Document:

Exhibit 10.3

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (this “Agreement”), effective as of August 4, 2021 (the “Effective Date”),
is between Indaptus Therapeutics, Inc. (the “Company”) and Walt A Linscott (the “Executive”).

 

WITNESSETH

 

WHEREAS,
Intec Pharma Inc., a subsidiary of Intec Pharma Ltd., an Israeli corporation (“Intec”), entered into an employment agreement
with the Executive on October 23, 2017 (the “Prior Agreement”);

 

WHEREAS,
Intec Pharma Ltd. merged with Decoy Biosystems, Inc., a Delaware corporation, on August 3, 2021; and

 

WHEREAS,
the Company desires to employ the Executive as its Chief Business Officer following the merger, and the Executive desires to accept such
employment, on the terms and conditions set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the promises and the mutual covenants and agreements contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 

	 	1.	EMPLOYMENT.
    Subject to the terms and conditions set forth herein, the Company hereby employs the Executive, and the Executive hereby accepts
    such employment by the Company commencing on the Effective Date.
	 	 	 
	 	2.	SCOPE
    OF EMPLOYMENT. During the term of this Agreement, Executive shall hold the position of Chief Business Officer and shall have those
    duties and responsibilities customarily associated with the title of Chief Business Officer plus any additional duties as may reasonably
    be assigned to him from time to time by the Company. The Company shall at all times during the term of this Agreement take all steps
    necessary to nominate Executive as a nominee for director for the purposes of any meeting or consent of the shareholders conducted
    or taken during the term of this Agreement. The Executive shall report directly to the Chief Executive Officer. The Executive will
    devote his full time and best efforts to the business and affairs of the Company. Notwithstanding the foregoing or any other provision
    of this Agreement, it shall not be a breach or violation of this Agreement for the Executive to (i) serve on civic or charitable
    boards or committees or, with prior approval of the Board, on corporate boards or committees, (ii) deliver lectures, fulfill speaking
    engagements, teach at educational institutions or provide consulting services, provided, in each case, that such activities do not
    (a) materially interfere, individually or in the aggregate with the performance of your duties hereunder or (b) violate any restrictive
    covenants. The Executive shall be subject to and comply with the Company’s policies, procedures and approval practices as generally
    in effect at any time and from time to time.
	 	 	 
	 	3.	PREVIOUS
    OBLIGATIONS. To the best of Executive’s knowledge, the Executive represents that his employment by the Company and the performance
    of his duties on behalf of the Company does not, and shall not, breach any agreement that obligates the Executive to keep in confidence
    any trade secrets or confidential or proprietary information of any other party or to refrain from competing, directly or indirectly,
    with the business of any other party.

 

    	 

     

    

 

	 	4.	COMPENSATION. As full compensation for all services to be rendered by Executive during the term of this Agreement, the Company will compensate the Executive as follows.
	 	 	 	 
	 	 	A.	Base
    Salary. The Company shall pay the Executive a base salary (the “Base Salary”) at the annualized rate of $405,000,
    which shall be subject to customary withholdings and authorized deductions and shall be payable in equal installments in accordance
    with the Company’s customary payroll practices in place from time to time. The Executive’s Base Salary shall be subject
    to review for an upward adjustment on at least an annual basis. The Executive’s Base Salary may not be adjusted downward without
    the Executive’s prior written consent. The foregoing annualized rate will be effective for fiscal year 2021 and may be reevaluated
    by the Company’s Board of Directors for fiscal year 2022.
	 	 	 	 
	 	 	B.	Annual
    Bonus.
	 	 	 	 
	 	 	 	The
    Executive will be eligible to participate in an annual executive bonus plan pursuant to which he may earn a bonus (“Bonus”)
    equal to up to 50% of his Base Salary (such maximum bonus may be referred to as the “Target Bonus”).
	 	 	 	 
	 	 	 	Prior
    to the commencement of each calendar year, the Board will establish and approve the Target Bonus for such calendar year, provided
    that such Target Bonus shall not be less than 50% of the Executive’s Base Salary. Achievement of the Target Bonus will be based
    on the Executive meeting individual objectives and the Company meeting company-wide objectives (collectively, the “Performance
    Criteria”).
	 	 	 	 
	 	 	 	The
    Board may, in its discretion, grant the Executive a Bonus in excess of the Target Bonus if the Performance Criteria are exceeded
    or for such additional contributions that the Board may choose to recognize.
	 	 	 	 
	 	 	 	Following
    the close of each calendar year but in no event after the later of January 30th of the year following the year for which
    the Bonus is payable or ten business days after completion of the Company’s audited financial statements, the Board will meet
    and determine in its reasonable discretion the extent to which the Performance Criteria have been achieved for such year and the
    amount of the Bonus. Based on that determination, payment of the Bonus (if any) shall be made at the same time annual Bonuses are
    generally paid to other senior executives of the Company (generally the first regular payroll date following the Board’s certification
    of the achievement of applicable Performance Criteria) (the “Bonus Payment Date”). If the Executive is eligible
    to receive a Bonus, such Bonus will not be deemed to be fully earned unless Executive is employed by the Company and in good standing
    on the last day of the fiscal year to which the Bonus relates. The Bonus shall be paid to the Executive no later than March 15th
    of the year following the year for which the bonus is payable.
	 	 	 	 
	 	 	C.	Stock
    Option Grants. During the Term, subject to the terms of the Company’s 2021 Stock Incentive Plan or any successor equity
    compensation plan as may be in place from time to time and separate award agreements, the Executive shall be eligible to receive
    from time to time stock options or other equity awards in amounts, if any, to be approved by the Board or the Compensation Committee
    in its discretion. Executive agrees that any equity grants awarded to him as compensation for services as Chief Business Officer
    shall be subject to any clawback policy that the Company established from time to time that is applicable to the Company’s
    executive officers.

 

    	 

     

    

 

	 	5.	BENEFITS.
    During his employment and subject to any contribution therefore generally required of employees of the Company, the Executive shall
    be entitled to participate in any and all employee benefit plans from time to time in effect for executive employees of the Company
    generally. Such participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally applicable policies
    of the Company and (iii) the discretion of the Board or any administrative or other committee provided for in or contemplated by
    such plan. The Company may alter, modify, add to or delete its employee benefit plans at any time as it, in its sole judgment, deems
    appropriate. During the term of his employment, the Executive shall be entitled to 20 paid days off (none of which may be carried
    over from one year to the next) as well as those paid public holidays provided for in the Company’s standard policies, as they
    may be amended from time to time.
	 	 	 
	 	6.	EXPENSES.
    The Executive shall be entitled to reimbursement by the Company for all necessary and reasonable travel, entertainment and other
    business expenses incurred by him in connection with his duties hereunder. The Company shall reimburse the Executive for all such
    expenses upon presentation of an itemized account and appropriate supporting documentation, all in accordance with the Company’s
    generally applicable policies as in effect from time to time.
	 	 	 
	 	7.	CONFIDENTIALITY
    AND NONSOLICITATION.
	 	 	 	 
	 	 	A.	Confidential
    Information. During the term of his employment, the Executive will have access to the Company’s confidential business information
    (the “Confidential Information”). The definition of Confidential Information includes any information regarding
    the Company or its affiliates that is not generally available to the public. By way of example not limitation, Confidential Information
    includes inventions, designs, data, computer code, works of authorship, know-how, trade secrets, formulas, compounds, indications,
    techniques, ideas, discoveries, products and services under development, employee, investor, customer and vendor information of any
    kind, marketing and business plans and financial information of any kind including pricing and profit margins.
	 	 	 	 
	 	 	B.	Ownership
    of Confidential Information. The Confidential Information (and all documents containing Confidential Information) is and will,
    as between the Executive and the Company, be the sole property of the Company.
	 	 	 	 
