Document:

Blueprint

 

 

CONSULTING AGREEMENT

 

This Consulting Agreement (herein referred to
as "Agreement")
is made and entered into as of this
December 1, 2016 (the "Effective
Date"), by and between Monopar Therapeutics Inc. (herein
referred to as "Monopar"), a Delaware limited liability corporation. located
at corporation,
located at 5 Revere Dr., Suite 200,
Northbrook, IL 60062, and Andrew P. Mazar (herein referred
to as "MAZAR") who resides at # (each
herein referred to as "Party" and collectively as "Parties'').

 

RECITALS

 

WHEREAS, MAZAR
specializes in the field of pre-clinical and clinical
development,
including but not limited to:
pre-clinical study design, clinical trial design, clinical
operations, manufacturing operations, regulatory
strategy, drug candidate evaluation, and investor due
diligence; and

 

WHEREAS, Monopar desires to contract with MAZAR to
provide certain consultation services, as requested
by Monopar, and MAZAR wishes to provide such services to
Monopar, upon the terms and conditions set forth
below.

 

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

 

1. 

Consulting
Arrangement. MAZAR
agrees to perform consulting services as described herein upon the
terms and conditions herein set forth.

 

2.

Term of
Agreement Subject to the
provision for early termination set forth below in
Section S
of this Agreement, this Agreement
shall commence as of the Effective Date and shall continue for a
period of twelve (12) months from the Effective Date (the
"Term"). Either Party may terminate this Agreement without
cause with 10-days’ prior
written notice.

 

3. 

Duties
of MAZAR.

 

3.1 

Specific
Duties. MAZAR shall provide
consulting services to Monopar, such duties to include
pre-clinical study design, clinical trial design,
clinical operations oversight,
manufacturing oversight, regulatory strategy, drug candidate
evaluation, and investor due diligence with such other specific
requirements as Monopar may specify from time to time during the
Term (herein referred to as the "Services").

 

3.2 

MAZAR's
Obligations. MAZAR
shall be diligent in the performance of Services, and be
professional in his commitment to meeting his obligations
hereunder. MAZAR represents and warrants that MAZAR is not
party to any
other existing agreement, which any of
them would prevent him from entering into this Agreement or which
would adversely affect this Agreement. MAZAR shall not perform
Services for any other individuals or entities in direct
competition with Monopar, except as
provided for by mutual written agreement of the
Parties. MAZAR shall not perform services for any party
which would require or facilitate

 

 

 

 

the unauthorized disclosure of any confidential or
proprietary information of Monopar.

 

3.3 

Reporting.
MAZAR will report to and liaise with Chandler Robinson, M.D., and
Christopher M. Starr, Ph.D. and/or any other assigned Monopar
employee or consultant as may be designated in writing by
Monopar.

 

3.4 

Compensation.
Monopar shall pay MAZAR a cash
retainer of $25,000 per month not to exceed $300,000 for the period
of this Agreement, unless modified in writing by mutual agreement
amongst the Parties.

 

MAZAR
shall not be reimbursed, and is responsible for the facilities and
equipment necessary to perform Services required under this
Agreement.

 

4.

Reimbursement of Other
Expenses. So long as Monopar's
prior approval has
been obtained, Monopar shall
promptly reimburse
MAZAR for all direct
expenses incurred in providing
the Services to Monopar pursuant to this Agreement, including
travel, meals and lodging.
The invoice submitted by MAZAR
pursuant to this Section 4 shall also include a detail of all reimbursable
expenses incurred during the period covered by such
invoice.

 

5. 

Termination of
Agreement - Failure to
perform. In the event that
MAZAR ceases
to perform the Services or breaches
its obligations as required hereunder for any reason, Monopar shall have the right to immediately
terminate this Agreement upon notice to MAZAR and to enforce such
other rights and remedies as it may have as a result
of said breach.

 

6. 

Certain
Liabilities. It is understood
and agreed that MAZAR shall be acting as an
independent contractor and not as an
agent or employee of, or partner, joint venturer or in
any other relationship with Monopar MAZAR will be solely
responsible for all
his insurance, employment taxes, FICA
taxes and all obligations to governments or other
organizations arising out of this consulting assignment. MAZAR
acknowledges that no
income, social security or other taxes
shall be withheld or accrued by Monopar for MAZAR'
s benefit. MAZAR assumes all risks and hazards
encountered in the
performance of duties under this
Agreement. Unless Monopar has provided prior written approval,
MAZAR shall not use
any sub-contractors to perform MAZAR's
obligations hereunder. MAZAR shall be solely responsible for
any and all injuries, including death, to all persons and any and
all loss or damage to property, which may result from
performance under this
Agreement.

 

7. 

