Document:

Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(the “Agreement”) is made and entered into as of this 12th day of October, 2022 (the “Effective
Date”), by and between Silo Pharma Inc, a Delaware corporation with offices at 60 Sylvan Ave, Suite 3160, Englewood Cliffs NJ
07632 (the “Corporation”), and Eric Weisblum, an individual residing at 41 Owatonna St, Haworth NJ 07641 (the “Executive”),
under the following circumstances:

 

RECITALS:

 

A. The
Corporation desires to secure the services of the Executive upon the terms and conditions hereinafter set forth;

 

B. The
Executive desires to render services to the Corporation upon the terms and conditions hereinafter set forth;

 

C. The
Corporation and the Executive desire for this Agreement to constitute and embody their full and complete understanding and agreement with
respect to the Executive’s employment by the Corporation;

 

NOW, THEREFORE, the parties
mutually agree as follows:

 

1. Employment.
The Corporation hereby employs the Executive and the Executive hereby accepts employment as an executive of the Corporation, subject to
the terms and conditions set forth in this Agreement.

 

2. Duties.
The Executive shall serve as the Chief Executive Officer of the Corporation, with such duties, responsibilities, and authority as are
commensurate and consistent with his position, and such other duties, responsibilities and authority as may be, from time to time, reasonably
assigned to him by the Board of Directors (the “Board”) or Chairman of the Board of the Corporation. The Executive
shall report directly to the Board of the Corporation. During the Term (as defined in Section 3), the Executive shall devote his full
business time and efforts to the performance of his duties hereunder unless otherwise authorized by the Board. Notwithstanding the foregoing,
the expenditure of reasonable amounts of time by the Executive for the making of passive personal investments, the conduct of private
business affairs, and charitable and professional activities shall be allowed, provided such activities do not materially interfere with
the services required to be rendered to the Corporation hereunder and do not violate the confidentiality provisions set forth in Section 8
below. For the avoidance of doubt, Executive may invest or be involved with other ventures and investments, including intellectual property
related ventures and investments, (hereafter “Other Investments”), so long as all Other Investments are disclosed to
the Corporation and the Corporation determines that Executive’s involvement in any Other Investment does not contravene any provisions
of this Agreement or will breach any of Executive’s duties to Company or its stockholders.

 

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3. Term
of Employment. The term of this Agreement shall commence upon the Effective Date and shall continue for a one (1) year (the “Initial
Term”) from such date and shall automatically be extended for additional terms of one (1) year each (each a “Renewal
Term”) unless either party gives prior written notice of non-renewal to the other party no later than three (3) months prior
to the expiration of the Initial Term (“Non-Renewal Notice”), or the then current Renewal Term, as the case may be.
For purposes of this Agreement, the Initial Term and any Renewal Term are hereinafter collectively referred to as the “Term.”

 

4. Compensation
of Executive.

 

(a) The
Corporation shall pay the Executive as compensation for his services hereunder, in equal semi-monthly or bi-weekly installments during
the Term, the sum of Three Hundred Fifty Thousand Dollars ($350,000) per annum (as in effect from time to time, the “Base Salary”),
less such deductions as shall be required to be withheld by applicable law and regulations. The Corporation shall review the Base Salary
on an annual basis and has the right but not the obligation to increase it, but has no right to decrease the Base Salary.

 

(b) In
addition to the Base Salary set forth in Section 4(a) above, the Executive shall be entitled to receive a one-time Sign-On Bonus (the
“Sign-On Bonus”) in the amount of One Hundred Thousand Dollars ($100,000). The Sign-On Bonus shall be paid in accordance
with the Company’s regular payroll in two equal installments, the first payable after the Executive completes the first 30 days
of employment and the second shall be payable after Executives completes 80 days of employment.

 

(c) In
addition to the Base Salary set forth in Section 4(a) above and the Sign-On Bonus set forth in Section 4(b) above, the Executive shall
be entitled to receive an annual cash bonus (“Annual Bonus”) in an amount up to Three Hundred Fifty Thousand Dollars
($350,000) if the Corporation meets or exceeds criteria adopted by the Compensation Committee of the Board (the “Compensation
Committee”) for earning Bonuses, which criteria shall be adopted by the Compensation Committee annually after consultation with
the Executive and which criteria must be reasonably likely to be attainable. Annual Bonuses shall be paid by the Corporation to the Executive
promptly after the year end, it being understood that the Compensation Committee’s determinations concerning attainment of any financial
targets associated with any bonus determination shall not be determined until following the completion of the Corporation’s annual
audit, if any, but in no event later than April 15th of the year following the year for which it is being paid (and if
the Executive was employed as of the last day of the calendar year to which such Annual Bonus relates, then the Executive shall be entitled
to the Annual Bonus for such year, even if he is not employed by the Corporation on the date the Annual Bonus is paid for such last year).
The Compensation Committee may provide for lesser or greater percentage Annual Bonus payments for Executive upon achievement of partial
or additional criteria established or determined by the Compensation Committee from time to time. For the avoidance of doubt, if Executive
is employed upon expiration of the term of this Agreement, he shall be entitled to the Annual Bonus for such last year on a pro-rata basis
through the last date of employment, even if he is not employed by the Corporation on the date the Annual Bonus is paid for such last
year. In his sole discretion, the Executive may elect to receive such annual bonus in common stock of the Corporation at the basis determined
by the Compensation Committee in good faith.

