Document:

EX-4.5

 Exhibit 4.5 

SOLARIS OILFIELD INFRASTRUCTURE, INC. 

LONG TERM INCENTIVE PLAN 

FORM OF STOCK OPTION AGREEMENT 
  

			
	Grant Date:	  	                     (the “Grant Date”)
		
	Name of Grantee:	  	                     (the “Grantee” or “you”)
		
	Number of Shares of Stock subject to Option:	  	                     (the “Shares”)
		
	Per Share Exercise Price:	  	                     (the “Exercise Price Per Share”)

 This Stock Option Agreement (this “Agreement”) is made and entered into as of
the Grant Date by and between Solaris Oilfield Infrastructure, Inc., a Delaware corporation (the “Company”) and you. 

WHEREAS, the Company adopted the Solaris Oilfield Infrastructure, Inc. Long Term Incentive Plan (as amended from time to time, the
“Plan”), under which the Company is authorized to grant equity-based awards to certain employees and service providers of the Company; 

WHEREAS, the Company, in order to induce you to enter into and to continue and dedicate service to the Company and to materially
contribute to the success of the Company, agrees to grant you this Option; 
 WHEREAS, you acknowledge that a copy of the Plan has
been furnished to you and shall be deemed a part of this Agreement as if fully set forth herein and the terms capitalized but not defined herein shall have the meanings set forth in the Plan; and 

WHEREAS, you desire to accept the Option granted pursuant to this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants set forth herein and for other valuable consideration hereinafter set forth,
the parties agree as follows: 
 1. The Grant. Subject to the conditions set forth below, the Company hereby grants you, effective as
of the Grant Date, as a matter of separate inducement and not in lieu of any salary or other compensation for your services for the Company, an option (the “Option”) to purchase from the Company, for the Exercise Price Per
Share, up to the number of Shares set forth above in accordance with the terms and conditions set forth herein and in the Plan. The Option is not intended to be subject to Section 422 of the Internal Revenue Code of 1986, as amended (the
“Code”). 

 2. Terms. The terms and conditions of the Option granted hereby, to the extent not
superseded by the terms and conditions contained in the Plan, are as follows: 
 (a) Price. The price at which each
Share may be purchased shall be the Exercise Price Per Share set forth above, subject to any adjustments that may be made pursuant to the terms of the Plan. 

(b) Vesting. The Option shall vest, provided that, subject to Section 4(b), you remain in the employ of, or a
service provider to, the Company or its Affiliates until the applicable dates set forth in the following schedule: 
  

			
	 Number of Shares that Vest
	  	 Vesting Date

		  	
		  	
		  	

 (c) Exercise Limitation. The Option may be exercised only to the extent that it is
vested and may, to the extent vested, be exercised in whole or in part, subject to applicable limitations set forth herein. The Option shall be exercisable during your lifetime only by you or the person to whom your rights shall pass by will or the
laws of descent and distribution. 
 (d) Expiration. The Option shall expire on the
             anniversary of the Grant Date (the “Expiration Date”) and, notwithstanding anything contained to the contrary herein, no portion of the Option shall be
exercisable after such date. 
 3. Exercise and Payment. 

(a) Manner of Exercise. You (or your representative, guardian, devisee or heir, as applicable) may exercise any portion
of the Option that has become vested in accordance with the terms of this Agreement as to all or any of the Shares by giving written notice of exercise to the Company, in the form attached hereto as Exhibit A, specifying the number of Shares
to be purchased. The election shall state the address to which distributions, notices, reports, or similar information are to be sent, and shall contain your social security number or employee identification number. If the Company has elected to
issue certificates for Shares, only one certificate evidencing the Shares will be issued unless you otherwise request in writing. Shares purchased upon exercise of the Option will be issued in your name. You shall not be entitled to any rights and
privileges as a stockholder of the Company in respect of any of the Shares covered by the Option until such Shares shall have been purchased pursuant to the exercise of the Option by you in accordance with the foregoing. 

(b) Payment. Payment of the aggregate Exercise Price Per Share for the number of Shares to be purchased shall be
satisfied through net exercise (which is a reduction of the amount of Shares otherwise issuable or deliverable following exercise), and the number of Shares surrendered shall be equal to the number of Shares that have an aggregate Fair Market Value
on the date of withholding or surrender equal to the result of multiplying the total number of Shares to be purchased by the Exercise Price Per Share. 

  
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 4. Termination of Employment or Services and Change in Control. 

