Document:

Exhibit 10.1

 

JOURNEY
MEDICAL CORPORATION

 

2015
STOCK PLAN

 

1.             Purpose.
This Journey Medical Corporation 2015 Stock Plan (the “Plan”) is intended to provide incentives:

 

(a)            to
employees of Journey Medical Corporation (the “Company”), or its parent (if any) or any of its present or future
subsidiaries (collectively, “Related Corporations”), by providing them with opportunities to purchase Common
Stock (as defined below) of the Company pursuant to options granted hereunder that qualify as “incentive stock options” (“ISOs”)
under Section 422 of the Internal Revenue Code of 1986, as amended, or any successor statute (the “Code”);

 

(b)            to
employees, directors and consultants of the Company and Related Corporations by providing them with opportunities to purchase Common
Stock of the Company pursuant to options granted hereunder that do not qualify as ISOs (“Nonstatutory Stock Options”
or “NSOs”);

 

(c)            to
employees, directors and consultants of the Company and Related Corporations by providing them with bonus awards of Common Stock of the
Company (“Stock Bonuses”); and

 

(d)            to
employees, directors and consultants of the Company and Related Corporations by providing them with opportunities to make direct purchases
of Common Stock of the Company (“Purchase Rights”).

 

Both ISOs and NSOs are referred to hereafter individually
as “Options”, and Options, Stock Bonuses and Purchase Rights are referred to hereafter collectively as “Stock Rights”.
As used herein, the terms “parent” and “subsidiary” mean “parent corporation” and “subsidiary
corporation”, respectively, as those terms are defined in Section 424 of the Code.

 

2.             Administration
of the Plan.

 

(a)            The
Plan shall be administered by (i) the Board of Directors of the Company (the “Board”) or (ii) a committee
consisting of directors or other persons appointed by the Board (the “Committee”). The appointment of the members
of, and the delegation of powers to, the Committee by the Board shall be consistent with applicable laws and regulations (including,
without limitation, the Code, Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or any successor rule thereto (“Rule 16b-3”), and any applicable state law (collectively,
the “Applicable Laws”). Once appointed, such Committee shall continue to serve in its designated capacity until
otherwise directed by the Board. From time to time, the Board may increase the size of the Committee and appoint additional members thereof,
remove members (with or without cause) and appoint new members in substitution therefor, fill vacancies, however caused, and remove all
members of the Committee and thereafter directly administer the Plan, all to the extent permitted by the Applicable Laws.

 

     

     

    

 

(b)            Subject
to ratification of the grant or authorization of each Stock Right by the Board (if so required by an Applicable Law), and subject to
the terms of the Plan, the Committee shall have the authority, in its discretion, to:

 

(i)             determine
the employees of the Company and Related Corporations (from among the class of employees eligible under Section 3 to receive ISOs)
to whom ISOs may be granted, and to determine (from among the classes of individuals and entities eligible under Section 3 to receive
NSOs, Stock Bonuses and Purchase Rights) to whom NSOs, Stock Bonuses and Purchase Rights may be granted;

 

(ii)            determine
the time or times at which Options, Stock Bonuses or Purchase Rights may be granted (which may be based on performance criteria);

 

(iii)           determine
the number of shares of Common Stock subject to any Stock Right granted by the Committee;

 

(iv)           determine
the option price of shares subject to each Option, which price shall not be less than the minimum price specified in Section 6 hereof,
as appropriate, and the purchase price of shares subject to each Purchase Right and to determine the form of consideration to be paid
to the Company for exercise of such Option or purchase of shares with respect to a Purchase Right;

 

(v)            determine
whether each Option granted shall be an ISO or NSO;

 

(vi)           determine
(subject to Section 7) the time or times when each Option shall become exercisable and the duration of the exercise period;

 

(vii)          determine
whether restrictions such as repurchase options are to be imposed on shares subject to Options, Stock Bonuses and Purchase Rights and
the nature of such restrictions, if any;

 

(viii)         approve
forms of agreement for use under the Plan;

 

(ix)           determine
the Fair Market Value (as defined in Section 6(d) below) of a Stock Right or the Common Stock underlying a Stock Right;

 

(x)             accelerate
vesting on any Stock Right or to waive any forfeiture restrictions, or to waive any other limitation or restriction with respect to a
Stock Right;

 

(xi)            reduce
the exercise price of any Stock Right if the Fair Market Value of the Common Stock covered by such Stock Right shall have declined since
the date the Stock Right was granted;

 

(xii)           institute
a program whereby outstanding Options can be surrendered in exchange for Options with a lower exercise price;

 

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(xiii)          modify
or amend each Stock Right (subject to Section 8(d) of the Plan) including the discretionary authority to extend the post-termination
exercisability period of Stock Rights longer than is otherwise provided for by terms of the Plan or the Stock Right;

 

(xiv)         construe
and interpret the Plan and Stock Rights granted hereunder;

 

(xv)          prescribe
and rescind rules and regulations relating to the Plan; and

 

(xvi)         make
all other determinations necessary or advisable for the administration of the Plan.

 

The interpretation and construction by the Committee
of any provisions of the Plan or of any Stock Right granted under it shall be final unless otherwise determined by the Board. No member
of the Board or the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Stock
Right granted under it.

 

(c)            The
Committee may select one of its members as its chairman, and shall hold meetings at such times and places as it may determine. Acts by
a majority of the Committee, approved in person at a meeting or in writing, shall be the valid acts of the Committee.

 

(d)            All
references in this Plan to the Committee shall mean the Board if no Committee has been appointed.

 

(e)            Those
provisions of the Plan that make express reference to Rule 16b-3 shall apply to the Company only at such time as the Company’s
Common Stock is registered under the Exchange Act, and then only to such persons as are required to file reports under Section 16(a) of
the Exchange Act (a “Reporting Person”).

 

(f)             To
the extent that Stock Rights are to be qualified as “performance-based” compensation within the meaning of Section 162(m) of
the Code, the Plan shall be administered by a committee consisting of two or more “outside directors” as determined under
Section 162(m) of the Code (if the Company has two or more outside directors).

 

3.             Eligible
Employees and Others.

 

(a)            Eligibility.
ISOs may be granted to any employee of the Company or any Related Corporation. Those officers of the Company who are not employees may
not be granted ISOs under the Plan. NSOs, Stock Bonuses and Purchase Rights may be granted to any director, employee or consultant of
the Company or any Related Corporation. Granting of any Stock Right to any individual or entity shall neither entitle that individual
or entity to, nor disqualify him or her from, participation in any other grant of Stock Rights.

 

(b)            Special
Rule for Grant of Stock Rights to Reporting Persons. The selection of a director or an officer who is a Reporting Person (as
the terms “director” and “officer” are defined for purposes of Rule 16b-3) as a recipient of a Stock Right,
the timing of the Stock Right grant, the exercise price, if any, of the Stock Right and the number of shares subject to the Stock Right
shall be determined either (i) by the Board, or (ii) by a committee of the Board that is composed solely of two or more Non-Employee
Directors having full authority to act in the matter. For the purposes of the Plan, a director shall be deemed to be a “Non-Employee
Director” only if such person is defined as such under Rule 16b-3(b)(3), as interpreted from time to time.

 

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(c)            Annual
Limitation for Employees. To the extent the Company is subject to Section 162(m) of the Code, no employee shall be eligible
to be granted during any calendar year Stock Rights covering more than eighty percent (80%) of the total shares of Common Stock authorized
for issuance under the Plan as set forth in Section 4.

 

4.             Stock.
The stock subject to Stock Rights shall be authorized but unissued shares of Common Stock of the Company, par value 0.0001 per share,
or such shares of the Company’s capital stock into which such class of shares may be converted pursuant to any reorganization,
recapitalization, merger, consolidation or the like (the “Common Stock”), or shares of Common Stock reacquired
by the Company in any manner. The aggregate number of shares that may be issued pursuant to the Plan is 3,000,000 shares of Common Stock,
subject to adjustment as provided herein. Any such shares may be issued as ISOs, NSOs or Stock Bonuses, or to persons or entities making
purchases pursuant to Purchase Rights, so long as the number of shares so issued does not exceed such aggregate number, as adjusted.
If any Option granted under the Plan shall expire or terminate for any reason without having been exercised in full or shall cease for
any reason to be exercisable in whole or in part, or if the Company shall reacquire any shares issued pursuant to Stock Rights, the unpurchased
shares subject to such Options and any shares so reacquired by the Company shall again be available for grants of Stock Rights under
the Plan. Shares of Common Stock which are withheld to pay the exercise price of an Option and/or any related withholding obligations
shall not be available for issuance under the Plan.

 

5.             Granting
of Stock Rights. Stock Rights may be granted under the Plan at any time after the Effective Date, as set forth in Section 16,
and prior to 10 years thereafter. The date of grant of a Stock Right under the Plan will be the date specified by the Committee at the
time it grants the Stock Right; provided, however, that such date shall not be prior to the date on which the Committee acts.

 

6.             Minimum
Price; ISO Limitations.

 

(a)            The
price per share specified in the agreement relating to each NSO, Stock Bonus or Purchase Right granted under the Plan shall be established
by the Committee, taking into account any noncash consideration to be received by the Company from the recipient of Stock Rights.

 

(b)            The
price per share specified in the agreement relating to each ISO granted under the Plan shall not be less than the Fair Market Value per
share of Common Stock on the date of such grant. In the case of an ISO to be granted to an employee owning stock possessing more than
10% of the total combined voting power of all classes of stock of the Company or any Related Corporation, the price per share specified
in the agreement relating to such ISO shall not be less than 110% of the Fair Market Value per share of Common Stock on the date of the
grant.

