Document:

Exhibit

	
			
	 
	
	Exhibit 10.31

NON-EMPLOYEE DIRECTOR COMPENSATION POLICY
INHIBRX, INC.
The Board of Directors of Inhibrx, Inc. (the “Company”) has approved the following Non-Employee Director Compensation Policy (this “Policy”), which establishes compensation to be paid to non-employee directors of the Company, effective upon the completion of the Company’s initial public offering (“Effective Time”), to provide an inducement to obtain and retain the services of qualified persons to serve as members of the Company’s Board of Directors.
Applicable Persons
This Policy shall apply to each director of the Company who is not an employee of the Company or any Affiliate (each, a “Non-Employee Director”).  “Affiliate” shall mean an entity which is a direct or indirect parent or subsidiary of the Company, as determined pursuant to Section 424 of the Internal Revenue Code of 1986, as amended.
Stock Option Grants 
All stock option amounts set forth herein shall be subject to automatic adjustment in the event of any stock split or other recapitalization affecting the Company’s common stock.
		
	1.
	Annual Stock Option Grants

Annually, each Non-Employee Director shall be granted a non-qualified stock option to purchase 15,000 shares of the Company’s common stock, on the date of the first meeting of the Board of Directors held following the Company’s annual meeting of stockholders in each year commencing in 2021.
		
	2.
	Initial Stock Option Grant For Newly Appointed or Elected Directors

Each new Non-Employee Director after the Effective Time shall be granted a non-qualified stock option to purchase 30,000 shares of the Company’s common stock, at the first regularly scheduled meeting of the Board of Directors on or after his or her initial appointment or election to the Board of Directors.
		
	3.
	Terms for All Option Grants

Unless otherwise specified by the Board of Directors or the Compensation Committee at the time of grant, all options granted under this Policy shall (i) have an exercise price equal to the fair market value of the Company’s common stock as determined in the Stock Plan on the date of grant; (ii) terminate on the tenth anniversary of the date of grant and (iii) contain such other terms and conditions as set forth in the form of option agreement approved by the Board of Directors or the Compensation Committee. Subject to the continued service of each Non-Employee Director and unless otherwise specified by the Board of Directors or the Compensation Committee at the time of grant, each annual stock option grant shall vest on the first anniversary of the date of grant and each initial stock option grant shall vest in equal monthly installments until the third anniversary of the date of grant. 

Annual Fees
Each Non-Employee Director serving on the Board of Directors and the Audit Committee, Compensation Committee and/or Nominating and Corporate Governance Committee, as applicable, shall be entitled to the following annual amounts (the “Annual Fees”): 
	
			
	Board of Directors or Committee of Board of Directors
	Annual Retainer Amount for Member
	Annual Retainer Amount for Chair

	Board Member
	$35,000
	-

	Chairman of the Board (additional retainer)
	$35,000
	-

	Lead Director, if any (additional retainer)
	 
	-

	Audit Committee
	$7,500
	$15,000

	Compensation Committee
	$5,000
	$10,000

	Nominating and Governance Committee
	$4,000
	$8,000

Except as otherwise set forth in this Policy, all Annual Fees shall be paid for the period from January 1 through December 31 of each year, commencing in 2021. Such Annual Fees shall be paid in cash.  
Payments payable to Non-Employee Directors shall be paid quarterly in arrears promptly following the end of each fiscal quarter, provided that (i) the amount of such payment shall be prorated for any portion of such quarter that such director was not serving on the Board or a committee and (ii) no fee shall be payable in respect of any period prior to the date such director was elected to the Board or a committee.
Expenses
Upon presentation of documentation of such expenses reasonably satisfactory to the Company, each Non-Employee Director shall be reimbursed for his or her reasonable out-of-pocket business expenses incurred in connection with attending meetings of the Board of Directors and committees thereof or in connection with other business related to the Board of Directors. 
Amendments
The Compensation Committee shall periodically review this Policy to assess whether any amendments in the type and amount of compensation provided herein should be made and shall make recommendations to the Board of Directors for its approval of any amendments to this Policy.

2Exhibit

Exhibit 4.1
 

RIDER X

DESCRIPTION OF THE REGISTRANT'S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
 
 
As of the April 30, 2020, Champions Oncology, Inc. has authorized capital stock consisting of 200,000,000 shares of common stock, par value $0.001 per share. The following description summarizes the material terms of common stock.

