Document:

Exhibit 10.16

 

May 24, 2019

 

Joseph L. Farmer

 

		Re:	Employment Agreement

 

Dear Joe:

 

On behalf of Akrevia Therapeutics Inc. (the “Company”), I
am pleased to offer you the position as the Company’s Chief Operating Officer (“COO”). The terms of your employment
are set forth below in this Employment Agreement (the “Agreement.)

 

1.            Position.
As the Company’s CBO/COO, you will report to the Company’s Chief Executive Officer (“CEO”). This is a full-time
employment position. It is understood and agreed that, while you render services to the Company, you will not engage in any other employment,
consulting or other business activities (whether full-time or part-time). Notwithstanding the foregoing, you may engage in the activities
listed on Exhibit A hereto and engage in religious, charitable or other community activities as long as such services and activities
are disclosed to the Board and do not interfere with your performance of your duties to the Company.

 

2.            Start
Date. Your employment with the Company will begin on May 28, 2019 (the “Start Date”).

 

3.            Salary.
The Company will pay you an initial base salary at the rate of $350,000 per year, payable in accordance with the Company’s standard
payroll schedule and subject to applicable deductions and withholdings. Your base salary will be subject to periodic review and upward
adjustment at the Company’s discretion. The base salary in effect at any given time is referred to herein as “Base Salary.”

 

4.            Annual
Bonus. During the term of your employment with the Company, you will be considered for an annual
incentive bonus with respect to each fiscal year of your employment with the Company. The amount, terms and conditions of such bonus (if
any) are to be determined at the sole discretion of the Board. Your initial target annual incentive bonus (the “Target Bonus”)
shall be 40% of your Base Salary, with any bonus payable in respect of 2019 prorated from the Start Date. To earn an incentive bonus,
you must be employed by the Company as of the payment date of such incentive bonus. The actual payout amount for any calendar year is
discretionary and will be subject to the Board’s assessment of your performance, business conditions at the Company, and the terms
of any applicable annual bonus plan. The annual incentive bonus, if any, shall be paid between January 1st and March 15th of
the calendar year following the calendar year to which such bonus relates. The Board expects to review your job performance on an annual
basis and the Board will mutually agree with you the criteria that it will use to assess your performance, including for bonus purposes.

 

    1

     

    

 

5.            Equity.
In connection with the commencement of your employment and subject to the approval of the Board of Directors of the Company’s parent,
Akrevia Therapeutics, LLC (“Parent”), you will be granted 556,480 Incentive Units of the Parent, which Incentive Units are
intended to qualify as profits interests, and which units represent 1.5% of the Parent’s outstanding capitalization following the
completion of the Parent’s Series A Preferred Unit financing, such issuance to be submitted to the Parent’s Board for
approval and subject to the terms and conditions set forth herein. The Board is currently obtaining a fair market valuation of this profits
interest and will proceed with this grant once obtained. Subject to your continued employment with the Company on each applicable vesting
date, this grant will vest over four years, with 25% of the Incentive Units to vest twelve months after the Start Date and with the remainder
vesting monthly thereafter over the following 36 months, in approximately equal amounts. This Incentive Unit grant shall be governed
by the terms and conditions of the Incentive Unit Grant Agreement entered into by yourself and the Parent and the Parent’s Limited
Liability Company Agreement, as amended or restated from time to time. 

 

6.            Benefits/Vacation.
You will be eligible, subject to the terms of the applicable plans and programs, to participate in health and dental insurance and other
benefits programs, such as life and disability insurance, that have been, or may be, adopted by the Company to the same extent as, and
subject to the same terms, conditions and limitations applicable to, other employees of the Company (the “Benefits Programs”).
You will also be eligible to accrue at least 15 days of paid vacation per calendar year, of which up to 5 accrued but unused days may
be rolled over to the following calendar year. In addition, you will be entitled to all paid holidays given by the Company to its executive
officers. The Company reserves the right to modify, amend or cancel one or more of the Benefits Programs.

 

7.            Expenses.
You will be entitled to receive prompt reimbursement for all reasonable expenses you incur during your employment in performing services
hereunder, in accordance with the policies and procedures then in effect and established by the Company for its executive officers.

 

8.            At-Will
Employment; Accrued Obligations. Your employment is “at will,” meaning you or the
Company may terminate it at any time for any or no reason, with or without notice or cause, subject to the terms of this Agreement. In
the event of the ending of your employment for any reason, the Company shall pay you (i) your Base Salary plus any accrued but unused
vacation through your last day of employment (the “Date of Termination”), and (ii) the amount of any documented expenses
properly incurred by you on behalf of the Company prior to any such termination and not yet reimbursed (the “Accrued Obligations”).

 

9.            Severance
Pay and Benefits Upon a Qualifying Termination Outside of the Change in Control Period. In the
event that a Qualifying Termination occurs outside of the Change in Control Period, then subject to (i) you signing a separation
agreement and release in a form and manner reasonably satisfactory to the Company, which shall include, without limitation, a general
release of claims against the Company and all related persons and entities and a reaffirmation of all of your Continuing Obligations
(as defined below), and shall provide that if you materially breach any of the Continuing Obligations (as determined by the Board of
Directors in good faith), all payments of the Severance Amount shall immediately cease (the “Separation Agreement and Release”),
and (ii) the Separation Agreement and Release becoming irrevocable, all within 60 days after the Date of Termination (or such shorter
period as set forth in the Separation Agreement and Release): 

 

    2

     

    

 

(a)           The
Company shall pay you an amount equal to the sum of (i) 9 months of your Base Salary, and (ii) your Target Bonus for the year
in which the Date of Termination occurs, without regard to whether the metrics have been established or achieved for such year (such bonus
amount prorated to reflect the period during such year that you were employed prior to the Date of Termination) (the “Severance
Amount”); provided in the event you are entitled to any payments pursuant to the Restrictive Covenants Agreement, the Severance
Amount received in any calendar year will be reduced by the amount you are paid in the same such calendar year pursuant to the Restrictive
Covenants Agreement (the “Restrictive Covenants Agreement Setoff”); and

 

(b)           subject to your copayment of premium amounts at the applicable
active employees’ rate and your proper election to receive benefits under the Consolidated Omnibus Budget Reconciliation Act
of 1985, as amended (“COBRA”), the Company shall pay to the group health plan provider or the COBRA provider a monthly
payment equal to the monthly employer contribution that the Company would have made to provide health insurance to you if you had
remained employed by the Company until the earliest of (A) the 9 month anniversary of the Date of Termination; (B) your
eligibility for group medical plan benefits under any other employer’s group medical plan; or (C) the cessation of your
continuation rights under COBRA; provided, however, if the Company reasonably determines that it cannot pay such amounts to the
group health plan provider or the COBRA provider (if applicable) without potentially violating applicable law (including, without
limitation, Section 2716 of the Public Health Service Act), then the Company shall convert such payments to payroll payments
directly to you for the time period specified above. Such payments, if to you, shall be subject to tax-related deductions and
withholdings and paid on the Company’s regular payroll dates. For the avoidance of doubt, the taxable payments described above
may be used for any purpose, including, but not limited to, continuation coverage under COBRA.