 

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(c)            To
the extent that the aggregate Fair Market Value (determined at the time an ISO is granted) of Common Stock for which ISOs granted to
any employee are exercisable for the first time by such employee during any calendar year (under all stock option plans of the Company
and any Related Corporation) exceeds $100,000 (or such higher value as permitted under Code Section 422 at the time of determination)
such Options will be treated as NSOs, provided that this Section shall have no force or effect to the extent that its inclusion
in the Plan is not necessary for Options issued as ISOs to qualify as ISOs pursuant to Section 422 of the Code. The rule of
this Section 6(c) shall be applied by taking Options in the order in which they were granted.

 

(d)            As
used herein, “Fair Market Value” means:

 

(i)             if
the Common Stock is then traded on a national securities exchange, the closing sale price for such stock (or the closing bid, if no sales
were reported as quoted on such exchange or market) on the date of determination (or, if no closing sales price or closing bid was reported
on that date, as applicable, on the last trading date such closing sales price or closing bid was reported);

 

(ii)            if
the Common Stock is regularly quoted on an automated quotation system but not reported on national securities exchange, the closing sale
price or average of bid prices last quoted on that date by an established quotation service (or, if no such prices were reported on that
date, on the last date such prices were reported); or

 

(iii)           if
the Common Stock is not traded on an established securities market (as defined in Treasury Regulation Section 1.897-1(m)), the fair
market value as determined in good faith by the Committee by reasonable application of a reasonable valuation method consistently applied
and taking into consideration all available information material to the value of the Company, determined in a manner consistent with
Section 409A of the Code and the regulations thereunder.

 

7.             Option
Duration. Subject to earlier termination as provided in Sections 9 and 10, each Option shall expire on the date specified by the
Committee, but not more than:

 

(a)            10
years from the date of grant in the case of NSOs;

 

(b)            10
years from the date of grant in the case of ISOs generally; and

 

(c)            5
years from the date of grant in the case of ISOs granted to an employee owning stock possessing more than 10% of the total combined voting
power of all classes of stock of the Company or any Related Corporation.

 

Subject to earlier termination as provided in Sections
9 and 10, the term of each ISO shall be the Willi set forth in the original instrument granting such ISO, except with respect to any
part of such ISO that is converted into an NSO pursuant to Section 18.

 

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8.             Exercise
of Options. Subject to the provisions of Section 9 through Section 12 of the Plan, each Option granted under the Plan shall
be exercisable as follows:

 

(a)            the
Option shall either be fully exercisable on the date of grant or shall become exercisable thereafter in such installments as the Committee
may specify;

 

(b)            once
an installment becomes exercisable it shall remain exercisable until expiration or termination of the Option, unless otherwise specified
by the Committee;

 

(c)            each
Option or installment may be exercised at any time or from time to time, in whole or in part, for up to the total number of shares with
respect to which it is then exercisable; and

 

(d)            the
Committee shall have the right to accelerate the date of exercise of any installment, of any Option, provided that the Committee shall
not accelerate the exercise date of any installment of any ISO granted to any employee (and not previously converted into an NSO pursuant
to Section 18) without the prior consent of such employee if such acceleration would violate the annual vesting limitation contained
in Section 422 of the Code, as described in Section 6(c).

 

9.             Effect
of Termination of Service. If a grantee ceases to be employed or engaged by the Company and all Related Corporations other than (x) by
reason of death or disability as defined in Section 10, or (y) by reason of a termination “For Cause” as defined
in this Section 9, then unless otherwise specified in the instrument granting such Stock Right, the grantee shall have the continued
right to exercise any Stock Right held by him or her, to the extent of the number of shares with respect to which he or she could have
exercised it on the date of termination until the Stock Right’s specified expiration date; provided, however, in the event the
grantee exercises any ISO after the date that is three months following the date of termination of employment, such ISO will automatically
be converted into an NSO subject to the terms of the Plan. In the event of a termination For Cause (as defined below), the right of a
grantee to exercise a Stock Right shall terminate as of the date of termination.

 

(a)            For
purposes of this Plan, a change in status from employee to a consultant, or from a consultant to employee, will not constitute a termination
of employment, provided that a change in status from an employee to consultant may cause an ISO to become an NSO under the Code.

 

(b)            Employment
shall be considered as continuing uninterrupted during any bona fide leave of absence (such as those attributable to illness, military
obligations or governmental service) provided that the period of such leave does not exceed 90 days or, if longer, any period during
which such grantee’s right to reemployment with the Company is guaranteed by statute or by contract. A bona fide leave of absence
with the written approval of the Company shall not be considered an interruption of employment under the Plan, provided that such written
approval contractually obligates the Company or any Related Corporation to continue the employment of the grantee after the approved
period of absence; provided that the foregoing approval requirement shall not apply to a leave of absence guaranteed by statute or contract.
ISOs granted under the Plan shall not be affected by any change of employment within or among the Company and Related Corporations, so
long as the optionee continues to be an employee of the Company or any Related Corporation.

 

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(c)            For
purposes of this Plan, and unless otherwise defined in the instrument granting a Stock Right, “For Cause” means:

 

(i)             if
a grantee has an employment agreement, consulting agreement, service agreement or other similar agreement with the Company or any Related
Corporation that defines “Cause” or a like term, the meaning set forth in such agreement at the time of the grantee’s
termination of service; or

 

(ii)            in
the absence of such an agreement or definition, the termination of a grantee’s status as an employee, a director or consultant
(as applicable) for any of the following reasons, as determined by the Committee: (A) the grantee’s breach of any fiduciary
duty to the Company or any Related Corporation; (B) the grantee’s failure to follow the reasonable instructions of the Board
or such grantee’s direct supervisor, which breach, if curable, is not cured within ten (10) days after notice to such grantee
or, if cured, recurs within one hundred eighty (180) days; (C) the grantee’s gross negligence, willful misconduct, fraud or
acts of dishonesty relating to the Company or any Related Corporation; (D) the grantee’s material breach of any noncompetition,
confidentiality or similar agreement with the Company or a Related Corporation, as determined under such agreement; (E) the grantee’s
commission of a crime involving fraud, embezzlement, theft, or other act constituting a felony; or (F) a grantee who is an employee
or a consultant and who willfully engages in gross misconduct or willfully violates a Company or a Related Corporation policy which is
or is reasonably expected to be materially injurious to the Company and/or a Related Corporation, provided that no act or failure to
act on the grantee’s part shall be considered “willful” unless done, or omitted to be done, by the grantee not in good
faith and without reasonable belief that the grantee’s action or omission was in the best interest of the Company or the Related
Corporation.

 

(d)            NOTHING
IN THE PLAN SHALL BE DEEMED TO GIVE ANY GRANTEE OF ANY STOCK RIGHT THE RIGHT TO BE RETAINED IN EMPLOYMENT OR OTHER SERVICE BY THE COMPANY
OR ANY RELATED CORPORATION FOR ANY PERIOD OF TIME OR TO AFFECT THE AT-WILL NATURE OF ANY EMPLOYEE’S EMPLOYMENT.

 

10.           Death;
Disability.

 

(a)            If
a grantee ceases to be employed or engaged by the Company and all Related Corporations by reason of death, or if a grantee dies within
three months of the date his or her employment or other affiliation with the Company has been terminated, any Stock Right held by him
or her may be exercised to the extent of the number of shares with respect to which he or she could have exercised said Stock Right on
the date of death, by his or her estate, personal representative or beneficiary who has acquired the Stock Right by will or by the laws
of descent and distribution (the “Successor Grantee”), unless otherwise specified in the instrument granting
such Stock Right, prior to the earlier of (i) one year after the date of termination or (ii) the Stock Right’s specified
expiration date, provided, however, that a Successor Grantee shall be entitled to ISO treatment under Section 421 of the Code only
if the deceased optionee would have been entitled to like treatment had he or she exercised such Option on the date of his or her death;
and provided further in the event the Successor Grantee exercises an ISO after the date that is one year following the date of termination
by reason of death, such ISO will automatically be converted into a NSO subject to the terms of the Plan.

 

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(b)            If
a grantee ceases to be employed or engaged by the Company and all Related Corporations by reason of disability, he or she shall continue
to have the right to exercise any Stock Right held by him or her on the date of termination until unless otherwise specified in the instrument
granting such Stock Right, the earlier of (i) one year after the date of termination or (ii) the Stock Right’s specified
expiration date provided, however, in the event the grantee exercises an ISO after the date that is one year following the date of termination
by reason of disability, such ISO will automatically be converted into a NSO subject to the terms of the Plan. For the purposes of the
Plan, the term “disability” shall mean “permanent and total disability” as defined in Section 22(e)(3) of
the Code.

 

(c)            The
provisions of subsections (a) and (b) of this Section 10 regarding the exercise period of a Stock Right may be waived,
extended or further limited, in the discretion of the Committee, in an instrument granting a Stock Right that is not an ISO.

