Document:

Exhibit 10.1

 

THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY
AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN
OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount: Up to $1,500,000.00	November 2, 2020

 

 

Churchill Capital Corp II, a Delaware corporation
(“Maker”), promises to pay to the order of Churchill Sponsor II LLC, or its registered assigns or successors
in interest or order (“Payee”), the principal sum of up to One Million Five Hundred Thousand Dollars ($1,500,000.00)
in lawful money of the United States of America, on the terms and conditions described below.

 

All payments on this Note (unless the full
principal is converted pursuant to Section 15 below) shall be made by check or wire transfer of immediately available funds to
such account as Payee may from time to time designate by written notice in accordance with the provisions of this Note.

 

		1.	Repayment. The principal balance of this Note shall be payable on the earliest to occur
of (i) the date on which Maker consummates its initial business combination and (ii) the date that the winding up of Maker is effective
(such date, the “Maturity Date”). The principal balance may be prepaid at any time, at the election of Maker.

 

		2.	Interest. This Note shall be non-interest bearing.

 

		3.	Drawdown Requests. Payee, in its sole and absolute discretion, may fund up to One Million
Five Hundred Thousand Dollars ($1,500,000.00) for working capital expenditures prior to Maker’s consummation of an initial
business combination. The principal of this Note may be drawn down from time to time until the date on which Maker consummates
its initial business combination, upon written request from Maker to Payee (each, a “Drawdown Request”). Each
Drawdown Request must state the amount to be drawn down, and must be in multiples of not less than Ten Thousand Dollars ($10,000)
unless agreed upon by Maker and Payee. Payee, in its sole discretion, shall fund each Drawdown Request no later than five (5) business
days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively under this Note
shall not exceed One Million Five Hundred Thousand Dollars ($1,500,000.00). Once an amount is drawn down under this Note, it shall
not be available for future Drawdown Requests even if prepaid. Except as set forth herein, no fees, payments or other amounts shall
be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.

 

     

     

    

 

2

 

		4.	Application of Payments. All payments received by Payee pursuant to this Note shall be applied
first to the payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation)
reasonable attorney’s fees, and then to the reduction of the unpaid principal balance of this Note.

 

		5.	Events of Default. The following shall constitute an event of default (“Event of
Default”):

 

		(a)	Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to
this Note within five (5) business days of the Maturity Date.

 

		(b)	Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable 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 any applicable 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.

 

		6.	Remedies.

 

		(a)	Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written
notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note and all
other amounts payable hereunder, 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 5(b) and 5(c) hereof, the unpaid
principal balance of this Note and all other amounts payable hereunder, shall automatically and immediately become due and payable,
in all cases without any action on the part of Payee.

 

     

     

    

 

3

 

		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 this 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 or personal property 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, except as set forth in Section 12, 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 agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to
Maker or affecting Maker’s liability hereunder.

 

		9.	Notices. All notices, statements or other documents which are required or contemplated by
this Note shall be: (i) in writing and delivered personally or sent by first class registered or certified mail, overnight courier
service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently
provided to such party or such other address or fax number as may be designated in writing by such party and (iii) by electronic
mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated
in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery,
if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission,
one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

		10.	Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW
YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

 

		11.	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.

 

     

     

    

 

4

 

		12.	Trust Waiver. Notwithstanding anything herein to the contrary, Payee hereby waives any claim
in or to any distribution of or from the trust account (the “Trust Account”) established in connection with
Maker’s initial public offering (the “IPO”), and hereby agrees not to seek recourse, reimbursement, payment
or satisfaction for any claim against the Trust Account for any reason whatsoever; provided, however, that upon the consummation
of the initial business combination, Maker may repay the principal balance of this Note out of the proceeds released to Maker from
the Trust Account.

 

		13.	Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with,
and only with, the written consent of Maker and Payee.

