<SEC-DOCUMENT>0001104659-21-088220.txt : 20210701
<SEC-HEADER>0001104659-21-088220.hdr.sgml : 20210701
<ACCEPTANCE-DATETIME>20210701160236
ACCESSION NUMBER:		0001104659-21-088220
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20210701
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210701
DATE AS OF CHANGE:		20210701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Celldex Therapeutics, Inc.
		CENTRAL INDEX KEY:			0000744218
		STANDARD INDUSTRIAL CLASSIFICATION:	IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835]
		IRS NUMBER:				133191702
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-15006
		FILM NUMBER:		211065814

	BUSINESS ADDRESS:	
		STREET 1:		53 FRONTAGE ROAD
		STREET 2:		SUITE 220
		CITY:			HAMPTON
		STATE:			NJ
		ZIP:			08827
		BUSINESS PHONE:		908-200-7500

	MAIL ADDRESS:	
		STREET 1:		53 FRONTAGE ROAD
		STREET 2:		SUITE 220
		CITY:			HAMPTON
		STATE:			NJ
		ZIP:			08827

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AVANT IMMUNOTHERAPEUTICS INC
		DATE OF NAME CHANGE:	19980828

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	T CELL SCIENCES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm2120284d1_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):&nbsp;<B>July
1, 2021</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CELLDEX THERAPEUTICS,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="vertical-align: top; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>000-15006</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13-3191702</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of incorporation)</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(IRS Employer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification No.)</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Perryville III Building, 53 Frontage Road, Suite&nbsp;220,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hampton, New Jersey 08827</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices) (Zip Code)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(908) 200-7500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Check the appropriate box below if the Form&nbsp;8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule&nbsp;405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule&nbsp;12b-2 of the
Securities Exchange Act of 1934 (17 CFR &sect;240.12b-2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Emerging growth
company&nbsp;</FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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&nbsp;13(a)&nbsp;of the Exchange Act.&nbsp;</FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; border: black 1pt solid; padding-top: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock, par value $.001</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CLDX</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq Capital Market</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Item 5.02(e). Compensatory
Arrangements of Certain Officers.</B>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in; background-color: white">Celldex
Therapeutics, Inc. (the &ldquo;Company&rdquo;) entered into amended and restated employment agreements with each of its executive officers:
Anthony S. Marucci, President and Chief Executive Officer; Sam Martin, Senior Vice President, Chief Financial Officer and Secretary; Tibor
Keler, Ph.D., Executive Vice President and Chief Scientific Officer; Ronald A. Pepin, Ph.D., Senior Vice President and Chief Business
Officer; Sarah Cavanaugh, Senior Vice President of Corporate Affairs and Administration; Margo Heath-Chiozzi, M.D., Senior Vice President
of Regulatory Affairs; Elizabeth Crowley, Senior Vice President and Chief Product Development Officer; Richard Wright, Ph.D., Senior Vice
President and Chief Commercial Officer; Diane Young, M.D., Senior Vice President, Chief Medical Officer; and Freddy Jimenez, Esq., Senior
Vice President and General Counsel. Each of these employment agreements is effective July 1, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in; background-color: white">The
executive employment agreements between the Company and its executive officers were amended to reflect the following current salary
and bonus targets and to standardize language in the contracts.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #231F20; font-weight: bold; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font-size: 10pt; color: #231F20; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231F20; font-weight: bold; text-align: center">Annual Salary</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231F20; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Bonus Target</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 69%; font-size: 10pt; color: #231F20; text-align: left">Anthony S. Marucci</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">680,908</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">60</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left">Tibor Keler, Ph.D.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">483,645</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">45</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Sarah Cavanaugh</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">350,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">40</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left">Elizabeth Crowley</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">388,632</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">40</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left">Margo Heath-Chiozzi, M.D.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">417,659</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">40</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left">Freddy Jimenez</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">391,230</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">40</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left">Sam Martin</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">412,820</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">40</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Ronald Pepin, Ph.D.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">366,586</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">40</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left">Richard Wright, Ph.D.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">377,306</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">40</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #231F20; text-align: left">Diane Young, M.D.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">438,141</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">40</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in; background-color: white">The
employment agreements have an initial term through December 31, 2021 and shall automatically renew for additional one year terms unless
either party gives ninety (90) days prior written notice of its intent not to renew. The Company may terminate the employment agreements
without cause, on 90-days&rsquo; prior notice, or for cause, subject to a 30-day cure period in certain circumstances. The executive may
terminate the employment agreement for good reason (as defined in the executive employment agreement) on 30-days&rsquo; prior notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in; background-color: white">The
foregoing description of the employment agreements with each of the Company&rsquo;s executive officers is intended to be a summary and
is qualified in its entirety by reference to such documents, which are attached as Exhibits 10.1, 10.2, 10.3, 10.4, 10.5, 10.6, 10.7,
10.8, 10.9 and 10.10 and which are incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 9.01. Financial Statements and Exhibits.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit No.</FONT></TD>
    <TD STYLE="width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2120284d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></A></TD>
    <TD><A HREF="tm2120284d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Employment Agreement, dated as of July 1, 2021, by and between Celldex Therapeutics, Inc. and Anthony S. Marucci</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2120284d1_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></A></TD>
    <TD><A HREF="tm2120284d1_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Employment Agreement, dated as of July 1, 2021, by and between Celldex Therapeutics, Inc. and Sam Martin</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2120284d1_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></A></TD>
    <TD><A HREF="tm2120284d1_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Employment Agreement, dated as of July 1, 2021, by and between Celldex Therapeutics, Inc. and Tibor Keler, Ph.D.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2120284d1_ex10-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></A></TD>
    <TD><A HREF="tm2120284d1_ex10-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Employment Agreement, dated as of July 1, 2021, by and between Celldex Therapeutics, Inc. and Ronald Pepin, Ph.D.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2120284d1_ex10-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></A></TD>
    <TD><A HREF="tm2120284d1_ex10-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Employment Agreement, dated as of July 1, 2021, by and between Celldex Therapeutics, Inc. and Sarah Cavanaugh</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2120284d1_ex10-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</FONT></A></TD>
    <TD><A HREF="tm2120284d1_ex10-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Employment Agreement, dated as of July 1, 2021, by and between Celldex Therapeutics, Inc. and Margo Heath-Chiozzi, M.D.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2120284d1_ex10-7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</FONT></A></TD>
    <TD><A HREF="tm2120284d1_ex10-7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Employment Agreement, dated as of July 1, 2021, by and between Celldex Therapeutics, Inc. and Elizabeth Crowley</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2120284d1_ex10-8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</FONT></A></TD>
    <TD><A HREF="tm2120284d1_ex10-8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Employment Agreement, dated as of July 1, 2021, by and between Celldex Therapeutics, Inc. and Richard Wright, Ph.D.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2120284d1_ex10-9.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</FONT></A></TD>
    <TD><A HREF="tm2120284d1_ex10-9.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Employment Agreement, dated as of July 1, 2021, by and between Celldex Therapeutics, Inc. and Diane Young, M.D. </FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2120284d1_ex10-10.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.10</FONT></A></TD>
    <TD><A HREF="tm2120284d1_ex10-10.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Employment Agreement, dated as of July 1, 2021, by and between Celldex Therapeutics, Inc. and Freddy Jimenez</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CELLDEX THERAPEUTICS, INC.</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: July 1, 2021</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Sam Martin</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sam Martin</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President and Chief Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TYPE>EX-10.1
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<FILENAME>tm2120284d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This <B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT
</B>(the &#8220;Agreement&#8221;) is entered into on July 1, 2021 (the &#8220;Effective Date&#8221;), between <B>Anthony S. Marucci</B>
(the &#8220;Executive&#8221;) and CELLDEXTHERAPEUTICS,&nbsp;INC., a Delaware corporation (the &#8220;Company&#8221;) (collectively, the
Executive and the Company shall be referred to as the &#8220;Parties&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>W I T N E S S E T H:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Executive has been employed by the Company as its Chief Executive Officer and President pursuant to the terms of an employment agreement
January&nbsp;1, 2013 (the &#8220;Prior Employment Agreement&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
as of the Effective Date the Company desires to employ the Executive as its Chief Executive Officer and President, and the Executive desires
to accept such employment, on the terms and conditions set forth in this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Company and the Executive have mutually agreed that, as of the Effective Date, this Agreement shall amend, restate and replace the
Prior Employment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE</B></FONT>, in consideration of the mutual promises and agreements contained herein, the Parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>PURPOSE</B>.
The Company desires to avail itself of the services of the Executive as Chief Executive Officer and President, and the Executive desires
to provide such services in accordance with the terms of this Agreement. The Parties agree that the duties and obligations expected of
the Executive and of the Company are as set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B>EFFECTIVE
DATE AND TERM.</B> This Agreement shall be effective, and its term (the &#8220;Term&#8221;) shall commence as of the Effective Date.
The Term shall continue through and until December&nbsp;31, 2021 (the &#8220;Initial Term&#8221;), unless terminated sooner as
provided by this Agreement or extended by the Parties. The Term shall be automatically renewed for successive periods of one year
each (each, a &#8220;Renewal Term&#8221;), unless either Party gives to the other written notice of intent not to renew at least
ninety (90) days prior to the expiration of the Initial Term or any Renewal Term (a &#8220;Notice of Non-Renewal&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>COMPENSATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Salary.</B>
During the Term, the Company shall pay or cause to be paid to the Executive, in installments pursuant to the Company&#8217;s payroll practices
as in effect from time to time, a base salary at a rate of $680,908 per annum or such greater amount as may from time to time be determined
by the Board of Directors or the Compensation Committee thereof (the &#8220;Board&#8221;) of the Company (the &#8220;Base Salary&#8221;).
