Document:

Alopexx, Inc. S-1/A

 

Exhibit 10.2

 

Employment
Agreement

 

This
Employment Agreement (the "Agreement") is made and entered into as of _______________, 2022 by and between Thomas Thomas
(the "Executive") and Alopexx, Inc., a Delaware corporation (the "Company").

WHEREAS,
the Company desires to, upon the completion of an initial public offering (“IPO”), employ the Executive on the terms and
conditions set forth herein; and

WHEREAS,
the Executive desires to be employed by the Company on such terms and conditions.

NOW,
THEREFORE, in consideration of the mutual covenants, promises, and obligations set forth herein, the parties agree as follows:

1.                 
Term. The Executive’s employment hereunder
shall be effective contemporaneous with the completion of the IPO (the "Effective Date") and shall continue until the
third anniversary thereof, unless terminated earlier pursuant to Section 5 of this Agreement; provided that, on such third anniversary
of the Effective Date and each annual anniversary thereafter (such date and each annual anniversary thereof, a "Renewal Date"),
the Agreement shall be deemed to be automatically extended, upon the same terms and conditions, for successive periods of one year, unless
either party provides written notice of its intention not to extend the term of the Agreement at least ninety (90) days' prior to the
applicable Renewal Date. The period during which the Executive is employed by the Company hereunder is hereinafter referred to as the
"Employment Term."

2.                 
Position and Duties.

2.1       Position.
During the Consulting Period and the Employment Term, the Executive shall serve as the Chief Financial Officer of the Company, reporting
to Daniel Vlock, President and Chief Executive Officer (“CEO”). In such position, the Executive shall have
such duties, authority, and responsibilities as shall be determined from time to time by the CEO, which duties, authority, and responsibilities
are consistent with the Executive's position. The Executive shall, if requested, also serve as a member of the board of directors of
the Company (the "Board") or as an officer or director of any affiliate of the Company for no additional compensation.

2.2       Duties.
During the Consulting Period and the Employment Term, the Executive shall devote substantially all of Executive's business time and attention
to the performance of the Executive's duties hereunder and will not engage in any other business, profession, or occupation for compensation
or otherwise which would conflict or interfere with the performance of such services either directly or indirectly without the prior
written consent of the Board. Notwithstanding the foregoing, the Executive will be permitted to (a) with the prior written consent of
the Board (which consent can be withheld by the Board in its discretion) act or serve as a director, trustee, committee member, or principal
of any type of business, civic, or charitable organization as long as such activities are disclosed in writing to the Company's CEO in
accordance with the Company's CONFLICT OF INTEREST POLICY, and (b) purchase or own less than five percent (5%) of the publicly traded
securities of any corporation; provided that, such ownership represents a passive investment and that the Executive is not a controlling
person of, or a member of a group that controls, such corporation; provided further that, the activities described in clauses (a) and
(b) do not interfere with the performance of the Executive's duties and responsibilities to the Company. In addition, the Executive may
continue to serve on the Board of Directors of Opiant Pharmaceuticals, Inc. and operate a preexisting winery operation for so long as
it does not interfere with their employment obligations hereunder.

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3.                 
Place of Performance. The principal place of
Executive's employment shall be the Company's principal executive office, which is currently located in Cambridge, Massachusetts; provided
that, the Executive may be required to travel on Company business during the Employment Term and the Executive may also work remotely
from a home office in California for so long as it does not interfere with their employment obligations hereunder.

4.                 
Employment Compensation.

4.1       Base
Salary. During the Employment Term, the Company
shall pay the Executive an annual base salary of $__________ in periodic installments in accordance with the Company's customary
payroll practices and applicable wage payment laws, but no less frequently than bi-weekly (i.e. twice per month). The Executive's annual
base salary, as in effect from time to time, is hereinafter referred to as "Base Salary".

4.2       Annual
Bonus.

(a)       For
each calendar year of the Employment Term, the Executive shall be eligible to receive an annual performance bonus (the "Annual
Bonus"). However, the decision to provide any Annual Bonus and the amount and terms of any Annual Bonus shall be in the sole
and absolute discretion of the Compensation Committee of the Board (the "Compensation Committee") and consistent with
reasonable industry benchmarking standards.

(b)       The
Annual Bonus, if any, will be paid within two and a half (2 1/2) months after the end of the applicable year.

(c)       In
order to be eligible to receive an Annual Bonus, the Executive must be employed by the Company on the last day of the applicable year/date
that Annual Bonuses are paid.

4.3       Equity
Awards. During the Employment Term, the Executive shall be eligible to
participate in the Alopexx, Inc., 2022 Equity Plan (the “Plan”) or any successor plan, subject to the terms of the Plan or
successor plan, as determined and approved by the Board or the Compensation Committee, in its discretion. Executive’s initial equity
grant, subject to the termination provisions of Section 5, shall be up to 3% of the fully-diluted ownership of the Company and will be
subject to the approval of the Compensation Committee including vesting terms and conditions.

4.4       Fringe
Benefits and Perquisites. During the Employment Term, and not during the Consulting Period, the Executive shall be entitled to fringe
benefits and perquisites consistent with the practices of the Company and governing benefit plan requirements (including plan eligibility
provisions), and to the extent the Company provides similar benefits or perquisites (or both) to similarly situated executives of the
Company.

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4.5       Employee Benefits. During the Employment Term, and not during the Consulting Period, the Executive shall be entitled to participate in all
employee benefit plans, practices, and programs maintained by the Company, as in effect from time to time (collectively, "Employee
Benefit Plans"), to the extent consistent with applicable law and the terms of the applicable Employee Benefit Plans. The Company
reserves the right to amend or terminate any Employee Benefit Plans at any time in its sole discretion, subject to the terms of such
Employee Benefit Plan and applicable law.

4.6       Vacation;
Paid Time Off. During the Employment Term, the Executive shall be entitled to four (4)
weeks per year of paid time off (“PTO”) in accordance with Company policy as may be in effect from time to time, which PTO
may be taken at such times and in such increments as the Executive may choose upon approval by the CEO.

4.7       Business Expenses. The Executive will be reimbursed for
all reasonable and necessary out-of-pocket business, entertainment, and travel expenses incurred by the Executive in connection
with the performance of the Executive's duties hereunder in accordance with the Company's expense reimbursement policies and subject
to Executive’s submission of an expense report on a weekly basis to obtain reimbursement.

4.8       Corporate
Credit Card. Pursuant to current Company policies and procedures, the
Company may elect to issue Executive a corporate credit card to be utilized during the Employment Term in connection with any reasonable
and necessary out-of-pocket business expenses which Executive may incur in connection with the performance of Executive’s duties.

4.9       Claw-back
Provisions. Notwithstanding any other
provisions in this Agreement to the contrary, any incentive-based or other compensation paid to the Executive under this Agreement
or any other agreement or arrangement with the Company which is subject to recovery under any law, government regulation, or stock exchange
listing requirement will be subject to such deductions and claw-back as may be required to be made pursuant to such law, government regulation,
or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock
exchange listing requirement). To the extent any such recovery is not related to fraud or similar financial acticity referred to in the
definition of Cause in Section 5.2 below and permitted by law, regulation or stock-exchnage listing requirement, such recovery shall
be for the amount of compensation actually received by Executive after Exectuive’s payment of taxes (federal, state, local) on
any such compensation.

5.                 
Termination of Employment.

5.1       Generally.
Executive’s employment with the Company will continue in accordance with the terms of this Agreement for the Employment Term, unless
it is terminated by one of the following events: (i) by the Company for Cause (as defined below) at any time, subject to its satisfaction
of the notice and due process provisions described in Section 5(2)(a) below, or without Cause upon thirty (30) days’ prior written
notice to Executive; (ii) by Executive upon thirty (30) days’ prior written notice to the Company; (iii) immediately upon Executive’s
death or termination by the Company due to Disability (as defined below) or (iv) by the Company with written notice from the Company
upon the failure to consummate an IPO. Upon a termination of Executive’s employment for any reason, Executive will be paid (A)
any unpaid Base Salary through the date of termination of employment (the “Termination Date”); (B) reimbursement for any
unreimbursed reasonable and necessary business expenses incurred through the Termination Date; (C) any accrued but unused vacation time
in accordance with Company policy; and (D) all other accrued payments, benefits or fringe benefits to which Executive is entitled under
the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan or program or grant or this Agreement
(collectively, A through D are referred to as the “Accrued Benefits”). In addition, upon a termination of Executive’s
employment for any reason, Executive agrees to promptly resign from any position as an officer, director or fiduciary of the Company
or any of its affiliates and to execute any documentation necessary to effectuate such resignations.