 

		14.	Assignment. No assignment or transfer of this Note or any rights or obligations hereunder
may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto
and any attempted assignment without the required consent shall be void; provided, however, that the foregoing shall not
apply to an affiliate of Payee who agrees to be bound to the terms of this Note.

 

		15.	Conversion.

 

		(a)	Notwithstanding anything contained in this Note to the contrary, at Payee’s option, at any
time prior to payment in full of the principal balance of this Note, Payee may elect to convert all or any portion of the unpaid
principal balance of this Note into that number of warrants to purchase one share of Class A Common Stock, $0.0001 par value per
share, of the Maker (the “Working Capital Warrants”) equal to the principal amount of the Note so converted
divided by $1.00 (one dollar). The Working Capital Warrants shall be identical to the warrants issued by the Maker to the Payee
in a private placement at the time of the Maker’s initial public offering. The Working Capital Warrants and their underlying
securities, and any other equity security of Maker issued or issuable with respect to the foregoing by way of a stock dividend
or stock split or in connection with a combination of shares, recapitalization, amalgamation, consolidation or reorganization,
shall be entitled to the registration rights set forth in Section 16 hereof.

 

		(b)	Upon any complete or partial conversion of the principal amount of this Note, (i) such principal
amount shall be so converted and such converted portion of this Note shall become fully paid and satisfied, (ii) Payee shall surrender
and deliver this Note, duly endorsed, to Maker or such other address which Maker shall designate against delivery of the Working
Capital Warrants, (iii) Maker shall promptly deliver a new duly executed Note to Payee in the principal amount that remains outstanding,
if any, after any such conversion and (iv) in exchange for all or any portion of the surrendered Note, Maker shall, at the direction
of Payee, deliver to Payee (or its members or their respective affiliates or their designees) (Payee or such other persons, the
 “Holders”) the Working Capital Warrants, which shall bear such legends as are
required, in the opinion of counsel to Maker or by any other agreement between Maker and Payee and applicable state and federal
securities laws.

 

     

     

    

 

5

 

		(c)	The Holders shall pay any and all issue and other taxes that may be payable with respect to any
issue or delivery of the Working Capital Warrants upon conversion of this Note pursuant hereto; provided, however, that the Holders
shall not be obligated to pay any transfer taxes resulting from any transfer requested by the Holders in connection with any such
conversion.

 

		(d)	The Working Capital Warrants shall not be issued upon conversion of this Note unless such issuance
and such conversion comply with all applicable provisions of law.

 

		16.	Registration Rights.

 

		(a)	Reference is made to that certain Amended and Restated Registration Rights Agreement between Maker
and the parties thereto, dated as of October 12, 2020 (as the same may be amended and/or restated, the “Registration Rights
Agreement”). All capitalized terms used in this Section 16 shall have the same meanings ascribed to them in the Registration
Rights Agreement.

 

		(b)	The Working Capital Warrants shall be considered “Registrable Securities” for all purposes
under the Registration Rights Agreement; provided, that, any Holder not already party to the Registration Rights Agreement shall
execute a joinder thereto, agreeing to be bound by all of the terms and conditions of the Registration Rights Agreement as a “Holder”
thereunder.

 

[Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF, Maker, intending
to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

 

	 	CHURCHILL CAPITAL CORP II
	 	 	 
	 	By:	/s/ Peter Seibold
	 	 	Name:   Peter Seibold 
	 	 	Title:    Chief Financial Officer

 

[Signature page to Promissory Note]

 

     

     

    

 

7

 

Accepted and agreed this 2nd day of November, 2020

 

	CHURCHILL SPONSOR II LLC	 
	 	 	 
	By: 	/s/ Jay Taragin	 
	Name: Jay Taragin	 
	Title: Chief Financial OfficerExhibit 10.16

 

[***] Text omitted pursuant to Item

601(a)(6) of Regulation S-K

 

October 19, 2020

Narayan Prabhu, CPA

[***]

 

Re:               Offer of Employment by Reviva Pharmaceuticals,
Inc.

