Act. The Participant acknowledges receipt of the Prospectus prepared by the Company in connection with the Registration Statement. Prior to conversion of the RSUs into Shares, the Participant shall execute and deliver to the Company such representations in writing as may be requested by the Company in order for it to comply with the applicable requirements of federal and state or non-U.S. securities law.  
9.    Taxes; Potential Forfeiture.  
(a)    Payment of Taxes.  On or prior to the date on which any Shares corresponding to any vested RSUs (or, if applicable, consideration corresponding to Acquirer RSUs) are delivered or the Participant’s vested Cash Account is paid, the Participant shall remit to the Company an amount sufficient to satisfy any applicable federal, state, local and foreign withholding or other taxes. No certificate for any Shares corresponding to any RSUs (or, if applicable, consideration corresponding to Acquirer RSUs) that have vested, uncertificated shares or any cash attributable to the Participant’s Cash Account, shall be delivered or paid to the Participant until the foregoing obligation has been satisfied. 
(b)    Alternative Payment Methods and Company Rights.  The Company or Participant may, at its, his or her option, permit the Participant to satisfy his or her obligations under this Section 9, by tendering to the Company a portion of the Shares (or, if applicable, consideration corresponding to Acquirer RSUs) that otherwise would be delivered to the Participant pursuant to the RSU (or, if applicable, Acquirer RSUs) ; provided, however, that, in the event the Participant elects to satisfy his or her obligations by surrendering a portion of such Shares, such election shall be binding on the Company.  In the event that the Participant fails to satisfy his or her obligations under this Section 9, the Participant agrees that the Company shall have the right to satisfy such obligations on the Participant’s behalf by taking any one or more of the following actions (such actions to be in addition to any other remedies available to the Company): (1) withholding payment of any fees or any other amounts payable to the Participant, (2) selling all or a portion of the Shares underlying the RSUs (or, if applicable, consideration underlying Acquirer RSUs) in the open market or (3) withholding and canceling all or a portion of the Shares corresponding to the vested RSUs (or, if applicable, consideration corresponding to 

Exhibit 10.1

Acquirer RSUs). Any acquisition of Shares corresponding to RSUs (or, if applicable, consideration corresponding to Acquirer RSUs) by the Company as contemplated hereby is expressly approved by the Committee as part of the approval of this Agreement.  .  
(c)    Forfeiture for Failure to Pay Taxes.  If and to the extent that the Participant fails to satisfy his or her obligations under this Section 9 and the Company does not exercise its right to satisfy those obligations under Section 9(b) hereof with respect to any RSUs (or, if applicable, Acquirer RSUs) or any portion of the vested Cash Account within 30 days after the date on which the Shares corresponding to the vested RSUs (or, if applicable, consideration corresponding to Acquirer RSUs) or vested Cash Account otherwise would be delivered pursuant to Sections 5 and 6(b) hereof, as applicable, the Participant immediately forfeits any rights with respect to the portion of the RSUs (or, if applicable, Acquirer RSUs) or vested Cash Account to which such failure relates.
10.    Stock Retention Policy.  The Participant understands that the Committee has adopted a policy that requires the Participant to retain ownership of one-half (50%) of the Shares underlying the RSUs acquired by the Participant hereunder (net of the number of Shares that the Company determines to withhold or that the Participant is permitted to tender, in each case, pursuant to Section 9 hereof to satisfy applicable tax withholding requirements), for a period of three (3) years after vesting of such RSUs (or until the Participant’s employment with, and services for, the Company and its Subsidiaries terminates, if earlier).  The Participant agrees to comply with such policy and any modifications thereof that may be adopted by the Committee from time to time.  Notwithstanding the foregoing, such policy shall not apply following a Change of Control to any Shares acquired by the Participant hereunder.  
11.  Stock Ownership Policy.  The Participant understands that the Committee has adopted a policy that requires the Participant to own a multiple of the Participant’s base salary, determined by leadership level, in Shares.  The Participant agrees to comply with such policy and any modifications thereof that may be adopted by the Committee from time to time.  Notwithstanding the foregoing, such policy shall not apply following a Change of Control.
12.    No Effect on Employment.  Except as otherwise provided in any employment agreement with the Participant, if any, the Participant’s employment with the Company and any Subsidiary is on an at- or will basis only. Accordingly, subject to the terms of any such employment agreement, nothing in this Agreement or the Plan shall confer upon the Participant any right to continue to be employed by the Company or any Subsidiary or shall interfere with or restrict in any way the rights of the Company or any Subsidiary, which are hereby expressly reserved, to terminate the employment of the Participant at any time for any lawful reason whatsoever or for no reason, with or without Cause and with or without notice. Such reservation of rights can be modified only in an express written contract executed by a duly authorized officer of the Company. 
13.    Other Benefits.  Except as provided below, nothing contained in this Agreement shall affect the Participant’s right to participate in and receive benefits under and in accordance with the then current provisions of any pension, insurance or other employee welfare plan or program of the Company or any Subsidiary.  
14.    Binding Agreement.  This Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 

