Document:

Exhibit

                                                                                                                 Exhibit (10) h.

GENESCO INC.

THIRD AMENDED AND RESTATED
EVA INCENTIVE COMPENSATION PLAN

1.    Purpose.

The purposes of the Genesco Inc. EVA Incentive Compensation Plan (the “Plan”) are to motivate and reward excellence and teamwork in achieving maximum improvement in shareholder value; to provide attractive and competitive total cash compensation opportunities for exceptional corporate and business unit performance; to reinforce the communication and achievement of the mission, objectives and goals of the Company; to motivate managers to think strategically (long term) as well as tactically (short term); and to enhance the Company’s ability to attract, retain and motivate the highest caliber management team.  The purposes of the Plan shall be carried out by payment to eligible participants of annual incentive cash awards, subject to the terms and conditions of the Plan and the discretion of the Compensation Committee of the board of directors of the Company.

2.    Authorization.

On February 24, 2004, the Compensation Committee approved the Plan.  On April 26, 2005, February 20, 2007, August 22, 2007, February 23, 2010, April 26, 2011, April 24, 2012, April 28, 2014, March 15, 2019, and March 13, 2020, the Committee amended the Plan.

3.    Selection of Participants.

Participants shall be selected annually by the Chief Executive Officer (the “CEO”) from among eligible employees of the Company who serve in operational, administrative, professional or technical capacities. The participation and target bonus amounts of Company officers and the Management Committee shall be approved by the Compensation Committee with the advice of the CEO.  The CEO shall not be eligible to participate in the Plan.

The CEO shall annually assign participants to a Business Unit.  For participants whose Business Unit consists of more than one profit center, the CEO shall determine in advance the relative weight to be given to the performance of each profit center in the calculation of awards.  If a participant is transferred to a different business unit during the Plan Year he or she shall be eligible to receive a bonus for each of the Business Units to which the participant was assigned during the Plan Year, prorated for the amount of time worked in each assignment, unless the CEO determines that a different proration is warranted in the circumstances.

In the event of another significant change in the responsibilities and duties of a participant during a Plan Year, the CEO shall have the authority, in the CEO’s  sole discretion, to terminate the participant’s participation in the Plan, if such change results in diminished responsibilities, or to make such changes as the CEO deems appropriate in (i) the target award the participant is eligible to earn, (ii) the participant’s applicable goal(s) and (iii) the period during which the participant’s applicable award applies.

4.    Participants Added During Plan Year.

A person selected for participation in the Plan after the beginning of a Plan Year will be eligible to earn a prorated portion of the award the participant might have otherwise earned for a full year’s service under the Plan during that Plan Year, provided the participant is actively employed as a participant under the Plan for at least 120 days during the Plan Year.  The amount of the award (positive or negative), if any, earned by such participant for such Plan Year shall be determined by dividing the award the participant would have received for a full year’s service under the Plan by twelve, and multiplying the quotient by the number of full months of the Plan Year during which the employee participated in the Plan.

5.    Disqualification for Unsatisfactory Performance.

Any participant whose performance is found to be unsatisfactory or who shall have violated in any material respect the Company’s Policy on Legal Compliance and Ethical Business Practices shall not be eligible to receive an award under the Plan in the current Plan Year.   The participant shall be eligible to be considered by the CEO for reinstatement to the Plan in subsequent Plan Years.  Any determination of unsatisfactory performance or of violation of the Company’s Policy on Legal Compliance and Ethical Business Practices shall be made by the CEO.  Participants who are found ineligible for participation in a Plan Year due to unsatisfactory performance will be so notified in writing prior to October 31 of the Plan Year.

6.    Eligibility; Partial Year; Termination of Employment.

Subject to the express exceptions set forth in this Section 6, only participants who are full‐time, active employees on the last day of a Plan Year and who have been full‐time, active employees for at least 120 days during the Plan Year shall be eligible for an award with respect to that Plan Year.

		
	A.
	Death or Retirement.  A participant (or, as applicable, the estate of a deceased participant) who was an active, full‐time employee for at least 120 days during the Plan Year and who has Retired or died while employed by the Company during the Plan Year shall receive an award in an amount determined by dividing the amount of the award such participant would have received for a full year’s service under the Plan by twelve and multiplying the quotient 

by the number of full months of the Plan Year during which the participant was classified in the Company’s payroll system as an active, full‐time employee.

