Document:

EX-10.3

 Exhibit 10.3 

NON-COMPETITION AGREEMENT 

THIS NON-COMPETITION AGREEMENT dated as of August 12, 2017 (the
“Agreement”) is made and entered into by and between Sunshine Bancorp, Inc. (“Sunshine”), Sunshine Bank and CenterState Banks, Inc. (“CenterState”) and CenterState Bank, N.A. (“CenterState
Bank”) and Andrew S. Samuel (“Executive”). For purposes of this Agreement, references to Sunshine, Sunshine Bank, CenterState and CenterState Bank collectively shall be the “Banking Entities” or individually, a
“Banking Entity.” 
 WHEREAS, as of the date of this Agreement, Executive is the President and Chief
Executive Officer of Sunshine and Sunshine Bank; and 
 WHEREAS, concurrently herewith, CenterState and Sunshine
entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which, among other things, Sunshine will be merged with and into CenterState, with CenterState continuing as the surviving company; and 

WHEREAS, as an inducement and a condition to entering into the Merger Agreement, and as part of the transactions
contemplated by the Merger Agreement, Executive has agreed to enter into this Agreement. 
 NOW, THEREFORE, in
consideration of the premises and mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows: 

1. Covenants of Executive. 

(a) Non-competition. During the Restricted Period (as defined below), Executive
shall not, without the prior written consent of CenterState, either directly or indirectly in any capacity, including but not limited to, as an owner, employee, employer, operator, investor, independent contractor, agent, stockholder, partner
(general or limited), joint venturer, member, manager, officer, director, consultant, franchisee, franchiser, adviser, or co-worker, whether or not for compensation, enter into, conduct, participate or engage
in a Competing Business (as defined below) within 35 miles of any location in which Sunshine or Sunshine Bank has a branch or business office immediately prior to the Effective Time (as defined in the Merger Agreement). For purposes of this
Agreement, “Competing Business” shall mean any person, firm, corporation or other entity, in whatever form, that engaged or engages in the businesses in which the Banking Entities and their respective affiliates engage, including,
but not limited to, the sale or servicing of banking and financial products and services, including business and consumer lending, asset-based financing, residential mortgage warehouse funding, factoring/accounts receivable management services,
equipment financing, commercial and residential mortgage lending and brokerage, deposit services (including municipal deposit services) and trade financing, sale of annuities, life and health insurance products, title insurance services, real estate
investment trusts, investment advisory services and correspondent banking services; provided that it shall not be a violation of this provision for Executive to have a less than 5.0% ownership interest in any such institution or holding company as a
passive investor. 

 (b) Non-solicitation of Employees.
During the Restricted Period, Executive shall not, without the written consent of CenterState and CenterState Bank, either directly or indirectly, induce any employee of any of the Banking Entities or their affiliates to terminate his or her
employment or engagement with any Banking Entity or their affiliates. 
 (c)
Non-solicitation of Customers. During the Restricted Period, Executive shall not solicit, provide any information, advice or recommendation or take any other action intended (or that a reasonable person
acting in like circumstances would expect) to have the effect of causing any client, customer or other business relation (whether current or prospective client, customer or business relation) of any Banking Entity or any of its respective
affiliates, (i) to terminate an existing business or commercial relationship with any Banking Entity or any of such affiliates or (ii) to reduce the amount of business that any client, customer or other business relation has customarily
done or contemplates doing with any Banking Entity or any of such affiliate, whether or not the relationship between the Banking Entity or such affiliate and such client, customer, or other business relation was originally established, in whole or
in part, through Executive’s efforts, or in any way interfere with the relationship between any such client, customer, or business relation, on the one hand, and any Banking Entity or any such affiliate, on the other hand. For purposes of this
Section 1(c), a prospective client, customer or business relation means persons, firms, companies or corporations (including any subsidiaries, parents, franchisees, partners and/or joint ventures of the same) solicited by or on behalf of any
Banking Entity or any of their respective affiliates, employees, directors or representatives within one year prior to the Effective Time. 

(d) Definition of Restricted Period. For purposes of this Agreement, the “Restricted Period” shall
mean the period commencing at the Effective Time and continuing for 24 months after the cessation of Executive’s employment relationship with Sunshine, Sunshine Bank, CenterState and/or CenterState Bank, as applicable. 

2. Confidentiality. Executive covenants and agrees to keep strictly confidential and not to reveal to any person
any Confidential Information of any nature concerning the Banking Entities, or any of their affiliates. For this purpose, the term “Confidential Information” means any information and data, including intangible, electronic or other
form, of the Banking Entities identified as confidential or proprietary or is or would be understood to be confidential by the nature of the information, and includes, but is not limited to, any information relating to the Banking Entities, and
their affiliates and/or any third party with which any Banking Entity is engaging or has engaged in business transactions, all forms and types of financial and business information, tax information and analyses, processes, formulae, inventions,
ideas, know-how, studies, findings, software, research and development (in whatever stage), business plans or strategies, methods of doing business, sales or marketing methods, customer information, including “Nonpublic Personal
Information” as that term is used in the Gramm-Leach-Bliley Act of 1999 and implementing regulations and guidelines issued thereunder, employee information, loan and deposit information, financing plans, forecasts and supplier information, as
well as any and all reports, analyses, compilations, memoranda, notes, studies or other documents or records or electronic media that contain or otherwise reflect or are generated from Confidential Information. Confidential Information does not
include information that: (i) is in the public 

