Document:

Exhibit 10.6

 

EMPLOYMENT AGREEMENT

 

EMPLOYMENT AGREEMENT
(this “Agreement”), dated as of February 6, 2015, between Urigen Pharmaceuticals, Inc., a Delaware corporation
(the “Company”) and Ebrahim Versi, M.D., Ph. D. (“Executive,” together with the Company,
the “Parties” and, each, a “Party”).

 

WHEREAS, the Company
desires to employ Executive, and Executive desires to accept such employment, on the terms and conditions set forth in this Agreement;

 

NOW, THEREFORE, on
the basis of the foregoing premises and in consideration of the mutual covenants and agreements contained herein, the Parties agree
as follows:

 

1.          Employment;
Title; Duties and Location. The Company hereby agrees to employ Executive, and Executive hereby accepts employment with the
Company, on the terms and subject to the conditions set forth herein. During the Employment Period (as defined in Section 2 below),
Executive shall serve the Company as Chief Executive Officer (“CEO”) and shall report exclusively and directly
to the Board of Directors of the Company (the “Board”). Executive shall perform the duties consistent with Executive’s
title and position and such other duties commensurate with such position and title as shall be specified or designated
by the Company from time to time, which duties shall include, without limitation, general management of the Company, identifying
and executing strategies, other activities to enhance the value of the Company, and, to the extent required, certifying all financial
and related Securities and Exchange Commission (“SEC”) filings required to be made by the Company. Subject to
Executive’s appointment thereto, and without additional compensation, Executive shall hold such other or additional titles
and serve, during the Employment Period, in such other or additional capacities to which Executive may be appointed from time to
time in the Company and its affiliated companies, provided such titles and additional capacities are consistent with Executive’s
above-stated position and duties. The principal place of performance by Executive of Executive’s duties hereunder
shall be the Company’s offices located at 675 Highway 1, North Brunswick, NJ, although Executive may be required to reasonably
travel outside of such area in connection with the performance of Executive’s duties.

 

2.          Term.
Executive’s employment hereunder shall commence on February 9, 2015 (the “Commencement Date”) and shall
continue for a one-year period thereafter (the “Initial Term”), subject to earlier termination exclusively as
provided for in Section 6 below, and subject to extension as provided in the following sentence. Following the Initial Term, provided
Notice of Non-Renewal has not been given (as defined in and in accordance with the provisions of Section 6.6 below), Executive’s
employment hereunder shall automatically be extended for successive, additional one-year periods (each a “Renewal Term”),
subject to earlier termination exclusively as provided for in Section 6 below. For the purposes of this Agreement, the “Term”
at any given time shall mean the Initial Term as it may have been extended by one or more Renewal Terms as of such time (without
regard to whether Executive’s employment is terminated prior to the end of such Term), and the “Employment Period”
means the period of Executive’s employment hereunder (regardless of whether such period ends prior to the end of the Term
and regardless of the reason for Executive’s termination of employment hereunder).

 

    	 	 	Executive Initials: ______
Company Initials: ______

    	 

    

  

3.          Compensation.
During the Employment Period only (unless otherwise expressly provided for herein), Executive shall be entitled to the following
compensation and benefits.

 

3.1           Salary.
Executive shall receive a base salary (the “Base Salary”) payable in substantially equal installments in accordance
with the Company’s normal payroll practices and procedures in effect from time to time and subject to applicable withholdings
and deductions. Executive’s starting Base Salary shall be at the annual rate of $280,000. Executive’s Base Salary shall
be adjusted as set forth in the following chart upon the Company’s consummation of an initial public offering (an “IPO”)
depending upon the amount of money raised by the Company as a result of such IPO (the “IPO Raise”).

 

	 	 	IPO Raise <

$20M	 	 	$20M≤IPO

Raise<$30M	 	 	$30≤IPO

Raise<$50M	 	 	$50≤IPO

Raise<$75M	 	 	IPO

Raise≥$75M	 
	Base Salary	 	$	280,000	 	 	$	300,000	 	 	$	320,000	 	 	$	340,000	 	 	$	360,000	 

 

From time to time, the Company, at its
sole discretion, may review and adjust Executive’s Base Salary, provided that the annual rate of Executive’s Base Salary
shall not be less than that set forth above in this Section 3.1, except that the Base Salary shall be subject to decrease below
such amounts in the event that (i) the Executive agrees to a reduced salary or (ii) the Company implements a general and proportional
reduction in salaries for all other executives of the Company.

 

3.2           IPO
Bonus. Executive shall receive a bonus (the “IPO Bonus”) in the amount set forth in the following chart
based on the amount of the IPO Raise:

 

	 	 	IPO Raise <

$20M	 	 	$20M≤IPO

Raise<$30M	 	 	$30≤IPO

Raise<$50M	 	 	$50≤IPO

Raise<$75M	 	 	IPO

Raise≥$75M	 
	IPO Bonus	 	$	0	 	 	$	50,000	 	 	$	100,000	 	 	$	150,000	 	 	$	200,000	 

 

The IPO Bonus shall be subject to applicable
withholdings and deductions and shall be paid in a lump sum within ten (10) days following the consummation of the IPO.

 

3.3           Discretionary
Bonus. Executive shall be eligible to receive a discretionary performance-based bonus (a “Discretionary Bonus”)
with respect to each fiscal year of the Company (a “Fiscal Year”) based on the terms and conditions hereof.
Any Discretionary Bonus for the Fiscal Year in which the Commencement Date occurs (the “First Fiscal Year”)
will be prorated based on the number of days during the First Fiscal Year Executive was employed by the Company. A Discretionary
Bonus, if any, will be determined and paid at the sole and complete discretion of the Company and may be based on a variety of
factors, including, but not limited to, Executive’s individual performance and the overall performance and financial condition
of the Company, with a target Discretionary Bonus of fifty to one hundred percent (50%-100%) of Executive’s Base Salary paid
in the Fiscal Year for which the Bonus is being paid. To be eligible for a Discretionary Bonus with respect to a given Fiscal Year,
Executive must be employed by the Company on the last day of such fiscal year. Any Discretionary Bonus for a given Fiscal Year
shall be paid in the following Fiscal Year, in accordance with the Company’s bonus payment practices in effect from time
to time for senior executives of the Company.

 

    	 	2	Executive Initials: ______
Company Initials: ______

    	 

    

  

3.4           Equity
Award. Upon the execution and delivery of this Agreement, the Board will consider granting to Executive an equity award (the
“Equity Award”) of two thousand (2,000) shares of Common Stock of the Company. The Equity Award will be subject
to an award agreement (the “Award Agreement”) in the form attached hereto as Exhibit A hereto to be executed
by Executive and the Company on the date of grant (the “Grant Date”). The Award Agreement shall provide that
the Equity Award shall vest as follows: (i) 50% upon the consummation of a Qualified Offering (as defined in the Award Agreement)
and (ii) 50% upon the one year anniversary of the consummation of the Qualified Offering; provided that all of the Equity
Award which have not yet become unrestricted and vested shall become vested and unrestricted upon the consummation of a Sale of
the Company (as defined in the Award Agreement), in each case subject to and conditioned on Executive’s continuous employment
from the Grant Date through the applicable vesting date (without prior termination). Notwithstanding the foregoing, 100% of the
Equity Award shall immediately vest if the Executive is terminated by the Company without Cause or the Executive terminates his
employment with the Company for Good Reason.