(a) Termination Generally. Subject to Section 4(b), if your employment or other service relationship with the
Company or its Affiliates shall be terminated by the Company or its Affiliates or by you for any reason, then you shall be entitled to exercise the Option (only to the extent vested) during the 30 days following the date of the termination of such
employment or service relationship. 
 (b) Change in Control. Notwithstanding the vesting schedule set forth in
Section 4(a) above, upon the occurrence of a Change in Control, the Option shall become immediately vested upon the date of such Change in Control and you shall be entitled to exercise the Option at any time prior to the Expiration Date. 

(c) Effect of Other Agreements. Notwithstanding any provision herein to the contrary, in the event of any inconsistency
between this Section 4 and any employment, severance or change in control agreement between you and the Company or a similar plan or arrangement sponsored or maintained by the Company in which you participate, the terms of
such employment, severance or change in control agreement or similar plan or arrangement shall control. 
 5. Leave of Absence. With
respect to the Option, the Company may, in its sole discretion, determine that if you are on leave of absence for any reason you will be considered to still be in the employ of, or providing services for, the Company, provided that rights to the
Option during a leave of absence will be limited to the extent to which those rights were earned or vested when the leave of absence began. 

6. Payment of Taxes. Prior to the exercise of the Option, and as a condition to the Company’s obligation to deliver Shares upon
such exercise, or in connection with any disposition of Shares acquired pursuant to such exercise, you (or any person permitted to exercise the Option in the event of your death) shall be responsible for satisfying withholding taxes and other tax
obligations relating to the Option. Such tax obligations shall be satisfied through net withholding (which is a reduction of the amount of Shares otherwise issuable or deliverable following exercise) and the maximum number of Shares that may be so
withheld shall be the number of Shares that have an aggregate Fair Market Value on the date of withholding or surrender equal to the aggregate amount of such tax liabilities determined based on the greatest withholding rates for federal, state,
local and/or foreign tax purposes, including payroll taxes, that may be utilized without creating adverse accounting treatment for the Company with respect to the Option, as determined by the Committee. You acknowledge that there may be adverse tax
consequences upon the transfer, vesting, exercise or settlement of the Option or disposition of the underlying Shares and that you have been advised, and hereby are advised, to consult a tax advisor prior to such transfer, vesting, exercise or
settlement. You represent that you are in no manner relying on the Board, the Committee, the Company or any of its Affiliates or any of their respective managers, directors, officers, employees or authorized representatives (including, without
limitation, attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences. 

  
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 7. Compliance with Securities Law. Notwithstanding any provision of this Agreement to the
contrary, the issuance of Stock upon exercise of the Option will be subject to compliance with all applicable requirements of federal, state, or foreign law with respect to such securities and with the requirements of any stock exchange or market
system upon which the Stock may then be listed. No Stock will be issued hereunder if such issuance would constitute a violation of any applicable federal, state, or foreign securities laws or other law or regulations or the requirements of any stock
exchange or market system upon which the Stock may then be listed. In addition, Stock will not be issued hereunder unless (a) a registration statement under the Securities Act of 1933, as amended (the “Act”), is at the
time of issuance in effect with respect to the shares issued or (b) in the opinion of legal counsel to the Company, the shares issued may be issued in accordance with the terms of an applicable exemption from the registration requirements of
the Act. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance and sale of any shares subject to the Option will
relieve the Company of any liability in respect of the failure to issue such shares as to which such requisite authority has not been obtained. As a condition to any issuance hereunder, the Company may require you to satisfy any qualifications that
may be necessary or appropriate to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect to such compliance as may be requested by the Company. From time to time, the Board and appropriate
officers of the Company are authorized to take the actions necessary and appropriate to file required documents with governmental authorities, stock exchanges, and other appropriate Persons to make shares of Stock available for issuance. 

8. Right of the Company and Affiliates to Terminate Employment or Services. Nothing in this Agreement confers upon you the right to
continue in the employ of or performing services for the Company or any of its Affiliates, or interfere in any way with the rights of the Company or any of its Affiliates to terminate your employment or service relationship at any time. 