	 	 	C.	Protection
    and Use of Confidential Information. The Executive shall preserve and protect the confidentiality and security of the Confidential
    Information. At all times during his employment by the Company and thereafter, the Executive will protect and not disclose to any
    third party any Confidential Information. The Executive shall not use the Confidential Information or make any use of, the Confidential
    Information, except (i) in connection with the performance of his duties for the Company or as otherwise required in connection with
    court process or requested by a governmental or regulatory body; (ii) as may be required by law (with advance notice to the Company
    prior to any such disclosure to the extent legally permitted); or (iii) to Executive’s personal legal advisors for the purposes
    of enforcing or interpreting this Agreement (or in the case of any other litigation between the Executive and the Company), or to
    a court or arbitrator for the purpose of enforcing or interpreting this Agreement (or in the case of any other litigation between
    the Executive and the Company), and who in each case have been informed as to the confidential nature of such Confidential Information
    and, as to advisors, their obligation to keep such Confidential Information confidential. “Confidential Information”
    will not include any information which is in the public or industry domain during the Executive’s employment, provided that
    such information is not in the public or industry domain as a consequence of any action or inaction by the Executive in violation
    of this Agreement.

 

    	 

     

    

 

	 	 	D.	Return
    of Confidential Information. Upon request of the Company, the Executive will promptly (i) deliver to the Company all documents
    and other tangible media in the Executive’s possession or control that evidence, contain or reflect Confidential Information
    (including all copies, reproductions, digests, abstracts, analyses, and notes) and (ii) destroy any intangible materials that evidence,
    contain or reflect Confidential Information on equipment or media not owned by the Company, provided Executive may retain personal
    financial, insurance, identification and health records or documents and the contact information of your personal contacts and any
    portion of your personal correspondence to the extent such retained portion does not contain Confidential Information.
	 	 	 	 
	 	 	E.	Nonsolicitation
    of Employees and Certain Other Third Parties. At all times during the twelve (12) months period immediately following termination
    of employment, the Executive shall not, directly or indirectly, for himself or for any other person, firm, corporation, partnership,
    association or other entity (i) employ or attempt to employ or enter into any contractual arrangement with any employee performing
    services for the Company or any of its affiliates and/or (ii) persuade or encourage or attempt to persuade or encourage any persons
    or entities with whom the Company or any of its affiliates does business or has some business relationship to cease doing business
    or terminate its business relationship with the Company or any of its affiliates.

 

Notwithstanding
any provisions of this Agreement or otherwise, nothing contained in this Agreement limits the Executive’s ability to file a charge
or complaint with the Equal Employment Opportunity Commission, the Securities and Exchange Commission or any other federal, state or
local governmental agency or commission (collectively, “Government Agencies”), or prevents the Executive from providing truthful
testimony in response to a lawfully issued subpoena or court order. Further, nothing in this Agreement shall (1) prohibit the Executive
from making reports of possible violations of federal law or regulation to any Government Agencies, including but not limited to the
Securities and Exchange Commission, 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 federal
law or regulation, or (2) require notification or prior approval by the Company of any such report; provided that the Executive 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. Further, this Agreement does not limit my ability to communicate
with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency,
including providing documents or other information, without notice to the Company. This Agreement does not limit the Executive’s
right to seek an award pursuant to Section 21F of the Securities Exchange Act of 1934. In addition, for the avoidance of doubt, pursuant
to the federal Defend Trade Secrets Act of 2016, the Executive shall not be held criminally or civilly liable under any federal or state
trade secret law for the disclosure of a trade secret that (x) is made (i) in confidence to a federal, state or local government official,
either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation
of law; or (y) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

 

    	 

     

    

 

	 	8.	ASSIGNMENT
    OF WORK PRODUCT.
	 	 	 	 
	 	 	A.	Definitions.
    The following capitalized terms shall have the meanings assigned to them below:

 

“Intellectual
Property” means collectively all Work Product and all Intellectual Property Rights relating to all Work Product.

 

“Intellectual
Property Rights” means all copyrights, copyright registrations and copyright applications, trademarks, service marks, trade
dress, trade names, trademark registrations and trademark applications, patents and patent applications, trade secret rights, and all
other rights and interests existing, created or protectable under any intellectual property or other law of any nation.

 

“Work
Product” means any and all inventions, discoveries, original works of authorship, developments, improvements, formulas, compounds,
indications, techniques, concepts, data and ideas (whether or not patentable or registerable under patent, copyright, or similar statute)
made, conceived, prepared, created, discovered, or reduced to practice by the Executive, either alone or jointly with others during the
period of his employment, that (i) result from work performed by the Executive for the Company, (ii) are made by use of the Company’s
equipment, supplies, facilities or Confidential Information, or are made, conceived or completed, wholly or in part, within the scope
of the Executive’s services or duties to the Company, or (iii) are related to the business of the Company or the actual or demonstrably
anticipated business of the Company.

 

	 	 	B.	Property
    of the Company. All Intellectual Property is and will be the sole property of the Company.
	 	 	 	 
	 	 	C.	Copyrights;
    Assignment. The Executive agrees that all copyrightable materials that fall within the definition of Work Product, will be, to
    the maximum extent permitted by law, works-made-for-hire for the Company under copyright law, and to the extent not works-made-for-hire,
    the Executive hereby assigns to the Company, without royalty or further consideration to the Executive, all right, title, and interest
    he may have, or may acquire, in and to all Intellectual Property.
	 	 	 	 
	 	 	D.	Disclosure.
    The Executive will promptly disclose in writing all Work Product to the Company. The Executive agrees to keep adequate and current
    written records of all such Work Product, in the form of notes, sketches, drawings, electronic records and/or other reports, which
    records are, and will remain, the sole property of the Company and will be available to the Company at all times.
	 	 	 	 
	 	 	E.	Execution
    of Documents. Whenever requested by the Company, both during the period of the Executive’s employment and thereafter, the
    Executive will promptly sign and deliver to the Company any and all applications, assignments and other documents that the Company
    considers necessary or desirable in order to: (a) assign, apply for, obtain, and maintain any Intellectual Property Rights in the
    United States and for other countries relating to any Work Product, (b) assign and convey to the Company or its designee the sole
    and exclusive right, title, and interest in and to all Intellectual Property, (c) provide evidence regarding the Intellectual Property
    that the Company considers necessary or desirable, and (d) confirm the Company’s ownership of the Intellectual Property, all
    without royalty or any other further consideration to the Executive.

 

    	 

     

    

 

	 	 	F.	Assistance
    to the Company. Whenever requested by the Company, both during the period of the Executive’s employment and thereafter,
    the Executive will, at the Company’s expense, assist the Company in assigning, obtaining, maintaining, defending, registering
    and from time to time enforcing, in any and all countries, the Company’s right to the Intellectual Property. This assistance
    may include, without limitation, testifying in a suit or other proceeding. If the Company requires assistance from the Executive
    after termination of his employment, the Executive will be compensated for time actually spent in providing assistance at an hourly
    rate equivalent to his compensation at the time his employment was terminated together with his reasonable, actual out-of-pocket
    expenses incurred in providing such assistance.
	 	 	 	 
	 	 	G.	Power
    of Attorney. For use in the case that the Company cannot obtain the Executive’s signature on any document that the Company
    considers necessary or desirable in order to assign, apply for, prosecute, obtain, or enforce any Intellectual Property, whether
    due to the Executive’s non-cooperation, unavailability, or any other reason, the Executive hereby irrevocably designates and
    appoints the Company and each of its duly authorized officers and agents as his agent and attorney-in-fact to act for, and on the
    Executive’s behalf, to execute and file any such document and to do all other lawfully permitted acts to further the assignment,
    transfer to the Company, application, registration, prosecution, issuance, and enforcement of all Intellectual Property, with the
    same force and effect as if executed and delivered by the Executive.
	 	 	 	 