 

3.5           Stock
Options. On the day of an IPO (the “IPO Date”), and subject to approval of the Board, the Company will grant
to Executive an option to purchase the number of shares of the Company’s common stock set forth in the following chart based
on the amount of the IPO Raise, with a per share exercise price equal to the fair market value of a share of the Company’s
common stock on the IPO Date, under and subject to all of the terms of the applicable incentive compensation plan of the Company
and the applicable stock option grant agreement.

 

	 	 	IPO Raise 

< $20M	 	 	$20M≤IPO 

Raise<$30M	 	 	$30≤IPO 

Raise<$50M	 	 	$50≤IPO 

Raise<$75M	 	 	IPO 

Raise≥$75M	 
	Shares	 	$	0	 	 	 	6,000	 	 	 	7,000	 	 	 	8,000	 	 	 	9,000	 

 

3.6           Benefits.
The Company currently does not provide health insurance coverage or any other benefits to its employees, but may do so in the future.
In the event that such benefits are made available by the Company to executives generally, Executive shall have the right to receive
or participate in such benefits, subject to the eligibility requirements and other terms of such benefits, and subject to the Company’s
right to amend, terminate or take other action with respect to any benefit plan, policy or program.

 

3.7           Vacation
and Other Paid Time Off. Executive shall be entitled to twenty (20) business days paid vacation in each Fiscal Year during
the Employment Period to be taken in accordance with the Company’s vacation policy in effect from time to time and at such
time or times as may be mutually agreed upon by the Company and Executive; provided, however, that if for any reason Executive
does not take the full twenty (20) days vacation in any given Fiscal Year, Executive shall be entitled to accrue and carry over
up to ten (10) days paid vacation time into the next subsequent Fiscal Year and will expire at the end of such next Fiscal Year.
The amount of vacation to which Executive is entitled shall be prorated for any partial fiscal year during the Employment Period.
Executive shall also be entitled to sick leave according to any sick leave policy which the Company may adopt from time to time.

 

    	 	3	Executive Initials: ______
Company Initials: ______

    	 

    

 

3.8           Required
Taxes and Withholdings. The Company shall withhold from any payments made to Executive (including, without limitation, those
made under this Agreement) all federal, state, local or other taxes and withholdings as shall be required pursuant to any law or
governmental regulation or ruling.

 

4.          Exclusivity
and Best Efforts. During the Employment Period, Executive shall (i) in all respects conform to and comply with the lawful directions
and instructions given to Executive by the Company; (ii) subject to the proviso below, devote Executive’s
entire business time, energy and skill to the Business (as defined below) of the Company and Executive’s services
under this Agreement; (iii) use Executive’s best efforts to promote and serve the interests of the Company
and to perform Executive’s duties and obligations hereunder in a diligent, trustworthy, businesslike, efficient
and lawful manner; (iv) comply with the policies and practices established by the Company from time to time and made applicable
to its employees generally or senior executives; (v) not engage in any other business, profession or occupation for compensation
or otherwise; and (vi) not engage in any activity that, directly or indirectly, impairs or conflicts with the performance of
Executive’s obligations and duties to the Company, provided, however, that the foregoing shall not prevent
the Executive from sitting on the Boards of other Companies, managing Executive’s personal affairs and passive personal investments
and participating in charitable, civic, educational, professional or community affairs, so long as, in the aggregate, any such
activities do not unreasonably interfere or conflict with the Executive’s duties hereunder or create a potential business
or fiduciary conflict with the Company, as reasonably determined by the Company. As used herein, the “Business”
of the Company shall be defined as the development and commercialization of products for urological indications and related technology
based products and such other business as is conducted by the Company during the Term.

 

5.          Reimbursement
for Expenses. Executive is authorized to incur reasonable expenses in the discharge of the services to be performed hereunder
in accordance with the Company’s expense reimbursement policies, as the same may be modified by the Company from time to
time in its sole and complete discretion (the “Reimbursement Policies”). Subject to the provisions of Section
12.2 below (Section 409A Compliance), the Company shall reimburse Executive for all such proper expenses upon presentation by Executive
of itemized accounts of such expenditures in accordance with the terms of the Reimbursement Policies.

 

6.          Termination.

 

6.1           Death.
Executive’s employment shall immediately and automatically be terminated upon Executive’s death.

 

6.2           Disability.
The Company may terminate Executive’s employment due to a Disability by providing written notice of such termination and
its effective date to Executive. For the purposes of this Agreement, “Disability” shall mean Executive has been,
even with a reasonable accommodation, unable to perform the essential functions of the services contemplated hereunder due to a
physical or mental injury, infirmity or incapacity for a period of 90 days, whether or not consecutive, during any twelve-month
period. Any dispute as to whether Executive is disabled shall be resolved by an independent physician, reasonably acceptable to
Executive and the Company, whose determination shall be final and binding upon both Executive and the Company. If the Company and
Executive are unable to agree on the selection of such an independent physician, each shall appoint a physician and those two physicians
shall select a third physician who shall make the determination of whether Executive has a Disability.

 

    	 	4	Executive Initials: ______
Company Initials: ______

    	 

    

 

6.3           For
Cause by the Company. The Company may terminate Executive’s employment for Cause, at any time, upon written notice reasonably
describing the nature of such Cause. For purposes of this Agreement, the term “Cause” means (i) the willful
and continual failure by Executive to perform the duties or obligations of his employment with the Company or to carry out the
reasonable and lawful directives of the Board (which directives are consistent with Executive’s position as CEO); provided
such failure remains uncured for a period of thirty (30) days after written notice describing the same is given to Executive;
(ii) Executive’s indictment for any crime which constitutes a felony or indictment for any crime involving fraud, intentional
or reckless dishonesty, misappropriation or embezzlement (other than any such crime involving the Company or any of its
affiliates); (iii) any act of fraud, dishonesty, misappropriation or embezzlement involving the Company or any of its affiliates;
(iv) use of alcohol or illegal drugs such as to interfere with the performance of Executive’s obligations hereunder or a
violation of the Company’s policy against sexual or other prohibited harassment, discrimination or retaliation; (v) the indictment
of Executive for any crime involving an act of moral turpitude; (vi) any breach by Executive of the provisions of his Confidentiality
Agreement (as defined in Section 9 below) or a material breach of this Agreement or any other written agreement between the Company
and Executive that remains uncured for a period of thirty (30) days after written notice describing the same is given to Executive;
or (vii) any attempt by the Executive to improperly secure any personal profit in connection with the business of the Company or
any of its affiliates. Executive’s date of termination in the event Executive’s employment is terminated for Cause
shall be the date on which Executive is given notice of termination under this Section 6.3, except, if a notice period is required,
Executive’s date of termination shall be upon the expiration of said notice period if Executive fails to previously cure
the grounds giving rise to Cause. If, subsequent to termination of Executive’s employment for a reason other than for Cause,
the Company learns that, during the Employment Period, Cause existed to terminate Executive’s employment on a ground that
would not have required notice and an opportunity to cure, the Company may retroactively designate Employee’s termination
of employment to be for Cause under this Section 6.3.

