Document:

gtbp_ex1011

 

Exhibit 10.11

 

 

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (the “Agreement”) is made and
entered into by and among GT Biopharma, Inc. and Anthony J. Cataldo
("Executive") as August 11, 2020 (the "Effective
Date").

 

WHEREAS, each Company is desirous of employing Executive,
and Executive wishes to be employed by each Company in accordance
with the terms and conditions set forth in this
Agreement.

 

NOW,
THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES
AND OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT OF WHICH IS
HEREBY ACKNOWLEDGED, IT IS MUTUALLY AGREED AS FOLLOWS:

 

 1.   Position and
Duties: Executive shall be employed by each Company as its
Chief Executive Officer ("CEO") reporting to the Board
of Directors of each Company. CEO agrees to devote the
necessary business time, energy and skill to his duties at each
Company, and will be permitted engage in outside consulting and/or
employment provided said services do not materially interfere with
Executive’s obligations to each Company under the terms of
this Agreement. These duties of Executive under this Agreement
shall include all those duties customarily performed by a
CEO as well as providing advice and consultation on
general corporate matters and other projects as may be assigned by
the Company’s Board of Directors on an as needed basis.
During the term of Executive's employment, Executive shall be
permitted to serve on boards of directors of for-profit or
not-for-profit entities provided such service does not adversely
affect the performance of Executive's duties to the Company under
this Agreement, and are not in conflict with the interests of the
Company. 

 

Executive shall be
nominated to stand for election to the Board of Directors of each
Company of its scheduled shareholders meeting so long as Executive
remains as CEO of either Company. As a member of each
Company's Board, Executive shall continue to be subject to the
provisions of each Company's bylaws and all applicable general
corporation laws relative to her position on the Board. In addition
to each Company's bylaws, as a member of the Board, Executive shall
also be subject to the statement of powers, both specific and
general, set forth in each Company's Articles of
Incorporation. 

 

 

 

1

 

 

 

 

 2.
Term of Employment: This
Agreement shall remain in effect for a period of three years from
the Effective Date, and thereafter will automatically renew for
successive one year periods unless either party provides ninety
days' prior written notice of termination. In the event either
Company elects to terminate the Agreement, such termination shall
be considered to be an Involuntary Termination, and Executive shall
be provided benefits as provided in this Agreement. Upon the
termination of Executive's employment for any reason, neither
Executive nor the Companies shall have any further obligation or
liability under this Agreement to the other, except as set forth
below.

 

3.
Compensation: Executive
shall be compensated by the Parent for his services to the
Companies as follows:

 

      (a)
Base Salary: Executive shall
be paid a monthly Base Salary of $360,000.00 per year. The monthly
cash payment will be subject to applicable withholding, in
accordance with the Parent’s normal payroll procedures.
Executive's salary shall be reviewed on at least an annual basis
and may be adjusted as appropriate, but in no event shall it be
reduced to an amount below Executive’s salary then in effect.
In the event of such an adjustment, that amount shall become
Executive's Base Salary. Furthermore, during the term of this
Agreement, in no event shall Executive's compensation be less than
any other officer or employee of either Company or any
subsidiary.

 

      (b)
Benefits: Executive shall
have the right, on the same basis as other senior executives of
either Company, to participate in and to receive benefits under any
of either Company's employee benefit plans, medical insurance
(which extends to Executives immediate family), as such plans may
be modified from time to time, and provided that in no event shall
Executive receive less than (4) four weeks paid vacation per annum,
(6) six paid sick days per annum, and (5) five paid personal days
per annum.

 

      (c)
Performance Bonus: Executive
shall have the opportunity to earn a performance bonus in
accordance with the Parent's Performance Bonus Plan if in effect
(“Target Bonus”); if the Parent does not have a Bonus
Plan in effect at any given time during the term of this Agreement,
then the Parent’s Compensation Committee or Board of
Directors shall have discretion as to determining bonus
compensation for Executive.

 

     (d)
General Grant: Executive (or
an entity or affiliates designated by Executive) shall be granted
10% (calculated with the inclusion of Executive’s stock
holdings) of the fully diluted shares of common stock in the
Company (the “Stock Grant”) upon conversion of options,
warrants and notes in association with a national markets qualified
financing as consideration for entering into this Agreement. Such
stock shall vest and be delivered to Executive within thirty (30)
days following the national markets qualified
financing.

 

      (e)
Expenses: Parent shall
reimburse Executive for reasonable travel, lodging, entertainment
and meal expenses incurred in connection the performance of
services within this Agreement. Executive shall be entitled to fly
Business Class on any flight longer than four (4) hours and receive
full reimbursement for such flight from the Parent.

 

 

 

2

 

 

 

 

      (f)
Travel: Executive shall
travel as necessary from time to time to satisfy his performance
and responsibilities under this Agreement.

 

4.
Effect of Termination of
Employment:

 

      (a)
Voluntary Termination: In
the event of Executive's voluntary termination from employment with
the Companies, other than for Good Reason pursuant to Sections 5(d)
or 5(e), Executive shall be entitled to no compensation or benefits
from the Companies other than those earned under Section 3 through
the date of his termination and, in the case of each stock option,
restricted stock award or other Company stock-based award granted
to Executive, the extent to which such awards are vested through
the date of his termination. In the event that Executive's
employment terminates as a result of his death or disability,
Executive shall be entitled to a pro-rata share of the
performance-based bonus for which Executive is then-eligible
pursuant to Section 3(c) (presuming performance meeting, but not
exceeding, target performance goals) in addition to all
compensation and benefits earned under Section 3 through the date
of termination.