	 	 	H.	Prior
    Inventions. The Executive represents that any inventions, original works of authorship, discoveries, concepts or ideas, if any,
    to which the Executive presently has any right, title or interest, and which were previously conceived either wholly or in part by
    the Executive, and that the Executive desires to exclude from the operation of this Agreement are identified on Schedule A of this
    Agreement (each a “Prior Invention”). The Executive represents that the list contained in Schedule A is complete
    to the best of his knowledge and to the extent any such Prior Invention is not listed, it is agreed that Company has and is hereby
    granted a nonexclusive, royalty-free, irrevocable, perpetual, worldwide license to make, have made, modify, display, perform sell
    and otherwise use such Prior Invention as part of or in connection with any Company product, process or service. If during the Executive’s
    retention with the Company, the Executive incorporates a Prior Invention into a Company product, process or service or its use, the
    Executive shall be deemed to have automatically granted to the Company a nonexclusive, royalty-free, irrevocable, perpetual, worldwide
    license to make, have made, modify, display, perform sell and otherwise use such Prior Invention as part of or in connection with
    any Company product, process or service.
	 	 	 	 
	 	9.	TERM;
    TERMINATION.
	 	 	 	 
	 	 	A.	Term.
    Employment is on an AT-WILL basis and both the Company and the Executive shall have the right to terminate this Agreement and the
    Executive’s employment at any time subject to the notice provisions set forth below.
	 	 	 	 
	 	 	B.	Death.
    Upon the death of the Executive, the Executive’s employment with the Company shall terminate.
	 	 	 	 
	 	 	C.	Disability.
    If the Executive is unable to perform the essential functions of Employee’s employment with the Company for more than eighteen
    weeks (unless a longer period is required by state or federal law), the Company shall have the right to terminate the Executive’s
    employment upon prior written notice.
	 	 	 	 
	 	 	D.	Termination
    by the Executive. The Executive may terminate this Agreement and his employment hereunder (i) without Good Reason (as defined
    below) upon thirty (30) days written notice to the Executive or (ii) immediately for Good Reason.

 

    	 

     

    

 

	 	 	E.	Termination
    by Company. The Company may terminate this Agreement and the Executive’s employment hereunder (i) without Cause (as defined
    below) upon thirty (30) days written notice to the Executive or (ii) immediately for Cause.
	 	 	 	 
	 	 	F.	Certain
    Definitions. The following capitalized terms shall have the meanings assigned to them below:

 

“Cause”
means: (i) the Executive’s chronic failure to perform those material duties assigned to him pursuant to Section 2 above after written
notice thereof and a reasonable opportunity to respond and/or cure of not less than 30 days; (ii) the Executive’s material and
repeated gross negligence or willful misconduct (including but not limited to acts of fraud or theft or the violation of applicable laws)
in connection with the performance of his duties after written notice thereof and a reasonable opportunity to respond and/or cure of
not less than 30 days; (iii) the Executive’s material breach of Section 7 or 8 above after written notice thereof and a reasonable
opportunity to respond and/or cure of not less than 30 days; (iv) the Executive’s conviction of, or entry of a plea of guilty or
nolo contendere to a felony or any other crime that involves fraud, dishonesty, or serious moral turpitude under the laws of the
United States or any state thereof; or (v) the Executive’s alcohol abuse or use of controlled substances (other than prescription
drugs taken in accordance with a physician’s prescription), in each case, to the extent such activities under this clause (v) materially
interfere with Executive’s duties.

 

“Good
Reason” means the voluntary termination by the Executive within thirty (30) days following: (i) a requirement that the Executive
physically relocates to another office that is more than 30 miles from the office location that the Executive reported to at the commencement
of his employment with the Company; (ii) a reduction in the Executive’s Salary or Target Bonus in violation of this Agreement;
(iii) a material adverse change in the Executive’s title or job description or a significant reduction of the scope of the Executive’s
authority or responsibilities as Chief Business Officer, or (iv) or any other material breach of this Agreement by the Company, provided
that no act or omission in (i) through (iv) of this definition shall constitute Good Reason unless (x) Executive provides the Company
with written notice within ninety (90) days after Executive first become aware of, or reasonably should have become aware of, the occurrence
or existence of such event or circumstance, which notice identifies the event or circumstance that Executive believes constitutes Good
Reason, (y) the Company fails to cure such act or omission within thirty (30) days after delivery of such notice to the Company and (z)
Executive terminates Executive’s employment with the Company within thirty (30) days after the expiration of the cure period referred
to in the preceding clause (y).

 

    	 

     

    

 

	 	10.	 EFFECT OF TERMINATION
	 	 	 	 
	 	 	A.	Payments
    Upon Termination. In the event that the Executive’s employment with the Company is terminated for any reason, the Executive
    shall have the right to receive (i) the compensation and reimbursable expenses then accrued and/or earned and unpaid under Sections
    4 and 5 of this Agreement through the date of termination (including, if the Executive is entitled to a Bonus for the year immediately
    preceding the year of such termination but for not being employed on the Bonus Payment Date, the Company shall pay the Bonus based
    on achievement of pre-determined performance goals on the same basis as other participants in the plan who are employed on the Bonus
    Payment Date), (ii) payment for unused vacation days accrued through the date of termination and (iii) any benefits required by the
    Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). In addition, in the event that the Executive’s
    employment with the Company is terminated due to Executive’s death or disability (as described in Section 9(B) and 9(C), above),
    if the Executive is entitled to a Bonus for the year of termination based on achievement of pre-determined performance goals (and
    ignoring any continuation of employment requirements), the Company shall pay such Bonus on the same basis as other participants in
    the plan except that the Bonus amount shall be prorated (based on the percentage of days the Executive was employed relative to the
    total number of days in the bonus earning period).
	 	 	 	 
	 	 	B.	Additional
    Payments. (a) Subject to Sections 10 D and 10 E, in the event that the Executive’s employment with the Company is terminated
    by the Company without Cause or by the Executive for Good Reason during the term of this Agreement other than during the Change in
    Control Period (as defined below), (A) the Company shall (i) pay to the Executive an amount equal to twelve (12) months of his then
    current Base Salary under Section 4 A above (less applicable withholdings and authorized deductions), to be paid in equal installments
    bimonthly in accordance with the Company’s customary payroll practices, and (ii) if the Executive then participates in the
    Company’s medical and/or dental plans and the Executive timely elects to continue and maintain group health plan coverage pursuant
    to COBRA, reimburse the Executive for the cost of health insurance under COBRA for the Executive and Executive’s dependents
    for a period of twelve (12) months; provided, however, that if and to the extent that the Company may not provide such COBRA reimbursement
    without incurring tax penalties or violating any requirement of the law, the Company shall use its commercially reasonable best efforts
    to provide substantially similar assistance in an alternative manner, provided that the cost of doing so does not exceed the cost
    that the Company would have incurred had the COBRA reimbursement been provided in the manner described above or cause a violation
    of Section 409A (as defined below), and (B) if the Executive is entitled to a Bonus for the year of termination based on achievement
    of pre-determined performance goals (and ignoring any continuation of employment requirements), the Company shall pay such Bonus
    on the same basis as other participants in the plan except that the Bonus amount shall be prorated (based on the percentage of days
    the Executive was employed relative to the total number of days in the bonus earning period).
	 	 	 	 
