Document:

CIT EMPLOYEE SEVERANCE
PLAN

As Amended and Restated Effective
January 1, 2017

 

    

     

    

TABLE OF CONTENTS

	ARTICLE I   	INTRODUCTION	1
	ARTICLE II   	DEFINITIONS AND INTERPRETATIONS	1
	ARTICLE III   	ELIGIBILITY TO PARTICIPATE	6
	ARTICLE IV   	BENEFITS PAYABLE FROM THE PLAN	7
	ARTICLE V   	NOTICE OF TERMINATION	11
	ARTICLE VI   	HOW AND WHEN SEVERANCE BENEFITS WILL BE PAID	11
	ARTICLE VII   	MISCELLANEOUS PROVISIONS	12
	ARTICLE VIII   	WHAT ELSE A PARTICIPANT NEEDS TO KNOW ABOUT THE PLAN	14

 

 

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CIT EMPLOYEE SEVERANCE PLAN

ARTICLE I

INTRODUCTION

Effective January 1, 2017 (defined herein
as the “Effective Date”), CIT Group Inc. (“CIT”) hereby amends and restates the CIT Employee Severance
Plan, to provide severance and other benefits to certain employees of CIT and its designated affiliated companies (together, the
“Company”) who suffer a loss of employment on or after the Effective Date under the terms and conditions set forth
herein. The CIT Employee Severance Plan, as amended and restated in this document as of the Effective Date (the “Plan”),
replaces and supersedes any and all severance plans, policies and/or practices of the Company and its Affiliates in effect for
covered employees prior to the Effective Date (including, without limitation, the CIT Employee Severance Plan document effective
November 6, 2013 (the “Prior Plan”)); provided, however, that any employee of CIT or its Affiliates who has been given
written notice of termination prior to the Effective Date, or who meets the requirements for a Good Reason Termination prior to
the Effective Date, shall not be eligible for benefits under the Plan (as amended and restated in this document), but shall remain
subject to the terms and conditions of the Prior Plan; and (ii) employees of C2 Aviation
Capital, Inc. (and/or any of its subsidiaries) shall not be eligible for benefits under
the Plan (as amended and restated in this document), but shall remain subject to the terms and conditions of the Prior Plan.

The Plan is intended to fall within
the definition of an “employee welfare benefit plan” under Section 3(1) of the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”). No employee or representative of the Company or any of its Affiliates is authorized
to modify, add to or subtract from these terms and conditions, except in accordance with the amendment and termination procedures
described herein.

ARTICLE II

DEFINITIONS AND INTERPRETATIONS

The following definitions and interpretations
of important terms apply to the Plan.

1.                 
Affiliate. Any corporation that is included in a controlled group of corporations (within the meaning of Section
414(b) of the Code) that includes CIT and any trade or business (whether or not incorporated) that is under common control with
CIT (within the meaning of Section 414(c) of the Code); provided, however, that in applying Section 1563(a)(1), (2), and (3) of
the Code for purposes of determining a controlled group of corporations under Section 414(b) of the Code, the language “at
least 50 percent” shall be used instead of “at least 80 percent” each place it appears in Section 1563(a)(1),
(2) and (3) of the Code, and in applying Section 1.414(c)-2 of the Treasury Regulations, for purposes of determining trades or
businesses (whether or not incorporated) that are under common control for purposes of Section 414(c) of the Code, “at least
50 percent” shall be used instead of “at least 80 percent” each place it appears in Section 1.414(c)-2 of the
Treasury Regulations. Notwithstanding the foregoing, (i) no trade or business that CIT or an Affiliate acquires (or acquires an
interest in) as a result of a business loan or lease default or related or similar events, and (ii) no entity in which CIT or
an Affiliate has an equity

    

     

    

investment, but which is not consolidated on CIT’s
financial statements, shall be considered an Affiliate for purposes of the Plan.

2.                 
Agreement and General Release. The confidential separation agreement and general release provided by the Company
to an Employee in connection with his or her termination of employment with the Company, which if executed by the Employee (and
not timely revoked), will acknowledge his or her termination of employment with the Company and release the Company, Affiliates
and all other affiliated parties and individuals from liability for any and all claims. The Agreement and General Release will
also, in the complete and sole discretion of the Company, include additional provisions relating to, by way of example and not
limitation: non-solicitation of customers, employees and other parties; confidentiality of the Agreement and General Release;
confidentiality of Company and Affiliate information; non-disparagement of the Company, Affiliates and all other affiliated parties
and individuals; return of Company and Affiliate property; cooperation with litigation; and such other provisions as the Company
deems necessary from time to time to protect its interests and those of its Affiliates, including, without limitation, non-competition
provisions. By signing the Agreement and General Release, an Employee waives, among other things, all rights he or she may have
under federal, state and local statutes and all common law causes of action related to his or her employment and the termination
of his or her employment and agrees to comply with the terms of the Agreement and General Release.

3.                 
Base Pay. The Participant’s annualized base salary from the Company at the time of his or her Termination
Date (or, if the Participant is paid on an hourly basis, the Participant’s base wages for the 52-week period preceding his
or her Termination Date). Base Pay shall exclude all forms of bonuses or awards, commissions or sales-related compensation,
non-cash compensation, incentive or deferred compensation (including STI), overtime pay, employer contributions to employee benefit
plans and any other additional or special compensation. However, a Participant’s Base Pay will include salary reduction
contributions made on a Participant’s behalf to any plan of the Company under Section 125, 132(f) or 401(k) of the Code.
For purposes of the Plan, a Week of Base Pay shall be a Participant’s annual Base Pay divided by 52.

4.                 
Cause. Any reason for an employment termination that does not constitute a basis for an Eligible Termination of
Employment, including, without limitation, misconduct, performance or performance related reasons, and any act or omission that
would preclude the Employee from employment with the Company by virtue of Section 19 of the Federal Deposit Insurance Act.

The determination as to whether an Employee
has been terminated for Cause will be made by the Company, in its sole and absolute discretion, and such determination shall be
final and binding on all affected Employees and may be relied upon by the Plan Administrator.

If an Employee is terminated from employment
and it is subsequently determined that, by virtue of conduct or circumstances, arising either before or after the termination,
the Employee or former Employee engaged in conduct that constitutes Cause or that would have constituted Cause, he or she shall
be treated as having been terminated for Cause, and the individual will be

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ineligible for benefits under the Plan. In such circumstances,
in the event that Plan benefits have already been paid by the Company, the Company shall be entitled to recover any such benefits.

5.                 
CEO. The chief executive officer of CIT.

6.                 
Change of Control. A Change of Control shall be defined as set forth in the CIT Group Inc. 2016 Omnibus Incentive
Plan, as amended from time to time.

7.                 
Change of Control Termination. A Level 1 Employee’s employment with the Company ends for any reason that constitutes
an Eligible Termination of Employment within two years after a Change of Control.

8.                 
CIT. CIT Group Inc. and it successors in interest.

9.                 
Claims Administrator. The Benefit Appeals Review Committee of CIT (or any successor committee), or such other person(s)
or committee appointed from time to time by the Benefits Appeals Review Committee of CIT to review claims appeals under the Plan.

10.             
Claims Reviewer. The Senior Vice President of Compensation and Benefits, Human Resources of CIT.

11.             
Code. The Internal Revenue Code of 1986, as amended.

12.             
Committee. The Compensation Committee of the Board of Directors of CIT, as it is constituted from time to time,
or any successor committee.

13.             
Company. CIT and any Affiliate, except an Affiliate that is excluded from the Plan by the CEO and that is listed
on Appendix A. An Affiliate shall cease to be part of the Company at the time such company ceases to be an Affiliate.

14.             
Continuous Service. As of the Participant’s Termination Date and as reflected in the Company’s records,
the sum total of the Participant’s period of employment in a capacity that qualifies such person as an Employee. Notwithstanding
the foregoing, employment prior to a break in service will not be counted towards a Participant’s Continuous Service if
(i) it preceded a break in service longer than one year, or (ii) the Participant was paid or provided (and did not repay) severance
or termination-related benefits in connection with such employment prior to a break in service. A Year of Continuous Service is
a 12-month period of Continuous Service (no credit will be given for partial years).

15.             
Effective Date. The Effective Date under this amendment and restatement of the CIT Employee Severance Plan is January
1, 2017. (The CIT Employee Severance Plan was initially effective November 6, 2013.)

16.             
Eligible Termination of Employment. Eligible Termination of Employment shall mean (a) the involuntary termination
by the Company of an Employee’s employment relationship as the result of a job elimination, downsizing or restructuring
or (b) a Good Reason Termination.

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17.             
EMC Member. A member of CIT’s Executive Management Committee, or a successor committee.

18.             
Employee. Any employee of the Company who (i) is employed within the United States as of his or her Termination
Date (or is a United States citizen temporarily on an employment assignment outside of the United States with the reasonable expectation
to return to the United States as a continuing employee of the Company), (ii) is regularly scheduled to work at least twenty hours
per week, and (iii) is not eligible to either participate in any other severance plan of the Company or any of its Affiliates
or receive severance or termination-related benefits pursuant to a written agreement between such individual and the Company or
any of its Affiliates. Notwithstanding the preceding sentence, “Employee” also does not include any individual (i)
designated or classified by the Company as an independent contractor, or any other form of contingent worker and not as an employee
at the time of any determination, (ii) being paid by or through a third party agency, or (iii) designated or classified by the
Company as an intern, or a seasonal, temporary, project-based or leased employee, during the period the individual is so paid
or designated; any such individual shall not be an Employee even if he or she is later retroactively reclassified as a common-law
or other type of employee of the Company during all or any part of such period pursuant to applicable law or otherwise.