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5.2       Definitions.
The following definitions apply for purposes of this Agreement:

(a)       “Cause”
means Executive’s (A) willful misconduct or gross negligence in the performance of Executive’s duties to the Company; (B)
repeated failure to follow the directives of the CEO (other than as a result of death or Disability); (C) indictment for, conviction
of, or pleading of guilty or nolo contendere to (1) a felony or (2) any misdemeanor crime involving moral turpitude; (D) performing any
material act of theft, embezzlement, fraud, malfeasance or misappropriation of the Company’s property; (E) use of illegal drugs
or abuse of alcohol that materially impairs Executive’s ability to perform Executive’s duties as contemplated hereunder;
(F) breach of any fiduciary duty owed to the Company (including, without limitation, the duty of care and the duty of loyalty); or (G)
material breach of this Agreement or any other written agreement with the Company, or a material violation of the Company’s code
of conduct, employee handbook, or other similar written policy. Any determination of Cause by the Company will be made by a resolution
approved by a majority of the members of the Board, provided that no such determination may be made until Executive has been given written
notice detailing the specific Cause event and a period of thirty (30) days following receipt of such notice to cure such event (if susceptible
to cure) to the satisfaction of the Board. Notwithstanding anything to the contrary contained herein, Executive’s right to cure
will not apply with respect to provisions (C) or (D) of this Section 5(2)(a) or if there are habitual or repeated breaches of the same
provision in the same respects by Executive.

(b)       “Disability”
means Executive’s inability, with or without reasonable accommodation, to perform Executive’s material duties hereunder due
to a physical or mental injury, infirmity or incapacity for one hundred eighty (180) days (including weekends and holidays) in any three
hundred sixty-five (365) day period as determined by the Company in its reasonable discretion. Executive (or Executive’s representative)
will cooperate in all respects with the Company if a question arises as to whether Executive has become disabled (including, without
limitation, submitting to reasonable examinations by one or more medical doctors and other health care specialists selected by the Company
and authorizing such medical doctors and other health care specialists to discuss Executive’s condition with the Company).

5.3       Notice
of Termination. Any termination of the Executive's employment hereunder
by the Company or by the Executive during the Employment Term (other than termination pursuant to Section 5.1 on account of the Executive's
death) shall be communicated by written notice of termination ("Notice of Termination") to the other party hereto in
accordance with Section 21. The Notice of Termination shall specify:

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(a)       The
termination provision of this Agreement relied upon;

(b)       To
the extent applicable, the facts and circumstances claimed to provide a basis for termination of the Executive's employment under the
provision so indicated; and

(c)       The
applicable Termination Date.

5.4       Termination
Date. The Executive's "Termination Date" shall be:

(a)       If
the Executive's employment hereunder terminates on account of the Executive's death, the date of the Executive's death;

(b)       If
the Executive's employment hereunder is terminated on account of the Executive's Disability, the date that it is determined that the
Executive has a Disability;

(c)       If
the Company terminates the Executive's employment hereunder for Cause, the date the Notice of Termination is delivered to the Executive;

(d)       If
the Company terminates
the Executive's employment hereunder without Cause, the date specified in the Notice of Termination, which shall be no less than one
hundred eighty (180) days one year following the date on which the Notice of Termination is delivered; provided that, the
Company shall have the option to provide the Executive with a lump sum payment equal to One
Year’s Base Salary in lieu of such notice, which shall be paid in a lump sum on the Executive's Termination Date and for all purposes
of this Agreement, the Executive's Termination Date shall be the date on which such Notice of Termination is delivered. In addition,
the Executive shall be provided with health care benefits (under COBRA) for one year after such termination;

(e)       If
the Executive terminates his employment hereunder, the date specified in the Executive's Notice of Termination, which shall be no less
than ninety (90) days following the date on which the Notice of Termination is delivered; provided that, the Company may waive all or
any part of the ninety (90) day notice period for no consideration by giving written notice to the Executive and for all purposes of
this Agreement, the Executive's Termination Date shall be the date determined by the Company; and

(f)       If
the Executive's employment hereunder terminates because either party provides notice of non-renewal pursuant to Section 1, the Renewal
Date immediately following the date on which the applicable party delivers notice of non-renewal.

5.5       Change
In Control

(a)              
Change In Control is defined as:

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A
person (or more than one person acting as a group) (1) acquires directly or beneficially more than 50% of the outstanding voting securities
of the Company (not including any additional ownership acquired by a person that already owned more than 50% of the outstanding voting
securities) , (2) acquires directly or beneficially more outstanding voting securities than any other person (or more than one person
acting as a group) (3) acquires ownership of substantially all of the assets of the Company. For the purposes herein, a “person”
shall be considered a natural person, corporation, partnership, limited liability company or any similar such corporate organizational
form.

(b)              
If a Change of Control occurs, and in connection with such Change in Control the Executive is terminated without Cause, the Executive
will receive full vesting of all stock options, other equity-based awards and shares of the Company’s stock granted or awarded
to the Executive pursuant to any Company compensation or benefit plan or arrangement that have not yet vested, effective upon the effective
the termination date of the Executive.

(c)              
Upon any termination without cause, the Executive shall be entitled to receive: either, at the Company’s option, in a lump sum
payment or over the course of one year from the effective date of the Change in Control:

(i)                
100% payment of Executive’s Base Salary

(ii)              
100% payment
of Executive’s most recently paid (or earned if approved by the Compensation Committee but not yet paid) annual Bonus

(iii)           
One Year continuation
of Health Benefits (COBRA benefits).

5.6       Return
of Company Property. On the date of Executive’s termination of employment with
the Company for any reason (or at any time prior thereto at the Company’s request), Executive will return all property belonging
to the Company or its affiliates (including, but not limited to, any Company-provided laptops, computers, cell phones, wireless electronic
mail devices or other equipment, or documents and property belonging to the Company).

6.                 
Cooperation. The parties agree that certain matters
in which the Executive will be involved during the Employment Term may necessitate the Executive's cooperation in the future. Accordingly,
following the termination of the Executive's employment for any reason, to the extent reasonably requested by the Board, the Executive
shall cooperate with the Company in connection with matters arising out of the Executive's service to the Company; provided that, the
Company shall make reasonable efforts to minimize disruption of the Executive's other activities. The Company shall reimburse the Executive
for reasonable expenses incurred in connection with such cooperation.

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7.                 
Confidential Information.
During the course of the Consulting Period and the Executive’s employment with the Company, Executive will have access to Confidential
Information. For purposes of this Agreement, “Confidential Information” means all data, information, ideas, concepts, discoveries,
trade secrets, inventions (whether or not patentable or reduced to practice), innovations, improvements, know-how, developments, techniques,
methods, processes, treatments, drawings, sketches, specifications, designs, patterns, models, plans and strategies, and all other confidential
or proprietary information or trade secrets in any form or medium (whether merely remembered or embodied in a tangible or intangible
form or medium) whether now or hereafter existing, relating to or arising from the past, current or potential business, activities and/or
operations of the Company or any of its affiliates, including, without limitation, any such information relating to or concerning finances,
sales, marketing, advertising, transition, promotions, pricing, personnel, customers, suppliers, vendors, partners and/or competitors.
Executive agrees that he will not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any person,
other than in the course of Executive’s assigned duties and for the benefit of the Company, either during the period of Executive’s
employment or at any time thereafter, any Confidential Information or other confidential or proprietary information received from third
parties subject to a duty on the Company’s or its subsidiaries’ or affiliates’ part to maintain the confidentiality
of such information. The foregoing will not apply to information that (i) is or was known to the public prior to its disclosure to Executive;
(ii) becomes generally known to the public subsequent to disclosure to Executive through no wrongful act of Executive or any representative
of Executive; or (iii) Executive is required to disclose by applicable law, regulation, recognized subpoena power, any governmental authority
or agency or any other legal process (provided that, to the extent permitted by applicable law, regulation, recognized subpoena power,
any governmental authority or agency or any other legal process, Executive provides the Company with prior notice of the contemplated
disclosure and cooperate with the Company at its expense in seeking a protective order or other appropriate protection of such information).
The terms and conditions of this Agreement will remain strictly confidential, and Executive hereby agrees not to disclose the terms and
conditions hereof to any person or entity, other than (A) immediate family members, (B) legal advisors or personal tax or financial advisors,
or (C) prospective future employers (solely, in the case of (C), for the purpose of disclosing the limitations on Executive’s conduct
imposed by the provisions of this Agreement) who, in each case, agree to keep such information confidential. Nothing in this Agreement
shall be interpreted or applied to prohibit the making of any good faith report to any governmental agency or other governmental entity
concerning any acts or omissions that Executive reasonably believes to constitute a possible violation of federal or state law or making
other disclosures that are protected under the whistleblower provisions of applicable federal or state law or regulation.