 

      (b)
Termination for Cause: If
Executive's employment is terminated by the Companies for Cause,
Executive shall be entitled to no compensation or benefits from the
Companies other than those earned under Section 3 through the date
of his termination and, in the case of each stock option,
restricted stock award or other Company stock-based award granted
to Executive, the extent to which such awards are vested through
the date of his termination. In the event that the Companies
terminate Executive's employment for Cause, the Companies shall
provide written notice to Executive of that fact prior to, or
concurrently with, the termination of employment. Failure to
provide written notice that the Companies contend that the
termination is for Cause shall constitute a waiver of any
contention that the termination was for Cause, and the termination
shall be irrebuttably presumed to be an Involuntary
Termination.

 

      (c)
Involuntary Termination During
Change in Control Period: If Executive's employment with the
Companies terminates as a result of a Change in Control Period
Involuntary Termination, then, in addition to any other benefits
described in this Agreement, Executive shall receive the
following:

 

            (i)
all compensation and benefits earned under Section 3 through the
date of Executive's termination of employment;

 

            (ii)
a lump sum payment equivalent to the greater of (a) the bonus paid
or payable to Executive for the year immediately prior to the year
in which the Change in Control occurred and (b) the Target Bonus
under the Performance Bonus Plan in effect immediately prior to the
year in which the Change in Control occurs;

 

            (iii)
a lump sum payment equivalent to the remaining Base Salary (as it
was in effect immediately prior to the Change in Control) due
Executive from the date of Involuntary Termination to the end of
the term of this Agreement or one-half of Executive’s Base
Salary then in effect, whichever is the greater; and

 

 

 

3

 

 

 

 

            (iv)
reimbursement for the cost of medical, life, disability insurance
coverage at a level equivalent to that provided by the Companies
for a period expiring upon the earlier of: (a) one year; or (b) the
time Executive begins alternative employment wherein said insurance
coverage is available and offered to Executive. It shall be the
obligation of Executive to inform the Parent that new employment
has been obtained.

 

Unless
otherwise agreed to by Executive at the time of Involuntary
Termination, the amount payable to Executive under subsections (i)
through (iii), above, shall be paid to Executive in a lump sum
within thirty (30) days following Executive's termination of
employment. The amounts payable under subsection (iv) shall be paid
monthly during the reimbursement period.

 

      (d)
Termination Without Cause in the
Absence of Change in Control: In the event that Executive's
employment terminates as a result of a Non Change in Control Period
Involuntary Termination, then Executive shall receive the following
benefits:

 

            (i)
all compensation and benefits earned under Section 3 through the
date of the Executive's termination of employment;

 

            (ii)
a lump sum payment equivalent to the greater of (a) the bonus paid
or payable to Executive for the year immediately prior to the year
in which the Change in Control occurred and (b) the Target Bonus
under the Performance Bonus Plan in effect immediately prior to the
year in which the Change in Control occurs;

 

            (iii)
a lump sum payment equivalent to the remaining Base Salary (as it
was in effect immediately prior to the Change in Control) due
Executive to the end of the term of this Agreement or one-half of
Executive’s Base Salary then in effect, whichever is the
greater; and

 

            (iv)
reimbursement for the cost of medical, life and disability
insurance coverage at a level equivalent to that provided by the
Companies for a period of the earlier of: (a) one year; or (b) the
time Executive begins alternative employment wherein said insurance
coverage is available and offered to Executive. It shall be the
obligation of Executive to inform the Parent that new employment
has been obtained.

 

Unless
otherwise agreed to by Executive, the amount payable to Executive
under subsections (i) through (iii) above shall be paid to
Executive in a lump sum within thirty (30) days following
Executive's termination of employment. The amounts payable under
subsection (iv) shall be paid monthly during the reimbursement
period.

 

 

 

4

 

 

 

 

      (e)
Resignation with Good Reason During
Change in Control Period: If Executive resigns his
employment with the Companies as a result of a Change in Control
Period Good Reason, then, in addition to any other benefits
described in this Agreement, Executive shall receive the
following.

 

            (i)
all compensation and benefits earned under Section 3 through the
date of the Executive's termination of employment;

 

            (ii)
a lump sum payment equivalent to the greater of (a) the bonus paid
or payable to Executive for the year immediately prior to the year
in which the Change in Control occurred and (b) the Target Bonus
under the Performance Bonus Plan in effect immediately prior to the
year in which the Change in Control occurs;

 

            (iii)
a lump sum payment equivalent to the remaining Base Salary (as it
was in effect immediately prior to the Change in Control) due
Executive from the date of Involuntary Termination to the end of
the term of this Agreement or one-half of Executive’s Base
Salary then in effect, whichever is the greater; and

 

            (iv)
reimbursement for the cost of medical, life and disability
insurance coverage at a level equivalent to that provided by the
Companies for a period of the earlier of: (a) one year; or (b) the
time Executive begins alternative employment wherein said insurance
coverage is available and offered to Executive. It shall be the
obligation of Executive to inform the Parent that new employment
has been obtained.

 

Unless
otherwise agreed to by Executive, the amount payable to Executive
under subsections (i) through (iii) above shall be paid to
Executive in a lump sum within thirty (30) days following
the

 

Executive's
termination of employment. The amounts payable under subsection
(iv) shall be paid monthly during the reimbursement
period.

 

      (f)
Resignation with Good Reason in the
Absence of Change in Control: If Executive resigns his
employment with the Companies as a result of a Non Change in
Control Period Good Reason, then, in addition to any other benefits
described in this Agreement, Executive shall receive the
following.