  
 2 

 
domain or thereafter enters the public domain through no wrongful act or omission of Executive or the Banking Entities, (ii) is already known by the Executive at the time of disclosure and
such information is not otherwise subject to confidentiality obligations; (iii) is received from a third party who, to Executive’s knowledge, may disclose such information without violation of any confidentiality obligation; or
(iv) is independently developed by the Executive without reference to Confidential Information. This obligation shall survive the expiration or termination of Executive’s obligations under this Agreement. Notwithstanding the foregoing,
Executive understands that nothing contained in this Agreement limits Executive’s ability to file a charge or complaint with the Securities and Exchange Commission or any other federal, state or local governmental agency or commission
(“Government Agencies”) about a possible securities law violation without approval of any Banking Entity. Executive further understands that this Agreement does not limit Executive’s ability to communicate with any Government
Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to any Banking Entity related to the possible securities law
violation. This Agreement does not limit Executive’s right to receive any resulting monetary award for information provided to any Government Agency. 

3. Consideration. In consideration of the severance payment or benefits that Executive may be entitled to
receive under his employment agreement with Sunshine and Sunshine Bank dated October 14, 2014 (the “Employment Agreement”) and as an inducement and a condition to CenterState and Sunshine entering into the Merger Agreement,
Executive hereby agrees to be subject to the covenants set forth in Sections 1 and 2 hereof. 
 4.
Acknowledgment. Executive agrees and acknowledges that: (i) this Agreement is ancillary to the Merger Agreement; (ii) the provisions hereof are reasonable and necessary to protect the legitimate business interests of
CenterState and CenterState Bank from and after the Effective Time; (iii) the breach of this Agreement by Executive will result in irreparable harm to CenterState and the CenterState Bank; and (iv) Executive will not be subject to undue
hardship by reason of his full compliance with the terms and conditions of Sections 1 and 2 of this Agreement or CenterState’s or CenterState Bank’s enforcement thereof. 

5. Remedies. In the event of a breach or threatened breach by Executive of Sections 1 or 2 of this
Agreement, Executive hereby consents and agrees that CenterState and/or CenterState Bank shall be entitled to seek, in addition to other available remedies, a temporary or permanent injunction or other equitable relief against such breach or
threatened breach, without bond, from any court of competent jurisdiction in accordance with Section 6(d) below. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages or other available
forms of relief. 
 6. Miscellaneous. 

(a) Non-Assignability. This Agreement may not be assigned by Executive. 

(b) Binding on Successors and Assigns. This Agreement shall inure to the benefit of and bind the respective successors
and permitted assigns of the parties hereto. Except as otherwise expressly provided herein, nothing expressed or referred to in this Agreement is 

  
 3 

 
intended or shall be construed to give any person other than the parties to this Agreement or their respective successors or permitted assigns any legal or equitable right, remedy or claim under
or in respect of this Agreement or any provision contained herein, it being the intention of the parties to this Agreement that this Agreement shall be for the sole and exclusive benefit of such parties or such successors and assigns and not for the
benefit of any other person. 
 (c) Entire Agreement. This Agreement, along with any agreements referenced herein,
contains the entire and complete agreement among the parties with respect to the subject matter hereof, and supersede any prior or contemporaneous arrangements, agreements or understandings among the parties, written or oral, express or implied,
that may have related to the subject matter hereof. This Agreement may be amended only by a written instrument duly executed by the parties. In the event of any inconsistencies between any provision of this Agreement and the Employment Agreement,
the provision of this Agreement shall prevail. 
 (d) Governing Law. This Agreement shall in all respects be
interpreted, enforced, and governed under the laws of the State of Florida, without regard to conflict-of-laws provisions. Any action or proceeding by either of the parties to enforce this Agreement shall be
brought only in a state or federal court located in the State of Florida. The parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance of any such action or
proceeding in such venue. 
 (e) Notices. Notices and all other communications provided for in this Agreement shall
be in writing and shall be delivered personally or sent by registered or certified mail, return receipt requested, or by overnight carrier to the parties at the addresses set forth below (or such other addresses as specified by the parties by like
notice): 
 If to CenterState or CenterState Bank 

CenterState Bank, N.A. 

1101 First Street South, Suite 200 

Winter Haven, FL 33880 

Attention: John C Corbett, President & Chief Executive Officer 

With a copy to: Beth DeSimone, General Counsel, at the same address. 

If to Executive, to the most recent address on file with CenterState 

(f) Severability. Whenever possible, each provision or portion of any provision of this Agreement will be interpreted
in such manner as to be effective and valid under applicable law, but if any provision or portion of 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,
then such invalidity, illegality or unenforceability will not affect any other provision or portion of any provision in such jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal
or unenforceable provision or portion of any provision had never been contained herein. 

  
 4 

 (g) Counterparts. This Agreement may be executed in separate counterparts,
each of which shall be deemed to be an original copy of this Agreement and all of which together will be deemed to constitute one and the same agreement. 