 

11.           Transferability
and Assignability of Stock Rights.

 

(a)            Except
for ISOs, which are governed by Section 11(b) below, no Stock Right may be transferable by the grantee except (i) upon
the approval of the Committee, to the grantee’s family members, or (ii) by will or by the laws of descent and distribution.
For purposes of the Plan, a grantee’s “family members” shall be deemed to consist of his or her spouse, parents, children,
grandparents, grandchildren and any trusts created for the benefit of such individuals. A family member to whom any such Stock Right
has been transferred pursuant to this Section 11(a) shall be hereinafter referred to as a “Permitted Transferee.”
A Stock Right shall be transferred to a Permitted Transferee in accordance with the foregoing provisions, and subject to all the provisions
of the Stock Right Agreement and this Plan, by the execution by the grantee and. the transferee of an assignment in writing in such form
approved by the Committee. The Company shall not be required to recognize the rights of a Permitted Transferee until such time as it
receives a copy of the assignment from the grantee.

 

(b)            Unless
expressly approved by the Committee, no ISO granted under this Plan shall be assignable or otherwise transferable by the optionee except
by will or by the laws of descent and distribution. An ISO may be exercised during the lifetime of the optionee only by the optionee.

 

12.           Terms
and Conditions of Stock Rights. Stock Rights shall be evidenced by instruments (which need not be identical) in such forms as the
Committee may from time to time approve. Such instruments shall conform to the terms and conditions set forth in Sections 6 through 11
hereof and may contain such other provisions as the Committee deems advisable that are not inconsistent with the Plan, including restrictions
(or other conditions deemed by the Committee to be in the best interests of the Company) applicable to the exercise of Options or to
shares of Common Stock issuable upon exercise of Options or otherwise. If the Committee determines to issue a NSO, it shall take whatever
actions it deems necessary, under Section 422 of the Code and the regulations promulgated thereunder, to ensure that such Option
is not treated as an ISO, provided however that in granting any NSO, the Committee may specify that such NSO shall be subject to the
restrictions set forth herein with respect to ISOs, or to such other termination- and cancellation provisions as the Committee may determine.
The Committee may from time to time confer authority and responsibility on one or more of its own members and/or one or more officers
of the Company to execute and deliver such instruments. The proper officers of the Company are authorized and directed to take any and
all action necessary or advisable from time to time to carry out the terms of such instruments.

 

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13.           Adjustments.
Upon the occurrence of any of the following events, the rights of a recipient of a Stock Right granted hereunder shall be adjusted as
hereinafter provided, unless otherwise provided in the written agreement between the recipient and the Company relating to such Stock
Right.

 

(a)            If
the shares of Common Stock shall be subdivided or combined into a greater or smaller number of shares or if the Company shall issue shares
of Common Stock as a stock dividend on its outstanding Common Stock, the number of shares of Common Stock deliverable upon the exercise
of outstanding Stock Rights shall be appropriately increased or decreased proportionately, and appropriate adjustments shall be made
in the purchase price (if any) per share to reflect such subdivision, combination or stock dividend.

 

(b)            If
the Company is to be consolidated with or acquired by another entity in a merger, sale of all or substantially all of the Company’s
assets or otherwise (an “Acquisition”), unless otherwise provided by the Committee, in its sole discretion,
the Committee or the board of directors of any entity assuming the obligations of the Company hereunder (the “Successor Board”)
shall, as to outstanding Stock Rights, make appropriate provision for the continuation of such Stock Rights by either assumption of such
Stock Rights or by substitution of such Stock Rights with an equivalent award. For Stock Rights that are so assumed or substituted, in
the event of a termination of grantee’s employment or consulting relationship (x) by the Company or its successor other than
For Cause, or (y) by grantee for Good Reason (as defined below) within sixty (60) days prior to and one hundred eighty (180) days
after an Acquisition, all Stock Rights held by such grantee shall become vested and immediately and fully exercisable and all forfeiture
restrictions shall be waived. If the Committee or the Successor Board does not make appropriate provisions for the continuation of such
Stock Rights by either assumption or substitution, unless otherwise provided by the Committee in its sole discretion, Stock Rights shall
become vested and fully and immediately exercisable and all forfeiture restrictions shall be waived and all Stock Rights not exercised
at the time of the closing of such Acquisition shall terminate notwithstanding anything to the contrary in Section 9 hereof. In
the event such Stock Rights are so fully vested and become immediately exercisable, the Committee may elect in its discretion in lieu
of requiring the exercise of any Stock Rights prior to termination, to cancel outstanding Stock Rights in exchange for cash payments
for each outstanding Stock Right equal to the product of (x) the positive difference, if any, of (i) the price per share of
Common Stock being paid in connection with the Acquisition less (ii) the applicable purchase or exercise price per share of Common
Stock for such Stock Right and (y) the number of shares of Common Stock subject to such Stock Right. Any such cash payments shall
be paid to the holders of Stock Rights within thirty (30) days after the closing of the Acquisition (subject to any escrow or other holdback
periods and related reductions in amounts otherwise so payable applicable to all holders of Common Stock) and shall be subject to any
applicable tax withholding requirements.

 

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(c)            For
purposes of this Section 13, a termination for “Good Reason” shall mean the resignation of an employee
within thirty (30) days after the Company materially reduces the base annual salary of the employee, without the employee’s consent.

 

(d)            In
the event of a transaction, including without limitation, a recapitalization or reorganization of the Company (other than a transaction
described in subsection (b) above) pursuant to which securities of the Company or of another corporation are issued with respect
to the outstanding shares of Common Stock, an optionee or grantee upon exercising a Stock Right shall be entitled to receive for the
purchase price paid upon such exercise the securities he or she would have received if he or she had exercised the Stock Right immediately
prior to such recapitalization or reorganization.

 

(e)            In
the event of the proposed dissolution or liquidation of the Company, each Stock Right will terminate immediately prior to the consummation
of such proposed action or at such other time and subject to such other conditions as shall be determined by the Committee.

 

(f)             Except
as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock
of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares subject
to a Stock Right. No adjustments shall be made for dividends paid in cash or in property other than Common Stock of the Company.

 

(g)            No
fractional shares shall be issued under the Plan and any optionee who would otherwise be entitled to receive a fraction of a share upon
exercise of a Stock Right shall receive from the Company cash in lieu of such fractional shares in an amount equal to the Fair Market
Value of such fractional shares, as determined in the sole discretion of the Committee.

 

(h)            Upon
the happening of any of the foregoing events described in subsections (a), (b) or (c) above, the class and aggregate number
of shares set forth in Section 4 hereof that are subject to Stock Rights that previously have been or subsequently may be granted
under the Plan shall also be appropriately adjusted to reflect the events described. The Committee or the Successor Board shall determine
the specific adjustments to be made under this Section 13 and, subject to Section 2, its determination shall be conclusive.

 

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14.           Means
of Exercising Stock Rights.

 

(a)            Except
as otherwise provided in this Plan or the instrument evidencing the Stock Right, a Stock Right (or any part or installment thereof) shall
be exercised by giving written notice to the Company at its principal office address to the attention of its President. Such notice shall
identify the Stock Right being exercised and specify the number of shares as to which such Stock Right is being exercised, accompanied
by full payment of the exercise price therefor, if any, payable as follows (a) in United States dollars in cash or by check, (b) at
the discretion of the Committee, through the delivery of already-owned shares of Common Stock having a Fair Market Value equal as of
the date of the exercise to the cash exercise price of the Stock Right and, in the case of such already-owned shares of Common Stock,
having been owned by the participant for more than six months from the date of surrender, or (c) at the discretion of the Committee,
by delivery of the grantee’s personal recourse note bearing interest payable not less than annually at a market rate that is no
less than 100% of the lowest applicable Federal rate, as defined in Section 1274(d) of the Code, or (d) at the discretion
of the Committee, through the surrender of shares of Common Stock then issuable upon exercise of the Stock Right having a Fair Market
Value on the date of exercise equal to the aggregate price of the Stock Right, (e) at the discretion of the Committee, delivery
of a notice that the grantee has placed a market sell order with a broker with respect to shares of Common Stock then issuable upon exercise
of the Stock Right and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in
satisfaction of the Stock Right exercise price, provided that payment of such proceeds is then made to the Company upon settlement of
the sale, or (f) at the discretion of the Committee, by any combination of (a), (b), (c), (d) and (e) or such other consideration
and method of payment for the issuance of shares to the extent permitted by Applicable Laws and the Plan. If the Committee exercises
its discretion to permit payment of the exercise price of a Stock Right by means of the methods set forth in clauses (b), (c) (d),
(e) or (f) of the preceding sentence, such discretion shall be exercised in writing at the time of the grant of the Stock Right
in question and such exercise shall also be governed by any terms set forth in the written agreement evidencing the grant of the Stock
Right. The holder of a Stock Right shall not have the rights of a stockholder with respect to the shares covered by the Stock Right until
the date of issuance of a stock certificate for such shares. Except as expressly provided above in Section 13 with respect to changes
in capitalization and stock dividends, no adjustment shall be made for dividends or similar rights for which the record date is before
the date such stock certificate is issued.

 

(b)            The
Company shall not be required to issue or deliver any shares of Common Stock upon the exercise of any Stock Right granted hereunder or
any portion thereof, prior to fulfillment of all of the following conditions to the satisfaction of the Committee:

 

(i)             the
admission of such shares to listing on all stock exchanges on which the common Stock is listed, if any;

 

(ii)            the
completion of any registration or other qualification of such shares which the Committee shall deem necessary or advisable under any
federal or state law or under the rulings or regulations of the United States Securities and Exchange Commission or any other governmental
regulatory body, or the determination by the Company, with the advice of legal counsel, that exemptions are available from such registration
and qualification;

 

(iii)           the
representation, in form acceptable to the Committee, at the time of any such exercise that the shares are being purchased only for investment
and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation
is required by any Applicable Laws;

 

(iv)           the
obtaining of any approval or other clearance from any federal or state governmental agency or body which the Committee shall determine
to be necessary or advisable; and

 

    11

     

    

 

(v)            the
lapse of such reasonable period of time following the exercise of the Option as the Committee from time to time may establish for reasons
of administrative convenience.