 

            (i)
all compensation and benefits earned under Section 3 through the
date of the Executive's termination of employment;

 

            (ii)
a lump sum payment equivalent to the greater of (a) the bonus paid
or payable to Executive for the year immediately prior to the year
in which the Change in Control occurred and (b) the Target Bonus
under the Performance Bonus Plan in effect immediately prior to the
year in which the Change in Control occurs;

 

             (iii)
a lump sum payment equivalent to the remaining Base Salary (as it
was in effect immediately prior to the Change in Control) due
Executive from the date of Involuntary Termination to the end of
the term of this Agreement or one-half of Executive’s Base
Salary then in effect, whichever is the greater; and

 

 

 

5

 

 

 

 

            (iv)
reimbursement for the cost of medical, life and disability
insurance coverage at a level equivalent to that provided by the
Companies for a period of the earlier of: (a) one year; or (b) the
time Executive begins alternative employment wherein said insurance
coverage is available and offered to Executive. It shall be the
obligation of Executive to inform the Parent that new employment
has been obtained.

 

Unless
otherwise agreed to by Executive, the amount payable to Executive
under subsections (i) through (iii) above shall be paid to
Executive in a lump sum within thirty (30) days following
the

 

Executive's
termination of employment. The amounts payable under subsection
(iv) shall be paid monthly during the reimbursement
period.

 

      (g)
Resignation from Positions:
In the event that Executive's employment with the Companies is
terminated for any reason, on the effective date of the termination
Executive shall simultaneously resign from each position he holds
on the Board and/or the Board of Directors of any of the
Companies’ affiliated entities and any position Executive
holds as an officer of the Companies or any of the Companies’
affiliated entities.

 

5.
Certain Definitions: For the
purpose of this Agreement, the following capitalized terms shall
have the meanings set forth below:

 

      (a)
"Cause" shall mean any of the following occurring on or after the
date of this Agreement :

 

            (i)
Executive's theft, dishonesty, breach of fiduciary duty for
personal profit, or falsification of any employment or Company
record;

 

            (ii)
Executive's willful violation of any law, rule, or regulation
(other than traffic violations, misdemeanors or similar offenses)
or final cease-and-desist order, in each case that involves moral
turpitude;

 

            (iii)
any material breach by Executive of either Company's Code of
Professional Conduct, which breach shall be deemed "material" if it
results from an intentional act by Executive and has a material
detrimental effect on either Company's reputation or business;
or

 

            (iv)
any material breach by Executive of this Agreement, which breach,
if curable, is not cured within thirty (30) days following written
notice of such breach from the applicable Company.

 

      (b)
"Change in Control" shall mean the occurrence of any of the
following events:

 

            (i)
the Parent is party to a merger or consolidation which results in
the holders of the voting securities of the Parent outstanding
immediately prior thereto failing to retain immediately after such
merger or consolidation direct or indirect beneficial ownership of
more than fifty percent (50%) of the total combined voting power of
the securities entitled to vote generally in the election of
directors of the Parent or the surviving entity outstanding
immediately after such merger of consolidation.

 

 

 

6

 

 

 

 

            (ii)
a change in the composition of the Board of Directors of the Parent
occurring within a period of twenty-four (24) consecutive months,
as a result of which fewer than a majority of the directors are
Incumbent Directors;

 

            (iii)
effectiveness of an agreement for the sale, lease or disposition by
the Parent of all or substantially all of the Parent’s
assets; or

 

            (iv)
a liquidation or dissolution of the Parent.

 

      (c)
"Change in Control Period" shall mean the period commencing on
the

date
sixty (60) days prior to the date of consummation of the Change of
Control

and
ending one hundred eighty (180) days following consummation of the
Change of Control.

 

      (d)
"Change in Control Period Good Reason" shall mean Executive's
resignation for any of the following conditions, first occurring
during a Change in Control Period and occurring without Executive's
written consent:

 

            (i)
a decrease in Executive's Base Salary, a decrease in Executive's
Target Bonus (as a multiple of Executive's Base Salary) under the
Performance Bonus Plan, or a decrease in employee benefits, in each
case other than as part of any across-the-board reduction applying
to all senior executives of either Company which does not have
adverse effect on the Executive disproportionate to similarly
situated executives of an acquirer;

 

            (ii)
a material, adverse change in Executive's title, authority,
responsibilities, as measured against Executive's title, authority,
responsibilities or duties immediately prior to such
change.

 

            (iii)
a change in the Executive's ability to maintain his principal
workplace in Beverly Hills, CA;

 

            (iv)
any material breach by either Company of any provision of this
Agreement, which breach is not cured within thirty (30) days
following written notice of such breach from
Executive;

 

            (v)
any failure of the Parent to obtain the assumption of this
Agreement by any of the Parent’s successors or assigns by
purchase, merger, consolidation, sale of assets or
otherwise.

 

            (vi)
any purported termination of Executive's employment for "material
breach of contract" which is purportedly effected without providing
the "cure" period, if applicable, described in Section 5(iv),
above.

 

 

 

7

 

 

 

 

The
effective date of any resignation from employment by the Executive
for Change in Control Period Good Reason shall be the date of
notification to the Parent of such resignation from employment by
the Executive.

 

      (e)
"Non Change in Control Period Good Reason" shall mean the
Executive's resignation within six months of any of the following
conditions first occurring outside of a Change in Control Period
and occurring without Executive's written consent:

 

            (i)
a decrease in Executive's total cash compensation opportunity
(adding Base Salary and Target Bonus) of greater than ten percent
(10%);

 

            (ii)
a material, adverse change in Executive's title, authority,
responsibilities or duties, as measured against Executive's title,
authority, responsibilities or duties immediately prior to such
change;

 

            (iii)
any material breach by either Company of a provision of this
Agreement, which breach is not cured within thirty (30) days
following written notice of such breach from
Executive;

 

            (iv)
a change in the Executive's ability to maintain his principal
workplace in Beverly Hills, CA;

 

            (v)
any purported termination of Executive's employment for "material
breach of contract" which is purportedly effected without providing
the "cure" period, if applicable, described in Section 5(iv),
above.