Indemnities. MAZAR hereby
agrees to indemnify Monopar and hold Monopar harmless from and against all claims
(whether asserted by a person,
firm, entity or governmental unit or otherwise). liabilities, losses, damages, expenses, charges and fees which Monopar
may sustain or incur arising
out of or attributable to any breach, gross negligence or willful misconduct by MAZAR, as applicable, in the
performance under this Agreement. Monopar hereby agrees to indemnify MAZAR and hold
MAZAR harmless from and against all liabilities losses, damages,
expenses, charges and fees which MAZAR may sustain or incur by reason of any
claim which may be asserted against MAZAR by any person,
firm, corporation or governmental unit and which may arise out
of or be attributable to any gross 

 

 

 

 

 

negligence or willful misconduct by Monopar or its
employees or contractors, as
applicable, in the performance of this
Agreement.

 

8.

Warranties.
The Services shall be performed in a
professional manner, consistent with
industry standards. In performing the Services, MAZAR shall not
make any unauthorized use of any confidential or
proprietary information of any other party or infringe
the intellectual property rights of any other
party.

 

9.

Arbitration.
Any controversy or claim between Monopar and MAZAR
arising out of or relating to this Agreement, or the
breach thereof,
shall be submitted to arbitration in
accordance with the rules of the American Arbitration Association.
The site of the arbitration shall be Chicago, Illinois,
and except as provided herein the arbitration shall be conducted in
accordance with the Rules of the American Arbitration Association
prevailing at the time the demand for arbitration is made
hereunder. At least one member
of the arbitration panel shall be an expert knowledgeable in the
area of biopharmaceutical clinical development. Judgment upon any
award rendered by the arbitrator(s) may be entered in any court of
competent jurisdiction and shall be binding and final. The cost of
arbitration shall be borne by the losing
Party, as determined by the
arbitrator(s).

 

10.

 Confidential
Information. MAZAR has executed the attached
confidential disclosure agreement referenced herein as
Appendix A
prior to commencement of the
Services.
MAZAR hereby represents and warrants
that the obligations thereunder shall be
binding.

 

11.

Inventions.
MAZAR agrees that all ideas, developments, suggestions
and inventions conceived or reduced to practice arising out of or
during the course of performance under this Agreement shall be the
exclusive property of Monopar and shall be promptly communicated
and assigned to Monopar. MAZAR shall require any employees of or
other parties contracted by MAZAR to disclose the same to MAZAR and
to be bound by the provisions of this paragraph. During the period
of this Agreement and thereafter at any reasonable time when called
upon to do so by Monopar, MAZAR shall
require any employees of or
other parties contracted by MAZAR to execute patent applications,
assignments to Monopar (or any designee of Monopar) and other
papers and to perform acts which Monopar believes necessary to
secure to Monopar full protection and ownership of the rights in
and to the services performed by MAZAR and/or for the preparation,
filing and prosecution of applications for patents or inventions
made by any employees of or other parties contracted by MAZAR
hereunder. The decision to file patent applications on inventions
made by any employees of or other parties contracted by MAZAR shall
be made by Monopar and shall be for such countries, as Monopar
shall elect. Monopar agrees to bear all the expense in connection
with the preparation,
filing and prosecution of applications
for patents and for all matters provided in this paragraph
requiring the time and/or assistance of MAZAR as to such
inventions.

 

12.

Miscellaneous.

 

12.1

Notice.
Any notices to be given hereunder by
either Party to the other may be effectuated, in writing, by personal
delivery or by mail, registered or certified,

 

 

 

 

postage prepaid, with return
receipt requested. Mailed notices shall be addressed to the parties
at the following addresses:

 

If to
Monopar:

 

 

 

 

If to MAZAR:

 

Monopar Therapeutics Inc. 5 Revere Dr., Suite 200

Northbrook, IL, 60062

 

Attention: Chandler Robinson, MD MBA MSc

 

Email: #

 

Andrew P. MAZAR

#

Email: #

 

 

or at such other addresses as either Monopar or
MAZAR may designate by written notice to each other. Notices
delivered personally shall be deemed duly given on the
date of actual receipt; mailed notices shall be deemed duly given
as of the fourth day after the date so
mailed.

 

12.2 

Waiver of
Breach. The waiver by either Party to a breach of any
provision in this
Agreement cannot operate or be
construed as a waiver of any subsequent breach by either
Party.

 

12.3 

Severability.
If any provision of this Agreement is determined by a court of
competent jurisdiction to be invalid or unenforceable, that
provision shall be deemed modified to the extent necessary to make
it valid or enforceable,
or if it cannot be so modified, then
severed, and the remainder of the Agreement shall continue in full
force and effect as if the Agreement had been signed with the
invalid portion so modified or severed.

 

12.4

Choice of
Law. This Agreement has been
made and entered into in the State of Illinois, and the laws of
such state, excluding its choice of law rules, shall govern
the validity and interpretation of this Agreement and the
performance due hereunder. The losing
party in any dispute hereunder shall pay the
attorneys' fees and disbursements of the prevailing
party.

