Document:

Exhibit 10.3

 

Ritter Pharmaceuticals, Inc.

Executive Compensation Plan

 

Objectives of the Plan

 

The purpose of this Executive Compensation
Plan (the “Plan”) is to reward the Company’s Chief Executive Officer, Andrew J. Ritter (“A. Ritter”),
and Chief Operating Officer, Ira Ritter (“I. E. Ritter”), for contributions to the success of Ritter Pharmaceuticals,
Inc. (the “Company”). A. Ritter and I. Ritter are each referred to herein as an “Executive” and, together,
as the “Executives.” This Plan shall be effective as of the date it is approved by the Company’s Board of Directors
(the “Board”) and executed by the covered Executives (the “Effective Date”).

 

		A.	Base Salary and Bonus

 

		1.	Base Salary.     From and after the Effective Date (as defined below), A. Ritter’s base
salary shall be $225,000 per year (the “A. Ritter Base”) and I. Ritter’s base salary shall be $210,000 per year
(the “I. Ritter Base” and, together, the “Base Salary”), paid out in accordance with the Company’s
normal payroll practices. Base Salary hereunder shall be subject to adjustment from time to time by the Board and in accordance
with Section A.2 hereof. The parties acknowledge that they have been receiving their applicable Base Salary since August
1, 2012, and that no additional amounts are due to them in respect of this provision as of the Effective Date. Base Salary shall
be reviewed by the Board upon the earlier of consummation of a Base Financing or License Event (each as defined below).

 

		2.	Car Allowance.     From and after the Effective Date, A. Ritter shall be entitled to an annual
car allowance of up to $8,400 and I. Ritter shall be entitled to an annual car allowance of up to $12,000. Any car allowance claimed
by an Executive from time to time hereunder shall result in an automatic reduction in such Executive’s Base Salary then in
effect.

 

		3.	Clinical Trial and Fundraising Bonus Opportunities.     Each Executive shall be eligible for
certain cash and equity bonuses upon the achievement of one or more of the milestones set forth below.

 

		a.	FDA meeting. Any in-person or telephonic meeting with the FDA regarding, or any written
response by the FDA to questions posed by the Company regarding, RP-G28’s path to FDA approval. Achievement of this milestone
shall result in (i) payment of a one-time cash bonus of $10,000 to each Executive hereunder paid within 60 days of the achievement
of the milestone; and (ii) vesting of each Executive’s Option Grant (as defined below) in the amount of 35% of 25,000 shares,
with the balance of such 25,000 shares vesting in 36 equal monthly installments beginning on the last day of the following month.
The parties understand that this milestone was achieved on February 20, 2012, and that the Executives shall be entitled to the
applicable cash bonus and equity vesting in accordance with the terms hereof.

 

    	 

    	 

    

 

		b.	Clinical trial funding commitment.     Any commitment by a third-party to fund a Phase II or
later clinical trial after the Effective Date, whether or not any such committed funds are paid directly to the Company. Achievement
of this milestone shall result in (i) a payment of a one-time cash bonus of $75,000 to each Executive hereunder paid within 60
days of the achievement of the milestone; and (ii) vesting of each Executive’s Option Grant in the amount of 35% of 75,000
shares, with the balance of such 75,000 shares vesting in 36 equal monthly installments beginning on the last day of the following
month. Notwithstanding the foregoing, any cash bonus for which an Executive may be eligible hereunder shall not be due and payable
at any time the Company has less than $2,000,000 in available cash.

 

		c.	Fundraising up to $10,000,000.     The sale of additional equity capital for cash, in one or
more closings after July 17, 2012, and/or the actual deployment of funds by a third party for a clinical trial after the Effective
Date, in an aggregate amount in excess of $2,000,000, but no more than $10,000,000 (a “Base Financing”). Achievement
of this milestone shall result in: (i) payment of a one-time cash bonus of $50,000 to each Executive hereunder paid within 60 days
of the achievement of the milestone; and (ii) vesting of each Executive’s Option Grant in the amount of 35% of 50,000 shares,
with the balance of such 50,000 shares vesting in 36 equal monthly installments beginning on the last day of the following month.
Notwithstanding the foregoing, any cash bonus for which an Executive may be eligible hereunder shall not be due and payable at
any time the Company has less than $2,000,000 in available cash.

