Document:

EX-10.15

 Exhibit 10.15 

ROYALTY PHARMA PLC 
 2020
INDEPENDENT DIRECTOR EQUITY INCENTIVE PLAN 
 Section 1. Purpose. The purpose of the Royalty Pharma plc 2020 Independent
Director Equity Incentive Plan (the “Plan”) is to motivate and reward those Independent Directors of Royalty Pharma plc (the “Company”) to further the best interests of the Company and its shareholders. Capitalized
items not otherwise defined herein are defined in Section 21. 
 Section 2. Eligibility. Any Independent Director of the
Company shall be eligible to be selected to receive an Award under the Plan. 
 Section 3. Administration.  

(a)    The Plan shall be administered by the Committee. The Committee may designate one or more directors as a
subcommittee who may act for the Committee if necessary to satisfy the requirements of this Section. The Committee may issue rules and regulations for administration of the Plan. 

(b)    Subject to the terms of the Plan and applicable law, the Committee (or its delegate) shall have full power and
authority to: (i) designate Participants; (ii) determine the type or types of Awards (including Replacement Awards) to be granted to each Participant under the Plan; (iii) determine the number of Shares to be covered by (or with
respect to which payments, rights or other matters are to be calculated in connection with) Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent and under what circumstances Awards may be
settled or exercised in cash, Shares, other Awards, other property, net settlement (including broker-assisted cashless exercise) or any combination thereof, or canceled, forfeited or suspended, and the method or methods by which Awards may be
settled, exercised, canceled, forfeited or suspended; (vi) determine whether, to what extent and under what circumstances cash, Shares, other Awards, other property and other amounts payable with respect to an Award under the Plan shall be
deferred either automatically or at the election of the holder thereof or of the Committee; (vii) interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; (viii) establish, amend,
suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (ix) make any other determination and take any other action that the Committee deems necessary or
desirable for the administration of the Plan. 
 (c)    All decisions of the Committee shall be final, conclusive and
binding upon all parties, including the Company, its shareholders and Participants and any Beneficiaries thereof. 
 Section 4.
Shares Available for Awards.  
  (a)    Subject to adjustment as provided in Section 4(c), the maximum
number of Shares available for issuance under the Plan shall be 800,000. Shares underlying Replacement 

 
Awards and Shares remaining available for grant under a plan of an acquired company or of a company with which the Company combines, appropriately adjusted to reflect the acquisition or
combination transaction, shall not reduce the number of Shares remaining available for grant hereunder. 
 (b)    For
purposes of determining the number of Shares available for issuance under the Plan: 
 (i)    all Shares
covered by SARs shall be counted against the number of Shares available for issuance under the Plan; provided, however, that (A) SARs that may be settled only in cash shall not be so counted and (B) if the Company grants a
SAR in tandem with an Option for the same number of Shares and provides that only one such Award may be exercised (a “Tandem SAR”), only the Shares covered by the Option, and not the Shares covered by the Tandem SAR, shall be so
counted, and the expiration of one in connection with the other’s exercise shall not restore Shares to the Plan; 

(ii)    to the extent that an Award may be settled only in cash, no Shares shall be counted against the
number of Shares available for issuance under the Plan; 
 (iii)    if any Award (A) expires or is
terminated, surrendered or cancelled without having been fully exercised or is forfeited in whole or in part (including as the result of Shares subject to such Award being repurchased by the Company at or below the original issuance price pursuant
to a contractual repurchase right) or (B) results in any Shares not being issued (including as a result of an Award that was settleable either in cash or in Shares actually being settled in cash), the unused Shares covered by such Award shall
again be available for issuance under the Plan; provided, however, that (1) in the case of the exercise of a SAR, the number of Shares counted against the Shares available for issuance under the Plan shall be the full number of
Shares subject to the SAR multiplied by the percentage of the SAR actually exercised, regardless of the number of Shares actually used to settle such SAR upon exercise and (2) the Shares covered by a Tandem SAR shall not again become available
for issuance under the Plan upon the expiration or termination of such Tandem SAR; 
 (iv)    Shares
delivered (either by actual delivery, attestation, or net exercise) to the Company by a Participant to (i) exercise an Award or (ii) satisfy tax withholding obligations with respect to Options or SARs (including Shares retained from the
Option or SAR creating the tax obligation) shall not be added back to the number of Shares available for issuance under the Plan; and 

(v)    Shares repurchased by the Company on the open market using the proceeds from the exercise of an
Award shall not increase the number of Shares available for issuance under the Plan. 
 (c)    In the event that, as a
result of any dividend or other distribution (whether in the form of cash, Shares or other securities), recapitalization, stock split, reverse stock split, 

  
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reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other
securities of the Company, issuance of warrants or other rights to acquire Shares or other securities of the Company, issuance of Shares pursuant to the anti-dilution provisions of securities of the Company, or other similar corporate transaction or
event affecting the Shares, or of changes in applicable laws, regulations or accounting principles, an adjustment is necessary in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the
Plan (an “Adjustment Event”), then the Committee shall, subject to Section 18, adjust equitably any or all of: 

(i)    the number and type of Shares (or other securities) which thereafter may be made the subject of
Awards, including the aggregate and individual limits specified in Section 4(a); 
 (ii)    the
number and type of Shares (or other securities) subject to outstanding Awards; and 
 (iii)    the grant,
acquisition, exercise price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; 

provided, however, that the number of Shares subject to any Award denominated in Shares shall always be a whole number. 

(d)    Any Shares delivered pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares or
Shares acquired by the Company. 
 Section 5. American Depositary Shares. Notwithstanding anything herein to the contrary, the
Committee may, in its discretion, make any Awards authorized hereunder subject to ADSs. In such cases, any applicable references hereunder to “Shares” shall be deemed references to “ADSs.” 

Section 6. Options. The Committee is authorized to grant Options to Participants with the following terms and conditions
and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine.  

(a)    The exercise price per Share under an Option shall be determined by the Committee; provided, however,
that, except in the case of Replacement Awards, such exercise price shall not be less than the Fair Market Value of a Share on the date of grant of such Option. 

(b)    The term of each Option shall be fixed by the Committee but shall not exceed 10 years from the date of grant of
such Option. 
 (c)    The Committee shall determine the time or times at which an Option may be exercised in whole or
in part. 

  
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 (d)    The Committee shall determine the methods by which, and the forms
in which payment of the exercise price with respect thereto may be made or deemed to have been made, including cash, Shares, other Awards, other property, net settlement (including broker-assisted cashless exercise) or any combination thereof,
having a Fair Market Value on the exercise date equal to the relevant exercise price. 
 Section 7. Share Appreciation Rights.
The Committee is authorized to grant SARs to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine.

 (a)    SARs may be granted under the Plan to Participants either alone (“freestanding”) or in addition to
other Awards granted under the Plan (“tandem”). 
 (b)    The exercise price per Share under a SAR shall be
determined by the Committee; provided, however, that, except in the case of Replacement Awards, such exercise price shall not be less than the Fair Market Value of a Share on the date of grant of such SAR (or if granted in connection with an
Option, on the grant date of such Option). 
 (c)    The term of each SAR shall be fixed by the Committee but shall not
exceed 10 years from the date of grant of such SAR. 
 (d)    The Committee shall determine the time or times at which a
SAR may be exercised or settled in whole or in part. 
 (e)    Upon the exercise of a SAR, the Company shall pay to the
Participant an amount equal to the number of Shares subject to the SAR multiplied by the excess, if any, of the Fair Market Value of one Share on the exercise date over the exercise price of such SAR. The Company shall pay such excess in cash, in
Shares valued at Fair Market Value, or any combination thereof, as determined by the Committee. 
 Section 8. Restricted
Shares and RSUs. The Committee is authorized to grant Awards of Restricted Shares and RSUs to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with
the provisions of the Plan, as the Committee shall determine. 
 (a)    The applicable Award Document shall specify the
vesting schedule and, with respect to RSUs, the delivery schedule (which may include deferred delivery later than the vesting date) and whether the Award of Restricted Shares or RSUs is entitled to dividends or dividend equivalents, voting rights or
any other rights. 
 (b)    Restricted Shares and RSUs shall be subject to such restrictions as the Committee may impose
(including any limitation on the right to vote Restricted Shares or the right to receive any dividend, dividend equivalent or other right), which restrictions may lapse separately or in combination at such time or times, in such installments or
otherwise, as the 

  
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Committee may deem appropriate. Without limiting the generality of the foregoing, if the Award relates to Shares on which dividends are declared during the period that the Award is outstanding,
the Award shall not provide for the payment of such dividend (or a dividend equivalent) to the Participant prior to the time at which such Award, or applicable portion thereof, becomes nonforfeitable, unless otherwise provided in the applicable
Award Document. 
 (c)    Any Restricted Share granted under the Plan may be evidenced in such manner as the Committee
may deem appropriate, including book-entry registration or issuance of a share certificate or certificates. In the event that any share certificate is issued in respect of Restricted Shares granted under the Plan, such certificate shall be
registered in the name of the Participant and shall bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Shares. 