19.             
Good Reason. Good Reason occurs when, without the Employee’s consent:

		(i)	An
                                         Employee incurs a material diminution of his or her Base Pay (except in the event of
                                         a compensation reduction applicable to the Employee and other employees of comparable
                                         rank and/or status); or

		(ii)	Either
                                         of the following occurs, which shall be applicable to a Level 1 Employee only: (A) for
                                         purposes of determining whether the Employee experiences a Change of Control Termination,
                                         such Employee incurs a material diminution of his or her duties and responsibilities
                                         following a Change of Control, or (B) for purposes of determining whether the Employee
                                         experiences an Eligible Termination of Employment, other than a Change of Control Termination,
                                         such Employee incurs a material diminution of his or her duties and responsibilities
                                         as a result of actions taken pursuant to the provisions of the agreement under which
                                         the Change of Control is effected, but before the Change of Control actually occurs (except
                                         the foregoing shall in no event apply to a temporary reduction while the Employee is
                                         physically or mentally incapacitated or a modification in the duties and/or responsibilities
                                         of the Employee and other employees of comparable rank and/or status); or

		(iii)	An
                                         Employee is reassigned to a work location that is more than fifty miles from his or her
                                         immediately preceding work location and which increases the distance the Employee has
                                         to commute to work by more than fifty miles.

20.             
Good Reason Termination. The termination by an Employee of his or her employment relationship with the Company for
Good Reason; provided, however, that a Good Reason Termination shall not occur unless (a) the Employee has provided the Company
written notice specifying in detail the alleged condition of Good Reason within thirty days of the

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existence of such condition; (b) the Company has failed
to cure such alleged condition within ninety days following the Company’s receipt of such written notice; and (c) if the
Committee has determined that the Company has failed to cure such alleged condition, the Employee initiates a termination of employment
within five days following the end of such ninety-day cure period.

21.             
Ineligible Termination. A discharge or other termination of employment of an Employee for any of the following reasons:

		(i)	the
                                         Employee is involuntarily terminated by the Company, with or without prior warning or
                                         notice, for Cause;

		(ii)	an
                                         Employee’s voluntary resignation (other than a Good Reason Termination), retirement,
                                         job abandonment or other voluntary failure to remain continuously employed through his
                                         or her designated Termination Date;

		(iii)	an
                                         Employee’s death (except as specifically provided herein) or disability (as defined
                                         in the Company’s applicable long-term disability plan or policy last in effect
                                         prior to the first date the Employee suffered from such disability);

		(iv)	the
                                         business or a portion of the business of the Company is (i) sold in whole or in part
                                         to an unaffiliated corporation, company or individual, (ii) merged or consolidated with
                                         an unaffiliated corporation, company or individual or is part of a similar corporate
                                         transaction or (iii) outsourced to another corporation, company or individual, and the
                                         Employee is offered employment with the purchaser or surviving business or the corporation,
                                         company or individual to which the business is outsourced (whether or not he or she accepts
                                         any such position with the purchaser, surviving business or other company or individual)
                                         in a position (a) with an annualized base pay in an amount at least equal to the annualized
                                         Base Pay that the Employee last received from the Company; and (b) that does not result
                                         in a reassignment of the Employee’s work location that is more than fifty miles
                                         from the Employee’s immediately preceding work location and which increases the
                                         distance the Employee has to commute to work by more than fifty miles.

22.             
Level 1 Employee. An EMC Member and an Employee with a grade of 420 or higher (or such other comparable classification
as determined by the Company in writing from time to time) and other key Employees as designated by the CEO and approved by the
Committee.

23.             
Level 2 Employee. An Employee with a grade less than 420 (or such other comparable classification as determined
by the Company in writing from time to time).

24.             
Notice Date. The date on which an Employee is notified by the Company of his or her involuntary Eligible Termination
of Employment or an Employee notifies the Company of a Good Reason Termination.

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25.             
Notice Period. The time between when an Employee is notified in writing that he or she will be incurring an involuntary
Eligible Termination of Employment and his or her Termination Date, as determined under Article V, below.

26.             
Participant. An Employee who meets the requirements for eligibility under the Plan, as set forth in Article III,
below. An individual shall cease being a Participant once all severance and other benefits due to such individual under the Plan
have been paid with respect to such Participant and no person shall have any further rights under this Plan with respect to such
former Participant.

27.             
Plan Administrator. The Benefits Administrative Committee of CIT (or successor committee), or such other person(s)
or committee appointed from time to time by the Benefits Administrative Committee of CIT to administer the Plan.

28.             
Severance Pay. The amount payable to a Participant under Article IV, below.

29.             
Severance Period. The number of weeks for which Base Severance is paid to a Participant under Article IV, below.

30.             
STI. The discretionary annual incentive, including cash and applicable equity or equity-based or other non-cash
awards, whether or not deferred, that may be payable to a Participant, but excluding all other forms of incentive awards, such
as any long term incentive awards or payments, special awards or bonuses, sign-on or retention awards or bonuses, earn out awards
or payments, awards or payments pursuant to any sales plans and/or commission plans, or any similar awards or payments, as determined
in the sole discretion of the Company.

31.             
Termination Date. The date (as designated by the Company with respect to an involuntary termination) on which an
Employee experiences an Eligible Termination of Employment with the Company. Notwithstanding the foregoing, with respect to any
Employee, the Company reserves the right, in its sole and absolute discretion, to change a previously designated Termination Date.

ARTICLE III

ELIGIBILITY TO PARTICIPATE

An Employee becomes a Participant in
the Plan and shall be entitled to Severance Pay and other benefits provided in Article IV and, if applicable, notice of termination
provided in Article V, below, only if he or she:

		(i)	Either
                                         (A) is notified by the Company in writing on or after the Effective Date of his or her
                                         involuntary Eligible Termination of Employment, to be effective as of his or her Termination
                                         Date, or (B) meets the requirements for a Good Reason Termination after the Effective
                                         Date;

		(ii)	Does
                                         not incur an Ineligible Termination or does not continue as or become an employee of
                                         the Company or an Affiliate;

		(iii)	Experiences
                                         an Eligible Termination of Employment; and

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		(iv)	Timely
                                         returns (and does not timely revoke) a signed, dated and notarized original Agreement
                                         and General Release.

An Employee shall become a Participant
and payment of benefits under the Plan will be made only after the Agreement and General Release has been signed and the time
for the Employee to revoke the Agreement and General Release (as set forth in the Agreement and General Release), if any, has
expired without the Employee having revoked that document.

Notwithstanding the foregoing, if an
Employee is notified in writing on or after the Effective Date of his or her involuntary Eligible Termination of Employment and
dies prior to his or her designated Termination Date, any amounts that would have been paid to the Employee under the Plan will
be paid to the appointed administrator, executor or personal representative of the Participant’s estate (based on the Company’s
receipt of a death certificate and letters testamentary, as applicable) as soon as practicable following the effective date of
an Agreement and General Release timely executed by the appropriate person.

In addition, with respect to an Employee
who is on disability or medical leave of absence and would have incurred an Eligible Termination of Employment but for such leave,
such person shall become a Participant on (and the Employee’s Termination Date shall be deemed to be) the date on which
the Employee is medically cleared to return to employment (based on such evidence that the Plan Administrator requests, in its
discretion), provided that the Employee actually presents himself or herself to the Company for work within 10 calendar days of
such clearance date (and satisfies all of the other requirements in this Article III).

ARTICLE IV

BENEFITS PAYABLE FROM THE PLAN

Participants shall be entitled to the
following Severance Pay and other benefits under either Section A or B below (without duplication), depending on the category
of their Eligible Termination of Employment:

		A.	Eligible
                                         Termination of Employment (other than a Change of Control Termination)

A Participant who incurs an Eligible
Termination of Employment (other than a Change of Control Termination) shall be entitled to receive the following:

1.                 
Base Severance.

Base Severance in an amount determined
under the following chart, provided, however, that the maximum Base Severance under the Plan will be 52 Weeks of Base Pay:

 

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	Grade	Minimum
    Base Severance

    (Weeks of Base Pay)	Additional
    Weeks of Base Pay per Full Year of Continuous Service
	EMC	52
    Weeks	N/A
	420	39
    Weeks	2
    Weeks
	418	8
    Weeks	2
    Weeks
	416	6
    Weeks	2
    Weeks
	414	6
    Weeks	2
    Weeks
	Below
    414	4
    Weeks	2
    Weeks

 

2.                 
Severance Bonus.

Severance Bonus (if applicable) in an
amount determined as follows:

		(a)	Level
                                         1 Employees.

For Level 1 Employees, the Company
will pay the Participant an amount equal to his or her Level 1 Applicable Amount (as defined below), multiplied by a fraction,
the numerator of which is the number of months employed (with a partial month deemed to be a full month for this purpose) during
the period beginning on the later of (i) January 1st of the year in which the Participant’s Notice Date occurs and (ii)
the Participant’s most recent date of hire with the Company, and ending on his or her Termination Date, and the denominator
of which is 12. For purposes of the prior sentence, the Level 1 Applicable Amount shall be equal to, (i) if the Participant was
eligible for an STI for the year immediately preceding his or her Notice Date, the STI granted to such Participant for such preceding
year, if any, (or the most recent STI guarantee, if applicable), and (ii) if the Participant was not eligible for an STI for the
year immediately preceding his or her Notice Date, the most recent STI guarantee or estimate/target, if applicable.

Notwithstanding the foregoing,
if the Level 1 Participant’s Notice Date is on or after January 1 of a year, but prior to the time that the STI, if
any, is paid for the year preceding such Notice Date, the Participant will no longer be eligible for an STI for such preceding
year. Instead, the numerator described above under this subparagraph (a) above shall be increased by the number of months the
Participant was employed in the year preceding such Notice Date. For the avoidance of doubt, this paragraph shall not in any way
be interpreted to provide any entitlement to any Employee with respect to the payment of an STI for the year preceding the Notice
Date or otherwise.