 

Dear Narayan:

 

I
am very pleased to confirm our offer to you of the position of Chief Financial Officer of Reviva Pharmaceuticals, Inc. (the “Company”),
effective upon and subject to the Closing (as defined below). As you know,  the Company, is a party to an Agreement and
Plan of Merger, dated as of July 20, 2020, with Tenzing Acquisition Corp. (“Tenzing”) and certain other
parties, pursuant to which the Company will become a wholly-owned subsidiary of Tenzing upon the closing (the “Closing”)
of the merger described in such agreement. If the Closing does not occur on or prior to December 28, 2020, the offer described
in this letter shall be deemed void ab initio and this letter agreement shall have no further force or effect.

 

At or following the
Closing, the Company may unilaterally assign this letter to Tenzing in which case you shall be employed as Chief Financial Officer
of Tenzing and all references herein to the “Company” shall be deemed to refer to Tenzing.

 

This letter outlines
the terms and conditions of your employment offer.

 

1.                 
Duties. Your duties and responsibilities shall be those duties and responsibilities typical of a chief financial
officer of a publicly traded company of the Company’s size, and such other duties and responsibilities for the Company and
its subsidiaries consistent with such position as are assigned to you by the Company’s Chief Executive Officer or the board
of directors of the Company (the “Board”). Your principal place of employment will be the Company’s
principal executive office (currently located in Cupertino, California); provided that you may be required to travel on Company
business from time to time. You will be required to devote substantially all of your business time and attention to the performance
of your duties and you may not engage in any other business, profession, or occupation for compensation or otherwise which would
conflict or interfere with the performance of such services either directly or indirectly without the prior written consent of
the Board. Your position is classified as exempt from the state and federal wage and hour laws, so you will not be eligible to
receive overtime pay.

 

2.                 
Starting Salary. Your starting salary will be Two-Hundred-Seventy-Five Thousand dollars ($275,000) per year,
payable in accordance with the Company’s normal payroll practices, subject to withholding and applicable deductions and will
be subject to periodic review.

 

Reviva Pharmaceuticals,
Inc.

19925
Stevens Creek Blvd., Suite 100, Cupertino, CA 95014, USA

(408)
501.8881 (phone) 1⁄2 (408) .904.6270 (fax)

www.revivapharma.com

 

     

     

    

 

Employment
Offer

Page
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3.                 
Bonuses. You may be awarded bonuses from time to time in the discretion of the Board.

 

4.                 
Stock Options. We will recommend to the Board that you be granted a stock option (the “Option”)
under our 2020 Equity Incentive Plan (the “Plan”) to purchase up to Fifty Thousand (50,000) shares of
the Company’s common stock at an exercise price per share equal to the fair market value of the Company’s common stock
on the date of grant, as determined by the Board (or an appropriate committee thereof). The Option will vest (become exercisable)
at the rate of twenty-five percent (25%) of the shares subject thereto upon the one year anniversary of your employment with the
Company, and as to an additional 2.0833% of the shares subject to the Option on the last day of each month thereafter, provided
that you remain employed by the Company on each such vesting date. The grant of such Option is subject to approval of the Board.
The Option will be subject to the terms of the Plan and the Company’s form of grant agreement evidencing the terms and conditions
of the Option. You will also be eligible to receive from time to time such additional equity grants or awards, if any, pursuant
to the terms of the Plan (or any successor plan as may be in place from time to time) as may be approved by the Board (or an appropriate
committee thereof). Such grants or awards will be subject to the terms and conditions of the Plan (or any successor plan as may
be in place from time to time) and such other terms and conditions as the Board (or an appropriate committee thereof) in its discretion
may establish.

