Document:

EX-4.2

 Exhibit 4.2 

Executed in 25 Counterparts, No. 16 

SUPPLEMENTAL INDENTURE 
 DATED
SEPTEMBER 15, 2019 
 UNION ELECTRIC COMPANY 

TO 
 THE BANK OF NEW YORK MELLON,

 AS TRUSTEE 
  

 
 (SUPPLEMENTAL TO
THE INDENTURE OF MORTGAGE AND DEED OF TRUST DATED 
 JUNE 15, 1937, AS AMENDED, EXECUTED BY UNION ELECTRIC COMPANY TO 

THE BANK OF NEW YORK MELLON, AS TRUSTEE) 
  

 
 3.25% First
Mortgage Bonds due 2049 
 This instrument was prepared by Chonda J. Nwamu, Esq., Senior Vice President, General Counsel and Secretary
of Union Electric Company, 1901 Chouteau Avenue, St. Louis, Missouri 63103, (314) 621-3222. 
 WHEN
RECORDED MAIL TO: 
 Craig W. Stensland 
 Union Electric Company

 1901 Chouteau Avenue 
 St. Louis, MO 63103 

 SUPPLEMENTAL INDENTURE, dated the 15th day of September, Two thousand and
nineteen (2019) made by and between UNION ELECTRIC COMPANY, a corporation organized and existing under the laws of the State of Missouri (hereinafter called the “Company”), party of the first part, and THE BANK OF NEW YORK MELLON,
formerly The Bank of New York (successor trustee to Bank of America, National Association, formerly Boatmen’s Trust Company), a bank existing under the laws of the State of New York (hereinafter called the “Trustee”), as Trustee under
the Indenture of Mortgage and Deed of Trust dated June 15, 1937, hereinafter mentioned, party of the second part: 
 WHEREAS, the
Company has heretofore executed and delivered to the Trustee its Indenture of Mortgage and Deed of Trust, dated June 15, 1937, as amended May 1, 1941, April 1, 1971, February 1, 1974, July 7, 1980, February 1, 2000,
August 15, 2002 and May 15, 2012 (said Indenture of Mortgage and Deed of Trust as so amended, being hereinafter referred to as the “Original Indenture”), to secure the payment of the principal of and the interest (and premium, if
any) on all bonds at any time issued and outstanding thereunder, and indentures supplemental thereto dated June 15, 1937, May 1, 1941, March 17, 1942, April 13, 1945, April 27, 1945, October 1, 1945, April 11,
1947, April 13, 1949, September 13, 1950, December 1, 1950, September 20, 1951, May 1, 1952, March 1, 1954, May 1, 1955, August 31, 1955, April 1, 1956, July 1, 1956, August 1, 1957,
February 1, 1958, March 1, 1958, November 5, 1958, March 16, 1959, June 24, 1959, December 11, 1959, August 17, 1960, September 1, 1960, October 24, 1960, June 30, 1961, July 1, 1961,
August 9, 1962, September 30, 1963, November 1, 1963, March 12, 1965, April 1, 1965, April 14, 1966, May 1, 1966, February 17, 1967, March 1, 1967, February 19, 1968, March 15, 1968,
August 21, 1968, April 7, 1969, May 1, 1969, September 12, 1969, October 1, 1969, March 26, 1970, April 1, 1970, June 12, 1970, January 1, 1971, April 1, 1971, September 15, 1971,
December 3, 1973, February 1, 1974, April 25, 1974, February 3, 1975, March 1, 1975, June 11, 1975, May 12, 1976, August 16, 1976, April 26, 1977, October 15, 1977, November 7, 1977,
December 1, 1977, August 1, 1978, October 12, 1979, November 1, 1979, July 7, 1980, August 1, 1980, August 20, 1980, February 1, 1981, October 8, 1981, August 27, 1982, September 1, 1982,
December 15, 1982, March 1, 1983, June 21, 1984, December 12, 1984, June 11, 1985, March 1, 1986, May 1, 1986, May 1, 1990, December 1, 1991, December 4, 1991, January 1, 1992,
September 30, 1992, October 1, 1992, December 1, 1992, February 1, 1993, February 18, 1993, May 1, 1993, August 1, 1993, October 1, 1993, January 1, 1994, February 1, 2000, August 15, 2002,
March 5, 2003, April 1, 2003, July 15, 2003, October 1, 2003, February 1, 2004 (eight separate indentures supplemental thereto), May 1, 2004, September 1, 2004, January 1, 2005, July 1, 2005,
December 1, 2005, June 1, 2007, April 1, 2008, June 1, 2008, March 1, 2009, September 1, 2012, April 1, 2014, March 15, 2015, June 1, 2017, April 1, 2018, and March 1, 2019, respectively, have
heretofore been entered into between the Company and the Trustee; and 
 WHEREAS, the following Bonds have heretofore been issued by
the Company under the Original Indenture and remain outstanding: 
 (1) $44,000,000 principal amount of First Mortgage Bonds,
Environmental Improvement Series 1993, which are described in the Supplemental Indenture dated October 1, 1993, $5,000 of which are outstanding at the date of the execution hereof; 

(2) $184,000,000 principal amount of First Mortgage Bonds, Senior Notes Series BB, which are described in the Supplemental
Indenture dated March 5, 2003, all of which are outstanding at the date of the execution hereof; 
 (3) $60,000,000
principal amount of First Mortgage Bonds, Environmental Improvement Series 2004A (1998A Bonds), which are described in the Supplemental Indenture dated February 1, 2004, all of which are outstanding at the date of the execution hereof;

 (4) $50,000,000 principal amount of First Mortgage Bonds, Environmental Improvement Series 2004B (1998B Bonds), which
are described in the Supplemental Indenture dated February 1, 2004, all of which are outstanding at the date of the execution hereof; 

(5) $50,000,000 principal amount of First Mortgage Bonds, Environmental Improvement Series 2004C (1998C Bonds), which are
described in the Supplemental Indenture dated February 1, 2004, all of which are outstanding at the date of the execution hereof; 

  
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 (6) $47,500,000 principal amount of First Mortgage Bonds, Environmental
Improvement Series 2004H (1992 Bonds), which are described in the Supplemental Indenture dated February 1, 2004, all of which are outstanding at the date of the execution hereof; 

(7) $300,000,000 principal amount of First Mortgage Bonds, Senior Notes Series GG, which are described in the Supplemental
Indenture dated September 1, 2004, $244,311,000 of which are outstanding at the date of the execution hereof; 
 (8)
$85,000,000 principal amount of First Mortgage Bonds, Senior Notes Series HH, which are described in the Supplemental Indenture dated January 1, 2005, all of which are outstanding at the date of the execution hereof; 

(9) $300,000,000 principal amount of First Mortgage Bonds, Senior Notes Series II, which are described in the Supplemental
Indenture dated July 1, 2005, all of which are outstanding at the date of the execution hereof; 
 (10) $350,000,000
principal amount of First Mortgage Bonds, Senior Notes, Series NN, which are described in the Supplemental Indenture dated March 1, 2009, all of which are outstanding at the date of the execution hereof; 

(11) $485,000,000 principal amount of First Mortgage Bonds, Senior Notes, Series OO, which are described in the
Supplemental Indenture dated September 1, 2012, all of which are outstanding at the date of the execution hereof; 

(12) $350,000,000 principal amount of First Mortgage Bonds, Senior Notes, Series PP, which are described in the
Supplemental Indenture dated April 1, 2014, all of which are outstanding at the date of the execution hereof; 
 (13)
$400,000,000 principal amount of First Mortgage Bonds, Senior Notes, Series QQ, which are described in the Supplemental Indenture dated March 15, 2015, all of which are outstanding at the date of the execution hereof; 

(14) $400,000,000 principal amount of First Mortgage Bonds, Senior Notes, Series RR, which are described in the
Supplemental Indenture dated June 1, 2017, all of which are outstanding at the date of the execution hereof; 
 (15)
$425,000,000 principal amount of 4.000% First Mortgage Bonds, due 2048, which are described in the Supplemental Indenture dated April 1, 2018, all of which are outstanding at the date of the execution hereof; and 

(16) $450,000,000 principal amount of 3.50% First Mortgage Bonds, due 2029, which are described in the Supplemental Indenture
dated March 1, 2019, all of which are outstanding at the date of the execution hereof; and 
 WHEREAS, the Company on
August 31, 1955 acquired all of the properties of Union Electric Power Company, the Subsidiary as defined in Article I of the Original Indenture, upon the dissolution of the Subsidiary; the Company, by Supplemental Indenture dated
August 31, 1955, conveyed all of the properties so acquired (other than property of the character defined as excepted property in the granting clauses of the Original Indenture) to the Trustee upon the terms and trusts in the Original Indenture
and the indentures supplemental thereto set forth for the equal and proportionate benefit and security of all present and future holders of the Bonds and coupons issued and to be issued thereunder, all the shares of stock of the Subsidiary were
released from the lien of the Original Indenture; and the Company became entitled to change the general designation of the Bonds so as to omit the words “and Collateral Trust”; and 

  
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 WHEREAS, the Articles of Incorporation of the Company were duly amended on
April 23, 1956, to change its corporate name from “Union Electric Company of Missouri” to “Union Electric Company”; and 

WHEREAS, the Articles of Agreement of the Trustee were duly amended effective on January 4, 1982 to change its corporate name from
“St. Louis Union Trust Company” to “Centerre Trust Company of St. Louis”, and further amended on December 9, 1988, to change its corporate name from “Centerre Trust Company of St. Louis” to
“Boatmen’s Trust Company”; and 
 WHEREAS, that on March 13, 1998, Boatmen’s Trust Company merged into
NationsBank, National Association and effective July 5, 1999, changed its name to Bank of America, National Association; and 

WHEREAS, that on February 1, 2000, The Bank of New York, as transferee of the corporate trust business of Bank of America,
National Association (formerly known as Boatmen’s Trust Company), Trustee under the Original Indenture, became successor Trustee under the Original Indenture; and 

WHEREAS, that effective as of July 1, 2008, The Bank of New York changed its name to The Bank of New York Mellon; and 

WHEREAS, the Company is entitled at this time to have authenticated and delivered additional Bonds on the basis of “property
additions” upon compliance with and pursuant to the provisions of Section 4 of Article III of the Original Indenture or on the basis of “refundable Bonds” upon compliance with and pursuant to the provisions of Section 6
of Article III of the Original Indenture; and 
 WHEREAS, the Company desires by this Supplemental Indenture to provide for the
creation of a new series of Bonds under the Original Indenture, to have the designation provided in Article I, Section 1 hereof (herein called the “New Bonds”), and the Original Indenture provides that certain terms and
provisions, as determined by the Board of Directors of the Company, of the Bonds of any particular series may be expressed in and provided by the execution of an appropriate supplemental indenture; and 

WHEREAS, the Original Indenture provides that the Company and the Trustee may enter into indentures supplemental to the Original
Indenture specifically to convey, transfer and assign to the Trustee and to subject to the lien of the Original Indenture additional properties acquired by the Company; and 

WHEREAS, the Company, in the exercise of the powers and authority conferred upon and reserved to it under the provisions of the
Original Indenture and pursuant to appropriate resolutions of the Board of Directors, has duly resolved and determined to make, execute and deliver to the Trustee a Supplemental Indenture in the form hereof for the purposes herein provided; and 

WHEREAS, all conditions and requirements necessary to make this Supplemental Indenture a valid, binding and legal instrument have been
done, performed and fulfilled and the execution and delivery hereof have been in all respects duly authorized; 
 NOW, THEREFORE, THIS
INDENTURE WITNESSETH: 
 That, in consideration of the premises and of the mutual covenants herein contained and of the acceptance of
this trust by the Trustee and of the sum of One Dollar duly paid by the Trustee to the Company at or before the time of the execution of this Supplemental Indenture, and of other valuable considerations, the receipt whereof is hereby acknowledged,
and in order further to secure the payment of the principal of and interest (and premium, if any) on all Bonds at any time issued and outstanding under the Original Indenture, according to their tenor and effect, the Company has executed and
delivered this Supplemental Indenture and has granted, bargained, sold, warranted, aliened, remised, released, conveyed, assigned, transferred, mortgaged, pledged, set over and confirmed and by these presents does grant, bargain, sell, warrant,
alien, remise, release, convey, assign, transfer, mortgage, pledge, set over and confirm unto The Bank of New York Mellon, as Trustee, and to its successors in trust under the Original Indenture forever, all and singular the following described
properties (in addition to all other properties heretofore subjected to the lien of the Original Indenture and not heretofore released from the lien thereof)—that is to say: 

  
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 FIRST. 