 

The amounts payable under Section 9, to the extent taxable, shall
be paid out in substantially equal installments in accordance with the Company’s payroll practice over 12 months commencing within
60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar
year, the Severance Amount, to the extent it qualifies as “non-qualified deferred compensation” within the meaning of Section 409A
of the Internal Revenue Code of 1986, as amended (the “Code”), shall begin to be paid in the second calendar year by the last
day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to
the day immediately following the Date of Termination. Each payment pursuant to this Agreement is intended to constitute a separate payment
for purposes of Treasury Regulation Section l.409A-2(b)(2).

 

10.          Severance
Pay and Benefits Upon a Qualifying Termination Within the Change in Control Period. The provisions
of this Section 10 shall apply in lieu of, and expressly supersede, the provisions of Section 9 regarding severance pay and
benefits upon a Qualifying Termination if such termination of employment occurs within the Change in Control Period.

 

    3

     

    

 

These provisions
shall terminate and be of no further force or effect after the Change in Control Period.

 

(a)           Change
in Control Period. In the event that a Qualifying Termination occurs within the Change in Control Period, then, subject to your signing
the Separation Agreement and Release and the Separation Agreement and Release becoming fully effective, all within the time frame set
forth in the Separation Agreement and Release but in no event more than 60 days after the Date of Termination:

 

(i)           the
Company shall pay you an amount equal to the sum of (x) 12 months of your then current Base Salary (or your Base Salary in effect
immediately prior to the Change in Control, if higher) and (y) 100% of your Target Bonus for the year in which the Date of Termination
occurs, without regard to whether the metrics have been established or achieved for such year) (the “Change in Control Payment”);
provided the Change in Control Payment shall be reduced by the amount of the Restrictive Covenants Agreement Setoff, if applicable, paid
or to be paid in the same calendar year; and

 

(ii)           notwithstanding
anything to the contrary in any applicable incentive unit agreement, option agreement or other stock-based award agreement, all incentive
units, stock options and other stock-based awards subject to time-based vesting held by you (the “Time-Based Equity Awards”)
shall immediately accelerate and become fully exercisable or nonforfeitable as of the later of (i) the Date of Termination or (ii) the
Effective Date of the Separation Agreement and Release (the “Accelerated Vesting Date”); provided that any termination
or forfeiture of the unvested portion of such Time-Based Equity Awards that would otherwise occur on the Date of Termination in the absence
of this Agreement will be delayed until the Effective Date of the Separation Agreement and Release and will only occur if the vesting
pursuant to this subsection does not occur due to the absence of the Separation Agreement and Release becoming fully effective within
the time period set forth therein. Notwithstanding the foregoing, no additional vesting of the Time-Based Equity Awards shall occur during
the period between the Date of Termination and the Accelerated Vesting Date; and

 

(iii)         subject
to your copayment of premium amounts at the applicable active employees’ rate and your proper election to receive benefits under
COBRA, the Company shall pay to the group health plan provider or the COBRA provider a monthly payment equal to the monthly employer contribution
that the Company would have made to provide health insurance to you if you had remained employed by the Company until the earliest of
(A) the 12 month anniversary of the Date of Termination; (B) your eligibility for group medical plan benefits under any other
employer’s group medical plan; or (C) the cessation of your continuation rights under COBRA; provided, however, if the Company
reasonably determines that it cannot pay such amounts to the group health plan provider or the COBRA provider (if applicable) without
potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then the Company
shall convert such payments to payroll payments directly to you for the time period specified above. Such payments, if to you, shall be
subject to tax-related deductions and withholdings and paid on the Company’s regular payroll dates. For the avoidance of doubt,
the taxable payments described above may be used for any purpose, including, but not limited to, continuation coverage under COBRA.

 

    4

     

    

 

The amounts payable under this Section 10, to the extent taxable,
shall be paid out in substantially equal installments in accordance with the Company’s payroll practice over 12 months commencing
within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second
calendar year, such payments to the extent they qualify as “non-qualified deferred compensation” within the meaning of Section 409A
of the Code, shall be paid or commence to be paid in the second calendar year by the last day of such 60-day period.

 

11.          Definitions

 

(a)           “Cause”
shall mean any of the following: (i) conduct by you constituting a material act of misconduct in connection with the performance
of your duties, including, without limitation, (A) willful failure or refusal to perform material responsibilities that have been
requested by the Board; (B) dishonesty to the Board with respect to any material matter; or (C) misappropriation of funds or
property of the Parent, the Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of
Company property for personal purposes; (ii) your commission of acts satisfying the elements of (A) any felony or (B) a
misdemeanor involving moral turpitude, deceit, dishonesty or fraud; (iii) any misconduct by you, regardless of whether or not in
the course of your employment, that would reasonably be expected to result in material injury or substantial reputational harm to the
Parent, the Company or any of its subsidiaries or affiliates if you were to continue to be employed in the same position; (iv) your
continued non-performance of your duties hereunder (other than by reason of your physical or mental illness, incapacity or disability)
which has continued for more than 30 days following written notice of such non-performance from the Board; (v) your material breach
of any of the provisions contained in this Agreement or the Restrictive Covenants Agreement (as defined below); or (vi) your failure
to reasonably cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after
being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to
be relevant to such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection
with such investigation.

 

(b)           “Change
in Control” shall mean any of the following:

 

(i)           any
 “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
 “Act”) (other than the Company or the Parent, any of its or their subsidiaries, or any trustee, fiduciary or other person
or entity holding securities under any employee benefit plan or trust of the Company or the Parent, or any of its or their subsidiaries),
together with all “affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Act)
of such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Act), directly
or indirectly, of securities of the Company or the Parent representing 50 percent or more of the combined voting power of the Company’s
or the Parent’s then outstanding securities having the right to vote in an election of the Company’s or the Parent’s
Board (“Voting Securities”) (in such case other than as a result of an acquisition of securities directly from the Company
or the Parent); or 

 

    5

     

    

 

(ii)           the
date a majority of the members of the Company’ s or the Parent’s Board is replaced during any 12-month period by directors
whose appointment or election is not endorsed by a majority of the members of the Company’s or the Parent’s Board before the
date of the appointment or election; or

 

(iii)          the
consummation of (A) any consolidation or merger of the Company or the Parent where the stockholders of the Company or the Parent,
immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such
term is defined in Rule 13d-3 under the Act), directly or indirectly, shares representing in the aggregate more than 50 percent of
the voting shares of the Company or the Parent issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation,
if any), or (B) any sale or other transfer (in one transaction or a series of transactions contemplated or arranged by any party
as a single plan) of all or substantially all of the assets of the Company or the Parent.

 

Notwithstanding the foregoing, a “Change in Control” shall
not be deemed to have occurred for purposes of the foregoing clause (i) solely as the result of an acquisition of securities by the
Company or the Parent which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of
Voting Securities beneficially owned by any person to 50 percent or more of the combined voting power of all of the then outstanding Voting
Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any additional
shares of Voting Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition
of securities directly from the Company or the Parent) and immediately thereafter beneficially owns 50 percent or more of the combined
voting power of all of the then outstanding Voting Securities, then a “Change in Control” shall be deemed to have occurred
for purposes of the foregoing clause (i). Further, and notwithstanding anything herein, to the extent required under Section 409A
of the Internal Revenue Code, no event shall constitute a Change in Control unless such event also constitutes a “change in control
event” within the meaning of Treasury Regulation 1.409A-3(i)(5).

