Document:

EX-10.4

   

  Exhibit 10.4

   

  CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

   

   

  Separation and General Release Agreement 

  The remainder of this letter proposes a Separation and General Release Agreement (the “Agreement”) between you and the Company.  The purpose of this Agreement is to establish an amicable arrangement for ending your employment relationship, including releasing the Company and related persons or entities from any claims and permitting you to receive separation pay and related benefits. 

  You acknowledge that you are entering into this Agreement knowingly and voluntarily.  It is customary in employment separation agreements for the departing employee to release the employer from any possible claims, even if the employer believes, as is the case here, that no such claims exist.  By proposing and entering into this Agreement, the Company is not admitting in any way that it violated any legal obligation that it owed to you.  

  With those understandings, you and the Company agree as follows:

  1.Separation from Employment

  This confirms that your employment with the Company ended effective on September 30th, 2022 (the “Separation Date”).  You acknowledge that as of the Company’s payroll processed on September 30th, 2022, you were fully paid for all earned wages then due to you.  You also acknowledge that you have been paid in full for all accrued but unused vacation time due to you in connection with your employment through September 30th, 2022.

  2.Severance Benefits

  (a)[***]. 

  (b)Health Benefits.  If you elect COBRA continuation coverage, the Company shall pay the same portion of premiums that it pays for active employees for the same level of group medical & dental coverage as in effect for you on the Separation Date until the earliest of the following:  (i) the end of the Severance Pay Period; or (ii) your eligibility for group medical care coverage through other employment. You will be responsible for paying the remaining portion of the premiums for such coverage as if you remained employed.  You authorize the deduction of the portion for which you are responsible from your Severance Pay.  You agree to notify the Company promptly if you become eligible for group medical care coverage through another employer.  You also agree to respond promptly and fully to any reasonable requests for information by the Company concerning your eligibility for such coverage.  You may continue coverage after the end of the Severance Pay Period at your own expense for the remainder of the COBRA continuation period, subject to continued eligibility 

   

  ACTIVE/21736753.4  

   

  

   

  (c)Tax Treatment.  The Company shall make deductions, withholdings, and tax reports with respect to payments and benefits under this Agreement that it reasonably determines to be required.  Payments under this Agreement shall be in amounts net of any such deductions or withholdings.  Nothing in this Agreement shall be construed to require the Company to make any payments to compensate you for any adverse tax effect associated with any payments or benefits or for any deduction or withholding from any payment or benefit. 

  3.Equity 

  In consideration for your execution and non-revocation of the Separation Agreement, in addition to the Severance Benefits set forth in Section 2 above, the [***] RSUs that are scheduled to vest effective [***] shall accelerate and vest effective on the Separation Date (“Accelerated RSUs”), and shall be settled on or shortly after the Company’s next open trading window, which is expected to begin on November 15, 2022, the day following the public release of the Company’s financial and operation results for the quarter ended September 30, 2022 unless extended or delayed.  The Company will treat the Accelerated RSUs as W-2 income and shall sell the required amount of RSUs to cover the associated withholding obligation. All other RSUs that are not vested as of the Separation Date shall lapse on that date and will be void.

   

  4.Continuing Obligations 

  You acknowledge that your obligations under the Separation Agreement shall continue in effect, including without limitation your obligations as defined in the Gelesis Insider Trading Policy and Gelesis Special Trading Procedures and to maintain the confidentiality of Confidential Information as defined in the Employee Invention and Non-Disclosure Agreement and the Non-Solicitation Agreement, and to return documents and other property of the Company. A copy of your signed Employee Invention and Non-Disclosure Agreement and your Non-Solicitation Agreement is enclosed as Exhibit B.  