7.1       Nothing
in this Agreement is intended to or shall be
interpreted to prohibit disclosure of information to the limited extent permitted by and in accordance with the federal Defend Trade
Secrets Act of 2016 (“DTSA”). Stated otherwise, disclosures that are protected by the DTSA do not violate this Agreement.
The DTSA provides that: “(1) An individual shall not be held criminally or civilly liable under any Federal or State trade secret
law for the disclosure of a trade secret that – (A) is made – (i) in confidence to a Federal, State, or local government
official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected
violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under
seal.” The DTSA further provides that: “(2) An individual who files a lawsuit for retaliation by an employer for reporting
a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in
the court proceeding, if the individual – (A) files any document containing the trade secret under seal; and (B) does not disclose
the trade secret, except pursuant to court order.”

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8.                 
Non-Solicitation; Non-Interference. During the
Consulting Period and the Employment Term and for a period of twelve (12) months thereafter (no matter which of the reasons for termination
specified in Section 5 above applies), Executive agrees that he will not, except in the furtherance of Executive’s duties hereunder,
directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity, (i) solicit, aid or induce
any employee, representative or agent of the Company to leave such employment or retention or to accept employment with or render services
to or with any other person, firm, corporation or other entity unaffiliated with the Company, or take any action to materially assist
or aid any other person, firm, corporation or other entity in identifying, hiring or soliciting any such employee, representative or
agent, or (ii) interfere, or aid or induce any other person or entity in interfering, with the relationship between the Company and any
of their respective vendors, joint ventures or licensors. An employee, representative or agent will be deemed covered by this Section
8 while so employed or retained and for a period of six (6) months thereafter.

9.                 
Non-disparagement. Both during Consulting Period
and the Employment Term and at all times thereafter (no matter which of the reasons for termination specified in Section 5 above applies),
regardless of the reason for termination, Executive agrees not to make negative comments about or otherwise disparage the Company or
any of its respective officers, directors, employees, shareholders, members, agents or products other than in the good faith performance
of Executive’s duties to the Company while Executive is employed by the Company.

The
foregoing will not restrict or impede Executive from exercising protected legal rights to the extent that such rights cannot be waived
by agreement or from providing truthful statements in response to any governmental agency, rulemaking authority, subpoena power, legal
process, required governmental testimony or filings, or judicial, administrative or arbitral proceedings (including, without limitation,
depositions in connection with such proceedings), provided that such compliance does not exceed that required by the law, regulation,
or order. The Executive shall promptly provide written notice of any such order to the CEO.

10.             
Acknowledgement. The Executive acknowledges and
agrees that the services to be rendered by the Executive to the Company are of a special and unique character; that the Executive will
obtain knowledge and skill relevant to the Company's industry, methods of doing business and marketing strategies by virtue of the Executive's
employment; and that the restrictive covenants and other terms and conditions of this Agreement are reasonable and reasonably necessary
to protect the legitimate business interest of the Company.

The
Executive further acknowledges that the benefits provided to the Executive under this Agreement, including the amount of the Executive's
compensation, reflects, in part, the Executive's obligations and the Company's rights under Sections 7 and 8 of this Agreement; that
the Executive has no expectation of any additional compensation, royalties, or other payment of any kind not otherwise referenced herein
in connection herewith; and that the Executive will not suffer undue hardship by reason of full compliance with the terms and conditions
of Sections 7 and 8 of this Agreement or the Company's enforcement thereof.

11.             
Remedies.
In the event of a breach or threatened breach by the Executive of Sections 7 and 8 of this Agreement, the Executive hereby consents and
agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or permanent injunction or other
equitable relief against such breach or threatened breach from any court of competent jurisdiction, and that money damages would not
afford an adequate remedy, without the necessity of showing any actual damages, and without the necessity of posting any bond or other
security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages, or other available
forms of relief.

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12.             
Security and
Access. The Executive agrees and covenants (a) to comply with all Company security policies
and procedures as in force from time to time including without limitation those regarding computer equipment, telephone systems, voicemail
systems, facilities access, monitoring, key cards, access codes, Company intranet, internet, social media and instant messaging systems,
computer systems, email systems, computer networks, document storage systems, software, data security, encryption, firewalls, passwords,
and any and all other Company facilities, IT resources, and communication technologies ("Facilities and Information Technology Resources");
(b) not to access or use any Facilities and Information Technology Resources except as authorized by the Company; and (iii) not to access
or use any Facilities and Information Technology Resources in any manner after the termination of the Executive's employment by the Company,
whether termination is voluntary or involuntary. The Executive agrees to notify the Company promptly in the event the Executive learns
of any violation of the foregoing by others, or of any other misappropriation or unauthorized access, use, reproduction, or reverse engineering
of, or tampering with any Facilities and Information Technology Resources or other Company property or materials by others.

13.             
Governing Law: Jurisdiction and Venue.
This Agreement, for all purposes, shall be construed in accordance with the laws of Delaware, without regard to conflicts of law principles.
Any action or proceeding by either of the parties to enforce this Agreement shall be brought only in a state or federal court located
in the state of Massachusetts, county of Suffolk. The parties hereby irrevocably submit to the exclusive jurisdiction of such courts
and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue.

14.             
Entire Agreement.
Unless specifically provided herein, this Agreement contains all of the understandings and representations between the Executive and
the Company pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements, representations,
and warranties, both written and oral, with respect to such subject matter. The parties mutually agree that the Agreement can be specifically
enforced in court [an arbitral forum] and can be cited as evidence in legal proceedings alleging breach of the Agreement.

15.             
Modification and Waiver. No provision of this
Agreement may be amended or modified unless such amendment or modification is agreed to in writing and signed by the Executive and by
the CEO of the Company. No waiver by either of the parties of any breach by the other party hereto of any condition or provision of this
Agreement to be performed by the other party hereto shall be deemed a waiver of any similar or dissimilar provision or condition at the
same or any prior or subsequent time, nor shall the failure of or delay by either of the parties in exercising any right, power, or privilege
hereunder operate as a waiver thereof to preclude any other or further exercise thereof or the exercise of any other such right, power,
or privilege.

16.             
Severability. Should any provision of this Agreement
be held by a court [or arbitral forum] of competent jurisdiction to be enforceable only if modified, or if any portion of this Agreement
shall be held as unenforceable and thus stricken, such holding shall not affect the validity of the remainder of this Agreement, the
balance of which shall continue to be binding upon
the parties with any such modification to become a part hereof and treated as though originally set forth in this Agreement.

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The
parties further agree that any such court is expressly authorized to modify any such unenforceable provision of this Agreement in lieu
of severing such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision, deleting
any or all of the offending provision, adding additional language to this Agreement, or by making such other modifications as it deems
warranted to carry out the intent and agreement of the parties as embodied herein to the maximum extent permitted by law.

The
parties expressly agree that this Agreement as so modified by the court shall be binding upon and enforceable against each of them. In
any event, should one or more of the provisions of this Agreement be held to be invalid, illegal, or unenforceable in any respect, such
invalidity, illegality, or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not
modified as provided above, this Agreement shall be construed as if such invalid, illegal, or unenforceable provisions had not been set
forth herein.

17.             
Captions. Captions and headings of the sections
and paragraphs of this Agreement are intended solely for convenience and no provision of this Agreement is to be construed by reference
to the caption or heading of any section or paragraph.

18.             
Counterparts. This Agreement may be executed
in separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same
instrument.

19.             
Successors and Assigns. This Agreement is personal
to the Executive and shall not be assigned by the Executive. Any purported assignment by the Executive shall be null and void from the
initial date of the purported assignment. The Company may assign this Agreement to any successor or assign (whether direct or indirect,
by purchase, merger, consolidation, or otherwise) to all or substantially all of the business or assets of the Company. This Agreement
shall inure to the benefit of the Company and permitted successors and assigns.

