Document:

Exhibit 10.1

 

amended
 & restated

EXECUTIVE
EMPLOYMENT AGREEMENT

 

THIS AMENDED &
RESTATED EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”), is made as of the 1st day of January,
2020 (the “Effective Date”), by and between Ocugen, Inc., a Delaware corporation (the “Company”),
and Shankar Musunuri, an individual (“Employee”).

 

WHEREAS, the Company
and Employee are parties to an Executive Employment Agreement dated January 1, 2018, as amended (the “Existing Agreement”).

 

WHEREAS, the Company
and Employee now desire to amend, restate and supersede the Existing Agreement as set forth herein.

 

AGREEMENT

 

NOW, THEREFORE,
in consideration of the facts, mutual promises and covenants contained herein and intending to be legally bound hereby, the Company
and Employee agree as follows:

 

1.           
Definitions. As used herein, the following terms shall have the meanings set forth below unless the contexts otherwise
requires:

 

“Affiliates”
means, with respect to a person, all other persons controlling, controlled by or under common control with the first person; the
term “control,” and correlative terms, means the power, whether by contract, equity ownership or otherwise, to direct
the policies or management of a person; and “person” means an individual, partnership, corporation, limited liability
company, trust or unincorporated organization, or a government or agency or political subdivision thereof.

 

“Base Compensation”
shall mean the annual rate of compensation set forth in Section 4.1, as such amount may be adjusted from time to time.

 

“Board”
shall mean the Company’s Board of Directors.

 

“Cause”
shall mean the occurrence of any one or more of the events set forth below in clauses (a) through (d), which, in the case of the
event or events set forth below in clause (a) is not cured by Employee within the time periods set forth therein:

 

(a)          
failure or refusal by Employee to substantially perform a material portion of the duties of his employment or to comply
with the written rules and policies of the Company which failure continues uncured thirty (30) days after written notice to Employee
setting forth in reasonable detail the nature of such failure or refusal (or such longer period as is necessary to cure such event
so long as Employee is diligently pursuing such cure and provided such additional period is approved by the Board);

 

     

     

    

 

(b)          
Employee’s repeatedly engaging in willful and serious misconduct in connection with his employment that has caused
or would reasonably be expected to result in material injury to the Company;

 

(c)          
engagement by Employee in fraudulent conduct that has caused or would reasonably be expected to result in material injury
to the Company; or

 

(d)          
Employee’s conviction of, or plea of no contest to, a felony or other crime the circumstances of which are substantially
related to the Employee’s position.

 

“Change of
Control” shall mean (i) the closing of the sale, transfer or other disposition of all or substantially all of the
Company’s assets, (ii) the acquisition by any person or group of persons in any transaction or series of related transactions
of direct or indirect beneficial ownership (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), other
than the Current Holders of Securities of the Company, of the power, directly or indirectly, to vote or direct the voting of securities
having more than 50% of the ordinary voting power for the election of directors of the Company, (iii) the consummation of the merger
or consolidation of the Company with or into another entity (except a merger or consolidation in which the holders of capital stock
of the Company immediately prior to such merger or consolidation continue to hold not less than fifty percent (50%) of the voting
power of the capital stock of the Company or the surviving or acquiring entity immediately following such merger or consolidation),
or (iv) a liquidation, dissolution or winding up of the Company; provided, however, that a transaction shall not constitute a Change
of Control if the Change of Control is the result of an equity or debt financing, or if its sole purpose is to change the state
of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by
the persons who held the Company’s securities immediately prior to such transaction.

 

“Current
Holders of Securities of the Company” shall mean the current holders of issued and outstanding “Securities”
of the Company, their “Affiliates” (as such terms are defined herein), and their respective employees, officers, directors,
blood or legal relatives, guardians, legal representatives, and trusts for the primary benefit of any of such persons.

 

“Disability”
shall mean Employee’s inability, for a period of six (6) consecutive months, or a cumulative period of one hundred eighty
(180) business days out of a period of twelve (12) consecutive months, to perform the essential duties of Employee’s position,
even after taking into account any reasonable accommodation required by law, due to a mental or physical impairment. The determination
of whether Employee is suffering from a Disability shall be made either (a) by an independent physician, mutually chosen by Employee
and the Company; or (b) because Employee qualifies as disabled for purposes of the Company’s long term insurance disability
plan, if applicable.

 

    -2-

     

    

 

“Good Reason”
shall mean the occurrence of one or more of the events set forth in clauses (a) through (e) below without the prior written consent
of Employee, provided that (i) Employee delivers written notice to the Company of Employee’s intention to resign from
employment due to one or more of such events, which notice specifies in reasonable detail the circumstances claimed to provide
the basis for such resignation, (ii) such event or events are not cured by the Company within thirty (30) days following delivery
of such written notice and (iii) if not cured by the Company, Employee resigns his employment within fifteen (15) days following
the Company’s cure period:

 

(a)          
a reduction in Employee’s annual rate of Base Compensation unless such a proportionate reduction is made across substantially
all executives or employees of the Company;

 

(b)          
a termination or material reduction of a material benefit under any Company benefit plans, programs or arrangements in which
the Employee participates unless such termination or reduction is made across all executives or employees of the Company;

 

(c)          
a material reduction in Employee’s job title, powers or authority;

 

(d)          
the Company’s material failure to comply with the terms of this Agreement or any stock option or similar agreement
with Employee then in effect;

 

(e)          
the requirement by the Company that Employee relocate or the transfer of Employee’s principal office to a location
more than 50 miles from Employee’s personal residence in Chester Springs, PA (except that the requirement to travel in Section
2.3 shall not trigger this subsection (e)).

 

“Proceeding”
shall have the meaning set forth in Section 8 hereof.

 

“Severance
Period” shall mean a period of two (2) years immediately following the effective date of termination of Employee’s
employment hereunder if such termination is by the Company without Cause or by Employee for Good Reason, including without limitation
after a Change of Control.

 

“Securities”
means any and all securities as such term is defined in Section 2 of the Securities Act of 1933, as amended, including, without
limitation, all common stock, preferred stock, convertible promissory notes, subordinated debt instruments, and other securities
issued by the Company.