(d)    The Committee may determine the form or forms (including cash, Shares, other Awards, other property or any
combination thereof) in which payment of the amount owing upon settlement of any RSU Award may be made. 
 Section 9. Performance
Awards. The Committee is authorized to grant Performance Awards to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the
Committee shall determine. 
 (a)    Performance Awards may be denominated as a cash amount, a number of Shares or a
combination thereof and are Awards which may be earned upon achievement or satisfaction of performance conditions specified by the Committee. In addition, the Committee may specify that any other Award shall constitute a Performance Award by
conditioning the right of a Participant to exercise the Award or have it settled, and the timing thereof, upon achievement or satisfaction of such performance conditions as may be specified by the Committee. The Committee may use such business
criteria and other measures of performance as it may deem appropriate in establishing any performance conditions. Subject to the terms of the Plan, the performance goals to be achieved during any Performance Period, the length of any Performance
Period, the amount of any Performance Award granted and the amount of any payment or transfer to be made pursuant to any Performance Award shall be determined by the Committee. If the Performance Award relates to Shares on which dividends are
declared during the Performance Period, the Performance Award shall not provide for the payment of such dividend (or dividend equivalent) to the Participant prior to the time at which such Performance Award, or the applicable portion thereof, is
earned. 
 (b)    Performance criteria may be measured on an absolute (e.g., plan or budget) or relative basis,
and may be established on a corporate-wide basis or with respect to one or more business units, divisions, subsidiaries or business segments. Relative performance may be measured against a group of peer companies, a financial market index or other
acceptable objective and quantifiable indices. If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company, or the manner in which the Company conducts its business, or other events
or circumstances render the performance 

  
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objectives unsuitable, the Committee may modify the minimum acceptable level of achievement, in whole or in part, as the Committee deems appropriate and equitable. Performance objectives may be
adjusted for material items not originally contemplated in establishing the performance target for items resulting from discontinued operations, extraordinary gains and losses, the effect of changes in accounting standards or principles,
acquisitions or divestitures, changes in tax rules or regulations, capital transactions, restructuring, nonrecurring gains or losses or unusual items. Performance measures may vary from Performance Award to Performance Award, and from Participant to
Participant, and may be established on a stand-alone basis, in tandem or in the alternative. The Committee shall have the power to impose such other restrictions on Awards subject to this Section 9(b) as it may deem necessary or appropriate to
ensure that such Awards satisfy all requirements of any applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations. 

(c)    Settlement of Performance Awards; Other Terms. Settlement of Performance Awards shall be in cash, Shares,
other Awards, other property, net settlement or any combination thereof, as determined in the discretion of the Committee. Performance Awards will be settled only after the end of the relevant Performance Period. The Committee may, in its
discretion, increase or reduce the amount of a settlement otherwise to be made in connection with a Performance Award. 

Section 10. Other Share-Based Awards. The Committee is authorized, subject to limitations under applicable law, to grant to
Participants such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares or factors that may influence the value of Shares, including convertible or exchangeable
debt securities, other rights convertible or exchangeable into Shares, acquisition rights for Shares, Awards with value and payment contingent upon performance of the Company or business units thereof or any other factors designated by the
Committee. The Committee shall determine the terms and conditions of such Awards. 
 Section 11. Effect of Termination of Service or
a Change in Control on Awards. 
 (a)    The Committee may provide, by rule or regulation or in any Award Document,
or may determine in any individual case, the circumstances in which, and the extent to which, an Award may be exercised, settled, vested, paid or forfeited in the event of a Participant’s Termination of Service prior to the vesting, exercise or
settlement of such Award or the end of a Performance Period. 
 (b)    In the event of a Change in Control, outstanding
Awards shall be treated as described below. 
 (i)    If in connection with the Change in Control, any
outstanding Award is continued in effect or converted into an award or right with respect to securities of the successor or surviving corporation (or a parent or subsidiary thereof) (in the case of Options and SARs awarded to a Participant to whom
Section 18 applies, in a manner that complies with Sections 424 and 409A of the Code if those sections apply to the Award), 

  
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then upon the occurrence of a Termination of Service of a Participant by the Company without Cause within 24 months following the Change in Control, on the date of such Termination of Service,
such Award held by such Participant shall immediately vest and settle, and with respect to Options and SARs, shall become exercisable and shall remain exercisable for one year. 

(ii)    If outstanding Awards are not continued or converted as described in subsection (i) above,
then on the Change in Control, such Awards shall immediately vest and settle and, in the case of Options and SARs, shall become fully exercisable. 
 For
purposes of subsections (i) and (ii) above, no Option, SAR, Restricted Share or RSU shall be treated as “continued or converted” on a basis consistent with the requirements of subsection (i) or (ii), as applicable, unless the
securities underlying such award after such continuation or conversion are of a class that is widely held and publicly traded on a recognized United States or International securities exchange. 

(c)    In addition, in the event of a Change in Control or other Adjustment Event and to the extent permitted under
applicable law and not inconsistent with the provisions of Section 11(a) above or the applicable Award Document, the Committee, in its sole discretion, and on such terms and conditions as it deems appropriate, either by the terms of the Award
or by action taken prior to the occurrence of such Change in Control or other Adjustment Event, may take any one or more of the following actions whenever the Committee determines that such action is appropriate or desirable in order to prevent the
dilution or enlargement of the benefits intended to be made available under the Plan or to facilitate the Change in Control transaction or other Adjustment Event: 

(i)    to terminate or cancel any outstanding Award in exchange for a cash payment (and, for the avoidance
of doubt, if as of the date of the Change in Control or other Adjustment Event, the Committee determines that no amount would have been realized upon the exercise of the Award or other realization of the Participant’s rights, then the Award may
be cancelled by the Company without payment of consideration); 
 (ii)    to provide for the assumption,
substitution, replacement or continuation of any Award by the successor or surviving corporation (or a parent or subsidiary thereof) with cash, securities, rights or other property to be paid or issued, as the case may be, by the successor or
surviving corporation (or a parent or subsidiary thereof), and to provide for appropriate adjustments with respect to the number and type of securities (or other consideration) of the successor or surviving corporation (or a parent or subsidiary
thereof), subject to any replacement awards, the terms and conditions of the replacement awards (including, without limitation, any applicable performance targets or criteria with respect thereto) and the grant, exercise or purchase price per share
for the replacement awards; 
 (iii)    to make any other adjustments in the number and type of
securities (or other consideration) subject to outstanding Awards and in the terms and conditions of outstanding Awards (including the grant or exercise price and performance criteria with respect thereto) and Awards that may be granted in the
future; 

  
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 (iv)    to provide that any Award shall be accelerated
and become exercisable, payable and/or fully vested with respect to all Shares covered thereby, notwithstanding anything to the contrary in the Plan or the applicable Award Document; and 

(v)    to provide that any Award shall not vest, be exercised or become payable as a result of such event.

 Section 12. General Provisions Applicable to Awards. 

(a)    Awards shall be granted for no cash consideration or for such minimal cash consideration as may be required by
applicable law unless otherwise determined by the Committee. 
 (b)    Awards may, in the discretion of the Committee,
be granted either alone or in addition to or in tandem with any other Award or any award granted under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition to or in tandem with awards granted
under any other plan of the Company, may be granted either at the same time as or at a different time from the grant of such other Awards or awards. 

(c)    Subject to the terms of the Plan and Section 18, payments or transfers to be made by the Company upon the
grant, exercise or settlement of an Award may be made in the form of cash, Shares, other Awards, other property, net settlement or any combination thereof, as determined by the Committee in its discretion, and may be made in a single payment or
transfer, in installments or on a deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures may include provisions for the payment or crediting of reasonable interest on installment
or deferred payments or the grant or crediting of dividend equivalents in respect of installment or deferred payments. 

(d)    Except as may be permitted by the Committee or as specifically provided in an Award Document, (i) no Award and
no right under any Award shall be assignable, alienable, saleable or transferable by a Participant otherwise than by will or pursuant to Section 12(e) and (ii) during a Participant’s lifetime, each Award, and each right under any
Award, shall be exercisable only by the Participant or, if permissible under applicable law, by the Participant’s guardian or legal representative. The provisions of this Section 12(d) shall not apply to any Award that has been fully
exercised or settled, as the case may be, and shall not preclude forfeiture of an Award in accordance with the terms thereof. 

(e)    A Participant may designate a Beneficiary or change a previous Beneficiary designation at such times prescribed by
the Committee by using forms and following procedures approved or accepted by the Committee for that purpose. 