20.             
Notice. Notices and all other communications
provided for in this Agreement shall be in writing and shall be delivered personally or sent by registered or certified mail, return
receipt requested, or by overnight carrier to the parties at the addresses set forth below (or such other addresses as specified by the
parties by like notice):

If
to the Company:

Alopexx,
Inc.

Attention:
Dan Vlock

President
and Chief Executive Officer

186
Alewife Brook Pkwy #1068

Cambridge,
MA 02138

If
to the Executive:

Thomas
Thomas

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21.             
 Representations of the Executive. The Executive
represents and warrants to the Company that:

(a)              
The Executive's acceptance of the consulting engagement and employment with the Company and the performance of duties hereunder will
not conflict with or result in a violation of, a breach of, or a default under any contract, agreement, or understanding to which the
Executive is a party or is otherwise bound.

(b)              
The Executive's acceptance of the consulting engagement and employment with the Company and the performance of duties hereunder will
not violate any non-solicitation, non-competition, or other similar covenant or agreement of a prior employer.

22.             
Withholding. The Company shall have the right
to withhold from any employment compensation amounts payable hereunder any Federal, state, and local taxes in order for the Company to
satisfy any withholding tax obligation it may have under any applicable law or regulation.

23.             
Survival. Upon the expiration or other termination
of this Agreement, the respective

rights and obligations of the parties hereto shall survive such expiration or other termination to the extent necessary to carry out
the intentions of the parties under this Agreement.

24.             
Acknowledgement of Full Understanding. THE EXECUTIVE
ACKNOWLEDGES AND AGREES THAT THE EXECUTIVE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES
AND AGREES THAT THE EXECUTIVE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF THE EXECUTIVE'S CHOICE BEFORE SIGNING
THIS AGREEMENT.

[SIGNATURE
PAGE FOLLOWS]

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IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

	EXECUTIVE	 	ALOPEXX,
INC.
	 	 	 
	 	 	 
	 	 	By:	 
	Signature	 	 	Daniel Vlock
	 	 	 	CHIEF EXECUTIVE OFFICER
	 	 	 
	Thomas Thomas	 	 
	Print Name

	 	 

 

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Employment
Agreement

This
Employment Agreement (the "Agreement") is made and entered into as of [DATE], by and between _________ (the "Executive")
and Alopexx, Inc., a corporation formed in the state of Delaware (the "Company").

WHEREAS,
the Company desires to employ the Executive on the terms and conditions set forth herein; and

WHEREAS,
the Executive desires to be employed by the Company on such terms and conditions.

NOW,
THEREFORE, in consideration of the mutual covenants, promises, and obligations set forth herein, the parties agree as follows:

1.            
Term.
Subject to Section 5 of this Agreement, the Executive's initial term of employment hereunder shall be from the period beginning on the
closing date of the Company’s initial public offering (the "Effective Date") through the third anniversary thereof (the
"Initial Term"). Thereafter, the Agreement shall be deemed to be automatically extended, upon the same terms and conditions,
for successive periods of one year, unless either party provides written notice of its intention not to extend the term at least ninety
(90) days prior to the end of the Initial Term or one-year extension thereof. The period during which the Executive is employed by the
Company hereunder is hereinafter referred to as the "Employment Term."

2.            
Position and Duties.

2.1             
Position. During the Employment Term, the Executive
shall serve as the Chief Executive Officer of the Company, reporting to the Company’s Board of Directors. In such position, the
Executive shall have such duties, authority, and responsibilities as are consistent with the Executive's position.

2.2             
Duties. During the Employment Term, the Executive
shall devote substantially all of the Executive's business time and attention to the performance of the Executive's duties hereunder
and will not engage in any other business, profession, or occupation for compensation or otherwise which would conflict or interfere
with the performance of such services either directly or indirectly without the prior written consent of the Board.

3.            
Place of Performance.
The principal place of Executive's employment shall be currently located in Cambridge, MA; provided that, the Executive may be required
to travel on Company business during the Employment Term. The Executive may work remotely from so long as doing so does not interfere
with the Executive's responsibilities under this Agreement.

4.            
Compensation.

4.1             
Base Salary. The Company shall pay the Executive
an annual rate of base salary of $_________ in periodic installments in accordance with the Company's customary payroll practices and
applicable wage payment laws, but no less frequently than monthly. The Executive's base salary shall be reviewed at least annually by
the Board and the Compensation
Committee of the Board (the “Compensation Committee”). The Executive's annual base salary, as in effect from time
to time, is hereinafter referred to as "Base Salary."

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4.2             
Annual Bonus.

(a)              
For each fiscal year of the Employment Term, the Executive shall be eligible to receive an annual bonus (the "Annual Bonus").
However, the decision to provide any Annual Bonus and the amount and terms of any Annual Bonus shall be in the sole and absolute discretion
of the Compensation Committee.

(b)              
the Annual Bonus, if any, will be paid within two and a half (2 1/2) months after the end of the applicable fiscal year.

(c)              
Except as otherwise provided in Section 5, (i) the Annual
Bonus will be subject to the terms of the Company annual bonus plan under which it is granted and (ii)] in order to be eligible to receive
an Annual Bonus, the Executive must be employed by the Company on the last day of the applicable fiscal year that Annual Bonuses are
paid.

4.3             
Equity Awards. During the Employment Term, the
Executive shall be eligible to participate in the 2022 Equity Plan or any successor plan, subject to the terms of the 2022 Equity Plan,
or successor plan, as determined by the Board or the Compensation Committee, in its discretion.

4.4             
Fringe Benefits and Perquisites. During the Employment
Term, the Executive shall be entitled to fringe benefits and perquisites consistent with those provided to similarly situated executives
of the Company.

4.5             
Employee Benefits. During the Employment Term,
the Executive shall be entitled to participate in all employee benefit plans, practices, and programs maintained by the Company, as in
effect from time to time (collectively, "Employee Benefit Plans"). The Company reserves the right to amend or terminate
any Employee Benefit Plans at any time in its sole discretion, subject to the terms of such Employee Benefit Plan and applicable law.

4.6             
Vacation; Paid Time Off. During the Employment
Term, the Executive shall be entitled to twenty-five (25) paid vacation days per calendar year (prorated for partial years) in accordance
with the Company's vacation policies, as in effect from time to time. The Executive shall receive other paid time off in accordance with
the Company's policies for executive officers as such policies may exist from time to time and as required by applicable law.

4.7             
Business Expenses. The Executive shall be entitled
to reimbursement for all reasonable and necessary out-of-pocket business, entertainment, and travel expenses incurred by the Executive
in connection with the performance of the Executive's duties hereunder in accordance with the Company's expense reimbursement policies
and procedures.

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4.8             
 Indemnification. The Company shall indemnify
and hold the Executive harmless to the fullest extent applicable to any other officer or director of the Company/to the maximum extent
permitted under applicable law and the Company's bylaws for acts and omissions in the Executive's capacity as an officer, director, or
employee of the Company.

4.9             
Clawback Provisions. Any amounts payable under
this Agreement are subject to any policy (whether in existence as of the Effective Date or later adopted) established by the Company
providing for clawback or recovery of amounts that were paid to the Executive. The Company will make any determination for clawback or
recovery in its sole discretion and in accordance with any applicable law or regulation.

5.            
Termination of Employment.
The Employment Term and the Executive's employment hereunder may be terminated by either the Company or the Executive at any time and
for any reason or for no particular reason; provided that, unless otherwise provided herein, either party shall be required to give the
other party at least ninety (90) days advance written notice of any termination of the Executive's employment. Upon termination of the
Executive's employment during the Employment Term, the Executive shall be entitled to the compensation and benefits described in this
Section 5 and shall have no further rights to any compensation or any other benefits from the Company or any of its affiliates.

