Document:

Exhibit 10.1

 

SEELOS THERAPEUTICS,
INC.

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

This Amended and Restated Employment
Agreement (this “Agreement”), entered into as of January 10, 2022 (the “Agreement
Date”), is made by and between Seelos Therapeutics, Inc., a Nevada corporation (the
“Company”), and Raj Mehra, Ph.D. (“Executive” and together with the Company, the
“Parties”). This Agreement will become effective as a binding contract as of the date the
“Term” under that certain March 20, 2019 Employment Agreement between the Company and the Executive otherwise would
expire (such date, the “Effective Date”).

WHEREAS, the Company desires to assure
itself of the continued services of Executive by engaging Executive to perform services as an employee of the Company under the terms
hereof; and

WHEREAS, Executive desires to provide
continued services to the Company on the terms herein provided.

NOW, THEREFORE, in consideration of the
foregoing, and for other good and valuable consideration, including the respective covenants and agreements set forth below, the receipt
and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:

1.                  
Employment.

(a)                
General. During the Term (as defined below), the Company shall employ Executive upon the terms and conditions provided herein
effective as of the Effective Date.

(b)                
Position and Duties. During the Term, Executive (i) shall serve as the Company’s President and Chief Executive
Officer, with responsibilities, duties, and authority usual and customary for such position, subject to direction by the Company’s
Board of Directors (the “Board”); (ii) shall report directly to the Board; and (iii) agrees promptly
and faithfully to comply with all present and future policies, requirements, rules and regulations, and reasonable directions and requests
of the Company in connection with the Company’s business. As of the Effective Date, Executive shall serve as a member of the Board,
and, while Executive is employed hereunder, the Company shall nominate Executive for reelection as a member of the Board at the end of
each Board term. At the Company’s request, Executive shall serve the Company and/or its subsidiaries and affiliates in such other
capacities in addition to the foregoing as the Company shall designate, provided that such additional capacities are consistent with Executive’s
position as the Company’s President and Chief Executive Officer. In the event that Executive serves in any one or more of such additional
capacities, Executive’s compensation shall not automatically be increased on account of such additional service.

(c)                
Performance of Executive’s Duties. During Executive’s employment with the Company, and except for periods of
illness, vacation, Disability (as defined below), or reasonable leaves of absence or as discussed in Section 1(e), Executive shall
devote Executive’s full time and attention to the business and affairs of the Company pursuant to the general direction of the Board.
The rights of Executive under this Agreement shall not be affected by any change in the title, duties, or capacity of Executive during
Executive’s employment with the Company.

(d)                
Principal Office. Executive will work principally at the Company’s facility located in New York, New York.

(e)                
Exclusivity. Except with the prior written approval of the Board (which the Board may grant or withhold in its sole and
absolute discretion), Executive shall devote substantially all of Executive’s working time, attention, and energies to the business
of the Company, except during any paid vacation or other excused absence periods. Nothing in this section prevents Executive from engaging
in additional activities in connection with personal investments and not-for-profit or charitable affairs. Executive may also serve on
up to three boards of directors of for-profit entities and on up to three boards of advisors of for-profit entities provided (i) such
organization is not a competitor of the Company; (ii) Executive notifies the Board; and (iii) such activities do not

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individually
or in the aggregate interfere with the performance of Executive’s duties under this Agreement, violate the Company’s standards
of conduct then in effect, or raise a conflict under any conflict of interest policy of the Company.

2.                  
Term. The period of Executive’s employment under this Agreement shall commence on the Effective Date and shall continue
until the third anniversary of the Effective Date unless earlier terminated by either Party (such period of employment, the “Term”).
Notwithstanding any contrary provision herein, Executive’s employment with the Company is “at will” and may be terminated
by the Company or Executive at any time and for any or no reason.

3.                  
Compensation and Related Matters.

(a)                
Annual Base Salary. During the Term, Executive shall receive a base salary at the rate of $561,688 per year (as may
be increased from time to time, the “Annual Base Salary”), subject to withholdings and deductions, which shall
be paid to Executive in accordance with the customary payroll practices and procedures of the Company. Such Annual Base Salary shall be
reviewed by the Board and/or the Compensation Committee of the Board (“Compensation Committee”) not less than
annually.

(b)                
Annual Bonus. During the Term, Executive shall be eligible to receive a discretionary annual bonus based on Executive’s
achievement of performance objectives determined by the Compensation Committee, such bonus to be targeted at 50% of Executive’s
Annual Base Salary (the “Annual Bonus”). Any Annual Bonus approved by the Compensation Committee of the Board
shall be paid at the same time annual bonuses are paid to other executives of the Company generally, subject to Executive’s continuous
employment through the date of payment.

(c)                
Benefits. During the Term, Executive shall be entitled to participate in such employee and executive benefit plans and programs
as the Company may from time to time offer to provide to its executives, subject to the terms and conditions of such plans. Notwithstanding
the foregoing, nothing herein is intended, or shall be construed, to require the Company to institute or continue any, or any particular,
plan or benefit.

(d)                
Business Expenses. The Company shall reimburse Executive for all reasonable, documented, out-of-pocket travel and other
business expenses incurred by Executive in the performance of Executive’s duties to the Company in accordance with the Company’s
applicable expense reimbursement policies and procedures as are in effect from time to time.

(e)                
Vacation. Executive will be entitled to paid vacation in accordance with the Company’s vacation policy.