 

5.                 
Benefits. You will be eligible to participate in such health insurance and other employee benefit plans established
by the Company, subject to the terms of such plans, on a basis which is no less favorable than is provided to other senior executives
of the Company from time to time. The Company reserves the right to change or otherwise modify, in its sole discretion, the preceding
terms of employment. You will be entitled to up to twenty (20) paid vacation days per calendar year in accordance with the Company’s
vacation policies, as in effect from time to time. You will receive other paid time-off for holidays and sick leave in accordance
with the Company’s policies for executive officers as such policies may exist from time to time.

 

6.                 
Confidentiality.

 

(a)  
 For purposes of this letter, “Confidential Information” includes, but is not limited to, all
information not generally known to the public, in spoken, printed, electronic or any other form or medium, relating directly or
indirectly to: business processes, practices, methods, policies, plans, publications, documents, research, operations, services,
strategies, techniques, agreements, contracts, terms of agreements, transactions, potential transactions, negotiations, pending
negotiations, know-how, trade secrets, computer programs, computer software, applications, operating systems, software design,
web design, work-in-process, databases, manuals, records, articles, systems, material, sources of material, supplier information,
vendor information, financial information, results, accounting information, accounting records, legal information, marketing information,
advertising information, pricing information, credit information, design information, payroll information, staffing information,
personnel information, employee lists, supplier lists, vendor lists, developments, reports, internal controls, security procedures,
graphics, drawings, sketches, market studies, sales information, revenue, costs, formulae, notes, communications, algorithms, product
plans, designs, styles, models, ideas, audiovisual programs, inventions, unpublished patent applications, original works of authorship,
discoveries, experimental processes, experimental results, specifications, customer information, customer lists, client information,
client lists, manufacturing information, factory lists, distributor lists, and buyer lists of the Company Group or its businesses
or any existing or prospective customer, supplier, investor or other associated third party, or of any other person or entity that
has entrusted information to the Company Group in confidence. The term “Company Group” shall mean, for
purposes of this letter, the Company and its parent companies, affiliates, subsidiaries, partners, and limited partners.

 

Reviva Pharmaceuticals,
Inc.

19925
Stevens Creek Blvd., Suite 100, Cupertino, CA 95014, USA

(408)
501.8881 (phone) 1⁄2 (408) .904.6270 (fax)

www.revivapharma.com

 

     

     

    

 

Employment
Offer

 Page 3

 

(b)  
 You understand that the above list is not exhaustive, and that Confidential Information also includes other information
that is marked or otherwise identified as confidential or proprietary, or that would otherwise appear to a reasonable person to
be confidential or proprietary in the context and circumstances in which the information is known or used.

 

(c)  
 You understand and agree that Confidential Information includes information developed by you in the course of your employment
by the Company as if the Company furnished the same Confidential Information to you in the first instance. Confidential Information
shall not include information that is generally available to and known by the public at the time of disclosure to you; provided
that, such knowledge of the public is through no direct or indirect fault of you or person(s) acting on your behalf.

 

(d)   You
agree and covenant: (i) to treat all Confidential Information as strictly confidential; (ii) not to directly or indirectly disclose,
publish, communicate, or make available Confidential Information, or allow it to be disclosed, published, communicated, or made
available, in whole or part, to any entity or person whatsoever (including other employees of the Company Group) not having a
need to know and authority to know and use the Confidential Information in connection with the business of the Company Group and,
in any event, not to anyone outside of the direct employ of the Company Group except as required in the performance of your authorized
employment duties to the Company or with the prior consent of a majority of the Board in each instance (and then, such disclosure
shall be made only within the limits and to the extent of such duties or consent); and (iii) not to access or use any Confidential
Information, and not to copy any documents, records, files, media, or other resources containing any Confidential Information,
or remove any such documents, records, files, media, or other resources from the premises or control of the Company Group, except
as required in the performance of your authorized employment duties to the Company or with the prior consent of the Board. in
each instance (and then, such disclosure shall be made only within the limits and to the extent of such duties or consent). Nothing
herein shall be construed to prevent disclosure of Confidential Information as may be required by applicable law or regulation,
or pursuant to the valid order of a court of competent jurisdiction or an authorized government agency, provided that the disclosure
does not exceed the extent of disclosure required by such law, regulation, or order, provided that you use reasonable efforts
to give the Company notice of its disclosure so that the Company at its own expense can seek to avoid or narrow the disclosure
required.