  5.Release of Claims

  In consideration for, among other terms, the Severance Pay, to which you acknowledge you would otherwise not be entitled, you voluntarily release and forever discharge the Company, its affiliated and related entities, its and their respective predecessors, successors and assigns, its and their respective employee benefit plans and fiduciaries of such plans, and the current and former officers, directors, shareholders, employees, attorneys, accountants and agents of each of the foregoing in their official and personal capacities (collectively referred to as the “Releasees”) generally from all claims, demands, debts, damages and liabilities of every name and nature, known or unknown (“Claims”) that, as of the date when you sign this Agreement, you have, ever had, now claim to have or ever claimed to have had against any or all of the Releasees.  This release includes, without limitation, all Claims:

  •relating to your employment by and termination of employment with the Company; 

  •of wrongful discharge or violation of public policy; 

  •of breach of contract; 

  •of defamation or other torts; 

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  •of retaliation or discrimination under federal, state or local law (including, without limitation, Claims of discrimination or retaliation covered under the Age Discrimination in Employment Act, the Americans with Disabilities Act, and Title VII of the Civil Rights Act of 1964); 

  •under any other federal or state statute (including, without limitation, Claims under the Worker Adjustment and Retraining Notification Act or the Fair Labor Standards Act);

  •for wages, bonuses, incentive compensation, stock, stock options, vacation pay or any other compensation or benefits, either under the Massachusetts Wage Act, M.G.L. c. 149, §§148-150C, or otherwise; and

  •for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief and attorney’s fees; 

   

  provided, however, that this release shall not affect your rights under this Agreement.

   

  You agree not to accept damages of any nature, other equitable or legal remedies for your own benefit or attorney’s fees or costs from any of the Releasees with respect to any Claim released by this Agreement.  As a material inducement to the Company to enter into this Agreement, you represent that you have not assigned any Claim to any third party.

  6.Older Workers Benefit Protection Act Disclosure; Review Period and Revocation Right.  The Employee recognizes that as part of Employee’s agreement to release any and all Claims against the Company and the other Company Releasees (under Section 5 above), the Employee is releasing any and all Claims for age discrimination under the Age Discrimination in Employment Act (the “ADEA”), whether or not the Employee has alleged and/or has or may have any such claims. 

  Accordingly:  

  (a)Attached to this Agreement as Exhibit A is certain disclosure information being provided to the Employee pursuant to the Older Workers Benefit Protection Act (the “OWBPA”);

  (b)Consistent with the requirements of the ADEA and OWBPA, the Employee has a right to review and reflect upon this Agreement (including the disclosure information attached hereto in Exhibit A) until the Due Date (as defined in Section 2 of Exhibit A),which is a period of at least forty-five (45) days after the Employee received this Agreement (the “Review Period”); and the Employee has an additional period of seven (7) days after the date the Employee timely executes this Agreement to revoke it (the “Revocation Period”) by sending written notice of revocation to the Company as provided in Section 11(h) below; and

  The Employee is hereby advised in writing to consult with an attorney of his/her own choosing in connection with this Agreement.  

  7.Representations and Warranties; Knowing and Voluntary Agreement.  By the Employee’s signature below, the Employee represents and warrants that he/she: (i) is hereby advised, and has been so advised, in writing to consult with an attorney of the Employee’s own choosing in connection with this Agreement; (ii) has been given a sufficient and reasonable amount of time of not less than forty-five (45) days to consider this Agreement (including the OWBPA disclosure information attached as Exhibit A); (iii) has been afforded a period of seven (7) days after signing this Agreement to revoke his/her acceptance; (iv) has 

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  read and reviewed this Agreement and disclosure information thoroughly and fully understands the terms and conditions hereof and their significance and has discussed them with his/her independent legal counsel, or has had a reasonable opportunity to have done so; and (v) is signing and agreeing to this Agreement voluntarily and of his/her own free will, with the full understanding of its legal consequences, and with the intent to be bound hereby.

