Document:

Exhibit 10.1

 

STOCK PURCHASE AGREEMENT

 

This STOCK PURCHASE
AGREEMENT (the “Agreement”) is dated as of [July/August] [__], 2020, by and among NEXGEL, Inc., a Delaware
corporation (the “Company”), and each of the purchasers identified on the signature pages hereto and
such purchasers’ respective successors and assigns (individually, a “Purchaser” and collectively,
the “Purchasers”).

 

The parties hereto
agree as follows:

 

Article
I.

Purchase and Sale of COMMON Stock

 

Section 1.01           Purchase
and Sale of Stock. Upon the following terms and subject to the conditions set forth herein, the Company shall issue and sell
to each Purchaser, and each Purchaser shall purchase from the Company, that number of shares of the Company’s common stock,
par value $0.001 per share (the “Common Stock”), as is set forth on each such Purchaser’s signature
page hereto (collectively, the “Shares”), at a price per share equal to $0.06 (the “Per
Share Purchase Price,” and such amounts in the aggregate, the “Purchase Price”). In the
event that this Agreement is amended between Initial Closing Date (as defined below) and a Subsequent Closing Date (as defined
below) to reduce the Per Share Purchase Price, then the Purchasers in the Initial Closing Date shall be entitled to receive from
the Company additional shares of Common Stock, for no additional consideration, in an amount sufficient that the pro rata portion
of the Purchase Price paid by such Purchaser hereunder for the Shares then held, when divided by the total number of Shares then
held by such Purchaser plus such additional shares of Common Stock issued will equal the reduced Purchase Price. The Company and
the Purchasers are executing and delivering this Agreement in accordance with and in reliance upon the exemption from securities
registration afforded by Rule 506 of Regulation D (“Regulation D”) as promulgated by the United States
Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the
“Securities Act”).

 

Section 1.02           
Closing.

 

(a)               
On the initial closing date (the “Initial Closing Date”), upon the terms and subject to the conditions
set forth herein, substantially concurrent with the execution and delivery of this Agreement by the parties hereto, the Company
agrees to sell at the initial closing (the “Initial Closing”), and the Purchasers, severally and not
jointly, agree to purchase at the Initial Closing, an aggregate number of Shares to be determined by the mutual agreement of the
Company and the respective such Purchasers. Thereafter, on a subsequent closing date (the “Subsequent Closing Date”,
and the Initial Closing Date and any Subsequent Closing Date, each a “Closing Date”), upon the terms
and subject to the conditions set forth herein, substantially concurrent with the execution and delivery of this Agreement by the
Purchasers purchasing shares of Common Stock on such Subsequent Closing Date, the Company agrees to sell, and the Purchasers purchasing
shares of Common Stock at such subsequent closing, severally and not jointly, agree to purchase, an aggregate of up to $300,000
of Common Stock; provided, however, such amount may be increased to an aggregate of up to $1,500,000 of Common Stock by the Company
in its sole discretion and without notice. Each Purchaser purchasing shares of Common Stock on a Closing Date shall deliver to
the Company such Purchaser’s Purchase Price by wire transfer of immediately available funds in accordance with the Company’s
written wire instructions, and the Company shall irrevocably instruct the Company’s transfer agent to deliver to each Purchaser
a stock certificate representing such Purchaser’s respective shares of Common Stock. Notwithstanding anything herein to the
contrary, each Closing Date shall occur on or before July 30 2020; provided, however, that such date may be extended by the Company,
without notice, for up to 30-days (the “Termination Date”).

 

     

     

    

 

(b)               
If a Closing is not held on or before the Termination Date, the Company shall cause all subscription documents and funds
to be returned, without interest or deduction, to each prospective Purchaser. The Company shall also cause any subscription documents
or funds received following the final Closing to be returned, without interest or deduction, to each applicable prospective Purchaser.
Notwithstanding the foregoing, the Company in its sole discretion may elect not to sell to any Person any or all of the shares
of Common Stock requested to be purchased hereunder, provided that the Company causes all corresponding subscription documents
and funds received from such person to be promptly returned.

 

Article
II.

Representations and Warranties

 

Section 2.01           
Representations and Warranties of the Company. The Company hereby represents and warrants to the Purchasers, as of
the date hereof, as follows:

 

(a)               
Organization, Good Standing and Qualification. The Company is a corporation duly organized, validly existing and
in good standing under the laws of the State of Delaware and has full corporate power and authority to own and use its properties
and its assets and conduct its business as currently conducted. The Company has no subsidiary. The Company is not in violation
of any of the provisions of its organizational or charter documents, including, but not limited to the Charter Documents (as defined
below). The Company is duly qualified to conduct business and is in good standing as a foreign corporation in each jurisdiction
in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure
to be so qualified or in good standing, as the case may be, would not result in a direct and/or indirect (i) material adverse
effect on the legality, validity or enforceability of any of the Shares and/or this Agreement, (ii) material adverse effect
on the results of operations, assets, business, condition (financial and other) or prospects of the Company, taken as a whole,
or (iii) material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations
under the Transaction Documents (as defined below) (any of (i), (ii) or (iii), a “Material Adverse Effect”).

 

(b)               
Capitalization and Voting Rights. The authorized capital stock of the Company is as set forth in the SEC Reports
(as defined below) and, as of the date hereof, the Company has 82,380,208 shares of Common Stock issued and outstanding and no
shares of preferred stock, par value $0.001 per shares, issued and outstanding. All of the issued and outstanding shares of capital
stock of the Company are validly issued, fully paid and nonassessable. There are no outstanding securities of the Company which
contain any preemptive, redemption or similar provisions, nor is any holder of securities of the Company entitled to preemptive
or similar rights arising out of any agreement or understanding with the Company by virtue of any of the Transaction Documents,
and there are no contracts, commitments, understandings or arrangements by which the Company is or may become bound to redeem a
security of the Company. The Company does not have any stock appreciation rights or "phantom stock" plans or agreements
or any similar plan or agreement. Except grants made pursuant to the NEXGEL, Inc. 2019 Long-Term Incentive Plan or otherwise described
in the SEC Reports, there are no outstanding options, warrants, agreements, convertible securities, preemptive rights or other
rights to subscribe for or to purchase or acquire, any shares of capital stock of the Company or contracts, commitments, understandings,
or arrangements by which the Company is or may become bound to issue any shares of capital stock of the Company, or securities
or rights convertible or exchangeable into shares of capital stock of the Company. Except as otherwise required by law, there are
no restrictions upon the voting or transfer of any of the shares of capital stock of the Company pursuant to the Company’s
Charter Documents or other governing documents or any agreement or other instruments to which the Company is a party or by which
the Company is bound. All of such outstanding capital stock has been issued in compliance in all material respects with applicable
federal and state securities laws. The issuance and sale of the Shares and, upon issuance, the Shares, as contemplated hereby will
not obligate the Company to issue shares of Common Stock or other securities to any other person (other than the Purchasers) and
will not result in the adjustment of the exercise, conversion, exchange or reset price of any outstanding security. The Company
does not have outstanding shareholder purchase rights or “poison pill” or any similar arrangement in effect giving
any person the right to purchase any equity interest in the Company upon the occurrence of certain events.