7. Effective Date. This Agreement shall be effective as of the earlier of: (1) the Effective Time;
or (2) the date on which Executive receives any severance under his Employment Agreement and shall extend for the Restricted Period. The confidentiality provisions of Section 2 shall survive indefinitely. In the event the Merger
Agreement is terminated for any reason before such time, this Agreement shall be deemed null and void ab initio. 
 [Signature Page
Follows] 

  
 5 

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

			
	CENTERSTATE BANKS, INC.
		
	 By:
	 	 /s/ John C. Corbett

	 Name:
	 	 John C. Corbett

	 Title:
	 	 President and CEO

	
	CENTERSTATE BANK, N.A.
		
	 By:
	 	 /s/ John C. Corbett

	 Name:
	 	 John C. Corbett

	 Title:
	 	 President and CEO

	
	SUNSHINE BANCORP, INC.
		
	 By:
	 	 /s/ Ray H. Rollyson Jr.

	 Name:
	 	 Ray H. Rollyson Jr.

	 Title:
	 	 Chairman

	
	SUNSHINE BANK
		
	 By:
	 	 /s/ Ray H. Rollyson Jr.

	 Name:
	 	 Ray H. Rollyson Jr.

	 Title:
	 	 Chairman

	
	EXECUTIVE

 
					
		
	
          /s/ Andrew S. Samuel   
     
	 	
	       Andrew S. Samuel
	 	

  
 6Exhibit 10.1

 

EXECUTION COPY

  

EMPLOYMENT AGREEMENT

 

This Employment Agreement (the “Agreement”), is effective
as of September 19, 2017 (the “Effective Date”), and executed September 19, 2017 between Ampio Pharmaceuticals, Inc.,
a Delaware corporation headquartered at 373 Inverness Parkway, Suite 200, Englewood, CO 80112
USA, hereinafter referred to as the (“Company”), and Holli Cherevka, (“Employee”).

 

RECITALS

 

WHEREAS, the Company is a duly organized
Delaware corporation, with its principal place of business within the State of Colorado, and is in the business of developing and
marketing pharmaceutical products; and

 

WHEREAS, the Company desires assurance
of the continued association and services of the Employee in order to continue to retain the Employee’s experience, skills,
abilities, background and knowledge, and is willing to continue to engage the Employee’s services on the terms and conditions
set forth in this Agreement; and

 

WHEREAS, Employee desires to be
in the continued employment of the Company, and is willing to accept such continued employment on the terms and conditions set
forth in this Agreement.

 

NOW, THEREFORE, the parties hereto agree to the terms
and conditions of this Agreement as follows:

 

1. Employment for Term. The Company hereby agrees to
employ Employee and Employee hereby accepts such employment with the Company for the period of 24 months beginning on the Effective
Date. The term of this Agreement (the “Term”) shall continue until the termination of Employee’s employment in accordance
with the provisions of this Agreement. Unless otherwise renewed, the termination of Employee’s employment under this Agreement
shall end at the Term.

 

2. Position and Duties. During the Term, Employee shall
serve as Chief Operating Officer of the Company, and perform such duties as are consistent with this position. The Employee shall
report to the Chief Executive Officer of the Company. During the Term, Employee shall also hold such additional positions and titles
as the Chief Executive Officer or the Board of Directors of the Company (the “Board”) may determine from time to time.
During the Term, Employee shall devote her full business time to her duties as the Chief Operating Officer of the Company. Notwithstanding
the foregoing, the Company hereby acknowledges that it consents to Employee’s participation in those outside activities described
on Exhibit A hereto. During the Term of this Agreement, Employee agrees not to acquire, assume or participate in, directly or indirectly,
any position, investment or interest known by the Employee to be adverse to the Company, its business or prospects, its financial
position, 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. On termination of Employee’s employment, regardless of the reason for such termination,
Employee shall immediately (and with contemporaneous effect) resign any directorships, offices or other positions that Employee
may hold in the Company or any affiliate, unless otherwise agreed in writing by the parties.

 

    	 	1	 

     

    

 

3. Compensation. 

 

(a) Base Salary. The Company shall
pay Employee a base salary of $200,000 per annum, payable at least monthly on the Company’s regular pay cycle for executive officers
(the “Base Salary”). Except as specifically otherwise provided herein, the Base Salary may be increased only by recommendation
of the Compensation Committee of the Board and ratified by the Compensation Committee or a majority of the independent members
of the Board.

 

(b) Annual Review. The Base Salary
shall be reviewed at the end of each calendar year (the first such review to occur after the end of calendar year 2017).

 

(c) Equity Compensation. In connection
with the execution of this Agreement, and subject to approval of the Company’s Compensation Committee, which may not occur
until the Effective Date, the Company hereby agrees to grant initial equity compensation to Employee in the aggregate amount of
200,000 options to purchase shares of Company Common Stock. These options shall vest in accordance with the terms and schedule
set forth in Exhibit B hereto. Such vesting schedule will be accelerated, to the extent provided in Section 8 of this Agreement.