 

“Term”
shall have the meaning set forth in Section 3 hereof

 

2.           
Employment and Duties.

 

2.1.         
As of the Effective Date, Company hereby employs Employee and Employee hereby accepts continuing appointment as the Chairman
(“Chairman”) of the Board and the Chief Executive Officer (“CEO”) of the Company.
Employee shall be responsible for all duties and entitled to all authority customarily assigned to the position of Chairman and
CEO, as well as those other duties and such other authority as specified by the Board.

 

2.2.         
Employee shall render such services as are necessary and desirable to protect and advance the best interests of the Company,
acting, in all instances, under the supervision of the Board and in accordance with the policies set by the Company.

 

    -3-

     

    

 

2.3.         
So long as Employee shall remain an employee of the Company, except as provided below, Employee’s entire working time,
energy, skill and efforts shall be devoted to the performance of Employee’s duties hereunder in a manner that will faithfully
and diligently further the business and interests of the Company; provided, however, that Employee may (i) serve on corporate,
civic or charitable boards or committees; (ii) deliver lectures, fulfill speaking engagements or teach at educational institutions;
(iii) manage personal passive investments, so long as the foregoing activities, in the aggregate, do not materially interfere with
the performance of Employee’s duties to the Company in accordance with this Agreement; or (iv) undertake such other endeavors
as may be consented to by the Board. Employee will be based out of and shall work from a Malvern, PA office provided by the Company
or other mutually agreeable office. Employee may be required to travel for up to 50% of Employee’s working time. The Company
acknowledges and agrees that notwithstanding this Section 2.3, Employee may continue to serve as a member of the Board of Directors
of Pharm Ops, Inc. and as a member of the Board of Directors of
Mainline Biosciences LLC.

 

3.           
Term. Employee’s employment under this Agreement shall commence on the Effective Date and shall continue until
such employment is terminated pursuant to Section 6 (the “Term”).

 

4.           
Compensation and Benefits.

 

4.1.         
For all of the services rendered by Employee to the Company, Employee shall receive base compensation at the gross annual
rate (without regard to authorized tax or other legally required deductions and withholdings) of $500,000 payable in installments
in accordance with the Company’s regular payroll practices in effect from time to time. The Base Compensation shall be reviewed
annually by the Compensation Committee of the Board (the “Compensation Committee”) and may be adjusted
as the Compensation Committee shall determine in its sole discretion.

 

4.2.         
In the sole discretion of the Compensation Committee and within the guidelines set by the Compensation Committee for the
Executive Management Team, the Company may pay to Employee an annual bonus of up to 50% of Employee’s Base Compensation (the
 “Target Bonus”), based upon performance criteria set for Employee by the Compensation Committee and certain
other factors, including the Company’s performance, financial stability, availability of cash, industry benchmarks and standards
and market conditions. Any annual bonus so awarded shall be payable by February 28th of each year for the Employee’s
performance in the previous year (the “Measuring Year”). To be eligible for an annual bonus, the Employee
must be employed on December 31st of the Measuring Year.

 

4.3.         
The Company shall obtain and maintain a Directors and Officers liability insurance policy covering the Executive on commercially
reasonable terms, and the amount of coverage shall be reasonable in relation to the Executive’s position and provide Employee
with Directors and Officers insurance coverage consistent with similar stage companies.

 

    -4-

     

    

 

5.           
Fringe Benefits. Employee shall be entitled to the benefits set forth below for so long as Employee’s employment
with the Company continues:

 

5.1.        
The Company will reimburse Employee for all reasonable and necessary expenses incurred by Employee on behalf or for the
benefit of the Company upon receipt of documentation therefor in accordance with the Company’s regular reimbursement procedures
and practices in effect from time to time. The Company from time to time may require prior approval for individual expense items
in excess of pre-established aggregate amounts for a fixed period or in excess of pre-established amounts for any type of expenditure
during any fixed period.

 

5.2.          Upon
Employee’s achieving the eligibility requirements therefor, if any, Employee will be eligible to participate in
all applicable and established Company benefit plans, programs and arrangements that may exist from time to time (including,
without limitation, pension, profit sharing, 401(k) plans, and medical and life insurance programs) on the same terms as
apply generally to other similarly situated employees of the Company from time to time. Employee shall be entitled to vacation, sick and other personal time off (PTO) in accordance with the Company’s applicable employee handbook or
policies.

 

6.           
Termination; Payments to Employee.

 

6.1.          
If Employee dies or suffers a Disability during the Term, Employee’s employment with the Company shall terminate as
of the date of death or Disability.

 

6.2.          
Subject to Sections 6.4 and 6.5 below, either Employee or the Company may terminate this Agreement and Employee’s
employment hereunder immediately upon written notice to the other party.

 

6.3.          
If Employee’s employment terminates for any reason, Employee (or his estate in the event of Employee’s death)
shall be entitled to receive a lump sum cash payment equal to the sum of the following: (i) payment of accrued but unpaid Base
Compensation up to the date of termination, and any earned but unused paid vacation through the date of termination, if any, (ii)
any annual bonus, earned but unpaid for the previous calendar year, if applicable, and (iii) unreimbursed business expenses covered
by Section 5.1 hereof.

 

6.4.          
In addition to the amounts to be paid to Employee in accordance with the provisions of Section 6.3 above, and except as
otherwise provided in Section 6.5, if Employee’s employment is terminated (i) by the Company without Cause or (ii) by Employee
for Good Reason, then subject to Section 6.6, Employee shall be entitled to receive the following (collectively, (A) and (B), the
“Severance Payment”): (A) for the duration of the Severance Period, Employee’s then current Base
Compensation minus any applicable taxes and other withholdings, payable in accordance with the Company’s standard payroll
practices; and (B) from the commencement of the Severance Period until the earlier of the expiration of the Severance Period, expiration
of COBRA eligibility, or such date as Employee may be eligible for health insurance coverage under another employer’s or
a spouse’s employer’s health plan, the Company will pay the Employee’s COBRA premium for any applicable health
or dental insurance, if he is eligible to and does elect COBRA continuation coverage.