9. Furnish Information. You agree to furnish to the Company all information requested by the Company to enable it to comply with any
reporting or other requirements imposed upon the Company by or under any applicable statute or regulation. 
 10. Remedies. The
parties to this Agreement shall be entitled to recover from each other reasonable attorneys’ fees incurred in connection with the successful enforcement of the terms and provisions of this Agreement whether by an action to enforce specific
performance or for damages for its breach or otherwise. 
 11. No Liability for Good Faith Determinations. The Company and the
members of the Board shall not be liable for any act, omission or determination taken or made in good faith with respect to this Agreement or the Option granted hereunder. 

12. Execution of Receipts and Releases. Any payment of cash or any issuance or transfer of shares of Stock or other property to you, or
to your legal representative, heir, legatee or distributee, in accordance with the provisions hereof, shall, to the extent thereof, be in full satisfaction of all claims of such Persons hereunder. The Company may require you or your legal
representative, heir, legatee or distributee, as a condition precedent to such payment or issuance, to execute a release and receipt therefor in such form as it shall determine. 

  
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 13. No Guarantee of Interests. The Board and the Company do not guarantee the Stock of the
Company from loss or depreciation. 
 14. Notice. All notices required or permitted under this Agreement must be in writing and
personally delivered or sent by mail and shall be deemed to be delivered on the date on which it is actually received by the person to whom it is properly addressed or if earlier the date it is sent via certified United States mail. 

15. Waiver of Notice. Any person entitled to notice hereunder may waive such notice in writing. 

16. Information Confidential. As partial consideration for the granting of the Option hereunder, you hereby agree to keep confidential
all information and knowledge, except that which has been disclosed in any public filings required by law, that you have relating to the terms and conditions of this Agreement; provided, however, that such information may be disclosed
as required by law and may be given in confidence to your spouse and tax and financial advisors. In the event any breach of this promise comes to the attention of the Company, it shall take into consideration that breach in determining whether to
recommend the grant of any future similar award to you, as a factor weighing against the advisability of granting any such future award to you. 

17. Successors. This Agreement shall be binding upon you, your legal representatives, heirs, legatees and distributees, and upon the
Company, its successors and assigns. 
 18. Severability. If any provision of this Agreement is held to be illegal or invalid for any
reason, the illegality or invalidity shall not affect the remaining provisions hereof, but such provision shall be fully severable and this Agreement shall be construed and enforced as if the illegal or invalid provision had never been included
herein. 
 19. Company Action. Any action required of the Company shall be by resolution of the Board or by a person or entity
authorized to act by resolution of the Board. 
 20. Headings. The titles and headings of Sections are included for convenience of
reference only and are not to be considered in construction of the provisions hereof. 
 21. Governing Law. All questions arising
with respect to the provisions of this Agreement shall be determined by application of the laws of Delaware without giving any effect to any conflict of law provisions thereof, except to the extent Delaware state law is preempted by federal law. The
obligation of the Company to sell and deliver Stock hereunder is subject to applicable laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale, or delivery of such Stock. 

22. Amendment. This Agreement may be amended the Board or by the Committee at any time; provided that any amendment that would
materially and adversely affect your rights hereunder shall not be effective without your consent. 

  
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 23. Clawback. To the extent required by applicable law or any applicable securities
exchange listing standards, or as otherwise determined by the Board (or a committee thereof), all shares of Stock granted under this Agreement shall be subject to the provisions of any applicable clawback policies or procedures adopted by the
Company, which clawback policies or procedures may provide for forfeiture and/or recoupment of such shares of Stock. Notwithstanding any provision of this Agreement to the contrary, the Company reserves the right, without your consent, to adopt any
such clawback policies and procedures, including such policies and procedures applicable to this Agreement with retroactive effect. 
 24.
The Plan. This Agreement is subject to all the terms, conditions, limitations and restrictions contained in the Plan. 
 25.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall constitute an original and all of which together shall constitute one instrument. Delivery of an executed counterpart of this Agreement by facsimile
or portable document format (.pdf) attachment to electronic mail shall be effective as delivery of a manually executed counterpart of this Agreement. 

26. Consent to Electronic Delivery; Electronic Signature. In lieu of receiving documents in paper format, you agree, to the fullest
extent permitted by law, to accept electronic delivery of any documents that the Company may be required to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award notifications and agreements, account
statements, annual and quarterly reports and all other forms of communications) in connection with this and any other award made or offered by the Company. Electronic delivery may be via a Company electronic mail system or by reference to a location
on a Company intranet to which you have access. You hereby consent to any and all procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company may be
required to deliver, and agrees that your electronic signature is the same as, and shall have the same force and effect as, your manual signature. 

