Document:

Exhibit 10.1

 

 

AMENDMENT NO. 1 TO THE

UNFUNDED SUPPLEMENTAL
BENEFIT PLAN 

FOR SALARIED EMPLOYEES

 

WHEREAS, Vulcan
Materials Company (the “Company”) has previously established and currently maintains the Unfunded Supplemental Benefit
Plan for Salaried Employees (the “Plan”); and

 

WHEREAS, the
Company has retained the right to amend the Plan under Article 11 by action of its Board of Directors; and

 

WHEREAS, the
Company desires to amend the Plan to reflect the references to the current 401(k) plan, clarify that installment distributions
are made over a period of ten (10) years, and freeze the Supplemental Retirement Benefits as of January 1, 2014; and

 

WHEREAS, the
Board of Directors has approved the changes set forth in this Amendment pursuant to Article 11 of the Plan.

 

NOW, THEREFORE,
the Plan is hereby amended in the following respects, effective as of January 1, 2014:

 

1.Section
2.1(a) shall be revised to read as follows:

(a)"401(k)
Plan" means the Vulcan 401(k) Plan (formerly, the Vulcan Materials Company 401(k) and Profit-Sharing Retirement Plan). All
references to the 401(k) Plan (including the term "Alternate Profit-Sharing Contribution") shall be effective beginning
July 15, 2007.

 

 

2.Section
2.1(b) shall be revised to read as follows:

 

(b)"Alternate
Matching Contribution" means, with respect to any Participant, an amount equal to (i) the Matching Contribution that would
have been made to the Investment Account (as such term is defined in the 401(k) Plan and previously in the Thrift Plan) of the
Participant for a given month were it not for the application of such Limitations, minus (ii) the Matching Contribution made to
the Investment Account of such Participant for such month, after application of the Limitations.

 

3.Section
2.1(n)(iii) shall be revised to read as follows:

 

(iii)the
reduction in the compensation that is taken into account under the 401(k) Plan and the Retirement Plan (and previously under the
Thrift Plan) (determined without regard to the Section 401(a)(17) Limit) to the extent that the reduction is attributable to the
Participant's election to defer such compensation on a nonqualified basis under Section 5.1 of the Vulcan Materials Company Executive
Deferred Compensation Plan, provided that, the Limitation applied in the calculation of Supplemental Retirement Benefits shall
be take into account for such deferred compensation only to the extent that such compensation exceeds the Section 401(a)(17) Limit.

 

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4.Section
2.1(n)(iv) shall be added as follows:

 

(iv)the
reduction in the accrual of benefits provided for under the Retirement Plan as necessary to satisfy Code Section 410(b).

 

5.Section
2.1(o) shall be revised to read as follows: 

 

(o)"Matching Contribution"
shall mean the Employer Matching Contributions as defined in the 401(k) Plan (or, as previously applicable, the Thrift Plan).

 

6.Section
2.1(w) shall be revised to read as follows:

 

(w)"Section 401(k) Limit"
means the dollar limit imposed by Section 401(a)(17) of the Code on the amount of compensation that may be taken into account under
the 401(k) Plan and the Retirement Plan (or previously imposed, as applicable, under the Thrift Plan).

 

7.Section
2.1(aa) shall be revised to read as follows:

 

(aa)"Thrift Plan" means
the Vulcan Materials Company Thrift Plan for Salaried Employees, as the same may be from time to time amended, which plan has been
merged with and into the 401(k) Plan.

 

8.Section
5.2(a) shall be revised to read as follows:

 

(a)If under the 401(k) Plan (or
previously the Thrift Plan, as applicable to the Participant), a Matching Contribution to a Participant is reduced by the application
of the Limitations, such Participant shall be entitled to have an Alternative Matching Contribution credited to the Participant's
Supplemental Thrift Benefits Account Balance. Such credit shall be made at the same time as the Matching Contribution (as so reduced)
is made to the Participant under the 401(k) Plan (or previously the Thrift Plan, as applicable). A Participant's action or inaction
during a Plan Year does not affect the amount of the Participant's Alternative Matching Contribution because the Participant may
not change his or her deferred election for a Plan Year pursuant to the 401(k) Plan (or previously the Thrift Plan) after the last
day of the preceding Plan Year.