4.                  
Equity Awards. Executive shall be eligible for such stock options and equity awards as may be determined by the Compensation
Committee, in its sole discretion.

5.                  
Termination.

(a)                
At-Will Employment. The Company and Executive acknowledge that Executive’s employment is and shall continue to be
“at will,” as defined under applicable law. This means that it is not for any specified period of time and can be terminated
by Executive or by the Company at any time, with or without advance notice, and for any or no particular reason or cause. It also means
that Executive’s job duties, title, responsibility and reporting level, work schedule, compensation, and benefits, as well as the
Company’s personnel policies and procedures, may be changed with prospective effect, with or without notice, at any time in the
sole discretion of the Company (subject to any ramification such changes may have under Section 6 of this Agreement). This “at-will”
nature of Executive’s employment shall remain unchanged during Executive’s tenure as an employee and may not be changed, except
in an express writing signed by Executive, on the one hand, and a duly-authorized officer of the Company (other than Executive) acting
with the approval of the Board or the Compensation Committee, on the other hand. If Executive’s employment terminates for any lawful
reason, Executive shall not be entitled to any payments, benefits, damages, award, or compensation other than as provided in this Agreement.

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(b)                
Notice of Termination. During the Term, any termination of Executive’s employment by the Company or by Executive (other
than by reason of death) shall be communicated by written notice (a “Notice of Termination”) from one Party
hereto to the other Party hereto (i) indicating the specific termination provision in this Agreement relied upon, if any; (ii) setting
forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under
the provision so indicated; and (iii) specifying the Date of Termination (as defined below). The failure by the Company to set forth
in the Notice of Termination all of the facts and circumstances that contribute to a showing of Cause (as defined below) shall not waive
any right of the Company hereunder or preclude the Company from asserting such facts or circumstances in enforcing its rights hereunder.

(c)                
Date of Termination. For purposes of this Agreement, “Date of Termination” shall mean the date
of the termination of Executive’s employment with the Company specified in a Notice of Termination; provided, however, that
in the event of Executive’s resignation without Good Reason (as defined below), such date shall not be earlier than thirty (30) days
following the date on which the Notice of Termination is delivered by Executive to the Company; and provided, further, that the
Company may waive any period of notice provided by Executive, thereby accelerating Executive’s Date of Termination.

(d)                
Deemed Resignation. Upon termination of Executive’s employment for any reason, Executive shall be deemed to have resigned
from all offices and board memberships, if any, then held with the Company or any of its affiliates, and, at the Company’s request,
Executive shall immediately execute such documents as are necessary or desirable to effectuate such resignations.

6.                  
Consequences of Termination.

(a)                
Payments of Accrued Obligations upon All Terminations of Employment. Upon a termination of Executive’s employment
for any reason, Executive (or Executive’s estate or legal representative, as applicable) shall be entitled to receive, within 30 days
after Executive’s Date of Termination (or such earlier date as may be required by applicable law): (i) any portion of Executive’s
Annual Base Salary earned through Executive’s Date of Termination not theretofore paid; (ii) any expenses owed to Executive
under Section 3; (iii) any accrued but unused paid time off owed to Executive; and (iv) any amount arising from Executive’s
participation in, or benefits under, any employee benefit plans, programs, or arrangements under Section 3, which amounts shall be
payable in accordance with the terms and conditions of such employee benefit plans, programs, or arrangements. Except as otherwise set
forth in Sections 6(b) and (c), the payments and benefits described in this Section 6(a) shall be the only payments and benefits
payable in the event of Executive’s termination of employment for any reason.

(b)                
Severance Payments upon Covered Termination Outside a Change in Control Period. If, during the Term, Executive experiences
a Covered Termination outside a Change in Control Period (each as defined below), then in addition to the payments and benefits described
in Section 6(a), the Company shall, subject to Executive’s delivery to the Company of a waiver and release of claims agreement
in a form approved by the Company (a “Release”) that becomes effective and irrevocable in accordance with Section 11(d)
and Executive’s continued compliance with the terms of this Agreement and the terms of the PIIAA (as defined below), provide Executive
with the following:

(i)                  
The Company shall pay to Executive an amount equal to the sum of (A) Executive’s Annual Base Salary and (B) the
Annual Bonus earned by Executive for the fiscal year immediately preceding the fiscal year in which the Date of Termination occurs. Such
amount shall be paid, subject to applicable withholding, in substantially equal installments over twelve (12) months following the Date
of Termination in accordance with the Company’s regular payroll practices; provided, however, that amounts shall accrue,
with payments of accrued amounts made on the second regularly scheduled payroll date after the Release Expiration Date (as defined below)
and then continuing thereafter.

(ii)                
The Company shall pay to Executive a pro-rata portion of Executive’s earned Annual Bonus for the fiscal year in which the
Date of Termination occurs, pro-rata based on days elapsed in such fiscal year through the Date of Termination and calculated based on
actual performance, paid on the same date when Annual Bonuses for the fiscal year are paid to other officers of the Company, but not before
January 1 of the year following the year in which the Date of Termination occurs or after December 31 of such year.

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 (iii)               
For purposes of vesting with respect to Executive’s outstanding Company equity awards that are scheduled to vest solely
subject to continued service or employment, vesting shall accelerate so that such awards shall be vested to the same extent as if Executive
had provided an additional twelve (12) months of service or employment from the Date of Termination.