 

		d.	Fundraising in Excess of $10,000,000.     The sale of additional equity capital for cash, in
one or more closings after July 17, 2012, and/or the actual deployment of funds by a third party for a clinical trial after the
Effective Date, in an aggregate amount in excess of $10,000,000. Achievement of this milestone shall result in (i) payment of a
one-time cash bonus of $150,000 to each Executive hereunder paid within 60 days of the achievement of the milestone; and (ii) vesting
of each Executive’s Option Grant in the amount of 35% of 100,000 shares, with the balance of such 100,000 shares vesting
in 36 equal monthly installments beginning on the last day of the following month. Notwithstanding the foregoing, any cash bonus
for which an Executive may be eligible hereunder shall not be due and payable at any time the Company has less than $2,000,000
in available cash. In addition, any cash or equity bonus amount due under this Section A.3(d) shall be reduced by any cash
or equity bonus paid or payable pursuant to Section A.3(c).

 

		4.	License Event Bonus Opportunities.     The closing of an exclusive license of a Product Candidate
(as defined below) by and/or any option to exclusively license such Product Candidate to a third party (a “License Event”)
with a minimum upfront payment to the Company of $2,000,000. Achievement of this milestone shall result in:

 

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		a.	payment to each Executive of a graduated cash bonus equal to (i) 5% of the Initial Period License
Payment (as defined below) up to $5,000,000; (ii) 4% of the Initial Period License Payment in excess of $5,000,000 up to $10,000,000;
and (iii) 3% of the Initial Period License Payment in excess of $10,000,000. Any such payment shall be made by March 15 of the
year following the year in which the payment is earned. For purposes of this Plan, the term “Initial Period License Payment”
shall mean the aggregate amount in cash received by the Company (not including any amount placed in escrow or subject to earn-outs,
contingencies or other deferrals or earmarked to pay or reimburse the Company for research and development activities) in respect
of the License Event over a 24-month period beginning on the closing date of such License Event (which period is referred to herein
as the “Initial Period”);

 

		b.	upon the receipt by the Company of an Initial Period License Payment of more than $2,000,000, vesting
of each Executive’s Option Grant in the amount of 35% of 325,000 shares, with the balance of such 325,000 shares vesting
in 36 equal monthly installments beginning on the last day of the following month; and

 

		c.	with respect to any Annual Exc s Milestone Payments (as defined below), (i) payment of a cash bonus
equal t 3% of such amounts to each Executive; and (ii) vesting of each Executive’s Option Grant in the amount of 35% of 50,000
shares, with the balance of such 50,000 shares vesting in 36 equal monthly installments beginning on the last day of the following
month. For purposes of this Section A.4(c), the term “Annual Excess Milestone Payments” shall mean the amount
in cash in excess of $2,000,000 (not including any amounts placed in escrow or subject to earn-outs, contingencies or other deferrals)
that is received by the Company in respect of any Post-Closing Milestones (as defined below) in each 12-month period beginning
on the expiration of the Initial Period. For purposes of this Section A.4(c), the term “ Post-Closing Milestones” shall
mean any post-closing payouts set forth in the definitive transaction documentation executed in connection with a License Event,
provided, however, that such amounts shall not include any amounts that are determined by the Board to comprise all or a portion
of any upfront payment made in connection with a License Event and any royalty payments based on product sales. Notwithstanding
the foregoing, no payment shall be due and payable to an Executive under this Section A.4(c) at any time the Company has
less than $1,000,000 in available cash.

 

		5.	Multiple License Events for a Single Product Candidate.     In the event the Company enters
into more than one (1) License Event with respect to a single Product Candidate (i.e., for a separate field of use), then the proceeds
of any such additional License Event shall be included with the proceeds of the original

 

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License Event for
purposes of meeting any of the financial thresholds set forth in Section A.4 above with respect to such Product Candidate.