 

9.Section
5.3(a) shall be revised to read as follows:

 

(a)Each
Participant's Supplemental Thrift Benefits Account Balance under the Plan shall be deemed invested, at the Participant's election,
in any investment funds that are available for the investment of the Participant's Matching Contributions Account under the 401(k)
Plan (or previously the Thrift Plan, as applicable). A Participant shall make an investment election (or change a previous election)
in writing in a manner acceptable to the Committee, and the Committee may adopt such rules and procedures for the deemed investment
of Participants' Supplemental Thrift Benefits Account Balances as the Committee considers necessary or appropriate. An investment
election shall be effective for all amounts subsequently credited to the Participant's Supplemental Thrift Benefits Account Balance
until the Participant makes a new investment election. If a Participant has not made an investment election, the Participant's
Supplemental Thrift Benefits Account Balance shall be deemed invested and reinvested in the same proportions among such investment
funds as is the Matching Contributions Account of the Participant under the 401(k) Plan (or previously the Thrift Plan, as applicable),
subject to such restrictions and limitations as the Committee may deem necessary or appropriate.

 

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10.Section
5.5(b) shall be revised to read as follows:

 

(b)An individual who is a Participant
on December 31, 2006, and whose Supplemental Thrift Benefits do not begin to be paid on or before December 31, 2006, may elect
a form of payment and a time of payment with respect to the Participant's Supplemental Thrift Benefits Account Balance as described
in this paragraph. The participant may elect to receive the Participant's Supplemental Thrift Benefits Account Balance in the form
of a single lump-sum payment or annual installments over a period of ten (10) years (with each installment payment equal to the
Participant's remaining Supplemental Thrift Benefits Account Balance as of the payment date divided by the number of payments remaining
to be made, and this installment option is treated as the entitlement to a single payment for purposes of Treasury Regulation §
1.409A-2(b)(2)(iii)). The Participant may also elect to receive (or begin receiving) such distribution either at the time specified
in paragraph (a) or at the later of (i) the time specified in paragraph (a) or (ii) the month of March in a year selected by the
Participant. If a Participant is eligible to make an election under this paragraph (b) but fails to do so on or before December
31, 2006, the Participant's Supplemental Thrift Benefits Account Balance shall be distributed at the time and form of payment as
described under paragraph (a), subject to the next sentence. A Participant who is eligible to make an election under this paragraph
(b) may change the time or form of payment of his or her Supplemental Thrift Benefits Account after December 31, 2006, provided,
however, that the change is made at least 12 months before the distribution is scheduled to begin, and the new distribution date
is at least five years after the previously scheduled distribution date.

 

11.Section
6.1 is revised to read as follows:

 

If a Participant experiences
a Termination of Employment Service after reaching his Vesting Date under the Retirement Plan, such Participant shall be entitled
to a Supplemental Retirement Benefit equal to (i) the amount of such Participant’s Vested benefit computed under the Retirement
Plan, determined as if the Participant commenced benefits under the Retirement Plan on the first day of the month after the Termination
of Employment Service (or, if later, the first day of the month after attaining age 55) and in the same form as the Supplemental
Retirement Benefit is paid, without regard to the Limitations, reduced by (ii) the amount of such Participant’s Vested benefit
computed under the Retirement Plan, determined at the same time and in the same form, after application of the Limitations. If,
however, the form of payment for the Participant’s Supplemental Retirement Benefit is not available under the Retirement
Plan, the amount of the Supplemental Retirement Benefit shall be determined under the preceding sentence as if the Supplemental
Retirement Benefit is paid in a single life annuity, and the resulting benefit is converted actuarially into the form of benefit
for the Supplemental Retirement Benefit based on a 7% interest rate and the GAM 83 mortality table (95% male/5% female). Notwithstanding
the foregoing, for the purposes of determining the Supplemental Retirement Benefit, the Participant’s Vested benefit shall
be determined (i) without regard to additional Benefit Service or Employment Service under the Retirement Plan (as such terms are
defined in the Retirement Plan), effective as of January 1, 2014, and (ii) without regard to additional Earnings or Final Average
Earnings under the Retirement Plan (as such terms are defined in the Retirement Plan), effective as of January 1, 2016, such that
the Supplemental Retirement Benefit shall be frozen in the same manner that benefits are frozen under the Retirement Plan.