 

    -5-

     

    

 

6.5.         
If Employee’s employment is terminated (i) by the Company without Cause or (ii) by Employee for Good Reason, in either
case within three (3) months prior to or within twelve (12) months after a Change of Control, Employee shall be entitled to receive
the following (collectively, (A), (B), (C) and (D) the “Change of Control Severance Payment”), in lieu
of the Severance Payment described in Section 6.4 and in addition to the amounts to be paid to Employee in accordance with the
provisions of Section 6.3 above: (A) for the duration of the Severance Period, Employee’s then current Base Compensation
minus any applicable taxes, and other withholdings, payable in accordance with the Company’s standard payroll practices;
(B) from the commencement of the Severance Period until the earlier of the expiration of the Severance Period, expiration of COBRA
eligibility or such date as Employee, may be eligible for health insurance coverage under another employer’s or a spouse’s
employer’s health plan, the Company will pay the Employee’s COBRA premium for any applicable health or dental insurance,
if he is eligible to elect COBRA continuation coverage; (C) 200% of Employee’s then-current Target Bonus payable in a lump
sum; and (D) all unvested restricted stock, stock options and other equity incentives awarded to the Employee by the Company will
become immediately and automatically fully vested and exercisable (as applicable).

 

6.6.        
Employee shall not be entitled to receive the Severance Payment or Change of Control Severance Payment unless and until
Employee executes, and does not revoke as permitted by law, a release in a form reasonably acceptable to the Company that unconditionally
releases, waives, and fully and forever discharges the Company and its past and current shareholders, directors, officers, employees,
and agents from and against any and all claims, liabilities, obligations, covenants, rights, demands and damages of any nature
whatsoever, whether known or unknown, anticipated or unanticipated, including without limitation, any claims relating to or arising
out of Employee’s employment with the Company, claims arising under the Age Discrimination in Employment Act of 1967, as
amended, Title VII of the Civil Rights Act of 1964, as amended, or the Civil Rights Act of 1991, or claims arising under the applicable
state fair employment laws, but excluding any rights of Employee under any remaining stock option agreements (if any) or other
agreements relating to equity in the Company and Employee’s right to indemnification from the Company in respect of his services
as a director, officer or employee of the Company or any of its Affiliates. The release shall also contain customary non-disparagement
covenants by Employee. Employee’s right to receive the Severance Payment or Change of Control Severance Payment is conditioned
upon Employee’s performance of the obligations and covenants contained in this Employment Agreement and any other agreement
between Employee and the Company (including without limitation the Non-Competition Agreement and the Non-Disclosure and Business
Ideas Agreement, each as defined below). In the event of any material breach of any such obligations during or after payment of
the Severance Payment or Change of Control Severance Payment, the Company may cease to make any remaining payments.

 

    -6-

     

    

 

6.7.         
Notwithstanding anything in this Agreement to the contrary, all payments to be made upon a termination of employment under
this Agreement will only be made upon a “separation from service” within the meaning of Section 409A of the Internal
Revenue Code of 1986 (the “Code”). To the maximum extent permitted under Section 409A of the Code and
its corresponding regulations, the cash severance benefits payable under this Agreement are intended to meet the requirements of
the short-term deferral exemption under Section 409A of the Code and the “separation pay exception” under Treas. Reg.
 §1.409A-1(b)(9)(iii). For purposes of the application of Treas. Reg. § 1.409A-1(b)(4)(or any successor provision), each
payment in a series of payments to Employee will be deemed a separate payment. In addition, to the extent compliance with the requirements
of Treas. Reg. § 1.409A-3(i)(2) (or any successor provision) is necessary to avoid the application of an additional tax under
Section 409A of the Code to payments due to Employee upon or following his “separation from service”, then notwithstanding
any other provision of this Agreement (or any otherwise applicable plan, policy, agreement or arrangement), any such payments that
are otherwise due within six months following the Employee’s “separation from service” will be deferred without
interest and paid to Employee in a lump sum immediately following such six month period. This paragraph should not be construed
to prevent the application of Treas. Reg. § 1.409A-1(b)(9)(iii) (or any successor provision) to amounts payable hereunder.
For purposes of the application of Section 409A of the Code, each payment in a series of payments will be deemed a separate payment.

 

7.           
Noncompetition; Nonsolicitation; Confidential Information.

 

7.1.         
Employee acknowledges and agrees that Employee is bound by the Employee Non-Competition Agreement dated as of August 29,
2017 (the “Non-Competition Agreement”), which shall continue in full force and effect.

 

7.2.         
Employee acknowledges and agrees that Employee is bound by the Employee Non-Disclosure and Business Ideas Agreement dated
as of August 29, 2017 (the “Non-Disclosure and Business Ideas Agreement”), which shall continue in full
force and effect.

 

8.            
Indemnification. Subject to the Company’s Articles of Incorporation and By-laws, the Company shall indemnify
Employee to the fullest extent permitted by law against all costs, expenses, liabilities and losses (including, without limitation,
attorneys’ fees, judgments, fines, penalties, and amounts paid in settlement) reasonably incurred by Employee in connection
with any “Proceeding” (as defined herein). For the purposes of this Section 8, a “Proceeding”
shall mean any action, suit or proceeding, whether civil, criminal, administrative or investigative, in which Employee is made,
or is threatened to be made, a party to, or a witness in, such action, suit or proceeding by reason of the fact that he is or was
an officer, director or employee of the Company or is or was serving as an officer, director, member, employee, trustee or agent
of any other entity at the request of the Company.

 

9.           
Golden Parachute Tax Provisions.

 

9.1          In
the event that the Company or any of their Affiliates undergoes a Change of Control prior to the time that it (or any Affiliate
that would be treated, together with the Company, as a single corporation under Section 280G of the Code and the regulations thereunder)
has stock that is readily tradeable on an established securities market (within the meaning of the Section 280G of the Code and
the regulations thereunder), if the payments or benefits provided under this Agreement, either alone or together with other payments
or benefits which Employee receives or is entitled to receive from the Company or any of its Affiliates, would constitute an “excess
parachute payment” within the meaning of Section 280G of the Code, the following provisions shall apply:

 

9.1.1        The
Company or any of applicable Affiliates will cooperate in good faith with Employee such that any such payments or benefits will
not be deemed an “excess parachute payment” within the meaning of Section 280G of the Code.

