Document:

EX-4.2

 Exhibit 4.2 

BYLAWS 
 OF 

PANDION THERAPEUTICS, INC. 
 (a
Delaware corporation) 

 TABLE OF CONTENTS 
  

									
	 	 	 	  	 	  	Page	 
	 ARTICLE I - STOCKHOLDERS
	  	 	1	 
		 	1.1	  	Place of Meetings	  	 	1	 
		 	1.2	  	Annual Meeting	  	 	1	 
		 	1.3	  	Special Meetings	  	 	1	 
		 	1.4	  	Notice of Meetings	  	 	1	 
		 	1.5	  	Voting List	  	 	1	 
		 	1.6	  	Quorum	  	 	2	 
		 	1.7	  	Adjournments	  	 	2	 
		 	1.8	  	Voting and Proxies	  	 	2	 
		 	1.9	  	Action at Meeting	  	 	3	 
		 	1.10	  	Conduct of Meetings	  	 	3	 
		 	1.11	  	Action without Meeting	  	 	4	 
		
	 ARTICLE II - DIRECTORS
	  	 	5	 
	        	 	2.1	  	General Powers	  	 	5	 
		 	2.2	  	Number, Election and Qualification	  	 	5	 
		 	2.3	  	Chairman of the Board; Vice Chairman of the Board	  	 	5	 
		 	2.4	  	Tenure	  	 	5	 
		 	2.5	  	Quorum	  	 	5	 
		 	2.6	  	Action at Meeting	  	 	5	 
		 	2.7	  	Removal	  	 	5	 
		 	2.8	  	Vacancies	  	 	6	 
		 	2.9	  	Resignation	  	 	6	 
		 	2.10	  	Regular Meetings	  	 	6	 
		 	2.11	  	Special Meetings	  	 	6	 
		 	2.12	  	Notice of Special Meetings	  	 	6	 
		 	2.13	  	Meetings by Conference Communications Equipment	  	 	6	 
		 	2.14	  	Action by Consent	  	 	7	 
		 	2.15	  	Committees	  	 	7	 
		 	2.16	  	Compensation of Directors	  	 	7	 
		
	 ARTICLE III - OFFICERS
	  	 	7	 
		 	3.1	  	Titles	  	 	7	 
		 	3.2	  	Election	  	 	8	 
		 	3.3	  	Qualification	  	 	8	 
		 	3.4	  	Tenure	  	 	8	 
		 	3.5	  	Resignation and Removal	  	 	8	 
		 	3.6	  	Vacancies	  	 	8	 
		 	3.7	  	President; Chief Executive Officer	  	 	8	 
		 	3.8	  	Vice Presidents	  	 	9	 
		 	3.9	  	Secretary and Assistant Secretaries	  	 	9	 
		 	3.10	  	Treasurer and Assistant Treasurers	  	 	9	 
		 	3.11	  	Salaries	  	 	9	 

  
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	 	 	 	 	  	 	  	Page	 
		 	 	3.12	 	  	Delegation of Authority	  	 	10	 
		
	 ARTICLE IV - CAPITAL STOCK
	  	 	10	 
		 	 	4.1	 	  	Issuance of Stock	  	 	10	 
		 	 	4.2	 	  	Stock Certificates; Uncertificated Shares	  	 	10	 
		 	 	4.3	 	  	Transfers	  	 	11	 
		 	 	4.4	 	  	Lost, Stolen or Destroyed Certificates	  	 	11	 
		 	 	4.5	 	  	Record Date	  	 	11	 
		 	 	4.6	 	  	Regulations	  	 	12	 
		
	 ARTICLE V - GENERAL PROVISIONS
	  	 	12	 
		 	 	5.1	 	  	Fiscal Year	  	 	12	 
		 	 	5.2	 	  	Corporate Seal	  	 	12	 
		 	 	5.3	 	  	Waiver of Notice	  	 	12	 
		 	 	5.4	 	  	Voting of Securities	  	 	12	 
		 	 	5.5	 	  	Evidence of Authority	  	 	12	 
	        	 	 	5.6	 	  	Certificate of Incorporation	  	 	12	 
		 	 	5.7	 	  	Severability	  	 	13	 
		 	 	5.8	 	  	Pronouns	  	 	13	 
		
	 ARTICLE VI - AMENDMENTS
	  	 	13	 
		 	 	6.1	 	  	By the Board of Directors	  	 	13	 
		 	 	6.2	 	  	By the Stockholders	  	 	13	 

  
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 ARTICLE I 

STOCKHOLDERS 

1.1    Place of Meetings. All meetings of stockholders shall be held at such place,
if any, as may be designated from time to time by the Board of Directors, the Chairman of the Board, the Chief Executive Officer or the President or, if not so designated, at the principal executive office of the corporation. The Board of Directors
may, in its sole discretion, determine that a meeting shall not be held at any place, but shall instead be held solely by means of remote communication in a manner consistent with the General Corporation Law of the State of Delaware. 

1.2    Annual Meeting. The annual meeting of stockholders for the election of
directors and for the transaction of such other business as may properly be brought before the meeting shall be held on a date and at a time designated by the Board of Directors, the Chairman of the Board, the Chief Executive Officer or the
President. The Board of Directors may postpone, reschedule or cancel any previously scheduled annual meeting of stockholders. 
 
1.3    Special Meetings. Special meetings of stockholders for any purpose or purposes may be called at any time only by the Board of Directors, the Chairman of the Board, the Chief Executive Officer or the President,
and may not be called by any other person or persons. Business transacted at any special meeting of stockholders shall be limited to matters relating to the purpose or purposes stated in the notice of meeting. The Board of Directors may postpone,
reschedule or cancel any previously scheduled special meeting of stockholders. 

1.4    Notice of Meetings. 

Except as otherwise provided by law, the Certificate of Incorporation or these Bylaws, notice of each meeting of stockholders, whether annual or special,
shall be given not less than 10 nor more than 60 days before the date of the meeting to each stockholder entitled to vote at such meeting. Without limiting the manner by which notice otherwise may be given to stockholders, any notice shall be
effective if given in accordance with Section 232 of the General Corporation Law of the State of Delaware. The notices of all meetings shall state the place, if any, date and time of the meeting and the means of remote communications, if any,
by which stockholders and proxyholders may be deemed to be present in person and vote at such meeting. The notice of a special meeting shall state, in addition, the purpose or purposes for which the meeting is called. 

1.5    Voting List. The corporation shall prepare, at least 10 days before every
meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list
shall be open to the examination of any stockholder, for any purpose germane to the meeting, for a period of at least 10 days prior to the meeting: (a) on a reasonably accessible electronic network, provided that the information required to
gain access to such list is provided with the notice of the meeting, or (b) during ordinary business hours, at the principal place of business of the corporation. If the meeting is to be held at a physical location (and not solely by means of
remote communication), then the list 

 
shall be produced and kept at the time and place of the meeting during the whole time thereof, and may be examined by any stockholder who is present. If the meeting is to be held solely by means
of remote communication, then the list shall also be open to the examination of any stockholder during the whole time of the meeting on a reasonably accessible electronic network, and the information required to access such list shall be provided
with the notice of the meeting. Except as otherwise provided by law, such list shall be the only evidence as to who are the stockholders entitled to examine the list of stockholders required by this Section 1.5 or to vote in person or by proxy
at any meeting of stockholders. 
 1.6    Quorum. Except as otherwise provided by
law, the Certificate of Incorporation or these Bylaws, the holders of a majority in voting power of the shares of the capital stock of the corporation issued and outstanding and entitled to vote at the meeting, present in person, present by means of
remote communication in a manner, if any, authorized by the Board of Directors in its sole discretion, or represented by proxy, shall constitute a quorum for the transaction of business; provided, however, that where a separate vote by a class or
classes or series of capital stock is required by law or the Certificate of Incorporation, the holders of a majority in voting power of the shares of such class or classes or series of the capital stock of the corporation issued and outstanding and
entitled to vote on such matter, present in person, present by means of remote communication in a manner, if any, authorized by the Board of Directors in its sole discretion, or represented by proxy, shall constitute a quorum entitled to take action
with respect to the vote on such matter. A quorum, once established at a meeting, shall not be broken by the withdrawal of enough votes to leave less than a quorum. 