		(b)	Level
                                         2 Employees.

Level 2 Employees are not eligible
for a Severance Bonus under the Plan.

3.                 
Benefits Payment.

Following his or her Termination Date,
a Participant (and his or her eligible dependents) may be eligible to elect to continue medical, vision, prescription drug and
dental coverage under the Company-sponsored health coverage plans on a self-pay basis in accordance with the Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended (“COBRA”). If a Participant is so eligible for COBRA coverage for himself
or herself and/or his or her eligible

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dependents, the Company will pay the Participant an amount
equal to the subsidy the Company would have provided towards the cost of the Participant’s medical, vision, prescription
drug and/or dental coverage (as applicable) in effect immediately prior to the Participant’s Notice Date had the Participant
remained employed with the Company for the Severance Period and continued such coverage for such period.

For example, if the Participant is entitled
to 4 Weeks of Base Pay as Base Severance and is eligible for COBRA, he or she will be eligible for a payment equal to 4 weeks
of the COBRA subsidy amount (determined based on the coverage in effect as of the Notice Date). Any payment under this paragraph
will include an additional gross up payment meant to reasonably cover applicable federal and state income taxes applicable to
the COBRA subsidy amount, as determined in the sole discretion of the Company.

All provisions of the Participant’s
(and his or her covered eligible dependents’) COBRA coverage will be in accordance with the applicable plan in effect for
similarly situated active employees of the Company (including any applicable co-payments, co-insurance, deductibles and other
out-of-pocket expenses).

4.                 
Outplacement Benefits.

Participants may be entitled to certain
outplacement services as determined by the Company, in its sole and absolute discretion. If a Participant is offered outplacement
services, the Company will make arrangements for the provision of such services at an outplacement provider of the Company’s
choice, provided, however, that such outplacement services will cease if a Participant obtains subsequent employment.

		B.	Change
                                         of Control Termination

A Level 1 Employee who incurs a Change
of Control Termination shall be entitled to receive the following, in lieu of the benefits provided under Section A above:

1.                 
EMC Members.

An EMC Member who incurs a Change of
Control Termination shall be entitled to receive Base Severance in an amount equal to two times the sum of (i) his or her annual
Base Pay, plus (ii) the average of the highest two out of the last three years’ STI awards, or the simple average if the
period is less than three years (or, if the Participant was not eligible for an STI during such period, the current year STI guarantee
or estimate/target, if applicable). In addition, the EMC Member shall receive (i) a Severance Bonus, as determined above, but,
in the case of a Participant who was eligible for an STI award for at least the last two performance years, based on the average
of the highest two out of the last three years’ STI awards, (ii) a Benefits Payment, as determined above, but for a maximum
of 24 months (notwithstanding any statutory limitations on the length of COBRA coverage), and (iii) outplacement benefits, as
determined above.

2.                 
Grade 420

A grade 420 Employee (and any other
key Employee designated by the CEO of CIT and approved by the Committee) who incurs a Change of Control Termination shall be entitled
to

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receive Base Severance in an amount equal to the sum of
(i) his or her annual Base Pay, plus (ii) the average of the highest two out of the last three years’ STI awards, or the
simple average if the period is less than three years (or, if the Participant was not eligible for an STI during such period,
the current year STI guarantee or estimate/target, if applicable). In addition, the Participant shall receive (i) a Severance
Bonus, as determined above, but, in the case of a Participant who was eligible for an STI award for at least the last two performance
years, based on the average of the highest two out of the last three years’ STI awards, and (ii) a Benefits Payment as determined
above, but for a maximum of 12 months, and (iii) outplacement benefits, as determined above.

Notwithstanding the foregoing, if a
Participant receives benefits provided under Section A after an Eligible Termination of Employment that (i) occurs within two
years prior to a Change of Control, and (ii) such Eligible Termination of Employment results from actions taken pursuant to the
provisions of the agreement under which the Change of Control is effected, then such Participant will receive, on the Change of
Control date, the difference between the Severance Pay paid to the Participant under Section A above and the Severance Pay that
would be payable under this Section B as if such Eligible Termination of Employment were a Change of Control Termination.

*                
                 *                               
*

If an Employee is eligible to participate
in the Plan (whether or not the Employee elects to become a Participant), such Employee shall not be entitled to receive any other
severance, separation, notice (other than notice required under the Plan) or termination payments or other remuneration on account
of his or her employment or termination of employment with the Company (or any Affiliate) under any other plan, policy, program
or agreement. If, for any reason, a Participant becomes entitled to or receives any other severance, separation, notice or termination
payments on account of his or her employment or termination of employment with the Company (or any Affiliate), including, for
example, any payments required to be paid to the Participant under any Federal, State or local law (including, without limitation,
the Worker Adjustment and Retraining Notification Act or “WARN”) or pursuant to any agreement (except unemployment
benefits payable in accordance with state law and payment for accrued but unused vacation), his or her benefits under the
Plan will be reduced by the amount of such other payments paid or payable. An Employee must notify the Plan Administrator if he
or she receives or is claiming to be entitled to receive any such payment(s).

Nothing herein shall preclude the Company
from providing, in its sole and absolute discretion and on a selective and non-uniform basis, any payments or benefits to any
Employee in connection with his or her termination of employment that are in addition to the payments and benefits provided for
under the Plan.

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ARTICLE V

NOTICE OF TERMINATION

Each Employee who may become entitled
to Severance Pay and other benefits under the Plan in connection with an involuntary Eligible Termination of Employment shall
receive written notice of termination from the Company for a minimum period of time equal to such Participant’s Notice Period,
as determined under the following chart:

	Grade	Notice
    Period
	EMC	12
    Weeks
	420	12
    Weeks
	418	8
    Weeks
	416	4
    Weeks
	414	4
    Weeks
	412	3
    Weeks
	410	3
    Weeks
	Below
    410	2
    Weeks

 

Notwithstanding the foregoing, the Company,
in its sole discretion, may remove the Employee from the Company’s payroll (and the date of such removal shall be the Participant’s
Termination Date) and pay the Employee for the remaining applicable Notice Period in lieu of providing notice (or full notice)
hereunder, which amount will be equal to one Week (or partial Week) of Base Pay in effect on his or her Termination Date for each
week (or partial week) of advance notice that the Employee would otherwise have received (but did not receive). This payment in
lieu of notice is in addition to any other payments for which the Employee is eligible under the Plan and shall be paid at the
same time as Severance Pay is paid to such Participant. Any notice (or pay in lieu of notice) to which an Employee is entitled
to receive is inclusive of, and not in addition to, and shall run concurrently with, any advance notice of an involuntary termination
of employment that the Company is obligated to give the Employee under applicable federal, state or local law, including, without
limitation, WARN and/or under any applicable garden leave or similar policy of the Company.

ARTICLE VI

HOW AND WHEN SEVERANCE BENEFITS WILL BE PAID

Except as provided in the following
paragraph or otherwise specifically provided in the Plan, any amounts due to a Participant will be paid in a single lump sum 60
days following the Participant’s Termination Date.

Notwithstanding anything in this Plan
to the contrary, if the aggregate of all amounts payable to a Participant under the Plan (when combined with similar amounts payable
to the Participant under any other agreements, methods, programs, or other arrangements with respect to which deferrals of compensation
are treated with the Plan as having been deferred under a single nonqualified deferred compensation plan under Treasury Regulation
Section 1.409A-1(c)(2)) exceeds the lesser of two times (i) the Participant’s annual rate of pay for the year prior to the
year of his or her Termination Date or (ii) the maximum amount that may be taken into

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account under a qualified pension plan pursuant to Section
401(a)(17) of the Code for the year of his or her Termination Date, such amount that exceeds the above limit shall be paid to
the Participant on the 30th day following the six month anniversary of the Participant’s Termination Date or,
if earlier, the Participant’s death.

If a Participant receives Severance
Pay and is re-hired by the Company or any Affiliate before his or her Severance Period expires, then the Participant must
repay to the Company an amount equal to the sum of a Week of Base Pay for such Participant and the applicable COBRA premium subsidy
amount used to determine his or her Benefits Payment (determined on a weekly basis), multiplied by the difference between the
number of weeks of Base Severance paid to the Participant and the actual number of weeks between the Participant’s Termination
Date and the date on which the Participant is rehired.

All amounts payable under the Plan are
subject to Federal, state and local income and Social Security tax withholdings and any other withholdings mandated by law.

In the event that a Participant dies
before receiving the payments due to the Participant under the Plan, any remaining amounts will be paid to the appointed administrator,
executor or personal representative of the Participant’s estate as soon as administratively possible following the Participant’s
death.

ARTICLE VII

MISCELLANEOUS PROVISIONS

1.                 
Amendment and Termination. The Company reserves the right, in its sole and absolute discretion, to terminate, modify
and amend the Plan in whole or in part, at any time, for any reason, with or without advance notice; provided, however, that,
unless otherwise required by applicable law or regulation, no termination, modification or amendment: (i) may adversely affect
the rights of a Participant whose Agreement and General Release has become effective, or (ii) shall be made within two years after
a Change of Control or prior to a Change of Control while an agreement is in effect under which the Change of Control is to be
effected, if such termination, modification or amendment would adversely affect the rights of Employees under the Plan. No individual
may become entitled to additional benefits or other rights under the Plan after the Plan is terminated.

2.                 
No Additional Rights Created. Neither the establishment of this Plan, nor any modification thereof, nor the payment
of any benefits hereunder, shall be construed as giving to any Participant, Employee or other person any legal or equitable right
against the Company or any officer, director or employee thereof; and in no event shall the terms and conditions of employment
by the Company of any Employee be modified or in any way affected by this Plan.

