Document:

EX-10.7A

 Exhibit 10.7(a) 

SETTLEMENT AGREEMENT AND RELEASE 

I. PREAMBLE 
 WHEREAS: 

 

	 	A.	 The parties to this Settlement Agreement and Release (the “Agreement”) are (i) the State of
Texas, (ii) the Texas Health and Human Services Commission (“HHSC”); and (iii) Xerox Corporation, Conduent Incorporated, Conduent Business Services, LLC, and Conduent State Healthcare, LLC (“Conduent Healthcare”)
(collectively, “DEFENDANTS”). In this Agreement, the State of Texas, HHSC, and DEFENDANTS are each individually referred to as a “Party” and collectively referred to as the “Parties.” 

 

	 	B.	 HHSC and Conduent Healthcare (then known as ACS State Healthcare, LLC) entered into a Texas Medicaid
Claims/Primary Care Case Management Administrative Services Agreement on or about February 12, 2003 (the “2003 Contract”) under which Conduent Healthcare was to provide HHSC with administrative and claims processing services stated in
that Agreement, including without limitation Medicaid-related claims administration and processing services. In connection with the 2003 Contract, Affiliated Computer Services, Inc. provided a guarantee of contractual performance to HHSC. The
contractual services were provided by Conduent Healthcare through a consortium of subcontractors known as the Texas Medicaid & Healthcare Partnership (“TMHP”). 

 

	 	C.	 HHSC and Conduent Healthcare (then known as ACS State Healthcare, LLC) entered into a Medicaid/Children with
Special Healthcare Needs Services, Program Claims Processing, Primary Care Case Management and Pharmacy Claims and Rebate Administration Agreement on or about July 1, 2010 (the “2010

  

					
	SETTLEMENT AGREEMENT AND RELEASE	 	1	 	

	 	
Contract”) under which Conduent Healthcare was to provide the State of Texas with administrative and claims processing services stated in that Agreement, including without limitation
Medicaid-related claims administration and processing services. In connection with the 2010 Contract, Xerox Corporation provided a guarantee of contractual performance to HHSC. These contractual services were likewise provided through the consortium
of subcontractors known as TMHP. 

  

	 	D.	 On or about June 8, 2012, the State of Texas initiated an investigation related to the performance of
administrative and claims processing services provided to HHSC under the 2003 Contract and the 2010 Contract regarding orthodontic services under Texas Medicaid through issuance of a Civil Investigative Demand (“CID”) on ACS State
Healthcare, LLC, and later served additional CIDs and requests for documents and information. 

  

	 	E.	 In May 2014, HHSC sent a Notice of Termination of its contractual relationship with Conduent Healthcare (then
known as Xerox State Healthcare, LLC) (“Notice of Termination”), asserting several grounds for alleged non-compliance with contractual obligations purportedly owed by Conduent Healthcare to HHSC,
including without limitation the claimed failure to “manage the prior authorization program appropriately to determine whether requested orthodontic services were medically necessary,” which HHSC claimed “resulted in substantial fraud
by unscrupulous orthodontic providers who exploited [a] lax prior authorization process by seeking and receiving Medicaid reimbursement for orthodontic services that the providers knew, or should have known, were not medically necessary.”

  

					
	SETTLEMENT AGREEMENT AND RELEASE	 	2	 	

	 	
The Notice of Termination also asserted additional and separate claimed instances of non-compliance with Conduent Healthcare’s contractual obligations
to HHSC, including without limitation claimed violations of the Health Insurance Portability and Accountability Act (“HIPAA”) and related contractual provisions; a claimed failure to implement Pharmacy Claims and Rebate Administration
requirements in a timely manner; a claimed failure to develop and timely submit a disease management file; a claimed provision of late and inaccurate remittance advices; a claimed incorrect processing of claim payments for managed care organization
clients; a claimed failure to timely implement e-prescribing; a claimed failure to implement health information designs timely; a claimed failure to properly manage a conversion to HIPAA compliance standards
for electronic transactions; a failure to properly administer a subcontract involved in an Electronic Data Interchange related to benefit coordination efforts with insurance carriers; and a claimed failure to validate the licenses of five registered
nurses who performed nursing home assessments. 

  

	 	F.	 In May 2014 the State of Texas filed a civil action against DEFENDANTS captioned State of Texas v. Xerox
Corp. et al., Cause No. D-1-GV-14-000581, in the 353rd Judicial District Court of
Travis County, Texas, which includes the Original Petition, dated May 9, 2014, a First Amended Petition, dated January 15, 2016, a Second Amended Petition, dated August 4, 2017, and a Third Amended Petition, dated February 15, 2019
(the “State Action”). Among other things, the State Action includes claims under the Texas Medicaid Fraud Prevention Act. The State of Texas also intervened in a number of other

  

					
	SETTLEMENT AGREEMENT AND RELEASE	 	3	 	

	 	
actions brought in its name by qui tam relators (collectively, and together with any other such qui tam actions filed in state or federal court alleging claims arising out of
Covered Conduct, the “Related Actions”). 

  

	 	G.	 In August 2014, the United States Department of Health and Human Services, Office of Inspector General (“HHS-OIG”) issued an audit report containing findings that HHSC did not ensure that the TMHP prior authorization process was used to determine the medical necessity of orthodontic services. The HHS-OIG audit report cited a failure to enforce “the State agency’s [HHSC’s] contract with TMHP,” under which “prior authorization is a process used to determine the medical necessity of
selected medical services.” The HHS-OIG audit report cited contractual requirements “to review the facts associated with treatments proposed by providers and make determinations regarding the medical
necessity and appropriateness of care,” as well as contractual requirements that “TMHP have a sufficient number of knowledgeable and professional medical personnel to process requests for prior authorization in accordance with State
Medicaid policies and procedures.” As part of its response to the August 2014 audit, HHSC cited its termination of the 2010 Contract due to what HHSC claimed were failures to comply with contractual obligations in the operation of TMHP. In June
2015, HHS-OIG issued a follow-up audit report concluding, among other things, that “Texas made erroneous payments to providers of at least $133 million
(Federal share) over almost 3 years.” The State of Texas thereafter has in fact reimbursed approximately $133 million to the United States Government. The total amount of the Medicaid payments found in the audit to have been allegedly
improperly paid 

  

					
	SETTLEMENT AGREEMENT AND RELEASE	 	4	 	

	 	
was approximately $191 million, with the federal share being approximately $133 million (or approximately 70% of the $191 million) and the State of Texas’s share being
approximately $58 million (or approximately 30% of the $191 million). These audit reports are collectively referred to below as the “Audit Reports.” 

