Document:

Exhibit 10.1

Exhibit 10.1

SEELOS THERAPEUTICS, INC.

NON-EMPLOYEE DIRECTOR COMPENSATION POLICY

(EFFECTIVE MARCH 20, 2019)

Non-employee members of the board of directors (the "Board") of Seelos Therapeutics, Inc. (the "Company")
shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director Compensation Policy. The cash compensation and option grants described in this Non-
Employee Director Compensation Policy shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of
the Company or any parent or subsidiary of the Company (each, a "Non-Employee Director") who may be eligible to receive such cash compensation or equity
compensation, unless such Non-Employee Director declines the receipt of such cash compensation or equity compensation by written notice to the Company. This Non-Employee Director
Compensation Policy shall remain in effect until it is revised or rescinded by further action of the Board. The terms and conditions of this Non-Employee Director Compensation Policy shall
supersede any prior cash or equity compensation arrangements between the Company and its directors.

	Cash Compensation. Each Non-Employee Director shall be eligible to receive an annual retainer of $40,000 for service on the Board. In addition, a Non-
Employee Director serving as:

	chairperson of the Board shall be eligible to receive an additional annual retainer of $40,000 for such service;

	chairperson of the Audit Committee of the Board (the "Audit Committee") shall be eligible to receive an additional annual retainer of
$15,000 for such service;

	a member (other than the chairperson) of the Audit Committee shall be eligible to receive an additional annual retainer of $7,000 for such service;

	chairperson of the Compensation Committee of the Board (the "Compensation Committee") shall be eligible to receive an additional
annual retainer of $12,000 for such service;

	a member (other than the chairperson) of the Compensation Committee shall be eligible to receive an additional annual retainer of $5,000 for such
service;

	chairperson of the Corporate Governance and Nominating Committee of the Board (the "Corporate Governance and Nominating
Committee") shall be eligible to receive an additional annual retainer of $8,000 for such service; and

	a member (other than the chairperson) of the Corporate Governance and Nominating Committee shall be eligible to receive an additional annual retainer of $3,000
for such service.

The annual retainers shall be paid by the Company in quarterly installments or more frequently as deemed advisable by the officers of the Company for administrative or
other reasons.

	Option Grants. The Non-Employee Directors shall be granted the following option awards. The option awards described below shall be granted under and
shall be subject to the terms and provisions of the Company's Amended and Restated 2012 Stock Long Term Incentive Plan, as amended from time to time (as such plan may be further
amended or restated or superseded by a subsequent equity plan approved by the Compensation Committee, the "2012 Plan") and shall be granted subject to the
execution and delivery of option agreements, including attached exhibits, in substantially the same forms previously approved by the Board, setting forth the vesting schedule applicable to such
options awards and such other terms as may be required by the 2012 Plan.

	Initial Options. Unless otherwise determined by the Board, a person who is initially elected or appointed to the Board, and who is a Non-Employee Director at the time of such initial election or appointment, shall be automatically granted a non-qualified stock option to purchase 24,000 shares of common
stock (subject to adjustment as provided in the 2012 Plan) on the date of such initial election or appointment; provided that, with respect to the Non-Employee Directors appointed to the
Board on January 24, 2019 in connection with the closing of the Company's merger with Seelos Therapeutics, Inc., a private company (the "Merger"), each such
non-qualified stock option shall be granted at the first meeting, or pursuant to the first action by unanimous written consent, of the Compensation Committee held or taken, as applicable, after
February 28, 2019. The option grants described in this clause 2(a) shall be referred to as the "Initial Options".

	Subsequent Options. A person who is a Non-Employee Director as of the third trading day of each calendar year shall be automatically granted a non-
qualified stock option to purchase 16,000 shares of common stock (subject to adjustment as provided in the 2012 Plan) on such date; provided that, with respect to the Non-Employee
Directors appointed to the Board on January 24, 2019 in connection with the closing of the Merger, each such non-qualified stock option shall be granted at the first meeting, or pursuant to the
first action by unanimous written consent, of the Compensation Committee held or taken, as applicable, after February 28, 2019. The option grants described in this clause 2(b) shall be referred
to as "Subsequent Options."

	Termination of Employment of Employee Directors. Members of the Board who are employees of the Company or any parent or subsidiary of the
Company who subsequently terminate their employment with the Company and any parent or subsidiary of the Company and remain on the Board will not receive an Initial Option grant
pursuant to clause 2(a) above, but to the extent that they are otherwise eligible, will be eligible to receive, after termination from employment with the Company and any parent or subsidiary of
the Company, Subsequent Options as described in clause 2(b) above.

	Terms of Options Granted to Non-Employee Directors

	Exercise Price. The per share exercise price of each option granted to a Non-Employee Director shall equal 100% of the fair market value of a share of
common stock on the date the option is granted, as determined under the 2012 Plan.