 

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12.Section
6.2(b) is revised to read as follows:

 

If a Participant dies
before the Participant’s Supplemental Retirement Benefit begins to be paid, the Participant’s spouse, if any, will
receive the Participant’s Supplemental Retirement Benefit as described in this paragraph. Payment will be made to the spouse
in the form of a single life annuity beginning in the month after the Participant’s death, except if paid in a lump sum pursuant
to Section 6.3(c) (relating to small lump sums). The amount of the payment shall be equal to (i) the amount of the death benefit
that the spouse would be entitled to receive under the Retirement Plan, if paid in the form of a single life annuity beginning
in the month after the Participant’s death (or, if later, the month after the date the Participant would have attained age
55), without regard to the Limitations, reduced by (ii) the amount of the death benefit that the spouse would be entitled to receive
under the Retirement Plan, determined at the same time and in the same form, after application of the Limitations.

 

13.Section
6.3(a) is revised to read as follows:

 

Except as otherwise
provided in paragraphs (b) (relating to Participant’s elections) and (c) (relating to small lump sum payments), the payment
of a Supplemental Retirement Benefit to which a Participant (or, if the Participant dies after payments begin to be made, such
Participant’s beneficiary) is entitled under the Plan shall be distributed to the Participant (or beneficiary) in the form
of equal, monthly installments over a period of ten years (which installment option is treated as the entitlement to a single payment
for purposes of Treasury Regulation § 1.409A-2(b)(2)(iii)). Such distribution shall begin to be paid in the month following
the Participant’s Termination of Employment Service (or, if later, in the month after the Participant attains age 55), provided
however, that payments that would otherwise be made in the first six months following the Participant’s Termination of Employment
Service will instead be made in a lump sum in the seventh month following the Participant’s Termination and shall include
interest from the scheduled payment date to the actual payment date at the rate that is used under the Retirement Plan to satisfy
Section 417(e) of the Code for a distribution in the month following the Participant’s Termination.

 

14.Except
as otherwise provided in this Amendment, the provisions of the Plan shall remain in full force and effect. 

 

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IN WITNESS WHEREOF,
this Amendment has been executed on the 20th day of December, 2013, effective as set forth herein. 

 

 

	 	VULCAN MATERIALS COMPANY
	 	 	 
	 	 	 
	 	By:	/s/ Donald M. James
	 	 	 

  

 

    	Page 5 of 5Exhibit 10.1

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

for

 

Mahesh V. Patel

 

This Executive Employment Agreement (the
“Agreement”), made between Lipocine Inc. (the “Company”) and Mahesh V. Patel, Ph.D. (“Executive”)
(collectively, the “Parties”), is effective as of January 7, 2014.

 

WHEREAS, the Company desires for Executive
to provide services to the Company; and

 

WHEREAS, Executive is willing to perform
services for the Company on the terms and conditions set forth in this Agreement;

 

NOW, THEREFORE, in consideration of the
mutual promises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the Parties hereto agree as follows:

 

1.           Employment
by the Company. 

 

1.1         Position.
Executive shall serve as the Company’s President and Chief Executive Officer. During the term of Executive’s employment
with the Company, Executive will devote substantially all of Executive’s business time and attention to the business of the
Company, except for approved vacation periods and reasonable periods of illness or other incapacities permitted by the Company’s
general employment policies.

 

1.2         Duties
and Location. Executive shall perform such duties as are required by the Company’s Board of Directors, to whom Executive
will report. Executive’s primary office location shall be the Company’s offices located in Salt Lake City, Utah. The
Company reserves the right to reasonably require Executive to perform Executive’s duties at places other than Executive’s
primary office location from time to time, and to require reasonable business travel.

 

1.3         Policies
and Procedures. The employment relationship between the Parties shall be governed by the general employment policies and practices
of the Company, except that when the terms of this Agreement differ from or are in conflict with the Company’s general employment
policies or practices, this Agreement shall control.

 

2.           Compensation.

 

2.1         Salary.
For services to be rendered hereunder, Executive shall initially receive a base salary at the rate of Three Hundred Seventy Thousand,
Eight Hundred Dollars ($370,800) per year (the “Base Salary”), subject to standard payroll deductions and withholdings
payable in accordance with the Company’s regular payroll schedule.

