Form 8-K

8-K — Longeveron Inc.

Accession: 0001213900-26-078019

Filed: 2026-07-14

Period: 2026-07-08

CIK: 0001721484

SIC: 2834 (PHARMACEUTICAL PREPARATIONS)

Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

Item: Financial Statements and Exhibits

Documents

8-K — ea0297987-8k_longeveron.htm (Primary)

EX-10.1 — REVISED LETTER AGREEMENT, DATED JULY 8, 2026 (ea029798701ex10-1.htm)

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8-K — CURRENT REPORT

8-K (Primary)

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0001721484

2026-07-08

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

July 8, 2026

Longeveron Inc.

(Exact name of registrant as specified in its

charter)

Delaware

001-40060

47-2174146

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

1951 NW 7th Avenue, Suite 520, Miami, Florida

33136

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including

area code: (305) 909-0840

Check the appropriate box below if the Form 8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.001 par value per share

LGVN

The Nasdaq Capital Market

Indicate by check mark whether the registrant

is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2

of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company ☒

If an emerging growth company, indicate

by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial

accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02. Departure

of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) On July 8, 2026,

Longeveron Inc. (the “Company”) entered into a revised Letter Agreement with Stephen Willard, the Company’s Chief Executive

Officer(the “Revised Agreement”). The Revised Agreement amends and restates the prior letter agreement with Mr. Willard

dated February 11, 2026 (the “Original Agreement”) and will govern Mr. Willard’s continued employment with the Company.

The Revised Agreement

provides that Mr. Willard’s entitlement to receive a base salary of $500,000 per year is no longer subject to the previously disclosed

deferral period included in the Original Agreement. The Revised Agreement also provides that, during the term of his employment, Mr. Willard

will be eligible for an annual cash bonus pursuant to the Company’s annual cash bonus program. This bonus will have an initial target

amount of forty-five percent (45%) of Mr. Willard’s base salary of which eighty percent (80%) of that target bonus will be based

upon the achievement of the agreed upon corporate goals of the Company and twenty percent (20%) will be at the discretion of the Board

of Directors of the Company (the “Board”) and/or the Compensation Committee of the Board. The actual amount of any bonus earned

by Mr. Willard will be determined by the Compensation Committee and/or the Board and payout of any such bonus shall occur no later than

March 31 of the year following completion of the applicable fiscal year.

The Revised Agreement

further provides that in the event Mr. Willard’s employment is terminated by the Company without Cause or by Mr. Willard for Good

Reason (each as defined in the Revised Agreement), Mr. Willard will be entitled to receive, in addition to the items provided for in the

Original Agreement, (i) any earned but unpaid bonus for any prior completed fiscal year and (ii) the annual cash bonus payment for the

current year prorated based on the date of termination and payable at the overall corporate goal achievement level as certified by the

Compensation Committee and/or Board (with the 20% discretionary portion payable or not in the sole discretion of the Compensation Committee

and/or Board), and payable when such bonus payments are actually paid, if at all, to the Company’s other executed officers. If this

termination occurs within six (6) months following a Change in Control, as defined in the Company’s Fourth Amended and Restated

2021 Incentive Award Plan (or any successor plan thereto) (the “Plan”), Mr. Willard will also be entitled, subject to Mr.

Willard’s execution and non-revocation of a release, to receive (i) a lump sum payment equal to the sum of twelve (12) months of

his base salary as of immediately prior to the Change in Control and one hundred percent (100%) of his then-current annual cash bonus

(at target level); (ii) full vesting of any equity awards then outstanding held by Mr. Willard and the exercise period of any stock option

continuing for a one-year period following the termination of employment; and (iii) certain continuation health coverage benefits.

Finally, under the Revised

Agreement, Mr. Willard’s initial equity incentive awards under the Plan that included (among other awards) 200,000 restricted stock

units and a stock option award exercisable for 200,000 shares of the Company’s Class A common stock, par value $0.001

per share, will each vest quarterly over a three-year period instead of the four-year period provided in the Original Agreement.

