Exhibit 10.1

APOLLO ENDOSURGERY, INC.

CHANGE IN CONTROL AGREEMENT

This Change in Control and Agreement (the “ Agreement ”) is dated as of ________, 2018, by and between [__________] (" Executive ") and Apollo Endosurgery, Inc., a Delaware corporation, including its subsidiaries (the " Company "), effective as of ________, 2018 (the “ Effective Date ”). This Agreement is intended to provide Executive with certain benefits described herein upon the occurrence of specific events.

RECITALS

A.    It is expected that another company may from time to time consider the possibility of acquiring the Company or that a Change in Control may otherwise occur. The Company’s Board of Directors (the “ Board ”) recognizes that such consideration can be a distraction to Executive and can cause Executive to consider alternative employment opportunities. The Board has determined that it is in the best interests of the Company and its stockholders to assure that the Company will have the continued dedication and objectivity of Executive, notwithstanding the possibility, threat or occurrence of a Change in Control (as defined below) of the Company.

B.    The Board believes it is in the best interests of the Company and its shareholders to retain Executive and provide incentives to Executive to continue in the service of the Company.

C.    The Board further believes that it is imperative to provide Executive with certain benefits upon termination of Executive’s employment in connection with a Change in Control and otherwise, which benefits are intended to provide Executive with financial security and provide sufficient income and encouragement to Executive to remain with the Company, notwithstanding the possibility of a Change in Control and/or termination of Executive’s employment with the Company.

D.    To accomplish the foregoing objectives, the Board has directed the Company, upon execution of this Agreement by Executive, to agree to the terms provided in this Agreement.

Now therefore, in consideration of the mutual promises, covenants and agreements contained herein, and in consideration of the continuing employment of Executive by the Company, the parties hereto agree as follows:

1. At-Will Employment . Executive’s employment is at-will, which means that the Company may terminate Executive’s employment at any time, with or without advance notice, and with or without Cause. Similarly, Executive may resign Executive’s employment at any time, with or without advance notice. Executive shall not receive any compensation of any kind, including, without limitation, equity award vesting acceleration and severance benefits,

following Executive’s last day of employment with the Company, except as expressly provided in this Agreement.

2. Benefit in connection with a Change in Control . In the event of a Change in Control, the vesting and exercisability (if applicable) of all outstanding and unvested equity awards granted under the Company’s equity incentive plans that are held by Executive as of the effective date of the Change in Control (an “ Eligible Equity Award ”), will become vested and exercisable as to fifty percent (50%) of each outstanding Eligible Stock Award and any shares acquired upon the exercise or issuance thereof held by Executive shall automatically be accelerated so as to become vested and exercisable(if applicable) and any right of repurchase or forfeiture provision shall lapse as to fifty percent (50%) of such shares, effective as of the date immediately prior to the effective date of the Change in Control (the “ Acceleration Benefit ”). The exercise or vesting of any Eligible Stock Award and any shares acquired upon the exercise or issuance thereof under this Section 2 and the provisions of the applicable equity award agreement shall be conditioned upon the consummation of the Change in Control and Executive’s delivery of a signed and effective Release (as defined below).

3. Benefit in the Event of a Termination in connection with or following a Change in Control . If Executive’s employment is terminated without Cause (and other than as a result of Executive’s death or disability), or Executive resigns for Good Reason, in either case within three (3) months prior to or within twelve (12) months after a Change in Control (and contingent upon the closing of the Change in Control) (collectively, an “ Involuntary Termination ”), and provided such termination constitutes a “separation from service” (within the meaning of Treasury Regulation Section 1.409A-1(h)), Executive will receive the Accrued Amounts (as defined below) and subject to Executive’s (a) returning all Company property; (b) complying with his her post-termination obligations under this Agreement and Company’s Invention, Confidential Information and Non-Competition Agreement (the “ Noncompetition Agreement ”); (c) execution, delivery and non-revocation of an agreement that includes an effective release of all claims against the Company (the “ Release ”) within the time period following the date of Executive’s Involuntary Termination provided in the Release, and (d) complying with the Release including without limitation any non-disparagement and confidentiality provisions contained therein, the Company shall provide Executive with the following severance benefits (the “ Change in Control Separation Benefits ”):

(a) The Company shall pay Executive an amount equal to 12 months of Executive’s then current base salary, ignoring any decrease in base salary that forms the basis for Good Reason, less all applicable withholdings and deductions, paid over such 12 month period immediately following the Involuntary Termination in accordance with the Company’s regular payroll practices, on the schedule described in Section 4 below.