The Base Salary shall be reviewed annually in accordance with the Company&#8217;s compensation and review policies and, in the sole discretion
of the Board, may be increased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Annual
Bonus</B>. With respect to each fiscal year of the Company that ends during the Term, the Executive shall be eligible to receive an annual
bonus having a target of 60% of the Executive&#8217;s then Base Salary (the &#8220;Annual Bonus&#8221;) (pro-rated for partial years)
based upon the Executive&#8217;s overall performance of the Services on behalf of the Company during such fiscal year, and/or based upon
the Company&#8217;s attainment of pre-established goals relating to such fiscal year (which will be determined by the Board and communicated
to the Executive within 30 days following the beginning of the applicable fiscal year). The attainment of any applicable performance goals
and the amount to be paid in respect of the Annual Bonus shall be determined by the Board in good faith and in accordance with such written
goals and policies as may be established from time to time by the Board. The Annual Bonus shall be deemed to have been earned and accrued
only upon the formal approval of the Board of the amount of the Annual Bonus following such determination. The Annual Bonus, if any, shall
be payable as a lump-sum payment within sixty (60) days immediately following the last day of the applicable fiscal year. The Board may
delegate all or any of its obligations under this Agreement to the Compensation Committee of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Expenses.</B>
The Company shall reimburse the Executive for any travel, hotel, entertainment and other expenses reasonably incurred by the Executive
in furtherance of the Executive&#8217;s duties under this Agreement subject to and in accordance with the Company&#8217;s applicable travel
and expense reimbursement policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Employee
Benefits. </B>The Executive shall be entitled to participate in any and all employee benefit plans in effect from time to time that are
provided generally to employees of the Company (excluding severance plans, if any), and in any executive perquisite programs in effect
from time to time that provide benefits to other executives of the Company of comparable stature and with comparable duties and responsibilities,
in each case to the extent permissible under the general terms and provisions of such plans or programs and in accordance with the provisions
thereof. The Company may amend, modify or rescind any employee benefit plan or program and/or change employee contribution amounts to
benefit costs without notice in its discretion. The Executive shall, during the Term, be entitled to paid time off in accordance with
applicable Company policies in effect from time to time, in addition to public holidays observed by the Company. The Executive shall be
entitled to twenty (20) business days of vacation each year (increasing to twenty five (25) business days after ten (10) years of service
as an employee of the Company (including employment with any subsidiary of the Company)). The Executive shall be entitled to carry any
unused vacation days over to the next calendar year. However, in no event will Executive&#8217;s accrued but unused vacation exceed 40
days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 71.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Directors&#8217;
and Officers&#8217; Liability Insurance</B>. The Company shall indemnify the Executive to the fullest extent permitted under its by-laws.
During the Term, the Company shall acquire and pay for directors&#8217; and officers&#8217; liability insurance coverage for its senior
executive officers, and the Executive shall be named as a covered officer under such policy during the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>DUTIES
OF THE EXECUTIVE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Duties.</B>
During the Term, the Executive shall hold the title of Chief Executive Officer and President shall perform such duties as the Company
may reasonably require and shall use his best efforts to carry into effect the directions of the Board of Directors. The Executive shall
report to the Board of Directors. During the Term, the Executive shall be bound by, and comply fully with, all of the Company&#8217;s
policies and procedures in place from time to time for employees and, to the extent applicable, officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Representation.
</B>During the Term, the Executive shall well and faithfully serve the Company and use the Executive&#8217;s best efforts to promote the
interests of the Company. The Executive shall at all times give the Company the full benefit of his knowledge, expertise, technical skill
and ingenuity in the performance of his duties and exercise of his powers and authority in the capacity or capacities described in <U>Section
4(A</U>) hereof, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Time
Devoted by Executive.</B> The Executive agrees to devote substantially all of the Executive&#8217;s time and attention during business
hours and such additional time and attention as may reasonably be required to perform his duties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>RESTRICTIONS
ON THE EXECUTIVE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Non-Disclosure
of Confidential Information.</B> All information learned or developed by the Executive during the course of the Executive&#8217;s employment
by the Company or any subsidiary thereof will be deemed &#8220;Confidential Information&#8221; under the terms of this Agreement. Examples
of Confidential Information include, but are not limited to, business, scientific and technical information owned or controlled by the
Company, including the Company&#8217;s business plans and strategies; business operations and systems; information concerning employees,
customers, partners and/or licensees; patent applications; trade secrets; inventions; ideas; procedures; formulations; processes; formulae;
data and all other information of any nature whatsoever which relate to the Company&#8217;s business, science, technology and/or products.
In addition, Confidential Information shall include, but not be limited to, all information which the Company may receive from third parties.
The Executive will not disclose to any person at any time or use in any way, except as directed by the Company, either during or after
the employment of the Executive by the Company, any Confidential Information. The foregoing restrictions shall not apply to information which is or becomes part of the public domain
though no act or failure to act by the Executive. In addition to the foregoing, in the process of the Executive&#8217;s employment with
the Company, or thereafter, under no condition is the Executive to use or disclose to the Company, or incorporate or use in any of his
work for the Company, any confidential information imparted to the Executive or with which he may have come into contact while in the
employ of his former employer(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0">Executive acknowledges receipt of the following notice
under the Defend Trade Secrets Act: An individual will not be held criminally or civilly liable under any federal or state trade secret
law for the disclosure of a trade secret if he/she (i)&nbsp;makes such disclosure in confidence to a Federal, State, or local government
official, either directly or indirectly, or to an attorney and such disclosure is made solely for the purpose of reporting or investigating
a suspected violation of law; or (ii)&nbsp;such disclosure was made in a complaint or other document filed in a lawsuit or other proceeding
if such filing is made under seal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Inventions.</B>
The term &#8220;Invention&#8221; means any invention, discovery, improvement, apparatus, implement, process, compound, composition or
formula, whether or not patentable, conceived or reduced to practice, in whole or in part, by the Executive (alone, or jointly with others)
during any term of his employment by the Company and twelve (12) months thereafter which directly or indirectly relates to the business,
science, technology or products of the Company and /or any Confidential Information. The Executive will keep, on behalf of the Company,
complete, accurate, and authentic accounts, notes, data, and records (&#8220;Records&#8221;) of each and every Invention, which Records
will, at all times, be the property of the Company. The Executive will comply with the directions of the Company with respect to the manner
and form of keeping or surrendering Records and will surrender to the Company all Records at the end of the Executive&#8217;s term of
employment by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">Each Invention will be the sole and exclusive property
of the Company. The Executive will, at the request of the Company, make application in due form for United States letters patent and foreign
letters patent (each, a &#8220;Patent&#8221;) on any Invention and execute any necessary documents in connection with the Patents. The
Executive will assign and transfer to the Company all right, title, and interest of the Executive in any Patents or Patent applications.
The Executive agrees to cooperate with any actions necessary to continue, renew or retain the Patents. The Company will bear the entire
expense of applying for and obtaining the Patents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">For one year after the termination of the term
of the Executive&#8217;s employment by the Company, the Executive will not file any applications for Patents on any Invention other than
those filed at the request of and on behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">The Executive, as a condition of his employment,
hereby represents that, to the best of his knowledge, there is not as of the date of this Agreement any agreement or obligation outstanding
with or to any of his former employers or other party, which would restrict, limit or in any way prohibit all or any portion of his work
or employment, nor is there in his possession any confidential information used by any of his former employers or any other party (except
as may have been revealed in generally available publications or otherwise made publicly available).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Non-Competition;
Non-Solicitation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)
Non-Competition. </B></FONT>During the Term, without the consent of the Board, and thereafter as specifically provided in Subsection 6.A.(2),
6.B.(4)&nbsp;or 6.C.(2), the Executive may not directly or indirectly engage in, or have any interest in, any business (whether as employee,
officer, director, agent, security holder, creditor, consultant, or otherwise) that competes with the vaccine and/or antibody business
of the Company or any subsidiary thereof (as such business may exist during the Term).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)
Non-Solicitation of Employees. </B></FONT>During the Term, and thereafter as specifically provided in Subsection 6.A.(2), 6.B.(4) or 6.C.(2),
the Executive shall not, directly or indirectly induce or solicit any employee or independent contractor of the Company or any subsidiary
thereof to terminate his or her employment with the Company for the purpose of joining another company in which the Executive has an interest
(whether as an employee, officer, director, agent, security holder, creditor, consultant, or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Breach.</B>
The Executive acknowledges that there may be circumstances in which his breach of any covenant set forth in this Section 5 could cause
substantial harm to the Company which may not be compensable by monetary damages alone, and which could potentially entitle the Company
to injunctive relief. However, by acknowledging this possibility, the Executive is not agreeing to waive his right to require the Company
to meet its evidentiary burdens as required by law in any cause of action brought by the Company seeking such injunctive relief. The restrictions
contained in Subsection 5.C. above shall not prohibit Executive from owning (beneficially or of record) less than 5% of any class of equity
or debt security issued by a publicly-held company, regardless of whether that publicly-held company is otherwise a competitor of the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>TERMINATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination
for Cause by the Company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)
</B></FONT>This Agreement and the Term may be terminated &#8220;for cause&#8221; by the Company pursuant to the provisions of this Subsection
6.A. If the Board determines that &#8220;cause&#8221; exists for termination of the Executive&#8217;s employment, written notice thereof
must be given to the Executive describing the state of affairs or facts deemed by the Board to constitute such cause. Unless the Board
determines that the conduct constituting cause is not curable, the Executive shall have thirty (30) days after receipt of such notice
to cure the reason constituting cause and if the Executive does so to the reasonable satisfaction of the Board, the Term shall not be
terminated for the cause specified in the notice. During such thirty (30) day period, the Term shall continue and the Executive shall
continue to receive his full Base Salary, expenses and benefits pursuant to this Agreement.&#9;If such cause is not cured to the Board&#8217;s
reasonable satisfaction within such thirty (30) day period, the Executive may then be immediately terminated by a majority vote of the
Board. For purposes of this Agreement, the words &#8220;for cause&#8221; or &#8220;cause&#8221; means (i) dishonest statements or acts
of the Executive with respect to the Company or any subsidiary or other affiliate of the Company; (ii) the commission by or indictment
of the Executive for (A) a felony or (B) any misdemeanor involving moral turpitude, deceit, dishonesty or fraud (indictment, for these
purposes, meaning an indictment, probable cause hearing or any other procedure pursuant to which an initial determination of probable
or reasonable cause with respect to such offense is made); or (iii)&nbsp;gross negligence, willful misconduct or insubordination of the
Executive with respect to the Company or any subsidiary or other affiliate of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)
</B></FONT>In the event the Term is terminated by the Company for cause, the provisions of Subsections 5.C.(1) and 5.C.(2) shall continue
to apply for one year after the conclusion of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)
</B></FONT>In the event the Term is terminated by the Company for cause, the Executive&#8217;s entire right to salary and benefits hereunder
(with the exception of Base Salary and Annual Bonus (if any) earned and accrued prior to termination) shall cease upon such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination
Without Cause by the Company or for Good Reason by the Executive.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)
</B></FONT>The Company shall have the right to terminate the Term, at any time, without cause upon ninety (90) days&#8217; written notice
to the Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)
</B></FONT>The Executive shall have the right to terminate the Term for good reason on thirty (30) days written notice to the Company.