ALL (except as in the Original Indenture expressly excepted) power houses, plants, buildings and other structures, dams, dam sites,
substations, heating plants, gas works, holders and tanks, together with all and singular the electric, heating, gas and mechanical appliances appurtenant thereto of every nature whatsoever, now owned by the Company, including all and singular the
machinery, engines, boilers, furnaces, generators, dynamos, turbines and motors, and all and every character of mechanical appliance for generating or producing electricity, steam, gas and other agencies for light, heat, cold, or power or other
purposes, and all transmission and distribution systems used for the transmission and distribution of electricity, steam, gas and other agencies for light, heat, cold or power or any other purpose whatsoever, whether underground or overhead, surface
or otherwise, now owned by the Company, including all poles, towers, posts, wires, cables, conduits, manholes, mains, pipes, tubes, drains, furnaces, switchboards, transformers, conductors, insulators, supports, meters, lamps, fuses, junction boxes,
regulator stations, and other electric, steam and gas fixtures and apparatus; all of the aforementioned property being located in the City of St. Louis, the counties of Adair, Audrain, Benton, Bollinger, Boone, Butler, Caldwell, Callaway, Camden,
Cape Girardeau, Clark, Clay, Clinton, Cole, Cooper, Crawford, Daviess, Dunklin, Franklin, Gasconade, Howard, Iron, Jefferson, Knox, Lewis, Lincoln, Livingston, Macon, Madison, Maries, Marion, Miller, Mississippi, Moniteau, Montgomery, Morgan, New
Madrid, Osage, Pemiscot, Perry, Pettis, Phelps, Pike, Pulaski, Ralls, Randolph, Ray, Reynolds, Ripley, St. Charles, St. Francois, Ste. Genevieve, St. Louis, Saline, Schuyler, Scott, Stoddard, Warren, Washington, and Wayne, Missouri, the counties of
Clay, Hancock, Henderson, Madison, Marion, Perry, Piatt and St. Clair, Illinois, and the counties of Des Moines, Henry, Johnson, Lee, and Washington, Iowa, upon real estate owned by the Company, or occupied by it under rights to so occupy,
which real estate is described in, or added through the provisions of, the Indenture of Mortgage and Deed of Trust dated June 15, 1937, the Supplemental Indentures dated May 1, 1941, March 17, 1942, April 13, 1945, April 27,
1945, October 1, 1945, April 11, 1947, April 13, 1949, September 13, 1950, December 1, 1950, September 20, 1951, May 1, 1952, March 1, 1954, May 1, 1955, August 31, 1955, April 1, 1956,
July 1, 1956, August 1, 1957, February 1, 1958, March 1, 1958, November 5, 1958, March 16, 1959, June 24, 1959, December 11, 1959, August 17, 1960, September 1, 1960, October 24, 1960,
June 30, 1961, July 1, 1961, August 9, 1962, September 30, 1963, November 1, 1963, March 12, 1965, April 1, 1965, April 14, 1966, May 1, 1966, February 17, 1967, March 1, 1967, February 19,
1968, March 15, 1968, August 21, 1968, April 7, 1969, May 1, 1969, September 12, 1969, October 1, 1969, March 26, 1970, April 1, 1970, June 12, 1970, January 1, 1971, April 1, 1971,
September 15, 1971, December 3, 1973, February 1, 1974, April 25, 1974, February 3, 1975, March 1, 1975, June 11, 1975, May 12, 1976, August 16, 1976, April 26, 1977, October 15, 1977,
November 7, 1977, December 1, 1977, August 1, 1978, October 12, 1979, November 1, 1979, July 7, 1980, August 1, 1980, August 20, 1980, February 1, 1981, October 8, 1981, August 27, 1982,
September 1, 1982, December 15, 1982, March 1, 1983, June 21, 1984, December 12, 1984, June 11, 1985, March 1, 1986, May 1, 1986, May 1, 1990, December 1, 1991, December 4, 1991, January 1,
1992, September 30, 1992, October 1, 1992, December 1, 1992, February 1, 1993, February 18, 1993, May 1, 1993, August 1, 1993, October 1, 1993, January 1, 1994, February 1, 2000, August 15,
2002, March 5, 2003, April 1, 2003, July 15, 2003, October 1, 2003, February 1, 2004 (eight separate indentures supplemental thereto), May 1, 2004, September 1, 2004, January 1, 2005, July 1, 2005,
December 1, 2005, June 1, 2007, April 1, 2008, June 1, 2008, March 1, 2009, May 15, 2012, September 1, 2012, April 1, 2014, March 15, 2015, June 1, 2017, April 1, 2018, March 1, 2019 and
this Supplemental Indenture, or attached to or connected with such real estate or transmission or distribution systems of the Company leading from or into such real estate. 

SECOND. 
 ALSO,
(except as in the Original Indenture expressly excepted) all franchises and all permits, ordinances, easements, privileges, immunities and licenses, all rights to construct, maintain and operate overhead, surface and underground systems for the
distribution and transmission of electricity, steam, gas or other agencies for the supply to itself or others of light, heat, cold or power, all rights-of-way, all
waters, water rights and flowage rights and all grants and consents, now owned or, subject to the provisions of Article XII of the Original Indenture, which it may hereafter acquire. 

  
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 ALSO, (except as in the Original Indenture expressly excepted) all inventions, patent
rights and licenses of every kind now owned by the Company or, subject to the provisions of Article XII of the Original Indenture, which it may hereafter acquire. 

THIRD. 
 ALSO,
subject to the provisions of Article XII of the Original Indenture, all other property, real, personal and mixed (except as therein or herein expressly excepted) of every nature and kind and wheresoever situated now or hereafter possessed by or
belonging to the Company, or to which it is now, or may at any time hereafter be, in any manner entitled at law or in equity. 

EXPRESSLY EXCEPTING AND EXCLUDING, HOWEVER, from this Supplemental Indenture and from the lien and operation hereof: 

(a) all property expressly excepted and excluded from the Original Indenture, and from the lien and operation thereof; and 

(b) when the amendment set forth in Section 2 of Article III of the Supplemental Indenture dated May 15, 2012 becomes effective, all
Excepted Property as defined in such Section. 
 TO HAVE AND TO HOLD all said properties, real, personal and mixed, mortgaged,
pledged and conveyed by the Company as aforesaid, or intended so to be, unto the Trustee and its successors and assigns forever. 

SUBJECT, HOWEVER, to the exceptions and reservations and matters hereinabove recited, to existing leases, to existing liens upon rights
of way for transmission or distribution line purposes, as defined in Article I of the Original Indenture, and any extensions thereof, and subject to existing easements for streets, alleys, highways, rights-of-way and railroad purposes over, upon and across certain of the property hereinbefore described, and subject also to all the terms, conditions, agreements, covenants, exceptions and reservations
expressed or provided in the deeds or other instruments respectively under and by virtue of which the Company acquired the properties hereinabove described, and to undetermined liens and charges, if any, incidental to construction or other existing
permitted liens as defined in Article I of the Original Indenture. 
 IN TRUST, NEVERTHELESS, upon the terms and trusts in the
Original Indenture and the indentures supplemental thereto, including this Supplemental Indenture, set forth, for the equal and proportionate benefit and security of all present and future holders of the Bonds and coupons issued and to be issued
thereunder, or any of them, without preference of any of said Bonds and coupons of any particular series over the Bonds and coupons of any other series, by reason of priority in the time of the issue, sale or negotiation thereof, or by reason of the
purpose of issue or otherwise howsoever, except as otherwise provided in Section 2 of Article IV of the Original Indenture. 

AND IT IS HEREBY COVENANTED, DECLARED AND AGREED, by and between the parties hereto, for the benefit of those who shall hold the Bonds
and coupons, or any of them to be issued under the Original Indenture, as follows: 
 ARTICLE I 

DESCRIPTION OF THE NEW BONDS 

Section 1. There is hereby created a new series of Bonds to be executed, authenticated and delivered under and secured by the Original
Indenture which shall, subject to the provisions of Section 1 of Article II of the Original Indenture, be designated as “3.25% First Mortgage Bonds due 2049” (the “New Bonds”) of the Company. The New Bonds shall be
executed, authenticated and delivered in accordance with the provisions of, and shall in all respects be subject to all of the terms, conditions and covenants of, the Original Indenture. 

  
 5 

 The New Bonds shall mature on October 1, 2049, and shall bear interest at the rate per
annum set forth in the form of the New Bond contained in Section 3 of this Article I, payable semi-annually in arrears on the 1st day of April and the 1st day of October in each year (each, an “Interest Payment Date”), commencing
on April 1, 2020, and at maturity. The New Bonds shall be payable as to principal and interest in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts, and shall be
payable, in immediately available funds, at the office of the Trustee. 
 Section 2. The New Bonds will be initially issued in global
form registered in the name of CEDE & CO. (as nominee for The Depository Trust Company). The New Bonds will bear the depository legend in substantially the form set forth in Section 3 of this Article I. Any transfer shall be
effected at the principal office or place of business of the Trustee. The New Bonds are exchangeable for the New Bonds of other denominations, as in the Original Indenture provided, except that payment of a service charge therefor will not be
required by the Company. 
 Notwithstanding the provisions of Section 6 of Article II of the Original Indenture, the New Bonds
shall be dated the date of authentication and shall bear interest from the Interest Payment Date to which interest on the New Bonds has been paid next preceding the date thereof, unless such date is an Interest Payment Date to which interest has
been paid, in which case they shall bear interest from the date thereof, or unless the date thereof is prior to April 1, 2020, in which case they shall bear interest from October 1, 2019; provided, however, that, subject to the provisions
of this Section with respect to failure by the Company to pay any interest on an Interest Payment Date, the holder of any New Bond dated after a record date (as hereinafter defined) for the payment of interest and prior to the date of payment
of such interest shall not be entitled to payment of such interest and shall have no claim against the Company with respect thereto. 
 The
person in whose name any New Bond is registered at the close of business on any record date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date notwithstanding the cancellation of
such Bond upon any transfer or exchange thereof subsequent to the record date and prior to such Interest Payment Date, except if and to the extent the Company shall default in the payment of the interest due on such Interest Payment Date, in which
case such defaulted interest shall be paid to the person in whose name such Bond is registered on the date of payment of such defaulted interest or on a subsequent record date for such payment if one shall have been established as hereinafter
provided. A subsequent record date may be established by the Company by notice mailed to the holders of the New Bonds not less than ten days preceding such record date, which record date shall be not more than thirty days prior to the subsequent
Interest Payment Date. The term “record date” as used in this Section with respect to any regular interest payment date shall mean the March 15 or September 15, as the case may be, next preceding such Interest Payment
Date, or, if such March 15 or September 15 shall be a legal holiday in the State of New York or in the State of Missouri or a day on which banking institutions in the Borough of Manhattan, The City of New York, or the City of St. Louis,
Missouri, are authorized by law to close, the next preceding day which shall not be a legal holiday or a day on which such institutions are so authorized to close. 

Section 3. The New Bonds and the Trustee’s certificate on the New Bonds shall be substantially in the following forms respectively:

  
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 [FORM OF FACE OF NEW BOND] 

 

			
	REGISTERED	  	REGISTERED

 [DTC Legend 

THIS BOND IS A GLOBAL BOND REGISTERED IN THE NAME OF THE DEPOSITARY (REFERRED TO HEREIN) OR A NOMINEE THEREOF AND, UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE FOR THE INDIVIDUAL BONDS REPRESENTED HEREBY AS PROVIDED IN THE AMENDED INDENTURE REFERRED TO BELOW, THIS BOND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS BOND IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK), TO THE TRUSTEE FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.] 
 UNION ELECTRIC COMPANY 

(Incorporated under the laws of the State of Missouri) 

3.25% FIRST MORTGAGE BOND DUE 2049 
  

			
	CUSIP:	  	NUMBER:
	ISIN:	  	
		
	ORIGINAL ISSUE DATE:	  	PRINCIPAL AMOUNT: $
		
	INTEREST RATE: 3.25%	  	MATURITY DATE: October 1, 2049

 UNION ELECTRIC COMPANY, a corporation organized and existing under the laws of the State of Missouri
(hereinafter called the “Company”, which term shall include any successor corporation as defined in the Amended Indenture referred to on the reverse hereof), for value received, hereby promises to pay to ________________, or registered
assigns, the sum of ____________________________________ Dollars ($___________), on the Maturity Date set forth above in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts,
and to pay interest thereon, in like coin or currency, at the Interest Rate set forth above, payable semi-annually in arrears, on April 1 and October 1 in each year (each, an “Interest Payment Date”) until the Maturity Date,
commencing April 1, 2020, and on the Maturity Date or, if the Company shall default in the payment of the principal hereof, until the Company’s obligation with respect to the payment of such principal shall be discharged as provided in the
Amended Indenture referred to on the reverse hereof. Such interest shall be payable from the April 1 or October 1, as the case may be, next preceding the date hereof to which interest has not been paid, unless the date hereof is a
April 1 or October 1 to which interest has been paid, in which case from the date hereof, or unless the date hereof is prior to the first payment of interest, in which case from the Original Issue Date set forth above. The interest so
payable will be paid to the person in whose name this Bond, or the Bond in exchange or substitution for which this Bond shall have been issued, shall have been registered at the close of business on the March 15 or September 15, as the
case may be (each, a “Record Date”), next preceding the date of payment, subject to certain exceptions set forth in the Amended Indenture. The principal of, premium, if any, and interest on, this Bond are payable, in immediately available
funds, at the office of the 

  
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Trustee hereinafter referred to; provided, however, that at the option of the Company, interest on this Bond may be paid by check mailed to the registered holder of this Bond at such
holder’s address as it shall appear on the books of the Company to be kept for that purpose or by a wire transfer to an account designated by the registered holder of this Bond entitled thereto. 