  
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 (f)    All certificates for Shares and/or other securities delivered
under the Plan pursuant to any Award or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations and other requirements of the Securities
and Exchange Commission, any stock market or exchange upon which such Shares or other securities are then quoted, traded or listed, and any applicable securities laws, and the Committee may cause a legend or legends to be put on any such
certificates to make appropriate reference to such restrictions. 
 (g)    Without limiting the generality of
Section 12(h), the Committee may impose restrictions on any Award with respect to noncompetition, confidentiality and other restrictive covenants, or requirements to comply with minimum share ownership requirements, as it deems necessary or
appropriate in its sole discretion. 
 (h)    The Committee may specify in an Award Document that the Participant’s
rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions
of an Award. Such events may include a Termination of Service with or without Cause (and, in the case of any Cause that is resulting from an indictment or other non-final determination, the Committee may
provide for such Award to be held in escrow or abeyance until a final resolution of the matters related to such event occurs, at which time the Award shall either be reduced, cancelled or forfeited (as provided in such Award Document) or remain in
effect, depending on the outcome), violation of material policies, breach of noncompetition, confidentiality or other restrictive covenants that may apply to the Participant, or other conduct by the Participant that is detrimental to the business or
reputation of the Company and/or its Affiliates. 
 (i)    Rights, payments and benefits under any Award shall be
subject to repayment to or recoupment (“clawback”) by the Company in accordance with such policies and procedures as the Committee or Board may adopt from time to time, including policies and procedures to implement applicable law, stock
market or exchange rules and regulations or accounting or tax rules and regulations. 
 Section 13. Amendments and Termination.

 (a)    Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Document
or in the Plan, the Board may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof at any time; provided, however, that no such amendment, alteration, suspension, discontinuation or termination shall be made without
(i) shareholder approval, if such approval is required by applicable law or the rules of the stock market or exchange, if any, on which the Shares are principally quoted or traded or (ii) the consent of the affected Participant, if such
action would materially adversely affect the rights of such Participant under any outstanding Award, except to the extent any such amendment, alteration, suspension, discontinuance or termination is made to cause the Plan to comply with applicable
law, stock market or exchange rules and regulations or accounting or tax rules and regulations, or to impose any recoupment provisions on any Awards in accordance with Section 

  
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12(i). Notwithstanding anything to the contrary in the Plan, the Committee may amend the Plan in such manner as may be necessary to enable the Plan to achieve its stated purposes in any
jurisdiction in a tax-efficient manner and in compliance with local laws, rules and regulations. 

(b)    The Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue
or terminate any Award theretofore granted, prospectively or retroactively, without the consent of any relevant Participant or holder or Beneficiary of an Award; provided, however, that, subject to Section 4(c) and Section 18, no
such action shall materially adversely affect the rights of any affected Participant or holder or Beneficiary under any Award theretofore granted under the Plan, except to the extent any such action is made to cause the Plan to comply with
applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations, or to impose any recoupment provisions on any Awards in accordance with Section 12(i); provided further that, except as provided
in Section 4(c), the Committee shall not without the approval of the Company’s shareholders (a) lower the exercise price per Share of an Option or SAR after it is granted or take any other action that would be treated as a repricing
of such Award under the rules of the principal stock market or exchange on which the Company’s Shares are quoted or traded, or (b) cancel an Option or SAR when the exercise price per Share exceeds the Fair Market Value in exchange for cash
or another Award (other than in connection with a Change in Control). 
 (c)    Except as provided in Section 9(b),
the Committee shall be authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of events (including the events described in Section 4(c)) affecting the Company, or the financial
statements of the Company, or of changes in applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations, whenever the Committee determines that such adjustments are appropriate in order to prevent
dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. 

(d)    The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award
in the manner and to the extent it shall deem desirable to carry the Plan into effect. 
 Section 14. Prohibition on Option and SAR
Repricing. Except as provided in Section 4(c), the Committee may not, without prior approval of the Company’s shareholders, seek to effect any re-pricing of any previously granted
“underwater” Option or SAR by: (i) amending or modifying the terms of the Option or SAR to lower the exercise price; (ii) cancelling the underwater Option or SAR and granting either (A) replacement Options or SARs having a
lower exercise price or (B) Restricted Share, RSU, Performance Award or Other Share-Based Award in exchange; or (iii) cancelling or repurchasing the underwater Options or SARs for cash or other securities. An Option or SAR will be deemed
to be “underwater” at any time when the Fair Market Value of the Shares covered by such Award is less than the exercise price of the Award. 

  
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 Section 15. Miscellaneous.  

(a)    No director, Participant or other person shall have any claim to be granted any Award under the Plan, and there is
no obligation for uniformity of treatment of directors, Participants or holders or Beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient. Any Award granted under the Plan shall
be a one-time Award that does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan. 

(b)    The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of, or
to continue to provide services to, the Company or any Affiliate. Further, the Company or the applicable subsidiary may at any time dismiss a Participant, free from any liability, or any claim under the Plan, unless otherwise expressly provided in
the Plan or in any Award Document or in any other agreement binding the parties. The receipt of any Award under the Plan is not intended to confer any rights on the receiving Participant except as set forth in the applicable Award Document. 

(c)    Nothing contained in the Plan shall prevent the Company from adopting or continuing in effect other or additional
compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases. 

(d)    The Company shall be authorized to withhold from any Award granted or any payment due or transfer made under any
Award or under the Plan or from any compensation or other amount owing to a Participant the amount (in cash, Shares, other Awards, other property, net settlement or any combination thereof) of applicable withholding taxes or par value amounts (to
the extent required to be paid in cash) due in respect of an Award, its exercise or settlement or any payment or transfer under such Award or under the Plan and to take such other action (including providing for elective payment of such amounts in
cash or Shares by the Participant) as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes or par value amounts (to the extent required to be paid in cash). 

(e)    If any provision of the Plan or any Award Document is or becomes or is deemed to be invalid, illegal or
unenforceable in any jurisdiction, or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it
cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award Document, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder
of the Plan and any such Award Document shall remain in full force and effect. 
 (f)    Neither the Plan nor any Award
shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a Participant or any other person. To the extent that any person acquires a right to receive payments from the Company
pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company. 

  
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 (g)    No fractional Shares shall be issued or delivered pursuant to the
Plan or any Award, and the Committee shall determine whether cash or other securities shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated or otherwise
eliminated. 
 (h)    Awards may be granted to Participants who are non-US
nationals or engaged to provide services outside the US, or both, on such terms and conditions different from those applicable to Awards to Participants who are engaged to provide services in the US as may, in the judgment of the Committee, be
necessary or desirable to recognize differences in local law, tax policy or custom. The Committee also may impose conditions on the exercise or vesting of Awards in order to minimize the Company’s obligation with respect to tax equalization for
Participants on assignments outside their home country. 
 Section 16. Effective Date of the Plan. The Plan is effective as of
the Effective Date. 
 Section 17. Term of the Plan. No Award shall be granted under the Plan after the earliest to occur of
(i) the ten-year anniversary of the Effective Date; provided that to the extent permitted by the listing rules of any stock exchanges on which the Company is listed, such ten-year term may be extended indefinitely so long as the maximum number of Shares available for issuance under the Plan have not been issued, (ii) the maximum number of Shares available for issuance under the
Plan have been issued or (iii) the Board terminates the Plan in accordance with Section 13(a). However, unless otherwise expressly provided in the Plan or in an applicable Award Document, any Award theretofore granted may extend beyond
such date, and the authority of the Committee to amend, alter, adjust, suspend, discontinue or terminate any such Award, or to waive any conditions or rights under any such Award, and the authority of the Board to amend the Plan, shall extend beyond
such date. 
 Section 18. Section 409A of the Code. With respect to Awards subject to
Section 409A of the Code, the Plan is intended to comply with the requirements of Section 409A of the Code, and the provisions of the Plan and any Award Document shall be interpreted in a manner that satisfies the requirements of
Section 409A of the Code, and the Plan shall be operated accordingly. If any provision of the Plan or any term or condition of any Award would otherwise frustrate or conflict with this intent, the provision, term or condition will be
interpreted and deemed amended so as to avoid this conflict. If an amount payable under an Award as a result of the Participant’s Termination of Service (other than due to death) occurring while the Participant is a “specified
employee” under Section 409A of the Code constitutes a deferral of compensation subject to Section 409A of the Code, then payment of such amount shall not occur until six months and one day after the date of the Participant’s
Termination of Service, except as permitted under Section 409A of the Code. If the Award includes a “series of installment payments” (within the meaning of Section 1.409A-2(b)(2)(iii) of
the Treasury Regulations), the Participant’s right to the series of installment payments shall be treated as a right to a series of separate payments and not as a right to a single payment, and if the Award includes “dividend
equivalents” (within the meaning of Section 1.409A-3(e) of the Treasury Regulations), the Participant’s right to the dividend equivalents shall be treated separately from the right to other
amounts under the Award. Notwithstanding the foregoing, the tax treatment of the benefits 

  
 12 

 
provided under the Plan or any Award Document is not warranted or guaranteed, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other
expenses that may be incurred by the Participant on account of non-compliance with Section 409A of the Code. 

Section 19. Data Protection. By participating in the Plan, the Participant consents to the holding and processing of personal
information provided by the Participant to the Company or any Affiliate, trustee or third party service provider, for all purposes relating to the operation of the Plan. These include, but are not limited to: 

(i)    administering and maintaining Participant records; 

(ii)    providing information to the Company, Affiliates, trustees of any employee benefit trust, registrars, brokers or
third party administrators of the Plan; 
 (iii)    providing information to future purchasers or merger partners of the
Company or any Affiliate, or the business in which the Participant works; and 
 (iv)    transferring information about
the Participant to any country or territory that may not provide the same protection for the information as the Participant’s home country. 