Exhibit 10.1

15.    Plan Governs.  This Agreement is subject to all of the terms and provisions of the Plan. In the event of a conflict between one or more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan shall govern. 
16.    Governing Law/Jurisdiction.  The validity and effect of this Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Florida, without regard to any conflict-of-law rule or principle that would give effect to the laws of another jurisdiction. Any dispute, controversy, or question of interpretation arising under, out of, in connection with, or in relation to this Agreement or any amendments hereof, or any breach or default hereunder, shall be submitted to, and determined and settled by, litigation in the state or federal courts in Miami-Dade County, Florida.  Each of the parties hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in Miami-Dade County, Florida. Each party hereby irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of any litigation in Miami-Dade County, Florida. 
17.    Authority.  The Committee (and, upon delegation by the Committee, the Company) shall have all discretion, power, and authority to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith. All actions taken and all interpretations and determinations made by the Committee (or, if applicable, the Company) in good faith shall be final and binding upon the Participant, the Company and all other interested persons, and shall be given the maximum deference permitted by law. No member of the Committee (or, if applicable, officer of the Company) shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement. 
18.    Captions.  The captions provided herein are for convenience only and are not to serve as a basis for the interpretation or construction of this Agreement. 
19.    Agreement Severable.  In the event that any provision in this Agreement shall be held invalid or unenforceable, such provision shall be severable from, and such invalidity or unenforceability shall not be construed to have any effect on, the remaining provisions of this Agreement. 
20.    Miscellaneous.  This Agreement constitutes the entire understanding of the parties on the subjects covered. The Participant expressly warrants that he or she is not executing this Agreement in reliance on any promises, representations, or inducements other than those contained herein. This Agreement and the Plan can be amended or terminated by the Company to the extent permitted under the Plan. Amendments hereto shall be effective only if set forth in a written statement or contract, executed by a duly authorized member of the Committee (or, if applicable, officer of the Company). The Participant shall at any time and from time to time after the date of this Agreement, do, execute, acknowledge, and deliver, or will cause to be done, executed, acknowledged and delivered, all such further acts, deeds, assignments, transfers, conveyances, powers of attorney, receipts, acknowledgments, acceptances and assurances as may reasonably be required to give effect to the terms hereof, or otherwise to satisfy and perform Participant’s obligations hereunder.  This Agreement may be executed and delivered by facsimile or other electronic signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
21.    Compliance with Section 409A.  

Exhibit 10.1

(a)    If and to the extent that the Company believes that the RSUs (including, if applicable, Acquirer RSUs) or rights to the Cash Account may constitute a “nonqualified deferred compensation plan” under Section 409A, the terms and conditions set forth in this Agreement (and/or the provisions of the Plan applicable thereto) shall be interpreted in a manner consistent with the applicable requirements of Section 409A, and the Company, in its sole discretion and without the consent of the Participant, may amend this Agreement (and the provisions of the Plan applicable thereto) if and to the extent that the Company determines necessary or appropriate to comply with applicable requirements of Section 409A. 
(b)    If and to the extent required to comply with Section 409A:
            (i)    Payments or delivery of Shares (or, if applicable, consideration in respect of Acquirer RSUs) or cash in respect of the Participant’s Cash Account under this Agreement may not be made earlier than (u) the Participant’s “separation from service”, (v) the date the Participant becomes “disabled”, (w) the Participant’s death, (x) a “specified time (or pursuant to a fixed schedule)” specified in this Agreement at the date of the deferral of such compensation or (y) a “change in the ownership or effective control” of the corporation, or in the “ownership of a substantial portion of the assets” of the corporation;
            (ii)    The time or schedule for any payment of the deferred compensation may not be accelerated, except to the extent provided in applicable Treasury Regulations or other applicable guidance issued by the Internal Revenue Service; and
(iii)    If the Participant is a “specified employee”, a distribution on account of a “separation from service” may not be made before the date which is six months after the date of the Participant’s “separation from service” (or, if earlier, the date of the Participant’s death).
For purposes of the foregoing, the terms in quotations shall have the same meanings as those terms have for purposes of Section 409A, and the limitations set forth herein shall be applied in such manner (and only to the extent) as shall be necessary to comply with any requirements of Section 409A  that are applicable to this Agreement.
        (c)    Notwithstanding the foregoing, the Company does not make any representation to the Participant that any consideration awarded pursuant to this Agreement is exempt from, or satisfies, the requirements of Section 409A, and the Company shall have no liability or other obligation to indemnify or hold harmless the Participant or any beneficiary for any tax, additional tax, interest or penalties that the Participant or any beneficiary may incur in the event that any provision of this Agreement, or any amendment or modification thereof, or any other action taken with respect thereto, that either is consented to by the Participant or that the Company reasonably believes should not result in a violation of Section 409A, is deemed to violate any of the requirements of Section 409A.
22.    Unfunded Agreement.   The rights of the Participant under this Agreement with respect to the Company’s obligation to distribute Shares corresponding to vested RSUs (or, if applicable, consideration corresponding to Acquirer RSUs) and the value of the Participant’s vested Cash Account, if any, shall be unfunded and shall not be greater than the rights of an unsecured general creditor of the Company. 

Exhibit 10.1

[Signature Page Follows]

Exhibit 10.1

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Grant Date. 
WORLD FUEL SERVICES CORPORATION

By: ____________________________
Name:__________________________
Title:____________________________

PARTICIPANT

Signature:                         
Name:                         

Exhibit 10.1

EXHIBIT “A”
VESTING SCHEDULE

33% of the RSUs shall vest on the first (1st) anniversary of the Grant Date.
 