For purposes of this Agreement, the words &#8220;for good reason&#8221; or &#8220;good reason&#8221; shall be limited to the following
actions by the Company without the Executive&#8217;s consent: (a) the assignment to the Executive of any duties or responsibilities that
results in a material diminution in the Executive&#8217;s position or function; <I>provided, however,</I> that a change in the Executive&#8217;s
title or reporting relationships shall not provide the basis for a termination with good reason unless he no longer reports directly to
the Board; (b) a relocation of the Executive&#8217;s business office to a location more than fifty (50) miles from the location in Hampton,
New Jersey at which the Executive is working as of the Effective Date, except for required travel by the Executive on the Company&#8217;s
business to an extent substantially consistent with the Executive&#8217;s business travel obligations as of the Effective Date; or (c)
a material breach by the Company of any provision of this Agreement or any other material agreement between the Executive and the Company
concerning the terms and conditions of the Executive&#8217;s employment. Such a termination by the Executive for good reason shall not
be considered a resignation pursuant to Subsection 6.C.(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)
</B></FONT>In the event the Term is terminated pursuant to Subsection 6.B.(1) or 6.B.(2), or in the event that the Term is terminated
at the end of the Initial Term or a Renewal Term in connection with the Company providing the Executive with a Notice of Non-Renewal effective
in connection with the expiration of the Initial Term or a Renewal Term, the Company shall pay the Executive as a severance benefit a
lump sum cash severance payment in an amount equal to 200% of the Executive&#8217;s then existing annual Base Salary (<I>i.e.</I>, twenty-four
months of Base Salary) (the &#8220;Severance Payment&#8221;) plus Base Salary and Annual Bonus (if any) earned and accrued prior to termination.
In addition, if and to the extent the Executive timely elects to continue his health insurance employee benefits pursuant to COBRA, then
the Company will pay the Executive for a period of 18 months, commencing with the payroll date on or following the 63rd day after the
last day of his employment with the Company, subject to the effectiveness of the Release (as defined below) a monthly amount, payable
in accordance with the Company&#8217;s regular payroll practices, equal to the applicable COBRA costs, subject to applicable tax withholdings
(the &#8220;Supplemental Payments&#8221;). The Severance Payment shall be paid within 10 days following the effectiveness of the Release
(as defined below); <U>provided</U>, <U>however</U>, that if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B) of
the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;) concerning payments to &#8220;specified employees,&#8221; to the
extent applicable, such payment shall be delayed until the first business day of the seventh month following the Executive&#8217;s termination
of employment and &#8220;separation from service&#8221; (within the meaning of Section&nbsp;409A of the Code). Further, in the event that
the Term is terminated pursuant to Subsection 6.B.(1) or 6.B.(2) only, 25% of the Executive&#8217;s outstanding, unvested options, restricted
stock and/or equity awards shall become fully and immediately vested. Notwithstanding any provisions of the stock option plan or stock
option agreement pursuant to which any stock options subject to the preceding sentence were granted to the Executive, the Executive shall
be entitled to exercise his vested equity awards until one year from the date of termination of employment or the expiration of the stated
period of the vested equity award, whichever period is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(4)
</B></FONT>In the event the Term is terminated or the Executive&#8217;s employment with the Company terminates in a manner described in
this Section 6.B., the provisions of Subsections 5.C.(1) and 5.C.(2)&nbsp;shall continue to apply for one year after the conclusion of
the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(5)
</B></FONT>Notwithstanding any provision to the contrary contained herein, the Executive shall not be eligible or entitled to receive
the Severance Payment, Supplemental Payments or Change in Control Payment (as defined below), as applicable, unless he executes (and does
not revoke during any applicable revocation period) and delivers to the Company a separation agreement and release of claims, in such
form prepared in good faith by the Company and provided to the Executive to review no later than 10 days following the last day of his
employment with the Company, within 55 days following his last day of employment with the Company (the &#8220;Release&#8221;). Notwithstanding
anything to the contrary contained herein, in the event such 55-day period covers more than one calendar year, the Severance Payment shall
be paid in the second calendar year (on the first regular pay date of such calendar year following the date that the Release becomes effective
and is no longer subject to revocation, unless a later date is required by Section 6.B.(3) above), regardless of whether the Executive
executes and delivers the Release in the first or the second calendar year encompassed in such 55-day period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Resignation
by the Executive.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)
</B></FONT>The Executive shall have the right to terminate the Term, by way of resignation, upon ninety (90) days&#8217; written notice
to the Company. A termination by the Executive for good reason pursuant to Subsection 6.B.(2) shall not be considered a resignation pursuant
to this Subsection 6.C.(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)
</B></FONT>In the event the Term is terminated pursuant to Subsection 6.C.(1), the provisions of Subsections 5.C.(1) and 5.C.(2) shall
continue to apply for one year after the conclusion of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)
</B></FONT>In the event the Term is terminated pursuant to Subsection 6.C.(1), the Executive&#8217;s entire right to salary and benefits
hereunder (with the exception of Base Salary and Annual Bonus earned and accrued prior to termination) shall cease upon such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination
Upon Change in Control.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)
</B></FONT>For the purposes of this Agreement, a &#8220;Change in Control&#8221; shall mean any of the following events that occurs following
the Effective Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
acquisition (other than directly from the Company) of any voting securities of the Company (the &#8220;Voting Securities&#8221;) other
than in a &#8220;Non-Control Acquisition&#8221; (as defined below) by any &#8220;Person&#8221; (as the term &#8220;person&#8221; is used
for purposes of Section 13(d) or 14(d)&nbsp;of the Securities Exchange Act of 1934, as amended, (the &#8220;1934 Act&#8221;)) which results
in such Person first attaining &#8220;Beneficial Ownership&#8221; (within the meaning of Rule 13d-3 promulgated under the 1934 Act) of
fifty-one percent (51%) or more of the combined voting power of the Company&#8217;s then outstanding Voting Securities. For purposes of
the foregoing, a &#8220;Non-Control Acquisition&#8221; shall mean an acquisition by (i) an employee benefit plan (or a trust forming a
part thereof) maintained by (x)&nbsp;the Company or (y) any corporation or other Person of which a majority of its voting power or its
equity securities or equity interest is owned directly or indirectly by the Company (a &#8220;Subsidiary&#8221;), or (ii) the Company
or any Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
individuals who, as of the date of this Agreement, were members of the Board (the &#8220;Incumbent Board&#8221;) cease for any reason
to constitute at least 66 2/3% of the Board; <I>provided, however,</I> that if the election, or a nomination for election by the Company&#8217;s
shareholders, of any new director was approved by a vote of at least 66 2/3% of the Incumbent Board, such new director shall be considered
as a member of the Incumbent Board; <I>provided further, however,</I> that no individual shall be considered a member of the Incumbent
Board if such individual initially assumed office as a result of either an actual or threatened &#8220;Election Contest&#8221; (as described
in Rule&nbsp;14a-11 promulgated under the 1934 Act) or other actual or threatened solicitation of the proxies or consents by or on behalf
of a Person other than the Board (a &#8220;Proxy Contest&#8221;) including by reason of any agreement intended to avoid or settle any
Election Contest or Proxy Contest; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consummation of a transaction approved by the Company&#8217;s shareholders and involving: (1) a merger, consolidation or reorganization
in which the Company is a constituent corporation, unless (i)&nbsp;the shareholders of the Company, immediately before such merger, consolidation
or reorganization, own, directly or indirectly immediately following such merger, consolidation or reorganization, at least a majority
of the combined voting power of the outstanding voting securities of the corporation resulting from such merger, consolidation or reorganization
(the &#8220;Surviving Corporation&#8221;) in substantially the same proportion as their ownership of the voting securities immediately
before such merger, consolidation or reorganization, (ii) the individuals who were members of the Incumbent Board immediately prior to
the execution of the agreement providing for such merger, consolidation or reorganization constitute at least a majority of the members
of the board of directors of the Surviving Corporation, and (iii)&nbsp;no Person other than (w) the Company, (x) any Subsidiary, (y) any
employee benefit plan (or any trust forming a part thereof) maintained by the Company, the Surviving Corporation or any Subsidiary, or
(z) any Person who, immediately prior to such merger, consolidation or reorganization had Beneficial Ownership of fifty-one percent (51%)
or more of the then outstanding Voting Securities, has Beneficial Ownership of fifty-one percent (51%) or more of the combined voting
power of the Surviving Corporation&#8217;s then outstanding voting securities (a transaction described in clauses (i) and (ii) shall herein
be referred to as a &#8220;Non-Control Transaction&#8221;); (2) a complete liquidation or dissolution of the Company; or (3) an agreement
for the sale or other disposition of all or substantially all of the assets of the Company to any Person (other than a transfer to a Subsidiary).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(d)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, a Change in Control shall not be deemed to occur solely because the level of Beneficial Ownership held by any Person (the
 &#8220;Subject Person&#8221;) exceeds the designated percentage threshold of the outstanding Voting Securities as a result of a repurchase
or other acquisition of Voting Securities by the Company reducing the number of shares outstanding, provided that if a Change in Control
would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the Company, and after such