1.7    Adjournments. Any meeting of stockholders may be adjourned from time to time
to reconvene at any other time and to any other place at which a meeting of stockholders may be held under these Bylaws by the chairman of the meeting or by the stockholders present or represented at the meeting and entitled to vote, although less
than a quorum. It shall not be necessary to notify any stockholder of any adjournment of less than 30 days if the time and place, if any, of the adjourned meeting, and the means of remote communication, if any, by which stockholders and proxyholders
may be deemed to be present in person and vote at such adjourned meeting, are announced at the meeting at which adjournment is taken, unless after the adjournment a new record date is fixed for the adjourned meeting. At the adjourned meeting, the
corporation may transact any business that might have been transacted at the original meeting. If the adjournment is for more than 30 days, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the
meeting. 
 1.8    Voting and Proxies. Each stockholder shall have one vote upon
the matter in question for each share of stock entitled to vote held of record by such stockholder and a proportionate vote for each fractional share so held, unless otherwise provided by law or the Certificate of Incorporation. Each stockholder of
record entitled to vote at a meeting of stockholders, or to express consent or dissent to corporate action without a meeting, may vote or express such consent or dissent in person (including by means of remote communications, if any, by which
stockholders may be deemed to be present in person and vote at such meeting) or may authorize another person or persons to vote or act for such stockholder by a proxy executed or transmitted in a manner permitted by the General Corporation Law of
the State of Delaware by the stockholder or such stockholder’s authorized agent and delivered (including by electronic transmission) to the Secretary of the corporation. No such proxy shall be voted or acted upon after three years from the date
of its execution, unless the proxy expressly provides for a longer period. 

  
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 1.9    Action at Meeting. When a
quorum is present at any meeting, any matter other than the election of directors to be voted upon by the stockholders at such meeting shall be decided by the vote of the holders of shares of stock having a majority in voting power of the votes cast
by the holders of all of the shares of stock present or represented at the meeting and voting affirmatively or negatively on such matter (or if there are two or more classes or series of stock entitled to vote as separate classes, then in the case
of each such class or series, the holders of a majority in voting power of the shares of stock of that class or series present or represented at the meeting and voting affirmatively or negatively on such matter), except when a different vote is
required by law, the Certificate of Incorporation or these Bylaws. When a quorum is present at any meeting, any election by stockholders of directors shall be determined by a plurality of the votes cast by the stockholders entitled to vote on the
election. 
 1.10    Conduct of Meetings. 

(a)    Chairman of Meeting. Unless otherwise provided by the Board of Directors, meetings of stockholders shall be
presided over by the Chairman of the Board, if any, or in the Chairman’s absence by the Vice Chairman of the Board, if any, or in the Vice Chairman’s absence by the Chief Executive Officer, or in the Chief Executive Officer’s absence,
by the President, or in the President’s absence by a Vice President, or in the absence of all of the foregoing persons by a chairman designated by the Board of Directors, or in the absence of such designation by a chairman chosen by vote of the
stockholders at the meeting. The Secretary shall act as secretary of the meeting, but in the Secretary’s absence the chairman of the meeting may appoint any person to act as secretary of the meeting. 

(b)    Rules, Regulations and Procedures. The Board of Directors may adopt by resolution such rules, regulations
and procedures for the conduct of any meeting of stockholders of the corporation as it shall deem appropriate including, without limitation, such guidelines and procedures as it may deem appropriate regarding the participation by means of remote
communication of stockholders and proxyholders not physically present at a meeting. Except to the extent inconsistent with such rules, regulations and procedures as adopted by the Board of Directors, the chairman of any meeting of stockholders shall
have the right and authority to convene and (for any or no reason) to recess and/or adjourn the meeting and prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are appropriate for the proper
conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the chairman of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order
of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to stockholders entitled to vote at the
meeting, their duly authorized and constituted proxies or such other persons as shall be determined; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to
questions or comments by participants. Unless and to the extent determined by the Board of Directors or the chairman of the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.

  
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 1.11    Action without Meeting.

 (a)    Taking of Action by Consent. Any action required or permitted to be taken at any annual or special
meeting of stockholders of the corporation may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having
not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote on such action were present and voted. Except as otherwise provided by the Certificate of
Incorporation, stockholders may act by written consent to elect directors; provided, however, that, if such consent is less than unanimous, such action by written consent may be in lieu of holding an annual meeting only if all of the directorships
to which directors could be elected at an annual meeting held at the effective time of such action are vacant and are filled by such action. 

(b)    Electronic Transmission of Consents. An electronic transmission consenting to an action to be taken and
transmitted by a stockholder or proxyholder, or by a person or persons authorized to act for a stockholder or proxyholder, shall be deemed to be written and signed for the purposes of this section, provided that any such electronic transmission sets
forth or is delivered with information from which the corporation can determine (i) that the electronic transmission was transmitted by the stockholder or proxyholder or by a person or persons authorized to act for the stockholder or
proxyholder and (ii) the date on which such stockholder or proxyholder or authorized person or persons transmitted such electronic transmission.    A consent given by electronic transmission is delivered to the corporation
upon the earliest of: (i) when the consent enters an information processing system, if any, designated by the corporation for receiving consents, so long as the electronic transmission is in a form capable of being processed by that system and
the corporation is able to retrieve that electronic transmission; (ii) when a paper reproduction of the consent is delivered to the corporation’s principal place of business or an officer or agent of the corporation having custody of the
book in which proceedings of meetings of stockholders or members are recorded; (iii) when a paper reproduction of the consent is delivered to the corporation’s registered office in Delaware by hand or by certified or registered mail,
return receipt requested; or (iv) when delivered in such other manner, if any, provided by resolution of the board of directors. Any copy, facsimile or other reliable reproduction of a consent in writing may be substituted or used in lieu of
the original writing for any and all purposes for which the original writing could be used, provided that such copy, facsimile or other reproduction shall be a complete reproduction of the entire original writing. 

(c)    Notice of Taking of Corporate Action. Prompt notice of the taking of corporate action without a meeting by
less than unanimous written consent shall be given to those stockholders who have not consented in writing and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for such meeting had
been the date that written consents signed by a sufficient number of holders to take the action were delivered to the corporation. 

  
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 ARTICLE II 

DIRECTORS 

2.1    General Powers. The business and affairs of the corporation shall be managed
by or under the direction of a Board of Directors, who may exercise all of the powers of the corporation except as otherwise provided by law or the Certificate of Incorporation. 

2.2    Number, Election and Qualification. Subject to the rights of holders of any
series of Preferred Stock to elect directors, the number of directors of the corporation shall be established from time to time by the stockholders or the Board of Directors. The directors shall be elected at the annual meeting of stockholders by
such stockholders as have the right to vote on such election. Election of directors need not be by written ballot. Directors need not be stockholders of the corporation. 

2.3    Chairman of the Board; Vice Chairman of the Board. The Board of Directors
may appoint from its members a Chairman of the Board and a Vice Chairman of the Board, neither of whom need be an employee or officer of the corporation. If the Board of Directors appoints a Chairman of the Board, such Chairman shall perform such
duties and possess such powers as are assigned by the Board of Directors and, if the Chairman of the Board is also designated as the corporation’s Chief Executive Officer, shall have the powers and duties of the Chief Executive Officer
prescribed in Section 3.7 of these Bylaws. If the Board of Directors appoints a Vice Chairman of the Board, such Vice Chairman shall perform such duties and possess such powers as are assigned by the Board of Directors or the Chairman of the
Board. Unless otherwise provided by the Board of Directors, the Chairman of the Board or, in the Chairman’s absence, the Vice Chairman of the Board, if any, shall preside at all meetings of the Board of Directors. 

2.4    Tenure. Each director shall hold office until the next annual meeting of
stockholders and until a successor is elected and qualified, or until such director’s earlier death, resignation or removal. 
 
2.5    Quorum. The greater of (a) a majority of the directors at any time in office and (b) one-third of the number of directors fixed pursuant to Section 2.2 of
these Bylaws shall constitute a quorum of the Board of Directors. If at any meeting of the Board of Directors there shall be less than such a quorum, a majority of the directors present may adjourn the meeting from time to time without further
notice other than announcement at the meeting, until a quorum shall be present. 