Section 20. Governing Law. The Plan and each Award Document shall be governed by the laws of England and Wales. The Company, its
Affiliates and each Participant (by acceptance of an Award) irrevocably submit, in respect of any suit, action or proceeding related to the implementation or enforcement of the Plan, to the exclusive jurisdiction of the competent courts in England
and Wales. 
 Section 21. Definitions. As used in the Plan, the following terms shall have the meanings set forth below: 

 (a)    “ADS” means an American Depositary Share representing a Share. 

(b)    “Affiliate” means (i) any entity that, directly or indirectly, is controlled by the Company,
(ii) any entity in which the Company, directly or indirectly, has a significant equity interest, in each case as determined by the Committee and (iii) any other entity which the Committee determines should be treated as an
“Affiliate.” 
 (c)    “Award” means any Option, SAR, Restricted Share, RSU, Performance
Award or Other Share-Based Award granted under the Plan. 
 (d)    “Award Document” means any
agreement, contract or other instrument or document, which may be in electronic format, evidencing any Award granted under the Plan, which may, but need not, be executed or acknowledged by a Participant. 

(e)    “Beneficiary” means a person entitled to receive payments or other benefits or exercise rights
that are available under the Plan in the event of the Participant’s death. 

  
 13 

 
If no such person is named by a Participant, or if no Beneficiary designated by the Participant is eligible to receive payments or other benefits or exercise rights that are available under the
Plan at the Participant’s death, such Participant’s Beneficiary shall be such Participant’s estate. 

(f)    “Board” means the board of directors of the Company. 

(g)    “Cause” means, except as otherwise provided in such Participant’s Award Document, such
Participant’s: 
 (i)    indictment for any crime (A) constituting a felony, or (B) that
has, or could reasonably be expected to result in, an adverse impact on the performance of a Participant’s duties as a member of the Board, or otherwise has, or could reasonably be expected to result in, an adverse impact to the business or
reputation of the Company or any of its subsidiaries; 
 (ii)     having been the subject of any order,
judicial or administrative, obtained or issued by the Securities and Exchange Commission (or any other competent authority) for any securities violation involving fraud, including, for example, any such order consented to by the Participant in which
findings of facts or any legal conclusions establishing liability are neither admitted nor denied; 

(iii)    conduct, in connection with his or her service on the Board, which is not taken in good faith and
has, or could reasonably be expected to result in, material injury to the business or reputation of the Company or any of its subsidiaries. 

The occurrence of any such event described in clauses (i) through (iii) that is susceptible to cure or remedy shall not constitute Cause
if such Participant cures or remedies such event within 30 (thirty) days after the Company provides notice to such Participant. 

(h)    “Change in Control” means the occurrence of any one or more of the following events: 

(i)    a direct or indirect change in ownership or control of the Company effected through one transaction
or a series of related transactions within a 12-month period, whereby any Person other than the Company, directly or indirectly acquires or maintains beneficial ownership of securities of the Company
constituting more than 50% of the total combined voting power of the Company’s equity securities outstanding immediately after such acquisition; 

(ii)    at any time during a period of 12 consecutive months, individuals who at the beginning of such
period constituted the Board cease for any reason to constitute a majority of members of the Board; provided, however, that any new member of the Board whose election or nomination for election was approved by a vote of at least a
majority of the directors then still in office who either were directors at the beginning of such period or whose election or nomination for election was so approved, shall be considered as 

  
 14 

 
though such individual were a member of the Board at the beginning of the period, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an
actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 

(iii)    the consummation of a merger or consolidation of the Company or any of its subsidiaries with any
other corporation or entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or
being converted into voting securities of the surviving entity or, if applicable, the ultimate parent thereof) at least 50% of the combined voting power and total fair market value of the securities of the Company or such surviving entity or parent
outstanding immediately after such merger or consolidation; or 
 (iv)    the consummation of any sale,
lease, exchange or other transfer to any Person (other than an Affiliate of the Company), in one transaction or a series of related transactions within a 12-month period, of all or substantially all of the
assets of the Company and its subsidiaries. 
 Notwithstanding the foregoing or any provision of any Award Document to the contrary, for any Award to which
Section 18 applies that provides for accelerated distribution on a Change in Control of amounts that constitute “deferred compensation” (as defined in Section 409A of the Code), if the event that constitutes such Change in
Control does not also constitute a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the Company’s assets (in either case, as defined in Section 409A of the Code), such amount
shall not be distributed on such Change in Control but instead shall vest as of the date of such Change in Control and shall be paid on the scheduled payment date specified in the applicable Award Document, except to the extent that earlier
distribution would not result in the Participant who holds such Award incurring any additional tax, penalty, interest or other expense under Section 409A of the Code. 

(i)    “Code” means the United States Internal Revenue Code of 1986, as amended from time to time, and
the rules, regulations and guidance thereunder. Any reference to a provision in the Code shall include any successor provision thereto. 

(j)    “Committee” means the Compensation Committee of the Board or such other committee as may be
designated by the Board. If the Board does not designate the Committee, references herein to the “Committee” shall refer to the Board. 

(k)    “Disability” means total and permanent disability as determined by the Committee in its discretion
in accordance with uniform and non-discriminatory standards adopted by the Committee from time to time, or such other definition as is required under applicable law. 

  
 15 

 (l)    “Effective Date” means June
[     ], 2020. 
 (m)    “Exchange Act” means the United States Securities Exchange
Act of 1934, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Exchange Act shall include any successor provision thereto. 

(n)    “Fair Market Value” means (i) with respect to a Share or ADS, as applicable, the closing
price of a Share or ADS, as applicable, on the date in question (or, if there is no reported sale on such date, on the last preceding date on which any reported sale occurred) on the principal stock market or exchange on which the Shares or ADSs, as
applicable, are quoted or traded, or if Shares or ADSs, as applicable, are not so quoted or traded, the fair market value of a Share or ADS, as applicable, as determined by the Committee, and (ii) with respect to any property other than Shares
or ADSs, the fair market value of such property determined by such methods or procedures as shall be established from time to time by the Committee. 

(o)    “Independent Director” means a member of the Board who (i) is not a full- or part-time
officer or employee of the Company, the Manager or any affiliate or subsidiary of either; (ii) is “independent” for purposes service on the Board within the meaning of the listing rules of the principal stock market or exchange on
which the Shares or ADSs, as applicable, are quoted or traded from time to time; and (iii) was not appointed to the Board by the exercise of a power of appointment by a shareholder of the Company. 

(p)    “Manager” means RP Management LLC. 

(q)    “Option” means an option representing the right to acquire Shares from the Company, granted in
accordance with the provisions of Section 6. 
 (r)    “Other Share-Based Award” means an Award
granted in accordance with the provisions of Section 10. 
 (s)    “Participant” means the
recipient of an Award granted under the Plan. 
 (t)    “Performance Award” means an Award granted in
accordance with the provisions of Section 9. 
 (u)    “Performance Period” means the period
established by the Committee at the time any Performance Award is granted or at any time thereafter during which any performance goals specified by the Committee with respect to such Award are measured. 

(v)    “Person” means a natural person or a partnership, company, association, cooperative, mutual
insurance society, foundation or any other body which operates externally as an independent unit or organisation. 

(w)    “Replacement Award” means an Award granted in assumption of, or in substitution for, an
outstanding award previously granted by a company or business acquired by the Company or with which the Company, directly or indirectly, combines. 

  
 16 

 (x)    “Restricted Share” means any Share granted in
accordance with the relevant provisions of Section 8. 
 (y)    “RSU” means a contractual right
granted in accordance with the relevant provisions of Section 8 that is denominated in Shares. Each RSU represents a right to receive the value of one Share. Awards of RSUs may include the right to receive dividend equivalents. 

(z)    “SAR” means any right granted in accordance with the provisions of Section 7 to receive upon
exercise by a Participant or settlement the excess of (i) the Fair Market Value of one Share on the date of exercise or settlement over (ii) the exercise price of the right on the date of grant, or if granted in connection with an Option,
on the date of grant of the Option. 
  (aa)    “Share” means a Class A ordinary share,
par value $0.0001, of the Company. 
  (bb)    “Termination of Service” means a cessation of
the Participant’s service as a member of the Board. 

  
 17Exhibit
10.1

 

FIRST
AMENDED EMPLOYMENT AGREEMENT

 

This
EMPLOYMENT AGREEMENT (this “Agreement”), effective June 9, 2020 (the “Effective Date”),
is by and between PROVENTION BIO, INC., a Delaware corporation (the “Company”) and Andrew Drechsler (the “Executive”).

 

WITNESSETH

 

WHEREAS,
the Company and the Executive are party to that certain Employment Agreement dated as of September 21, 2017, which sets forth
the terms of Executive’s employment relationship with Company;

 

WHEREAS,
the Company and the Executive mutually desire to terminate the prior Employment Agreement as of the Effective Date of this
Agreement;

 

WHEREAS,
the Company and the Executive have mutually agreed that, as of the Effective Date, this Agreement shall govern the terms of
employment between the Executive and the Company;

 

NOW,
THEREFORE, in consideration of the promises and the mutual covenants and agreements contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound
hereby, agree as follows:

 

ARTICLE
1

EMPLOYMENT; TERM OF AGREEMENT

 

Section
1.1. Employment and Acceptance. During the Term (as defined in Section 1.2), the Company shall employ the Executive, and the
Executive shall accept such employment and serve the Company, in each case, subject to the terms and conditions of this Agreement.