Holders of our common stock are entitled to one vote per share. Our certificate of incorporation, as amended, does not provide for cumulative voting. Holders of our common stock are entitled to receive ratably such dividends, if any, as may be declared by our board of directors out of legally available funds. Upon liquidation, dissolution or winding-up, the holders of our common stock are entitled to share ratably in all of our assets which are legally available for distribution, after payment of our provision for all liabilities.Exhibit
10.1

 

 

 

July
22, 2020

 

Dr.
William Mann

via
email

 

 

Re:
Offer Letter of Employment

 

Dr.
William Mann:

 

I
am very pleased to confirm our offer to you of full-time employment with NeuBase Therapeutics, Inc. (the “Company”)
in the position of Chief Operating Officer. Your effective start date will be mutually decided, but our hope is that you are able
to join the Company on or before July 27th, 2020. You will work out of the Company’s principal office in Pittsburgh,
Pennsylvania. The terms of our offer and the benefits currently provided by the Company are as follows:

 

1.             Salary.
Your starting salary will be $375,000 per year, less payroll deductions and withholdings, payable in accordance with the Company’s
standard policies and procedures, and will be subject to review from time to time in accordance with the Company’s policies.
You will be eligible for an annual performance bonus with a target amount equal to 40% of your base salary, provided you remain
employed by the Company on the date bonuses are paid.

 

2.             Benefits.

 

a.       Vacation.
You will be eligible to participate in regular health insurance and other employee benefit plans established by the Company for
its employees from time to time, subject to the terms and conditions of such plans. The Company reserves the right to change or
otherwise modify, in its sole discretion, the preceding terms of employment. You will be eligible for 21 days of paid time off
each year. The Company currently has 9 paid holidays each year. Paid time-off may be taken in accordance with applicable Company
policies.

 

b.       Relocation.
You will be provided with a one-time payment of $45,000 to be used to facilitate your move to Pittsburgh (the “Relocation
Bonus”). In the event of the termination of your employment due to your resignation without Good Reason (as defined
below) during the 6-month period immediately following the commencement of your employment, you agree to repay the Relocation
Bonus to the Company in full within 15 days of your resignation.

 

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3.             Equity.
Subject to the approval of Company’s Board of Directors, the Company will issue you a stock option (the “Option”)
to purchase shares of Common Stock of Company. The Option will be exercisable for 175,000 shares of Common Stock of Company and
shall vest in accordance with the following: 1/4th of the total shares shall vest on the first anniversary of the effective date
of your employment, and 1/36th of the remaining shares shall vest on a monthly basis starting on the first anniversary of the
effective date of your employment; provided that vesting shall only occur on a scheduled vesting date if your employment has not
terminated prior to such vesting date, inclusive. The Option shall be issued pursuant to Company’s 2019 Stock Incentive
Plan (as amended, the “Plan”) and form of award agreement adopted by Company’s Board of Directors for
use thereunder (collectively, the “Grant Documents”). In the event of the termination of your employment by
the Company (or its successor) without Cause or by you due to resignation for Good Reason, in either case within six (6) months
following a Change in Control (as defined in the Plan), then, subject to your execution and delivery of a general release of all
claims, which shall include a non-disparagement provision, in a form to be provided by the Company (“Separation Agreement”),
and such Separation Agreement becoming irrevocably effective within 60 days of the termination of your employment, your
then outstanding, unvested options, if any, will vest and be exercisable as to all of the covered shares. You should consult
with your own tax advisor concerning the tax risks associated with accepting the Option.

 

4.             Policies;
Confidentiality. As a Company employee, you will be expected to abide by Company rules, procedures and policies, as adopted
or revised from time to time, and acknowledge in writing that you have read the Company’s Employee Handbook. As an employee
of the Company, you will have access to certain confidential information of the Company and you may, during the period of time
that you are an employee of the Company, develop certain information or inventions that will be the property of the Company. To
protect the interests of the Company, you will need to sign the Company’s standard Employee Confidentiality and Invention
Assignment Agreement attached as Exhibit A (the “Confidentiality Agreement”) as a condition of your employment.
We wish to impress upon you that we do not want you to, and we hereby direct you not to, bring with you any confidential or proprietary
material of any former employer or to violate any other obligations you may have to any former employer. During the period of
time that you render services to the Company, you agree not to engage in any employment, business, or activity that is in any
way competitive with the business or proposed business of the Company. You will disclose to the Company in writing any other gainful
employment, business or activity that you are currently associated with or participate in that competes with the Company. During
the period of time that you are an employee of the Company, you will not assist any other person or organization in competing
with the Company or in preparing to engage in competition with the business or proposed business of the Company. You represent
that (i) this letter, (ii) the Confidentiality Agreement, (iii) the Grant Documents and (iv) your commencement of employment with
the Company, will not violate any agreement currently in place between yourself and current or past employers.