 

6.4           Resignation
by Executive for Good Reason. Executive may resign Executive’s employment hereunder for Good Reason, at
any time, provided that Executive provides the Company with ten (10) days’ prior written notice of such resignation and such
notice is given within thirty (30) days of when Good Reason first arises. For the purpose of this Agreement, “Good Reason”
means (i) a material and substantial diminution in Executive’s duties, authority, or responsibilities that would be inconsistent
with Executive’s position (other than while Executive is temporarily physically or mentally incapacitated or as required
by applicable law), (ii) a material failure by the Company to pay Executive’s Base Salary as provided for herein, other than
an isolated, insubstantial and inadvertent failure not occurring in bad faith; (iii) a change in the location of Executive’s
principal place of performance to outside of New Jersey; or (iv) other material breach by the Company of a material provision of
this Agreement; provided (x) Executive has provided the Company with written notice reasonably detailing the grounds giving
rise to Good Reason within thirty (30) days of the occurrence thereof or, if later, within thirty (30) days of the date upon which
Executive first becomes aware of such grounds, and (y) the Company fails to cure such grounds within thirty (30) days after delivery
to it of such written notice. Executive’s date of termination in the event Executive resigns Executive’s
employment for Good Reason shall be the effective date of Executive’s notice of resignation for Good Reason, except that
Company may waive all or any part of the above-referenced 10-day notice period or of the 30-day cure period, in which event Executive’s
date of termination shall be the last day of such notice or cure period that has not been waived or, if the entire notice or cure
period has been waived, the date that Executive provided notice of the event giving rise to Good Reason or of Executive’s
resignation for Good Reason.

 

    	 	5	Executive Initials: ______
Company Initials: ______

    	 

    

  

6.5           Without
Cause or Without Good Reason. The Company may terminate Executive’s employment without Cause, at any time, with or without
prior notice, in its sole and complete discretion, by providing written notice of such termination and its effective date to Executive.
Likewise, Executive may terminate Executive’s employment without Good Reason upon ninety (90) days prior written
notice to the Company without any liability.

 

6.6           Expiration
of the Term. Provided Executive’s employment has not been previously terminated pursuant to the terms hereof, Executive’s
employment shall be terminated upon the expiration of the then current Term if one Party provides notice to the other of its decision
not to renew this Agreement upon the expiration of the then current Term (“Notice of Non-Renewal”). A Notice
of Non-Renewal by Executive shall be effective only if it is provided to the Company at least ninety (90) days prior to the end
of the then current Term.

 

7.          Effect
of Termination of Employment.

 

7.1           Generally.
In the event Executive’s employment with the Company terminates, Executive shall have no right to receive any compensation,
benefits or any other payments or remuneration of any kind from the Company, except as otherwise provided by this Section 7, in
Section 10 below, in any separate written agreement between Executive and the Company or as may be required by law. In the event
Executive’s employment with the Company is terminated for any reason, Executive shall receive the following (collectively,
the “Accrued Amounts”): (i) Executive’s Base Salary through and including the effective
date of Executive’s termination of employment (the “Termination Date”), which shall be paid
on the first regularly scheduled payroll date of the Company following the Termination Date or on or before any earlier date as
required by applicable law; (ii) payment for accrued unused vacation pay, subject to the Company’s then current vacation
policy, which shall also be paid on the first regularly scheduled payroll date of the Company following the Termination Date or
on or before any earlier date as required by applicable law; (iii) payment of any vested benefit due and owing under any employee
benefit plan, policy or program pursuant to the terms of such plan, policy or program; (iv) payment for unreimbursed business expenses
subject to, and in accordance with, the terms of Section 5 above, which payment shall be made within 30 days after Executive submits
the applicable supporting documentation to the Company, and in any event no later than on or before the last day of Executive’s
taxable year following the year in which the expense was incurred; and, provided Executive’s employment was not terminated
by the Company for Cause, (v) any accrued but unpaid Discretionary Bonus from the Fiscal Year prior to the Fiscal Year in which
the Termination Date occurs.

 

    	 	6	Executive Initials: ______
Company Initials: ______

    	 

    

 

7.2           Severance
Benefits. In the event that Executive’s employment is terminated by the Company pursuant to Section 6.5 above (without
Cause) or Section 6.6 above (by Notice of Non-Renewal), or by Executive pursuant to Section 6.4 hereof (Good Reason), in addition
to the Accrued Amounts, Executive shall be entitled to receive severance benefits (the “Severance Benefits”),
subject to and in accordance with the terms of this Section 7.2.

 

(a)          Benefits.
The Severance Benefits shall consist of the payments and benefits provided by this Section 7.2(a).

 

(i)          Executive
shall receive payment of an amount (the “Severance Pay”) equal to Executive’s Base Salary immediately
prior to the Termination Date (or, if Good Reason was attributable to the Company’s failure to pay the minimum amount of
Base Salary provided herein, such minimum amount) for the number of full calendar months during which Executive was employed
hereunder, up to a maximum of thirty-six (36) months (the “Severance Period”). The Severance Pay shall be paid
in the form of salary continuation pursuant to the terms and conditions of Section 3.1 above, commencing on a regularly scheduled
payroll date of the Company within ninety (90) days following the Termination Date. Within such 90-day period, the Severance Pay
shall commence on the first regularly scheduled payroll date of the Company that is practicable after the effective date of the
Separation Agreement (defined in Section 7.2(b) below), except that, if the Separation Agreement may be executed and/or
revoked in a calendar year following the calendar year in which the Termination Date occurs, the Severance Pay shall commence on
the first regularly scheduled payroll date of the Company in the calendar year in which the consideration or, if applicable, release
revocation period ends as necessary to comply with Section 409A (as defined in Section 12.2 below). The first such payment shall
include payment for any payroll dates between the Termination Date and the date of such payment.

 

(ii)         During
the Severance Period until such time, if any, as Executive is eligible for group health insurance benefits from another employer,
Executive shall be eligible to continue to participate in the Company’s group health insurance benefits on the same terms
and conditions as then applicable to current employees, except that, if Executive is not permitted to continue to participate
in any such health insurance plans for any portion of the Severance Period as a result of the terms of such plans or applicable
law and Executive elects to continue his or his dependents’ health insurance benefits pursuant to COBRA, the Company will
pay or reimburse Executive for the portion of the COBRA premium that is equal to the insurance premium the Company would pay if
Executive was then an active employee of the Company. Following the Severance Period, should Employee elect to continue his or
his dependents’ health insurance benefits, Executive shall be responsible for the entire cost thereof. If the Company is
unable to provide the benefit provided above in this paragraph without violating applicable health care discrimination laws, the
Company shall pay Executive a gross amount equal to what the Company’s cost would have been to provide such benefit.

 

(iii)        Notwithstanding
the foregoing, the aggregate amount described in this Section 7.2(a) shall be reduced by the present value of any other cash severance
or termination benefits payable to Executive personally under any other plans, programs or arrangement of the Company, subject
to compliance with Section 409A.

 

    	 	7	Executive Initials: ______
Company Initials: ______

    	 

    

 

(b)          Separation
Agreement and Other Conditions for Severance Benefits. Provision of the Severance Benefits is conditioned on (i) Executive’s
continued compliance in all material respects with Executive’s continuing obligations to the Company, including, without
limitation, the terms of this Agreement and of the Confidentiality Agreement (defined in Section 9 below) that survive termination
of Executive’s employment with the Company, and (ii) Executive signing (without revoking if such right is provided under
applicable law) a separation agreement and release in a form (as prepared and agreed to by the Company and the Executive no later
than 10 days following the effectiveness of this Agreement) of that provided to Executive by the Company on or about the Termination
Date (the “Separation Agreement”). Executive must so execute the Separation Agreement within 60 days following
the Termination Date (or such shorter time as may be set forth in the Separation Agreement).

 

8.          Notice
of Termination. In the event Executive elects to terminate Executive’s employment hereunder by resigning
with or without Good Reason under Sections 6.4 or 6.5 above or by giving Notice of Non-Renewal under Section 6.6 above, Executive
shall provide the Company with the applicable prior written notice of termination required by such Sections (the “Notice
Period”). The Company may, in its discretion, waive all or any portion of such Notice Period or place Executive on a
paid leave of absence for all or any portion of the Notice Period. Additionally, during the Notice Period, (i) Executive shall
perform any duties and responsibilities the Company reasonably requests of Executive consistent with the provisions of Section
1 hereof, and (ii) the Company retains the right to terminate Executive’s employment under Section 6.3 above.