3.                 
Records. The records of the Company with respect to Continuous Service; employment history; STI awards, estimates
or guarantees; Base Pay; absences; employee benefits; and all other relevant matters shall be conclusive for all purposes of this
Plan.

4.                 
Construction. The respective terms and provisions of the Plan shall be construed, whenever possible, to be in conformity
with the requirements of ERISA, or any subsequent laws or amendments thereto. To the extent not in conflict with the preceding
sentence or another

    12

     

    

provision in the Plan, the construction and administration
of the Plan shall be in accordance with the laws of the State of New York applicable to contracts made and to be performed within
the State of New York (without reference to its conflicts of law provisions).

5.                 
Severability. Should any provisions of the Plan be deemed or held to be unlawful or invalid for any reason, such
fact shall not adversely affect the other provisions of the Plan unless such determination shall render impossible or impracticable
the functioning of the Plan, and in such case, an appropriate provision or provisions shall be adopted so that the Plan may continue
to function properly.

6.                 
Incompetency. In the event that the Plan Administrator finds that a Participant is unable to care for his or her
affairs because of illness or accident, then benefits payable hereunder, unless claim has been made therefor by a duly appointed
guardian, committee, or other legal representative, may be paid in such manner as the Plan Administrator shall determine, and
the application thereof shall be a complete discharge of all liability for any payments or benefits to which such Participant
was or would have been otherwise entitled under this Plan.

7.                 
Plan Not a Contract of Employment. Nothing contained in this Plan shall be held or construed to create any liability
upon the Company to retain any Employee in its service. All Employees shall remain subject to discharge or discipline to the same
extent as if the Plan had not been put into effect.

8.                 
Financing. The benefits payable under this Plan shall be paid out of the general assets of the Company. No Participant
or any other person shall have any interest whatsoever in any specific asset of the Company. To the extent that any person acquires
a right to receive payments under this Plan, such right shall not be secured by any assets of the Company.

9.                 
Successors; Binding Obligation.

(a)               
This Plan shall not be terminated by any merger or consolidation of CIT whereby CIT is or is not the surviving or resulting
corporation or as a result of any transfer of all or substantially all of the assets of CIT or a purchase of the securities of
CIT. In the event of any such merger, consolidation, transfer of assets or purchase, the provisions of this Plan shall be binding
upon the surviving or resulting corporation or the person or entity to which such assets are transferred.

(b)              
The Company agrees that concurrently with any merger, consolidation, transfer of assets or purchase of the securities of
CIT referred to in paragraph (a) of this Section 9, it will cause any successor or transferee unconditionally to assume all of
the obligations of the Company hereunder.

10.             
Nontransferability. In no event shall the Company make any payment under this Plan to any assignee or creditor of
a Participant, except as otherwise required by law. Prior to the time of a payment hereunder, a Participant shall have no rights
by way of anticipation or otherwise to assign or otherwise dispose of any interest under this Plan, nor shall rights be assigned
or transferred by operation of law.

    13

     

    

ARTICLE VIII

WHAT ELSE A PARTICIPANT NEEDS TO
KNOW ABOUT THE PLAN

1.                 
Claims Procedure. Participants will receive the benefits to which they are entitled under the Plan. If an Employee
or former Employee (“claimant”) feels he or she has not been provided with all benefits to which he or she is entitled
under the Plan, the claimant may file a written claim with the Claims Reviewer with respect to his or her rights to receive benefits
from the Plan. This claim must be filed within one year after the claimant’s termination of employment.

A claimant will be notified of the acceptance
or denial of his or her claim for benefits within ninety (90) days from the date the Claims Reviewer receives the application.
In some cases, a claimant’s request may take more time to review and an additional processing period of up to ninety (90)
days may be required. If that happens, the claimant will receive a written notice of that fact, which will also indicate the special
circumstances requiring the extension of time and the date by which the Claims Reviewer expects that a determination will be made
with respect to the claim. If the extension is required due to the claimant’s failure to submit information necessary to
decide the claim, the period for making the determination will be tolled from the date on which the extension notice is sent to
the claimant until the date on which the claimant responds to the Plan’s request for information.

If a claimant’s claim is denied
in whole or in part, or any adverse benefit determination is made with respect to a claimant’s claim, he or she will be
provided with a written notice setting forth the reason for the determination, along with specific references to Plan provisions
on which the determination is based. This notice also will explain what additional information is needed to evaluate the claim
(and why such information is necessary), together with an explanation of the Plan’s claims review procedure and the time
limits applicable to such procedure, as well as a statement of the claimant’s right to request arbitration as set forth
below (in lieu of bringing a civil action under Section 502(a) of ERISA) following an adverse benefit determination on review.
If a claimant is not notified (of the denial or an extension) within ninety (90) days from the date the claimant notifies the
Claims Reviewer, the claimant may request a review of his or her application as if the claimant’s claim had been denied.

If a claimant’s claim has been
denied, the claimant may request that the Claims Administrator review the denial, by filing a request with the Plan Administrator.
The request must be in writing and must be made within sixty (60) days after written notification of denial. In connection with
this request, the claimant (or his or her duly authorized representative) may (i) be provided, upon written request and free of
charge, with reasonable access to (and copies of) all documents, records, and other information relevant to the claim; and (ii)
submit to the Plan Administrator (for forwarding to the Claims Administrator) written comments, documents, records, and other
information related to the claim.

The review by the Claims Administrator
will take into account all comments, documents, records, and other information the claimant submits relating to the claim. The
Claims Administrator will make a final written decision on a claim review, in most cases within sixty (60) days after receipt
of a request for a review. In some cases, the claim may take more time to review, and an additional processing period of up to
sixty (60) days may be required. If that

    14

     

    

happens, the claimant will receive a written notice of that
fact, which will also indicate the special circumstances requiring the extension of time and the date by which the Claims Administrator
expects to make a determination with respect to the claim. If the extension is required due to the claimant’s failure to
submit information necessary to decide the claim, the period for making the determination will be tolled from the date on which
the extension notice is sent to the claimant until the date on which the claimant responds to the Plan’s request for information.

The Claims Administrator’s decision
on a claimant’s claim for review will be communicated to the claimant in writing. If an adverse benefit determination is
made with respect to a claimant’s claim, the notice will include (i) the specific reason(s) for any adverse benefit determination,
with references to the specific Plan provisions on which the determination is based; (ii) a statement that the claimant is entitled
to receive, upon request and free of charge, reasonable access to (and copies of) all documents, records and other information
relevant to the claim; and (iii) a statement of the claimant’s right to request arbitration as set forth below, in lieu
of bringing a civil action under Section 502(a) of ERISA.

The decision of the Claims Administrator
(or its designee) is final and binding on all parties.

These procedures must be exhausted before
a claimant may request arbitration as set forth below regarding payment of benefits under the Plan. A claimant may not request
arbitration regarding payment of benefits more than one year after the claimant receives written notice of the decision on the
claimant’s claim for review.

2.                 
Mandatory Arbitration

In lieu of a claimant’s right
to bring a civil action under Section 502(a) of ERISA, any and all disputes, claims, or controversies arising out of or relating
to this Plan or the breach, termination, enforcement, interpretation or validity thereof, including any and all claims arising
under ERISA, and including the determination of the scope or applicability of this requirement to arbitrate, shall be determined
by final and binding arbitration in the State of New York before one arbitrator.

Any claim must be brought in the respective
party’s individual capacity, and not as a plaintiff or class member in any purported class, collective, representative,
multiple plaintiff, or similar proceeding (“Class Action”). The claimant expressly waives any ability to maintain
any Class Action in any forum. The arbitrator shall not have authority to combine or aggregate similar claims or conduct any Class
Action nor make an award to any person or entity not a party to the arbitration.

The arbitrator must possess a juris
doctorate degree and have significant experience in employment law.

The arbitration shall be administered
by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures and in accordance with the Expedited Procedures in those
Rules (as they exist on the Effective Date). The claimant and the Company adopt and agree to implement the

    15

     

    

JAMS Optional Arbitration Appeal Procedure (as it exists
on the Effective Date) with respect to any final award in an arbitration arising out of or related to the Plan.

The arbitration will be governed by
the Federal Arbitration Act (9 U.S.C. Secs. 1-16), ERISA, and, to the extent ERISA does not apply, the laws of the State of New
York exclusive of conflict or choice of law rules.

The parties shall maintain the confidential
nature of the arbitration proceeding, hearing and award, except as may be necessary to prepare for or conduct the hearing on the
merits, or except as may be necessary in connection with a court application for a preliminary remedy, a judicial challenge to
an award or its enforcement, or unless otherwise required by applicable law, regulation, subpoena, court order, administrative
ruling, or judicial decision, or to enforce the terms of the award. The parties may disclose the existence, terms, and conditions
of the arbitration proceeding, hearing and award, but only as necessary, to their legal advisors, accountants, auditors, regulators,
experts, or other advisors, provided that the claimant or the Company makes the person to whom disclosure is made aware of the
confidential nature of the arbitration proceeding, hearing and award, and such person agrees to maintain such confidentiality.

In any arbitration arising out of or
related to this Plan, the arbitrator is not empowered to award punitive, compensatory, consequential, extracontractual or exemplary
damages.

The arbitration award shall be accompanied
by a statement of reasons.

The determination of the arbitrator
shall be conclusive and binding on the parties, and judgment on the award may be entered in any court having jurisdiction. This
clause shall not preclude the claimant or the Company from seeking provisional remedies in aid of arbitration from a court of
appropriate jurisdiction.

3.                 
Plan Interpretation and Benefit Determination.

A.                 
The Plan Administrator, the Claims Reviewer (with respect to initial claims determinations) and the Claims Administrator
(with respect to claims appeals determinations) (or, where applicable, any duly authorized delegee of either) shall have the exclusive
right, power, and authority, in their sole and absolute discretion, to administer, apply and interpret the Plan and any other
documents and to decide all factual and legal matters arising in connection with the operation or administration of the Plan.