 

The
effective date of any resignation from employment by the Executive
for Non Change in Control Period Good Reason shall be the date of
notification to the Parent of such resignation from employment by
the Executive.

 

      (f)
"Incumbent Directors" shall mean members of the Board who either
(a) are members of the Board as of the date hereof, or (b) are
elected, or nominated for election, to the Board with the
affirmative vote of at least a majority of the Incumbent Directors
at the time of such election or nomination (but shall not include
an individual whose election or nomination is in connection with an
actual or threatened proxy contest relating to the election of
members of the Board).

 

      (g)
"Change in Control Period Involuntary Termination" shall mean
during a Change in Control Period the termination by the Companies
of Executive's employment with the Companies for any reason,
including termination as a result of death or disability of
Executive, but excluding termination for Cause. The effective date
of any Change in Control Period Involuntary Termination shall be
the date of notification to the Executive of the termination of
employment by the Companies; or

 

 

 

8

 

 

 

 

      (h)
"Non Change in Control Period Involuntary Termination" shall mean
outside a Change in Control Period the termination by the Companies
of Executive's employment with the Companies for any reason,
including termination by as a result of death or disability of
Executive, but excluding termination for Cause. The effective date
of any Non Change in Control Period Involuntary Termination shall
be the date of notification to the Executive of the termination of
employment by the Companies.

 

6.
Dispute Resolution: In the
event of any dispute or claim relating to or arising out of this
Agreement (including, but not limited to, any claims of breach of
contract, wrongful termination or age, sex, race or other
discrimination), Executive and the Companies agree that all such
disputes shall be fully addressed and finally resolved by binding
arbitration conducted by the American Arbitration Association in
New York City, in the State of New York in accordance with its
National Employment Dispute Resolution rules. In connection with
any such arbitration, the Parent shall bear all costs not otherwise
borne by a plaintiff in a court proceeding. Each Company agrees
that any decisions of the Arbitration Panel will be binding and
enforceable in any state that either Company conducts the operation
of its business.

 

7.
Attorneys' Fees: The
prevailing party shall be entitled to recover from the losing party
its attorneys' fees and costs incurred in any action brought to
enforce any right arising out of this Agreement.

 

8.
Restrictive
Covenants:

 

      (a)
Nondisclosure. During the
term of this Agreement and following termination of the Executive's
employment with the Companies, Executive shall not divulge,
communicate, use to the detriment of the Companies or for the
benefit of any other person or persons, or misuse in any way, any
Confidential Information (as hereinafter defined) pertaining to the
business of the Companies. Any Confidential Information or data now
or hereafter acquired by the Executive with respect to the business
of the Companies (which shall include, but not be limited to,
confidential information concerning each Company's financial
condition, prospects, technology, customers, suppliers, methods of
doing business and promotion of each Company's products and
services) shall be deemed a valuable, special and unique asset of
each Company that is received by the Executive in confidence and as
a fiduciary. For purposes of this Agreement "Confidential
Information" means information disclosed to the Executive or known
by the Executive as a consequence of or through his employment by
each Company (including information conceived, originated,
discovered or developed by the Executive) prior to or after the
date hereof and not generally known or in the public domain, about
each Company or its business. Notwithstanding the foregoing,
nothingnone of the
following information shall be treated as Confidential
Information: (i) information which is known to the public at the
time of disclosure to Executive, (ii) information which becomes
known to the public by publication or otherwise after disclosure to
Executive, (iii) information which Executive can show by written
records was in his possession at the time of disclosure to
Executive, (iv) information which was rightfully received by
Executive from a third party without violating any non-disclosure
obligation owed to or in favor of the Companies, or (v) information
which was developed by or on behalf of Executive independently of
any disclosure hereunder as shown by written records.
Nothing herein shall be deemed to restrict
the Executive from disclosing Confidential Information to the
extent required by law or by any court.

 

9

 

 

 

      (b)
Non-Competition. The
Executive shall not, while employed by either Company and for a
period of one year following the date of termination for Cause, or
resignation other than for Good Reason pursuant to Sections 5(d) or
5(e), engage or participate, directly or indirectly (whether as an
officer, director, employee, partner, consultant, or otherwise), in
any business that manufactures, markets or sells products that
directly compete with any product of either Company that is
significant to such Company's business based on sales and/or
profitability of any such product as of the date of termination of
Executive's employment with such Company. Nothing herein shall
prohibit Executive from being a passive owner of less than 5% stock
of any entity directly engaged in a competing
business.

 

     (c)
Property Rights; Assignment of
Inventions. With respect to information, inventions and
discoveries or any interest in any copyright and/or other property
right developed, made or conceived of by Executive, either alone or
with others, during his employment by each Company arising out of
such employment and pertinent to any field of business or research
in which, during such employment, each Company is engaged or (if
such is known to or ascertainable by Executive) is considering
engaging, Executive hereby agrees:

 

            (i)
that all such information, inventions and discoveries or any
interest in any copyright and/or other property right, whether or
not patented or patentable, shall be and remain the exclusive
property of the Companies;

 

            (ii)
to disclose promptly to an authorized representative of the Parent
all such information, inventions and discoveries or any copyright
and/or other property right and all information in Executive's
possession as to possible applications and uses
thereof;

 

            (iii)
not to file any patent application relating to any such invention
or discovery except with the prior written consent of an authorized
officer of the Parent (other than Executive);

 

            (iv)
that Executive hereby waives and releases any and all rights
Executive may have in and to such information, inventions and
discoveries, and hereby assigns to Executive and/or its nominees
all of Executive's right, title and interest in them, and all
Executive's right, title and interest in any patent, patent
application, copyright or other property right based thereon.
Executive hereby irrevocably designates and appoints the Parent and
each of its duly authorized officers and agents as his agent and
attorney-in-fact to act for his and on his behalf and in his stead
to execute and file any document and to do all other lawfully
permitted acts to further the prosecution, issuance and enforcement
of any such patent, patent application, copyright or other property
right with the same force and effect as if executed and delivered
by Executive; and

 

            (v)
at the request of the Parent, and without expense to Executive, to
execute such documents and perform such other acts as the Parent
deems necessary or appropriate, for the Companies to obtain patents
on such inventions in a jurisdiction or jurisdictions designated by
the Parent, and to assign to the Companies or their respective
designees such inventions and any and all patent applications and
patents relating thereto.