		
	B.
	Leave.  A participant who has been an active, full‐time employee for at least 120 days during the Plan Year and (i) who is on approved medical leave or (ii) other leave provided pursuant to applicable law, including the Family and Medical Leave Act (each, a “Qualified Leave”), on the last day of the Plan Year, or who is an active, full‐time employee on the last day of the Plan Year but has taken Qualified Leave during the Plan Year, shall receive an award in an amount determined by dividing the amount of the award such participant would have received for a full‐year’s service under the Plan by twelve and multiplying the quotient by the number of full months of the Plan Year during which such participant was an active, full‐time employee plus the first twelve weeks of Qualified Leave taken by such participant during the Plan Year.

A participant who has been an active, full‐time employee for at least 120 days during the Plan Year and is an active, full‐time employee on the last day of the Plan Year, but who has been on unpaid leave other than Qualified Leave during the Plan Year shall receive an award in an amount determined by dividing the amount of the award such participant would have received for a full year of service under the Plan by twelve and multiplying the quotient by the number of full months of the Plan Year during which such participant was an active, full‐time employee.

7.    Economic Value Added (“EVA”) Calculation

EVA for a Business Unit or the entire Company, as applicable, shall be the result of a Business Unit’s or the Company’s net operating profit after taxes (“NOPAT”) less a charge for capital employed by that Business Unit or the Company.  The Company will track the change in EVA by Business Unit over each Plan Year for the purpose of determining bonus as further described below.

8.    Business Acquisitions and Dispositions During the Plan Year.

		
	A.
	Acquisitions. The provisions of this Section 8A shall apply to any transaction in the nature of a business acquisition by the Company (including a purchase of a majority of the outstanding equity of an entity, asset purchases comprising a line of business, mergers, share exchanges, and other such transactions regardless of form) approved by the board of directors of the Company (an “Acquisition”).  Expenses incurred in connection with the Acquisition, including but not limited to legal and other professional fees, due diligence expenses, investment banker fees, commissions and expenses, travel expenses related solely to the acquisition, and other similar costs, to the extent that they otherwise reduce NOPAT for any Business Unit for the Plan Year in which they are incurred, shall be added back to NOPAT, and the amount added back shall be treated as assets for purposes of calculating NOPAT for each such Business Unit.  Operating results and assets of the business acquired in the 

Acquisition shall be excluded in the calculation of NOPAT under this Plan for the balance of the Plan Year in which the Acquisition occurs (the “Short Year”).  Not later than the end of the first quarter of the Short Year, the Compensation Committee may adopt a separate, supplemental plan providing incentives related to the performance of the business acquired in the Acquisition and its integration and specifying appropriate performance measures for such incentives.  Any such supplemental plan is intended to be separate from this Plan.

		
	B.
	Dispositions. The provisions of this Section 8B shall apply to any transaction in the nature of a business disposition by the Company (including a sale of a majority of the outstanding equity of a subsidiary, asset sales comprising a line of business or division, mergers, share exchanges, and other such transactions regardless of form) approved by the board of directors of the Company (a “Disposition”) occurring during or after the Company’s 2019 Fiscal Year. In the event that a Disposition is effective as of (or near) the end of a Plan Year such that the proceeds of such Disposition would be realized during the applicable Plan Year, but capital charges and other expenses relating to such Disposition (collectively, “Disposition Expenses”) would not be realized until subsequent Plan Years, then all Disposition Expenses shall serve as a reduction to NOPAT for the Plan Year in which the Disposition occurred and shall be added back to NOPAT during any subsequent Plan Year during which any Disposition Expense is otherwise recognized for accounting purposes.

9.    Amount of Awards.

Participants are eligible to earn cash awards based on (i) change in EVA for a Business Unit and (ii) achievement of individual Performance Plan Goals to be approved by the CEO prior to March 31 of each Plan Year.  Prior to the beginning of each Plan Year, the CEO will establish for each Business Unit and for the Company as a whole target levels of expected changes in EVA for each Business Unit and for the Company for such Plan Year and a range of multiples to be applied to the participant’s target bonus based on actual performance for the Plan Year.  The multiple related to Business Unit performance is referred to as the “Business Unit Multiple.”  If a participant’s Business Unit is comprised of more than one profit center, the CEO shall determine the relative weight to be assigned to each profit center’s Business Unit Multiple.  The Business Unit Multiple for such participant shall be the weighted average of the Business Unit Multiples for each profit center comprising the participant’s Business Unit.  The multiple related to the performance of the Company as a whole is referred to as the “Corporate Multiple.”  The Corporate Multiple and Business Unit Multiples may be positive or negative and may consist of whole numbers or fractions.  Not later than March 31 of the Plan Year, the participant and the participant’s supervisor shall agree on a set of strategic performance objectives for the participant for the Plan Year (the “Performance Plan Goals”).