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	Vesting. Initial Options granted to Non-Employee Directors shall become exercisable over three years, with one-third of the shares subject to such Initial
Options vesting on the first anniversary of the date of grant and the remaining shares subject to such Initial Options vesting in 24 equal monthly installments over the three years thereafter,
such that each Initial Option shall be 100% vested on the third anniversary of the date of grant, subject to the director's continuing service on the Board or as a service provider to the Company
through such dates. Subsequent Options granted to Non-Employee Directors shall become vested in twelve equal monthly installments of one-twelfth of the shares subject to such option on
the date that is one month following the date of the Subsequent Option grant, subject to a director's continuing service on the Board or as a service provider to the Company through such
dates. Unless otherwise determined by the Board, no portion of an option which is unexercisable at the time of a Non-Employee Director's termination of membership on the Board shall
thereafter become exercisable. All Initial Options and Subsequent Options granted to the Non- Employee Directors shall vest in full immediately prior to the occurrence of a Covered
Transaction (as defined in the 2012 Plan).

	The term of each option granted to a Non-Employee Director shall be ten years from the date the option is granted.

   

   

   

                                                        3Exhibit 10.2

Exhibit 10.2

SEELOS THERAPEUTICS, INC.

EMPLOYMENT AGREEMENT

This Employment Agreement (the "Agreement"), entered into as of March 20, 2019 (the "Agreement Date"), is made by and
between Seelos Therapeutics, Inc., a Nevada corporation (the "Company"), and Raj Mehra, Ph.D. ("Executive" and together with the
Company, the "Parties").  This Agreement will become effective as a binding contract as of the Agreement Date (the "Effective Date").

WHEREAS, the Company desires to assure itself of the continued services of Executive by engaging Executive to perform services as an employee of the Company under
the terms hereof; and

WHEREAS, Executive desires to provide continued services to the Company on the terms herein provided.

NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, including the respective covenants and agreements set forth below, the
receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:

	Employment.

	General.  During the Term (as defined below), the Company shall employ Executive upon the terms and conditions provided herein effective as of the Effective Date.

	Position and Duties.  During the Term, Executive (i) shall serve as the Company's President and Chief Executive Officer, with responsibilities, duties, and authority usual and
customary for such position, subject to direction by the Company's Board of Directors (the "Board"); (ii) shall report directly to the Board; and (iii) agrees
promptly and faithfully to comply with all present and future policies, requirements, rules and regulations, and reasonable directions and requests of the Company in connection with the
Company's business.  As of the Effective Date, Executive shall serve as a member of the Board, and, while Executive is employed hereunder, the Company shall nominate Executive for
reelection as a member of the Board at the end of each Board term.  At the Company's request, Executive shall serve the Company and/or its subsidiaries and affiliates in such other capacities
in addition to the foregoing as the Company shall designate, provided that such additional capacities are consistent with Executive's position as the Company's President and Chief Executive
Officer.  In the event that Executive serves in any one or more of such additional capacities, Executive's compensation shall not automatically be increased on account of such additional
service.

	Performance of Executive's Duties.  During Executive's employment with the Company, and except for periods of illness, vacation, Disability (as defined below), or reasonable
leaves of absence or as discussed in Section 1(e), Executive shall devote Executive's full time and attention to the business and affairs of the Company pursuant to the general direction of
the Board.  The rights of Executive under this Agreement shall not be affected by any change in the title, duties, or capacity of Executive during Executive's employment with the Company.

	Principal Office.  Executive will work principally at the Company's facility located in New York, New York.

	Exclusivity.  Except with the prior written approval of the Board (which the Board may grant or withhold in its sole and absolute discretion), Executive shall devote substantially all of
Executive's working time, attention, and energies to the business of the Company, except during any paid vacation or other excused absence periods.  Nothing in this section prevents Executive
from engaging in additional activities in connection with personal investments and not-for-profit or charitable affairs.  Executive may also serve on up to three boards of directors of for-profit
entities and on up to three boards of advisors of for-profit entities provided (i) such organization is not a competitor of the Company; (ii) Executive notifies the Board; and
(iii) such activities do not individually or in the aggregate interfere with the performance of Executive's duties under this Agreement, violate the Company's standards of conduct then in
effect, or raise a conflict under any conflict of interest policy of the Company.

	Term.  The period of Executive's employment under this Agreement shall commence on the Effective Date and shall continue until the third anniversary of the Effective Date unless
earlier terminated by either Party (such period of employment, the "Term").  Notwithstanding any contrary provision herein, Executive's employment with the Company
is "at will" and may be terminated by the Company or Executive at any time and for any or no reason.

	Compensation and Related Matters.

	Annual Base Salary.  During the Term, Executive shall receive a base salary at the rate of $450,000 per year (as may be increased from time to time, the
"Annual Base Salary"), subject to withholdings and deductions, which shall be paid to Executive in accordance with the customary payroll practices and procedures of
the Company.  Such Annual Base Salary shall be reviewed by the Board and/or the Compensation Committee of the Board ("Compensation Committee") not less
than annually.

	Annual Bonus.  During the Term, Executive shall be eligible to receive a discretionary annual bonus based on Executive's achievement of performance objectives determined by the
Compensation Committee, such bonus to be targeted at 50% of Executive's Annual Base Salary (the "Annual Bonus").  Any Annual Bonus approved by the
Compensation Committee of the Board shall be paid at the same time annual bonuses are paid to other executives of the Company generally, subject to Executive's continuous employment
through the date of payment.