 

12.5 

Integration.
The drafting, execution and delivery of this Agreement by the
Parties have been induced by no representations, statements, warranties
or agreements other than those expressed herein. This Agreement
embodies the entire understanding of the Parties, and there
are no further or other agreements or understandings, written or
oral, in effect between the Parties relating to the subject matter
hereof unless expressly referred to herein.

 

12.6 

Modification.
This Agreement may not be modified unless such is in writing and
signed by both Parties to this Agreement.

 

 

 

 

12.7 

Assignment.
MAZAR shall not be
permitted to assign this Agreement to
any other person or entity without the prior written consent of
Monopar. MAZAR hereby agrees that Monopar shall be permitted
to assign this Agreement to any
affiliate of Monopar. This Agreement shall be binding upon
and shall inure
to the benefit of the
successors and permitted assigns of the
parties.

 

12.8 

Survival.
The provisions
of Sections 7, 8, 9, 10, and
11 shall survive expiration or termination of this Agreement for
any reason. Expiration
or termination of this Agreement shall
not affect Monopar's obligations to pay any amounts that may then
be due to MAZAR

 

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

 

 

ACCEPTED AND AGREED
TO:                                                                                      
..

 

 

Andrew P.
Mazar                                                                            
MONOPAR THERAPEUTICS INC.

 

 

/s/ Andrew
P. Mazar                                                                       

/s/ Chandler D. Robinson

 

BY: ANDREW P.
MAZAR                                                           
BY: CHANDLER D. ROBINSON

                         
ITS:
CHIEF EXECUTIVE OFFICER

 

 

 

 

 

APPENDIX A

 

See executed CDA attachedBlueprint

 

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

 

This Executive Employment
Agreement (the "Agreement")
is entered into as of
November 1, 2017, by and between Andrew P. Mazar
("Executive")
and Monopar
Therapeutics Inc. (the "Company").

 

 

Whereas,
the Company desires to employ
Executive as its Executive Vice President, Research and Development
and Chief Scientific Officer, effective as of November 1, 2017
(the "Effective
Date"), and Executive desires
to serve in such capacity, pursuant to the terms and conditions set
forth in this Agreement; and

 

Now,
Therefore, in consideration of
the mutual promises and covenants contained herein, it is hereby
agreed by and between the parties hereto as
follows:

 

 

ARTICLE
I

 

DEFINITIONS

 

 

For
purposes of the Agreement, the following terms are defined as
follows:

 

 

 

1.1. "Board" means the Board of Directors of
the Company.

 

 

1.2. "Cause" means any of the following events
described below:

 

 

(a) Executive's
conviction of a felony or other crime involving moral
turpitude;

 

 

(b) any
willful act or acts of dishonesty undertaken by Executive and
intended to result in substantial gain or personal enrichment of
Executive, Executive's family or any third party at the expense of
the Company;

 

 

(c) any
willful act of gross misconduct which is materially and
demonstrably injurious to the Company; and/or

 

 

(d) Executive's
inability under applicable law to continue to work lawfully in the
United States.

 

 

 

For
the purpose of this Agreement, no act, or failure to act, by
Executive shall be considered "willful" if done, or omitted to be
done, by him in good faith and in the reasonable belief that his
act or omission was in the best interest of the Company and/or
required by applicable law.

 

 

1.3. "Change in Control"
means the occurrence
of any of the following events: (i) any sale or exchange of the
capital stock by the stockholders of the Company in one
transaction

 

 

 

 

 

 

 

 

or series of related transactions where more than
fifty percent (50%) of the outstanding voting power of the Company
is acquired by a person or entity or group of related persons or
entities; or (ii) any reorganization, consolidation or merger of
the Company where the outstanding voting securities of the Company
immediately before the transaction represent or are converted into
less than fifty percent (50%) of the outstanding voting power of
the surviving entity (or its parent corporation) immediately after
the transaction; or (iii) the consummation of any transaction or series of
related transactions that results in the sale of all or
substantially all of the assets of the Company; or (iv) any
"person" or "group" (as defined in the Securities Exchange Act of
1934, as amended (the "Exchange Act") becoming the "beneficial
owner" (as defined in Rule 13d-3 under the Exchange Act) directly
or indirectly of securities representing more than fifty percent
(50%) of the voting power of the Company then outstanding. Except
that any change in the beneficial ownership of the securities of
the Company as a result of a private financing of the Company that
is approved by the Board, shall not be deemed to be a Change in
Control.

 

 

1.4.

"Change in Control
Multiple" shall mean one and a half
(1.5).

 

 

1.5.  "Change in Control
Period" means
that period commencing on the consummation of a Change in Control
and ending on the first anniversary thereof.

 

 

 

1.6.  COBRA" means the Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended.

 

 

1.7.

"Code" means the Internal Revenue Code
of 1986, as amended.

 

 

1.8.

"Company" means Monopar Therapeutics Inc.
or any successor thereto.