 

(c)           “Change
in Control Period” means the 12 months immediately following the occurrence of the first event constituting a Change in Control.

 

(d)           “Good
Reason” shall mean that you have completed all steps of the Good Reason Process (hereinafter defined) following the occurrence of
any of the following events without your consent (each, a “Good Reason Condition”): (i) a material diminution in your
role, responsibilities, authority or duties; (ii) a material diminution in your Base Salary except for across-the-board salary reductions
based on the Company’s financial performance similarly affecting all or substantially all senior management employees of the Company;
(iii) a material change in the geographic location at which you provide services to the Company, such that there is an increase of
at least thirty (30) miles of driving distance to such location from your principal residence as of such change; or (iv) a material
breach of this Agreement by the Company.

 

    6

     

    

 

(e)           “Good
Reason Process” consists of the following steps: (i) you reasonably determine in good faith that a Good Reason Condition has
occurred; (ii) you notify the Company in writing of the first occurrence of the Good Reason Condition within 90 days of the first
occurrence of such condition; (iii) you cooperate in good faith with the Company’s efforts, for a period of not less than 30
days following such notice (the “Cure Period”), to remedy the Good Reason Condition; (iv) notwithstanding such
efforts, the Good Reason Condition continues to exist; and (v) you terminate employment within 90 days after the end of the Cure
Period. If the Company cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to have occurred.

 

(f)            “Qualifying
Termination” shall mean the termination of your employment by the Company without Cause or the termination of your employment by
you for Good Reason. For the avoidance of doubt, in the event your employment is terminated by the Company for any reason other than a
termination by the Company without Cause or by you for Good Reason, you will be entitled to the Accrued Obligations but not to any severance
pay or benefits pursuant to Section 9 or Section 10 of this Agreement.

 

12.          Confidential
Information and Restricted Activities. As a condition of employment, you will be required to
enter into the Employee Proprietary Information and Invention Assignment Agreement attached hereto as Exhibit B (the “Restrictive
Covenants Agreement”). For purposes of this Agreement, the obligations that arise in the Restrictive Covenants Agreement and any
other agreement relating to confidentiality, assignment of inventions, or other restrictive covenants shall collectively be referred to
as the “Continuing Obligations.”

 

13.          Taxes;
Section 409A

 

(a)           All
forms of compensation referred to in this Agreement are subject to reduction to reflect applicable withholding and payroll taxes and other
deductions required by law. You hereby acknowledge that the Company does not have a duty to design its compensation policies in a manner
that minimizes your tax liabilities, and you will not make any claim against the Company or the Board related to tax liabilities arising
from your compensation.

 

    7

     

    

 

(b)          Anything
in this Agreement to the contrary notwithstanding, if at the time of your separation from service within the meaning of Section 409A
of the Code, the Company determines that you are a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of
the Code, then to the extent any payment or benefit that you become entitled to under this Agreement on account of your separation from
service would be considered deferred compensation subject to the 20% additional tax imposed pursuant to Section 409A(a) of the
Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit
shall not be provided until the date that is the earlier of (A) six months and one day after your separation from service, or (B) your
death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment
covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance
of the installments shall be payable in accordance with their original schedule. All in-kind benefits provided and expenses eligible for
reimbursement under this Agreement shall be provided by the Company or incurred by you during the time periods set forth in this Agreement.
All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last
day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable
expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement
in any other taxable year. Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.
To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under
Section 409A of the Code, and to the extent that such payment or benefit is payable upon your termination of employment, then such
payments or benefits shall be payable only upon your “separation from service.” The determination of whether and when a separation
from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section l.409A-l(h).
The Company and you intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that
any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such
a manner so that all payments hereunder comply with Section 409A of the Code. The Company makes no representation or warranty and
shall have no liability to you or any other person if any provisions of this Agreement are determined to constitute deferred compensation
subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

 

14.          Interpretation
and Enforcement. This Agreement, including the Restrictive Covenants Agreement, constitutes the
complete agreement between you and the Company, contains all of the terms of your employment with the Company and supersedes any prior
agreements, representations or understandings (whether written, oral or implied) between you and the Company, including without limitation
the Offer Letter. The terms of this Agreement and the resolution of any disputes as to the meaning, effect, performance or validity of
this Agreement or arising out of, related to, or in any way connected with this Agreement, your employment with the Company or any other
relationship between you and the Company (the “Disputes”) will be governed by Massachusetts law, excluding laws relating to
conflicts or choice of law. You and the Company submit to the exclusive personal jurisdiction of the federal and state courts located
in the Commonwealth of Massachusetts in connection with any Dispute or any claim related to any Dispute.

 

15.          Assignment.
Neither you nor the Company may make any assignment of this Agreement or any interest in it, by operation of law or otherwise, without
the prior written consent of the other; provided, however, that the Company may assign its rights and obligations under this Agreement
(including the Restrictive Covenants Agreement) without your consent to any affiliate or to any person or entity with whom the Company
shall hereafter effect a reorganization, consolidate with, or merge into or to whom it transfers all or substantially all of its properties
or assets. This Agreement shall inure to the benefit of and be binding upon you and the Company, and each of your and its respective successors,
executors, administrators, heirs and permitted assigns.

 

16.          Conditions.
Notwithstanding anything to the contrary herein, the effectiveness of this Agreement shall be conditioned on (i) your satisfactory
completion of reference and background checks, if so requested by the Company, and (ii) your submission of satisfactory proof of
your legal authorization to work in the United States

 

    8

     

    

 

17.          Miscellaneous.
This Agreement may not be modified or amended, and no breach shall be deemed to be waived, unless agreed to in writing by you and a Board
member of the Company. The headings and captions in this Agreement are for convenience only and in no way define or describe the scope
or content of any provision of this Agreement. The words “include,” “includes” and “including”
when used herein shall be deemed in each case to be followed by the words “without limitation.” This Agreement may be executed
in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument.
By signing this Agreement, you represent to the Company that you have no contractual commitments or other legal obligations that would
or may prohibit you from performing your duties for the Company.

 

Please acknowledge, by signing below, that you have accepted this Agreement.

 

	 	 
	 	Very truly yours,
	 	 
	 	 
	 	AKREVIA THERAPEUTICS INC.
	 	 
	 	 
	 	By:	/s/ René Russo
	 	 	 René Russo, CEO

 

I have read and accept this employment offer:

 

	/s/
    Joseph L. Farmer	 
	Joseph L. Farmer	 
	 	 
	Dated: May 24, 2019	 

 

    9

     

    

 

Exhibit A 

 

Permitted Activities

 

    10

     

    

 

Exhibit B

 

Restrictive Covenants Agreement 

 

    11Exhibit 10.17

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (the “Agreement”),
is made as of September 30, 2021 by and between Xilio Therapeutics, Inc. (the “Company”), and Martin Huber,
M.D. (the “Executive”) (together, the “Parties”).

