SEC Contract Filing

Filing Date: 2020-01-03

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tm201204d1_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.3</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">AMENDED
 &amp; RESTATED</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXECUTIVE
EMPLOYMENT AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>THIS AMENDED &amp;
RESTATED EXECUTIVE EMPLOYMENT AGREEMENT </B>(this &ldquo;<B><I>Agreement</I></B>&rdquo;), is made as of January 1, 2020 (the &ldquo;<B><I>Effective
Date</I></B>&rdquo;) by and between Ocugen, Inc., a Delaware corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), and Rasappa
Arumugham, an individual (&ldquo;<B><I>Employee</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and Employee
are parties to an Executive Employment Agreement dated as of December 21, 2016, as amended (the &ldquo;<B><I>Prior Agreement</I></B>&rdquo;).
The parties have determined it is in its best interest to enter into this Agreement to set forth the terms and conditions of Employee&rsquo;s
continued employment with the Company, which shall supersede in its entirety the Prior Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>AGREEMENT</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE,
</B>in consideration of the facts, mutual promises and covenants contained herein and intending to be legally bound hereby, the
Company and Employee agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Definitions</U>. As used herein, the following terms shall have the meanings set forth below unless the contexts otherwise
requires:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Affiliates</I></B>&rdquo;
means, with respect to a person, all other persons controlling, controlled by or under common control with the first person; the
term &lsquo;&bull;control,&rdquo; and correlative terms, means the power, whether by contract, equity ownership or otherwise, to
direct the policies or management of a person: and &lsquo;&lsquo;person&rdquo; means an individual, partnership, corporation, limited
liability company, trust or unincorporated organization, or a government or agency or political subdivision thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Base Compensation</I></B>&rdquo;
shall mean the annual rate of compensation set forth in Section 4.1, as such amount may be adjusted from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Board</I></B>&rdquo;
shall mean the Company&rsquo;s Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><I>Cause</I></B>&rdquo;
shall mean the occurrence of any one or more of the events set forth below in clauses (a) through (d), which, in the case of the
event or events set forth below in clause (a) is not cured by Employee within the time periods set forth therein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>failure or refusal by Employee to substantially perform a material portion of the duties of his employment or to comply
with the written rules and policies of the Company which failure continues uncured thirty (30) days after written notice of such
failure or refusal (or such longer period as is necessary to cure such event so long as Employee is diligently pursuing such cure
and provided such additional period is approved by the Board) is provided to Employee setting forth in reasonable detail the nature
of such failure or refusal:</P>

<P STYLE="font: 10pt Times New Roman, Times,