This Bond shall not be entitled to any benefit under the Amended Indenture or any indenture supplemental thereto, or become valid or
obligatory for any purpose, until The Bank of New York Mellon, the Trustee under the Amended Indenture, or a successor trustee thereto under the Amended Indenture, or an agent therefor, shall have signed the form of certificate endorsed hereon. 

The provisions of this Bond are continued on the reverse hereof and such continued provisions shall for all purposes have the same effect as
though fully set forth at this place. 

  
 8 

 IN WITNESS WHEREOF, Union Electric Company has caused this Bond to be signed in its name by
its Chairman of the Board or President or a Vice President by manual signature or a facsimile thereof, and its corporate seal (or a facsimile thereof) to be hereto affixed and attested by its Secretary or an Assistant Secretary by manual signature
or a facsimile thereof. 
 Dated 
  

			
	 UNION ELECTRIC
COMPANY

 
			
		
	 By
	 	  

  

	
	 [CORPORATE SEAL]

	
	 Attest:

	
	   

 [FORM OF TRUSTEE’S CERTIFICATE] 

This Bond is one of the Bonds, of the series designated therein, described in the within-mentioned Amended Indenture and Supplemental
Indenture of September 15, 2019. 
  

			
	 THE BANK OF NEW YORK MELLON, as

TRUSTEE

		
	 By
	 	  

		 	Authorized Officer

  
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 [FORM OF REVERSE OF NEW BOND] 

This Bond is one of a duly authorized issue of Bonds of the Company (herein called the “Bonds”), in unlimited aggregate principal
amount, of the series hereinafter specified, all issued and to be issued under and equally secured by the Indenture of Mortgage and Deed of Trust, dated June 15, 1937, executed by the Company to The Bank of New York Mellon, formerly The Bank of
New York (successor trustee to Bank of America, National Association, formerly Boatmen’s Trust Company), as trustee (herein called the “Trustee”), as amended by indentures supplemental thereto dated May 1, 1941, April 1,
1971, February 1, 1974, July 7, 1980, February 1, 2000, August 15, 2002 and May 15, 2012, between the Company and the Trustee (said mortgage and deed of trust, as so amended, being herein called the “Amended
Indenture”), to which Amended Indenture and all indentures supplemental thereto reference is hereby made for a description of the properties mortgaged and pledged, the nature and extent of the security, the rights of the bearers or registered
owners of the Bonds and of the Trustee in respect thereto, and the terms and conditions upon which the Bonds are, and are to be, secured. To the extent permitted by, and as provided in, the Amended Indenture, modifications or alterations of the
Amended Indenture, or of any indenture supplemental thereto, and of the rights and obligations of the Company and of the holders of the Bonds may be made with the consent of the Company by an affirmative vote or consent of the holders of the Bonds
then outstanding as are specified in the Amended Indenture. No such modification or alteration shall be made which will affect the terms of payment of the principal of, or interest or premium on, this Bond, which are unconditional. The Bonds may be
issued in series, for various principal sums, may mature at different times, may bear interest at different rates and may otherwise vary as in the Amended Indenture provided. This Bond is one of a series designated as the “3.25% First Mortgage
Bonds due 2049” (herein called the “Bonds of this Series”) of the Company, issued under and secured by the Amended Indenture and described in the indenture (hereinafter called the “New Supplemental Indenture”) dated
September 15, 2019, between the Company and the Trustee, supplemental to the Amended Indenture. 
 The Bonds of this Series are
not entitled to the benefit of any improvement, maintenance or analogous fund. 
 All or a portion of the Bonds of this Series may be
redeemed at the option of the Company at any time or from time to time. The redemption price for the Bonds of this Series to be redeemed on any redemption date prior to April 1, 2049 (six months prior to the Maturity Date) (the “Par
Call Date”) will be equal to the greater of the following amounts: (a) 100% of the principal amount of the Bonds of this Series being redeemed on that redemption date; or (b) the sum of the present values of the remaining scheduled
payments of principal and interest on the Bonds of this Series being redeemed on that redemption date that would be payable if such Bonds matured on the Par Call Date (not including any portion of any payments of interest accrued to the redemption
date) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined
below), plus 20 basis points, as determined by the Reference Treasury Dealer (as defined below), plus, in each case, accrued and unpaid interest thereon to the redemption date. The redemption price for the Bonds of this Series to be redeemed on
any redemption date on or after the Par Call Date will be equal to 100% of the principal amount of the Bonds of this Series being redeemed on that redemption date plus accrued and unpaid interest thereon to the redemption date. Notwithstanding the
foregoing, installments of interest on Bonds of this Series that are due and payable on Interest Payment Dates falling on or prior to a redemption date will be payable on the Interest Payment Date to the holder of this Bond as of the close of
business on the relevant Record Date. 
 With respect to a redemption occurring prior to the Par Call Date, the Company shall give the
Trustee written notice of the redemption price promptly after the calculation thereof and the Trustee shall not be responsible for such calculation. 

The Company shall send notice of any redemption at least 10 days but not more than 60 days before the redemption date to each holder
of the Bonds of this Series to be redeemed, and, if less than all Bonds of this Series are to be redeemed, the particular Bonds of this Series to be redeemed will be selected by the Trustee by lot; provided that as long as the Bonds of this
Series are represented by global certificates, beneficial interests in such global certificates will be selected for redemption by The Depository Trust Company in accordance with its standard procedures therefor. Unless the Company defaults in
payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Bonds of this Series or portions thereof called for redemption. 

  
 10 

 Any notice of redemption at the Company’s option may state that such redemption will be
conditional upon receipt by the Trustee, on or prior to the redemption date, of money sufficient to pay the principal of and premium, if any, and interest on, the Bonds of this Series or portions thereof called for redemption, and that if such money
has not been so received, such notice will be of no force and effect and the Company will not be required to redeem such Bonds or portions thereof. 

“ADJUSTED TREASURY RATE” means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to
maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 

“COMPARABLE TREASURY ISSUE” means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity
comparable to the remaining term of the Bonds of this Series to be redeemed (assuming, for this purpose, that the Bonds matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the Par Call Date. 
 “COMPARABLE TREASURY
PRICE” means, with respect to any redemption date, (A) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if
the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations, or (C) if only one Reference Treasury Dealer Quotation is received, such quotation. 

“REFERENCE TREASURY DEALER” means each of (A) J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, a Primary Treasury
Dealer (as defined below) selected by SunTrust Robinson Humphrey, Inc. and a Primary Treasury Dealer selected by U.S. Bancorp Investments, Inc., or, in each case, an affiliate thereof, which are primary U.S. Government securities dealers in the
United States (each, a “Primary Treasury Dealer”), and their respective successors; provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury
Dealer; and (B) any other Primary Treasury Dealer(s) selected by the Company. 
 “REFERENCE TREASURY DEALER QUOTATIONS”
means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day preceding such redemption date. 

In case an event of default, as defined in the Amended Indenture, shall occur, the principal of all the Bonds at any such time outstanding
under the Amended Indenture may be declared or may become due and payable, upon the conditions and in the manner and with the effect provided in the Amended Indenture. The Amended Indenture provides that such declaration may in certain events be
waived by the holders of a majority in principal amount of the Bonds outstanding. 
 This Bond is exchangeable by the registered owner
hereof, in person or by duly authorized attorney, on the books of the Company to be kept for that purpose at the office of the Company in the City of St. Louis, Missouri, upon surrender and cancellation of this Bond and on presentation of a
duly executed written instrument of transfer, and thereupon a new Bond or Bonds of the same series, of the same aggregate principal amount and in authorized denominations will be issued to the transferee or transferees in exchange herefor, without
payment of any charge other than stamp taxes and other governmental charges incident thereto; and this Bond with or without others of like series, may in like manner be exchanged for one or more new Bonds of the same series of other authorized
denominations but of the same aggregate principal amount; all subject to the terms and conditions set forth in the Amended Indenture. 

Each initial and future holder of this Bond, by its acquisition of an interest in this Bond, irrevocably (a) consents to the amendments
set forth in Article III of the Supplemental Indenture dated as of May 15, 2012, supplemental to the Amended Indenture, without any other or further action by any holder of this Bond, and 

  
 11 

 
(b) designates the Trustee, and its successors, as its proxy with irrevocable instructions to vote and deliver written consents on behalf of such holder in favor of such amendments at any
meeting of holders, in lieu of any meeting of holders, in response to any consent solicitation or otherwise. 
 No recourse shall be had for
the payment of the principal of, premium, if any, or the interest on, this Bond, or for any claim based hereon or on the Amended Indenture or any indenture supplemental thereto, against any incorporator, or against any stockholder, director or
officer, past, present or future, of the Company, or of any predecessor or successor corporation, either directly or through the Company or any such predecessor or successor corporation, whether for amounts unpaid on stock subscriptions or by virtue
of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability, whether at common law, in equity, by any constitution, statute or otherwise, of incorporators, stockholders, directors
or officers being released by every owner hereof by the acceptance of this Bond and as part of the consideration for the issue hereof, and being likewise released by the terms of the Amended Indenture. 

[END OF FORM OF REVERSE OF NEW BOND] 

Section 4. Until New Bonds in definitive form are ready for delivery, the Company may execute, and upon its request in writing the
Trustee shall authenticate and deliver, in lieu thereof, New Bonds in temporary form, as provided in Section 9 of Article II of the Original Indenture. 

ARTICLE II 
 ISSUE OF THE NEW
BONDS 
 Section 1. The principal amount of the New Bonds which may be authenticated and delivered hereunder is not limited. 

Section 2. The New Bonds in the aggregate principal amount of Three Hundred Thirty Million Dollars ($330,000,000), being the initial
issue of the New Bonds, may forthwith at any time or from time to time be executed by the Company and delivered to the Trustee and shall be authenticated by the Trustee and delivered (either before or after the filing or recording hereof) to or upon
the order of the Company, upon compliance by the Company with the applicable provisions of Article III and Article XVIII of the Original Indenture. 

Section 3. After the authentication of the New Bonds, without the consent of any existing holder of the New Bonds, the Company may
thereafter obtain from time to time the authentication of additional New Bonds pursuant to the terms of the Original Indenture by the order of the Company referring to this Supplemental Indenture having the same terms and conditions as the
Outstanding New Bonds in all respects (including the same CUSIP number), except for the date of original issuance, the offering price and, if applicable, the initial interest accrual date and the initial Interest Payment Date. 

ARTICLE III 
 REDEMPTION OF THE
NEW BONDS AND CONSENT TO AMENDMENTS 
 Section 1. The New Bonds are redeemable as set forth in the form of such Bonds set forth in
Section 3 of Article I hereof. If the Company elects to redeem any New Bonds, it shall notify the Trustee of the redemption date and the principal amount of such Bonds to be redeemed not less than 15 days nor more than 90 days before such
redemption date. 
 Section 2. Each initial and future holder of the New Bonds, by its acquisition of an interest in such Bonds,
irrevocably (a) consents to the amendments set forth in Article III of the Supplemental Indenture dated as of May 15, 2012, supplemental to the Original Indenture, without any other or further action by any holder of such bonds, and
(b) designates the Trustee, and its successors, as its proxy with irrevocable instructions to vote and deliver written consents on behalf of such holder in favor of such amendments at any meeting of holders, in lieu of any meeting of holders,
in response to any consent solicitation or otherwise. 