 

	 	H.	 In August 2014, HHSC filed a civil action against Conduent Healthcare (then known as Xerox State Healthcare,
LLC) captioned Texas Health and Human Services Commission v. Xerox State Healthcare, LLC, Cause No.
D-1-GN-14-003203, asserting several grounds for alleged
non-compliance with contractual obligations purportedly owed by Conduent Healthcare to HHSC and seeking, among other things, the return of documents and information HHSC claimed it owned under the 2010
Contract (the “HHSC Action”). 

  

	 	I.	 The allegations in the Audit Reports, the Notice of Termination, the State Action, the Related Actions, and the
HHSC Action arise out of services provided to the State of Texas under the 2003 Contract and the 2010 Contract, including without limitation the prior authorization process for orthodontic services under Texas Medicaid. 

 

	 	J.	 Prior to entering into and reaching this Agreement, the State of Texas advised DEFENDANTS that it was prepared
to amend the State Action to add causes of action for breach of contract of the 2003 Contract and 2010 Contract, including the claimed contractual breaches discussed in the Audit Reports and in the Notice of Termination, and negligence in the
performance of contractual services for HHSC. 

  

					
	SETTLEMENT AGREEMENT AND RELEASE	 	5	 	

	 	K.	 This Agreement is the result of the Parties’ compromise on disputed issues of fact and law and the
Parties’ desire to buy peace and avoid further litigation and associated uncertainty and expense regarding the Audit Reports, the Notice of Termination, the State Action, the Related Actions, the HHSC Action, and any other present or future
disputes arising out of the 2003 Contract or 2010 Contract, and this Agreement is neither an admission of facts, wrongdoing, or liability by DEFENDANTS nor a concession by HHSC and/or the State of Texas that their allegations and claims are not
well-founded. 

  

	 	L.	 As a result of a mutual desire to settle their disputes and to avoid the delay, expense, inconvenience, and
uncertainty of protracted litigation, the Parties have reached a full and final settlement of any and all of the claims, or potential claims, asserted in the Audit Reports, the Notice of Termination, the State Action, the Related Actions, the HHSC
Action, or any future action, in any manner arising from or related to the Covered Conduct, as set forth and defined in this Agreement, whether based in tort, contract, or any other source of law, including any claim based on the State of
Texas’s regulatory, enforcement, or police powers. 

  

	 	M.	 DEFENDANTS have denied and continue to expressly deny the allegations set out in the Audit Reports and Notice
of Termination and the State of Texas’s allegations in the State Action, the Related Actions, and the HHSC Action, or otherwise relating to the Covered Conduct, and also have a number of defenses to the State of Texas’s claims, which they
have vigorously asserted. 

  

					
	SETTLEMENT AGREEMENT AND RELEASE	 	6	 	

	 	N.	 The State of Texas (including but not limited to HHSC and the Texas Attorney General’s Office) has
concluded that the settlement, as set forth in this Agreement, is in the public interest and is fair, adequate, and reasonable under all the circumstances. 

  

	 	O.	 This Agreement becomes effective on the Effective Date (defined in section II.) 

II. DEFINITIONS 
 This Agreement
uses the following definitions: 
  

	 	A.	 “STATE” means collectively the State of Texas, its past, present, and successor officers, agents,
entities, divisions, agencies, commissions (including but not limited to the Texas Health and Human Services Commission), departments, administrators, employees, attorneys, and legal representatives. 

 

	 	B.	 “DEFENDANTS” means Xerox Corporation, Conduent Incorporated, Conduent Business Services, LLC, and
Conduent State Healthcare, LLC (formerly known as ACS State Healthcare, LLC and as Xerox State Healthcare, LLC). 

  

	 	C.	 “CONDUENT DEFENDANTS” means Conduent Incorporated, Conduent Business Services, LLC, and Conduent
State Healthcare, LLC (formerly known as ACS State Healthcare, LLC and as Xerox State Healthcare, LLC). 

  

	 	D.	 “RELEASED PARTIES” collectively means DEFENDANTS and each of DEFENDANTS’ respective past,
present, predecessor, and successor companies, parents, direct and indirect subsidiaries, affiliates, entities and divisions, and all of their respective officers, directors, members, partners, limited partners, principals, assigns, representatives,
employees, agents, servants, owners, shareholders, insurers, 

  

					
	SETTLEMENT AGREEMENT AND RELEASE	 	7	 	

	 	
attorneys, and subcontractors of Conduent Healthcare (subcontractors will be released only for any claims pertaining to their conduct and service relating to the 2003 Contract and the 2010
Contract), or to any DEFENDANT or any past, present, predecessor, or successor company, parent, direct or indirect subsidiary, affiliate, entity, or division thereof. 

 

	 	D.	 “Effective Date” means the date of signature of the last signatory to this Agreement.

  

	 	E.	 “Covered Conduct” means (1) any actual or alleged conduct, acts, inaction, representations,
omissions, statements, misstatements or breach by DEFENDANTS or TMHP occurring before the Effective Date and which are in any manner arising from or connected with their bids for, responses to, negotiation of, preparation for, or performance (or non-performance) of contracts with or services for HHSC and/or the STATE, under the 2003 Contract and the 2010 Contract and those matters asserted in the Audit Reports, the Notice of Termination, the State Action,
the Related Actions, and the HHSC Action; (2) any conduct, acts, inaction, representations, omissions, statements, misstatements, or breach alleged or that could have been alleged in the Audit Reports, the Notice of Termination, the State
Action, the Related Actions, and the HHSC Action, including but not limited to allegations that HHSC and/or the STATE sustained monetary losses as a result of the improper prior authorization of claims for orthodontic treatment under the Texas
Medicaid Program; and (3) any actual or alleged conduct, acts, inaction, representations, omissions, statements, misstatements, or breach in any manner arising from or related to the aforementioned 2003 Contract and the 2010 Contract, services
under those contracts, or allegations or claims in the Audit Reports, the Notice of Termination, the State Action, the Related 

  

					
	SETTLEMENT AGREEMENT AND RELEASE	 	8	 	

	 	
Actions, or the HHSC Action. Covered Conduct does not include contracts between the State and any one or more of DEFENDANTS other than the aforementioned 2003 Contract and 2010 Contract.

  

	 	F.	 “Preference Period” means a period of 91 days after receipt and negotiation (deposit) of any payment
to the STATE under this Agreement, provided that no voluntary or involuntary bankruptcy has been commenced against any DEFENDANT(S). 