share acquisition, the Subject Person becomes the Beneficial Owner of any additional Voting Securities which, assuming the repurchase
or other acquisition had not occurred, increases the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject
Person over the designated percentage threshold, then a Change in Control shall occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>
In the event of a termination of the Term pursuant to an event described in Section 6.B. above, that occurs within a period of one year
immediately following a Change in Control, then this Section&nbsp;6.D. shall apply instead of Section 6.B., and the Company shall provide
the Executive the following benefits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Amount:</B>&nbsp;
In addition to all compensation for services rendered by Executive to the Company up to the date of termination, the Company shall pay
to Executive a single lump-sum payment in an amount equal to (i)&nbsp;twenty-four (24) times Executive&#8217;s highest monthly base compensation
paid hereunder during the preceding twenty-four month period, plus (ii)&nbsp;200% of the highest one-year Annual Bonus actually received
by the Executive during the preceding two full fiscal years prior to the date of termination (such aggregate amount the &#8220;Change
in Control Payment&#8221;).&nbsp; The Change in Control Payment shall be paid within 10 days following the effectiveness of the Release;
<U>provided</U>, <U>however</U>, that if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of the Code concerning
payments to &#8220;specified employees,&#8221; to the extent applicable, such payment shall be delayed until the first business day of
the seventh month following the Executive&#8217;s termination of employment and &#8220;separation from service&#8221; (within the meaning
of Section&nbsp;409A of the Code).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Benefits:</B>&nbsp;
In addition to the payment described above, the Company shall provide the Executive with the Supplemental Payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Acceleration
of Options:</B>&nbsp; One hundred (100%) percent of the Executive&#8217;s outstanding, unvested options, restricted stock and/or equity
awards (&#8220;Equity Awards&#8221;) shall, immediately prior to the consummation of the Change in Control, become fully and immediately
vested to the extent not already so provided under the terms of such Equity Awards; provided, however, that if the acquirer in a Change
in Control grants Equity Awards having (in the reasonable opinion of the Board) a value at least equal to the value of Executive&#8217;s
then-unvested Company Equity Awards, then 50% of the Executive&#8217;s outstanding, unvested Company Equity Awards shall become fully
and immediately vested immediately prior to the consummation of the Change in Control (and the remaining 50% shall terminate upon the
consummation of the Change in Control).&nbsp; Notwithstanding any provisions of the stock option plan or stock option agreement pursuant
to which any stock options subject to the preceding sentence were granted, the Executive shall be entitled to exercise such Equity Awards
until three years from the date of termination of employment or the expiration of the stated period of the Equity Award, whichever period
is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(d)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Golden
Parachute Payment Provisions:</B>&nbsp; If any payment or benefit the Executive would receive pursuant to a Change in Control from the
Company or otherwise (including, without limitation, the acceleration of any Company Equity Awards) (&#8220;Payment&#8221;) would (i)&nbsp;constitute
a &#8220;parachute payment&#8221; within the meaning of Section&nbsp;280G of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;),
and (ii)&nbsp;but for this sentence, be subject to the excise tax imposed by Section&nbsp;4999 of the Code (the &#8220;Excise Tax&#8221;),
then such Payment shall be reduced to the Reduced Amount.&nbsp; The &#8220;Reduced Amount&#8221; shall be either (x)&nbsp;the largest
portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y)&nbsp;the largest portion,
up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment
taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in the Executive&#8217;s receipt,
on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to
the Excise Tax. If a reduction in payments or benefits constituting &#8220;parachute payments&#8221; is necessary so that the Payment
equals the Reduced Amount, reduction shall occur in the following order: reduction of cash payments; cancellation of accelerated vesting
of stock options or equity awards; reduction of employee benefits.&nbsp; In the event that acceleration of vesting of stock option or
equity award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant
of the Executive&#8217;s stock options or equity awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">The accounting firm engaged by the Company for
general audit purposes as of the day prior to the effective date of the Change in Control shall perform the foregoing calculations and
shall make all determinations relating to the reduction of parachute payments described in the foregoing paragraph.&nbsp; If the accounting
firm so engaged by the Company is also serving as accountant or auditor for the individual, entity or group effecting the Change in Control,
the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder.&nbsp; The Company shall
bear all expenses with respect to the determinations by such accounting firm required to be made hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">The accounting firm engaged to make the determinations
hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and the Executive within fifteen
(15) calendar days after the date on which the Executive&#8217;s right to a Payment is triggered (if requested at that time by the Company or the Executive) or such other time as
requested by the Company or the Executive.&nbsp; If the accounting firm determines that no Excise Tax is payable with respect to a Payment,
either before or after the application of the Reduced Amount, it shall furnish the Company and the Executive with an opinion reasonably
acceptable to the Executive that no Excise Tax will be imposed with respect to such Payment.&nbsp; Any good faith determinations of the
accounting firm made hereunder shall be final, binding and conclusive upon the Company and the Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination
for Disability.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT><B>&nbsp;</B>Should
the Executive be absent from work as a result of personal injury, sickness or other disability for any continuous period of time exceeding
one hundred eighty (180) days, the Term may be terminated by the Company, upon written notice given to the Executive, because of the Executive&#8217;s
disability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT><B>&nbsp;</B>In
the event the Term is terminated pursuant to Subsection 6.E.(1), the Company shall have no further obligation to the Executive except
to pay to the Executive any Base Salary or Annual Bonus earned and accrued but remaining unpaid prior to termination of the Term (and
to provide the Executive with the benefits under any disability insurance or disability benefits plan then-maintained by the Company for
the Executive&#8217;s benefit, in accordance with the terms and conditions of such plan).&nbsp; In addition, notwithstanding any provisions
of the stock option plan or stock option agreement pursuant to which any stock options were granted, the Executive shall be entitled to
exercise any of Executive&#8217;s stock options vested as of the final day of the Term until eighteen months from the final day of the
Term or the expiration of the stated period of the option, whichever period is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination
Upon Death.</B>&nbsp; The Term shall terminate upon the death of the Executive and the Company shall have no further obligation to the
Executive or his estate except to pay the Executive&#8217;s estate any Base Salary or Annual Bonus earned and accrued but remaining unpaid
prior to his death.&nbsp; In addition, notwithstanding any provisions of the stock option plan or stock option agreement pursuant to which
any stock options were granted, the Executive&#8217;s estate shall be entitled to exercise any of Executive&#8217;s stock options vested
as of the final day of the Term until eighteen months from the final day of the Term or the expiration of the stated period of the option,
whichever period is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>MISCELLANEOUS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notice.</B>&nbsp;
Any notice to be given hereunder shall either be delivered personally, sent by nationally recognized overnight courier service (with next
business day delivery requested) and/or sent by first class certified mail and regular mail.&nbsp; The address for service on the Company
shall be its registered office, and the address for service on the Executive shall be his last known place of residence.&nbsp; A notice
shall be deemed to have been served as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT><B>&nbsp;</B>if
personally delivered, at the time of delivery;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;if
sent by overnight courier service, at the end of the next business day; and/or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT><B>&nbsp;</B>if
posted, at the expiration of 48 hours (10 days if international) after the envelope containing the same was delivered into the custody
of the postal authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>B.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Taxes.&nbsp;
</B>Any payments made pursuant to this Agreement shall be subject to any tax or similar withholding requirements under applicable federal,
state or local employment or income tax laws or similar statutes or other provisions of law then in effect.&nbsp; This Agreement is intended
to comply with the requirements of Section&nbsp;409A (&#8220;Section&nbsp;409A&#8221;) of the Code and the regulations thereunder (including,
as applicable, the exemptions and exceptions set forth therein).&nbsp; The payments provided for herein are intended to be exempt from
Section&nbsp;409A and to not constitute &#8220;nonqualified deferred compensation&#8221; as defined in Section&nbsp;409A.&nbsp; To the
extent that any provision in this Agreement is ambiguous as to its compliance with Section&nbsp;409A, the provision shall be interpreted
in a manner so that no payment due to the Executive shall be deemed subject to an &#8220;additional tax&#8221; within the meaning of Section&nbsp;409A(a)(1)(B)&nbsp;of
the Code.&nbsp; For purposes of Section&nbsp;409A, each payment made under this Agreement shall be treated as a separate payment. Notwithstanding
anything contained herein to the contrary, to the extent any payment under Section&nbsp;6 hereof is determined to constitute
 &#8220;nonqualified deferred compensation&#8221; as defined in Section&nbsp;409A, the Executive shall not be considered to have terminated
employment with the Company for purposes of Section&nbsp;6 hereof unless the Executive has incurred a &#8220;termination of employment&#8221;
from the Company within the meaning of Treasury Regulation &sect;1.409A-1(h)(1)(ii)&nbsp;promulgated under Section&nbsp;409A of the Code.