 

 

 

10

 

 

 

 

9.
General:

 

      (a)
Successors and Assigns: The
provisions of this Agreement shall inure to the benefit of and be
binding upon the Companies, Executive and each and all of their
respective heirs, legal representatives, successors and assigns.
The duties, responsibilities and obligations of Executive under
this Agreement shall be personal and not assignable or delegable by
Executive in any manner whatsoever to any person, corporation,
partnership, firm, company, joint venture or other entity.
Executive may not assign, transfer, convey, mortgage, pledge or in
any other manner encumber the compensation or other benefits to be
received by his or any rights which he may have pursuant to the
terms and provisions of this Agreement.

 

      (b)
Amendments; Waivers: No
provision of this Agreement shall be modified, waived or discharged
unless the modification, waiver or discharge is agreed to in
writing and signed by Executive and by an authorized officer of the
Parent (other than Executive). No waiver by either party of any
breach of, or of compliance with, any condition or provision of
this Agreement by the other party shall be considered a waiver of
any other condition or provision or of the same condition or
provision at another time.

 

      (c)
Notices: Any notices to be
given pursuant to this Agreement by either party may be effected by
personal delivery or by overnight delivery with receipt requested.
Mailed notices shall be addressed to the parties at the addresses
stated below, but each party may change its or his/her address by
written notice to the other in accordance with this subsection (c).
Mailed notices to Executive shall be addressed as
follows:

 

Anthony
J. Cataldo

 

E-mail:
ajc@gtbiopharma.com

 

      Mailed
notices to the Companies shall be addressed as
follows:

 

GT Biopharma,
Inc.

9350
Wilshire Blvd., Suite 203

Beverly
Hills, CA 90212

 

      (d)
Entire Agreement: This
Agreement constitutes the entire employment agreement among
Executive and the Companies regarding the terms and conditions of
his employment, with the exception of (a) the agreement described
in Section 7 and (b) any stock option, restricted stock or other
Company stock-based award agreements among Executive and the
Companies to the extent not modified by this Agreement. This
Agreement (including the other documents referenced in the previous
sentence) supersedes all prior negotiations, representations or
agreements among Executive and the Companies, whether written or
oral, concerning Executive's employment by the
Companies.

 

 

 

11

 

 

 

 

      (e)
Withholding Taxes: All
payments made under this Agreement shall be subject to reduction to
reflect taxes required to be withheld by law.

 

      (f)
Counterparts: This Agreement
may be executed by the Companies and Executive in counterparts,
each of which shall be deemed an original and which together shall
constitute one instrument.

 

      (g)
Headings: Each and all of
the headings contained in this Agreement are for reference purposes
only and shall not in any manner whatsoever affect the construction
or interpretation of this Agreement or be deemed a part of this
Agreement for any purpose whatsoever.

 

      (h)
Savings Provision: To the
extent that any provision of this Agreement or any paragraph, term,
provision, sentence, phrase, clause or word of this Agreement shall
be found to be illegal or unenforceable for any reason, such
paragraph, term, provision, sentence, phrase, clause or word shall
be modified or deleted in such a manner as to make this Agreement,
as so modified, legal and enforceable under applicable laws. The
remainder of this Agreement shall continue in full force and
effect.

 

      (i)
Construction: The language
of this Agreement and of each and every paragraph, term and
provision of this Agreement shall, in all cases, for any and all
purposes, and in any and all circumstances whatsoever be construed
as a whole, according to its fair meaning, not strictly for or
against Executive or the Companies, and with no regard whatsoever
to the identity or status of any person or persons who drafted all
or any portion of this Agreement.

 

      (j)
Further Assurances: From
time to time, at the Companies' request and without further
consideration, Executive shall execute and deliver such additional
documents and take all such further action as reasonably requested
by the Companies to be necessary or desirable to make effective, in
the most expeditious manner possible, the terms of this Agreement
and to provide adequate assurance of Executive's due performance
hereunder.

 

    
(k) Governing Law: Executive
and the Companies agree that this Agreement shall be interpreted in
accordance with and governed by the laws of the State of
Delaware.

 

     (l)
Board Approval: Each Company
warrants to Executive that the Board of Directors of such Company
has ratified and approved this Agreement, and that the Parent will
cause the appropriate disclosure filing to be made with the
Securities and Exchange Commission in a timely manner.

 

 

 

12

 

 

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the
date and year written below.

 

EXECUTIVE:

 

Date:
August 11, 2020

/s/Anthony J.
Cataldo

Anthony
J. Cataldo

 

GT BIOPHARMA, INC.