 

    -2-

     

    

 

(c)               
Authorization; Enforceability. The Company has the requisite corporate right, power and authority to enter into,
execute and deliver this Agreement and each other agreement, document, instrument and certificate to be executed by the Company
in connection with the consummation of the transactions contemplated hereby (collectively referred to as the “Transaction
Documents”), and to perform fully its obligations hereunder and thereunder. All necessary corporate action on the
part of the Company, its directors and shareholders necessary for the (a) authorization execution, delivery and performance of
this Agreement and the other Transaction Documents by the Company; and (b) authorization, sale, issuance and delivery of the Shares
contemplated hereby and the performance of the Company’s obligations under this Agreement and the other Transaction Documents
has been taken. This Agreement and the other Transaction Documents have been duly executed and delivered by the Company and each
constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its respective
terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors and rules of law governing
specific performance, injunctive relief or other equitable remedies, and to limitations of public policy. The Shares are duly authorized
and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid
and nonassessable, free and clear of all mortgages, pledges, liens, claims, charges, encumbrances or other restrictions (collectively,
“Encumbrances”) imposed by the Company other than restrictions on transfer pursuant to applicable law
or otherwise provided for in the Transaction Documents.

 

(d)               
No Conflict; Governmental Consents.

 

(i)                
The execution and delivery by the Company of this Agreement and the other Transaction Documents, the issuance and sale of
the Shares and the consummation of the other transactions contemplated hereby or thereby do not and will not (i) result in the
violation of any law, statute, rule, regulation, order, writ, injunction, judgment or decree of any court or governmental authority
to or by which the Company is bound including without limitation all foreign, federal, state and local laws applicable to its business
and all such laws that affect the environment, except in each case as could not have or reasonably be expected to result in a Material
Adverse Effect, (ii) conflict with or violate any provision of the Company’s Amended and Restated Certificate of Incorporation
(the “Articles”) or the Amended and Restated Bylaws, (and collectively with the Articles, the “Charter
Documents”) of the Company, or (iii) conflict with, or result in a breach or violation of, any of the terms or provisions
of, or constitute (with or without due notice or lapse of time or both) a default or give to others any rights of termination,
amendment, acceleration or cancellation (with or without due notice, lapse of time or both) under any agreement, credit facility,
lease, loan agreement, mortgage, security agreement, trust indenture or other agreement or instrument to which the Company is a
party or by which any of them is bound or to which any of their respective properties or assets is subject, nor result in the creation
or imposition of any Encumbrances upon any of the properties or assets of the Company, except in the case of each of clauses (i)
and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(ii)              
No vote, approval or consent of any holder of capital stock of the Company or any other third parties is required to be
obtained by the Company in connection with the authorization, execution, delivery and performance of this Agreement and the other
Transaction Documents or in connection with the authorization, issue and sale of the Shares, except as has been previously obtained.

 

    -3-

     

    

 

(iii)            
No consent, approval, authorization or other order of any governmental authority or any other person is required to be obtained
by the Company in connection with the authorization, execution, delivery and performance of this Agreement and the other Transaction
Documents or in connection with the authorization, issue and sale of the Shares, except such post-sale filings as may be required
to be made with the Commission, FINRA and with any state or foreign blue sky or securities regulatory authority, all of which shall
be made when required.

 

(e)               
Shell Company Status; SEC Reports; Financial Statements. The Company has never been an issuer subject to Rule 144(i)
under the Securities Act. The Company has filed all reports required to be filed by it under the Securities Act and Securities
Exchange Act of 1934, as amended (the “Exchange Act”), including pursuant to Section 13(a) or 15(d) thereof,
for the twenty-four (24) months preceding the date hereof (or such shorter period as the Company was required by law to file such
reports) (the foregoing materials, together with the Company’s Registration Statement on Form S-1 (File No. 333-229173),
originally filed with the Commission on January 9, 2019, as amended, being collectively referred to herein as the "SEC
Reports") on a timely basis or has timely filed a valid extension of such time of filing and has filed any such SEC
Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects
with the requirements of the Securities Act and the Exchange Act and the rules and regulations of the Commission promulgated thereunder,
and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they
were made, not misleading. The financial statements of the Company included in the SEC Reports comply in all material respects
with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the
time of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting principles
(“GAAP”) applied on a consistent basis during the periods involved, except as may be otherwise specified
in such financial statements or the footnotes thereto, and fairly present in all material respects the financial position of the
Company as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the
case of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

(f)                
Reserved.

 

(g)               
Litigation. The Company knows of no pending or threatened legal or governmental proceedings against the Company which
could reasonably be expected to have a Material Adverse Effect and thereunder. The Company is not a party or subject to the provisions
of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality which could reasonably
be expected to have a Material Adverse Effect. There is no action, suit, proceeding or investigation by the Company currently pending
in any court or before any arbitrator or that the Company intends to initiate. Neither the Company, nor any director or officer
thereof, is subject of any action involving (i) a claim of violation of or liability under federal or state securities laws or
(ii) a claim of breach of fiduciary duty. To the Company’s knowledge, there is no pending or contemplated investigation by
the Commission involving the Company or any current or former director or officer of the Company. For purposes of this Agreement,
the term “knowledge” when used with respect to the Company will mean the present, conscious awareness of a particular
fact or matter by the Company’s chief executive officer or interim chief financial officer.

 

(h)               
Compliance. The Company: (i) is not in default under or in violation of (and no event has occurred that has not been
waived that, with notice or lapse of time or both, would result in a default by the Company), or has not received notice of a claim
that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument
to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived),
(ii) is not in violation of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii) is
not or has not been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without
limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety,
product quality and safety and employment and labor matters, except in each case as could not have or reasonably be expected to
result in a Material Adverse Effect.

 

    -4-

     

    

 

(i)                
Regulatory Permits. The Company possess all certificates, authorizations and permits issued by the appropriate federal,
state, local or foreign regulatory authorities necessary to conduct their respective businesses, except where the failure to possess
such permits could not reasonably be expected to result in a Material Adverse Effect (“Material Permits”),
and the Company has not received any notice of proceedings relating to the revocation or modification of any Material Permit.

 

(j)                
Brokers. Neither the Company nor any of the Company's officers, directors, employees or shareholders has employed
or engaged any broker or finder in connection with the transactions contemplated by this Agreement and no fee or other compensation
is or will be due and owing to any broker, finder, underwriter, placement agent or similar person in connection with the transactions
contemplated by this Agreement. The Company is not party to any agreement, arrangement or understanding whereby any person has
an exclusive right to raise funds and/or place or purchase any debt or equity securities for or on behalf of the Company.

 

(k)               
No General Solicitation. None of the Company, any of their affiliates, and any person acting on the Company’s
behalf and its direction, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D
under the Securities Act) in connection with the offer or sale of the Shares.

 

(l)                
Private Placement. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section
2.02, no registration under the Securities Act is required for the offer and sale of the Shares by the Company to the Purchaser
as contemplated hereby.

 

(y)                Bad
Actor. No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification
Event”) is applicable to the Company or, to the Company’s knowledge, any Person listed in the first paragraph
of Rule 506(d)(1) with respect to the Company as an “issuer” for purposes of Rule 506 promulgated under the Securities
Act, except for a Disqualification Event as to which Rule 506(d)(2)(ii–iv) or (d)(3), is applicable.

 

Section 2.02           
Representations and Warranties of the Purchasers. Each of the Purchasers hereby makes the following representations
and warranties to the Company with respect solely to itself and not with respect to any other Purchaser:

 

(a)               
Organization and Standing of the Purchasers. If the Purchaser is an entity, such Purchaser is a corporation, limited
liability company or partnership duly incorporated or organized, validly existing and in good standing under the laws of the jurisdiction
of its incorporation or organization.

 

(b)               
Authorization and Power. Each Purchaser has the requisite power and authority to enter into and perform this Agreement
and to purchase the Shares being sold to such Purchaser hereunder. This Agreement has been duly authorized, executed and delivered
by such Purchaser and constitutes, or shall constitute when executed and delivered, a valid and binding obligation of such Purchaser
enforceable against such Purchaser in accordance with the terms thereof, except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws relating to, or
affecting generally the enforcement of, creditor’s rights and remedies or by other equitable principles of general application.