B.                 
Without limiting the generality of the foregoing paragraph, the Plan Administrator, the Claims Reviewer (with respect to
initial claims determinations) and the Claims Administrator (with respect to claims appeals determinations) (or, where applicable,
any duly authorized delegee of either) shall have the sole and absolute discretionary authority to:

1.                 
take all actions and make all decisions (including factual decisions) with respect to the eligibility for, and the amount
of, benefits payable under the Plan;

2.                 
formulate, interpret and apply rules, regulations and policies necessary to administer the Plan;

    16

     

    

3.                 
decide all questions relating to the calculation and payment of benefits, and all other determinations made, under the
Plan;

4.                 
resolve and/or clarify any factual or other ambiguities, inconsistencies and omissions arising under the Plan or other
Plan documents; and

5.                 
process, and approve or deny, benefit claims and rule on any benefit exclusions.

All interpretations and determinations
made by the Plan Administrator or the Claims Administrator (with respect to decisions relating to denied claims for benefits)
(or, where applicable, any duly authorized delegee of either) under the Plan shall be final and binding on the Employee, Participant,
beneficiary, and all other parties affected thereby.

4.                 
Miscellaneous.

The Plan Administrator keeps records
of the Plan and is responsible for the administration of the Plan. The Plan Administrator will also answer any questions a Participant
may have about the Plan.

Service of legal process may be made
upon the Plan Administrator.

To the fullest extent applicable, severance
and other benefits payable under the Plan are intended to be exempt from the definition of “nonqualified deferred compensation”
under Code Section 409A in accordance with one or more of the exemptions available under the final Treasury regulations promulgated
under Code Section 409A and, to the extent that any such amount or benefit is or becomes subject to Code Section 409A due to a
failure to qualify for an exemption from the definition of nonqualified deferred compensation in accordance with such final Treasury
regulations, the Plan is intended to comply with the applicable requirements of Code Section 409A with respect to such amounts
or benefits. The Plan shall be interpreted and administered to the extent possible in a manner consistent with the foregoing statement
of intent. An Eligible Termination of Employment shall not be deemed to have occurred for
purposes of any provision of this Plan providing for payment of amounts that constitute “nonqualified deferred compensation”
unless or until such Eligible Termination of Employment is also a “separation from service” from the Company within
the meaning of Code Section 409A. Notwithstanding anything contained in the Plan to the contrary, whenever a payment under
the Plan may be paid within a specified period or on a specified date, the actual date of payment within the specified period
or based on such date shall be within the Company’s sole discretion, so long as the payment is made within a period permitted
under Code Section 409A (as determined by the Company). Notwithstanding anything contained in the Plan to contrary, the Company
shall not be liable for any taxes, penalties or interest that may be imposed on a Participant (or other person) under Code Section
409A.

    17

     

    

Appendix A

List of Affiliates Excluded from Company

 

C2 Aviation Capital, Inc. (and its subsidiaries)1

 

1  Employees of C2 Aviation Capital, Inc. (and/or its
subsidiaries) are not eligible for benefits under the Plan (as amended and restated in this
document), but remain subject to the terms and conditions of the Prior Plan.EXHIBIT
10.1

 

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(the “Agreement”), is entered into as of December 17th, 2015, with an effective date of January 5th, 2016 (the
“Effective Date”), by and between Assembly BioSciences, Inc., a Delaware corporation with principal executive
offices at 99 Hudson Street, 5th Floor, New York, NY 10013 (the “Company”), and Richard Colonno,
Ph.D, residing at ## ######## #####, #######, ## ##### (the “Executive”).

 

W I T N E S S E T H:

 

WHEREAS, the Executive
entered into an Independent Contractor Agreement with the Company on July 1, 2015 (the “IC Agreement”);

 

WHEREAS, the Company
desires to employ the Executive as Chief Scientific Officer
as of the Effective Date, and the Executive desires to accept
employment by the Company; and

 

WHEREAS, the parties
desire to enter into this Agreement, setting forth the terms and conditions of the
Executive’s employment with the Company;

 

WHEREAS, the parties
agree that this Agreement supersedes in its entirety the IC Agreement, except for the sections of the IC Agreement listed in Section
16 of the IC Agreement (the “Surviving Sections”);

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements herein contained, the parties hereto hereby agree as follows:

 

1.                  
Employment.

 

(a)                
Services. The Executive will be employed by the Company as its Chief Scientific
Officer, reporting to the Company’s Chief Executive Officer, and shall perform such duties as are consistent with a position
as Chief Scientific Officer (the “Services”). The Executive agrees to perform such Services faithfully, to devote
his full working time, attention and energies to the business of the Company and, while he remains employed and subject to the
terms of this Agreement, not to engage in any other business activity that is in conflict with his duties and obligations to the
Company, except for limited consulting assignments as needed by Presidio Pharmaceuticals to ensure the successful development and
registration of Presidio’s advanced HCV candidates. Such assignments would be primarily conducted during personal time outside
of Assembly BioSciences’ working hours.

 

     

     

    

 

(b)                
Acceptance. Executive hereby accepts such employment and agrees to render
the Services. 

 

2.                  
Term. The Executive's employment under this Agreement shall be deemed to
commence on the Effective Date and shall continue for a term of five (5) years (the “Initial
Term”), unless sooner terminated pursuant to Section 8 of this
Agreement. This Agreement will automatically be extended for additional one (1) year periods (each an “Additional Term”
and, together with the Initial Term, the “Term”) unless the Company notifies the Executive in writing that
it intends to not extend this Agreement at least one hundred eighty (180) days prior to the expiration of the then current Term;
provided, however, that the Company’s failure to provide the Executive with such notice shall not constitute termination
by the Executive for Good Reason (as defined in Section 8(d) hereof) or termination by the Company without Cause (as defined in
Section 8(e) hereof). 

 

3.                  
Best Efforts. Apart from the exception described in section 1a, the Executive
shall devote his full business time, attention and energies to the business and affairs of the Company and shall use his best efforts
to advance the best interests of the Company and during the Term shall not
be actively engaged in any other business activity, whether or not such business activity is pursued for gain, profit or other
pecuniary advantage, that will interfere with the performance by the Executive of his duties hereunder or the Executive’s
availability to perform such duties or that will adversely affect, or negatively reflect upon, the Company.

 

4.                  
Compensation. As full compensation for the performance by the Executive of his duties under this Agreement, the Company
shall pay the Executive as follows:

 

(a)                
Base Salary. Throughout the Term, the Company shall pay Executive an annual salary (the “Base Salary”)
equal to three hundred eighty thousand dollars ($380,000) per year. Payment shall be made in accordance with the Company’s
normal payroll practices. The Base Salary will be reviewed by the Chief Executive Officer and/or the Board of Directors (the “Board”),
or a committee thereof, no less frequently than annually, and may be increased (but not decreased).

 

(b)                
Annual Milestone Bonus. At the sole discretion of the Board, the Executive may receive a discretionary annual bonus
during the Term (the “Annual Milestone Bonus”) in an amount up to thirty-five percent (35%) of his then current
Base Salary based on the attainment by the Executive of certain financial, clinical development and business milestones (the “Milestones”)
as established annually by the Board (or a committee thereof), after consultation with the Executive with respect to each of the
Company’s fiscal years during the Term provided, and notwithstanding the foregoing, the Executive shall not be eligible
for any part of an Annual Milestone Bonus for 2015. The Annual Milestone Bonus shall be payable either as a lump-sum payment or
in installments as determined by the Board in its sole discretion, provided, however, if the Board determines to pay the
Executive in installments, such installments shall be no less frequently than monthly, and shall be over a time period not to exceed
four (4) months, unless otherwise agreed by the Executive in writing. Notwithstanding the foregoing, the Annual Milestone Bonus,
if any, for a given year will be paid in full no later than March 15 of the calendar year immediately following the calendar year
for which the Annual Milestone Bonus, if any, is earned.

 

(c)                
Sign-On Bonus. The Company will pay to Executive seventy-five thousand dollars ($75,000) as a sign-on bonus (the
“Sign-On Bonus”). The Sign-On Bonus will be paid in a single lump sum on the Company’s next regular payday
following the date thirty (30) days after the Effective Date (the “Payment Date”). To earn and be entitled
to payment of the Sign-On Bonus, the Executive must be actively employed by the Company on the Payment Date. If within one (1)
year of the Effective Date the Executive either (i) resigns from employment with the Company in the absence of Good Reason, or
(ii) is terminated by the Company for Cause, then the Executive agrees to repay the Sign-On Bonus to the Company within thirty
(30) days of the date of such termination.

 

    2 

     

    

 

(d)                
Withholding. The Company shall withhold all applicable federal, state and local taxes, social security and such
other amounts as may be required by law from all amounts payable to the Executive under this Agreement, including Section 4.

 

(e)                
Equity. Subject to and upon approval by the Board, the Company will grant to the
Executive an option to purchase 200,000 shares of common stock of the Company (the “Stock Options”). The Stock
Options will be subject to vesting over four years, and will otherwise be subject to the terms and conditions of the Company’s
stock option plan and a stock option agreement as approved by the Board setting forth the exercise price, vesting conditions and
other restrictions. The Stock Options and any subsequently granted equity or derivative securities will be collectively referred
to in this Agreement as the “Equity Awards.”

 

(f)                 
Expenses. The Company shall provide the Executive with a corporate credit card for business use, and shall reimburse
the Executive for all normal, usual and necessary expenses incurred by the Executive in furtherance of the business and affairs
of the Company, including reasonable travel and entertainment, upon timely receipt by the Company of appropriate vouchers or other
proof of the Executive’s expenditures and otherwise in accordance with any expense reimbursement policy as may from time
to time be adopted by the Company.