The “Declared Bonus” shall be determined as follows:

For Business Unit Presidents and other Business Unit participants, the Declared Bonus shall equal the sum of (A) the Business Unit Multiple times 75% of the participant’s target bonus plus (B) the Business Unit Multiple times 25% of the participant’s target bonus times the percentage of the participant’s achievement of his or her Performance Plan Goals determined by the participant’s supervisor (the “Performance Plan Percentage”); provided, however that if the Business Unit Multiple is a negative number, the Performance Plan Percentage shall be 100%.

For the Corporate Staff participants, the Declared Bonus shall equal the sum of (A) the Corporate Multiple times 75% of the participant’s target bonus plus (B) the Corporate Multiple times 25% of the participant’s target bonus times the Performance Plan Percentage; provided that, if the Corporate Multiple is a negative number, the Performance Plan Percentage shall be 100%.

For participants who have a positive or zero Bonus Bank (as defined below) balance, the bonus payout at the end of the Plan Year shall be equal to the sum of:  (i) the Declared Bonus, up to three times the participant’s target bonus for the Plan Year plus (ii) one‐third of the participant’s Declared Bonus in excess of three times the participant’s target bonus for the Plan Year.  For participants with a negative Bonus Bank balance who earn a positive Declared Bonus, an amount equal to 50% of the Declared Bonus (disregarding, for purposes of the calculation in this sentence, any reduction in the Declared Bonus by reason of the participant’s achievement of a Performance Plan Percentage less than 100%) in excess of two times the target bonus will be credited to the negative Bonus Bank and, of the balance, up to three times the target bonus plus one‐third of the Declared Bonus in excess of three times the target bonus shall be paid out.  Any of the Declared Bonus remaining after the application of the previous sentence shall be retained as a separate account balance (the “Separate Account”).  The Separate Account established for any Plan Year shall be paid out in three equal annual installments commencing on the date when Plan bonus payments are made in the following Plan Year, except that any positive Separate Account balance that exists from prior Plan Years and has not been so paid out will be fully netted against any negative award with respect to a subsequent Plan Year.

A “Bonus Bank” shall be established for each participant each year and shall consist of:  (i) the participant’s positive Declared Bonus not distributed because of payout limitations or (ii) the participant’s negative Declared Bonus, as applicable.  The positive Bonus Bank established for each Plan Year shall be paid out in three equal annual installments, commencing on the date when Plan bonus payments are made in the following Plan Year; provided, however, that positive bank balances that exist from prior years will be fully netted against a negative award in the year the negative award is realized.  The negative Bonus Bank established for any Plan Year shall be eliminated to the extent not repaid pursuant to the preceding paragraph at the end of three years following the Plan Year with respect to which it arose.

Subject to the provisions of Section 10 hereof, any positive balance in the Bonus Bank and the Separate Account shall be payable without interest within thirty days of (i) the Company’s termination of the participant’s employment without Cause, or (ii) the participant’s death.  Subject 

to the provisions of Section 10, any positive balance accruing with respect to Plan Years ending after January 29, 2011 in the Bonus Bank and the Separate Account of a participant who Retires shall be paid out in three equal annual installments, payable without interest and commencing on the date when Plan bonus payments are made in the Plan Year following the participant’s Retirement; provided, however, that the Retired participant’s positive Bonus Bank and Separate Account balances shall be subject to reduction by the amount of any negative award with respect to the Plan Year in which the participant’s Retirement is effective, calculated in accordance with Section 6 hereof, and for any negative award that would have been earned by such participant with respect to any subsequent Plan Year, assuming that he or she had remained a participant in the same Business Unit with the same target bonus as was applicable immediately prior to Retirement.  Any positive balance in the Bonus Bank and Separate Account of a participant who voluntarily terminates his or her employment with the Company other than by Retirement shall be paid out in a single payment, payable without interest on the date when Plan bonus payments are made for the fifth Plan Year following the Plan Year in which the participant’s termination is effective; provided, however, that such participant’s positive Bonus Bank and Separate Account balances shall be subject to reduction by the amount of any negative award with respect to the Plan Year in which such participant voluntarily terminates his or her employment calculated in accordance with Section 6 hereof, and for any negative award that would have been earned by such participant with respect to all subsequent Plan Years until payment is due, assuming that he or she had remained a participant in the same Business Unit with the same target bonus as was applicable immediately prior to such participant’s voluntary termination of employment (or, if such Business Unit no longer exists, in such business unit as the Compensation Committee may in its sole and absolute discretion determine).