 

 

1.9.  "Confidential Disclosure
Agreement" means the Confidential Disclosure
Agreement entered into between Executive and the
Company.

 

 

 

    
1.10.      
"Covered Termination" means (a) an Involuntary
Termination Without Cause or (b)
a voluntary termination for Good Reason, provided that the
termination constitutes a Separation

  
from Service.

 

 

1.11. "Good Reason"
means
Executive' s resignation as a result of a
Good Reason Condition. In order 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 initial existence of such Good Reason Condition. Upon receipt
of such notice of the Good Reason Condition, the Company will be
provided with a period of thirty (30) days during which it may
remedy the Good Reason Condition and not be required to provide for
the payments and benefits described in Section 4 as a result of
such proposed resignation due to the Good Reason Condition
specified in the notice. If the Good Reason Condition is not
remedied within the period specified in the preceding sentence,
Executive may resign for

 

 

 

 

 

 

 

 

 

Good
Reason based on the Good Reason Condition specified in the notice,
provided that such resignation must occur within sixty (60) days
after the initial existence of such Good Reason
Condition.

 

 

1.12. "Good Reason Condition"
means that any of the
following are undertaken without Executive's express written
consent:

 

 

(a) a
material reduction in Executive's Base Salary;

 

 

(b)

a
material diminution in Executive's responsibilities;

 

 

(c)

the
Company's material breach of any material term of this Agreement;
or

 

 

(d) a
requirement that Executive relocate to an office that would
increase Executive's one-way commute distance by more than fifty
(50) miles based on Executive's primary residence at the time such
relocation is announced.

 

 

1.13. "Involuntary Termination
Without Cause" means Executive's dismissal or
discharge by the Company other than for Cause. The termination of
Executive's employment as a result of Executive's death or
inability to perform the essential functions of his job due to
disability will not be deemed to be an Involuntary Termination
Without Cause.

 

 

1.14. "Separation from
Service" means
Executive's termination of employment or service where such
termination of employment or service constitutes a "separation from
service" within the meaning of Treasury Regulation Section
1.409A-l(h).

 

 

ARTICLE II

 

EMPLOYMENT BY THE COMPANY

 

 

2.1. Position and Duties.
Subject to terms set
forth herein, as of the Effective Date, Executive shall serve as
the Company's Executive Vice President, Research and Development
and Chief Scientific Officer, and perform such duties as are
customarily associated with the position of Executive Vice
President, Research and Development and Chief Scientific Officer,
and such other duties as are assigned to Executive by the Chief
Executive Officer or the Board. During the term of Executive's
employment with the Company, Executive will devote Executive's best
efforts and substantially all of Executive's business time and
attention (except for vacation periods and reasonable periods of
illness or other incapacities permitted by the Company's general
employment policies, if any, or as otherwise set forth in this
Agreement) to the business of the Company.

 

 

2.2. Employment at Will.
Both the Company and
Executive shall have the right to terminate Executive's employment
with the Company at any time, with or without
Cause,

 

 

 

 

 

 

 

 

and
without prior notice. If Executive's employment with the Company is
terminated, Executive will be eligible to receive severance
benefits to the extent provided in this Agreement.

 

 

2.3. Employment Policies.
The employment relationship between
the parties shall also be governed by the general employment
policies and practices of the Company, if any, including those
relating to protection of confidential information and assignment
of inventions, except that when the terms of this Agreement differ
from or are in conflict with the Company's general employment
policies or practices, this Agreement shall
control.

 

 

ARTICLE III

COMPENSATION

 

 

3.1. Base
Salary. As of the Effective
Date, Executive shall receive for services to be rendered hereunder
an annual base salary of $350,000 ("Base Salary"),
payable on the regular payroll dates
of the Company, subject to increase in the sole discretion of the
Board.

 

 

3.2. Sign-on
Bonus. Executive shall be paid
a one-time sign-on bonus of $8,750 (gross before taxes) payable
with Executive's first regular paycheck.

 

 

3.3. Annual
Bonus. Executive is subject to
an annual bonus at the discretion of the Board, which bonus is
initially being targeted for up to 40% of the annualized amount of
Base Salary.

 

 

3.4. Standard
Company Benefits. Executive
shall be entitled to all rights and benefits for which Executive is
eligible under the terms and conditions of the standard Company
benefits and compensation practices, if any, that may be in effect
from time to time and are provided by the Company to its executive
employees generally. Executive shall be entitled each year to four
(4) weeks leave for vacation at full pay, provided, that the
maximum amount Executive may have accrued at any point in time is
four (4) weeks (meaning that once Executive has accrued four (4)
weeks, Executive will not accrue any additional vacation time until
he takes vacation and falls below the four (4) week accrual cap).
Executive shall also be entitled to reasonable holidays and illness
days with full pay in accordance with the policies applicable to
the Company and its affiliates, if any, from time to time in
effect. Employee acknowledges and agrees that in order to maintain
flexibility, the Company and its affiliates have the right to amend
or terminate any employee benefit plan at any time. Until such time
as the Company obtains healthcare benefits for eligible employees
and Executive elects to opt in to such benefits, Executive shall be
entitled to an additional salary of at least $4,583.33 per month or
such greater amount as determined by the Board.