 

(c)            Stock
certificates issued and delivered to grantees shall bear such restrictive legends as the Company shall deem necessary or advisable pursuant
to applicable federal and state securities laws.

 

(d)            As
an alternative to issuance of stock certificates, subject to any applicable rules or regulations, the Company may deliver to the
grantee evidence of book entry shares credited to the account of the grantee.

 

(e)            The
inability of the Company to obtain approval from any regulatory body having authority deemed by the Company to be necessary to the lawful
issuance and sale of any Common Stock pursuant to Stock Rights shall relieve the Company of any liability with respect to the non-issuance
or sale of the Common Stock as to which such approval shall not have been obtained. The Company shall, however, use its commercially
reasonable efforts to obtain all such approvals.

 

15.           Surrender
of Stock Rights for Cash or Stock. The Committee may, in its sole and absolute discretion and subject to such terms and conditions
as it deems appropriate, accept the surrender by an optionee or grantee of a Stock Right granted to him under the Plan and authorize
payment in consideration therefor of an amount equal to the difference between the purchase price payable for the shares of Common Stock
under the instrument granting the Option and the Fair Market Value of the shares subject to the Stock Right (determined as of the date
of such surrender of the Stock Right). Such payment shall be made in shares of Common Stock valued at Fair Market Value on the date of
such surrender, or in cash, or partly in such shares of Common Stock and partly in cash as the Committee shall determine. The surrender
shall be permitted only if the Committee determines that such surrender is consistent with the purpose set forth in Section 1, and
only to the extent that the Stock Right is exercisable under Section 8 on the date of surrender. In no event shall an optionee or
grantee surrender his Stock Right under this Section if the Fair Market Value of the shares on the date of such surrender is less
than the purchase price payable for the shares of Common Stock subject to the Stock Right. Any ISO surrendered pursuant to the provisions
of this Section 15 shall be deemed to have been converted into a NSO immediately prior to such surrender.

 

16.           Effective
Date and Term of Plan. The Plan shall become effective at such time as it has been adopted by the Board (the “Effective
Date”). The Plan shall continue in effect for a term of ten (10) years from the Effective Date unless sooner terminated.
Continuance of the Plan shall be subject to approval by the stockholders of the Company within twelve (12) months before or after the
date the Plan is adopted by the Board. Such stockholder approval shall be obtained in the degree and manner required under the Applicable
Laws. Any Stock Right awarded or exercised before stockholder approval is obtained shall be rescinded if stockholder approval is not
obtained within the time prescribed, and shares issued on the exercise of any such Stock Right shall not be counted in determining whether
stockholder approval is obtained.

 

    12

     

    

 

17.           Amendment,
Suspension, or Termination of Plan.

 

(a)            The
Board may at any time amend, suspend or terminate the Plan in any respect, except that it may not, without the approval of the stockholders
obtained within twelve (12) months before or after the Board adopts a resolution authorizing any of the following actions, do any of
the following:

 

(i)             increase
the total number of shares that may be issued under the Plan (except by adjustment pursuant to Section 13);

 

(ii)            modify
the provisions of Section 3 regarding eligibility for grants of ISOs;

 

(iii)           modify
the provisions of Section 6(b) regarding the exercise price at which shares may be offered pursuant to ISOs (except by adjustment
pursuant to Section 13); or

 

(iv)           extend
the expiration date of the Plan.

 

(b)            Except
as provided in Section 13(b) and this Section 17, in no event may action of the Board or stockholders adversely alter
or impair the rights of a grantee, without his or her consent, under any Stock Right previously granted.

 

18.           Conversion
of ISOs into NSOs; Termination of ISOs. The Committee, with the consent of any optionee, may in its discretion take such actions
as may be necessary to convert an optionee’s ISOs (or any installments or portions of installments thereof) that have not been
exercised on the date of conversion into NSOs at any time prior to the expiration of such ISOs. These actions may include, but not be
limited to, accelerating the exercisability, extending the exercise period or reducing the exercise price of the appropriate installments
of optionee’s Options. At the time of such conversion, the Committee (with the consent of the optionee) may impose these conditions
on the exercise of the resulting NSOs as the Committee in its discretion may determine, provided that the conditions shall not be inconsistent
with the Plan. Nothing in the Plan shall be deemed to give any optionee the right to have such optionee’s ISOs converted into NSOs,
and no conversion shall occur until and unless the Committee takes appropriate action. The Committee, with the consent of the optionee,
may also terminate any portion of any ISO that has not been exercised at the time of termination.

 

19.           Withholding
of Additional Income Taxes.

 

(a)            Upon
the exercise of an NSO, or the grant of a Stock Bonus or Purchase Right for less than the Fair Market Value of the Common Stock, the
making of a Disqualifying Disposition (as defined in Section 20), the vesting of restricted Common Stock acquired on the exercise
of a Stock Right hereunder or the surrender of an Option pursuant to Section 15, the Company, in accordance with Section 3402(a) of
the Code and any applicable state statute or regulation, may require the optionee, Stock Bonus recipient or purchaser to pay to the Company
additional withholding taxes in respect of the amount that is considered compensation includable in such person’s gross income.
With respect to (i) the exercise of an Option, (ii) the grant of a Stock Bonus, (iii) the grant of a Purchase Right of
Common Stock for less than its Fair Market Value, (iv) the vesting of restricted Common Stock acquired by exercising a Stock Right,
or (v) the acceptance of a surrender of an Option, the Committee in its discretion may condition such event on the payment by the
optionee, Stock Bonus recipient or purchaser of any such additional withholding taxes.

 

    13

     

    

 

(b)            At
the sole and absolute discretion of the Committee, the holder of Stock Rights may pay all or any part of the total estimated federal
and state income tax liability arising out of the exercise or receipt of such Stock Rights, the making of a Disqualifying Disposition,
or the vesting of restricted Common Stock acquired on the exercise of a Stock Right hereunder (each of the foregoing, a “Tax
Event”) by tendering already-owned shares of Common Stock or (except in the case of a Disqualifying Disposition) by directing
the Company to withhold shares of Common Stock otherwise to be transferred to the holder of such Stock Rights as a result of the exercise
or receipt thereof in an amount equal to the estimated federal and state income tax liability arising out of such event, provided that
no more shares may be withheld than are necessary to satisfy the holder’s actual minimum withholding obligation with respect to
the exercise of Stock Rights. In such event, the holder of Stock Rights must, however, notify the Committee of his or her desire to pay
all or any part of the total estimated federal and state income tax liability arising out of a Tax Event by tendering already-owned shares
of Common Stock or having shares of Common Stock withheld prior to the date that the amount of federal or state income tax to be withheld
is to be determined. For purposes of this Section 19(b), shares of Common Stock shall be valued at their Fair Market Value on the
date that the amount of the tax withholdings is to be determined.

 

20.           Notice
to Company of Disqualifying Disposition. Each employee who receives an ISO must agree to notify the Company in writing immediately
after the employee makes a Disqualifying Disposition (as defined below) of any Common Stock acquired pursuant to the exercise of an ISO.
A “Disqualifying Disposition” is any disposition (including any sale) of such Common Stock before either (a) two
years after the date the employee was granted the ISO, or (b) one year after the date the employee acquired Common Stock by exercising
the ISO. If the employee has died before such stock is sold, these holding period requirements do not apply and no Disqualifying Disposition
can occur thereafter.

 

21.           Governing
Law; Construction. The validity and construction of the Plan and the instruments evidencing Stock Rights shall be governed by the
laws of the State of Delaware. In construing this Plan, the singular shall include the plural and the masculine gender shall include
the feminine and neuter, unless the context otherwise requires.

 

    14

     

    

 

22.           Lock-up
Agreement. Each recipient of securities hereunder agrees that such recipient will not, without the prior written consent of the managing
underwriter, if any, during the period commencing on the date of the final prospectus relating to the Company’s first firm commitment
underwritten public offering of its Common Stock under the Securities Act of 1933, as amended (such offering “Initial Offering”)
and ending on the date specified by the Company and such managing underwriter (such period not to exceed one hundred eighty (180) days)
(i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell,
grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock
or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock (whether such shares or any
such securities are then owned by the recipient or are thereafter acquired), or (ii) enter into any swap or other arrangement that
transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction
described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash or otherwise.
The foregoing provisions of this Section 22 shall apply only to the Initial Offering, shall not apply to the sale of any shares
to an underwriter pursuant to an underwriting agreement, and shall only be applicable to the recipients if all officers and directors
are subject to the same restrictions and the Company uses commercially reasonable efforts to obtain a similar agreement from all stockholders
individually owning greater than one percent (1%) of the Company’s outstanding Common Stock (after giving effect to conversion
into Common Stock of all outstanding Preferred Stock of the Company). The underwriters in connection with the Initial Offering are intended
third-party beneficiaries of this Section 22 and shall have the right, power and authority to enforce the provisions hereof as though
they were a party hereto. Each recipient of securities hereunder further agrees to execute such agreements as may be reasonably requested
by the underwriters in the Initial Offering that are consistent with this Section 22 or that are necessary to give further effect
thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters
shall apply to all recipients of securities hereunder subject to such agreements pro rata based on the number of shares subject
to such agreements.