 

RECITALS

 

WHEREAS, the Company desires to continue to employ
the Executive as its President of R&D and Chief Medical Officer; and

 

WHEREAS, the Company and the Executive are party
to a letter agreement dated January 9, 2020 detailing the terms and conditions of the Executive’s employment (the “Existing
Agreement”) and desire to amend and restate the Existing Agreement in its entirety; and

 

WHEREAS, the Executive has agreed to accept continued
employment on the terms and conditions set forth in this Agreement;

 

NOW, THEREFORE, in consideration of the foregoing
and of the respective covenants and agreements of the Parties herein contained, the Parties hereto agree as follows:

 

1. Agreement. Provided that the Executive remains employed by
the Company as of the date on which the registration statement relating to the Company’s initial public offering (the “IPO”)
is effective (the “Effective Date”), this Agreement shall be effective as of such date. As of the Effective Date, the
Executive shall continue to be an employee of the Company until such employment relationship is terminated in accordance with Section 7
hereof (the “Term of Employment”).

 

2. Position. During the Term of Employment, the Executive shall
serve as the President of R&D and Chief Medical Officer of the Company, working out of the Company’s office in Waltham, Massachusetts,
and travelling as reasonably required by the Executive’s job duties.

 

3. Scope of Employment. During the Term of Employment, the Executive
shall be responsible for the performance of those duties consistent with the Executive’s position as President of R&D and Chief
Medical Officer of the Company. The Executive shall report to the Chief Executive Officer of the Company or another executive designated
by the Company and shall perform and discharge faithfully, diligently, and to the best of the Executive’s ability, the Executive’s
duties and responsibilities hereunder. The Executive shall devote substantially all of the Executive’s business time, loyalty, attention
and efforts to the business and affairs of the Company and its affiliates. During the Term of Employment, the Executive will not engage
in any other employment, occupation, consulting, or other business activity directly related to the business in which the Company is now
involved or becomes involved during the Term of Employment without the prior written consent of the Chief Executive Officer of the Company.
Notwithstanding the foregoing, the Executive may serve on other boards of directors with the approval of the Chairman of the Board of
Directors of the Company (the “Board”), and the Executive may engage in religious, charitable or other community activities
as long as such services and activities are disclosed to the Chief Executive Officer of the Company and do not materially interfere with
the Executive’s performance of duties to the Company or the Executive’s obligations pursuant to the Restrictive Covenants
Agreement. The Executive agrees to abide by the rules, regulations, instructions, personnel practices and policies of the Company and
any changes therein that may be adopted from time to time by the Company.

 

    - 1 -

     

    

 

4. Compensation. As full compensation for all services rendered
by the Executive to the Company and any affiliate thereof, during the Term of Employment, the Company will provide to the Executive the
following:

 

(a) Base Salary. Effective as of the
Effective Date, the Executive shall receive a base salary at the annualized rate of $475,000 (the “Base Salary”). The
Executive’s Base Salary shall be paid in equal installments in accordance with the Company’s regularly established payroll
procedures. The Executive’s Base Salary will be reviewed on an annual or more frequent basis by the Board and, except as set forth
in Section 7(c)(i), is subject to increase (but not decrease) in the discretion of the Board.

 

(b) Annual Discretionary Bonus. Following
the end of each calendar year beginning with the 2021 calendar year, the Executive will be considered for an annual incentive bonus with
respect to each fiscal year of the Executive’s employment with the Company. The amount, terms and conditions of such bonus (if any)
are to be determined at the sole discretion of the Board. The Executive’s target incentive bonus shall (the “Target Bonus”)
shall be 45% of base salary. The actual payout amount for any calendar year is discretionary and will be subject to the Board’s
assessment of Executive’s performance, business conditions at the Company, and the terms of any applicable bonus plan. No amount
of annual bonus is guaranteed, and the Executive must be an employee in good standing on the last day of the applicable bonus year in
order to be eligible for any annual bonus for such year, except as specifically set forth in Section 8 below. Any annual performance
bonus will be paid by no later than March 15 of the calendar year after the bonus year to which it relates.

 

(c) Equity Awards. The Executive shall
be granted an option to purchase 1,492,051 shares of Company common stock, prior to giving effect to any reverse stock split with respect
to the Company’s common stock undertaken in connection with the IPO and subject to and effective on the Company’s agreement
to a price to the public in the IPO and pursuant to the terms and provisions of the Company’s 2021 Stock Incentive Plan, with such
option having an exercise price per share equal to the price per share at which the common stock is to be sold to the public in the IPO
and being subject to such other terms and conditions as the Board shall approve. The Executive will be eligible to receive future equity
awards, if any, at such times and on such terms and conditions as the Board shall, in its sole discretion, determine.

 

(d) Benefits. Subject to eligibility
requirements and the Company’s policies, the Executive shall have the right, on the same basis as other similarly-situated employees
of the Company, to participate in, and to receive benefits under, all employee health, disability, insurance, fringe, welfare benefit
and retirement plans, arrangements, practices and programs the Company provides to its senior executives in accordance with the terms
thereof as in effect from time to time. The Company reserves the right to modify, amend or terminate any and all of its benefits plans
at is discretion.

 

    - 2 -

     

    

 

(e) Paid Time Off. During the Term,
the Executive shall be entitled to vacation and holidays in accordance with the Company’s applicable policy.

 

(f) Withholdings. All compensation
payable to the Executive shall be subject to applicable taxes and withholdings.

 

5. Expenses. The Executive will be reimbursed for the Executive’s
actual, necessary and reasonable business expenses pursuant to Company policy, subject to the provisions of Section 3 of Exhibit A
attached hereto.

 

6. Restrictive Covenants Agreement. As a condition of the Executive’s
continued employment pursuant to the terms hereof, the Executive shall execute the Proprietary Rights, Non-Disclosure, Non-Competition
and Non-Solicitation, and Developments Agreement (the “Restrictive Covenant Agreement”) attached hereto as Exhibit B.
The Executive acknowledges that the Executive’s receipt of the grant of stock options set forth in Section 4(c) of this
Agreement is contingent upon the Executive’s Agreement to the non-competition provisions set forth in the Restrictive Covenant Agreement,
and that such consideration is fair and reasonable in exchange for the Executive’s compliance with such non-competition obligations.
Notwithstanding anything to the contrary in this Agreement, the Executive acknowledges and agrees that (i) the non-competition obligations
set forth in the attached Restrictive Covenant Agreement shall not take effect until the later of (x) the Effective Date and (y) the
eleventh (11th) business day after the Company provided this Agreement to the Executive for review and execution; and (ii) until
such date, the non-competition restrictions previously agreed to by the Executive shall remain in full force and effect.

 

7. Employment Termination. This Agreement and the employment
of the Executive shall terminate upon the occurrence of any of the following:

 

(a) Upon the death or Disability of the Executive.
As used in this Agreement, the term “Disability” shall mean a physical or mental illness or disability that prevents
the Executive from performing the duties of the Executive’s position for a period of more than any three (3) consecutive months
or for periods aggregating more than twenty-six (26) weeks in any twelve-month period. The Company shall determine in good faith and in
its sole discretion whether the Executive is unable to perform the services provided for herein.