 

 

 

3.5. Stock
Options. Subject to approval by
the Board, Executive may be granted options to purchase shares of
the Company's common stock with an exercise price per
share

 

 

 

 

 

 

 

 

as
determined by the Compensation Committee or similar function of the
Board.

 

 

 

3.6. Expenses.
The Company will reimburse Executive
for all reasonable and necessary expenses incurred by Employee in
connection with the Company's business, provided that such expenses
incurred and are properly documented and accounted for in
accordance with the policy of the Company and requirements of the
Internal Revenue Service.

 

 

 

ARTICLE IV

SEVERANCE AND CHANGE IN CONTROL BENEFITS

 

 

4.1. Severance Benefits.
Upon Executive's termination of
employment, Executive shall receive any accrued but unpaid Base
Salary and other accrued and unpaid compensation, including any
Annual Bonus that has been earned with respect to a prior year, but
remains unpaid as of the date of the termination.
If
the termination is due to a Covered
Termination or permanent disability, provided that Executive first
returns all Company property in his possession and, within sixty
(60) days following the Covered Termination, executes and does not
revoke an effective general release of all claims against the
Company and its affiliates in a form reasonably acceptable to the
Company and Executive (a "Release of Claims"),
Executive shall also be entitled to
receive the following severance benefits described in this Section
4.1.

 

 

(a) Covered Termination Not Related
to a Change in Control. If
Executive's employment terminates due
to a Covered Termination which occurs outside of a Change in
Control Period, Executive shall receive the
following:

 

 

 

(i) An
amount equal to twelve (12) months of Executive's Base Salary
payable in substantially equal installments in accordance with the
Company's normal payroll policies, if any, less applicable
withholdings, with such installments to commence as soon as
administratively practicable following the date the Release of
Claims is not subject to revocation and, in any event, within sixty
(60) days following the date of the Covered
Termination.

 

 

(ii) If
Executive elects to
receive continued healthcare coverage pursuant to the provisions of
COBRA, the Company shall directly pay, or reimburse Executive for,
the premium for Executive and Executive's covered dependents
through the earlier of (i) the first anniversary of the date of
Executive's termination of employment and (ii) the date Executive and
Executive's covered dependents, if any, become eligible for
healthcare coverage under another employer's plan(s).
Notwithstanding the foregoing, (i) if any plan pursuant to which
such benefits are provided is not, or ceases prior to the
expiration of the period of continuation coverage to be, exempt
from the application of Section 409A of the Code under Treasury
Regulation Section l.409A-l(a)(5), or (ii) the Company is otherwise
unable to continue to cover Executive under its group health plans
without penalty under

 

 

 

 

 

 

 

 

applicable
law (including without limitation, Section 2716 of the Public
Health Service Act), then, in either case, an amount equal to each
remaining Company subsidy shall thereafter be paid to Executive in
substantially equal monthly installments. After the Company ceases
to pay premiums pursuant to this Section 4.l(a)(ii), Executive may,
if eligible, elect to continue healthcare coverage at Executive's
expense in accordance with the provisions of COBRA.

 

(iii) All
of Employee's vested options or stock appreciation rights with
respect to the Company's common stock shall remain exercisable
until the first anniversary of Executive's termination of
employment (or, if earlier, the maximum period specified in the
award documents and plans governing such options or stock
appreciation rights, as applicable, assuming Executive's employment
had not terminated).

 

 

(b) Covered Termination Related to
a Change in Control. If
Executive's
employment terminates due to a Covered Termination that occurs
during a Change in Control Period, Executive shall receive the
following:

 

 

 

    
(i)    Executive shall be entitled to
receive an amount equal to the Change in Control Multiplier
multiplied by the sum of: (i)
Executive's Base
Salary and (ii) Executive' s target Annual Bonus for the
fiscal year of Executive's termination, in each case, at the rate
equal to the higher of (x) the rate in effect immediately prior to
Executive's termination of employment or (y) the rate in effect
immediately prior to the Change in Control payable in a cash lump
sum, less applicable withholdings, as soon as administratively
practicable following the date the Release of Claims is not subject
to revocation and, in any event, within sixty (60) days following
the date of the Covered Termination.