 

In order to enforce the foregoing covenant, the Company may impose
stop-transfer instructions with respect to the securities of each recipient of securities hereunder (and the shares or securities of
every other person subject to the foregoing restriction) until the end of such period. Notwithstanding the foregoing, if (i) during
the last seventeen (17) days of the one hundred eighty (180)-day restricted period, the Company issues an earnings release or material
news or a material event relating to the Company occurs; or (ii) prior to the expiration of the one hundred eighty (180)-day restricted
period, the Company announces that it will release earnings results during the sixteen (16)-day period beginning on the last day of the
one hundred eighty (180)-day period, the restrictions imposed by this Section 22 shall continue to apply until the expiration of
the eighteen (18)-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event.

 

    15Exhibit 10.2

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

This
Executive Employment Agreement (this '"Agreement") is made
and entered into effective as of 9/22/14 (the "Effective Date") by and between Coronado
Dermatology, Inc. (the "Company”) and Claude Maraoui
('"Executive"). The Company and Executive are hereinafter collectively referred to as the "Parties",
and individually referred to as a "Party".

 

Recitals

 

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

 

WHEREAS,
in his position, Executive will have access to confidential information concerning the Company's business, its customers and employees;
and

 

WHEREAS,
the Company wishes to protect itself from unauthorized use of this information and to protect its investment in its employees, customer
relationships and confidential information.

 

NOW,
THEREFORE, in consideration of the foregoing, the mutual agreements contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

Agreement

 

		1.	Employment.

 

1.1         Title.
Effective as of the Effective Date, Executive is employed by the Company in the position of President and CEO, subject to the terms
and conditions set forth in this Agreement. ln his capacity as President and CEO, Executive shall report to the Company's Board of Directors
(the "Board'') .

 

1.2         Term.
The term of this Agreement shall begin the Effective Date and shall continue until it is terminated pursuant to Section 4 herein
(the "Term").

 

1.3         Duties.
Executive shall do and perform all services, acts or things necessary or advisable to conduct the business of the Company and that
are normally associated with the position of President and CEO. Executive's performance of duties shall include finding and evaluating
technologies, products, product candidates and/or medical devices from unaffiliated third party entities providing expertise on investments
and strategies, and other duties the Board deems appropriate. Executive will devote his full business time, attention, knowledge and
skills to the affairs of the Company and to his duties hereunder and will perform such duties diligently and to the best of his ability.
Notwithstanding the foregoing, the Company acknowledges that Executive currently serves as a consultant to Medimetriks Pharmaceuticals,
and Executive may continue such engagement during his employment by the Company, provided that Executive's performance of services for
Medimctriks Pharmaceuticals does not interfere with Executive's performance of his duties to the Company, and provided further that such
services for Medimetriks Pharmaceuticals does not constitute a violation of this Agreement or the PIIA (as defined below).

 

    1

     

    

 

1.4         Policies
and Practices. The employment relationship between the Parties shall be governed by this Agreement and by the policies and practices
established by the Company and/or the Company's Board, or any designated committee thereof. In the event that the terms of this Agreement
differ from or are in conflict with the Company's policies or practices or the Company's Employee Handbook, this Agreement shall control.

 

1.5         Location.
Unless the Parties otherwise agree in writing, during the Term, Executive shall perform his duties as described in Section 1.3
at his home office in Arizona. Notwithstanding the foregoing, Executive understands and agrees that the nature of his position will frequently
require his presence at the Company's offices in New York, New York, and Executive will be present at such offices when and as deemed
necessary by the Company. In addition, the Company may from time to time require Executive to travel temporarily to other locations in
connection with the Company's business.

 

1.6         Background
Check. Executive understands, acknowledges and agrees that the Company's offer of employment pursuant to this Agreement is contingent
upon satisfactory results of Executive's background and credit check.

 

1.7         Resources.
The Company will provide the necessary funding and resources to support Executive's performance of his duties hereunder, as determined
by the Board in its discretion.

 

		2.	Loyalty;
                                            Restrictive Covenants.

 

2.1         Loyalty.
During the Term, Executive shall devote Executive's full business time, attention, knowledge and skills to the affairs of the Company
and to his duties hereunder, and will perform such duties diligently and to the best of his ability.

 

2.2         Agreements
Protecting Confidential and Proprietary Information. In connection with and as a material condition of the Company's decision to
offer Executive employment, Executive understands, acknowledges and agrees to promptly execute and be bound by certain restrictive covenants
during and after his employment with the Company, as contained in the Company's Proprietary Information and Inventions Agreement ("PIIA").
A copy of the PIIA is attached to this Agreement as Exhibit A. Executive acknowledges and agrees that his services
to the Company pursuant to this Agreement are unique and extraordinary and that in the course of performing such services Executive shall
have access to and knowledge of significant confidential, proprietary, and trade secret information belonging to the Company. Executive
agrees that the provisions and restrictions set forth in the PIIA are reasonable and necessary to protect the Company's legitimate business
interests in its goodwill, its confidential, proprietary, and trade secret information, and its investment in the unique and extraordinary
services to be provided by Executive pursuant to this Agreement.

 

    2

     

    

 

2.3         Non-Competition
and Non-Solicitation.

 

2.3.1        Purpose.
Executive and the Company understand and agree that the purpose of this Section 2.3 is solely to protect the Company's legitimate
business interests, including, but not limited to its confidential and proprietary information, customer relationships and goodwill,
and the Company's competitive advantage, and is not intended to impair, nor will it impair, Executive's ability or right to work or earn
a living. Therefore, Executive agrees to be subject to restrictive covenants under the following terms.

 

2.3.2        Definitions.
As used in this Agreement, the following terms have the meanings given to such terms below.

 

(i)             "Affiliate"
means, with respect to any specific entity, any other entity that, directly or indirectly, through one or more intermediaries, controls,
is controlled by or is under common control with such specified entity.

 

(ii)            "Business"
means the business(es) in which the Company or its Affiliates are or were engaged at the time of, or during the 12 month period prior
to, the termination of Executive's employment with the Company for any reason.

 

(iii)           "Customer"
means any person or entity who is or was a customer or client of the Company or its Affiliates at the time of, or during the 12 month
period prior to, the termination of Executive's employment with the Company for any reason.

 

(iv)            "Company
Employee" means any person who is or was an employee of the Company or its Affiliates at the time of, or during the twelve (12)
month period prior to, the termination of Executive's employment with the Company for any reason.

 

(v)             "Restricted
Period" means (A) the period commencing on the date of termination of Executive's employment with the Company for any reason
and ending six (6) months after such date if the date of termination is before the second anniversary of the Effective Date; or
(B) the period commencing on the date of termination of Executive's employment with the Company for any reason and ending twelve
(12) months after such date if the date of termination is on or after the second anniversary of the Effective Date; provided, however,
in either case that the period shall be tolled and shall not run during any time Executive is in violation of this Section 2.3 ,
it being the intent of the parties that the Restricted Period shall be extended for any period of time in which Executive is in violation
of this Section 2.3 .

 

(vi)            "Territory"
means the United States of America, it being understood that the Company's business is nationwide in scope and a nationwide restriction
is reasonable and necessary to protect the Company's interests.

 

2.3.3        Non-Participation
with the Company's Competitors. During his employment with the Company, Executive will not, on his own behalf or on behalf of any
other person, engage in any business competitive with or adverse to that of the Company. In addition, during his employment with the
Company, Executive will not acquire, assume or participate in, directly or indirectly, any position, investment or interest known by
Executive to be adverse or antagonistic to the Company, its business, or prospects, financial or otherwise, or in any company, person,
or entity that is, directly or indirectly, in competition with the business of the Company or any of its Affiliates (as defined above).
Ownership by Executive, in professionally managed funds over which the Executive does not have control or discretion in investment decisions,
or as a passive investment, of less than two percent (2%) of the outstanding shares of capital stock of any corporation with one or more
classes of its capital stock listed on a national securities exchange or publicly traded on a national securities exchange or in the
over-the-counter market shall not constitute a breach of this Section 2.3.3.

 

    3

     

    

 

2.3.4        Non-Competition.
During his employment with the Company and during the Restricted Period, Executive will not, directly or indirectly, (i) engage
in the Business in the Territory ( other than on behalf of the Company), or (ii) hold a position based in or with responsibility
for all or part of the Territory, with any person or entity engaging in the Business, whether as an employee, consultant, or otherwise,
in which Executive will have duties, or will perform or be expected to perform services for such person or entity, that is or are the
same as or substantially similar to the position held by Executive or those duties or services actually performed by Executive for the
Company within the twelve (12) month period immediately preceding the termination of Executive's employment with the Company, or in which
Executive will use or disclose or be reasonably expected to use or disclose any confidential or proprietary information of the Company
for the purpose of providing, or attempting to provide, such person or entity with a competitive advantage with respect to the Business.

 

2.3.5        Non-Solicitation.
During his employment with the Company and during the Restricted Period, Executive will not, directly or indirectly, on Executive's
own behalf or on behalf of any other party (except on behalf of the Company):

 

		(i)	Call
                                            upon, solicit, divert, encourage or attempt to call upon, solicit, divert, or encourage any
                                            Customer for purposes of marketing, selling, or providing products or services to such Customer
                                            that are similar to or competitive with those offered by the Company;

 

		(ii)	Accept
                                            as a customer any Customer for purposes of marketing, selling, or providing products or services
                                            to such Customer that are similar to or competitive with those offered by the Company;

 

		(iii)	Induce,
                                            encourage, or attempt to induce or encourage any Customer to reduce, limit, or cancel its
                                            business with the Company; or

 

		(iv)	Solicit,
                                            induce, or attempt to solicit or induce any Company Employee to terminate his or her employment
                                            with the Company.