Notwithstanding the foregoing, if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of the Code concerning payments
to &#8220;specified employees,&#8221; any payment made to the Executive pursuant to this Agreement on account of the Executive&#8217;s
separation from service that would otherwise be due hereunder within six months after such separation from service shall nonetheless be
delayed until the first business day of the seventh month following the Executive&#8217;s separation from service.&nbsp; In no event may
the Executive, directly or indirectly, designate the calendar year of any payment.&nbsp; All reimbursements provided under this Agreement
shall be made or provided in accordance with the requirements of Section&nbsp;409A, including, where applicable, the requirement that
(i)&nbsp;any reimbursement is for expenses incurred during the Executive&#8217;s lifetime (or during a shorter period of time specified
in this Agreement), (ii)&nbsp;the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible
for reimbursement in any other calendar year, (iii)&nbsp;the reimbursement of an eligible expense will be made on or before the last day
of the calendar year following the year in which the expense is incurred, and (iv)&nbsp;the right to reimbursement is not subject to liquidation
or exchange for another benefit.&nbsp; The Executive further acknowledges that, while this Agreement is intended to comply with Section&nbsp;409A,
any tax liability incurred by the Executive under Section&nbsp;409A is solely the responsibility of the Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Clawback.&nbsp;&nbsp;</B>Any
incentive-based or other compensation paid to the Executive under this Agreement or any other agreement or arrangement with the Company
which is subject to recovery under any law, government regulation or stock exchange listing requirement will be subject to such deductions
and/or clawback as may be required by such law, government regulation or stock exchange listing requirement.&nbsp; In addition, if the
Executive is or becomes an executive officer subject to the incentive compensation repayment requirements of the Dodd-Frank Wall Street
Reform and Consumer Protection Acts (the &#8220;Dodd-Frank Act&#8221;), then if required by the Dodd-Frank Act or any of its regulations
he will enter into an amendment to this Agreement or a separate written agreement with the Company to comply with the Dodd-Frank Act and
any of its regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Binding
Effect.</B>&nbsp; This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, personal
representatives, successors and assigns, provided that neither Party shall assign any of its rights or privileges hereunder without the
prior written consent of the other Party except that the Company may assign its rights hereunder to a successor in ownership of all or
substantially all the assets of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Severability.</B>&nbsp;
Should any part or provision of this Agreement be held unenforceable by a court of competent jurisdiction, the validity of the remaining
parts or provisions shall not be affected by such holding, unless such enforceability substantially impairs the benefit of the remaining
portions of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Waiver.</B>&nbsp;
No failure or delay on the part of either Party in the exercise of any right or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right or privilege preclude other or further exercise thereof or of any other right
of privilege.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>G.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Captions.</B>&nbsp;
The captions used in this Agreement are for convenience only and are not to be used in interpreting the obligations of the Parties under
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>H.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Choice
of Law; Jury Trial Waiver.</B>&nbsp; The validity, construction and performance of this Agreement and all matters directly or indirectly
arising hereunder shall be governed by the laws of the State of Delaware, without regard to choice of laws provisions, and the Company
and the Executive irrevocably consent to the exclusive jurisdiction and venue of the federal and state courts located within Delaware,
and courts with appellate jurisdiction therefrom, in connection with any matter based upon or arising out of this Agreement. &nbsp; THE
COMPANY AND THE EXECUTIVE HEREBY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY IN ANY ACTION CONCERNING THIS AGREEMENT OR ANY AND ALL
MATTERS ARISING DIRECTLY OR INDIRECTLY HEREFROM AND REPRESENT THAT THEY HAVE CONSULTED WITH COUNSEL OF THEIR CHOICE OR HAVE CHOSEN VOLUNTARILY
NOT TO DO SO SPECIFICALLY WITH RESPECT TO THIS WAIVER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Entire
Agreement.</B>&nbsp; This Agreement embodies the entire understanding of the Parties as it relates to the subject matter contained herein
and as such, supersedes any prior agreement or understanding between the Parties relating to the terms of employment of the Executive
(but not any option grant agreement issued by the Company to the Executive), including without limitation the Prior Employment Agreement.&nbsp;
No amendment or modification of this Agreement shall be valid or binding upon the Parties unless in writing executed by the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF,</B></FONT> the parties hereto have caused this Agreement to be duly executed as of the day and year first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CELLDEX THERAPEUTICS,&nbsp;INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Sam Martin</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Anthony S. Marucci</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ANTHONY S. MARUCCI</B></FONT></TD></TR>
  </TABLE>
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tm2120284d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This <B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT
</B>(the &#8220;Agreement&#8221;) is entered into as of July 1, 2021 (the &#8220;Effective Date&#8221;), between <B>Sam Martin</B> (the
 &#8220;Executive&#8221;) and CELLDEX THERAPEUTICS,&nbsp;INC., a Delaware corporation (the &#8220;Company&#8221;) (collectively, the Executive
and the Company shall be referred to as the &#8220;Parties&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>W I T N E S S E T H:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Executive has been employed by the Company as its Senior Vice President and Chief Financial Officer pursuant to the terms of an employment
agreement dated July&nbsp;1, 2017 (the &#8220;Prior Employment Agreement&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
as of the Effective Date the Company desires to employ the Executive as its Senior Vice President and Chief Financial Officer, and the
Executive desires to accept such employment, on the terms and conditions set forth in this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Company and the Executive have mutually agreed that, as of the Effective Date, this Agreement shall amend, restate and replace the
Prior Employment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE</B></FONT>, in consideration of the mutual promises and agreements contained herein, the Parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>PURPOSE</B>.&nbsp;
The Company desires to avail itself of the services of the Executive as Senior Vice President and Chief Financial Officer, and the Executive
desires to provide such services in accordance with the terms of this Agreement.&nbsp; The Parties agree that the duties and obligations
expected of the Executive and of the Company are as set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>EFFECTIVE
DATE AND TERM.</B>&nbsp; This Agreement shall be effective, and its term (the &#8220;Term&#8221;) shall commence as of the Effective Date.&nbsp;
The Term shall continue through and until December&nbsp;31, 2021 (the &#8220;Initial Term&#8221;), unless terminated sooner as provided
by this Agreement or extended by the Parties.&nbsp; The Term shall be automatically renewed for successive periods of one year each (each,
a &#8220;Renewal Term&#8221;), unless either Party gives to the other written notice of intent not to renew at least ninety (90) days
prior to the expiration of the Initial Term or any Renewal Term (a &#8220;Notice of Non-Renewal&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>COMPENSATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Salary.</B>&nbsp;
During the Term, the Company shall pay or cause to be paid to the Executive, in installments pursuant to the Company&#8217;s payroll practices
as in effect from time to time, a base salary at a rate of $412,820 per annum or such greater amount as may from time to time be determined
by the Company (the &#8220;Base Salary&#8221;).&nbsp; The Base Salary shall be reviewed annually in accordance with the Company&#8217;s
compensation and review policies and, in the sole discretion of the Company, may be increased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Annual
Bonus</B>.&nbsp; With respect to each fiscal year of the Company that ends during the Term, the Executive shall be eligible to receive
an annual bonus having a target of 40% of the Executive&#8217;s then Base Salary (the &#8220;Annual Bonus&#8221;) based upon the Executive&#8217;s
overall performance of the Services on behalf of the Company during such fiscal year.&nbsp; The attainment of any applicable performance
goals and the amount to be paid in respect of the Annual Bonus shall be determined by the Chief Executive Officer (&#8220;CEO&#8221;)
in good faith and in accordance with such written goals and policies as may be established from time to time by the Company.&nbsp; The
Annual Bonus shall be deemed to have been earned and accrued only upon the formal approval of the CEO of the amount of the Annual Bonus
following such determination.&nbsp; The Annual Bonus, if any, shall be payable as a lump-sum payment within sixty (60) days immediately
following the last day of the applicable fiscal year.&nbsp; The Board may delegate all or any of its obligations under this Agreement
to the Compensation Committee of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Expenses.</B>&nbsp;
The Company shall reimburse the Executive for any travel, hotel, entertainment and other expenses reasonably incurred by the
Executive in furtherance of the Executive&#8217;s duties under this Agreement subject to and in accordance with the Company&#8217;s
applicable travel and expense reimbursement policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>D.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Employee
Benefits.&nbsp; </B>The Executive shall be entitled to participate in any and all employee benefit plans in effect from time to time that
are provided generally to employees of the Company (excluding severance plans, if any), and in any executive perquisite programs in effect
from time to time that provide benefits to other executives of the Company of comparable stature and with comparable duties and responsibilities,
in each case to the extent permissible under the general terms and provisions of such plans or programs and in accordance with the provisions
thereof.&nbsp; The Company may amend, modify or rescind any employee benefit plan or program and/or change employee contribution amounts
to benefit costs without notice in its discretion.&nbsp; The Executive shall, during the Term, be entitled to paid time off in accordance
with applicable Company policies in effect from time to time, in addition to public holidays observed by the Company.&nbsp; The Executive
shall be entitled to twenty (20) business days of vacation each year (increasing to twenty five (25) business days after ten (10)&nbsp;years
of service as an employee of the Company (including employment with any subsidiary of the Company)).&nbsp; The Executive shall be entitled
to carry any unused vacation days over to the next calendar year.&nbsp; However, in no event will Executive&#8217;s accrued but unused
vacation exceed 40 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Directors&#8217;
and Officers&#8217; Liability Insurance</B>.&nbsp; The Company shall indemnify the Executive to the fullest extent permitted under its
by-laws.&nbsp; During the Term, the Company shall acquire and pay for directors&#8217; and officers&#8217; liability insurance coverage
for its senior executive officers, and the Executive shall be named as a covered officer under such policy during the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>DUTIES
OF THE EXECUTIVE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Duties.</B>&nbsp;
During the Term, the Executive shall hold the title of Senior Vice President and Chief Financial Officer and shall perform such duties
as the Company may reasonably require and shall use his best efforts to carry into effect the directions of Company senior management.&nbsp;
The Executive shall report to the CEO or any other officer of the Company that the CEO or the Board of Directors (the &#8220;Board&#8221;)
shall designate from time to time.&nbsp; During the Term, the Executive shall be bound by, and comply fully with, all of the Company&#8217;s
policies and procedures in place from time to time for employees and, to the extent applicable, officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Representation.</B>&nbsp;