   

  8.Confidentiality of Agreement-Related Information 

  You agree, to the fullest extent permitted by law, to keep all Agreement-Related Information completely confidential.  “Agreement-Related Information” means any allegations of wrongful conduct by the Company or any of its representatives, the negotiations leading to this Agreement and the existence and terms of this Agreement.  Notwithstanding the foregoing, you may disclose Agreement-Related Information to your spouse, your attorney and your financial advisors, and to them only provided that they first agree for the benefit of the Company to keep Agreement-Related Information confidential.  You represent that during the period since the date of the proposal of this Agreement, you have not made any disclosures that would have been contrary to the foregoing obligation if it had then been in effect. Nothing in this section shall be construed to prevent you from disclosing Agreement-Related Information to the extent required by a lawfully issued subpoena or duly issued court order; provided that you provide the Company with advance written notice and a reasonable opportunity to contest such subpoena or court order.  

  9.Non-Disparagement  

  You agree not to make any disparaging statements concerning the Company or any of its affiliates, products, services or current or former officers, directors, shareholders, employees or agents. You represent that during the period since the date of the proposal of this Agreement, you have not made any such disparaging statements.  The Company shall direct all employees whom it informs of the terms of this Agreement not to make disparaging statements about you during such employment with the Company.

  10.Protected Disclosures and Other Protected Actions

  Nothing contained in this Agreement limits your ability to file a charge or complaint with any federal, state or local governmental agency or commission (a “Government Agency”).  In addition, nothing contained in this Agreement limits your ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including your ability to provide documents or other information, without notice to the Company, nor does anything contained in this Agreement apply to truthful testimony in litigation.  If you file any charge or complaint with any Government Agency and if the Government Agency pursues any claim on your behalf, or if any other third party pursues any claim on your behalf, you waive any right to monetary or other individualized relief (either individually or as part of any collective or class action); provided that nothing in this Agreement limits any right you may have to receive a whistleblower award or bounty for information provided to the Securities and Exchange Commission. In addition, for the avoidance of doubt, pursuant to the federal Defend Trade Secrets Act of 2016, you shall not be 

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  held criminally or civilly liable under any federal or state trade secret law or under this Agreement for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  

  11.Other Provisions

  (a)Termination of Payments.  If you breach any of your obligations under this Agreement, in addition to any other legal or equitable remedies it may have for such breach, the Company shall have the right to terminate its payments to you or for your benefit under this Agreement.  The termination of such payments in the event of your breach will not affect your continuing obligations under this Agreement.  

  (b)Absence of Reliance.  In signing this Agreement, you are not relying upon any promises or representations made by anyone at or on behalf of the Company.  

  (c)Enforceability.  If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.  

  (d)Waiver.  No waiver of any provision of this Agreement shall be effective unless made in writing and signed by the waiving party.  The failure of a party to require the performance of any term or obligation of this Agreement, or the waiver by a party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.  

  (e)Jurisdiction.  You and the Company hereby agree that the Superior Court of the Commonwealth of Massachusetts and the United States District Court for the District of Massachusetts shall have the exclusive jurisdiction to consider any matters related to this Agreement, including without limitation any claim of a violation of this Agreement.  With respect to any such court action, you submit to the jurisdiction of such courts and you acknowledge that venue in such courts is proper.  

  (f)Governing Law; Interpretation.  This Agreement shall be interpreted and enforced under the laws of the Commonwealth of Massachusetts, without regard to conflict of law principles.  In the event of any dispute, this Agreement is intended by the parties to be construed as a whole, to be interpreted in accordance with its fair meaning, and not to be construed strictly for or against either you or the Company or the “drafter” of all or any portion of this Agreement.  

  (g)Entire Agreement.  This Agreement constitutes the entire agreement between you and the Company.  This Agreement supersedes any previous agreements or understandings between you and the Company, except your Employee Invention and Non-Disclosure Agreement and your Non-Solicitation Agreement and any other obligations specifically preserved in this Agreement. 

