Document:

Exhibit
10.5

 

EXECUTIVE PERFORMANCE INCENTIVE
BONUS PLAN

 

Adopted
on September 20, 2022

 

This
Executive Performance Incentive Bonus Plan (this “Plan”) was adopted by the Board of Directors (the “Board”)
of Lineage Cell Therapeutics, Inc., a California corporation (the “Company”). Unless the Board determines otherwise,
the Compensation Committee shall be the administrator of this Plan (the “Administrator”).

 

Participants
and Performance Goals

 

From
time to time, the Administrator may select executives of the Company or its subsidiaries to be eligible to receive cash bonuses under
this Plan (“Participants”). For each Participant, the Administrator may establish (1) a target bonus amount
(which the Administrator may adjust from time to time), (2) the Company Performance Goals (as defined below) and/or individual performance
goals (together, “Performance Goals”), (3) the time period over which the achievement of Performance Goals
will be assessed (a “Performance Period”), and (4) the formula(s) for determining the bonuses payable under
this Plan. The Administrator shall determine when a Performance Period begins and ends. Performance Goals may be given such weight as
determined by the Administrator and may differ among Participants. Performance Goals (and their weighting) and the applicable Performance
Period will be conveyed to a Participant in a time and manner determined by the Administrator. The bonus amounts payable under this Plan
shall be determined entirely in the discretion of the Administrator.

 

Subject
to any terms contained in any other written agreement between the Participant and the Company or any of its subsidiaries, the payment
of a bonus to a Participant under this Plan with respect to a Performance Period is conditioned on the Participant’s continuous
employment by the Company or its subsidiary through the date of payment of such bonus, and if a Participant’s employment with the
Company or its subsidiary terminates for any reason before such date with respect to a particular Performance Period, then no bonus shall
be paid to the Participant for such Performance Period and such Participant shall cease to be a Participant as of the date of termination
of their employment. If a Participant was not employed by the Company or its subsidiary (or was not a Participant) for an entire Performance
Period, the Administrator may pro rate the bonus payable under this Plan based on the number of days such Participant was employed during
such period.

 

“Company
Performance Goals” means performance objectives established by the Administrator for the applicable Performance Period
for a Participant that relate to financial and/or operational metrics with respect to the Company or any of its subsidiaries, including
the following: developmental, clinical or regulatory milestones; clinical trial results; business development and financing milestones;
acquisitions or strategic transactions; revenue; expense levels; total shareholder return; earnings before interest, taxes, depreciation
and amortization; net income (loss) (either before or after interest, taxes, depreciation and/or amortization); changes in the market
price of the Company’s common stock; economic value-added; sales or revenue milestones; operating income (loss); cash flow (including,
but not limited to, operating cash flow and free cash flow); return on capital, assets, equity, or investment; gross or net profit levels;
productivity; expense efficiency; margins; operating efficiency; customer satisfaction; publications; reimbursement decisions; working
capital; earnings (loss) per share of the Company’s common stock; sales or market share; investor relations milestones; number
of customers or units of products sold; and operating income and/or net annual recurring revenue any of the foregoing may be (A) measured
in absolute terms or compared to any incremental increase, (B) measured in terms of growth, (C) compared to another company or companies
or to results of a peer group, (D) measured against the market as a whole and/or as compared to applicable market indices, (E) measured
on a pre-tax or post-tax basis (if applicable), and (F) used to measure the performance of the Company as a whole or a business unit
or other segment of the Company, or one or more product lines or specific markets.

 

    	 	1 | Page

    	 

    

 

Taxes

 

Each
Participant will be solely liable and responsible for the payment of taxes, penalties and/or interest arising in connection with this
Plan or due to any payment to such Participant hereunder.

 

This
Plan is intended to (the maximum extent possible) be exempt from (but in any event comply with) the requirements of Section 409A of the
Internal Revenue Code of 1986 (the “Code”). For purposes of Code Section 409A and to the extent applicable,
each payment under this Plan is a separate payment (and not one of series of payments) and this Plan may be terminated by the Administrator
at any time in accordance with the Code Section 409A plan termination rules.