5.1             
Expiration of the Term, For Cause, or Without Good Reason.

(a)              
The Executive's employment hereunder may be terminated upon either party's failure to renew the Agreement in accordance with Section
1, by the Company for Cause or by the Executive without Good Reason and the Executive shall be entitled to receive:

(i)                
any accrued but unpaid Base Salary and accrued but unused vacation/paid time off which shall be paid on the date of the Executive's termination/within
one (1) week following the date of the Executive's termination/on the pay date immediately following the date of the Executive's termination
in accordance with the Company's customary payroll procedures;

(ii)             
any earned but unpaid Annual Bonus with respect to any completed fiscal year immediately preceding the date of the Executive's termination,
which shall be paid on the otherwise applicable payment date except to the extent payment is otherwise deferred pursuant to any applicable
deferred compensation arrangement; provided that, if the Executive's employment is terminated by the Company for Cause or the Executive
resigns without Good Reason, then any such earned but unpaid Annual Bonus shall be forfeited;

(iii)           
reimbursement for unreimbursed business expenses properly incurred by the Executive, which shall be subject to and paid in accordance
with the Company's expense reimbursement policy; and

(iv)            
such employee benefits (including equity compensation), if any, to which the Executive may be entitled under the Company's employee
benefit plans
as of the date of the Executive's termination; provided that, in no event shall the Executive be entitled to any payments in the nature
of severance or termination payments except as specifically provided herein.

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Items
5.1(a)(i) through 5.1(a)(iv) are referred to herein collectively as the "Accrued Amounts."

(b)              
For purposes of this Agreement, "Cause" shall mean:

(i)                
the Executive's willful failure to perform the Executive's duties (other than any such failure resulting from incapacity due to physical
or mental illness);

(ii)             
the Executive's willful failure to comply with any valid and legal directive of the Board or Compensation Committee;

(iii)           
the Executive's willful engagement in dishonesty, illegal conduct, or gross misconduct, which is, in each case, materially injurious
to the Company or its affiliates;

(iv)            
the Executive's embezzlement, misappropriation, or fraud, whether or not related to the Executive's employment with the Company;

(v)              
the Executive's conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent) or
a crime that constitutes a misdemeanor involving moral turpitude;

(vi)            
the Executive's material violation of the Company's written policies or codes of conduct, including written policies related to discrimination,
harassment, performance of illegal or unethical activities, and ethical misconduct; or

(vii)         
the Executive's material breach of any material obligation under this Agreement or any other written agreement between the Executive
and the Company.

For
purposes of this provision, none of the Executive's acts or failures to act shall be considered "willful" unless the Executive
acts, or fails to act, in bad faith or without reasonable belief that the action or failure to act was in the best interests of the Company.
The Executive's actions, or failures to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon the
advice of counsel for the Company shall be conclusively presumed to be in good faith and in the best interests of the Company. 

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(c)              
 For purposes of this Agreement, "Good Reason" shall mean the occurrence of any of the following, in each case during
the Employment Term without the Executive's prior written consent:

(i)                
a material reduction in the Executive's Base Salary other than a general reduction in Base Salary that affects all similarly situated
executives in substantially the same proportions;

(ii)             
a relocation of the Executive's principal place of employment;

(iii)           
any material breach by the Company of any material provision of this Agreement or any material provision of any other agreement between
the Executive and the Company;

(iv)            
in connection with a change in control of the Company, the Company's failure to obtain an agreement from any successor to the Company
to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform
if no succession had taken place, except where such assumption occurs by operation of law;

(v)              
the Company's failure to nominate the Executive for election to the Board and to use its best efforts to have him elected and re-elected,
as applicable;

(vi)            
a material, adverse change in the Executive's title, authority, duties, or responsibilities (other than temporarily while the Executive
is physically or mentally incapacitated or as required by applicable law); or

(vii)         
a material adverse change in the reporting structure applicable to the Executive.

To
terminate the Executive's employment for Good Reason, the Executive must provide written notice to the Company of the existence of the
circumstances providing grounds for termination for Good Reason within thirty (30) days of the initial existence of such grounds and
the Company must have at least thirty (30) days from the date on which such notice is provided to cure such circumstances. If the Executive
does not terminate the Executive's employment for Good Reason within thirty (30) days after the first occurrence of the applicable grounds,
then the Executive will be deemed to have waived the Executive's right to terminate for Good Reason with respect to such grounds.

5.2             
Non-Renewal by the Company, Without Cause or for Good Reason.
The Employment Term and the Executive's employment hereunder may be terminated by the Executive for Good Reason or by the Company without
Cause or on account of the Company's failure to renew the Agreement in accordance with Section 1. In the event of such termination, the
Executive shall be entitled to receive the Accrued Amounts and subject to the Executive's compliance with Section 6 of this Agreement
and the agreements referenced therein and the Executive's execution, within thirty (30) days following receipt, of
a release of claims in favor of the Company, its affiliates and their respective officers and directors in a form provided by the Company
(the "Release") (such thirty-day period, the "Release Execution Period"), and the Release becoming
effective according to its terms], the Executive shall be entitled to receive the following:

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(a)              
a lump sum payment equal to two (2) times the sum of the Executive's Base Salary for the year in which the date of the Executive's termination
occurs, which shall be paid within thirty (30) days following the date of the Executive's termination; provided that, if the Release
Execution Period begins in one taxable year and ends in another taxable year, payment shall not be made until the beginning of the second
taxable year;

(b)              
a payment equal to the product of (i) the Annual Bonus, if any, that the Executive otherwise would have earned for the fiscal year that
includes the date of the Executive's termination had no termination occurred, based on achievement of the applicable performance goals
for such year and (ii) a fraction, the numerator of which is the number of days the Executive was employed by the Company during the
year of termination and the denominator of which is the number of days in such year (the "Pro Rata Bonus"). This amount
shall be paid on the date that annual bonuses are paid to similarly situated executives, but in no event later than two-and-a-half (2
1/2) months following the end of the fiscal year that includes the date of the Executive's termination;

(c)              
If the Executive timely and properly elects health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of
1985 ("COBRA"), the Company shall reimburse the Executive for the monthly COBRA premium paid by the Executive for the
Executive and the Executive's dependents OR the difference between the monthly COBRA premium paid by the Executive for the Executive
and the Executive's dependents and the monthly premium amount paid by similarly situated active executives. Such reimbursement shall
be paid to the Executive on the first day of the month immediately following the month in which the Executive timely remits the premium
payment. The Executive shall be eligible to receive such reimbursement until the earliest of: (i) the eighteen-month anniversary of the
date of the Executive's termination; (ii) the date the Executive is no longer eligible to receive COBRA continuation coverage; and (iii)
the date on which the Executive becomes eligible to receive substantially similar coverage from another employer or other source. Notwithstanding
the foregoing, if the Company's making payments under this Section 5.2(c) would violate the nondiscrimination rules applicable to non-grandfathered,
insured group health plans under the Affordable Care Act (the "ACA"), or result in the imposition of penalties under
the ACA and the related regulations and guidance promulgated thereunder, the parties agree to reform this Section 5.2(c) in a manner
as is necessary to comply with the ACA.

(d)              
The treatment of any outstanding equity awards shall be determined in accordance with the terms of the 2022 Equity Plan and the applicable
award agreements.

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5.3             
 Death or Disability.

(a)              
The Executive's employment hereunder shall terminate automatically upon the Executive's death during the Employment Term, and the Company
may terminate the Executive's employment on account of the Executive's Disability.

(b)              
If the Executive's employment is terminated during the Employment Term on account of the Executive's death or Disability, the Executive
(or the Executive's estate and/or beneficiaries, as the case may be) shall be entitled to receive the following:

(i)                
the Accrued Amounts; and

(ii)             
a lump sum payment equal to the Pro Rata Annual Bonus, if any, that the Executive would have earned for the fiscal year that includes
the date of the Executive's termination based on the achievement of applicable performance goals for such year, which shall be payable
on the date that annual bonuses are paid to the Company's similarly situated executives, but in no event later than two-and-a-half (2
1/2) months following the end of the fiscal year that includes the date of the Executive's termination.

Notwithstanding
any other provision contained herein, all payments made in connection with the Executive's Disability shall be provided in a manner which
is consistent with federal and state law.

(c)              
For purposes of this Agreement, the Executive is entitled to receive long-term disability benefits under the Company's long-term disability
plan, if any. Any question as to the existence of the Executive's Disability as to which the Executive and the Company cannot agree shall
be determined in writing by a qualified independent physician mutually acceptable to the Executive and the Company. The determination
of disability made in writing to the Company and the Executive shall be final and conclusive for all purposes of this Agreement.