The foregoing description

is only a summary of the material terms of the Revised Agreement, its changes to the Original Agreement and does not purport to be a complete

description of the rights and obligations of the parties thereunder. This summary of the Revised Agreement is qualified in its entirety

by reference to the full text of the Revised Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K.

Cautionary Note Regarding Forward-Looking Statements

This Current Report on Form 8-K and certain of

the materials filed herewith contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of

1995, which reflect management’s current expectations, assumptions, and estimates of future operations, performance and economic

conditions, and involve known and unknown risks, uncertainties and other important factors that could cause actual results, performance

or achievements to differ materially from those anticipated, expressed, or implied by the statements made herein. The forward-looking

statements in this Current Report on Form 8-K are made on the basis of the views and assumptions of management regarding future events

and business performance as of the date this Current Report on Form 8-K is filed with the Securities and Exchange Commission (“SEC”).

We have based these forward-looking statements largely on our current expectations and projections about our business, the industry in

which we operate and financial trends that we believe may affect our business, financial condition, results of operations and prospects,

and these forward-looking statements are not guarantees of future performance or development. Forward-looking statements involve known

and unknown risks, uncertainties and other important factors that may cause actual events, results, performance or achievements to be

materially different from those expressed or implied by the forward-looking statements contained in this Current Report on Form 8-K or

the materials furnished or filed herewith.

These forward-looking statements are made as of

the date of this Current Report on Form 8-K and are subject to a number of risks, uncertainties and assumptions described in greater detail

in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 17, 2026, its Quarterly

Reports on Form 10-Q, and other filings with the SEC. In addition, any forward-looking statements represent the Company’s views

only as of today and should not be relied upon as representing its views as of any subsequent date. These statements are inherently uncertain,

and the Company disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements,

whether as a result of new information, future, events or otherwise occurring after the date this Current Report on Form 8-K is filed.

Item 9.01. Financial

Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Description

10.1

Revised Letter Agreement, dated July 8, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LONGEVERON INC.

Date: July 14, 2026

/s/ Paul Lehr

Name:

Paul Lehr

Title:

General Counsel and Secretary

EX-10.1 — REVISED LETTER AGREEMENT, DATED JULY 8, 2026

EX-10.1

Filename: ea029798701ex10-1.htm · Sequence: 2

Exhibit 10.1

July 8, 2026

Dear Steve:

This revised letter

agreement (this “Agreement”) sets forth the terms and conditions of your (referred to as “you” or “your”

or “executive”) employment with Longeveron Inc. (the “Company”), which shall be effective as of February

11, 2026 (the “Effective Date”). This Agreement will govern your employment with the Company following the Effective

Date on the following terms and conditions:

1. Term. The term of your employment with the Company will terminate upon delivery to you by the Company of notice to such

effect, which notice may be given for any or no reason, or upon your earlier resignation, death or Disability. You acknowledge that no

provision contained in this Agreement will entitle you to remain in the employment of the Company for any specific period of time or affect

the right of the Company to terminate your employment hereunder at any time for any reason, subject to compliance with the termination

provisions set forth herein. The period during which you are employed by the Company pursuant to this Agreement shall be referred to as

the “Term.” For purposes of this Agreement, “Disability” shall mean your inability, due to physical or mental

incapacity, to perform the essential functions of your job, for one hundred eighty (180) days out of any three hundred sixty-five (365)

day period or one hundred twenty (120) consecutive days or receiving any disability benefits under a Company plan for a period of one

hundred twenty (120) consecutive days or longer.