(iv)              
During the period commencing on the Date of Termination and ending on the twelve (12)-month anniversary thereof or, if earlier,
the date on which Executive becomes eligible for comparable replacement coverage under a subsequent employer’s group health plan,
the date of Executive’s death, or the date on which the Company no longer offers health care benefits, subject to Executive’s
valid election to continue healthcare coverage under Section 4980B of the Internal Revenue Code of 1986, as amended (the “Code”),
and the regulations thereunder, the Company shall, in its sole discretion, either (A) continue to provide to Executive and Executive’s
dependents, at the Company’s sole expense, or (B) reimburse Executive and Executive’s dependents for, coverage under
its group health plan (if any) at the same levels in effect on the Date of Termination; provided, however, that if (1) the
Company is otherwise unable to continue to cover Executive or Executive’s dependents under its group health plans, or (2) the
Company cannot provide the benefit without violating applicable law (including, without limitation, Section 2716 of the Public Health
Service Act), then no additional payments or benefits shall be provided to Executive or his dependents under this clause (iv).

(c)                
Severance Payments upon Covered Termination During a Change in Control Period. If, during the Term, Executive experiences
a Covered Termination during a Change in Control Period (each as defined below), then, in addition to the payments and benefits described
in Section 6(a), the Company shall, subject to Executive’s delivery to the Company of a Release that becomes effective and
irrevocable in accordance with Section 11(d) and Executive’s continued compliance with the terms of this Agreement and the
terms of the PIIAA, provide Executive with the following:

(i)                  
The Company shall pay to Executive an amount equal to 1.5 times the sum of (A) Executive’s Annual Base Salary and
(B) the Annual Bonus earned by Executive for the fiscal year immediately preceding the fiscal year in which the Date of Termination
occurs. Such amount shall be paid, subject to applicable withholding, in substantially equal installments over twelve (12) months following
the Date of Termination in accordance with the Company’s regular payroll practices; provided, however, that amounts shall
accrue, with payments of accrued amounts made on the second regularly scheduled payroll date after the Release Expiration Date and then
continuing thereafter.

(ii)                
The Company shall pay to Executive a pro-rata portion of Executive’s earned Annual Bonus for the fiscal year in which the
Date of Termination occurs, pro-rata based on days elapsed in such fiscal year through the Date of Termination and calculated based on
actual performance, paid on the same date when Annual Bonuses for the fiscal year are paid to other officers of the Company, but not before
January 1 of the year following the year in which the Date of Termination occurs or after December 31 of such year.

(iii)               
For purposes of vesting with respect to Executive’s outstanding Company equity awards that are scheduled to vest solely subject
to continued service or employment, vesting shall accelerate so that such awards shall be fully vested.

(iv)              
During the period commencing on the Date of Termination and ending on the eighteen (18)-month anniversary thereof or, if earlier,
the date on which Executive becomes eligible for comparable replacement coverage under a subsequent employer’s group health plan,
the date of Executive’s death, or the date on which the Company no longer offers health care benefits, subject to Executive’s
valid election to continue healthcare coverage under Section 4980B of the Code and the regulations thereunder, the Company shall,
in its sole discretion, either (A) continue to provide to Executive and Executive’s dependents, at the Company’s sole
expense, or (B) reimburse Executive and Executive’s dependents for, coverage under its group health plan (if any) at the same
levels in effect on the Date of Termination;

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provided, however, that if (1) the Company is otherwise unable to continue to
cover Executive or Executive’s dependents under its group health plans, or (2) the Company cannot provide the benefit without
violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then no additional payments
or benefits shall be provided to Executive or his dependents under this clause (iv).

(d)                
No Other Severance. The provisions of this Section 6 shall supersede in their entirety any severance payment provisions
in any severance plan, policy, program, or other arrangement maintained by the Company except as otherwise approved by the Board or the
Compensation Committee.

(e)                
No Requirement to Mitigate; Survival. Executive shall not be required to mitigate the amount of any payment provided for
under this Agreement by seeking other employment or in any other manner. Notwithstanding anything to the contrary in this Agreement, the
termination of Executive’s employment shall not impair the rights or obligations of any Party.

(f)                 
Definition of Cause. For purposes hereof, “Cause” shall mean any one of the following: (i) Executive’s
material violation of any applicable law or regulation respecting the business of the Company; (ii) Executive’s conviction
of, or plea of guilty or nolo contendere to, any crime involving moral turpitude or any felony; (iii) any act of dishonesty, fraud,
or misrepresentation by Executive, which act is materially injurious to the Company; (iv) Executive’s willful and repeated
failure to perform in any material respect Executive’s duties hereunder after 30 days’ notice and an opportunity
to cure such failure (other than on account of a Disability); (v) Executive’s failure to attempt in good faith to implement
a clear and reasonable directive from the Board or to comply with any of the Company’s policies and procedures, which failure continues
to occur 30 days after written notice from the Board; (vi) any act of gross negligence or willful misconduct; (vii) conduct
by Executive that demonstrates Executive’s gross unfitness to serve under circumstances that materially and adversely affect the
Company; (viii) Executive’s breach of fiduciary duty owed to the Company; or (ix) Executive’s material breach of
this Agreement or the PIIAA.

