Document:

Exhibit 10.1

 

 

EMPLOYMENT
AGREEMENT

 

EMPLOYMENT
AGREEMENT entered into as of ______, 2022, or earlier by mutual agreement, by and between UNIQUE LOGISTICS INTERNATIONAL
(NYC), LLC (“Unique” as defined in Section A below), with an office in Atlanta, GA, and Mickey Diaz
(“Employee”), employed at such address:

 

	 	A.	Unique
    shall mean Unique or any of its subsidiary or related companies or affiliates. Unique may be referred to in this employment agreement
    as the “Employer” or the “Company”. 
	 	 	 
	 	B.	Unique,
    directly and through its related or subsidiary company or companies, is engaged in the business of freight forwarding and services
    incidental thereto (“UNIQUE’ s Business”); and
	 	 	 
	 	C.	Unique
    desires to employ Employee and Employee desires to accept such employment, on the terms and conditions set forth in this employment
    agreement (the “Agreement” or the “Employment Agreement”).

 

In
consideration of the facts mentioned above, and of the covenants and conditions set out below, the parties agree as follow:

 

	 	1.	Employment
	 	 	 
	 	(a)	Unique
    agrees to employ Employee, as Chief Operating Officer (COO). Employee shall be assigned to work at UNIQUE’s Atlanta,
    GA office. Employee may be reassigned at the discretion of UNIQUE’s Senior Management, in consultation with Employee. Employee
    understands and agrees that for purposes of employment and in connection with any issues relating to his employment, Employee’s
    place of employment shall be Atlanta, GA. Notwithstanding the number of days, the Employee shall work from home office
    or some other location, the law of the State of Georgia shall, without exception, govern the terms of employment. 
	 	(b)	Employee
    agrees to act in the foregoing capacity, in accordance with the terms and conditions contained in this Agreement, and the terms of
    employment applicable to regular employees at Unique. In the event of any conflict or ambiguity between the terms of the Agreement
    and terms of employment applicable to regular employees, the terms of this Agreement shall control.
	 	(c)	Employee
    acknowledges that she is an exempt employee for purpose of the FLSA and all other applicable wage and hour laws.
	 	(c)	Employee
    shall devote substantially all of Employee’s working time to UNIQUE’s Business. Employee shall render services, without
    additional compensation, in connection with the operation of UNIQUE’ s Business, including any activities of any affiliates
    and subsidiaries of Unique as may exist from time to time as directed by UNIQUE’ Senior Management.
	 	 	 
	 	 	For
    purposes hereof, UNIQUE’ s Senior Management shall mean the Chief Executive Officer of Unique, or its Board of Directors. 

 

    	 

    	 

    

 

	 	2.	“At-Will
    Employment”

 

Employee
and Unique agree and understand that the Employee is an “at-will” employee. Unique shall have the right and power to terminate
the Employee’s employment under this Agreement at any time for any reason or for no reason (except as is specifically prohibited
by law).

 

Notwithstanding
the above, Employer and Employee agree to provide each other 90 days’ notice of termination of this Employment Agreement.

 

	 	3.	Compensation

 

	 	(a)	Subject
    to the minimum performance standards outlined in Section 3A herein, Employee shall receive a yearly salary of $304,500.00.
    Such salary shall be payable twice monthly on or around the 15th day of the month and the last day of the month.
    In addition, the Employee will receive a monthly home office allowance of $125.00 as well as an Incentive Advance of
    $25,000 upon completion of six (6) months which will be offset against the Incentive earned as set out in Exhibit
    A. Incentive Advance is not recoverable by Employer from Employee in case Target is not met.
	 	(b)	All
    payments shall be made in a manner consistent with the payroll practices of Employer for its Employees.

 

3A.
Minimum Performance Standards

 

	 	a)	Qualitative
    and Quantitative evaluation of Employee’s performance versus key goals identified under Job Description.
	 	b)	Targets
    established from time to time by the Company including, but not limited to, budgetary targets for Company growth and profitability.

 

	 	4.	Additional
    Employee Benefits

 

	 	(a)	Employer
    shall reimburse Employee for all expenses reasonably incurred by Employee in connection with the performance of Employee’s
    duties under this Agreement to the extent that said expenses are incurred in a manner consistent with UNIQUE’ s travel and
    entertainment and expense policy which has been notified to Employee.
	 	(b)	Employee
    shall be entitled to reasonable vacation periods each year (which shall be in accordance with UNIQUE’ s policy for Employees
    or as stated in the Offer Letter) and other general medical and Employee benefit plans as shall have been established and are continuing
    for Employees of Unique provided that Employee is eligible by the terms thereof to participate therein.
	 	(c)
    	Employee
    is entitled to participate in a tailored Incentive Plan based on key goals identified in 3A above. In the event of any conflict or
    ambiguity between the terms of this Agreement and the terms of the applicable Incentive Plan the terms of this Agreement shall control.
    The applicable Incentive Plan for 2022-2023 is set out in Exhibit A.

 

    	 

    	 

    

 

	 	5.	Restrictive
    Covenants

 

	 	(a)	Non-Competition

 

	 	(i)	As
    a material inducement to Unique to employ the Employee and to enter into this Agreement, Employee covenants and agrees that during
    Employee’s Employment with Unique, and for a period of twelve (12) months after the date of termination of such
    employment (hereinafter the “Restricted Period”), regardless of the reason or circumstances of termination of Employment,
    neither Employee, any of Employee’s agents or anyone acting on Employee’s behalf, shall directly or indirectly engage
    or participate in the business of freight forwarding or any other business which would be competitive with any business in which
    Unique is engaged during the period of Employee’s employment with Unique, or shall accept any employment or position with,
    or become associated with any person, firm or entity who is engaged, in whole or in part, in the business of freight forwarding or
    any other business which would be competitive with any business in which Unique is engaged during the period of Employee’s
    employment with Unique; provided, however, that nothing contained herein shall be construed to prevent Employee from investing in
    the stock of any competing corporation listed on a national securities exchange or traded in the over the counter market so long
    as Employee is not actively involved in the business of said corporation and Employee does not own more than two percent (2%) of
    the stock of such corporation. The restriction set forth in this Section (5 (a) (i) shall be geographically limited to the United
    States of America.
	 	(ii)	As
    an additional material inducement to Unique to employ the Employee and to enter into this Agreement, Employee covenants and agrees
    that during the Restricted Period, neither Employee, nor any of Employee’s agents or anyone acting on Employee’s behalf
    , shall directly or indirectly engage in or participate in the business of freight forwarding or any other business which would be
    competitive with any business in which Unique is engaged during the period of Employee’s employment with Unique, with any customer
    or client or bona fide prospective customer or client of Unique(wherever located) .
	 	(iii)	Employee
    acknowledges and agrees that the provisions herein are reasonable because Unique would need a period of at least 6 months for other
    employees to develop relationships with customers of Employee whom Employee had worked with or solicited during the Employment Term,
    and due to UNIQUE’s considerable expense in developing and maintaining business relationships with customers. 