 

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(d) The
Corporation shall pay or reimburse the Executive for all reasonable out-of-pocket expenses actually incurred or paid by the Executive
in the course of his employment, consistent with the Corporation’s policy for reimbursement of expenses from time to time.

 

(e) The
Executive shall be entitled to participate in such pension, profit sharing, group insurance, hospitalization, and group health and benefit
plans and all other benefits and plans, including perquisites, if any, as the Corporation provides to its senior executives, including
group family health insurance coverage, which shall be paid by the Corporation (the “Benefit Plans”). If at any time
during the Term, the Corporation does not provide its senior executives with health insurance (including hospitalization) under a Benefit
Plan, Executive shall be entitled to secure such health insurance for himself and his immediate family (i.e., spouse and natural born
children) and the Corporation shall reimburse Executive for the cost of such insurance promptly after payment by the Executive for such
insurance. For the avoidance of doubt, Executive shall be entitled to secure health insurance from high quality companies such as Blue
Cross/Blue Shield, United, or Emblem, and the ability to select a no or low deductible plan. If Executive secures such health insurance,
such health insurance shall be deemed to be a Benefit Plan hereunder.

 

(f) The
Corporation shall execute and deliver in favor of the Executive an indemnification agreement on the same terms and conditions entered
into with the other officers and directors of the Corporation. Such agreement shall provide for the indemnification of the Executive for
the term of his employment and for a period of at least six (6) years thereafter. The Corporation shall maintain directors’ and
officers’ insurance during the Term and for a period of at least six (6) years thereafter.

 

(g) The
Corporation shall also maintain (or hire, if applicable) a New Jersey based executive assistant to assist the Executive with his duties.

 

5.
 Termination.

 

(a) This
Agreement and the Executive’s employment hereunder shall terminate upon the happening of any of the following events:

 

(i) upon
the Executive’s death:

 

(ii)  upon
the Executive’s “Total Disability (as herein defined);

 

(iii) upon
the expiration of the Initial Term of this Agreement or any Renewal Term thereof, if either party has provided a timely Non-Renewal Notice
in accordance with Section 3, above;

 

(iv) at
the Executive’s option, upon ninety (90) days prior written notice to the Corporation (other than under the circumstances set forth
in Section 5(b)(viii));

 

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(v)  at
the Executive’s option, in the event of an act by the Corporation, defined in Section 5(c), below, as constituting “Good Reason”
for termination by the Executive;

 

(vi) at
the Corporation’s option, in the event of an act or inaction by the Executive, defined in Section 5(d), below, as constituting “Cause”
for termination by the Corporation;

 

(vii) at
the Corporation’s option, upon ninety (90) days prior written notice to the Executive, without Cause. For the purposes of clarity
only, this includes any decision by the Corporation to remove Executive as CEO for any reason, other than for Cause and any decision by
the Corporation not to renew Executive’s Employment Agreement; and

 

(viii) at
the Executive’s option, upon written notice to the Corporation at any time within forty (40) days of the consummation of a Change
in Control Transaction.

 

(b) For
purposes of this Agreement, the Executive shall be deemed to be suffering from a “Total Disability” if the Executive
has failed to perform his regular and customary duties to the Corporation as a result of a medical condition for a period of 180 days
out of any 360-day period.

 

(c) For
purposes of this Agreement, the term “Good Reason” shall mean that the Executive has resigned due to: (i) a material
diminution of duties inconsistent with Executive’s title, authority, duties, and responsibilities (including, without limitation,
a change in the chain of reporting); (ii) any relocation of the principal location of Executive’s employment outside of New Jersey
without the Executive’s prior written consent; (iii) any material violation by the Corporation of its obligations (including, without
limitation, its compensation obligations) under this Agreement; provided, in each case, that the Executive has given written notice to
the Corporation within ninety (90) days of Executive’s knowledge of the initial occurrence of such event, and the Corporation has
failed to cure such acts within thirty (30) days of receipt of such notice, and the Executive must then terminate his employment within
thirty (30) days following the expiration of such cure period for the termination to be on account of Good Reason. For purposes of this
Agreement, the term “Change in Control Transaction” means the sale of the Corporation to an un-affiliated person or
entity or group of un-affiliated persons or entities pursuant to which such party or parties acquire (i) shares of capital stock of the
Corporation representing at least fifty percent (50%) of outstanding capital stock or sufficient to elect a majority of the Board or of
the board of directors of the Corporation (whether by merger, consolidation, sale, or transfer of shares (other than a merger where the
Corporation is the surviving corporation and the shareholders and directors of the Corporation prior to the merger constitute a majority
of the shareholders and directors, respectively, of the surviving corporation (or its parent)) or (ii) all or substantially all of the
Corporation’s assets determined on a consolidated basis. Any equity grants issued to the Executive pursuant to the terms of this
Agreement shall be immediately vested upon consummation of a Change in Control Transaction. Notwithstanding the foregoing, to the extent
required to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, a Change in Control Transaction shall be deemed
to have only if a change in the ownership or a change in ownership of a substantial portion of the assets of the Company shall also be
deemed to have occurred under Section 409A.