(g)                
Definition of Change in Control. For purposes of this Agreement, “Change in Control” shall mean
(i) the acquisition by any person or group of affiliated or associated persons of more than 50% of the outstanding capital stock
of the Company or voting securities representing more than 50% of the total voting power of outstanding securities of the Company;
(ii) the consummation of a sale of all or substantially all of the assets of the Company to a third party; (iii) the consummation
of any merger, consolidation, reorganization, or business combination involving the Company in which, immediately after giving effect
to such merger, less than a majority of the total voting power of outstanding stock of the surviving or resulting entity is then “beneficially
owned” (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended) in the aggregate by the
stockholders of the Company, as applicable, immediately prior to such merger, consolidation, reorganization, or business combination;
(iv) a circumstance in which the Incumbent Directors (as defined below) cease for any reason to constitute a majority of the Board;
or (v) the date that is 10 business days prior to the completion of a liquidation or dissolution of the Company. For the avoidance
of doubt and notwithstanding anything herein to the contrary, in no event shall a transaction constitute a “Change in Control”
if (x) its sole purpose is to change the state of the Company’s incorporation; (y) its sole purpose is to create a holding
company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before
such transaction; or (z) it is effected primarily for the purpose of financing the Company with cash (as determined by the Board
without regard to whether such transaction is effectuated by a merger, equity financing, or otherwise).

(h)                
Definition of Change in Control Period. For purposes hereof, “Change in Control Period” shall
mean the period of time commencing three months prior to a Change in Control and ending twelve (12) months after such Change in Control.

(i)                  
Definition of Covered Termination. For purposes hereof, “Covered Termination” shall mean the termination
of Executive’s employment by the Company without Cause or by Executive for Good Reason, and shall not include a termination due
to Executive’s death or Disability.

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(j)                 
Definition of Disability. For purposes hereof, “Disability” shall mean a disability that entitles
Executive to benefits under the Company’s long-term disability plan, or, in the absence of such a plan, Executive’s physical
or mental impairment that renders Executive unable to perform his duties hereunder without reasonable accommodation for a period of at
least 180 days in any twelve (12)-month period or that is reasonably expected to result in Executive’s death.

(k)                
Definition of Good Reason. For purposes hereof, “Good Reason” shall mean any one of the following:
(i) the material reduction of Executive’s Annual Base Salary or Target Bonus, other than a reduction that occurs in connection
with a Company-wide decrease in executive team compensation; (ii) the assignment to Executive of any duties materially and negatively
inconsistent in any respect with Executive’s position (including status, offices, titles, and reporting requirements), authority,
duties, or responsibilities, or any other action by the Company that results in a material diminution in such position, authority, duties,
or responsibilities (including, without limitation, a requirement to report to any person or entity other than the Board, or following
a Change in Control, the ultimate parent company of the surviving entity in such Change in Control that has at least one class of publicly
traded securities listed on the New York Stock Exchange or the Nasdaq Stock Market LLC) (it being understood that the stockholders failing
to elect Executive to serve on the Board shall not be Good Reason); (iii) the relocation, without Executive’s prior consent,
of Executive’s principal place of employment that increases Executive’s one-way commute by more than 35 miles; or (iv) the
Company’s material breach of this Agreement; provided, that in each case, Executive will not be deemed to have Good Reason
unless (1) Executive first provides the Company with written notice of the condition giving rise to Good Reason within 30 days
of the date Executive first becomes aware of its initial occurrence; (2) the Company or the successor company fails to cure such
condition within 30 days after receiving such written notice (the “Cure Period”); and (3) Executive’s
resignation based on such Good Reason is effective within 30 days after the expiration of the Cure Period.

(l)                  
Definition of Incumbent Directors. For purposes hereof, “Incumbent Directors” shall mean for any
period of twelve (12) consecutive months, individuals who, at the beginning of such period, constitute the Board together with any new
director(s) whose election or nomination for election to the Board was approved by a vote of at least a majority (either by a specific
vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director without objection to
such nomination) of the directors then still in office who either were directors at the beginning of the twelve (12)-month period or whose
election or nomination for election was previously so approved.

(m)              
Additional Payments upon Termination Due to Death or Disability. In the event of the termination of Executive’s employment
due to death or Disability, then, in addition to the payments and benefits described in Section 6(a), the Company shall pay to Executive,
or, in the event of Executive’s death, Executive’s estate, a pro-rata portion of Executive’s earned Annual Bonus for
the fiscal year in which the Date of Termination occurs, pro-rata based on days elapsed in such fiscal year through the Date of Termination
and calculated based on actual performance, paid on the same date when Annual Bonuses for the fiscal year are paid to other officers of
the Company, but not before January 1 of the year following the year in which the Date of Termination occurs or after December 31
of such year.

7.                  
Assignment and Successors. The Company shall assign its rights and obligations under this Agreement to any successor to all
or substantially all of the business or the assets of the Company (by merger or otherwise). This Agreement shall be binding upon and inure
to the benefit of the Company, Executive, and their respective successors, assigns, personnel, and legal representatives, executors, administrators,
heirs, distributees, devisees, and legatees, as applicable. None of Executive’s rights or obligations may be assigned or transferred
by Executive, other than Executive’s rights to payments hereunder, which may be transferred only by will, operation of law, or as
otherwise provided herein.