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  (h)Time for Consideration; Effective Date.  You acknowledge that you have knowingly and voluntarily entered into this Agreement and that the Company advises you to consult with an attorney before signing this Agreement.  You understand and acknowledge that you have been given the opportunity to consider this Agreement for forty-five (45) days from your receipt of this Agreement before signing it (the “Consideration Period”).  To accept this Agreement, you must return a signed original or a signed PDF copy of this Agreement so that it is received by Mr. Jeff Kagy at jkagy@gelesis.com  at or before the expiration of the Consideration Period.  If you sign this Agreement before the end of the Consideration Period, you acknowledge that such decision was entirely voluntary and that you had the opportunity to consider this Agreement for the entire Consideration Period.  For the period of seven (7) days from the date when you sign this Agreement, you have the right to revoke this Agreement by written notice to Mr. Jeff Kagy at jkagy@gelesis.com provided that such notice is delivered so that it is received at or before the expiration of the seven (7) day revocation period.  This Agreement shall not become effective or enforceable during the revocation period.  This Agreement shall become effective on the first business day following the expiration of the revocation period (the “Effective Date”).  

  (i)Counterparts.  This Agreement may be executed in separate counterparts.  When both counterparts are signed, they shall be treated together as one and the same document.

  Please indicate your agreement to the terms of this Agreement by signing and returning to Mr. Jeff Kagy at jkagy@gelesis.com the original or a PDF copy of this letter within the time period set forth above.

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  Sincerely,

  GELESIS, INC

   

   

  By: 	   /s/ Yishai Zohar                                                             September 27, 2022                                                                       										         

         Yishai Zohar			                                              Date

  	Gelesis, Inc

  	Chief Executive Officer

   

   

   

   

   

  You are advised to consult with an attorney before signing this Agreement. This is a legal document.  Your signature will commit you to its terms.  By signing below, you acknowledge that you have carefully read and fully understand all of the provisions of this Agreement and that you are knowingly and voluntarily entering into this Agreement.  

   

  By:      /s/ David Abraham                                         	          September 27, 2022										

             David Abraham				                                   Date

   

   

   

   

   

   

   

  	7Exhibit 10.1

 

STAND-ALONE
STOCK OPTION AGREEMENT

 

THIS
STAND-ALONE STOCK OPTION AGREEMENT (this “Agreement”) dated as of the 15th day of September, 2022 by and between
Titan Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and [●] (the “Optionee”).

 

RECITALS

 

WHEREAS,
the Company has adopted and maintains the Titan Pharmaceuticals, Inc. 2015 Omnibus Equity Incentive Plan effective August 24, 2015,
as amended (the “Plan”), and

 

WHEREAS,
the Company’s Board of Directors (the “Board”) adopted, subject to the receipt of stockholder approval, an amendment
to the Plan to increase the number of shares of common stock reserved for awards under the Plan from 1,000,000 to 2,500,000 (the “Plan
Amendment”).

 

WHEREAS,
pursuant to the terms of the Plan and subject to the approval of the Plan Amendment, on the date hereof the Compensation Committee (the
“Committee”) of the Board granted to the Optionee, a nonqualified stock option to purchase all or any part of 100,000 shares
of the Company’s common stock, par value $0.001 per share (the “Common Stock”), subject to and upon the terms and conditions
set forth herein;

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants made herein and the mutual benefits to be derived herefrom and for
other good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:

 

1. Grant
of Option. This Agreement evidences the Committee’s grant to the Optionee of the right and option to purchase, subject
to and on the terms and conditions set forth herein, and subject to stockholder approval of the Plan Amendment, all or any part of 100,000
shares of the Company’s Common Stock (the “Shares”) at an exercise price per Share equal to the closing price of the
Common Stock on the NASDAQ Global Market on the date hereof (the “Option”), exercisable from time to time, subject to the
provisions of this Agreement, prior to 5:00 p.m., New York City time, the ten (10) year anniversary of the date hereof, unless earlier
terminated pursuant to Section 8. If stockholder approval of the Plan Amendment is not obtained on or prior to the first anniversary
of the date of this Agreement, this Agreement and the grant made hereunder will be deemed void ab initio.