 

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9.1.2        In
the event that any payments or benefits (whether payable pursuant to this Agreement or otherwise) to Employee could be exempt from
Section 280G of the Code if the shareholder approval requirements under Section 280G(b)(5) of the Code and the regulations thereunder
were met, such payments will be conditioned on shareholder approval in accordance with Section 280G(b)(5)(B) of the Code and regulations
thereunder and the Company or any of its applicable Affiliates agrees to use best efforts to seek to obtain such shareholder approval.
The actions of the Company or any of its applicable Affiliates pursuant to this provision are not intended to bind, nor shall be
construed as binding, the shareholders of the Company or any of its applicable Affiliates.

 

9.2          In
the event that the Company or any of its applicable Affiliates undergoes a Change of Control at such time that it (or any Affiliate
that would be treated, together with the Company, as a single corporation under Section 280G of the Code and the regulations thereunder)
has stock that is readily tradeable on an established securities market (within the meaning of the Section 280G of the Code and
the regulations thereunder), if the payments or benefits provided under this Agreement, either alone or together with other payments
or benefits which Employee receives or is entitled to receive from the Company or any of its applicable Affiliates, would constitute
an “excess parachute payment” within the meaning of Section 280G of the Code, Employee shall be entitled to receive
(i) an amount limited so that no portion thereof shall fail to be tax deductible under Section 280G of the Code or subject to an
excise tax under Section 4999 of the Code (the “Limited Amount”), or (ii) if the amount otherwise payable
hereunder together with other payments or benefits which Employee receives or is entitled to receive from the Company or any of
its applicable Affiliates (without regard to clause (i)) reduced by all taxes applicable thereto (including, for the avoidance
of doubt, the excise tax imposed by Section 4999 of the Code) would be greater than the Limited Amount reduced by all taxes applicable
thereto, the amount otherwise payable hereunder together with other payments or benefits which Employee receives or is entitled
to receive from the Company or any of its applicable Affiliates.

 

9.3          In
the event that any payments under this Agreement or otherwise are required to be reduced as described in this Section 9, the adjustment
will be made, first, by reducing the cash severance, if any, due to Employee pursuant to Section 6; second, if additional reductions
are necessary, by reducing the payments due to Employee under Section 6.5(C) (Target Bonus) and third, if additional reductions
are still necessary, by eliminating the accelerated vesting of equity-based awards, starting with those awards for which the amount
required to be taken into account under the Section 280G of the Code rules is the greatest; provided, that in all events, such
reductions shall be done in a manner consistent with the requirements of Section 409A of the Code, to the extent applicable.

 

    -8-

     

    

 

10.         
Miscellaneous.

 

10.1.       
Binding Nature of Agreement. This Agreement shall be binding upon the Company and shall inure to the benefit of the
Company, its Affiliates, successors and assigns, including any transferee of the business operation, as a going concern, in which
Employee is employed and shall be binding upon Employee, Employee’s heirs and personal representatives. None of the rights
or obligations of Employee hereunder may be assigned or delegated, except that in the event of Employee’s death or Disability,
any rights of Employee hereunder shall be transferred to Employee’s estate or personal representative, as the case may be.
The Company may assign its rights and obligations under this Agreement in whole or in part to any one or more Affiliates or successors.
Any entity into which the Company is merged or with which the Company is consolidated or which acquires the business of the Company
or the business unit in which Employee is to be principally employed shall be deemed to be a successor of the Company for purposes
hereof.

 

10.2.       
Entire Agreement. This Agreement, together with the Non-Competition Agreement and the Non-Disclosure and Business
Ideas Agreement, contains the entire understanding among the parties hereto with respect to the subject matter hereof, and supersedes
all prior and contemporaneous agreements and understandings, inducements or conditions, express or implied, oral or written (including
but not limited to the Existing Agreement). The express terms hereof control and supersede any course of performance and/or usage
of the trade inconsistent with any of the terms hereof. Notwithstanding the foregoing, nothing herein shall limit the application
of any generally applicable Company policy, practice, plan or the terms of any manual or handbook applicable to the Company’s
employees generally.

 

10.3.       
Notices. All notices, requests, consents, and other communications required or permitted to be given under this Agreement
shall be in writing and shall be deemed to have been duly given if delivered personally, or mailed first-class, postage prepaid,
by registered or certified mail (notices sent by mail shall be deemed to have been given on the third day after the date sent),
or by nationally recognized overnight carrier (notices sent by overnight shall be deemed to have been given on the day after the
date sent) or by confirmed facsimile or electronic mail transmission with a hard copy deposited in first class mail the same day
or the following day, as follows (or to such other address as either party shall designate by notice in writing to the other):

 

If to Company:

 

Ocugen Inc.

5 Great Valley Parkway

Suite 160

Malvern PA 19355

Attn: Kelly Beck, VP of Investor Relations & Operations

 

If to Employee, to the address
on file with the Company.

 

    -9-

     

    

 

10.4.       
Governing Law; Forum. This Agreement shall be governed by the laws of the State of Delaware.

 

10.5.       
Headings. The article and section headings contained in this Agreement are for reference purposes only and shall
not in any way affect the meaning or interpretation of this Agreement.

 

10.6.       
Amendment. This Agreement may be amended, modified, superseded, canceled, renewed, or extended and the terms or covenants
of this Agreement may be waived, only by a written instrument executed by both of the parties, or in the case of a waiver, by the
party waiving compliance.

 

10.7.       
Waiver. The failure of either party at any time or times to require performance of any provision of this Agreement
shall in no manner affect the right at a later time to enforce the same. No waiver by either party of the breach of any term or
covenant contained in this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or
construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained
in this Agreement.

 

10.8.       
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall constitute an original
and all of which taken together shall constitute one and the same instrument.