Upon termination for Cause, any unpaid portion of the Bonus Bank and the Separate Account will be forfeited by the participant.  Nothing in this Plan (including but not limited to the foregoing definition of Cause) shall in any manner alter the participant’s status as an employee at will or limit the Company’s right or ability to terminate the participant’s employment for any reason or for no reason at all.  

10.    Specification of Payment Date for Performance Awards.

Any awards payable under the Plan resulting from changes in EVA not related to a Business Acquisition or Disposition during the Plan Year (including awards with respect to participants who die, are placed on medical leave of absence or voluntarily Retire during the Plan Year), other than the amount, if any, to be credited to the Bonus Bank or a Separate Account, will be made in cash, net of applicable withholding taxes, by the fifteenth day of the third month following the close of the Plan Year. Any awards payable under the Plan resulting from changes in EVA related to a Business Acquisition or Disposition during the Plan Year (including awards with respect to participants who die, are placed on medical leave of absence or voluntarily Retire during the Plan Year), other than the amount, if any, to be credited to the Bonus Bank, will be made in cash, net of applicable withholding taxes, by the end of the first calendar year that ends following the close of the Plan Year (or such earlier date, if any, necessary to avoid imposition of Section 409A Taxes). The positive Bonus Bank balance will be paid in cash, net of applicable withholding taxes, on the first, second and third anniversaries of the payment of the Declared Bonus to which such amounts relate except for voluntary terminations whose Bonus Bank balance will be paid in cash, net of applicable withholding taxes, on or about the date when bonus payments are made for the fifth Plan Year following the Plan Year in which the participant’s resignation is effective, subject to reduction as provided in Section 9 hereof.

It is intended that (1) each installment of the payments provided under this Plan is a separate “payment” for purposes of Section 409A of the Code and the Treasury Regulations thereunder (“Section 409A”), and (2) that all payments will be exempt from or comply with Section 409A. To the extent that any payment to be made under this Plan is subject to 409A and any provision of this Plan is ambiguous as to its compliance with Section 409A, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A.  Although the Company intends to administer the Plan so that payments will be exempt from, or will comply with, the requirements of Section 409A of the Code, the Company does not warrant that any payment under the Plan will qualify for favorable tax treatment under Section 409A or any other provision of federal, state, local or foreign law.  The Company shall not be liable to any participant for any tax, interest, or penalties that participant might owe as a result of any payments made under the Plan.

Notwithstanding anything to the contrary in this Plan, if the Company determines (i) that on the date a participant’s employment with the Company terminates or at such other time that the Company determines to be relevant, the participant is a “specified employee” (as such term is defined under Section 409A) of the Company and (ii) that any payments to be provided to the participant pursuant to this Plan are or may become subject to the additional tax under Section 409(A)(a)(1)(B) of the Code or any other taxes or penalties imposed under Section 409A of the Code (“Section 409A Taxes”) if provided at the time otherwise required under this Plan then (A) such payments shall be delayed until the date that is six months after the date of the participant’s “separation from service” (as such term is defined under Section 409A of the Code) with the Company, or such shorter period that, as determined by the Company, is sufficient to avoid the imposition of Section 409A Taxes 

(the “Payment Delay Period”) and (B) such payments shall be increased by an amount equal to interest on such payments for the Payment Delay Period at a rate equal to the prime rate in effect as of the date the payment was first due (for this purpose, the prime rate will be based on the rate published from time to time in The Wall Street Journal). Any payments delayed pursuant to this Section 10 shall be made in a lump sum on the first day of the seventh month following the participant’s “separation from service” (as such term is defined under Treasury Regulation 1.409A-1(h)) or, if sooner, the date of the participant’s death.

11.    Plan Administration.

The CEO shall have final authority to interpret the provisions of the Plan.  Interpretations by the CEO which are not patently inconsistent with the express provisions of the Plan shall be conclusive and binding on all participants and their designated beneficiaries.  It is the responsibility of the Senior Vice President-Strategy & Shared Services (i) to cause each person selected to participate in the Plan to be furnished with a copy of the Plan and to be notified in writing of such selection, the applicable goals and the range of the awards for which the participant is eligible; (ii) to cause the awards to be calculated in accordance with the Plan; and (iii) except to the extent reserved to the CEO or the Compensation Committee hereunder, to administer the Plan consistent with its express provisions.  