  

	 	G.	 “TMFPA” means the Texas Medicaid Fraud Prevention Act, Tex. Hum. Res. Code ch. 36.

 III. AGREEMENT 

NOW, THEREFORE, in reliance on the representations in this Agreement; in consideration of the mutual promises, covenants, and obligations set forth in this
Agreement; and for good and valuable consideration as stated in this Agreement, the sufficiency of which is conceded for all Parties, the Parties agree as follows: 
  

	 	A.	 The foregoing Definitions and Preamble are incorporated herein. 

 

	 	B.	 The CONDUENT DEFENDANTS shall make payment to the STATE the total sum of $235,942,000.00 (the “Settlement
Amount”) in full settlement of the claims asserted in the Notice of Termination, the State Action, the Related Actions, the HHSC Action, and all claims that HHSC and/or the STATE had, has, or may have in the future arising from or related to
the Covered Conduct. 

  

	 	1.	 $212,347,800.00 of the Settlement Amount is allocated to reimburse HHSC and/or the STATE for monetary losses
claimed to have resulted from alleged failures to comply with obligations by Conduent Healthcare or 

  

					
	SETTLEMENT AGREEMENT AND RELEASE	 	9	 	

	 	
TMHP under the 2003 Contract and 2010 Contract, as set out in the Audit Reports, Notice of Termination, the HHSC Action, and the State Action, including but not limited to the $133 million
that the United States has determined the STATE must reimburse to the United States as a result of the allegedly improper prior authorization of claims for orthodontic treatment under the Texas Medicaid Program. 

 

	 	2.	 $23,594,200.00 of the Settlement Amount is allocated towards payment of attorneys’ fees, costs, and legal
expenses incurred by the STATE in connection with the Notice of Termination, the State Action, the Related Actions, and the HHSC Action. 

  

	 	3.	 No portion of the Settlement Amount shall be allocated or attributed to the payment of fines, penalties, or
other punitive assessments, or to disgorgement of revenues. The STATE agrees that the allocation of the settlement proceeds in Sections III(B)(1), (2), and (3) is appropriate and not subject to reallocation for any purpose.

  

	 	4.	 Entering into this agreement in no way entitles DEFENDANTS or their attorneys to direct or influence the
allocation of the Settlement Amount, other than as provided above. The STATE will allocate and distribute to the United States Government, if so required, a pro rata share of the Settlement Amount in accordance with state and federal law, including
but not limited to Sections 1903 and 1909 of the Social Security Act, as amended (42 U.S.C. §§ 1396b, 1396h). The Parties agree that the Settlement Amount shall constitute a full and complete satisfaction by DEFENDANTS and the RELEASED
PARTIES of any amount or 

  

					
	SETTLEMENT AGREEMENT AND RELEASE	 	10	 	

	 	
overpayment owed, or that could be owed, or other losses or damages sustained or incurred, arising from or in connection with the Covered Conduct, and that the STATE shall not be entitled to any
additional amounts or recoveries from DEFENDANTS or any of the RELEASED PARTIES in connection with any Covered Conduct. 

  

	 	C.	 The Settlement Amount shall be paid as follows: (i) $20,000,000.00 within ten (10) days of the Effective
Date of this Agreement; (ii) $20,000,000.00 by April 15, 2019; (iii) 38,647,333.33 by July 31, 2019; (iv) $78,647,333.33 shall be paid by July 31, 2020; and (v) $78,647,333.33 shall be paid by July 31, 2021. In the event one of
the preceding dates is a Saturday, Sunday or a federal bank holiday, the payment will be due the following day that is not a Saturday, Sunday, or federal bank holiday. The above payments shall be made by wire transfer not later than 5:00 p.m.
(Central Standard Time) on the date due in accordance with wiring instructions provided by the Office of the Attorney General of Texas. The Parties will cooperate to exchange wiring instructions and routing instructions so that such payments can be
promptly made, and notwithstanding the above deadlines for payment, no payment shall be made until such wiring and routing instructions have been provided. 

  

	 	D.	 DEFENDANTS agree to submit to the jurisdiction of Texas courts in any proceeding to enforce this Agreement.

  

	 	E.	 Within five (5) business days after the Effective Date, the STATE and DEFENDANTS shall jointly file a
Motion to Abate in the form agreed to by the Parties, requesting abatement of the State Action during the pendency of the 

  

					
	SETTLEMENT AGREEMENT AND RELEASE	 	11	 	

	 	
payment schedule addressed in Section III(C). In the event the CONDUENT DEFENDANTS fail to make a payment in a timely manner under the requirements of Section III(C) above, the STATE will provide
notice as described in Section III(W) below and provide DEFENDANTS thirty (30) days to cure (the “Cure Period”). In the event the failure to make such a payment is not cured within the Cure Period, the STATE shall be permitted without
objection from DEFENDANTS to request that the court lift the abatement of the State Action, and in such event the provisions of this Settlement Agreement shall be without prejudice to the STATE’s ability to amend its pleadings and pursue such
claims as the STATE deems advisable, giving appropriate credit for such amounts as may have been paid under this Settlement Agreement. 

  

	 	F.	 Within five (5) business days after the expiration of the Preference Period following the final payment of
the Settlement Amount, whether as a result of payment under Paragraph C above, whether as a result of Paragraph Q below, or as a result of any other means, the STATE shall file a dismissal with prejudice dismissing the State Action.

  

	 	G.	 Subject to Paragraph H below and in exchange for the consideration described herein (including payment in full
of the Settlement Amount), the STATE, as of the expiration of the Preference Period following the final payment of the Settlement Amount, whether as a result of payment under Paragraph C above, whether as a result of Paragraph Q below, or as a
result of any other means, shall fully and finally, and to the greatest extent allowed by law, release, discharge, and covenant not to sue, directly or indirectly, the RELEASED PARTIES or any of 

  

					
	SETTLEMENT AGREEMENT AND RELEASE	 	12	 	

	 	
them for any civil, regulatory, or administrative or other claim, action, suit, demand, right, cause of action, liability, judgment, damage, loss, or proceeding (including without limitation
damages, attorneys’ fees, expert and consultant fees, fines, penalties, costs, interest, and expenses of every kind and however denominated) that the STATE had, has, may have, has asserted, or could assert under any source of law, contract, in
equity or other right, in any manner arising from or related to the Covered Conduct, including without limitation those under contract, tort, fraud, misrepresentation, and/or the TMFPA. In addition, the STATE agrees that it will not initiate,
prosecute, direct, recommend, maintain, or support any action or other proceeding of any kind, including by way of example and not limitation, civil or other investigative demands, against the RELEASED PARTIES or any of them in any way arising from
or related to the Covered Conduct on behalf of itself, a qui tam relator, or the United States, or any other person or entity, and will promptly seek dismissal with prejudice of all Related Actions filed in Texas state court. In addition, the
STATE agrees that it will not directly or indirectly initiate, prosecute, direct, recommend, maintain, or support any action or proceeding against the RELEASED PARTIES seeking exclusion from the Texas Medicaid Program or any other administrative
action or sanction arising from the Covered Conduct, other than mandatory exclusion if required by the federal government. This Agreement does not prevent the STATE from discussing, communicating, or sharing information with other states or federal
agencies. 