 

    -5-

     

    

 

(c)               
Purchase For Own Account. Each Purchaser is acquiring the Shares solely for its own account and not with a view to
or for sale in connection with distribution. Each Purchaser does not have a present intention to sell the Shares, nor a present
arrangement (whether or not legally binding) or intention to effect any distribution of the Shares to or through any person or
entity. Each Purchaser acknowledges that it is able to bear the financial risks associated with an investment in the Shares and
that it has been given full access to such records of the Company and to the officers of the Company and received such information
as it has deemed necessary or appropriate to conduct its due diligence investigation and has sufficient knowledge and experience
in investing in companies similar to the Company in terms of the Company’s stage of development so as to be able to evaluate
the risks and merits of its investment in the Company.

 

(d)              
Status of Purchasers. Such Purchaser is an “accredited investor” as defined in Regulation D promulgated
under the Securities Act. Such Purchaser is not required to be registered as a broker-dealer under Section 15 of the Exchange Act
and such Purchaser is not a broker-dealer.

 

(e)               
Opportunities for Additional Information. Each Purchaser acknowledges that such Purchaser has had the opportunity
to ask questions of and receive answers from, or obtain additional information from, the executive officers of the Company concerning
the financial and other affairs of the Company, and to the extent deemed necessary in light of such Purchaser’s personal
knowledge of the Company’s affairs, such Purchaser has asked such questions and received answers to the full satisfaction
of such Purchaser, and such Purchaser desires to invest in the Company. Neither such inquiries nor any other investigation conducted
by or on behalf of such Purchaser or its representatives or counsel shall modify, amend or affect such Purchaser’s right
to rely on the truth, accuracy and completeness of the Company’s representations and warranties contained in the Transaction
Documents.

 

(f)                
No General Solicitation. Each Purchaser acknowledges that the Shares were not offered to such Purchaser by means
of any form of general or public solicitation or general advertising, or publicly disseminated advertisements or sales literature,
including (i) any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media,
or broadcast over television or radio or (ii) any seminar or meeting to which such Purchaser was invited by any of the foregoing
means of communications.

 

(g)               
Rule 144. Such Purchaser understands that the Shares must be held indefinitely unless they are registered under the
Securities Act or an exemption from registration is available. Such Purchaser acknowledges that such Purchaser is familiar with
Rule 144 of the rules and regulations of the Commission, as amended, promulgated pursuant to the Securities Act (“Rule
144”), and that such person has been advised that Rule 144 permits resales only under certain circumstances. Such
Purchaser understands that to the extent that Rule 144 is not available, such Purchaser will be unable to sell any Shares without
either registration under the Securities Act or the existence of another exemption from such registration requirement.

 

(h)               
General. Such Purchaser understands that the Shares are being offered and sold in reliance on a transactional exemption
from the registration requirement of federal and state securities laws and the Company is relying upon the truth and accuracy of
the representations, warranties, agreements, acknowledgments and understandings of such Purchaser set forth herein in order to
determine the applicability of such exemptions and the suitability of such Purchaser to acquire the Shares.

 

    -6-

     

    

 

(i)                
Independent Investment. Except as may be disclosed in any filings with the Commission by the Purchasers under Section
13 and/or Section 16 of the Exchange Act, no Purchaser has agreed to act with any other Purchaser for the purpose of acquiring,
holding, voting or disposing of the Shares purchased hereunder for purposes of Section 13(d) under the Exchange Act, and each Purchaser
is acting independently with respect to its investment in the Shares.

 

Article
III.

OTHER AGREEMENTS OF THE PARTIES

 

Section 3.01           
Transfer Restrictions.

 

(a)               
The Purchasers covenant that the Shares will only be disposed of pursuant to an effective registration statement under,
and in compliance with the requirements of, the Securities Act or pursuant to an available exemption from the registration requirements
of the Securities Act, and in compliance with any applicable state securities laws. In connection with any transfer of Shares other
than pursuant to an effective registration statement or to the Company, or pursuant to Rule 144 at such time that the Company is
not required to be in compliance with Rule 144(c) and any other limitations or requirements set forth in Rule 144, the Company
may require the transferor to provide the Company with an opinion of counsel selected by the transferor, the form and substance
of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration
under the Securities Act.

 

(b)               
The Purchasers agree to the imprinting of the following legend on any certificate evidencing any of the Shares (in addition
to any legend required by applicable state securities or “blue sky” laws):

 

THESE SECURITIES REPRESENTED BY THIS
CERTIFICATE (THE “SECURITIES”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE
SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR THE COMPANY SHALL HAVE RECEIVED AN OPINION OF COUNSEL THAT REGISTRATION
OF SUCH SECURITIES UNDER THE SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED.

 

Section 3.02           
Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect
of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Shares in
a manner that would require the registration under the Securities Act of the sale of the Shares to the Purchasers.

 

Section 3.03           
Securities Laws Disclosure; Publicity. The Company shall, at or before 5:30 p.m., New York time, on the fourth business
day following execution of this Agreement, file a Current Report on Form 8-K with the Commission describing the terms of the transactions
contemplated by the Transaction Documents and including as exhibits to such Current Report on Form 8-K the Transaction Documents,
in the form required by the Exchange Act. Thereafter, the Company shall timely file any filings and notices required by the Commission
or applicable state law with respect to the transactions contemplated hereby and provide copies thereof to the Purchasers upon
request.

 

Section 3.04           
Use of Proceeds. The Company shall use the net proceeds from the sale of the Shares hereunder for working capital
purposes.

 

    -7-

     

    

 

Section 3.05           
Equal Treatment of Purchasers. No consideration shall be offered or paid to any Person to amend or consent to a waiver
or modification of any provision of any of the Transaction Documents unless the same consideration is also offered to all of the
parties to the Transaction Documents. For clarification purposes, this provision constitutes a separate right granted to each Purchaser
by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class
and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase, disposition
or voting of the Shares or otherwise.

 

Section 3.06           
Rights to Future Stock Issuances.

 

(a)               
Each Purchaser has the right of first refusal to purchase such Purchaser’s Pro Rata Share (as defined below) of all
(or any part) of any New Securities (as defined in Section 3.06(b) below) that the Company may from time to time issue after the
date of this Agreement, provided, however, such Purchaser shall have no right to purchase any such New Securities
if such Purchaser cannot demonstrate to the Company’s reasonable satisfaction that such Purchaser is at the time of the
proposed issuance of such New Securities an “accredited investor” as such term is defined in Regulation D under
the Securities Act. A Purchaser’s “Pro Rata Share” for purposes of this right of first refusal
is the ratio of (a) the number of shares of the Company’s Common Stock issued or issuable upon conversion of the shares
of Series Seed Preferred Stock owned by such Purchaser, to (b) the Fully-Diluted Share Number. For the purposes of the Agreement,
the “Fully-Diluted Share Number” shall mean that number of shares of the Company’s capital stock
equal to the sum of (i) all shares of the Company’s capital stock (on an as-converted
basis) issued and outstanding, assuming exercise or conversion of all options, warrants and other convertible securities and (ii)
all shares of the Company’s capital stock reserved and available for future grant under any equity incentive or similar
plan.