 

9.          Confidentiality,
Restrictive Covenant, Intellectual Property, Return of Company Property and Non-Disparagement. Contemporaneously with their
respective execution of this Agreement, the Company and Executive shall each execute the Company’s current standard Confidentiality,
Restrictive Covenant and Intellectual Property Agreement (the “Confidentiality Agreement”), a copy of which
is annexed hereto as Exhibit A. The terms of the Confidentiality Agreement are hereby incorporated by reference into this
Agreement, except that, to the extent there is an irreconcilable conflict between the terms of this Agreement and those of the
Confidentiality Agreement, the terms of this Agreement shall govern. Executive’s execution and compliance with the terms
of the Confidentiality Agreement is a material term of this Agreement, upon which Executive’s employment and continued employment
with the Company is conditioned.

 

10.         Cooperation.
During and after the Employment Period, Executive shall assist and cooperate with the Company in connection with the defense or
prosecution of any claim that may be made against or by the Company, or in connection with any ongoing or future investigation
or dispute or claim of any kind involving the Company, including any proceeding before any arbitral, administrative, judicial,
legislative, or other body or agency, including testifying in any proceeding to the extent such claims, investigations or proceedings
relate to services performed or required to be performed by Executive, pertinent knowledge possessed by Executive, or any act or
omission by Executive. Executive will also perform all acts and execute and deliver any documents that may be reasonably necessary
to carry out the provisions of this paragraph. The Company compensate Executive for time spent in this activity in the aggregate
of greater than 10 hours at a rate of $400 per hours and will reimburse Executive for reasonable expenses Executive incurs in fulfilling
Executive’s obligations under this Section 10.

 

    	 	8	Executive Initials: ______
Company Initials: ______

    	 

    

  

11.         Insurance.
The Company shall have the right to take out life, health, accident, “key-man” or other insurance covering Executive,
in the name of the Company and at the Company’s expense in any amount deemed appropriate by the Company. Executive shall
assist the Company in obtaining such insurance, including, without limitation, submitting to any required examinations by a doctor
mutually acceptable to the Company and Executive, and providing information and data required by insurance companies. Notwithstanding
the foregoing, the uninsurability of Executive shall not constitute a breach of this Agreement by Executive. Executive agrees that
Executive shall have no right, title, or interest in or to any insurance policies or to the proceeds thereof which the Company
many take out covering Executive.

 

12.         Miscellaneous
Provisions.

 

12.1         IRCA
Compliance. This Agreement, and Executive’s employment with the Company, is conditioned on Executive’s establishing
Executive’s identity and authorization to work as required by the Immigration Reform and Control Act of 1986 (IRCA).

 

12.2         Section
409A Compliance. Unless otherwise expressly provided, any payment of compensation by Company to Executive, whether pursuant
to this Agreement or otherwise, shall be made no later than the 15th day of the third month (i.e., 21⁄2
months) after the later of the end of the calendar year or the Company’s fiscal year in which Executive’s right to
such payment vests (i.e., is not subject to a “substantial risk of forfeiture” for purposes of Code Section
409A of the Internal Revenue Code of 1986, as amended (“Section 409A”)). For purposes of this Agreement, termination
of employment shall be deemed to occur only upon “separation from service” as such term is defined under Section 409A.
Each payment and each installment of any severance payments provided for under this Agreement shall be treated as a separate payment
for purposes of application of Section 409A. To the extent that any severance payments (including payments on termination for “Good
Reason”) come within the definition of “involuntary severance” under Section 409A, such amounts up to the lesser
of two times the Executive’s annual compensation for the year preceding the year of termination or two times the Section
401(a)(17) limit for the year of termination, shall be excluded from “deferred compensation” as allowed under Section
409A, and shall not be subject to the following Section 409A compliance requirements. All payments of “nonqualified
deferred compensation” (within the meaning of Section 409A) are intended to comply with the requirements of Section 409A,
and shall be interpreted in accordance therewith. Neither party individually or in combination may accelerate, offset or assign
any such deferred payment, except in compliance with Section 409A. No amount shall be paid prior to the earliest date on which
it is permitted to be paid under Section 409A and Executive shall have no discretion with respect to the timing of payments except
as permitted under Section 409A. Any Section 409A payments which are subject to execution of a waiver and release which may be
executed and/or revoked in a calendar year following the calendar year in which the payment event (such as termination of employment)
occurs shall commence payment only in such following calendar year as necessary to comply with Section 409A. In the event that
Executive is determined to be a “key employee” (as defined and determined under Section 409A) of the Company at a time
when its stock is deemed to be publicly traded on an established securities market, payments determined to be “nonqualified
deferred compensation” payable upon separation from service shall be made no earlier than (i) the first day of the seventh
(7th) complete calendar month following such termination of employment, or (ii) Executive’s death, consistent
with the provisions of Section 409A.  Any payment delayed by reason of the prior sentence shall be paid out in a single lump
sum at the end of such required delay period in order to catch up to the original payment schedule.  All expense reimbursement
or in-kind benefits subject to Section 409A provided under this Agreement or, unless otherwise specified in writing, under any
Company program or policy, shall be subject to the following rules: (i) the amount of expenses eligible for reimbursement or in-kind
benefits provided during one calendar year may not affect the benefits provided during any other year; (ii) reimbursements shall
be paid no later than the end of the calendar year following the year in which the Executive incurs such expenses, and the Executive
shall take all actions necessary to claim all such reimbursements on a timely basis to permit the Company to make all such reimbursement
payments prior to the end of said period, and (iii) the right to reimbursement or in-kind benefits shall not be subject to liquidation
or exchange for another benefit. Notwithstanding anything herein to the contrary, no amendment may be made to this Agreement if
it would cause the Agreement or any payment hereunder not to be in compliance with Section 409A.

 

    	 	9	Executive Initials: ______
Company Initials: ______

    	 

    

  

12.3         Assignability
and Binding Effect. This Agreement shall inure to the benefit of and shall be binding upon the heirs, executors, administrators,
successors and legal representatives of Executive, and shall inure to the benefit of and be binding upon the Company, affiliates
of the Company and their successors and assigns, but the obligations of Executive are personal services and may not be delegated
or assigned. Executive shall not be entitled to assign, transfer, pledge, encumber, hypothecate or otherwise dispose of this Agreement,
or any of Executive’s rights and obligations hereunder, and any such attempted delegation or disposition shall be null and
void and without effect. This Agreement may be assigned by the Company to a person or entity that is an affiliate or a successor
in interest to substantially all of the business operations of the Company. Upon such assignment, the rights and obligations of
the Company hereunder shall become the rights and obligations of such affiliate or successor person or entity.

 

12.4         Right
of Set-Off. To the extent permitted by applicable law, the Company may at any time offset against any amounts owed to Executive
hereunder or otherwise due or to become due to Executive, or anyone claiming through or under Executive, any debt or debts due
or to become due from Executive to the Company.

 

12.5         Severability
and Blue Penciling. If any provision of this Agreement is held to be invalid, the remaining provisions shall remain in full
force and effect.

 

12.6         Choice
of Law and Forum. This Agreement shall be interpreted and enforced in accordance with the laws of the State of New Jersey,
without regard to its conflict-of-law principles. The Parties agree that any dispute concerning or arising out of this Agreement
or Executive’s employment hereunder (or termination thereof) shall be resolved by binding arbitration in New Jersey and hereby
consent, and waive any objection, to the jurisdiction of any such court.