 

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(d) For
purposes of this Agreement, the term “Cause” shall mean any material breach of this Agreement by Executive or material, gross,
and willful misconduct on the part of the Executive in connection with his employment duties hereunder, in all cases that is not cured
within fourteen (14) days after receipt of notice thereof (to the extent such breach is capable of being cured), or the Executive’s
conviction of or entering of a guilty plea or a plea of no contest with respect to a felony or any crime involving fraud, larceny, or
embezzlement resulting in material harm to the Corporation by the Executive.

 

6. Effects
of Termination.

 

Upon any termination of employment
for any reason, whether by the Executive or the Corporation, the Executive shall be paid accrued but unpaid compensation and vacation
pay through the date of termination, except in the case of termination under Section 5.(a)(vi), Annual Bonus for the year preceding termiantion,
if unpaid (to be paid when it would ordinarily be paid) and any other benefits accrued to him under any Benefit Plans outstanding at the
date of termination and the reimbursement of documented, unreimbursed expenses incurred on or prior to such date, all paid as promptly
as practicable and in accordance with applicable law, and the Executive shall have medical coverage rights available under the Corporation’s
Benefit Plans as otherwise provided by law, including the Consolidated Omnibus Budget Reconciliation Act and any similar state law or
regulation (collectively, “COBRA Rights” and together with other compensation and benefits described in this paragraph, “Accrued
Rights”).

 

The following provisions apply to specified termination
events. Any Annual Bonus (including any pro-rated Annual Bonus) payable pursuant to the following provisions shall be paid at the same
time that it would have been paid if the Executive’s employment had not terminated.

 

(a) Upon termination of the
Executive’s employment pursuant to Section 5(a)(i) (Death) or (ii) (Disability), in addition to the Accrued Rights, the Executive
or his estate or beneficiaries, as applicable, shall be entitled to the following severance benefits: payment on a pro-rated basis of
any Annual Bonus or other payments earned in connection with any bonus plan to which the Executive was a participant as of the date of
death or Total Disability. This Section 6(a) shall not terminate or otherwise interfere with any right to disability payments. 

 

(b)  Upon
termination of the Executive’s employment pursuant to Section 5(a)(iii) (Non-Renewal) if such termination resulted from the Company’s
election not to renew this Agreement, 5(a)(v) (Termination for Good Reason), 5(a)(vii) (Termination by the Company Without Cause) or 5(a)(viii)
(Termination Within Forty Days of a Change in Control), in addition to the Accrued Rights, , the Executive shall be entitled to the following
severance benefits: (i) twenty-four (24) months’ Base Salary at the then current rate, to be paid in a single lump sum payment not
later than thirty (30) days following such termination, less withholding of all applicable taxes; (ii) if the Executive elects continuation
coverage for group health coverage pursuant to COBRA Rights, then for a period of twenty-four (24) months following the Executive’s
termination he will be obligated to pay only the portion of the full COBRA Rights cost of the coverage equal to an active employee’s
share of premiums (if any) for coverage for the respective plan year and, to the extent required by any applicable nondiscrimination rules,
the Employer-Provided COBRA Premium shall be treated as taxable income to the Executive; and (iii) payment on a pro-rated basis of any
Annual Bonus or other payments earned in connection with any bonus plan to which the Executive was a participant as of the date of the
Executive’s termination of employment; provided, however, that the pro-rated Annual Bonus payable pursuant to Section 6(b)(iii)
shall be no less than $200,000. The Company’s obligation to make the payments under this Section 6(b) (“Severance”)
shall be conditioned upon (A) the Executive’s execution, delivery and non-revocation of a valid and enforceable separation agreement
and general release of claims in the form attached hereto as Exhibit A (a “Release”), which becomes effective and irrevocable
within sixty (60) days following the Executive’s termination of employment and (B) the Executive’s compliance with the provisions
of this Agreement that survive termination of employment, including without limitation Section 8 of the Agreement, and compliance
with all restrictive covenants to which Executive is otherwise subject to. The Severance will commence on the sixtieth (60th)
day following the Executive’s last date of employment, provided that the Release executed by the Executive as required by
clause (A) becomes irrevocable prior to such date, and shall be paid in accordance with the schedules established for payments of Base
Salary and the Annual Bonus in this Section 6(b), as applicable; provided further that the first payment of Severance shall include
any unpaid amounts that have been scheduled to occur during the first sixty (60) days following the Executive’s termination of employment
under this Section 6(b).