(b) Should Executive elect to continue his or her medical, dental and/or vision insurance benefits pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“ COBRA ”) and any analogous provisions of applicable state law, the Company shall reimburse Executive for the COBRA premiums necessary to continue COBRA coverage for Executive and his or her eligible dependents (“ COBRA Premiums ”) from the date of Executive’s Involuntary Termination until the earliest to occur of (a) 12 months following the Involuntary Termination, the expiration of Executive’s eligibility for the continuation coverage under COBRA, and (c) the date when Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment (such period from the date of the Change in Control Termination through the earliest of (a) through (c) is referred to herein as the “ COBRA Benefits Payment Period ”). Notwithstanding the foregoing, if the Company determines, in its sole discretion, that the Company cannot provide the COBRA Premium benefits without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company shall in lieu thereof pay Executive a taxable cash amount, which payment shall be made regardless of whether Executive or Executive’s eligible family members elect health care continuation

coverage (the “ Health Care Benefit Payment ”). The Health Care Benefit Payment shall be paid in monthly installments on the same schedule that the COBRA Premiums would otherwise have been paid to the insurer. The Health Care Benefit Payment shall be equal to the amount that the Company would have otherwise paid for COBRA insurance premiums (which amount shall be calculated based on the premium for the first month of coverage), and shall be paid until the expiration of the COBRA Benefits Payment Period. If Executive becomes eligible for coverage under another employer’s group health plan or otherwise ceases to be eligible for COBRA during the twelve (12) months following the Involuntary Termination, Executive must immediately notify the Company of such event.

(c) All outstanding Eligible Equity Awards subject to vesting then held by Executive shall become vested and exercisable (if applicable) with respect to all of the shares subject thereto and any shares acquired upon the exercise or issuance thereof held by Executive shall automatically be accelerated so as to become vested and exercisable (if applicable) and any right of repurchase or forfeiture provision shall lapse as to all of such shares, effective immediately prior to Executive’s Involuntary Termination under this Section 3(c). Nothing in this Section 3(c) prohibits the Company or a successor organization (or its parent) from causing such Eligible Equity Awards or other Company securities to earlier terminate pursuant to the terms of the applicable equity plan or award agreements in connection with a Change in Control, merger, acquisition or other similar corporate transaction where such equity awards will terminate and not be assumed by the successor or acquiring entity.

4. Limitations And Conditions On Change in Control Separation Benefits

(a) Release Prior to Payment of Benefits . Prior to the payment of any of the Change in Control Separation Benefits, Executive shall execute, and allow to become effective, the Release within the time frame set forth therein, but not later than sixty (60) days following Executive’s Involuntary Termination (the “ Release Effective Date ”). Such Release shall specifically relate to all of Executive’s rights and claims in existence at the time of such execution and shall confirm Executive’s continuing obligations to the Company (including but not limited to obligations under the Noncompetition Agreement, as defined below). No Change in Control Separation Benefits will be paid prior to the Release Effective Date. Within five (5) days following the Release Effective Date, the Company will pay Executive the Change in Control Separation Benefits Executive would otherwise have received on or prior to such date but for the delay in payment related to the effectiveness of the Release, with the balance of the benefits being paid as originally scheduled. Notwithstanding the foregoing, if the Company (or, if applicable, the successor entity thereto) determines that any of the Change in Control Separation Benefits constitute “deferred compensation” under Section 409A (defined below), then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, no Change in Control Separation Benefits will be paid prior to the sixtieth (60th) day following Executive’s Involuntary Termination. On the sixtieth (60th) day following the date of Involuntary Termination, the Company will pay to Executive in a lump sum the applicable Change in Control Separation Benefits that Employee would otherwise have received on or prior to such date, with the balance of the Change in Control Separation Benefits being paid as originally scheduled.