 

(d) Other and Additional Compensation.
Subsections (a) and (c) above establish Employee’s compensation during the Term which shall not preclude the Board from awarding
Employee a higher salary, bonuses or stock options, restricted stock or other forms of additional equity awards at the discretion
of the Board during the Term of this agreement. The Employee shall be eligible for an annual discretionary bonus (hereinafter referred
to as the “Bonus”) of up to fifty percent (50%) of the Base Salary, subject to standard deductions and
withholdings, based on the Compensation Committee’s determination, in good faith, and based upon the Employee’s individual
achievement and Company performance objectives as set by the Board or the Compensation Committee, of whether the Employee has met
such performance milestones as are established for the Employee by the Board or the Compensation Committee, in good faith, and
are initially as set forth on Exhibit B (hereinafter referred to as the “Performance Milestones”). The Performance
Milestones will be based on certain factors including, but not limited to, the Employee’s performance and the Company’s
financial performance. The Employee’s Bonus target will be reviewed annually and may be adjusted by the Board or the Compensation
Committee in its discretion, provided however, that the Bonus target may only be reduced upon Employee’s written consent.
The Employee must be employed on the date the Bonus is awarded to be eligible for the Bonus, subject to the termination provisions
hereof. Bonuses shall be paid during the calendar quarter following the calendar quarter for which such Bonus was earned when Performance
Milestones are met during a calendar quarter. Fourth quarter Bonuses, Bonuses calculated on the basis of partial Performance Milestone
satisfaction and Bonuses based upon annual milestones shall be paid by March 15 of the following year.

 

4. Employee Benefits. During the Term, Employee shall
be entitled to participate at the same level as other senior executive officers of the Company in any group insurance, hospitalization,
medical, health and accident, disability, fringe benefit and tax-qualified retirement plans or programs of the Company now existing
or hereafter established to the extent that she is eligible under the general provisions thereof. For the term of this Agreement,
Employee shall be entitled to paid vacation at the rate of (4) weeks per annum. In accordance with Company policy., unused vacation
earned in one year may be carried over beyond December 31st of the following year only to the extent set forth in the
Company’s official vacation policy, but individual vacations shall not exceed 2 weeks in duration unless approved in advance
by the CEO and the Chairman of the Audit Committee.

 

    	 	2	 

     

    

 

5. Expenses. The Company shall reimburse Employee for
actual, reasonable out-of-pocket expenses incurred by her in the performance of her services for the Company upon the receipt of
appropriate documentation of such expenses which shall be submitted in such form, and with such supporting documentation, as called
for or required by Company policy.

 

6. Termination. 

 

(a) General. The Term shall end immediately
upon Employee’s death. Employee’s employment may also be terminated by the Company immediately upon notice with or without
Cause or as a result of Employee’s Disability, or by Employee with or without Good Reason (as such terms are defined below).

 

(b) Notice of Termination. Either
party shall give written notice of termination to the other party. If the Employee terminates employment hereunder with or without
Good Reason, Employee shall provide the Company with 30 days’ prior written notice of termination. Notwithstanding the foregoing,
in the event that the Employee gives a notice of termination to the Company, the Company may unilaterally accelerate the date of
termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement.

 

(c) Notification of New Employer.
In the event that Employee leaves the employ of the Company, Employee grants consent to notification by the Company to Employee’s
new employer about her rights and obligations under this Agreement and the PIA (hereinafter defined).

 

7. Severance Benefits. 

 

(a) Cause Defined. “Cause”
means (i) willful malfeasance or willful misconduct by Employee in connection with her employment; (ii) Employee’s gross negligence
in performing any of her duties under this Agreement; (iii) Employee’s conviction of, or entry of a plea of guilty to, or entry
of a plea of nolo contendre with respect to, any crime other than a traffic violation or an infraction which is a misdemeanor;
(iv) Employee’s willful and deliberate violation of a Company policy, (v) Employee’s unintended but material breach of any
written policy applicable to all employees adopted by the Company which, to the extent curable, is not cured to the reasonable
satisfaction of the Board of Directors within thirty (30) business days after notice thereof; (vi) the Employee’s unauthorized
use or disclosure of any proprietary information or trade secrets of the Company or any other party as to which the Employee owes
an obligation of nondisclosure as a result of the Employee’s relationship with the Company, (vii) the Employee’s willful
and deliberate breach of her obligations under this Agreement, or (viii) any other material breach by Employee of any of her obligations
in this Agreement which, to the extent curable, is not cured to the reasonable satisfaction of the Board of Directors within thirty
(30) business days after notice thereof.

 

(b) Disability Defined. “Disability”
shall mean (i) Employee’s incapacity due to a physical or mental condition and, if reasonable accommodation is required by law,
after any reasonable accommodation, that results in Employee being substantially unable to perform her duties hereunder for six
consecutive months (or for six months out of any nine month period) or (ii) a qualified independent physician mutually acceptable
to the Company and Employee determines that Employee is incapacitated due to a physical or mental condition and, if reasonable
accommodation is required by law, after any reasonable accommodation so as to be unable to regularly perform the duties of her
position and such condition is expected to be of a permanent or near-permanent duration. Until such time as Employee is terminated
for Disability under this paragraph (b), Employee shall continue to receive her Base Salary hereunder, provided that if the Company
provides Employee with disability insurance coverage, payments of Employee’s Base Salary shall be reduced by the amount of any
disability insurance payments received by Employee due to such coverage. The Company shall give Employee written notice of termination
due to Disability, which shall take effect sixty (60) days after the date it is sent to Employee unless Employee shall have returned
to the performance of her duties hereunder during such sixty (60) day period (whereupon such notice shall become void).