  
 12 

 ARTICLE IV 

COVENANTS 
 The Company
hereby covenants, warrants and agrees: 
 Section 1. That the Company is lawfully seized and possessed of all of the mortgaged property
described in the granting clauses of this Supplemental Indenture to the extent shown on its books and records as of the date hereof; that it has good right and lawful authority to mortgage the same as provided in this Supplemental Indenture; and
that such mortgaged property will be, at the actual date of the issue of the New Bonds, free and clear of any deed of trust, mortgage, lien, charge or encumbrance thereon or affecting the title thereto prior to the lien of the Original Indenture,
except for permitted liens and as set forth in the granting clauses of the Original Indenture and this Supplemental Indenture. 
 ARTICLE V

 THE TRUSTEE 
 The
Trustee hereby accepts the trusts hereby declared and provided, and agrees to perform the same upon the terms and conditions in the Original Indenture and in this Supplemental Indenture set forth, and upon the following terms and conditions: 

The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture
or the due execution hereof by the Company or for or in respect of the recitals contained herein, all of which recitals are made by the Company solely. 

ARTICLE VI 
 MISCELLANEOUS
PROVISIONS. 
 Section 1. Except as otherwise defined herein, all terms contained in this Supplemental Indenture shall, for all
purposes thereof, have the meanings given to such terms in Article I of the Original Indenture. 
 Section 2. This Supplemental
Indenture may be simultaneously executed in any number of counterparts, each of which when so executed shall be deemed to be an original; but such counterparts shall together constitute but one and the same instrument. 

  
 13 

 IN WITNESS WHEREOF, said Union Electric Company has caused this Supplemental
Indenture to be executed on its behalf by its Chairman of the Board or President or one of its Vice Presidents and its corporate seal to be hereto affixed and said seal and this Supplemental Indenture to be attested by its Secretary or one of its
Assistant Secretaries; and said The Bank of New York Mellon, in evidence of its acceptance of the trust hereby created, has caused this Supplemental Indenture to be executed on its behalf by its President or one of its Vice Presidents, and its
corporate seal to be hereto affixed and said seal and this Supplemental Indenture to be attested by one of its Vice Presidents, its Secretary, or one of its Assistant Secretaries; all as of the 15th day of September, Two thousand and nineteen.

  

									
	Attested:	 		 	 UNION ELECTRIC COMPANY,

1901 Chouteau Avenue
 St.
Louis, Missouri 63103

				
	     /s/ Craig W. Stensland
	 		 	By:	 	 /s/ Darryl T. Sagel

	         Craig W. Stensland	 		 	Name:	 	Darryl T. Sagel
	         Assistant Secretary	 		 	Title:	 	Vice President and Treasurer
				
	 Signed, sealed and delivered by

UNION ELECTRIC COMPANY

in the presence of:
	 		 		 	
				
	     /s/ Cassie R. Rednour
	 		 		 	
	         Cassie R. Rednour	 		 		 	
				
	     /s/ Lynn M. Smith
	 		 		 	
	         Lynn M. Smith	 		 		 	
				
	                     As Witnesses	 		 		 	

									
	Attested:	 		 	THE BANK OF NEW YORK MELLON,
				
	     /s/ Latoya S. Elvin
	 		 	By:	 	 /s/ Laurence J. O’Brien

	         Latoya S. Elvin	 		 	Name:	 	Laurence J. O’Brien
	         Vice President	 		 		 	Vice President
				
	 Signed, sealed and delivered by

THE BANK OF NEW YORK MELLON

in the presence of:
	 		 		 	
				
	     /s/ John D. Bowman
	 		 		 	
	         John D. Bowman	 		 		 	
				
	     /s/ Filippo Triolo
	 		 		 	
	         Filippo Triolo	 		 		 	
				
	                     As Witnesses	 		 		 	

			
	STATE OF MISSOURI	  	}
		  	} SS.:
	CITY OF ST. LOUIS	  	}

 On this 23rd day of September, 2019, before me appeared
Darryl T. Sagel and Craig W. Stensland, to me personally known, who, being by me duly sworn, did say that they are the Vice President and Treasurer, and an Assistant Secretary of UNION ELECTRIC COMPANY, a corporation, and that the seal
affixed to the foregoing instrument is the corporate seal of said corporation, and that said instrument was signed and sealed in behalf of said corporation by authority of its Board of Directors, and said Vice President and Treasurer, and Assistant
Secretary acknowledged said instrument to be the free act and deed of said corporation. 
 IN TESTIMONY WHEREOF, I have hereto set my
hand and affixed my official seal at my office, in the City and State aforesaid, the day and year last above written. 
  

	
	/s/ Kelly J. Roth
	Kelly J. Roth
	Notary Public – Notary Seal
	State of Missouri
	Commissioned for St. Charles County
	My Commission Expires: May 12, 2022
	Commission Number: 14440245

			
	STATE OF NEW YORK	  	}
		  	} SS.:
	COUNTY OF NEW YORK	  	}

 On this 23rd day of September, 2019, before me appeared Laurence J. O’Brien, to me personally known, who,
being by me duly sworn, did say that he is a Vice President of THE BANK OF NEW YORK MELLON, a corporation, and that the seal affixed to the foregoing instrument is the corporate seal of said corporation, and that said instrument was signed
and sealed in behalf of said corporation, as the trustee thereunder by authority of its Board of Directors, and said Vice President, acknowledged said instrument to be the free act and deed of said corporation as the trustee under said instrument.

 IN TESTIMONY WHEREOF, I have hereto set my hand and affixed my official seal at my office, in the City and State aforesaid, the
day and year last above written. 
  

	
	/s/ Rosemarie Socorro-Garcia
	 Rosemarie Socorro-Garcia
 Notary Public,
State of New Jersey
 My Commission Expires
 December 05,
2021Exhibit 10.1

 

EXECUTION COPY

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This EXECUTIVE EMPLOYMENT
AGREEMENT (this ” Agreement”) is made as of September 26, 2019 (the “Effective Date”)
by and between CorMedix Inc., a Delaware corporation (the “Company”), and Khoso Baluch (“Executive”).
Each of the Company and Executive is referred to herein as a “Party” and together they are referred to
as the “Parties.”

 

TERMS

 

In consideration of
the foregoing premises and the mutual covenants and agreements herein contained, the Parties, intending to be legally bound, agree
as follows:

 

1. Employment.

 

(a) Agreement.
The Parties are subject to an Employment Agreement dated as of September 27, 2016 (the “2016 Employment Agreement”).
The Parties wish to enter into this Agreement, which shall replace and supersede the 2016 Employment Agreement, effective as of
the Effective Date.

 

(b) Services.
Executive will continue to serve as the Company’s Chief Executive Officer and will be responsible for the day-to-day management
of the Company. Executive will report solely and directly to, and be subject to the supervision of, the Company’s Board of
Directors (the “Board”). Executive will perform such services for the Company and have such powers, responsibilities
and authority as are customarily associated with the position of Chief Executive Officer and shall perform customary and appropriate
duties as may otherwise be reasonably assigned to the Executive from time to time by the Board. All employees of the Company will
report to Executive or his designee.

 

(c) Acceptance.
Executive hereby accepts such employment subject to the terms of this Agreement.

 

2. Term.

 

The duration of employment
under this Agreement shall commence on the Effective Date and shall continue for a term of three (3) years thereafter, unless sooner
terminated pursuant to Section 8 (such three-year period referred to herein as the “Initial Term”);
provided, however, that on the expiration of the Term, the Term shall be extended automatically for additional, successive
one-year periods (such extended periods referred to herein as the “Extended Term”), unless one Party
shall notify the other in writing at least ninety (90) days before the initial expiration of the Initial Term or the expiration
of any successive one-year period during the Extended Term that this Agreement shall not be so extended after such expiry (a “Notice
of Nonrenewal”). The Initial Term and the Extended Term collectively shall be referred to herein as the “Term.”
Notwithstanding anything to the contrary contained herein, the provisions of this Agreement specified in Sections 5, 6, 9,
10, 11, 12, and 13 shall survive the expiration or termination hereof.

 

3. Duties;
Place of Performance.

 

(a) Duties.
Except as other set forth in this Section 3(a), Executive (i) shall devote all of his business time, attention and energies to
the business and affairs of the Company, shall use his best efforts to advance the interests of the Company, and shall perform
his duties diligently and to the best of his ability, in compliance with the Company’s policies and procedures and the laws
and regulations that apply to the Company’s business; and
(ii) shall not be engaged in any other business activity, whether or not such business activity is pursued for gain, profit or
other pecuniary advantage, that will interfere with the performance by Executive of his duties hereunder or Executive’s availability
to perform such duties or that Executive knows, or should reasonably know, will adversely affect, or negatively reflect upon, the
Company. Executive may serve as a member of the board of directors of Poxel, a French public company that does not compete with
the Company and, with the advance written consent of the Board, Executive may serve as a director of, or on the advisory committee
of, other pharmaceutical and life science companies.

 

    1

     

    

 

(b) Place
of Performance. The duties to be performed by Executive hereunder shall be performed primarily at the executive offices of
the Company in Berkeley Heights, New Jersey, or wherever the principal executive offices of the Company shall hereafter be located,
subject to reasonable travel requirements on behalf of the Company, or such other place as the Company may reasonably designate.

 

(c) Board
Service. Executive is currently serving as a member of the Board, and the Company shall use its best efforts to cause Executive
to be elected as a member of its Board throughout the Term and, unless there is a Change of Control (as defined below), shall include
him in the management slate for election as a director at every stockholders meeting during the Term at which his term as a director
would otherwise expire. Executive agrees to accept election, and to serve during the Term, as a director of the Company, without
any compensation therefor other than as specified in this Agreement.

 

4. Compensation.

 

As full compensation
for Executive’s performance of services as an employee of the Company, the Company shall pay Executive as follows:

 

(a) Base
Salary. During the Initial Term, the Company shall pay Executive an annual base salary of four hundred twenty five thousand
dollars ($425,000) (as it may be increased from time to time as provided hereunder, the “Base Salary”),
less applicable withholdings and deductions. Payment shall be made in accordance with the Company’s normal payroll practices.
Upon the expiration of the Initial Term, the Board, or its Compensation Committee, shall review the Base Salary to determine whether
an increase in the amount thereof is warranted in its sole discretion. The Base Salary will not be decreased unless (i) all officers
and/or members of the Company’s executive management team experience an equal or greater percentage reduction in annual base
salary and/or total compensation; and (ii) Executive’s Base Salary reduction is no greater than twenty-five percent
(25%).

 

(b) Annual
Bonus. Subject to the following provisions of this Section 4(b), Executive shall be eligible for an annual bonus,
less applicable withholdings and deductions, based upon a target amount of eighty percent (80%) of the Base Salary then in effect,
as determined by the Board (or its Compensation Committee), after consultation with Executive, in good faith based upon the achievement,
during the year in question, of (i) objectives for the Company as a whole established by the Board (or its Compensation Committee)
after consultation with Executive, and (ii) objectives for Executive established by the Board (or its Compensation Committee) at
the beginning of the year after consultation with Executive. The Board (or its Compensation Committee) will endeavor to determine
and agree on Executive’s individual objectives for a given year within the first thirty (30) calendar days of each year.
Executive must be employed by the Company through December 31 of a given year in order to earn the annual bonus for such year.
The annual bonus for a given year will be paid no later than March 15 of the year following the year to which it relates.

 

    2

     

    

 

(c) Equity
Grants.

 

(i) As
of the Effective Date, the Board (or its Compensation Committee) shall approve the Company’s grant to Executive of a stock
option to purchase one hundred twenty thousand (120,000) shares of the Company’s outstanding common stock (the “Initial
Option”). The Initial Option shall be granted pursuant to and subject to the terms and conditions of the Company’s
2013 Stock Incentive Plan and shall be further subject to the terms of stock option agreement to be entered into between Executive
and the Company. The exercise price of the Initial Option will be equal to the closing price of the Company’s common stock
on the applicable date of grant on the New York Stock Exchange (“NYSE”). The Initial Option shall vest
over four (4) years in four (4) equal annual installments on the first four (4) anniversaries of the Effective Date, provided,
in all cases, that Executive remains an employee of, or a consultant to, the Company through the applicable vesting date.

 

(ii) Commencing
in 2020, each year during the Term, the Board (or its Compensation Committee) will make an annual equity grant to Executive, which
may include restricted stock or restricted stock units (“Awards”) or options to purchase shares of capital
stock of the Company (“Stock Options”), with time-based or performance-based vesting, in such amounts
and on such terms as the Board (or its Compensation Committee) deems appropriate.

 

(d) Withholding.
The Company will withhold from any amounts payable under this Agreement such federal, state and local taxes as the Company determines
are required to be withheld pursuant to applicable law.