During the Term, the Executive shall well and faithfully serve the Company and use the Executive&#8217;s best efforts to promote the interests
of the Company.&nbsp; The Executive shall at all times give the Company the full benefit of his knowledge, expertise, technical skill
and ingenuity in the performance of his duties and exercise of his powers and authority in the capacity or capacities described in <U>Section&nbsp;4(A</U>)&nbsp;hereof,
as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Time
Devoted by Executive.</B>&nbsp; The Executive agrees to devote substantially all of the Executive&#8217;s time and attention during business
hours and such additional time and attention as may reasonably be required to perform his duties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>RESTRICTIONS
ON THE EXECUTIVE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Non-Disclosure
of Confidential Information.</B>&nbsp; All information learned or developed by the Executive during the course of the
Executive&#8217;s employment by the Company or any subsidiary thereof will be deemed &#8220;Confidential Information&#8221; under
the terms of this Agreement.&nbsp; Examples of Confidential Information include, but are not limited to, business, scientific and
technical information owned or controlled by the Company, including the Company&#8217;s business plans and strategies; business
operations and systems; information concerning employees, customers, partners and/or licensees; patent applications; trade secrets;
inventions; ideas; procedures; formulations; processes; formulae; data and all other information of any nature whatsoever which
relate to the Company&#8217;s business, science, technology and/or products.&nbsp; In addition, Confidential Information shall
include, but not be limited to, all information which the Company may receive from third parties.&nbsp; The Executive will not
disclose to any person at any time or use in any way, except as directed by the Company, either during or after the employment of
the Executive by the Company, any Confidential Information.&nbsp; The foregoing restrictions shall not apply to information which is
or becomes part of the public domain though no act or failure to act by the Executive.&nbsp; In addition to the foregoing, in the
process of the Executive&#8217;s employment with the Company, or thereafter, under no condition is the Executive to use or disclose
to the Company, or incorporate or use in any of his work for the Company, any confidential information imparted to the Executive or
with which he may have come into contact while in the employ of his former employer(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">Executive acknowledges receipt of the following
notice under the Defend Trade Secrets Act:&nbsp; An individual will not be held criminally or civilly liable under any federal or state
trade secret law for the disclosure of a trade secret if he/she (i)&nbsp;makes such disclosure in confidence to a Federal, State, or local
government official, either directly or indirectly, or to an attorney and such disclosure is made solely for the purpose of reporting
or investigating a suspected violation of law; or (ii)&nbsp;such disclosure was made in a complaint or other document filed in a lawsuit
or other proceeding if such filing is made under seal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Inventions.</B>&nbsp;
The term &#8220;Invention&#8221; means any invention, discovery, improvement, apparatus, implement, process, compound, composition or
formula, whether or not patentable, conceived or reduced to practice, in whole or in part, by the Executive (alone, or jointly with others)
during any term of his employment by the Company and twelve (12) months thereafter which directly or indirectly relates to the business,
science, technology or products of the Company and/or any Confidential Information.&nbsp; The Executive will keep, on behalf of the Company,
complete, accurate, and authentic accounts, notes, data, and records (&#8220;Records&#8221;) of each and every Invention, which Records
will, at all times, be the property of the Company.&nbsp; The Executive will comply with the directions of the Company with respect to
the manner and form of keeping or surrendering Records and will surrender to the Company all Records at the end of the Executive&#8217;s
term of employment by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">Each Invention will be the sole and exclusive property
of the Company. The Executive will, at the request of the Company, make application in due form for United States letters patent and foreign
letters patent (each, a &#8220;Patent&#8221;) on any Invention and execute any necessary documents in connection with the Patents.&nbsp;
The Executive will assign and transfer to the Company all right, title, and interest of the Executive in any Patents or Patent applications.&nbsp;
The Executive agrees to cooperate with any actions necessary to continue, renew or retain the Patents.&nbsp; The Company will bear the
entire expense of applying for and obtaining the Patents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">For one year after the termination of the term
of the Executive&#8217;s employment by the Company, the Executive will not file any applications for Patents on any Invention other than
those filed at the request of and on behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">The Executive, as a condition of his employment,
hereby represents that, to the best of his knowledge, there is not as of the date of this Agreement any agreement or obligation outstanding
with or to any of his former employers or other party, which would restrict, limit or in any way prohibit all or any portion of his work
or employment, nor is there in his possession any confidential information used by any of his former employers or any other party (except
as may have been revealed in generally available publications or otherwise made publicly available).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Non-Competition;
Non-Solicitation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
<B>Non-Competition.</B>&nbsp; During the Term, without the consent of the Board, and thereafter as specifically provided in Subsection
6.A.(2), 6.B.(4)&nbsp;or 6.C.(2), the Executive may not directly or indirectly engage in, or have any interest in, any business (whether
as employee, officer, director, agent, security holder, creditor, consultant, or otherwise) that competes with the vaccine and/or antibody
business of the Company or any subsidiary thereof (as such business may exist during the Term).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
<B>Non-Solicitation of Employees.&nbsp; </B>During the Term, and thereafter as specifically provided in Subsection 6.A.(2), 6.B.(4)&nbsp;or
6.C.(2), the Executive shall not, directly or indirectly induce or solicit any employee or independent contractor of the Company or any
subsidiary thereof to terminate his or her employment with the Company for the purpose of&nbsp; joining another company in which the Executive
has an interest (whether as an employee, officer, director, agent, security holder, creditor, consultant, or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Breach.</B>&nbsp;
The Executive acknowledges that there may be circumstances in which his breach of any covenant set forth in this Section&nbsp;5
could cause substantial harm to the Company which may not be compensable by monetary damages alone, and which could potentially
entitle the Company to injunctive relief.&nbsp; However, by acknowledging this possibility, the Executive is not agreeing to waive
his right to require the Company to meet its evidentiary burdens as required by law in any cause of action brought by the Company
seeking such injunctive relief.&nbsp; The restrictions contained in Subsection 5.C. above shall not prohibit Executive from owning
(beneficially or of record) less than 5% of any class of equity or debt security issued by a publicly-held company, regardless of
whether that publicly-held company is otherwise a competitor of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>TERMINATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
for Cause by the Company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
This Agreement and the Term may be terminated &#8220;for cause&#8221; by the Company pursuant to the provisions of this Subsection 6.A.&nbsp;
If the Company determines that &#8220;cause&#8221; exists for termination of the Executive&#8217;s employment, written notice thereof
must be given to the Executive describing the state of affairs or facts deemed by the Company to constitute such cause.&nbsp; Unless the
Company determines that the conduct constituting cause is not curable, the Executive shall have thirty (30) days after receipt of such
notice to cure the reason constituting cause and if the Executive does so to the reasonable satisfaction of the Company, the Term shall
not be terminated for the cause specified in the notice.&nbsp; During such thirty (30) day period, the Term shall continue and the Executive
shall continue to receive his full Base Salary, expenses and benefits pursuant to this Agreement.&nbsp; If such cause is not cured to
the Company&#8217;s reasonable satisfaction within such thirty (30) day period, the Executive may then be immediately terminated by the
Company.&nbsp; For purposes of this Agreement, the words &#8220;for cause&#8221; or &#8220;cause&#8221; means (i)&nbsp;dishonest statements
or acts of the Executive with respect to the Company or any subsidiary or other affiliate of the Company; (ii)&nbsp;the commission by
or indictment of the Executive for (A)&nbsp;a felony or (B)&nbsp;any misdemeanor involving moral turpitude, deceit, dishonesty or fraud
(indictment, for these purposes, meaning an indictment, probable cause hearing or any other procedure pursuant to which an initial determination
of probable or reasonable cause with respect to such offense is made); or (iii)&nbsp;gross negligence, willful misconduct or insubordination
of the Executive with respect to the Company or any subsidiary or other affiliate of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
In the event the Term is terminated by the Company for cause, the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall continue
to apply for one year after the conclusion of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>&nbsp;
In the event the Term is terminated by the Company for cause, the Executive&#8217;s entire right to salary and benefits hereunder (with
the exception of Base Salary and Annual Bonus (if any) earned and accrued prior to termination) shall cease upon such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
Without Cause by the Company or for Good Reason by the Executive.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
The Company shall have the right to terminate the Term, at any time, without cause upon ninety (90) days&#8217; written notice to the
Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
The Executive shall have the right to terminate the Term for good reason on thirty (30) days written notice to the Company.&nbsp; For
purposes of this Agreement, the words &#8220;for good reason&#8221; or &#8220;good reason&#8221; shall be limited to the following actions
by the Company without the Executive&#8217;s consent:&nbsp; (a)&nbsp;the assignment to the Executive of any duties or responsibilities
that results in a material diminution in the Executive&#8217;s position or function; <I>provided, however,</I> that a change in the Executive&#8217;s
title or reporting relationships shall not provide the basis for a termination with good reason; (b)&nbsp;a relocation of the Executive&#8217;s
business office to a location more than fifty (50) miles from the location in Needham, Massachusetts at which the Executive is working
as of the Effective Date, except for required travel by the Executive on the Company&#8217;s business to an extent substantially consistent
with the Executive&#8217;s business travel obligations as of the Effective Date; or (c)&nbsp;a material breach by the Company of any provision
of this Agreement or any other material agreement between the Executive and the Company concerning the terms and conditions of the Executive&#8217;s
employment.&nbsp; Such a termination by the Executive for good reason shall not be considered a resignation pursuant to Subsection 6.C.(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>&nbsp;
In the event the Term is terminated pursuant to Subsection 6.B.(1)&nbsp;or 6.B.(2), or in the event that the Term is terminated at
the end of the Initial Term or a Renewal Term in connection with the Company providing the Executive with a Notice of Non-Renewal
effective in connection with the expiration of the Initial Term or a Renewal Term, the Company shall pay the Executive as a
severance benefit a lump sum cash severance payment in an amount equal to 100% of the Executive&#8217;s then existing annual Base
Salary (<I>i.e.</I>, twelve (12) months of Base Salary) (the &#8220;Severance Payment&#8221;) plus Base Salary and Annual Bonus (if
any) earned and accrued prior to termination.&nbsp; In addition, if and to the extent the Executive timely elects to continue his
health insurance employee benefits pursuant to COBRA, then the Company will pay the Executive for a period of 18 months, commencing