 

Date:
August 11, 2020

 

/s/ Steve
Weldon

Chief
Financial Officer

 

 

 

 

 

13Exhibit 4.2

 

EXECUTION
VERSION

 

QUALCOMM INCORPORATED

 

OFFICERS’ CERTIFICATE PURSUANT TO

SECTIONS 2.02, 2.12, 10.04 AND 10.05 OF THE INDENTURE

 

August 14, 2020

 

Akash Palkhiwala and Neil Martin do hereby
certify that they are the Executive Vice President and Chief Financial Officer, and the Senior Vice President and Treasurer, respectively,
of QUALCOMM Incorporated, a Delaware corporation (the “Company”), and do further certify, pursuant to resolutions
of the Board of Directors of the Company adopted on July 21, 2020 (the “Resolutions”), and in accordance
with Sections 2.02, 2.12, 10.04 and 10.05 of the Indenture (the “Indenture”) dated as of May 20, 2015
between the Company and U.S. Bank National Association, as trustee (the “Trustee”), as follows:

 

1.            There
is hereby established (i) a series of Securities entitled the “1.300% Notes due 2028” and the form, terms and
provisions of the 1.300% Notes due 2028 shall be as set out in Annex A, and (ii) a series of Securities entitled the
“1.650% Notes due 2032” and the form, terms and provisions of the 1.650% Notes due 2032 shall be as set out in Annex
B. The 1.300% Notes due 2028 and the 1.650% Notes due 2032 are hereafter collectively referred to as the “Notes.”

 

2.            In
addition to the covenants set forth in Article IV of the Indenture, the Notes shall be subject to the following additional
covenants, and such additional covenants shall be subject to the defeasance provisions set forth in Article VIII of the Indenture:

 

(a)          Limitation
on Liens.

 

The Company will not, and will not permit
any Restricted Subsidiary to, directly or indirectly, incur or permit to exist any Lien securing Indebtedness (the “Initial
Lien”) on any Principal Property, whether owned at the Issue Date or thereafter acquired, other than Permitted Liens,
without effectively providing that the Notes (together with, at the option of the Company, any other Indebtedness of the Company
or any of its Subsidiaries ranking equally in right of payment with the Notes) are secured equally and ratably with (or prior to)
the obligations so secured for so long as such obligations are so secured.

 

Notwithstanding the foregoing, the Company
or its Restricted Subsidiaries may, without equally and ratably securing the applicable series of Notes, create or incur Liens
which would otherwise be subject to the restrictions set forth in the preceding paragraph, if after giving effect thereto, Aggregate
Debt does not exceed the greater of (1) 25% of Consolidated Net Worth calculated as of the date of the creation or incurrence
of the Lien and (2) 25% of Consolidated Net Worth calculated as of the Issue Date.

 

Any such Lien thereby created in favor of
the Notes will be automatically and unconditionally released and discharged upon (1) the release and discharge of each Initial
Lien to which it relates, or (2) any sale, exchange or transfer to any Person that is not an affiliate of the Company of the
property or assets secured by such Initial Lien.

 

     

    2  

    

 

(b)          Limitation
on Sale and Leaseback Transactions.

 

The Company will not, and will not permit
any Restricted Subsidiary to, enter into any Sale/Leaseback Transaction with respect to any Principal Property unless:

 

(1)          the
Company or such Restricted Subsidiary would be entitled to incur Indebtedness secured by a mortgage on the property to be leased
in an amount equal to Attributable Liens with respect to such Sale/Leaseback Transactions without equally and ratably securing
the Notes of such series pursuant to the first paragraph of Section 2(a) above;

 

(2)          the
net proceeds of the sale of the Principal Property to be leased are applied within 365 days of the effective date of the Sale/Leaseback
Transaction to the purchase, construction, development or acquisition of another Principal Property or to the repayment of any
series of Notes or Indebtedness of the Company that ranks equally with the Notes or any Indebtedness of one or more Restricted
Subsidiaries; provided that in lieu of applying such amount to such retirement, the Company may deliver Notes to the Trustee for
cancellation, such Notes to be credited at the cost thereof to the Company;

 

(3)          such
transaction was entered into prior to the Issue Date;

 

(4)          such
transaction involves a lease for not more than three years (or which may be terminated by the Company or a Restricted Subsidiary
within a period of not more than three years); or

 

(5)          such
Sale/Leaseback Transaction with respect to any Principal Property was between only the Company and a Subsidiary of the Company
or only between Subsidiaries of the Company.

 

Notwithstanding the foregoing, the Company
and its Restricted Subsidiaries may enter into Sale/Leaseback Transactions, without complying with the requirements of the preceding
paragraph, if, after giving effect thereto, the Aggregate Debt does not exceed the greater of (i) 25% of Consolidated Net
Worth calculated as of the closing date of the Sale/Leaseback Transaction and (ii) 25% of Consolidated Net Worth calculated
as of the Issue Date.

 

3.            In
addition to the definitions set forth in Article I of the Indenture, the Notes shall be interpreted in accordance with the
following additional definitions, which, in the event of a conflict with the definition of terms in the Indenture, shall control:

 

“Aggregate Debt” means the sum
of the following as of the date of determination: (1) the aggregate principal amount of the Company’s and its Restricted
Subsidiaries’ Indebtedness incurred after the Issue Date and secured by Liens not permitted by the first paragraph under
Section 2(a) above and (2) the Company’s and its Restricted Subsidiaries’ Attributable Liens in respect
of Sale/Leaseback Transactions entered into after the Issue Date pursuant to the second paragraph of Section 2(b) above.

 

     

    3  

    

 

“Attributable Liens” means in
connection with a Sale/Leaseback Transaction the lesser of: (1) the fair market value of the assets subject to such transaction,
as determined in good faith by the Board of Directors; and (2) the present value (discounted at a rate of 7.5% per annum compounded
monthly) of the obligations of the lessee for rental payments during the term of the related lease.

 

“Capital Lease” means any Indebtedness
represented by a lease obligation of a Person incurred with respect to real property or equipment acquired or leased by such Person
and used in its business that is required to be recorded as a capital lease in accordance with GAAP.