 

(e)
Expenses. The Company shall reimburse Executive for all normal, usual and necessary expenses incurred by Executive in furtherance
of the business and affairs of the Company, including without limitation reasonable travel, lodging, meals, and entertainment (except
as provided below), upon timely receipt by the Company of appropriate vouchers or other proof of Executive’s expenditures
and otherwise in accordance with any expense reimbursement policy as may from time to time be adopted by the Company. Such reimbursements
will be made in a timely manner and in accordance with the policies of the Company, but in no event later than December 31 of the
year following the year in which Executive incurs such expense. The amount of expenses eligible for reimbursement during one year
will not affect the expenses eligible for reimbursement in any other year, and is not subject to liquidation or exchange for another
benefit. The Company shall not be required to reimburse Executive for travel expenses between Executive’s home and the Company’s
Berkeley Heights (or other headquarters) office, or for lodging or other living expenses in the Berkeley Heights (or other headquarters)
area; provided that, for the period from the Effective Date through December 31, 2020, the Company shall reimburse Executive up
to the following amounts for reasonable travel expenses between Executive’s home and the Company’s Berkeley Heights
office and lodging in the Berkeley Heights area, in each case related to the Company’s business and in accordance with any
expense reimbursement policy as may from time to time be adopted by the Company: (i) up to ten thousand dollars ($10,000) for the
period from the Effective Date through December 31, 2019, and (ii) up to forty thousand dollars ($40,000) for the period from January
1, 2020 through December 31, 2020.

 

(f) Other
Benefits. Executive shall be entitled to all rights and benefits for which he shall be eligible under any benefit or other
plans (including, without limitation, dental, medical, medical reimbursement and hospital plans, pension plans, employee stock
purchase plans, profit sharing plans, bonus plans, prescription drug reimbursement plans, short and long term disability plans,
life insurance and other so-called “fringe” benefits) as the Company shall make available to its senior executives
from time to time. All such benefits are subject to the provisions of their respective plan documents in accordance with their
terms and are subject to amendment or termination by the Company without Executive’ s consent.

 

    3

     

    

 

(g) Vacation.
Executive shall be entitled to a vacation up to four (4) weeks per annum, of which no more than two (2) weeks may be taken consecutively,
in addition to holidays observed by the Company and reasonable periods of paid personal and sick leave. All such paid time off
shall accrue and be used in accordance with the Company’s established policies and procedures.

 

5. Confidential
Information and Inventions.

 

(a) Confidential
Information; Non-Disclosure and Non-Use. Executive recognizes and acknowledges that in the course of his duties he will
receive confidential or proprietary information of the Company, its affiliates or third parties with whom the Company or any such
affiliates has an obligation of confidentiality. Accordingly, during and after the Term, Executive agrees to keep confidential
and not disclose or make accessible to any other person or use for any other purpose other than in connection with the fulfillment
of his duties under this Agreement, any “Confidential and Proprietary Information” (defined below) owned by, or received
by or on behalf of the Company or any of its affiliates. The term “Confidential and Proprietary Information”
shall include, but shall not be limited to, confidential or proprietary scientific or technical information, data, formulas and
related concepts, business plans (both current and under development), client lists, promotion and marketing programs, trade secrets,
or any other confidential or proprietary business information relating to development programs, costs, revenues, marketing, investments,
sales activities, promotions, credit and financial data, manufacturing processes, financing methods, and any and all information
relating to the operation of the Company’s business which the Company may from time to time designate as confidential or
proprietary or that Executive reasonably knows should be, or has been, treated by the Company as confidential or proprietary. Executive
expressly acknowledges that the Confidential and Proprietary Information constitutes a protectable business interest of the Company.
Confidential and Proprietary Information encompasses all formats in which information is preserved, whether electronic, print,
or any other form, including all originals, copies, notes, or other reproductions or replicas thereof. Executive agrees: (i) not
to use any such Confidential and Proprietary Information for himself or others; and (ii) not to take any Company material
or reproductions (including but not limited to writings, correspondence, notes, drafts, records, invoices, technical and business
policies, computer programs or disks) thereof from the Company’s offices at any time during his employment by the Company,
except in connection with the execution of Executive’s duties to the Company.

 

(b) Return
of Property. Upon request during employment and immediately at the termination of his employment, Executive will return to
the Company all Confidential and Proprietary Information in any form (including all copies and reproductions thereof) and all other
property whatsoever of the Company in his possession or under his control. If requested by the Company, Executive will certify
in writing that all such materials have been returned to the Company. Executive also expressly agrees that immediately upon the
termination of his employment with the Company for any reason, Executive will cease using any secure website, computer systems,
e-mail system, phone system or voicemail service provided by the Company for the use of its employees. Notwithstanding the foregoing,
Executive may retain his address book to the extent it only contains contact information.

 

(c) Exceptions.
Confidential and Proprietary Information does not include any information that: (i) at the time of disclosure is generally known
to, or readily ascertainable by, the public; (ii) becomes known
to the public through no fault of Executive or other violation of this Agreement;
or (iii) is disclosed to Executive by a third party under no obligation to Executive’s knowledge to maintain the confidentiality
of the information. The restrictions in Section 5(a) above will not apply to any information the extent that that
Executive is required to disclose such information by law, provided that the Executive (x) notifies the Company of the existence
and terms of such obligation, (y) gives the Company prompt notice to seek a protective or similar order to prevent or limit such
disclosure, and (z) only discloses that information actually required to be disclosed. Notwithstanding the foregoing, nothing in
this Agreement is meant to prohibit Executive from reporting possible violations of federal law or regulation to any governmental
agency or entity, including but not limited to the Department of Justice, the SEC, the Congress, and any agency Inspector General,
or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Executive shall
not be required to obtain the prior authorization of the Company to make any such reports or disclosures and is not required to
notify the Company that he has made such reports or disclosures.

 

    4

     

    

 

(d) Notice
Of Immunity From Liability For Confidential Disclosure Of A Trade Secret To The Government Or In A Court Filing. Pursuant to
the Federal Defend Trade Secrets Act of 2016, Executive shall not be held criminally or civilly liable under any federal or state
trade secret law 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.
An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade
secret to his attorney and use the trade secret information in the court proceeding, if the individual (a) files any document containing
the trade secret under seal; and (b) does not disclose the trade
secret, except pursuant to court order.

 

(e) Inventions.
Executive agrees that all inventions, discoveries, improvements and patentable or copyrightable works (“Inventions”)
initiated, conceived or made by him within the scope of the Company’s business and in the course of his employment with the
Company, either alone or in conjunction with others, during the Term shall be the sole property of the Company to the maximum extent
permitted by applicable law and, to the extent permitted by law, shall be “works made for hire” as that term is defined
in the United States Copyright Act (17 U.S.C.A., Section 101). The Company shall be the sole owner of all patents, copyrights,
trade secret rights, and other intellectual property or other rights in connection therewith;
provided, however that this Section 5(e) shall not apply to Inventions which are not related to the business
of the Company and which are made and conceived by Executive not during normal working hours, not on the Company’s premises
and not using the Company’s tools, devices, equipment or Confidential and Proprietary Information. Subject to the foregoing,
Executive hereby assigns to the Company all right, title and interest he may have or acquire in all Inventions;
provided, however, that the Board may in its sole discretion agree to waive the Company’s rights pursuant to this
Section 5(e).

 

(f) Further
Actions and Assistance. Executive agrees to cooperate reasonably with the Company and at the Company’s expense, both
during and after his employment with the Company, with respect to the procurement, maintenance and enforcement of copyrights, patents,
trademarks and other intellectual property rights (both in the United States and foreign countries) relating to the Inventions.
Executive shall sign all papers, including, without limitation, copyright applications, patent applications, declarations, oaths,
formal assignments, assignments of priority rights and powers of attorney, that the Company reasonably may deem necessary or desirable
in order to protect its rights and interests in any Inventions. Executive further agrees that if the Company is unable, after reasonable
effort, to secure Executive’s signature on any such papers, any officer of the Company shall be entitled to execute such
papers as his agent and attorney-in-fact and Executive hereby irrevocably designates and appoints each officer of the Company as
his agent and attorney-in-fact to execute any such papers on his behalf and to take any and all actions as the Company reasonably
may deem necessary or desirable in order to protect its rights and interests in any Inventions, under the conditions described
in this Section 5(f).

 

(g) Prior
Inventions. Executive will not assert any rights to any invention, discovery, idea or improvement relating to the business
of the Company or to his duties hereunder as having been made or acquired by Executive prior to his work for the Company, except
for the matters, if any, described in Exhibit A to this Agreement.

 

    5

     

    

 

(h) Disclosure.
Executive agrees that he will promptly disclose to the Company all Inventions initiated, made, conceived or reduced to practice
by him, either alone or jointly with others, during the Term.

 

(i) Survival.
The provisions of this Section 5 shall survive any termination of this Agreement.

 

6. Non-Competition,
Non-Solicitation and Non-Disparagement.

 

(a) Executive understands
and recognizes that his services to the Company are special and unique and that in the course of performing such services Executive
will have access to and knowledge of Confidential and Proprietary Information. Executive agrees that, during the Term and the
twelve month period immediately following Executive’s separation from employment (the “Termination Restriction
Period”), whether such separation is voluntary or involuntary, he shall not in any manner, directly or indirectly,
on behalf of himself or any person, firm, partnership, joint venture, corporation or other business entity (“Person”),
enter into or engage in any business involving the development or commercialization of a preventive anti-infective product that
would be a competitor of Neutrolin or a product containing taurolodine or any other product being actively developed or produced
by the Company as of the date of Executive’s termination of employment (the “Business of Company”),
either as an individual for his own account, or as a partner, joint venturer, owner, executive, employee, independent contractor,
principal, agent, consultant, salesperson, officer, director or shareholder of such Person, in any capacity that requires or could
result in Executive’s intentional or unintentional use of the Confidential and Proprietary Information and/or requires Executive
to perform services substantially similar to those performed for the benefit of the Company during the Term, anywhere in the world,
provided, however, that nothing shall prohibit Executive from performing executive duties for any Person that does not engage
in the Business of Company. Executive acknowledges that, due to the unique nature of the Business of the Company, the Company
has a strong legitimate business interest in protecting the continuity of its business interests and its Confidential and Proprietary
Information and the restriction herein agreed to by Executive narrowly and fairly serves such an important and critical business
interest of the Company. Notwithstanding the foregoing, nothing contained in this Section 6(a) shall be deemed to
prohibit Executive from acquiring or holding, solely for investment, publicly traded securities of any corporation, some or all
of the activities of which are engaged in the Business of Company so long as such securities do not, in the aggregate, constitute
more than four percent (4%) of any class or series of outstanding securities of such corporation;
or being a passive investor holding less than four percent (4%) of a private equity, venture capital or other commingled
fund; and further notwithstanding the foregoing, nothing contained
in this Section 6(a) shall preclude Executive from becoming an employee of, or from otherwise providing services
to, a separate division or operating unit of a multi-divisional business or enterprise (a “Division”)
if: (i) the Division by which Executive is employed, or to which Executive provides services, is not engaged in the Business of
Company, (ii) Executive does not provide services, directly or indirectly, to any other division or operating unit of such multi-divisional
business or enterprise engaged in or proposing to engage in the Business of Company (individually, a “Competitive
Division” and collectively, the “Competitive Divisions”) and (iii) the Competitive Divisions,
in the aggregate, accounted for less than one-third of the multi-divisional business or enterprise’s consolidated revenues
for the fiscal year, and each subsequent quarterly period, prior to Executive’s commencement of employment with or provision
of services to the Division.

 

(b) Reasonableness
of Restriction. Executive hereby acknowledges and agrees that the covenant against competition provided for pursuant to Section
6(a) is reasonable with respect to its duration, geographic area and scope. In addition, Executive acknowledges that the
Company engages in the Business of Company throughout the world, and Executive has been involved in the Business of the Company
in that geographic area. If, at the time of enforcement of this Section 6, a court holds that the
restrictions stated herein are unreasonable under the circumstances then existing, the Parties hereto agree that the maximum duration,
scope or geographic area legally permissible under such circumstances will be substituted for the duration, scope or area stated
herein.

 

    6

     

    

 

(c) Non-Solicitation.
During the Term and the applicable Termination Restriction Period (as defined below), Executive shall not, directly or indirectly,
on his own behalf or on behalf of any person or entity, without the prior written consent of the Company:

 

(i) solicit
or induce any employee, consultant or independent contractor of the Company or any of its affiliates to leave the employ of (or
end a contracting relationship with) the Company or any affiliate; or
hire for any competitive purpose any employee consultant or independent contractor of the Company;
or hire any former employee who has left the employment of the Company or any affiliate of the Company within six (6) months
of the termination of such employee’s employment with the Company or any such affiliate for any competitive purpose;
or hire any former consultant or independent contractor who has ended his or her consultancy or contracting relationship
with the Company or any affiliate of the Company within six (6) months of the end of such consultancy or contracting relationship
for any competitive purpose; or hire any former employee of the
Company in knowing violation of such employee’s non-competition agreement with the Company or any such affiliate;
or

 

(ii) solicit,
divert or take away, or attempt to divert or take away, the business or patronage of any agent, client or customer of the Company
which was served by the Company during the twelve (12) -month period prior to the termination of Executive’s employment with
the Company; or induce, encourage, or attempt to induce or encourage
any client or customer of the Company which was served by the Company during the twelve (12) -month period prior to the termination
of Executive’s employment with the Company to reduce, limit, or cancel its business with the Company.