 

    	 	3	 

     

    

 

(c) Good Reason Defined. For purposes
of this Agreement, “Good Reason” shall mean, the Employee’s compliance with the “Good Reason Process”
(as defined below), upon the occurrence of one of the following events (each, a “Good Reason Condition) without Employee’s
written consent: (i) there is a material reduction of the level of Employee’s compensation (excluding any bonuses) (except
where there is a general reduction applicable to the management team generally), (ii) there is a material reduction in Employee’s
overall responsibilities or authority, or scope of duties (it being understood that the occurrence of a Change in Control shall
not, by itself, necessarily constitute a reduction in Employee’s responsibilities or authority); or (iii) there is a material
change in the principal geographic location at which Employee must perform her services (it being understood that the relocation
of Employee to a facility or a location within forty (40) miles of the State Capitol Building in Denver, Colorado shall not be
deemed material for purposes of this Agreement). “Good Reason Process” shall mean (A) the Employee reasonably
determines in good faith that a Good Reason Condition has occurred (B) the Employee notifies the Company in writing of the first
occurrence of the Good Reason Condition within sixty (60) days of the first occurrence of such Good Reason Condition; (C) the Employee
cooperates in good faith with the Company’s efforts, for period not less than thirty (30) days following such notice (the
“Cure Period”), to remedy the condition (D) notwithstanding such efforts, the Good Reason Condition continues
to exist; and (E) the Employee terminates her employment within sixty (60) days after the end of the Cure Period. If the Company
cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to have occurred.

 

(d) Accrued Compensation Defined. Accrued
Compensation shall mean an amount, which shall include all amounts earned or accrued by Employee through the date of termination
of this Agreement but not paid as of such date, including (i) Base Salary, (ii) reimbursement for business expenses incurred by
the Employee on behalf of the Company, pursuant to the Company’s expense reimbursement policy in effect at such time, (iii)
any expense allowance pursuant to Company policy, (iv) accrued but unused vacation pay per Company policy, and (v) bonuses and
incentive compensation earned and awarded prior to the date of termination. Accrued Compensation shall be paid within 45 days after
the date of termination (or earlier, if required by applicable law).

 

(e) Termination.

 

(i) Cause; Without Good Reason;
Death. If the Company ends the Term for Cause, if Employee resigns as an employee of the Company for reasons other than an
event of Good Reason, or the Employee dies, then the Company shall pay to Employee the Accrued Compensation but shall have no obligation
to pay Employee any amount, whether for salary, benefits, bonuses, or other compensation or expense reimbursements of any kind,
accruing after the end of the Term, and such rights shall, except as otherwise required by law or pursuant to the applicable award
agreement or plan, be forfeited immediately upon the end of the Term. For the sake of clarity, any stock options, restricted stock
or other equity compensation shall, to the extent vested on the date of resignation without Good Reason, the date the Company ends
the Term for Cause, or the date of Employee’s death, remain outstanding and exercisable to the extent provided in the applicable
award agreement or plan, by the Employee or her personal representative or executor.

 

    	 	4	 

     

    

 

(ii) Without Cause; Good Reason.
In the event that the Company terminates Employee’s employment hereunder without Cause, or Employee terminates her employment
with Good Reason, she shall be entitled to the Accrued Compensation and, subject to Section 21 and 22 below,

 

(A) A lump sum payment equal to 0.5 times her Base Salary
in effect at the date of termination, less applicable withholding.

 

(B) Continued participation (via state or federal insurance
continuation laws such as COBRA, to the extent available) in the health and welfare plans (or comparable plans, if continued participation
in the Company’s plans is not available) provided by the Company to Employee at the time of termination for a period of two
years from the date of termination or, if earlier, until she is eligible for comparable coverage with a subsequent employer. The
Company agrees to reimburse the payments Employee makes for such coverage, whether via continuation or separate comparable policy.
Premium reimbursements shall be made by the Company to Employee consistent with the Company’s normal expense reimbursement
policy, provided that Employee submits documentation to the Company substantiating her payments for insurance coverage. Employee
shall give the Company prompt notice of her eligibility for comparable coverage.

 

(C) All vested stock options shall remain exercisable
from the date of termination until the expiration date of the applicable award. So long as the Section 8 below does not
apply, then all options which are unvested at the date of termination Without Cause or for Good Reason shall be accelerated as
of the date of termination as defined in the Employees Stock option agreements.

 

(D) Any severance payments and/or other separation benefits
contemplated by this Agreement are conditional on Employee: (i) continuing to comply with the terms of this Agreement and the PIA
(as defined herein); (ii) delivering and not revoking within the time period specified to such release, but in any event no later
than 60 days following the termination of employment, (x) a customary general release of claims relating to Employee’s employment
and/or this Agreement against the Company or its successor, its subsidiaries and their respective directors, officers and stockholders
and (y) a customary affirmation of Employee’s continuing obligations hereunder and under the PIA.