 

Reviva Pharmaceuticals,
Inc.

19925
Stevens Creek Blvd., Suite 100, Cupertino, CA 95014, USA

(408)
501.8881 (phone) 1⁄2 (408) .904.6270 (fax)

www.revivapharma.com

 

     

     

    

 

Employment
Offer

Page
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(e)  
 In the event of a breach or threatened breach by you of the terms of this section, you consent and agree that the Company
shall be entitled to seek, in addition to other available remedies, a temporary or permanent injunction or other equitable relief
against such breach or threatened breach from any court of competent jurisdiction, without the necessity of showing any actual
damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security.
The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages, or other available
forms of relief.

 

(f)   
 You acknowledge receipt of the following notice under the Defend Trade Secrets Act: (a) An individual will not be held
criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret if he (i) makes such
disclosure in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney and
such disclosure is made solely for the purpose of reporting or investigating a suspected violation of law; or (ii) such disclosure
was made in a complaint or other document filed in a lawsuit or other proceeding if such filing is made under seal; and (b) further,
an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the employer’s
trade secrets to the attorney and use the trade secret information in the court proceeding if the individual: (1) files any document
containing the trade secret under seal; and (2) does not disclose the trade secret, except pursuant to court order. Nothing contained
herein will waive, limit or affect any rights of the Company under any applicable trade secrets laws, including Defend Trade Secrets
Act of 2016, which will be enforceable separate and apart from this letter.

 

7.                 
Proprietary Rights.

 

(a)      You
acknowledge and agree that all right, title, and interest in and to all writings, works of authorship, technology, inventions,
discoveries, processes, techniques, methods, ideas, concepts, research, proposals, materials, and all other work product of any
nature whatsoever, that are created, prepared, produced, authored, edited, amended, conceived, or reduced to practice by you individually
or jointly with others during the period of his/her employment by the Company and relate in any way to the business or contemplated
business, products, activities, research, or development of the Company or result from any work performed by you for the Company
(in each case, regardless of when or where prepared or whose equipment or other resources is used in preparing the same), all rights
and claims related to the foregoing, and all printed, physical and electronic copies, and other tangible embodiments thereof (collectively,
 “Work Product”), as well as any and all rights in and to US and foreign (a) patents, patent disclosures
and inventions (whether patentable or not), (b) trademarks, service marks, trade dress, trade names, logos, corporate names, and
domain names, and other similar designations of source or origin, together with the goodwill symbolized by any of the foregoing,
(c) copyrights and copyrightable works (including computer programs), mask works, and rights in data and databases, (d) trade secrets,
know-how, and other confidential information, and (e) all other intellectual property rights, in each case whether registered or
unregistered and including all registrations and applications for, and renewals and extensions of, such rights, all improvements
thereto and all similar or equivalent rights or forms of protection in any part of the world (collectively, “Intellectual
Property Rights”), shall be the sole and exclusive property of the Company. The assignment provisions in this section
shall apply only to “Employer Inventions” as defined herein and shall not apply to any invention covered
by Section 2870 of the California Labor Code, a copy of which is annexed hereto as Exhibit “A” Employer
Inventions shall mean any Invention that meets any one of the following criteria:

 

Reviva Pharmaceuticals,
Inc.

19925
Stevens Creek Blvd., Suite 100, Cupertino, CA 95014, USA

(408)
501.8881 (phone) 1⁄2 (408) .904.6270 (fax)

www.revivapharma.com

 

     

     

    

 

Employment
Offer

Page
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(i)        Relates,
at the time of conception or reduction to practice of the Invention to: (A) the Company’s business, project or products,
or to the manufacture or utilization thereof; or (B) the actual or demonstrably anticipated research or development of the Company.