	 	 	C.	Subject
    to Sections 10 D and 10 E, in the event that the Executive’s employment is terminated by the Company without Cause or by the
    Executive for Good Reason during the term of this Agreement and within 6 months immediately preceding and 12 months immediately following
    a Change in Control (as defined below) (the “Change in Control Period”), then in lieu of the payments set forth
    in subsection 10 B above, the Company shall (i) pay to the Executive an amount equal to eighteen (18) months of his then current
    Base Salary under Section 4 A above (less applicable withholdings and authorized deductions), to be paid in equal installments bimonthly
    in accordance with the Company’s customary payroll practices, (ii) if the Executive then participates in the Company’s
    medical and/or dental plans and the Executive timely elects to continue and maintain group health plan coverage pursuant to COBRA,
    reimburse the Executive for the cost of health insurance under COBRA for the Executive and Executive’s dependents for a period
    of eighteen (18) months; provided, however, that if and to the extent that the Company may not provide such COBRA reimbursement without
    incurring tax penalties or violating any requirement of the law, the Company shall use its commercially reasonable best efforts to
    provide substantially similar assistance in an alternative manner, provided that the cost of doing so does not exceed the cost that
    the Company would have incurred had the COBRA reimbursement been provided in the manner described above or cause a violation of Section
    409A (as defined below), (iii) pay the current year Bonus at the Target Bonus level, which payment shall be made within 30 days of
    termination, and (iv) fully accelerate vesting of all of the Executive’s outstanding stock options, restricted stock and other
    equity incentive awards upon the later of (x) the Change in Control or (y) the Executive’s termination of employment with the
    Company. For the avoidance of doubt, any equity incentive awards with performance vesting conditions shall be deemed achieved at
    the greater of target performance or the actual or projected actual level of Company performance on the applicable performance measures
    as determined in the Board’s sole discretion.

 

    	 

     

    

 

As
used in this Agreement, “Change in Control” means (x) a change in ownership of the Company under clause (i) below
or (y) a change in the ownership of a substantial portion of the assets of the Company under clause (ii) below:

 

	 	 	i.	Change
    in the Ownership of the Company. A change in the ownership of the Company shall occur on the date that any one person, or more
    than one person acting as a group (as defined in clause (iii) below), acquires ownership of capital stock of the Company that, together
    with capital stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting
    power of the capital stock of the Company. However, if any one person or more than one person acting as a group, is considered to
    own more than 50 percent of the total fair market value or total voting power of the capital stock of the Company, the acquisition
    of additional capital stock by the same person or persons shall not be considered to be a change in the ownership of the Company.
    An increase in the percentage of capital stock owned by any one person, or persons acting as a group, as a result of a transaction
    in which the Company acquires capital stock in the Company in exchange for property will be treated as an acquisition of stock for
    purposes of this paragraph.
	 	 	 	 
	 	 	ii.	Change
    in the Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial portion of
    the Company’s assets shall occur on the date that any one person, or more than one person acting as a group (as defined in
    clause (iii) below), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such
    person or persons) assets from the Company that have a total gross fair market value equal to or more than 80 percent of the total
    gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions. For this purpose,
    gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without
    regard to any liabilities associated with such assets. There is no Change in Control under this clause (ii) when there is a transfer
    to an entity that is controlled by the shareholders of the Company immediately after the transfer, as provided below in this clause
    (ii). A transfer of assets by the Company is not treated as a change in the ownership of such assets if the assets are transferred
    to (a) a shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its capital stock,
    (b) an entity, 50 percent or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (c)
    a person, or more than one person acting as a group, that owns, directly or indirectly, 50 percent or more of the total value or
    voting power of all the outstanding capital stock of the Company, or (d) an entity, at least 50 percent of the total value or voting
    power of which is owned, directly or indirectly, by a person described in clause (ii)(c) of this paragraph. For purposes of this
    clause (ii), a person’s status is determined immediately after the transfer of the assets.

 

    	 

     

    

 

	 	 	iii.	Persons
    Acting as a Group. For purposes of clauses (i) and (ii) above, persons will not be considered to be acting as a group solely
    because they purchase or own capital stock or purchase assets of the Company at the same time. However, persons will be considered
    to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of
    assets or capital stock, or similar business transaction with the Company. If a person, including an entity, owns stock in both corporations
    that enter into a merger, consolidation, purchase or acquisition of assets or capital stock, or similar transaction, such shareholder
    is considered to be acting as a group with other shareholders in a corporation only with respect to the ownership in that corporation
    before the transaction giving rise to the change and not with respect to the ownership interest in the other corporation. For purposes
    of this paragraph, the term “corporation” shall have the meaning assigned such term under Treasury Regulation section
    1.280G-1, Q&A-45.

 

Each
of clauses (i) through (iii) above shall be construed and interpreted consistent with the requirements of Section 409A and any Treasury
Regulations or other guidance issued thereunder.

 

	 	 	D.	Release
    Agreement. In order to receive the payments and benefits set forth in Sections 10(B) or (C), as applicable (collectively referred
    to herein as the “Severance Payments”), the Executive must timely execute (and not revoke) a separation agreement
    and general release (the “Release Agreement”) in a customary form as is determined to be reasonably necessary
    by the Company in its good faith and reasonable discretion. If the Executive is eligible for Severance Payments pursuant to Section
    10, the Company will deliver the Release Agreement to the Executive (which Release Agreement will not contain any new restrictive
    covenants (i.e., it may restate covenants contained herein, but will not include additional covenants) within seven (7) calendar
    days following the date of termination of employment. The Severance Payments are subject to the Executive’s execution and delivery
    of such Release Agreement and such Release Agreement becoming irrevocable within thirty (30) days following the date of termination
    of employment (such 30-day period, the “Release Period”). If the Release Period spans two calendar years, Severance
    Payments shall not commence earlier than January 1st of the second calendar year (with the first payment containing all
    amounts which should have been paid, but were not paid, prior to such date).
	 	 	 	 
	 	 	E.	Post-Termination
    Breach. Notwithstanding anything to the contrary contained in this Agreement, the Company’s obligation to provide the Severance
    Payments will immediately cease if the Executive breaches any of the provisions of Sections 7 or 8, the Release Agreement or any
    other Agreement the Executive has with the Company.
	 	 	 	 
	 	11.	 NO OTHER PAYMENTS OR BENEFITS. The Executive acknowledges and agrees that upon the termination of his employment, no other benefits, compensation or remuneration of any kind is owed by the Company to the Executive other than as set forth in this Section 10 or as set forth in any Option Agreements.
	 	 	 	 
	 	12.	 SURVIVAL. Notwithstanding anything to the contrary set forth herein, Sections 7, 8, 9, 10 and 11 of this Agreement and any remedies for the breach thereof, shall survive the termination of this Agreement under the terms hereof. Termination of this Agreement shall not relieve or release either party from any rights, liabilities or obligations which it/he has accrued prior the effective date of such termination.
	 	 	 	 
	 	13.	 RETURN OF COMPANY PROPERTY; EXIT INTERVIEW. Upon termination of the Executive’s employment with the Company for any reason, the Executive will promptly:

 

Deliver
to the Company all documents and other tangible media in the Executive’s possession or control that evidence, contain or reflect
(A) Confidential Information or (B) Work Product, in each case whether prepared by the Executive or otherwise coming into the Executive’s
possession or control;

 

    	 

     

    

 

Destroy
any intangible materials that evidence, contain or reflect Confidential Information or Work Product on equipment or media not owned by
the Company; and

 

Return
to the Company all equipment, files, software programs and other personal property belonging to the Company.

 

Upon
termination of the Executive’s employment with the Company for any reason, the Executive will attend an exit interview with a representative
of the Company to review the Executive’s continuing obligations under this Agreement.