 

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(c) Upon
termination of the Executive’s employment pursuant to Section, 5(a)(iii) (Non-Renewal) if such termination resulted from the Executive
election not to renew this Agreement, Section (vi) (Termination by the Company for Cause) or Section 5(a)(iv) (Voluntary Termination by
Executive), Executive shall only be entitled to receive Accrued Rights.

 

(d) Any
payments required to be made hereunder by the Corporation to the Executive shall continue to the Executive’s beneficiaries in the
event of his death until paid in full.

 

7. Vacations.
The Executive shall be entitled to a vacation of three (3) weeks per year, during which period his Base Salary shall be paid in full.
The Executive shall take his vacation at such time or times as the Executive and the Corporation shall determine is mutually convenient.
Any vacation not taken in one (1) year shall accrue, up to a maximum of six (6) weeks of vacation, and shall carry over to the subsequent
year.

 

8. Disclosure
of Confidential Information. The Executive recognizes, acknowledges and agrees that he has had and will continue to have access to
secret and confidential information regarding the Corporation, including but not limited to, its products, formulae, patents, sources
of supply, customer dealings, data, know-how, and business plans, provided such information is not in or does not hereafter become part
of the public domain, or become known to others through no fault of the Executive. The Executive acknowledges that such information is
of great value to the Corporation, is the sole property of the Corporation, and has been and will be acquired by him in confidence. In
consideration of the obligations undertaken by the Corporation herein, the Executive will not, at any time, during or after his employment
hereunder, reveal, divulge, or make known to any person any information acquired by the Executive during the course of his employment,
which is treated as confidential by the Corporation, and not otherwise in the public domain. The provisions of this Section 8 shall survive
the termination of the Executive’s employment hereunder. All references to the Corporation in Section 8 and Section 9 hereof shall
include any subsidiary of the Corporation.

 

9. Section
409A.

 

(a) The
provisions of this Agreement are intended to comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”) and any final regulations and guidance promulgated thereunder (“Section 409A”) and
shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A. The Corporation and
Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions that are necessary,
appropriate, or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section
409A.

 

(b) To
the extent that Executive will be reimbursed for costs and expenses or in-kind benefits, except as otherwise permitted by Section 409A,
(i) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit; (ii) the amount of expenses
eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement,
or in-kind benefits to be provided, in any other taxable year; provided that the foregoing clause (ii) shall not be violated with regard
to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit
related to the period the arrangement is in effect; and (iii) such payments shall be made on or before the last day of the taxable year
following the taxable year in which Executive incurred the expense.

 

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(c) A
termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment
of any amounts or benefits upon or following a termination of employment unless such termination constitutes a “Separation from
Service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement references to a “termination,”
“termination of employment,” or like terms shall mean Separation from Service.

 

(d) Each
installment payable hereunder shall constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b), including Treasury
Regulation Section 1.409A-2(b)(2)(iii). Each payment that is made within the terms of the “short-term deferral” rule set forth
in Treasury Regulation Section 1.409A-1(b)(4) is intended to meet the “short-term deferral” rule. Each other payment is intended
to be a payment upon an involuntary termination from service and payable pursuant to Treasury Regulation Section 1.409A-1(b)(9)(iii),
et seq., to the maximum extent permitted by that regulation, with any amount that is not exempt from Code Section 409A being subject to
Code Section 409A.

 

(e) Notwithstanding
anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A at the
time of Executive’s termination, then only that portion of the severance and other termination compensation or benefits payable
to Executive pursuant to this Agreement, if any, and any other severance payments or termination compensation or benefits that may be
considered deferred compensation under Section 409A (together, the “Deferred Compensation Separation Benefits”), shall commence
to be paid on the first payroll date following the six (6) months anniversary following Executive’s termination of employment in
accordance with the payment schedule applicable to each payment or benefit (with any amounts which would have otherwise been due and payable
prior to such paid being paid on such date). Notwithstanding anything herein to the contrary, if Executive dies following termination
but prior to the six (6) month anniversary of Executive’s termination date, then any payments delayed in accordance with this paragraph
will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred
Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit.