12.    Non‐assignability.

A participant may not at any time encumber, transfer, pledge or otherwise dispose of or alienate any present or future right or expectancy that the participant may have at any time to receive any payment under the Plan.  Any present or future right or expectancy to any such payment is non-assignable and shall not be subject to execution, attachment or similar process.  

13.    Miscellaneous.

Nothing in the Plan shall interfere with or limit in any way the right of the Company to terminate any participant’s employment or to change any participant’s duties and responsibilities, nor confer upon any participant the right to be selected to participate in any incentive compensation plans for future years.  Neither the CEO, the Senior Vice President-Strategy & Shared Services, nor the Compensation Committee shall have any liability for any action taken or determination made under the Plan in good faith.  

		
	14.
	Binding on Successors.

The obligations of the Company under the Plan shall be binding upon any organization which shall succeed to all or substantially all of the assets of the Company, and the term Company, whenever used in the Plan, shall mean and include any such organization after the succession.  If the subject matter of this Section 14 is covered by a change-in-control agreement or similar agreement which 

is more favorable to the participant than this Section 14, such other agreement shall govern to the extent applicable and to the extent inconsistent herewith.

15.    Definitions.

“Cause” means any act of dishonesty involving the Company, any violation of the Policy on Legal Compliance and Ethical Business Practices as then in effect, any breach of fiduciary duty owed to the Company, persistent or flagrant failure to follow the lawful directives of the board of directors or of the executive to whom the participant reports or conviction of a felony.  

“Code” means the Internal Revenue Code of 1986, as amended.

“EVA” means the economic value added to the Company during the Plan Year as determined by the net operating profit in a particular Business Unit as reflected on the Company’s books for internal reporting purposes, reduced by the cost of capital.

“Business Unit” means any of the Company’s profit centers or any combination of two or more of the profit centers, which comprise Genesco Inc.

The “Chief Executive Officer” or “CEO” means the president and chief executive officer of the Company.

The “Company” means Genesco Inc. and any wholly owned subsidiary of Genesco Inc.

The “Compensation Committee” means the compensation committee of the board of directors of the Company.

The “Plan” means this EVA Incentive Compensation Plan for the Plan Year.

“Plan Year” means the applicable fiscal year of the Company.

“Retire”, “Retirement” or similar terms means retirement from the Company (i) after completing at least five years of service with the Company and (ii) where the sum of the participant’s age and whole years of service equals or exceeds 70.

The “Senior Vice President-Strategy & Shared Services” means the Senior Vice President-Strategy & Shared Services of Genesco Inc. or any person fulfilling the functions of such office.

The “Management Committee” means executives of the Company with a direct reporting relationship to the Chief Executive Officer.Exhibit 10.1

 

	Applied
    Therapeutics Inc.	 

        

	340 Madison Avenue,
    19th Floor
	New York, NY 10173
	212.220.9319
	www.appliedtherapeutics.com

  

Chids Mahadevan

 

Dear Mr. Mahadevan:

 

We are pleased to offer you full time employment
with Applied Therapeutics Inc. (the “Company”) under the terms set forth in this offer letter (the “Offer
Letter”), effective as of your start date with the Company. Your anticipated start date is December 2, 2019 or a date
to be mutually agreed upon (such actual date of your commencement of employment shall be referred to herein as the “Start
Date”).

 

		1.	           Position; Duties.  You will serve as the Company’s Chief Accounting Officer
(“CAO”). During the term of your employment with the Company, you will devote your best efforts and substantially
all of your business time and attention to the business of the Company, except for approved vacation periods and reasonable periods
of illness or other incapacities permitted by the Company’s general employment policies. You will report directly to the
Company’s Chief Financial Officer (“CFO”) with a direct line of communication to the Company’s
Chief Executive Officer (“CEO”).  Your primary duties will be to direct accounting and financial operations,
oversee regulatory reporting and compliance and contribute other customary support that a CAO provides, as determined by the CEO
and CFO from time to time.  By signing this Offer Letter, you confirm that you are under no contractual or other legal obligations
that would prohibit you from performing your duties with the Company upon your Start Date.