 

Notwithstanding
the foregoing, Executive may retain personal financial, insurance, identification and health records or documents and the contact information
of your personal contacts and any portion of your personal correspondence to the extent such retained portion does not contain Confidential
Information

 

	 	14.	ENTIRE
    AGREEMENT. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes
    all contemporaneous and prior agreements and understandings between the Company, its predecessors and any subsidiary, as to such
    subject matter, including but not limited to the Prior Agreement. For the avoidance of doubt, the Prior Agreement shall be of no
    further force or effect. Except as otherwise expressly provided herein, this Agreement may not be amended except by an instrument
    in writing executed by the Company and the Executive.
	 	 	 
	 	15.	ASSIGNMENT.
    The Executive shall not be permitted to assign this Agreement or any rights or obligations hereunder without the prior written consent
    of the Company.
	 	 	 
	 	16.	GOVERNING
    LAW; JURISDICTION. This Agreement shall be construed and enforced in accordance with and governed by the laws of New York. The parties
    hereby consent and submit to the exclusive jurisdiction and venue of the courts located in New York, New York in connection with
    any actions or proceedings brought against either of them (or each of them) arising out of or relating to this Agreement.
	 	 	 
	 	17.	MISCELLANEOUS.
    No waiver by either party of any term or condition of this Agreement, whether by conduct or otherwise, in any one or more instance,
    shall be deemed a continuing waiver of any such term or condition, or a waiver of any other term or condition of this Agreement.
    Headings set forth in this Agreement are solely for the convenience of the parties and have no legal effect. If any provision of
    this Agreement shall be found to be invalid by any court having competent jurisdiction, the invalidity of such provision shall not
    affect the validity of the remaining provisions hereof. This Agreement shall be (i) binding upon, and will inure to the benefit of,
    the parties and their permitted respective successors and assigns, (ii) construed without presumption of any rule requiring construction
    to be made against the party causing it to be drafted and (iii) executed in any number of counterparts, each of which will for all
    purposes be deemed to be an original, and all of which are identical.

 

    	 

     

    

 

	 	18.	TAX
    WITHHOLDING. The Company or other payor is authorized to withhold from any benefit provided or payment due hereunder, the amount
    of withholding taxes due any federal, state or local authority in respect of such benefit or payment and to take such other action
    as may be necessary in the opinion of the Board to satisfy all obligations for the payment of such withholding taxes. The Executive
    will be solely responsible for all taxes assessed against him with respect to the compensation and benefits described in this Agreement,
    other than typical employer-paid taxes such as FICA, and the Company makes no representations as to the tax treatment of such compensation
    and benefits.
	 	 	 
	 	19.	SECTION
    409A COMPLIANCE. All payments under this Agreement are intended to comply with or be exempt from the requirements of Section 409A
    of the Code and regulations promulgated thereunder (“Section 409A”). As used in this Agreement, the “Code”
    means the Internal Revenue Code of 1986, as amended. To the extent permitted under applicable regulations and/or other guidance of
    general applicability issued pursuant to Section 409A, the Company reserves the right to modify this Agreement to conform with any
    or all relevant provisions regarding compensation and/or benefits so that such compensation and benefits are exempt from the provisions
    of 409A and/or otherwise comply with such provisions so as to avoid the tax consequences set forth in Section 409A and to assure
    that no payment or benefit shall be subject to an “additional tax” under Section 409A. To the extent that any provision
    in this Agreement is ambiguous as to its compliance with Section 409A, or to the extent any provision in this Agreement must be modified
    to comply with Section 409A, such provision shall be read in such a manner so that no payment due to the Executive shall be subject
    to an “additional tax” within the meaning of Section 409A(a)(1)(B) of the Code. If necessary to comply with the restriction
    in Section 409A(a)(2)(B) of the Code concerning payments to “specified employees,” any payment on account of the Executive’s
    separation from service that would otherwise be due hereunder within six (6) months after such separation shall be delayed until
    the first business day of the seventh month following the date of termination of employment and the first such payment shall include
    the cumulative amount of any payments (without interest) that would have been paid prior to such date if not for such restriction.
    Each payment in a series of payments hereunder shall be deemed to be a separate payment for purposes of Section 409A. In no event
    may the Executive, directly or indirectly, designate the calendar year of payment. All reimbursements provided under this Agreement
    shall be made or provided in accordance with the requirements of Section 409A, including, where applicable, the requirement that
    (i) any reimbursement is for expenses incurred during the Executive’s lifetime (or during a shorter period of time specified
    in this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible
    for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day
    of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement is not subject to liquidation
    or exchange for another benefit. Notwithstanding anything contained herein to the contrary, the Executive shall not be considered
    to have terminated employment with the Company for purposes of Section 10 unless the Executive would be considered to have incurred
    a “termination of employment” from the Company within the meaning of Treasury Regulation §1.409A-1(h)(1)(ii). In
    no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Executive
    by Section 409A or damages for failing to comply with Section 409A.

 

    	 

     

    

 

	 	20.	280G
    MODIFIED CUTBACK. If any payment, benefit or distribution of any type to or for the benefit of the Executive, whether paid or payable,
    provided or to be provided, or distributed or distributable pursuant to the terms of this Agreement or otherwise (collectively, the
    “Parachute Payments”) would subject the Executive to the excise tax imposed under Section 4999 of the Code (the
    “Excise Tax”), the Parachute Payments shall be reduced so that the maximum amount of the Parachute Payments (after
    reduction) shall be one dollar ($1.00) less than the amount which would cause the Parachute Payments to be subject to the Excise
    Tax; provided that the Parachute Payments shall only be reduced to the extent the after-tax value of amounts received by the Executive
    after application of the above reduction would exceed the after-tax value of the amounts received without application of such reduction.
    For this purpose, the after-tax value of an amount shall be determined taking into account all federal, state, and local income,
    employment and excise taxes applicable to such amount. Unless the Executive shall have given prior written notice to the Company
    to effectuate a reduction in the Parachute Payments if such a reduction is required, which notice shall be consistent with the requirements
    of Section 409A to avoid the imputation of any tax, penalty or interest thereunder, then the Company shall reduce or eliminate the
    Parachute Payments by first reducing or eliminating accelerated vesting of stock options or similar awards, then reducing or eliminating
    any cash payments (with the payments to be made furthest in the future being reduced first), then by reducing or eliminating any
    other remaining Parachute Payments; provided, that no such reduction or elimination shall apply to any non-qualified deferred compensation
    amounts (within the meaning of Section 409A) to the extent such reduction or elimination would accelerate or defer the timing of
    such payment in manner that does not comply with Section 409A.

 

An
initial determination as to whether (x) any of the Parachute Payments received by the Executive in connection with the occurrence of
a change in the ownership or control of the Company or in the ownership of a substantial portion of the assets of the Company shall be
subject to the Excise Tax, and (y) the amount of any reduction, if any, that may be required pursuant to the previous paragraph, shall
be made by an independent accounting firm selected by the Company (the “Accounting Firm”) prior to the consummation
of such change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the
Company. The Executive shall be furnished with notice of all determinations made as to the Excise Tax payable with respect to the Executive’s
Parachute Payments, together with the related calculations of the Accounting Firm, promptly after such determinations and calculations
have been received by the Company.

 

For
purposes of this Section 20, (i) no portion of the Parachute Payments the receipt or enjoyment of which the Executive shall have effectively
waived in writing prior to the date of payment of the Parachute Payments shall be taken into account; (ii) no portion of the Parachute
Payments shall be taken into account which in the opinion of the Accounting Firm does not constitute a “parachute payment”
within the meaning of Section 280G(b)(2) of the Code; (iii) the Parachute Payments shall be reduced only to the extent necessary so that
the Parachute Payments (other than those referred to in the immediately preceding clause (i) or (ii)) in their entirety constitute reasonable
compensation for services actually rendered within the meaning of Section 280G(b)(4) of the Code or are otherwise not subject to disallowance
as deductions, in the opinion of the auditor or tax counsel referred to in such clause (ii); and (iv) the value of any non-cash benefit
or any deferred payment or benefit included in the Parachute Payments shall be determined by the Company’s independent auditors
based on Sections 280G and 4999 of the Code and the regulations for applying those sections of the Code, or on substantial authority
within the meaning of Section 6662 of the Code.