 

    	 

    	 

    

 

2.2         Bonus.
Executive will be eligible for an annual discretionary bonus of up to Forty Percent (40%) of Executive’s Base Salary or such
higher amount as may be determined by the Company’s Board of Directors (“Board”) (or compensation committee
thereof) from time to time. Whether Executive receives an annual bonus, and the amount of any such annual bonus, will be determined
by the Board in its sole discretion based upon the Company’s and Executive’s achievement of objectives and milestones
to be determined on an annual basis by the Board. Bonuses are generally paid by March 15 following the applicable bonus year, and
Executive must be an active employee on the date any Annual Bonus is paid in order to earn any such Annual Bonus. Executive will
not be eligible for, and will not earn, any Annual Bonus (including a prorated bonus) if Executive’s employment terminates
for any reason before the date Annual Bonuses are paid except as agreed to in Section 3.2.

 

2.3         Standard
Company Benefits. Executive shall be entitled to participate in all employee benefit programs for which Executive is eligible
under the terms and conditions of the benefit plans that may be in effect from time to time and provided by the Company to its
employees. The Company reserves the right to cancel or change the benefit plans or programs it offers to its employees at any time.

 

2.4         Expenses.
The Company will reimburse Executive for reasonable travel, entertainment or other expenses, including cellular phone, incurred
by Executive in furtherance or in connection with the performance of Executive’s duties hereunder, in accordance with the
Company’s expense reimbursement policy as in effect from time to time.

 

2.5         Other.
The Company has D&O insurance coverage and will specifically name Executive as a covered employee under that policy before
the Executive will be required to sign any Securities and Exchange Commission filings. The Company will also enter into its standard
Indemnification Agreement with Executive.

 

3.           Termination
of Employment; Severance. 

 

3.1         At-Will
Employment. Executive’s employment relationship is at-will. Either Executive or the Company may terminate the employment
relationship at any time, with or without Cause or advance notice. Upon termination for any reason, Executive shall receive (i)
all unpaid salary and unpaid vacation accrued through the separation date; (ii) any payments/benefits to which the Executive is
entitled under the express terms of any applicable Company employee benefit plan; and (iii) any unreimbursed valid business expenses
for which the Executive has submitted properly documented reimbursement requests. Executive’s right to payment under any
then outstanding equity awards shall be governed by their applicable terms.

 

3.2         Termination
Without Cause; Resignation for Good Reason. 

 

(i)           The
Company may terminate Executive’s employment with the Company at any time without Cause (as defined below). Further, Executive
may resign at any time for Good Reason (as defined below).

 

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(ii)          In
the event Executive’s employment with the Company is terminated by the Company without Cause, or Executive resigns for Good
Reason, then provided such termination constitutes a “separation from service” (as defined under Treasury Regulation
Section 1.409A-1(h), without regard to any alternative definition thereunder, a “Separation from Service”),
and provided that Executive remains in compliance with the terms of this Agreement and satisfies the requirements set forth in
Section 4, then Executive shall receive the following severance benefits:

 

(a)          All
unpaid salary and unpaid vacation accrued through the separation date.

 

(b)          Bonus
and other compensation payable hereunder and earned through the effective date of termination or resignation, if any.

 

(c)          Any
payments/benefits to which the Executive is entitled under the express terms of any applicable Company employee benefit plan.

 

(d)          Any unreimbursed valid business expenses for which the Executive has submitted properly documented reimbursement requests.

 

(e)          Severance
(the “Severance”) in an amount equal to the sum of the following:

 

(1)         Seventy-eight
weeks of Base Salary as in effect immediately prior to the separation date; and

 

(2)         An
amount equal to the product of (A) seventy-eight, multiplied by (B) Executive’s Base Salary as in effect immediately prior
to the separation date divided by fifty-two, multiplied by (C) Executive’s annual bonus percentage target as in effect immediately
prior to the separation date.

 

The Severance shall be subject to standard
payroll deductions and withholdings, and payable in a lump-sum on the 60th day following Executive’s Separation from Service.