 

“Capital Stock” of any Person
means any and all shares, interests (including partnership interests), rights to purchase, warrants, options, participations or
other equivalents of or interests in (however designated) equity of such Person, including any preferred stock, but excluding any
debt securities convertible into such equity.

 

“Consolidated Net Worth” means,
as of any date of determination, the Stockholder’s Equity of the Company and its Restricted Subsidiaries on that date.

 

“Hedging Obligations” means:

 

		(1)	interest rate swap agreements and other agreements designed to hedge or reduce the risk of interest rate fluctuations; and

 

		(2)	agreements or arrangements designed to hedge or reduce the risk of fluctuations in currency exchange rates or commodity prices,

 

in each case, not entered into for speculative purposes.

 

“Indebtedness” means, with respect
to any Person on any date of determination: the principal in respect of (1) indebtedness of such Person for money borrowed,
including, without limitation, indebtedness for money borrowed evidenced by notes, debentures, bonds or other similar instruments
or letters of credit (or reimbursement agreements with respect thereto) or representing any balance deferred and unpaid portion
of the purchase price of any Principal Property (including pursuant to Capital Leases) and (2) all guarantees in respect of
such indebtedness of another Person (it being understood, however, that indebtedness for money borrowed shall in no event include
any amounts payable or other liabilities to trade creditors (including undrawn letters of credit) arising in the ordinary course
of business). For the avoidance of doubt, Hedging Obligations are not Indebtedness.

 

“Issue Date” means August 14,
2020.

 

“Lien” means any mortgage or
deed of trust, charge, pledge, lien, privilege, security interest, assignment, easement, hypothecation, claim, preference, priority
or other similar encumbrance upon or with respect to any property of any kind (including any conditional sale, capital lease or
other title retention agreement, any lease in the nature thereof and any agreement to give any security interest); provided, however,
that in no event shall an operating lease be deemed to constitute a Lien.

 

     

    4  

    

 

“Permitted Liens” means, with
respect to any Person:

 

		(1)	Liens on any assets, created solely to secure obligations incurred to finance the refurbishment, improvement or construction
of such asset, which obligations are incurred no later than 12 months after completion of such refurbishment, improvement
or construction;

 

		(2)	Liens existing on the Issue Date;

 

		(3)	Liens granted after the Issue Date in favor of the Holders;

 

		(4)	Liens on assets (including shares of Capital Stock) of another Person at the time such other Person becomes a Subsidiary of
such Person (other than a Lien incurred in connection with, or to provide all or any portion of the funds or credit support utilized
to consummate, the transaction or series of transactions pursuant to which such Person becomes such a Subsidiary); provided, however,
that the Liens may not extend to any other categories of assets owned by such Person or any of its Subsidiaries (other than assets
and property affixed or appurtenant thereto);

 

		(5)	(i) Liens given to secure the payment of the purchase price incurred in connection with
the acquisition (including acquisition through merger or consolidation) of any Principal Property, including Capital Lease transactions
in connection with any such acquisition, and (ii) Liens existing on any Principal Property at the time of acquisition thereof
or at the time of acquisition by the Company of any Person then owning such property whether or not such existing Liens were given
to secure the payment of the purchase price of the property to which they attach; provided that with respect to clause (i),
the Liens shall be given within 12 months after such acquisition and shall attach solely to the Principal Property acquired
or purchased and any improvements then or thereafter placed thereon and any proceeds thereof;

 

		(6)	pre-existing Liens on assets acquired after the Issue Date;

 

		(7)	Liens in favor of the Company or one of its Restricted Subsidiaries;

 

		(8)	Liens on any Principal Property in favor of the United States or any State thereof or any political subdivision thereof to
secure progress or other payments or to secure Indebtedness incurred for the purpose of financing the cost of acquiring, constructing
or improving such Principal Property;

 

		(9)	Liens incurred in connection with an acquisition of assets or a project financed on a non-recourse basis;

 

     

    5  

    

 

		(10)	Liens incurred to secure cash management services in the ordinary course of business or on insurance policies and the proceeds
thereof securing the financing of the premiums with respect thereto;

 

		(11)	Liens created to secure the Notes and Liens in favor of the Trustee granted in accordance with
the Indenture;

 

		(12)	Liens for taxes, assessments or other governmental charges not yet due or payable or subject to penalties for non- payment
or which are being contested in good faith by appropriate proceedings;

 

		(13)	purported Liens evidenced by the filing of precautionary UCC financing statements; and

 

		(14)	any extensions, renewals or replacements of any Lien referred to in clauses (1) through (13) without increase of
the principal of the Indebtedness secured by such Lien (except to the extent of any fees, premiums or other costs associated with
any such extension, renewal or replacement); provided, however, that any Liens permitted by any of clauses (1) through
(13) shall not extend to or cover any property of the Company or any of its Restricted Subsidiaries, as the case may be, other
than the property specified in such clauses and improvements to such property.

 

“Principal Property” means the
Company’s principal offices in San Diego, California, and each manufacturing and research and development facility (including
associated office facilities) located within the territorial limits of the States of the United States of America owned by the
Company or any of its Restricted Subsidiaries, except such as the Company’s Board of Directors by resolution determines in
good faith (taking into account, among other things, the importance of such property to the business, financial condition and earnings
of the Company and its Restricted Subsidiaries taken as a whole) not to be of material importance to the business of the Company
and its Restricted Subsidiaries, taken as a whole.

 

“Restricted Subsidiary” means
any Subsidiary other than:

 

		(1)	any Subsidiary primarily engaged in financing receivables or in the finance business; or

 

		(2)	any Subsidiary that is not a significant subsidiary within the meaning of Rule 1-02 of Regulation S-X.