 

    	 	10	Executive Initials: ______
Company Initials: ______

    	 

    

 

(a)          Arbitration:
Any controversy or claim arising out of or relating to this Agreement shall be resolved by arbitration before a single arbitrator
in accordance with the Commercial Arbitration Rules of the American Arbitration Association (“AAA”), then pertaining
(available at www.adr.org), except where those rules conflict with this provision, in which case this provision controls.
Any court with jurisdiction shall enforce this clause and enter judgment on any award. The arbitrator shall be selected within
ten (10) business days of commencement of the arbitration from the AAA’s National Roster of Arbitrators pursuant to agreement
or through selection procedures administered by the AAA. Within forty-five (45) days of initiation of arbitration, the parties
shall reach agreement upon and thereafter follow procedures assuring that the arbitration will be concluded and the award rendered
within no more than eight (8) months from selection of the arbitrator or, failing agreement, procedures meeting such time limits
designated by the AAA. The arbitration shall be held in the State of New Jersey and, as provided in Section 12.6 above, shall
apply the substantive law of the State of New Jersey, except that the interpretation and enforcement of this arbitration provision
shall be governed by the Federal Arbitration Act. The arbitrator shall not award either party punitive damages and the parties
shall be deemed to have waived any right to such damages. However the arbitrator, at his or her sole discretion and within the
law, may award the prevailing party all court costs and legal fees expended, the costs of these to be borne by the non-prevailing
party. Further, the arbitrator shall be bound by the express terms of this Agreement. Notwithstanding the foregoing, nothing in
this Agreement is intended, or will be construed, to limit the Parties’ rights to equitable relief or any other remedy for
a breach of any provision of this Agreement.

 

C. Mediation: Prior to commencement
of arbitration, the parties will attempt to mediate their dispute using a professional mediator from AAA. The parties agree to
convene with the mediator, with senior representatives of the parties present, for at least one (1) session. In no event will mediation
delay commencement of the arbitration for more than thirty (30) days absent agreement of the parties.

 

12.7         Mutual
Waiver of Jury Trial. Executive and the Company each hereby waive the right to trial by jury in any action or proceeding, regardless
of the subject matter, between them, including, without limitation, any action or proceeding based upon, arising out of, or in
any way relating to this Agreement, the Confidentiality Agreement and all matters concerning Executive’s employment with
the Company (or the termination thereof). Executive and the Company further agree that either of them may file a copy of this Agreement
with any court as written evidence of the knowing, voluntary, and bargained agreement between Executive and the Company to irrevocably
waive trial by jury, and that any dispute or controversy whatsoever between Executive and the Company shall instead by binding
arbitration in the State of New Jersey. 

 

12.8         Notices.

 

(a)          Any
notice or other communication under this Agreement shall be in writing and shall be delivered by hand, email, facsimile or mailed
by overnight courier or by registered or certified mail, postage prepaid:

 

(i)          If
to Executive, to Executive’s address on the books and records of the Company.

 

(ii)         If
to the Company, to 675 Highway One, B-206, North Brunswick, NJ 08902, or at such other mailing address, email address or facsimile
number as it may have furnished in writing to Executive.

 

    	 	11	Executive Initials: ______
Company Initials: ______

    	 

    

  

(b)          Any
notice so addressed shall be deemed to be given: if delivered by hand, email or facsimile, on the date of such delivery; if mailed
by overnight courier, on the first business day following the date of such mailing; and if mailed by registered or certified mail,
on the third business day after the date of such mailing.

 

12.9         Survival
of Terms. All provisions of this Agreement that, either expressly or impliedly, contain obligations that extend beyond termination
of Executive’s employment hereunder, including without limitation Sections 9-10 and 12 hereof, shall survive the termination
of this Agreement and of Executive’s employment hereunder for any reason.

 

12.10         Interpretation.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement. The language in all parts of this Agreement shall in all cases be construed according to its fair meaning, and
not strictly for or against any Party. The Parties acknowledge that both of them have participated in drafting this Agreement;
therefore, any general rule of construction that any ambiguity shall be construed against the drafter shall not apply to this Agreement.
In this Agreement, unless the context otherwise requires, the masculine, feminine and neuter genders and the singular and the plural
include one another.

 

12.11         Further
Assurances. The Parties will execute and deliver such further documents and instruments and will take all other actions as
may be reasonably required or appropriate to carry out the intent and purposes of this Agreement.

 

12.12         Voluntary
and Knowing Execution of Agreement. Executive acknowledges that (i) Executive has had the opportunity to consult an attorney
regarding the terms and conditions of this Agreement before executing it, (ii) Executive fully understands the terms of this Agreement,
and (iii) Executive is fully satisfied with the terms of this Agreement and is executing this Agreement voluntarily, knowingly
and willingly and without duress.

 

12.13         Entire
Agreement. This Agreement constitutes the entire understanding and agreement of the Parties concerning the subject matter hereof,
and it supersedes all prior negotiations, discussions, correspondence, communications, understandings and agreements regarding
such subject matter. The Company and Executive each acknowledges and agrees that it/he is not relying on, and it/he may not rely
on, any oral or written representation of any kind that is not set forth in writing in this Agreement.

 

12.14         Waivers
and Amendments. This Agreement may be altered, amended, modified, superseded or cancelled, and the terms hereof may be waived,
only by a written instrument signed by the Parties or, in the case of a waiver, by the Party alleged to have waived compliance.
Any such signature of the Company must be by an authorized signatory for the Company. No delay by any Party in exercising any right,
power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any Party of any such right,
power or privilege, nor any single or partial exercise of any such right, power or privilege, preclude any other or further exercise
thereof or the exercise of any other such right, power or privilege.

 

    	 	12	Executive Initials: ______
Company Initials: ______

    	 

    

 

12.15         Counterparts.
This Agreement may be executed in counterparts, and each counterpart, when executed, shall have the efficacy of a signed original.
Photographic copies, electronically scanned copies and other facsimiles of this Agreement (including such signed counterparts)
may be used in lieu of the originals for any purpose.

 

[The remainder of this page is intentionally
blank; signature page follows.]

 

    	 	13	Executive Initials: ______
Company Initials: ______

    	 

    

  

IN WITNESS WHEREOF,
the Parties have executed and delivered this Agreement as of the date first above written.

  

	/s/ Ebrahim Versi	 
	Ebrahim Versi, M.D., Ph. D.	 

 

URIGEN PHARMACEUTICALS, INC.

 

	By:	/s/ Luc Maasdorp	 
	 	Name: Luc Maasdorp	 
	 	Title: Director	 

  

[Signature page to Employment Agreement.]

 

    	 	14	Executive Initials: ______
Company Initials: ______Exhibit 10.7

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (this
“Agreement”) is effective as of August 15, 2014 (the “Effective Date”), by and between Urigen
Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and Mark J. Rosenblum (the “Executive”).