2.6    Action at Meeting. Every act or decision done or made by a majority of the
directors present at a meeting duly held at which a quorum is present shall be regarded as the act of the Board of Directors, unless a greater number is required by law or by the Certificate of Incorporation. 

2.7    Removal. Except as otherwise provided by the General Corporation Law of the
State of Delaware, any one or more or all of the directors of the corporation may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at an 

  
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election of directors, except that the directors elected by the holders of a particular class or series of stock may be removed without cause only by vote of the holders of a majority of the
outstanding shares of such class or series. 
 2.8    Vacancies. Subject to the
rights of holders of any series of Preferred Stock to elect directors, unless and until filled by the stockholders, any vacancy or newly-created directorship on the Board of Directors, however occurring, may be filled by vote of a majority of the
directors then in office, although less than a quorum, or by a sole remaining director. A director elected to fill a vacancy shall be elected for the unexpired term of such director’s predecessor in office, and a director chosen to fill a
position resulting from a newly-created directorship shall hold office until the next annual meeting of stockholders and until a successor is elected and qualified, or until such director’s earlier death, resignation or removal. 

2.9    Resignation. Any director may resign by delivering a resignation in writing
or by electronic transmission to the corporation at its principal executive office or to the Chairman of the Board, the Chief Executive Officer, the President or the Secretary. Such resignation shall be effective upon receipt unless it is specified
to be effective at some later time or upon the happening of some later event. 

2.10    Regular Meetings. Regular meetings of the Board of Directors may be held
without notice at such time and place as shall be determined from time to time by the Board of Directors; provided that any director who is absent when such a determination is made shall be given notice of the determination. A regular meeting of the
Board of Directors may be held without notice immediately after and at the same place as the annual meeting of stockholders. 
 
2.11    Special Meetings. Special meetings of the Board of Directors may be held at any time and place designated in a call by the Chairman of the Board, the Chief Executive Officer, the President, two or more
directors, or by one director in the event that there is only a single director in office. 

2.12    Notice of Special Meetings. Notice of the date, place and time of any
special meeting of directors shall be given to each director by the Secretary or by the officer or one of the directors calling the meeting. Notice shall be duly given to each director (a) in person, by telephone or by electronic transmission
at least 24 hours in advance of the meeting, (b) by delivering written notice by hand or reputable overnight delivery service, to such director’s last known business, home or electronic transmission address at least 48 hours in advance of
the meeting, or (c) by sending written notice by first-class mail to such director’s last known business or home address at least 72 hours in advance of the meeting. A notice or waiver of notice of a meeting of the Board of Directors need
not specify the purposes of the meeting. 
 2.13    Meetings by Conference
Communications Equipment. Directors may participate in meetings of the Board of Directors or any committee thereof by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can
hear each other, and participation by such means shall constitute presence in person at such meeting. 

  
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 2.14    Action by Consent. Any
action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting if all members of the Board of Directors or committee, as the case may be, consent to the action in writing
or by electronic transmission. After an action is taken, the consent or consents relating thereto shall be filed with the minutes of proceedings of the Board of Directors or committee in the same paper or electronic form as the minutes are
maintained. 
 2.15    Committees. The Board of Directors may designate one or
more committees, each committee to consist of one or more of the directors of the corporation with such lawfully delegable powers and duties as the Board of Directors thereby confers, to serve at the pleasure of the Board of Directors. The Board of
Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or
members of the committee present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any
such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors and subject to the provisions of law, shall have and may exercise all the powers and authority of the Board of Directors in
the management of the business and affairs of the corporation and may authorize the seal of the corporation to be affixed to all papers that may require it. Each such committee shall keep minutes and make such reports as the Board of Directors may
from time to time request. Except as the Board of Directors may otherwise determine, any committee may make rules for the conduct of its business, but unless otherwise provided by the directors or in such rules, its business shall be conducted as
nearly as possible in the same manner as is provided in these Bylaws for the Board of Directors. Except as otherwise provided in the Certificate of Incorporation, these Bylaws, or the resolution of the Board of Directors designating the committee, a
committee may create one or more subcommittees, each subcommittee to consist of one or more members of the committee, and delegate to a subcommittee any or all of the powers and authority of the committee. 

2.16    Compensation of Directors. Directors may be paid such compensation for
their services and such reimbursement for expenses of attendance at meetings as the Board of Directors may from time to time determine. No such payment shall preclude any director from serving the corporation or any of its parent or subsidiary
entities in any other capacity and receiving compensation for such service. 
 ARTICLE III 

OFFICERS 

3.1    Titles. The officers of the corporation shall consist of a Chief Executive
Officer, a President, a Secretary, a Treasurer and such other officers with such other titles as the Board of Directors shall determine, including one or more Vice Presidents, Assistant Treasurers and Assistant Secretaries. The Board of Directors
may appoint such other officers as it may deem appropriate. 

  
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 3.2    Election. The Chief
Executive Officer, President, Treasurer and Secretary shall be elected annually by the Board of Directors at its first meeting following the annual meeting of stockholders. Other officers may be appointed by the Board of Directors at such meeting or
at any other meeting. 
 3.3    Qualification. No officer need be a stockholder.
Any two or more offices may be held by the same person. 
 3.4    Tenure. Except
as otherwise provided by law, by the Certificate of Incorporation or by these Bylaws, each officer shall hold office until such officer’s successor is elected and qualified, unless a different term is specified in the resolution electing or
appointing such officer, or until such officer’s earlier death, resignation or removal. 

3.5    Resignation and Removal. Any officer may resign by delivering a resignation
in writing or by electronic transmission to the corporation at its principal executive office or to the Chief Executive Officer, the President or the Secretary. Such resignation shall be effective upon receipt unless it is specified to be effective
at some later time or upon the happening of some later event. Any officer may be removed at any time, with or without cause, by vote of a majority of the directors then in office. Except as the Board of Directors may otherwise determine, no officer
who resigns or is removed shall have any right to any compensation as an officer for any period following such officer’s resignation or removal, or any right to damages on account of such removal, whether such officer’s compensation be by
the month or by the year or otherwise, unless such compensation is expressly provided for in a duly authorized written agreement with the corporation. 

3.6    Vacancies. The Board of Directors may fill any vacancy occurring in any
office for any reason and may, in its discretion, leave unfilled for such period as it may determine any offices. Each such successor shall hold office for the unexpired term of such officer’s predecessor and until a successor is elected and
qualified, or until such officer’s earlier death, resignation or removal. 

3.7    President; Chief Executive Officer. Unless the Board of Directors has
designated another person as the corporation’s Chief Executive Officer, the President shall be the Chief Executive Officer of the corporation. The Chief Executive Officer shall have general charge and supervision of the business of the
corporation subject to the direction of the Board of Directors, and shall perform all duties and have all powers that are commonly incident to the office of the chief executive or that are delegated to such officer by the Board of Directors. The
President shall perform such other duties and shall have such other powers as the Board of Directors or the Chief Executive Officer (if the President is not the Chief Executive Officer) may from time to time prescribe. In the event of the absence,
inability or refusal to act of the Chief Executive Officer or the President (if the President is not the Chief Executive Officer), the Vice President (or if there shall be more than one, the Vice Presidents in the order determined by the Board of
Directors) shall perform the duties of the Chief Executive Officer and when so performing such duties shall have all the powers of and be subject to all the restrictions upon the Chief Executive Officer. 

  
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 3.8    Vice Presidents. Each Vice
President shall perform such duties and possess such powers as the Board of Directors or the Chief Executive Officer may from time to time prescribe. The Board of Directors may assign to any Vice President the title of Executive Vice President,
Senior Vice President or any other title selected by the Board of Directors. 

3.9    Secretary and Assistant Secretaries. The Secretary shall perform such duties
and shall have such powers as the Board of Directors or the Chief Executive Officer may from time to time prescribe. In addition, the Secretary shall perform such duties and have such powers as are incident to the office of the secretary, including
without limitation the duty and power to give notices of all meetings of stockholders and special meetings of the Board of Directors, to attend all meetings of stockholders and the Board of Directors and keep a record of the proceedings, to maintain
a stock ledger and prepare lists of stockholders and their addresses as required, to be custodian of corporate records and the corporate seal and to affix and attest to the same on documents. 