(b) Income and Employment Taxes . Executives agrees that Executive shall be responsible for any applicable taxes of any nature (including any penalties or interest that may apply to such taxes) that the Company reasonably determines apply to any payment made hereunder, that Executive’s receipt of any benefit hereunder is conditioned on Executive’s satisfaction of any applicable withholding or similar obligations that apply to such benefit, and that any cash payment owed hereunder will be reduced to satisfy any such withholding or similar obligations that may apply.

(c) Compliance with Section 409A . It is intended that each installment of the payments and benefits provided for in this Agreement is a separate “payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2)(i). Further, it is intended that payments of the amounts set forth in this Agreement

satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Internal Revenue Code of 1986, as amended (the “ Code ”) (Section 409A of the Code, together, with any state law of similar effect, “ Section 409A ”) provided under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9). However, if the Company (or, if applicable, the successor entity thereto) determines that any of the severance payments and benefits provided under this Agreement (the “ Agreement Payments ”) constitute “deferred compensation” under Section 409A and Executive is, on the date of his or her Involuntary Termination, a “specified employee” of the Company or any successor entity thereto, as such term is defined in Section 409A(a)(2)(B)(i) of the Code (a “ Specified Employee ”), then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of the Change in Control Separation Benefit described in Section 3(a) shall be delayed as follows: on the earlier to occur of (i) the date that is six months and one day after Executive’s Involuntary Termination or (ii) the date of Executive’s death (such earlier date, the “ Delayed Initial Payment Date ”), the Company (or the successor entity thereto, as applicable) shall pay to Executive a lump sum amount equal to the applicable benefit that Executive would otherwise have received through the Delayed Initial Payment Date if the commencement of the payment of the benefit had not been so delayed pursuant to this Section 4(c).

(d) Related Matters. Executive further acknowledges and agrees to resign from all Company positions, including membership on any Board at the time of Executive’s Involuntary Termination.

(e) Conflicts. Executive represents that his or her performance of all the terms of this Agreement will not breach any other agreement to which Executive is a party. Executive has not, and will not during the term of this Agreement, enter into any oral or written agreement in conflict with any of the provisions of this Agreement.

(f) Successors . Any successor to the Company (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company's business and/or assets shall assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. The terms of this Agreement and all of Executive's rights hereunder and thereunder shall inure to the benefit of, and be enforceable by, Executive's personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.

(g) Notice . Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. Mailed notices to Executive shall be addressed to Executive at the home address which Executive most recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Chief Executive Officer.

5. Definitions .

(a) Accrued Amounts . For purposes of this Agreement, “Accrued Amounts” means Executive’s base salary through the date of termination, together with any compensation and benefits payable to Executive based on his or her participation in any compensation or benefit plan, program or arrangement through the date of termination.

(b) Cause . For purposes of this Agreement, “Cause ”, as determined by the Board acting in good faith and based on information then known to it, means: (i) Executive’s gross negligence or willful misconduct in performance of his or her duties hereunder where such gross negligence or willful misconduct has resulted in or is likely to result in substantial and material damage to the Company or any of its subsidiaries;

(ii) Executive’s repeated and unjustified absence from the Company; (iii) Executive’s material and willful violation of any federal or state law; (iv) the commission of any act of fraud by Executive with respect to the Company; (v) Executive’s conviction of a felony or a crime involving moral turpitude causing material harm to the standing and reputation of the Company; or (vi) Executive’s incurable material breach of any element of the Non-Competition Agreement, including without limitation, Executive’s theft or other misappropriation of the Company’s proprietary information. For purposes of this definition, “Company” shall be interpreted to include any parent, subsidiary, affiliate or successor thereto, if appropriate.