 

In
the event that it is determined that any payment or distribution of any type to or for a Participant’s benefit made by the Company,
by any person who acquires ownership or effective control or ownership of a substantial portion of the Company’s assets (within
the meaning of Code Section 280G) or by any affiliate of such person, whether paid or payable or distributed or distributable pursuant
to the terms of this Plan or otherwise (the “Total Payments”), would be subject to the excise tax imposed by
Code Section 4999 or any interest or penalties with respect to such excise tax (and/or would not deductible under Code Section 280G)
(such loss of a tax deduction under Code Section 280G and/or excise tax, together with any such interest or penalties, are collectively
referred to as the “Excise Tax”), then such payments or distributions or benefits shall be reduced and shall
be payable only as to the maximum portion of such lesser amount which would result in no portion of such Total Payments being subject
to the Excise Tax. Any determination required with respect to the foregoing shall be made in writing by the Company or by a qualified
accountant or counsel selected by the Company (the “Accountant”) whose determination shall be conclusive and
binding on the Company and each Participant, absent manifest error. Each Participant and the Company shall furnish the Accountant such
documentation and documents as the Accountant may reasonably request in order to make its determination.

 

Miscellaneous

 

The
validity, interpretation, construction and performance of this Plan shall be governed by the laws of the State of California without
regard to its conflicts of law principles.

 

The
terms of the Plan are subject to any other written agreement between Participant and the Company. In the event of a conflict between
this Plan and any such written agreement, the terms of such written agreement will govern.

 

The
Administrator shall have the sole discretion and authority to administer and interpret this Plan and to take such actions it deems necessary
or advisable for the administration of the Plan, including, without limitation, to determine the rights and obligations of the Company
and Participants under this Plan in the event this Plan is terminated during a Performance Period or a change of control of the Company
occurs. The Administrator may amend or terminate the Plan (or make bonus payments outside of this Plan) at any time in its discretion.
The Administrator’s decisions and determinations under the Plan shall be final, conclusive and binding on all persons.

 

This
Plan is not an employment agreement and does not give any Participant the right to be retained by the Company or any of its subsidiaries
and every Participant acknowledges and agrees that Participant’s employment is “at-will.” The Company reserves the
right to terminate the Participant’s service as an employee at any time and for any reason or no reason.

 

All
amounts payable under this Plan are unfunded and unsecured and are payable out of the general funds of the Company.

 

*****

    	 	2 | PageExhibit 10.1

 

THIRD AMENDMENT TO EMPLOYMENT AGREEMENT

 

This Third Amendment (this
“Amendment”) to the Employment Agreement is dated as of November 10, 2022, and effective this same date, and is entered
into by and between Hoth Therapeutics, Inc., a Nevada corporation (the “Corporation”), and Stefanie Johns (the “Employee”).
All capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Employment Agreement (as defined
herein).

 

WHEREAS, on August
28, 2020, the Corporation entered into an employment agreement with the Employee, as amended on January 29, 2021 and June 25, 2021, pursuant
to which the Employee serves as the Chief Scientific Officer of the Corporation (the “Employment Agreement”); and

 

WHEREAS, the Corporation
and the Employee desire to amend the Employment Agreement in accordance with the terms set forth below;

 

NOW THEREFORE, in consideration
of the above, and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereto
agree as follows:

 

		1.	Section 3 of the Employment Agreement is amended and restated in its entirety as follows:

 

The term of the Employee’s employment
hereunder shall be for a period of no more than six (6) months from the date of this Amendment. The Employee or the Corporation may terminate
Employee’s employment prior to the expiration of six (6) months from the date of this Amendment for any reason upon the provision
of ten (10) days’ notice.