Any Assistant Secretary shall perform such duties and possess such powers as the Board of Directors, the Chief Executive Officer or the
Secretary may from time to time prescribe. In the event of the absence, inability or refusal to act of the Secretary, the Assistant Secretary (or if there shall be more than one, the Assistant Secretaries in the order determined by the Board of
Directors) shall perform the duties and exercise the powers of the Secretary. 
 In the absence of the Secretary or any Assistant Secretary
at any meeting of stockholders or directors, the chairman of the meeting shall designate a temporary secretary to keep a record of the meeting. 

3.10    Treasurer and Assistant Treasurers. The Treasurer shall perform such duties
and shall have such powers as may from time to time be assigned by the Board of Directors or the Chief Executive Officer. In addition, the Treasurer shall perform such duties and have such powers as are incident to the office of treasurer, including
without limitation the duty and power to keep and be responsible for all funds and securities of the corporation, to deposit funds of the corporation in depositories selected in accordance with these Bylaws, to disburse such funds as ordered by the
Board of Directors, to make proper accounts of such funds, and to render as required by the Board of Directors statements of all such transactions and of the financial condition of the corporation. 

The Assistant Treasurers shall perform such duties and possess such powers as the Board of Directors, the Chief Executive Officer or the
Treasurer may from time to time prescribe. In the event of the absence, inability or refusal to act of the Treasurer, the Assistant Treasurer (or if there shall be more than one, the Assistant Treasurers in the order determined by the Board of
Directors) shall perform the duties and exercise the powers of the Treasurer. 

3.11    Salaries. Officers of the corporation shall be entitled to such salaries,
compensation or reimbursement as shall be fixed or allowed from time to time by the Board of Directors. 

  
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 3.12    Delegation of Authority.
The Board of Directors may from time to time delegate the powers or duties of any officer to any other officer or agent, notwithstanding any provision hereof. 

ARTICLE IV 
 
CAPITAL STOCK 
 4.1    Issuance of Stock. Subject to the provisions
of the Certificate of Incorporation, the whole or any part of any unissued balance of the authorized capital stock of the corporation or the whole or any part of any shares of the authorized capital stock of the corporation held in the
corporation’s treasury may be issued, sold, transferred or otherwise disposed of by vote of the Board of Directors in such manner, for such lawful consideration and on such terms as the Board of Directors may determine. 

4.2    Stock Certificates; Uncertificated Shares. The shares of the corporation
shall be represented by certificates, provided that the Board of Directors may provide by resolution or resolutions that some or all of any or all classes or series of the corporation’s stock shall be uncertificated shares. Any such resolution
shall not apply to shares represented by a certificate until such certificate is surrendered to the corporation. Every holder of stock of the corporation represented by certificates shall be entitled to have a certificate, in such form as may be
prescribed by law and by the Board of Directors, representing the number of shares held by such holder registered in certificate form. Each such certificate shall be signed in a manner that complies with Section 158 of the General Corporation
Law of the State of Delaware. 
 Each certificate for shares of stock that are subject to any restriction on transfer pursuant to the
Certificate of Incorporation, these Bylaws, applicable securities laws or any agreement among any number of stockholders or among such holders and the corporation shall have conspicuously noted on the face or back of the certificate either the full
text of the restriction or a statement of the existence of such restriction. 
 If the corporation shall be authorized to issue more than
one class of stock or more than one series of any class, the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions
of such preferences and/or rights shall be set forth in full or summarized on the face or back of each certificate representing shares of such class or series of stock, provided that in lieu of the foregoing requirements there may be set forth on
the face or back of each certificate representing shares of such class or series of stock a statement that the corporation will furnish without charge to each stockholder who so requests a copy of the full text of the powers, designations,
preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights. 

Within a reasonable time after the issuance or transfer of uncertificated shares, the registered owner thereof shall be given a notice, in
writing or by electronic transmission, containing the information required to be set forth or stated on certificates pursuant to Sections 151, 156, 202(a) or 218(a) of the General Corporation Law of the State of Delaware or, with

  
 - 10 - 

 
respect to Section 151 of the General Corporation Law of the State of Delaware, a statement that the corporation will furnish without charge to each stockholder who so requests the powers,
designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights. 

4.3    Transfers. Shares of stock of the corporation shall be transferable in the
manner prescribed by law and in these Bylaws. Transfers of shares of stock of the corporation shall be made only on the books of the corporation or by transfer agents designated to transfer shares of stock of the corporation. Subject to applicable
law, shares of stock represented by certificates shall be transferred only on the books of the corporation by the surrender to the corporation or its transfer agent of the certificate representing such shares properly endorsed or accompanied by a
written assignment or power of attorney properly executed, and with such proof of authority or the authenticity of signature as the corporation or its transfer agent may reasonably require. Uncertificated shares may be transferred by delivery of a
written assignment or power of attorney properly executed, and with such proof of authority or the authenticity of signature as the corporation or its transfer agent may reasonably require. Except as may be otherwise required by law, by the
Certificate of Incorporation or by these Bylaws, the corporation shall be entitled to treat the record holder of stock as shown on its books as the owner of such stock for all purposes, including the payment of dividends and the right to vote with
respect to such stock, regardless of any transfer, pledge or other disposition of such stock until the shares have been transferred on the books of the corporation in accordance with the requirements of these Bylaws. 

4.4    Lost, Stolen or Destroyed Certificates. The corporation may issue a new
certificate of stock in place of any previously issued certificate alleged to have been lost, stolen or destroyed, upon such terms and conditions as the corporation may prescribe, including the presentation of reasonable evidence of such loss, theft
or destruction and the giving of such indemnity and posting of such bond as the corporation may require for the protection of the corporation or any transfer agent or registrar. 

4.5    Record Date. The Board of Directors may fix in advance a date as a record
date for the determination of the stockholders entitled to notice of or to vote at any meeting of stockholders or to express consent (or dissent) to corporate action without a meeting, or entitled to receive payment of any dividend or other
distribution or allotment of any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action. Such record date shall not precede the date on which the resolution fixing the record date is adopted,
and such record date shall not be more than 60 nor less than 10 days before the date of such meeting, nor more than 10 days after the date of adoption of a record date for a consent without a meeting, nor more than 60 days prior to any other action
to which such record date relates. 
 If no record date is fixed, the record date for determining stockholders entitled to notice of or to
vote at a meeting of stockholders shall be at the close of business on the day before the day on which notice is given, or, if notice is waived, at the close of business on the day before the day on which the meeting is held. If no record date is
fixed, the record date for determining stockholders entitled to express consent to corporate action without a meeting, when no prior action by the Board of Directors is necessary, shall be the day on which the first consent is properly delivered to
the corporation. If no record date is fixed, the record date for determining stockholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating to such purpose. 

  
 - 11 - 

 A determination of stockholders of record entitled to notice of or to vote at a meeting of
stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting. 

4.6    Regulations. The issue, transfer, conversion and registration of shares of
stock of the corporation shall be governed by such other regulations as the Board of Directors may establish. 
 ARTICLE V 

GENERAL PROVISIONS 

5.1    Fiscal Year. Except as from time to time otherwise designated by the Board
of Directors, the fiscal year of the corporation shall begin on the first day of January of each year and end on the last day of December in each year. 

5.2    Corporate Seal. The corporate seal shall be in such form as shall be
approved by the Board of Directors. 
 5.3    Waiver of Notice. Whenever notice
is required to be given by law, by the Certificate of Incorporation or by these Bylaws, a written waiver, signed by the person entitled to notice, or a waiver by electronic transmission by the person entitled to notice, whether provided before, at
or after the time of the event for which notice is to be given, shall be deemed equivalent to notice required to be given to such person. Neither the business nor the purpose of any meeting need be specified in any such waiver. Attendance of a
person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting at the beginning of the meeting, to the transaction of any business because the meeting is not
lawfully called or convened. 
 5.4    Voting of Securities. Except as the Board
of Directors may otherwise designate, the Chief Executive Officer, the President or the Treasurer may waive notice of, vote, or appoint any person or persons to vote, on behalf of the corporation at, and act as, or appoint any person or persons to
act as, proxy or attorney-in-fact for this corporation (with or without power of substitution) at, any meeting of stockholders or securityholders of any other entity,
the securities of which may be held by this corporation, or with respect to the execution of any written or electronic consent in the name of the corporation as a holder of such securities. 