 

	 	(b)	Non-Solicitation

 

During
the Restricted Period, Employee covenants and agrees that Employee will not directly or indirectly, either for herself of for any other
person, firm, or entity:

 

	 	(i)	Solicit
    any employee of Unique to terminate his employment with Unique or to employ or enter into any other business relationship with such
    individual during his employment with Unique and for a period of twelve months after such individual terminates his employment
    with Unique.

 

    	 

    	 

    

 

	 	(ii)	Make
    any disparaging statement concerning UNIQUE, UNIQUE’s business or its officers, directors, or employees that could injure,
    impair, or damage the relationships between Unique and any of UNIQUE’s employees, customers or clients. 
	 	(iii)	Interfere
    with or damage (or attempt to interfere with or damage) the relationships of Unique or any affiliate with any business or person
    that is (or within 6 months prior to termination of Employee’s employment was) an actual or bona fide prospective client or
    customer of Unique.
	 	(iv)	Persuade
    or attempt to persuade any person or entity which is or was a customer or client of Unique on the date on which the Employee’s
    employment with Unique is terminated and with whom Employee had Material Contact (as defined below) at any time during Employee’s
    employment at Unique to cease doing business with Unique, or to reduce the amount of business it does with Unique. For purposes of
    this Agreement, “Material Contact” means any customer or client or bona fide prospective customer or client of Unique
    that was serviced by Employee or with whom Employee had direct interaction for purposes of furthering a business relationship.
	 	(v)	Solicit
    for the benefit of the Employee, or any other person or entity, other than Unique, the business of any person or entity, which is
    a customer or client of Unique or was its customer or client within six (6) months prior to the termination of Employee’s employment
    by Unique with whom Employee had Material Contact at any time during Employee’s employment at Unique, with respect to the business
    of freight forwarding or any other business which would be competitive with any business in which Unique is engaged during the period
    of Employee’s employment with Unique..

 

	 	(c)	Payment
    During the Restricted Period for Employee Performance Under 5(a)(i)

 

	 	(i)	As
    consideration for Employee’s performance of the covenant set forth in Section 5(a)(i), during the Restricted Period, Unique
    agrees to pay Employee during the Restricted Period at the rate of one twelfth (1/12) of the Employee’s yearly salary per month,
    subject to UNIQUE’s right to terminate early the restrictions of Section 5(a)(i) during the Restricted Period at any time by
    written notice to Employee (and thereby terminate any further payments by Unique). Employee shall only receive his/her salary as
    defined in Section 3(a) and shall not be entitled to receive any bonus or incentive compensation.
	 	(ii)	If
    Unique determines that Employee has breached the covenant in Section 5(a)(i) (or any of the covenants set forth in the Agreement)
    Unique may suspend any further payments or offset from such payments its reasonable estimate of damages suffered as a result of such
    breach in each case without prejudice to any of UNIQUE’s other rights and remedies under the Agreement. 

 

	 	(d)	Non-Disclosure
    and Non-Use

 

	 	(i)	Description
    of Confidential Information. For purposes of this Section (d), Confidential Information means any information which is clearly
    either marked or reasonably understood as being confidential or proprietary including, but not limited to, information disclosed
    in discussions between the parties in connection with technical information, data, proposals and other documents of Unique pertaining
    to its business, products, services, finances, product designs, plans, customer lists, price data, trade history data, client trading
    activity, corporate books and records of Unique, any Unique corporate documents, banking records, litigation documents or records,
    arbitration documents or records, public relations and other marketing information and other unpublished information. Confidential
    Information shall include all tangible materials containing Confidential Information including, but not limited to, written or printed
    documents and computer disks and tapes, whether machine or user readable.

 

    	 

    	 

    

 

	 	(ii)	Standard of Care.  Employee shall protect the Confidential Information from disclosure to any person other than other employees of Employee who have a need to know, by using a reasonable and prudent degree of care, in light of the significance of the Confidential Information, to prevent the unauthorized use, dissemination, or publication of such Confidential Information. 
	 	(iii)	Exclusion. This Section (c) imposes no obligation upon Employee with respect to information that : (a) was in Employee’s possession before receipt from Employer; (b) is or becomes a matter of public knowledge through no fault of Employee; (c) is rightfully received by Employee from a third party who does not have a duty of confidentiality; (d) is disclosed under operation of law, except that employee will disclose only such information as is legally required and give Employer prompt prior notice of any requested disclosure; or (e) is disclosed by Employee with employer’s prior written consent.
	 	(iv)	Return
    of Confidential Information. All documents containing any Confidential Information (as defined in (d) above) are and will remain
    the property of Unique at all times during and after Employee’s employment with Unique. No such documents shall be removed
    from the Company’s premises without the express written consent of Unique. Upon termination of Employee’s employment,
    Employee shall return all such documents, along with any copies, notes, abstracts, or summaries of such documents, to Unique. The
    Employee will immediately destroy or return all tangible material embodying Confidential Information (in any form and including,
    without limitation, all summaries, copies and excerpts of Confidential Information) upon the earlier of (i) the completion or termination
    of the dealings between the Employer and Employee under the Agreement or (ii) at such time that Employee may so request. 
	 	(v)	Notice
    of Breach. Employee shall notify Unique immediately upon discovery of any unauthorized use or disclosure of Confidential Information,
    or any other breach of the Agreement by Employee, and will cooperate with Unique in every reasonable way to help Unique regain possession
    of Confidential Information and prevent its further unauthorized use.
	 	(vi)	Term.
    The obligations under this Agreement with regard to the Confidential Information of the Employer shall remain in effect for five
    (5) years following employee’s termination of employment with the Employer; provided, that the obligations with regard to any
    Confidential Information that constitutes trade secrets of the Employer shall remain in effect as long as the information constitutes
    a trade secret under applicable law. 

 

	 	(e)	Geographical
    Limitations. Employee agrees with the Company that the geographical limitations on the Employee’s post-employment obligations
    to the Company are fair and reasonable.