5.4             
Notice of Termination. Any termination of the
Executive's employment hereunder by the Company or by the Executive during the Employment Term (other than termination pursuant to Section
5.3(a) on account of the Executive's death) shall be communicated by written notice of termination ("Notice of Termination")
to the other party hereto in accordance with Section 15. The Notice of Termination shall specify:

(a)              
the termination provision of this Agreement relied upon;

(b)              
to the extent applicable, the facts and circumstances claimed to provide a basis for termination of the Executive's employment under
the provision so indicated; and

(c)              
the applicable date of termination, which shall be no less than ninety (90) days following the date on which the Notice of Termination
is delivered if the Company terminates the Executive's employment without Cause, or no less than ninety
(90) days following the date on which the Notice of Termination is delivered if the Executive terminates the Executive's employment with
or without Good Reason; provided that, the Company shall have the option to provide the Executive with a lump sum payment in lieu of
such notice.

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5.5             
Resignation of All Other Positions. Upon termination
of the Executive's employment hereunder for any reason, the Executive [agrees to resign/shall be deemed to have resigned] from all positions
that the Executive holds as an officer or member of the Board (or a committee thereof) of the Company or any of its affiliates.

6.            
Confidential Information and Restrictive Covenants.
As a condition of the Executive's employment with the Company, the Executive shall enter into and abide by the Company's Employee Non-Compete,
Confidentiality and Proprietary Rights Agreement, if any.

7.            
Governing Law, Jurisdiction, and Venue.
This Agreement, for all purposes, shall be construed in accordance with the laws of Delaware without regard to conflicts of law principles.
Any action or proceeding by either of the parties to enforce this Agreement shall be brought only in a state or federal court located
in the state of Delaware, county of Wilmington. The parties hereby irrevocably submit to the exclusive jurisdiction of such courts and
waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue.

8.            
Entire Agreement.
Unless specifically provided herein, this Agreement, together with the Employee Non-Compete Agreement/Confidentiality and Proprietary
Rights Agreement, if any, contains all of the understandings and representations between the Executive and the Company pertaining to
the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both
written and oral, with respect to such subject matter.

9.            
Modification and Waiver.
No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in writing and signed by
the Executive and by the Compensation Committee Chairperson of the Company. No waiver by either of the parties of any breach by the other
party hereto of any condition or provision of this Agreement to be performed by the other party hereto shall be deemed a waiver of any
similar or dissimilar provision or condition at the same or any prior or subsequent time.

10.        
Severability. Should
any provisions of this Agreement be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability
shall not affect any other provisions hereof, and if such provision or provisions are not modified as provided above, this Agreement
shall be construed as if such invalid, illegal, or unenforceable provisions had not been set forth herein.

11.        
Captions.
Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of this Agreement
is to be construed by reference to the caption or heading of any section or paragraph.

12.        
Counterparts.
This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all of which taken together shall
constitute one and the same instrument.

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13.        
 Section 409A.

13.1         
General Compliance. This Agreement is intended
to comply with Section 409A or an exemption thereunder and shall be construed and administered in accordance with such intent. Notwithstanding
any other provision of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies
with Section 409A or an applicable exemption. Any nonqualified deferred compensation payments under this Agreement that may be excluded
from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded
from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under this Agreement
shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of employment shall only be made
upon a "separation from service" under Section 409A. Notwithstanding the foregoing, the Company makes no representations that
the payments and benefits provided under this Agreement comply with Section 409A, and in no event shall the Company be liable for all
or any portion of any taxes, penalties, interest, or other expenses that may be incurred by the Executive on account of non-compliance
with Section 409A.

13.2         
Specified Employees. Notwithstanding any other
provision of this Agreement, if any payment or benefit provided to the Executive in connection with the Executive's termination of employment
is determined to constitute "nonqualified deferred compensation" within the meaning of Section 409A and the Executive is determined
to be a "specified employee" as defined in Section 409A(a)(2)(b)(i), then such payment or benefit shall not be paid until the
first payroll date to occur following the six-month anniversary of the date of the Executive's termination or, if earlier, on the Executive's
death (the "Specified Employee Payment Date"). The aggregate of any payments that would otherwise have been paid before
the Specified Employee Payment Date [and interest on such amounts calculated based on the applicable federal rate published by the Internal
Revenue Service for the month in which the Executive's separation from service occurs] shall be paid to the Executive in a lump sum on
the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with their original
schedule.

13.3         
Reimbursements. To the extent required by Section 409A,
each reimbursement or in-kind benefit provided under this Agreement shall be provided in accordance with the following:

(a)              
the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses
eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year;

(b)              
any reimbursement of an eligible expense shall be paid to the Executive on or before the last day of the calendar year following the
calendar year in which the expense was incurred; and

(c)              
any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit.

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14.        
 Successors and Assigns.
This Agreement is personal to the Executive and shall not be assigned by the Executive. Any purported assignment by the Executive shall
be null and void from the initial date of the purported assignment. The Company may assign this Agreement to any successor or assign
(whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business or assets
of the Company. This Agreement shall inure to the benefit of the Company and permitted successors and assigns.

15.        
Notice.
Notices and all other communications provided for in this Agreement shall be given in writing by personal delivery, electronic delivery,
or by registered mail to the parties at the addresses set forth below (or such other addresses as specified by the parties by like notice):

If
to the Company:

Alopexx,
Inc.

186
Alewife Brook Pkwy #1068

Cambridge,
MA 02138

Attn:
Chief Financial Officer

If
to the Executive:

[EXECUTIVE
ADDRESS]

16.        
Representations of the Executive.
The Executive represents and warrants to the Company that:

The
Executive's acceptance of employment with the Company and the performance of the Executive's duties hereunder will not conflict with
or result in a violation of, a breach of, or a default under any contract, agreement, or understanding to which the Executive is a party
or is otherwise bound.

The
Executive's acceptance of employment with the Company and the performance of the Executive's duties hereunder will not violate any non-solicitation,
non-competition, or other similar covenant or agreement of a prior employer or third-party.

17.        
Withholding.
The Company shall have the right to withhold from any amount payable hereunder any Federal, state, and local taxes in order for the Company
to satisfy any withholding tax obligation it may have under any applicable law or regulation.

18.        
Survival.
Upon the expiration or other termination of this Agreement, the respective rights and obligations of the parties hereto shall survive
such expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement.

19.        
Acknowledgement of Full Understanding.
THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT THE EXECUTIVE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. THE
EXECUTIVE ACKNOWLEDGES AND AGREES THAT THE EXECUTIVE HAS HAD AN OPPORTUNITY
TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF THE EXECUTIVE'S CHOICE BEFORE SIGNING THIS AGREEMENT.

[signature
page follows]

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IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

	 	Alopexx,
    Inc.
	 	 
	 	By:	 
	 	 	 
	 	Name:	[AUTHORIZED OFFICER NAME]
	 	 	 
	 	Title:	[AUTHORIZED OFFICER TITLE]

 

 

 

	 	EXECUTIVE
	 	 
	 	Signature:	 
	 	 
	 	Print Name:	 

 

    	11Alopexx, Inc. S-1/A

 

Exhibit 10.3

 

INDEMNIFICATION
AGREEMENT

This
Indemnification Agreement (“Agreement”), dated as of _______, 2022, is by and between Alopexx, Inc., a Delaware corporation
(the "Company") and [NAME OF DIRECTOR] (the "Indemnitee").

WHEREAS,
Indemnitee is a director of the Company;

WHEREAS,
both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers
of public companies;

WHEREAS,
the board of directors of the Company (the "Board") has determined that enhancing the ability of the Company to retain
and attract as directors and officers the most capable persons is in the best interests of the Company and that the Company therefore
should seek to assure such persons that indemnification and insurance coverage is available; and

WHEREAS,
in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee’s
service as a director of the Company and to enhance Indemnitee’s ability to serve the Company in an effective manner, and in order to
provide such protection pursuant to express contract rights (intended to be enforceable irrespective of, among other things, any amendment
to the Company’s certificate of incorporation or bylaws (collectively, the "Constituent Documents"), any change in the
composition of the Board or any change in control or business combination transaction relating to the Company), the Company wishes to
provide in this Agreement for the indemnification of, and the advancement of Expenses (as defined in Section 1(f) below) to, Indemnitee
as set forth in this Agreement and for the coverage of Indemnitee under the Company’s directors’ and officers’ liability insurance policies.