 

Section
1.2. Term. The employment relationship hereunder shall be for the period commencing on the Effective Date until terminated
by either party as provided in ARTICLE 4, (the “Term”). In the event that the Executive’s employment
with the Company terminates, the Company’s obligation to continue to pay, after the Termination Date, Base Salary, Annual
Bonus, and other unaccrued benefits shall terminate, except as may be provided for in ARTICLE 4.

 

ARTICLE
2

TITLE, DUTIES AND OBLIGATIONS; LOCATION

 

Section
2.1. Title. The Company shall employ the Executive to render full-time services to the Company on the terms and conditions
hereinafter set forth. The Executive shall serve in the capacity of Chief Financial Officer.

 

    	 		 

     

    

 

Section
2.2. Duties. The Executive shall report to the Company’s Chief Executive Officer (the “CEO”). The
Executive agrees to perform to the best of his ability, experience and talent those acts and duties, consistent with his/her position
as Chief Financial Officer from time to time as the CEO may direct. During the Term, the Executive also shall serve in such other
positions or capacities as may, from time to time, be reasonably requested by the Company or any of its Affiliates.

 

Section
2.3. Compliance with Policies, etc. During the Term, the Executive shall be bound by, and comply fully with, all of the Company’s
policies and procedures for employees and officers in place from time to time, including, but not limited to, all terms and conditions
set forth in the Company’s employee handbook, compliance manual, codes of conduct and any other memoranda and communications
applicable to the Executive pertaining to the policies, procedures, rules and regulations, as currently in effect and as may be
amended from time to time. These policies and procedures include, among other things and without limitation, the Executive’s
obligations to comply with the Company’s rules regarding confidential and proprietary information and trade secrets.

 

Section
2.4. Time Commitment. During the Term, the Executive shall use his/her best efforts to promote the interests of the Company
(including its subsidiaries and other Affiliates) and shall devote all of his business time, ability and attention to the performance
of his duties for the Company and shall not, directly or indirectly, render any services to any other person or organization,
whether for compensation or otherwise, except with the CEO’s prior written consent, except that, without such written consent,
the Executive may (i) participate in charitable, civic, educational, professional, community or industry affairs; and (ii) manage
the Executive’s passive personal investments. As used in this Agreement, “Affiliate” of any individual
or entity means any other individual or entity that directly or individual controls, is controlled by, or is under common control
with, the individual or entity. Notwithstanding the above, the Company is aware that Executive is engaged in those Activities
listed in Exhibit A (if any) and consents to his continued participation in such activities and other non-commercial activities
that do not interfere with Executive’s duties hereunder.

 

Section
2.5. Location. The Executive’s principal place of business for the performance of his duties under this Agreement shall
be remotely, or such other place as permitted by the CEO. Notwithstanding, the foregoing, the Executive shall be required to travel
as necessary to perform his duties hereunder.

 

    	 	-2-	 

     

    

 

ARTICLE
3

COMPENSATION AND BENEFITS; EXPENSES

 

Section
3.1. Compensation and Benefits. For all services rendered by the Executive in any capacity during the Term (including, without
limitation, serving as an officer, director or member of any committee of the Company or any of its subsidiaries or other Affiliates),
the Executive shall be compensated as follows (subject, in each case, to the provisions of ARTICLE 4 below):

 

(a)
Base Salary. During the Term, the Company shall pay the Executive a base salary (the “Base Salary”)
at the annualized rate of $425,000, which shall be subject to customary withholdings and authorized deductions and be payable
in equal installments in accordance with the Company’s customary payroll practices in place from time to time. The Executive’s
Base salary shall be subject to periodic adjustments as the CEO shall in his discretion deem appropriate.

 

(b)
Annual Bonus. For each calendar year ending during the Term, the Executive shall be eligible to receive an annual bonus
(the “Annual Bonus”) with a target amount equal to forty percent (40%) of the Base Salary earned by the Executive
for such calendar year (the “Target Annual Bonus”). The actual amount of each Annual Bonus will be based upon
the level of achievement of the Company’s corporate objectives and the Executive’s individual objectives, in each
case, as established by the CEO for the calendar year with respect to which such Annual Bonus relates. The determination of the
level of achievement of the corporate objectives and the Executive’s individual performance objectives for a year shall
be made by the CEO, in his discretion. Each Annual Bonus for a calendar year, to the extent earned, will be paid in a lump sum
in the following calendar year, within the first 75 days of such following year. The Annual Bonus shall not be deemed earned until
the date that it is paid. Accordingly, except as otherwise provided herein, in order for the Executive to receive an Annual Bonus,
the Executive must be actively employed in good standing by the Company at the time of such payment for such Annual Bonus to be
due and payable.

 

(c)
Equity Compensation. The Executive shall be eligible to receive equity compensation, the details of which shall be provided
under separate cover pursuant to a stock grant agreement (each a “Stock Option Agreement”). In addition, notwithstanding
any statement in this Agreement to the contrary, Section 3(d) of the Employment Agreement dated as of April 25, 2017 between the
Executive and the Company shall survive and remain in effect.

 

(d)
Benefit Plans. The Executive shall be entitled to participate in all employee benefit plans and programs (excluding severance
plans, if any) generally made available by the Company to senior executives of the Company, to the extent permissible under the
general terms and provisions of such plans or programs and in accordance with the provisions thereof. The Company may amend, modify
or rescind any employee benefit plan or program and/or change employee contribution amounts to benefit costs in its discretion.

 

(e)
Paid Vacation. The Executive shall be eligible to take paid vacation days in accordance with the Company’s vacation
policies in effect from time to time for its executive team.

 

Section
3.2. Expense Reimbursement. The Company shall reimburse the Executive during the Term, in accordance with the Company’s
expense reimbursement policies in place from time to time, for all reasonable out-of-pocket business and travel expenses incurred
by the Executive in the performance of his duties hereunder. In order to receive such reimbursement, the Executive shall furnish
to the Company documentary evidence of each such expense in the form required to comply with the Company’s policies in place
from time to time.

 

    	 	-3-	 

     

    

 

ARTICLE
4

TERMINATION OF EMPLOYMENT

 

Section
4.1. Termination Without Cause or Resignation for Good Reason.

 

(a)
The Company may terminate the Executive’s employment hereunder at any time without Cause (other than by reason of death
or Disability) upon fourteen days prior written notice to the Executive. Executive may terminate his employment hereunder for
Good Reason upon written notice to the Company in accordance with the provisions set forth in Section 4.1(c).

 

(b)
As used in this Agreement, “Cause” means: (i) a material act, or act of fraud, committed by the Executive that
is intended to result in the Executive’s personal enrichment to the detriment or at the expense of the Company or any of
its Affiliates; (ii) the Executive is convicted of a felony; (iii) gross negligence or willful misconduct by the Executive, or
failure by the Executive to perform the duties or obligations reasonably assigned to the Executive by the CEO or his designee
from time to time, which is not cured upon at least thirty (30) days prior written notice (unless such negligence, misconduct
or failure is not susceptible to cure, as determined in the reasonable discretion of the CEO); or (iv) the Executive violates
this Agreement or the Covenants Agreement (as defined in Section 5.1 below).

 

(c)
As used in this Agreement, “Good Reason” means the occurrence of any of the following: (1) a material breach
by the Company of the terms of this Agreement; (2) a material reduction in the Executive’s Base Salary (other than pursuant
to a reduction uniformly applicable to all senior executives of the Company; (3) a material diminution in the Executive’s
title, authority, duties or responsibilities; or (4) a change in the geographic location at which the Executive performs services
for the Company of more than fifty (50) miles; provided, however, that the Executive must notify the Company within ninety
(90) days of the occurrence of any of the foregoing conditions that he considers it to be a “Good Reason” condition
and provide the Company with at least thirty (30) days in which to cure the condition. If the Executive fails to provide this
notice and cure period prior to his resignation, or resigns more than six (6) months after the initial existence of the condition,
his resignation will not be deemed to be for “Good Reason.”