 

Payment of the severance payments and benefits in this Section
7 shall be paid or commence to be paid within 60 days of the termination of employment; provided that if such 60-day period begins
in one calendar year and ends in a second calendar year, the severance payments shall be paid in the second calendar year by the
last day of the 60-day period. Unless otherwise required by law, no severance payments and/or benefits under this Agreement will
be paid and/or provided until after the expiration of any relevant revocation period.

 

    	 	5	 

     

    

 

8. Change in Control Payments. The provisions of this
paragraph 8 set forth the terms of an agreement reached between Employee and the Company regarding Employee’s rights and obligations
upon the occurrence of a “Change in Control” (as hereinafter defined) of the Company during the Term. These provisions
are intended to assure and encourage in advance Employee’s continued attention and dedication to her assigned duties and her objectivity
during the pendency and after the occurrence of any such Change in Control. The following provisions shall apply in the event of
a Change in Control, in addition to any payment or benefit that may be required pursuant to Section 7.

 

(a) Equity. Upon the occurrence of
a Change in Control, all stock options, restricted stock and other stock-based grants to Employee by the Company or that may be
granted in the future shall, irrespective of any provisions of her award agreements, immediately and irrevocably vest and become
exercisable and any restrictions thereon shall lapse.

 

(b) Definitions. For purposes of
this paragraph 8, the following terms shall have the following meanings:

 

“Change in Control” shall mean any of the following:

 

(1) the acquisition
by any individual, entity, or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (the “Acquiring
Person”), other than the Company, or any of its Subsidiaries, of beneficial ownership (within the meaning of Rule 13d-3- promulgated
under the Exchange Act) of 50% or more of the combined voting power or economic interests of the then outstanding voting securities
of the Company entitled to vote generally in the election of directors (excluding any issuance of securities by the Company in
a transaction or series of transactions made principally for bona fide equity financing purposes); or

 

(2) the acquisition of the Company by another
entity by means of any transaction or series of related transactions to which the Company is party (including, without limitation,
any stock acquisition, reorganization, merger or consolidation but excluding any issuance of securities by the Company in a transaction
or series of transactions made principally for bona fide equity financing purposes), other than a transaction or series of related
transactions in which the holders of the voting securities of the Company outstanding immediately prior to such transaction or
series of related transactions retain, immediately after such transaction or series of related transactions, as a result of shares
in the Company held by such holders prior to such transaction or series of related transactions, at least a majority of the total
voting power represented by the outstanding voting securities of the Company or such other surviving or resulting entity (or if
the Company or such other surviving or resulting entity is a wholly-owned subsidiary immediately following such acquisition, its
parent); or

 

(3) the sale or other disposition of all
or substantially all of the assets of the Company in one transaction or series of related transactions.

 

9. Proprietary Information and Inventions Agreement.
As a condition of Employee’s employment with the Company, Employee agrees to sign the Company’s standard form of Proprietary
Information and Inventions Agreement (“PIA”).

 

10. Successors and Assigns. 

 

(a) Employee. This Agreement is a
personal contract, and the rights and interests that the Agreement accords to Employee may not be sold, transferred, assigned,
pledged, encumbered, or hypothecated by her. All rights and benefits of Employee shall be for the sole personal benefit of Employee,
and no other person shall acquire any right, title or interest under this Agreement by reason of any sale, assignment, transfer,
claim, judgment or bankruptcy proceedings against Employee. Except as so provided, this Agreement shall inure to the benefit of
and be binding upon Employee and her personal representatives, distributees and legatees.

 

    	 	6	 

     

    

 

(b) The Company. This Agreement shall
be binding upon the Company and inure to the benefit of the Company and of its successors and assigns, including (but not limited
to) any Company that may acquire all or substantially all of the Company’s assets or business or into or with which the Company
may be consolidated or merged. 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.

 

11. Entire Agreement. This Agreement (together with the
equity award agreements referred to herein) represents the entire agreement between the parties concerning Employee’s employment
with the Company and supersedes all prior negotiations, discussions, understanding and agreements, whether written or oral, between
Employee and the Company relating to the subject matter of this Agreement.

 

12. Amendment or Modification, Waiver. No provision of
this Agreement may be amended or waived unless such amendment or waiver is agreed to in writing signed by Employee and by a duly
authorized officer of the Company. No waiver by any party to this Agreement or any breach by another party of any condition or
provision of this Agreement to be performed by such other party shall be deemed a waiver of a similar or dissimilar condition or
provision at the same time, any prior time or any subsequent time.

 

13. Notices. Any notice to be given under this Agreement
shall be in writing and delivered personally or sent by overnight courier or registered or certified mail, postage prepaid, return
receipt requested, addressed to the party concerned at the address indicated below, or to such other address of which such party
subsequently may give notice in writing:

 

		If to Employee:	To the address specified in the payroll records of the Company.

 

		If to the Company:	Ampio Pharmaceuticals, Inc.