 

WHEREAS, the Company and
Executive desire to enter into this Agreement pursuant to which the Company will employ Executive in the capacity, for the period
and on the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration
of the premises and mutual covenants and agreements herein contained, the parties hereby agree as follows:

 

1.            EMPLOYMENT
AND DUTIES. The Company hereby employs Executive and Executive hereby accepts such employment in the capacity of Chief Financial
Officer (“CFO”) of the Company in accordance with the terms and conditions hereinafter set forth. During the
Term (as defined below), Executive agrees that be will devote his full time, attention and skills to the operation of the Business
(as defined below) of the Company and that he will perform such duties, functions and responsibilities and have such authority
in connection with the foregoing as are from time to time delegated to Executive by the Chief Executive Officer (the “CEO”)
or by the Board of Directors of the Company (the “Board”), which duties shall include but shall not be limited
to generating financial statements, bank reconciliations, schedules of assets and liabilities, and completing and, to the extent
required, certifying all financial and related Securities and Exchange Commission (“SEC”) filings required
to be made by the Company. Executive may manage his passive investments and engage in charitable, religious, and civic interests
so long as such activities not substantially interfere with the performance of Executives duties hereunder. For purposes of this
Agreement, the “Business” of the Company shall be defined as the development and commercialization of products
for urological indications and related technology based products and such other business as is conducted by the Company during
the Term. Executive is not bound by the terms of any agreement with any previous employer or other party which would limit his
abilities to perform his duties and obligations hereunder.

 

2.          TERM.
The term of this Agreement shall commence on the date hereof and shall continue for a period of two (2) years (the “Initial
Term”), subject to earlier termination as set forth herein. Thereafter, this Agreement shall be automatically renewed
for one (1) year periods, unless otherwise terminated by Executive or the Company upon written notice to the other given not less
than one hundred eighty (180) days prior to the end of the then current term of the Agreement. The Initial Term and any renewals
thereof shall be referred to herein as the “Term.”

 

3.          COMPENSATION.
In consideration of all the services to be rendered by Executive to the Company hereunder, the Company hereby agrees to pay
or otherwise provide Executive the following compensation and benefits (it being understood that the Company shall have the
right to deduct or withhold from any compensation under any provision of applicable law (including but not limited to Social
Security payments, income tax withholding and other required deductions not in effect or which may become effective by law
any time during the Term)):

 

    	 	1	

    	 

    

  

(a)          SALARY.
Executive shall receive an initial annual base salary at the rate of Two Hundred and Thirty Five Thousand Dollars ($235,000) per
annum (the “Base Salary”). The Base Salary shall be reviewed by the Board during the Term each year prior to
the anniversary of this Agreement to determine the increase to the applicable year’s Base Salary, if any. The applicable
Base Salary will be paid in equal installments not less frequently than semi-monthly in accordance with the Company’s salary payment
practices in effect from time to time for senior executives of the Company. In the event that the Company completes a financing
with gross proceeds of at least Fifteen Million Dollars ($15,000,000) (a “Qualified Financing”), the Executive’s
Base Salary will be increased to a rate of $275,000 per annum beginning on the first payroll period following a Qualified Financing.
The Base Salary shall be subject to decrease only in the event that (1) the Company determines in its sole discretion that the
failure to reduce salaries would jeopardize the financial future of the Company and (2) a general reduction that reduces salaries
for all other executives of the Company is implemented.

 

(b)          BONUSES.

 

(i)          At
the end of each fiscal year of the Company, Executive shall receive a bonus payment (the “Bonus Payment”)
with respect to the just completed fiscal year in an amount determined by the Board in its sole discretion, with a target
Bonus Payment of Fifty Percent (50%) of the amount of Base Salary paid in the applicable fiscal year. The Bonus Payment if
any, will be paid in the fiscal year following the fiscal year in which it was earned, in accordance with the Company’s bonus
payment practices in effect from time to time for senior executives of the Company. Notwithstanding anything herein to the
contrary, Executive must be employed by the Company on the last day of the fiscal period to which the Bonus Payment is
applicable in order to be entitled to and receive the Bonus Payment.

 

(ii)         An
Incentive Bonus Payment in an amount determined by the Board in its sole discretion, with a minimum of 50% of the Executive’s then
current Base Salary (but in no event less than One Hundred Twenty Thousand Dollars ($120,000.00)), will be paid to Executive upon
closing of a Qualified Financing during the Initial Term if Executive is employed by the Company on the date of the closing of
such Qualified Financing.

 

(c)          BENEFITS.

 

(i)          The
Company currently does not provide health insurance coverage or any other benefits to its employees but may do so in the future.
In the event that such benefits are made available by the Company during the Term to executives generally, Executive shall be eligible
to participate in such benefit plans and programs pursuant to their terms, subject to the terms thereof.

 

    	 	2	

    	 

    

  

(ii)         Upon
the execution and delivery of this Agreement, the Board will grant to Executive as of the Effective Date an equity award (the
“Equity Award”) of Fifteen Hundred (1,500) shares of Common Stock of the Company. The Equity Award will be
subject to an award agreement (the “Award Agreement”) in the form attached hereto as Exhibit A to be
executed by Executive and the Company as of the Effective Date (the “Grant Date”). The Award Agreement shall
provide that the Equity Award shall vest as follows: (a) 50% upon the consummation of a Qualified Offering (as defined in the
Award Agreement) and (b) 50% upon the one year anniversary of the consummation of the Qualified Offering; provided that all of
the Equity Award which have not yet become unrestricted and vested shall become vested and unrestricted upon the consummation
of a Sale of the Company (as defined in the Award Agreement), in each case subject to and conditioned on Executive’s continuous
employment from the Grant Date through the applicable vesting date (without prior termination). Notwithstanding the foregoing,
100% of the Equity Award shall immediately vest if the Executive is terminated by the Company without Cause or the Executive terminates
his employment with the Company for Good Reason.

 

(d)          EXPENSES. Executive shall
be entitled to be reimbursed for all reasonable expenses incurred by him in connection with the fullfillment of his duties hereunder,
including all necessary travel, continuing education and certification costs and related expenses; provided, however, that Executive
has obtained the Company’s prior written approval of such expenses and has complied with all policies and procedures related to
the reimbursement of such expenses as shall, from time to time, be established by the Company.

 

(g)          VACATIONS
AND SICK LEAVE. Executive shall be entitled to twenty (20) business days paid vacation in each fiscal year during the Term
to be taken in accordance with the Company’s vacation policy in effect from time to time and at such time or times as may be mutually
agreed upon by the Company and Executive; provided, however, that if for any reason Executive does not take the full twenty (20)
days of vacation in any given fiscal year, Executive shall be entitled to accrue and carry over up to ten (10) days paid vacation
time into the next subsequent fiscal year and will expire at the end of such one (1) year period. The amount of vacation to which
Executive is entitled shall be prorated for any partial fiscal year during the Term. Executive shall also be entitled to sick
leave according to the sick leave policy which the Company may adopt from time to time.

 

4.          INDEMNIFICATION.
In connection with the execution and delivery of this Agreement, the Company and Executive shall enter into an Indemnification
Agreement in the form approved by the Board for its officers and directors.