 

(ii)       Results
from any work performed directly or indirectly by you for the Company.

 

(iii)      Results,
at least in part, from your use of the Company’s time, equipment, supplies, facilities or trade secret information.

 

(iv)     Provided,
however, that an Employer Invention shall not include any Invention which is developed entirely on your own time without using
the Company’s equipment, supplies, facilities or trade secret information, and which is not related to the Company’s
business (either actual or demonstrably anticipated), and which does not result from work performed for the Company.

 

For purposes
of this letter, Work Product includes, but is not limited to, Company information, including plans, publications, research, strategies,
techniques, agreements, documents, contracts, terms of agreements, negotiations, know-how, computer programs, computer applications,
software design, web design, work in process, databases, manuals, results, developments, reports, graphics, drawings, sketches,
market studies, formulae, notes, communications, algorithms, product plans, product designs, styles, models, audiovisual programs,
inventions, unpublished patent applications, original works of authorship, discoveries, experimental processes, experimental results,
specifications, customer information, client information, customer lists, client lists, manufacturing information, marketing information,
advertising information, and sales information.

 

Reviva Pharmaceuticals,
Inc.

19925
Stevens Creek Blvd., Suite 100, Cupertino, CA 95014, USA

(408)
501.8881 (phone) 1⁄2 (408) .904.6270 (fax)

www.revivapharma.com

 

     

     

    

 

Employment
Offer

Page
 6

 

(b)           You
acknowledge that, by reason of being employed by the Company, to the extent permitted by law, all of the Work Product consisting
of copyrightable subject matter is "work made for hire" as defined in 17 U.S.C. § 101 and such copyrights are therefore
owned by the Company. To the extent that the foregoing does not apply, you hereby irrevocably assign to the Company, for no additional
consideration, your entire right, title, and interest in and to all Work Product and Intellectual Property Rights therein, including
the right to sue, counterclaim, and recover for all past, present, and future infringement, misappropriation, or dilution thereof,
and all rights corresponding thereto throughout the world. Nothing contained in this Agreement shall be construed to reduce or
limit the Company’s rights, title, or interest in any Work Product or Intellectual Property Rights so as to be less in any
respect than that the Company would have had in the absence of this letter.

 

(c)            During
and after your employment, you agree to reasonably cooperate with the Company to (a) apply for, obtain, perfect, and transfer to
the Company the Work Product as well as any and all Intellectual Property Rights in the Work Product in any jurisdiction in the
world; and (b) maintain, protect and enforce the same, including, without limitation, giving testimony and executing and delivering
to the Company any and all applications, oaths, declarations, affidavits, waivers, assignments, and other documents and instruments
as shall be requested by the Company. You hereby irrevocably grant the Company power of attorney to execute and deliver any such
documents on your behalf in your name and to do all other lawfully permitted acts to transfer the Work Product to the Company and
further the transfer, prosecution, issuance, and maintenance of all Intellectual Property Rights therein, to the full extent permitted
by law, if you do not promptly cooperate with the Company’s request (without limiting the rights the Company shall have in
such circumstances by operation of law). The power of attorney is coupled with an interest and shall not be affected by your subsequent
incapacity.

 

(d)           You
understand that this letter does not, and shall not be construed to, grant you any license or right of any nature with respect
to any Work Product or Intellectual Property Rights or any Confidential Information, materials, software, or other tools made available
to you by the Company.