 

    	 

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the Effective Date.

 

Indaptus
Therapeutics, Inc.

 

	By:	/s/
    Jeffrey Meckler	 
	Name:
    	Jeffrey
    Meckler	 
	Title:
    	Chief
    Executive Officer	 
	 		 
	By:	/s/
    Walt A. Linscott	 
	 	Walt
    A. Linscott	 
	 	 	 
	Address:
    	 	 
	 	 	 

 

    	 

     

    

 

Schedule
A

 

Prior
Inventions

 

LIST
IF ANY

 

	 	 
	Walt
    A. LinscottExhibit 10.4

 

SERVICES
AGREEMENT

 

This
SERVICES AGREEMENT (this “Agreement”)
is made and entered as of August 4, 2021, by and between Indaptus Therapeutics, Inc., a Delaware corporation (the
“Company”) and Nir Sassi of
Rothschild 69b Kadima, Israel (the “Service Provider”) (The Company
and the Service Provider shall additionally be referred as each, a “Party”
and collectively, the “Parties”).

 

1.
SERVICES; TERM AND TERMINATION.

 

1.1
Services. The services and deliverables to be provided by the Service Provider, on a non-exclusive basis, shall be as indicated
in Exhibit A attached hereto and incorporated herein by reference (the “Services”, or “Deliverables”).
The Services will be provided solely by the Service Provider, in a scope set forth in Exhibit A (the “Scope”),
which shall not subcontract any Services and/or Service Provider’s duties, without the Company’s prior written approval.

 

1.3
Term; Termination. This Agreement shall commence as of the August 4, 2021 (the “Effective Date”), and
shall be in effect until terminated by either Party upon sixty (60) days’ prior written notice (the “Term”).

 

2.
COMPENSATION.

 

2.1
In full consideration for all Services under this Agreement, the Company shall pay the Service Provider the fee set forth in Exhibit
A, in accordance with the Scope (the “Compensation”).

 

2.2
The Compensation shall be paid against an invoice issued in accordance with applicable law, to be issued at the beginning of each month
for the preceding month, and to be paid by the Company within fifteen (15) days of the Company’s receipt of such invoice. The Service
Provider agrees to pay any and all taxes, fees, duties and/or other impositions that may be levied on Service Provider pursuant to applicable
law in connection herewith, including but not limited to, VAT, Income Tax and any other payment imposed upon Service Provider, including
but not limited to, payment for pension insurance, disability insurance and any social benefits, and shall be solely responsible in respect
thereof, and to indemnify the Company in the event the Company is required to pay any such taxes on behalf of the Service Provider and/or
anyone on the Service Provider’s behalf. All sums payable under this Agreement shall be made in the currency set forth in Exhibit
A and are inclusive of withholding tax and all other taxes, duties, levies and like matters imposed by any governmental authority
which, if applicable, shall be paid by the Service Provider in accordance with applicable law, and shall be deemed for all intents and
purposes as part of the Compensation paid to the Service Provider. In the event that pursuant to any law or regulation, tax is required
to be withheld at source from any payment made to the Service Provider, the Company shall withhold said tax at the rate set forth in
the certification issued by applicable tax authority or if there is no such certification, at the rate determined by said law, regulation
or tax treaty provisions, unless the Service Provider has presented to the Company with a valid tax withholding exemption certificate
issued by the applicable tax authority, in which case the reduced withholding tax will apply.

 

2.3
The Compensation under Section 2 shall constitute the total and exclusive compensation payable to Service Provider for the Services
rendered hereunder. Service Provider shall not be entitled to any other form of compensation, commission, fee, bonus or any other form
of payment in connection with the Services, provided that the Services Provider shall be entitled to reimbursement of expenses incurred
by the Service Provider in connection with the Services, but solely to the extent such expenses were approved by the Company in writing
in advance.

 

3.
CONFIDENTIALITY; PROPRIETARY RIGHTS; NON-SOLICITATION; REPRESENTATIONS AND WARRANTIES. For the purposes of this Section
3, unless the context otherwise requires (e.g., in connection with assignment of inventions), the term “engagement
with the Company” shall also include the engagement with the Company, prior to the execution of this Agreement, and any engagement
with any and all of the Company’s direct and indirect existing and future affiliates, subsidiaries, parent or related corporations.

 

3.1.
Confidentiality.

 

3.1.1.
Nondisclosure; Recognition of Company’s Rights. At all times during Service Provider’s engagement and thereafter,
the Service Provider will hold in strict confidence and trust and will not disclose, use, lecture upon, or publish any of the Company’s
Confidential Information (as defined below), nor use for the benefit of any party other than the Company, any Confidential Information,
unless the Company authorizes such disclosure or publication. The Service Provider will obtain the Company’s written approval before
publishing or submitting for publication any material (written, oral, or otherwise) that relates to its engagement with the Company and/or
incorporates any Confidential Information. The Service Provider hereby unconditionally and irrevocably assigns to the Company any rights
it has or acquires in any and all Confidential Information and recognizes that all Confidential Information shall be the sole and exclusive
property of the Company and its assigns.

 

    	 

    	 

    

 

3.1.2.
Confidential Information. The term “Confidential Information” means any and all confidential knowledge, data
or information related to the Company’s business as conducted and/or as proposed to be conducted or its actual or demonstrably
anticipated research or development, including without limitation: (a) trade secrets, inventions, ideas, processes, computer source and
object code, data, formulae, programs, other works of authorship, graphics, creative works, data, methods, drawings, models, text, photos,
audio works, translation works, broadcasting works, animation works, algorithms, icons, symphonies, tunes, melodies, sound effects, know-how,
improvements, discoveries, developments, designs, and techniques; (b) information regarding products, plans for research and development,
marketing and business plans, budgets, financial statements, contracts, prices, suppliers, and customers; (c) information regarding the
skills and compensation of the Company’s consultants, contractors, and any other service providers of the Company; and (d) the
existence of any business discussions, negotiations, or agreements between the Company and any third party. Confidential Information
shall not include information or matter that the Service Provider can document that (a) was already known to the Service Provider prior
to disclosure as can be demonstrated by Service Provider’s dated written records; (b) is independently developed by the Service
Provider without reference to or use of the Confidential Information as can be demonstrated by Service Provider’s dated written
records; or (c) which at the time of disclosure by the Company is generally available to the public or thereafter becomes generally available
to the public other than through a breach of any obligation under this Agreement caused by an act or omission on the part of the Service
Provider.

 

3.1.3.
Third Party Information. The Service Provider understands, in addition, that the Company has received and in the future will receive
from third parties confidential or proprietary information (the “Third Party Information”) subject to a duty on the
Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. During the
term of Service Provider’s engagement and thereafter, it will hold Third Party Information in strict confidence and will not disclose
to anyone or use, except in connection with its work for the Company, Third Party Information, unless expressly authorized by an officer
of the Company in writing.

 

3.1.4.
All right, title and interest in and to Confidential Information are and shall remain the sole and exclusive property of the Company
or of the third party providing such Confidential Information to the Company, as the case may be. Without limitation of the foregoing,
Service Provider agrees and acknowledges that all memoranda, books, notes, records, email transmissions, charts, formulae, specifications,
lists and other documents (contained on any media whatsoever) made, reproduced, compiled, received, held or used by Service Provider
in connection with the engagement with the Company or that otherwise relates to any Confidential Information (the “Confidential
Material”), shall be the Company’s sole and exclusive property and shall be deemed to be Confidential Information. All
originals, copies, reproductions and summaries of the Confidential Material shall be delivered by Service Provider to the Company upon
termination or expiration of Service Provider’s engagement for any reason, or at any earlier time at the request of the Company,
without the Service Provider retaining any copies thereof.