 

5.          TERMINATION.

 

(a)          EVENTS
OF TERMINATION. This Agreement shall terminate on the earliest to

 

occur of the following events:

 

(i) the
expiration of the Term;

 

(ii) the
mutual agreement of the Company and Executive;

 

(iii) the voluntary termination
by Executive other than with Good Reason (as defined herein);

 

(iv) the
termination by Executive with Good Reason;

 

(v) the
death of Executive;

 

    	 	3	

    	 

    

  

(vi) Executive is unable
to substantially perform the essential functions of bis job. with or without reasonable accommodation, as contemplated by Section
1 of this Agreement, by reason of a physical or mental illness or other condition, on a full-time basis for a period of ninety
(90) days in any one year (“Disability”); or

 

(vii) the
termination of Executive by the Company for “Cause” (as defined herein) upon giving written notice to Executive

 

For the purposes hereof, “Cause” shall mean
(a) the willful and continual failure by Executive to perform the duties or obligations of his employment with the Company or
to carry out the reasonable and lawful directives of the Board (which directives are consistent with Executive’s position as CFO);
provided such failure remains uncured for a period of thirty (30) days after written notice describing the same is given
to Executive; (b) Executive’s indictment for any crime which constitutes a felony involving fraud, intentional or reckless
dishonesty, misappropriation or embezzlement (other than any such crime involving the Company or any of its affiliates); (c)
any act of fraud, dishonesty, misappropriation or embezzlement involving the Company or any of its affiliates; (d) use of alcohol
or illegal drugs such as to interfere with the performance of Executive’s obligations hereunder or a violation of the Company’s
policy against sexual or other prohibited harassment; (e) the indictment of Executive for any crime involving an act of moral
turpitude; (f) any breach by Executive of the provisions of his Confidentiality Agreement (as defined below) or a material breach
of this Agreement or any other written agreement between the Company and Executive which failure remains uncured for a period
of thirty (30) days after written notice describing the same is given to Executive; or (g) any attempt by the Executive to improperly
secure any personal profit in connection with the business of the Company or any of its affiliates.

 

For purposes of this Agreement, “Good Reason”
shall mean any of the following without the Executive’s prior written consent: (a) the loss of any material duties or authority
by Executive; (b) a material breach by the Company of any other material agreement with the Executive; (c) the relocation of Executive’s
principal required place of work outside of the New Jersey, (d) the liquidation, dissolution, merger, consolidation or reorganization
of the Company or sale of all or a significant portion of its business and/or assets, unless the successor or successors shall
have assumed all duties and obligations of the Company under this Agreement or (e) a reduction in Executive’s then-applicable Base
Salary and benefits as set forth herein unless (I) the Company determines in its sole discretion that the failure to reduce salaries
would jeopardize the financial future of the Company and (2) a general reduction that reduces salaries for all other executives
of the Company is implemented; provided, however, the Executives Severance Payment calculation shall be based upon his highest
base salary; provided further, however, that Good Reason shall not exist unless: (A) the Executive gives the Company written notice
of his intent to terminate for Good Reason within thirty (30) days following the first occurrence of the condition(s) that the
Executive believes constitutes Good Reason, which notice shall describe such condition(s); (B) the Company fails to remedy such
condition(s) within thirty (30) days following receipt of the written notice; and (C) any Executive’s termination of employment
for Good Reason must take place within ninety (90) days following the Company’s failure to cure such conditions constituting
Good Reason.

 

    	 	4	

    	 

    

  

Notwithstanding any other provision contained herein,
the Company shall have the right to terminate the agreement and Executive’s employment without Cause, and Executive’s remedies
hereunder in the event of such termination shall be limited to the Severance Payments set forth in Section 6 hereof.

 

(b)          TERMINATION
FOR CAUSE, VOLUNTARY TERMINATION BY EXECUTIVE WITHOUT GOOD REASON, TERMINATION DUE TO DEATH OR DISABILITY. If Executive’s employment
is terminated prior to the expiration of the Term for Cause or if Executive’s employment is terminated as set forth in Section
5(a)(ii), (lii), (v) or (vi) hereof Executive shall NOT be entitled to receive any Severance Payments (as defined in Section 6
below) and will only be entitled to receive any accrued but unpaid portion of the applicable Base Salary, accrued unused vacation
and unpaid expenses that have been earned by the Executive or accrued as the date of such termination.

 

(c)          TERMINATION
BY THE COMPANY WITHOUT CAUSE OR TERMINATION BY EXECUTIVE WITH GOOD REASON. If Executive’s employment is terminated by the
Company without Cause or by Executive for Good Reason, Executive shall be entitled to receive the Severance Payments described
in Section 6 hereof, provided that Executive signs a general release in favor of the Company.

 

(d)          INSURANCE.
The Company may secure, in its own name, or otherwise, and at its own expense, life, health, accident and other insurance covering
Executive or Executive and others. Executive agrees to assist the Company in procuring such insurance by submitting to the usual
and customary medical and other examinations and by signing, as the insured, such applications and other instruments in writing
as may be reasonably requires by the insurance companies to which application is made pursuant to such insurance. Executive agrees
that he shall have no right, title, or interest in or to any insurance policies or to the proceeds thereof which the Company many
so elect to take out or to continue on the Executive’s life.

 

6.          SEVERANCE
PAYMENT.

 

(a)          If
the Company terminates Executive’s employment without Cause or if Executive terminates his employment for Good Reason, Executive
shall be entitled to receive, in addition to the applicable Base Salary through the date of termination plus any accrued but unused
vacation time and unpaid expenses, the following amounts described below in (i) and (ii) (the “Severance Payments”):

 

(i)          salary
continuation for a period equal to the applicable period as set forth below (the “Severance Period”), at the
applicable Base Salary rate then in effect, as determined on the first day of the calendar month immediately preceding the day
of termination, to be paid in accordance with the Company’s normal payroll practices as soon as practicable following the
date the Release Condition (defined below) is satisfied, but in no event later than 30 days following such date, with the first
payment to be a “catch-up” for missed payments retroactive to the first day of the month following such date of termination:
and

 

    	 	5	

    	 

    

    

(ii)         during
the Severance Period, if Executive elects to continue to receive group health insurance coverage under the Company’s group
health plan pursuant to COBRA, the Company will reimburse Executive for such monthly COBRA premiums (such monthly payments being
the “COBRA Amount”), provided Executive provides the Company with adequate documentation of his payment of
such monthly COBRA premiums. The COBRA Amount shall maintain the coverage Executive and his dependents (if applicable) had immediately
prior to the termination of his employment with the Company. In the event that Executive does not elect COBRA coverage within
90 days of his termination of employment with the Company, Executive subsequently become ineligible for continued COBRA coverage,
or Executive fails to provide the Company with adequate documentation of his payment of such COBRA premiums, the Company shall
no longer be obligated to pay the COBRA Amount.

 

(b)          The
payment of any Severance Payments due Executive following the termination of his employment will be contingent upon Executive’s
execution and non-revocation of a general release of claims in form and substance acceptable to the Company (the “Release
Condition”). No Severance Payments due Executive following the termination of his employment will be paid until such
release has become final and binding upon him; provided that in the event that the period of time Executive has to consider and/or
revoke such release falls into two calendar years, the Company will begin paying the Severance Payments as soon as practicable
in the later calendar year.

 

(c)          For
purposes of this Agreement, the length of the Severance Period shall be determined as follows:

 

	Length of Term Prior	Length of
	 	 
	to Termination of Employment	Severance Period
	 	 
	At least one month and less than three months	one month
	 	 
	At least three months but less than six months	three months
	 	 
	At least six months but less than one year	six months
	 	 
	At least one year	12 months

 

(d)          If
Severance Payments are payable to Executive hereunder during a time when Executive is partially or totally disabled, and such disability
would entitle him to disability income payments according to the terms of any plan or policy now or hereafter provided by the Company,
the Severance Payments payable to Executive hereunder shall be inclusive of any such disability income and shall not be in addition
thereto, even if such disability income is payable directly to Executive by an insurance company under a policy paid for by the
Company

 

    	 	6	

    	 

    

  

7.          RESTRICTIVE
COVENANTS. Simultaneously herewith, and as a condition to Executive’s employment by the Company, Executive shall execute
and deliver to the Company the Employee Non-Disclosure and Invention Assignment Agreement, (the “Confidentiality
Agreement”) in the form attached hereto as Exhibit B.