 

(d)
If the Executive’s employment is terminated pursuant to Section 4.1(a), other than during the Post-Change in Control
Period (as defined in Section 4.1(e)), the Executive shall, in full discharge of all of the Company’s obligations
to the Executive, be entitled to receive, and the Company’s sole obligation to the Executive under this Agreement or otherwise
shall be to pay or provide to the Executive, the following:

 

(i)
the Accrued Obligations (as defined in Section 4.2(b));

 

(ii)
each outstanding stock option held by the Executive under the Company’s 2017 Equity Incentive Plan (or for any successor
plan) (the “Equity Plan”) that provides for vesting solely based on continued service (“time-based” vesting
shall become fully vested, and all of the Executive’s outstanding vested stock options (whether providing time-based or
performance-based vesting) shall remain exercisable for a period of twelve (12) months, following the Termination Date (but in
no event later than the expiration date of the term thereof); and

 

    	 	-4-	 

     

    

 

(iii)
subject to Section 4.4 and Section 4.5: (A) payments equal to nine (9) months of Executive’s Base Salary at
the rate in effect immediately prior to the Termination Date (provided that if such salary has been reduced, the pre-reduction
Base Salary); and (B) nine (9) months of COBRA premiums, in each case less applicable withholdings and authorized deductions (the
“Pre-CIC Severance Payments”), to be paid (subject to Section 5.16) in equal installments in accordance
with the Company’s regular payroll practices, commencing on the next regular payroll date that occurs on or after the sixtieth
(60th) day following the Termination Date; provided, however, that payments under subsection (B) of this section
will cease in the event that Executive secures substantially gainful employment from a new employer prior to the expiration of
the time such payments are to be paid, and Executive agrees to immediately inform the Company in writing if he becomes employed
by a new employer. In addition Executive shall (X) receive accelerated vesting of any equity awards (other than stock options)
to the extent such awards would have become vested during the nine (9) month period following the Termination Date had Executive
continued to be employed by the Company, and (Y) be eligible to receive the pro rata portion of his Annual Bonus based on objectives
achieved at the termination date, which shall be paid on the date the subject annual bonus would have been paid had Executive’s
employment continued.

 

(e)
If the Executive’s employment is terminated pursuant to Section 4.1(a) within twelve (12) months following a Change
in Control (as defined below) (the “Post-Change in Control Period”), the Executive shall, in full discharge
of all of the Company’s obligations to the Executive (and in lieu of any payments and benefits set forth in Section 4.1(d)),
be entitled to receive, and the Company’s sole obligation to the Executive under this Agreement or otherwise shall be to
pay or provide to the Executive, the following:

 

(i)
the Accrued Obligations; and

 

(ii)
subject to Section 4.4, Section 4.5, Section 4.6 and Section 4.7, (A) payments equal to twelve (12)
months of Executive’s Base Salary at the rate in effect immediately prior to the Termination Date (provided that if such
salary has been reduced, the pre-reduction Base Salary) and (B) twelve (12) months of COBRA premiums, in each case less applicable
withholdings and authorized deductions (the “Post-CIC Severance Payments”), to be paid (subject to Section
5.16) in twelve equal installments in accordance with the Company’s regular payroll schedule, commencing on the next
regular payroll date that occurs on or after the sixtieth (60th) day following the Termination Date; provided, however,
that payments under subsection (B) of this section will cease in the event that Executive secures substantially gainful employment
from a new employer prior to the expiration of the time such payments are to be paid, and Executive agrees to immediately inform
the Company in writing if he becomes employed by a new employer. In addition Executive shall (X) be deemed to be fully vested
in any and all outstanding equity awards of Executive and each of Executive’s outstanding stock options shall remain exercisable
until the expiration date of the term of such option, and (Y) be eligible to receive the pro rata portion of his Annual Bonus
based on objectives achieved at the termination date, which shall be paid on the date the subject annual bonus would have been
paid had Executive’s employment continued.

 

    	 	-5-	 

     

    

 

Section
4.2. Termination for Cause; Voluntary Termination

 

(a)
The Company may terminate the Executive’s employment hereunder at any time for Cause upon written notice to the Executive.
The Executive may voluntarily terminate his employment hereunder at any time without Good Reason upon sixty (60) days prior written
notice to the Company; provided, however, the Company reserves the right, upon written notice to the Executive,
to accept the Executive’s notice of resignation and to accelerate such notice and make the Executive’s resignation
effective immediately, or on such other date prior to Executive’s intended last day of work as the Company deems appropriate.
It is understood and agreed that the Company’s election to accelerate Executive’s notice of resignation shall not
be deemed a termination by the Company without Cause for purposes of Section 4.1 of this Agreement or otherwise or constitute
Good Reason (as defined in Section 4.1) for purposes of Section 4.1 of this Agreement or otherwise.

 

(b)
If the Executive’s employment is terminated pursuant to Section 4.2(a), the Executive shall, in full discharge of
all of the Company’s obligations to the Executive, be entitled to receive, and the Company’s sole obligation under
this Agreement or otherwise shall be to pay or provide to the Executive, the following (collectively, the “Accrued Obligations”):

 

(i)
the Executive’s earned, but unpaid, Base Salary through the final date of the Executive’s employment by the Company
(the “Termination Date”), payable in accordance with the Company’s standard payroll practices;

 

(ii)
the Executive’s accrued, but unused, vacation (in accordance with the Company’s policies);

 

(iii)
expenses reimbursable under Section 3.2 above incurred on or prior to the Termination Date but not yet reimbursed; and

 

(iv)
any amounts or benefits that are vested amounts or vested benefits or that the Executive is otherwise entitled to receive under
any Company plan, program, policy or practice (with the exception of those, if any, relating to severance) on the Termination
Date, in accordance with such plan, program, policy, or practice.

 

(v)
Notwithstanding anything to the contrary in any Stock Option Agreement or the Equity Plan, all of the Executive’s outstanding
vested stock options as of the Termination Date, shall remain exercisable for a period of twelve (12) months, following the Termination
Date (but in no event later than the expiration of their term thereof).

 

    	 	-6-	 

     

    

 

Section
4.3. Termination Resulting from Death or Disability.

 

(a)
As the result of any Disability suffered by the Executive, the Company may, upon five (5) days prior notice to the Executive,
terminate the Executive’s employment under this Agreement. The Executive’s employment shall automatically terminate
upon his death.

 

(b)
“Disability” means a determination by the Company in accordance with applicable law that as a result of a physical
or mental injury or illness, the Executive is unable to perform the essential functions of his job with or without reasonable
accommodation for a period of (i) ninety 90) consecutive days; or (ii) one hundred twenty (120) days during any twelve (12) month
period.

 

(c)
If the Executive’s employment is terminated pursuant to Section 4.3(a), the Executive or the Executive’s estate,
as the case may be, shall be entitled to receive, and the Company’s sole obligation under this Agreement or otherwise shall
be to pay or provide to the Executive or the Executive’s estate, as the case may be, the Accrued Obligations.

 

Section
4.4. Release Agreement. In order to receive the Pre-CIC Severance Payments, the Post-CIC Severance Payments, the Executive
must timely execute, deliver (and not revoke) a separation agreement and general release (the “Release Agreement”)
in a form satisfactory to the Company. If the Executive is eligible for Severance Payments pursuant to Section 4.1, the
Company will deliver the Release Agreement to the Executive within seven (7) calendar days following the Termination Date. The
Severance Payments are subject to the Executive’s execution and delivery of such Release Agreement within 21 days [or 45
days in the case of a group layoff] of the Executive’s receipt of the Release Agreement and the Executive’s non-revocation
of such Release Agreement in accordance with applicable law.

 

Section
4.5. Post-Termination Breach. Notwithstanding anything to the contrary contained in this Agreement, the Company’s obligations
to provide the Severance Payments will immediately cease if the Executive breaches any of the provisions of the Covenants Agreement,
the Release Agreement or any other agreement the Executive has with the Company.

 

Section
4.6. Covenants Regarding Other Employees. During the term of this Agreement, and for a period of twelve (12) months following
the Executive’s termination of employment for any reason, the Executive agrees not to directly or indirectly solicit any
employee of the Company to terminate his or his employment with the Company or to interfere in any manner with the business of
the Company.

 

Section
4.7. Noncompete Following a Termination of Employment. From the Effective Date of this Agreement until twelve (12) months
following the Termination Date for any reason pursuant to Section 4.2) the Executive will not: (a) directly or indirectly
own any equity or proprietary interest in (except for ownership of shares in a publicly traded company not exceeding three percent
(3%) of any class of outstanding securities), or be an employee, agent, director, advisor, or consultant to or for any Competitor
of the Company, whether on his own behalf or on behalf of any person; or (b) undertake any action to induce or cause any customer
or client to discontinue or diminish any part of its business with the Company.

 

    	 	-7-	 

     

    

 

“Competitor”
shall mean any entity that is engaged, directly or indirectly, in the business of developing and/or commercializing an enteroviral
vaccine to prevent the onset of type one diabetes and/or any CD3, CD32B/CD79B or anti-IL-15 targeted interception for the treatment
of prevention of any disease in humans. In the event Company in-licenses or acquires other assets while the Executive is still
employed by the Company, the definition of Competitor, subject to prior notice and the mutual written agreement of the parties,
will be expanded to include the specific mechanisms of action against which the in-licensed or acquired assets are at that time
known to be targeted.

 

ARTICLE
5

GENERAL PROVISIONS

 

Section
5.1. Company Non-Disclosure and Invention Assignment Agreement. Concurrent with the execution of this Agreement, Executive
shall enter into an Employee Non- Disclosure and Invention Assignment Agreement (“Covenants Agreement”), the
terms of which are incorporated herein by reference. The Covenants Agreement shall survive the termination of this Agreement and
the Executive’s employment by the Company for the applicable period(s) set forth therein.

 

Section
5.2. Expenses. Each of the Company and the Executive shall bear its/his own costs, fees and expenses in connection with the
negotiation, preparation and execution of this Agreement.