 

		6.	Multiple Offers for RP-G28.     Receipt by the Company of more than one bonafide term
sheet for a proposed License Event with respect to RP-G28. Achievement of this milestone shall result in payment of an additional
10% of any cash bonus earned in connection with the achievement of any of the bonus opportunities described in Sections A.3
and Section A.4 above. Such payment shall be made by March 15 of the year following the year in which the payment is earned.

 

		B.	Severance.     If the Company terminates Executive’s employment at any time after
the Effective Date other than for Cause (as defined below), Executive shall be entitled to a lump sum cash severance payment in
the amount of nine (9) months of his Base Salary then in effect, payable within 60 days of the Executive’s termination, provided,
however, that such severance shall not be due and payable at any time the Company has less than $2,000,000 in available cash. For
purposes of this Section B, “Cause” means (i) Executive’s willful and continued failure to substantially perform
the duties and obligations of Executive’s position with the Company; (ii) any proven act of personal dishonesty, fraud or
misrepresentation taken by Executive which was intended to result in substantial gain or personal enrichment of Executive at the
expense of the Company; (iii) Executive’s violation of a federal or state law or regulation applicable to the Company’s
business which violation was or is reasonably likely to be injurious to the Company, excluding violations made in good faith and
upon advice of the Company’s counsel or directive of the Board; (iv) Executive’s conviction of, or plea of nolo
contendere or guilty to, a felony under the laws of the United States or any State, excluding felonies for minor traffic violations
and vicarious liability (in any such case of vicarious liability, so long as Executive did not know of the felony and did not willfully
violate the law); or (v) Executive’s breach of the terms of any agreement in place between Executive and the Company from
time to time, which breach, if curable, is not remedied in a reasonable period of time (not to exceed thirty (30) days) after receipt
of written notice from the Company.

 

		C.	Equity Cap, Timing of Cash Payments, Certain Tax Provisions; Product Candidates 

 

		1.	Option Terms.     Upon approval of this Plan, each Executive shall be granted an option to purchase
up to 350,000 shares of the Company’s Common Stock (each, an “Option Grant”), which option shall vest in the
manner set forth above. The Option Grants shall be issued in accordance with the terms of the Company’s equity incentive
plan and option agreement then in effect exercisable at a price equal to the Company’s fair market value on the date of grant.
Notwithstanding anything to the contrary set forth herein, the total potential number of stock options that may be awarded under
this Plan may in no event exceed 350,000 per Executive and any options for which a vesting date or schedule has not been established
by the second anniversary of the grant date shall be automatically terminated.

 

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		2.	Timing of Cash Payments.     Any cash bonus not made on or prior to the date due solely as a
result of the Company’s failure to satisfy a minimum cash availability requirement as of such date (each such date, a “Cash
Bonus Payment Date”) shall be made when sufficient cash becomes available, except that if sufficient cash remains unavailable
for more one (1) year from any Cash Bonus Payment Date, the payment to which such Cash Bonus Payment Date relates will not be made
even if sufficient cash later becomes available.

 

		3.	Tax Withholding.     The Company or an affiliate may deduct from all compensation and benefits payable under this Plan any
taxes or withholdings the Company is required to deduct pursuant to state, federal or other laws.

 

		4.	Code Section 409A.     To the extent applicable, it is intended that this Plan and any payment
made hereunder shall comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
or an exemption or exclusion therefrom, and any related regulations or other guidance promulgated with respect to such section
by the U.S. Department of the Treasury or the Internal Revenue Service (“Code Section 409A”) and shall in all respects
be administered in accordance with Code Section 409A. Any provision that would cause the Plan or any payment hereunder to fail
to satisfy Code Section 409A shall have no force or effect until amended to comply with Code Section 409A in the least restrictive
manner necessary and without any diminution in the value of the payments to Executive, which amendment may be retroactive to the
extent permitted by Code Section 409A.