 

For clarity, the foregoing shall not be
violated by general advertising, by serving as a reference upon request or by actions taken in the good faith performance of Executive’s
duties to the Company.

 

(d) Non-Disparagement.
Executive agrees that he shall not directly or indirectly disparage, whether or not truthfully, the name or reputation of the Company
or any of its affiliates, including but not limited to, any officer, director, employee or shareholder (provided Executive has
had material dealings with such shareholder) of the Company or any of its affiliates;
provided that, nothing in this Section shall be construed to interfere with Executive’s right to engage in protected
concerted activity under the National Labor Relations Act. Notwithstanding this Section 6(d), nothing contained herein
shall apply to statements made by Executive (x) in the course of his responsibility to evaluate the performance and/or participate
in any investigation of the conduct or behavior of officers, employees and/or others, (y) as part of any judicial, administrative
or other legal action or proceeding, or (z) in rebuttal of false or misleading statements by others, and nothing shall be construed
to limit or impair the ability of Executive to provide truthful testimony in response to any validly issued subpoena or to file
pleadings or respond to inquiries or legal proceedings by any government agency to the extent required by applicable law. These
non-disparagement obligations will cease to apply two (2) years after Executive’s termination of employment.

 

(e) Enforcement.
In the event that Executive breaches or threatens to breach any provisions of Section 5 or this Section 6,
then, in addition to any other rights the Company may have, it shall be entitled to seek injunctive relief to enforce such provisions.
In the event that an actual proceeding is brought in equity to enforce the provisions of Section 5 or this Section
6, Executive shall not urge as a defense that there is an adequate remedy at law nor shall the Company be prevented from
seeking any other remedies that may be available to it nor shall the Company be required to post a bond.

 

(f) Remedies
Cumulative; Judicial Modification. Each of the rights and remedies enumerated in Section 6(e) shall be independent
of the others and shall be in addition to and not in lieu of any other rights and remedies available to the Company at law or in
equity. If any of the covenants contained in this Section 6, or any part of any of them, is hereafter construed or
adjudicated to be invalid or unenforceable, the same shall not affect the remainder of the covenant or covenants or rights or remedies,
which shall be given full effect without regard to the invalid portions. If any of the covenants contained in this Section
6 is held to be invalid or unenforceable because of the duration of such provision or the area covered thereby, the Parties
agree that the court making such determination shall have the power to reduce the duration and/or area of such provision and in
its reduced form such provision shall then be enforceable.

 

    7

     

    

 

(g) Survival.
The provisions of this Section 6 shall survive any termination of this Agreement.

 

7. Representations
and Warranties.

 

(a) By
Executive. Executive hereby represents and warrants to the Company as follows:

 

(i) Neither
the execution or delivery of this Agreement nor the performance by Executive of his duties and other obligations hereunder conflict
with or constitute a default or breach of any covenant or obligation under (whether immediately, upon the giving of notice or lapse
of time or both) any prior employment agreement, contract, or other instrument to which Executive is a party or by which he is
bound.

 

(ii) Executive
has the full right, power and legal capacity to enter and deliver this Agreement and to perform his duties and other obligations
hereunder. This Agreement constitutes the legal, valid and binding obligation of Executive enforceable against him in accordance
with its terms. No approvals or consents of any persons or entities are required for Executive to execute and deliver this Agreement
or perform his duties and other obligations hereunder.

 

(iii) Executive
will not use any confidential information or trade secrets of any third Party in his employment by the Company in violation of
the terms of the agreements under which he had access to or knowledge of such confidential information or trade secrets.

 

(b) By
The Company. The Company hereby represents and warrants to Executive that the Company has the full right and power to enter
and deliver this Agreement and to perform its obligations hereunder. This Agreement constitutes the legal, valid and binding obligation
of the Company enforceable against it in accordance with its terms. All approvals or consents required for the Company to validly
execute and deliver this Agreement and perform its obligations hereunder, including, without limitation, approval of the Board,
if required, have been obtained.

 

8. Termination.

 

(a) Cause.
Executive’s employment hereunder may be terminated by the Company immediately for Cause. Any of the following actions by
Executive shall constitute “Cause”:

 

(i) The
willful failure, disregard or refusal by Executive to perform his material duties or obligations under this Agreement (other than
as a result of Executive’s mental incapacity or illness, as confirmed by medical evidence provided by a physician selected
by the Company);

 

(ii) Any
willful, intentional or grossly negligent act by Executive having the effect of materially injuring (whether financially or otherwise)
the business or reputation of the Company or any of its affiliates (other than acts that were performed in a good faith attempt
to advance the business interests of the Company);

 

    8

     

    

 

(iii) Executive’s
conviction of any felony involving moral turpitude (including entry of a guilty or nolo contendere plea);

 

(iv) The
Executive’s qualification as a “bad actor,” as defined by 17 CFR 230.506(a);

 

(v) The
good faith determination by the Board, after a reasonable and good-faith investigation by the Company that Executive engaged in
some form of harassment prohibited by law (including, without limitation, harassment on the basis of age, sex or race) unless Executive’s
actions were specifically directed by the Board;

 

(vi) Any
material misappropriation or embezzlement by Executive of the property of the Company or its affiliates (whether or not a misdemeanor
or felony); or

 

(vii) Breach
by Executive of any material provision of this Agreement that is materially injurious to the Company.

 

Notwithstanding the foregoing,
in no event shall Cause exist unless the Company’s Board has made a formal determination of Cause by majority vote and provided
Executive with ten (10) days advance notice followed by the right to be heard in front of the entire Board followed by a second
majority vote finding that Cause still exists. Such meeting of the Board can occur in person or via teleconference. If the circumstances
surrounding Cause are reasonably curable, then the Executive shall have the right to cure those circumstances over the next twenty
(20) days. If the circumstances are not curable or if those circumstances still exist after the cure period has expired, then (and
only then) shall Cause be deemed to exist for purposes of this Agreement.

 

(b) Death.
Executive’s employment hereunder shall be terminated upon Executive’s death.

 

(c) Disability.
The Company may terminate Executive’s employment hereunder due to Executive’s “Disability” (defined below)
while Executive is so Disabled. For purposes of this Agreement, a termination due to Executive’s “Disability”
shall be deemed to have occurred if the Executive has not been able to perform his material duties for one hundred eighty (180)
days in a three hundred sixty five (365) day period.

 

(d) Good
Reason. Executive may terminate his employment hereunder for “Good Reason” (as defined below) pursuant to the procedures
set forth in this Section 8(d). In order for Executive to resign for Good Reason, Executive must provide written
notice to the Board of the existence of the Good Reason condition within sixty (60) days of the initial existence of such Good
Reason condition. Upon receipt of such notice, the Company will have thirty (30) days during which it may attempt to remedy the
Good Reason condition. If so remedied, Executive may not resign for Good Reason based on such condition. If the Good Reason condition
is not remedied within such thirty (30) day period, Executive may resign based on the Good Reason condition specified in the notice
effective no later than thirty (30) days following the expiration of the thirty (30) day cure period. The term “Good
Reason” shall mean any of the following occurring without the Executive’s consent:

 

(i) any
material breach of this Agreement by the Company;

 

    9

     

    

 

(ii) any
material reduction by the Company of Executive’s duties, responsibilities, or authority;

 

(iii) a
material reduction in Executive’s annual Base Salary unless (i) all officers and/or members of the Company’s executive
management team experience an equal or greater percentage reduction in annual base salary and/or total compensation;
and (ii) Executive’s Base Salary and/or total compensation reduction is no greater than twenty-five (25) percent;
or

 

(iv) a
material reduction in Executive’s target bonus level unless: (i) all officers and/or members of the Company’s executive
management team experience an equal or greater percentage reduction related to target bonus levels;
and (ii) Executive’s target bonus level reduction is no greater than twenty-five (25) percent.

 

(e) Convenience.
Either Party may terminate Executive’s employment hereunder for any reason or no reason at any time upon sixty (60) days
written notice of termination to the other Party, which notice shall specify the termination date, or by providing a Notice of
Nonrenewal to the other Party pursuant to the terms of Section 2.

 

9. Compensation
upon Termination.

 

In the event Executive’s
employment is terminated, the Company shall pay to Executive the Base Salary and benefits otherwise payable to him under Section
4 through the last day of his actual employment by the Company, along with any reimbursable business expenses subject to
Company policy and any amounts due under any benefit plan or program in accordance with its terms (together, the “Accrued
Compensation”). Except for the Accrued Compensation, rights to indemnification and directors’ and officers’
liability insurance, and as otherwise required by law, Executive will have no further entitlement hereunder to any other compensation
or benefits from the Company except as expressly provided below:

 

(a) Death
or Disability. If Executive’s employment is terminated as a result of his death or Disability, the Company shall pay
to Executive or to Executive’s estate, as applicable, the Accrued Compensation. In addition, Executive shall receive the
bonus due for any completed fiscal year to the extent that such bonus has not yet been paid (including timing of payment, the “Prior
Year Bonus”).

 

(b) Cause.
If Executive’s employment is terminated by the Company for Cause, Executive shall not be entitled to receive any payments
or benefits other than the Accrued Compensation, rights to indemnification and directors’ and officers’ liability insurance
and as otherwise required by law. All outstanding Awards and Options that are granted on or after the Effective Date, whether or
not vested, shall be forfeited to the Company as of such date.

 

(c) Other
than for Cause, Non-Renewal, Death or Disability. If the Company terminates Executive’s employment, other than as a result
of Executive’s death or Disability, other than by Notice of Nonrenewal and other than for Cause, or if Executive terminates
Executive’s employment for Good Reason, then conditioned upon Executive executing and not revoking a Release (as defined
below) following such termination, the Company will provide to Executive the following separation benefits:

 

(i) Payment
of the Accrued Compensation and Prior Year Bonus, rights to indemnification and directors’ and officers’ liability
insurance and any rights or privilege otherwise required by law,

 

(ii) Payment
to Executive of his Base Salary over a period of twelve (12) months following the termination date,

 

    10

     

    

 

(iii) Payment
to Executive of a prorated annual bonus for the year in which the termination date occurs, based on the actual achievement of the
objectives referenced in Section 4(b). The prorated bonus will be calculated as the annual bonus based on performance,
multiplied by a fraction, the numerator of which is the number of days preceding the termination date in the year of termination
and the denominator of which is 365 (the “Prorated Bonus”).

 

(iv) If
Executive timely elects continued health insurance coverage under COBRA, payment to Executive monthly of a portion of the premium
necessary to continue such coverage for Executive and Executive’s eligible dependents that is equal to the portion paid for
by the Company at the date of termination, until the conclusion of the time when Executive is receiving continuation of Base Salary
payments under Section 9(c)(ii) above or until Executive becomes eligible for group health insurance coverage under
another employer’s plan, whichever occurs first, provided however that the Company has the right to terminate such payment
of COBRA premiums on behalf of Executive and instead pay Executive a lump sum amount equal to the COBRA premium amount described
above times the number of months remaining in the specified period if the Company determines in its discretion that continued payment
of the COBRA premiums is or may be discriminatory under Section 105(h) of the Code, consistent with Section 409A of the Code, and

 

(v) All
Awards and Stock Options that are scheduled to vest on or before the next succeeding anniversary of the date of termination shall
be accelerated and deemed to have vested as of the termination date. All Stock Options that have vested (or been deemed pursuant
to the immediately preceding sentence to have vested) as of the date of Executive’s termination shall remain exercisable
until the earlier of the expiry of ninety (90) days following such termination or the termination date applicable under the grant;
provided that, for the avoidance of doubt, any performance-based Stock Options whose vesting requirements have not been
successfully met as of the date of Employee’s termination of employment or resignation with Good Reason will not accelerate.

 

The separation benefits
set forth above are conditioned upon Executive executing a release of claims against the Company, its parents, subsidiaries and
affiliates and each of its officers, directors, employees, agents, successors and assigns in substantially the form attached hereto
as Exhibit B (the “Release”) within the time specified therein, which Release is not revoked within
any time period allowed for revocation under applicable law. The salary continuation described in Section 9(c)(ii)
above will be payable to Executive over time in accordance with the Company’s payroll practices and procedures beginning
on the sixtieth (60th) day following the termination of Executive’s employment with the Company, provided that the Company,
in its sole discretion but in accordance with Internal Revenue Code Section 409A, may begin the payments earlier. The Prorated
Bonus described in Section 9(c)(iii) above shall be paid at the date on which the annual bonus would have been paid
had Executive continued in employment, and the COBRA payments Section 9(c)(iv) above shall be paid monthly beginning
on the date on which the salary continuation commences.