  

		2.	           Base Salary. You will receive a starting base salary at a rate of $290,000 per year,
less standard payroll deductions and tax withholdings, which will be paid on the Company’s ordinary payroll cycle. Your base
salary will be reviewed annually.

 

		3.	           Annual Cash Bonuses. You will be eligible to receive an annual cash bonus of $101,500
in respect of the 2019 calendar year. For each calendar year during your employment with the Company, commencing with the 2020
calendar year, you will be eligible to receive an annual cash performance bonus with a target amount equal to 35% of your base
salary as in effect at the beginning of the applicable calendar year. The annual cash bonus payments referenced in this paragraph
will be paid to you no later than March 15 of the calendar year after the applicable bonus year, subject to your continued active
employment with the Company through the date of payment. No partial or prorated annual bonus cash bonus payments will be provided.

 

	

	4.	           Stock Option Grants. Subject to approval by the Board of Directors of the Company
    (the “Board”) following the Start Date, which is not guaranteed, the Company will grant you a stock option
    (the “Option”) to purchase a number of shares of the Company’s common stock
    (“Shares”) with (i) an aggregate grant date fair market value equal to $450,000, as determined by the
    Board in its sole discretion, and (ii) a per share exercise price equal to the fair market value of a Share on the applicable
    grant date. The Option will be subject to all of the terms and conditions set forth in the Company’s 2019 Equity
    Incentive Plan (the “Plan”) and the applicable stock option agreement or grant notice covering the Option.
    The vesting terms of the Option will be determined by the Board in its sole discretion, although the Company typically
    provides for vesting of 25% of the Shares subject to the Option on the first anniversary of the grant date and the remaining
    75% of the Shares subject to the Option in equal monthly instalments over the following three years, subject in each case to
    your continued active employment with the Company through the applicable vesting date. The complete terms and conditions of
    your Option will be as set forth in the Plan, and the stock option agreement or grant notice provided by the Company.

 

Subject to your continued employment
with the Company, you will be eligible for additional equity grants in the future in the Board’s sole discretion.

 

     

     

    

 

		5.	           Employee Benefits. As a regular full-time employee of the Company, you will also be
eligible to participate in the Company’s standard employee benefits offered to executive level employees, as in effect from
time to time and subject to plan terms and generally applicable Company policies. Details about these benefit plans will be provided
to you.

 

		6.	           Confidentiality Agreement; Company Policies.  You will be required, as a condition
of your serving as the Company’s CAO, to sign the Company’s standard Employee Confidential Information and Inventions,
Non-Solicitation and Non-Competition Assignment Agreement (the “Confidentiality Agreement”), which contains
restrictive covenants and prohibits unauthorized disclosure of the Company’s confidential information and trade secrets,
among other obligations. In addition, you will be required to abide by the Company’s policies and procedures, as modified
from time to time within the Company’s discretion.

 

		7.	           Relationship.  Your arrangement with the Company is for no specific period of time. 
Your employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment
at any time and for any reason, with or without cause, upon 30 days prior written notice.

 

		8.	           Termination Without Cause following a Change in Control. If the Company terminates your
employment without Cause (as defined below), other than as a result of your death or disability, within twelve (12) months following
the effective date of a Change in Control of the Company (as defined in the Plan) (a “Qualifying Termination”),
and provided such Qualifying Termination constitutes a Separation from Service (as defined under Treasury Regulation Section 1.409A-1(h),
without regard to any alternative definition thereunder, a “Separation from Service”), then subject to Sections
9 (“Conditions to Receipt of Severance Benefits”) and 10 (“Return of Company Property”) below and your
continued compliance with the terms of this Agreement (including without limitation the Confidentiality Agreement), the Company
will provide you with the following severance benefits (the “Severance Benefits”):

 

(a)
Cash Severance. The Company will pay you, as cash severance, three (3) months of your base salary in effect as of your
Separation from Service date, less standard payroll deductions and tax withholdings (the “Severance”). The
Severance will be paid in installments in the form of continuation of your base salary payments, paid on the Company’s ordinary
payroll dates, commencing on the Company’s first regular payroll date that is more than sixty (60) days following your Separation
from Service date, and shall be for any accrued base salary for the sixty (60)-day period plus the period from the sixtieth (60th)
day until the regular payroll date, if applicable, and all salary continuation payments thereafter, if any, shall be made on the
Company’s regular payroll dates.