 

		5.	Product Candidate.     For purposes of Section A.4 above, the term “Product Candidate”
shall mean RP-G28 and/or any future product candidate developed by the Company from time to time during the term of this Plan (provided
such future product candidate has been designated as a new Product Candidate for purposes of this Plan by the Committee (as defined
below)). The Executives may earn the bonuses set forth in Section A.4 above for any License Event (or multiple License Events)
involving a particular Product Candidate provided that the applicable minimum financial threshold has been met, provided, further,
however, that no equity bonus opportunity set forth in Section A.4 above may be earned by an Executive more than once regardless
of the number of qualifying Product Candidates and related License Events consummated during the term of this Plan.

 

		D.	Administration and General Provisions

 

		1.	Administration.     This Plan shall be administered by the Board’s Compensation Committee
(the “Committee”), except as otherwise provided herein. Whether the Company has achieved any of the milestones described
above, and the determination to issue any cash or equity bonus hereunder, shall be within the sound discretion of the Board acting
upon the recommendation of the Committee.

 

		2.	Entire Agreement.     This Plan embodies the entire agreement and understanding of the Company
and the Executives in respect of the subject matter of the Plan and

 

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supersedes and replaces
all prior agreements, understandings and commitments with respect to such subject matter. This Plan may be amended only by a written
document signed by the Company and each Executive to whom the amendment applies.

 

		3.	Assignment.     An Executive’s rights and obligations under this Plan may not be assigned
by the Executive.

 

		4.	Reformation.     If any section, subsection or provision hereof is found for any reason whatsoever
to be invalid or inoperative, that section, subsection or provision shall be deemed severable and shall not affect the force and
validity of any other provision of this Plan.

 

		5.	Liquidation, Dissolution, Winding Up.     This Plan shall automatically terminate upon the liquidation, dissolution or winding
up the Company.

 

		6.	No Legal Representation.     The parties acknowledge that Quarles & Brady, LLP, is counsel
to the Company and assisted in the drafting of this document but, in doing so, did not represent either of the Executives, who
were free to obtain independent counsel at any time prior to the execution hereof.

 

		7.	Creation of Rights.     Neither the establishment of this Plan, nor any modification or amendment
hereof, nor the payment of any award hereunder, shall be construed as giving an Executive: (i) any legal or equitable right against
the Company, Board or Committee, as the Plan administrator; (ii) the right to payment of any award hereunder (unless the same shall
be specifically provided herein); or (iii) the right to be retained in the service of the Company. Executive’s employment
is and shall at all times remain at-will. The Executive must be employed by the Company at the time any award hereunder is approved
for payment by the Board in order to be eligible to receive such award.

 

		E.	Acknowledgment

 

The Plan was approved by the Board on        9/25      ,
2013 and is hereby agreed to and acknowledged by the undersigned:

 

	On behalf of the Company:	 	 	 
	 	 	 	 
	/s/ Andrew J. Ritter	 	9/25/13	 
	Andrew J. Ritter	 	Date	 
	 	 	 	 
	On behalf of the Executive:	 	 	 
	 	 	 	 
	/s/ Andrew J. Ritter	 	9/25/13	 
	Andrew J. Ritter	 	Date	 
	Chief Executive Officer	 	 	 

 

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	Ira E. Ritter	 	9/25/13	 
	Ira E. Ritter	 	Date	 
	Chief Executive Officer	 	 	 

 

    	- 7 -Exhibit 10.4

 

EXECUTIVE SEVERANCE 

 

&

 

CHANGE IN CONTROL AGREEMENT

 

THIS EXECUTIVE SEVERANCE
AND CHANGE IN CONTROL AGREEMENT (the “Agreement”) is made by and between Ritter Pharmaceuticals, Inc. (the
“Company”), and Michael D. Step (“Executive”) as of December 2, 2014.

 

In consideration of the
mutual promises, covenants and obligations contained herein, the Company and Executive agree as follows:

 

1.     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. If Executive’s employment terminates for any reason, Executive
shall not be entitled to any payments, benefits, damages, awards or compensation other than as provided by this Agreement, or as
may otherwise be available in accordance with the Company’s established employee plans and practices in accordance with other
agreements between the Company and Executive.