 

8.          NOTICES.
Any notice or other communication required or permitted to be given hereunder shall be in writing and deemed to have been given
when delivered in person or when dispatched by telegram, electronic mail, or electronic facsimile transfer (confirmed in writing
by mail, registered or certified, return receipt requested, postage prepaid, simultaneously dispatched) to the addressees at the
addresses specified below.

 

	If to Executive:	Mark J. Rosenblum
	 	c/o Edwards Wildman Palmer, LLP
	 	2800 Financial Plaza
	 	Providence, RI 02903
	 	Attn: Douglas G. Gray, Esq.
	 	Fax: (888) 325-9018
	 	 
	 	E-Mail: dgray@edwardswildman.com
	 	 
	If to the Company:
	 	Urigen Pharmaceuticals, Inc.
	 	501 Silverside Road PMB #95 
	 	Wilmington, DE 19809
	 	 
	 	Fax:
	 	 
	 	E-Mail: Dan@bioensemble.com 
	 	 
	 	Attention: Chief Executive Officer

 

or to such other address, e-mail address or fax number
as either party may from time to time designate in writing to the other.

 

9.          ENTIRE
AGREEMENT. This Agreement, together with the Option Agreement; the Award Agreement, the Confidentiality Agreement and the Plan,
constitute the entire agreement between the parties hereto relating to the subject matter hereof, and supersede all prior agreements
and understandings, whether oral or written, with respect to the same. No modification, alteration, amendment or revision of or
supplement to this Agreement shall be valid or effective unless the same is in writing and signed by both parties hereto.

 

10.         GOVERNING
LAW; JURISDICTION; WAIVER OF JURY TRIAL. This Agreement and the rights and duties of the parties hereunder shall be governed
by, construed under and enforced in accordance with the laws of the State of New Jersey without regard to conflicts of laws provisions.
The parties agree that any legal proceeding, commenced by one party against the other, shall be brought in any state or Federal
court having proper jurisdiction within the State of New Jersey. Both parties submit to such jurisdiction,
and waive any objection to venue and/or claim of inconvenient forum. THE COMPANY AND EXECUTIVE KNOWINGLY AND VOLUNTARILY WAIVE
ANY AND ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR
THE RELATIONSHIP BETWEEN THE PARTIES.

 

    	 	7	

    	 

    

  

11.         ASSIGNMENT.
The rights and obligations of the parties under this Agreement shall not be- assignable without written permission of the other
party.

 

12.         SEVERABILITY.
The invalidity of any provision of this Agreement under the applicable laws of the State of New Jersey or any other
jurisdiction, shall not affect the other provisions hereby declared to be severable from all other provisions. The intention
of the parties as expressed in any provision held to be void or ineffective and shall be given such full force and effect
as may he permitted by law.

 

13.         SURVIVAL.
The obligations of the Company or its successor to pay any Severance Payments required hereunder subsequent to the termination
of this Agreement and the obligations of Executive under the Confidentiality Agreement shall survive the termination of this Agreement.

 

14.         DISPUTE
RESOLUTION. Except for the right of either party to apply to a court of competent jurisdiction for a temporary restraining
order, a preliminary injunction, or other equitable relief to preserve the status quo or prevent irreparable harm, any and all
claims, disputes or controversies arising under, out of, or in connection with the Agreement, including any dispute relating to
production, use or commercialization, which the parties shall be unable to resolve within sixty (60) days shall be mediated in
good faith. The party raising such dispute shall promptly advise the other party of such claim, dispute or controversy in a writing,
which describes in reasonable detail the nature of such dispute. By not later than five (5) business days after the recipient has
received such notice of dispute, each party shall have selected for itself a representative who shall have the authority to bind
such party, and shall additionally have advised the other party in writing of the name and title of such representative. By not
later than ten (10) business days after the date of such notice of dispute, the party against whom the dispute shall be raised
shall select a mediation firm in New Jersey and such representatives shall schedule a date with such firm for a mediation hearing.
The parties shall enter into good faith mediation and shall share the costs equally. If the representatives of the parties have
not been able to resolve the dispute within fifteen (15) business days after such mediation hearing, the parties shall have the
right to pursue any other remedies legally available to resolve such dispute in either the Courts of the State of New Jersey or
in the United States District Court for the District of New Jersey, in each case to whose jurisdiction for such purposes Company
and Executive each hereby irrevocably consents and submits.

 

15.         WITHHOLDING.
The Company shall be entitled to withhold from payment any amount of withholding required by law.

 

    	 	8	

    	 

    

  

16.         HEADINGS;
INTERPRETATION. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. The language in all parts of this Agreement shall in all cases be construed according
to its fair meaning, and not strictly for or against any party hereto. In this Agreement, unless the context otherwise requires,
the masculine, feminine and neuter genders and the singular and the plural include one another.

 

17.         EXECUTION.
This Agreement may be executed and delivered (including by facsimile transmission or electronic scan [pdf]) by the parties hereto
in one or more counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which taken
together shall constitute one and the same agreement.

 

18.         SECTION
409A. This Agreement is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as
amended (“Section 409A”), and the parties hereby agree to amend this Agreement as and when necessary or
desirable to conform to or otherwise properly reflect any guidance issued under Section 409A after the date hereof without
violating Section 409A. In case any one or more provisions of this Agreement fails to comply with the provisions of Section
409A, the remaining provisions of this Agreement shall remain in effect, and this Agreement shall be administered and applied
as if the non-complying provisions were not part of this Agreement The parties in that event shall endeavor to agree upon a
reasonable substitute for the non-complying provisions, to the extent that a substituted provision would not cause this
Agreement to fail to comply with Section 409A, and, upon so agreeing, shall incorporate such substituted provisions into this
Agreement. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed
on Executive by Section 409A or damages for failing to comply with Section 409A. A termination of Executive’s
employment hereunder shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the
payment of any amount or benefit constituting “deferred compensation” under Section 409A upon or following a
termination of employment unless such termination is also a “separation from service” within the meaning of
Section 409A and for purposes of any such provision of this Agreement, references to a
“termination,” “termination of employment” or like terms shall mean “separation from
service.” In the event that any payment or benefit made hereunder or under any compensation plan, program or
arrangement of the Company would constitute payments or benefits pursuant to a non-qualified deferred compensation plan
within the meaning of Section 409A and, at the time of Executive’s “separation from service” Executive is a
“specified employee” within the meaning of Section 409A, then any such payments or benefits shall be delayed until
the six-month anniversary of the date of Executive’s “separation from service”. Each payment made under this
Agreement shall be designated as a “separate payment” within the meaning of Section 409A. All reimbursements and
in-kind benefits provided under this 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. All reimbursements for expenses
paid pursuant hereto that constitute taxable income to Executive shall in no event be paid later than the end of the calendar
year next following the calendar year in which Executive incurs such expense or pays such related tax. Unless otherwise
permitted by Section 409A, the right to reimbursement or in-kind benefits under this Agreement shall not be subject to
liquidation or exchange for another benefit and the amount of expenses eligible for reimbursement, or in-kind benefits,
provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be
provided, respectively, in any other taxable year.

 

    	 	9	

    	 

    

  

IN WITNESS WHEREOF, the parties have
executed this Agreement as of the day and year first above written.

 

	 	URIGEN PHARMACEUTICALS, INC.
	 	a Delaware corporation
	 	 
	 	By:	/s/ Dan Vickery
	 	 	Name: Dan Vickery
	 	 	Title:  Chairman
	 	 
	 	Executive:
	 	 	/s/ Mark J. Roseblum
	 	 	Mark J. Roseblum

 

    	 	10

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