 

[signature page follows]

 

    -10-

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Agreement on the date first above written.

 

	 	COMPANY:
	 	 
	 	OCUGEN, INC.
	 	 
	 	By:	 	/s/
    Frank Leo
	 	 	Frank Leo, Chairman of the Compensation Committee of the Board of Directors
	 	 	 
	 	 	 
	 	EMPLOYEE:
	 	 	 
	 	 	 
	 	 	/s/ Shankar Musunuri
	 	Shankar Musunuri

 

[Signature Page to Executive Employment
Agreement]Exhibit 10.2

 

AMENDED
 & RESTATED

EXECUTIVE
EMPLOYMENT AGREEMENT

 

THIS AMENDED &
RESTATED EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”), is made as of January 1, 2020 (the “Effective
Date”) by and between Ocugen, Inc., a Delaware corporation (the “Company”), and Daniel
Jorgensen, an individual (“Employee”).

 

The Company and Employee
are parties to an Executive Employment Agreement dated as of April 3, 2016, as amended (the “Prior Agreement”).
The parties have determined it is in its best interest to enter into this Agreement to set forth the terms and conditions of Employee’s
continued employment with the Company, which shall supersede in its entirety the Prior Agreement.

 

AGREEMENT

 

NOW, THEREFORE,
in consideration of the facts, mutual promises and covenants contained herein and intending to be legally bound hereby, the Company
and Employee agree as follows:

 

1.             Definitions.
As used herein, the following terms shall have the meanings set forth below unless the contexts otherwise requires:

 

“Affiliates”
means, with respect to a person, all other persons controlling, controlled by or under common control with the first person; the
term “control,” and correlative terms, means the power, whether by contract, equity ownership or otherwise, to direct
the policies or management of a person; and “person” means an individual, partnership, corporation, limited liability
company, trust or unincorporated organization, or a government or agency or political subdivision thereof.

 

“Base Compensation”
shall mean the annual rate of compensation set forth in Section 4.1, as such amount may be adjusted from time to time.

 

“Board”
shall mean the Company’s Board of Directors.

 

“Cause”
shall mean the occurrence of any one or more of the events set forth below in clauses (a) through (d), which, in the case of the
event or events set forth below in clause (a) is not cured by Employee within the time periods set forth therein:

 

(a)           failure or refusal by Employee to substantially perform a material portion of the duties of his employment or to comply
with the written rules and policies of the Company which failure continues uncured thirty (30) days after written notice of such
failure or refusal (or such longer period as is necessary to cure such event so long as Employee is diligently pursuing such cure
and provided such additional period is approved by the CEO) is provided to Employee setting forth in reasonable detail the nature
of such failure or refusal;

 

(b)          Employee’s
repeatedly engaging in willful and serious misconduct in connection with his employment;

 

    -1-

     

    

 

(c)           engagement
by Employee in fraudulent conduct; or

 

(d)           Employee’s
conviction of, or plea of no contest to, a felony or other crime the circumstances of which are substantially related to the Employee’s
position.

 

“Change of
Control” shall mean (i) the closing of the sale, transfer or other disposition of all or substantially all of the
Company’s assets, (ii) the acquisition by any person or group of persons in any transaction or series of related transactions
of direct or indirect beneficial ownership (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), other
than the Current Holders of Securities of the Company, of the power, directly or indirectly, to vote or direct the voting of securities
having more than 50% of the ordinary voting power for the election of directors of the Company, (iii) the consummation of the merger
or consolidation of the Company with or into another entity (except a merger or consolidation in which the holders of capital stock
of the Company immediately prior to such merger or consolidation continue to hold not less than fifty percent (50%) of the voting
power of the capital stock of the Company or the surviving or acquiring entity immediately following such merger or consolidation),
or (iv) a liquidation, dissolution or winding up of the Company; provided, however, that a transaction shall not constitute a Change
of Control if the Change of Control is the result of an equity or debt financing, or if its sole purpose is to change the state
of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by
the persons who held the Company’s securities immediately prior to such transaction.

 

“Current
Holders of Securities of the Company” shall mean the current holders of issued and outstanding “Securities”
of the Company, their “Affiliates” (as such terms are defined herein), and their respective employees, officers, directors,
blood or legal relatives, guardians, legal representatives, and trusts for the primary benefit of any of such persons.

 

“Disability”
shall mean Employee’s inability, for a period of six (6) consecutive months, or a cumulative period of one hundred eighty
(180) business days out of a period of twelve (12) consecutive months, to perform the essential duties of Employee’s position,
even after taking into account any reasonable accommodation required by law, due to a mental or physical impairment. The determination
of whether Employee is suffering from a Disability shall be made either (a) by an independent physician, mutually chosen by Employee
and the Company; or (b) because Employee qualifies as disabled for purposes of the Company’s long term insurance disability
plan, if applicable.

 

    -2-

     

    

 

“Good Reason” shall mean the occurrence of one or more
of the events set forth in clauses (a) through (e) below without the prior written consent of Employee, provided that (i) Employee
delivers written notice to the Company of Employee’s intention to resign from employment due to one or more of such events,
which notice specifies in reasonable detail the circumstances claimed to provide the basis for such resignation, (ii) such event
or events are not cured by the Company within thirty (30) days following delivery of such written notice, and (iii) if not cured
by the Company, Employee resigns his employment within fifteen (15) days following the Company’s cure period:

 

(a)           a
reduction in Employee’s annual rate of Base Compensation unless such reduction is made across all executives or employees
of the Company;

 

(b)           a
termination or material reduction of a material benefit under any Company benefit plans, programs or arrangements, in which the
Employee participates unless such termination or reduction is made across all executives or employees of the Company;

 

(c)           a
material reduction in Employee’s job title, powers or authority;

 

(d)           the
Company’s material failure to comply with the terms of this Agreement or any stock option or similar agreement with Employee
then in effect;

 

(e)           the requirement by the Company that Employee relocate or transfer Employee’s principal office to a location more than
50 miles from Malvern, PA Office (except that the requirement to travel in Section 2.3 shall not trigger this subsection (e)).