2. Position, Duties and Reporting. Your position will be Chief Executive Officer (“CEO) of the Company, and

you will report directly to the Board of Directors (the “Board”) of the Company. You shall be employed by the Company

on a full-time basis and shall perform such duties and responsibilities on behalf of the Company as are consistent with your position,

as may be designated from time to time by the Board. You will be required to devote all of your business time to the business and affairs

of the Company and to the promotion of its interests. Notwithstanding the foregoing, you may engage in other activities such as personal

investments or business ventures that do not involve a conflict of interest with Company or civic and charitable activities, so long as:

(i) such activities do not interfere or conflict with your duties and obligations hereunder and (ii) such activities are disclosed

in advance to the Company. In addition, you shall be permitted to serve as a director on up to two (2) other publicly-traded company’s

Board of Directors, in addition to current not-for-profit Board of Director positions, so long as they do not compete with Company and

subject to your prior disclosure and consent of the Board.

3. Compensation and Benefits.

a. Base Salary. During the Term, your annual base salary will be Five Hundred Thousand Dollars ($500,000.00) per year and paid

in accordance with the Company’s regular payroll practices, less the applicable taxes and elective or other necessary withholdings

or deductions. Your base salary is subject to review and adjustment on an annual basis, as determined by the Board, with review and approval

as may be required by the Compensation Committee of the Board (the “Compensation Committee”) and/or the Board.

b. Annual Cash Bonus. During the Term, you will be eligible for an annual cash bonus pursuant to the Company’s annual cash

bonus program. Your initial aggregate target cash bonus will be in an amount of 45% of your base salary (“Target Bonus”).

With respect to the Target Bonus, eighty percent (80%) will be based upon the achievement level of the agreed upon corporate goals established

by the CEO, with input from the C-Suite and approved by the Compensation Committee and/or the Board for the applicable fiscal year, and

twenty percent (20%) shall be at the discretion of the Compensation Committee and/or the Board. The actual amount of any bonus earned

shall be determined by the Compensation Committee and/or the Board, based on achievement of the applicable performance criteria and any

additional discretionary considerations during the applicable fiscal year. Except as otherwise provided herein, you will be entitled to

receive any earned bonus for a fiscal year of the Company following certification of the same by the Compensation Committee and/or the

Board to the degree to which the applicable performance criteria have been met, and payout of any such bonus shall occur no later than

March 31 of the year following the applicable fiscal year.

c. Equity Incentive Awards. During the Term, you will be eligible to receive short and long-term equity incentive awards pursuant

to the terms of the Company’s Fourth Amended and Restated 2021 Incentive Award Plan (the “2021 Plan”), or any

successor plan thereto, incorporated herein.

d. Benefits. During your employment with the Company, you will be eligible for participation in employee health and welfare benefits

programs, retirement programs, and other fringe benefits maintained by the Company, to the extent consistent with applicable law and the

terms of the applicable plans and programs available to similarly situated executives of the Company. The Company retains all rights to

amend or terminate any such benefit plans and programs, subject to the terms of such employee benefit plans and programs and applicable

law, and nothing contained herein shall obligate the Company to continue any benefit plans or programs in the future. You will be entitled

to all paid holidays as are observed by the Company, and paid vacation per Company policies, to be taken at times mutually acceptable

to you and the Company.

e. Business Expenses. During the Term, the Company will reimburse you for reasonable business expenses, including travel, entertainment,

and other expenses incurred by you in the furtherance of the performance of your duties hereunder, in accordance with the Company’s

Travel and Entertainment policy as in effect from time to time. Domestic travel shall be at economy-plus (or better) class, and international

travel shall be at business class (or better).

f. All payments made under this Agreement shall be reduced by any tax or other amounts required to be withheld under applicable law.

g. Place of Duty. You will be allowed to work remotely full-time from your residence in Washington, D.C. or location of your choice

so long as you are present at the Company’s office in Miami from time to time for business needs as may be reasonably required by

the job as requested by the Board.