8.                  
Miscellaneous Provisions.

(a)                
Confidentiality Agreement. Executive and the Company are parties to that certain Employee Proprietary Information and Invention
Assignment Agreement, dated July 8, 2016 (as may be amended or restated from time to time, the “PIIAA”).
The PIIAA shall survive the termination of this Agreement and Executive’s employment with the Company for the applicable period(s)
set forth therein. Notwithstanding the foregoing, in the event of any conflict between the terms of the PIIAA and the terms of this Agreement,
the terms of this Agreement shall prevail in all respects.

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(b)                
Non-Solicitation of Employees. During the Term and for a period of twenty-four (24) months following Executive’s
Date of Termination, Executive shall not, either directly or indirectly, (i) solicit for employment by any individual, corporation,
firm, or other business, any employees, consultants, independent contractors, or other service providers of the Company or any of its
affiliates or (ii) solicit any employee or consultant of the Company or any of its affiliates to leave the employment or consulting
of or cease providing services to the Company or any of its affiliates; provided, however, that the foregoing clauses (i)
and (ii) shall not apply to a general advertisement or solicitation (or any hiring pursuant to such advertisement or solicitation)
that is not specifically targeted to such employees or consultants.

(c)                
Non-Competition. During the Term and for a period of twelve (12) months following Executive’s Date of Termination,
Executive shall not, directly or indirectly, whether as principal, agent, partner, officer, director, stockholder, employee, consultant,
or otherwise, alone or in association with any other person or entity, own, manage, operate, control, participate in, invest in (other
than an investment that results in Executive owning less than 5% of the outstanding voting stock of a publicly traded company), or
carry on a business that is in direct competition with the products and services offered by the Company, or, to Executive’s knowledge,
planned to be offered by the Company, as of the date of the termination of Executive’s employment.

(d)                
Governing Law. This Agreement shall be governed, construed, interpreted, and enforced in accordance with its express terms,
and otherwise in accordance with the substantive laws of the State of New York, without giving effect to any principles of conflicts of
law, whether of the State of New York or any other jurisdiction, and where applicable, the laws of the United States, that would result
in the application of the laws of any other jurisdiction.

(e)                
Validity. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity
or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

(f)                 
Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but
all of which together will constitute one and the same Agreement. Signatures delivered by facsimile shall be deemed effective for all
purposes.

(g)                
Entire Agreement. The terms of this Agreement once effective, together with the PIIAA, are intended by the Parties to be
the final expression of their agreement with respect to the employment of Executive by the Company and supersede all prior understandings
and agreements, whether written or oral, regarding Executive’s service to the Company. The Parties further intend that, as of the
Effective Date, this Agreement, together with the PIIAA, shall constitute the complete and exclusive statement of their terms and that
no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding to vary the terms of this
Agreement or the PIIAA. Notwithstanding the foregoing, in the event of any conflict between the terms of the PIIAA and the terms of this
Agreement, the terms of this Agreement shall prevail in all respects.

(h)                
Amendments; Waivers. This Agreement may not be modified, amended, or terminated except by an instrument in writing signed
by Executive and a duly authorized representative of the Company. By an instrument in writing similarly executed, Executive or a duly
authorized officer of the Company, as applicable, may waive compliance by the other Party with any specifically identified provision of
this Agreement that such other Party was or is obligated to comply with or perform; provided, however, that such waiver shall not
operate as a waiver of, or estoppel with respect to, any other or subsequent failure. No failure to exercise and no delay in exercising
any right, remedy, or power hereunder shall preclude any other or further exercise of any other right, remedy, or power provided herein
or by law or in equity.

(i)                  
Dispute Resolution. To ensure the timely and economical resolution of disputes that arise in connection with this Agreement,
Executive and the Company agree that any and all controversies, claims, and disputes arising out of or relating to this Agreement, including,
without limitation, any alleged violation of its terms, shall be resolved solely and exclusively by final and binding arbitration held
in New York, New York through JAMS in conformity with New York law and the then-existing JAMS employment arbitration rules, which can
be found at https://www.jamsadr.com/rules-employment-arbitration/. The arbitrator shall (a) provide adequate discovery for the resolution
of the dispute and (b) issue a written arbitration decision, to include the arbitrator’s

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essential findings and conclusions
and a statement of the award. The arbitrator shall award the prevailing Party attorneys’ fees and expert fees, if any. Notwithstanding
the foregoing, it is acknowledged that it will be impossible to measure in money the damages that would be suffered if the Parties fail
to comply with any of the obligations imposed on them under the PIIAA, and that in the event of any such failure, an aggrieved person
will be irreparably damaged and will not have an adequate remedy at law. Any such person shall therefore be entitled to injunctive relief,
including specific performance, to enforce such obligations, and if any action shall be brought in equity to enforce any of the provisions
of the PIIAA, none of the Parties shall raise the defense that there is an adequate remedy at law. Executive and the Company understand
that by agreement to arbitrate any claim pursuant to this Section 8(i), they will not have the right to have any claim decided by
a jury or a court, but shall instead have any claim decided through arbitration. Executive and the Company waive any constitutional or
other right to bring claims covered by this Agreement other than in their individual capacities. Except as may be prohibited by applicable
law, the foregoing waiver includes the ability to assert claims as a plaintiff or class member in any purported class or representative
proceeding.