 

2. Exercisability
of Option. Subject to Section 1 and Section 8 hereof, and subject to stockholder approval of the Plan Amendment, the
Option will vest and become exercisable pro-rata over a 12-month period, commencing from the date hereof.

 

     

     

    

 

3. Method
of Exercise of Option.

 

3.1. Method
of Exercise. The Option to the extent then exercisable may be exercised in whole or in part by giving written notice to the Company
specifying the number of Shares to be purchased, accompanied by payment in full of the purchase price, in cash, or by check or such other
instrument as may be acceptable to the Committee. As determined by the Committee, in its sole discretion, at or after grant, payment
in full or in part may be made at the election of the Optionee (a) in the form of shares of Common Stock owned by the Optionee (based
on the Fair Market Value (as defined below) of the shares) that are not the subject of any pledge or security interest, (b) in the form
of shares of Common Stock withheld by the Company from the shares of Common Stock otherwise to be received with such withheld shares
of Common Stock having a Fair Market Value equal to the exercise price, or (c) by a combination of the foregoing, provided that the combined
value of all cash and cash equivalents and the Fair Market Value of any shares surrendered to the Company is at least equal to such exercise
price. Notwithstanding the forgoing, the Optionee may not take any actions that are prohibited by the Sarbanes-Oxley Act of 2002 and
the rules and regulations promulgated by the Securities and Exchange Commission or any agency thereunder. The Optionee shall have the
right to dividends and other rights of a stockholder with respect to the Shares purchased upon exercise of the Option at such time as
the Optionee (a) has given written notice of exercise and has paid in full for such Shares, and (b) has satisfied such conditions that
may be imposed by the Company with respect to the withholding of taxes.

 

3.2. Fair
Market Value. “Fair Market Value” means the closing price on the date of grant on the principal securities exchange
on which shares of Common Stock are listed (if the shares of Common Stock are so listed), or, if not so listed or regularly quoted, the
mean between the closing bid and asked prices of publicly traded shares of Common Stock in the over the counter market, or, if such bid
and asked prices shall not be available, as reported by any nationally recognized quotation service selected by the Company, or as determined
by the Committee in a manner consistent with the provisions of the United States Internal Revenue Code of 1986, as amended. Anything
in this Section 3.2 to the contrary notwithstanding, in no event shall the purchase price of a share of Common Stock be less than
the minimum price permitted under the rules and policies of any national securities exchange on which the shares of Common Stock are
listed.

 

4. Tax
Withholding. Upon any exercise of the Option in whole or in part, the Company shall have the right at its option to (a) require
the Optionee (or personal representative or beneficiary, as the case may be) to pay or provide for payment of the amount of any taxes
which the Company may be required to withhold with respect to the Option or (b) deduct from any amount payable in cash the amount of
any taxes which the Company may be required to withhold with respect to such cash payment. In any case where a tax is required to be
withheld in connection with the delivery of shares of Common Stock, the Board may in its sole discretion grant to the Optionee the right
to elect, pursuant to such rules and subject to such conditions as the Board may establish, to have the Company reduce the number of
shares to be delivered by (or otherwise reacquire) the appropriate number of shares valued at their then Fair Market Value to satisfy
such withholding obligation.

 

5. No
Transferability; Limited Exception to Transfer Restrictions. The Option is not transferable and may be exercised solely by the
Optionee during his lifetime or after his death by the person or persons entitled thereto under his will or the laws of descent and distribution.
The Committee, in its sole discretion, may permit a transfer of the Option in whole or in part to (a) a trust for the benefit of the
Optionee, (b) a member of the Optionee’s immediate family (or a trust for his or her benefit) or (c) pursuant to a domestic relations
order. Any attempt to transfer, assign, pledge or otherwise dispose of, or to subject to execution, attachment or similar process, the
Option in whole or in part contrary to the provisions hereof shall be void and ineffective and shall give no right to the purported transferee.