4. Termination and Severance.

a. Upon

your termination of employment for any reason, the Company shall pay to you (i) your base salary earned through the date of such termination,

(ii) amounts for accrued but unused vacation days, (iii) all compensation and employee benefits, if any, that are due and owing to you

under the terms of the Company’s employee benefit plans and programs, in each case, in accordance with and subject to the terms and conditions

of the applicable employee benefit plan, and (iv) any unreimbursed business expenses to which you would be entitled in accordance with

the Company’s reimbursement policy, not later than thirty (30) business days after the customary documentation regarding such expenses

has been received and only to the extent that such expenses are submitted within one year of your termination (collectively, “Accrued

Amounts”). The Accrued Amounts shall be paid in a lump sum on the first regular payday following the date of termination (or

sooner if required by law). For avoidance of doubt, your rights and obligations with respect to equity awards, if any, shall be controlled

by, and subject to, the terms and conditions set forth in the 2021 Plan or successor plan and the applicable award agreements.

b. In

the event your employment is terminated during the Term by the Company without Cause (as defined below) or by you for Good Reason (as

defined below), in addition to the Accrued Amounts, you will be entitled to receive, subject to your timely execution and non-revocation

of a Release (as defined below) (i) any earned but unpaid bonus for any prior completed fiscal year, payable when such payments would

otherwise be paid, (ii) severance benefits in the amount of three (3) months of your then existing Base Salary for every year you have

worked full time for Longeveron, (which, for the avoidance of doubt, commenced on February 11, 2026), and prorated for partial years and

capped at a maximum of twelve (12) months, provided, however, that in no case shall any severance be due until after you have been in

the Company CEO role for at least one-full year, and further that after such time, the severance benefit under this section shall not

be less than six (6) months of your then existing Base Salary, payable in the form of salary continuation; and (iii) if you are eligible

for and timely elect to continue health benefits under COBRA, the Company will pay the applicable COBRA premiums until the earlier of:

(A) three (3) months for each year you have worked full time for Longeveron, and prorated for partial years (but with a minimum of six

(6) months so long as you have been in the Company CEO role for at least one-full year), and up to eighteen (18) months of COBRA continuation

coverage, or whatever the maximum period of COBRA coverage may be at that time, whichever is greater; (B) the date you cease to be eligible

for COBRA continuation coverage; or (C) the date you receive substantially equivalent health coverage from another means or employer;

and (iv) annual cash bonus payment for current year, prorated based on date of termination and payable at the overall corporate goal

achievement level as certified by the Compensation Committee and/or Board and awarded to the other members of the C-Suite (with the 20%

discretionary portion payable or not in the sole discretion of the Compensation Committee and/or Board), and payable when such bonus payments

are actually paid, if at all, to the other C-Suite members.

c. Notwithstanding

the foregoing, upon a termination of your employment by the Company without Cause or by you for Good Reason within six (6) months following

a Change in Control (as defined in the 2021 Plan), in addition to the Accrued Amounts, you will be entitled to receive, subject to your

timely execution and non-revocation of a Release (i) a lump sum payment equal to the sum of twelve (12) months of your base salary as

of immediately prior to the Change in Control and 100% of your then-current annual cash bonus (at target level), (ii) if you are eligible

for and timely elect to continue health benefits under COBRA, the Company will pay the applicable COBRA premiums until the earlier of

twelve (12) months following your termination date, the date you cease to be eligible for COBRA continuation coverage, or the date you

receive substantially equivalent health coverage from another employer; and (iii) full vesting of any equity awards then outstanding held

by you (with any performance-based equity awards vesting at “target” levels) and the exercise period of any stock option continuing

for a one-year period following your termination of employment. Notwithstanding anything to the contrary set forth herein, to the extent

that there is a conflict between any of the terms set forth in this Agreement and any terms set forth in an award agreement relating to

the grant of equity awards to you, the terms of this Agreement shall prevail.