 

10. Miscellaneous.

 

(a) The
Executive acknowledges that the services to be rendered by him under the provisions of this Agreement are of a special, unique, and extraordinary
character and that it would be difficult or impossible to replace such services. Accordingly, the Executive agrees that any breach or
threatened breach by him of Sections 8 or 9 of this Agreement shall entitle the Corporation, in addition to all other legal remedies available
to it, to apply to any court of competent jurisdiction to seek to enjoin such breach or threatened breach. The parties understand and
intend that each restriction agreed to by the Executive hereinabove shall be construed as separable and divisible from every other restriction,
that the unenforceability of any restriction shall not limit the enforceability, in whole or in part, of any other restriction, and that
one or more or all of such restrictions may be enforced in whole or in part as the circumstances warrant. In the event that any restriction
in this Agreement is more restrictive than permitted by law in the jurisdiction in which the Corporation seeks enforcement thereof, such
restriction shall be limited to the extent permitted by law. The remedy of injunctive relief herein set forth shall be in addition to,
and not in lieu of, any other rights or remedies that the Corporation may have at law or in equity.

 

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

 

 (c) This
Agreement constitutes and embodies the full and complete understanding and agreement of the parties with respect to the Executive’s
employment by the Corporation, supersedes, as of the Effective Date, all prior understandings and agreements, whether oral or written,
between the Executive and the Corporation with respect to such employment, including but not limited to, the Prior Agreement, and shall
not be amended, modified, or changed except by an instrument in writing executed by the party to be charged. The invalidity or partial
invalidity of one or more provisions of this Agreement shall not invalidate any other provision of this Agreement. No waiver by either
party of any provision or condition to be performed shall be deemed a waiver of similar or dissimilar provisions or conditions at the
same time or any prior or subsequent time.

 

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

 

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

 

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

 

(g) This
Agreement shall be governed by and construed in accordance with the internal laws of the State of New Jersey without reference to principles
of conflicts of laws and each of the parties hereto irrevocably consents to the jurisdiction and venue of the federal and state courts
located in the State of New Jersey.

 

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

 

(i) The
Corporation and the Executive agree that both the Original Employment Agreement is null and void and that this Agreement governs Executive’s
employment.

 

[Signature Page Follows]

 

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[Execution Page for Employment Agreement]

 

	CORPORATION:	 
	 	 	 
	Silo Pharma, Inc.	 
	 	 
	/s/ Wayne Linsley	 
	By:	Wayne D. Linsley	 
	Title: 	Duly Authorized Chairman of the Compensation Committee	 
	 	 	 
	EXECUTIVE:	 
	 	 	 
	/s/ Eric Weisblum	 
	Eric Weisblum	 

 

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Exhibit A

 

GENERAL RELEASE OF CLAIMS

 

GENERAL RELEASE and WAIVER (this
“Agreement”) made as of ____ , by and between Silo Pharma Inc, a Delaware corporation with offices at 60
Sylvan Ave, Suite 3160, Englewood Cliffs NJ 07632 (the “Company”), and Eric Weisblum, an individual residing at 41
Owatonna St, Haworth NJ 07641 (the “Employee” and together with the Employee, the “Parties”).

 

 WHEREAS, Employee and
the Company have agreed that Employee’s employment with the Company has been terminated;

 

 WHEREAS, Employee and
the Company have previously entered into an Employment Agreement dated ___, 2022, as may have been amended or supplemented from time to
time (the “Employment Agreement”), with any terms used, but not defined herein, having the meaning set forth in the
Employment Agreement; and

 

WHEREAS, the Parties desire
to enter into this Agreement, in satisfaction of all obligations of the Employee and the Company in respect of Employee’s employment
with the Company.

 

NOW, THEREFORE, in consideration
of the mutual covenants set forth herein and for other good and valuable consideration, receipt of which is hereby acknowledged, the Company
and the Employee agree as follows:

 

1. Separation

 

(a) Date
of Separation. Employee’s employment with the Company and all of its subsidiaries and affiliates will end on [DATE] (the
“Termination Date”). Employee hereby acknowledges and agrees that Employee has resigned, effective as of the Termination
Date, from any and all positions and titles Employee holds by virtue of his provision of services to the Company and its affiliates (the
“Company Entities”).

 

(b) Severance.
In consideration for, subject to and conditioned on Employee’s execution of this Agreement on or within twenty-one (21) days following
the Termination Date, Employee’s non-revocation thereof and compliance with such other conditions as are set forth in the Employment
Agreement, Employee is eligible to receive the Severance in accordance with the terms and conditions set forth in the Employment Agreement.

 

(c) Full
Satisfaction. The Employee acknowledges and agrees that, except for the Accrued Rights and Severance, the Employee is not entitled
to any other compensation or benefits from the Company (including without limitation any severance or termination compensation or benefits
under any severance plan, program, policies, practices or arrangements of any of the Company Entities).

 

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(d) COBRA.
Pursuant to the applicable group plan terms and conditions, Employee will cease participating in Company’s health insurance plans
as of the Termination Date. If applicable, the Company will send the Employee documentation under separate cover relating to the Employee’s
rights pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”).

 

2. General
Release and Waiver

 

(a) Release.