 

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6. No
Employment Rights. Nothing contained in this Agreement shall confer upon the Optionee any right to continue in the employ or
other service of the Company or any of its subsidiaries, nor constitute any contract or agreement of employment or other service, nor
shall interfere in any way with the right of the Company to change the Optionee’s compensation or other benefits or to terminate
the employment of the Optionee, with or without cause; provided, however, that nothing contained in this Agreement shall adversely affect
any independent contractual right of the Optionee, including but not limited to the Optionee’s rights under the Plan, without his
consent thereto.

 

7. Regulations.
This Agreement and the grant and exercise of the Option hereunder, and the obligation of the Company to sell and deliver shares under
the Option shall be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies, national
securities exchanges and interdealer quotation systems as may be required. Additionally, notwithstanding any other provision in this
Agreement, the Option may not be exercised in whole or in part unless and until the Shares to be issued upon the exercise thereof have
been registered under the Securities Act of 1933, as amended, and applicable state securities laws, or are, in the opinion of counsel
to the Company, exempt from such registration in the United States. The Company shall not be under any obligation to register under applicable
federal or state securities laws any Shares to be issued upon the exercise of the Option granted hereunder in order to permit the exercise
of the Option in whole or in part and the issuance and sale of the Shares subject to the Option, although the Company may in its sole
discretion register such Shares at such time as the Company shall determine. If the Company chooses to comply with such an exemption
from registration, the Shares to be issued upon the exercise of the Option may, at the direction of the Committee, bear an appropriate
restrictive legend restricting the transfer or pledge of the Shares represented thereby, and the Committee may also give appropriate
stop transfer instructions with respect to the Shares to the Company’s transfer agent. The Company undertakes that following stockholder
approval of the Plan Amendment the Company will seek to register the resale of the Shares. Additionally, the Optionee understands and
acknowledges that he is subject to the Company’s rules regarding insider trading contained in the Company’s Code of Conduct
or otherwise.

 

8. Adjustment
and Termination upon Certain Events.

 

8.1. Adjustments.
If there shall occur any extraordinary dividend or other extraordinary distribution in respect of the Common Stock (whether in the form
of cash, Common Stock, other securities, or other property), or any reclassification, recapitalization, stock split (including a stock
split in the form of a stock dividend), reverse stock split, reorganization, merger, combination, consolidation, split-up, spin-off,
combination, repurchase, or exchange of Common Stock or other securities of the Company, or there shall occur any similar, unusual or
extraordinary corporate transaction or event in respect of the Common Stock or a sale of substantially all the assets of the Company
as an entirety, then the Board shall, in such manner and to such extent (if any) as it deems appropriate and equitable (a) proportionately
adjust any or all of (i) the number and type of shares of Common Stock (or other securities) which thereafter may be made the subject
of the Option, (ii) the number, amount and type of shares of Common Stock (or other securities or property) subject to the Option, (iii)
the grant, purchase, or exercise price of the Option, (iv) the securities, cash or other property deliverable upon exercise of the Option,
or (v) the performance standards appropriate to the Option, or (b) in the case of an extraordinary dividend or other distribution, recapitalization,
reclassification, merger, reorganization, consolidation, combination, sale of assets, split up, exchange, or spin off, make provision
for a cash payment or for the substitution or exchange of the Option or the cash, securities or property deliverable to the Optionee
based upon the distribution or consideration payable to holders of the Common Stock of the Company upon or in respect of such event.
In any of such events, the Board may take such action sufficiently prior to such event if necessary to permit the Optionee to realize
the benefits intended to be conveyed with respect to the underlying shares in the same manner as is available to stockholders generally.

 

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8.2. Change
of Control. In the event there is a Change of Control (as defined under the Plan), any outstanding unvested Options will automatically
vest and become exercisable on the date of such Change of Control in accordance with the terms of the Plan.