 

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5.             At
Will Employment. While we look forward to a long and profitable relationship, should you decide to accept our offer, you will
be an at-will employee of the Company, which means your employment relationship with the Company can be terminated by either of
you or the Company for any reason, at any time, with or without prior notice and with or without cause. Any statements or representations
to the contrary (and, indeed, any statements contradicting any provision in this letter) should be regarded by you as ineffective.
Further, your participation in any equity or benefit plan or program is not to be regarded as assuring you of continuing employment
for any particular period of time. Any modification or change in your at will employment status may only occur by way of a written
agreement signed by you and the Chief Executive Officer of the Company. Should
your employment be terminated by the Company without Cause, whether or not in connection with a change in control, subject
to your execution and delivery of a Separation Agreement and such Separation Agreement becoming irrevocably effective within 60
days following the termination of your employment (such 60 day period, the “Release Period”), you
will receive continued payment of salary for 12 months, reimbursement of 12 months of health benefits (COBRA subsidization) in
accordance with the Company’s standard expense reimbursement procedures, and, subject to the discretion of the Company’s
Board of Directors, a prorated portion of your annual bonus target as severance paid when bonuses for the fiscal year are paid
to other Company employees but not before January 1 or after December 31 of the year following the year in which your employment
terminates (such continued base salary, COBRA subsidization, and pro-rated bonus, collectively, the “Severance”).
For purposes of this Agreement, “Cause” means: (i) your continued and willful failure to substantially perform
the material duties and obligations under this Agreement (for reasons other than death or disability), which failure, if curable
within the discretion of the Company, is not cured to the reasonable satisfaction of the Company within thirty (30) days after
receipt of written notice from the Company of such failure; (ii) your failure or refusal to comply with the policies, standards
and regulations established by the Company from time to time which failure, if curable in the discretion of the Company, is not
cured to the reasonable satisfaction of the Company within thirty (30) days after receipt of written notice of such failure from
the Company; (iii) any act of personal dishonesty, fraud, embezzlement, misrepresentation, or other unlawful act committed by
you that benefits you at the expense of the Company; (iv) your violation of a federal or state law or regulation applicable to
the Company’s business; (v) your plea of nolo contendere or guilty to, any misdemeanor involving moral turpitude or any
felony under the laws of the United States or any state; (vi) your material breach of the terms of this Agreement or the Confidentiality
Agreement; or (vii) your continued failure to take such lawful actions as directed by the Board. For purposes of this Agreement,
“Good Reason” means (i) a reduction in your base salary other than comparable reductions applied to substantially
all similarly situated employees, (ii) the relocation of your principal place of employment by more than fifty (50) miles from
the prior location (provided that, for purposes of this provision, your initial prior location shall be deemed Pittsburgh, Pennsylvania),
or (iii) a material diminution in your title, duties, or responsibilities; provided, however a resignation shall be for Good Reason
only if (i) you provide written notice to the Company of the potential Good Reason trigger within thirty (30) days of the occurrence
of the potential Good Reason Trigger, the Company does not cure the potential Good Reason trigger within thirty (30) days of receipt
of notice, and you resign your employment within thirty (30) days following the expiration of the Company’s 30-day cure
period. Severance shall accrue until the required Separation Agreement becomes irrevocably effective, with accrued amounts paid
on the first regularly scheduled payroll date thereafter; provided, however, in the event the Release Period spans two calendar
years, no Severance shall be paid or provided prior to January 1 of the second calendar year.

 

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6.             Arbitration.
You and the Company agree to submit to mandatory binding arbitration any and all claims arising out of or related to your
employment with the Company and the termination thereof, including, but not limited to, claims for unpaid wages, wrongful termination,
torts, equity or phantom equity in the Company, and/or discrimination (including harassment) based upon any federal, state or
local ordinance, statute, regulation or constitutional provision except that each party may, at its, his or her option, seek injunctive
relief in court related to claims arising under the Confidentiality Agreement or otherwise relating to the improper use, disclosure
or misappropriation of a party’s proprietary, confidential or trade secret information. THE PARTIES HEREBY WAIVE ANY RIGHTS
THEY MAY HAVE TO TRIAL BY JURY IN REGARD TO SUCH CLAIMS. All arbitration hearings shall be conducted in Pittsburgh, Pennsylvania.
This letter does not apply or preclude resort to government agency processes or proceedings, and does not restrict your right
to file administrative claims you may bring before any government agency where, as a matter of law, the parties may not restrict
the employee’s ability to file such claims (including, but not limited to, the National Labor Relations Board, the Equal
Employment Opportunity Commission and the Department of Labor). However, the parties agree that, to the fullest extent permitted
by law, arbitration shall be the exclusive remedy for the subject matter of such administrative claims. The arbitration shall
be conducted through JAMS before a single neutral arbitrator, in accordance with the JAMS employment arbitration rules then in
effect, a copy of which can be obtained at https://www.jamsadr.com/rules-employment-arbitration/. Except as otherwise may be required
by law, the parties to the arbitration shall share equally the JAMS fee and the arbitrator’s fee; provided, however, that
the arbitrator at the conclusion of the arbitration shall award costs and fees to the prevailing party. The arbitrator shall issue
a written decision that contains the essential findings and conclusions on which the decision is based. The Federal Arbitration
Act shall govern this section, but if for any reason the FAA is held to be inapplicable, then the law of arbitrability of Pennsylvania
shall apply.