 

    	 

    	 

    

 

	 	(f)	Interpretation
    of Enforceability; Severability and Reformation. Employee acknowledges that the restrictive covenants (the “Restrictive
    Covenants”) contained in this Section 5 are a condition of the Employee’s employment and (i) are reasonably limited in
    terms of geographic area, duration and scope for the purpose of protecting the Employer’s legitimate business interests, including
    its property, its Confidential Information and business relationships, its goodwill, its economic advantage, and its relationships
    with its clients and customers, (ii) will not preclude Employee from obtaining gainful employment or work following the conclusion
    of Employee’s employment with the Employer, and (iii) that the services Employee intends to and is expected to provide the
    Company are special and unique. If any Court determines that any of the Restrictive Covenants, or any part of any of the Restrictive
    Covenants, is invalid or unenforceable, the remainder of the Restrictive Covenants and parts thereof shall not thereby be affected
    and shall be given full effect, without regard to the invalid portion. If any Court determines that any of the Restrictive Covenants,
    or any part thereof, is invalid, or not enforceable because of the geographic or temporal scope of such provision, such court shall
    have the power to reduce the geographic or temporal scope of such provision, as the case may be, and, in its reduced form, such provision
    shall then be enforceable. EMPLOYEE REPRESENTS AND WARRANTS THAT EMPLOYEE HAS FULLY AND CAREFULLY READ THIS AGREEMENT, INCLUDING
    THE PROVISIONS OF SECTION 5 AND THAT EMPLOYEE HAS BEEN ADVISED BY THE COMPANY (AND HAS BEEN AFFORDED TIME AND OPPORTUNITY) TO CONSULT
    AN INDEPENDENT ATTORNEY OF HIS/HER CHOOSING, EMPLOYEE HAS READ, UNDERSTANDS AND FREELY AGREES TO THE PROVISIONS CONTAINED HEREIN,
    INCLUDING THOSE RESTRICTIONS OF POST-EMPLOYMENT COMPETITION AND SOLICITATION IN THE FREIGHT FORWARDING MARKET. 
	 	 	 
	 	(g)	Injunctive
    Relief. The parties acknowledge that the services to be rendered hereunder by Employee are special, unique and of extraordinary
    character. Accordingly, in the event of a breach or a threatened breach of Employee of any of Employee’s obligations under
    this Agreement, Unique will not have an adequate remedy at law. If Employee breaches or threatens to breach any of the Restrictive
    Covenants, Unique, in addition to and not in lieu of any other rights and remedies it may have at law or in equity, shall have the
    right to immediate injunctive relief; it being acknowledged and agreed to by the Employee that any such breach or threatened breach
    would cause irreparable and continuing injury to the Company and that money damages would not provide an adequate remedy to the Company.
	 	 	 
	 	6.	Representation
    and Indemnification
	 	 	 
	 	 	Employee
    hereby represents and warrants that Employee is not a party to any agreement, whether oral or written, which would prohibit Employee
    from being employed by Unique, and Employee further agrees to indemnify and hold Unique, its directors, officers, members, shareholders
    and agents, harmless from and against any and all losses, cost or expense of every kind, nature and description (including, without
    limitation, whether or not suit be brought, all reasonable costs, expenses and fees of legal counsel), based upon, arising out of
    or otherwise in respect of any breach of such representation and warranty.

 

    	 

    	 

    

 

	 	7.	Injunctive
    Relief (additional clause)
	 	 	 
	 	 	The
    parties acknowledge that the services to be rendered hereunder by Employee are special, unique and of extraordinary character. Accordingly,
    in the event of any breach or threatened breach of Employee, Unique shall be entitled to such equitable and immediate injunctive
    relief as may be available to restrain Employee and any business, firm, partnership, individual, corporation or entity participating
    in the breach of this Agreement. Nothing in this Agreement shall be construed as prohibiting Employer from pursing any other remedies
    available at law or in equity for such breach or threatened breach, including the recovery of damages and the immediate termination
    of the employment of Employee under this Agreement. 
	 	 	 
	 	8.	Notices
	 	 	 
	 	 	All
    notices shall be in writing and shall be delivered personally (including by courier), sent by facsimile transmission (with appropriate
    documented receipt thereof), by overnight receipted courier service (such as UPS or Federal Express) or sent by certified, registered
    or express mail, postage prepaid, to the parties at their address set forth at the beginning of this Agreement with Employer’s
    copy being sent to Employer at its then principal office. Any such notice shall be deemed given when so delivered personally, or
    if sent by facsimile transmission, when transmitted, or, if mailed, forty-eight (48) hours after the date of deposit in the mail.
    Any party may, by notice given in accordance with this Section to the other party, designate another address or person for receipt
    of notices thereunder. Copies of any notices to be given to Employer shall be given simultaneously to: Ross & Asmar LLC, 499
    Seventh Avenue, 23rd Floor, New York, NY 10018 Attention: Steven B. Ross, Esq.
	 	 	 
	 	9.	Miscellaneous
    
	 	 	 
	 	(a)	This
    Agreement shall be governed by and interpreted in accordance with the laws of the State of Georgia. Each of the parties
    hereby irrevocably waives any objection it may have to the laying of the venue of any such action or proceeding in the State of Georgia.
    The parties hereto hereby consent to the personal jurisdiction of the courts of the State of Georgia, in any action,
    suit or proceeding for injunctive relief, as described in Section 5 and/or Section 7, for any violation by the Employee of the provisions
    of Section 5, and the parties agree that any such action, suit or proceeding may be brought in such courts and they further agree
    that service or process or notice in any such action, suit or proceeding shall be effective if given in the manner set forth in Section
    8 hereof. The parties hereto agree that in any action or arbitration commenced by either party to enforce or prevent the breach or
    threatened breach of this Agreement, in the event Unique shall prevail in the arbitration or litigation, Unique shall be entitled
    to recover from the other party all of its costs and expenses, including attorney’s fees. 
	 	(b)	Employee
    agrees that she shall commence no action or any kind other than in the jurisdiction of State of Georgia. In the event that
    Employee commences any action outside of the jurisdiction of State of Georgia, the Employee agrees to indemnify the
    Employer for all costs and expenses incurred by the Employer, including but not limited to reasonable attorneys’ fees, for
    the Employer’s defense of any such claim regardless of the outcome of any claim.