  

					
	SETTLEMENT AGREEMENT AND RELEASE	 	13	 	

	 	H.	 With respect to the Related Actions, and any other actions initiated by a private person pursuant to
TEX. HUM. RES. CODE § 36.101 et seq. or under Title 31, United States Code arising out of Covered Conduct, the STATE and DEFENDANTS agree that the STATE shall be solely
responsible to reimburse any relator or relator’s counsel for any amounts in any manner arising from the Covered Conduct to be awarded to such relator or relator’s counsel pursuant to provisions of state or federal law, or that are
otherwise agreed by the STATE to be paid to such relator or relator’s counsel, and that none of DEFENDANTS shall have any responsibility to pay any such amounts in any manner arising from the Covered Conduct awarded or agreed to be paid to such
relators or their counsel. The STATE agrees and commits to resolving any such amounts in any manner arising from the Covered Conduct awarded or agreed to be paid to such relator or relator’s counsel using the proceeds paid under this Agreement.
In the unlikely event of any award by a court of amounts in any manner arising from the Covered Conduct to any such relator or relator’s counsel and assessed against any of DEFENDANTS, the CONDUENT DEFENDANTS shall have the right to decrease
the Settlement Amount owed under Section III(B) by an amount corresponding to any such award. 

  

	 	I.	 DEFENDANTS, as of the expiration of the Preference Period following the final payment of the Settlement Amount,
whether as a result of payment under Paragraph C above, whether as a result of Paragraph Q below, or as a result of any other means, shall fully and finally, and to the greatest extent allowed by law, release the STATE from any claims based on
events occurring before the 

  

					
	SETTLEMENT AGREEMENT AND RELEASE	 	14	 	

	 	
Effective Date (including attorneys’ fees, costs, and expenses of every kind and however denominated) which DEFENDANTS have asserted, could assert, or may assert in the future against the
STATE, arising from the Covered Conduct and the STATE’s investigation and prosecution of that conduct. 

  

	 	J.	 Notwithstanding any other terms of this Agreement, including the releases in Paragraphs G, H, and I above, any
and all of the following are specifically reserved and excluded from the scope and terms of this Agreement, and from the scope and terms of the Releases, as to any entity or person, including the Parties: 

 

	 	1.	 Any claim based upon an obligation created by this Agreement; 

 

	 	2.	 Any criminal liability; 

 

	 	3.	 Any civil, criminal, or administrative liability arising under Title 26, U.S. Code (Internal Revenue Code) or
any state tax or revenue law; or 

  

	 	4.	 Any liability to the STATE for any conduct other than the Covered Conduct. 

 

	 	K.	 This Agreement is intended to be solely for the benefit of the Parties and persons and entities released herein
and, except as stated herein, the Parties do not by this instrument release any claims against any other person or entity. No word, term, phrase, or definition in this Agreement is or may be used for the benefit of any person, entity, or litigant
who is not a signatory to, or released by this Agreement. There are no third-party beneficiaries to this Agreement, other than those RELEASED PARTIES who are not signatories to this Agreement. All RELEASED PARTIES are expressly acknowledged to be
Parties or third-party beneficiaries of this Agreement (and the releases set forth herein), with the right to fully enforce the same as if such RELEASED PARTY were a signatory hereto.

  

					
	SETTLEMENT AGREEMENT AND RELEASE	 	15	 	

	 	L.	 The Parties hereby agree that this Agreement, and any and all negotiations, documents, and discussions
associated with this Agreement shall be without prejudice to the rights of any Party not expressly released herein; that this Agreement shall not be deemed or construed to be an admission or evidence of any violation of any statute or law, of any
liability or wrongdoing by the RELEASED PARTIES or of the truth or the infirmity of any of the claims or allegations of the STATE, and that this Agreement, being for the purpose of resolving disputed claims, is not competent or admissible evidence
to establish the validity of any of the claims asserted with respect to the Covered Conduct, whether in Texas or in any other forum. 

  

	 	M.	 The STATE represents to DEFENDANTS that no interest in any claim herein released has been assigned by them to
any third party. 

  

	 	N.	 Nothing in this Agreement is a waiver of the STATE’s sovereign immunity, except as to a proceeding to
enforce this Agreement, and as to any such proceeding to enforce this Agreement, the STATE acknowledges that sovereign immunity has been waived. 

  

	 	O.	 Any Party may enforce the terms of this Agreement in the District Courts of Travis County, Texas, which shall
have exclusive jurisdiction and venue over any such action, unless a voluntary or involuntary bankruptcy has been commenced against any DEFENDANT in which instance the bankruptcy court shall have concurrent jurisdiction. 

  

					
	SETTLEMENT AGREEMENT AND RELEASE	 	16	 	

	 	P.	 This Agreement constitutes the complete agreement between the Parties with regard to the settlement of the
State Action, the Related Actions, the HHSC Action, and the other matters set forth in this Agreement. This Agreement may not be amended or modified except by a writing signed by all Parties. 

 

	 	Q.	 Except as otherwise provided in the Agreement, each Party will bear its own legal and other costs incurred in
connection with this matter, including the preparation and performance of this Agreement; however, should the CONDUENT DEFENDANTS fail to make any of the payments, the STATE shall be entitled to its costs of collection including but not limited to
attorneys’ fees and simple interest at the rate of 5% per annum on the remaining balance, in addition to any other remedies available to the STATE. 

  

	 	R.	 This Agreement shall be governed by the laws of the State of Texas. 

 

	 	S.	 This Agreement shall be construed and interpreted to effectuate the Parties’ intent, which is to resolve
completely the Parties’ claims, or potential claims, related in any manner whatsoever to the Covered Conduct, as set forth and defined in this Agreement, whether based in tort, contract, statute or any other source of law, including any claim
based on the STATE’s regulatory, enforcement, or police powers. 

  

	 	T.	 None of the Parties to this Agreement shall be considered the drafter of this Agreement or of any included
provision for the purpose of any statute, case law, or rule of construction that would or might cause any provision to be construed against the drafter. 