 

2.3.6        Reasonableness
of Restrictions. Executive acknowledges and agrees that (i) his services to the Company under this Agreement are unique and
extraordinary; (ii) the restrictive covenants in this Agreement are essential elements of Executive's employment by the Company
and are reasonable given Executive's access to the Company's confidential information and the substantial knowledge and goodwill Executive
will acquire with respect to the business of the Company as a result of his employment with the Company, and the unique and extraordinary
services to be provided by Executive to the Company; (iii) the restrictive covenants contained in this Agreement are reasonable
in time, territory, and scope, and in all other respects; and (iv) enforcement of the restrictions contained herein will not deprive
the Executive of the ability to earn a reasonable living. Should any part or provision of this Section 2.3 be held invalid, void,
or unenforceable in any court of competent jurisdiction, such invalidity, voidness, or unenforceability shall not render invalid, void,
or unenforceable any other part or provision of this Agreement. The parties further agree that if any portion of this Section 2.3
is found to be invalid or unenforceable by a court of competent jurisdiction because its duration, territory, or other restrictions are
deemed to be invalid or unreasonable in scope, the invalid or unreasonable terms shall be replaced by terms that are valid and enforceable
and that come closest to expressing the intention of such invalid or unenforceable terms.

 

    4

     

    

 

2.3.7        Enforcement.
Executive acknowledges and agrees that the Company will suffer irreparable harm in the event that Executive breaches any of Executive's
obligations under this Section 2.3 and that monetary damages would be inadequate to compensate the Company for such breach. Accordingly,
Executive agrees that, in the event of a breach by Executive of any of Executive's obligations under this Section 2.3, the Company
will be entitled to obtain from any court of competent jurisdiction preliminary and permanent injunctive relief, and expedited discovery
for the purpose of seeking relief, in order to prevent or to restrain any such breach. Executive agrees to waive any requirement for
the securing or posting of any bond in connection with such remedies. The Company will be entitled to recover its costs incurred in connection
with enforcing this Section 2.3, including reasonable attorneys' fees and expenses.

 

		3.	Compensation
                                            Of Executive.

 

3.1         Base
Salary. The Company shall pay Executive a base salary at the annualized rate of Three Hundred Thousand Dollars ($300,000.00) (the
"Base Salary"), less all applicable taxes, deductions and withholdings, to be paid in equal installments in accord
with the Company's normal payroll practices. The Base Salary shall be prorated for any partial year of employment on the basis of a 365-day
fiscal year and may be changed in the discretion of the CEO and/or the Board. The Base Salary may only be decreased in connection with
a Company-wide decrease in executive compensation; provided, however that Executive shall not be subject to any greater percentage reduction
than any other Company executive.

 

3.2         Annual
Milestone Bonus. Each year, the compensation committee of the Board (the "Compensation Committee"), shall
meet and establish the parameters of Executive's additional cash bonus (the "Annual Milestone Bonus"). Executive
shall be eligible for an Annual Milestone Bonus of up to one hundred percent ( 100%) of his Base Salary then in effect. The amount of
the Annual Milestone Bonus to be paid shall be based on Executive's attainment of certain financial, clinical development, and/or business
milestones (the "Milestones") to be established annually by the Board or the Compensation Committee. The Milestones
for 2014 shall be established as soon as practicable following the Effective Date. The determination of whether Executive has met the
Milestones, and if so, the bonus amount (if any) that will be paid, shall be determined by the Board or the Compensation Committee in
its reasonable discretion. Except as described in Sections 4.5.2 or 4.5.4 below, Executive must remain employed by the Company through
and including the last day of the applicable calendar year in order to be eligible to earn or receive any Annual Milestone Bonus for
that year. The Parties agree that Executive will be eligible for a pro rata bonus for 2014, provided that he remains employed
by the Company through and including December 31 , 2014. The Annual Milestone Bonus shall be paid in cash as a single lump-sum payment
no later than March 15 of the next following calendar year.

 

3.3         Corporate
Development Compensation. Upon the closing by the Company of a Corporate Development Transaction (as defined below) occurring during
the Term, the Company will issue to Executive shares of common stock in the Company representing fifteen percent (15%) of the total outstanding
shares of common stock as of the date of the closing, subject to a Company repurchase right that lapses as the shares vest in accordance
with the schedule below (the "Shares"). One half of the Shares will vest in three equal installments on the first, second
and third anniversaries of the date of grant, subject to Executive's continued employment with the Company on each such vesting date.
The remaining one half of the Shares will vest upon the Company's achievement of certain sales and other performance related goals as
described in a separate agreement to be entered between the Company and Executive at the time of the grant of the Shares. The Shares
will granted pursuant to, and otherwise governed by, such separate agreement and the Company's applicable stock plan. For purposes of
this Agreement, a "Corporate Development Transaction" means the license (including a co-marketing license agreement)
or purchase of a technology, product, product candidate, or medical device by the Company from an unaffiliated third party entity, provided
that such license, purchase, sale or investment occurs primarily as a result of Executive's efforts on the Company's behalf during the
Term through Executive's own direct outreach or his network of contacts outside the Company ( as opposed to Corporate Development Transactions
uncovered by other Company agents or that are sent to other Company agents through Company contacts such as board members, bankers, etc.)
as determined by the Board in its sole discretion.

 

    5

     

    

 

 

3.4            
Expense Reimbursements. The Company will reimburse Executive for all reasonable business expenses incurred by Executive in connection
with the performance of his duties hereunder, subject to the Company' s reimbursement policies in effect from time to time.

 

3.5             Benefits.
Executive shall, in accordance with Company policy and the applicable plan documents, be eligible to participate in benefits under
any benefit plan or arrangement that may be in effect from time to time and made available to the Company's senior management employees.

 

3.6            
Holidays and Vacation. Executive shall be eligible to accrue up to four (4) weeks of paid vacation per year and will receive paid
Company holidays in accordance with Company policy. In addition, Executive will be entitled to three (3) personal days per calendar
year. All available time off must be used in accord with the Company's policies and procedures. To the extent Executive would be entitled
to a greater number of vacation days or personal days under any other Company policy, such other policy shall govern.

 

3.
7             Miscellaneous Withholdings. The Company may withhold from any
amounts payable under this Agreement such federal, state and local taxes required to be withheld pursuant to any applicable law or other
amount properly requested by Executive.

 

4.
             TERMINATION.

 

4.1
             Termination by the Company. Executive's employment with the
Company is at will and may be terminated by the Company at any time and for any reason, or for no reason, including, but not limited
to, under the following conditions:

 

4.1.1     Termination
by the Company for Cause. The Company may terminate Executive's employment under this Agreement for "Cause" (as defined
below) by delivery of written notice to Executive in accordance with the procedures set forth in Section 4.6.2 below. Any notice
of termination given pursuant to this Section 4.1.1 shall effect termination as of the date of the notice or as of such other date
as specified in the notice, subject to Section 4.6.2.

 

4.1.2     Termination
by the Company without Cause. The Company may terminate Executive's employment under this Agreement without Cause at any time and
for any reason or for no reason. Such termination shall be effective on the date Executive is so informed or as otherwise specified by
the Company.

 

4.2            
Termination by Resignation of Executive. Executive's employment with the Company is at will and may be terminated by Executive at any
time and for any reason or for no reason, including via a resignation for Good Reason in accordance with the procedures set forth in
Section 4.6.3 below.

 

4.3             Termination
for Death or Complete Disability. Executive's employment with the Company shall terminate effective upon the date of Executive's death
or Complete Disability (as defined below).

 

4.4            
Termination by Mutual Agreement of the Parties. Executive's employment with the Company may be terminated at any time upon a mutual
agreement in writing of the Parties. Any such termination of employment shall have the consequences specified in such agreement.

 

4.5             Compensation
Upon Termination.

 

4.5.1     Generally.
When this Agreement is terminated for any reason, Executive, or his estate, as the case may be, will be entitled to receive the compensation
and benefits earned through the effective date of termination, including, but not limited to, as applicable, any Base Salary owed to
Executive, expenses reimbursement amounts owed to Executive, all unpaid amounts of the Annual Milestone Bonus(es) earned in the prior
year, if any, Executive earned prior to the termination date by meeting the conditions set forth in Section 3 .2, and accrued and
unused vacation benefits earned through the date of termination at the rate in effect at the time of termination, less standard deductions
and withholdings.

 

    6

     

    

 

4.5.2     Death
or Complete Disability. If Executive' s employment under this Agreement is terminated by his death or Complete Disability, then,
in addition to the amounts described in Section 4.5 .1 , and conditioned upon Executive (or his estate or heirs as applicable) executing
and not revoking a release of claims in the form attached as Exhibit B (the "Release") within the time periods
specified therein, the Company will provide the following separation benefits: (i) the Company will continue Executive's Base Salary
(at the rate in effect as of the termination) for a period of ninety (90) days beginning on the sixtieth (60th) day following
the termination of Executive's employment with the Company, and (ii) Executive shall be entitled to a pro-rata share of the Annual
Milestone Bonus, to be paid when and if such Annual Milestone Bonus would have been paid under this Agreement. The Base Salary payments
will be subject to standard payroll deductions and withholdings and will be made on the Company' s regular payroll cycle, provided, however,
that any payments otherwise scheduled to be made prior to the effective date of the Release shall accrue and be paid in the first payroll
period that follows such effective date.