 

(b)               
“New Securities” shall mean any Common Stock or Preferred Stock of the Company, whether now authorized
or not, and rights, options or warrants to purchase such Common Stock or Preferred Stock, and securities of any type whatsoever
that are, or may become, convertible or exchangeable into such Common Stock or Preferred Stock; provided, however,
that the term “New Securities” does not include: (a) shares of Common Stock issued or issuable upon conversion
of the outstanding shares of all the series of the Preferred Stock; (b) shares of Common Stock or Preferred Stock issuable upon
exercise of any options, warrants or rights to purchase any securities of the Company outstanding as of the Agreement Date and
any securities issuable upon the conversion thereof; (c) shares of Common Stock or Preferred Stock issued in connection with any
stock split or stock dividend or recapitalization; (d) shares of Common Stock (or options, warrants or rights therefor) granted
or issued hereafter to employees, officers, directors, contractors, consultants or advisers to, the Company or any subsidiary of
the Company pursuant to incentive agreements, stock purchase or stock option plans, stock bonuses or awards, warrants, contracts
or other arrangements that are approved by the Board; (e) shares of the Company’s Series Seed Preferred Stock issued pursuant
to this Agreement; (f) any other shares of Common Stock or Preferred Stock (and/or options or warrants therefor) issued or issuable
primarily for other than equity financing purposes and approved by the Board of Directors; and (g) shares of Common Stock issued
or issuable by the Company to the public pursuant to a registration statement filed under the Securities Act.

 

(c)               
In the event that the Company proposes to undertake an issuance of New Securities, it shall give to each Purchaser a written
notice of its intention to issue New Securities (the “Notice”), describing the type of New Securities
and the price and the general terms upon which the Company proposes to issue such New Securities given in accordance with Section 4.04.
Each Purchaser shall have five (5) days from the date such Notice is effective, as determined pursuant to Section 4.04 based upon
the manner or method of notice, to agree in writing to purchase such Purchaser’s Pro Rata Share of such New Securities for
the price and upon the general terms specified in the Notice by giving written notice to the Company and stating therein the quantity
of New Securities to be purchased (not to exceed such Purchaser’s Pro Rata Share).

 

    -8-

     

    

 

(d)               
In the event that the Purchasers fail to exercise in full the right of first refusal within such five (5) day period, then
the Company shall have one hundred twenty (120) days thereafter to sell the New Securities with respect to which the Purchasers’
rights of first refusal hereunder were not exercised, at a price and upon general terms not materially more favorable to the purchasers
thereof than specified in the Company’s Notice to the Purchasers. In the event that the Company has not issued and sold the
New Securities within such one hundred twenty (120) day period, then the Company shall not thereafter issue or sell any New Securities
without again first offering such New Securities to the Purchasers pursuant to this Section 3.06.

 

(e)               
The covenants set forth in this Section 3.06 shall terminate and be of no further force or effect immediately before
the Company’s securities begin trading on a National Securities Exchange. For the purposes of this Agreement, “National
Securities Exchange” shall mean an exchange registered with the Commission under Section 6(a) of the Exchange Act
of 1934 or the Nasdaq Stock Market or any successor thereto.

 

Section 3.07           
Form D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Shares as required under
Regulation D. The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption
for, or to qualify the Shares for, sale to the Purchasers at the Closing under applicable securities or “Blue Sky”
laws of the states of the United States, and shall provide evidence of such actions upon request of any Purchaser.

 

Article
IV.

Miscellaneous

 

Section 4.01           
Fees and Expenses. Except as otherwise set forth in this Agreement and the other Transaction Documents, each party
shall pay the fees and expenses of its advisors, counsel, accountants and other experts, if any, and all other expenses, incurred
by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall
pay all stamp or other similar taxes and duties levied in connection with issuance of the Shares pursuant hereto.

 

Section 4.02           
Specific Enforcement, Consent to Jurisdiction.

 

(a)               
The Company and the Purchasers acknowledge and agree that irreparable damage would occur in the event that any of the provisions
of this Agreement or the other Transaction Documents were not performed in accordance with their specific terms or were otherwise
breached. It is accordingly agreed that the parties shall be entitled to seek an injunction or injunctions to prevent or cure breaches
of the provisions of this Agreement and to enforce specifically the terms and provisions hereof or thereof, this being in addition
to any other remedy to which any of them may be entitled by law or equity.

 

(b)               
Each of the Company and the Purchasers (i) hereby irrevocably submits to the jurisdiction of the United States District
Court sitting in the Southern District of New York and the courts of the State of New York located in New York County for the purposes
of any suit, action or proceeding arising out of or relating to this Agreement or any of the other Transaction Documents or the
transactions contemplated hereby or thereby and (ii) hereby waives, and agrees not to assert in any such suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of such court, that the suit, action or proceeding is brought in
an inconvenient forum or that the venue of the suit, action or proceeding is improper. Each of the Company and the Purchasers consents
to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address in effect
for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and
notice thereof. Nothing in this Section 4.02 shall affect or limit any right to serve process in any other manner permitted by
law.

 

    -9-

     

    

 

Section
4.03                       
Entire Agreement; Amendment. This Agreement (including all exhibits and schedules hereto) and the Transaction Documents
contain the entire understanding and agreement of the parties with respect to the matters covered hereby and, except as specifically
set forth herein or in the Transaction Documents, neither the Company nor any of the Purchasers makes any representations, warranty,
covenant or undertaking with respect to such matters and they supersede all prior understandings and agreements with respect to
said subject matter, all of which are merged herein. No provision of this Agreement may be waived or amended other than by a written
instrument signed by the Company and the Purchasers holding a majority of the Shares then outstanding and held by Purchasers.

 

Section
4.04                       
Notices. Any notice, demand, request, waiver or other communication required or permitted to be given hereunder shall
be in writing and shall be effective (a) upon hand delivery by telex (with correct answer back received), telecopy, e-mail or facsimile
at the address or number designated below (if delivered on a business day during normal business hours where such notice is to
be received), or the first business day following such delivery (if delivered other than on a business day during normal business
hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service,
fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for
such communications shall be:

 

(a)               
If to the Company:

 

NEXGEL, Inc.

2150 Cabot Boulevard, West 

Suite B 

Langhorne, PA 19067

Attention: Chief Executive Officer

Fax No.: ([ ]) [ ]

 

(b)               
If to any Purchaser at the address of such Purchaser set forth on the signature pages hereto.

 

Any party hereto may
from time to time change its address for notices by giving at least ten (10) days written notice of such changed address to the
other party hereto.

 

Section
4.05                       
Waivers. No waiver by either party of any default with respect to any provision, condition or requirement of this
Agreement shall be deemed to be a continuing waiver in the future or a waiver of any other provisions, condition or requirement
hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such
right accruing to it thereafter.

 

Section
4.06                       
Headings. The article, section and subsection headings in this Agreement are for convenience only and shall not constitute
a part of this Agreement for any other purpose and shall not be deemed to limit or affect any of the provisions hereof.

 

Section
4.07                      
Successors and Assigns; Restrictions on Transfer. This Agreement shall be binding upon and inure to the benefit of
the parties and their successors and assigns. The Company may not assign this Agreement or any rights or obligations hereunder
without the prior written consent of the Purchasers.

 

    -10-

     

    

 

Section
4.08                       
No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
permitted successors and assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

Section
4.09                       
Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State
of New York, without giving effect to any of the conflicts of law principles which would result in the application of the substantive
law of another jurisdiction. This Agreement shall not be interpreted or construed with any presumption against the party causing
this Agreement to be drafted. Each party hereby irrevocably waives, to the fullest extent permitted by applicable law, any and
all rights to a trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby.

 

Section
4.10                       
Survival. The representations and warranties of the Company and the Purchasers shall survive the execution and delivery
hereof and the Closing hereunder for the applicable statute of limitations period.

 

Section
4.11                       
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall
be deemed to be an original and, all of which taken together shall constitute one and the same Agreement and shall become effective
when counterparts have been signed by each party and delivered to the other parties hereto, it being understood that all parties
need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall
create a valid binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same
force and effect as if such facsimile signature were the original thereof.