NOW,
THEREFORE, in consideration of the foregoing and the Indemnitee’s agreement to provide services to the Company, the parties agree as
follows:

1.            Definitions.
For purposes of this Agreement, the following terms shall have the following meanings:

(a)         "Beneficial Owner" has the meaning given to the term "beneficial owner" in Rule 13d-3 under the Securities
Exchange Act of 1934, as amended (the "Exchange Act").

(b)         "Change in Control" means the occurrence after the date of this Agreement of any of the following events:

(i)             any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 35% or more of the Company’s
then outstanding Voting Securities;

     

     

    

(ii)            the consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation,
all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly
or indirectly, more than 50% of the combined voting power of the outstanding Voting Securities of the entity resulting from such transaction;

(iii)           during any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the
beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination
for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office
who either were directors at the beginning of the period or whose election or nomination for election was previously so approved) cease
for any reason to constitute at least a majority of the Board; or

(iv)           the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale or
disposition by the Company of all or substantially all of the Company’s assets.

(c)         "Claim" means:

(i)             any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative,
arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

(ii)            any inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding
or alternative dispute resolution mechanism.

(d)        "Delaware Court" shall have the meaning ascribed to it in Section 9(e) below.

(e)        "Disinterested Director" means a director of the Company who is not and was not a party to the Claim in respect of which
indemnification is sought by Indemnitee.

(f)         "Expenses" means any and all expenses, including attorneys’ and experts’ fees, court costs, transcript costs, travel
expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating,
defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any
Claim. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Claim, including without limitation
the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii)
for purposes of Section 5 only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s
rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee
or the amount of judgments or fines against Indemnitee. The parties agree that for the purposes of any advancement of Expenses for which
Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified
by affidavit of Indemnitee’s counsel as being reasonable shall be presumed conclusively to be reasonable.

     

     

    

(g)        "Expense Advance" means any payment of Expenses advanced to Indemnitee by the Company pursuant to Section 4 or Section
5 hereof.

(h)        "Indemnifiable Event" means any event or occurrence, whether occurring on or after the date of this Agreement, related
to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or
was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation,
limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, "Enterprise")
or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss
is incurred for which indemnification can be provided under this Agreement).

(i)         "Independent Counsel" means a law firm, or a member of a law firm, that is experienced in matters of corporation law
and neither presently performs, nor in the past five years has performed, services for either: (i) the Company or Indemnitee (other than
in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (ii) any other
party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel"
shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest
in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

(j)         "Losses" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal
or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local
or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid
or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to
defend, be a witness or participate in, any Claim.

(k)        "Person" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust,
business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d)
of the Exchange Act.

     

     

    

(l)         "Standard of Conduct Determination" shall have the meaning ascribed to it in Section 9(b) below.

(m)       "Voting Securities" means any securities of the Company that vote generally in the election of directors.

2.           Services to the Company.
Indemnitee agrees to serve as a director of the Company, pursuant to that certain agreement between the Indemnitee and the Company, for
so long as Indemnitee is duly elected or appointed or until Indemnitee tenders their resignation or is no longer serving in such capacity.
This Agreement shall not be deemed an employment agreement between the Company (or any of its subsidiaries or Enterprise) and Indemnitee.
Indemnitee specifically acknowledges that service to the Company or any of its subsidiaries or Enterprise is at will and the Indemnitee
may be discharged at any time for any reason, with or without cause, except as may be otherwise provided in any written employment agreement
between Indemnitee and the Company (or any of its subsidiaries or Enterprise), other applicable formal severance policies duly adopted
by the Board or, with respect to service as a director or officer of the Company, by the Company’s Constituent Documents or Delaware
law.

3.           Indemnification.
Subject to Section 9 and Section 10 of this Agreement, the Company shall indemnify Indemnitee, to the fullest extent permitted by the
laws of the State of Delaware in effect on the date hereof, or as such laws may from time to time hereafter be amended to increase the
scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or participant in,
or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including,
without limitation, Claims brought by or in the right of the Company, Claims brought by third parties, and Claims in which the Indemnitee
is solely a witness. If Indemnitee is not wholly successful relating to any such Claim, but is successful, on the merits or otherwise,
as to one or more but less than all claims, issues or matters relating to any such Claim, the Company shall indemnify Indemnitee against
all Losses reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue
or matter. For purposes of this Agreement, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without
prejudice, by reason of settlement, judgment, order or otherwise, shall be deemed to be a successful result as to such claim, issue or
matter.

4.           Advancement of Expenses.
Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication to which
there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee in connection with
any Claim arising out of an Indemnifiable Event. Indemnitee’s right to such advancement is not subject to the satisfaction of any standard
of conduct. Without limiting the generality or effect of the foregoing, within thirty (30) days after any request by Indemnitee, the
Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an
amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances,
Indemnitee shall not be required to provide any documentation or information to the extent that the provision thereof would undermine
or otherwise jeopardize attorney-client privilege. In connection with any request for Expense Advances, Indemnitee shall execute and
deliver to the Company an undertaking (which shall be accepted without reference to Indemnitee’s ability to repay the Expense Advances)
to repay any amounts paid, advanced, or reimbursed by the Company for such Expenses to the extent that it is ultimately determined, following
the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. Indemnitee’s obligation to reimburse
the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.

     

     

    

5.           Indemnification for Expenses in Enforcing Rights.
To the fullest extent allowable under applicable law, the Company shall also indemnify against, and, if requested by Indemnitee, shall
advance to Indemnitee subject to and in accordance with Section 4, any Expenses actually and reasonably paid or incurred by Indemnitee
in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by
the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter
in effect relating to Claims relating to Indemnifiable Events, and/or (b) recovery under any directors’ and officers’ liability insurance
policies maintained by the Company. Indemnitee shall be required to reimburse the Company in the event that a final judicial determination
is made that such action brought by Indemnitee was frivolous or not made in good faith.

6.           Partial Indemnity.
If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Losses in respect
of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee
for the portion thereof to which Indemnitee is entitled.

7.           Notification and Defense of Claims.

(a)          Notification of Claims. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate
to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information
then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the
Company hereunder shall not relieve the Company from any liability hereunder unless the Company’s ability to participate in the defense
of such claim was materially and adversely affected by such failure/except that the Company shall not be liable to indemnify Indemnitee
under this Agreement with respect to any judicial award in a Claim related to an Indemnifiable Event if the Company was not given a reasonable
and timely opportunity to participate at its expense in the defense of such action.

     

     

    

(b)          Defense of Claims. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event
at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with
counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any
such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred
by Indemnitee in connection with Indemnitee’s defense of such Claim other than reasonable costs of investigation or as otherwise provided
below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses related to such counsel incurred
after notice from the Company of its assumption of the defense shall be at Indemnitee’s own expense; provided, however, that if (i) Indemnitee’s
employment of its own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a
conflict of interest between Indemnitee and the Company in the defense of such Claim, (iii) after a Change in Control, Indemnitee’s employment
of its own counsel has been approved by the Independent Counsel or (iv) the Company shall not in fact have employed counsel to assume
the defense of such Claim, then Indemnitee shall be entitled to retain its own separate counsel (but not more than one law firm plus,
if applicable, local counsel in respect of any such Claim) and all Expenses related to such separate counsel shall be borne by the Company.

8.           Procedure upon Application for Indemnification.
In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor, including
in such request such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine
whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Claim, provided that documentation
and information need not be so provided to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client
privilege. Indemnification shall be made insofar as the Company determines Indemnitee is entitled to indemnification in accordance with
Section 9 below.

9.           Determination of Right to Indemnification.

(a)          Mandatory Indemnification; Indemnification as a Witness. 

(i)             To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable
Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice,
Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with Section 3 to the fullest extent allowable
by law.

(ii)            To the extent that Indemnitee’s involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness,
and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable
by law.

     

     

    

(b)          Standard of Conduct. To the extent that the provisions of Section 9 (a) are inapplicable to a Claim related to an Indemnifiable
Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct
under Delaware law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim
and any determination that Expense Advances must be repaid to the Company (a "Standard of Conduct Determination") shall
be made as follows:

(i)             if no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board,
(B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum
or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board, a copy of which
shall be delivered to Indemnitee; and

(ii)            if a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested Directors,
even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the Board, a copy
of which shall be delivered to Indemnitee.

The
Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance
to Indemnitee, within thirty (30) days of such request, any and all Expenses incurred by Indemnitee in cooperating with the person or
persons making such Standard of Conduct Determination.