 

 

    
(ii)    If Executive
elects to receive continued healthcare coverage pursuant to the
provisions of COBRA, the Company shall directly pay, or reimburse
Executive for, the premium for Executive and Executive's covered
dependents through the earlier of (i) the date that is that number
of years equal to the Change in Control Multiplier following the
date of Executive's termination of employment and (ii) the date
Executive and Executive's covered dependents, if any, become
eligible for healthcare coverage under another employer's plan(s).
Notwithstanding the foregoing, (i) if any plan pursuant to which
such benefits are provided is not, or ceases prior to the
expiration of the period of continuation coverage to be, exempt
from the application of Section 409A of the Code under Treasury
Regulation Section 1.409A-l(a)(5), or (ii) the Company is otherwise
unable to continue to cover Executive under its group health plans
without penalty under applicable law (including without limitation,
Section 2716 of the Public Health Service Act), then, in either
case, an amount equal to each remaining Company subsidy shall
thereafter be paid to Executive in substantially equal monthly
installments. After the Company ceases to pay premiums pursuant to
this Section 4.l(b)(ii), Executive may, if eligible, elect to
continue healthcare coverage at Executive's expense in accordance
with the provisions of COBRA.

 

 

 

    (iii)     Each
outstanding equity award, including, without limitation, each stock
option and restricted stock award, held by Executive shall
automatically become vested and, if applicable, exercisable and any
forfeiture restrictions or rights of repurchase thereon shall
immediately lapse, in each case, with respect to one hundred
percent (100%) of the shares subject thereto. To the extent vested
after giving effect to the acceleration provided in the preceding
sentence, each stock option held by Executive shall remain
exercisable until the earlier of the original expiration date for
such stock option or the second anniversary of Executive's Covered
Termination.

 

 

(c) Termination for Death or
Disability. If
Executive's employment is terminated
due to death or permanent disability where the Company makes a
determination in good faith that, due to a mental or physical
incapacity, Executive has been unable to perform his duties under
this Agreement for a period of not less than six (6) consecutive
months or 180 days in the aggregate in any 12-month period,
Executive shall receive the following:

 

 

(i) An amount equal to three (3) months
of Executive's Base Salary payable in substantially equal
installments in accordance with the Company's normal payroll
policies, less applicable withholdings, with such installments to
commence as soon as administratively practicable following the date
the Release of Claims is not subject to revocation and, in any
event, within sixty (60) days following the date of the Covered
Termination.

 

 

(ii) If
Executive (or in the
event of death, his designee) elects to receive continued
healthcare coverage pursuant to the provisions of COBRA, the
Company shall directly pay, or reimburse Executive
for,
the premium for
Executive and Executive's covered dependents through the earlier of
(i) the three (3) month anniversary of the date of Executive's
termination of employment and (ii) the date Executive and
Executive's covered dependents, if any, become eligible for
healthcare coverage under another employer's
plan(s). Notwithstanding the
foregoing, (i)
if any plan pursuant
to which such benefits are provided is not, or ceases prior to the
expiration of the period of continuation coverage to be, exempt
from the application of Section 409A of the Code under Treasury
Regulation Section l.409A-l(a)(5), or (ii) the Company is otherwise unable
to continue to cover Executive under its group health plans without
penalty under applicable law (including without limitation, Section
2716 of the Public Health Service Act), then, in either case, an
amount equal to each remaining Company subsidy shall thereafter be
paid to Executive in substantially equal monthly
installments. After the Company ceases to pay
premiums pursuant to this Section 4.l(b)(ii), Executive may, if
eligible, elect to continue healthcare coverage at Executive's
expense in accordance the provisions of COBRA.

 

 

4.2. 280G Provisions.
Notwithstanding anything in this
Agreement to the contrary, if any
payment or distribution
Executive would receive pursuant to this Agreement or
otherwise ("Payment") would (a) constitute a "parachute
paymen"t within the meaning of Section 280G of the Code, and (b) but for this sentence, be subject to the excise
tax imposed

 

 

 

 

 

 

 

 

by Section 4999 of the Code (the
"Excise
Tax"), then such Payment shall
either be (i)
delivered in full, or
(ii)
delivered as to such lesser extent
which would result in no portion of such Payment being subject to
the Excise Tax, whichever of the foregoing amounts, taking into
account the applicable federal, state and local income taxes and
the Excise Tax, results in the receipt by Executive on an after-tax
basis, of the largest payment, notwithstanding that all or some
portion the Payment may be taxable under Section 4999 of the Code.
The accounting firm engaged by the Company for general audit
purposes as of the day prior to the effective date of the Change in
Control shall perform the foregoing calculations. The Company shall
bear all expenses with respect to the determinations by such
accounting firm required to be made hereunder. The accounting firm
shall provide its calculations to the Company and Executive within
fifteen (15) calendar days after the date on which Executive's
right to a Payment is triggered (if requested at that time by the
Company or Executive) or such other time as requested by the
Company or Executive. Any good faith determinations of the
accounting firm made hereunder shall be final, binding and
conclusive upon the Company and Executive. Any reduction in
payments and/or benefits pursuant to this Section 4.2 will occur in
the following order: (1) reduction of cash payments; (2) cancellation of
accelerated vesting of equity awards other than stock
options; (3)
cancellation of accelerated vesting of
stock options; and (4) reduction
of other benefits payable to Executive.

 

 

4.3.

Section 409A.