 

Section
4.12                       
Severability. The provisions of this Agreement and the other Transaction Documents are severable and, in the event
that any court of competent jurisdiction shall determine that any one or more of the provisions or part of the provisions contained
in this Agreement or the other Transaction Documents shall, for any reason, be held to be invalid, illegal or unenforceable in
any respect, such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision of this
Agreement or the other Transaction Documents and such provision shall be reformed and construed as if such invalid or illegal or
unenforceable provision, or part of such provision, had never been contained herein, so that such provisions would be valid, legal
and enforceable to the maximum extent possible.

 

Section
4.13                       
Further Assurances. From and after the date of this Agreement, upon the request of any Purchaser or the Company,
each of the Company and the Purchasers shall execute and deliver such instrument, documents and other writings as may be reasonably
necessary or desirable to confirm and carry out and to effectuate fully the intent and purposes of this Agreement and the other
Transaction Documents.

 

Section
4.14                       
Like Treatment of Purchasers. No consideration shall be offered or paid to any Purchaser to amend or consent to a
waiver or modification of any provision of any of the Transaction Documents unless the same consideration is also offered to all
of the Purchasers then holding Shares. Further, the Company shall not make any payments or issue any securities to the Purchasers
in amounts which are disproportionate to the respective numbers of outstanding Shares held by any Purchasers at any applicable
time. For clarification purposes, this provision constitutes a separate right granted to each Purchaser by the Company and negotiated
separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class and shall not in any way be construed
as the Purchasers acting in concert or as a group with respect to the purchase, disposition or voting of the Shares or otherwise.

 

[SIGNATURE PAGES FOLLOWS]

 

    -11-

     

    

 

Company Signature Page

 

IN WITNESS WHEREOF,
the Company has caused this Agreement to be duly executed by an authorized signatory as of the date first above written.

 

 

		NEXGEL, INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	                 	 
	 	Name: Adam Levy	 
	 	Title: Chief Executive Officer	 

 

 

 

 

 

     

     

    

 

Purchaser Signature Page

 

By its execution and
delivery of this signature page, the undersigned Purchaser hereby joins in and agrees to be bound by the terms and conditions of
the Stock Purchase Agreement dated as of July __, 2020 (the “Purchase Agreement”) by and among NEXGEL, Inc.
and the Purchasers (as defined therein), as to the number of shares of Common Stock set forth below, and authorizes this signature
page to be attached to the Purchase Agreement or counterparts thereof.

 

	 	Name of Purchaser:	 
	 	 	 
	 	 	 

 

	 	By:	                  	 
	 	Name:	 
	 	Title:	 

 

	 	Address:	 	 
	 	 	 
	 	 	 

 

	 	Telephone No.:	 	 
	 	 	 	 
	 	Facsimile No.:	 	 
	 	 	 	 
	 	Email Address:	 	 

 

	 	Number of Shares:	 	 

 

	 	Aggregate Purchase Price: $.06 cents per share
	 	 	 	 
	 	Tax ID No.	 	 

 

 

Delivery Instructions (if different than above):

 

	c/o: 	 	 

 

	Address: 	 	 
	 	 	 
	 	 

 

	Telephone No.: 		 

 

	Facsimile No. : 	 	 

 

	Other Special Instructions:Exhibit 10.1

 

 

 

COCA-COLA
PLAZA

ATLANTA,
GEORGIA

 

	BRIAN
    J. SMITH

    PRESIDENT & COO	 	ADDRESS
    REPLY TO:
P.O. BOX 1734

    ATLANTA, GA 30301
	 	 	 ____________

 
	 	 	404-676-9818

    FAX: 404-598-9818

    brismith@coca-cola.com

 

August 20, 2020

 

James Dinkins

Atlanta, Georgia

 

Dear Jim,

 

We thank you very much for all of your contributions to the Coca-Cola
system. This letter outlines the terms of your separation. All applicable elements of your separation package will be paid under
the terms of the relevant policies and plans of The Coca-Cola Company (the “Company”).

 

		1.	As we discussed, you will step down from your current role as Senior
Vice President and President, Coca-Cola North America effective August 24, 2020. You will continue with the Company as Senior Advisor
through February 28, 2021.  In this role, you will continue to work your normal schedule and assist with the transition of
your responsibilities and related work as necessary and will separate from the Company on February 28, 2021 (“Separation
Date”). 

 

		2.	You will continue to serve
on the board of directors of Fomento Economico Mexicano, S.A.B. de C.V. (“FEMSA”) at this time. If requested by the
Company, you will immediately resign as a director of any board on which you serve on the Company’s behalf, including FEMSA. 

 

		3.	If you sign the enclosed release, you will be eligible for a benefit
under The Coca-Cola Company Severance Pay Plan equivalent to two years of base salary, based on your current annual salary. This
amount will be paid in a lump sum shortly after your Separation Date. This amount is subject to all applicable tax and withholdings. 

 

		4.	If you remain employed through December 31, 2020, you will be eligible
for an annual incentive award for 2020. The actual payment amount is contingent upon actual Company performance and your performance.
Any award will be paid on or about March 15, 2021. Your participation and any award made to you shall be determined by the Compensation
Committee. 

 

		5.	If you remain employed through February 28, 2021, you will be eligible
for an annual incentive award for 2021, prorated for two months. The actual payment amount is contingent upon actual Company performance
and your performance. Any award will be paid on or about March 15, 2022. Your participation and any award made to you shall be
determined by the Compensation Committee. 

 

		6.	You will be eligible for retiree health and welfare coverage. Enrollment
information will be mailed to you shortly after your Separation Date and will provide information about your coverage options and
the costs. 

 

		7.	All performance share unit (PSU) awards which you previously have
received will be treated according to the terms of The Coca-Cola Company’s applicable restricted stock plans and programs
as well as your related PSU Agreements. You will be eligible for special treatment under the equity plan as described in your PSU
Agreements. You will be personally liable for paying any taxes owed upon receipt of any award. 

 

    	 	 	 

     

    

Jim Dinkins

August 20, 2020

Page 2 

 

 

		8.	All options you previously have received will be exercisable according to the terms of the Company’s applicable stock option
plans and programs as well as your related Stock Option Grant Agreements. You will be eligible for special treatment under the equity
plan as described in your Stock Option Grant Agreements. When you exercise your vested stock options, you will be personally liable for
paying any taxes owed on such exercises. 

 

		9.	You will not receive any additional equity grants. 

 

		10.	Your retirement benefits will consist of those benefits you have
accrued under the standard terms and conditions of the plans in which you participate and in which benefits are vested as of your
Separation Date. 

 

		11.	You will continue to be reimbursed up to $10,000 per year in financial
planning and related expenses incurred by you annually up through your Separation Date. 

 

		12.	The Company will provide at its expense outplacement services through
a designated services provider. 

 

		13.	The terms and conditions in this letter are further conditioned upon
your signing and adhering to the attached Full and Complete Release and Agreement on Competition, Trade Secrets and Confidentiality
within 21 days of the date of this letter. 

  

Please contact Carl Saunders should you have any additional questions
regarding the terms of this letter or the terms of any of the benefit plans.

 

Sincerely,

 

/s/ Brian Smith

 

Brian Smith

President and Chief Operating Officer

 

 

Agreed to and accepted this 20 day of August, 2020.