 

(b) At the election of the Company, with or
without Cause (as defined below), immediately upon written notice by the Company to the Executive. As used in this Agreement, “Cause”
shall mean, as determined in good faith by the Company the Executive’s:

 

(i) conduct by the Executive constituting a
material act of misconduct in connection with the performance of the Executive’s duties, including, without limitation, misappropriation
of funds or property of the Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of
company property for personal purposes;

 

(ii) the Executive’s commission of acts
satisfying the elements of (A) any felony or (B) a misdemeanor involving moral turpitude, deceit, dishonesty or fraud;

 

    - 3 -

     

    

 

(iii) any misconduct by the Executive, regardless
of whether or not in the course of the Executive’s employment, that would reasonably be expected to result in material injury or
substantial reputational harm to the Company or any of its subsidiaries or affiliates if the Executive were to continue to be employed
in the same position; for the avoidance of doubt, a violation of the Company’s anti-discrimination or anti-harassment policies shall
constitute Cause pursuant to this (iii);

 

(iv) the Executive’s continued non-performance
of the Executive’s duties hereunder (other than by reason of the Executive’s Disability) which has continued for more than
30 days following written notice of such non-performance from the Board;

 

(v) the Executive’s material breach of
any of the provisions contained in this Agreement or the Restrictive Covenants Agreement (as defined below); or

 

(vi) the Executive’s failure to reasonably
cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after being instructed
by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such
investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation.

 

(c) At the election of the Executive, with
or without Good Reason (as defined below), upon written notice by the Executive to the Company (subject, if it is with Good Reason, to
the timing provisions set forth in the definition of Good Reason). As used in this Agreement, “Good Reason” shall mean
that the Executive has completed all steps of the Good Reason Process (hereinafter defined) following the occurrence of any of the following
events without the Executive’s consent (each, a “Good Reason Condition”):

 

		(i)	a material diminution of the Executive’s Base Salary, other than in connection with, and substantially proportionate to, reductions
by the Company of the base salaries of all or substantially all senior management employees of the Company;

 

		(ii)	a material diminution in the Executive’s role, duties, authority or responsibilities; provided, however, that a reduction in
authority, duties or responsibilities primarily by virtue of the Company being acquired and made part of a larger entity (whether as a
subsidiary, business unit or otherwise) will not constitute Good Reason;

 

		(iii)	a material change in the geographic location at which the Executive provides services to the Company, such that there is an increase
of at least thirty (30) miles of driving distance to such location from the Executive’s principal residence as of such change; or

 

		(iv)	any material breach by the Company of this Agreement (to the extent not otherwise covered by this paragraph) or any other written
agreement between the Company and the Executive;

 

    - 4 -

     

    

 

“Good Reason Process” consists of the following
steps: (i) the Executive reasonably determines in good faith that a Good Reason Condition has occurred; (ii) the Executive notifies
the Company in writing of the first occurrence of the Good Reason Condition within 90 days of the first occurrence of such condition;
(iii) the Executive cooperates in good faith with the Company’s efforts, for a period of not less than 30 days following such
notice (the “Cure Period”), to remedy the Good Reason Condition; (iv) notwithstanding such efforts, the Good Reason
Condition continues to exist; and (v) the Executive terminates employment within 90 days after the end of the Cure Period. If the
Company cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to have occurred.

 

8. Effect of Termination.

 

(a)  All Terminations Other Than by the
Company Without Cause or by the Executive With Good Reason. If the Executive’s employment is terminated under any circumstances
other than a termination by the Company without Cause or a termination by the Executive with Good Reason (including a voluntary termination
by the Executive without Good Reason or a termination by the Company for Cause or due to the Executive’s death or Disability), the
Company’s obligations under this Agreement shall immediately cease and the Executive shall only be entitled to receive (i) the
Base Salary that has accrued and to which the Executive is entitled as of the effective date of such termination (the “Date of
Termination”) and to the extent consistent with general Company policy, to be paid in accordance with the Company’s established
payroll procedure and applicable law but no later than the next regularly scheduled pay period, (ii) unreimbursed business expenses
for which expenses the Executive has timely submitted appropriate documentation in accordance with Section 5 hereof, and (iii) any
amounts or benefits to which the Executive is then entitled under the terms of the benefit plans then-sponsored by the Company in accordance
with their terms (and not accelerated to the extent acceleration does not satisfy Section 409A of the Internal Revenue Code of 1986,
as amended, (the “Code”)) (the payments described in this sentence, the “Accrued Obligations”).

 

(b) Termination by the Company Without
Cause or by the Executive With Good Reason Prior to or More Than Twelve Months Following a Change in Control. If the Executive’s
employment is terminated by the Company without Cause or by the Executive with Good Reason prior to, or more than twelve (12) months following,
a Change in Control (as defined below), the Executive shall be entitled to the Accrued Obligations. In addition, and subject to the conditions
of Section 8(d), the Company shall:

 

(i) pay the Executive an amount
equal to (x) nine (9) months (the “Severance Period”) of the Executive’s Base Salary, and (y) the
Executive’s Target Bonus for the year in which the Date of Termination occurs, without regard to whether the metrics have been established
or achieved for such year (such bonus amount prorated to reflect the period during such year that the Executive was employed prior to
the Date of Termination); provided in the event the Executive is entitled to any payments pursuant to the Restrictive Covenants Agreement,
the amounts received by the Executive pursuant to this (i) in any calendar year will be reduced by the amount the Executive is paid
in the same such calendar year pursuant to the Restrictive Covenants Agreement (the “Restrictive Covenants Agreement Setoff”);
and

 

    - 5 -

     

    

 

(ii) provided the Executive is eligible
for and timely elects to continue receiving group medical insurance pursuant to the “COBRA” law, continue to pay for nine
(9) months following the Executive’s termination date or until the Executive has secured other employment or is no longer eligible
for coverage under COBRA, whichever occurs first, the share of the premium for health coverage that is paid by the Company for active
and similarly-situated employees who receive the same type of coverage, unless the Company’s provision of such COBRA payments will
violate the nondiscrimination requirements of applicable law, in which case the Company shall convert such payments to payroll payments
directly to the Executive for the time period specified above. Such payments, if to the Executive, shall be subject to tax-related deductions
and withholdings and paid on the Company’s regular payroll dates. For the avoidance of doubt, the taxable payments described above
may be used for any purpose, including, but not limited to, continuation coverage under COBRA (collectively, the “Severance Benefits”).