 

    	 

    	 

    

 

	 	(c)	This
    Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may be waived, only by a written instrument
    signed by authorized representatives of the parties or, in the case of a waiver, by an authorized representative of the party waiving
    compliance. No such written instrument shall be effective unless it expressly recites that it is intended to amend, supersede, cancel,
    renew or extend this Agreement or to waive compliance with one or more of the terms hereof, as the case may be. No delay on the part
    of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the
    part of any party of any such right, power or privilege, or any single or partial exercise of any such right, power or privilege,
    preclude any further exercise thereof or the exercise of any such right, power or privilege, preclude any further exercise thereof
    or the exercise of any other such right, power or privilege. The rights and remedies herein provided are cumulative and are not exclusive
    of any rights or remedies that any party may otherwise have at law or in equity.
	 	(d)	If
    any provision or any portion of any provision of this Agreement or the application of any such provision or any portion thereof to
    any person or circumstances, shall be held invalid or unenforceable, the remaining portion of such provision and the remaining provisions
    of this Agreement, shall not be affected thereby and such provision or portion of any provision as shall have been held invalid or
    unenforceable shall be deemed limited or modified to the extent 
	 	(e)	Necessary
    to make it valid and enforceable; in no event shall this Agreement be rendered void or unenforceable.
	 	(f)	The
    headings to the Sections of this Agreement are for convenience of reference only and shall not be given any effect in the construction
    or enforcement of this Agreement.
	 	(g)	This
    Agreement shall inure to the benefit of and be binding upon the successor and assigns of Employer, but no interest in this Agreement
    shall be transferable in any manner by Employee.
	 	(h)	This
    Agreement constitutes the entire agreement and understanding between the parties and supersedes all prior discussions, agreement,
    and undertakings, written or oral, of any and every nature with respect thereto.
	 	(i)	This
    Agreement may be executed by the parties hereto in separate counterparts, which together shall constitute one and the same instrument.
	 	(h)	In
    the event of the termination of this Agreement, the provisions of Sections 5, 6, 7, 8 and 9 hereof shall remain in full force and
    effect, in accordance with their respective terms.
	 	(i)	All
    pronouns and any variation thereof shall be deemed to refer to the masculine, feminine, singular, or plural as the identity of the
    person or persons may require.

 

IN
WITNESS WHEREOF, this Agreement has been executed as of the date stated at the beginning of this Agreement.

 

	UNIQUE	 	Employee:
	 	 	 
		 	

 

    	 

    	 

    

 

EXHIBIT
A - INCENTIVE & JOB DESCRIPTION

 

A-1.
ANNUAL INCENTIVE PLAN

 

	 	1.	Measurement
    Period – June 1, 2022, to May 31, 2023
	 	 	 	 
	 	2.	Incentive
    Calculation for Measurement Period 
	 	 	a)	Financial
    Measurement: Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the Company
	 	 	b)	COO’s
    Target: Company’s Annual EBITDA Budget.
	 	 	c)	Incentive
    Amount:

 

	EBITDA
    Against the Company’s Annual Budget	 	Bonus
    Amount
	Meet
    Budget	 	60%
    of Annual Gross Salary

 

	 	3.	Incentive
    Disbursement:
	 	 	1.	Payment
    of any incentive earned will normally be made with the salary payment. 
	 	 	2.	The
    basic salary used to calculate the incentive earned is the earning on the final day of the plan year.
	 	 	3.	Payment
    will be subject to statutory deductions such as tax at the rate prevailing at the time of payment. Incentive payments are not pensionable.
	 	 	4.	Payment
    will not be made to a participant who has resigned, been made redundant, or left the Company before the incentive is paid, irrespective
    of the amount of the plan year worked. Discretion to pay the incentive in exceptional circumstances rests with the CEO.
	 	 	5.	The
    CEO will apply his discretion as to whether the incentive payment should be made and at what level in all other cases of leave of
    absence.
	 	 	6.	Participants
    can select the stock option (when available) instead of cash payout.EXHIBIT 10.11.11

 

EXECUTIVE EMPLOYMENT

AGREEMENT

 

This EXECUTIVE EMPLOYMENT
AGREEMENT (“Agreement”) is made and entered into as of the _____ day of July, 2020 by and between Varian
Biopharma Inc., a company incorporated

 

in Delaware with a principal
business address of 4851 Tamiami Trail North, Suite 200, Naples, FL 34103 (“Varian” or the “Company”)
and Jeffrey Davis, an individual residing in the state of Florida (“Executive”). As used herein, the
“Effective Date” of this Agreement shall mean the date as written above and signed below.

 

WITNESSETH:

 

WHEREAS, the Executive desires
to be employed by the Company as its President and Chief Executive Officer and the Company wishes to employ the Executive in such
capacities, in each case, commencing on and as of the Effective Date.

 

NOW, THEREFORE, in consideration
of the foregoing and their respective covenants and agreements contained in this document, the Company and the Executive hereby
agree as follows:

 

1.         Employment and
Duties. The Company agrees to employ the Executive and the

 

Executive agrees to serve
as the Company’s President and Chief Executive Officer. The duties and responsibilities of the Executive shall include the
duties and responsibilities as the Company’s Board of Directors (“Board”) may from time to time
assign to the Executive.

 

The Executive shall devote
sufficient time, efforts and services to the business and affairs of the Company and its subsidiaries, either formed or to be formed
in the future. Nothing in this Section 1 shall prohibit the Executive from: (A) serving as a director or member of any other board,
committee thereof of any other entity or organization; (B) delivering lectures, fulfilling speaking engagements, and any writing
or publication relating to his area of expertise, subject to prior approval of the Board, not to be reasonably withheld; (C) serving
as a director or trustee of any governmental, charitable or educational organization; (D) engaging in additional activities in
connection with personal investments and community affairs, including, without limitation, professional or charitable or similar
organization committees, boards, memberships or similar associations or affiliations, or (E) performing advisory activities, provided,
however, such activities are not in competition with the business and affairs of the Company or would tend to cast executive of
the Company in a negative light in the reasonable judgment of the Board.

 

2.         Term. The term
of this Agreement shall commence on the Effective Date and shall

 

continue for a period of
two (2) years following the Effective Date and shall be automatically renewed for successive one (1) year periods thereafter unless
either party provides the other party with written notice of his or its intention not to renew this Agreement at least three (3)
months prior to the expiration of the initial term or any renewal term of this Agreement, or until terminated in accordance with
the provisions of Section 6 of this Agreement. “Employment Period” shall mean the period of Executive’s
actual employment with the Company during the initial two (2) year term plus one (1) year renewals, if any.

 

3.         Place
of Employment. The Executive’s services shall be performed at such location

or locations as the Executive
shall determine, in his sole discretion.

 

    

     

    

 

4.         Base Salary and
Board Fees. The Company agrees to pay the Executive a base

 

salary (“Base
Salary”) of $200,000 per annum for the position(s) of Chief Executive Officer. Annual adjustments after the first
year of the Employment Period shall be determined by the Board. The Base Salary shall be paid in periodic installments in accordance
with the Company’s regular payroll practices. Executive shall, subject to policies and procedures of the Company’s
Board of Directors, be eligible to additional fees for service on the Company’s Board, if applicable.