 

     

     

    

 

(b) COBRA
Severance. As an additional Severance Benefit, the Company will continue to pay the cost of your (and, if applicable, your
covered dependents’) health care coverage in effect at the time of your Separation from Service for a maximum of three (3)
months, either under the Company’s regular health plan (if permitted), or by paying your COBRA premiums (the “COBRA
Severance”). The Company's obligation to pay the COBRA Severance on your behalf will cease if you obtain health care
coverage from another source (e.g., a new employer or spouse’s benefit plan), unless otherwise prohibited by applicable law.
You must notify the Company within two (2) weeks if you obtain coverage from a new source. This payment of COBRA Severance by the
Company would not expand or extend the maximum period of COBRA coverage to which you would otherwise be entitled under applicable
law. Notwithstanding the above, if the Company determines in its sole discretion that it cannot provide the foregoing COBRA Severance
without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the
Company shall in lieu thereof provide to you a taxable monthly payment in an amount equal to the monthly COBRA premium that you
would be required to pay to continue your group health coverage in effect on the date of your termination (which amount shall be
based on the premium for the first month of COBRA coverage), which payments shall be made on the last day of each month regardless
of whether you elect COBRA continuation coverage and shall end on the earlier of (x) the date upon which you obtain other coverage
or (y) the last day of the third (3rd) calendar month following your Separation from Service date.

 

		9.	           Conditions to Receipt of Severance Benefits. Prior to and as a condition to your receipt
of the Severance Benefits described above, you shall execute and deliver to the Company an effective release of claims in favor
of and in a form acceptable to the Company (the “Release”) within the timeframe set forth therein, but not later
than forty-five (45) days following your Separation from Service date, and allow the Release to become effective according to its
terms (by not invoking any legal right to revoke it) within any applicable time period set forth therein (such latest permitted
effective date, the “Release Deadline”).

 

		10.	           Return of Company Property. Upon the termination of your employment for any reason,
within five (5) days after your Separation from Service Date (or earlier if requested by the Company), you will return to the Company
all Company documents (and all copies thereof) and other Company property within your possession, custody or control, including,
but not limited to, Company files, notes, financial and operational information, customer lists and contact information, product
and services information, research and development information, drawings, records, plans, forecasts, reports, payroll information,
spreadsheets, studies, analyses, compilations of data, proposals, agreements, sales and marketing information, personnel information,
specifications, code, software, databases, computer-recorded information, tangible property and equipment (including, but not limited
to, computers, facsimile machines, mobile telephones, tablets, handheld devices, and servers), credit cards, entry cards, identification
badges and keys, and any materials of any kind which contain or embody any proprietary or confidential information of the Company,
and all reproductions thereof in whole or in part and in any medium. You further agree that you will make a diligent search to
locate any such documents, property and information and return them to the Company within the timeframe provided above. In addition,
if you have used any personally-owned computer, server, or e-mail system to receive, store, review, prepare or transmit any confidential
or proprietary data, materials or information of the Company, then within five (5) days after your Separation from Service date
you must provide the Company with a computer-useable
copy of such information and permanently delete and expunge such confidential or proprietary information from those systems without
retaining any reproductions (in whole or in part); and you agree to provide the Company access to your system, as requested, to
verify that the necessary copying and deletion is done. If requested, you shall deliver to the Company a signed statement certifying
compliance with this Section prior to the receipt of the Severance Benefits.

 

     

     

    

 

		11.	           Definition of Cause. For purposes of this Agreement, “Cause” for
termination will mean your: (a) conviction (including a guilty plea or plea of nolo contendere) of any felony or any other crime
involving fraud, dishonesty or moral turpitude; (b) your commission or attempted commission of or participation in a fraud or act
of material dishonesty or misrepresentation against the Company; (c) material breach of your duties to the Company; (d) intentional
damage to any property of the Company; (e) willful misconduct, or other willful violation of Company policy that causes material
harm to the Company; (f) your material violation of any written and fully executed contract or agreement between you and the Company,
including without limitation, material breach of your Confidentiality Agreement, or of any statutory duty you owe to the Company.
No Cause shall exist unless the Company has provided you with written notice of termination describing the particular circumstances
giving rise to Cause (which notice shall be delivered within thirty (30) days of the initial occurrence or discovery by the Company
of the alleged Cause conduct), and has provided you the opportunity to cure, to the extent reasonably susceptible to cure, such
circumstances within thirty (30) days after receiving such notice. If you so effect a cure, the notice of Cause shall be deemed
rescinded and of no force or effect.