 

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

 

(a)    “Accrued
Obligations” means (i) Executive’s earned but unpaid Base Salary through the Termination Date; (ii) payment of
any annual, long-term, or other incentive award which relates to a completed fiscal year or performance period, as applicable,
and is payable (but not yet paid) on or before the Termination Date; (iii) a lump-sum payment in respect of accrued but unused
vacation days at Executive’s per-business-day Base Salary rate in effect as of the Termination Date; and (iv) any unpaid
expense or other reimbursements due pursuant to Company expense reimbursement policy.

 

(b)     
“Affiliate(s)” means, with respect to any specified Person (as such term is used in Section 13(d) of the Securities
Exchange Act of 1934, as amended), any other Person that, directly or indirectly, through one or more intermediaries, controls,
is controlled by, or is under common control with, such specified Person.

 

(c)     
“Annual Bonus” means Executive’s target annual bonus for the year in which the Change in Control occurs.

 

(d)     
“Base Salary” means Executive’s base rate of pay as of a specified date.

 

(e)     
“Cause” means a finding by the Company that Executive has (i) been convicted of a felony or crime involving
moral turpitude; (ii) disclosed trade secrets or confidential information of the Company (or any Parent or Subsidiary) to persons
not entitled to receive such information; (iii) engaged in conduct in connection with Executive’s employment or service to
the Company (or any Parent or Subsidiary), that has, or could reasonably be expected to result in, material injury to the business
or reputation of the Company (or any Parent or Subsidiary), including, without limitation, act(s) of fraud, embezzlement, misappropriation
and

 

    	Exhibit “A”

    	 

    

 

breach of fiduciary duty;
(iv) violated the operating and ethics policies of the Company (or any Parent or Subsidiary) in any material way, including, but
not limited to those relating to sexual harassment and the disclosure or misuse of confidential information; (v) engaged in willful
and continued negligence in the performance of the duties assigned to Executive by the Company, after Executive has received notice
of and failed to cure such negligence; or (vi) breached any material provision of any agreement between Executive and the Company
(or any Parent or Subsidiary), including, without limitation, any confidentiality agreement.

 

(f)     
“Change in Control” means the occurrence of any of the following events:

 

		(i)	Any “person” (as such term is used in sections 13(d) and 14(d) of the Exchange Act)
becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities
of the Company representing more than 50% of the voting power of the then outstanding securities of the Company; provided that
a Change of Control shall not be deemed to occur as a result of a change of ownership resulting from the death of a shareholder,
and a Change of Control shall not be deemed to occur as a result of a transaction in which the Company becomes a subsidiary of
another corporation and in which the shareholders of the Company, immediately prior to the transaction, will beneficially own,
immediately after the transaction, shares entitling such shareholders to more than 50% of all votes to which all shareholders of
the parent corporation would be entitled in the election of directors (without consideration of the rights of any class of stock
to elect directors by a separate class vote)

 

		(ii)	A change in the effective control of the Company which occurs on the date that a majority of members
of the Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by
a majority of the members of the Board prior to the date of the appointment or election; or

 

		(iii)	The consummation of (A) a merger or consolidation of the Company with another corporation where
the shareholders of the Company, immediately prior to the merger or consolidation, will not beneficially own, immediately after
the merger or consolidation, shares entitling such shareholders to more than 50% of all votes to which all shareholders of the
surviving corporation would be entitled in the election of directors (without consideration of the rights of any class of stock
to elect directors by a separate class vote); (B) a sale or other disposition of all or substantially all of the assets of the
Company; or (C) a liquidation or dissolution of the Company.

 

(g)     
“Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code or in the Company’s
long-term disability plan. A termination of Executive’s

 

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employment due to a Disability
shall be effective only if the party terminating Executive’s employment first gives at least 15 days’ written notice
of such termination to the other party.