  

					
	SETTLEMENT AGREEMENT AND RELEASE	 	17	 	

	 	U.	 Conduent Incorporated expressly warrants that it has reviewed its financial condition and as of the date of
execution of this Agreement is not insolvent such that its debts are greater than all of its property, at a fair valuation, exclusive of property transferred, concealed or removed with intent to hinder, delay or defraud creditors.

  

	 	V.	 Each Party represents that it freely and voluntarily enters this Agreement without any degree of duress
whatsoever. 

  

	 	W.	 Unless otherwise stated in writing subsequent to the Effective Date, all notifications and communications made
pursuant to this Agreement shall be submitted to the persons or entities listed below, by email and by correspondence directed to the below addressees: 

  

	 	1.	 The STATE, for all purposes: 

Office of the Attorney General of Texas 

Mr. Darren McCarty 
 Deputy
Attorney General for Civil Litigation 
 P.O. Box 12548 

Austin, Texas 78711-2548 

Mr. Raymond Charles Winter 

Chief, Civil Medicaid Fraud Division 

P.O. Box 12548 
 Austin, Texas
78711-2548 
 Ms. Karen Ray 

Chief Counsel 
 Texas Health and
Human Services Commission 
 Brown-Heatly Building 

4900 N. Lamar Blvd. 
 Austin,
Texas 78751-2316 

  

					
	SETTLEMENT AGREEMENT AND RELEASE	 	18	 	

	 	2.	 DEFENDANTS, for all purposes: 

James Michael Peffer 

Executive Vice President, General Counsel, and Secretary 

Conduent Incorporated 
 100
Campus Drive 
 Suite 200 

Florham Park, New Jersey 07932 

General Counsel 
 Xerox
Corporation 
 201 Merritt 7 

Norwalk, Connecticut 06851 

Robert C. Walters 

GIBSON, DUNN & CRUTCHER, LLP 

2100 McKinney Avenue, Suite 1100 

Dallas, Texas 75201 
 Eric J.R.
Nichols 
 BUTLER SNOW LLP 

515 Congress Avenue, Suite 1900 

Austin, Texas 78701 
  

	 	X.	 The Parties have read the Agreement and accept and agree to the provisions contained herein and have caused
this Agreement to be signed as of the day and date adjacent to their respective signatures. Each individual signing this Agreement on behalf of a DEFENDANT represents and warrants that the entity or entities for which he or she signs has authorized
him or her to execute this Agreement. The undersigned STATE signatories represent that they are signing this Agreement in their official capacities and that they are authorized to execute this Agreement and to compromise the claims of the STATE. By
its execution of this Agreement, HHSC acknowledges that its Executive Commissioner concurs with the aspects of this Agreement that are within her authority. 

  

	 	Y.	 The Parties represent and acknowledge that in entering into this Agreement they are not relying on any promises
or representations other than those expressly set forth in this Agreement. The Parties understand, acknowledge, and agree that (i) 

  

					
	SETTLEMENT AGREEMENT AND RELEASE	 	19	 	

	 	
they have each performed an independent investigation of the allegations of fact and law surrounding this matter; and (ii) they each may hereafter discover facts in addition to, or different
from, those that they now know or believe to be true with respect to the subject matter of this Agreement. Each of the Parties warrants that it is not relying upon any statement or representation of any agent of the parties being released hereby,
and that each of the Parties is relying on its own judgment. Nevertheless, it is the Parties’ intention to resolve their disputes pursuant to the terms of this Agreement and thus, in furtherance of their intentions, the Agreement shall remain
in full force and effect notwithstanding the discovery of any additional facts or law, or changes in law, and the Agreement shall not be subject to rescission or modification by reason of any such discovery or change. 

 

	 	Z.	 The waiver of any rights conferred by this Agreement shall be effective only if made in writing by the waiving
Party. The waiver by any Party of any breach of this Agreement shall not be deemed or construed as a waiver of any other breach, whether prior to, subsequent to, or contemporaneously with this Agreement. 

 

	 	AA.	 This Agreement may be executed in counterparts, each of which shall constitute an original and all of which
shall constitute one and the same Agreement. Faxed and portable document format signatures will suffice. 

  

	 	BB.	 Each Party agrees to perform such further acts and to execute and to deliver such further documents as may
reasonably be necessary to carry out this Agreement. 

  

	 	CC.	 The Parties agree that for the purposes of Paragraphs 10 & 11 of the Amended HIPAA Qualified Protective
Order entered in Cause No. D-1-GV-14-00581 related to return or destruction of documents,
data, and other information 

  

					
	SETTLEMENT AGREEMENT AND RELEASE	 	20	 	

	 	
produced in connection with the STATE’s Civil Investigative Demands, the State Action, and HHSC Action, there has not been a “final determination of this action” until there has
been a final dismissal of the State Action. All other terms of the Amended HIPAA Qualified Protective Order remain in full force and effect, including but not limited to the provisions of Paragraph 41 of the Order. 

  

					
	SETTLEMENT AGREEMENT AND RELEASE	 	21	 	

									
	STATE of TEXAS	 		 	DEFENDANTS
			
	Office of the Attorney General	 		 	Xerox Corporation
					
	By:	 	 /s/ Darren L. McCarty
	 		 	By:	 	 /s/ Louie Pastor

	Date:	 	2/15/19                	 		 	Date:	 	2/18/19                        
	Darren L. McCarty	 		 	Louie Pastor
	Deputy Attorney General for Civil Litigation	 		 	Executive Vice President and General Counsel
	Office of the Attorney General of Texas	 		 	201 Merritt 7
	P.O. Box 12548	 		 	Norwalk, Connecticut 06851
	Austin, Texas 78711-2548	 		 	
			
	Texas Health & Human Services Commission	 		 	Conduent Incorporated
					
	By:	 	 /s/ Karen Ray
	 		 	By:	 	 /s/ J. Michael Peffer

	Date:	 	2/7/19                    	 		 	Date:	 	2/18/19                        
	Karen Ray	 		 	J. Michael Peffer
	Chief Counsel	 		 	Executive Vice President, General Counsel and Secretary
	Texas Health & Human Services	 		 	100 Campus Drive, Suite 200
	Commission	 		 	Florham Park, NJ 07932
	Brown-Heatly Building	 		 	
	4900 N. Lamar Blvd.	 		 		 	
	Austin, Texas 78751-2316	 		 	 Conduent Business Services, LLC
  