 

(c) Termination by the Company Without
Cause or by the Executive With Good Reason Within Twelve Months Following a Change in Control. If the Executive’s employment
is terminated by the Company without Cause or by the Executive with Good Reason within twelve (12) months following a Change in Control,
then the Executive shall be entitled to the Accrued Obligations. In addition, in lieu of the Severance Benefits set forth in Section 8(b) above,
and subject to the conditions of Section 8(d), the Company shall:

 

(i) pay the Executive an amount
equal to (x) twelve (12) months (the “Change in Control Severance Period”) of the Executive’s Base Salary
(or Executive’s Base Salary in effect immediately prior to the Change in Control, if higher), and (y) an amount equal to the
Executive’s Target Bonus for the year in which the Date of Termination occurs, without regard to whether the metrics have been established
or achieved for such year; provided in the event the Executive is entitled to any payments pursuant to the Restrictive Covenants Agreement,
the amounts received by the Executive pursuant to this (i) in any calendar year will be reduced by the Restrictive Covenants Agreement
Setoff;

 

(ii) provided the Executive is eligible
for and timely elects to continue receiving group medical insurance pursuant to the “COBRA” law, continue to pay for twelve
(12) months following the Executive’s termination date or until the Executive has secured other employment or is no longer eligible
for coverage under COBRA, whichever occurs first, the share of the premium for health coverage that is paid by the Company for active
and similarly-situated employees who receive the same type of coverage, unless the Company’s provision of such COBRA payments will
violate the nondiscrimination requirements of applicable law, in which case the Company shall convert such payments to payroll payments
directly to the Executive for the time period specified above. Such payments, if to the Executive, shall be subject to tax-related deductions
and withholdings and paid on the Company’s regular payroll dates. For the avoidance of doubt, the taxable payments described above
may be used for any purpose, including, but not limited to, continuation coverage under COBRA; and

 

    - 6 -

     

    

 

(iii) notwithstanding anything to
the contrary in any applicable equity incentive award agreement, stock option agreement or other stock-based award agreement, all equity
incentive awards, stock options and other stock-based awards subject to time-based vesting held by the Executive shall be accelerated,
such that all then-unvested equity awards that vest based solely on the passage of time immediately vest and become fully exercisable
or non-forfeitable as of the Executive’s Date of Termination (collectively, the “Change in Control Severance Benefits”);
provided that, if any equity incentive awards, stock options and other stock-based awards held by the Executive prior to the Effective
Date have accelerated vesting terms that a more favorable to the Executive than those set forth in this Section 8(c)(iii), the vesting
terms of those equity incentive awards, stock options or other stock-based awards shall apply as opposed to the accelerated vesting terms
set forth in this Section 8(c)(iii) solely with respect to such awards.

 

(d) Release and Timing of Payments.
As a condition of the Executive’s receipt of the Severance Benefits or the Change in Control Severance Benefits, as applicable,
the Executive must execute and deliver to the Company a severance and release of claims agreement in a form to be provided by the Company
(the “Severance Agreement”), which Severance Agreement will include, at a minimum, a release of all releasable claims,
non-disparagement, confidentiality, and cooperation obligations, a reaffirmation of the Executive’s continuing obligations under
the Restrictive Covenants Agreement, and an agreement not to compete with the Company for twelve (12) months following the Date of Termination.
The Severance Agreement must become irrevocable within sixty (60) days following the date of the Executive’s Date of Termination
(or such shorter period as may be directed by the Company). The Severance Benefits or the Change in Control Severance Benefits, as applicable,
are subject to Exhibit A and, to the extent taxable, shall be paid out in substantially equal installments in accordance with
the Company’s payroll practice over the Severance Period or the Change in Control Severance Period, as applicable, commencing within
60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar
year, any payments due under Section 8(b) or 8(c) above, to the extent they qualify as “non-qualified deferred compensation”
within the meaning of Section 409A of the Code, shall begin to be paid in the second calendar year by the last day of such 60-day
period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately
following the Date of Termination. The Executive must continue to comply with the Severance Agreement, the Restrictive Covenants Agreement
and any similar agreement with the Company in order to be eligible to receive or continue receiving the Severance Benefits or Change in
Control Severance Benefits, as applicable.

 

    - 7 -

     

    

 

(e) Change in Control Definition. For
purposes of this Agreement, “Change in Control” shall mean the occurrence of any of the following events, provided
that such event or occurrence constitutes a change in the ownership or effective control of the Company, or a change in the ownership
of a substantial portion of the assets of the Company, as defined in Treasury Regulation §§ 1.409A-3(i)(5)(v), (vi) and
(vii): (i) the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of
the Securities Exchange Act of 1934 (the “Exchange Act”)) (a “Person”) of beneficial ownership of
any capital stock of the Company if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 under
the Exchange Act) fifty percent (50%) or more of either (x) the then-outstanding shares of common stock of the Company (the “Outstanding
Company Common Stock”) or (y) the combined voting power of the then-outstanding securities of the Company entitled to vote
generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes
of this subsection (i), the following acquisitions shall not constitute a Change in Control: (1) any acquisition of capital stock
of the Company directly from the Company or (2) any acquisition of capital stock of the Company by any entity pursuant to a Business
Combination (as defined below) which complies with clauses (x) and (y) of subsection (iii) of this definition; or (ii) a
change in the composition of the Board that results in the Continuing Directors (as defined below) no longer constituting a majority of
the Board (or, if applicable, the Board of Directors of a successor corporation to the Company), where the term “Continuing Director”
means at any date a member of the Board (x) who was a member of the Board on the Effective Date or (y) who was nominated or
elected subsequent to such date by at least a majority of the directors who were Continuing Directors at the time of such nomination or
election or whose election to the Board was recommended or endorsed by at least a majority of the directors who were Continuing Directors
at the time of such nomination or election; provided, however, that there shall be excluded from this clause (y) any individual whose
initial assumption of office occurred as a result of an actual or threatened election contest with respect to the election or removal
of directors or other actual or threatened solicitation of proxies or consents, by or on behalf of a person other than the Board; or (iii) the
consummation of a merger, consolidation, reorganization, recapitalization or share exchange involving the Company, or a sale or other
disposition of all or substantially all of the assets of the Company (a “Business Combination”), unless, immediately
following such Business Combination, each of the following two (2) conditions is satisfied: (x) all or substantially all of
the individuals and entities who were the beneficial owners of the Outstanding Company Common Stock and Outstanding Company Voting Securities
immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty percent (50%) of the then-outstanding
shares of common stock and the combined voting power of the then-outstanding securities entitled to vote generally in the election of
directors, respectively, of the resulting or acquiring corporation in such Business Combination (which shall include, without limitation,
a corporation which as a result of such transaction owns the Company or substantially all of the Company’s assets either directly
or through one (1) or more subsidiaries) (such resulting or acquiring corporation is referred to herein as the “Acquiring
Corporation”) in substantially the same proportions as their ownership of the Outstanding Company Common Stock and Outstanding
Company Voting Securities, respectively, immediately prior to such Business Combination and (y) no Person (excluding any employee
benefit plan (or related trust) maintained or sponsored by the Company or by the Acquiring Corporation) beneficially owns, directly or
indirectly, fifty percent (50%) or more of the then-outstanding shares of common stock of the Acquiring Corporation, or of the combined
voting power of the then-outstanding securities of such corporation entitled to vote generally in the election of directors (except to
the extent that such ownership existed prior to the Business Combination); or (iv) the liquidation or dissolution of the Company.
Notwithstanding the foregoing, if the definition of Change in Control (or similar definition) in an equity incentive award, stock option
or other stock-based award agreement between the Executive and the Company dated prior to the Effective Date (each, a “Preexisting
Equity Agreement”) is broader than this definition of Change in Control in this Agreement, the definition of Change in Control (or
similar definition) in such Preexisting Equity Agreement shall apply solely with respect to the equity award covered by such Preexisting
Equity Agreement.