 

7.             Full-Time
Employee. Since you are a full-time employee, during the term of your employment you agree to devote your best efforts to
the interests of the Company and not to engage in employment that competes with or otherwise has an adverse effect on the Company’s
business or your ability to perform your services hereunder. You are permitted
to continue serving on the Board of Directors of Ardan Pharma S.A.S. (or its future US entity) and, if invited, to serve on the
Board of Directors or the Scientific Advisory Board of AAVogen, Inc., as long as such activities are not excessive or interfere
with your responsibilities at the Company.

 

8.             Electronic
Communication. Company may, in its sole discretion, decide to deliver to you by email or any other electronic means any documents
or notices related to this letter, securities of the Company or any of its affiliates or any other matter, including documents
and/or notices required to be delivered to you by applicable securities law or any other law or Company’s Certificate of
Incorporation or Bylaws. You hereby consent to receive such documents and notices by such electronic delivery (including pdf or
any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable
law) and agree to participate through any on-line or electronic system that may be established and maintained by Company or a
third party designated by Company.

 

9.             Entire
Agreement; Applicable Law. This offer, the Confidentiality Agreement and the Grant Documents, once accepted, constitute the
entire agreement between you and the Company with respect to the subject matter hereof and thereof and supersede all prior offers,
negotiations and agreements, if any, whether written or oral, relating to such subject matter. You acknowledge that neither the
Company nor its agents have made any promise, representation or warranty whatsoever, either express or implied, written or oral,
which is not contained in this letter for the purpose of inducing you to countersign this letter, and you acknowledge that you
have countersigned this letter in reliance only upon such promises, representations and warranties as are contained herein. Except
to the extent governed by federal law, this letter will be construed and enforced according to the laws of the State of Pennsylvania,
other than the choice of law provisions thereof.

 

10.           Taxes.
The Company shall withhold taxes and other amounts from payments it makes pursuant to this letter as it reasonably determines.

 

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11.           Section
409A. This Agreement is intended to meet the requirements of Section 409A of the Internal Revenue Code of 1986, as amended,
(“Section 409A”) and will be interpreted and construed consistent with that intent. For purposes of this Agreement,
the terms “terminate,” “terminated” and “termination” mean a termination of your employment
that constitutes a “separation from service” within the meaning of the default rules of Section 409A. Notwithstanding
any other provision of this Agreement, to the extent that the right to any payment (including the provision of benefits) hereunder
provides for the “deferral of compensation” under Section 409A, the payment will be paid (or provided) in accordance
with the following: if you are a “Specified Employee” within the meaning of Section 409A on the date of your termination
of employment, then no such payment shall be made or commence during the period beginning on the date of termination and ending
on the date that is six (6) months following the date of termination or, if earlier, on the date of your death. The amount of
any payment that would otherwise be paid to you during this period will instead be paid on the fifteenth (15th) day
of the first calendar month following the end of the period. Furthermore, payments with respect to reimbursements of expenses
shall be made on or before the last day of the calendar year following the calendar year in which the relevant expense is incurred.
The amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement
in any other calendar year.

 

12.           Validity/Severability.
The invalidity or unenforceability of any provision of this letter shall not affect the validity or enforceability of any other
provision of this letter, which shall remain in full force and effect. If any provision of this letter is determined by any court
or arbitrator of competent jurisdiction to be invalid, illegal or unenforceable in any respect, such provision will be enforced
to the maximum extent possible given our intent hereto.

 

13.           Acceptance.
If you decide to accept our offer, please countersign the enclosed copy of this letter in the space indicated, as well as the
Confidentiality Agreement and return both documents to me. Your signatures will acknowledge that you have read and understood
and agreed to the terms and conditions of this letter and the Confidentiality Agreement. Should you have anything else that you
wish to discuss, please do not hesitate to call me.

 

14.           Background
Check. Our offer of employment is contingent upon completion of a satisfactory background check (including criminal history)
conducted in accordance with applicable law.

 

[SIGNATURE
PAGE FOLLOWS]

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We
look forward to the opportunity to welcome you to the Company.

 

	 	Very truly
    yours,
	 	 
	 	 
	 	By:
    	/s/
    Dietrich A. Stephan, PhD	 
	 	Dietrich
    A. Stephan, PhD
	 	Chief Executive
    Officer

 

 

I
have read and understood this letter and hereby acknowledge, accept and agree to the terms as set forth above and further acknowledge
that no other commitments were made to me as part of my employment offer except as specifically set forth herein.

 

	By:	 	/s/
    William Mann, PhD	 

Employee
Name: William Mann, PhD

	Date
    signed:	 	July
    22, 2020

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