5.5    Evidence of Authority. A certificate by the Secretary, or an Assistant
Secretary, or a temporary Secretary, as to any action taken by the stockholders, directors, a committee or any officer or representative of the corporation shall as to all persons who rely on the certificate in good faith be conclusive evidence of
such action. 
 5.6    Certificate of Incorporation. All references in these
Bylaws to the Certificate of Incorporation shall be deemed to refer to the Certificate of Incorporation of the corporation, as amended and in effect from time to time. 

  
 - 12 - 

 5.7    Severability. Any
determination that any provision of these Bylaws is for any reason inapplicable, illegal or ineffective shall not affect or invalidate any other provision of these Bylaws. 

5.8    Pronouns. All pronouns used in these Bylaws shall be deemed to refer to the
masculine, feminine or neuter, singular or plural, as the identity of the person or persons may require. 
 ARTICLE VI 

AMENDMENTS 

6.1    By the Board of Directors. These Bylaws may be altered, amended or repealed,
in whole or in part, or new bylaws may be adopted by the Board of Directors. 

6.2    By the Stockholders. These Bylaws may be altered, amended or repealed, in
whole or in part, or new bylaws may be adopted by the affirmative vote of the holders of a majority of the shares of the capital stock of the corporation issued and outstanding and entitled to vote at any annual meeting of stockholders, or at any
special meeting of stockholders, provided notice of such alteration, amendment, repeal or adoption of new bylaws shall have been stated in the notice of such special meeting. 

  
 - 13 -EXHIBIT 10.1

 

Execution Version

 

EMPLOYMENT

 AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(the "Agreement"), is dated as of the 9th day of July 2020, by and between Teligent, Inc., having an
address at 105 Lincoln Avenue, Buena, New Jersey 08310 (the “Company”) and Philip K. Yachmetz, having
an address at 6 Timberline Lane, Oakland, New Jersey 07436 (the “Executive”). The Company and the Executive
are collectively referred to hereinafter as the “Parties”.

 

RECITALS:

 

WHEREAS, the Company desires
to employ the Executive on the terms and subject to the conditions set forth herein, and Executive is willing to accept such employment
of the terms and conditions; and

 

WHEREAS, by virtue of such
employment, Executive will have access to Proprietary Information of the Company and its subsidiaries and affiliates (the “Teligent
Companies”); and

 

WHEREAS, Executive acknowledges
and agrees that the Teligent Companies have a reasonable, necessary and legitimate business interest in protecting their Proprietary
Information, client accounts, relationships with prospective clients, goodwill and ongoing business, and that the terms and conditions
set forth are reasonable and, necessary in order to protect these legitimate business interests.

 

NOW THEREFORE, in consideration
of the representations, warranties, covenants, and agreements contained herein, and for other good and valuable consideration,
the receipt and adequacy of which are conclusively acknowledged, the Parties, intending to become legally bound, agree as follows:

 

AGREEMENT

 

		1.	DEFINITIONS

 

1.1. Specific Definitions.
Capitalized terms not defined elsewhere herein shall have the following meanings ascribed to them:

 

“Person”
means an individual, a partnership, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated
organization, a limited liability company, or a governmental entity (or any department, agency, or political subdivision thereof).

 

     

     

    

 

		2.	POSITION, RESPONSIBILITIES
AND TERM

 

2.1. Executive’s
Position. On the terms and subject to the conditions set forth in this Agreement, the Company shall employ Executive to serve
as an officer of the Company and as Chief Legal Officer and Corporate Secretary of the Company. The Executive shall report directly
to the Company’s Chief Executive Officer and shall perform such services in the Company’s
offices in Buena and Metro Park, New Jersey or such other location or locations as the Executive and the Board
of Directors (the “Board”) shall agree; provided, however, that Executive
will be required to travel from time to time for business purposes.

 

2.2. Executive’s
Responsibilities. The Executive shall perform all duties customarily attendant to the position and shall perform such services
and duties commensurate with such position as may from time to time be reasonably prescribed by the Board.

 

2.3. No Conflicts of
Interest. Executive further agrees that throughout the period of his employment hereunder, he will not perform any activities
or services, or accept such other employment which would be inconsistent with this Agreement, the employment relationship between
the Parties, or would interfere with or present a conflict of interest concerning Executive's employment with the Company; provided,
that Executive shall be permitted to serve on the boards of directors of such other companies as the Board shall approve in writing
and that Executive may make personal investments and may act as a director and engage in other activities for any charitable, educational,
or other nonprofit institution, as long as such investments and activities do not materially interfere with the performance of
Executive’s duties hereunder. Executive agrees to adhere to and comply with any and all business practices and requirements
of ethical conduct set forth in writing from time to time by the Company in its employee manual or similar publication.

 

2.4. Term. This Agreement
shall become effective on July 16, 2020 (the “Effective Date”) and will govern Executive's employment by
the Company until that employment ceases (such period of Executive's employment is herein referred to as the “Term”).

 

		3.	ACCEPTANCE

 

Executive hereby accepts
such employment and agrees that throughout the Term, Executive will devote his full business time, attention, knowledge and skills
faithfully, diligently and to the best of his ability, in the furtherance of the business of the Teligent Companies.

 

     

     

    

 

		4.	COMPENSATION

 

4.1. Base Salary.
The Executive shall receive an initial annual salary of Three Hundred and Forty Thousand ($340,000) Dollars (the “Base
Salary”) paid in accordance with the Company's payroll practices, as in effect from time to time. The Base Salary shall
be reviewed on an annual basis by the Company.

 

4.2. Benefits. In
addition to such compensation, Executive shall be entitled to the benefits which are afforded generally, from time to time to similarly
situated executive employees of the Teligent Companies. Notwithstanding the foregoing, nothing contained in this Agreement shall
require the Teligent Companies to establish, maintain or continue any of the group benefits plans already in existence or hereafter
adopted for the employees of the Teligent Companies, or restrict the right of the Teligent Companies to amend, modify or terminate
such group benefit plans in a manner which does not discriminate against Executive as compared to other executive employees of
Teligent Companies.

 

4.3. Paid Time Off.
Executive shall be entitled to 20 business days of paid time off (consisting of vacation and personal days), and shall be entitled
to sick days and holidays as are provided in general to similarly situated employees of the Teligent Companies, in accordance with
usual practices and procedures. Paid time off shall stop accruing once Executive has accumulated and not used the number of days
to which he is entitled to in a year.

 

		4.4.	Annual Performance Bonuses.

 

(a)  The
Executive shall be eligible to receive an annual performance bonus (the “Annual Bonus”) for each calendar year
during the Term (each a “Fiscal Year”), which shall be paid in cash not later than 75 days after the end of
such Fiscal Year; provided, however, that the Executive must be employed by the Company on December 31 of a Fiscal Year in
order to be eligible for an Annual Bonus under this Section 4.4 for such Fiscal Year.

 

(b)  The
Executive's target Annual Bonus will be 45% of Executive’s Base Salary then in effect for each Fiscal Year (the “Target
Bonus”), but the actual bonus may range annually from 0% to 60% of Executive’s
Base Salary depending on performance. The Annual Bonus with respect to the 2020 Fiscal Year shall
be pro-rated to 50% based on the partial year of employment. The actual amount of the Annual Bonus, if any, will be determined
by the Board or the Compensation Committee of the Board (the “Committee”), in their sole discretion, with reference
to the Executive's and the Company’s fulfillment of performance goals established by the Committee with respect to the applicable
Fiscal Year, provided, however with respect to the 2020 Fiscal Year the actual amount of the Annual Bonus shall be calculated
using a factor no less than that used to calculate the Annual Bonus of similarly situated executive employees of the Teligent
Companies.

 

     

     

    

 

(c)  Sign-On
Cash Bonus: The Executive shall receive a one-time cash sign on bonus of Twenty Five Thousand ($25,000) Dollars 90 days after
the Effective Date.