 

(f)          If
Executive timely elects continued coverage under COBRA for himself and his covered dependents under the Company’s group health
plans following such termination, then the Company shall pay the COBRA premiums necessary to continue Employee’s and his
covered dependents’ health insurance coverage in effect for himself on the termination date for seventy-eight weeks, with
such payments to cease in the event Executive becomes eligible for health insurance coverage in connection with new employment
or Executive ceases to be eligible for COBRA continuation coverage for any reason. Notwithstanding the foregoing, if at any time
the Company determines that its payment of COBRA premiums on Executive’s behalf would result in a violation of applicable
law (including, without limitation, Section 2716 of the Public Health Service Act), then in lieu of paying COBRA premiums pursuant
to this Section, the Company shall pay Executive on the last day of each remaining month of the payment period, a fully taxable
cash payment equal to the COBRA premium for such month, subject to applicable tax withholding, to be made without regard to Executive’s
payment of COBRA premiums.

 

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(g)         The
vesting of all of Executive’s equity interests in the Company shall be accelerated such that all equity interests shall be
deemed vested and exercisable as of Executive’s last day of employment.

 

(h)         The
exercise period for all of Executive’s equity interests in the Company shall, to the extent permitted under the Amended and
Restated 2011 Equity Incentive Plan or other applicable plan document, be extended so that such period terminates upon the later
of either (1) three years following the Executive’s last day of employment, or (2) the exercise period set forth under
the Amended and Restated 2011 Equity Incentive Plan, other applicable plan document or applicable option agreement or restricted
stock agreement. This paragraph (h) shall operate as an amendment of any applicable option or option agreement.

 

(iii)         If
Executive’s termination without Cause or resignation for Good Reason, as of, immediately prior to or any time within twelve
months following the closing of a Corporate Transaction (and provided such termination or resignation constitutes a Separation
from Service), then in addition to the benefits set forth in Section 3.2(ii)(a)(b)(c)(d)(g)(h), and in lieu of the benefits set
forth in Section 3.2(ii)(e) and (f), Executive shall receive the following severance benefits:

 

(a)          Severance
in an amount equal to the sum of the following (shall be subject to standard payroll deductions and withholdings, and payable in
a lump-sum on the 60th day following Executive’s Separation from Service):

 

(1)         One
hundred and four weeks of Base Salary as in effect immediately prior to the separation date; and

 

(2)         The
product of (A) one hundred and four, multiplied (B) by Executive’s Base Salary as in effect immediately prior to the separation
date divided by fifty-two, multiplied by (C) Executive’s annual bonus percentage target as in effect immediately prior to
the separation date.

 

(b)         If
Executive timely elects continued coverage under COBRA for himself and his covered dependents under the Company’s group health
plans following such termination, then the Company shall pay the COBRA premiums necessary to continue Employee’s and his
covered dependents’ health insurance coverage in effect for himself on the termination date for twenty-four months, subject
to the terms and conditions set forth in Section 3.2(ii)(b).

 

3.3         Termination
for Cause; Resignation Without Good Reason; Death or Disability.

 

(i)           The
Company may terminate Executive’s employment with the Company at any time for Cause. Further, Executive may resign at any
time without Good Reason. Executive’s employment with the Company may also be terminated due to Executive’s death or
disability.

 

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(ii)          If
Executive resigns without Good Reason, or the Company terminates Executive’s employment for Cause, or upon Executive’s
death or disability, then (a) Executive will no longer vest in any equity interests that are subject to vesting, (b) all payments
of compensation by the Company to Executive hereunder will terminate immediately (except as to amounts already earned), and (c)
Executive will not be entitled to any severance benefits, including the Severance.

 

4.           Conditions
to Receipt of the Severance Benefits. Executive’s receipt of the severance benefits set forth in Sections 3.2(ii) and
(iii) will be subject to Executive signing and not revoking a separation agreement and release of claims in a form reasonably satisfactory
to the Company (the “Separation Agreement”). No severance benefits will be paid or provided until the Separation
Agreement becomes effective.