 

4.5.3     Termination
For Cause or Resignation without Good Reason. If Executive' s employment is terminated by the Company for Cause, or Executive resigns
his employment hereunder without Good Reason, the Company shall pay Executive the amounts described in Section 4.5.1. The Company
shall thereafter have no further obligations to Executive under this Agreement, except as otherwise provided by law.

 

4.5.4     Termination
Without Cause or Resignation For Good Reason. If Executive' s employment under this Agreement is terminated by the Company without
Cause or Executive resigns for Good Reason, then, in addition to the amounts described in Section 4.5.1 , and conditioned upon Executive
executing and not revoking the Release within the time periods specified therein, the Company will provide the following separation benefits:
(i) the Company will continue Executive' s Base Salary (at the rate in effect as of the termination) for a period of (A) six
(6) months if the termination occurs within two (2) years following the Effective Date, or (B) twelve (12) months if the
termination occurs more than two (2) years following the Effective Date, in either case beginning on the sixtieth (60th)
day following the termination of Executive' s employment with the Company; (ii) Executive shall be entitled to a pro-rata share
of the Annual Milestone Bonus for the year in which the termination occurred, to be paid when and if such Annual Milestone Bonus would
have been paid under this Agreement; and (iii) if Executive timely elects continued health insurance coverage under COBRA, the Company
shall pay the entire premium necessary to continue such coverage for Executive and Executive's eligible dependents until the conclusion
of the time when Executive is receiving continuation of Base Salary payments or until Executive becomes eligible for group health insurance
coverage under another employer's plan, whichever occurs first. The Base Salary payments will be subject to standard payroll deductions
and withholdings and will be made on the Company's regular payroll cycle, provided, however, that any payments otherwise scheduled to
be made prior to the effective date of the Release shall accrue and be paid in the first payroll period that follows such effective date.

 

4.6
              Definitions. For purposes of this Agreement, the following
terms shall have the following meanings:

 

    7

     

    

 

4.6.1     Complete
Disability. As used herein, "Complete Disability" means the inability of Executive, due to the condition
of his physical, mental or emotional health, effectively to perform the essential functions of his job with or without reasonable accommodation
for a continuous period of more than 90 days or for 90 days in any period of 180 consecutive days. For purposes of making a determination
as to whether a Complete Disability exists, at the Company's request Executive agrees to make himself available and to cooperate in a
reasonable examination by a licensed independent physician retained by the Company and to authorize the disclosure and release to the
Company of all medical records related to such examination.

 

4.6.2     Cause.
As used herein, "Cause" means: (i) Executive's conviction of fraud, embezzlement or misappropriation
with respect to the Company, (ii) Executive's material breach of a material term of this Agreement, (iii) Executive's material
breach of the Proprietary Information and Inventions Agreement between Executive and the Company, (iv) Executive's breach of fiduciary
duties to the Company, (v) Executive's willful failure or refusal to perform his material duties under this Agreement or failure
to follow any specific lawful instructions of the Board, (vi) Executive's conviction or plea of nolo contendere in respect of a
felony or of a misdemeanor involving moral turpitude, or (vii) Executive's willful or negligent misconduct that has a material adverse
effect on the property, business, or reputation of the Company. For purposes of clauses (ii) through (vii), Executive shall have
thirty (30) days after Executive's receipt of written notice thereof from the Company to cure any such failure, action or breach.

 

4.6.3     Good
Reason. For purposes of this Agreement, "Good Reason" means the occurrence of any of the following events
without Executive's consent: (i) a material reduction of Executive's Base Salary, except in connection with a Company-wide decrease
in executive compensation, as provided in Section 3 .1 of this Agreement, (ii) a material diminution of Executive's authority,
duties, or responsibilities, or (iii) the Company's material breach of this Agreement. In order for Executive to resign for Good
Reason, Executive must provide written notice to the Company of the existence of the Good Reason condition within thirty (30) days of
the date on which Executive discovers, or reasonably should have discovered, the existence of such Good Reason condition. Upon receipt
of such notice, the Company will have thirty (30) days during which it may remedy the Good Reason condition and not be required to provide
for the benefits described in Section 4.5.4 as a result of such proposed resignation. 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 immediately
upon the expiration of the thirty (30) day cure period.

 

4.7
              Survival of Certain Sections. Sections 2, 4, 5, 6, 7, 8,
9, 10, 11, 12, 13, 14, 15, 17, and 18 of this Agreement will survive the termination of this Agreement.

 

4.8
              Section 409A Compliance. Notwithstanding anything
to the contrary set forth herein, any payments and benefits provided under this Section 4 that constitute "deferred compensation"
within the meaning of Section 409A of the Internal Revenue Code and the regulations and other guidance thereunder and any state
law of similar effect (collectively "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-l(h) (a
 "Separation From Service"), unless the Company reasonably determines that such amounts may be provided to Executive without
causing Executive to incur the additional 20% tax under Section 409A. The parties intend that each installment of the separation
benefits payments provided for in this Agreement is a separate "payment" for purposes of Treasury Regulation Section 1.409A-2(b)(2)(i).
For the avoidance of doubt, the parties intend that payments of the Separation Benefits set forth in this Agreement satisfy, to the greatest
extent possible, the exemptions from the application of Section 409A provided under Treasury Regulation Sections 1.409A-l(b)(4),
1.409A-l(b)(5) and 1.409A-1(b )(9). Executive and the Company agree to use their best efforts to amend the terms of this Agreement
from time to time as may be necessary to avoid the imposition of penalties or additional taxes under Section 409A of the Internal
Revenue Code; provided, however, any such amendment will provide Executive substantially equivalent economic payments and benefits as
set forth herein and will not in the aggregate, materially increase the cost to, or liability of, the Company hereunder. However, if
the Company determines that the Separation Benefits constitute "deferred compensation" under Section 409A and Executive
is, on the termination of service, a "specified employee" of the Company or any successor entity thereto, as such term is defined
in Section 409A, then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A,
the timing of the Separation Benefits payments will be delayed until the earlier to occur of: (i) the date that is six months and
one day after Executive' s Separation From Service, or (ii) the date of Executive' s death (such applicable date, the "Specified
Employee Initial Payment Date"), the Company (or the successor entity thereto, as applicable) will (A) pay to Executive a lump
sum amount equal to the sum of the Separation Benefits payments that Executive would otherwise have received through the Specified Employee
Initial Payment Date if the commencement of the payment of the Separation Benefits had not been so delayed pursuant to this Section and
(B) commence paying the balance of the separation benefits in accordance with the applicable payment schedules set forth in this
Agreement.

 

    8

     

    

 

5.            GUARANTEE
BY CORONADO BIOSCIENCES, INC.

 

Although
Executive is an employee of the Company and not of Coronado Biosciences, Inc. (the Company's parent company), in the event that
the Company fails or is unable to pay Executive the compensation due to him pursuant to this Agreement, upon notice from Executive, Coronado
Biosciences will pay or ensure that the Company will pay such amounts to Executive. Coronado Biosciences' liability pursuant to this
guarantee will in no event be greater than the amount that is due to Executive pursuant to this Agreement. In the event of any claim
pursuant to this guarantee, Coronado Biosciences will have available to it all defenses and set-offs available to the Company.

 

6.            ASSIGNMENT
AND BINDING EFFECT.

 

This
Agreement shall be binding upon and inure to the benefit of Executive and Executive's heirs, executors, personal representatives, assigns,
administrators and legal representatives. Because of the unique and personal nature of Executive's duties under this Agreement, neither
this Agreement nor any rights or obligations under this Agreement shall be assignable by Executive. This Agreement shall be binding upon
and inure to the benefit of the Company and its successors, assigns and legal representatives. Any such successor of the Company will
be deemed substituted for the Company under the terms of this Agreement for all purposes. For this purpose, "successor" means
any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly
acquires all or substantially all of the assets or business of the Company.

 

    9

     

    

 

7.            NOTICES.

 

All
notices or demands of any kind required or permitted to be given by the Company or Executive under this Agreement shall be given in writing
and shall be personally delivered (and receipted for) or faxed during normal business hours or mailed by certified mail, return receipt
requested, postage prepaid, addressed as follows :

 

	 	If
    to the Company:	 
	 	 	 
	 	Coronado
    Dermatology, Inc.	 
	 	 	 
	 	 	 
	 	 	 
	 	Attn:
                	 
	 	 	 
	 	If
    to Executive:	 
	 	 	 
	 	Claude
    Maraoui	 
	 	10020
    N 111th Place	 
	 	Scottsdale,
    AZ	 

 

Any
such written notice shall be deemed given on the earlier of the date on which such notice is personally delivered or three (3) days
after its deposit in the United States mail as specified above. Either Party may change its address for notices by giving notice to the
other Party in the manner specified in this Section.

 

8.            CHOICE
OF LAW.

 

This
Agreement shall be construed and interpreted in accordance with the internal laws of the State of New York without regard to its conflict
of laws principles.

 

9.            INTEGRATION.

 

This
Agreement, including all documents referenced herein, contains the complete, final and exclusive agreement of the Parties relating to
the terms and conditions of Executive's employment and the termination of Executive's employment, and supersedes all prior and contemporaneous
oral and written employment agreements or arrangements between the Parties.

 

10.          AMENDMENT.

 

This
Agreement cannot be amended or modified except by a written agreement signed by Executive and the Company.