27. Entire Agreement; Amendment. This Agreement constitutes the entire agreement of the parties with regard to the subject matter
hereof, and contains all the covenants, promises, representations, warranties and agreements between the parties with respect to the Option granted hereby; provided ̧ however, that the terms of this Agreement shall not modify and shall be
subject to the terms and conditions of any employment, consulting and/or severance agreement between the Company (or an Affiliate or other entity) and you in effect as of the date a determination is to be made under this Agreement. Without limiting
the scope of the preceding sentence, except as provided therein, all prior understandings and agreements, if any, among the parties hereto relating to the subject matter hereof are hereby null and void and of no further force and effect. The
Committee may, in its sole discretion, amend this Agreement from time to time in any manner that is not inconsistent with the Plan; provided, however, that except as otherwise provided in the Plan or this Agreement, any such amendment that
materially reduces your rights shall be effective only if it is in writing and signed by both you and an authorized officer of the Company. 

28. Section 409A. Notwithstanding anything herein or in the Plan to the contrary, the Option is intended to be exempt from the
applicable requirements of the Nonqualified Deferred 

  
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Compensation Rules and shall be limited, construed and interpreted in accordance with such intent. Notwithstanding the foregoing, the Company and its Affiliates make no representations that the
Option provided under this Agreement is exempt from or compliant with the Nonqualified Deferred Compensation Rules and in no event shall the Company or any Affiliate be liable for all or any portion of any taxes, penalties, interest or other
expenses that may be incurred by you on account of non-compliance with the Nonqualified Deferred Compensation Rules. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its officer
thereunto duly authorized, and the Grantee has set his hand as to the date and year first above written. 
  

			
	SOLARIS OILFIELD INFRASTRUCTURE, INC.
	
	  

	Name:	 	
	Title:	 	
	
	[GRANTEE NAME]
	
	  

	GRANTEE

  
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 EXHIBIT A 

STOCK OPTION EXERCISE NOTICE 

Solaris Oilfield Infrastructure, Inc. 

Attn:                      

9811 Katy Freeway, Suite 900 

Houston, Texas 77024 
 I hereby elect to exercise
the Option granted in the Stock Option Agreement described below (the “Agreement”) pursuant to the Solaris Oilfield Infrastructure, Inc., Long Term Incentive Plan (the “Plan”) of Solaris Oilfield
Infrastructure, Inc., a Delaware corporation (the “Company”) with respect to the number of Shares (terms capitalized but not defined in this notice are used as defined in the Agreement or the Plan, as applicable): 

 

					
	Grant Date:	 	  
	 	

  

			
	Grantee:	 	  

 

			
	Number of Shares for which the Option will be exercised:	 	  

 

			
	Exercise Price:	 	

  

					
	Per Share: $	 	  
	 	

  

					
	Total: $	 	  
	 	

 In connection with this exercise, and in order to fulfill the requirements of the Agreement and the Plan, I represent and
warrant to and agree with the Company as follows: 
 1. SECURITIES LAW
MATTERS. I understand that the Company and its officers are relying upon the accuracy and completeness of the information set forth herein in complying with their obligations under applicable
securities laws in connection with the sale to me of the Shares for which the Option is being exercised and that the Company is not required to sell such Shares to me unless it can do so in compliance with all applicable securities laws. 

2. SURVIVAL OF COVENANTS. I understand and agree that
the provisions of the Plan and the Agreement will survive the issuance of Shares to me and that I will continue to be bound thereby. 

[Signature Page Follows] 

  
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 THIS STOCK OPTION EXERCISE NOTICE is executed as of
            , 20    . 
  

			
	GRANTEE
		
	Signature:	 	  

	Print name:	 	  

	Date:	 	  

	Address:	 	  

	SSN:	 	  

  
 10Exhibit 10.1

 

IMMUNE PHARMACEUTICALS INC.

 

May 10, 2017

 

Mr. Elliot Maza

550 Sylvan Avenue

Englewood Cliffs, NJ 07632

 

Dear Elliot:

 

You have agreed to
serve as interim Chief Executive Officer (“Interim CEO”) of Immune Pharmaceuticals Inc. (the “Company”)
during the Company’s search for a successor Chief Executive Officer. On behalf of the Company, I am pleased to provide you
with this letter agreement (this “Agreement”) setting forth the terms and conditions of your employment as Interim
CEO, effective as of April 24, 2017 (the “Effective Date”).