	Benefits.  During the Term, Executive shall be entitled to participate in such employee and executive benefit plans and programs as the Company may from time to time offer to
provide to its executives, subject to the terms and conditions of such plans.  Notwithstanding the foregoing, nothing herein is intended, or shall be construed, to require the Company to institute
or continue any, or any particular, plan or benefit.

	Business Expenses.  The Company shall reimburse Executive for all reasonable, documented, out-of-pocket travel and other business expenses incurred by Executive in the
performance of Executive's duties to the Company in accordance with the Company's applicable expense reimbursement policies and procedures as are in effect from time to time.

	Vacation.  Executive will be entitled to paid vacation in accordance with the Company's vacation policy.

	Equity Awards.  Executive shall be eligible for such stock options and equity awards as may be determined by the Compensation Committee, in its sole discretion.

	Termination.

	At-Will Employment.  The Company and Executive acknowledge that Executive's employment is and shall continue to be "at will," as defined under applicable law.  This
means that it is not for any specified period of time and can be terminated by Executive or by the Company at any time, with or without advance notice, and for any or no particular reason or
cause.  It also means that Executive's job duties, title, responsibility and reporting level, work schedule, compensation, and benefits, as well as the Company's personnel policies and procedures,
may be changed with prospective effect, with or without notice, at any time in the sole discretion of the Company (subject to any ramification such changes may have under Section 6 of
this Agreement).  This "at-will" nature of Executive's employment shall remain unchanged during Executive's tenure as an employee and may not be changed, except in an express
writing signed by Executive, on the one hand, and a duly-authorized officer of the Company (other than Executive) acting with the approval of the Board or the Compensation Committee, on the
other hand.  If Executive's employment terminates for any lawful reason, Executive shall not be entitled to any payments, benefits, damages, award, or compensation other than as provided in
this Agreement.

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	Notice of Termination.  During the Term, any termination of Executive's employment by the Company or by Executive (other than by reason of death) shall be communicated by
written notice (a "Notice of Termination") from one Party hereto to the other Party hereto (i) indicating the specific termination provision in this Agreement relied
upon, if any; (ii) setting forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive's employment under the provision so indicated; and
(iii) specifying the Date of Termination (as defined below).  The failure by the Company to set forth in the Notice of Termination all of the facts and circumstances that contribute to a
showing of Cause (as defined below) shall not waive any right of the Company hereunder or preclude the Company from asserting such facts or circumstances in enforcing its rights
hereunder.

	Date of Termination.  For purposes of this Agreement, "Date of Termination" shall mean the date of the termination of Executive's employment with the
Company specified in a Notice of Termination; provided, however, that in the event of Executive's resignation without Good Reason (as defined below), such date shall not be earlier than
thirty (30) days following the date on which the Notice of Termination is delivered by Executive to the Company; and provided, further, that the Company may waive any period of
notice provided by Executive, thereby accelerating Executive's Date of Termination.

	Deemed Resignation.  Upon termination of Executive's employment for any reason, Executive shall be deemed to have resigned from all offices and board memberships, if any,
then held with the Company or any of its affiliates, and, at the Company's request, Executive shall immediately execute such documents as are necessary or desirable to effectuate such
resignations.

	Consequences of Termination.

	Payments of Accrued Obligations upon All Terminations of Employment.  Upon a termination of Executive's employment for any reason, Executive (or Executive's estate or legal
representative, as applicable) shall be entitled to receive, within 30 days after Executive's Date of Termination (or such earlier date as may be required by applicable law):
(i) any portion of Executive's Annual Base Salary earned through Executive's Date of Termination not theretofore paid; (ii) any expenses owed to Executive under Section 3;
(iii) any accrued but unused paid time off owed to Executive; and (iv) any amount arising from Executive's participation in, or benefits under, any employee benefit plans, programs,
or arrangements under Section 3, which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs, or arrangements.  Except as
otherwise set forth in Sections 6(b) and (c), the payments and benefits described in this Section 6(a) shall be the only payments and benefits payable in the event of Executive's
termination of employment for any reason.

	Severance Payments upon Covered Termination Outside a Change in Control Period.  If, during the Term, Executive experiences a Covered Termination outside a Change in
Control Period (each as defined below), then in addition to the payments and benefits described in Section 6(a), the Company shall, subject to Executive's delivery to the Company of a
waiver and release of claims agreement in a form approved by the Company (a "Release") that becomes effective and irrevocable in accordance with
Section 11(d) and Executive's continued compliance with the terms of this Agreement and the terms of the PIIAA (as defined below), provide Executive with the following:

	The Company shall pay to Executive an amount equal to the sum of (A) Executive's Annual Base Salary and (B) the Annual Bonus earned by Executive for the fiscal year
immediately preceding the fiscal year in which the Date of Termination occurs.  Such amount shall be paid, subject to applicable withholding, in substantially equal installments over twelve (12)
months following the Date of Termination in accordance with the Company's regular payroll practices; provided, however, that amounts shall accrue, with payments of accrued amounts
made on the second regularly scheduled payroll date after the Release Expiration Date (as defined below) and then continuing thereafter.
	The Company shall pay to Executive a pro-rata portion of Executive's earned Annual Bonus for the fiscal year in which the Date of Termination occurs, pro-rata based on days elapsed in
such fiscal year through the Date of Termination and calculated based on actual performance, paid on the same date when Annual Bonuses for the fiscal year are paid to other officers of the
Company, but not before January 1 of the year following the year in which the Date of Termination occurs or after December 31 of such year.