 

“Proceeding”
shall have the meaning set forth in Section 8 hereof.

 

“Severance
Period” shall mean a period of twelve (12) months immediately following the effective date of termination of Employee’s
employment hereunder if such termination is by the Company without Cause or by Employee for Good Reason.

 

“Securities”
means any and all securities as such term is defined in Section 2 of the Securities Act of 1933, as amended, including, without
limitation, all common stock, preferred stock, convertible promissory notes, subordinated debt instruments, and other securities
issued by the Company.

 

“Term”
shall have the meaning set forth in Section 3 hereof.

 

2.             Contingent
Employment: Employment and Duties.

 

2.1.         Company hereby employs Employee and Employee hereby accepts continued employment as the Chief Medical Officer (“CMO”)
reporting to the Chief Executive Officer (“CEO”) of the Company. Employee shall be member of the Executive
Management Team. Employee shall be responsible for all duties and entitled to all authority customarily assigned to the position
of CMO, including such other duties and such other authority as specified by the CEO.

 

2.2.          Employee
shall render such services as are necessary and desirable to protect and advance the best interests of the Company, acting, in
all instances, under the supervision of the CEO and in accordance with the policies set by the Company.

 

2.3.          So
long as Employee shall remain an employee of the Company, except as provided below, Employee’s entire working time, energy,
skill and efforts shall be devoted to the performance of Employee’s duties hereunder in a manner that will faithfully and
diligently further the business and interests of the Company; provided, however, that Employee may (i) serve on corporate, civic
or charitable boards or committees; (ii) deliver lectures, fulfill speaking engagements or teach at educational institutions;
(iii) manage personal passive investments; (iv) limited role as a scientific advisor, so long as the foregoing activities, in
the aggregate, do not materially interfere with the performance of Employee’s duties to the Company in accordance with this
Agreement; or (iv) undertake such other endeavors as may be consented to by the CEO. Employee will be based out of and shall work
from Malvern, PA office provided by the Company or other mutually agreeable office. Employee may be required to travel for up
to 50% of Employee’s working time.

 

    -3-

     

    

 

3.             Term.
Employee’s employment under this Agreement shall commence on the Effective Date and shall continue until such employment
is terminated pursuant to Section 6 (the “Term”).

 

4.             Compensation
and Benefits.

 

4.1.          Employee
shall receive base compensation at the gross annual rate (without regard to authorized tax or other legally required deductions
and withholdings) of $414,500, payable in installments in accordance with the Company’s regular payroll practices in effect
from time to time.

 

4.2.          In the sole discretion of the Compensation Committee of the Board (the “Compensation Committee”)
and within the guidelines set by the Compensation Committee for the Executive Management Team, the Company may pay to Employee
an annual bonus of up to 40% of Employee’s Base Compensation (the “Target Bonus”), based upon performance
criteria set for Employee by the Compensation Committee and the CEO and certain other factors, including the Company’s performance,
financial stability, availability of cash, industry benchmarks and standards and market conditions. Any annual bonus so awarded
shall be payable by February 28th of each year for the Employee’s performance in the previous year (the “Measuring
Year”). To be eligible for an annual bonus, the Employee must be employed on December 31st of the Measuring
Year.

 

5.            Fringe Benefits. Employee shall be entitled to the benefits set forth below for so long as Employee’s employment
with the Company continues:

 

5.1.         The Company will reimburse Employee for all reasonable and necessary expenses incurred by Employee on behalf or for the
benefit of the Company upon receipt of documentation therefor in accordance with the Company’s regular reimbursement procedures
and practices in effect from time to time. The Company from time to time may require prior approval for individual expense items
in excess of pre-established aggregate amounts for a fixed period or in excess of pre-established amounts for any type of expenditure
during any fixed period.

 

5.2.          Upon
Employee’s achieving the eligibility requirements therefor, if any, Employee will be eligible to participate in
all applicable and established Company benefit plans, programs and arrangements that may exist from time to time
(including, without limitation, pension, profit sharing, 401(k) plans, and medical and life insurance programs) on the same
terms as apply generally to other similarly situated employees of the Company from time to time. Employee shall be entitled
to vacation, sick and other personal time off (PTO) in accordance with the Company’s applicable employee handbook or
policies.

 

    -4-

     

    

 

6.            Termination; Payments to Employee.

 

6.1.          If Employee dies or suffers a Disability during the Term of Employment, the Term and Employee’s employment with the
Company shall terminate as of the date of death or Disability.

 

6.2.          Subject
to Sections 6.4 and 6.5 below, either Employee or the Company may terminate this Agreement and Employee’s employment hereunder
immediately upon written notice to the other party.

 

6.3.          If
Employee’s employment terminates for any reason, Employee (or his estate in the event of Employee’s death) shall be
entitled to receive a lump sum cash payment equal to the sum of the following: (i) payment of accrued but unpaid Base Compensation
up to the date of termination, and any earned but unused paid vacation through the date of termination, if any, (ii) any annual
bonus, earned but unpaid for the previous calendar year, if applicable, and (iii) unreimbursed business expenses covered by Section
5.1 hereof.

 

6.4.          In
addition to the amounts to be paid to Employee in accordance with the provisions of Section 6.3 above, and except as otherwise
provided in Section 6.5, if Employee’s employment is terminated (i) by the Company without Cause or (ii) by Employee for
Good Reason, then subject to Section 6.5, Employee shall be entitled to receive the following (collectively, (A) and (B) the “Severance
Payment”): (A) for the duration of the Severance Period, Employee’s then current Base Compensation minus any
applicable taxes, and other withholdings, payable in accordance with the Company’s standard payroll practices; and (B) from
the commencement of the Severance Period until the earlier of the expiration of the Severance Period or such date as Employee,
may be eligible for health insurance coverage under another employer’s or a spouse’s employer’s health plan,
the Company will pay the Employee’s COBRA premium for any applicable health or dental insurance, if he is eligible to elect
COBRA continuation coverage.