33% of the RSUs shall vest on the second (2nd) anniversary of the Grant Date.
 
34% of the RSUs shall vest on the third (3rd) anniversary of the Grant Date.Exhibit 10.1

 

EXECUTIVE Employment
Agreement

 

This Executive
Employment Agreement dated as of July 27, 2021 (“Agreement”) is by and between Lawrence
A. Kenyon (“Executive”) and Outlook Therapeutics, Inc.
(“Company”).

 

WHEREAS,
Executive was previously employed by the Company as its Chief Executive Officer, Chief Financial Officer, President and Secretary pursuant
to an Agreement with the Company dated October 22, 2018 (“Prior Agreement”);

 

WHEREAS, the Company
desires to continue the employment of Executive, albeit in a new role as Executive Vice President and Chief Financial Officer, and to
provide Executive with certain compensation and benefits in return for Executive’s services, and Executive agrees to be retained
by the Company in such capacity and to receive the compensation and benefits on the terms and conditions set forth herein;

 

WHEREAS, the Company
and Executive desire to enter into this Employment Agreement (the “Agreement”) to become effective and replace
and supersede the Prior Agreement, subject to Executive’s signature below (the “Effective Date”) in order
to memorialize the terms and conditions of Executive’s employment by the Company upon and following the Effective Date; and

 

WHEREAS,
Executive agrees that his change in title and duties pursuant to this new Agreement shall not trigger the Good Reason provision
contained in Section 6.1 of the Prior Agreement.

 

Now,
Therefore, in consideration of the mutual promises and covenants contained herein, the parties agree to the following:

 

1.            
Employment by the Company.

 

1.1             
Position. Subject to the terms set forth herein, the Company agrees to employ Executive in the position of Executive Vice President
and Chief Financial Officer, and Executive hereby accepts such employment on the terms and conditions set forth in this Agreement.

 

1.2             
Duties. As Executive Vice President, Chief Financial Officer and Corporate Secretary, Executive will report to the Chief Executive
Officer (“CEO”), performing such duties as are normally associated with his position and such duties as are
assigned to him from time to time, subject to the oversight and direction of the CEO. During the term of Executive’s employment
with the Company, Executive will work on a full-time basis for the Company and will devote Executive’s best efforts and substantially
all of Executive’s business time and attention to the business of the Company. Executive shall make such business trips to such
places as may be necessary or advisable for the efficient operations of the Company.

 

    1. 

     

    

 

1.3             
Term. This Agreement shall remain in effect and Executive shall remain employed on an at-will basis for twelve (12) months
from the Effective Date (the “Term”), unless otherwise terminated earlier pursuant to Section 6 below.

 

1.4             
Company Policies and Benefits. The employment relationship between the parties shall also be subject to the Company’s
personnel policies and procedures as they may be interpreted, adopted, revised or deleted from time to time in the Company’s sole
discretion. Executive will be eligible to participate on the same basis as similarly situated employees in the Company’s benefit
plans in effect from time to time during his employment. All matters of eligibility for coverage or benefits under any benefit plan shall
be determined in accordance with the provisions of such plan. The Company reserves the right to change, alter, or terminate any benefit
plan in its sole discretion. Notwithstanding the foregoing, in the event that the terms of this Agreement differ from or are in conflict
with the Company’s general employment policies or practices, this Agreement shall control.

 

1.5             
Vacation. While this Agreement is in effect, Executive shall also receive four (4) weeks of vacation per full calendar year
(prorated for any partial calendar year of employment) subject to the Company’s vacation policies and procedures as in effect or
amended from time to time, which vacation time shall accrue pro-rata on a pay period basis. Executive may not carryover any earned but
unused vacation time from any calendar year to any subsequent calendar year unless otherwise expressly required by applicable law or permitted
by applicable Company policies.

 

2.             Compensation.

 

2.1             
Salary. Executive shall receive for Executive’s services to be rendered under this Agreement an initial base salary of
$425,000 on an annualized basis, subject to review and adjustment by the Company in its sole discretion, payable subject to standard federal
and state payroll withholding requirements in accordance with the Company’s standard payroll practices (“Base Salary”).

 

2.2             
2021 Bonus. Executive shall be entitled to a cash bonus for 2021 equal to 50% of his Base Salary (“2021 Bonus”),
provided that the Company meets or exceeds certain financial and other business milestone objectives as determined and approved by and
in the sole discretion of the Board of Directors of the Company (the “Board”) and the CEO (“Goal
Achievement”). In the event Goal Achievement occurs in 2021, the 2021 Bonus, if awarded, will be paid no later than March
15, 2022. In the event Goal Achievement occurs in 2022, the 2021 Bonus, if awarded, will be paid within 60 days following Goal Achievement,
but in no event later than December 31, 2022. In order to receive the 2021 Bonus Executive must remain employed through the date Goal
Achievement occurs.

 

2.3             
Equity. Executive holds vested and unvested options to purchase 4,947,919 shares of common stock of the Company (the “Options”).
The Options will continue to be subject to and governed in all respects by the terms of the governing equity plan documents and grant
agreement(s) between Executive and the Company thereunder, and will continue to vest subject to the vesting schedule, subject to acceleration
and modification upon certain events as provided in Section 6.1 below.

 

    2. 