 

8.                 
Security and Access. You agree and covenant (a) to comply with all Company security policies and procedures
as in force from time to time including without limitation those regarding computer equipment, telephone systems, voicemail systems,
facilities access, monitoring, key cards, access codes, Company Group intranet, internet, social media and instant messaging systems,
computer systems, e-mail systems, computer networks, document storage systems, software, data security, encryption, firewalls,
passwords and any and all other Company Group facilities, IT resources and communication technologies (“Facilities
and Information Technology Resources”); (b) not to access or use any Facilities and Information Technology Resources
except as authorized by the Company; and (iii) not to access or use any Facilities and Information Technology Resources in any
manner after the termination of your employment by the Company, whether termination is voluntary or involuntary. You agree to notify
the Company promptly in the event you learn of any violation of the foregoing by others, or of any other misappropriation or unauthorized
access, use, reproduction, or reverse engineering of, or tampering with any Facilities and Information Technology Resources or
other Company Group property or materials by others.

 

Reviva Pharmaceuticals,
Inc.

19925
Stevens Creek Blvd., Suite 100, Cupertino, CA 95014, USA

(408)
501.8881 (phone) 1⁄2 (408) .904.6270 (fax)

www.revivapharma.com

 

     

     

    

 

Employment
Offer

Page
 7

 

9.                 
At Will Employment. While we look forward to a long and profitable relationship, should you decide to accept
our offer, you will be an at-will employee of the Company, which means the employment relationship can be terminated by either
of us for any reason, at any time, with or without prior notice and with or without cause. Any statements or representations to
the contrary (and, indeed, any statements contradicting any provision in this letter) should be regarded by you as ineffective.
Further, your participation in any stock option or benefit program is not to be regarded as assuring you of continuing employment
for any particular period of time. Any modification or change in your at will employment status may only occur by way of a written
employment agreement signed by you and the Chief Executive Officer of the Company.

 

10.               
Exit Obligations. Upon (a) voluntary or involuntary termination of your employment or (b) the Company's request
at any time during your employment, you shall (i) provide or return to the Company any and all Company Group property, including
keys, key cards, access cards, identification cards, security devices, employer credit cards, network access devices, computers,
cell phones, smartphones, PDAs, pagers, fax machines, equipment, speakers, webcams, manuals, reports, files, books, compilations,
work product, e-mail messages, recordings, tapes, disks, thumb drives or other removable information storage devices, hard drives,
negatives and data and all Company Group documents and materials belonging to the Company and stored in any fashion, including
but not limited to those that constitute or contain any Confidential Information or Work Product, that are in your possession or
control, whether they were provided to you by the Company Group or any of its business associates or created by you in connection
with your employment by the Company; and (ii) delete or destroy all copies of any such documents and materials not returned to
the Company that remain in your possession or control, including those stored on any non-Company Group devices, networks, storage
locations, and media in your possession or control.

 

11.               
Authorization to Work. Please note that because of employer regulations adopted in the Immigration Reform
and Control Act of 1986, within three (3) business days of starting your new position you will need to present documentation demonstrating
that you have authorization to work in the United States. If you have questions about this requirement, which applies to U.S. citizens
and non-U.S. citizens alike, you may contact our personnel office.

 

12.              
Arbitration. You and the Company agree to submit to mandatory binding arbitration any and all claims arising
out of or related to your employment with the Company and the termination thereof, including, but not limited to, claims for unpaid
wages, wrongful termination, torts, stock or stock options or other ownership interest in the Company, and/or discrimination (including
harassment) based upon any federal, state or local ordinance, statute, regulation or constitutional provision except that each
party may, at its, his or her option, seek injunctive relief in court related to the improper use, disclosure or misappropriation
of a party’s proprietary, confidential or trade secret information. All arbitration hearings shall be conducted in Santa
Clara County, California. This letter does not restrict your right to file administrative claims you may bring before any government
agency where, as a matter of law, the parties may not restrict the employee’s ability to file such claims (including, but
not limited to, the National Labor Relations Board, the Equal Employment Opportunity Commission and the Department of Labor). However,
the parties agree that, to the fullest extent permitted by law, arbitration shall be the exclusive remedy for the subject matter
of such administrative claims. The arbitration shall be conducted through JAMS before a single neutral arbitrator, in accordance
with the JAMS employment arbitration rules then in effect. The arbitrator shall issue a written decision that contains the essential
findings and conclusions on which the decision is based.