d. In

the event that your employment is terminated by the Company for Cause, or on account of your death, Disability or voluntary resignation,

other than for reasons described in subsections (b) or (c) above, you will not be entitled to receive any payments under this Agreement

other than the amounts specified in subsection (a) above.

e. Payment

of any severance payments or benefits pursuant to subsection (b) above is expressly conditioned upon your (i) execution of a general waiver

and release of claims in such form and substance as reasonably required by the Company (the “Release”), within twenty-one

(21) days of your termination unless additional time is required by law, and the Release becoming effective upon the expiration of the

revocation period (which is seven days after the Release is executed and returned to the Company) and (ii) continued compliance with this

Agreement and the Covenant Agreement (as defined below). If an executed Release is not returned to the Company within twenty-one (21)

days of termination unless additional time is required by law or the Release is revoked by you, the Company shall be relieved of all obligations

to pay you severance under this Agreement. The payment described in subsection 4(b)(ii) shall be paid in the form of salary continuation

and shall be made in substantially equal installments, at least monthly, commencing on or before the 60th day following your termination

date. The first such payment shall include payment of all severance benefits that otherwise would have been due prior to such date, applied

as though such payments commenced on the next normal pay date immediately following your termination date. The payment described in subsection

4(c)(i) shall be paid on or before the 60th day following your termination date.

f. For purposes of this Agreement:

“Cause” shall

include, but not be limited to: (i) the executive’s unauthorized use or disclosure of confidential information or trade secrets

of the Company or any subsidiary, or any material breach of a written agreement between the executive and the Company or any of its subsidiaries,

including without limitation a material breach of any employment, confidentiality, non-compete, non-solicit or similar agreement; (ii)

the executive’s commission of, indictment for or the entry of a plea of guilty or nolo contendere by the executive to, a

felony under the laws of the United States or any state thereof or any crime involving dishonesty or moral turpitude (or any similar crime

in any jurisdiction outside the United States); (iii) the executive’s gross negligence or willful misconduct which is materially

injurious to the Company or any of its subsidiaries, or the executive’s willful or repeated failure or refusal to substantially

perform material assigned duties; (iv) any act of fraud, embezzlement, material misappropriation or dishonesty committed by the executive

against the Company or any of its subsidiaries; (v) the material violation by the executive of any rule or policy of the Company or any

of its subsidiaries of which the executive had written notice; or (v) any acts, omissions or statements by executive which the Company

reasonably determines to be materially detrimental or damaging to the reputation, operations, prospects or business relations of the Company

or any subsidiary; provided further that for any “Cause” reasonably capable of cure, “Cause” shall not

exist unless Company has provided executive with written notice of the “Cause,” and executive fails to cure the events or

issues giving rise to the “Cause” within thirty (30) days of Company’s notice.

“Good Reason”

means (i) a change in the executive’s position with the Company that materially reduces the executive’s title, authority,

duties or responsibilities or the level of management to which he or she reports, (ii) a material change in executive’s Place of

Duty, or material diminution in the executive’s level of compensation (including base salary, fringe benefits and target bonuses

under any corporate performance-based incentive programs), excluding any reduction that applies generally to similarly situated employees

of the Company, and excluding any change made in connection with the termination of your employment for Cause, or on account of your death

or Disability, or temporarily as a result of your Disability or other absence for an extended period, provided, that you will not

have the right to resign for Good Reason pursuant to this provision of the Good Reason definition due to a change in authority, duties

or responsibilities solely as a result of the Company no longer being a publicly traded company; and provided further that for

any “Good Reason” reasonably capable of cure, “Good Reason” shall not exist unless executive has provided Company

with written notice of the “Good Reason,” and Company fails to cure the events or issues giving rise to the “Good Reason”

within thirty (30) days of executive’s notice.