(j)                 
Enforcement. If any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future
laws, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable
provision had never comprised a portion of this Agreement, and the remaining provisions of this Agreement shall remain in full force and
effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance from this Agreement. Furthermore,
in lieu of such illegal, invalid, or unenforceable provision there shall be added automatically as part of this Agreement a provision
as similar in terms to such illegal, invalid, or unenforceable provision as may be possible and be legal, valid, and enforceable.

(k)                
Withholding. The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state,
local, or foreign withholding or other taxes or charges that the Company is required to withhold. The Company shall be entitled to rely
on an opinion of counsel if any questions as to the amount or requirement of withholding shall arise.

(l)                  
Whistleblower Protections and Trade Secrets. Notwithstanding anything to the contrary contained herein, nothing in this
Agreement prohibits Executive from reporting possible violations of federal law or regulation to any United States governmental agency
or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934
or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or
regulation (including the right to receive an award for information provided to any such government agencies). Furthermore, in accordance
with 18 U.S.C. § 1833, notwithstanding anything to the contrary in this Agreement, (i) Executive shall not be in breach
of this Agreement, and shall not be held criminally or civilly liable under any federal or state trade secret law (x) for the disclosure
of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose
of reporting or investigating a suspected violation of law or (y) for the disclosure of a trade secret that is made in a complaint
or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (ii) if Executive files a lawsuit
for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the trade secret to Executive’s
attorney, and may use the trade secret information in the court proceeding, if Executive files any document containing the trade secret
under seal and does not disclose the trade secret except pursuant to court order.

(m)              
Clawback Policy. Executive acknowledges that his Annual Bonus and equity compensation shall be subject to “claw back”
in accordance with applicable Company policy and applicable law.

9.                  
Prior Employment. Executive represents and warrants that Executive’s acceptance of employment with the Company has not
breached, and the performance of Executive’s duties hereunder will not breach, any duty owed by Executive to any prior employer
or other person. Executive further represents and warrants to the Company that (a) the performance of Executive’s obligations
hereunder will not violate any agreement between Executive and any other person, firm, organization, or other entity; (b) Executive
is not bound by the terms of any agreement with any previous employer or other party to refrain from competing, directly or indirectly,
with the business of such previous employer or other party that would be violated by Executive entering into this Agreement and/or providing
services to the Company pursuant to the terms of this Agreement; and (c) Executive’s performance of Executive’s duties
under this Agreement will not require Executive to, and

    	8

    	 

    

Executive shall not, rely on in the performance of Executive’s duties or
disclose to the Company or any other person or entity or induce the Company in any way to use or rely on any trade secret or other confidential
or proprietary information or material belonging to any previous employer of Executive.

10.               
Golden Parachute Excise Tax.

(a)                
Best Pay. Any provision of this Agreement to the contrary notwithstanding, if any payment or benefit Executive would receive
from the Company pursuant to this Agreement or otherwise (“Payment”) would (i) constitute a “parachute
payment” within the meaning of Section 280G of the Code and (ii) but for this sentence, be subject to the excise tax imposed
by Section 4999 of the Code (the “Excise Tax”), then such Payment will be equal to the Reduced Amount (as
defined below). The “Reduced Amount” will be either (A) the largest portion of the Payment that would result
in no portion of the Payment (after reduction) being subject to the Excise Tax or (B) the entire Payment, whichever amount after
taking into account all applicable federal, state, and local employment taxes, income taxes, and the Excise Tax (all computed at the highest
applicable marginal rate, net of the maximum reduction in federal income taxes that could be obtained from a deduction of such state and
local taxes), results in Executive’ s receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or
some portion of the Payment may be subject to the Excise Tax. If a reduction in a Payment is required pursuant to the preceding sentence
and the Reduced Amount is determined pursuant to clause (A) of the preceding sentence, the reduction shall occur in the manner (the
“Reduction Method”) that results in the greatest economic benefit for Executive. If more than one method of
reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction
Method”). Notwithstanding the foregoing, if the Reduction Method or the Pro Rata Reduction Method would result in any portion
of the Payment being subject to taxes pursuant to Section 409A (as defined below) that would not otherwise be subject to taxes pursuant
to Section 409A, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as to avoid
the imposition of taxes pursuant to Section 409A as follows: (1) as a first priority, the modification shall preserve, to the
greatest extent possible, the greatest economic benefit for Executive as determined on an after-tax basis; (2) as a second priority,
Payments that are contingent on future events (e.g., being terminated without cause), shall be reduced (or eliminated) before Payments
that are not contingent on future events; and (3) as a third priority, Payments that are “deferred compensation” within
the meaning of Section 409A shall be reduced (or eliminated) before Payments that are not deferred compensation within the meaning
of Section 409A.

(b)                
Accounting Firm. The accounting firm engaged by the Company for general tax purposes as of the day prior to the Change in
Control will perform the calculations set forth in Section 10(a). If the firm so engaged by the Company is serving as the accountant
or auditor for the acquiring company, the Company will appoint a nationally recognized accounting firm to make the determinations required
hereunder. The Company will bear all expenses with respect to the determinations by such firm required to be made hereunder. The accounting
firm engaged to make the determinations hereunder will provide its calculations, together with detailed supporting documentation, to the
Company within thirty (30) days before the consummation of a Change in Control (if requested at that time by the Company) or such
other time as requested by the Company. If the accounting firm determines that no Excise Tax is payable with respect to a Payment, either
before or after the application of the Reduced Amount, it will furnish the Company with documentation reasonably acceptable to the Company
that no Excise Tax will be imposed with respect to such Payment. Any good-faith determinations of the accounting firm made hereunder will
be final, binding, and conclusive upon the Company and Executive.