 

5.           Section
409A. It is intended that all of the severance benefits and other payments payable under this Agreement satisfy, to the greatest
extent possible, the exemptions from the application of Code Section 409A provided under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(5)
and 1.409A-1(b)(9), and this Agreement will be construed to the greatest extent possible as consistent with those provisions, and
to the extent no so exempt, this Agreement (and any definitions hereunder) will be construed in a manner that complies with Section
409A. For purposes of Code Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)),
Executive’s right to receive any installment payments under this Agreement (whether severance payments, reimbursements or
otherwise) shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder
shall at all times be considered a separate and distinct payment. Notwithstanding any provision to the contrary in this Agreement,
if Executive is deemed by the Company at the time of Executive’s Separation from Service to be a “specified employee”
for purposes of Code Section 409A(a)(2)(B)(i), and if any of the payments upon Separation from Service set forth herein and/or
under any other agreement with the Company are deemed to be “deferred compensation”, then to the extent delayed commencement
of any portion of such payments is required in order to avoid a prohibited distribution under Code Section 409A(a)(2)(B)(i) and
the related adverse taxation under Section 409A, such payments shall not be provided to Executive prior to the earliest of (i)
the expiration of the six-month period measured from the date of Executive’s Separation from Service with the Company, (ii)
the date of Executive’s death or (iii) such earlier date as permitted under Section 409A without the imposition of adverse
taxation. Upon the first business day following the expiration of such applicable Code Section 409A(a)(2)(B)(i) period, all payments
deferred pursuant to this Paragraph shall be paid in a lump sum to Executive, and any remaining payments due shall be paid as otherwise
provided herein or in the applicable agreement. No interest shall be due on any amounts so deferred.

 

6.           Definitions.

 

(i)           Cause.
For purposes of this Agreement, “Cause” for termination will have the meaning set forth in the Lipocine Inc.
Amended and Restated 2011 Equity Incentive Plan.

 

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(ii)          Good
Reason. For purposes of this Agreement, Executive shall have “Good Reason” for resignation of employment with
the Company if any of the following actions are taken by the Company without Executive’s prior written consent: (a) a material
reduction in Executive’s Base Salary, unless the reduction is proportional to an across-the-board decrease affecting all
senior executives; (b) a material reduction in Executive’s duties, including responsibilities and/or authorities (it shall
be deemed to be a material diminution of Executive’s duties, responsibilities and authorities if the Executive is no longer
the sole President and Chief Executive Officer of the Company (or if the Company has a parent entity, then the Executive must be
its sole President and Chief Executive Officer)); or (c) relocation of Executive’s principal place of employment to a place
that increases Executive’s one-way commute by more than twenty-five (25) miles as compared to Executive’s then-current
principal place of employment immediately prior to such relocation. In order to resign for Good Reason, Executive must provide
written notice to the Company’s Board within 30 days after the first occurrence of the event giving rise to Good Reason setting
forth the basis for Executive’s resignation, allow the Company at least 30 days from receipt of such written notice to cure
such event, and if such event is not reasonably cured within such period, Executive must resign from all positions Executive then
holds with the Company not later than 90 days after the expiration of the cure period.

 

(iii)         Corporate
Transaction. For purposes of this Agreement, “Corporate Transaction” will have the meaning set forth in the
Lipocine Inc. Amended and Restated 2011 Equity Incentive Plan.

 

7.           Proprietary
Information Obligations. Executive shall be required to executed and abide by the Company’s standard form of Employee Proprietary
Information and Inventions Agreement.

 

8.           Outside
Activities During Employment. 

 

8.1         Non-Company
Business. Except with the prior written consent of the Board, Executive will not during the term of Executive’s employment
with the Company undertake or engage in any other employment, occupation or business enterprise, other than ones in which Executive
is a passive investor. Executive may engage in civic and not-for-profit activities so long as such activities do not materially
interfere with the performance of Executive’s duties hereunder.

 

8.2         No
Adverse Interests. Executive agrees not to acquire, assume or participate in, directly or indirectly, any position, investment
or interest known to be adverse or antagonistic to the Company, its business or prospects, financial or otherwise.

 