(c) Change in Control . For purposes of this Agreement, “Change in Control” shall have the meaning provided in the Company’s 2017 Equity Incentive Plan, as it may be amended from time to time.

(d) Good Reason. For purposes of this Agreement, “ Good Reason ” for Executive's resignation of his or her employment will exist following the occurrence of any of the following without Executive’s written consent: (a) a material reduction in the nature or scope of Executive’s responsibilities, duties and/or authority; provided, that a change in job position (including a change in title) shall not be deemed a “material reduction” in and of itself unless Executive’s responsibilities, duties and/or or authority are materially reduced; (b) a material reduction in Executive’s then-current Base Salary, which the Company and Executive agree is at least 10% of Executive’s then-current Base Salary; provided, that a reduction in Base Salary shall not be “Good Reason” to the extent that the salary reduction is made as part of a broader salary reduction program of the Company affecting a majority of similarly situated employees; or (c) relocation of Executive’s principal place of employment to a place that increases Executive’s one-way commute by more than fifty (50) miles as compared to Executive’s then-current principal place of employment immediately prior to such relocation; provided , that any such event described above shall not constitute Good Reason unless Executive delivers to the Company a notice of termination for Good Reason within ninety (90) days after the initial existence of the circumstances giving rise to Good Reason, within thirty (30) days following the receipt of such notice of termination for Good Reason the Company has failed to reasonably cure the circumstances giving rise to Good Reason, and Executive terminates his or her employment within thirty (30) days following the end of the cure period.

6. Parachute Payments . Notwithstanding any other provision of this Agreement to the contrary, if payments made or benefits provided pursuant to this Agreement or otherwise from the Company or any person or entity are considered “parachute payments” under Section 280G of the Code, then such parachute payments shall be limited to the greatest amount that may be paid to Executive under Section 280G of the Code without causing any loss of deduction to the Company under such section, but only if, by reason of such reduction, the net after tax benefit to Executive shall exceed the net after tax benefit if such reduction were not made. “ Net after tax benefit ” for purposes of this Agreement shall mean the sum of (i) the total amounts payable to Executive under this Agreement, plus (ii) all other payments and benefits which Executive receives or then is entitled to receive from the Company or otherwise that would constitute a “parachute payment” within the meaning of Section 280G of the Code, less (iii) the amount of federal and state income taxes payable with respect to the foregoing calculated at the maximum marginal income tax rate for each year in which the foregoing shall be paid to Executive (based upon the rate in effect for such year as set forth in the Code at the time of termination of Executive’s employment), less (iv) the amount of excise taxes imposed with respect to the payments and benefits described in (i) and (ii) above by Section 4999 of the Code. The determination as to whether and to what extent payments are required to be reduced in accordance with this Agreement shall be made at the Company’s expense by a nationally recognized certified public accounting firm as may be designated by the Company prior to a change in control (the “ Accounting Firm ”) and the Company and Executive shall take all actions reasonably available to them in accordance with the law to minimize the amount of excise taxes imposed with respect to Section 4999 of the Code. In the event of any mistaken underpayment or overpayment under this Agreement, as determined by the Accounting Firm,

the amount of such underpayment or overpayment shall forthwith be paid to Executive or refunded to the Company, as the case may be, with interest at one hundred twenty (120%) of the applicable Federal rate provided for in Section 7872(f)(2) of the Code. Any reduction in payments required by this Agreement shall occur in the following order: (1) any cash severance, (2) any other cash amount payable to Executive, (3) any benefit valued as a “parachute payment,” (4) the acceleration of vesting of any equity awards that are options, and (5) the acceleration of vesting of any other equity awards. Within any such category of payments and benefits, a reduction shall occur first with respect to amounts that are not “deferred compensation” within the meaning of Section 409A and then with respect to amounts that are. In the event that acceleration of compensation from equity awards is to be reduced, such acceleration of vesting shall be canceled, subject to the immediately preceding sentence, in the reverse order of the date of grant.