g. Effective

as of the date of your termination of employment, unless otherwise requested by the Company in writing, you will, automatically and without

further action on your part or any other person or entity, resign from all offices, boards of directors (or similar governing bodies)

and committees of the Company. You agree that you will, at the request of the Company, execute and deliver such documentation as may be

required to effect such resignations, and authorize any member of the Company to file (or cause to be filed) such documentation, as necessary,

with any applicable governmental authority.

h. In

consideration for the promises and payments by the Company pursuant to this Agreement, at the request of the Company, for a one-year period

following your termination of employment for any reason, you agree to cooperate to the fullest extent possible with respect to matters

involving any member of the Company about which you have or may have knowledge, including any such matters which may arise before or after

the Term; provided such cooperation shall not unreasonably interfere with any obligations you may have to your current employer

at the time. The Company will compensate you for your time at a reasonable rate to be agreed to, reimburse you for any reasonable, properly

documented out-of-pocket expenses, including your travel expenses and attorneys’ fees that you actually incur in connection with

such cooperation.

i. The

Company shall provide Director and Officers (D&O) insurance coverage from the start date of employment in accordance with its existing

policies.

5. Section 409A. This Agreement is intended to comply with Section 409A of the Code (“Section 409A”) or an

exemption thereunder and shall be administered and interpreted accordingly. Each payment under this Agreement, including each installment

payment, shall be considered a separate and distinct payment. For purposes of this agreement, each payment is intended to be excepted

from Section 409A to the maximum extent provided as follows: (i) each payment made within the applicable 2½ month period specified

in Treas. Reg.

§ 1.409A-1(b)(4) is intended to be excepted under

the short-term deferral exception; (ii) post-termination medical benefits are intended to be excepted under the medical benefits exceptions

as specified in Treas. Reg. § 1.409A-1(b)(9)(v)(B); and (iii) to the extent payments are made as a result of an involuntary separation,

each payment that is not otherwise excepted under the short-term deferral exception or medical benefits exception is intended to be excepted

under the involuntary pay exception as specified in Treas. Reg. § 1.409A-1(b)(9)(iii). With respect to any payment subject to Section

409A (and not excepted therefrom), if any, it is intended that each payment is paid on a permissible distribution event and at a specified

time consistent with Section 409A. You shall have no right to designate the date of any payment under this Agreement. In the event the

terms of this Agreement would subject you to the imposition of taxes and penalties under Section 409A (“409A Penalties”),

the Company and you shall cooperate diligently to amend the terms of this Agreement to avoid such 409A Penalties, to the extent possible;

provided that, for the avoidance of doubt, you shall be solely liable for any 409A Penalties incurred by you.

All references in this Agreement to

your termination of employment shall mean your “separation from service” within the meaning of Section 409A of the Code and

Treas. Reg. § 1.409A-1(h). Whether you have had a separation from service will be determined based on all of the facts and circumstances

and in accordance with the guidance issued under Section 409A.

Notwithstanding any other provision of

this Agreement to the contrary, if any payment or benefit provided to you in connection with your termination of employment is determined

to constitute “nonqualified deferred compensation” within the meaning of Section 409A and you are determined by the Company

to be a “specified employee” as defined in Section 409A(a)(2)(b)(i), then such payment or benefit shall not be paid until the

first payroll date following the six-month anniversary of your termination date or, if earlier, on your death (the “Delayed Payment

Date”). The aggregate of any payments that would otherwise have been paid before the Delayed Payment Date shall be paid (without

interest) to you (or your estate or beneficiaries) in a lump sum on the Delayed Payment Date and thereafter, any remaining payments shall

be paid without delay in accordance with their original schedule.

With respect to any taxable expense

reimbursements, in-kind benefits and/or cash allowances provided or paid by the Company under this Agreement, such reimbursement shall

be made in accordance with and subject to the following terms and conditions: (i) reimbursements shall only be made to the extent that

the expense was actually incurred and reasonably substantiated; (ii) reimbursements of eligible expenses shall be made on or before the

last day of your taxable year following the taxable year in which you incurred the expense; (iii) the amount of any expenses eligible

for reimbursement or the amount of any in-kind benefits provided, as the case may be, under this Agreement during any calendar year shall

not affect the amount of expenses eligible for reimbursement or the amount of any in-kind benefits provided during any other calendar

year; and (iv) the right to reimbursement or to any in-kind benefit pursuant to this Agreement shall not be subject to liquidation or

exchange for any other benefit.