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	For purposes of vesting with respect to Executive's outstanding Company equity awards that are scheduled to vest solely subject to continued service or employment, vesting shall
accelerate so that such awards shall be vested to the same extent as if Executive had provided an additional twelve (12) months of service or employment from the Date of Termination.
	During the period commencing on the Date of Termination and ending on the twelve (12)-month anniversary thereof or, if earlier, the date on which Executive becomes eligible for
comparable replacement coverage under a subsequent employer's group health plan, the date of Executive's death, or the date on which the Company no longer offers health care benefits,
subject to Executive's valid election to continue healthcare coverage under Section 4980B of the Internal Revenue Code of 1986, as amended (the
"Code"), and the regulations thereunder, the Company shall, in its sole discretion, either (A) continue to provide to Executive and Executive's dependents, at the
Company's sole expense, or (B) reimburse Executive and Executive's dependents for, coverage under its group health plan (if any) at the same levels in effect on the Date of Termination;
provided, however, that if (1) the Company is otherwise unable to continue to cover Executive or Executive's dependents under its group health plans, or (2) the Company
cannot provide the benefit without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then no additional payments or benefits shall be
provided to Executive or his dependents under this clause (iv).

	Severance Payments upon Covered Termination During a Change in Control Period.  If, during the Term, Executive experiences a Covered Termination during a Change in Control
Period (each as defined below), then, in addition to the payments and benefits described in Section 6(a), the Company shall, subject to Executive's delivery to the Company of a Release
that becomes effective and irrevocable in accordance with Section 11(d) and Executive's continued compliance with the terms of this Agreement and the terms of the PIIAA, provide
Executive with the following:

	The Company shall pay to Executive an amount equal to 1.5 times the sum of (A) Executive's Annual Base Salary and (B) the Annual Bonus earned by Executive for the
fiscal year immediately preceding the fiscal year in which the Date of Termination occurs.  Such amount shall be paid, subject to applicable withholding, in substantially equal installments over
twelve (12) months following the Date of Termination in accordance with the Company's regular payroll practices; provided, however, that amounts shall accrue, with payments of accrued
amounts made on the second regularly scheduled payroll date after the Release Expiration Date and then continuing thereafter.
	The Company shall pay to Executive a pro-rata portion of Executive's earned Annual Bonus for the fiscal year in which the Date of Termination occurs, pro-rata based on days elapsed in
such fiscal year through the Date of Termination and calculated based on actual performance, paid on the same date when Annual Bonuses for the fiscal year are paid to other officers of the
Company, but not before January 1 of the year following the year in which the Date of Termination occurs or after December 31 of such year.
	For purposes of vesting with respect to Executive's outstanding Company equity awards that are scheduled to vest solely subject to continued service or employment, vesting shall
accelerate so that such awards shall be fully vested.
	During the period commencing on the Date of Termination and ending on the twelve (12)-month anniversary thereof or, if earlier, the date on which Executive becomes eligible for
comparable replacement coverage under a subsequent employer's group health plan, the date of Executive's death, or the date on which the Company no longer offers health care benefits,
subject to Executive's valid election to continue healthcare coverage under Section 4980B of the Code and the regulations thereunder, the Company shall, in its sole discretion, either
(A) continue to provide to Executive and Executive's dependents, at the Company's sole expense, or (B) reimburse Executive and Executive's dependents for, coverage under its
group health plan (if any) at the same levels in effect on the Date of Termination; provided, however, that if (1) the Company is otherwise unable to continue to cover Executive or
Executive's dependents under its group health plans, or (2) the Company cannot provide the benefit without violating applicable law (including, without limitation, Section 2716 of the
Public Health Service Act), then no additional payments or benefits shall be provided to Executive or his dependents under this clause (iv).

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	No Other Severance.  The provisions of this Section 6 shall supersede in their entirety any severance payment provisions in any severance plan, policy, program, or other
arrangement maintained by the Company except as otherwise approved by the Board or the Compensation Committee.

	No Requirement to Mitigate; Survival.  Executive shall not be required to mitigate the amount of any payment provided for under this Agreement by seeking other employment or in
any other manner.  Notwithstanding anything to the contrary in this Agreement, the termination of Executive's employment shall not impair the rights or obligations of any Party.

	Definition of Cause.  For purposes hereof, "Cause" shall mean any one of the following: (i) Executive's material violation of any applicable law or
regulation respecting the business of the Company; (ii) Executive's conviction of, or plea of guilty or nolo contendere to, any crime involving moral turpitude or any felony; (iii) any act
of dishonesty, fraud, or misrepresentation by Executive, which act is materially injurious to the Company; (iv) Executive's willful and repeated failure to perform in any material respect
Executive's duties hereunder after 30 days' notice and an opportunity to cure such failure (other than on account of a Disability); (v) Executive's failure to attempt in good faith
to implement a clear and reasonable directive from the Board or to comply with any of the Company's policies and procedures, which failure continues to occur 30 days after written
notice from the Board; (vi) any act of gross negligence or willful misconduct; (vii) conduct by Executive that demonstrates Executive's gross unfitness to serve under circumstances
that materially and adversely affect the Company; (viii) Executive's breach of fiduciary duty owed to the Company; or (ix) Executive's material breach of the Agreement or the
PIIAA.