 

4.5. Grants of Equity Awards.

 

(a)     Awards.
As soon as practicable following the Effective Date of this Agreement and subject to the approval of the Board, Executive
will receive the following equity grants: (i) $55,000 of restricted stock units (the number of units will be calculated by
dividing $55,000 by the fair market value of the Company’s Common Stock on the grant date) (the “RSU Award”);
and (ii) options to purchase shares of the Common Stock having a grant date value of $85,000 (the exercise price shall be
equal to the fair market value of the Company’s Common Stock on the grant date) (the “Option”). In addition,
the Executive will be eligible for annual refresh and other equity awards at the Board’s discretion generally
in line with those afforded, from time to time, to similarly situated executive employees of the Teligent Companies. The
RSU Award and the Option are intended to qualify as an “inducement grant” under the rules of the Nasdaq Stock
Market. The RSU Award and the Option shall be subject to the terms of award agreements in forms to be provided by the Company.

 

(b)    Vesting. Except
as otherwise set forth in Section 8 hereof, the RSU Award and the Option (together, the “Awards”) shall
vest subject to the Executive’s continued employment with the Company over a period of three years as follows: (a) one-third
of the shares subject to such Awards shall vest on the first anniversary of the Effective Date, (b) one-third of the shares
subject to such Awards shall vest on the second anniversary of the Effective Date and (iii) one-third of the shares subject
to such Awards shall vest on the third anniversary of the Effective Date.

 

(c)    Accelerated Vesting.
Notwithstanding the foregoing, immediately prior to a Change in Control (as defined in the award agreements), any portion of the
Awards that is not vested will become vested on the Change in Control provided the Executive remains in continuous service with
the Company through the consummation of that Change in Control.

 

		5.	EXPENSES

 

The Company
shall reimburse Executive, in accordance with Company policy, for all expenses reasonably and properly incurred by Executive in
connection with the performance of Executive's duties hereunder and the conduct of the business of the Company, upon the submission
to the Company (or its designee) of appropriate vouchers therefor. Company shall also reimburse Executive for all fees and
expenses associated with maintaining Executive’s licenses, membership in a reasonable number of professional or Bar Associations
selected by Executive or associated with attendance at a reasonable number of professional continuing legal education and/or legal
or industry conferences, or seminars selected by Executive.

 

     

     

    

 

		6.	CONFIDENTIAL INFORMATION AND PROPERTY

 

6.1. Confidentiality.
The Executive recognizes and acknowledges that the Proprietary Information (as defined below) is a valuable, special and unique
asset of the business of the Teligent Companies. As a result, both during the Term and thereafter, the Executive will not, without
the prior written consent of the Company, for any reason divulge to any third-party or use for his own benefit, or for any purpose
other than the exclusive benefit of the Teligent Companies, any Proprietary Information. Notwithstanding the foregoing, if the
Executive is compelled to disclose Proprietary Information by court order or other legal or regulatory process, to the extent permitted
by applicable law, he shall promptly so notify the Company so that it may seek a protective order or other assurance that confidential
treatment of such Proprietary Information shall be afforded, and the Executive shall reasonably cooperate with the Teligent Companies
in connection therewith. If the Executive is so obligated by court order or other legal process to disclose Proprietary Information
it will disclose only the minimum amount of such Proprietary Information as is necessary for the Executive to comply with such
court order or other legal process.

 

6.2. Property of the Company.

 

(a) Proprietary Information.
All right, title and interest in and to Proprietary Information will be and remain the sole and exclusive property of the Teligent
Companies. The Executive will not remove from the offices or premises of the Teligent Companies any documents, records, notebooks,
files, correspondence, reports, memoranda or similar materials of or containing Proprietary Information, or other materials or
property of any kind belonging to the Teligent Companies unless necessary or appropriate in the performance of his duties to the
Teligent Companies. If the Executive removes such materials or property in the performance of his duties, he will return such materials
or property promptly after the removal has served its purpose. The Executive will not make, retain, remove and/or distribute any
copies of any such materials or property, or divulge to any third person the nature of and/or contents of such materials or property,
except to the extent necessary to satisfy contractual obligations of the Teligent Companies or to perform his duties on behalf
of the Teligent Companies. Upon termination of the Executive's employment with the Company, he will leave with the Teligent Companies
or promptly return to the Teligent Companies all originals and copies of such materials or property then in his possession.

 

(b) Intellectual Property.
The Executive agrees that all the Intellectual Property (as defined below) will be considered “works made for hire”
as that term is defined in Section 101 of the Copyright Act (17 U.S.C. § 101) and that all right, title and interest
in such Intellectual Property will be the sole and exclusive property of the Teligent Companies. To the extent that any of the
Intellectual Property may not by law be considered a work made for hire, or to the extent that, notwithstanding the foregoing,
the Executive retains any interest in the Intellectual Property, the Executive hereby irrevocably assigns and transfers to the
Teligent Companies any and all right, title, or interest that the Executive may now or in the future have in the Intellectual Property
under patent, copyright, trade secret, trademark or other law, in perpetuity or for the longest period otherwise permitted by law,
without the necessity of further consideration. The Teligent Companies will be entitled to obtain and hold in its own name all
copyrights, patents, trade secrets, trademarks and other similar registrations with respect to such Intellectual Property. The
Executive further agrees to execute any and all documents and provide any further cooperation or assistance reasonably required
by the Company, at the Company's expense, to perfect, maintain or otherwise protect its rights in the Intellectual Property. If
the Teligent Companies, as applicable, are unable after reasonable efforts to secure the Executive's signature, cooperation or
assistance in accordance with the preceding sentence, whether because of the Executive's incapacity or any other reason whatsoever,
the Executive hereby designates and appoints the Company, the appropriate affiliate, or their respective designee as the Executive's
agent and attorney-in-fact, to act on his behalf, to execute and file documents and to do all other lawfully permitted acts necessary
or desirable to perfect, maintain or otherwise protect the Teligent Companies' rights in the Intellectual Property. The Executive
acknowledges and agrees that such appointment is coupled with an interest and is therefore irrevocable.

 

     

     

    

 

For purposes of this Agreement,
“Intellectual Property” means (a) all inventions (whether patentable or unpatentable and whether or not
reduced to practice), all improvements thereto, and all patents and patent applications claiming such inventions, (b) all
trademarks, service marks, trade dress, logos, trade names, fictitious names, brand names, brand marks and corporate names, together
with all translations, adaptations, derivations, and combinations thereof and including all goodwill associated therewith, and
all applications, registrations, and renewals in connection therewith, (c) all copyrightable works, all copyrights, and all
applications, registrations, and renewals in connection therewith, (d) all mask works and all applications, registrations,
and renewals in connection therewith, (e) all trade secrets (including research and development, know-how, formulas, compositions,
manufacturing and production processes and techniques, methodologies, technical data, designs, drawings and specifications), (f) all
computer software (including data, source and object codes and related documentation), (g) all other proprietary rights, (h) all
copies and tangible embodiments thereof (in whatever form or medium), or (i) similar intangible personal property which have
been or are developed or created in whole or in part by the Executive (1) at any time and at any place while the Executive
is employed by Company and which, in the case of any or all of the foregoing, are related to and used in connection with the business
of the Teligent Companies, or (2) as a result of tasks assigned to the Executive by the Teligent Companies.

 

For purposes of this Agreement,
“Proprietary Information” means any and all proprietary information developed or acquired by the Teligent Companies
that has not been specifically authorized to be disclosed. Such Proprietary Information shall include, but shall not be limited
to, the following items and information relating to the following items: (a) all intellectual property and confidential or
proprietary knowledge, information or rights of the Company (including, without limitation, the Intellectual Property, trade secrets,
books and records, know-how, inventions, discoveries, processes and systems, as well as any data and records pertaining thereto),
(b) computer codes and instructions, processing systems and techniques, inputs and outputs (regardless of the media on which
stored or located) and hardware and software configurations, designs, architecture and interfaces, (c) business research,
studies, procedures and costs, (d) financial data, (e) distribution methods, (f) marketing data, methods, plans
and efforts, (g) the identities of actual and prospective customers and suppliers, (h) the terms of contracts and agreements
with, the needs and requirements of, and the Teligent Companies' course of dealing with, actual or prospective customers and suppliers,
(i) personnel information, (i) customer and vendor credit information, and (k) information received from third parties
subject to obligations of non-disclosure or non-use. Failure by the Teligent Companies to mark any of the Proprietary Information
as confidential or proprietary shall not affect its status as Proprietary Information.