 

(g)                
Other Benefits. The Executive shall be entitled to all rights and benefits for which he shall be eligible under
any benefit or other plans (including, without limitation, dental, medical, medical reimbursement and hospital plans, pension
plans, employee stock purchase plans, profit sharing plans, bonus plans and other so-called “Fringe Benefits”)
as the Company shall make available to its senior executives from time to time. In addition, if applicable, the Company shall
reimburse the Executive for his reasonable licensing fees, continuing professional education, and other professional dues. The
Company shall also name the Executive as a covered person under its Directors & Officers insurance policies.

 

(h)                
Vacation. The Executive shall, during the Term, be entitled to a vacation of five (5) nonconsecutive weeks per annum,
in addition to holidays observed by the Company. The Executive shall be entitled to carry any unused, accrued vacation forward
from one year of employment to the next, and any such vacation days will not be forfeited without payment. In addition, unless
otherwise provided by the Company’s vacation policy or required by law, the Executive will not forfeit payment for any unused,
accrued vacation days upon termination of employment.

 

5.                  
Confidential Information and Inventions.

 

(a)                
The Executive recognizes and acknowledges that in the course of his duties he is likely to receive confidential or proprietary
information owned by the Company or third parties with whom the Company has an obligation of confidentiality, relating to and used
in the Company’s business (collectively, “Confidential and Proprietary Information”). Confidential and
Proprietary Information shall include, but shall not be limited to, confidential or proprietary scientific or technical information,
data, formulas and related concepts, business plans (both current and under development), client lists, promotion and marketing
programs, trade secrets, or any other confidential or proprietary business information relating to development programs, costs,
revenues, marketing, investments, sales activities, promotions, credit and financial data, manufacturing processes, financing methods,
plans or the business and affairs of the Company or of any affiliate or client of the Company, and any and all information relating
to the operation of the Company’s business which the Company may from time to time designate as confidential or proprietary
or that the Executive reasonably knows should be, or has been, treated
by the Company as confidential or proprietary. The Executive expressly acknowledges that the Confidential and Proprietary Information
constitutes a protectable business interest of the Company. The Executive further agrees that if any information that the Company
deems to be a trade secret is found by a court of competent jurisdiction not to be a trade secret, such information will, nevertheless,
be considered Confidential and Proprietary Information for purposes of this Agreement. Confidential and Proprietary Information
does not include any information that: (i) at the time of disclosure is generally known to, or readily ascertainable by, the public;
(ii) becomes known to the public through no fault of the Executive or
other violation of this Agreement; or (iii) is disclosed to the Executive
by a third party under no obligation to maintain the confidentiality of the information. The Executive agrees, during and after
the Term, except as reasonably necessary for the fulfillment of his duties under this Agreement: (i) not to use any such Confidential
and Proprietary Information for himself or others; (ii) to keep confidential and not disclose or make accessible to any other person
or entity any Confidential and Proprietary Information; and (iii) not to take any Company Confidential and Proprietary Information
(including but not limited to writings, correspondence, notes, drafts, records, invoices, technical and business policies, computer
programs or disks) from the Company’s offices at any time. The Executive agrees to return immediately all Company material
and reproductions (including but not limited, to writings, correspondence, notes, drafts, records, invoices, technical
and business policies, computer programs or disks) thereof in his possession to the Company upon termination of employment, or
at any time upon the Company’s request.

 

    3 

     

    

 

(b)                
Except with prior written authorization by the Company, the Executive agrees not to disclose or publish any of the Confidential
and Proprietary Information, or any confidential, scientific, technical or business information of any other party to whom the
Company owes an obligation of confidence, at any time during or after his employment with the Company. The restrictions in this
Section 5(b) and in Section 5(a) above will not apply to any information that the Executive is required to disclose by law, provided
that the Executive (i) notifies the Company of the existence and terms of such obligation, (ii) gives the Company a reasonable
opportunity to seek a protective or similar order to prevent or limit such disclosure, and (iii) only discloses that information
actually required to be disclosed.

 

(c)                
The Executive agrees that all inventions, discoveries, improvements and patentable or copyrightable works (“Inventions”)
initiated, conceived or made by him, either alone or in conjunction with others, during the course of his employment by the Company
or that result from work performed by the Executive for the Company, shall be the sole property of the Company to the maximum
extent permitted by applicable law and, to the extent permitted by law, shall be “works made for hire” as that term
is defined in the United States Copyright Act (17 U.S.C.A., Section 101). The Company shall be the sole owner of all patents,
copyrights, trade secret rights, and other intellectual property or other rights in connection therewith. The Executive hereby
assigns to the Company all right, title and interest he may have or acquire in all such Inventions; provided, however,
that the Board may in its sole discretion agree to waive the Company’s rights pursuant to this Section 5(c)
with respect to any Invention that is not directly or indirectly related to the Company’s business. The Executive further
agrees to assist the Company in every proper way (but at the Company’s expense) to obtain and from time to time enforce
patents, copyrights or other rights on such Inventions in any and all countries, and to that end the Executive will execute all
documents necessary:

 

(i)                  
to apply for, obtain and vest in the name of the Company alone (unless the Company otherwise directs) letters patent, copyrights
or other analogous protection in any country throughout the world and when so obtained or vested to renew and restore the same;
and

 

(ii)                
to defend any opposition proceedings in respect of such applications and any opposition proceedings or petitions or applications
for revocation of such letters patent, copyright or other analogous protection.

 

To
the extent this Agreement is required to be construed in accordance with the laws of any state which precludes a requirement
to assign certain classes of inventions made by an employee, this Section 5 will be interpreted not to apply to any invention
which a court rules and/or the Company agrees falls within such classes. As required pursuant to Section 2872 of the California
Labor Code, Executive acknowledges that the Company has notified the Executive that the provisions of this Section 5 do not apply
to an invention which qualified fully under the provisions of Section 2870 of the California Labor Code.

 

(d)                
The Executive acknowledges that, while performing the services under this Agreement the Executive may locate, identify
and/or evaluate patented or patentable inventions having commercial potential in the fields of pharmacy, pharmaceutical, biotechnology,
healthcare, technology and other fields which may be of potential interest to the Company (the “Third-Party
Inventions”). The Executive understands, acknowledges and agrees that all rights to, interests in or opportunities regarding,
all Third-Party Inventions identified by the Company or its affiliates or either of the foregoing Persons’
officers, directors, employees (including the Executive), agents or consultants during the Term shall be and remain the sole and
exclusive property of the Company or such affiliate and the Executive shall have no rights whatsoever to such Third-Party Inventions
and will not pursue for himself or for others any transaction relating to the Third-Party Inventions which is not on behalf of
the Company.

 

(e)                
The provisions of this Section 5 shall survive any termination or expiration of this Agreement.

 

    4 

     

    

 

6.                  
Non-Solicitation. The Executive understands and recognizes that his services to the Company are special and unique
and that in the course of performing such services the Executive will have access to and knowledge of Confidential and Proprietary
Information (as defined in Section 5) and will become knowledgeable of and familiar with the Company’s customers as well
as the Company’s business. The Executive acknowledges that, due to the unique nature of the Company’s business, the
loss of any of its clients or business flow or the improper use of its Confidential and Proprietary Information could create significant
instability and cause substantial damage to the Company and therefore the Company has a strong legitimate business interest in
protecting the continuity of its business interests and the restrictions herein agreed to by the Executive narrowly and fairly
serve such an important and critical business interest of the Company. Therefore, the Executive covenants and agrees as follows:

 

(a)                
Definitions. As used in this Agreement, the following terms have the meanings given to such terms below:

 

(i)                  
“Company Employee” means (A) any person who is an employee of
the Company at the time of the date of the Executive’s termination
of employment, and (B) any person who was an employee of the Company during the six (6) month period prior to, the termination
of the Executive’s employment.

 

(ii)                
“Person” means any person, firm, partnership, joint venture, corporation
or other business entity.

 

(iii)               
“Restricted Period” means the period commencing on the date of
the Executive’s termination of employment and ending twelve (12) months thereafter, provided, however, that this
period will be tolled and will not run during any time Executive is in violation of this Section 6, it being the intent of the
parties that the Restricted Period will be extended for any period of time in which the Executive is in violation of this Section
6.

 

(b)                
Non-Solicitation. During his employment with the Company and during the Restricted
Period, the Executive will not, directly or indirectly, on the
Executive’s own behalf or on behalf of any other Person, solicit, induce, or attempt to solicit or induce any Company Employee
or any independent contractor (who is then engaged by the Company or was engaged by the Company in the prior six (6) months) to
terminate his or her employment or engagement with the Company or to accept employment or engagement with any Person. 

 

(c)                
 Enforcement. In the event that the Executive breaches or threatens to breach any provisions of Section 5 or this
Section 6, then the Company will suffer irreparable harm and monetary damages would be inadequate to compensate the Company. Accordingly,
in addition to any other rights which the Company may have, the Company shall (i) be entitled, without the posting of bond or
other security, to seek injunctive relief to enforce the restrictions contained in such Sections and (ii) have the right to require
the Executive to account for and pay over to the Company all compensation, profits, monies, accruals, increments and other benefits
(collectively “Benefits”) derived or received by the Executive as a result of any transaction constituting
a breach of any of the provisions of Sections 5 or 6, to the maximum extent permitted by law.