		 		 		 	By:	 	 /s/ J. Michael Peffer

		 		 		 	Date:	 	2/18/19                        
		 		 		 	J. Michael Peffer
		 		 		 	Vice President and Secretary
		 		 		 	100 Campus Drive, Suite 200
		 		 		 	 Florham Park, NJ 07932
  

		 		 		 	 Conduent State Healthcare, LLC
  

		 		 		 	By:	 	 /s/ J. Michael Peffer

		 		 		 	Date:	 	2/18/19                        
		 		 		 	J. Michael Peffer
		 		 		 	Vice President and Secretary
		 		 		 	100 Campus Drive, Suite 200
		 		 		 	Florham Park, NJ 07932

  

					
	SETTLEMENT AGREEMENT AND RELEASE	 	22Exhibit 10.16

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS EXECUTIVE EMPLOYMENT AGREEMENT (the
“Agreement”) is made and effective this 15th day of February 2019 (the “Effective Date”),
by and between Eyenovia, Inc., a Delaware corporation (the “Company”), and Tsontcho Ianchulev, an individual
resident of New York (“Executive”). The Company and Executive are herein referred to each as a “Party”
and together as the “Parties”.

 

WITNESSETH:

 

WHEREAS, the Company’s Board of Directors
(the “Board”) believes it is in the best interests of the Company and its stockholders to encourage the continued
service of its executive officers; and

 

WHEREAS, the Board’s Compensation
Committee has considered the compensation arrangements of the Company’s executive officers and made recommendations to the
Board regarding their base salaries, target bonus percentages, nondisclosure and noncompetition arrangements, equity awards and
severance; and

 

WHEREAS, the Board has approved such recommendations
and has authorized the Company to provide this Agreement to Executive, to formalize the employment terms approved by the Board;
and

 

WHEREAS, Executive has been employed by
the Company pursuant to the terms of that certain Engagement Letter and Offer of Employment (the “Offer Letter”),
whereby the Company offered and Executive accepted employment with the Company; and

 

WHEREAS, the Parties now wish to enter into
this Agreement, to supersede and replace in its entirety the terms of the Offer Letter, effective from and after the Effective
Date; and

 

WHEREAS, in addition to and as an express
condition of this Agreement, Executive is executing concurrently herewith a Nondisclosure, Assignment of Inventions and Non-Competition
Agreement (the “Restrictive Covenant”), a copy of which is attached hereto as Exhibit A.

 

NOW, THEREFORE, in consideration of the
mutual promises herein contained, and other good and valuable consideration, including the continued employment of Executive by
the Company and the compensation received by Executive from the Company from time to time, the receipt and sufficiency of which
are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:

 

1.          EMPLOYMENT;
TERM. The Company hereby agrees to continue to employ Executive, and Executive hereby accepts such continued employment upon
the terms and conditions hereinafter set forth and as set forth the Restrictive Covenant (Exhibit A). The term of Executive’s
employment hereunder will commence as of the Effective Date and will continue until terminated by either Party (the “Term”).

 

    	 	1	 

     

    

 

2.          AT
WILL EMPLOYMENT. Executive’s employment with the Company is “at will,” and, subject to the terms and conditions
hereof, such employment may be terminated by Executive or the Company at any time, for any or no cause or reason. Upon the termination
of Executive’s employment by either Party, for any reason, neither Executive nor the Company shall have any further obligation
or liability under this Agreement to the other, except as expressly set out herein, as set forth in any equity agreement and the
continuing obligations set forth in the Restrictive Covenant (Exhibit A).

 

3.          POSITION
AND DUTIES. During the Term, Executive will be engaged as Chief Executive Officer and Chief Medical Officer of the Company
(the “CEO”) reporting to the Board, and his authority, duties and responsibilities will be commensurate in all
material respects with the authority, duties and responsibilities for such a position and such other duties and responsibilities
as reasonably determined by the Board in its sole discretion. This position is exempt from the overtime payment provisions of the
Fair Labor Standards Act.

 

4.          SERVICE.
Executive shall use his best efforts to at all times fulfill his duties and responsibilities in a reasonable and appropriate manner
in compliance with the Company’s policies and practices and the laws and regulations that apply to the Company’s operation
and administration. Executive shall devote his full business time and attention and best efforts to the business and affairs of
the Company and shall not be engaged in or employed by any other business enterprise without the express written approval of the
Company, which approval shall not be unreasonably withheld. This Section 4 shall not be construed as preventing Executive from:

 

a)       Investing
his assets in a manner not prohibited by the Restrictive Covenant, and in such form or manner as shall not impair his ability to
fulfill his duties and responsibilities under this Agreement;

 

b)       Serving
on no more than three (3) boards of directors of any company, subject to the prohibitions set forth in the Restrictive Covenant
and provided that it shall not impair his ability to fulfill his duties and responsibilities under this Agreement;

 

c)       Engaging
in religious, charitable or other community or non-profit activities that do not impair his ability to fulfill his duties and responsibilities
under this Agreement; or

 

d)       Performing
services at Mount Sinai Hospital or any other hospital no more than one day per week, subject to the prohibitions set forth in
the Restrictive Covenant and provided that it shall not impair his ability to fulfill his duties and responsibilities under this
Agreement.

 

5.          COMPENSATION.
During the Term of this Agreement, Executive’s compensation shall be determined and paid as follows.

 

    	 	2	 

     

    

 

(a)          BASE
SALARY. Executive shall receive as compensation a base salary at the rate of no less than Four Hundred and Fifty Thousand Dollars
($450,000) per year (the “Base Salary”), minus any federal, state and local payroll taxes and other withholdings
legally required or properly requested by Executive, paid semi-monthly on the Company’s regularly scheduled paydays in accordance
with the Company’s regular payroll practices and procedures.

 

(b)          BONUS.
Executive shall be eligible to receive an annual cash bonus (the “Bonus”) in a target amount determined by the
Board or its Compensation Committee, based upon the Company’s and Executive’s meeting pre-established annual individual
and Company objectives as set out and approved by the Board or its Compensation Committee. Annual performance objectives will be
determined by the Compensation Committee by the end of the 1st quarter of each calendar year. The amount of Executive’s Bonus
shall be determined based upon Executive’s meeting these annual objectives. Any such Bonus compensation will be paid (minus
applicable withholdings) within ninety (90) days of the end of the calendar year to which it relates. The payment of any Bonus
shall be subject to Executive’s continued employment with the Company through the end of the calendar year to which the annual
objectives relate. Any dispute as to whether Executive has met the objectives shall be determined by the Compensation Committee
in the exercise of its sole discretion, with Executive having the right to request that the Board review and confirm or reject
such determination.