     

    

 

2.4             
Expense Reimbursement. The Company will reimburse Executive for reasonable business expenses in accordance with the Company’s
standard expense reimbursement policy, as the same may be modified by the Company from time to time. The Company shall reimburse Executive
for all customary and appropriate business-related expenses actually incurred and documented in accordance with Company policy, as in
effect from time to time. For the avoidance of doubt, to the extent that any reimbursements payable to Executive are subject to the provisions
of Section 409A of the Code: (a) any such reimbursements will be paid no later than December 31 of the year following the year in which
the expense was incurred, (b) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement
in any subsequent year, and (c) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for another
benefit.

 

3.                 
Proprietary Information, Inventions, Non-Competition and Non-Solicitation
Obligations. Executive agrees that irrespective of whether he signs this Agreement,
the Employee Proprietary Information, Inventions, Non-Competition and Non-Solicitation Agreement (“Proprietary Information
Agreement”), that he executed on February 18, 2016 remains in full force and effect. Executive further agrees that the Proprietary
Information Agreement contains provisions that are intended by the parties to survive and do survive termination of this Agreement.

 

4.                 
Outside Activities during Employment. Except with the prior written consent of the Board, including consent given to Executive
prior to the signing of this Agreement, Executive will not, while employed by the Company, undertake or engage in any other employment,
occupation or business enterprise that would interfere with Executive’s responsibilities and the performance of Executive’s
duties hereunder except for (i) reasonable time devoted to volunteer services for or on behalf of such religious, educational, non-profit
and/or other charitable organization as Executive may wish to serve, (ii) reasonable time devoted to activities in the non-profit and
business communities consistent with Executive’s duties; and (iii) such other activities as may be specifically approved by the
Board. This restriction shall not, however, preclude Executive (x) from owning less than one percent (1%) of the total outstanding shares
of a publicly traded company, or (y) from employment or service in any capacity with Affiliates of the Company. As used in this Agreement,
 “Affiliates” means an entity under common management or control with the Company.

 

5.                 
No Conflict with Existing Obligations. Executive represents that Executive’s performance of all the terms of this Agreement
does not and will not breach any agreement or obligation of any kind made prior to Executive’s employment by the Company, including
agreements or obligations Executive may have with prior employers or entities for which Executive has provided services. Executive has
not entered into, and Executive agrees that Executive will not enter into, any agreement or obligation, either written or oral, in conflict
herewith.

 

6.                 
Termination of Employment. The parties acknowledge that Executive’s employment relationship with the Company is at-will,
meaning either the Company or Executive may terminate Executive’s employment at any time, with or without cause or advance notice.
The provisions in this Section govern the amount of compensation, if any, to be provided to Executive upon termination of employment and
do not alter this at-will status.

 

    3. 

     

    

 

6.1          
Termination by the Company without Cause or by Executive for Good Reason; or by Executive Following Goal Achievement.

 

(a)              
The Company shall have the right to terminate Executive’s employment with the Company pursuant to this Section 6.1
at any time, in accordance with Section 6.6, without “Cause” (as defined in Section 6.3(b) below) by giving
notice as described in Section 7.1 of this Agreement. A termination pursuant to Section 6.5 below is not a termination without
 “Cause” for purposes of receiving the benefits described in Sections 6.1.

 

(b)              
If (i) the Company terminates Executive’s employment at any time without Cause; (ii) Executive terminates his employment
with the Company for Good Reason; (iii) upon expiration of the Term pursuant to Section 6.6(a)(i) below; or (iv) Executive voluntarily
terminates his employment with the Company following Goal Achievement, and provided that, in each case, such termination constitutes a
 “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition
thereunder, a “Separation from Service”), then Executive shall be entitled to receive the Accrued Obligations
(defined below). If Executive complies with the obligations in Section 6.1(c) below, Executive shall also be eligible to receive
the following “Severance Benefits”:

 

(i)                
The Company will pay Executive an amount equal to Executive’s then current Base Salary for twelve (12) months, less all applicable
withholdings and deductions, paid in equal installments on the Company’s normal payroll schedule following the termination date,
with the first payment beginning on the Severance Pay Commencement Date (as defined in Section 6.1(c) below) or, if applicable,
the Delayed Initial Payment Date (as defined in Section 6.8 below), and the remaining installments occurring on the Company’s
regularly scheduled payroll dates thereafter; provided that on the Severance Pay Commencement Date or, if applicable, the Delayed Initial
Payment Date, the Company will pay in a lump sum the aggregate amount of the cash severance payments that the Company would have paid
Executive through such date had the payments commenced on the effective date of termination through the Severance Pay Commencement Date
(or, if applicable, the Delayed Initial Payment Date).

 

(ii)                 The
Company will pay a bonus equivalent to 50% of Executive’s Base Salary, for the performance year in which Executive’s termination
occurs. This bonus will be in addition to the 2021 Bonus, if earned, and payable subject to standard federal and state payroll withholding
requirements in a lump sum payment on the Severance Pay Commencement Date (or, if applicable, the Delayed Initial Payment Date).