	Definition of Change in Control.  For purposes of this Agreement, "Change in Control" shall mean (i) the acquisition by any person or group of
affiliated or associated persons of more than 50% of the outstanding capital stock of the Company or voting securities representing more than 50% of the total voting power of
outstanding securities of the Company; (ii) the consummation of a sale of all or substantially all of the assets of the Company to a third party; (iii) the consummation of any merger,
consolidation, reorganization, or business combination involving the Company in which, immediately after giving effect to such merger, less than a majority of the total voting power of outstanding
stock of the surviving or resulting entity is then "beneficially owned" (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended) in the
aggregate by the stockholders of the Company, as applicable, immediately prior to such merger, consolidation, reorganization, or business combination; (iv) a circumstance in which the
Incumbent Directors (as defined below) cease for any reason to constitute a majority of the Board; or (v) the date that is 10 business days prior to the completion of a liquidation or
dissolution of the Company.  For the avoidance of doubt and notwithstanding anything herein to the contrary, in no event shall a transaction constitute a "Change in Control" if
(x) its sole purpose is to change the state of the Company's incorporation; (y) its sole purpose is to create a holding company that will be owned in substantially the same proportions
by the persons who held the Company's securities immediately before such transaction; or (z) it is effected primarily for the purpose of financing the Company with cash (as determined by
the Board without regard to whether such transaction is effectuated by a merger, equity financing, or otherwise).

	Definition of Change in Control Period.  For purposes hereof, "Change in Control Period" shall mean the period of time commencing three months prior
to a Change in Control and ending twelve (12) months after such Change in Control.

	Definition of Covered Termination.  For purposes hereof, "Covered Termination" shall mean the termination of Executive's employment by the Company
without Cause or by Executive for Good Reason, and shall not include a termination due to Executive's death or Disability.

	Definition of Disability.  For purposes hereof, "Disability" shall mean a disability that entitles Executive to benefits under the Company's long-term
disability plan, or, in the absence of such a plan, Executive's physical or mental impairment that renders Executive unable to perform his duties hereunder without reasonable accommodation for
a period of at least 180 days in any twelve (12)-month period or that is reasonably expected to result in Executive's death.

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	Definition of Good Reason.  For purposes hereof, "Good Reason" shall mean any one of the following: (i) the material reduction of Executive's
Base Salary or Target Bonus, other than a reduction that occurs in connection with a Company-wide decrease in executive team compensation; (ii) the assignment to Executive of any
duties materially and negatively inconsistent in any respect with Executive's position (including status, offices, titles, and reporting requirements), authority, duties, or responsibilities, or any other
action by the Company that results in a material diminution in such position, authority, duties, or responsibilities (including, without limitation, a requirement to report to any person or entity other
than the Board, or following a Change in Control, the ultimate parent company of the surviving entity in such Change in Control that has at least one class of publicly traded securities listed on
the New York Stock Exchange or the Nasdaq Stock Market LLC) (it being understood that the stockholders failing to elect Executive to serve on the Board shall not be Good Reason);
(iii) the relocation, without Executive's prior consent, of Executive's principal place of employment that increases Executive's one-way commute by more than 35 miles; or
(iv) the Company's material breach of the Agreement; provided, that in each case, Executive will not be deemed to have Good Reason unless (1) Executive first provides the
Company with written notice of the condition giving rise to Good Reason within 30 days of the date Executive first becomes aware of its initial occurrence; (2) the Company or
the successor company fails to cure such condition within 30 days after receiving such written notice (the "Cure Period"); and (3) Executive's
resignation based on such Good Reason is effective within 30 days after the expiration of the Cure Period.

	Definition of Incumbent Directors.  For purposes hereof, "Incumbent Directors" shall mean for any period of twelve (12) consecutive months, individuals
who, at the beginning of such period, constitute the Board together with any new director(s) whose election or nomination for election to the Board was approved by a vote of at least a majority
(either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director without objection to such nomination) of the directors
then still in office who either were directors at the beginning of the twelve (12)-month period or whose election or nomination for election was previously so approved.

	Additional Payments upon Termination Due to Death or Disability.  In the event of the termination of Executive's employment due to death or Disability, then, in addition to the
payments and benefits described in Section 6(a), the Company shall pay to Executive, or, in the event of Executive's death, Executive's estate, a pro-rata portion of Executive's earned
Annual Bonus for the fiscal year in which the Date of Termination occurs, pro-rata based on days elapsed in such fiscal year through the Date of Termination and calculated based on actual
performance, paid on the same date when Annual Bonuses for the fiscal year are paid to other officers of the Company, but not before January 1 of the year following the year in which the
Date of Termination occurs or after December 31 of such year.