 

(d)                
Reasonableness and Severability. Each of the rights and remedies enumerated in Section 6(c) shall be independent
of the others and shall be in addition to and not in lieu of any other rights and remedies available to the Company at law or
in equity. The Executive hereby acknowledges and agrees that the covenants provided for pursuant to Section 6 are essential elements
of Executive’s employment by the Company and are reasonable with respect to their duration, geographic area and scope and
in all other respects. If, at the time of enforcement of this Section 6, a court of competent jurisdiction holds that the restrictions
stated herein are unreasonable under the circumstances then existing, the parties hereto agree that the maximum duration, scope
or geographic area legally permissible under such circumstances will be substituted for the duration, scope or area stated herein.
If any of the covenants contained in this Section 6, or any part of any of them, is hereafter construed or adjudicated to be invalid
or unenforceable, the same shall not affect the remainder of the covenant or covenants or rights or remedies which shall be given
full effect without regard to the invalid portions. No such holding of invalidity or unenforceability in one jurisdiction shall
bar or in any way affect the Company’s right to the relief provided in this Section 6 or otherwise in the courts of any
other state or jurisdiction within the geographical scope of such covenants as to breaches of such covenants in such other respective
states or jurisdictions, such covenants being, for this purpose, severable into diverse and independent covenants.

 

    5 

     

    

 

(e)                
Remedies. In the event that an actual proceeding is brought in equity to enforce the provisions of Section 5 or
this Section 6, the Executive shall not urge as a defense that there is an adequate remedy at law nor shall the Company be prevented
from seeking any other remedies which may be available. The Executive agrees that he shall not raise in any proceeding brought
to enforce the provisions of Section 5 or this Section 6 that the covenants contained in such Sections limit his ability to earn
a living.

 

(f)                 
Survival. The provisions of Section 6 shall survive any termination of this Agreement.

 

7.                  
Representations and Warranties.

 

(a)                
The Executive hereby represents and warrants to the Company as follows:

 

(i)                  
Neither the execution or delivery of this Agreement nor the performance by the Executive of his duties and other obligations
hereunder violate or will violate any statute, law, determination or award, or conflict with or constitute a default or breach
of any covenant or obligation under (whether immediately, upon the giving of notice or lapse of time or both) any prior employment
agreement, contract, or other instrument to which the Executive is a party or by which he is bound.

 

(ii)                
The Executive has the full right, power and legal capacity to enter and deliver this Agreement and to perform his duties
and other obligations hereunder. This Agreement constitutes the legal, valid and binding obligation of the Executive enforceable
against him in accordance with its terms. No approvals or consents of any persons or entities are required for the Executive to
execute and deliver this Agreement or perform his duties and other obligations hereunder.

 

(b)                
The Company hereby represents and warrants to the Executive that this Agreement and the employment of the Executive hereunder
have been duly authorized by and on behalf of the Company, including, without limitation, by all required action by the Board.

 

8.                  
Termination. The Executive’s employment hereunder shall be terminated immediately upon the Executive’s
death and may be otherwise terminated as follows:

 

(a)                
The Executive’s employment hereunder may be terminated by the Company for Cause. Any of the following actions by the
Executive shall constitute “Cause”:

 

(i)                  
The willful failure, disregard or continuing refusal by the Executive to perform his duties hereunder;

 

(ii)                
Any act of willful or intentional misconduct, or a grossly negligent act by the Executive having the effect of injuring,
in a material way (as determined in good-faith by the Company), the business or reputation of the Company, including but not limited
to, any officer, director, or executive of the Company;

 

(iii)               
Willful misconduct by the Executive in carrying out his duties or obligations under this Agreement, including, without limitation,
insubordination with respect to lawful directions received by the Executive from the Chief Executive Officer or from the Board;

 

(iv)              
The Executive’s indictment of any felony or a misdemeanor involving moral turpitude (including entry of a nolo
contendere plea);

 

(v)                
The determination by the Company, based upon clear and convincing evidence, after a reasonable and good-faith investigation
by the Company following a written allegation by another employee of the Company, that the Executive engaged in some form of harassment
prohibited by law (including, without limitation, age, sex or race discrimination), unless the Executive’s actions were specifically
directed by the Board;

 

    6 

     

    

 

(vi)              
Any intentional misappropriation of the property of the Company, or embezzlement of its funds or assets (whether or not
a misdemeanor or felony);

 

(vii)             
Breach by the Executive of any of the provisions of Sections 5, 6, or 7 of this Agreement; and

 

(viii)           
Breach by the Executive of any provision of this Agreement other than those contained in Sections 5, 6, or 7 which is not
cured by the Executive within thirty (30) business days after notice thereof is given to the Executive by the Company.

 

(b)                
 The Executive’s employment hereunder may be terminated by the Board due to the Executive’s Disability. For
purposes of this Agreement, a termination for “Disability” shall occur (i) when the Board has provided a written
termination notice to the Executive supported by a written statement from a reputable independent physician mutually selected
by the Company and the Executive, or the Executive’s legal representatives in the event he is unable to make such selection
due to mental incapacity, to the effect that the Executive shall have become so physically or mentally incapacitated as to be
unable to resume, even with reasonable accommodation as may be required under the Americans With Disabilities Act, within the
ensuing twelve (12) months, his employment hereunder by reason of physical or mental illness or injury, or (ii) upon rendering
of a written termination notice by the Company after the Executive has been unable to substantially perform his duties hereunder,
even with reasonable accommodation as may be required under the Americans With Disabilities Act, for one hundred twenty (120)
or more consecutive days, or more than one hundred eighty (180) days in any consecutive twelve month period, by reason of any
physical or mental illness or injury. For purposes of this Section 8(b), the Executive agrees to make himself available and to
cooperate in any reasonable examination by a reputable independent physician mutually selected by the Company and the Executive,
and paid for by the Company. Notwithstanding the foregoing, nothing herein shall give the Company the right to terminate the Executive
prior to discharging its obligations to the Executive, if any, under the Family and Medical Leave Act, the Americans With Disabilities
Act, or any other applicable law. The Company shall reimburse the Executive for his actual cost of maintaining a supplementary
long-term disability insurance policy during the Term up to a maximum reimbursement of $10,000 per year.

 

(c)                
The Executive’s employment hereunder may be terminated by the Company (or its successor) by written notice to the
Executive upon the occurrence of a Change of Control. For purposes of this Agreement, “Change of Control” means
(i) the acquisition, directly or indirectly, following the date hereof by any person (as such term is defined in Section 13(d)
and 14(d)(2) of the Securities Exchange Act of 1934, as amended), in one transaction or a series of related transactions, of securities
of the Company representing in excess of fifty percent (50%) or more of the combined voting power of the Company’s then outstanding
securities if such person or his or its affiliate(s) do not own in excess of 50% of such voting power on the Effective Date of
this Agreement, or (ii) the future disposition by the Company (whether direct or indirect, by sale of assets or stock, merger,
consolidation or otherwise) of all or substantially all of its business and/or assets in one transaction or series of related transactions
other than a merger (1) effected exclusively for the purpose of changing the domicile of the Company or (2) effected for the purpose
of obtaining a public listing and/or publicly traded securities. Notwithstanding the foregoing, if the Change in Control
does not constitute a change in the ownership or effective control of the Company, or in the ownership of a substantial portion
of the assets of the Company, within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
the amount of cash severance payable paid pursuant to Section 9(b), if any, shall be paid in equal installments in accordance with
the Company’s then payroll practice over a 18-month period. Solely for purposes of Section 409A of the Code, each installment
payment is considered a separate payment.

 

(d)                
The Executive’s employment hereunder may be voluntarily terminated by the Executive for Good Reason. For purposes
of this Agreement, “Good Reason” shall mean any of the following: (i) any material reduction by the Company
of the Executive’s duties, responsibilities, or authority which causes his position with the Company to become of less responsibility
or authority than his position immediately following the Effective Date; (ii) any material reduction by the Company of the Executive’s
compensation or benefits payable hereunder (it being understood that a reduction of benefits applicable to all employees of the
Company, including the Executive, shall not be deemed a reduction of the Executive’s compensation package for purposes of
this definition); (iii) any requirement by the Company, without the Executive’s prior written consent, that the Executive
locate the Executive’s residence or primary place of employment to a location outside a 30-mile radius of such location
mutually agreed upon between the Company and the Executive as of the Effective Date, or such other location that the Company and
the Executive may mutually agree upon and designate from time to time during the Term; (iv) a material breach by the Company of
Section 7(b) of this Agreement which is not cured by the Company within 30 days after written notice thereof is given to the Company
by the Executive; or (v) a change in the lines of reporting such that the Executive no longer reports directly to the Chief Executive
Officer. However, notwithstanding the above, Good Reason shall not exist unless: (x) the Executive notifies the Board within ninety
(90) days of the initial existence of one of the adverse events described above, and (y) the Company fails to correct the adverse
event within thirty (30) days of such notice, and (z) the Executive’s voluntary termination because of the existence of
one or more of the adverse events described above occurs within 24 months of the initial existence of the event.

 

    7 

     

    

 

(e)                
The Executive’s employment may be terminated by the Company without Cause by delivery of written notice to the Executive
effective the date of delivery of such notice.

 

(f)                 
The Executive’s employment may be terminated by the Executive in the absence of Good Reason by delivery of written
notice to the Company effective fifteen (15) days after the date of delivery of such notice.

 

9.                  
Compensation upon Termination.

 

(a)                
Accrued Benefits. Upon termination of the Executive’s employment by either party regardless of the cause or
reason, the Executive shall be entitled to the following, referred to herein as the “Accrued Benefits”: (i)
payment for any accrued, unpaid Base Salary through the termination date; (ii) if provided for under the Company’s vacation
plan or policy or required by applicable law, payment for any accrued, unused vacation days through the termination date; and
(iii) reimbursement for any approved business expenses that the Executive has timely submitted for reimbursement in accordance
with the Company’s business expense reimbursement policy or practice. Except as otherwise expressly provided by this Agreement,
the Company shall have no further payment obligations to the Executive and all Equity Awards that have not vested as of the date
of termination shall be forfeited to the Company as of such date. Subject to this Section 9, Stock Options that have vested as
of the Executive’s termination shall remain exercisable for 90 days following such termination.