 

(c)          EQUITY.
Subject to and upon approval by the Board, the Company will from time to time grant to Executive an equity award of or for the
Company’s outstanding common stock (the “Equity Award”). The Equity Award will be granted pursuant to
and subject to the terms and conditions of the Company’s 2018 Omnibus Stock Incentive Plan, or such other type of plan as
is in effect at that time (the “Plan”), and will be further subject to the terms of an equity agreement as approved
by the Board or its Compensation Committee.

 

(d)          BENEFITS.
Executive will be eligible (subject to applicable eligibility requirements) to receive such other benefits as are provided from
time to time to other executive employees of the Company, including group health insurance and vacation, in accordance with the
Company’s policies and procedures and the applicable plan documents for such benefits. All such benefits are subject to change
by the Company to the extent permitted by applicable law without prior notice to or consent of Executive.

 

(e)          BUSINESS
EXPENSES. Company shall reimburse Executive for all reasonable travel and other business expenses incurred by him in the performance
of his duties and responsibilities, subject to such reasonable requirements with respect to substantiation and documentation in
accordance with the Company’s established policies and procedures.

 

    	 	3	 

     

    

 

6.           PAYMENTS
ON TERMINATION.

 

(a)          SEVERANCE.
If Executive’s employment is terminated by the Company without “Cause” (as such term is defined in the Plan)
or Executive suffers an Involuntary Termination (as defined below), provided such termination is a “separation from service”
within the meaning of Treasury Regulation § 1.409A-1(h), and provided further that Executive has signed a full general release
of all claims in a form reasonably satisfactory to the Company within thirty (30) days of such termination (or such greater time
period as required by applicable law for consideration of an employee waiver), Executive will be entitled to receive (i) severance
in a total amount equal to three (3) months of his then-current Base Salary, less applicable withholdings (the “Severance”)
and (ii) if Executive properly and timely elects to continue group health insurance benefits under COBRA, reimbursement for his
and his spouse and dependents’ applicable COBRA premiums for a period of three (3) months or until Executive becomes eligible
for comparable insurance benefits from another employer, whichever is earlier. The Severance will be paid over a three (3) month
period in equal installments on the Company’s regular payroll schedule beginning on the first pay period following the date
the general release of claims is no longer subject to revocation under applicable law.

 

(b)          CHANGE
IN CONTROL SEVERANCE. If, within twelve (12) months following any “Corporate Transaction” (as such term is defined
in the Plan), Executive’s employment is terminated by the Company without “Cause” (as such term is defined in
the Plan) or Executive suffers an Involuntary Termination (as defined below), provided such termination is a “separation
from service” within the meaning of Treasury Regulation § 1.409A-1(h), and provided further that Executive has signed
a full general release of all claims in a form reasonably satisfactory to the Company within thirty (30) days of such termination
(or such greater time period as required by applicable law for consideration of an employee waiver), Executive will be entitled
to receive, in lieu of the Severance described in Subsection (a) above, (i) severance in a total amount equal to twelve (12) months
of his then-current Base Salary, less applicable withholdings (the “Change in Control Severance”) and (ii) if
Executive properly and timely elects to continue group health insurance benefits under COBRA, reimbursement for his and his spouse
and dependents’ applicable COBRA premiums for a period of twelve (12) months or until Executive becomes eligible for comparable
insurance benefits from another employer, whichever is earlier. The Change in Control Severance will be paid over a twelve (12)
month period in equal installments on the Company’s regular payroll schedule beginning on the first pay period following
the date the general release of claims is no longer subject to revocation under applicable law.

 

(c)          INVOLUNTARY
TERMINATION. For purposes of this Agreement, “Involuntary Termination” means the occurrence of any of the
following without the written consent of Executive: (i) a material diminution in Executive’s Base Salary, Bonus target or
benefits (other than a material diminution that is applicable to all similarly situated employees and executives of the Company
in connection with an across-the-board cost savings strategy); (ii) a material diminution in Executive’s authority, duties
or responsibilities; (iii) a material diminution in the level of Executive’s reporting structure, including a requirement
that Executive report to a corporate officer or employee instead of reporting directly to the Board; or (iv) any other action or
inaction that constitutes a material breach by the Company of this Agreement. An Involuntary Termination shall be effectuated by
Executive’s giving the Company written notice of the termination within ninety (90) days of the initial existence of the
circumstances alleged to be the grounds for Involuntary Termination, setting forth such circumstances in reasonable detail. The
Company shall have sixty (60) days following the receipt of such notification to cure the specific circumstances that constitute
grounds for Involuntary Termination. In the event the Company cures, grounds for Involuntary Termination shall not be deemed to
exist with respect to the specific circumstances set forth in the written notice. Notwithstanding the foregoing, any reasonable
actions taken by the Company to accommodate a disability of Executive or pursuant to the Family and Medical Leave Act shall not
constitute an Involuntary Termination for purposes of this Agreement. The foregoing definition of Involuntary Termination is intended
to comply with the safe harbor provisions set forth in Treasury Regulation Section 1.409A-1(n)(2)(ii) and shall be interpreted
consistently therewith.

 

    	 	4	 

     

    

 

(d)          COMPLIANCE
WITH AFFORDABLE CARE ACT. Notwithstanding the foregoing, if at any time the Company determines in its reasonable discretion
that the payment of any COBRA premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Internal
Revenue Code of 1986, as amended, or any statute or regulation of similar effect (including but not limited to the 2010 Patient
Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing
the COBRA premiums, the Company will instead pay Executive a fully taxable cash payment equal to the COBRA premiums for the remainder
of the designated period, subject to applicable tax withholdings.

 

(e)          REMEDIES
UPON BREACH. If Executive is entitled to receive the Severance or the Change in Control Severance but materially violates any
provisions of this Agreement, the Restrictive Covenant or any other agreement entered into by Executive and the Company, in addition
to and not in limitation of any other remedies available to the Company, the Company will be entitled to immediately stop paying
any further installments of the Severance or Change in Control Severance and recover any Severance or Change in Control Severance
already paid.