373
Inverness Parkway, Suite 200

Englewood,
CO 80112 USA,

 

 

Any notice delivered personally or by overnight courier shall
be deemed given on the date delivered and any notice sent by registered or certified mail, postage prepaid, return receipt requested,
shall be deemed given on the date mailed.

 

    	 	7	 

     

    

 

14. Severability. If any provision of this Agreement
or the application of any such provision to any party or circumstances shall be determined by any court of competent jurisdiction
or arbitrator acting pursuant to Section 19 below to be invalid and unenforceable to any extent, the remainder of this Agreement
or the application of such provision to such person or circumstances other than those to which it is so determined to be invalid
and unenforceable shall not be affected, and each provision of this Agreement shall be validated and shall be enforced to the fullest
extent permitted by law. If for any reason any provision of this Agreement containing restrictions is held to cover an area or
to be for a length of time that is unreasonable or in any other way is construed to be too broad or to any extent invalid, such
provision shall not be determined to be entirely null, void and of no effect; instead, it is the intention and desire of both the
Company and Employee that, to the extent that the provision is or would be valid or enforceable under applicable law, any court
of competent jurisdiction or arbitrator acting pursuant to Section 19 below shall construe and interpret or reform this Agreement
to provide for a restriction having the maximum enforceable area, time period and such other constraints or conditions (although
not greater than those currently contained in this Agreement) as shall be valid and enforceable under the applicable law.

 

15. Survivorship. The respective rights and obligations
of the parties hereunder shall survive any termination of this Agreement to the extent necessary to the intended preservation of
such rights and obligations.

 

16. Headings. All descriptive headings of sections and
paragraphs in this Agreement are intended solely for convenience of reference, and no provision of this Agreement is to be construed
by reference to the heading of any section or paragraph.

 

17. Withholding Taxes. All salary, benefits, reimbursements
and any other payments to Employee under this Agreement shall be subject to all applicable payroll and withholding taxes and deductions
required by any law, rule or regulation of and federal, state or local authority.

 

18. Counterparts. This Agreement may be executed in one
or more counterparts, each of which shall be deemed to be an original but all of which together constitute one and same instrument.
The parties agree that facsimile signatures shall have the same force and effect as original signatures.

 

19. Applicable Law; Arbitration. The validity, interpretation
and enforcement of this Agreement and any amendments or modifications hereto shall be governed by the laws of the State of Colorado,
as applied to a contract executed within and to be performed in such State. The parties agree that any disputes shall be definitively
resolved by binding arbitration before the American Arbitration Association in Denver, Colorado in accordance with its rules of
arbitration procedure then in effect. The parties consent to the jurisdiction to the federal courts of the District of Colorado
or, if there shall be no jurisdiction, to the state courts located in Arapahoe County, Colorado, to enforce any arbitration award
rendered with respect thereto. Each party shall choose one arbitrator and the two arbitrators shall choose a third arbitrator.

 

20. Legal Fees. The Company shall pay the reasonable
expenses of Employee’s counsel in negotiating this Agreement up to $2500.

 

    	 	8	 

     

    

 

21. Section 409A.
Notwithstanding anything to the contrary in this Agreement, if Employee is a “specified
employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and
the final regulations and any guidance promulgated thereunder (“Section 409A”) at the time of Employee’s termination
(other than due to death), and the severance payable to Employee, if any, pursuant to this Agreement, when considered together
with any other severance payments or separation benefits which may be considered deferred compensation under Section 409A (together,
the “Deferred Compensation Separation Benefits”) will not and could not under any circumstances, regardless of when
such termination occurs, be paid in full by March 15 of the year following Employee’s termination, then only that portion
of the Deferred Compensation Separation Benefits which do not exceed the Section 409A Limit (as defined below) may be made within
the first six (6) months following Employee’s termination of employment in accordance with the payment schedule applicable
to each payment or benefit. For these purposes, each severance payment is hereby designated as a separate payment and will not
collectively be treated as a single payment. Any portion of the Deferred Compensation Separation Benefits in excess of the Section
409A Limit shall accrue and, to the extent such portion of the Deferred Compensation Separation Benefits would otherwise have been
payable within the first six (6) months following Employee’s termination of employment, will become payable on the first
payroll date that occurs on or after the date six (6) months and one (1) day following the date of Employee’s
termination. All subsequent Deferred Compensation Separation Benefits, if any, will be payable in accordance with the payment
schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Employee dies following her
termination but prior to the six (6) month anniversary of her termination, then any payments delayed in accordance with this paragraph
will be payable in a lump sum as soon as administratively practicable after the date of Employee’s death and all other Deferred
Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit.
The foregoing provision is intended to comply with the requirements of Section 409A so that none of the severance payments and
benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein
will be interpreted to so comply. The Company and Employee agree to work together in good faith to consider amendments to this
Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional
tax or income recognition prior to actual payment to Employee under Section 409A. For purposes of this Agreement, “Section
409A Limit” will mean the lesser of two (2) times: (A) Employee’s annualized compensation based upon the annual rate
of pay paid to Employee during the Company’s taxable year preceding the Company’s taxable year of Employee’s
termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance
issued with respect thereto; or (B) the maximum amount that may be taken into account under a qualified plan pursuant to Section
401(a)(17) of the Code for the year in which Employee’s employment is terminated. The payment of the severance payments contemplated
by this Agreement is subject to the above-referenced release becoming irrevocable within 60 days of the date of termination of
employment. If such 60-day period begins in one calendar year and ends in a second calendar year, the severance payments shall
be paid in the second calendar year by the last day of the 60-day period. To the extent that any payment or benefit described in
this Agreement constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the extent
that such payment or benefit is payable upon the Employee’s termination of employment, then such payments or benefits shall
be payable only upon the Employee’s “separation from service.” The determination of whether and when a separation
from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h).
All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or
incurred by the Employee during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively
practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year
in which the expense was incurred. The amount of in-kind benefits to be provided or reimbursable expenses incurred in one taxable
year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year
(except for any lifetime or other aggregate limitation application to medical expenses). Such right to reimbursement or in-kind
benefits is not subject to liquidation or exchange for another benefit. The Company makes no representation or warranty and shall
have no liability to the Employee or any other person if any provisions of this Agreement are determined to constitute deferred
compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of such Section.