 

    10

     

    

 

11.          WAIVER.

 

No
term, covenant or condition of this Agreement or any breach thereof shall be deemed waived, except with the written consent of the Party
against whom the wavier is claimed, and any waiver or any such term, covenant, condition or breach shall not be deemed to be a waiver
of any preceding or succeeding breach of the same or any other term, covenant, condition or breach.

 

12.          SEVERABILITY.

 

The
finding by a court of competent jurisdiction of the unenforceability, invalidity or illegality of any provision of this Agreement shall
not render any other provision of this Agreement unenforceable, invalid or illegal. Such court shall have the authority to modify or
replace the invalid or unenforceable term or provision with a valid and enforceable term or provision, which most accurately represents
the Parties' intention with respect to the invalid or unenforceable term, or provision.

 

13.          INTERPRETATION;
CONSTRUCTION.

 

The
headings set forth in this Agreement are for convenience of reference only and shall not be used in interpreting this Agreement. This
Agreement has been drafted by legal counsel representing the Company, but Executive has been encouraged to consult with, and has consulted
with, Executive's own independent counsel and tax advisors with respect to the terms of this Agreement. The Parties acknowledge that
each Party and its counsel has reviewed and revised, or had an opportunity to review and revise, this Agreement, and any rule of
construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation
of this Agreement.

 

14.          ATTORNEYS
FEES.

 

Except
as otherwise prohibited by law, in the event a Party brings an action to enforce the terms of this Agreement, in addition to any other
remedies, the prevailing party will be entitled to recovery of its reasonable attorneys' fees and costs incurred by it arising out of
such breach or the defense thereof.

 

15.          REPRESENTATIONS
AND WARRANTIES.

 

15.1
Obligations to Prior Employers. Executive represents and warrants to the Company that Executive is not obligated or restricted under
any agreement (including any non-competition or confidentiality agreement), judgment, decree, order or other restraint of any kind that
could impair Executive's ability to perform the duties and obligations required of Executive hereunder. Executive further represents
and warrants to the Company that he has not violated any confidentiality agreement or other similar obligation that he has to any former
employer and that he has not disclosed any confidential or trade secret information belonging to any former employer to the Company or
its agents. Executive agrees that he will not use confidential information and/or trade secrets belonging to any former employer in his
employment with the Company or otherwise as a resource for building the business of the Company and will structure his and the Company's
work environment and practices in such a way to ensure that any such information will not be used or disclosed during the course of his
relationship with the Company.

 

    11

     

    

 

 

15.2
Litigation Support. Both during and after Executive's employment with the Company, if the Company is evaluating, pursuing, contesting
or defending any proceeding, charge, complaint, claim, demand, notice, action, suit, litigation, hearing, audit, investigation, arbitration
or mediation, in each case whether initiated by or against the Company (collectively, a "Proceeding"), other
than a Proceeding initiated by or against Executive, Executive will reasonably cooperate with the Company and its counsel in the evaluation,
pursuit, contest or defense of the Proceeding and provide such testimony and access to books and records as may be necessary in connection
therewith. Any such cooperation shall be done at times mutually convenient for Executive and the Company, and the Company will ensure
that any such cooperation does not interfere with any duties or obligations that Executive may have to a third party, including any future
employer. The Company will reimburse Executive for Executive's out-of-pocket expenses related to such cooperation.

 

15.3
Future Employment. In the event of Executive's separation from the Company, regardless of the reason or cause of that separation,
Executive agrees that for a period of twelve (12) months from the date his employment terminates, he will provide the Company with no
fewer than three (3) business days' notice of his intent to accept employment with or for an organization other than Company for
the express purpose of allowing the Company to determine if such proposed employment interferes with any of Executive's surviving obligations
under this Agreement. The notice of intent to accept employment will identify the new employer, list Executive's anticipated title and
describe his anticipated duties.

 

16.            COUNTERPARTS.

 

This
Agreement may be executed in two counterparts, each of which shall be deemed an original, all of which together shall contribute one
and the same instrument.

 

17.            JURISDICTION;
VENUE.

 

The
Parties agree that any litigation arising out of or related to this Agreement or Executive's employment by the Company shall be brought
exclusively in any state or federal court in New York, New York. Each Party (i) consents to the personal jurisdiction of said courts,
(ii) waives any venue or inconvenient forum defense to any proceeding maintained in such courts, and (iii) except as otherwise
provided in this Agreement, agrees not to bring any proceeding arising out of or relating to this Agreement or Executive's employment
by the Company in any other court.

 

    13 

     

    

 

18.            ADVERTISING
WAIVER.

 

Executive
agrees to permit the Company, and persons or other organizations authorized by the Company, to use, publish and distribute advertising
or sales promotional literature concerning the products and/or services of the Company, or the machinery and equipment used in the provision
thereof, in which Executive's name and/or pictures of Executive taken in the course of Executive's provision of services to the Company
appear. Executive hereby waives and releases any claim or right Executive may otherwise have arising out of such use, publication or
distribution.

 

[Remainder
of Page Intentionally Left Blank. Signature Page Immediately Follows]

 

    14 

     

    

 

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

 

	Coronado
    dermatology, inc.	 	 
	 	 	 
	 	 	9/22/2014
	name:	 	date
	position:	 	 
	 	 	 
	executive: 	 	 
	 	 	 
	/s/
    claude maraoui	 	9-22-14
	claude maraoui	 	date
	 	 	 
	for purposes of section 5
    only:	 	 
	coronado biosciences, inc.	 	 
	 	 	 
	/s/
    lindsay a. Rosenwald,md	 	9/22/2014
	lindsay a. Rosenwald,md	 	date
	chief executive officer	 	 

 

    15 

     

    

 

EXHIBIT A

 

    16 

     

    

 

EXHIBITB

 

Release
of Claims

 

RELEASE
OF CLAIMS

 

THIS
RELEASE OF CLAIMS (this "Release") is made by Claude Maraoui ("Executive") into as of the date
it is signed by Executive, as indicated on the signature page hereof.

 

Executive
acknowledges that he previously executed an Employment Agreement (the "Agreement") that included, among other items,
a promise of severance pay and other benefits by Coronado Dermatology, Inc. (the "Company") in certain situations,
contingent upon Executive's execution of a release of claims. Pursuant to the terms of the Agreement and Company' s promise to provide
severance pay and other benefits, Executive executes this Release.

 

Executive,
on his own behalf and on behalf of his heirs, personal representatives, successors and assigns, hereby release and forever discharge
the Company and each of its Affiliates and each and every one of their respective present and former shareholders, directors, officers,
members, employees, agents, insurers, predecessors, successors and assigns (the "Released Parties"), of and from any
and all claims, demands, actions, causes of action, damages, costs and expenses which Executive now has or may have by reason of anything
occurring, done or omitted to be done as of or prior to date he signs this Release including, but not limited to, (i) any and all
claims related to Executive's employment with Company and the termination of same; (ii) any and all claims for additional compensation
or benefits other than the compensation and benefits set forth in the Agreement, including but not limited to wages, commissions, deferred
compensation, bonuses, or other benefits of any kind; (iii) any and all claims relating to employment practices or policies of Company
or its Affiliates; and (iv) any and all claims arising under any state or federal legislation, including, but not limited to, claims
under the Employee Retirement Income Security Act, the Family Medical Leave Act, Title VII of the Civil Rights Act of 1964, as amended,
the Civil Rights Act of 1991 , the Age Discrimination in Employment Act, the Americans with Disabilities Act, as amended, the Older Workers
Benefit Protection Act, any act relating to military service, any New York law related to human rights and/or civil rights, and any other
federal, state or local law or regulation prohibiting employment discrimination or otherwise governing the employment relationship between
Executive and Company (the "Released Claims"), except that notwithstanding anything contained in this Release, Executive
understands that he is not releasing any claims which cannot by law be released.

 

Executive
further covenants and agrees that he will not sue any of the Released Parties on any ground arising out of or related to any of the Released
Claims. Executive acknowledges and agrees that this covenant does not preclude him from filing a charge or complaint with any government
agency, to the extent permitted by law, but expressly releases, waives, and disclaims any right to compensation or other benefit that
may otherwise inure to him as a result of any such charge or complaint involving the Company.

 

    17 

     

    

 

In
making this Release, Executive further represents and acknowledges that:

 

(a)
            He is voluntarily entering into and signing this Release;

 

(b)            The
claims waived, released and discharged in the above Release include any and all claims Executive has or may have arising out of or related
to his employment with the Company and the termination of that employment, including any and all claims under the Age Discrimination
in Employment Act;

 

(c)            Those
claims waived, released and discharged in this Release do not include, and Executive is not waiving, releasing or discharging, any claims
that may arise after the date he signs this Release;

 

(d)             The
payments and benefits conditioned upon Executive's execution of this Release constitute consideration that Executive was not entitled
to receive before the effective date of this Release absent the execution of this Release;

 

(e)            
Executive was given twenty-one (21) days within which to consider this Release;

 

(f)            The
Company has advised Executive of his right to consult with an attorney regarding this Release before executing the Release and encouraged
him to exercise that right;

 

(g)            Executive
may revoke this Release at any time within seven (7) days after the date he signs this Release, and this document will not become
effective or enforceable until the eighth (8th) day after the date he signs this Release ( on which day this Release will automatically
become effective and enforceable unless previously revoked within that seven (7) day period); and

 

(h)             EXECUTIVE
HAS CAREFULLY READ THIS DOCUMENT, AND FULLY UNDERSTANDS EACH AND EVERY TERM.

 

I
hereby execute this Release on the               day of                          
 ,                   .

 

	 	 
		Claude
  Maraoui

 

    18

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