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9.           Code
Section 280G. If any payment or benefit Executive would receive from the Company or otherwise in connection with a Corporate
Transaction or other similar transaction ( “Payment” ) would (i) constitute a “parachute payment”
within the meaning of Section 280G of the Code and (ii) but for this sentence, be subject to the excise tax imposed by Section
4999 of the Code (the “Excise Tax” ), then such Payment will be equal to the Reduced Amount. The “Reduced
Amount” will be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject
to the Excise Tax, or (y) the largest portion, up to and including the total, of the Payment, whichever amount ((x) or (y)), after
taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at
the highest applicable marginal rate), results in Executive’s receipt of the greater economic benefit notwithstanding that
all or some portion of the Payment may be subject to the Excise Tax. If a Reduced Amount will give rise to the greater after tax
benefit, the reduction in the Payments will occur in the following order: (a) reduction of cash payments; (b) cancellation of accelerated
vesting of equity awards in such a manner as to produce the least amount of reduction necessary; and (c) reduction of other benefits
paid to Executive. Within any such category of payments and benefits (that is, (a), (b), or (c)), a reduction will occur first
with respect to amounts that are not “deferred compensation” within the meaning of Section 409A and then with respect
to amounts that are. In the event that acceleration of compensation from Executive’s equity awards is to be reduced, such
acceleration of vesting will be canceled, subject to the immediately preceding sentence, in the reverse order of the date of grant,
except to the extent a different chronology is necessary to produce the least amount of reduction. The registered public accounting
firm engaged by the Company for general audit purposes as of the day prior to the effective date of the event described in Section
280G(b)(2)(A)(i) of the Code will perform the foregoing calculations. If the registered public accounting firm so engaged by the
Company is serving as accountant or auditor for the acquirer or is otherwise unable or unwilling to perform the calculations, the
Company will appoint a nationally recognized firm that has expertise in these calculations to make the determinations required
hereunder. The Company will bear all expenses with respect to the determinations by such independent registered public accounting
firm required to be made hereunder. Any good faith determinations of the independent registered public accounting firm made hereunder
will be final, binding and conclusive upon the Company and Executive.

 

10.         General
Provisions. 

 

10.1      Notices.
Any notices provided must be in writing and will be deemed effective upon the earlier of personal delivery (including personal
delivery by fax) or the next day after sending by overnight carrier, to the Company at its primary office location and to Executive
at the address as listed on the Company payroll.

 

10.2      Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable
law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other
jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction to the extent possible in keeping
with the intent of the parties.

 

10.3      Waiver.
Any waiver of any breach of any provisions of this Agreement must be in writing to be effective, and it shall not thereby be deemed
to have waived any preceding or succeeding breach of the same or any other provision of this Agreement.

 

10.4      Complete
Agreement. This Agreement constitutes the entire agreement between Executive and the Company with regard to this subject matter
and is the complete, final, and exclusive embodiment of the Parties’ agreement with regard to this subject matter. This Agreement
is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein,
and it supersedes any other such promises, warranties or representations. It is entered into without reliance on any promise or
representation other than those expressly contained herein, and it cannot be modified or amended except in a writing signed by
a duly authorized officer of the Company.

 

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10.5      Counterparts.
This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one party,
but all of which taken together will constitute one and the same Agreement.

 

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

 

10.7      Successors
and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive and the Company,
and their respective successors, assigns, heirs, executors and administrators, except that Executive may not assign any of his
duties hereunder. In addition, Executive may not assign any of his rights hereunder without the written consent of the Company,
which shall not be withheld unreasonably.

 

10.8      Tax
Withholding and Indemnification. All payments and awards contemplated or made pursuant to this Agreement will be subject to
withholdings of applicable taxes in compliance with all relevant laws and regulations of all appropriate government authorities.
Executive acknowledges and agrees that the Company has neither made any assurances nor any guarantees concerning the tax treatment
of any payments or awards contemplated by or made pursuant to this Agreement. Executive has had the opportunity to retain a tax
and financial advisor and fully understands the tax and economic consequences of all payments and awards made pursuant to the Agreement.

 

10.9      Choice
of Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by the laws
of the State of Utah, without regards to conflicts of law. Any dispute arising out of this Agreement, or the breach thereof, shall
be brought in a court of competent jurisdiction in Salt Lake County, the State of Utah; the parties expressly consenting to venue
in Salt Lake County, the State of Utah.

 

[Signature Page Follows]

 

    	8

    	 

    

 

IN WITNESS WHEREOF, the Parties have executed
this Agreement on the day and year first written above.

 

	 	LIPOCINE INC.
	 	 	 
	 	By:	/s/ William Higuchi
	 	 	 
	 	Name:	William Higuchi
	 	 	 
	 	Its:	Director
	 	 	 
	 	EXECUTIVE
	 	 
	 	/s/ Mahesh Patel
	 	Mahesh V. Patel, Ph.D.

 

[Signature Page to Employment Agreement
– Mahesh V. Patel]

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