(c)          Making the Standard of Conduct Determination. The Company shall use its reasonable best efforts to cause any Standard of Conduct
Determination required under Section 9(b) to be made as promptly as practicable. If the person or persons designated to make the Standard
of Conduct Determination under Sectin 9(b) shall not have made a determination within 30 days after the later of (A) receipt by the Company
of a written request from Indemnitee for indemnification pursuant to Section 8 (the date of such receipt being the "Notification
Date") and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee
shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable
time, not to exceed an additional 30 days, if the person or persons making such determination in good faith requires such additional
time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination
as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of
any Claim.

(d)          Payment of Indemnification. If, in regard to any Losses:

     

     

    

(i)             Indemnitee shall be entitled to indemnification pursuant to Section 9(a);

(ii)            no Standard Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

(iii)           Indemnitee has been determined or deemed pursuant to Sections 9(b) or (c) to have satisfied the Standard of Conduct Determination,

then
the Company shall pay to Indemnitee, within 30 days after the later of (A) the Notification Date or (B) the earliest date on which the
applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

(e)          Selection of Independent Counsel for Standard of Conduct Determination. If a Standard of Conduct Determination is to be made by
Independent Counsel pursuant to Section 9(b)(i), the Independent Counsel shall be selected by the Board of Directors, and the Company
shall give written notice to Indemnitee advising them of the identity of the Independent Counsel so selected. If a Standard of Conduct
Determination is to be made by Independent Counsel pursuant to Section 9(b)(ii), the Independent Counsel shall be selected by Indemnitee,
and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either
case, Indemnitee or the Company, as applicable, may, within fifteen days after receiving written notice of selection from the other,
deliver to the other a written objection to such selection; provided, however, that such objection may be asserted only on the ground
that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of "Independent Counsel"
in Sectin 1(i), and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely
objection, the person or firm so selected shall act as Independent Counsel. If such written objection is properly and timely made and
substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn
or a court has determined that such objection is without merit; and (ii) the non-objecting party may, at its option, select an alternative
Independent Counsel and give written notice to the other party advising such other party of the identity of the alternative Independent
Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this sentence
and numbered clause (i) of this sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause
(ii) of the immediately preceding sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted
under the foregoing provisions of this Section 9(e) to make the Standard of Conduct Determination shall have been selected within 30
days after the Company gives its initial notice pursuant to the first sentence of this Section 9(e) or Indemnitee gives its initial notice
pursuant to the second sentence of this Section 9(e), as the case may be, either the Company or Indemnitee may petition the Court of
Chancery of the State of Delaware ("Delaware Court") to resolve any objection which shall have been made by the Company
or Indemnitee to the other’s selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected by the
Court or such other person as the Court shall designate, and the person or firm with respect to whom all objections are so resolved or
the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and
expenses of the Independent Counsel incurred in connection with the Independent Counsel’s determination pursuant to Section 9(b).

     

     

    

(f)           Presumptions and Defenses. 

(i)             Indemnitee’s Entitlement to Indemnification. In making any Standard of Conduct Determination, the person or persons making such
determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and
the Company shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard
of Conduct Determination that is adverse to Indemnitee may be challenged by the Indemnitee in the Delaware Court. No determination by
the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct
may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment
of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

(ii)            Reliance as a Safe Harbor. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if
the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably
believed to be in or not opposed to the best interests of the Company if Indemnitee’s actions or omissions to act are taken in good faith
reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished
to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees
of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably
believes are within such other Person’s professional or expert competence and who has been selected with reasonable care by or on behalf
of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company
shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

(iii)           No Other Presumptions. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with
or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee
did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise not permitted.

     

     

    

(iv)           Defense to Indemnification and Burden of Proof. It shall be a defense to any action brought by Indemnitee against the Company
to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to
an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify
Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of
proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

10.         Exclusions from Indemnification.
Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to:

(a)          indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings
against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

(i)             proceedings referenced in Section 5 above (unless a court of competent jurisdiction determines that each of the material assertions made
by Indemnitee in such proceeding was not made in good faith or was frivolous); or

(ii)            where the Company has joined in or the Board has consented to the initiation of such proceedings.

(b)          indemnify Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable
law.

(c)          indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in
violation of Section 16(b) of the Exchange Act, or any similar successor statute.

(d)          indemnify or advance funds to Indemnitee for Indemnitee’s reimbursement to the Company of any bonus or other incentive-based or equity-based
compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of the Company,
as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley Act of 2002
in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the purchase or sale
by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).

     

     

    

11.         Settlement of Claims.
The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim
related to an Indemnifiable Event effected without the Company’s prior written consent, which shall not be unreasonably withheld. The
Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on the Indemnitee without
the Indemnitee’s prior written consent.

12.         Duration.
All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or officer
of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another Enterprise)
and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to an Indemnifiable Event (including
any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by
Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve
in such capacity at the time of any such Claim or proceeding.

13.         Non-Exclusivity.
The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, the General
Corporation Law of the State of Delaware, any other contract or otherwise (collectively, "Other Indemnity Provisions");
provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity
Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other
Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the date hereof,
Indemnitee will be deemed to have such greater right hereunder. The Company will not adopt any amendment to any of the Constituent Documents
the effect of which would be to deny, diminish or encumber Indemnitee’s right to indemnification under this Agreement or any Other Indemnity
Provision.

14.         Liability Insurance.
For the duration of Indemnitee’s service as a director of the Company, and thereafter for so long as Indemnitee shall be subject to any
pending Claim relating to an Indemnifiable Event, the Company shall use commercially reasonable efforts (taking into account the scope
and amount of coverage available relative to the cost thereof) to continue to maintain in effect policies of directors’ and officers’
liability insurance providing coverage that is at least substantially comparable in scope and amount to that provided by the Company’s
current policies of directors’ and officers’ liability insurance. In all policies of directors’ and officers’ liability insurance maintained
by the Company, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are
provided to the most favorably insured of the Company’s directors, if Indemnitee is a director, or of the Company’s officers, if Indemnitee
is an officer (and not a director) by such policy. Upon request, the Company will provide to Indemnitee copies of all directors’ and
officers’ liability insurance applications, binders, policies, declarations, endorsements and other related materials.

     

     

    

15.         No Duplication of Payments.
The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee
has otherwise received payment under any insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise of the
amounts otherwise indemnifiable by the Company hereunder.

16.         Subrogation.
In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee. Indemnitee shall execute all papers required and shall do everything that may be necessary to secure
such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

17.         Amendments.
No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto.
No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against whom
enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether or not similar),
nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in
exercising any right or remedy hereunder shall constitute a waiver thereof.

18.         Binding Effect.
This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors
(including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business
and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company shall require and cause any
successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part
of the business and/or assets of the Company, by written agreement in form and substances satisfactory to Indemnitee, expressly to assume
and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such
succession had taken place.

19.         Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are
held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall
remain enforceable to the fullest extent permitted by law. Upon such determination that any term or other provision is invalid, illegal
or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the greatest extent possible.

20.         Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if
delivered by hand, against receipt, or mailed, by postage prepaid, certified or registered mail:

     

     

    

(a)          if to Indemnitee, to the address set forth on the signature page hereto.

(b)          if to the Company, to:

Alopexx,
Inc.

186
Alewife Brook Pkwy

Cambridge,
MA 02138

(c)          Notice of change of address shall be effective only when given in accordance with this Section. All notices complying with this Section
shall be deemed to have been received on the date of hand delivery or on the third business day after mailing.

21.         Governing Law and Forum.
This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to contracts
made and to be performed in such state without giving effect to its principles of conflicts of laws. The Company and Indemnitee hereby
irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be
brought only in the Delaware Court and not in any other state or federal court in the United States, (b) consent to submit to the exclusive
jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement and waive,
and agree not to plead or make, any claim that the Delaware Court lacks venue or that any such action or proceeding brought in the Delaware
Court has been brought in an improper or inconvenient forum.

22.         Headings.
The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute
part of this Agreement or to affect the construction or interpretation thereof.

23.         Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, but all
of which together shall constitute one and the same Agreement.

[signature
page follows]

 

     

     

    

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

	 	ALOPEXX,
INC.

	 	 
	 	By:	 	 
	 	Name:
	 	Title:
	 	INDEMNITEE
	 	 	 	 
	 	 	 	 
	 	Name:
	 	Address:

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