Notwithstanding any provision of this

Agreement to the contrary, you acknowledge and agree that the Company and its employees, officers, directors and affiliates are not providing

you with any tax advice with respect to Section 409A of the Code or otherwise and are not making any guarantees or other assurances of

any kind to you with respect to the tax consequences or treatment of any amounts paid or payable to you under this Agreement.

Nothing provided or contained in this Agreement will be

construed to obligate or cause the Company and/or its employees, officers, directors, subsidiaries and affiliates to be liable for, any

tax, interest or penalties imposed on you related to or arising with respect to any violation of Section 409A.

6. Section 280G. If the present value of your severance benefits, either alone or together with other payments which you

have the right to receive from the Company (the “Benefits”) constitute a “parachute payment” as defined in Section

280G of the Code, then your Benefits shall be either (i) provided to you in full, or (ii) provided to you only as to such lesser extent

that would result in no portion of such Benefits being subject to the excise tax imposed by Section 4999 of the Code (the “Excise

Tax”), whichever of the foregoing amounts, taking into account the applicable federal, state, and local income and employment taxes

and the Excise Tax, results in the receipt by you, on an after-tax basis, of the greatest amount of benefits, notwithstanding that all

or some portion of such Benefits may be taxable under the Excise Tax.

Unless the Company and you otherwise

agree, any determination required under section shall be made in writing in good faith by the Company’s independent accounting firm

or such other nationally or regionally recognized accounting firm selected by the Company (the “Accountants”), whose determination

shall be conclusive and binding upon you and the Company for all purposes. In the event that a reduction to the Benefits under this section,

the reduction shall apply first to the Benefits that are not deferred compensation subject to Section 409A of the Code and you shall be

given the choice, subject to approval by the Company, of which of such Benefits to reduce; provided, that such reduction achieves the

result specified in clause (ii) above of this section. If a reduction in the Benefits that are subject to Section 409A of the Code is

required, such Benefits shall be reduced pro rata, but with no change in the time at which such Benefits shall be paid. For purposes of

making the calculations required by this section, the Accountants may make reasonable assumptions and approximations concerning applicable

taxes and may rely on reasonable, good faith interpretations concerning the application of the Code. The Company and you shall furnish

to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this

section. The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this

section.

7. Restrictive Covenant Obligations. You acknowledge and agree that you will be subject to the Company’s existing

policies regarding confidentiality, non-disclosure, non-use, non-competition, non-solicitation or other covenants pursuant to the terms

of that certain Confidentiality and Nondisclosure Agreement with the Company, which has been executed prior to the Effective Date (the

“Covenant Agreement”). Notwithstanding any provision in this Agreement, the Covenant Agreement or otherwise to the contrary,

nothing in this Agreement, the Covenant Agreement or otherwise precludes or otherwise limits your ability to (A) communicate directly

with and provide information, including documents, not otherwise protected from disclosure by any applicable law or privilege to the Securities

and Exchange Commission (the “SEC”) or any other federal, state or local governmental agency or commission (“Government

Agency”) or self-regulatory organization regarding possible legal violations, without disclosure to the Company, or (B) disclose

information which is required to be disclosed by applicable law, regulation, or order or requirement (including without limitation, by

deposition, interrogatory, requests for documents, subpoena, civil investigative demand or similar process) of courts, administrative

agencies, the SEC, any Government Agency or self-regulatory organizations, provided that, if permissible by law, you provide the Company

with prior notice of the contemplated disclosure and cooperate with the Company in seeking a protective order or other appropriate protection

of such information. The Company may not retaliate against you for any of these activities.