 

(d) By
Notice of Non-Renewal; Termination without Good Reason. If, pursuant to Section 8(e), Executive terminates his
employment hereunder by written notice of termination without Good Reason or if either Party terminates Executive’s employment
by providing a Notice of Nonrenewal to the other Party, Executive shall not be entitled to receive any payments or benefits other
than the Accrued Compensation, the Prior Year’s Bonus, rights to indemnification and directors’ and officers’
liability insurance and as otherwise required by law.

 

(e) This
Section 9 sets forth the only obligations of the Company with respect to the termination of Executive’s employment
with the Company, and Executive acknowledges that, upon the termination of his employment, he shall not be entitled to any payments
or benefits which are not explicitly provided in this Section 9, except as required by law or the terms of another
employee plan, program or arrangement covering him. Executive acknowledges and agrees that upon the termination of his employment
with the Company, regardless of the reason or grounds therefore, he shall resign from his position on the Board and from any other
board, organization or foundation wherein Executive sits or belongs as a representative of the Company.

 

    11

     

    

 

(f) The
obligations of the Company that arise under this Section 9 shall survive the expiration or earlier termination of
this Agreement.

 

10. Change
In Control.

 

(a) Change
In Control Defined. The term “Change In Control” shall have the same meaning as defined in the Company’s
2013 Stock Incentive Plan, as in effect on the date of this Agreement.

 

(b) Consequence
upon Executive’s Termination Without Cause or Executive’s Resignation With Good Reason. Upon Executive’s
termination of employment without Cause or Executive’s resignation of employment with Good Reason within twenty-four (24)
months after a Change In Control, the Company shall provide Executive the following separation benefits:

 

(i) Payment
of the Accrued Compensation, the Prior Year Bonus, rights to indemnification and directors’ and officers’ liability
insurance and any rights or privilege otherwise required by law,

 

(ii) Payment
to Executive of an amount equal to his Base Salary and full target bonus as in effect for the year of termination over a period
of twelve (12) months following the termination date,

 

(iii)
Payment to Executive of the Prorated Bonus,

 

(iv) If
Executive timely elects continued health insurance coverage under COBRA, payment to Executive monthly of a portion of the premium
necessary to continue such coverage for Executive and Executive’s eligible dependents that is equal to the portion paid for
by the Company at the date of termination, until the conclusion of the time when Executive is receiving continuation of Base Salary
and bonus payments under Section 9(c)(ii) above or until Executive becomes eligible for group health insurance coverage
under another employer’s plan, whichever occurs first, provided however that the Company has the right to terminate such
payment of COBRA premiums on behalf of Executive and instead pay Executive a lump sum amount equal to the COBRA premium amount
described above times the number of months remaining in the specified period if the Company determines in its discretion that continued
payment of the COBRA premiums is or may be discriminatory under Section 105(h) of the Code, consistent with Section 409A of the
Code, and

 

(v) All
unvested Awards and unvested Stock Options held by Executive shall be accelerated and deemed to have vested as of the date of the
Executive’s termination of employment. All Stock Options that have vested (or been deemed pursuant to the immediately preceding
sentence to have vested) as of the date of Executive’s termination of employment shall remain exercisable until the earlier
of the expiry of twelve (12) months following such termination or the termination date applicable under the grant.

 

The separation benefits
set forth above are conditioned upon Executive executing a Release within the time specified therein, which Release is not revoked
within any time period allowed for revocation under applicable law. The salary and bonus continuation described in Section
10(b)(ii) above will be payable to Executive over time in accordance with the Company’s payroll practices and procedures
beginning on the sixtieth (60th) day following the termination of Executive’s employment with the Company, provided that
the Company, in its sole discretion but in accordance with “Section 409A” (defined below), may begin the payments earlier.
The Prorated Bonus described in Section 10(b)(iii) above shall be paid at the date on which the bonus would have
been paid had Executive continued in employment, and the COBRA payments described in Section 10(b)(iv) above shall
be paid monthly beginning on the date on which the salary continuation commences.

 

    12

     

    

 

(c) Potential
Adjustments due to Tax Implications. Notwithstanding anything in this Agreement or any other agreement between Executive and
the Company to the contrary, but subject to this Section 10(c), the Company will effectuate the acceleration contemplated
under Section 10(b) and will make the payments and other acceleration of benefits under this Agreement and other
compensatory arrangements without regard to whether Section 280G of the Code would limit or preclude the deductibility of such
payments or benefits. However, if reducing or eliminating any payment and/or other benefit (including the vesting of his options
or other equity compensation) would increase the “Total After-Tax Payments” (defined below), then the amounts payable
to Executive will be reduced or eliminated as follows (or in such other manner as Executive may specify at the applicable time
if permitted to do so without violation of Internal Revenue Code Sections 280G, 409A and 4999) to the extent necessary to maximize
such Total After-Tax Payments:

 

(i) first,
by reducing or eliminating any cash payments or other benefits (other than the vesting of any options or stock) and

 

(ii) second,
by reducing or eliminating the vesting of options and stock that occurs as a result of a Change of Control or other event covered
by Section 280G of the Code in reverse order of vesting and with grants whose parachute value is calculated without regard to Treasury
Regulations 280G-1 Q&A 24(c) being reduced prior to those subject to Q&A 24(c).

 

The Company’s
independent, certified public accounting firm will determine whether and to what extent payments or vesting are required to be
reduced or eliminated in accordance with the foregoing. If there is ultimately determined to be an underpayment of or overpayment
to Executive under this provision, the amount of such underpayment or overpayment will be immediately paid to Executive or refunded
by him, as the case may be, with interest at the applicable federal rate under the Code. The term “Total After Tax
Payments” means the total value of all “parachute payments” (as that term is defined in Section 280G(b)(2)
of the Code) made to Executive or for his benefit (whether made under the Agreement or otherwise), after reduction for all applicable
federal taxes (including, without limitation, the tax described in Section 4999 of the Code). The cost of the accountant shall
be paid by the Company and the accountant shall deliver to the parties its calculations in a form that can be relied upon for filing
of tax returns. The calculations made pursuant to this section shall be made by allocating the full summary compensation table
value (from the latest filed proxy) or an estimate thereof of the Executive’s annual total compensation to the noncompete
set forth in this Agreement.

 

11. Indemnification.

 

The Company shall defend
and indemnify Executive regard to his capacities with the Company, its affiliates and its benefit plans to the fullest extent permitted
under the Delaware General Corporate Law (the “DGCL”). The Company shall also maintain a policy for indemnifying
its officers and directors, including but not limited to Executive, for all actions permitted under the DGCL taken in good faith
pursuit of their duties for the Company, including, but not limited to, the obtaining of an appropriate level of directors and
officers liability insurance coverage and including such provisions in the Company’s bylaws or certificate of incorporation,
as applicable and customary. Executive shall be designated as a named insured on such directors and officers liability insurance
policy. Executive’s rights to, and the Company’s obligation to provide, indemnification shall survive termination of
this Agreement.

 

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12. Compliance
with Code Section 409A.

 

(a) Intent
of the Parties. The intent of the Parties is that the payments, compensation and benefits under this Agreement will be exempt
from or comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated
thereunder (collectively “Section 409A”) and, in this connection, the Agreement shall be interpreted
to be exempt or in compliance with Section 409A. Further, if any benefit or payment payable under this Agreement is deemed to not
comply with Section 409A, the Company and Executive agree to renegotiate in good faith any such benefit or payment (including,
without limitation, as to the timing of any severance payments payable hereunder) so that either (i) Section 409A will not apply
or (ii) compliance with Section 409A will be achieved; provided, however, that any resulting renegotiated terms shall provide
to Executive the after-tax economic equivalent of what otherwise has been provided to Executive pursuant to the terms of this Agreement,
and provided further, that any deferral of payments or other benefits shall be only for such time period as may be required to
comply with Section 409A.

 

(b) Potential
Delay of Payment(s) and Adjustments. For the avoidance of doubt, the Parties intend that payments of the separation benefits
set forth in Section 9 above satisfy, to the greatest extent possible, the exemptions from the application of Section
409A provided under Treasury Regulation Sections 1.409A-1(b)(4), 1.409A-1(b)(5), and 1.409A-1(b)(9). If any payment, compensation
or other benefit provided to Executive in connection with his separation from service is determined, in whole or in part, to constitute
“nonqualified deferred compensation” within the meaning of Section 409A and Executive is a “specified employee”
within the meaning of Section 409A, no part of such payments shall be paid before the day that is six (6) months plus one (1) day
after the termination date or his earlier death (the “New Payment Date”). The aggregate of any payments
that otherwise would have been paid to Executive during the period between the termination date and the New Payment Date shall
be paid to Executive in a lump sum on such New Payment Date. Thereafter, any payments that remain outstanding as of the day immediately
following the New Payment Date shall be paid without delay over the time period originally scheduled, in accordance with the terms
of this Agreement.

 

(c) Separation
from Service. Notwithstanding anything to the contrary set forth herein, any payments and benefits provided under Section
9 above that constitute “deferred compensation” within the meaning of Section 409A will not commence in connection
with Executive’s termination of employment unless and until Executive has also incurred a “separation from service”
(as such term is defined in Treasury Regulation Section 1.409A-1(h)), unless the Company reasonably determines that such amounts
may be provided to Executive without causing Executive to incur additional tax under Section 409A.

 

(d) Installments;
Year of Payment. If any payment, compensation or other benefit required by the Agreement is to be paid in a series of installment
payments, each individual payment in the series shall be considered a separate payment for purposes of Section 409A. In no event
may Executive designate the year of payment of a benefit under this Agreement, except in accordance with Section 409A.

 

13. Miscellaneous.

 

(a) Governing
Law. Subject to the next sentence, this Agreement and all questions relating to its validity, interpretation, performance,
remediation, and enforcement (including, without limitation, provisions concerning limitations of actions) shall be governed by
and construed in accordance with the substantive laws of the State of Delaware, notwithstanding any choice-of-law doctrines of
that jurisdiction or any other jurisdiction that ordinarily would or might cause the substantive law of another jurisdiction to
apply.

 

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(b) Company
Policies. All incentive compensation under this Agreement shall be subject to the terms of any clawback, recoupment or other
policies approved by the Board and applicable to executive officers of the Company.

 

(c) Personal
Jurisdiction. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY ACTION OR PROCEEDING RELATING IN ANY WAY TO THIS AGREEMENT
MAY ONLY BE BROUGHT AND ENFORCED IN THE STATE OR FEDERAL COURTS LOCATED IN UNION COUNTY, NEW JERSEY, TO THE EXTENT SUBJECT MATTER
JURISDICTION EXISTS THEREFORE. THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF SUCH COURTS IN RESPECT OF ANY SUCH ACTION
OR PROCEEDING. THE PARTIES IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT THEY MAY NOW
OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH ACTION OR PROCEEDING IN SUCH COURTS, AS WELL AS ANY CLAIM THAT ANY SUCH ACTION
OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN ANY INCONVENIENT FORUM.

 

(d) Service
of Process. THE PARTIES FURTHER IRREVOCABLY CONSENT TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN THE
MANNER AND TO THE ADDRESS SPECIFIED IN SECTION 13(h) OF THIS AGREEMENT.

 

(e) Waiver of Jury Trial.
EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED
IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF ANY PARTY IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE AND ENFORCEMENT THEREOF. EACH OF THE PARTIES HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER
WITH ITS LEGAL COUNSEL, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.
THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY
SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY
BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

(f) Assignment.
This Agreement, and Executive’s rights and obligations hereunder, may not be assigned by Executive. The Company may assign
its rights, together with its obligations, hereunder only in connection with any sale, transfer or other disposition of all or
substantially all of its business or assets and to an assignee who assumes such obligations by law or in writing. Subject to the
foregoing, this Agreement shall be binding upon and inure to the benefit of the Parties hereto, and their respective heirs, legal
representatives, successors and assigns.

 

(g) Amendment.
This Agreement cannot be amended orally, or by any course of conduct or dealing, but only by a written agreement duly executed
by the Parties.