 

Section
5.3. Entire Agreement. This Agreement, any Stock Option Grant Agreement, and the Covenants Agreement contain the entire agreement
of the parties hereto with respect to the terms and conditions of the Executive’s employment during the Term and activities
following termination of this Agreement and the Executive’s employment with the Company and supersede any and all prior
agreements and understandings, whether written or oral, between the parties hereto with respect to the subject matter of this
Agreement, the Covenants Agreement, or any Stock Option Grant Agreement. To the extent there is any conflict with regard to the
terms of this Agreement, any Stock Option Grant Agreement and the Covenants Agreement, the terms of this Agreement shall control.
Each party hereto acknowledges that no representations, inducements, promises or agreements, whether oral or in writing, have
been made by any party, or on behalf of any party, which are not embodied herein, in the Covenants Agreement, or any Stock Option
Grant Agreement. The Executive acknowledges and agrees that the Company has fully satisfied, and has no further, obligations to
the Executive arising under, or relating to, any other employment or consulting arrangement or understanding (including, without
limitation, any claims for compensation or benefits of any kind) or otherwise. No agreement, promise or statement not contained
in this Agreement, the Covenants Agreement, or any Stock Option Grant Agreement shall be valid and binding, unless agreed to in
writing and signed by the parties sought to be bound thereby.

 

    	 	-8-	 

     

    

 

Section
5.4. No Other Contracts. The Executive represents and warrants to the Company that neither the execution and delivery of this
Agreement by the Executive nor the performance by the Executive of the Executive’s obligations hereunder, shall constitute
a default under or a breach of the terms of any other agreement, contract or other arrangement, whether written or oral, to which
the Executive is a party or by which the Executive is bound, nor shall the execution and delivery of this Agreement by the Executive
nor the performance by the Executive of his duties and obligations hereunder give rise to any claim or charge against either the
Executive, the Company or any Affiliate, based upon any other contract or other arrangement, whether written or oral, to which
the Executive is a party or by which the Executive is bound. The Executive further represents and warrants to the Company that
he is not a party to or subject to any restrictive covenants, legal restrictions or other agreement, contract or arrangement,
whether written or oral, in favor of any entity or person which would in any way preclude, inhibit, impair or limit the Executive’s
ability to perform his obligations under this Agreement or the Covenants Agreement, including, but not limited to, non-competition
agreements, non-solicitation agreements or confidentiality agreements. The Executive shall defend, indemnify and hold the Company
harmless from and against all claims, actions, losses, liabilities, damages, costs and expenses (including reasonable attorney’s
fees and amounts paid in settlement in good faith) arising from or relating to any breach of the representations and warranties
made by the Executive in this Section 5.4.

 

Section
5.5. Notices. Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered
personally or sent by nationally recognized overnight courier service (with next business day delivery requested). Any such notice
or communication shall be deemed given and effective, in the case of personal delivery, upon receipt by the other party, and in
the case of a courier service, upon the next business day, after dispatch of the notice or communication. Any such notice or communication
shall be addressed as follows:

 

If
to the Company, to:

 

Provention
Bio, Inc.

110
Old Driftway Lane

Lebanon,
NJ 08833

Attn:
Ashleigh Palmer, CEO

 

With
a copy to:

 

Lowenstein
Sandler LLP

1251
Avenue of the Americas

New
York, New York 10020

Attn:
Michael J. Lerner, Esq., mlerner@lowenstein.com

 

If
to the Executive, to:

 

Andrew
Drechsler

[●]

 

Any
person named above may designate another or an additional notification address and contact person by giving notice in accordance
with this Section to the other persons named above.

 

    	 	-9-	 

     

    

 

Section
5.6. Governing Law; Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws of the State
of New Jersey, without regard to principles of conflicts of law. Any and all actions arising out of this Agreement or Employee’s
employment by Company or termination therefrom shall be brought and heard in the state and federal courts of the State of New
Jersey and the parties hereto hereby irrevocably submit to the exclusive jurisdiction of any such courts. THE COMPANY AND THE
EXECUTIVE HEREBY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY IN ANY ACTION CONCERNING THIS AGREEMENT OR ANY AND ALL MATTERS
ARISING DIRECTLY OR INDIRECTLY HEREFROM AND REPRESENT THAT THEY HAVE CONSULTED WITH COUNSEL OF THEIR CHOICE OR HAVE CHOSEN VOLUNTARILY
NOT TO DO SO SPECIFICALLY WITH RESPECT TO THIS WAIVER.

 

Section
5.7. Waiver. Either party hereto may waive compliance by the other party with any provision of this Agreement. The failure
of a party to insist on strict adherence to any term of this Agreement on any occasion shall not be considered a waiver or deprive
that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. No waiver
of any provision shall be construed as a waiver of any other provision. Any waiver must be in writing.

 

Section
5.8. Severability. If any one or more of the terms, provisions, covenants and restrictions of this Agreement shall be determined
by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and
restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated
and the parties will attempt to agree upon a valid and enforceable provision which shall be a reasonable substitute for such invalid
and unenforceable provision in light of the tenor of this Agreement, and, upon so agreeing, shall incorporate such substitute
provision in this Agreement. In addition, if any one or more of the provisions contained in this Agreement shall for any reason
be determined by a court of competent jurisdiction to be excessively broad as to duration, geographical scope, activity or subject,
it shall be construed, by limiting or reducing it, so as to be enforceable to the extent compatible with then applicable law.

 

Section
5.9. Counterparts. This Agreement may be executed in any number of counterparts and each such duplicate counterpart shall
constitute an original, any one of which may be introduced in evidence or used for any other purpose without the production of
its duplicate counterpart. Moreover, notwithstanding that any of the parties did not execute the same counterpart, each counterpart
shall be deemed for all purposes to be an original, and all such counterparts shall constitute one and the same instrument, binding
on all of the parties hereto.

 

Section
5.10. Advice of Counsel. This Agreement was prepared by Lowenstein Sandler LLP in its capacity as legal counsel to the Company.
Both parties hereto acknowledge that they have had the opportunity to seek and obtain the advice of counsel before entering into
this Agreement and have done so to the extent desired, and have fully read the Agreement and understand the meaning and import
of all the terms hereof.

 

Section
5.11. Assignment. This Agreement shall inure to the benefit of the Company and its successors and assigns (including, without
limitation, the purchaser of all or substantially all of its assets) and shall be binding upon the Company and its successors
and assigns. This Agreement is personal to the Executive, and the Executive shall not assign or delegate his rights or duties
under this Agreement, and any such assignment or delegation shall be null and void.

 

    	 	-10-	 

     

    

 

Section
5.12. Agreement to Take Actions. Each party to this Agreement shall execute and deliver such documents, certificates, agreements
and other instruments, and shall take all other actions, as may be reasonably necessary or desirable in order to perform his or
its obligations under this Agreement.

 

Section
5.13. No Attachment. Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation,
commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation or to execution, attachment, levy or
similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall
be null, void and of no effect; provided, however, that nothing in this Section 5.13 or Section 5.11 shall preclude the assumption
of such rights by executors, administrators or other legal representatives of the Executive or the Executive’s estate and
their assigning any rights hereunder to the person or persons entitled thereto.

 

Section
5.14. Source of Payment. Except as otherwise provided under the terms of any applicable employee benefit plan, all payments
provided for under this Agreement shall be paid in cash from the general funds of Company. The Company shall not be required to
establish a special or separate fund or other segregation of assets to assure such payments, and, if the Company shall make any
investments to aid it in meeting its obligations hereunder, the Executive shall have no right, title or interest whatever in or
to any such investments except as may otherwise be expressly provided in a separate written instrument relating to such investments.
Nothing contained in this Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a
trust of any kind, or a fiduciary relationship, between the Company and the Executive or any other person. To the extent that
any person acquires a right to receive payments from the Company hereunder, such right, without prejudice to rights which employees
may have, shall be no greater than the right of an unsecured creditor of the Company. The Executive shall not look to the owners
of the Company for the satisfaction of any obligations of the Company under this Agreement.

 

Section
5.15. Tax Withholding. The Company or other payor is authorized to withhold from any benefit provided or payment due hereunder,
the amount of withholding taxes due any federal, state or local authority in respect of such benefit or payment and to take such
other action as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such withholding
taxes. The Executive will be solely responsible for all taxes assessed against him under applicable law with respect to the compensation
and benefits described in this Agreement, other than typical employer-paid taxes such as FICA, and the Company makes no representations
as to the tax treatment of such compensation and benefits.