 

     

     

    

 

		7.	NON-SOLICITATION, NON-COMPETITION

 

Executive agrees that (a) during
the Term and for six (6) months following the end of the Term, executive will not, directly or indirectly, on behalf of himself
of any Person own any interest in, operate, join, control or participate as a partner, shareholder, member, director, manager,
officer, or agent of, enter into the employment of, act as a consultant to, or perform any services for any entity that is in competition
with the Company; or (b) during the Term and for twelve (12) months following the end of the Term, Executive will not, directly
or indirectly, on behalf of himself or any Person (i) solicit business from any Person, or interfere with any relationship
of the Company with any Person, which is then, or was during the twelve month period preceding such prohibited activity, a client
of the Company, or (ii) solicit the employment of, or hire, any employee of the Company or otherwise induce any such employee
to leave the Company's employment or to breach an employment agreement therewith.

 

		8.	TERMINATION

 

Either party may terminate
the Executive's employment at any time for any reason, provided that the Executive shall provide thirty (30) days advance written
notice of any resignation by the Executive. Upon cessation of his employment with the Company, the Executive will be entitled only
to such compensation and benefits as described in this Section 8.

 

8.1. Termination
by the Company Without Cause. In the event the Company terminates the Executive’s employment without Cause (and other
than due to his death or Disability), the Company shall pay Executive (i) his unpaid Base Salary through the effective date
of termination, (ii) any earned Annual Bonus for the prior Fiscal Year which is unpaid at the time of termination and (iii) any
business expenses remaining unpaid on the effective date of the termination for which Executive is entitled to be reimbursed under
Section 5 of this Agreement (the “Accrued Obligations”). In addition, and subject to Executive’s
execution of the Release as described in Section 8.4, the Company shall (i) pay Executive an amount per month equal to
one-twelfth of his then adjusted Base Salary for the period commencing on the date following the date of termination and ending
on the date which is six (6) months following the effective date of termination; (ii) pay Executive an amount equal to
a pro-rata portion of the Annual Bonus that would otherwise have been payable to Executive for the Fiscal Year in which the termination
occurs, determined in the same manner and payable at the first practicable payroll date following the date the Release is effective,
with such pro-rata portion to be determined based on the number of months (and any fraction thereof) Executive is employed during
the Fiscal Year in which termination occurs, relative to 12 months; (iii) pay or reimburse Executive for COBRA premiums for
six (6) months following termination or such earlier date Executive becomes covered under the employee benefit plans of a
subsequent employer; and (iv) to the extent then unvested, cause to become vested a pro-rata portion of the Awards equal to
the quotient of the number of full months that have transpired between the Effective Date and date of termination, divided by 36.
All obligations described clauses (i) through (iii) in this Section 8.1 shall immediately terminate upon a court
of competent jurisdiction’s determination that Executive has breached the provisions of Section 6 or 7 hereof.

 

     

     

    

 

For the purpose
of this Agreement, “Cause” shall mean (i) commission of a willful and material act of dishonesty in the
course of Executive's duties hereunder, (ii) conviction by a court of competent jurisdiction of a crime constituting a felony
or conviction in respect of any act involving fraud, dishonesty or moral turpitude, (iii) Executive's performance under the
influence of controlled substances, or continued habitual
intoxication, during working hours, after the Company shall have provided written notice to Executive and given Executive 30 days
within which to commence rehabilitation with respect thereto, and Executive shall have failed to commence such rehabilitation
or continued to perform under the influence after such rehabilitation, (iv) frequent or
extended, and unjustifiable (not as a result of incapacity or disability) absenteeism which shall not have been cured within 30
days after the Company shall have advised Executive in writing of its intention to terminate Executive's employment in accordance
with the provisions of this Section 8.1, in the event such condition shall not have been cured, (v) Executive's personal,
willful and continuing misconduct or refusal to perform duties and responsibilities described in Section 2 above, or to carry
out directives of the Board which, if capable of being cured, shall not have been cured within 60 days after the Company shall
have advised Executive in writing of its intention to terminate Executive's employment in accordance with the provision of this
Section 8.1 or (vi) material non-compliance with the terms of this Agreement, including but not limited
to any breach of Section 6 or Section 7 of this Agreement.

 

8.2. Other Terminations.
If the Executive’s employment with the Company is terminated (a) by the Company for Cause, (b) as a result of the
Executive's death, (c) as a result of the Executive's Disability, or (d) as a result of Executive’s resignation
for any reason, then the Company's obligation to the Executive will be limited solely to the payment of the Accrued Obligations.
All compensation and benefits will cease at the time of such termination and, except as otherwise required by applicable law, the
Company will have no further liability or obligation by reason of such termination. The foregoing will not be construed to limit
the Executive’s right to payment or reimbursement for claims incurred prior to the date of such termination under any insurance
contract funding an employee benefit plan, policy or arrangement of the Company in accordance with the terms of such insurance
contract.

 

For the purpose of this
Agreement, a “Disability” shall be deemed to have occurred (i) when Executive has become eligible for disability
benefits under the Company's long-term group disability policy, if any, or, if no policy is then in effect, (ii) when such
incapacity or disability shall have existed for either (A) one continuous period of six months or (B) a total of seven
months out of any twelve consecutive months.

 

     

     

    

 

 

		8.3.	Miscellaneous Termination Provisions.

 

Executive, upon termination
or expiration of employment for any reason, hereby irrevocably promises to:

 

(a)            Return
all property of the Teligent Companies in his possession or within his custody and control wherever located immediately upon such
termination.

 

(b)            Participate
in an exit interview with a designated person or persons of Company if requested by Company.

 

(c)            Subject to obligations
under applicable laws and regulations, not publicly make any statements or comments that disparage the reputation of any of the
Teligent Companies or their senior officers or directors.

 

8.4. Release. Notwithstanding
any other provision of this Agreement, the payments and benefits described in Section 8.l (i) through (iii) are
conditioned on Executive's execution and delivery to the Company, within 60 days following his cessation of employment, of a form
of separation agreement containing a general release of claims against the Company and its affiliates in a form to be provided
by the Company (the “Release”). If the 60-day period described in the previous sentence begins in one taxable
year and ends in a second taxable year and if the cash payments and benefits described in Section 8.1 exceed the limitations
applicable to a “separation pay plan” under Treas. Reg. § 1.409A-l(b)(9)(iii), such payments and other rights
shall not commence until the second taxable year.

 

     

     

    

 

8.5. Section 409A.
The intent of the Parties is that payments and benefits under this Agreement comply with Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”), to the extent subject thereto, and accordingly, to the maximum extent
permitted, this Agreement shall be interpreted and administered to be in compliance therewith. For purposes of this Agreement,
all references to ''termination of employment” and correlative phrases shall be construed to require a “separation
from service” (as defined in Treas. Reg. §1.409A-l(h) after giving effect to
the presumptions contained therein), and the term “specified employee” means an individual determined by the Company
to be a specified employee under Treas. Reg. § 1.409A-l(i).
If the termination giving rise to the payments described in Section 8.1 is not a “separation
from service”, then
the amounts otherwise payable pursuant to that section will instead be deferred without interest and will not be paid until Executive
experiences a “separation from service”. If at the
time of the Executive's termination of employment, the
Executive is a “specified employee,” as defined below, any and all amounts payable under Section 8 on account
of such separation from service that constitute deferred compensation and would (but for this provision) be payable within six
(6) months following the date of termination, shall instead be paid on the next business day following the expiration of such
six (6) month period or, if earlier, upon the Executive's death; except (A) to the extent of amounts that do not constitute
a deferral of compensation within the meaning of Treas. Reg.§ l.409A-l(b) (including without limitation by reason of
the safe harbor set forth in Treas. Reg. § 1.409A- l(b)(9)(iii), as determined by the Company in its reasonable good faith
discretion); (B) benefits that qualify as excepted welfare benefits pursuant to Treas. Reg.§ 1.409A-l(a)(5); or (C) other
amounts or benefits that are not subject to the requirements of Section 409A. To the maximum extent permitted under Section 409A
of the Code and its corresponding regulations, the cash severance benefits payable under this Agreement are intended to meet the
requirements of the short-term deferral exemption under Section 409A of the Code and the “separation pay exception”
under Treas. Reg.§ l.409A-l(b)(9)(iii). For purposes
of the application of Treas. Reg. § l .409A-l(b)(4) (or any successor provision), each payment in a series of payments
will be deemed a separate payment. To the extent required to avoid an accelerated or additional tax under Section 409A of
the Code, amounts reimbursable to the Executive under this Agreement shall be paid to the Executive on or before the last day of
the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement (and in kind
benefits provided to the Executive) during one year may not affect amounts reimbursable or
provided in any subsequent year.