 

		2.	Sections 4(b) and 4(c) of the Employment Agreement are amended
and restated in  their entirety as follows:

 

Section 4(b): Repealed

 

Section 4(c): Repealed

 

		3.	Section 5 of the Employment Agreement is amended and restated
in its entirety as  follows:

 

Repealed.

 

		4.	Section 6 of the Employment Agreement is amended and restated
in its entirety as  follows:

 

Upon the separation of Employee’s
employment from the Corporation for any reason, the Corporation shall provide employee with all accrued but unpaid compensation earned
through her final day of employment, all accrued but unused vacation, and reimbursement of all documented, unreimbursed expenses incurred
prior to the separation of Employee’s employment. Further, in exchange for Employee’s execution after her final day of employment
of a full and complete release of claims and commitment to other covenants and obligations set forth in the Separation Agreement and General
Release attached hereto as Exhibit A, the Corporation shall provide Employee with the benefits described therein.

 

     

     

    

 

IN WITNESS WHEREOF, the Parties
hereto have caused this Amendment to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	HOTH THERAPEUTICS, INC.
	 	 
	 	By:	 
	 	Name:	 Robb Knie
	 	Title:	 Chief Executive Officer
	 	 
	 	EMPLOYEE
	 	
	 	Stefanie Johns
	 	 

 

    2

     

    

 

EXHIBIT A

 

SEPARATION AGREEMENT AND GENERAL RELEASE

This TRANSITION
Agreement and General Release (the “AGREEMENT”) is made and entered by and between Hoth Therapeutics, Inc., including
its parents, subsidiaries, and affiliates, (collectively, the “COMPANY”), on the one hand, and Stefanie Johns (“EMPLOYEE”),
on the other hand (EMPLOYEE and the COMPANY are collectively referred to herein as the “Parties”)
in order to set forth all obligations between the PARTIES.

 

WHEREAS, EMPLOYEE entered
into an employment relationship with the COMPANY memorialized by an Employment Agreement effective September 8, 2020, and as modified
by a February 1, 2021 amendment, a July 1, 2022 amendment, and a November 10, 2022 amendment (collectively, the “Employment Agreement””);

 

WHEREAS, EMPLOYEE’s
employment, and the Employment Agreement (except as otherwise indicated herein), terminated on MONTH __, 2023 (the “SEPARATION DATE”);

 

NOW, THEREFORE, for
and in consideration of the mutual promises herein contained, for good and valuable consideration, the receipt, sufficiency and adequacy
of which are hereby acknowledged, and in exchange for EMPLOYEE’S execution of this AGREEMENT, the Parties
agree as follows:

 

1.   The
COMPANY and EMPLOYEE agree that: (a) EMPLOYEE’s last day of employment with the COMPANY was the Separation
Date; (b) EMPLOYEE shall not apply for or otherwise seek employment with the COMPANY or any of its subsidiaries or affiliates at
any time after the SEPARATION DATE; and (c) EMPLOYEE shall return all property of the COMPANY, including, but not limited to, access keys
or cards, cell-phones, laptop computers, MiFi device, printers/scanner, projectors, answering machines, modems, manuals, calculators,
handbooks, files, papers, memoranda, letters, facsimiles, computer software and financial data on the SEPARATION DATE.

 

2.   In
exchange for the promises and covenants herein, the COMPANY shall:

 

(a)   Provide
EMPLOYEE with a gross payment of AMOUNT equivalent to six (6) months of the base salary paid to EMPLOYEE immediately prior to the SEPARATION
DATE, less all applicable withholdings and deductions (the “SEPARATION PAYMENT”). This amount shall be paid in the next regular
payroll period after the EFFECTIVE DATE, as described below;

 

(b)   Provide
EMPLOYEE with continuation of any benefits under any COMPANY-sponsored health and medical plans on the same terms and conditions in effect
immediately prior to the SEPARATION DATE for a period of six (6) months from the SEPARATION DATE. EMPLOYEE agrees that should she become
eligible for, and secure equivalent or greater benefits through, an alternative source at any time during this six (6) month period, EMPLOYEE
shall immediately notify the COMPANY, and the COMPANY’s obligations under this Paragraph 2(b) shall cease; and

 

(c)   Waive
the restrictions set forth in Paragraph 9(b)(1) of the Employment Agreement.