7. Other Employment Terms and Conditions . The employment relationship between the parties shall be governed by the general employment policies and procedures of the Company, including those relating to the protection of confidential information and assignment of inventions; provided, however, that when the terms of this Agreement differ from or are in conflict with the Company’s general employment policies or procedures, this Agreement shall control.

8. Miscellaneous Provisions.

(a) No Duty to Mitigate . Executive shall not be required to mitigate the amount of any payment contemplated by this Agreement (whether by seeking new employment or in any other manner), nor shall any such payment be reduced by any earnings that Executive may receive from any other source.

(b) Waiver . No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.

(c) Whole Agreement . No agreements, representations or understandings (whether oral or written and whether express or implied) which are not expressly set forth in this Agreement have been made or entered into by either party with respect to the subject matter hereof. This Agreement supersedes any agreement (or portion thereof) concerning similar subject matter dated prior to the date of this Agreement and by execution of this Agreement both parties agree that any such predecessor agreement shall be deemed null and void.

(d) Choice of Law . The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Texas without reference to conflict of laws provisions, and the parties hereto submit to the exclusive jurisdiction of the state and federal courts of the State of Texas.

(e) Severability . If any term or provision of this Agreement or the application thereof to any circumstance shall, in any jurisdiction and to any extent, be invalid or unenforceable, such term or provision shall be ineffective as to such jurisdiction to the extent of such invalidity or unenforceability without invalidating or rendering unenforceable the remaining terms and provisions of this Agreement or the application of such terms and provisions to circumstances other than those as to which it is held invalid or unenforceable, and a suitable and equitable term or provision shall be substituted therefor to carry out, insofar as may be valid and enforceable, the intent and purpose of the invalid or unenforceable term or provision.

(f) Legal Fees and Expenses . The parties shall each bear their own expenses, legal fees and other fees incurred in connection with the execution of this Agreement.

(g) No Assignment of Benefits . The rights of any person to payments or benefits under this Agreement shall not be made subject to option or assignment, either by voluntary or involuntary assignment or by operation of law, including (without limitation) bankruptcy, garnishment, attachment or other creditor’s process, and any action in violation of this Section 7(h) shall be void.

(h) Assignment by Company . The Company may assign its rights under this Agreement to an affiliate, and an affiliate may assign its rights under this Agreement to another affiliate of the Company or to the Company. In the case of any such assignment, the term “Company” when used in a section of this Agreement shall mean the corporation that actually employs Executive.

(i) Counterparts . This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument.

Each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the Effective Date.

Exhibit 10.2

SECOND AMENDMENT TO

EMPLOYMENT AGREEMENT FOR TODD NEWTON

This Second Amendment to Employment Agreement (this “ Amendment ”) is made and entered into by and between Apollo Endosurgery, Inc., a Delaware corporation (the “ Company ”), and Todd Newton (“ Executive ”).

RECITALS

A.    The Company and Executive entered into that certain Employment Agreement, effective June 1, 2014, as amended on May 19, 2016 (the “ Employment Agreement ”). Unless otherwise defined herein, all capitalized terms shall have the meanings assigned to them in the Employment Agreement.

B.     Section 9(d) of the Employment Agreement provides benefits that are payable to Executive in the event of Executive’s termination for Good Reason or without Cause. On May 23, 2018, the Compensation Committee of the Company’s Board of Directors approved certain amendments to Section 9(d) of the Employment Agreement.

C.     The Company and Executive desire to amend the Employment Agreement as set forth herein with all terms to be effective as of May 23, 2018.

AGREEMENT

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

1. Section 9(d) of the Employment Agreement is hereby revised to delete subsection (ii)(3), to include a new subsection (iii) and to revise subsection (iv) as set forth below.