 

		9.	REMEDIES

 

Executive acknowledges that
the services to be rendered by him are of a special, unique and extraordinary character and that it would be extremely difficult
or impracticable to replace such services, that the material provisions of this Agreement are of crucial importance to the Company
and that any damage caused by the breach of Sections 6 or 7 of this Agreement would result in irreparable harm to the business
of the Company for which money damages alone would not be adequate compensation. Accordingly, Executive agrees that if he violates
Sections 6 or 7 of this Agreement, the Company shall, in addition to any other rights or remedies of the Company available at law,
be entitled to equitable relief in any court of competent jurisdiction, including, without limitation, temporary injunction and
permanent injunction.

 

		10.	WITHHOLDING

 

Each payment to Executive
under this Agreement shall be reduced by any amounts required to be withheld by the Company from time to time under applicable
laws and regulations then in effect.

 

		11.	EXECUTIVE’S REPRESENTATIONS AND WARRANTIES

 

11.1. General. Executive
represents and warrants to the Company that the execution of this Agreement and the performance of his duties as contemplated hereunder
do not conflict with any other agreement, law, rule, regulation, or court order by which he is bound.

 

     

     

    

 

11.2. No Impairment.
Executive represents and warrants that he is not subject to any agreement or contract that would preclude or impair, in any way,
his ability to carry out his duties under this Agreement for the Company.

 

11.3. No Confidential
Information. Executive has not removed from any prior employer any confidential information.

 

11.4. No Restrictive
Agreements. Executive represents and warrants that, Executive has not heretofore entered into, has not been and is currently
not subject to the provisions of, any employment contract, sales and purchase agreement or other agreement (whether oral or written)
of any nature whatsoever with any other organization, individual or business entity, which prevents or restricts Executive from
entering into this Agreement or performing his duties hereunder, other than such contracts or agreements as Executive has heretofore
disclosed to Company in writing.

 

		12.	INTELLECTUAL PROPERTY AND OWNERSHIP OF BUSINESS

 

12.1.
Ownership of Records. Executive agrees that all papers, documents, records, business accounts, generated by Executive during
the conduct of such business or given to

 

Executive during
and in the course of his employment with Company is the exclusive property of the Company and shall remain with the Company upon
Executive's termination.

 

12.2. Intellectual
Property. Executive further agrees to assign without further consideration all intellectual property, including but not limited
to inventions, discoveries or any material produced by him during the course of his employment hereunder (including modifications
or refinements of such materials) to the Company in their entirety. Such
assignment and transfer is a complete and total assignment and transfer of any right Executive may have in such intellectual property
and includes any patent, copyright, trade or service mark or the right to obtain any such patent, copyright, trade or service mark,
and any trade secret rights in such material. This provision does not entitle Executive to any additional compensation, with such
compensation, if any, being entirely within the discretion
of Company.

 

		13.	ENTIRE AGREEMENT; NO AMENDMENT

 

No agreements
or representations, oral or otherwise, express or implied,
have been made by either Party, with respect to Executive's employment by any Teligent Company,
that are not set forth expressly in this Employment Agreement. This
Agreement supersedes and cancels any other prior agreement relating to Executive's employment by any Teligent Company, except that
Executive shall remain liable for any breaches of any provisions relating to restrictive covenants (including non-solicitation,
non-compete, non-hire) and confidentiality contained in any such prior agreements. No amendment or modification of this Agreement
shall be valid or binding unless made in writing and signed by the Party against whom enforcement thereof is sought.

 

     

     

    

 

		14.	NOTICES

 

All notices,
demands and requests of any kind which either Party may be required or may desire to serve upon the other Party hereto in connection
with this Agreement shall be delivered only by courier or other means of personal service, which provides written verification
of receipt, or by registered or certified mail return receipt
requested (each, a “Notice”). Any such Notice delivered by registered or certified mail shall be deposited in the United
States mail with postage thereon fully prepaid or ifby courier then deposited with the courier. All Notices shall be addressed
to the Parties to be served as follows:

 

(a) If to the Company, at the
Company's address set forth on the first page hereof.

 

(b) If to Executive, at Executive's
address set forth on the first page hereof.

 

Either of the Parties hereto
may at any time and from time to time change the address to which notice shall be sent hereunder by notice to the other Party given
under this Section. All such notices, requests, demands, and other communications shall be effective when received at the respective
address set forth above or as then in effect pursuant to any such change.

 

		15.
	WAIVERS

 

No waiver of any default
or breach of this Agreement shall be deemed a continuing waiver or a waiver of any other breach or default.

 

		16.	GOVERNING LAW

 

THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

		17.	SEVERABILITY

 

The provisions of this Agreement
are intended to be interpreted in a manner which makes them valid, legal, and enforceable, in the event any provision of this Agreement
is found to be partially or wholly invalid, illegal or unenforceable, such provision shall be modified or restricted to the extent
and in the manner necessary to render it valid, legal, and enforceable, it is expressly understood and agreed between Executive
and the Company that such modification or restriction may be accomplished by mutual accord between the Parties or, alternatively,
by disposition of a court of law. If such provision cannot under any circumstances be so modified or restricted, it shall be excised
from this Agreement without affecting the validity, legality or enforceability of any of the remaining provisions.

 

		18.	ASSIGNMENT

 

Executive may not assign
any rights (other than the right to receive income hereunder) under this Agreement without the prior written consent of the Company.
This Agreement may be assigned without the consent of Executive to any Teligent Company or any successor to all or substantially
all of the assets of the Company and this Agreement shall be binding upon and shall inure to the benefit of the assignee hereof.

 

     

     

    

 

		19.	MISCELLANEOUS

 

For the avoidance of doubt,
the provisions of sections 6, 7, 8, 16, 20 and any other ongoing duties of the parties hereto shall survive termination or expiration
of this Agreement.

 

		20.	INDEMNIFICATION

 

The Company will indemnify Executive in accordance
with the terms of the Company's articles of incorporation and/or by-laws. Executive shall be covered under any directors' and officers’
liability insurance policy then in effect for the Company or any of its affiliates as to which Executive is serving as a director
or officer, which directors’ and officers’ policy shall include employed lawyers coverage in normal and customary amounts.

 

		21.	COUNTERPARTS

 

This Agreement may be executed
in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered
shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument.

 

Signature pages may
be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically
attached to the same document.

 

		22.	HEADINGS

 

The headings of the several
sections and subsections of this Agreement are inserted for convenience only and shall not in any way affect the meaning or construction
of any provision of this Agreement.

 

		23.	CONSTRUCTION OF AGREEMENT

 

All Parties agree that this
Agreement shall be construed in such a manner so as not to favor one party or the other regardless of which party has drafted this
Agreement.

 

     

     

    

 

 

[Remainder of Page Intentionally
Left Blank]

 

     

     

    

 

IN WITNESS WHEREOF, the
Parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

 

	 	TELIGENT, INC.

 

	 	By: /s/ Timothy B. Sawyer
	 	 
	 	Name: Timothy B. Sawyer
	 	Title: President & Chief Executive Officer 

July 9, 2020

 

 

	 	EXECUTIVE

 

	 	By: /s/ Philip K. Yachmetz
	 	 
	 	Name: Philip K. Yachmetz
	 	Date: July 10, 2020

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