 

    - 8 -

     

    

 

9. Modified Section 280G Cutback. Notwithstanding any other
provision of this Agreement, except as set forth in Section 9(b), in the event that the Company undergoes a “Change in Ownership
or Control” (as defined below), the following provisions shall apply:

 

(a) The Company shall not be obligated to
provide to the Executive any portion of any “Contingent Compensation Payments” (as defined below) that the Executive would
otherwise be entitled to receive to the extent necessary to eliminate any “excess parachute payments” (as defined in Section 280G(b)(1) of
the Code) for the Executive. For purposes of this Section 9, the Contingent Compensation Payments so eliminated shall be referred
to as the “Eliminated Payments” and the aggregate amount (determined in accordance with Treasury Regulation Section 1.280G-1,
Q/A-30 or any successor provision) of the Contingent Compensation Payments so eliminated shall be referred to as the “Eliminated
Amount.”

 

(b) Notwithstanding the provisions of Section 9(a),
no such reduction in Contingent Compensation Payments shall be made if (1) the Eliminated Amount (computed without regard to this
sentence) exceeds (2) one hundred percent (100%) of the aggregate present value (determined in accordance with Treasury Regulation
Section 1.280G-1, Q/A-31 and Q/A-32 or any successor provisions) of the amount of any additional taxes that would be incurred by
the Executive if the Eliminated Payments (determined without regard to this sentence) were paid to the Executive (including state and
federal income taxes on the Eliminated Payments, the excise tax imposed by Section 4999 of the Code payable with respect to all of
the Contingent Compensation Payments in excess of the Executive’s “base amount” (as defined in Section 280G(b)(3) of
the Code), and any withholding taxes). The override of such reduction in Contingent Compensation Payments pursuant to this Section 9(b) shall
be referred to as a “Section 9(b) Override.” For purpose of this paragraph, if any federal or state income taxes
would be attributable to the receipt of any Eliminated Payment, the amount of such taxes shall be computed by multiplying the amount of
the Eliminated Payment by the maximum combined federal and state income tax rate provided by law.

 

(c) For purposes of this Section 9 the
following terms shall have the following respective meanings:

 

(i) “Change in Ownership or Control”
shall mean a change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of
the Company determined in accordance with Section 280G(b)(2) of the Code.

 

(ii) “Contingent Compensation Payment”
shall mean any payment (or benefit) in the nature of compensation that is made or made available (under this Agreement or otherwise) to
or for the benefit of a “disqualified individual” (as defined in Section 280G(c) of the Code) and that is contingent
(within the meaning of Section 280G(b)(2)(A)(i) of the Code) on a Change in Ownership or Control of the Company.

 

    - 9 -

     

    

 

(d) Any
payments or other benefits otherwise due to the Executive following a Change in Ownership or Control that could reasonably be characterized
(as determined by the Company) as Contingent Compensation Payments (the “Potential Payments”) shall not be made until the
dates provided for in this Section 9(d). Within thirty (30) days after each date on which the Executive first becomes entitled to
receive (whether or not then due) a Contingent Compensation Payment relating to such Change in Ownership or Control, the Company shall
determine and notify the Executive (with reasonable detail regarding the basis for its determinations) (1) which Potential Payments
constitute Contingent Compensation Payments, (2) the Eliminated Amount and (3) whether the Section 9(b) Override is
applicable. Within thirty (30) days after delivery of such notice to the Executive, the Executive shall deliver a response to the Company
(the “Executive Response”) stating either (A) that the Executive agrees with the Company’s determination pursuant
to the preceding sentence or (B) that the Executive disagrees with such determination, in which case the Executive shall set forth
(x) which Potential Payments should be characterized as Contingent Compensation Payments, (y) the Eliminated Amount, and (z) whether
the Section 9(b) Override is applicable. In the event that the Executive fails to deliver an Executive Response on or before
the required date, the Company’s initial determination shall be final. If and to the extent that any Contingent Compensation
Payments are required to be treated as Eliminated Payments pursuant to this Section 9, then the payments shall be reduced or eliminated,
as determined by the Company, in the following order: (i) any cash payments, (ii) any taxable benefits, (iii) any nontaxable
benefits, and (iv) any vesting of equity awards in each case in reverse order beginning with payments or benefits that are to be
paid the farthest in time from the date that triggers the applicability of the excise tax, to the extent necessary to maximize the Eliminated
Payments. If the Executive states in the Executive Response that the Executive agrees with the Company’s determination, the Company
shall make the Potential Payments to the Executive within three (3) business days following delivery to the Company of the Executive
Response (except for any Potential Payments which are not due to be made until after such date, which Potential Payments shall be made
on the date on which they are due). If the Executive states in the Executive Response that the Executive disagrees with the Company’s
determination, then, for a period of sixty (60) days following delivery of the Executive Response, the Executive and the Company shall
use good faith efforts to resolve such dispute. If such dispute is not resolved within such 60-day period, such dispute shall be settled
exclusively by arbitration in Boston, Massachusetts, in accordance with the rules of the American Arbitration Association then in
effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. The Company shall, within three (3) business
days following delivery to the Company of the Executive Response, make to the Executive those Potential Payments as to which there is
no dispute between the Company and the Executive regarding whether they should be made (except for any such Potential Payments which are
not due to be made until after such date, which Potential Payments shall be made on the date on which they are due). The balance of the
Potential Payments shall be made within three (3) business days following the resolution of such dispute. Subject to the limitations
contained in Sections 9(a) and 9(b) hereof, the amount of any payments to be made to the Executive following the resolution
of such dispute shall be increased by the amount of the accrued interest thereon computed at the prime rate announced from time to time
by The Wall Street Journal, compounded monthly from the date that such payments originally were due.

 

The provisions of this Section 9 are intended
to apply to any and all payments or benefits available to the Executive under this Agreement or any other agreement or plan under which
the Executive may receive Contingent Compensation Payments.

 

10. Absence of Restrictions. The Executive represents and warrants
that the Executive is not bound by any employment contracts, restrictive covenants or other restrictions that prevent the Executive from
carrying out the Executive’s responsibilities for the Company, or which are in any way inconsistent with any of the terms of this
Agreement.

 

    - 10 -

     

    

 

11. Notice. Any notice delivered under this Agreement shall
be deemed duly delivered three (3) business days after it is sent by registered or certified mail, return receipt requested, postage
prepaid, one (1) business day after it is sent for next-business day delivery via a reputable nationwide overnight courier service,
or immediately upon hand delivery, in each case to the address of the recipient set forth below.

 

To the Executive: At the address set forth in the
Executive’s personnel file

 

To Company:

 

Xilio Therapeutics, Inc.

828 Winter Street, Suite 300

Waltham, MA 02451

Attention: Legal Department

 

Either Party may change the address to which notices are to be delivered
by giving notice of such change to the other Party in the manner set forth in this Section 11.