(iii) If such Separation from Service occurs within three (3) months prior to (contingent upon the occurrence of the Change in Control), on or within twelve (12) months after a Change in Control, in lieu of the Severance Benefits described in Section 9(d)(ii)(1) and (2) above, Executive shall receive the following severance benefits (the “ Change in Control Severance Benefits ”):

(1) an amount equal to twenty-four (24) months of Executive’s then-current Base Salary, ignoring any decrease in Base Salary that forms the basis for Good Reason, paid in equal installments on the Company’s normal payroll schedule over the 24-month period immediately following the date of Separation from Service, except as set forth below (the “ Change in Control Salary Continuation ”), plus an amount equal to the Annual Bonus, if any, earned in connection with completion of the fiscal year prior to Executive’s Separation from Service that would have been payable to Executive under Section 3(b) had Executive remained an employee of the Company through the Annual Bonus payment date for that fiscal year;

(2) Should Executive elect to continue his medical, dental and/or vision insurance benefits pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“ COBRA ”) and any analogous provisions of applicable state law, the Company shall reimburse Executive for the COBRA premiums necessary to continue COBRA coverage for Executive and him eligible dependents (“ COBRA Premiums ”) from the date of Executive’s Separation from Service until the earliest to occur of (a) twenty-four (24) months following the Separation from Service, (b) the expiration of Executive’s eligibility for the continuation coverage under COBRA, and (c) the date when Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment (such period from the date of the Separation from Service through the earliest of (a) through (c) is referred to herein as the “ COBRA Benefits Payment Period ”). Notwithstanding the foregoing, if the Company determines, in its sole discretion, that the Company cannot provide the COBRA Premium benefits without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company shall in lieu thereof pay Executive a taxable cash amount, which payment shall be made regardless of whether Executive or Executive’s eligible family members elect health care continuation coverage (the “ Health Care Benefit Payment ”). The Health Care Benefit Payment shall be paid in monthly installments on the same schedule that the COBRA Premiums would otherwise have been paid to the insurer. The Health Care Benefit Payment shall be equal to the amount that the Company would have otherwise paid for COBRA insurance premiums (which amount shall be calculated based on the premium for the first month of coverage), and shall be paid until the expiration of the COBRA Benefits Payment Period. If Executive becomes eligible for coverage under another employer’s group health plan or otherwise ceases to be eligible for COBRA during the twenty-four (24) months following the Separation from Service, Executive must immediately notify the Company of such event; and

(3) One hundred percent (100%) of the shares subject to the Options (and any other options and other equity awards subsequently granted to Executive) shall become vested and exercisable (if applicable) as of the date of Executive’s Separation from Service.

(iv)     The Severance Benefits and Change in Control Severance Benefits will be subject to deductions for applicable tax withholdings. No Severance Benefits or Change in Control Severance Benefits will be paid prior to the day that is sixty (60) days following the date of Separation from Service. On the sixtieth (60th) day following the date of Separation from Service, the Company shall pay in a lump sum the aggregate amount of the Salary Continuation or the Change in Control Salary Continuation, as applicable, that the Company would have paid Executive through such date had the payments commenced on the Separation from Service through such sixtieth (60th) day, with the balance paid thereafter on the applicable schedules described above.”

2. Except as herein modified and amended, all the terms and conditions of the Employment Agreement shall remain in full force and effect, and the execution of this Amendment shall in no event be deemed to constitute a waiver of any right or claim of any of the parties hereto under, or by virtue of, the Employment Agreement, except as otherwise specifically set forth herein. This Amendment and the Employment Agreement constitute the full and entire understanding and agreement between the parties with regard to the subject matter hereof and thereof.

3. This Agreement is executed by the parties in the State of Texas and shall be interpreted in accordance with the laws of such State (except their provisions governing the choice of law).

4. This Amendment may be executed in one or more counterparts, all of which shall be considered one and the same agreement. A facsimile shall be deemed an original for all purposes.

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date set forth above.

Exhibit 10.3

FIRST AMENDMENT TO

EMPLOYMENT AGREEMENT FOR STEFANIE CAVANAUGH

This First Amendment to Employment Agreement (this “ Amendment ”) is made and entered into by and between Apollo Endosurgery, Inc., a Delaware corporation (the “ Company ”), and Stefanie Cavanaugh (“ Executive ”).

RECITALS

A.    The Company and Executive entered into that certain Employment Agreement, effective March 2, 2015 (the “ Employment Agreement ”). Unless otherwise defined herein, all capitalized terms shall have the meanings assigned to them in the Employment Agreement.