 

6.5.          If
Employee’s employment is terminated (i) by the Company without Cause or (ii) by Employee for Good Reason, in either case
within twelve (12) months after or three (3) months before a Change of Control, Employee shall be entitled to receive the following
(collectively, (A), (B), (C) and (D) the “Change of Control Severance Payment”), in lieu of the Severance
Payment described in Section 6.4 and in addition to the amounts to be paid to Employee in accordance with the provisions of Section
6.3 above: (A) for the duration of the Severance Period, Employee’s then current Base Compensation minus any applicable
taxes, and other withholdings, payable in accordance with the Company’s standard payroll practices; (B) from the commencement
of the Severance Period until the earlier of the expiration of the Severance Period or such date as Employee, may be eligible
for health insurance coverage under another employer’s or a spouse’s employer’s health plan, the Company will
pay the Employee’s COBRA premium for any applicable health or dental insurance, if he is eligible to elect COBRA continuation
coverage; (C) 100% of his then-current Target Bonus payable in a lump sum; and (D) all unvested restricted stock, stock options
and other equity incentives awarded to the Employee by the Company will become immediately and automatically fully vested and
exercisable (as applicable).

 

    -5-

     

    

 

6.6.          Employee
shall not be entitled to receive the Severance Payment or Change of Control Severance Payment unless and until Employee executes,
and does not revoke as permitted by law, a release in a form reasonably acceptable to the Company that unconditionally releases,
waives, and fully and forever discharges the Company and its past and current shareholders, directors, officers, employees, and
agents from and against any and all claims, liabilities, obligations, covenants, rights, demands and damages of any nature whatsoever,
whether known or unknown, anticipated or unanticipated, including without limitation, any claims relating to or arising out of
Employee’s employment with the Company, claims arising under the Age Discrimination in Employment Act of 1967, as amended,
Title VII of the Civil Rights Act of 1964, as amended, or the Civil Rights Act of 1991, or claims arising under the applicable
state fair employment laws, but excluding any rights of Employee under any remaining stock option agreements (if any) or other
agreements relating to equity in the Company and Employee’s right to indemnification from the Company in respect of his
services as a director, officer or employee of the Company or any of its Affiliates. The release shall also contain customary
non-disparagement covenants by Employee. Employee’s right to receive the Severance Payment or Change of Control Severance
Payment is conditioned upon Employee’s performance of the obligations and covenants contained in this Employment Agreement,
the Covenants Agreements (as defined below) and any other agreement between Employee and the Company. In the event of any material
breach of any such obligations during or after payment of the Severance Payment or Change of Control Severance Payment, the Company
may cease to make any remaining payments.

 

6.7.          Notwithstanding anything in this Agreement to the contrary, all payments to be made upon a termination of employment under
this Agreement will only be made upon a “separation from service” within the meaning of Section 409A of the Internal
Revenue Code of 1986 (the “Code”). To the maximum extent permitted under Section 409A of the Code and
its corresponding regulations, the cash severance benefits payable under this Agreement are intended to meet the requirements of
the short-term deferral exemption under Section 409A of the Code and the “separation pay exception” under Treas. Reg.
 §1.409A-1(b)(9)(iii). For purposes of the application of Treas. Reg. § 1.409A-1(b)(4)(or any successor provision), each
payment in a series of payments to Employee will be deemed a separate payment. In addition, to the extent compliance with the requirements
of Treas. Reg. § 1.409A-3(i)(2) (or any successor provision) is necessary to avoid the application of an additional tax under
Section 409A of the Code to payments due to Employee upon or following his “separation from service”, then notwithstanding
any other provision of this Agreement (or any otherwise applicable plan, policy, agreement or arrangement), any such payments that
are otherwise due within six months following the Employee’s “separation from service” will be deferred without
interest and paid to Employee in a lump sum immediately following such six month period. This paragraph should not be construed
to prevent the application of Treas. Reg. § 1.409A-1(b)(9)(iii) (or any successor provision) to amounts payable hereunder.
For purposes of the application of Section 409A of the Code, each payment in a series of payments will be deemed a separate payment.

 

    -6-

     

    

 

7.           Noncompetition;
Nonsolicitation; Confidential Information, etc.

 

7.1.          Employee acknowledges and agrees that Employee is bound by the Employment Non-Competition Agreement entered into at his
commencement of employment (the “Non-Competition Agreement”), which shall continue in full force and
effect.

 

7.2.          Employee acknowledges and agrees that Employee is bound by the Employee Nondisclosure and Business Ideas Agreement dated
as of Employee’s commencement of employment (together with the Non-Competition Agreement, the “Covenants Agreements”),
which shall continue in full force and effect.

 

8.            Indemnification.
Subject to the Company’s Articles of Incorporation and Bylaws, the Company shall indemnify Employee to the fullest extent
permitted by law against all costs, expenses, liabilities and losses (including, without limitation, attorneys’ fees, judgments,
fines, penalties, and amounts paid in settlement) reasonably incurred by Employee in connection with any ‘‘Proceeding”
(as defined herein). For the purposes of this Section 8, a “Proceeding” shall mean any action, suit
or proceeding, whether civil, criminal, administrative or investigative, in which Employee is made, or is threatened to be made,
a party to, or a witness in, such action, suit or proceeding by reason of the fact that he is or was an officer, director or employee
of the Company or is or was serving as an officer, director, member, employee, trustee or agent of any other entity at the request
of the Company.

 

9.           Golden
Parachute Tax Provisions.

 

9.1.        In
the event that the Company or any of their Affiliates undergoes a Change of Control prior to the time that it (or any Affiliate
that would be treated, together with the Company, as a single corporation under Section 280G of the Code and the regulations thereunder)
has stock that is readily tradeable on an established securities market (within the meaning of the Section 280G of the Code and
the regulations thereunder), if the payments or benefits provided under this Agreement, either alone or together with other payments
or benefits which Employee receives or is entitled to receive from the Company or any of its Affiliates, would constitute an “excess
parachute payment” within the meaning of Section 280G of the Code, the following provisions shall apply:

 

9.1.1.      The
Company or any of applicable Affiliates will cooperate in good faith with Employee such that any such payments or benefits will
not be deemed an “excess parachute payment” within the meaning of Section 280G of the Code.