 

		12.	           Compliance with Section 409A. It is intended that the Severance Benefits set forth in
this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Internal Revenue
Code of 1986, as amended, (the “Code”) (Section 409A, together with any state law of similar effect, “Section
409A”) provided under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9). For purposes of Section
409A (including, without limitation, for purposes of Treasury Regulations 1.409A-2(b)(2)(iii)), your right to receive any installment
payments under this Agreement (whether severance payments, reimbursements or otherwise) shall be treated as a right to receive
a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate
and distinct payment. Notwithstanding any provision to the contrary in this Agreement, if the Company (or, if applicable, the successor
entity thereto) determines that the Severance Benefits constitute “deferred compensation” under Section 409A and you
are, on the date of your Separation from Service, a “specified employee” of the Company or any successor entity thereto,
as such term is defined in Section 409A(a)(2)(B)(i) of the Code (a “Specified Employee”), then, solely to the
extent necessary to avoid the incurrence of adverse personal tax consequences under Section 409A, the timing of the Severance Benefits
shall be delayed until the earliest of: (i) the date that is six (6) months and one (1) day after your Separation from Service
date, (ii) the date of your death, or (iii) such earlier date as permitted under Section 409A without the imposition of adverse
taxation. Upon the first business day following the expiration of such applicable Code Section 409A(a)(2)(B)(i) period, all payments
or benefits deferred pursuant to this Section shall be paid in a lump sum or provided in full by the Company (or the successor
entity thereto, as applicable), and any remaining payments due shall be paid as otherwise provided herein. No interest shall be
due on any amounts so deferred. If the Severance Benefits are not covered by one or more exemptions from the application of Section
409A and the Release could become effective in the calendar year following the calendar year in which you have a Separation from
Service, the Release will not be deemed effective any earlier than
the Release Deadline. The Severance Benefits are intended to qualify for an exemption from application of Section 409A or comply
with its requirements to the extent necessary to avoid adverse personal tax consequences under Section 409A, and any ambiguities
herein shall be interpreted accordingly. Notwithstanding anything to the contrary herein, to the extent required to comply with
Section 409A, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement
providing for the payment of amounts or benefits upon or following a termination of employment unless such termination is also
a “separation from service” within the meaning of Section 409A.  With respect to reimbursements or in-kind benefits
provided to you hereunder (or otherwise) that are not exempt from Section 409A, the following rules shall apply: (i) the amount
of expenses eligible for reimbursement, or in-kind benefits provided, during any one of your taxable years shall not affect the
expenses eligible for reimbursement, or in-kind benefit to be provided in any other taxable year, (ii) in the case of any reimbursements
of eligible expenses, reimbursement shall be made on or before the last day of your taxable year following the taxable year in
which the expense was incurred, (iii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange
for another benefit

 

     

     

    

 

		13.	           Withholding Taxes. All forms of compensation referred to in this Offer Letter are subject
to applicable withholding and payroll taxes.

  

		14.	           Entire Agreement.  This Offer Letter, together with your Confidentiality Agreement,
forms the complete and exclusive statement of your employment with the Company, and supersedes and replaces any prior understandings
or agreements, whether oral, written or implied, between you and the Company regarding the matters described in this Offer Letter.

 

		15.	           Governing Law. This Offer Letter shall be construed and enforced in accordance with
the laws of the State of New York without regard to conflicts of law principles.

 

		16.	           Counterparts. This Offer Letter may be executed in one or more counterparts, each of
which shall be deemed to be an original, but all of which together shall constitute one and the same agreement.

  

[Signature Page Follows]

 

     

     

    

 

If you wish to accept this offer, please
sign, date and return this Offer Letter to me.  As required, by law, your agreement with the Company is also contingent upon
your providing legal proof of your identity and authorization to work in the United States as well as providing any necessary tax
identification documentation the Company may request.  This offer, if not accepted, will expire at the close of business on Nov
19, 2019.

 

With the formalities covered, we are thrilled
you are joining the team.

 

	Very truly yours,	 
	 	 
	Applied Therapeutics Inc.	 
	 	 
	By:	/s/ Shoshana Shendelman	 
	Name: Shoshana Shendelman,
    PhD	 
	Title: Chief Executive
    Officer	 
	 	 
	
 ACCEPTED
    AND AGREED	 
	 	 
	By:	/s/ Chids Mahadevan	 
	Name: Chids
    Mahadevan

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