 

5.         Incentive Compensation
and Bonuses.

 

(a)       Annual Bonus:
For each fiscal year during the term of employment, the Executive shall be eligible to receive a bonus (“Annual Bonus”),
if any, in the amount of fifty percent (50%) of Base Salary as may be determined from time to time by the Board in its discretion.
The Annual Bonus shall be paid by the Company to the Executive promptly after determination that the relevant targets have been
met, it being understood that the attainment of any financial targets associated with any bonus shall not be determined until following
the completion of the Company’s annual audit and public announcement of such results and shall be paid promptly following
the Company’s announcement of earnings. In the event that the Compensation Committee is unable to act or if there shall be
no such Compensation Committee, then all references herein to the Compensation Committee (except in the proviso to this sentence)
shall be deemed to be references to the Board.

 

(b)       Equity Awards
and Incentive Compensation: During the term of employment, the Executive shall be eligible to participate in any equity-based
incentive compensation plan or program adopted by the Company (such awards under such plan or program, the “Share Awards”)
as the Compensation Committee or Board may from time to time determine. Share Awards shall be subject to applicable plan terms
and conditions. And any additional terms and conditions as determined by the Compensation Committee or the Board.

 

6.        Severance Compensation:

 

Upon termination of employment
for any reason, other than for Cause, as defined below, and subject to the provisions of Section 11(c)(3), the Executive shall
be entitled to: (A) the sum of his annual Base Salary up to the end of the Employment Period following the date of termination
to be paid according to Section 4; (B) any and all reasonable expenses paid or incurred by the Executive in connection with and
related to the performance of his duties and responsibilities for the Company during the period ending on the termination date
to be paid according to Section 8; (C) any accrued but unused vacation time through the termination date in accordance with Company
policy; and (D) all Share Awards earned and vested prior to termination. With respect to any Share Awards held by the Executive
as of his death that are not vested and exercisable as of such date, the Company shall fully accelerate the vesting and exercisability
of such Share Awards, so that all such Share Awards shall be fully vested and exercisable as of the Executive’s death, such
options (as well as any Share Awards that previously became vested and exercisable) to remain exercisable, notwithstanding anything
in any other agreement governing such options, until the earlier of (A) a period of one (1) year after the Executive’s death
or (B) the original term of the option, if such Share Awards is an option.

 

    2

     

    

 

The Executive may continue
coverage with respect to the Company’s group health plans as permitted by the Consolidated Omnibus Budget Reconciliation
Act of 1985 (“COBRA”) for himself and each of his “Qualified Beneficiaries” as defined
by COBRA (“COBRA Coverage”). The Company shall reimburse the amount of any COBRA premium paid for COBRA
Coverage timely elected by and for the Executive and any Qualified Beneficiary of the Executive, and not otherwise reimbursed,
during the period that ends on the earliest of (x) the date the Executive or the Qualified Beneficiary, as the case may be, ceases
to be eligible for COBRA Coverage, (y) the last day of the consecutive eighteen (18) month period following the date of the Executive’s
termination of employment and (z) the date the Executive or the Qualified Beneficiary, as the case may be, is covered by another
group health plan. To reimburse any COBRA premium payment under this paragraph, the Company must receive documentation of the COBRA
premium payment within ninety (90) days of its payment.

 

The Company shall deduct,
from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions.

 

7.        Clawback Rights.
The Annual Bonus, and any and all stock based compensation

 

(such as options and equity
awards) (collectively, the “Clawback Benefits”) shall be subject to “Clawback Rights”
as follows: during the period that the Executive is employed by the Company and upon the termination of the Executive’s employment
and for a period of three (3) years thereafter, if there is a restatement of any financial results from which any Clawback Benefits
to the Executive shall have been determined, the Executive agrees to repay any amounts which were determined by reference to any
Company financial results which were later restated (as defined below), to the extent the Clawback Benefits amounts paid exceed
the Clawback Benefits amounts that would have been paid, based on the restatement of the Company’s financial information.
All Clawback Benefits amounts resulting from such restated financial results shall be retroactively adjusted by the Compensation
Committee to take into account the restated results, and any excess portion of the Clawback Benefits resulting from such restated
results shall be immediately surrendered to the Company and if not so surrendered within ninety (90) days of the revised calculation
being provided to the Executive by the Compensation Committee following a publicly announced restatement, the Company shall have
the right to take any and all action to effectuate such adjustment. The calculation of the revised Clawback Benefits amount shall
be determined by the Compensation Committee in good faith and in accordance with applicable law, rules and regulations. All determinations
by the Compensation Committee with respect to the Clawback Rights shall be final and binding on the Company and the Executive.
The Clawback Rights shall terminate following a Change of Control as defined in Section 11(f), subject to applicable law, rules
and regulations. For purposes of this Section 7, a restatement of financial results that requires a repayment of a portion of the
Clawback Benefits amounts shall mean a restatement resulting from material noncompliance of the Company with any financial reporting
requirement under the federal securities laws and shall not include a restatement of financial results resulting from subsequent
changes in accounting pronouncements or requirements which were not in effect on the date the financial statements were originally
prepared (“Restatements”). The parties acknowledge it is their intention that the foregoing Clawback
Rights as relates to Restatements conform in all respects to the provisions of the Dodd-Frank Wall Street Reform and Consumer

 

Protection Act of 2010 (“Dodd-Frank
Act”) and require recovery of all “incentive-based” compensation, pursuant to the provisions of the Dodd-Frank
Act and any and all rules and regulations promulgated thereunder from time to time in effect. Accordingly, the terms and provisions
of this Agreement shall be deemed automatically amended from time to time to assure compliance with the Dodd-Frank Act and such
rules and regulations as hereafter may be adopted and in effect.

 

    3

     

    

 

8.        Expenses. The
Executive shall be entitled to prompt reimbursement by the

 

Company for all reasonable
ordinary and necessary travel, entertainment, and other expenses incurred by the Executive while employed (in accordance with the
policies and procedures established by the Company for its senior executive officers) in the performance of his duties and responsibilities
under this Agreement; provided, that the Executive shall properly account for such expenses in accordance with Company policies
and procedures. Expenses of the Executive in an amount exceeding Two Thousand Five Hundred Dollars and No Cents ($2,500) per month
shall require approval from the Board.

 

9.        Other Benefits.
During the term of this Agreement, the Executive shall be eligible

 

to participate in incentive,
stock purchase, savings, retirement (401(k)), and welfare benefit plans, including, without limitation, health, medical, dental,
vision, life (including accidental death and dismemberment) and disability insurance plans (collectively, “Benefit
Plans”), in substantially the same manner and at substantially the same levels as the Company makes such opportunities
available to the Company’s managerial or salaried executive employees and/or its senior executives.