 

(h)     
“Good Reason” means, without Executive’s express written consent, the occurrence of any one or more of
the following: (i) a substantial and material diminution in Executive’s duties or responsibilities; (ii) a material reduction
in Executive’s Base Salary; or (iii) the relocation of Executive’s principal place of employment to a location more
than 50 miles from Executive’s principal work location to a location that is more than 50 miles from the prior location.
Notwithstanding the foregoing, a relocation of Executive’s principal place of employment to a location closer to Executive’s
principal residence in San Diego, California shall not constitute “Good Reason.” A termination of employment by Executive
for Good Reason shall be effectuated by giving the Company written notice (“Notice of Termination for Good Reason”),
not later than 90 days following the occurrence of the circumstance that constitutes Good Reason, setting forth in reasonable detail
the specific conduct of the Company that constitutes Good Reason and the specific provision(s) of this Agreement on which Executive
relied. The Company shall be entitled, during the 30-day period following receipt of a Notice of Termination for Good Reason, to
cure the circumstances that gave rise to Good Reason, provided that the Company shall be entitled to waive its right to cure or
reduce the cure period by delivery of written notice to that effect to Executive (such 30-day or shorter period, the “Cure
Period”). If, during the Cure Period, such circumstance is remedied, Executive will not be permitted to terminate employment
for Good Reason as a result of such circumstance. If, at the end of the Cure Period, the circumstance that constitutes Good Reason
has not been remedied, Executive shall terminate employment for Good Reason on the date of expiration of the Cure Period.

 

(i)     
“Termination Date” means the date on which Executive’s employment hereunder terminates.

 

3.      Termination
Without Cause or by Executive With Good Reason. Subject to Section 6 below, if the Company
terminates Executive’s employment without Cause, or the Executive terminates for Good Reason, Executive shall be entitled
to: (a) the Accrued Obligations; (b) an amount equal to twelve (12) months of the Base Salary as in effect immediately prior to
the Termination Date, paid in a lump sum on the sixtieth (60th) day following the Termination Date; (c) medical, dental
benefits provided by the Company to Executive and Executive’s spouse and dependents (in each case, as provided in any applicable
plan) at least equal to the levels of benefits provided to other similarly situated active employees of the Company and its subsidiaries
until the earlier of (i) the twelve (12) month anniversary of the Termination Date or (ii) the date that Executive becomes covered
under a subsequent employer’s medical and dental plans; and (d) acceleration of vesting of all equity and equity-based awards.

 

4.      Change
in Control Termination. Subject to Section 6 below, in
the event that within the one (1) month prior to or the twelve (12) months following a Change in Control the Company terminates
Executive’s employment without Cause, or the Executive terminates for Good Reason, then, in lieu of the payments and benefits
otherwise due to Executive under Section 3 above, Executive shall be entitled to: (a) the Accrued Obligations; (b) an amount equal
to the sum of (twelve (12) months of the Base Salary as in effect on the Termination Date or the date of the Change in Control,
whichever is greater; (c) medical, dental benefits provided by the 

 

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Company
to Executive and Executive’s spouse and dependents (in each case, as provided in any applicable plan) at least equal to the
levels of benefits provided to other similarly situated active employees of the Company and its subsidiaries until the earlier
of (i) the twelve (12) month anniversary of the Termination Date or (ii) the date that Executive becomes covered under a subsequent
employer’s medical and dental plans; and (d) acceleration of vesting of all equity and equity-based awards.

 

5.      Other
Terminations. If Executive’s employment hereunder is terminated (a) by Executive without
Good Reason; (b) by the Company for Cause; or (c) due to Executive’s death or Executive’s Disability, Executive and/or
Executive’s estate or beneficiaries shall be entitled to the Accrued Obligations. 

 

6.      Release.
Executive’s entitlement to the payments (other than the Accrued Obligations) and benefits described in Sections 3 and 4 above
is expressly contingent upon Executive providing the Company with a signed release satisfactory to the Company (the “Release”).
To be effective, such Release must be delivered by Executive to the Company no later than 45 days following the Termination Date
and must not be revoked during the seven (7) days following such delivery. If such Release is not executed in a timely manner or
is revoked, all such payments and benefits shall immediately cease and the Executive shall be required to repay to the Company
any such payments that have already been paid to the Executive.

 

7.      Withholding.
The Company shall withhold all applicable federal, state and local taxes, social security and workers’ compensation contributions
and other amounts as may be required by law with respect to compensation payable to Executive. 