 

 

/s/ James Dinkins

James Dinkins

 

 

Attachments

 

	cc:	Carl Saunders
	 	Executive Compensation
	 	Executive Services

 

 

    	 	 	 

     

    

 

 

FULL AND COMPLETE RELEASE

AND AGREEMENT 

ON TRADE SECRETS AND CONFIDENTIALITY

 

1.       Release.
In consideration of the lump sum payment of benefits under The Coca-Cola Company Severance Pay Plan (the “Severance Plan”),
special rights under the equity programs of The Coca-Cola Company (“TCCC”) pursuant to the terms of related award agreements,
and other good and valuable consideration, I, for myself and my heirs, executors, administrators and assigns, do hereby knowingly,
voluntarily and unconditionally release, hold harmless and forever discharge TCCC, and its subsidiaries, affiliates, joint ventures,
joint venture partners, and benefit plans (collectively with TCCC referred to herein as the “Company”), and their respective
current and former directors, officers, administrators, trustees, employees, agents, and other representatives, (collectively with
the Company, referred to herein as “Releasees”) from all debts, claims, actions, causes of action (including without
limitation claims arising from or in connection with my employment, pay, bonuses, vacation or any other benefits, and/or other
terms and conditions of employment or employment practices of Company; claims arising out of or relating to the termination of
my employment with the Company or the surrounding circumstances thereof; and any causes of action that I may have under the Employee
Retirement Income Security Act of 1974, as amended, 29 U.S.C. § 1001 et seq.; the Worker Adjustment and Retraining
Notification Act of 1988, 29 U.S.C. § 2101 et seq.; and those federal, state, local, and foreign laws prohibiting
employment discrimination based on age, sex, race, color, national origin, religion, disability, veteran or marital status, sexual
orientation, or any other protected trait or characteristic, or retaliation for engaging in any protected activity, including without
limitation the Age Discrimination in Employment Act of 1967, 29 U.S.C. § 621 et seq. (“ADEA”),
as amended by the Older Workers Benefit Protection Act, P.L. 101-433; the Equal Pay Act of 1963, 9 U.S.C.§ 206,
et seq.; Title VII of The Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e et seq.; the
Civil Rights Act of 1866, 42 U.S.C. § 1981; the Civil Rights Act of 1991, 42 U.S.C. § 1981a; the Americans
with Disabilities Act, 42 U.S.C. § 12101 et seq.; the Rehabilitation Act of 1973, 29 U.S.C. § 791
et seq.; the Family Medical Leave Act; and comparable state, local, and foreign causes of action, whether statutory
or common law, including but not limited to all claims related to wrongful discharge, negligence, defamation, tort and contract),
suits, dues, sums of money, accounts, reckonings, covenants, contracts, claims for costs or attorneys’ fees, controversies,
agreements, promises, and all liabilities of any kind or nature whatsoever, at law, in equity, or otherwise, KNOWN OR UNKNOWN,
fixed or contingent, which I (or my heirs, executors, administrators and assigns) ever had, now have, or may have based on facts
or events that occur on or prior to the date that I execute this Full and Complete Release and Agreement on Trade Secrets and Confidentiality
(“Agreement”).

Further, I expressly
waive any and all rights that I have under any state or local statute, executive order, regulation, common law and/or public policy
relating to known and unknown claims based on facts or events occurring on or prior to the date that I execute this Agreement,
including but not limited to the New Jersey Conscientious Employee Protection Act (N.J. Sta. Ann. 34:19-1, et seq.); the New Jersey
Law Against Discrimination (N.J. Stat. Ann. 10:5-1, et seq.); the New Jersey Family Leave Act; the New Jersey Wage Payment Law;
Massachusetts Fair Employment Practices Act (Mass. G.L. 151B); West Virginia Human Rights Act; South Dakota Codified Laws Section
20-7-11; North Dakota Century Code Section 9-13-02; and Section 1542 of the California Civil Code, the latter of which reads as
follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her
favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with
the debtor.” I understand that I am referred to in this statute as the “creditor” and the Company or other
Releasees are referred to as the “debtor.” I consciously intend these consequences even as to claims for damages that
may exist as of the date I execute this Agreement that I do not know exist, and which, if known, would materially affect my decision
to execute this Agreement, regardless of whether the lack of knowledge is the result of ignorance, oversight, error, negligence
or any other cause.

    	 	 	 

     

    

I fully understand
and agree that:

		a.	this Agreement is in exchange for the payment of benefits under the
Severance Plan, special rights under the equity programs of TCCC pursuant to the terms of related award agreements, and other good
and valuable consideration to which I would otherwise not be entitled;

		b.	the Company’s obligation to pay and my right to receive the
severance payment is subject to and conditioned upon my compliance with the covenants set forth in Sections 2 through 7 of this
Agreement. In the event I breach any such covenant, the Company’s obligation to pay and my right to receive the severance
payment will automatically terminate and I shall immediately repay to the Company ninety percent (90%) of any amounts previously
paid to me (with the remaining 10% serving as consideration for the release of claims set forth in Section 1 of this Agreement),
in each case without limiting my obligations under this Agreement or the Company’s other rights and remedies available at
law or in equity.

		c.	I am hereby advised to consult with an attorney before signing this
Agreement;

		d.	I have 21 days from my receipt of this Agreement within which to
consider whether to sign it. I may choose to sign this Agreement before the expiration of the 21-day consideration period, and
if I choose to do so, I understand that I do so voluntarily. I agree that changes to this Agreement, whether material or immaterial,
will not start the consideration period;

		e.	I have seven days following my signature of this Agreement to revoke
the Agreement; and

		f.	this Agreement shall not become effective or enforceable until the
revocation period of seven days has expired.

If I choose to revoke
this Agreement, I must do so by notifying the Company in writing within the applicable revocation period. This notification must
be mailed either first class or certified mail to Executive Services, The Coca-Cola Company, One Coca-Cola Plaza, Atlanta, Georgia
30313.

Notwithstanding any
other provision or paragraph of this Agreement, I understand that by signing this Agreement I do not hereby waive any rights
or claims: (i) for unemployment or workers’ compensation, (ii) that arise after I sign this Agreement, or (iii) for which
private waivers or releases are prohibited by applicable law. In addition, I understand that nothing in this Agreement shall be
construed to prevent me from filing or participating in a charge of discrimination filed with the Equal Employment Opportunity
Commission (“EEOC”) or any similar state or local agency, or a charge with the National Labor Relations Board (“NLRB”)
or any other governmental agency. I further understand that this Paragraph 1 is not intended to restrict or limit in any way the
Protected Rights set forth below in Paragraph 7 of this Agreement. However, by signing this Agreement, I waive the right to recover
any monetary damages for any alleged injury personally suffered by me, individual relief, or attorneys’ fees from the Company
or the Releasees in any claim, charge, or lawsuit filed by me or any other person or entity. If there is any claim for loss of
consortium, or any other similar claim, arising out of or related to my employment or separation of employment with the Company,
I will indemnify and hold Releasees harmless from any liability, including costs and expenses (as well as reasonable attorneys’
fees) incurred by the Releasees as a result of any such claim. I acknowledge and represent that: (i) I received all compensation
due to me as a result of services performed for the Company with receipt of my final paycheck; (ii) I have reported to the Company
any and all work-related injuries incurred by me during my employment by the Company; (iii) I have not engaged in any act or omission
in violation of the Company’s Code of Business Conduct (the “COBC”); (iv) I am not aware of any act, failure
to act, practice, policy, or activity that I believe may violate the COBC; and (v) I have reported to the Company any actual or
suspected Code violations. I additionally understand and agree that this Agreement is not and shall not be construed to be an admission
of liability of any kind on the part any of the Releasees.

    	 	 	 

     

    

2.       Future
Cooperation. I covenant and agree that I shall, to the extent reasonably requested in writing, cooperate with and serve
in any capacity requested by the Company in any investigation and/or threatened or pending litigation (now or in the future) in
which the Company is a party, and regarding which I, by virtue of my employment with the Company, have knowledge or information
relevant to said litigation, including, but not limited to (i) meeting with representatives of the Company to provide truthful
information regarding my knowledge, (ii) acting as the Company’s representative, and (iii) providing, in any jurisdiction
in which the Company requests, truthful testimony relevant to said litigation, provided the Company pays me reasonable compensation
and reimburses me for reasonable expenses incurred in connection with such cooperation. I understand that this Paragraph 2 is not
intended to restrict or limit in any way the Protected Rights set forth in Paragraph 7 of this Agreement.