8. Representation Regarding Prior Commitment. You represent that your performance of all of the terms of this Agreement

and the performance of the services for the Company does not and will not breach or conflict with any agreement with a third party, including

an agreement not to compete or to keep in confidence any proprietary information of another entity acquired by you in confidence or in

trust prior to the date of this Agreement. You agree that you will not enter into any agreement that conflicts with this Agreement during

the term of your employment with the Company.

9. Governing Law, Forum and Venue. This Agreement shall be governed, construed, interpreted and enforced in accordance

with its express terms, and otherwise in accordance with the substantive laws of the State of Florida, without reference to the principles

of conflicts of law or choice of law of the State of Florida, or any other jurisdiction, and where applicable, the laws of the United

States. All questions pertaining to the validity, construction, execution and performance of this Agreement shall be construed and governed

in accordance with the laws of the State of Florida, without giving effect to principles of conflicts or choice of law. Jurisdiction and

venue for any disputes shall be, as appropriate, in the state courts in Miami-Dade County, FL, or the federal courts in the Southern District

of Florida.

EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY

WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED

HEREBY.

10. Validity. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity

or enforceability of any other provision of this Agreement, which shall remain in full force and effect. You were advised to seek counsel

with regard to this Agreement and all employment terms, and you were represented by counsel.

11. Final Agreement. The terms of this Agreement and the Covenant Agreement are intended by the parties to be the final

expression of their agreement with respect to your employment by the Company and supersede, effective as of the Effective Date, all prior

understandings and agreements with respect to your employment by the Company, whether written or oral. For the avoidance of doubt, if

the Effective Date does not occur, this Agreement will be void ab initio. Any other signed written agreements, including referenced

herein that are not in contradiction with this Agreement are in full force and effect.

12. Assignment. The rights and benefits under this Agreement are personal to you and such rights and benefits shall not

be subject to assignment, alienation or transfer, except to the extent such rights and benefits are lawfully available to your estate

or any of your beneficiaries upon your death. The Company may assign this Agreement to any affiliate or subsidiary at any time and shall

require any entity which at any time becomes a successor, whether by merger, purchase, or otherwise, or otherwise acquires all or substantially

all of the assets, membership interests or business of the Company, to expressly assume this Agreement.

13. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original,

but all of which together will constitute one and the same Agreement. Signatures delivered by facsimile shall be deemed effective for

all purposes.

Please sign and date this Agreement in

the space indicated and return it to my attention to evidence your understanding and acceptance of the terms set forth herein.

Sincerely,

Longeveron Inc.

By:

/s/ Josh Hare

Josh Hare, Executive Chairman

Agreed to and Accepted:

By:

/s/ Stephen Willard

Stephen Willard

Appendix A

Incentive Equity Awards

Equity Grants: to be paid per below so long as CEO

remains employed on the date of payout:

o 200,000 shares of Class A common stock to be awarded on March 2, 2026 following the Effective Date;

o 200,000 RSUs to be awarded on March 2, 2026 following the Effective Date and vesting quarterly over a three-year period thereafter

(i.e. twelve (12) quarterly vesting events on each of January 1, April 1, July 1, and October 1 of each year, with the first vesting event

to occur on April 1, 2026 after the Effective Date);

o 200,000 stock options to be awarded on March 2, 2026 following the Effective Date and vesting quarterly over a three-year period thereafter

(i.e. twelve (12) quarterly vesting events on each of January 1, April 1, July 1, and October 1 of each year, with the first vesting event

to occur on April 1, 2026 after the Effective Date);

o Annual equity grant (pro-rated as applicable) in accordance with all other C-Suite Executives, as approved by the Compensation Committee

and/or Board of Directors pursuant to and consistent with the award parameters as determined by the compensation consultant reports as

obtained by the Company;

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