 

3.1.5.
During the term of Service Provider’s engagement with the Company, Service Provider shall not remove from the Company’s offices
or premises any Confidential Material unless and to the extent necessary in connection with the duties and responsibilities of Service
Provider and permitted pursuant to the then applicable policies and regulations of the Company. In the event that such Confidential Material
is duly removed from the Company’s offices or premises, Service Provider shall take all actions necessary in order to secure the
safekeeping and confidentiality of such Confidential Material and return the Confidential Material to their proper files or location
as promptly as possible after such use.

 

3.2.
New Improvements. The Service Provider will notify and disclose in writing to the Company, or any persons designated by the Company
from time to time, all Inventions (as defined below) made, conceived, reduced to practice or learned by Service Provider, either alone
or jointly with others, immediately upon discovery, receipt or invention thereof, as applicable. The Service Provider agrees and declares
that all Inventions which the Service Provider has developed or may develop, made, conceived, reduced to practice, or learned, either
alone or with others, that (i) relate to the Company’s business as currently being conducted and/or as proposed to be conducted;
(ii) are developed in whole or in part on the Company’s time or using Company’s equipment, supplies, facilities, intellectual
property or Confidential Information, or (iii) result from or are suggested by any task assigned to the Service Provider or any work
performed by the Service Provider for or on behalf of the Company, or by the scope of the Service Provider’s duties and responsibilities
with the Company under this Agreement; all including, for avoidance of doubt, during the period prior to the date hereof (collectively,
the “Company Inventions”), shall be the sole property of the Company and its assignees, and the Service Provider agrees
and declares that it does not have any proprietary right and shall have no suit and/or claim of any kind against the Company in any matter
relating, whether directly or indirectly, to any Company Inventions and the Intellectual Property Rights thereto. The Service Provider
shall provide the Company with any and all information and documents relating to the Company Inventions in its possession, including
but not limited to, any know how, technical drawings, procedures, experiments, analysis, processes, specifications and techniques of
any modification, improvement, or development that Service Provider has developed conceived, reduced to practice, during the Term of
this Agreement or in the course of, and due to, Service Provider’s activities and services under this Agreement. Without derogating
from the aforementioned, the Service Provider hereby explicitly waives (i) any interest, claim or demand that it may have for, or may
be entitled to, with respect to any consideration, compensation or royalty in connection with the Company Inventions, including but not
limited to, any claims for consideration, compensation or royalty pursuant to any applicable law; and (ii) any moral rights, artists’
rights, or any other similar rights worldwide (the “Moral Rights”) that Service Provider had, have or may have in
the future in or with respect to the Company Inventions. Service Provider hereby acknowledges and declares that the Compensation and
any other benefits provided under this Agreement, constitutes the entire compensation to which the Service Provider is entitled and includes
any and all consideration with respect to the Company Inventions developed by or on behalf of Service Provider. Notwithstanding the above,
in the event that despite the parties’ agreement under this Section 3 and the aforementioned waiver, it is nonetheless determined
by any competent authority that for any reason whatsoever Service Provider is or will be entitled to consideration, compensation or royalty
in connection with one or more Company Inventions, Service Provider hereby agrees and acknowledges that the Special Compensation described
in Section 4.3 below will be deemed the sole and final consideration, compensation or royalty payments to which Service Provider
is, and will be, entitled in connection with such Company Inventions. The Service Provider further waives the right to bring any claims,
demands or allegations to receive compensation, consideration or royalty with respect to the Moral Rights and the Company Inventions.
“Intellectual Property Rights” means all rights patents, copyrights, trade secrets, trademarks, service marks, trade
names, applications and other proprietary rights in any jurisdiction, arising from any Inventions. “Inventions” means
any patent applications, patents, know-how, technical information, work product, designs, ideas concepts, information, materials, processes,
data, programs, improvements, innovations, discoveries, developments, artwork, works of authorship, concepts, drawings, algorithms, techniques,
methods, systems, processes, compositions of matter, computer software programs, databases and mask works formulae, other copyrightable
works, and technique, whether or not patentable, copyrightable or protectable as trade secrets, irrespective of whether registered as
a patent, copyright, trademark or in another form.

 

    	2

    	 

    

 

3.3.
Intellectual Property Assignment. Service Provider hereby assigns and agrees to assign in the future (when any such Company Inventions
or Intellectual Property Rights are first reduced to practice or first fixed in a tangible medium, as applicable) to the Company, all
Service Provider’s right, title, and interest in and to any and all Company Inventions (and all Intellectual Property Rights with
respect thereto) and shall sign, execute and acknowledge, at the Company’s expense, any and all documents as may be necessary for
the purpose of securing to the Company the Company Inventions. During the Term and thereafter, Service Provider agrees to reasonably
assist Company at Company’s cost in every proper way to obtain and enforce United States and any other foreign intellectual property
rights relating to the Company Inventions in all countries. In the event the Company is unable to secure Service Provider’s signature
on any document needed in connection with such purposes, after Company provided a notice to Service Provider and Service Provider has
failed to execute such documents, within 14 days thereof, Service Provider hereby irrevocably designates and appoints Company and its
officers and agents as Service Provider’s agent and attorney in fact, which appointment is coupled with an interest, to act on
Service Provider’s behalf to execute and file any such documents and to do all other lawfully permitted acts to further such purposes
with the same legal force and effect as if executed by Service Provider.

 

3.4.
Non-Solicitation. During the Term and for a period of one (1) year thereafter, Service Provider shall not, directly or indirectly:
(i) solicit or request any employee of or service provider to the Company to leave the employ of or cease consulting for the Company;
(ii) solicit or request any employee of or service provider to the Company to join the employ of, or begin consulting for, any individual
or entity that researches, develops, markets or sells products that compete with those of the Company; (iii) solicit or request any individual
or entity that researches, develops, markets or sells products that compete with those of the Company, to employ or retain as a service
provider any employee or service provider of the Company; or (iv) induce or attempt to induce any supplier or vendor of the Company to
terminate or breach any written or oral agreement or understanding with the Company.

 

3.5.
Representations and Warranties. Service Provider represents, warrants, agrees and undertakes that (A) the execution and delivery
of this Agreement and the fulfillment of its terms (i) will not constitute a default under or conflict with any agreement or other instrument
to which Service Provider is a party or by which Service Provider is bound, and (ii) do not require the consent of any person or entity;
(B) with respect to any past engagement of Service Provider with third parties and with respect to any permitted engagement of Service
Provider with any third party during the term of Service Provider’s engagement with the Company (for purposes hereof, such third
parties, other than Intec Pharma Ltd. shall be referred to as “Other Engagements”), (i) Service Provider’s engagement
with the Company is not and/or will not be in breach of any of Service Provider’s undertakings toward Other Engagements, and (ii)
Service Provider will not disclose to the Company, nor use, in the provision of any services to the Company, any proprietary or confidential
information belonging to any Other Engagements, (C) Service Provider will inform the Company, immediately after becoming aware of any
matter that may in any way raise a conflict of interest between Service Provider and the Company, (D) during the term of this Agreement,
Service Provider shall not receive any payment, compensation or benefit from any third party in connection, directly or indirectly, with
its engagement with the Company; (E) Service Provider has received from the Company all the information that Service Provider has requested
regarding the performance of the Services to date; (F) Service Provider has the requisite technical and professional knowledge, know-how,
expertise, skills, talent and experience required in order to perform the Services in a professional and efficient manner; and (G) the
performance of the Services and the result thereof shall not infringe any third party intellectual property or privacy rights.