 

(d)   EMPLOYEE
acknowledges that each of the benefits described in Paragraphs 2(a)-(c) (together, the “CONSIDERATION”) independently constitute
valid and adequate consideration for the covenants, promises, and releases by EMPLOYEE contained herein and that EMPLOYEE will be paid
all compensation to which she is otherwise entitled to receive through the SEPARATION DATE on the next regularly scheduled payroll date
after the SEPARATION DATE. EMPLOYEE acknowledges that she is not entitled to and will not seek any further consideration, costs, or attorneys’
fees from the COMPANY or RELEASED PARTIES (defined in Paragraph 3) other than that to which EMPLOYEE is entitled pursuant to this AGREEMENT,
including any other payment, wages, incentive units (including any unvested portion of the equity award referenced in Paragraph 4(c) of
the Employment Agreement), bonuses (including the bonus referenced in Paragraph 4(b) of the Employment Agreement), reimbursements, vacation
pay, or health or other benefit or payment of any kind (including any payments referenced in Paragraph 6 of the Employment Agreement).

 

    3

     

    

 

3.   In
exchange for the CONSIDERATION that EMPLOYEE will receive under this AGREEMENT, EMPLOYEE, on behalf of herself, her heirs, spouses, successors,
current and former agents, representatives, attorneys, assigns, executors, beneficiaries, and administrators, hereby releases and forever
discharges the COMPANY and each and all of its current and former parents, divisions, subsidiaries, affiliates, predecessors, successors,
assigns, officers, directors, attorneys, shareholders, agents, representatives and employees (collectively, the “Released
Parties’) from any and all charges, complaints, claims, liabilities, obligations, promises, agreements, damages, actions,
causes of action, whether accrued or to be accrued, suits, rights, demands, costs, losses, debts and expenses (including, but not limited
to, any attorneys’ fees incurred by EMPLOYEE) of any nature whatsoever, whether in law or in equity, whether known or unknown and under
any legal theory whatsoever, which EMPLOYEE now has or ever may have had against the Released
Parties, up through the effective date of this AGREEMENT including, but not limited to, any and all matters related in any way
to EMPLOYEE’s employment with or separation from the COMPANY, EMPLOYEE’S compensation, bonuses, or equity interest with the
COMPANY, as well as all claims under the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, Title VII of
the Civil Rights Act, the Americans with Disabilities Act, the Family and Medical Leave Act, the Employee Retirement Income and Security
Act of 1974, the Sarbanes-Oxley Act, the Worker’s Adjustment and Retraining Notification Act, New York State Human Rights Law, the
New York Equal Pay Law, the New York State Civil Rights Law, the New York Off-duty Conduct Lawful Activities Discrimination Law, the New
York State Labor Relations Act, Article 23-A of the New York State Corrections Law, the New York Whistleblower Statute, the New York Paid
Family Leave Law, the New York State Paid Sick Time Act, the New York State Worker Adjustment and Retraining Notification Act, the retaliation
provisions of New York Workers’ Compensation Law, the New York Labor Law, the New York City Administrative Code, the New York City Human
Rights Law, the New York City Earned Safe and Sick Time Act, the Ohio Fair Employment Practices Law, the Ohio Equal Pay Act, the Ohio
Pregnancy Discrimination/Maternity Leave Act, the Ohio Whistleblower Law, the Ohio Wage Payment Law, the Ohio Minimum Wage Law, and all
Ohio (inclusive of county and city laws) employment, whistleblower, human rights, labor and wage laws, and all other laws, including but
not limited to, and any other federal, state or local anti-discrimination, wage or employment related laws and any other contractual or
tort claims related in any way to EMPLOYEE’s employment with or separation from the COMPANY, including but not limited to any claims
arising under the Employment Agreement, and claims for unpaid compensation, bonuses (including the bonus referenced in Paragraph 4(b)
of the Employment Agreement), expenses, severance, benefits or equity (including any unvested portion the equity award referenced in Paragraph
4(c) of the Employment Agreement).