 

 

(a) Notwithstanding any provision to
the contrary in this Agreement, if Executive is deemed at the time
of his Separation from Service to be a "specified employee" for purposes of Section
409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of
any portion of the benefits to which Executive is entitled under
this Agreement is required in order to avoid a prohibited
distribution under Section 409A(a)(2)(B)(i) of the Code which would
subject Executive to a tax obligation under Section 409A of the
Code, such portion of Executive's benefits shall not be provided to
Executive prior to the earlier of (i)
the expiration of the
six- month period measured from the date of the Executive's
Separation from Service or (ii) the date of Executive's death. Upon the expiration of the
applicable Code Section 409A(a)(2)(B)(i) period, all payments
deferred pursuant to this Section 4.3(a) shall be paid in a lump
sum to Executive, and any remaining payments due under the
Agreement shall be paid as otherwise provided
herein.

 

 

(b) Any reimbursements payable to
Executive pursuant to the Agreement shall be paid to
Executive
no later than 30 days
after Executive provides the Company with a
written request for reimbursement, and to the extent that any such
reimbursements are deemed to constitute "nonqualified deferred compensation" within the
meaning of Section 409A of the Code (i) such amounts shall be paid or
reimbursed to Executive promptly, but in no event later than
December 31 of the year following the year in which the expense is
incurred, (ii)
the amount of any
such payments eligible for reimbursement in one year shall not
affect the payments or expenses that are eligible for payment or
reimbursement in any other taxable

 

 

 

 

 

 

 

 

year,
and (iii) Executive's right to such payments or reimbursement shall
not be subject to liquidation or exchange for any other
benefit.

 

 

(c) For
purposes of Section 409A of the Code (including, without
limitation, for purposes of Treasury Regulation Section
1.409A-2(b)(2)(iii)), Executive's right to receive installment
payments under the Agreement shall be treated as a right to receive
a series of separate payments and, accordingly, each installment
payment hereunder shall at all times be considered a separate and
distinct payment.

 

 

4.4. Mitigation. Executive shall not be required
to mitigate damages or the amount of any payment provided under
this Agreement by seeking other employment or otherwise, nor shall
the amount of any payment provided for under this Agreement be
reduced by any compensation earned by Executive as a result of
employment by another employer or by any retirement benefits
received by Executive after the date of the Covered Termination, or
otherwise.

 

 

ARTICLE V

 

PROPRIETARY INFORMATION OBLIGATIONS

 

5.1. Agreement.
Executive agrees to continue to abide
by the Confidential Disclosure Agreement.

 

 

5.2. Remedies.
Executive's duties under the
Confidential Disclosure Agreement shall survive termination of
Executive's employment with the Company and the termination of this
Agreement. Executive acknowledges that a remedy at law for any
breach or threatened breach by Executive of the provisions of the
Confidential Disclosure Agreement, as well as
Executive's obligations pursuant to Section 6.2 and Article 7
below, would be inadequate, and Executive therefore
agrees that the Company shall be entitled to seek injunctive relief
in case of any such breach or threatened breach.

 

 

 

ARTICLE VI OUTSIDE ACTIVITIES

 

 

6.1.

Other Activities.

 

 

(a) Executive
shall not, during the term of this Agreement undertake or engage in
any other employment, occupation or business enterprise, other than
ones in which Executive is a passive investor, unless he obtains
the prior written consent of the Board.

 

 

(b) Executive
may engage in civic and not-for-profit activities so long as such
activities do not materially interfere with the performance of
Executive's duties hereunder. In addition, Executive shall be
allowed to serve as a member of the board of directors of up to two
(2) other for profit entities at any time during the term of
this

 

 

 

 

 

 

 

 

 

 

Agreement,
which service shall not materially interfere with the performance
of Executive's duties hereunder; provided, however, that the Board
may require that Executive resign from one or both of such director
positions if it can reasonably and in good faith demonstrate that
such resignation(s) would be in the best interests of the Company
in a significant and material way.

 

 

   6.2.
   
    Competition. Executive agrees that, from the
date hereof until a period of twelve (12)
months following the date of termination of Executive's employment
with the Company, Executive will not directly or indirectly, either
as an employee, employer, consultant, agent, principal, partner,
corporate officer, director, or in any other individual or
representative capacity, engage or participate in any "Competitive
Business" anywhere in the United States of America. As used herein,
a "Competitive Business" is defined as any business developing uPAR
antibodies to treat cancer, or clonidine to treat oral
mucositis.