 

1.       Term.
The Company will employ you as Interim CEO, upon the terms and subject to the conditions set forth in this Agreement, for a term
beginning on the Effective Date and ending on the earlier of (a) the date on which a successor Chief Executive Officer is hired
and begins employment with the Company, (b) the date of your termination of employment pursuant to paragraph 12 below, or
(c) December 31, 2017 (the “Term”).

 

2.       Position
and Duties. In your position as Interim CEO, you will report directly to the Board of Directors of the Company (the “Board”)
and perform such duties and responsibilities as may be properly and lawfully required from time to time by the Board, with your
principal work place being at the Company’s offices in Englewood Cliffs, New Jersey and/or New York City. You will devote
sufficient business time, energy and talent to serving as Interim CEO, and will perform your duties conscientiously and faithfully,
subject to the reasonable and lawful directions of the Board and in accordance with the policies, rules and decisions adopted from
time to time by the Company and the Board. By signing this Agreement, you represent to the Company that you have no contractual
commitments or other legal obligations that would prohibit you from performing your duties to the Company. During the Term, you
may not engage in any other employment, consulting or other business activity that would significantly interfere with the performance
of your duties set forth in this Agreement or your fiduciary duties to the Company; provided, however, that you may continue
to serve on boards of directors or committees thereof for entities unrelated to the Company on which you served as of the Effective
Date. You will be required, as a condition of employment with the Company, to sign all of the Company’s standard forms applicable
to new employees and comply with all applicable employment policies.

 

3.        Board
Service. During the Term you will continue to serve on the Board, subject to re-election by stockholders. Due to your status
as an insider during the Term, however, you will no longer serve on any Board committees and will not receive any non-employee
director cash retainers or other cash compensation under the Company’s director compensation program for your services as
a director; however, you will be entitled to receive the same type of annual equity award for the same number of shares of the
Company’s common stock, with the same terms and at the same time, as such annual equity awards that you would have been entitled
to receive had you continued to serve as one of the Company’s non-employee directors (the “New Equity Awards”).
The vesting and/or exercisability of outstanding equity awards and the New Equity Awards will continue during and after the Term
in the same manner as the annual equity awards to the Company’s non-employee directors. The Company currently expects that
you will remain on the Board following the end of the Term and re-commence participating in the non-employee director compensation
program at that time. The Company also expects that, following the end of the Term, you will qualify as an independent director
in light of applicable NASDAQ guidance with respect to individuals who serve as executives for limited periods and that you will
thereupon receive appropriate committee assignments.

 

     

     

    

 

4.        Sign
On Equity Grant. The Company will issue to you options to purchase 30,000 shares of the Company’s common stock. The option
grant will become effective upon shareholder approval of a resolution to expand the sublimit of options that may be issued to a
director within a single calendar year.

 

5.        Compensation.
During the Term, you will receive a monthly base salary at the rate of $25,000, payable in accordance with the Company’s
normal payroll practices.

 

6.        Expenses.
During the Term, the Company will reimburse you for all reasonable business expenses, including travel costs while travelling on
Company business. Reimbursements will be subject to such approval guidelines as the Chair of the Board’s Compensation Committee
may establish.

 

7.        Indemnification
and Insurance. The Company will indemnify you with respect to activities in connection with your employment as Interim CEO
to the full extent provided for in its corporate charter, Bylaws or any other indemnification policy or procedure as in effect
from time to time and applicable to its other directors and senior executive officers. In addition, you will be named as an insured
in your capacities as Interim CEO and as director of the Company on the director and officer liability insurance policy currently
maintained, or as may be maintained, by the Company from time to time.

 

8.        Waiver
of Participation in Certain Benefits. During the Term, unless the Board or a committee thereof determines otherwise, you will
not be eligible to participate in, and by execution of this Agreement you waive participation in, any severance programs or bonus/incentive
plans or programs, maintained by the Company and its affiliates applicable to senior executives of the Company. Otherwise, you
will be entitled to participate in employee benefits plans, including but not limited to, health and welfare benefits, consistent
with the benefits provided to other senior executives of the Company.

 

9.        Confidential
Information. You agree that during your employment with the Company, and at all times thereafter:

 

(A)        You
will not at any time, directly or indirectly, disclose or divulge any Confidential Information (as herein after defined) except
as required in the performance of your duties to the Company or as otherwise required by law, subpoena or legal process. As used
herein, “Confidential Information” means all trade secrets and all other confidential or proprietary information of
a business, technical, financial, or marketing nature relating to the business of the Company, including without limitation, intellectual
property, financial statements, technical processes, formulae, designs, projections, inventions, computer software programs, business
plans, and projects that that Company has taken measures to keep confidential or that the Company has agreed to keep confidential;
provided that the Confidential Information shall not include any information that has entered the public domain through no fault
your own.