3.       Trade
Secrets and Confidential Information. I covenant and agree that I have held and shall continue to hold in confidence all
Trade Secrets of the Company that came into my knowledge during my employment by the Company and shall not disclose, publish, or
make use of at any time such Trade Secrets for as long as the information remains a Trade Secret. “Trade Secrets” means
data or other information relating to the business of the Company protectable as a trade secret under applicable law, including,
without limitation, and without regard to form: technical or non-technical data, a formula, a pattern, a compilation, a program,
a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual or potential
customers, vendors, or suppliers which is not commonly known by or available to the public and which information (1) derives economic
value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons
who can obtain economic value from its disclosure or use and (2) is the subject of efforts that are reasonable under the circumstances
to maintain its secrecy. For purposes of this Agreement, the term Trade Secret does not include any data or information that has
been voluntarily disclosed to the public by the Company (except where such public disclosure has been made by me without authorization)
or that has been independently developed and disclosed by others or that otherwise enters the public domain through lawful means.
I also covenant and agree that I will hold in confidence all Confidential Information of the Company that came into my knowledge
during my employment by the Company and will not disclose, publish, or make use of such Confidential Information for as long as
the information remains Confidential Information or the maximum period allowed under applicable law, whichever is longer. “Confidential
Information” means data or other information relating to the business of the Company that is or has been disclosed to me
or of which I became aware as a consequence of or through my relationship with the Company and which has value to the Company,
and is not generally known to the Company’s competitors, including but not limited to methods of operation, names of customers,
vendors, or suppliers, price lists, financial information and projections, route books, personnel data, and similar information.
Confidential Information does not include any data or information that has been voluntarily disclosed to the public by the Company
(except where such public disclosure has been made by me without authorization) or that has been independently developed and disclosed
by others, or that otherwise enters the public domain through lawful means. I understand that this Paragraph 3 is not intended
to restrict or limit in any way the Protected Rights set forth in Paragraph 7 of this Agreement.

 

    	 	 	 

     

    

4.       Return
of Materials. I further covenant and agree that I have or shall promptly deliver to the Company all memoranda, notes, records,
manuals, or other documents, including all copies of such materials and all documentation prepared or produced in connection therewith,
containing Trade Secrets or Confidential Information regarding the Company’s business, whether made or compiled by me or
furnished to me by virtue of my employment with the Company. I shall promptly deliver to the Company all vehicles, computers, credit
cards, telephones, handheld electronic devices, office equipment, and other property furnished to me by virtue of my employment
with the Company.

5.       No
Publicity. I will not publish any opinion, fact, or material, deliver any lecture or address, participate in the making
of any film, radio broadcast, or television transmission, or communicate with any representative of the media relating to the business
or affairs of the Company. I understand that nothing in this Agreement: (1) is intended in any way to restrict or limit the Protected
Rights set forth in Paragraph 7 of this Agreement or to intimidate, coerce, deter, persuade, or compensate me with respect to providing,
withholding, or restricting any communication whatsoever to the extent prohibited by law; (2) shall prevent me from filing an administrative
charge with the EEOC or participating in an investigation or proceeding by the EEOC or any other governmental agency; or (3) shall
prevent me from providing testimony or evidence if I am subpoenaed or ordered by a court or other governmental authority to do
so.

6.       Non-Disparagement.
I agree that I will not make any statement, written or verbal, in any forum or media or take any action in disparagement of
the Company, including but not limited to negative references to the Company or its products, services, corporate policies, or
current or former officers or employees, customers, suppliers, or business partners or associates. I understand that this Paragraph
6 is not intended to restrict or limit in any way the Protected Rights set forth in Paragraph 7 of this Agreement.

7.       Protected
Rights. I understand that nothing in this Agreement is intended to limit my ability to make disclosures to, or initiate
or participate in communications with, the EEOC, the NLRB, the Occupational Safety and Health Administration, the Securities and
Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”).
I further understand that I do not need to notify the Company or seek the Company’s prior authorization before making such
disclosures or engaging in such communications.

 

    	 	 	 

     

    

8.       Inventions,
Discoveries and Authorship. I agree to and do hereby assign to the Company, without charge, all my rights, title, and interest
in and to any and all inventions and discoveries that I have made or may make, solely or jointly with others, while in the employ
of the Company, that (a) relate to or are useful to or may be useful in connection with business of the nature, type or character
carried on or contemplated by the Company, or (b) were or are made using the Company’s equipment, supplies, facilities, or
trade secret information and all my rights, title, and interest in and to any and all Patent Properties (as defined below); and
upon request of the Company, whether during or subsequent to my employment with the Company, I will do any and all acts and execute
and deliver such instruments as may be deemed by the Company necessary or proper to vest all my rights, title, and interest in
and to said inventions, discoveries, and Patent Properties and to secure or maintain such Patent Properties. For the purpose of
this agreement, “Patent Properties” shall mean any and all domestic and foreign (i) applications for utility patents,
design patents or industrial designs, petty patents, utility models, or Gebrauchsmuster; (ii) as well as any divisions, continuations,
or other application claiming the priority of any of the above and covering such inventions and discoveries; (iii) any and all
utility patents, design patents or industrial designs, petty patents, utility models, or Gebrauchsmuster granted for such inventions
and discoveries; and (iv) any and all reissues, extensions and revivals of any of the above. All necessary and proper expenses
in connection with the foregoing will be borne by the Company, and, if I perform services in connection therewith at the Company’s
request after termination of my employment with the Company, the Company will pay reasonable compensation for such services. Any
inventions and discoveries relating to the Company’s business made or conceived by me within one year after termination of
my employment with the Company will be deemed to be within this provision, unless I can prove that such conception or invention
is not based upon or related to any Confidential Information or Trade Secrets, as defined herein, of which I became aware during
and pursuant to my employment with the Company. I also assign to the Company, without charge, all my rights, title, and interest
in and to all original works of authorship fixed in any tangible form or medium or expression that have been or are prepared by
me, solely or jointly with others, within the scope of my employment with the Company. In addition, the Company and I hereby agree
that any such original work of authorship that qualifies as a “work made for hire” under the U.S. copyright laws will
be a “work made for hire” and will be owned by the Company as to contract formation, interpretation and construction
issues, and by the federal patent and copyright laws of the United States as to potential copyright issues.

9.       Non-Competition
and Non-Solicitation. I agree that for two years after my employment with the Company ends for any reason whatsoever, I
will not, directly or indirectly, except with the prior written consent of the Company: (a) enter into or maintain an employment,
contractual, or other relationship to perform the Prohibited Activities (as defined below) in the Territory (as defined below)
for or on behalf of any person or business entity that competes with the Business of the Company (as defined below); (b) enter
into or maintain an employment, contractual, or other relationship to perform the Prohibited Activities (as defined below) in any
geographic area in which the Company did business during my employment, for or on behalf of any Customer (as defined below) of
the Company with whom I had material contact during the last two years of my employment with the Company; (c) enter into or maintain
an employment, contractual, or other relationship to perform the Prohibited Activities (as defined below) in any geographic area
that the Company did business during my employment, for or on behalf of any company listed in Attachment B to this Agreement; (d)
solicit or encourage, or attempt to solicit or encourage, directly or by assisting others, any Customer to do business with any
person or entity that competes with the business of the Company for purposes of providing services or products that are competitive
with those provided by the Company, whether or not the relationship between the Company and such Customer was originally established
in whole or in part through my efforts, if the Customer solicited is one with which I had material contact on the Company’s
behalf during the last two years of my employment with the Company; and/or (e) solicit or encourage, or attempt to solicit or encourage,
any person who is an employee of the Company, or who was an employee of the Company at any time during the six-month period immediately
preceding the termination of my employment with the Company, and with whom I had contact during the last two years of my employment
with the Company, to terminate his or her employment with the Company or to accept employment with any other person or entity.