 

9.1.2.       In
the event that any payments or benefits (whether payable pursuant to this Agreement or otherwise) to Employee could be exempt
from Section 280G of the Code if the shareholder approval requirements under Section 280G(b)(5) of the Code and the regulations
thereunder were met, such payments will be conditioned on shareholder approval in accordance with Section 280G(b)(5)(B) of the
Code and regulations thereunder and the Company or any of its applicable Affiliates agrees to use best efforts to seek to obtain
such shareholder approval. The actions of the Company or any of its applicable Affiliates pursuant to this provision are not intended
to bind, nor shall be construed as binding, the shareholders of the Company or any of its applicable Affiliates.

 

    -7-

     

    

 

9.2.        
In the event that the Company or any of its applicable Affiliates undergoes a Change of Control at such time that it (or
any Affiliate that would be treated, together with the Company, as a single corporation under Section 280G of the Code and the
regulations thereunder) has stock that is readily tradeable on an established securities market (within the meaning of the Section
280G of the Code and the regulations thereunder), if the payments or benefits provided under this Agreement, either alone or together
with other payments or benefits which Employee receives or is entitled to receive from the Company or any of its applicable Affiliates,
would constitute an “excess parachute payment” within the meaning of Section 280G of the Code, Employee shall be entitled
to receive (i) an amount limited so that no portion thereof shall fail to be tax deductible under Section 280G of the Code or subject
to an excise tax under Section 4999 of the Code (the “Limited Amount”), or (ii) if the amount otherwise
payable hereunder together with other payments or benefits which Employee receives or is entitled to receive from the Company or
any of its applicable Affiliates (without regard to clause (i)) reduced by all taxes applicable thereto (including, for the avoidance
of doubt, the excise tax imposed by Section 4999 of the Code) would be greater than the Limited Amount reduced by all taxes applicable
thereto, the amount otherwise payable hereunder together with other payments or benefits which Employee receives or is entitled
to receive from the Company or any of its applicable Affiliates.

 

10.          In the event that any payments under this Agreement or otherwise are required to be reduced as described in this Section
9, the adjustment will be made, first, by reducing the cash severance, if any, due to Employee pursuant to Section 6; second, if
additional reductions are necessary, by reducing the payments due to Employee under Section 6.5(C) (Target Bonus) and third, if
additional reductions are still necessary, by eliminating the accelerated vesting of equity-based awards, starting with those awards
for which the amount required to be taken into account under the Section 280G of the Code rules is the greatest; provided, that
in all events, such reductions shall be done in a manner consistent with the requirements of Section 409A of the Code, to the extent
applicable.

 

11.          Miscellaneous.

 

11.1.        Binding
Nature of Agreement. This Agreement shall be binding upon the Company and shall inure to the benefit of the Company, its Affiliates,
successors and assigns, including any transferee of the business operation, as a going concern, in which Employee is employed
and shall be binding upon Employee, Employee’s heirs and personal representatives. None of the rights or obligations of
Employee hereunder may be assigned or delegated, except that in the event of Employee’s death or Disability, any rights
of Employee hereunder shall be transferred to Employee’s estate or personal representative, as the case may be. The Company
may assign its rights and obligations under this Agreement in whole or in part to any one or more Affiliates or successors. Any
entity into which the Company is merged or with which the Company is consolidated or which acquires the business of the Company
or the business unit in which Employee is to be principally employed shall be deemed to be a successor of the Company for purposes
hereof.

 

11.2.        Entire
Agreement. This Agreement, including the Covenants Agreements, contains the entire understanding among the parties hereto
with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements and understandings, inducements
or conditions, express or implied, oral or written, including without limitation, the Prior Agreement. The express terms hereof
control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. Notwithstanding
the foregoing, nothing herein shall limit the application of any generally applicable Company policy, practice, plan or the terms
of any manual or handbook applicable to the Company’s employees generally.

 

    -8-

     

    

 

11.3.        Notices.
All notices, requests, consents, and other communications required or permitted to be given under this Agreement shall be in writing
and shall be deemed to have been duly given if delivered personally, or mailed first-class, postage prepaid, by registered or
certified mail (notices sent by mail shall be deemed to have been given on the third day after the date sent), or by nationally
recognized overnight carrier(notices sent by overnight shall be deemed to have been given on the day after the date sent) or by
confirmed facsimile or electronic mail transmission with a hard copy deposited in first class mail the same day or the following
day, as follows (or to such other address as either party shall designate by notice in writing to the other):

 

If to Company:

 

Ocugen Inc.

Five Great Valley, Suite # 160

Malvern, PA 19355

Attention: Shankar Musunuri

 

If to Employee, to the address
on file with the Company.

 

11.4.        Governing
Law; Forum. This Agreement shall be governed by the laws of Delaware.

 

11.5.        Headings.
The article and section headings contained in this Agreement are for reference purposes only and shall not in any way affect the
meaning or interpretation of this Agreement.

 

11.6.        Amendment.
This Agreement may be amended, modified, superseded, canceled, renewed, or extended and the terms or covenants of this Agreement
may be waived, only by a written instrument executed by both of the parties, or in the case of a waiver, by the party waiving
compliance.

 

11.7.        Waiver.
The failure of either party at any time or times to require performance of any provision of this Agreement shall in no manner
affect the right at a later time to enforce the same. No waiver by either party of the breach of any term or covenant contained
in this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or construed as, a further
or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement.

 

11.8.       Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall constitute an original and all of which taken
together shall constitute one and the same instrument.

 

    -9-

     

    

 

[signature page follows]

 

    -10-

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Agreement on the date first above written.

 

	 	COMPANY:
	 	 
	 	OCUGEN, INC.
	 	 
	 	By:	 /s/ Shankar Musunuri
	 	 	Shankar Musunuri
	 	 
	 	Its: Chairman and CEO
	 	 
	 	EMPLOYEE:
	 	 
	 	/s/ Daniel Jorgensen
	 	 
	 	Name:	 Daniel Jorgensen

 

[signature page]

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