 

    	 	-11-	 

     

    

 

Section
5.16. 409A Compliance. All payments under this Agreement are intended to comply with or be exempt from the requirements of
Section 409A of the Code and regulations promulgated thereunder (“Section 409A”). As used in this Agreement,
the “Code” means the Internal Revenue Code of 1986, as amended. To the extent permitted under applicable regulations
and/or other guidance of general applicability issued pursuant to Section 409A, the Company reserves the right to modify this
Agreement to conform with any or all relevant provisions regarding compensation and/or benefits so that such compensation and
benefits are exempt from the provisions of 409A and/or otherwise comply with such provisions so as to avoid the tax consequences
set forth in Section 409A and to assure that no payment or benefit shall be subject to an “additional tax” under Section
409A. To the extent that any provision in this Agreement is ambiguous as to its compliance with Section 409A, or to the extent
any provision in this Agreement must be modified to comply with Section 409A, such provision shall be read in such a manner so
that no payment due to the Executive shall be subject to an “additional tax” within the meaning of Section 409A(a)(1)(B)
of the Code. If necessary to comply with the restriction in Section 409A(a)(2)(B) of the Code concerning payments to “specified
employees,” any payment on account of the Executive’s separation from service that would otherwise be due hereunder
within six (6) months after such separation shall be delayed until the first business day of the seventh month following the Termination
Date and the first such payment shall include the cumulative amount of any payments (without interest) that would have been paid
prior to such date if not for such restriction. Each payment in a series of payments hereunder shall be deemed to be a separate
payment for purposes of Section 409A. In no event may the Executive, directly or indirectly, designate the calendar year of payment.
All reimbursements provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A,
including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the Executive’s
lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement
during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement
of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is
incurred, and (iv) the right to reimbursement is not subject to liquidation or exchange for another benefit. Notwithstanding anything
contained herein to the contrary, the Executive shall not be considered to have terminated employment with the Company for purposes
of Section 4.1 unless the Executive would be considered to have incurred a “termination of employment” from
the Company within the meaning of Treasury Regulation §1.409A-1(h)(1)(ii). In no event whatsoever shall the Company be liable
for any additional tax, interest or penalty that may be imposed on the Executive by Section 409A or damages for failing to comply
with Section 409A.

 

Section
5.17. 280G Modified Cutback.

 

(a)
If any payment, benefit or distribution of any type to or for the benefit of the Executive, whether paid or payable, provided
or to be provided, or distributed or distributable pursuant to the terms of this Agreement or otherwise (collectively, the “Parachute
Payments”) would subject the Executive to the excise tax imposed under Section 4999 of the Code (the “Excise
Tax”), the Parachute Payments shall be reduced so that the maximum amount of the Parachute Payments (after reduction)
shall be one dollar ($1.00) less than the amount which would cause the Parachute Payments to be subject to the Excise Tax; provided
that the Parachute Payments shall only be reduced to the extent the after-tax value of amounts received by the Executive after
application of the above reduction would exceed the after-tax value of the amounts received without application of such reduction.
For this purpose, the after-tax value of an amount shall be determined taking into account all federal, state, and local income,
employment and excise taxes applicable to such amount. Unless the Executive shall have given prior written notice to the Company
to effectuate a reduction in the Parachute Payments if such a reduction is required, which notice shall be consistent with the
requirements of Section 409A to avoid the imputation of any tax, penalty or interest thereunder, then the Company shall reduce
or eliminate the Parachute Payments by first reducing or eliminating any cash payments (with the payments to be made furthest
in the future being reduced first), then by reducing or eliminating accelerated vesting of stock options or similar awards, and
then by reducing or eliminating any other remaining Parachute Payments; provided, that no such reduction or elimination shall
apply to any non-qualified deferred compensation amounts (within the meaning of Section 409A) to the extent such reduction or
elimination would accelerate or defer the timing of such payment in manner that does not comply with Section 409A.

 

    	 	-12-	 

     

    

 

(b)
An initial determination as to whether (x) any of the Parachute Payments received by the Executive in connection with the occurrence
of a change in the ownership or control of the Company or in the ownership of a substantial portion of the assets of the Company
shall be subject to the Excise Tax, and (y) the amount of any reduction, if any, that may be required pursuant to the previous
paragraph, shall be made by an independent accounting firm selected by the Company (the “Accounting Firm”)
prior to the consummation of such change in the ownership or effective control of the Company or in the ownership of a substantial
portion of the assets of the Company. The Executive shall be furnished with notice of all determinations made as to the Excise
Tax payable with respect to the Executive’s Parachute Payments, together with the related calculations of the Accounting
Firm, promptly after such determinations and calculations have been received by the Company.

 

(c)
For purposes of this Section 5.17, (i) no portion of the Parachute Payments the receipt or enjoyment of which the Executive
shall have effectively waived in writing prior to the date of payment of the Parachute Payments shall be taken into account; (ii)
no portion of the Parachute Payments shall be taken into account which in the opinion of the Accounting Firm does not constitute
a “parachute payment” within the meaning of Section 280G(b)(2) of the Code; (iii) the Parachute Payments shall be
reduced only to the extent necessary so that the Parachute Payments (other than those referred to in the immediately preceding
clause (i) or (ii)) in their entirety constitute reasonable compensation for services actually rendered within the meaning of
Section 280G(b)(4) of the Code or are otherwise not subject to disallowance as deductions, in the opinion of the auditor or tax
counsel referred to in such clause (ii); and (iv) the value of any non-cash benefit or any deferred payment or benefit included
in the Parachute Payments shall be determined by the Company’s independent auditors based on Sections 280G and 4999 of the
Code and the regulations for applying those sections of the Code, or on substantial authority within the meaning of Section 6662
of the Code.

 

Section
5.18. Recoupment of Erroneously Awarded Compensation. Any incentive-based or other compensation paid to the Executive under
this Agreement or any other agreement or arrangement with the Company which is subject to recovery under any law, government regulation,
stock exchange listing requirement or any clawback policy adopted by the Company from time to time before the date of the award
of the incentive based or other compensation will be subject to the deductions and clawback as may be required by such law, government
regulation, stock exchange listing requirement or clawback policy. In addition, if the Executive is or becomes an executive officer
subject to the incentive compensation repayment requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(the “Dodd-Frank Act”), then if required by the Dodd-Frank Act or any of its regulations he/she will enter
into an amendment to this Agreement or a separate written agreement with the Company to comply with the Dodd-Frank Act and any
of its regulations.

 

    	 	-13-	 

     

    

 

Section
5.19. Certain Definitions. As used in this Agreement, “Change in Control” means (x) a change in ownership
of the Company under clause (i) below or (y) a change in the ownership of a substantial portion of the assets of the Company under
clause (ii) below:

 

(i)
Change in the Ownership of the Company. A change in the ownership of the Company shall occur on the date that any one person,
or more than one person acting as a group (as defined in clause (iii) below), acquires ownership of capital stock of the Company
that, together with capital stock held by such person or group, constitutes more than 50 percent of the total fair market value
or total voting power of the capital stock of the Company. However, if any one person or more than one person acting as a group,
is considered to own more than 50 percent of the total fair market value or total voting power of the capital stock of the Company,
the acquisition of additional capital stock by the same person or persons shall not be considered to be a change in the ownership
of the Company. An increase in the percentage of capital stock owned by any one person, or persons acting as a group, as a result
of a transaction in which the Company acquires capital stock in the Company in exchange for property will be treated as an acquisition
of stock for purposes of this paragraph.

 

(ii)
Change in the Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial
portion of the Company’s assets shall occur on the date that any one person, or more than one person acting as a group (as
defined in clause (iii) below), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition
by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 80 percent
of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions.
For this purpose, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed
of, determined without regard to any liabilities associated with such assets. There is no Change in Control under this clause
(ii) when there is a transfer to an entity that is controlled by the shareholders of the Company immediately after the transfer,
as provided below in this clause (ii). A transfer of assets by the Company is not treated as a change in the ownership of such
assets if the assets are transferred to (a) a shareholder of the Company (immediately before the asset transfer) in exchange for
or with respect to its capital stock, (b) an entity, 50 percent or more of the total value or voting power of which is owned,
directly or indirectly, by the Company, (c) a person, or more than one person acting as a group, that owns, directly or indirectly,
50 percent or more of the total value or voting power of all the outstanding capital stock of the Company, or (d) an entity, at
least 50 percent of the total value or voting power of which is owned, directly or indirectly, by a person described in clause
(ii)(c) of this paragraph. For purposes of this clause (ii), a person’s status is determined immediately after the transfer
of the assets.

 

(iii)
Persons Acting as a Group. For purposes of clauses (i) and (ii) above, persons will not be considered to be acting as a
group solely because they purchase or own capital stock or purchase assets of the Company at the same time. However, persons will
be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or
acquisition of assets or capital stock, or similar business transaction with the Company. If a person, including an entity, owns
stock in both corporations that enter into a merger, consolidation, purchase or acquisition of assets or capital stock, or similar
transaction, such shareholder is considered to be acting as a group with other shareholders in a corporation only with respect
to the ownership in that corporation before the transaction giving rise to the change and not with respect to the ownership interest
in the other corporation. For purposes of this paragraph, the term “corporation” shall have the meaning assigned such
term under Treasury Regulation section 1.280G-1, Q&A-45.

 

(iv)
Each of clauses (i) through (iii) above shall be construed and interpreted consistent with the requirements of Section 409A and
any Treasury Regulations or other guidance issued thereunder.

 

[Signature
Page Follows]

 

    	 	-14-	 

     

    

 

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

 

	 	COMPANY
	 	 
	 	PROVENTION
    BIO, INC.
	 	 	 
	 	By:	/s/
    Ashleigh Palmer
	 	Name:	Ashleigh
    Palmer
	 	Title:	CEO
	 	 	 
	 	EXECUTIVE
	 	 
	 	/s/
    Andrew Drechsler
	 	Andrew
    Drechsler

 

    	 	-15-

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