 

 

ARTICLE VII NONINTERFERENCE

 

 

 

In addition to Executive's obligations under the
Confidential Disclosure Agreement, Executive shall not for a period
of one (1) year following Executive's termination of employment for
any reason, either on Executive's own account or jointly with or as
a manager, agent, officer, employee, consultant, partner, joint
venturer, owner or stockholder or otherwise on behalf of any other
person, firm or corporation, directly or indirectly solicit or
attempt to solicit away from the Company any of its officers or
employees or offer employment to any person who is an officer or
employee of the Company; provided,
however, that a general
advertisement to which an employee of the Company responds shall in
no event be deemed to result in a breach of this Article 7.
Executive also agrees not to harass or disparage the Company or its
employees, clients, directors or agents or divert or attempt to
divert any actual or potential business of the Company. The
provisions of this Article 7 shall survive the termination or
expiration of the applicable Executive's employment with the
Company and shall be fully enforceable thereafter.
If
it is determined by a court of
competent jurisdiction in any state that any restriction in this
Article 7 is excessive in duration or scope or is unreasonable or
unenforceable under the laws of that state, it is the intention of
the parties that such restriction may be modified or amended by the
court to render it enforceable to the maximum extent permitted by
the law of that state.

 

 

 

ARTICLE VIII GENERAL PROVISIONS

 

 

 

8.1. Notices. Any notices provided hereunder
must be in writing and shall be deemed effective upon the earlier
of personal delivery (including personal delivery by facsimile) or
the third day after mailing by first class mail, to the Company at
its primary office location and to Executive at Executive's address
as listed on the Company payroll.

 

 

 

 

 

 

 

 

 

 

8.2. Tax Withholding.
Executive acknowledges that all
amounts and benefits payable under this Agreement are subject to
deduction and withholding to the extent required by applicable
law.

 

 

 

8.3. Severability.
Whenever possible, each prov1s1on of
this Agreement will be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of
this Agreement is held to be invalid, illegal or unenforceable in
any respect under any applicable law or rule in any jurisdiction,
such invalidity, illegality or unenforceability will not affect any
other provision or any other jurisdiction, but this Agreement will
be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provisions had never been
contained herein.

 

 

8.4. Waiver. If either party should waive any breach of any
provisions of this Agreement, they shall
not thereby be deemed to have waived any preceding or succeeding
breach of the same or any other provision of this
Agreement.

 

 

 

8.5. Complete Agreement.
This Agreement constitutes the entire
agreement between Executive and the Company and is the complete,
final, and exclusive embodiment of their agreement with regard to
this subject matter, and will supersede all prior
agreements, understandings, discussions, negotiations and
undertakings, whether written or oral, between the parties with
respect to the subject matter hereof, including without limitation,
the Prior Agreement. This Agreement is entered into without
reliance on any promise or representation other than those
expressly contained herein or therein, and cannot be modified or
amended except in a writing signed by an officer of the Company and
Executive.

 

 

8.6. Counterparts.
This Agreement may be executed in
separate counterparts, any one of which need not contain signatures
of more than one party, but all of which taken together will
constitute one and the same Agreement.

 

 

 

8.7. Headings. The headings of the sections hereof are inserted
for convenience only and shall not be deemed to constitute a part
hereof nor to affect the meaning thereof.

 

 

8.8. Successors and Assigns.
This Agreement is intended to bind and
inure to the benefit of and be enforceable by Executive and the
Company, and their respective successors, assigns,
heirs, executors and administrators, except that
Executive may not assign his rights or delegate his duties or
obligations hereunder without the prior written consent of the
Company.

 

 

8.9. Arbitration.
Unless otherwise prohibited by law or
specified below, all disputes, claims and causes of action, in law
or equity, arising from or relating to this Agreement or its
enforcement, performance, breach, or
interpretation shall be resolved solely and exclusively by final
and binding arbitration held in Illinois in conformity with the
then-

 

 

 

 

 

 

 

 

 

 

existing
employment arbitration rules and Illinois law. The arbitrator
shall: (a) provide adequate discovery for the resolution of the
dispute; and (b) issue a written arbitration decision, to include
the arbitrator's essential findings and conclusions and a statement
of the award. However, nothing in this section is intended to
prevent either party from obtaining injunctive relief in court to
prevent irreparable harm pending the conclusion of any such
arbitration. The Company shall bear the costs of any such
arbitration.

 

 

8.10. Executive
Acknowledgement. Executive
acknowledges that (a) he has consulted with or has had the
opportunity to consult with independent counsel of his own choice
concerning this Agreement, and has been advised to do so by the
Company, and (b) that he has read and understands the Agreement, is
fully aware of its legal effect, and has entered into it freely
based on his own judgment.

 

 

8.11. Choice of Law.
All questions concerning the
construction, validity and interpretation of this Agreement will be
governed by the law of the State of Illinois without regard to the
conflicts of law provisions thereof.

 

 

 

In Witness Whereof,
the parties have executed this
Agreement as of the date first written above.

 

 

On
behalf of Monopar Therapeutics Inc.

 

 

 

 

 

      /s/ Chandler D.
Robinson

 

      Chandler D. Robinson

 

      Chief Executive Officer

 

 

 

 

 

 

 

   Accepted
and Agreed:

 

 

 

/s/ Andrew P. Mazar

Andrew
P. Mazar

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