 

i. In
exchange for and in consideration of the promises and covenants set forth in this Agreement and the Employment Agreement, Employee irrevocably
and unconditionally releases and discharges the Company Entities and each of their subsidiaries, divisions, parents and member companies,
institutions, affiliates or related business entities and, solely in their capacity as such, any and all of their past and present administrators,
officers, partners, members, fiduciaries, trustees, directors, agents, representatives, shareholders, employees, board members, successors
and assigns (hereinafter collectively referred to as “Releasees”), jointly and individually, from any and all actions,
causes of action, grievances, arbitrations, obligations, liabilities, judgments, suits, debts, attorneys’ fees, costs, sums of money,
wages, bonuses, benefits of any type, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements,
promises, variances, trespasses, damages, extents, executions, claims and demands whatsoever in law, or in equity, which Employee, Employee’s
heirs, executors, administrators, successors and assigns, ever had, now have or hereafter can, shall or may have for, upon or by reason
of any matter, cause or thing whatsoever from the beginning of time to the date Employee signs this Agreement.

 

ii. The
foregoing release covers, without limitation, any claims of discrimination on the basis of pregnancy, race, color, sex, sexual orientation,
disability, handicap, religion, creed, national origin, ancestry, age (including, without limitation, any rights or claims under the Age
Discrimination Employment Act of 1967 or the Older Worker Benefits Protection Act), citizenship, ethnic characteristics, sexual or affectional
preference or marital status and also includes, no matter how denominated or described, any claims of discrimination, retaliation, harassment
or interference under any federal, state or local law, rule, regulation, collective bargaining agreement, or executive order including,
without limitation, any rights or claims under Title VII of the Civil Rights Act of 1964; the Genetic Information Non Discrimination Act;
the Civil Rights Acts of 1866 and 1991; 42 U.S.C. § 1981; the Equal Pay Act of 1963; the Employee Retirement Income Security Act
of 1974; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; and all
other federal, state and local laws (whether statutory, regulatory or decisional) including, but not limited to, and any claims of conversion,
failure to return property, failure to pay wages, wrongful discharge or termination, interference with contract, breach of covenant, breach
of contract, violation of a collective bargaining agreement, whether written or oral, express or implied, breach of promise, public policy,
negligence, retaliation, defamation, defamation of character, defamation of employment records, impairment of economic opportunity, loss
of business opportunity, fraud, deceit, misrepresentation, whistle-blower activities, perceived disability, history of disability and
payment of wages or benefits of any type, as well as any claims for attorneys’ fees or costs.

 

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iii. It
is the intention of the Parties in executing this Agreement that it shall be a general release and shall be effective as a bar to each
and every matter released herein and that, should any proceeding be instituted with respect to the matters released herein, this Agreement
shall be deemed in full and complete accord, satisfaction and settlement of any such released matter and sufficient basis for dismissal.

 

iv. Except
as expressly provided herein, Employee acknowledges and agrees that, by signing this Agreement, Employee is surrendering and giving up
any right Employee has or may have, without limiting the generality of any other provision herein, to assert any claim for individual
relief or damages against or involving Company or the Releasees arising from or in any way relating to Employee’s employment with
Company or the termination thereof, or to permit Employee to become and remain a member of any class seeking individual relief or damages
against Company or the Releasees arising from or in any way relating to Employee’s employment with Company or the termination thereof.
Nothing herein, however, shall prevent Employee from filing a charge with or participating in any investigation or proceeding conducted
by the Equal Employment Opportunity Commission or a state or local fair employment practices agency; provided, however, that Employee
further agrees and understands that Employee has waived Employee’s right to recover monetary damages or other relief personal to
employees in any such charge, complaint, grievance or lawsuit filed by Employee or on Employee’s behalf arising from, or in any way relating
to, Employee’s employment with Company or the termination thereof, to the maximum extent permitted by applicable law. This release shall
not apply to any claims which may not be released pursuant to applicable law and shall not apply to (1) Employee’s rights to enforce
the Employment Agreement with respect to any claims with respect to the Accrued Rights or Severance, and (2) any rights in the nature
of indemnification which the Employee may have with respect to claims against the Employee relating to or arising out of his employment
with, or other provision of services to, the Company Entities.

 

v. Notwithstanding
anything herein or in any other agreement with or policy of the Company to which Employee was or is subject, nothing herein or therein
shall (A) prohibit Employee from making reports of possible violations of federal law or regulation to any governmental agency or entity
in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934, as amended, or Section
806 of the Sarbanes-Oxley Act of 2002, or of any other whistleblower protection provisions of state or federal law or regulation, or (B)
require Employee to comply with any notification or prior approval requirement with respect to any reporting described in clause (A);
provided, however, that Employee is not authorized to disclose communications with counsel that were made for the purpose of receiving
legal advice or that contain legal advice or that are protected by the attorney work product or similar privilege. Furthermore, Employee
shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is
made (1) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, in each case,
solely for the purpose of reporting or investigating a suspected violation of law or (2) in a complaint or other document filed in a lawsuit
or proceeding, if such filings are made under seal.