 

The Company shall pay one
hundred percent (100%) of the cost for any group medical, vision and/or dental coverage elected by and for the Executive and one
hundred (100%) of the additional incremental cost for any group medical, vision and/or dental coverage elected by the Executive
for the Executive’s family.

 

10.      Vacation.
During the term of this Agreement, the Executive shall be entitled to accrue, on a pro rata basis, twenty (20) paid vacation days
per year. Vacation shall be taken at such times as are mutually convenient to the Executive and the Company and no more than ten
(10) consecutive days shall be taken at any one time without Company approval in advance.

 

11.     
Termination of Employment:

 

(a)      Death. If
the Executive dies during the Employment Period, this Agreement and the Executive’s employment with the Company shall automatically
terminate and the Company’s obligations to the Executive’s estate and to the Executive’s Qualified Beneficiaries
shall be those set forth in Section 6 regarding severance compensation.

 

(b)      Disability.
In the event that, during the term of this Agreement the Executive shall be prevented from performing his essential functions hereunder
to the full extent required by the Company by reason of Disability (as defined below), this Agreement and the Executive’s
employment with the Company shall automatically terminate. The Company’s obligation to the Executive under such circumstances
shall be those set forth in Section 6 regarding severance compensation. For purposes of this Agreement, “Disability”
shall mean a physical or mental disability that prevents the performance by the Executive, with or without reasonable accommodation,
of his essential functions hereunder for an aggregate of ninety (90) days or longer during any twelve (12) consecutive months.
The determination of the Executive’s Disability shall be made by an independent physician who is reasonably acceptable to
the Company and the Executive (or his representative), be final and binding on the parties hereto and be made taking into account
such competent medical evidence as shall be presented to such independent physician by the Executive and/or the Company or by any
physician or group of physicians or other competent medical experts employed by the Executive and/or the Company to advise such
independent physician.

 

    4

     

    

 

(c)       Cause.

 

(1)       At any time during
the Employment Period, the Company may terminate this Agreement and the Executive’s employment hereunder for Cause. For purposes
of this Agreement, “Cause” shall mean: (a) the willful and continued failure of the Executive to perform
substantially his duties and responsibilities for the Company (other than any such failure resulting from the Executive’s
death or Disability) after a written demand by the Board for substantial performance is delivered to the Executive by the Company,
which specifically identifies the manner in which the Board believes that the Executive has not substantially performed his duties
and responsibilities, which willful and continued failure is not cured by the Executive within thirty (30) days following his receipt
of such written demand; (b) the conviction of, or plea of guilty or nolo contendere to, a felony, or (c) fraud, dishonesty or gross
misconduct which is materially and demonstratively injurious to the Company. Termination under clauses (b) or (c) of this Section
11(c)(1) shall not be subject to cure.

 

(2)       For purposes of this
Section 11(c), no act, or failure to act, on the part of the Executive shall be considered “willful” unless done, or
omitted to be done, by him in bad faith and without reasonable belief that his action or omission was in, or not opposed to, the
best interest of the Company. Between the time the Executive receives written demand regarding substantial performance, as set
forth in subparagraph (1) above, and prior to an actual termination for Cause, the Executive will be entitled to appear (with counsel)
before the full Board to present information regarding his views on the Cause event. After such hearing, termination for Cause
must be approved by a majority vote of the full Board (other than the Executive). After providing the written demand regarding
substantial performance, the Board may suspend the Executive with full pay and benefits until a final determination by the full
Board has been made.

 

(3)       Upon termination
of this Agreement for Cause, the Company shall have no further obligations or liability to the Executive or his heirs, administrators
or executors with respect to compensation and benefits thereafter, except for the obligation to pay the Executive any Base Salary
earned through the date of termination to be paid according to Section 4; any unpaid Annual Bonus to be paid according to Section
5; reimbursement of any and all reasonable expenses paid or incurred by the Executive in connection with and related to the performance
of his duties and responsibilities for the Company during the period ending on the termination date to be paid according to Section
8; and any accrued but unused vacation time through the termination date in accordance with Company policy. The Company shall deduct,
from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions,
including expenses.

 

(d)       For Good Reason
or a Change of Control or Without Cause.

 

    5

     

    

 

(1)       At any time during
the term of this Agreement and subject to the conditions set forth in Section 12(d)(2) below the Executive may terminate this Agreement
and the Executive’s employment with the Company for “Good Reason” or for a “Change of Control”
(as defined in Section 12(f)). For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the
following events without Executive’s consent: (A) the assignment to the Executive of duties that are significantly different
from, and/or that result in a substantial diminution of, the duties that he assumed on the Effective Date (including reporting
to anyone other than solely and directly to the Board); (B) the assignment to the Executive of a title that is different from and
subordinate to the title Chief Executive Officer of the Company; provided, however, for the absence of doubt following a Change
of Control, should the Executive be required to serve in a diminished capacity in a division or unit of another entity (including
the acquiring entity), such event shall constitute Good Reason regardless of the title of the Executive in such acquiring company,
division or unit; or (C) material breach by the Company of this Agreement.

 

(2)       The Executive shall
not be entitled to terminate this Agreement for Good Reason unless and until he shall have delivered written notice to the Company
within ninety (90) days of the date upon which the facts giving rise to Good Reason occurred of his intention to terminate this
Agreement and his employment with the Company for Good Reason, which notice specifies in reasonable detail the circumstances claimed
to provide the basis for such termination for Good Reason, and the Company shall not have eliminated the circumstances constituting
Good Reason within thirty (30) days of its receipt from the Executive of such written notice. In the event the Executive elects
to terminate this Agreement for Good Reason in accordance with Section 11(d)(1), such election must be made within the twenty-four
(24) months following the initial existence of one or more of the conditions constituting Good Reason as provided in Section 11(d)(1).
In the event the Executive elects to terminate this Agreement for a Change in Control in accordance with Section 11(d)(1), such
election must be made within one hundred eighty (180) days of the occurrence of the Change of Control.

 

(3)       In the event that
the Executive terminates this Agreement and his employment with the Company for Good Reason or for a Change of Control or the Company
terminates this Agreement and the Executive’s employment with the Company without Cause, the Company shall pay or provide
to the Executive (or, following his death, to the Executive’s heirs, administrators or executors) the severance compensation
set forth in Section 6 above.

 

(4)       The Executive shall
not be required to mitigate the amount of any payment provided for in this Section 11(d) by seeking other employment or otherwise,
nor shall the amount of any payment provided for in this Section 11(d) be reduced by any compensation earned by the Executive as
the result of employment by another employer or business or by profits earned by the Executive from any other source at any time
before and after the termination date. The Company’s obligation to make any payment pursuant to, and otherwise to perform
its obligations under, this Agreement shall not be affected by any offset, counterclaim or other right that the Company may have
against the Executive for any reason.