 

Reviva Pharmaceuticals,
Inc.

19925
Stevens Creek Blvd., Suite 100, Cupertino, CA 95014, USA

(408)
501.8881 (phone) 1⁄2 (408) .904.6270 (fax)

www.revivapharma.com

 

     

     

    

 

Employment
Offer

Page
 8

 

13.              
Background Check.  This offer is contingent upon a satisfactory verification of criminal, education,
driving and/or employment background.  This offer can be rescinded based upon data received in the verification.

 

14.               
Entire Agreement. This offer, once accepted, constitutes the entire agreement between you and the Company
with respect to the subject matter hereof and supersedes all prior offers, negotiations and agreements, if any, whether written
or oral, relating to such subject matter. You acknowledge that neither the Company nor its agents have made any promise, representation
or warranty whatsoever, either express or implied, written or oral, which is not contained in this agreement for the purpose of
inducing you to execute the agreement, and you acknowledge that you have executed this letter in reliance only upon such promises,
representations and warranties as are contained herein.

 

15.              
Acceptance. This offer will remain open until October 30, 2020. If you decide to accept our offer, and I hope
you will, please sign the enclosed copy of this letter in the space indicated and return it to me. Your signature will acknowledge
that you have read and understood and agreed to the terms and conditions of this offer letter and the attached documents, if any.
Should you have anything else that you wish to discuss, please do not hesitate to call me.

 

We look forward to
the opportunity to welcome you to the Company.

 

	 	Very truly yours,
	 	 
	 	/s/ Laxminarayan Bhat
	 	Laxminarayan Bhat, PhD,
	 	President and CEO

 

Reviva Pharmaceuticals,
Inc.

19925
Stevens Creek Blvd., Suite 100, Cupertino, CA 95014, USA

(408)
501.8881 (phone) 1⁄2 (408) .904.6270 (fax)

www.revivapharma.com

 

     

     

    

 

Employment
Offer

Page
 9

 

I have read and understood
this nine page letter and hereby acknowledge, accept and agree to the terms as set forth above and further acknowledge that no
other commitments were made to me as part of my employment offer except as specifically set forth herein.

	 	 	 
	/s/ Narayan Prabhu	 	Date signed:	 10/20/2020
	Narayan Prabhu	 	 

 

Reviva Pharmaceuticals,
Inc.

19925
Stevens Creek Blvd., Suite 100, Cupertino, CA 95014, USA

(408)
501.8881 (phone) 1⁄2 (408) .904.6270 (fax)

www.revivapharma.com

 

     

     

    

 

Employment
Offer

Page
 10

 

Exhibit B

 

West's Ann.Cal.Labor Code
 § 2870

 

§ 2870. Employment
agreements; assignment of rights

 (a) Any provision
in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or his rights in an invention
to his or his employer shall not apply to an invention that the employee developed entirely on his or his own time without using
the employer's equipment, supplies, facilities, or trade secret information except for those inventions that either:

 

 (1) Relate at the
time of conception or reduction to practice of the invention to the employer's business, or actual or demonstrably anticipated
research or development of the employer; or

 

 (2) Result from
any work performed by the employee for the employer.

 

 (b) To the extent
a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required
to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable.

 

 Credits 
(Added by Stats.1979, c. 1001, p. 3401, § 1. Amended by Stats.1986, c. 346, § 1; Stats.1991, c. 647 (S.B.879),
 § 5.)

 

Reviva Pharmaceuticals,
Inc.

19925
Stevens Creek Blvd., Suite 100, Cupertino, CA 95014, USA

(408)
501.8881 (phone) 1⁄2 (408) .904.6270 (fax)

www.revivapharma.com

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