 

(b)                
Change of Control Severance. If during the Term a Change of Control occurs and if during the six (6) month period
immediately following such Change of Control the Executive’s employment is terminated by the Company without Cause pursuant
to Section 8(e) (and not due to non-renewal of the Term) or by the Executive for Good Reason pursuant to Section 8(d), provided
that the Executive signs and does not revoke a general release of claims against the Company within the time period specified
therein (which time period shall not exceed sixty (60) days), in form and substance satisfactory to the Company (the “Release”),
and provided further that such termination is a “separation from service” within the meaning of Treasury Regulation
§ 1.409A-1(h), then the Company shall provide the following benefits to the Executive, referred to herein as the “Change
of Control Separation Benefits”: (i) a lump sum payment equal to eighteen (18) months of the Executive’s then-current
Base Salary (less applicable taxes and withholdings); (ii) the full Annual Milestone Bonus (items (i) and (ii) being the “Change
of Control Separation Pay”); (iii) immediate vesting in full of all Equity Awards; (iv) extension of the exercise period
for all Stock Options to the end of their term; and (v) if the Executive properly and timely elects to continue his health insurance
benefits under COBRA or applicable state continuation coverage after the date of termination, reimbursement for the Executive’s
applicable health continuation coverage premiums for the lesser of (A) the eighteen (18) month period following the month in which
the Executive’s termination date occurs, or (B) the maximum period permitted by applicable law, provided that the
Company’s obligation to pay a portion of the Executive’s health continuation coverage premiums will terminate if he
becomes eligible for insurance benefits from another employer during the reimbursement period. The Change of Control Separation
Pay will be paid within sixty (60) days after the termination date.

 

(c)                
Other Severance Benefits. If the Executive’s employment is terminated during the Term as a result of the Executive’s
Disability pursuant to Section 8(b), by the Company without Cause pursuant to Section 8(e), or by the Executive for Good Reason
pursuant to Section 8(d), provided that the Executive signs and does not revoke the Release within the time period specified
therein (which time period shall not exceed sixty (60) days), and provided further that such termination is a “separation
from service” within the meaning of Treasury Regulation § 1.409A-1(h), then the Company shall provide the following
benefits to the Executive, referred to herein as the “Separation Benefits”: (i) the continued payment in installments
of the Executive’s then-current Base Salary (less applicable taxes and withholdings) for a period of twelve (12) months
following the date of termination (the “Separation Pay”); (ii) all Equity Awards which would have become vested
during the twelve (12) months following the termination date shall accelerate and vest; (iii) the extension of the exercise period
for all vested Stock Options to the end of their term; and (iv) provided that the Executive properly and timely elects
to continue his health insurance benefits under COBRA or applicable state continuation coverage after the date of termination,
reimbursement for the Executive’s applicable health care continuation coverage premiums for the lesser of (A) the twelve
(12) month period following the month in which the termination date occurs, or (B) the maximum period permitted by applicable
law, provided that the Company’s obligation to pay a portion of the Executive’s health continuation coverage
premiums will terminate if he becomes eligible for insurance benefits from another employer during the reimbursement period. The
first installment of the Separation Pay will be paid on the Company’s first regular payday occurring sixty (60) days after
the termination date in an amount equal to the sum of payments of Base Salary that would have been paid if he had remained in
employment for the period from the termination date through the payment date. The remaining installments will be paid until the
end of the 12-month period at the same rate as the Base Salary in accordance with the Company’s normal payroll practices
for its employees. the Executive understands that if he is eligible to receive the Separation Benefits, such Separation Benefits
shall be in lieu of and not in addition to any other severance benefits otherwise provided for herein, including the severance
benefits described in Section 9(b) of this Agreement. Notwithstanding the foregoing, if the Executive is entitled to receive the
Separation Benefits but violates any provisions of this Agreement or any other agreement entered into by the Executive and the
Company after termination of employment, the Company will be entitled to immediately stop paying any further installments of the
Separation Benefits. If the Executive’s employment is terminated during the Term as a result of the Executive’s death,
then the Company shall provide to the Executive’s estate the continued payment of Executive’s then-current Base Salary
for a period of twelve (12) months following the date of termination, beginning on the Company’s first regular payday following
the date of such termination.

 

    8 

     

    

 

(d)                
This Section 9 sets forth the only obligations of the Company with respect to the termination of the Executive’s
employment with the Company, except as otherwise required by law, and the Executive acknowledges that, upon the termination of
his employment, he shall not be entitled to any payments or benefits which are not explicitly provided in Section 9. For purposes
of clarification, if the Executive’s employment with the Company terminates upon expiration of the Term, the Executive shall
only be entitled to receive the Accrued Benefits described in Section 9(a).

 

(e)                
Upon termination of the Executive’s employment hereunder for any reason, if requested by the Board, the Executive
shall be deemed to have resigned as director and or officer of the Company, effective as of the date of such termination.

 

(f)                 
The provisions of this Section 9 shall survive any termination
of this Agreement.

 

10.               
409A Restrictions. The intent of the parties to this Agreement is that the payments, compensation and benefits under
this Agreement be exempt from or comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations
and guidance promulgated thereunder (collectively, “Section 409A”) and, in this connection, the following shall
be applicable:

 

(a)                
To the greatest extent possible, this Agreement shall be interpreted to be exempt or in compliance with Section 409A.

 

(b)                
If any severance, compensation, or benefit required by this Agreement is to be paid in a series of installment payments,
each individual payment in the series shall be considered a separate payment for purposes of Section 409A.

 

(c)                
If any severance, compensation, or benefit required by this Agreement that constitutes “nonqualified deferred compensation”
within the meaning of Section 409A is considered to be paid on account of “separation from service” within the meaning
of Section 409A, and the Executive is a “specified employee” within the meaning of Section 409A, no payments of any
of such severance, compensation, or benefit shall be made for six (6) months plus one (1) day after such separation from service
(the “New Payment Date”). The aggregate of any such payments that would have otherwise been paid during the
period between the date of separation from service and the New Payment Date shall be paid to the Executive in a lump sum payment
on the New Payment Date. Thereafter, any severance, compensation, or benefit required by this Agreement that remains outstanding
as of the day immediately following the New Payment Date shall be paid without delay over the time period originally scheduled,
in accordance with the terms of this Agreement.

 

    9 

     

    

 

(d)                
The provisions of this Section 10 shall survive any termination of this Agreement.

 

11.               
Miscellaneous.

 

(a)                
This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York,
without giving effect to its principles of conflicts of laws.

 

(b)                
In the event of any dispute arising out of, or relating to, this Agreement or the breach thereof (other than Sections 5
or 6 hereof), or regarding the interpretation thereof, the parties agree to submit any differences to nonbinding mediation prior
to pursuing resolution through the courts. The parties hereby submit to the exclusive jurisdiction of the Courts of New York County,
New York, or the United States District Court for the Southern District of New York, and agree that service of process in such
court proceedings shall be satisfactorily made upon each other if sent by registered mail addressed to the recipient at the address
referred to in Section 11(g) below.

 

(c)                
This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective heirs, legal representatives,
successors and permitted assigns.

 

(d)                
This Agreement, and the Executive’s rights and obligations hereunder, may not be assigned by the Executive. The rights
and obligations of the Company under this Agreement shall inure to the benefit of and shall be binding upon the successors and
assigns of the Company, including any successors or assigns in connection with any sale, transfer or other disposition of all or
substantially all of its business or assets.

 

(e)                
This Agreement cannot be amended orally, or by any course of conduct or dealing, but only by a written agreement signed
by the parties hereto.

 

(f)                 
The failure of either party to insist upon the strict performance of any of the terms, conditions and provisions of this
Agreement shall not be construed as a waiver or relinquishment of future compliance therewith, and such terms, conditions and provisions
shall remain in full force and effect. No waiver of any term or condition of this Agreement on the part of either party shall be
effective for any purpose whatsoever unless such waiver is in writing and signed by such party.

 

(g)                
All notices, requests, consents and other communications, required or permitted to be given hereunder, shall be in writing
and shall be delivered personally or by an overnight courier service or sent by registered or certified mail, postage prepaid,
return receipt requested, to the parties at the addresses set forth on the first page of this Agreement, and shall be deemed given
when so delivered personally or by overnight courier, or, if mailed, five days after the date of deposit in the United States
mail. Either party may designate another address, for receipt of notices hereunder by giving notice to the other party in accordance
with this Section 11(g).

 

(h)                
This Agreement, together with the Surviving Sections of the IC Agreement, sets forth the entire agreement and understanding
of the parties relating to the subject matter hereof, and supersedes all prior agreements, arrangements and understandings, written
or oral, relating to the subject matter hereof. No representation, promise or inducement has been made by either party that is
not embodied in this Agreement, and neither party shall be bound by or liable for any alleged representation, promise or inducement
not so set forth.

 

(i)                  
As used in this Agreement, “affiliate” of a specified person or entity shall mean and include any person
or entity controlling, controlled by or under common control with the specified person or entity.

 

(j)                 
The section headings contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation
of this Agreement.

 

(k)                
This Agreement may be executed in any number of counterparts, each of which shall constitute an original, but all of which
together shall constitute one and the same instrument.

 

[Remainder of Page Intentionally Left
Blank – Signature Page Follows]

 

    10 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement and intend it to be effective as of the Effective Date by proper person thereunto
duly authorized.

 

 

	 	ASSEMBLY BIOSCIENCES, INC.
	 	 	 
	 	By: 	/s/ Derek Small
	 	Name:   	Derek Small
	 	Title:	Chief Executive Officer and President
	 	 	 
	 	EXECUTIVE
	 	 	 
	 	/s/ Richard Colonno
	 	Name: 	Richard Colonno, Ph.D

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