 

(e)       Without
“Good Reason” by the Executive. At any time during the term of this Agreement, the Executive shall be entitled to
terminate this Agreement and the Executive’s employment with the Company without Good Reason and other than for a Change of
Control by providing prior written notice of at least thirty (30) days to the Company. Upon termination by the Executive of this
Agreement or the Executive’s employment with the Company without Good Reason and other than for a Change of Control, the
Company shall have no further obligations or liability to the Executive or his heirs, administrators or executors with respect to
compensation and benefits thereafter, except for the obligation to pay the Executive any Base Salary earned through the date of
termination to be paid according to Section 4; reimbursement of any and all reasonable expenses paid or incurred by the Executive in
connection with and related to the performance of his duties and responsibilities for the Company during the period ending on the
termination date to be paid according to Section 8; and any accrued but unused vacation time through the termination date in
accordance with Company policy. The Company shall deduct, from all payments made hereunder, all applicable taxes, including income
tax, FICA and FUTA, and other appropriate deductions.

 

    6

     

    

 

(f)        Change of Control.
For purposes of this Agreement, “Change of Control” shall mean the occurrence of any one or more of the
following: (i) the accumulation (if over time, in any consecutive twelve (12) month period), whether directly, indirectly, beneficially
or of record, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange
Act of 1934, as amended) of more than fifty percent (50%) or more of the shares of the outstanding Common Stock of the Company,
whether by merger, consolidation, sale or other transfer of shares of Common Stock (other than a merger or consolidation where
the stockholders of the Company prior to the merger or consolidation are the holders of a majority of the voting securities of
the entity that survives such merger or consolidation), (ii) a sale of all or substantially all of the assets of the Company or
(iii) during any period of twelve (12) consecutive months, the individuals who, at the beginning of such period, constitute the
Board, and any new director whose election by the Board or nomination for election by the Company’s stockholders was approved
by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the
twelve (12) month period or whose election or nomination for election was previously so approved, cease for any reason to constitute
at least a majority of the Board; provided that the following acquisitions shall not constitute a Change of Control for the purposes
of this Agreement: any acquisition of Common Stock or securities convertible into Common Stock by any employee benefit plan (or
related trust) sponsored by or maintained by the Company.

 

(g)       Any termination of
the Executive’s employment by the Company or by the Executive (other than termination by reason of the Executive’s
death) shall be communicated by written Notice of Termination to the other party of this Agreement. For purposes of this Agreement,
a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision
in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Executive’s employment under the provision so indicated, provided, however, failure to provide timely
notification shall not affect the employment status of the Executive.

 

12.       Confidential Information.

 

(a)       Disclosure of
Confidential Information. The Executive recognizes, acknowledges and agrees that he has had and will continue to have access
to secret and confidential information regarding the Company, its subsidiaries and their respective businesses (“Confidential
Information”), including but not limited to, its products, methods, formulas, software code, patents, sources of
supply, customer dealings, data, know-how, trade secrets and business plans, provided such information is not in or does not hereafter
become part of the public domain, or become known to others through no fault of the Executive. The Executive acknowledges that
such information is of great value to the Company, is the sole property of the Company, and has been and will be acquired by him
in confidence. In consideration of the obligations undertaken by the Company herein,

 

    7

     

    

 

the Executive will
not, at any time, during or after his employment hereunder, reveal, divulge or make known to any person, any information acquired
by the Executive during the course of his employment, which is treated as confidential by the Company, and not otherwise in the
public domain. The provisions of this Section 12 shall survive the termination of the Executive’s employment hereunder.
The Executive affirms that he does not possess and will not rely upon the protected trade secrets or confidential or proprietary
information of any prior employer(s) in providing services to the Company or its subsidiaries.

 

(b)       In the event that
the Executive’s employment with the Company terminates for any reason, the Executive shall deliver forthwith to the Company
any and all originals and copies, including those in electronic or digital formats, of Confidential Information; provided, however,
the Executive shall be entitled to retain (i) papers and other materials of a personal nature, including, but not limited to, photographs,
correspondence, personal diaries, calendars and rolodexes, personal files and phone books, (ii) information showing his compensation
or relating to reimbursement of expenses, (iii) information that he reasonably believes may be needed for tax purposes and (iv)
copies of plans, programs and agreements relating to his employment, or termination thereof, with the Company. The covenants and
agreements in this Section 12 shall exclude information (A) which is in the public domain through no unauthorized act or omission
of Executive or (B) which becomes available to Executive on a non-confidential basis from a source other than the Company or its
affiliates without breach of such source’s confidentiality or nondisclosure obligations to the Company or any of its affiliates.

 

13.       Non-Competition
and Non-Solicitation.

 

(1)       The Executive agrees
and acknowledges that the Confidential Information that the Executive has already received and will receive is valuable to the
Company and that its protection and maintenance constitutes a legitimate business interest of the Company, to be protected by the
non-competition restrictions set forth herein. The Executive agrees and acknowledges that the non-competition restrictions set
forth herein are reasonable and necessary and do not impose undue hardship or burdens on the Executive. The Executive also acknowledges
that the Company’s Business is conducted worldwide (the “Territory”), and that the Territory, scope
of prohibited competition, and time duration set forth in the non-competition restrictions set forth below are reasonable and necessary
to maintain the value of the Confidential Information of, and to protect the goodwill and other legitimate business interests of,
the Company, its affiliates and/or its clients or customers. The provisions of this Section 13 shall survive the termination of
the Executive’s employment hereunder for the time periods specified below.

 

(2)       The Executive hereby
agrees and covenants that he shall not without the prior written consent of the Company, directly or indirectly, in any capacity
whatsoever, including, without limitation, as an employee, employer, consultant, principal, partner, shareholder, officer, director
or any other individual or representative capacity (other than (i) as a holder of less than two (2%) percent of the outstanding
securities of a company whose shares are traded on any national securities exchange or (ii) as a limited partner, passive minority
interest holder in a venture capital fund, private equity fund or similar investment entity which holds or may hold an equity or
debt position in portfolio companies that are competitive with the Company; provided however, that the Executive shall be precluded
from serving as an operating partner, general partner, manager or governing board designee with respect to such portfolio companies),
or whether on the Executive’s own behalf or on behalf of any other person or entity or otherwise howsoever, during the Term
and thereafter to the extent described below, within the Territory:

 

    8

     

    

 

(1)       Engage, own, manage,
operate, control, be employed by, consult for, participate in, or be connected in any manner with the ownership, management, operation
or control of any business in competition with the Business of the Company;