	Assignment and Successors.  The Company shall assign its rights and obligations under this Agreement to any successor to all or substantially all of the business or the assets of
the Company (by merger or otherwise).  This Agreement shall be binding upon and inure to the benefit of the Company, Executive, and their respective successors, assigns, personnel, and legal
representatives, executors, administrators, heirs, distributees, devisees, and legatees, as applicable.  None of Executive's rights or obligations may be assigned or transferred by Executive, other
than Executive's rights to payments hereunder, which may be transferred only by will, operation of law, or as otherwise provided herein.

	Miscellaneous Provisions.

	Confidentiality Agreement.  Executive and the Company are parties to that certain Employee Proprietary Information and Invention Assignment Agreement, dated July 8,
2016 (as may be amended or restated from time to time, the "PIIAA").  The PIIAA shall survive the termination of this Agreement and Executive's employment with the
Company for the applicable period(s) set forth therein.  Notwithstanding the foregoing, in the event of any conflict between the terms of the PIIAA and the terms of this Agreement, the terms of
this Agreement shall prevail in all respects.

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	Non-Solicitation of Employees.  During the Term and for a period of twenty-four (24) months following Executive's Date of Termination, Executive shall not, either directly or
indirectly, (i) solicit for employment by any individual, corporation, firm, or other business, any employees, consultants, independent contractors, or other service providers of the Company
or any of its affiliates or (ii) solicit any employee or consultant of the Company or any of its affiliates to leave the employment or consulting of or cease providing services to the Company or
any of its affiliates; provided, however, that the foregoing clauses (i) and (ii) shall not apply to a general advertisement or solicitation (or any hiring pursuant to such
advertisement or solicitation) that is not specifically targeted to such employees or consultants.

	Non-Competition.  During the Term and for a period of twelve (12) months following Executive's Date of Termination, Executive shall not, directly or indirectly, whether as
principal, agent, partner, officer, director, stockholder, employee, consultant, or otherwise, alone or in association with any other person or entity, own, manage, operate, control, participate in,
invest in (other than an investment that results in Executive owning less than 5% of the outstanding voting stock of a publicly traded company), or carry on a business that is in direct
competition with the products and services offered by the Company, or, to Executive's knowledge, planned to be offered by the Company, as of the date of the termination of Executive's
employment.

	Governing Law.  This Agreement shall be governed, construed, interpreted, and enforced in accordance with its express terms, and otherwise in accordance with the substantive
laws of the State of New York, without giving effect to any principles of conflicts of law, whether of the State of New York or any other jurisdiction, and where applicable, the laws of the United
States, that would result in the application of the laws of any other jurisdiction.

	Validity.  The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement,
which shall remain in full force and effect.

	Counterparts.  This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same
Agreement.  Signatures delivered by facsimile shall be deemed effective for all purposes.

	Entire Agreement.  The terms of this Agreement, together with the PIIAA, are intended by the Parties to be the final expression of their agreement with respect to the employment of
Executive by the Company and supersede all prior understandings and agreements, whether written or oral, regarding Executive's service to the Company.  The Parties further intend that this
Agreement, together with the PIIAA, shall constitute the complete and exclusive statement of their terms and that no extrinsic evidence whatsoever may be introduced in any judicial,
administrative, or other legal proceeding to vary the terms of this Agreement or the PIIAA.  Notwithstanding the foregoing, in the event of any conflict between the terms of the PIIAA and the
terms of this Agreement, the terms of this Agreement shall prevail in all respects.

	Amendments; Waivers.  This Agreement may not be modified, amended, or terminated except by an instrument in writing signed by Executive and a duly authorized representative
of the Company.  By an instrument in writing similarly executed, Executive or a duly authorized officer of the Company, as applicable, may waive compliance by the other Party with any
specifically identified provision of this Agreement that such other Party was or is obligated to comply with or perform; provided, however, that such waiver shall not operate as a waiver of,
or estoppel with respect to, any other or subsequent failure.  No failure to exercise and no delay in exercising any right, remedy, or power hereunder shall preclude any other or further exercise of
any other right, remedy, or power provided herein or by law or in equity.

	Dispute Resolution.  To ensure the timely and economical resolution of disputes that arise in connection with this Agreement, Executive and the Company agree that any and all
controversies, claims, and disputes arising out of or relating to this Agreement, including, without limitation, any alleged violation of its terms, shall be resolved solely and exclusively by final and
binding arbitration held in New York, New York through JAMS in conformity with New York law and the then-existing JAMS employment arbitration rules, which can be found at
https://www.jamsadr.com/rules-employment-arbitration/.  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

                                                                 7

essential findings and conclusions and a statement of the award.  The arbitrator shall award the prevailing Party attorneys' fees and expert fees, if any.
Notwithstanding the foregoing, it is acknowledged that it will be impossible to measure in money the damages that would be suffered if the Parties fail to comply with any of the obligations
imposed on them under the PIIAA, and that in the event of any such failure, an aggrieved person will be irreparably damaged and will not have an adequate remedy at law.  Any such person
shall therefore be entitled to injunctive relief, including specific performance, to enforce such obligations, and if any action shall be brought in equity to enforce any of the provisions of the PIIAA,
none of the Parties shall raise the defense that there is an adequate remedy at law.  Executive and the Company understand that by agreement to arbitrate any claim pursuant to this
Section 8(i), they will not have the right to have any claim decided by a jury or a court, but shall instead have any claim decided through arbitration.  Executive and the Company waive any
constitutional or other right to bring claims covered by this Agreement other than in their individual capacities.  Except as may be prohibited by applicable law, the foregoing waiver includes the
ability to assert claims as a plaintiff or class member in any purported class or representative proceeding.