 

8.3. Effect
of Termination of Employment.

 

(a) Termination
by Death. Unless otherwise determined by the Committee, which determination may in no event shorten the period during which the
Option may be exercised, if the Optionee’s employment with or service to the Company terminates by reason of death, the Option
may thereafter be exercised, to the extent then exercisable (or on such accelerated basis as the Committee shall determine at or after
grant), by the legal representative of the estate or by the legatee of the Optionee under the will of the Optionee, for a period of one
(1) year after the date of such death or until the expiration of the stated term of the Option as provided under this Agreement, whichever
period is longer.

 

(b) Termination
by Reason of Disability. Unless otherwise determined by the Committee, which determination may in no event shorten the period
during which the Option may be exercised, if the Optionee’s employment with or service to the Company terminates by reason of total
and permanent disability, the Option may thereafter be exercised, to the extent it was exercisable at the time of termination due to
disability (or on such accelerated basis as the Committee shall determine at or after grant), but may not be exercised after three (3)
months after the date of such termination of employment or service or the expiration of the stated term of the Option, whichever period
is longer; provided, however, that, if the Optionee dies within such three (3) month period, the Option shall thereafter be exercisable
to the extent to which it was exercisable at the time of death for a period of one (1) year after the date of such death or for the stated
term of the Option, whichever period is longer.

 

(c) Termination
by Reason of Resignation. Unless otherwise determined by the Committee, which determination may in no event shorten the period
during which the Option may be exercised, if the Optionee’s employment with or service to the Company terminates by reason of the
Optionee’s resignation, the Option may thereafter be exercised, to the extent then exercisable (or on such accelerated basis as
the Committee shall determine at or after grant), for a period of six (6) months after the effective date of such resignation or until
the expiration of the stated term of the Option as provided under this Agreement, whichever period is shorter.

 

(d) Other
Termination. Unless otherwise determined by the Committee, which determination may in no event shorten the period during which
the Option may be exercised, if the Optionee’s employment with or service to the Company terminates for any reason other than resignation,
termination for cause, death or disability, the Option may thereafter be exercised, to the extent then exercisable (or on such accelerated
basis as the Committee shall determine at or after grant), for a period of one (1) year after the effective date of such termination
or until the expiration of the stated term of the Option as provided under this Agreement, whichever period is longer.

 

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(e)
Termination for Cause. If the Optionee’s employment or service with the Company is terminated by the Company
for Cause (as defined under the Plan), the Option shall expire immediately and be forfeited in its entirety.

 

(f) Transfers.
The transfer of the Optionee from the employ of or service to the Company to the employ of or service to a subsidiary, or vice versa,
or from one subsidiary to another, shall not be deemed to constitute a termination of employment or service for purposes of this Agreement.

 

9. Limitation
of Liability. No member of the Committee, or any officer or employee of the Company acting on behalf of the Committee, shall
be personally liable for any action, determination or interpretation taken or made in good faith with respect to this Agreement, and
all members of the Committee and each and any officer or employee of the Company acting on their behalf shall, to the extent permitted
by law, be fully indemnified and protected by the Company in respect of any such action, determination or interpretation.

 

10. Shares
to be Reserved. The Company shall at all times during the term of the Option reserve and keep available such number of shares
of Common Stock as will be sufficient to satisfy the requirements of this Agreement.

 

11. Assignment.
Except as expressly provided herein, neither this Agreement nor any of the rights or obligations hereunder may be assigned or delegated
by any party hereto without the express written consent of the other party hereto, provided, however, that no consent will be required
for the assignment to any successor to all or substantially all of the Company’s assets or business (whether by purchase, merger,
consolidation or otherwise).