 

EMPLOYEE acknowledges that the
enumeration of specific rights, claims, and cause of action being released should not be construed to limit the general scope of this
AGREEMENT. It is the intent of EMPLOYEE and the COMPANY that by this AGREEMENT, EMPLOYEE is giving up all rights, claims and causes of
action against the RELEASED PARTIES which accrued prior to the SEPARATION DATE, including any claims arising under the Employment Agreement,
whether or not EMPLOYEE is aware of them and whether or not any damage or injury has yet occurred. Notwithstanding the foregoing, nothing
in this AGREEMENT shall relieve the Parties of the continuing obligations under this AGREEMENT.

 

    4

     

    

 

4.   EMPLOYEE
represents that she has not filed any cause of action, claim, charge or other action or proceeding against the COMPANY or any other RELEASED
PARTIES as defined in Paragraph 3 of this AGREEMENT. EMPLOYEE also agrees never to file any claim or initiate any legal action asserting
any claims that are released in Paragraph 3 of this AGREEMENT. Notwithstanding the foregoing, this AGREEMENT does not affect EMPLOYEE’s
right to file a charge with the Equal Employment Opportunity Commission (“EEOC”), or any similar state or local agency, or
to participate in any investigation conducted by the EEOC, or any similar state or local agency, but EMPLOYEE acknowledges that she is
not entitled to any other monies other than those payments described in this AGREEMENT.

 

5.   The
Parties agree that they and their agents will not publicize or disclose, directly or indirectly,
the terms, conditions or existence of this AGREEMENT to anyone other than their attorneys, accountants, and financial advisors. The Parties
further agree that they will advise any individual to whom the terms, conditions or existence of this AGREEMENT have been disclosed (the
“Recipients”) of the confidentiality requirements of this paragraph, will secure
the agreement of all Recipients to abide by such confidentiality requirements, and will
use their best efforts to ensure that the confidentiality requirements are complied with in all respects.

 

6.   EMPLOYEE
agrees that she will not, directly or indirectly, make or allow or cause others to make, whether in oral, print, electronic or other form,
any statement or take any action that reasonably could be construed to be a false, derogatory, disparaging or misleading statement of
fact or a libelous or slanderous statement of fact concerning: (a) the COMPANY or any of its current and former parents, divisions, subsidiaries,
affiliates, predecessors, successors, assigns, officers, directors, attorneys, shareholders, agents, representatives or employees; or
(b) any product or method or system designed, produced, or sold by the COMPANY.

 

7.   EMPLOYEE
acknowledges and agrees that certain provisions of the Employment Agreement survive the termination of the Employment Agreement and the
termination of EMPLOYEE’s employment, and EMPLOYEE agrees to continue to comply with such provisions in accordance with the terms
thereof. Specifically, EMPLOYEE agrees to comply, and continue to comply with Section 8 (Disclosure of Confidential Information), Section
9 (except as modified in Paragraph 2(c) above), and Section 10 (Clawback Rights), each of which are incorporated by reference as if fully
set forth herein.

 

    5

     

    

 

8.   EMPLOYEE
agrees that if it is found by a court of law that she has violated any of her obligations under Paragraphs 3, 4, 5, 6, or 7 of this AGREEMENT,
she shall indemnify the COMPANY from and against any and all judgments, damages, losses, liabilities, attorneys’ fees, costs and other
expenses incurred as a result of EMPLOYEE’s violation(s). Further, in the event of a breach or threatened breach of Paragraph 7
of this AGREEMENT (inclusive of Sections 8-10 of the Employment Agreement incorporated by reference, except as modified in Paragraph 2
above), the COMPANY shall be entitled to all remedies set forth in Section 12(a) of the Employment Agreement.