 

vi. Unknown
Claims. It is a condition of this Agreement, and it is the Parties’ intention by executing this Agreement, that the release
of claims contained in this Agreement shall be effective as a bar to each and every claim, whether now known or unknown.

 

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vii. Covenant
Not to Sue. Additionally, Employee agrees not sue, commence, assert, bring or file in any court or other tribunal, in any jurisdiction,
any suit, action, litigation, complaint, cross-complaint, counterclaim, third-party complaint, petition or other pleading or proceeding,
or otherwise seek affirmative relief against any Releasees on account of any claim released pursuant to this Agreement. Employee represents
that Employee has no charges, complaints, grievances or any other claims or requests for relief pending against Company or the Releasees
(as defined above) with the Equal Employment Opportunity Commission or any other federal, state or local administrative or other judicial
tribunal and has no charges, complaints, grievances or any other claims regarding allegations of sexual harassment or sexual misconduct
against the Company.

 

(b) Consideration.
The Employee acknowledges the Severance is in addition to anything of value to which the Employee already is entitled from the Company
and its affiliates and constitutes good and valuable additional consideration for this Agreement.

 

3. Acknowledgement
of Restrictive Covenants. Employee acknowledges that Employee remains bound by his obligations pursuant to Section 8 of the Employment
Agreement and any other restrictive covenants to which Employee is subject to.

 

4. No
Admission of Liability. Employee agrees and acknowledges that nothing contained in this Agreement, nor the fact that Employee has
been or will be paid any remuneration under it, shall be construed, considered or deemed to be an admission of liability or wrongdoing
by either Company or any of the Releasees. Company and the Releasees deny committing any wrongdoing or violating any legal duty with respect
to the Employee’s employment or the termination of Employee’s employment from Company. The terms of this Agreement, including
all facts, circumstances, statements and documents, shall not be admissible or submitted as evidence in any litigation, in any forum,
for any purpose, other than to secure enforcement of the terms and conditions of this Agreement, or as may otherwise be required by law.

 

5. Knowing
and Voluntary Waiver; Acknowledgements.

 

(a) The
Employee acknowledges that, by the Employee’s free and voluntary act of signing below, the Employee agrees to all of the terms of
this Agreement and intends to be legally bound thereby. By signing this Agreement, Employee hereby acknowledges and agrees that:

 

		i.	Employee has been afforded a reasonable and sufficient period of time to review this Agreement, for deliberation
thereon and for negotiation of the terms thereof, and Employee is hereby specifically urged and advised by Company to consult with an
attorney, legal counsel or a representative of Employee’s choice before signing it;

 

		ii.	Employee has carefully read and understands the terms of this Agreement, all of which have been fully
explained to Employee;

 

		iii.	Employee has signed this Agreement freely and voluntarily and without duress or coercion and with full
knowledge of its significance and consequences and of the rights relinquished, surrendered, released and discharged hereunder;

 

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		iv.	The only consideration for signing this Agreement are the terms stated herein and no other promise, agreement
or representation of any kind has been made to Employee by any person or entity whatsoever to cause Employee to sign this Agreement;

 

		v.	Employee acknowledges that she has been informed that she has the right to consider this Agreement for
a period of at least 21 days prior to entering into this Agreement. Employee expressly acknowledges that Employee has taken sufficient
time to consider this Agreement before signing it;

 

		vi.	Employee expressly acknowledges that, if any changes – whether material or immaterial – are
or were made to this Agreement after Employee’s receipt for review, such changes do not commence a new 21 day period for consideration;
and

 

		vii.	Employee acknowledges that this Agreement does not waive rights or claims that may arise after the date
this Agreement is signed.

 

(b) Effective
Date. This Agreement will become effective, enforceable and irrevocable on the eighth day after the date on which it is executed
by the Employee (the “Effective Date”), provided that the Parties acknowledge and agree that this Agreement shall be
null and void if executed prior to the Termination Date. During the seven-day period prior to the Effective Date, the Employee may revoke
his agreement to accept the terms hereof by indicating in writing to the Company his intention to revoke. If the Employee exercises his
right to revoke hereunder, he shall forfeit his right to receive any Severance Payments.

 

6. Miscellaneous.

 

(a) Non-Disclosure.
Employee acknowledges and agrees that Employee will not disclose the terms of this Agreement to anyone except for Employee’s spouse,
tax advisor and/or attorney, and only then after having received assurances that they too will honor this confidentiality provision. Nothing
in this Section or any other provision of this Agreement is intended to prevent the Parties from disclosing factual information regarding
any claim for sexual harassment, sex discrimination, or retaliation for reporting sexual harassment or sex discrimination.