 

8.      Modification
of Payments. In the event it shall be determined that any payment, right or distribution
by the Company or any other person or entity to or for the benefit of Executive pursuant to the terms of this Agreement or otherwise,
in connection with, or arising out of, his employment with the Company or a change in ownership or effective control of the Company
or a substantial portion of its assets (a “Payment”) is a “parachute payment” within the meaning
of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) on account of the aggregate
value of the Payments due to Executive being equal to or greater than three times the “base amount,” as defined in
Section 280G(b)(3) of the Code, (the “Parachute Threshold”) so that Executive would be subject to the excise
tax imposed by Section 4999 of the Code (the “Excise Tax”) and the net after-tax benefit that Executive
would receive by reducing the Payments to the Parachute Threshold is greater than the net after-tax benefit Executive would receive
if the full amount of the Payments were paid to Executive, then the Payments payable to Executive shall be reduced (but not below
zero) so that the Payments due to Executive do not exceed the amount of the Parachute Threshold, reducing first any Payments under
Section 4(d) above. 

 

9.      Section
409A. (a) Notwithstanding anything herein to the contrary, this Agreement is intended to
be interpreted and applied so that the payment of the benefits set forth herein either shall either be exempt from the requirements
of Section 409A of the Code (“Section 409A”) or shall comply with the requirements of such provision. 

 

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(b)     Notwithstanding
any provision of this Agreement to the contrary, if Executive is a “specified employee” within the meaning of Section
409A, any payments or arrangements due upon a termination of Executive’s employment under any arrangement that constitutes
a “nonqualified deferral of compensation” within the meaning of Section 409A and which do not otherwise qualify under
the exemptions under Treas. Regs. Section 1.409A-1 (including without limitation, the short-term deferral exemption or the permitted
payments under Treas. Regs. Section 1.409A-1(b)(9)(iii)(A)), shall be delayed and paid or provided, without interest, on the earlier
of (i) the date which is six months after Executive’s “separation from service” (as such term is defined in Section
409A and the regulations and other published guidance thereunder) for any reason other than death, and (ii) the date of Executive’s
death.

 

(c)     After
any Termination Date, Executive shall have no duties or responsibilities that are inconsistent with having a “separation
from service” within the meaning of Section 409A and, notwithstanding anything in the Agreement to the contrary, distributions
upon termination of employment of nonqualified deferred compensation may only be made upon a “separation from service”
as determined under Section 409A and such date shall be the Termination Date for purposes of this Agreement. Each payment under
this Agreement or otherwise shall be treated as a separate payment for purposes of Section 409A. In no event may Executive, directly
or indirectly, designate the calendar year of any payment to be made under this Agreement which constitutes a “nonqualified
deferral of compensation” within the meaning of Section 409A and to the extent an amount is payable within a time period,
the time during which such amount is paid shall be in the discretion of the Company.

 

10.      Merger
Clause.  Effective as of the Effective Date, this Agreement contains the complete,
full, and exclusive understanding of Executive and the Company as to its subject matter and shall, on such date, and supersede
any prior agreement between Executive and the Company regarding severance benefits. Any
amendments to this Agreement shall be effective and binding on Executive and the Company only if any such amendments are in writing
and signed by both Parties. 

 

11.      Assignment.
(a) This Agreement is personal to Executive and, without the prior written consent of the Company, shall not be assigned by Executive
otherwise than by will or the laws of descent and distribution, and any assignment in violation of this Agreement shall be void.

 

(b)     This
Agreement and all rights of Executive hereunder shall inure to the benefit of, and be enforceable by, Executive’s personal
or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If Executive should
die while any amounts would still be payable to him or her hereunder if he or she had continued to live, all such amounts, unless
otherwise provided herein, shall be paid in accordance with the terms of this Agreement to Executive’s devisee, legatee or
other designee or, should there be no such designee, to Executive’s estate.