 

“Sale/Leaseback Transaction”
means an arrangement relating to property owned by the Company or a Restricted Subsidiary on the Issue Date or thereafter acquired
by the Company or a Restricted Subsidiary whereby the Company or a Restricted Subsidiary transfers such property to a Person and
the Company or a Subsidiary leases it from such Person.

 

     

    6  

    

 

“Stockholders’ Equity”
means, as of any date of determination, stockholders’ equity as reflected on the Company’s most recent consolidated
balance sheet prepared in accordance with GAAP.

 

“Subsidiary” means, with respect
to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power
of shares of Voting Stock is at the time owned or controlled, directly or indirectly, by:

 

		(1)	such Person;

 

		(2)	such Person and one or more Subsidiaries of such Person; or

 

		(3)	one or more Subsidiaries of such Person.

 

“Voting Stock” of a Person means
all classes of Capital Stock of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency)
to vote in the election of directors, managers or trustee thereof.

 

4.            The
1.300% Notes due 2028 were offered in exchange for the existing 3.000% Notes due 2022 (CUSIP No. 747525AE3) and the existing
2.600% Notes due 2023 (CUSIP No. 747525AR4), plus cash for accrued and unpaid interest on the existing 3.000% Notes due 2022
and the existing 2.600% Notes due 2023 accepted for exchange from the last applicable interest payment date to, but excluding,
the date hereof and amounts due in lieu of fractional amounts of the 1.300% Notes due 2028. The 1.650% Notes due 2032 were offered
in exchange for the existing 2.900% Notes due 2024 (CUSIP No. 747525AT0) and the existing 3.450% Notes due 2025 (CUSIP No. 747525AF0),
plus cash for accrued and unpaid interest on the existing 2.900% Notes due 2024 and the existing 3.450% Notes due 2025 accepted
for exchange from the last applicable interest payment date to, but excluding, the date hereof and amounts due in lieu of fractional
amounts of the 1.650% Notes due 2032. The existing 3.000% Notes due 2022, the existing 2.600% Notes due 2023, the existing 2.900%
Notes due 2024 and the existing 3.450% Notes due 2025 are hereafter collectively referred to as the “Old Notes.”

 

5.            Notwithstanding
the notice of redemption requirements set forth in Article III of the Indenture, at least 10 days but not more than 60 days
before a date for redemption of the Notes, the Company shall mail a notice of redemption by first-class mail to each Holder of
the Notes to be redeemed at such Holder’s registered address, or in the case of Global Securities, delivered according to
the procedures of the Depositary.

 

6.            Notwithstanding
the notice requirements set forth in Article X of the Indenture, delivery of electronically executed notices, approvals, consents,
requests and any communications hereunder or otherwise in respect of the Notes by facsimile, electronically in portable document
format (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act,
the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com or any provider identified by the Company
to the Trustee in writing) or in any other format will be effective as delivery of a manually executed notice, approval, consent,
request or communication. The Company agrees to assume all risks arising out of the use of using electronic signatures and electronic
methods to submit communications to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions,
and the risk of interception and misuse by third parties.

 

     

    7  

    

 

7.            The
Company may, without the consent of the holders, issue additional notes under the Indenture in the future with the same terms and
with the same CUSIP number as any series of Notes in an unlimited aggregate principal amount.

 

8.            The
Notes shall be issued as registered Global Securities (subject to exchange for definitive certificated Notes under the circumstances
provided in the Indenture).

 

9.            Each
of the undersigned is authorized to approve the form, terms and conditions of the Notes pursuant to the Resolutions.

 

10.          Attached
hereto as Annex C is a true and correct copy of the letter addressed to the Trustee entitling the Trustee to rely on
certain paragraphs of the Opinion of Counsel attached thereto, which Opinion relates to the Notes and is delivered in compliance
with Sections 2.03, 10.04(2) and 10.05 of the Indenture.

 

11.          Each
of the undersigned has reviewed (a) the provisions of the Indenture, including the covenants and conditions precedent relating
to the issuance, authentication and delivery of the Notes and the cancellation of the Old Notes and (b) the Company’s
written instruction to the Trustee, dated the date hereof, to cancel certain of the Old Notes (the “Cancellation Order”).

 

12.          In
connection with this certificate, each of the undersigned has examined documents, corporate records and certificates and has spoken
with other officers of the Company.

 

13.          I,
Akash Palkhiwala, and I, Neil Martin, have made such examination and investigation as is necessary to enable me to express an informed
opinion as to whether or not such covenants and conditions precedent of the Indenture relating to the cancellation of the Old Notes
in accordance with the Cancellation Order and the issuance, authentication and delivery of the Notes have been satisfied.

 

14.          In
each of our respective opinions, all of the covenants and conditions precedent provided for in the Indenture relating to the cancellation
of the Old Notes in accordance with the Cancellation Order and the issuance, authentication and delivery of the Notes have been
satisfied.

 

Terms used herein that are not otherwise
defined but that are defined in the Indenture or the Notes shall have the meanings ascribed thereto in the Indenture or the Notes,
as the case may be.

 

Any electronic signature hereof shall be
of the same legal effect, validity or enforceability as a manually executed signature, to the extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

 

[Signature Page Follows]

 

     

    

    

 

IN WITNESS WHEREOF, each of the undersigned
officers has executed this certificate as of the date first written above.

 

	 	QUALCOMM INCORPORATED
	 	 
	 	/s/ Akash Palkhiwala
	 	Akash Palkhiwala
	 	Executive Vice President and Chief Financial Officer
	 	 
	 	/s/ Neil Martin
	 	Neil Martin
	 	Senior Vice President and Treasurer

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