 

(h) Waiver.
The failure of either Party to insist upon the strict performance of any of the terms, conditions and provisions of this Agreement
shall not be construed as a waiver or relinquishment of future compliance therewith, and such terms, conditions and provisions
shall remain in full force and effect. No waiver of any term or condition of this Agreement on the part of either Party shall be
effective for any purpose whatsoever unless such waiver is in writing and signed by such Party. Unless the written waiver instrument
expressly provides otherwise, no waiver by a Party of any right or remedy or breach by the other Party in any particular instance
shall be construed to apply to any right, remedy or breach arising out of or related to a subsequent instance.

 

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(i) Notices.
All notices, demands or other communications desired or required to be given by a Party to the other Party shall be in writing
and shall be deemed effectively given upon (i) personal delivery to the Party to be notified, (ii) upon confirmation of receipt
of fax or other electronic transmission, (iii) one business day after deposit with a reputable overnight courier, prepaid for priority
overnight delivery, or (iv) five days after deposit with the United States Postal Service, postage prepaid, certified mail, return
receipt requested, in each case to the Party to be notified at the Company’s principal executive officers in the case of
the Company and at the latest address of the Executive on the books of the Company in the case of the Executive; or to such
other addresses and to the attention of such other individuals as either Party shall have designated to the other by notice given
in the foregoing manner.

 

(j) Entire
Agreement. This Agreement sets forth the entire agreement and understanding of the Parties relating to the subject matter hereof,
and supersedes all prior agreements, arrangements and understandings, written or oral between the Parties, relating to the subject
matter hereof.

 

(k) Affiliate
and Control Defined. As used in this Agreement, the term “affiliate” of a specified Person shall
mean and include any Person controlling, controlled by or under common control with the specified Person. A Person shall be deemed
to “control” another Person if such first Person possesses directly or indirectly the power to direct,
or cause the direction of, the management and policies of the second Person, whether through the ownership of voting securities,
by contract or otherwise.

 

(l) Captions,
Headings and Cross-References. The section headings contained herein are for reference purposes and convenience only and shall
not in any way affect the meaning or interpretation of this Agreement. Except as expressly set forth otherwise, all cross-references
to sections refer to sections of this Agreement.

 

(m) Severability.
In addition to, and not in conflict with, the provisions of Sections 6(b) and 6(f), the Parties agree that each and
every provision of this Agreement shall be deemed valid, legal and enforceable in all jurisdictions to the fullest extent possible.
Any provision of this Agreement that is determined to be invalid, illegal or unenforceable in any jurisdiction shall, as to that
jurisdiction, be adjusted and reformed rather than voided, if possible, in order to achieve the intent of the Parties. Any provision
of this Agreement that is determined to be invalid, illegal or unenforceable in any jurisdiction which cannot be adjusted and reformed
shall for the purposes of that jurisdiction, be voided. Any adjustment, reformation or voidance of any provisions of this Agreement
shall only be effective in the jurisdiction requiring such adjustment or voidance, without affecting in any way the remaining provisions
of this Agreement in such jurisdiction or adjusting, reforming, voiding or rendering that provision or any other provision of this
Agreement invalid, illegal or unenforceable in any other jurisdiction.

 

(n) Counterpart
Execution. This Agreement may be executed in one or more counterparts each of which shall be an original document and all of
which together shall constitute one and the same instrument. The Parties acknowledge that this Agreement may be executed and delivered
by means of electronic signatures and that use and acceptance of electronic signatures to bind the Parties represents the voluntary
agreement and intention of the Parties to conduct this transaction by electronic means. The Parties agree that execution and delivery
by electronic means will have the same legal effect as if signatures had been manually written on this Agreement. This Agreement
will be deemed lawfully executed by the Parties by such action for purposes of any statute or rule of law that requires this Agreement
to be executed by the Parties to make the mutual promises, agreements and obligations of the Parties set forth herein legally enforceable.
Facsimile and .pdf exchanges of signatures will have the same legal force and effect as the exchange of original signatures. THE
PARTIES HEREBY WAIVE ANY RIGHT TO RAISE ANY DEFENSE OR WAIVER BASED UPON EXECUTION OF THIS AGREEMENT BY MEANS OF ELECTRONIC SIGNATURES
IN ANY PROCEEDING ARISING UNDER OR RELATING TO THIS AGREEMENT. The Parties agree that the legal effect, validity and enforceability
of this Agreement will not be impaired solely because of its execution in electronic form or that an electronic record was used
in its formation. The Parties acknowledge that they are capable of retaining electronic records of this transaction.

 

    16

     

    

 

IN WITNESS WHEREOF,
the Parties hereto have executed this Employment Agreement as of the date set forth above.

 

Signature page follows.

 

    17

     

    

 

	CORMEDIX INC.	 	EXECUTIVE
	 	 	 
	 /s/
    Janet Dillione	 	/s/ Khoso
    Baluch
	Date: 09/26/2019	 	Khoso Baluch
	 	 	 
	 	 	Date: Sept. 26th /2019
	 	 	 

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EXHIBIT A

 

PRIOR INVENTIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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EXHIBIT B

 

RELEASE

 

Separation
Agreement and Release

 

This Separation Agreement and Release (the “Agreement”)
sets forth the terms of your separation from employment with CorMedix Inc. (the “Company”). If you understand and agree
with these terms, please sign in the space provided below. If you and the Company sign below, this will be a legally binding document
representing the entire agreement between you and the Company regarding the subjects it covers. We will refer to this document
as the “Agreement.”

 

Termination Date. Your last day of work with the Company
will be XXX.

 

Consideration. The Company will pay you [DESCRIBE SEVERANCE
PAY AND PAYMENT DATES], if you sign and do not revoke this Agreement. The severance pay is provided pursuant to the terms of the
Employment Agreement dated [______], 2019 between you and the Company (the “Employment Agreement”).

 

Release of Claims. In exchange for the payment(s) described
in the Consideration clause, you hereby waive all claims available under federal, state or local law against the Company, its parent,
partners and affiliates, and its and their respective directors, officers, employees, agents, insurers and reinsurers, and employee
benefit plans (and the trustees, administrators, fiduciaries, insurers and reinsurers of such plans) past, present, and future,
their heirs, executors, administrators, representatives, successors and assigns arising out of your employment with the Company
or the termination of that employment, including but not limited to all claims arising under the Americans with Disabilities Act,
the Civil Rights Act of 1991, the Employee Retirement Income Security Act, the Equal Pay Act, the Genetic Information Non-discrimination
Act, the Family and Medical Leave Act, Section 1981 of U.S.C, Title VII of the Civil Rights Act, and you also hereby waive your
rights under the following statutes to the fullest extent permissible under applicable state and local laws including, but not
limited to the New Jersey Law Against Discrimination, New Jersey Equal Pay Act, New Jersey Civil Rights Law, New Jersey Security
and Financial Empowerment Act, New Jersey Conscientious Employee Protection Act, New Jersey Family Leave Act, New Jersey Wage and
Hour Law, New Jersey WARN Laws, retaliation provisions of New Jersey Workers’ Compensation Law, as well as wrongful termination
claims, breach of contract claims, discrimination claims, harassment claims, retaliation claims, whistleblower claims (to the fullest
extent they may be released under applicable law), defamation or other tort claims, and claims for attorneys’ fees and costs.
You are not waiving your right to vested benefits under the written terms of the Company 401(k) Plan, claims for unemployment or
workers’ compensation benefits, any medical claim or any judgment or monetary awards or settlements that may arise related
to medical benefits under the group health plan sponsored by the Company, claims arising after the date on which you sign this
Agreement, claims that are not otherwise waivable under applicable law, or claims to indemnification under Section 11 of the Employment
Agreement. You acknowledge that you have not made any claims or allegations related to sexual harassment or sexual abuse and none
of the payments set forth in this Agreement are related to sexual harassment or sexual abuse.

 

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Medicare Disclaimer. You represent that you are not a
Medicare Beneficiary as of the time you enter into this Agreement.

 

Limit on Disclosures. You shall not disclose or cause
to be disclosed the terms of this Agreement to any person (other than your spouse or domestic/civil union partner, attorney and
tax advisor), except pursuant to a lawful subpoena, as set forth in the Reports to Government Entities clause below, or as otherwise
permitted by law. This provision is not intended to restrict your legal right to discuss the terms and conditions of your employment.

 

Restrictive Covenants. You agree to comply with the confidentiality,
inventions, non-competition, non-solicitation and non-disparagement provisions of the Employment Agreement according to their terms.

 

Reports to Government Entities. Nothing in this Agreement,
including the Limit on Disclosures or Release of Claims clauses, restricts or prohibits you from initiating communications directly
with, responding to any inquiries from, providing testimony before, providing confidential information to, reporting possible violations
of law or regulation to, or from filing a claim or assisting with an investigation directly with a self-regulatory authority or
a government agency or entity, including the U.S. Equal Employment Opportunity Commission, the Department of Labor, the National
Labor Relations Board, the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector
General (collectively, the “Regulators”), or from making other disclosures that are protected under the whistleblower
provisions of state or federal law or regulation. However, to the maximum extent permitted by law, you are waiving your right to
receive any individual monetary relief from the Company or any others covered by the Release of Claims resulting from such claims
or conduct, regardless of whether you or another party has filed them, and in the event you obtain such monetary relief the Company
will be entitled to an offset for the payments made pursuant to this Agreement. This Agreement does not limit your right to receive
an award from any Regulator that provides awards for providing information relating to a potential violation of law. You do not
need the prior authorization of the Company to engage in conduct protected by this paragraph, and you do not need to notify the
Company that you have engaged in such conduct.

 

Please take notice that federal law provides criminal and civil
immunity to federal and state claims for trade secret misappropriation to individuals who disclose a trade secret to their attorney,
a court, or a government official in certain, confidential circumstances that are set forth at 18 U.S.C. §§ 1833(b)(1)
and 1833(b)(2), related to the reporting or investigation of a suspected violation of the law, or in connection with a lawsuit
for retaliation for reporting a suspected violation of the law.

 

Non-Admission of Liability.  Nothing in this Agreement
is an admission of any wrongdoing, liability or unlawful activity by you or by the Company.

 

No Other Amounts Due. You acknowledge that the Company
has paid you all wages, salaries, bonuses, benefits and other amounts earned and accrued, less applicable deductions, and that
the Company has no obligation to pay “any additional amounts other than the payments described in the Consideration Clause
of this Agreement.

 

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Addendum to General Release for Age Claims. In addition
to all other claims released for the payment(s) described in the Consideration clause, you hereby waive all claims available against
the Company and the directors, officers, employees, employee benefit plans and agents of the Company arising out of your employment
with the Company or the termination of that employment under the Age Discrimination in Employment Act and the Older Workers Benefit
Protection Act.

 

Acknowledgement of Voluntariness and Time to Review. 
You acknowledge that:

 

		·	you read this Agreement and you understand it;

		·	you are signing this Agreement voluntarily in order to release your claims against the Company in exchange for payment that
is greater than you would otherwise have received;

		·	you are signing this Agreement after the date of your separation from the Company and you were offered at least 21 days to
consider your choice to sign this Agreement;

		·	the Company advises you to consult with an attorney;

		·	you know that you can revoke this Agreement within 7 days of signing it and that the Agreement does not become effective until
that 7-day period has passed. To revoke, contact xxx; and

		·	you agree that changes to this Agreement before its execution, whether material or immaterial, do not restart your time to
review the Agreement.

 

Duty of Cooperation. You agree to cooperate fully and
in a timely manner with the Company and its counsel with respect to any matter (including any litigation, investigation or governmental
proceeding) which relates to your employment with the Company. This cooperation may include appearing from time-to-time for conferences
and interviews, and providing the officers of the Company and its counsel with the full benefit of your knowledge with respect
to any such matter. Subject to the Company’s prior approval, the Company will reimburse you for reasonable out-of-pocket costs
and expenses such as travel expenses, and will endeavor to set meeting times that are mutually agreeable.

 

Governing Law. This Agreement shall be governed by the
laws of New Jersey without reference to that jurisdiction’s choice of law rules.

 

Return of Records and Equipment. You agree that you have
returned all Company property, including but not limited to keys, ID card, cell phone, PDA, and Company documents and information
(either hard copy or electronic) other than records related solely to your own compensation or benefits.

 

Severability. In the event a court, arbitrator or other
entity with jurisdiction determines that any portion of this Agreement (other than the general release clause) is invalid or unenforceable,
the remaining portions of the Agreement shall remain in full force and effect.

 

The Company hereby advises you to consult with an attorney prior
to signing this Agreement. You acknowledge that you have had a reasonable amount of time to consider the terms of this Agreement
and you sign it with the intent to be legally bound.

 

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	CorMedix Inc.	 	 
	 	 	 
	________________________________		Date:________________________________
	 	 	 
	Employee:	 	 
	 	 	 
	________________________________		Date:________________________________
	 	 	 
	[TO BE SIGNED AFTER TERMINATION OF EMPLOYMENT]

 

 

23

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