 

(c)     The
Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially
all of the business or assets of the Company (a “Successor”) to assume and agree to perform this Agreement in
the same manner and to the same extent that the Company would have been required to perform it if no

 

    	- 5 -

    	 

    

 

such succession had taken
place. As used in this Agreement, (i) the term “Company” shall mean the Company as hereinbefore defined and
any Successor and any permitted assignee to which this Agreement is assigned and (ii) the term “Board” shall
mean the Board as hereinbefore defined and the board of directors or equivalent governing body of any Successor and any permitted
assignee to which this Agreement is assigned.

 

12.      Dispute
Resolution. The parties agree that any dispute arising out of or relating to this Agreement
or the formation, breach, termination or validity thereof, will be settled by binding arbitration by a panel of three arbitrators
in accordance with the commercial arbitration rules of the American Arbitration Association. The arbitration proceedings will be
located in Los Angeles County, California. The arbitrators are not empowered to award damages in excess of compensatory damages
and each party irrevocably waives any damages in excess of compensatory damages. Judgment upon any arbitration award may be entered
into any court having jurisdiction thereof and the parties consent to the jurisdiction of any court of competent jurisdiction located
in the State of California.

 

13.      GOVERNING
LAW. THIS AGREEMENT SHALL BE DEEMED TO BE MADE IN THE STATE OF CALIFORNIA, AND THE VALIDITY, INTERPRETATION, CONSTRUCTION AND
PERFORMANCE OF THIS AGREEMENT IN ALL RESPECT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF CALIFORNIA WITHOUT REGARD TO ITS PRINCIPLES
OF CONFLICTS OF LAW.

 

14.      Amendment;
No Waiver. No provision of this Agreement may be amended, modified, waived or discharged
except by a written document signed by Executive and duly authorized officer of the Company. The failure of a party to insist upon
strict adherence to any term of this Agreement on any occasion shall not be considered as a waiver of such party’s rights
or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.
No failure or delay by any party in exercising any right or power hereunder will operate as a waiver thereof, nor will any single
or partial exercise of any other right or power. No agreements or representations, oral or otherwise, express or implied, with
respect to the subject matter hereof have been made by any party, which are not set forth expressly in this Agreement.

 

15.      Severability.
If any term or provision of this Agreement is invalid, illegal or incapable of being enforced by any applicable law or public policy,
all other conditions and provisions of this Agreement shall nonetheless remain in full force and effect so long as the economic
and legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to any
party. Upon any such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties
hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as
possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated
to the fullest extent possible.

 

16.      Survival.
The rights and obligations of the parties under the provisions of this Agreement that relate to post-termination obligations shall
survive and remain binding and enforceable, notwithstanding the expiration of the term of this Agreement, the termination of Executive’s
employment with the Company for any reason or any settlement of the financial 

 

    	- 6 -

    	 

    

 

rights
and obligations arising from Executive’s employment hereunder, to the extent necessary to preserve the intended benefits
of such provisions.

 

17.      Notices.
All notices and other communications required or permitted by this Agreement will be made in writing and all such notices and communications
will be deemed to have been duly given when delivered or (unless otherwise specified) mailed by United States certified or registered
mail, return receipt requested, postage prepaid, addressed to the Company at its headquarters, and addressed to Executive at his
last address on file with the Company, or to such other address as any party may have furnished to the other in writing in accordance
herewith, except that notices of change of address shall be effective only upon receipt.

 

18.      Headings
and References. The headings of this Agreement are inserted for convenience only and neither
constitute a part of this Agreement nor affect in any way the meaning or interpretation of this Agreement. When a reference in
this Agreement is made to a Section, such reference shall be to a Section of this Agreement unless otherwise indicated.

 

19.      Counterparts.
This Agreement may be executed in one or more counterparts (including via facsimile), each of which shall be deemed to be an original,
but all of which together shall constitute one and the same instrument.

 

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

 

	 	RITTER PHARMACEUTICALS, INC.
	 	 
	 	By:	/s/ Andrew J. Ritter
	 	Name:	Andrew Ritter
	 	Title:	President
	 	 	 
	 	Executive
	 	 
	 	By:	/s/ Michael D. Step
	 	Name:	Michael D. Step
	 	Title:	Chief Executive Officer

 

    	- 7 -

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