B.     Section 8(d) of the Employment Agreement provides benefits that are payable to Executive in the event of Executive’s termination for Good Reason or without Cause. On May 23, 2018, the Company’s Board of Directors approved certain amendments to Section 8(d) of the Employment Agreement.

C.     The Company and Executive desire to amend the Employment Agreement as set forth herein with all terms to be effective as of May 23, 2018.

AGREEMENT

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

1. Section 8(d) of the Employment Agreement is hereby revised and replaced in its entirety as set forth below.

“(d)      Termination for Good Reason or Without Cause.

(i) Executive may terminate Executive’s employment for Good Reason (as defined below), provided the Company has not previously notified her of its intent to terminate her employment for Cause and the Company may terminate Executive’s employment without Cause (that is, other than by death, Disability or for Cause, in accordance with Section 8(a), 8(b) or 8(c), respectively, collectively, an “ Involuntary Termination ”)). “ Good Reason ” shall mean the occurrence, without Executive’s prior written consent, of any of the following events: (a) a material reduction in the nature or scope of Executive’s responsibilities, duties and/or authority; provided, that a change in job position (including a change in title) shall not be deemed a “material reduction” in and of itself unless Executive’s responsibilities, duties and/or authority are materially reduced; (b) a material reduction in Executive’s then-current Base Salary, which the Company and Executive agree is at least 10% of Executive’s then-current Base Salary; provided, that a reduction in Base Salary shall not be “Good Reason” to the extent that the salary reduction is made as part of a broader salary reduction program of the Company affecting a majority of similarly situated employees; (c) a material change in the location at which Executive must perform her services; provide that in no event will the relocation of Executive to a facility or location of fifty (50) miles or less from Executive’s then current office location be deemed material for purposes of this Agreement; and (d) a material breach of this

Agreement by the Company; provided , that any such event described above shall not constitute Good Reason unless Executive delivers to the Company a Notice of Termination for Good Reason within ninety (90) days after the initial existence of the circumstances giving rise to Good Reason, within thirty (30) days following the receipt of such Notice of Termination for Good Reason the Company has failed to reasonably cure the circumstances giving rise to Good Reason, and Executive terminates her employment within thirty (30) days following the end of the cure period.

(ii) Upon an Involuntary Termination pursuant to this Section 8(d), and provided such termination constitutes a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definitions thereunder, a “ Separation from Service ”), Executive shall receive the Accrued Amounts, and, subject to Executive’s (a) returning all Company property; (b) complying with her post-termination obligations under this Agreement and the Non-Competition Agreement; (c) execution, delivery and non-revocation of an agreement that includes an effective release of all claims against the Company (the “ Release ”) within the sixty (60) day period following the date of Executive’s Involuntary Termination, and (d) complying with the Release including without limitation any non-disparagement and confidentiality provisions contained therein, Executive shall receive the following severance benefits (the “ Severance Benefits ”):

(1) an amount equal to six (6) months of Executive’s then-current Base Salary, ignoring any decrease in Base Salary that forms the basis for Good Reason, paid in equal installments on the Company’s normal payroll schedule over the 6-month period immediately following the date of Involuntary Termination, except as set forth below (the “ Salary Continuation ”), plus an amount equal to the Annual Bonus, if any, earned in connection with completion of the fiscal year prior to Executive’s Involuntary Termination that would have been payable to Executive under Section 3(b) had Executive remained an employee of the Company through the Annual Bonus payment date for that fiscal year.