 

12. Notices.
All notices provided for in this Agreement will be in writing signed by the party giving such notice sent by (i) registered or certified
mail, return receipt requested, (ii) any prepaid overnight courier delivery service then in general us, (iii) hand or (iv) facsimile
transmission or similar means of communication if such transmission of such notice is confirmed immediately by any of the other means
set forth above, as follows:

 

	 	If
    to the Company:	c/o
Titan Pharmaceuticals, Inc.

    400
Oyster Point Blvd., Suite 505

    South
San Francisco, CA 94080

    Attention:
Chief Operating Officer

	 	 	 
	 	If
    to the Employee:	[●]

    [ADDRESS]

 

or
at such other address as will be indicated to either party in writing. Notice of change of address will be effective only upon receipt.
A notice provided in the manner required herein will be deemed given: (i) if delivered personally, upon delivery; (ii) if sent by overnight
courier, on the first business day after it is sent; (iii) if mailed, three business days after mailing; and (iv) if sent by fax, upon
actual receipt of the fax or confirmation thereof (whichever is first).

 

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13. Waiver.
The Company’s failure to enforce any provision of this Agreement will not constitute a waiver of its right to enforce such provision.
The parties reserve the right to waive by mutual written consent for a specific period and under specific conditions any provision of
this Agreement, provided that such waiver shall be limited to the period and conditions specified by mutual written consent and shall
in no way constitute a general waiver, or be considered as evidence of any given interpretation of any provision so waived.

 

14. Governing
Law; Jurisdiction. This Agreement will be governed and construed in accordance with the laws of the State of [New York] applicable
to agreements executed and to be performed wholly within such State, without regard to any principles of conflicts of law. Each party
agrees that any action or proceedings relating to this Agreement seeking injunctive relief or enforcement of an arbitration award may
be instituted against such party in any appropriate court in the State of [New York] and hereby irrevocably submits to the jurisdiction
of the State and Federal courts of the State of [New York] and waives any claim of forum nonconveniens with respect thereto.

 

15. Descriptive
Headings. The Section headings contained herein are for reference purposes only and will not in any way affect the meaning or
interpretation of this Agreement.

 

16. Severability.
If any provision of this Agreement is held to be unenforceable for any reason, it shall be adjusted rather than voided, if possible,
to achieve the intent of the parties to the extent possible. In any event, all other provisions of this Agreement shall be deemed valid
and enforceable to the extent possible.

 

17. Entire
Agreement. The parties hereto acknowledge that each has read this Agreement, understands it, and agrees to be bound by its terms.
The parties further agree that this Agreement, the Plan and any modifications made pursuant hereto and thereto constitute the complete
and exclusive written expression of the terms of the agreement between the parties, and supercede all prior or contemporaneous proposals,
oral or written, understandings, representations, conditions, warranties, covenants, and all other communications between the parties
relating to the subject matter of this Agreement. This Agreement may not be amended, changed or modified absent a writing signed by both
parties. In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan will prevail.

 

18. Counterparts.
This Agreement may be executed in one or more counterparts, which, together, will constitute one and the same agreement.

 

19. Compliance
With Laws. Notwithstanding anything else contained herein to the contrary, this Agreement, the granting and vesting of the Option
and the offer, issuance and delivery of Shares under this Agreement are subject to compliance with all applicable federal and state laws,
rules and regulations (including but not limited to state and federal securities laws and federal margin requirements) and to such approvals
by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in
connection therewith. Any securities delivered in respect of this Agreement will be subject to such restrictions, and to any restrictions
the Company may require to preserve a pooling of interests under generally accepted accounting principles, and the person acquiring such
securities will, if requested by the Company, provide such assurances and representations to the Company as the Company may deem necessary
or desirable to assure compliance with all applicable legal requirements.

 

[Signature
Page Follows]

 

    6

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first written above.

 

	 	TITAN
    PHARMACEUTICALS, INC.
	 	 
	 	By:	/s/
David E. Lazar

	 	 	Name:	David
    E. Lazar
	 	 	Title:	Chairman
    of the Board of Directors

 

	 	/s/
[●]

	 	[●]

 

    7

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