	Enforcement.  If any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future laws, such provision shall be fully severable; this Agreement
shall be construed and enforced as if such illegal, invalid, or unenforceable provision had never comprised a portion of this Agreement, and the remaining provisions of this Agreement shall
remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance from this Agreement.  Furthermore, in lieu of such illegal, invalid, or
unenforceable provision there shall be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible and be
legal, valid, and enforceable.

	Withholding.  The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state, local, or foreign withholding or other taxes or charges
that the Company is required to withhold.  The Company shall be entitled to rely on an opinion of counsel if any questions as to the amount or requirement of withholding shall arise.

	Whistleblower Protections and Trade Secrets.  Notwithstanding anything to the contrary contained herein, nothing in this Agreement prohibits Executive from reporting possible
violations of federal law or regulation to any United States governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities
Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation (including
the right to receive an award for information provided to any such government agencies).  Furthermore, in accordance with 18 U.S.C.   1833, notwithstanding anything to the
contrary in this Agreement, (i) Executive shall not be in breach of this Agreement, and shall not be held criminally or civilly liable under any federal or state trade secret law (x) for the
disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of
law or (y) for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (ii) if Executive
files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the trade secret to Executive's attorney, and may use the trade secret information
in the court proceeding, if Executive files any document containing the trade secret under seal and does not disclose the trade secret except pursuant to court order.

	Clawback Policy.  Executive acknowledges that his Annual Bonus and equity compensation shall be subject to "claw back" in accordance with applicable Company
policy and applicable law.

	Prior Employment.  Executive represents and warrants that Executive's acceptance of employment with the Company has not breached, and the performance of Executive's duties
hereunder will not breach, any duty owed by Executive to any prior employer or other person.  Executive further represents and warrants to the Company that (a) the performance of
Executive's obligations hereunder will not violate any agreement between Executive and any other person, firm, organization, or other entity; (b) Executive is not bound by the terms of any
agreement with any previous employer or other party to refrain from competing, directly or indirectly, with the business of such previous employer or other party that would be violated by
Executive entering into this Agreement and/or providing services to the Company pursuant to the terms of this Agreement; and (c) Executive's performance of Executive's duties under this
Agreement will not require Executive to, and Executive shall not, rely on in the performance of Executive's duties or disclose to the Company or any other person or entity or induce the Company
in any way to use or rely on any trade secret or other confidential or proprietary information or material belonging to any previous employer of Executive.

                                                                 8

	Golden Parachute Excise Tax.

	Best Pay.  Any provision of this Agreement to the contrary notwithstanding, if any payment or benefit Executive would receive from the Company pursuant to this Agreement 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 will be equal to the Reduced Amount (as
defined below).  The "Reduced Amount" will be either (A) the largest portion of the Payment that would result in no portion of the Payment (after reduction)
being subject to the Excise Tax or (B) the entire 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, net of the maximum reduction in federal income taxes that could be obtained from a deduction of such state and local taxes),
results in Executive' 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 a
Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (A) of the preceding sentence, the reduction shall occur in the manner
(the "Reduction Method") that results in the greatest economic benefit for Executive.  If more than one method of reduction will result in the same economic benefit,
the items so reduced will be reduced pro rata (the "Pro Rata Reduction Method").  Notwithstanding the foregoing, if the Reduction Method or the Pro Rata Reduction
Method would result in any portion of the Payment being subject to taxes pursuant to Section 409A (as defined below) that would not otherwise be subject to taxes pursuant to
Section 409A, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to
Section 409A as follows: (1) as a first priority, the modification shall preserve, to the greatest extent possible, the greatest economic benefit for Executive as determined on an
after-tax basis; (2) as a second priority, Payments that are contingent on future events (e.g., being terminated without cause), shall be reduced (or eliminated) before Payments that are not
contingent on future events; and (3) as a third priority, Payments that are "deferred compensation" within the meaning of Section 409A shall be reduced (or eliminated)
before Payments that are not deferred compensation within the meaning of Section 409A.

	Accounting Firm.  The accounting firm engaged by the Company for general tax purposes as of the day prior to the Change in Control will perform the calculations set forth in
Section 10(a).  If the firm so engaged by the Company is serving as the accountant or auditor for the acquiring company, the Company will appoint a nationally recognized accounting firm
to make the determinations required hereunder.  The Company will bear all expenses with respect to the determinations by such firm required to be made hereunder.  The accounting firm
engaged to make the determinations hereunder will provide its calculations, together with detailed supporting documentation, to the Company within thirty (30) days before the
consummation of a Change in Control (if requested at that time by the Company) or such other time as requested by the Company.  If the accounting firm determines that no Excise Tax is
payable with respect to a Payment, either before or after the application of the Reduced Amount, it will furnish the Company with documentation reasonably acceptable to the Company that no
Excise Tax will be imposed with respect to such Payment.  Any good-faith determinations of the accounting firm made hereunder will be final, binding, and conclusive upon the Company and
Executive.