 

9.   This
AGREEMENT shall not be construed as an admission of any sort by either of the Parties,
nor shall it be used as evidence in a proceeding of any kind, except one in which one of the Parties
alleges breach of the terms of this AGREEMENT or one in which one of the Parties elects
to use this AGREEMENT as a defense to any claim barred by the AGREEMENT.

 

10.   This
AGREEMENT represents the entire agreement between the Parties with respect to the subject
matters addressed herein and supersedes all prior agreements between the Parties, whether
written or oral, except as expressly indicated herein. This AGREEMENT may not be altered or amended, except in a written document executed
by the Parties, which document specifically references this AGREEMENT. Should EMPLOYEE
seek to challenge the validity of this AGREEMENT or any provision thereof, EMPLOYEE shall, as a pre-condition, return to the COMPANY the
CONSIDERATION provided for in Paragraph 2(a) of this AGREEMENT. Further, if the EMPLOYEE asserts a claim against the COMPANY that was
released by this AGREEMENT, the COMPANY shall be entitled to repayment of the CONSIDERATION provided for in Paragraph 2(a) of this AGREEMENT,
as well as its attorneys’ fees and costs in obtaining repayment of these sums and in obtaining a dismissal of any claims filed against
the COMPANY that are released by this AGREEMENT.

 

11.   If
any provision contained in this AGREEMENT should be proven unlawful or unenforceable, that provision will be considered as never written,
but that will not affect the validity of the remaining promises, releases and covenants made by EMPLOYEE in this AGREEMENT.

 

12.   The
Parties agree that a failure by any party at any time to require performance of any provision
of this AGREEMENT shall not waive, affect, diminish, obviate or void in any way that party’s full right or ability to require performance
of the same, or any other provisions of this AGREEMENT, at any time thereafter.

 

13.   The
terms of this AGREEMENT are the result of negotiations between the Parties and there shall
be no presumption that any ambiguities in the AGREEMENT should be resolved against any party to this AGREEMENT. Any controversy concerning
the construction of this AGREEMENT should be decided neutrally in light of conciliatory purposes, and without regard to authorship.

 

14.   This
AGREEMENT shall be interpreted, enforced and governed under the laws of the State of New York. Any recourse for any alleged violation
of any provision of this AGREEMENT shall be addressed exclusively through an action for breach of contract in a federal or state court
of competent jurisdiction in New York.

 

    6

     

    

 

15.   The
Parties warrant and represent that they have read and understand the foregoing provisions
of this AGREEMENT and that they and their respective signatories are fully authorized and competent to execute this AGREEMENT on their
behalf. EMPLOYEE further warrants and represents that she has not previously assigned or transferred any claims that are the subject of
the release contained in Paragraph 3 herein.

 

16.   This
AGREEMENT may be signed in counterparts and transmitted by facsimile or electronic copies. A facsimile or electronic signature shall be
deemed as effective as an original.

 

17.   EMPLOYEE
warrants that she is fully competent to enter into this AGREEMENT and acknowledges that she has been afforded the opportunity to review
this AGREEMENT with her attorney for at least ten (10) calendar days, that she has consulted with her attorney, that she has read and
understands this AGREEMENT, and that she has signed this AGREEMENT freely and voluntarily. This AGREEMENT shall become effective immediately
upon execution by both PARTIES (the “EFFECTIVE DATE”).

 

PLEASE READ CAREFULLY. THIS
AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. To signify the PARTIES’ agreement to the terms of this AGREEMENT,
the PARTIES have executed this AGREEMENT on the date set forth beneath their signatures which appear below.

 

	By:	 	 	 
	 	Robb Knie	 	Date
	 	CHIEF EXECUTIVE OFFICER	 	 
	 	HOTH THERAPEUTICS, INC.	 	 
	 	 	 
	By:	             	 	 
	 	STEFANIE JOHNS	 	Date

 

 

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}]]