 

(iii)                If Executive timely elects continued coverage under COBRA for himself and his covered dependents under the Company’s group
health plans following such termination, then the Company shall pay the COBRA premiums necessary to continue Executive’s and his
covered dependents’ health insurance coverage in effect for himself (and his covered dependents) on the termination date until the
earliest of: (i) twelve (12) months following the termination date (the “COBRA Severance Period”); (ii) the
date when Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment;
or (iii) the date Executive ceases to be eligible for COBRA continuation coverage for any reason, including plan termination (such period
from the termination date through the earlier of (i)-(iii), (the “COBRA Payment Period”). Notwithstanding the
foregoing, if at any time the Company determines that its payment of COBRA premiums on Executive’s behalf would result in a violation
of applicable law (including, but not limited to, the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care
and Education Reconciliation Act), then in lieu of paying COBRA premiums pursuant to this Section, the Company shall pay Executive on
the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premium for such month,
subject to applicable tax withholding (such amount, the “Special Severance Payment”), for the remainder of the
COBRA Payment Period. Nothing in this Agreement shall deprive Executive of his rights under COBRA or ERISA for benefits under plans and
policies arising under his employment by the Company.

 

    4. 

     

    

 

(iv)            
Notwithstanding the terms of any equity plan or award agreement to the contrary, (A) the time-based vesting conditions applicable
to fifty percent (50%) of Executive’s Options and/or other equity awards subject to time-based vesting requirements that are outstanding
and not vested as of Executive’s termination date shall accelerate and deemed to be satisfied as of the date of Executive’s
termination, (B) remaining unvested Options, if any, will continue to vest in accordance with the applicable vesting schedule, but shall
not require continuous service to achieve vesting, and (C) the Options shall expire on the term set forth in the applicable award agreement
and shall not expire within three months following termination of continuous service. For the avoidance of doubt, the accelerated vesting
provided under this Section 6.1(b)(iv) shall not apply to any liquidity event or performance-based vesting conditions applicable
to any of Executive’s outstanding stock options or other equity awards as of the date of termination.

 

(v)              
In the event that Executive’s employment is terminated without Cause prior to Goal Achievement, and Goal Achievement is subsequently
reached by the Company, Executive shall also receive the 2021 Bonus, payable subject to standard federal and state payroll withholding
requirements in a lump sum payment in accordance with the latter of the Severance Pay Commencement Date or the timing set forth in Section
2.2 (or, if applicable, the Delayed Initial Payment Date).

 

(c)              
Executive will be paid all of the Accrued Obligations on the Company’s first payroll date after Executive’s date of
termination from employment or earlier if required by law. Executive shall receive the Severance Benefits pursuant to Section 6.1(b)
if: (i) Executive executes and does not revoke a separation agreement containing an effective, general release of claims in favor
of the Company and its affiliates and representatives, in a form acceptable to the Company (the “Release”) and
the Release is enforceable and effective as provided in the Release on or before the date that is the sixtieth (60th) day following
the effective date of termination (such 60th day, the “Severance Pay Commencement Date”); (ii) he
holds any other positions with the Company, he resigns such position(s) to be effective no later than the date of Executive’s termination
date (or such other date as requested by the Board); (iii) he returns all Company property; (iv) he complies with his post-termination
obligations under this Agreement and the Proprietary Information Agreement; (v) he complies with the terms of the Release, including without
limitation any non-disparagement and confidentiality provisions contained in Release; and (vi) if then holding a Board seat, he resigns
from the Board effective no later than the date of Executive’s termination.

 

    5. 

     

    

 

(d)              
For purposes of this Agreement, “Accrued Obligations” are (i) Executive’s accrued but unpaid
salary through the date of termination, (ii) any unreimbursed business expenses incurred by Executive payable in accordance with the Company’s
standard expense reimbursement policies, and (iii) benefits owed to Executive under any qualified retirement plan or health and welfare
benefit plan in which Executive was a participant in accordance with applicable law and the provisions of such plan.

 

(e)              
The Severance Benefits provided to Executive pursuant to this Section 6.1 are in lieu of, and not in addition to, any benefits
to which Executive may otherwise be entitled under any Company severance plan, policy or program.

 

(f)               Any damages caused by the termination of Executive’s employment without Cause would be difficult to ascertain; therefore,
the Severance Benefits for which Executive is eligible pursuant to Section 6.1(b) above in exchange for the Release is agreed to
by the parties as liquidated damages, to serve as full compensation, and not a penalty.

 

(g)              
For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following events without
Executive’s consent: (i) a material reduction in Executive’s Base Salary of at least 25%; (ii) a material breach of this Agreement
by the Company; or (iii) the relocation of Executive’s principal place of employment, without Executive’s consent, in a manner
that lengthens his one-way commute distance by fifty (50) or more miles from his then-current principal place of employment immediately
prior to such relocation, other travel to a new headquarters to be established at the direction of the Board; provided, however, that,
any such termination by Executive shall only be deemed for Good Reason pursuant to this definition if: (1) Executive gives the Company
written notice of his intent to terminate for Good Reason within thirty (30) days following the first occurrence of the condition(s) that
he believes constitute(s) Good Reason, which notice shall describe such condition(s); (2) the Company fails to remedy such condition(s)
within thirty (30) days following receipt of the written notice (the “Cure Period”); and (3) Executive voluntarily
terminates his employment within thirty (30) days following the end of the Cure Period.

 

(h)              
In the event Executive elects to voluntary resign following Goal Achievement, Executive must provide the Company with written notice
of resignation thirty (30) days prior to the effective date of resignation to be eligible for the Severance Benefits.