	Section 409A.

	General.  The intent of the Parties is that the payments and benefits under this Agreement comply with or be exempt from Section 409A of the Code and the Department of
Treasury regulations and other interpretive guidance issued thereunder, including, without limitation, any such regulations or other guidance that may be issued after the Effective Date
("Section 409A"), and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.  If Executive notifies the
Company that Executive has received advice of tax counsel of a national reputation with expertise in Section 409A that any provision of this Agreement would cause Executive to incur any
additional tax or interest under Section 409A (with specificity as to the reason therefor) or the Company independently makes such determination, the Company and Executive shall take
commercially reasonable efforts to reform such provision to try to comply with or be exempt from Section 409A through good-faith modifications to the minimum extent reasonably
appropriate to conform with Section 409A, provided that any such modifications shall not increase the cost or liability to the Company.  To the extent that any provision
hereof is modified in order to comply with or be exempt from Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain
the original intent and economic benefit to Executive and the Company of the applicable provision without violating the provisions of Section 409A.

                                                                 9

	Separation from Service.  Notwithstanding any provision to the contrary in this Agreement, (i) no amount that constitutes "deferred compensation" under
Section 409A shall be payable pursuant to Section 6 unless the termination of Executive's employment constitutes a "separation from service" within the meaning of
Section 1.409A-1(h) of the Department of Treasury Regulations ("Separation from Service"); (ii) for purposes of Section 409A, Executive's
right to receive installment payments shall be treated as a right to receive a series of separate and distinct payments; and (iii) to the extent that any reimbursement of expenses or in-kind
benefits constitutes "deferred compensation" under Section 409A, such reimbursement or benefit shall be provided no later than December 31 of the year following the
year in which the expense was incurred.  The amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year.  The amount of any
in-kind benefits provided in one year shall not affect the amount of in-kind benefits provided in any other year.

	Specified Employee.  Notwithstanding anything in this Agreement to the contrary, if Executive is deemed by the Company at the time of Executive's Separation from Service to be a
"specified employee" for purposes of Section 409A, to the extent that 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, such portion of Executive's benefits shall not be provided to Executive prior to the earlier of (i) the expiration
of the six (6)-month period measured from the date of Executive's Separation from Service with the Company or (ii) the date of Executive's death.  Upon the first business day following the
expiration of the applicable Section 409A period, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to Executive (or Executive's estate or
beneficiaries), and any remaining payments due to Executive under this Agreement shall be paid as otherwise provided herein.

	Release.  Notwithstanding anything to the contrary in this Agreement, to the extent that any payments due under this Agreement or otherwise as a result of Executive's termination
of employment are subject to Executive's execution and delivery of a Release, (i) the Company shall deliver the Release to Executive within ten (10) business days following
Executive's Date of Termination, and the Company's failure to deliver a Release prior to the expiration of such ten (10) business-day period shall constitute a waiver of any requirement to
execute a Release, (ii) if Executive fails to execute the Release on or prior to the Release Expiration Date (as defined below) or timely revokes Executive's acceptance of the Release
thereafter, Executive shall not be entitled to any payments or benefits otherwise conditioned on the Release, and (iii) in any case where Executive's Date of Termination and the Release
Expiration Date fall in two separate taxable years, any payments required to be made to Executive that are conditioned on the Release and are treated as nonqualified deferred compensation for
purposes of Section 409A shall be made in the later taxable year.  For purposes of this Section 11(d), "Release Expiration Date" shall mean the date that
is twenty-one (21) days following the date upon which the Company timely delivers the Release to Executive, or, in the event that Executive's termination of employment is "in
connection with an exit incentive or other employment termination program" (as such phrase is defined in the Age Discrimination in Employment Act of 1967), the date that is
forty-five (45) days following such delivery date.  To the extent that any payments of nonqualified deferred compensation (within the meaning of Section 409A) due under this
Agreement or otherwise as a result of Executive's termination of employment are delayed pursuant to this Section 11(d), such amounts shall be paid in a lump sum on the first payroll date
following the date that Executive executes and does not revoke the Release (and the applicable revocation period has expired) or, in the case of any payments subject to Section 11(d)(iii),
on the first payroll period to occur in the subsequent taxable year, if later.

	Employee Acknowledgement.  Executive acknowledges that Executive has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance upon any
representations or promises made by the Company other than those contained in writing herein, and has entered into this Agreement freely based on Executive's own judgment.

[Signature Page Follows]

                                                                 10

The Parties have executed this Agreement as of the Agreement Date.

	

SEELOS THERAPEUTICS, INC.

	
By:
	
/s/ Brian Lian, Ph.D.

	
Name:
	
Brian Lian, Ph.D.

	
Its:
	
Director

	 	 
	 	 
	
EXECUTIVE

	
By:
	
/s/ Raj Mehra, Ph.D.

	
Name:
	
Raj Mehra, Ph.D.

   

   

   

                                                                 11

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