 

    2 

     

    

 

(B)       You
shall make no use whatsoever, directly or indirectly, of any Confidential Information at any time, except as required in connection
with the performance of your duties for the Company.

 

(C)        Upon
the Company’s request, at any time, you shall immediately deliver to the Company all materials (printed, electronic or in
whatever form) in your possession that contain or relate to Confidential Information.

 

(D)        In
addition, you understand that an individual shall not be held criminally or civilly liable under any federal or state trade secret
law 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. An individual shall not be held criminally
or civilly liable under any federal or state trade secret law 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. An individual who files a lawsuit
for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the
individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade
secret under seal; and does not disclose the trade secret, except pursuant to court order. Nothing in this Agreement or any other
agreement between the parties is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade
secrets that are expressly permitted by 18 U.S.C. § 1833(b).

 

10.        Non-Disparagement.
During your employment with the Company, and at all times hereafter, you will not directly or indirectly make any disparaging statements
about the Company, or any of its directors, officers, employees, stockholders, affiliates, partners, agents, attorneys or representatives.
This provision shall not, however, prohibit you from testifying truthfully in any court proceeding or governmental investigation
or from making non-public comments in the course of performing your duties as Interim CEO.

 

11.        Legal
Process and Disclosure. Nothing herein, including the confidentiality and non-disparagement provisions, shall be construed
to limit your right to (1) respond accurately and fully to any question, inquiry or request for information when required by legal
process; or (2) file a complaint with the Securities and Exchange Commission or any other federal, state or local governmental
agency or commission (“Government Agencies”). You understand that this Agreement does not limit your ability to communicate
with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government
Agency, including providing documents or other information without notice to the Company.

 

    3 

     

    

 

12.        Termination.
Your employment with the Company may be terminated by you or the Company at any time with thirty days’ written notice.

 

13.        Arbitration
and Jurisdiction. Subject to the exception set forth below, you understand that the parties agree that any controversy or claim
arising out of or relating to this Agreement shall be settled by arbitration administered by the American Arbitration Association
under its Employment Arbitration Rules and Mediation Procedures, and judgment upon the award rendered by the arbitrator(s) may
be entered in any court having jurisdiction thereof. Any arbitration shall occur in New York City. Any claim seeking injunctive
relief pursuant to paragraphs 9 and 10 may be adjudicated in a state or federal court located in New York. The terms of this Agreement
and the resolution of any disputes as to the meaning, effect, performance or validity of this Agreement or arising out of, related
to, or in any way connected with, this Agreement, your employment with the Company or any other relationship between you and the
Company will be governed by New York law, excluding laws relating to conflicts or choice of law. In any action between the parties
arising out of or relating to any such disputes, each of the parties irrevocably and unconditionally consents and submits to the
exclusive jurisdiction and venue of the state and federal courts located in the State of New York or of the United States of America
for the Southern District of New York.

 

14.        Miscellaneous.
This Agreement supersedes and replaces any prior agreements, representations or understandings (whether written, oral, implied
or otherwise) between you and the Company, and constitutes the complete agreement between you and the Company, regarding your position
as Interim CEO. This Agreement may not be amended or modified, except by an express written agreement signed by both you and the
Chairman of the Board or an officer of the Company duly authorized by the Board. Neither party may assign or delegate any of its
or his obligations hereunder without the prior written consent of the other party, provided that the Company may assign this Agreement
in connection with a sale or other disposition of all or substantially all of its assets. This Agreement will be binding upon and
will inure to the benefit of you and your administrators, executors, heirs and permitted assigns, and the Company and its successors
and permitted assigns.

 

    4 

     

    

 

Please confirm your
agreement with these terms by signing below and return a copy for our files.

 

Sincerely,

 

IMMUNE PHARMACEUTICALS INC.

 

	By:  	/s/ Cameron Durrant	 
	Cameron Durrant, Lead Independent Director	 
	 	 	 
	 	 	 
	Agreed and accepted:	 
	 	 	 
	 	 	 
	/s/ Elliot Maza	 
	ELLIOT MAZA	 

 

    5

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