 

    	 	9	 

     

    

 

22. Application of Internal Revenue Code Section 280G.
If any payment or benefit Employee would receive pursuant to a Change in Control from the Company or otherwise (“Payment”)
would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but
for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”),
then such Payment shall be equal to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion
of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion,
up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local
employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Employee’s
receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be
subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary so
that the Payment equals the Reduced Amount, reduction shall occur in the manner that results in the greatest economic benefit for
Employee. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro
rata.

 

In the event it is subsequently determined by the Internal Revenue
Service that some portion of the Reduced Amount as determined pursuant to clause (x) in the preceding paragraph is subject
to the Excise Tax, Employee agrees to promptly return to the Company a sufficient amount of the Payment so that no portion of the
Reduced Amount is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount is determined pursuant to clause
(y) in the preceding paragraph, Employee will have no obligation to return any portion of the Payment pursuant to the preceding
sentence.

 

Unless Employee and the Company agree on an alternative accounting
firm, the accounting firm engaged by the Company for general tax compliance purposes as of the day prior to the effective date
of the Change in Control shall perform the foregoing calculations. If the accounting firm so engaged by the Company is serving
as accountant or auditor for the individual, entity or group effecting the Change in Control, the Company shall appoint a nationally
recognized accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the
determinations by such accounting firm required to be made hereunder.

 

The Company shall use commercially reasonable efforts to cause
the accounting firm engaged to make the determinations hereunder to provide its calculations, together with detailed supporting
documentation, to the Employee and the Company within fifteen (15) calendar days after the date on which Employee’s
right to a Payment is triggered (if requested at that time by the Employee or the Company) or such other time as requested by Employee
or the Company.

 

23. Indemnification.
As a condition to the effectiveness of this Agreement, the Company and Employee shall enter into a mutually acceptable indemnification
agreement.

 

    	 	10	 

     

    

 

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

 

	AMPIO PHARMACEUTICALS, INC.	 	 	EMPLOYEE	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	/s/  Philip H. Coelho	 	 	/s/  Holli Cherevka	 
	 	Name: PHILIP H. COELHO	 	 	Name: Holli Cherevka	 
	 	Chairman, Compensation Committee
Board of Directors	 	 	 	 

 

    	 	11	 

     

    

 

EXHIBIT A

 

Outside Activities

 

		·	Serve on the Board of Directors of no more than one private or public
company the business of which is not competitive with that of the Company. Employee shall notify the Ampio Compensation Committee
in writing of the identity of the company.

 

		·	No outside activity may interfere with Employee’s best efforts
in meeting the responsibilities of Chief Operating Officer of the Company, which may require Employee to devote less than 10 hours
per month to these outside activities. 

 

    	 	12	 

     

    

 

EXHIBIT B

 

Terms of Compensation

 

Management equity grant:

 

		·	200,000 total options to purchase shares of the Company’s common
stock. The strike price for all options will be the last sale price of the Company’s common stock as reported on NYSE and
as set forth in the Company’s Stock Option Plan.

		·	All options fully vest upon change in control, death, disability,
termination without cause, termination for good reason

		·	100,000 options are fully vested on Day 1 of this agreement

		·	100,000 options vest 365 days thereafter 

 

Specific milestones that will be considered by the Compensation
Committee of the Board of Directors in the determination of Employees annual performance bonus and the percentage of total annual
performance bonus provided by that milestone:

 

		·	Obtain a successful outcome for the Ampion OA of the Knee clinical
trial in progress as of the Effective Date of this employment agreement. (20%)

		·	Submit and obtain FDA acceptance of a validated Bioassay for Ampion
lot release (20%)

		·	Submit and obtain FDA acceptance of the Biologics License Application
(BLA) for Ampion. (20%)

		·	Obtain FDA Biologics License for Ampion for the treatment
of OA for at least KL-4 patients. (40%)

 

Other

 

		·	Any other goals that the CEO or the BOD deems necessary to meet the
operating goals of the company

 

    	 	13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}]]