11.               
Section 409A.

(a)                
General. The intent of the Parties is that the payments and benefits under this Agreement comply with or be exempt from
Section 409A of the Code and the Department of Treasury regulations and other interpretive guidance issued thereunder, including,
without limitation, any such regulations or other guidance that may be issued after the Effective Date (“Section 409A”),
and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. If Executive notifies
the Company that Executive has received advice of tax counsel of a national reputation with expertise in Section 409A that any provision
of this Agreement would cause Executive to incur any additional tax or interest under Section 409A (with specificity as to the reason
therefor) or the Company independently makes such determination, the Company and Executive shall take commercially reasonable efforts
to reform such provision to try to comply with or be exempt from Section 409A through good-faith modifications to the minimum extent
reasonably appropriate to conform with Section 409A,

    	 9

    	 

    

provided that any such modifications shall not increase the cost or liability
to the Company. To the extent that any provision hereof is modified in order to comply with or be exempt from Section 409A, such
modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic
benefit to Executive and the Company of the applicable provision without violating the provisions of Section 409A.

(b)                
Separation from Service. Notwithstanding any provision to the contrary in this Agreement, (i) no amount that constitutes
“deferred compensation” under Section 409A shall be payable pursuant to Section 6 unless the termination of Executive’s
employment constitutes a “separation from service” within the meaning of Section 1.409A-1(h) of the Department of Treasury
Regulations (“Separation from Service”); (ii) for purposes of Section 409A, Executive’s
right to receive installment payments shall be treated as a right to receive a series of separate and distinct payments; and (iii) to
the extent that any reimbursement of expenses or in-kind benefits constitutes “deferred compensation” under Section 409A,
such reimbursement or benefit shall be provided no later than December 31 of the year following the year in which the expense was
incurred. The amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year.
The amount of any in-kind benefits provided in one year shall not affect the amount of in-kind benefits provided in any other year.

(c)                
Specified Employee. Notwithstanding anything in this Agreement to the contrary, if Executive is deemed by the Company at
the time of Executive’s Separation from Service to be a “specified employee” for purposes of Section 409A, to the
extent that delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement is required in order
to avoid a prohibited distribution under Section 409A, such portion of Executive’s benefits shall not be provided to Executive
prior to the earlier of (i) the expiration of the six (6)-month period measured from the date of Executive’s Separation from
Service with the Company or (ii) the date of Executive’s death. Upon the first business day following the expiration of the
applicable Section 409A period, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to Executive
(or Executive’s estate or beneficiaries), and any remaining payments due to Executive under this Agreement shall be paid as otherwise
provided herein.

(d)                
Release. Notwithstanding anything to the contrary in this Agreement, to the extent that any payments due under this Agreement
or otherwise as a result of Executive’s termination of employment are subject to Executive’s execution and delivery of a Release,
(i) the Company shall deliver the Release to Executive within ten (10) business days following Executive’s Date of Termination,
and the Company’s failure to deliver a Release prior to the expiration of such ten (10) business-day period shall constitute a waiver
of any requirement to execute a Release, (ii) if Executive fails to execute the Release on or prior to the Release Expiration Date
(as defined below) or timely revokes Executive’s acceptance of the Release thereafter, Executive shall not be entitled to any payments
or benefits otherwise conditioned on the Release, and (iii) in any case where Executive’s Date of Termination and the Release
Expiration Date fall in two separate taxable years, any payments required to be made to Executive that are conditioned on the Release
and are treated as nonqualified deferred compensation for purposes of Section 409A shall be made in the later taxable year. For purposes
of this Section 11(d), “Release Expiration Date” shall mean the date that is twenty-one (21) days
following the date upon which the Company timely delivers the Release to Executive, or, in the event that Executive’s termination
of employment is “in connection with an exit incentive or other employment termination program” (as such phrase is defined
in the Age Discrimination in Employment Act of 1967), the date that is forty-five (45) days following such delivery date.
To the extent that any payments of nonqualified deferred compensation (within the meaning of Section 409A) due under this Agreement
or otherwise as a result of Executive’s termination of employment are delayed pursuant to this Section 11(d), such amounts
shall be paid in a lump sum on the first payroll date following the date that Executive executes and does not revoke the Release (and
the applicable revocation period has expired) or, in the case of any payments subject to Section 11(d)(iii), on the first payroll
period to occur in the subsequent taxable year, if later.

12.               
Employee Acknowledgement. Executive acknowledges that Executive has read and understands this Agreement, is fully aware of
its legal effect, has not acted in reliance upon any representations or promises made by the Company other than those contained in writing
herein, and has entered into this Agreement freely based on Executive’s own judgment.

[Signature Page Follows]

 

    	 10

    	 

    

The Parties have executed this Agreement as
of the Agreement Date.

 

	
SEELOS THERAPEUTICS, INC.
	By:	/s/ Brian Lian, Ph.D. 
	Name:	Brian Lian, Ph.D.
	Its:	Director
	 	 
	 	 
	EXECUTIVE
	By:	/s/ Raj Mehra, Ph.D. 
	Name:	Raj Mehra, Ph.D.