 

    	3

    	 

    

  

4.
RELATIONSHIP.

 

4.1.
Service Provider shall at all times act as an independent contractor, and shall not be, and/or claim to be, an employee of the Company.
Service Provider warrants that it is aware that this Agreement is only an agreement for the provision of services on a strictly contractual
basis, and does not create employer-employee relations between Service Provider and the Company and does not confer upon either any rights,
except for those set forth herein explicitly. Without limitation of the foregoing, Service Provider will (a) not enter into any contract,
agreement or other commitment, or incur any obligation or liability, in the name or otherwise on behalf of the Company; (b) not be entitled
to any worker’s compensation, pension, retirement, insurance or other benefits afforded to employees of the Company; (c) provide
for all applicable income tax and other withholding relating to Service Provider’s compensation; (d) pay all social security, unemployment
and other employer taxes relating to Service Provider’s compensation; (e) provide all worker’s compensation and other insurance
relating to Service Provider’s engagement; and (f) perform all reporting, recordkeeping, administrative and similar functions relating
to Service Provider’s compensation. The Company is not restricted in otherwise contracting or engaging any partner by itself or
through any third party.

 

4.2.
The Company will be entitled to deduct from and set off against amounts due to the Service Provider pursuant to this Agreement and/or
pursuant to any other agreement, law, or otherwise, any amounts, which the Service Provider is required to pay the Company pursuant to
this Agreement, any other agreement, any law, or otherwise.

 

4.3.
In addition to all other provisions of this Section 4, should it be held by any competent judicial authority that the relationship
between the Service Provider Person, and the Company in respect of the Services rendered by the Service Provider pursuant to this Agreement
is one of employer and employee, an amount equal to ten percent (10%) of the Service Provider’s Compensation shall be considered
as a special compensation for Service Provider’s obligations set forth in Section 3 hereof, including without limitation
in connection with the assignment of intellectual property (the “Special Compensation”). If Service Provider breaches
any of its obligations under Section 3, Service Provider shall be obligated to return the Special Compensation to the Company
immediately. The Company shall be entitled to set off such Special Compensation against all amounts the Service Provider shall be entitled
to under this Agreement and/or pursuant to any other agreement, law, or otherwise which shall not derogate from any other right of the
Company to receive from the Service Provider the rest of the amounts to which it is entitled.

 

4.4.
The Service Provider shall indemnify and hold harmless the Company, its affiliates, directors, officers, employees, agents and consultants,
from and against any and all liabilities, claims, damages, costs and expenses (including attorneys’ fees) arising out of or resulting
from any claim, action, or other proceeding in connection with: (i) the performance of the Services, and/or (ii) any misrepresentation
and/or any breach by the Service Provider of any warranties or covenants under this Agreement, and/or (iii) any obligation, future or
past, imposed upon the Company to pay any social benefits or similar terms in connection with compensation received by Service Provider,
or which are based upon a stipulation by a competent judicial authority that an employer - employee relationship was created between
the Company and the Service Provider.

 

5.
MISCELLANEOUS. Service Provider agrees that any breach of Section 3 above by it would cause irreparable damage to the Company
and that, in the event of such breach, the Company shall have, in addition to any and all remedies of law, the right to an injunction,
specific performance or other equitable relief to prevent the violation or threatened violation of the Service Provider’s obligations
hereunder. Service Provider shall at all times act as an independent contractor, and shall not be, and/or claim to be, employees of the
Company. This Agreement is only an agreement for the provision of consulting services on a strictly contractual basis, and does not create
employer-employee relations between the Service Provider and the Company and does not confer upon the Service Provider any rights, except
for those set forth herein. This Agreement represents the only Agreement relating to this subject matter between the Service Provider
and the Company. Service Provider will not (by contract, operation of law or otherwise) assign this Agreement or any right or interest
in this Agreement without the prior written consent of the Company. Subject to the foregoing, this Agreement will be fully binding upon,
inure to the benefit of, and be enforceable by the parties and their respective successors, assigns and legal representatives. This Agreement
shall be construed and interpreted under and in accordance with the laws of the State of New York, without reference to principles and
laws relating to the conflict of laws. The competent state and federal courts located in New York County, New York shall have exclusive
jurisdiction with respect to any dispute and action arising under or in relation to this Agreement, except that each Party may seek interim
relief in any jurisdiction worldwide. The Parties expressly waive any right to a jury trial regarding disputes related to this Agreement.
No modifications to this Agreement can be made except in writing, signed by the Service Provider and Company. Sections 3-5 shall
survive termination or expiration of this Agreement.

 

    	4

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered on and as of the Effective Date.
This Agreement may be executed in two or more counterparts, each of which shall constitute an original and all of which shall be deemed
a single agreement.

 

	Company:
    Indaptus Therapeutics, Inc.	 	Nir
    Sassi
	 	 	 
	By:	/s/
    Jeffrey Meckler	 	 	             
	Name:	Jeffrey
    Meckler	 	 	 
	Title:	CEO	 	 	/s/
    Nir Sassi

 

[Signature
Page - Services Agreement]

 

    	5

    	 

    

 

Exhibit
A

 

Services
and Compensation

 

	1.	Services - The Service Provider shall provide the Company with CFO and Israel branch manager services and Deliverables, including the following:
	 	 	 	 
	 	 	a.	CFO
    services of a publicly traded company, to include but not limited to: public filings, oversight of financial service providers, budgeting,
    accounts receivable and accounts payable activities, coordinate and provide materials to external auditors, facilitate audit committee
    meetings, tax filings, etc.
	 	 	b.	Israeli
    Branch Manager – Oversight on all activities for Israeli business including but not limited to: transition of business, employee
    matters, financial and reporting, all local filings, site and landlord matters, etc. Any incidental services to the Services listed
    above.

 

	2.	Compensation - In full consideration of the provision of the Services, the Company shall pay the Service Provider:
	 	 	 	 
	 	 	a.	Monthly
    payment of $31,500, to be paid on a monthly.
	 	 	b.	A
    severance pay of $378,000: 50% of which to be paid upon termination of the Agreement; 25% of which within 3 months of termination;
    and 25% of which within 6 months of termination.
	 	 	c.	An
    annual bonus of up to 30% of the total annual payment under Section 2.a above, to be paid no later than March 31, 2022, provided
    the Service Provider has provided services in 2021 for at least 3-months and whether or not the Agreement is in effect at the time
    of payment.
	 	 	d.	The
    Service Provider shall be covered by the Company’s D&O insurance policy.

 

In
addition, the Company shall award the Service Provider at the Effective Date options to purchase 35,000 shares of Common Stock
of the Company (subject to adjustment in the event of reverse split, split or other capitalization of the Company’s Common Stock)
(the “Options”). The Options shall be awarded under the Company’s 2021 Stock Incentive Plan with an exercise
price of $8.87 per share. The Options shall vest over a period of 12 months in four equal quarterly installments and shall accelerate
upon termination of the Agreement. Each Option may be exercised, including following the termination of the Agreement, for a total period
of 5 years.

 

	3.	Scope
    – 40 hours per week, or as otherwise mutually agreed upon between the parties from time to time.
	 	 
	4.	“Deliverables”
    means all documentation and other materials produced as a result of the Services (as defined hereunder) and delivered to Company
    by Service Provider in the course of providing the Services pursuant to this Agreement.

 

By
their signature below, the parties acknowledge that the foregoing schedule reflects the parties’ agreement on the services and
compensation:

 

	Company:	Service
    Provider
	 	 
	Indaptus
                                            Therapeutics, Inc.
	Nir
    Sassi
	 	 
	By:	/s/ Jeffrey
    Meckler	 	 
	Name:	Jeffrey Meckler	 	 
	Title:	CEO	 	/s/
    Nir Sassi

 

[Signature
Page - Exhibit A - Services and Compensation]

 

    	6

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