 

6.2         
[reserved]

 

6.3         
Termination by the Company for Cause.

 

(a)              
The Company shall have the right to terminate Executive’s employment with the Company at any time, in accordance with Section
6.6, for Cause by giving notice as described in Section 7.1 of this Agreement. In the event Executive’s employment is
terminated at any time for Cause, Executive will not receive Severance Benefits or any other severance compensation or benefits, except
that, pursuant to the Company’s standard payroll policies, the Company shall pay to Executive the Accrued Obligations.

 

(b)              
“Cause” for termination shall mean that the Company has determined in its sole discretion that Executive
has engaged in any of the following: (i) a material breach of any covenant or condition under this Agreement or any other agreement between
the parties; (ii) any act constituting dishonesty, fraud, immoral or disreputable conduct; (iii) any conduct which constitutes a felony
under applicable law; (iv) material violation of any Company policy or any act of misconduct; (v) refusal to follow or implement a clear
and reasonable directive of Company; (vi) negligence or incompetence in the performance of Executive’s duties or failure to perform
such duties in a manner satisfactory to the Company after the expiration of ten (10) days without cure after written notice of such failure;
or (vii) breach of fiduciary duty.

 

    6. 

     

    

 

6.4           Resignation by Executive.

 

(a)              
Executive may resign from Executive’s employment with the Company at any time, in accordance with Section 6.6, by
giving notice as described in Section 7.1.

 

(b)              
In the event Executive resigns from Executive’s employment with the Company before Goal Achievement for any reason other
than Good Reason in accordance with Section 6.1, Executive will not receive Severance Benefits or any other severance compensation
or benefits, except that, pursuant to the Company’s standard payroll policies, the Company shall pay to Executive the Accrued Obligations.

 

6.5          
Termination by Virtue of Death or Disability of Executive.

 

(a)              
In the event of Executive’s death while employed pursuant to this Agreement, all obligations of the parties hereunder shall
terminate immediately, in accordance with Section 6.6, and the Company shall, pursuant to the Company’s standard payroll
policies, pay to Executive’s legal representatives all Accrued Obligations.

 

(b)              
Subject to applicable state and federal law, the Company shall at all times have the right, upon written notice to Executive, and
in accordance with Section 6.6, to terminate this Agreement based on Executive’s Disability. Termination by the Company of
Executive’s employment based on “Disability” shall mean termination because Executive is unable due to
a physical or mental condition to perform the essential functions of his position with or without reasonable accommodation for 180 days
in the aggregate during any twelve (12) month period or based on the written certification by two licensed physicians of the likely continuation
of such condition for such period. This definition shall be interpreted and applied consistent with the Americans with Disabilities Act,
the Family and Medical Leave Act, and other applicable law. In the event Executive’s employment is terminated based on Executive’s
Disability, Executive will not receive Severance Benefits or any other severance compensation or benefit, except that, pursuant to the
Company’s standard payroll policies, the Company shall pay to Executive the Accrued Obligations.

 

6.6           Notice; Effective Date of Termination. 

 

(a)              
Termination of Executive’s employment pursuant to this Agreement shall be effective on the earliest of:

 

(i)                
Twelve (12) months from the Effective Date;

 

    7. 

     

    

 

(ii)               
immediately after the Company gives notice to Executive of Executive’s termination, with or without Cause, unless pursuant
to Section 6.3(b)(vi) in which case ten (10) days after notice if not cured or unless the Company specifies a later date, in which case,
termination shall be effective as of such later date;

 

(iii)              
immediately upon the Executive’s death;

 

(iv)              
ten (10) days after the Company gives notice to Executive of Executive’s termination on account of Executive’s Disability,
unless the Company specifies a later date, in which case, termination shall be effective as of such later date, provided that Executive
has not returned to the full time performance of Executive’s duties prior to such date;

 

(v)               
ten (10) days after the Executive gives written notice to the Company of Executive’s resignation, provided that the
Company may set a termination date at any time between the date of notice and the date of resignation, in which case the Executive’s
resignation shall be effective as of such other date. Executive will receive compensation through any required notice period; or

 

(vi)              
for a termination for Good Reason, immediately upon Executive’s full satisfaction of the requirements of Section 6.1(g).

 

(b)              
In the event notice of a termination under subsections (a)(ii) or (v) is given orally, at the other party’s request, the
party giving notice must provide written confirmation of such notice within five (5) business days of the request in compliance with the
requirement of Section 7.1 below. In the event of a termination for Cause, written confirmation shall specify the subsection(s)
of the definition of Cause relied on to support the decision to terminate.

 

6.7             
Cooperation with Company after Termination of Employment. Following termination of Executive’s employment for any reason,
Executive agrees to cooperate fully with the Company in connection with its actual or contemplated defense, prosecution, or investigation
of any claims or demands by or against third parties, or other matters arising from events, acts, or failures to act that occurred during
the period of Executive’s employment by the Company. Such cooperation includes, without limitation, making Executive available to
the Company upon reasonable notice, without subpoena, to provide complete, truthful and accurate information in witness interviews, depositions
and trial testimony. In addition, for twelve (12) months after Executive’s employment with the Company ends for any reason, Executive
agrees to cooperate fully with the Company in all matters relating to the transition of Executive’s work and responsibilities on
behalf of the Company, including, but not limited to, any present, prior or subsequent relationships and the orderly transfer of any such
work and institutional knowledge to such other persons as may be designated by the Company. The Company will reimburse Executive for reasonable
out-of-pocket expenses Executive incurs in connection with any such cooperation (excluding forgone wages, salary, or other compensation)
and will make reasonable efforts to accommodate Executive’s scheduling needs.