 

 

 

 

 

 

 

 

 

 

    	 11Exhibit 10.1

 

PROMISSORY NOTE

 

	$800,000	 	As of January 7, 2022

 

CC Neuberger Principal
Holdings II (“Maker”) promises to pay to the order of CC Neuberger Principal Holdings II Sponsor LLC or its successors or
assigns (“Payee”) the principal sum of Eight Hundred Thousand Dollars and No Cents ($800,000) in lawful money of the United
States of America, on the terms and conditions described below.

 

1.    Principal.
The principal balance of this Note shall be repayable on the consummation of the Maker’s initial merger, stock exchange, asset acquisition,
stock purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities (a “Business
Combination”). Payee understands that if a Business Combination is not consummated, this Note will not be repaid and all amounts
owed hereunder will be forgiven except to the extent that the Maker has funds available to it outside of its trust account established
in connection with its initial public offering.

 

2. Interest.
No interest shall accrue on the unpaid principal balance of this Note.

 

3.    Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this
Note, including (without limitation) reasonable attorneys’ fees, then to the payment in full of any late charges and finally to
the reduction of the unpaid principal balance of this Note.

 

4. Events of
Default. The following shall constitute Events of Default:

 

(a)    Failure
to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days following the date
when due.

 

(b)    Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under the Federal Bankruptcy Code, as now constituted or hereafter
amended, or any other applicable federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the
consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other
similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors,
or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance
of any of the foregoing.

 

(c)    Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of maker
in an involuntary case under the Federal Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state bankruptcy,
insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official)
of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance
of any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

5. Remedies.

 

(a)    Upon
the occurrence of an Event of Default specified in Section 4(a), Payee may, by written notice to Maker, declare this Note to be due
and payable, whereupon the principal amount of this Note, and all other amounts payable thereunder, shall become immediately due and payable
without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein
or in the documents evidencing the same to the contrary notwithstanding.

 

(b)    Upon
the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of, and all other sums payable
with regard to, this Note shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.

 

     

     

    

 

6.    Conversion.
Upon consummation of a Business Combination, the Payee shall have the option, but not the obligation, to convert the principal balance
of this Note, in whole or in part at the option of the Payee, into Private Placement Warrants (as defined in that certain Warrant Agreement,
dated August 4, 2020, by and between the Maker and Continental Stock Transfer & Trust Company), at a price of $1.00 per Private Placement
Warrant. As promptly after notice by Payee to Maker to convert the principal balance of this Note, which must be made at least 24 hours
prior to the consummation of the Business Combination, as reasonably practicable and after Payee’s surrender of this Note, Maker
shall have issued and delivered to Payee, without any charge to Payee, a warrant certificate or certificates (issued in the name(s) requested
by Payee), or made appropriate book-entry notation on the books and records of the Maker, for the number of Warrants of Maker issuable
upon the conversion of this Note.

 

7.    Waivers.
Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the
terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or
personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing
for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that
may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such
writ in whole or in part in any order desired by Payee.

 

8.    Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the
payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall
not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee,
and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment
or other provisions of this Note, and agree that additional makers, endorsers, guarantors, or sureties may become parties hereto without
notice to them or affecting their liability hereunder.

 

9.    Notices.
Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally
delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery,
(iv) sent by telefacsimile or (v) sent by e-mail, to the following addresses or to such other address as either party
may designate by notice in accordance with this Section:

 

If to Maker:

 

CC Neuberger Principal Holdings II

200 Park Avenue, 58th Floor

New York, NY 10166

 

If to Payee:

 

CC Neuberger Principal Holdings II Sponsor LLC

200 Park Avenue, 58th Floor

New York, NY 10166

 

Notice shall be deemed given on the earlier
of (i) actual receipt by the receiving party, (ii) the date shown on a telefacsimile transmission confirmation, (iii) the
date on which an e-mail transmission was received by the receiving party’s on-line access provider (iv) the
date reflected on a signed delivery receipt, or (vi) two (2) Business Days following tender of delivery or dispatch by express mail
or delivery service.

 

10. Trust Waiver.
Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”)
in or to any distribution of or from the trust account established in which proceeds of the Makers initial public offering of securities
(“IPO”) (including the deferred underwriters discounts and commissions) and proceeds of the sale of the warrants issued in
a private placement which occurred in connection with the consummation of the IPO are deposited, as described in greater detail in the
registration statement and prospectus filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees
not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.

 

11.    Construction.
This Note shall be construed and enforced in accordance with the domestic, internal law, but not the law of conflict of laws, of the State
of New York.

 

     

     

    

 

12.    Severability.
Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

[Remainder of Page
Intentionally Left Blank]

 

     

     

    

 

 IN WITNESS WHEREOF, Maker, intending
to be legally bound hereby, has caused this Note to be duly executed by its Chief Financial Officer the day and year first above written.

 

 

	 	 	 	 
	 	CC Neuberger Principal Holdings II
	 	 	 
	 	By:	 	
    /s/ Matthew Skurbe 

	 	Name:	 	Matthew Skurbe
	 	Title:	 	Chief Financial Officer

 

 

	Agreed and Acknowledged:	 
	 	 
	CC Neuberger Principal Holdings II Sponsor LLC	 
	a Delaware limited liability company	 
	 	 
	By:	/s/ Matthew Skurbe	 
	 	Name: 	Matthew Skurbe	 
	 	Title:	Authorized Signatory	 

 

 

    [Signature Page to Promissory Note]

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