(iii) If such Involuntary Termination (and provided that such termination constitutes a Separation from Service) occurs within three (3) months prior to (contingent upon the occurrence of the Change in Control), on or within twelve (12) months after a Change in Control, in lieu of the Severance Benefits described in Section 8(d)(ii)(1) above, Executive shall receive the following severance benefits (the “ Change in Control Severance Benefits ”):

(1) an amount equal to twelve (12) months of Executive’s then-current Base Salary, ignoring any decrease in Base Salary that forms the basis for Good Reason, paid in equal installments on the Company’s normal payroll schedule over the 12-month period immediately following the date of Involuntary Termination, except as set forth below (the “ Change in Control Salary Continuation ”), plus an amount equal to the Annual Bonus, if any, earned in connection with completion of the fiscal year prior to Executive’s Involuntary Termination that would have been payable to Executive under Section 3(b) had Executive remained an employee of the Company through the Annual Bonus payment date for that fiscal year;

(2) Should Executive elect to continue her medical, dental and/or vision insurance benefits pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“ COBRA ”) and any analogous provisions of applicable state law, the Company shall reimburse Executive for the COBRA premiums necessary to continue COBRA coverage for Executive and her eligible dependents (“ COBRA Premiums ”) from the date of Executive’s Involuntary Termination until the earliest to occur of (a) twelve (12) months following the Involuntary Termination, (b) the expiration of Executive’s eligibility for the continuation coverage under COBRA, and (c) the date when Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment (such period from the date of the Change in Control Termination through the earliest of (a) through (c) is referred to herein as the “ COBRA Benefits Payment Period ”). Notwithstanding the foregoing, if the Company determines, in its sole discretion, that the Company cannot provide the COBRA Premium benefits without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company shall in lieu thereof pay Executive a taxable cash amount, which payment shall be made regardless of whether Executive or Executive’s eligible family members elect health care continuation coverage (the “ Health Care Benefit Payment ”). The Health Care Benefit Payment shall be paid in monthly installments on the same schedule that the COBRA Premiums would otherwise have been paid to the insurer. The Health Care Benefit Payment shall be equal to the amount that the Company would have otherwise paid for COBRA insurance premiums (which amount shall be calculated based on the premium for the first month of coverage), and shall be paid until the expiration of the COBRA Benefits Payment Period. If Executive becomes eligible for coverage under another employer’s group health plan or otherwise ceases to be eligible for COBRA during the twelve (12) months following the Involuntary Termination, Executive must immediately notify the Company of such event; and

(3) One hundred percent (100%) of the shares subject to the Options (and any other options and other equity awards subsequently granted to Executive) shall become vested and exercisable (if applicable) as of the date of Executive’s Involuntary Termination.

(iv) The Severance Benefits and Change in Control Severance Benefits will be subject to deductions for applicable tax withholdings. No Severance Benefits or Change in Control Severance Benefits will be paid prior to the day that is sixty (60) days following the date of Involuntary Termination. On the sixtieth (60th) day following the date of Involuntary Termination, the Company shall pay in a lump sum the aggregate amount of the Salary Continuation or the Change in Control Salary Continuation, as applicable, that the Company would have paid Executive through such date had the payments commenced on the Involuntary Termination through such sixtieth (60th) day, with the balance paid thereafter on the applicable schedules described above.

(v) All other benefits, if any, due Executive following a termination pursuant to this Section 8(d) shall be determined in accordance with the plans, policies and practices of the Company; provided , that Executive shall not be entitled to any payments or benefits under any severance plan, policy or program of the Company. Payments under this Agreement are intended to fulfill any statutory obligation to provide notice or pay in lieu of notice. Executive shall not accrue any additional compensation (including any Base Salary or

Annual Bonus) or other benefits under this Agreement following such termination of employment.”

2. Except as herein modified and amended, all the terms and conditions of the Employment Agreement shall remain in full force and effect, and the execution of this Amendment shall in no event be deemed to constitute a waiver of any right or claim of any of the parties hereto under, or by virtue of, the Employment Agreement, except as otherwise specifically set forth herein. This Amendment and the Employment Agreement constitute the full and entire understanding and agreement between the parties with regard to the subject matter hereof and thereof.

3. This Agreement is executed by the parties in the State of Texas and shall be interpreted in accordance with the laws of such State (except their provisions governing the choice of law).

4. This Amendment may be executed in one or more counterparts, all of which shall be considered one and the same agreement. A facsimile shall be deemed an original for all purposes.

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date set forth above.