 

    8. 

     

    

 

6.8             
Application of Section 409A. It is intended that all of the severance payments payable under this Agreement satisfy, to the
greatest extent possible, the exemptions from the application of Section 409A of the Code and the regulations and other guidance thereunder
and any state law of similar effect (collectively, “Section 409A”) provided under Treasury Regulations Sections
1.409A-1(b)(4) and 1.409A-1(b)(9), and this Agreement will be construed in a manner that complies with Section 409A. If not so exempt,
this Agreement (and any definitions hereunder) will be construed in a manner that complies with Section 409A, and incorporates by reference
all required definitions and payment terms. No severance payments will be made under this Agreement unless Executive’s termination
of employment constitutes a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h)). For purposes
of Section 409A (including, without limitation, for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii)), Executive’s right
to receive any installment payments under this Agreement (whether severance payments or otherwise) shall be treated as a right to receive
a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct
payment. If the Company determines that the severance benefits provided under this Agreement constitutes “deferred compensation”
under Section 409A and if Executive is a “specified employee” of the Company, as such term is defined in Section 409A(a)(2)(B)(i)
of the Code at the time of Executive’s Separation from Service, then, solely to the extent necessary to avoid the incurrence of
the adverse personal tax consequences under Section 409A, the timing of the Severance will be delayed as follows: on the earlier to occur
of (a) the date that is six months and one day after Executive’s Separation from Service, and (b) the date of Executive’s
death (such earlier date, the “Delayed Initial Payment Date”), the Company will (i) pay to Executive a lump
sum amount equal to the sum of the severance benefits that Executive would otherwise have received through the Delayed Initial Payment
Date if the commencement of the payment of the severance benefits had not been delayed pursuant to this Section 6.8 and (ii) commence
paying the balance of the severance benefits in accordance with the applicable payment schedule set forth in Section 6. No interest shall
be due on any amounts deferred pursuant to this Section 6.8. To the extent that any Severance Benefits are deferred compensation under
Section 409A of the Code, and are not otherwise exempt from the application of Section 409A, then, if the period during which Executive
may consider and sign the Release spans two calendar years, the payment of any such Severance Benefit will not be made or begin until
the later calendar year.

 

6.9             
Section 280G. Notwithstanding any other provision of this Agreement to the contrary, if payments made or benefits provided
pursuant to this Agreement or otherwise from the Company or any person or entity are considered “parachute payments” under
Section 280G of the Code, then such parachute payments will be limited to the greatest amount that may be paid to Executive under Section
280G of the Code without causing any loss of deduction to the Company Group under such section, but only if, by reason of such reduction,
the net after tax benefit to Executive will exceed the net after tax benefit if such reduction were not made. “Net after tax
benefit” for purposes of this Agreement will mean the sum of (i) the total amounts payable to the Executive under this Agreement,
plus (ii) all other payments and benefits which the Executive receives or then is entitled to receive from the Company or otherwise that
would constitute a “parachute payment” within the meaning of Section 280G of the Code, less (iii) the amount of federal and
state income taxes payable with respect to the foregoing calculated at the maximum marginal income tax rate for each year in which the
foregoing will be paid to Executive (based upon the rate in effect for such year as set forth in the Code at the time of termination of
Executive’s employment), less (iv) the amount of excise taxes imposed with respect to the payments and benefits described in (i)
and (ii) above by Section 4999 of the Code. The determination as to whether and to what extent payments are required to be reduced in
accordance with this Section 6.9 will be made at the Company’s expense by a nationally recognized certified public accounting
firm as may be designated by the Company prior to a change in control (the “Accounting Firm”). In the event
of any mistaken underpayment or overpayment under this Agreement, as determined by the Accounting Firm, the amount of such underpayment
or overpayment will forthwith be paid to Executive or refunded to the Company, as the case may be, with interest at one hundred twenty
(120%) of the applicable Federal rate provided for in Section 7872(f)(2) of the Code. Any reduction in payments required by this Section
6.9 will occur in the following order: (1) any cash severance, (2) any other cash amount payable to Executive, (3) any benefit valued
as a “parachute payment,” (4) the acceleration of vesting of any equity awards that are options, and (5) the acceleration
of vesting of any other equity awards. Within any such category of payments and benefits, a reduction will occur first with respect to
amounts that are not “deferred compensation” within the meaning of Section 409A and then with respect to amounts that are.
In the event that acceleration of compensation from equity awards is to be reduced, such acceleration of vesting will be canceled, subject
to the immediately preceding sentence, in the reverse order of the date of grant.

 

    9. 

     

    

 

7.            
General Provisions.

 

7.1             
Notices. Any notices required hereunder to be in writing shall be deemed effectively given: (a) upon personal delivery to the
party to be notified, (b) when sent by electronic mail or confirmed facsimile if sent during normal business hours of the recipient, and
if not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested,
postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. All communications shall be sent to the Company at its primary office location and to Executive at either Executive’s
address as listed on the Company payroll, or Executive’s Company-issued email address, or at such other address as the Company or
Executive may designate by ten (10) days advance written notice to the other.