 

(2)       Recruit, solicit
or hire, or attempt to recruit, solicit or hire, any employee, or independent contractor of the Company to leave the employment
(or independent contractor relationship) thereof, whether or not any such employee or independent contractor is party to an employment
agreement, for the purpose of competing with the Business of the Company;

 

(3)       Attempt in any manner
to solicit or accept from any customer of the Company, with whom Executive had significant contact during Executive’s employment
by the Company (whether under this Agreement or otherwise), business of the kind or competitive with the Business of the Company
with such customer or to persuade or attempt to persuade any such customer to cease to do business or to reduce the amount of business
which such customer has customarily done or might do with the Company, or if any such customer elects to move its business to a
person other than the Company, provide any services of the kind or competitive with the Business of the Company for such customer,
or have any discussions regarding any such service with such customer, on behalf of such other person for the purpose of competing
with the Business of the Company; or

 

(4)      Interfere with
any relationship, contractual or otherwise, between the Company and any other party, including, without limitation, any
supplier, distributor, co-venturer or joint venturer of the Company, for the purpose of soliciting such other party to
discontinue or reduce its business with the Company for the purpose of competing with the Business of the Company.

 

With respect to the activities
described in Paragraphs (1), (2), (3) and (4) above, the restrictions of this Section 13(b) shall continue during the Term of this
Agreement and until the end of the employment period. For purposes of this Agreement, the term “Business of the Company”
shall mean the development of therapeutic aPKCi inhibitors and the development for therapeutic use of any molecule or compound
that is licensed or otherwise acquired by Varian during the Executive’s Employment Period.

 

14.      Assignment
of Inventions. Executive will promptly make full written disclosure to the Company, will hold in trust for the sole right
and benefit of the Company, and hereby assigns, transfers, and conveys to the Company, or its designee, all of
Executive’s worldwide right, title, and interest in and to any and all inventions, original works of authorship,
findings, conclusions, data, discoveries, developments, concepts, improvements, trade secrets, techniques, processes, and
know-how, whether or not patentable or registrable under copyright or similar laws, that Executive may solely or jointly
conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to practice, in the performance
of the Services or that result, to any extent, from use of the Company’s premises or property (collectively, the
“Inventions”), including any and all intellectual property rights inherent in the Inventions and
appurtenant thereto including, without limitation, all patent rights, copyrights, trademarks, know-how, and trade secrets
(collectively, “Intellectual Property Rights”). Executive further acknowledges and agrees that all
original works of authorship that are made by Executive (solely or jointly with others) in the performance of the Services
and that are protectable by copyright are “works made for hire” as that term is defined in the United States
Copyright Act. However, to the extent that any such work may not, by operation of any applicable law, be a work made for
hire, Executive hereby assigns, transfers, and conveys to the Company all of its worldwide right, title, and interest in and
to such work, including all Intellectual Property Rights therein and appurtenant thereto.

 

    9

     

    

 

15.       Miscellaneous.

 

(a)       Neither the Executive
nor the Company may assign or delegate any of their rights or duties under this Agreement without the express written consent of
the other; provided, however, that the Company shall have the right to delegate its obligation of payment of all sums due to the
Executive hereunder, provided that such delegation shall not relieve the Company of any of its obligations hereunder.

 

(b)       During the term of
this Agreement, the Company (i) shall indemnify and hold harmless the Executive and his heirs and representatives to the maximum
extent provided by the laws of the State of Delaware and by Company’s Bylaws and (ii) shall cover the Executive under the
Company’s directors’ and officers’ liability insurance on the same basis as it covers other senior executive
officers and directors of the Company.

 

(c)       This Agreement constitutes
and embodies the full and complete understanding and agreement of the parties with respect to the Executive’s employment
by the Company, supersedes all prior understandings and agreements, whether oral or written, between the Executive and the Company,
and shall not be amended, modified or changed except by an instrument in writing executed by the party to be charged. If any provision
of this Agreement, or the application thereof, shall for any reason and to any extent be invalid or unenforceable, then the remainder
of this Agreement and the application of such provision to other persons or circumstances shall be interpreted so as reasonably
to effect the intent of the parties hereto. The parties further agree to replace such void or unenforceable provision of this Agreement
with a valid and enforceable provision that shall achieve, to the extent possible, the economic, business and other purposes of
the void or unenforceable provision. No waiver by either party of any provision or condition to be performed shall be deemed a
waiver of similar or dissimilar provisions or conditions at the same time or any prior or subsequent time.

 

(d)       This Agreement shall
inure to the benefit of, be binding upon and enforceable against, the parties hereto and their respective successors, heirs, beneficiaries
and permitted assigns.

 

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

 

(f)        All notices, requests,
demands and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been
duly given when personally delivered, sent by registered or certified mail, return receipt requested, postage prepaid, or
by reputable national overnight delivery service (e.g., Federal Express) for overnight delivery to the party at the address set
forth in the preamble to this Agreement, or to such other address as either party may hereafter give the other party notice of
in accordance with the provisions hereof. Notices shall be deemed given on the sooner of the date actually received or the third
business day after deposited in the mail or one business day after deposited with an overnight delivery service for overnight delivery.

 

(g)       This Agreement shall
be governed by and construed in accordance with the internal laws of the State of Delaware, and each of the parties hereto irrevocably
consents to the jurisdiction and venue of the federal and state courts located in the State of New York, County of New York, for
any disputes arising out of this Agreement, or the Executive’s employment with the Company.

 

    10

     

    

 

(h)       This Agreement may
be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one of the same instrument. The parties hereto have executed this Agreement as of the date set forth above.

 

(i)        The Executive represents
and warrants to the Company, that he has the full power and authority to enter into this Agreement and to perform his obligations
hereunder and that the execution and delivery of this Agreement and the performance of his obligations hereunder will not conflict
with any agreement to which the Executive is a party.

 

(j)         The Company represents
and warrants to the Executive that it has the full power and authority to enter into this Agreement and to perform its obligations
hereunder and that the execution and delivery of this Agreement and the performance of its obligations hereunder will not conflict
with any agreement to which the Company is a party.

 

[Signature page follows
immediately]

 

IN WITNESS WHEREOF, the Executive and the Company
have caused this Executive Employment Agreement to be executed as of the date first above written.

 

	 	VARIAN BIOPHARMA INC.
	 	 
	 	 
	 	AUTHORIZED SIGNATURE
	 	By: Jonathan Lewis
	 	Title: Chief Medical Officer
	 	Date: , 2022
	 	 
	 	EXECUTIVE
	 	 
	 	Name: Jeffrey B. Davis
	 	Date:         , 2022

 

11

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