    	 	 	 

     

    

10.       Definitions.
For purposes of this Agreement

(a)       products
or services will be considered competitive with those provided by the Company if the products or services are non-alcoholic beverages,
beverage enhancers and related services of the type conducted, authorized, offered or provided by the Company within two years
prior to the termination of my employment,

(b)       the
“Territory” will be defined as the geography described on Attachment A to this Agreement,

(c)       the
“Business” of the Company will be the development, production, marketing, sale and distribution of non-alcoholic beverages,
beverage enhancers and related services or similar activities conducted, authorized, offered or provided by the Company within
two years before the termination of my employment,

(d)       the
“Prohibited Activities” mean the involvement in, development of, or oversight of marketing, innovation, financial,
manufacturing, technical or commercial leadership strategies, activities or business plans,

(e)       “Customer”
means anyone who is or was a customer of the Company during my employment with the Company, or is a prospective customer of the
Company to whom the Company has made a presentation (or similar offering of services) within the one-year period immediately preceding
the termination of my employment with the Company.

11.       Governing
Law; Forum. I hereby agree that this Agreement, and the rights and obligations established herein, shall be governed and
construed in accordance with the laws of the State of Georgia, irrespective of its choice-of-law rules; provided, however, that
Section 8 of this Agreement (Inventions, Discoveries and Authorship) is to be governed by and interpreted in accordance with the
patent and copyright laws of the United States. I further agree that any litigation regarding this Agreement or the claims released
herein that is not subject to the arbitration provisions set forth in Paragraph 12 of this Agreement shall be conducted in a court
of competent jurisdiction in the State of Georgia, and I hereby irrevocably consent to the jurisdiction of such courts.

12.       Arbitration
and Class Action Waiver. I understand and agree that, in the event there is any dispute or claim arising out of or relating
to this Agreement or the release of claims set forth in Paragraph 1 of this Agreement (the “Release”), my employment
by the Company, my promises or duties owed to the Company or the Company’s promises or duties owed to me, including, without
limitation, a dispute about the validity, enforceability, or coverage of the Release or the assertion of a claim covered by the
Release, all such disputes or claims will be resolved exclusively through a final and binding arbitration on an individual basis
only, and not in any form of class, collective, or private attorney general representative proceeding (“Class Action Waiver”). 
Notwithstanding the foregoing, this Paragraph 12 shall not apply to any action seeking injunctive relief arising out of or relating
to Paragraph 3 of this Agreement (Trade Secrets and Confidential Information), Paragraph 8 of this Agreement (Inventions, Discoveries
and Authorship), and/or Paragraph 9 of this Agreement (Non-Competition and Non-Solicitation). This binding arbitration provision
is governed by the Federal Arbitration Act (9 U.S.C. §§ 1 et seq.) and is not intended to cover claims that cannot by
controlling law be required to be arbitrated, nor does it prevent the filing of a complaint with a governmental administrative
agency to the extent such complaints are permitted notwithstanding an agreement to arbitrate.  Such complaints include, without
limitation, those filed with the National Labor Relations Board, Equal Employment Opportunity Commission, and/or the U.S. Department
of Labor. I understand and agree that any arbitration proceeding initiated under this agreement will be governed by the American
Arbitration Association’s Employment Arbitration Rules and Mediation Procedures (“AAA Employment Rules”), and
that no other rules or procedures (including AAA’s Supplementary Rules for Class Arbitrations) are to be applied to any such
proceeding.  The AAA Employment Rules, which include an explanation of the process for commencing an arbitration and other
rules governing an arbitration, may be found at the AAA’s web site, www.adr.org, or
by searching for “AAA employment arbitration rules” using an internet search engine such as Google.com.  In all
cases where required by law, the Company will pay the AAA administrative fees, as well as the Arbitrator’s fees and expenses. 
I understand and agree that I am responsible to pay my own legal fees and expenses associated with any arbitration proceeding,
subject to the Arbitrator’s authority to award attorney fees, costs or other remedies in accordance with applicable law. 
A party may apply to a court of competent jurisdiction (i.e., a state court or the United States District Court for the
District in which the facility location to which I was last assigned by the Company is located) for temporary or preliminary injunctive
relief in connection with an arbitrable controversy, but only upon the ground that the award to which that party may be entitled
may be rendered ineffectual without such provisional relief.  Notwithstanding any other clause contained in this Agreement
or the AAA Employment Rules, any claim that all or part of the Class Action Waiver is invalid, unenforceable, unconscionable, void
or voidable may be determined only by a court of competent jurisdiction and not by an arbitrator.  All other issues raised
by the dispute between the Company and myself, including without limitation a request for permanent injunctive relief and enforceability
of the Agreement, shall be determined by the arbitrator.

    	 	 	 

     

    

13.       General
Provisions. (i) Entire Agreement. With the exception of any restrictive covenant agreements I have previously
executed, which are not superseded by this Agreement, this Agreement is the complete understanding between me and the Company
in respect of the subject matter of this Agreement and supersedes all prior agreements relating to the same subject matter to the
extent, and only to the extent, this Agreement is inconsistent with the provisions of such prior agreements. I expressly agree
that the provisions of any agreement I have previously signed regarding assignment to the Company of all rights in and to certain
inventions, discoveries, and original works of authorship relates to a different subject matter, and the provisions of that agreement
shall remain enforceable according to its terms and shall not be subject to Section 12 of this Agreement (Arbitration and Class
Action Waiver). By signing this Agreement, I acknowledge and affirm that I have not relied upon any representations, promises or
agreements of any kind except those set forth herein. (ii) Severability. In the event that any provision of this Agreement
should be held to be invalid or unenforceable, each and every other provision of this Agreement shall remain in full force and
effect. Further, if any provision of this Agreement is found to be invalid or unenforceable, such provision shall be modified as
necessary to permit this Agreement to be upheld and enforced to the maximum extent permitted by law. (iii) Successors and Assigns.
This Agreement inures to the benefit of the Company and its successors and assigns. (v) Amendment/Waiver. No amendment,
modification or discharge of this Agreement shall be valid or binding unless set forth in writing and duly executed by each of
the parties hereto.

14.       Acknowledgment.
I hereby acknowledge and affirm that I have read this Agreement carefully, that I have had a full and reasonable opportunity
to consider this Agreement, and that I have not been pressured or in any way coerced, threatened, or intimidated into its execution.
I understand that it is my right to have this Agreement reviewed by an attorney of my choosing, and I have been encouraged to do
so by the Company. By knowingly and voluntarily signing this Agreement below, I acknowledge and affirm that I fully understand
each of this Agreement’s terms and conditions, and that I intend to abide by them in every respect.

 

 

/s/ James Dinkins

James Dinkins

 

 

Date: 08/20/2020

 

 

    	 	 	 

     

    

ATTACHMENT A

 

 

1.       The following States
of the United States.

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut
, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts,
Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina,
North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont,
Virginia, Washington, West Virginia, Wisconsin, Wyoming.

2.       The following Territories
of the United States.

American Samoa, District of Columbia, Federated States of Micronesia,
Guam, Midway Islands, Northern Mariana Islands, Puerto Rico, Republic of Palau, Republic of the Marshall Islands, U.S. Virgin Islands.

3.       Canada and Mexico.

 

 

    	 	 	 

     

    

ATTACHMENT B

(Competitors for purposes of Section
9(c))

 

 

Prohibited Competitors.

 

PepsiCo., Inc.,

Nestlé

Dr. Pepper Snapple Group, Inc.

Groupe Danone

Kraft Foods Inc.

Unilever

Cott Corporation

Starbucks

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}]]