 

(b) Withholding.
The Company may withhold from any amounts payable to the Employee all federal, state, city or other taxes that the Company may reasonably
determine are required to be withheld pursuant to any applicable law or regulation, (it being understood that the Employee shall be responsible
for payment of all taxes in respect of the payments and benefits provided herein).

 

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(c) Severability.
Any provision of this Agreement (or portion thereof) which is deemed invalid, illegal or unenforceable in any jurisdiction shall, as to
that jurisdiction be ineffective to the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining
provisions thereof in such jurisdiction or rendering that or any other provisions of this Agreement invalid, illegal, or unenforceable
in any other jurisdiction. If any covenant should be deemed invalid, illegal or unenforceable because its scope is considered excessive,
such covenant shall be modified so that the scope of the covenant is reduced only to the minimum extent necessary to render the modified
covenant valid, legal and enforceable. No waiver of any provision or violation of this Agreement by the Company shall be implied by the
Company’s forbearance or failure to take action.

 

(d) Notices.
All notices given hereunder shall be in writing and shall be sent by registered or certified mail, return receipt requested, or a national
overnight courier service capable of providing delivery confirmation, or by hand-delivery, or by facsimile transmission with confirmed
receipt, and, if intended for the Company, shall be addressed to it at: __________________________, Attn: General Counsel and if intended
for the Employee, shall be addressed to him at the address on file at Company. Each such notice shall be deemed to be given on the date
received at the address of the addressee or upon refusal to accept delivery.

 

(e) Entire
Agreement. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersede
all prior agreements relating thereto whether written or oral.

 

(f) Execution.
This Agreement may be executed in two or more facsimiled counterparts, each of which shall be equivalent to an original, but which collectively
shall constitute one Agreement.

 

(g) Modification;
Successors and Assigns. This Agreement may not be modified or amended, nor may any rights under it be waived, except in a writing
signed and agreed to by the Parties. This Agreement shall be binding upon, inure to the benefit of and be enforceable by the Parties and
their respective successors, assigns, legal representatives, executors, administrators and heirs, provided that Employee may not assign
his obligations under this Agreement. Employee acknowledges and agree that the Releasees are express third party beneficiaries of this
Agreement.

 

7. Governing
Law

 

(a) Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey without giving effect
to the rules of conflicts of law. The Employee represents and warrants that Employee was in fact individually represented by legal counsel
in negotiating the terms of this Agreement, including a designation of the venue and forum in which a controversy arising from this Agreement
will be adjudicated and the choice of law to be applied.

 

[Remainder of Page Intentionally Left Blank]

 

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IN WITNESS WHEREOF, the Parties
hereto have executed and delivered this Agreement on the date first written above.

 

	 	 
	 	By:	 
	 	Title:	 

 

	 	 
	 	Eric Weisblum

 

 

16Exhibit 10.3

 

FIRST AMENDMENT 

 

TO

 

EMPLOYMENT AGREEMENT

 

This First Amendment to Employment
Agreement is made and entered into as of October 12, 2022 (the “Effective Date”), by and between Daniel Ryweck (the
“Employee”) and Silo Pharma, Inc., a Delaware corporation (the “Company”), the Corporation and the
Employee are collectively referred to herein as the “Parties.”

 

WITNESSETH

 

WHEREAS, the Corporation
and Employee are Parties to that certain Employment Agreement dated as of September 28, 2022, (the “Employment Agreement”);

 

WHEREAS, the Parties
desire to amend the Employment Agreement and raise the Employee’s salary as set forth herein

 

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

 

		1.	Capitalized terms used but not otherwise defined herein shall
have the meanings ascribed to such terms in the Employment Agreement.

 

		2.	The first sentence in Section 4.1 of the Employment Agreement
is hereby amended and restated it its entirety as follows:

 

“Base Salary. During the Employment
Term, the Employer shall pay to Employee an initial base salary at the annual rate of Sixty Thousand ($60,000) Dollars as compensation
for Employee’s performance of Employee’s duties hereunder, payable in equal monthly installments (the “Base Salary”).”

 

		3.	Except as amended hereby, the terms and provisions of the
Employment Agreement shall remain in full force and effect, and the Employment Agreement is in all respects ratified and confirmed. On
and after the date of this agreement, each reference in the Employment Agreement to the “Agreement”, “hereinafter”,
“herein”, “hereinafter”, “hereunder”, “hereof”, or words of like import shall mean and be a reference
to the Employment Agreement as amended by this agreement.

 

		4.	This agreement may be executed in one or more counterparts,
each of which shall be deemed an original and all of which taken together shall constitute a single Amendment.

 

	CORPORATION:	 
	 	 
	Silo Pharma, Inc.	 
	 	 
	/s/ Eric Weisblum	 
	By: 	Eric Weisblum	 
	Title: 	Chief Executive Officer	 
	 	 
	EMPLOYEE:	 
	 	 
	/s/ Daniel Ryweck	 
	By: 	Daniel Ryweck	 
	Title: 	Chief Financial Officer

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