 

7.           ARBITRATION.
In the event of any controversy, dispute or claim relating to or arising out of Executive’s employment relationship with
the Company, this Agreement or the termination of Executive’s employment with the Company for any reason (including, but
not limited to, any claims of breach of contract, defamation, wrongful termination or age, sex, sexual orientation, race, color,
national origin, ancestry, marital status, religious creed, physical or mental disability or medical condition or other discrimination,
retaliation or harassment), the Parties agree that all such disputes shall be exclusively and fully resolved by confidential, binding
arbitration on an individual basis only, and not in any form of class, collective or private attorney general representative proceeding,
conducted by a single arbitrator through the American Arbitration Association (“AAA”) under the AAA’s
National Rules for the Resolution of Employment Disputes then in effect. The Parties hereby waive their respective rights to have
any such disputes or claims tried before a judge or jury. Each Party shall bear its own attorney’s fees and expenses; provided
that the arbitrator may assess the prevailing Party’s fees and costs against the non-prevailing Party as part of the arbitrator’s
award. The Parties agree to abide by all decisions and awards rendered in such proceedings. Such decisions and awards rendered
by the arbitrator shall be final and conclusive, and the decree or award rendered by the arbitrator may be entered as a final and
binding judgment in any court having jurisdiction thereof.

 

Executive understands that this Agreement
does not prohibit Executive from pursuing an administrative claim with a local, state or federal administrative body or government
agency that is authorized to enforce or administer laws related to employment, including, but not limited to the Equal Employment
Opportunity Commission, the National Labor Relations Board, the Securities and Exchange Commission, or the New York Industrial
Commission (or any comparable state agency); provided, however, that Executive agrees to forego any monetary recovery from any
such administrative claim (with the exception of such a claim before the Securities and Exchange Commission; however, this Agreement
does, however, preclude Executive from pursuing a court action regarding any such claim, except as permitted by law).

 

    	 	5	 

     

    

 

8.          EXCISE
TAXES. Notwithstanding anything contained in this Agreement to the contrary, if any payments to be made to or for the benefit
of Executive are deemed to be “parachute payments” as that term is defined in Section 280G(b)(2) of the Internal Revenue
Code of 1986, as amended (the “Code”), Executive may elect to receive the full payment hereunder or to have
Executive reduce such payment(s) to the minimum extent necessary to avoid imposition of any excise tax on Executive under Section
4999 of the Code or the disallowance of a deduction to Executive under Section 280G of the Code.

 

9.          SECTION
409A. If the Severance, Change in Control Severance or any other compensation or benefits provided to Executive pursuant to
this Agreement are determined, in whole or in part, to constitute “nonqualified deferred compensation” within the meaning
of Section 409A of the Code (“Section 409A”) and Executive is a “specified employee” within the
meaning of Section 409A(a)(2)(B)(i) of the Code, no payments of any of such benefit shall made for six (6) months plus one (1)
day after the effective date of Executive’s Separation from Service (the “New Payment Date”). The aggregate
of any such payments that would have otherwise been paid during the period between the date of Separation from Service and the
New Payment Date shall be paid to the Executive in a lump sum on the New Payment Date. The Parties hereby acknowledge and agree
that the interpretation of Section 409A and its application to the terms of this Agreement are uncertain and may be subject to
change as additional guidance becomes available, and that all benefits or payments provided by the Employer to Executive pursuant
to this Agreement that would be deemed to constitute “nonqualified deferred compensation” within the meaning of Section
409A are intended to comply with Section 409A. If, however, any such benefit or payment is deemed to not comply with Section 409A,
Employer and Executive agree to attempt to renegotiate in good faith any such benefit or payment so that either (a) Section 409A
will not apply or (b) compliance with Section 409A will be achieved. If any severance or other payments that are required by the
Agreement are to be paid in a series of installment payments, each individual payment in the series shall be considered a separate
payment for purposes of Section 409A.

 

10.        NOTICES.
Any notice required to be given pursuant to this Agreement must be in writing and will be deemed effectively given to the other
Party on (i) the date it is actually delivered by personal delivery of such notice in person; (ii) one day after deposit in the
custody of a reputable overnight courier service (such as FedEx); or (iii) three days after its deposit in the custody of the U.S.
mail, certified or registered postage prepaid, return receipt requested; in the case of Executive, to his address shown on the
Company’s records, as updated by Executive from time-to-time, and in the case of the Company, to its principal office in
the State of New York.

 

11.        WAIVER.
No waiver of any provision of this Agreement shall be valid unless the same is in writing and signed by the Party against whom
such waiver is sought to be enforced. Failure to insist upon strict compliance with any of the terms, covenants or conditions hereof
shall not be deemed a waiver of such terms, covenants or conditions, nor shall any waiver or relinquishment of any right or power
granted hereunder at any particular time be deemed a waiver or relinquishment of such rights or power at any other time or times.

 

    	 	6	 

     

    

 

12.         SEVERABILITY.
The provisions of this Agreement shall be deemed severable, and the invalidity or unenforceability of any provision (or part thereof)
of this Agreement shall in no way affect the validity or enforceability of any other provision (or remaining part thereof) or the
enforceability thereof under different circumstances.

 

13.         GOVERNING
LAW. This Agreement shall be governed by and construed according to the laws of the State of Delaware, without reference to
the choice of law or conflict of law provisions of such laws.

 

14.         BENEFIT.
This Agreement shall be binding upon and shall inure to the benefit of each of the Parties hereto, and to their respective heirs,
representatives, successors and permitted assigns. Executive may not assign any of his rights or delegate any of his duties under
this Agreement.

 

15.         ENTIRE
AGREEMENT. This Agreement, and the Restrictive Covenant (Exhibit A), contain the entire agreement and understanding by and
between the Company and Executive with respect to the terms described therein, and any representations, promises, agreements or
understandings, written or oral, not therein contained shall be of no force or effect. This Agreement supersedes and replaces in
its entirety any and all agreements between Executive and the Company with respect to the subject matter hereof, including but
not limited to the Offer Letter. No change or modification hereof shall be valid or binding unless the same is in writing and signed
by the Parties hereto.

 

16.         CAPTIONS.
The captions in this Agreement are for convenience only and in no way define, bind or describe the scope or intent of this Agreement.

 

[Signature page follows.]

 

    	 	7	 

     

    

 

SIGNATURE PAGE TO 

EXECUTIVE EMPLOYMENT AGREEMENT

 

IN WITNESS WHEREOF, the Parties have executed
this Executive Employment Agreement effective as of the day and year first above written.

 

	 	EYENOVIA, INC. 
	 	 	 
	 	By:	/s/ Fredric N. Eshelman
	 	 	 
	 	Name:	Fredric N. Eshelman, Pharm.D.
	 	 	 
	 	Title:	Chairman of the Board

 

	 	EXECUTIVE
	 	 	 
	 	/s/ Tsontcho Ianchulev	(SEAL)
	 	Tsontcho Ianchulev

 

    	 	8	 

     

    

 

Exhibit A: Restrictive Covenant

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