 

7.2             
Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under
any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or
any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provisions had never been contained herein.

 

7.3             
Survival. Provisions of this Agreement which by their terms must survive the termination of this Agreement in order to effectuate
the intent of the parties will survive any such termination for such period as may be appropriate under the circumstances.

 

7.4             
Waiver. If either party should waive any breach of any provisions of this Agreement, it shall not thereby be deemed to have
waived any preceding or succeeding breach of the same or any other provision of this Agreement.

 

    10. 

     

    

 

7.5             
Complete Agreement. This Agreement constitutes the entire agreement between Executive and the Company with regard to the subject
matter hereof. This Agreement is the complete, final, and exclusive embodiment of their agreement with regard to this subject matter and
supersedes any prior oral discussions or written communications and agreements, including the Prior Agreement. For the avoidance of doubt,
nothing in this Agreement shall constitute a trigger of the Good Reason provision contained in Section 6.1 of the Prior Agreement.
This Agreement is entered into without reliance on any promise or representation other than those expressly contained herein, and it cannot
be modified or amended except in writing signed by Executive and an authorized officer of the Company. The parties have entered into a
separate Proprietary Information Agreement and have or may enter into separate agreements related to equity. These separate agreements
govern other aspects of the relationship between the parties, have or may have provisions that survive termination of Executive’s
employment under this Agreement, may be amended or superseded by the parties without regard to this Agreement and are enforceable according
to their terms without regard to the enforcement provision of this Agreement.

 

7.6             
Counterparts. This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more
than one party, but all of which taken together will constitute one and the same Agreement. The parties agree that facsimile and scanned
image copies of signatures will suffice as original signatures.

 

7.7             
Withholding Taxes. The Company will be entitled to withhold from any payment due to Executive hereunder any amounts required
to be withheld by applicable tax laws or regulations.

 

7.8             
Headings. The headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a part
hereof nor to affect the meaning thereof.

 

7.9             
Successors and Assigns. The Company shall assign this Agreement and its rights and obligations hereunder in whole, but not
in part, to any Company or other entity with or into which the Company may hereafter merge or consolidate or to which the Company may
transfer all or substantially all of its assets, if in any such case said Company or other entity shall by operation of law or expressly
in writing assume all obligations of the Company hereunder as fully as if it had been originally made a party hereto, but may not otherwise
assign this Agreement or its rights and obligations hereunder. Executive may not assign or transfer this Agreement or any rights or obligations
hereunder, other than to his estate upon his death.

 

7.10         
  Choice of Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by
the laws of the State of New Jersey.

 

    11. 

     

    

 

7.11         
 Dispute Resolution. The parties recognize that litigation in federal or state courts or before federal or state administrative
agencies of disputes arising out of the Executive’s employment with the Company or out of this Agreement, or the Executive’s
termination of employment or termination of this Agreement, may not be in the best interests of either the Executive or the Company, and
may result in unnecessary costs, delays, complexities, and uncertainty. The parties agree that any dispute between the parties arising
out of or relating to the negotiation, execution, performance or termination of this Agreement or the Executive’s employment, including,
but not limited to, any claim arising out of this Agreement, claims under Title VII of the Civil Rights Act of 1964, as amended, the Civil
Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, Section 1981 of the
Civil Rights Act of 1966, as amended, the Family Medical Leave Act, the Executive Retirement Income Security Act, and any similar federal,
state or local law, statute, regulation, or any common law doctrine, whether that dispute arises during or after employment, shall be
settled by binding arbitration in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration
Association; provided however, that this dispute resolution provision shall not apply to any separate agreements between the parties
that do not themselves specify arbitration as an exclusive remedy. The location for the arbitration shall be the Princeton/Trenton, New
Jersey area. Any award made by such panel shall be final, binding and conclusive on the parties for all purposes, and judgment upon the
award rendered by the arbitrators may be entered in any court having jurisdiction thereof. The arbitrators’ fees and expenses and
all administrative fees and expenses associated with the filing of the arbitration shall be borne by the Company; provided however,
that at the Executive’s option, Executive may voluntarily pay up to one-half the costs and fees. The parties acknowledge and agree
that their obligations to arbitrate under this Section survive the termination of this Agreement and continue after the termination of
the employment relationship between Executive and the Company. The parties each further agree that the arbitration provisions of this
Agreement shall provide each party with its exclusive remedy, and each party expressly waives any right it might have to seek redress
in any other forum, except as otherwise expressly provided in this Agreement. By election arbitration as the means for final settlement
of all claims, the parties hereby waive their respective rights to, and agree not to, sue each other in any action in a Federal, State
or local court with respect to such claims, but may seek to enforce in court an arbitration award rendered pursuant to this Agreement.
The parties specifically agree to waive their respective rights to a trial by jury, and further agree that no demand, request or motion
will be made for trial by jury. 

 

[signatures
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    12. 

     

    

 

In
Witness Whereof, the parties have duly executed this Agreement as of the date first above written.

 

	 	Outlook Therapeutics, Inc.
	 	 
	 	 
	 	By:	 /s/ Randy Thurman
	 	 	Name: Randy Thurman
	 	 	Title: Executive Chairman of the Board
	 	 
	 	 
	 	Executive
	 	 
	 	 
	 	/s/ Lawrence A. Kenyon
	 	Lawrence A. Kenyon

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