 

12. Governing Law; Enforcement. The terms of this Agreement
and the resolution of any disputes as to the meaning, effect, performance or validity of this Agreement or arising out of, related to,
or in any way connected with this Agreement, the Executive’s employment with the Company or any other relationship between the Executive
and the Company (the “Disputes”) will be governed by Massachusetts law, excluding laws relating to conflicts or choice
of law. The Executive and the Company submit to the exclusive personal jurisdiction of the federal and state courts located in the Commonwealth
of Massachusetts in connection with any Dispute or any claim related to any Dispute.

 

13. Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of both Parties and their respective successors and assigns, including any corporation with which or into
which the Company may be merged or which may succeed to its assets or business; provided, however, that the obligations of the Executive
are personal and shall not be assigned by the Executive.

 

14. At-Will Employment. During the Term of Employment, the Executive
will continue to be an at-will employee of the Company, which means that, notwithstanding any provision set forth herein, the employment
relationship can be terminated by either Party for any reason, at any time, with or without prior notice and with or without Cause.

 

15. Acknowledgment. The Executive states and represents that
the Executive has had an opportunity to fully discuss and review the terms of this Agreement with an attorney. The Executive further states
and represents that the Executive has carefully read this Agreement, understands the contents herein, freely and voluntarily assents to
all of the terms and conditions hereof, and signs the Executive’s name of the Executive’s own free act.

 

16. No Oral Modification, Waiver, Cancellation or Discharge.
This Agreement may be amended or modified only by a written instrument executed by both the Company and the Executive. No delay or omission
by the Company in exercising any right under this Agreement shall operate as a waiver of that or any other right. A waiver or consent
given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar to or waiver of
any right on any other occasion.

 

    - 11 -

     

    

 

17. Captions and Pronouns. The captions of the sections of this
Agreement are for convenience of reference only and in no way define, limit or affect the scope or substance of any section of this Agreement.
Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms,
and the singular forms of nouns and pronouns shall include the plural, and vice versa.

 

18. Interpretation. The Parties agree that this Agreement will
be construed without regard to any presumption or rule requiring construction or interpretation against the drafting Party. References
in this Agreement to “include” or “including” should be read as though they said “without limitation”
or equivalent forms. References in this Agreement to the “Board” shall include any authorized committee thereof.

 

19. Severability. Each provision of this Agreement must be interpreted
in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or
invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating
the remainder of such provision or the remaining provisions of this Agreement. Moreover, if a court of competent jurisdiction determines
any of the provisions contained in this Agreement to be unenforceable because the provision is excessively broad in scope, whether as
to duration, activity, geographic application, subject or otherwise, it will be construed, by limiting or reducing it to the extent legally
permitted, so as to be enforceable to the extent compatible with then applicable law to achieve the intent of the Parties.

 

20. Entire Agreement. This Agreement constitutes the entire
agreement between the Parties and supersedes all prior agreements and understandings, whether written or oral, relating to the subject
matter of this Agreement, including, without limitation, the Existing Agreement.

 

[Signatures on Page Following]

 

    - 12 -

     

    

 

IN WITNESS WHEREOF, the Parties hereto have executed
this Agreement as of the day and year set forth above.

 

XILIO THERAPEUTICS, INC.

 

	By:	/s/ René Russo	 
	Name:	René Russo	 
	Title:	President and Chief Executive Officer	 

 

EXECUTIVE:

 

	/s/ Martin Huber	 
	Martin Huber, M.D.	 

 

    - 13 -

     

    

 

EXHIBIT A

 

Payments Subject to Section 409A

 

1.             Subject
to this Exhibit A, any severance payments that may be due under the Agreement shall begin only upon the date of the Executive’s
 “separation from service” (determined as set forth below) which occurs on or after the termination of the Executive’s
employment. The following rules shall apply with respect to distribution of the severance payments, if any, to be provided to the
Executive under the Agreement, as applicable:

 

(a)            It
is intended that each installment of the severance payments provided under the Agreement shall be treated as a separate “payment”
for purposes of Section 409A of the Internal Revenue Code (“Section 409A”). Neither the Company nor the Executive
shall have the right to accelerate or defer the delivery of any such payments except to the extent specifically permitted or required
by Section 409A.

 

(b)            If,
as of the date of the Executive’s “separation from service” from the Company, the Executive is not a “specified
employee” (within the meaning of Section 409A), then each installment of the severance payments shall be made on the dates
and terms set forth in the letter agreement.

 

(c)            If,
as of the date of the Executive’s “separation from service” from the Company, the Executive is a “specified employee”
(within the meaning of Section 409A), then:

 

		(i)	Each installment of the severance payments due under the Agreement that, in accordance with the dates and terms set forth herein,
will in all circumstances, regardless of when the Executive’s separation from service occurs, be paid within the short-term deferral
period (as defined under Section 409A) shall be treated as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to
the maximum extent permissible under Section 409A and shall be paid on the dates and terms set forth in the Agreement; and

 

		(ii)	Each installment of the severance payments due under the Agreement that is not described in this Exhibit A, Section 1(c)(i) and
that would, absent this subsection, be paid within the six-month period following the Executive’s “separation from service”
from the Company shall not be paid until the date that is six months and one day after such separation from service (or, if earlier, the
Executive’s death), with any such installments that are required to be delayed being accumulated during the six-month period and
paid in a lump sum on the date that is six months and one day following the Executive’s separation from service and any subsequent
installments, if any, being paid in accordance with the dates and terms set forth herein; provided, however, that the preceding provisions
of this sentence shall not apply to any installment of payments if and to the maximum extent that that such installment is deemed to be
paid under a separation pay plan that does not provide for a deferral of compensation by reason of the application of Treasury Regulation
1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from service). Any installments that qualify for the
exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of the Executive’s
second taxable year following the taxable year in which the separation from service occurs.

 

    - 14 -

     

    

 

2.             The
determination of whether and when the Executive’s separation from service from the Company has occurred shall be made and in a manner
consistent with, and based on the presumptions set forth in, Treasury Regulation Section 1.409A-1(h). Solely for purposes of Section 2
of this Exhibit A, “Company” shall include all persons with whom the Company would be considered a single employer
under Section 414(b) and 414(c) of the Code.

 

3.             All
reimbursements and in-kind benefits provided under the Agreement shall be made or provided in accordance with the requirements of Section 409A
to the extent that such reimbursements or in-kind benefits are subject to Section 409A, including, where applicable, the requirements
that (i) any reimbursement is for expenses incurred during the Executive’s lifetime (or during a shorter period of time specified
in the Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible
for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day
of the calendar year following the year in which the expense is incurred and (iv) the right to reimbursement is not subject to set
off or liquidation or exchange for any other benefit.

 

4.             The
Company makes no representation or warranty and shall have no liability to the Executive or to any other person if any of the provisions
of the Agreement (including this Exhibit A) are determined to constitute deferred compensation subject to Section 409A
but that do not satisfy an exemption from, or the conditions of, that section.

 

5.             The
Agreement is intended to comply with, or be exempt from, Section 409A and shall be interpreted accordingly.

 

[Remainder of page intentionally left blank.]

 

    - 15 -

     

    

 

EXHIBIT B

 

Restrictive Covenants Agreement

 

    - 16 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00334-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00334-of-00352.parquet"}]]