with the payroll date on or following the 63rd day after the last day of his employment with the Company, subject to the
effectiveness of the Release (as defined below) a monthly amount, payable in accordance with the Company&#8217;s regular payroll
practices, equal to the applicable COBRA costs, subject to applicable tax withholdings (the &#8220;Supplemental
Payments&#8221;).&nbsp; The Severance Payment shall be paid within 10 days following the effectiveness of the Release (as defined
below); <U>provided</U>, <U>however</U>, that if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of the
Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;) concerning payments to &#8220;specified employees,&#8221; to the
extent applicable, such payment shall be delayed until the first business day of the seventh month following the Executive&#8217;s
termination of employment and &#8220;separation from service&#8221; (within the meaning of Section&nbsp;409A of the Code).&nbsp;
Notwithstanding any provisions of the stock option plan or stock option agreement pursuant to which any stock options were granted
to the Executive, the Executive shall be entitled to exercise his vested equity awards until one year from the date of termination
of employment or the expiration of the stated period of the vested equity award, whichever period is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(4)</B></FONT>&nbsp;
In the event the Term is terminated or the Executive&#8217;s employment with the Company terminates in a manner described in this Section&nbsp;6.B.,
the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall continue to apply for one year after the conclusion of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(5)</B></FONT>&nbsp;
Notwithstanding any provision to the contrary contained herein, the Executive shall not be eligible or entitled to receive the Severance
Payment, Supplemental Payments or Change in Control Payment (as defined below), as applicable, unless he executes (and does not revoke
during any applicable revocation period) and delivers to the Company a separation agreement and release of claims, in such form prepared
in good faith by the Company and provided to the Executive to review no later than 10 days following the last day of his employment with
the Company, within 55 days following his last day of employment with the Company (the &#8220;Release&#8221;).&nbsp; Notwithstanding anything
to the contrary contained herein, in the event such 55-day period covers more than one calendar year, the Severance Payment shall be paid
in the second calendar year (on the first regular pay date of such calendar year following the date that the Release becomes effective
and is no longer subject to revocation, unless a later date is required by Section&nbsp;6.B.(3)&nbsp;above), regardless of whether the
Executive executes and delivers the Release in the first or the second calendar year encompassed in such 55-day period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Resignation
by the Executive.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
The Executive shall have the right to terminate the Term, by way of resignation, upon ninety (90) days&#8217; written notice to the Company.&nbsp;
A termination by the Executive for good reason pursuant to Subsection 6.B.(2)&nbsp;shall not be considered a resignation pursuant to this
Subsection 6.C.(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
In the event the Term is terminated pursuant to Subsection 6.C.(1), the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall
continue to apply for one year after the conclusion of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>&nbsp;
In the event the Term is terminated pursuant to Subsection 6.C.(1), the Executive&#8217;s entire right to salary and benefits hereunder
(with the exception of Base Salary and Annual Bonus earned and accrued prior to termination) shall cease upon such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
Upon Change in Control.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
For the purposes of this Agreement, a &#8220;Change in Control&#8221; shall mean any of the following events that occurs following the
Effective Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>An
acquisition (other than directly from the Company) of any voting securities of the Company (the &#8220;Voting Securities&#8221;)
other than in a &#8220;Non-Control Acquisition&#8221; (as defined below) by any &#8220;Person&#8221; (as the term
 &#8220;person&#8221; is used for purposes of Section&nbsp;13(d)&nbsp;or 14(d)&nbsp;of the Securities Exchange Act of 1934, as
amended, (the &#8220;1934 Act&#8221;)) which results in such Person first attaining &#8220;Beneficial Ownership&#8221; (within the
meaning of Rule&nbsp;13d-3 promulgated under the 1934 Act) of fifty-one percent (51%) or more of the combined voting power of the
Company&#8217;s then outstanding Voting Securities.&nbsp; For purposes of the foregoing, a &#8220;Non-Control Acquisition&#8221;
shall mean an acquisition by (i)&nbsp;an employee benefit plan (or a trust forming a part thereof) maintained by (x)&nbsp;the
Company or (y)&nbsp;any corporation or other Person of which a majority of its voting power or its equity securities or equity
interest is owned directly or indirectly by the Company (a &#8220;Subsidiary&#8221;), or (ii)&nbsp;the Company or any
Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
individuals who, as of the date of this Agreement, were members of the Board (the &#8220;Incumbent Board&#8221;) cease for any reason
to constitute at least 66 2/3% of the Board; <I>provided, however,</I> that if the election, or a nomination for election by the Company&#8217;s
shareholders, of any new director was approved by a vote of at least 66 2/3% of the Incumbent Board, such new director shall be considered
as a member of the Incumbent Board; <I>provided further, however,</I> that no individual shall be considered a member of the Incumbent
Board if such individual initially assumed office as a result of either an actual or threatened &#8220;Election Contest&#8221; (as described
in Rule&nbsp;14a-11 promulgated under the 1934 Act) or other actual or threatened solicitation of the proxies or consents by or on behalf
of a Person other than the Board (a &#8220;Proxy Contest&#8221;) including by reason of any agreement intended to avoid or settle any
Election Contest or Proxy Contest; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
consummation of a transaction approved by the Company&#8217;s shareholders and involving:&nbsp; (1)&nbsp;a merger, consolidation or reorganization
in which the Company is a constituent corporation, unless (i)&nbsp;the shareholders of the Company, immediately&nbsp; before such merger,
consolidation or reorganization, own, directly or indirectly immediately following such merger, consolidation or reorganization, at least
a majority of the combined voting power of the outstanding voting securities of the corporation resulting from such merger, consolidation
or reorganization (the &#8220;Surviving Corporation&#8221;) in substantially&nbsp; the same proportion as their ownership of the voting
securities immediately before such merger, consolidation or reorganization, (ii)&nbsp;the individuals who were members of the Incumbent
Board immediately prior to the execution of the agreement providing for such merger, consolidation or reorganization constitute at least
a majority of the members of the board of directors of the Surviving Corporation, and (iii)&nbsp;no Person other than (w)&nbsp;the Company,
(x)&nbsp;any Subsidiary, (y)&nbsp;any employee benefit plan (or any trust forming a part thereof) maintained by the Company, the Surviving
Corporation or any Subsidiary, or (z)&nbsp;any Person who, immediately prior to such merger, consolidation or reorganization had Beneficial
Ownership of fifty-one percent (51%) or more of the then outstanding Voting Securities, has Beneficial Ownership of fifty-one percent
(51%) or more of the combined voting power of the Surviving Corporation&#8217;s then outstanding voting securities (a transaction described
in clauses (i)&nbsp;and (ii)&nbsp;shall herein be referred to as a &#8220;Non-Control Transaction&#8221;); (2)&nbsp;a complete liquidation
or dissolution of the Company; or (3)&nbsp;an agreement for the sale or other disposition of all or substantially all of the assets of
the Company to any Person (other than a transfer to a Subsidiary).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(d)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notwithstanding
the foregoing, a Change in Control shall not be deemed to occur solely because the level of Beneficial Ownership held by any Person (the
 &#8220;Subject Person&#8221;) exceeds the designated percentage threshold of the outstanding Voting Securities as a result of a repurchase
or other acquisition of Voting Securities by the Company reducing the number of shares outstanding, provided that if a Change in Control
would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the Company, and after such
share acquisition, the Subject Person becomes the Beneficial Owner of any additional Voting Securities which, assuming the repurchase
or other acquisition had not occurred, increases the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject
Person over the designated percentage threshold, then a Change in Control shall occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
In the event of a termination of the Term pursuant to an event described in Section&nbsp;6.B. above, that occurs within a period of one
year immediately following a Change in Control, then this Section&nbsp;6.D. shall apply instead of Section&nbsp;6.B., and the Company
shall provide the Executive the following benefits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Amount:</B>&nbsp;
In addition to all compensation for services rendered by Executive to the Company up to the date of termination, the Company shall
pay to Executive a single lump-sum payment in an amount equal to (i)&nbsp;twenty-four (24) times Executive&#8217;s highest monthly
base compensation paid hereunder during the preceding twenty-four month period, plus (ii)&nbsp;150% of the highest one-year Annual
Bonus actually received by the Executive during the preceding two full fiscal years prior to the date of termination (such aggregate
amount the &#8220;Change in Control Payment&#8221;).&nbsp; The Change in Control Payment shall be paid within 10 days following the
effectiveness of the Release; <U>provided</U>, <U>however</U>, that if necessary to comply with the restriction in
Section&nbsp;409A(a)(2)(B)&nbsp;of the Code concerning payments to &#8220;specified employees,&#8221; to the extent applicable, such
payment shall be delayed until the first business day of the seventh month following the Executive&#8217;s termination of employment
and &#8220;separation from service&#8221; (within the meaning of Section&nbsp;409A of the Code).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Benefits:</B>&nbsp;
In addition to the payment described above, the Company shall provide the Executive with the Supplemental Payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Acceleration
of Options:</B> &nbsp;One hundred (100%) percent of the Executive&#8217;s outstanding, unvested options, restricted stock and/or equity
awards (&#8220;Equity Awards&#8221;) shall, immediately prior to the consummation of the Change in Control, become fully and immediately
vested to the extent not already so provided under the terms of such Equity Awards; provided, however, that if the acquirer in a Change
in Control grants Equity Awards having (in the reasonable opinion of the Board) a value at least equal to the value of Executive&#8217;s
then-unvested Company Equity Awards, then 50% of the Executive&#8217;s outstanding, unvested Company Equity Awards shall become fully
and immediately vested immediately prior to the consummation of the Change in Control (and the remaining 50% shall terminate upon the
consummation of the Change in Control).&nbsp; Notwithstanding any provisions of the stock option plan or stock option agreement pursuant
to which any stock options subject to the preceding sentence were granted, the Executive shall be entitled to exercise such Equity Awards
until three years from the date of termination of employment or the expiration of the stated period of the Equity Award, whichever period
is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(d)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Golden
Parachute Payment Provisions:</B>&nbsp; If any payment or benefit the Executive would receive pursuant to a Change in Control from the
Company or otherwise (including, without limitation, the acceleration of any Company Equity Awards) (&#8220;Payment&#8221;) would (i)&nbsp;constitute
a &#8220;parachute payment&#8221; within the meaning of Section&nbsp;280G of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;),
and (ii)&nbsp;but for this sentence, be subject to the excise tax imposed by Section&nbsp;4999 of the Code (the &#8220;Excise Tax&#8221;),
then such Payment shall be reduced to the Reduced Amount.&nbsp; The &#8220;Reduced Amount&#8221; shall be either (x)&nbsp;the largest
portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y)&nbsp;the largest portion,
up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment
taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in the Executive&#8217;s receipt,
on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to
the Excise Tax. If a reduction in payments or benefits constituting &#8220;parachute payments&#8221; is necessary so that the Payment
equals the Reduced Amount, reduction shall occur in the following order: reduction of cash payments; cancellation of accelerated vesting
of stock options or equity awards; reduction of employee benefits.&nbsp; In the event that acceleration of vesting of stock option or
equity award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant
of the Executive&#8217;s stock options or equity awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">The accounting firm engaged by the Company for
general audit purposes as of the day prior to the effective date of the Change in Control shall perform the foregoing calculations and
shall make all determinations relating to the reduction of parachute payments described in the foregoing paragraph.&nbsp; If the accounting
firm so engaged by the Company is also serving as accountant or auditor for the individual, entity or group effecting the Change in Control,
the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder.&nbsp; The Company shall
bear all expenses with respect to the determinations by such accounting firm required to be made hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">The accounting firm engaged to make the determinations
hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and the Executive within fifteen
(15) calendar days after the date on which the Executive&#8217;s right to a Payment is triggered (if requested at that time by the Company
or the Executive) or such other time as requested by the Company or the Executive.&nbsp; If the accounting firm determines that no Excise
Tax is payable with respect to a Payment, either before or after the application of the Reduced Amount, it shall furnish the Company and
the Executive with an opinion reasonably acceptable to the Executive that no Excise Tax will be imposed with respect to such Payment.&nbsp;
Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and the Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
for Disability.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
Should the Executive be absent from work as a result of personal injury, sickness or other disability for any continuous period of time
exceeding one hundred eighty (180) days, the Term may be terminated by the Company, upon written notice given to the Executive, because
of the Executive&#8217;s disability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
In the event the Term is terminated pursuant to Subsection 6.E.(1), the Company shall have no further obligation to the Executive except
to pay to the Executive any Base Salary or Annual Bonus earned and accrued but remaining unpaid prior to termination of the Term (and
to provide the Executive with the benefits under any disability insurance or disability benefits plan then-maintained by the Company for
the Executive&#8217;s benefit, in accordance with the terms and conditions of such plan).&nbsp; In addition, notwithstanding any provisions
of the stock option plan or stock option agreement pursuant to which any stock options were granted, the Executive shall be entitled to
exercise any of Executive&#8217;s stock options vested as of the final day of the Term until eighteen months from the final day of the
Term or the expiration of the stated period of the option, whichever period is the shorter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
Upon Death.</B>&nbsp; The Term shall terminate upon the death of the Executive and the Company shall have no further obligation to the
Executive or his estate except to pay the Executive&#8217;s estate any Base Salary or Annual Bonus earned and accrued but remaining unpaid
prior to his death.&nbsp; In addition, notwithstanding any provisions of the stock option plan or stock option agreement pursuant to which
any stock options were granted, the Executive&#8217;s estate shall be entitled to exercise any of Executive&#8217;s stock options vested
as of the final day of the Term until eighteen months from the final day of the Term or the expiration of the stated period of the option,
whichever period is the shorter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>MISCELLANEOUS.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Notice.</B>&nbsp;
Any notice to be given hereunder shall either be delivered personally, sent by nationally recognized overnight courier service (with next
business day delivery requested) and/or sent by first class certified mail and regular mail.&nbsp; The address for service on the Company
shall be its registered office, and the address for service on the Executive shall be his last known place of residence.&nbsp; A notice
shall be deemed to have been served as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
if personally delivered, at the time of delivery;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
if sent by overnight courier service, at the end of the next business day; and/or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>&nbsp;
if posted, at the expiration of 48 hours (10 days if international) after the envelope containing the same was delivered into the custody
of the postal authorities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Taxes.&nbsp; </B>Any
payments made pursuant to this Agreement shall be subject to any tax or similar withholding requirements under applicable federal,
state or local employment or income tax laws or similar statutes or other provisions of law then in effect.&nbsp; This Agreement is
intended to comply with the requirements of Section&nbsp;409A (&#8220;Section&nbsp;409A&#8221;) of the Code and the regulations
thereunder (including, as applicable, the exemptions and exceptions set forth therein).&nbsp; The payments provided for herein are
intended to be exempt from Section&nbsp;409A and to not constitute &#8220;nonqualified deferred compensation&#8221; as defined in
Section&nbsp;409A.&nbsp; To the extent that any provision in this Agreement is ambiguous as to its compliance with
Section&nbsp;409A, the provision shall be interpreted in a manner so that no payment due to the Executive shall be deemed subject to
an &#8220;additional tax&#8221; within the meaning of Section&nbsp;409A(a)(1)(B)&nbsp;of the Code.&nbsp; For purposes of
Section&nbsp;409A, each payment made under this Agreement shall be treated as a separate payment. Notwithstanding anything contained
herein to the contrary, to the extent any payment under Section&nbsp;6 hereof is determined to constitute &#8220;nonqualified
deferred compensation&#8221; as defined in Section&nbsp;409A, the Executive shall not be considered to have terminated employment
with the Company for purposes of Section&nbsp;6 hereof unless the Executive has incurred a &#8220;termination of employment&#8221;
from the Company within the meaning of Treasury Regulation &sect;1.409A-1(h)(1)(ii)&nbsp;promulgated under Section&nbsp;409A of the
Code. Notwithstanding the foregoing, if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of the Code
concerning payments to &#8220;specified employees,&#8221; any payment made to the Executive pursuant to this Agreement on account of
the Executive&#8217;s separation from service that would otherwise be due hereunder within six months after such separation from
service shall nonetheless be delayed until the first business day of the seventh month following the Executive&#8217;s separation
from service.&nbsp; In no event may the Executive, directly or indirectly, designate the calendar year of any payment.&nbsp; All
reimbursements provided under this Agreement shall be made or provided in accordance with the requirements of Section&nbsp;409A,
including, where applicable, the requirement that (i)&nbsp;any reimbursement is for expenses incurred during the Executive&#8217;s
lifetime (or during a shorter period of time specified in this Agreement), (ii)&nbsp;the amount of expenses eligible for
reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year,
(iii)&nbsp;the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year
in which the expense is incurred, and (iv)&nbsp;the right to reimbursement is not subject to liquidation or exchange for another
benefit.&nbsp; The Executive further acknowledges that, while this Agreement is intended to comply with Section&nbsp;409A, any tax
liability incurred by the Executive under Section&nbsp;409A is solely the responsibility of the Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Clawback.&nbsp;
</B>Any incentive-based or other compensation paid to the Executive under this Agreement or any other agreement or arrangement with the
Company which is subject to recovery under any law, government regulation or stock exchange listing requirement will be subject to such
deductions and/or clawback as may be required by such law, government regulation or stock exchange listing requirement. In addition, if
the Executive is or becomes an executive officer subject to the incentive compensation repayment requirements of the Dodd-Frank Wall Street
Reform and Consumer Protection Acts (the &#8220;Dodd-Frank Act&#8221;), then if required by the Dodd-Frank Act or any of its regulations
he will enter into an amendment to this Agreement or a separate written agreement with the Company to comply with the Dodd-Frank Act and
any of its regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Binding
Effect.</B>&nbsp; This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, personal
representatives, successors and assigns, provided that neither Party shall assign any of its rights or privileges hereunder without the
prior written consent of the other Party except that the Company may assign its rights hereunder to a successor in ownership of all or
substantially all the assets of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Severability.</B>&nbsp;
Should any part or provision of this Agreement be held unenforceable by a court of competent jurisdiction, the validity of the remaining
parts or provisions shall not be affected by such holding, unless such enforceability substantially impairs the benefit of the remaining
portions of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Waiver.</B>&nbsp;
No failure or delay on the part of either Party in the exercise of any right or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right or privilege preclude other or further exercise thereof or of any other right
of privilege.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>G.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Captions.</B>&nbsp;
The captions used in this Agreement are for convenience only and are not to be used in interpreting the obligations of the Parties under
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>H.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Choice
of Law; Jury Trial Waiver.</B>&nbsp; The validity, construction and performance of this Agreement and all matters directly or indirectly
arising hereunder shall be governed by the laws of the State of Delaware, without regard to choice of laws provisions, and the Company
and the Executive irrevocably consent to the exclusive jurisdiction and venue of the federal and state courts located within Delaware,
and courts with appellate jurisdiction therefrom, in connection with any matter based upon or arising out of this Agreement.&nbsp; THE
COMPANY AND THE EXECUTIVE HEREBY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY IN ANY ACTION CONCERNING THIS AGREEMENT OR ANY AND ALL
MATTERS ARISING DIRECTLY OR INDIRECTLY HEREFROM AND REPRESENT THAT THEY HAVE CONSULTED WITH COUNSEL OF THEIR CHOICE OR HAVE CHOSEN VOLUNTARILY
NOT TO DO SO SPECIFICALLY WITH RESPECT TO THIS WAIVER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Entire
Agreement.</B>&nbsp; This Agreement embodies the entire understanding of the Parties as it relates to the subject matter contained herein
and as such, supersedes any prior agreement or understanding between the Parties relating to the terms of employment of the Executive
(but not any option grant agreement issued by the Company to the Executive), including without limitation the Prior Employment Agreement.&nbsp;
No amendment or modification of this Agreement shall be valid or binding upon the Parties unless in writing executed by the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF,</B></FONT> the parties hereto have caused this Agreement to be duly executed as of the day and year first written above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CELLDEX THERAPEUTICS,&nbsp;INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Anthony Marucci</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Sam Martin</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SAM MARTIN</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>






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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tm2120284d1_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This <B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT
</B>(the &#8220;Agreement&#8221;) is entered into on July 1, 2021 (the &#8220;Effective Date&#8221;), between <B>Tibor Keler, Ph.D.</B>
(the &#8220;Executive&#8221;) and CELLDEX THERAPEUTICS,&nbsp;INC., a Delaware corporation (the &#8220;Company&#8221;) (collectively, the
Executive and the Company shall be referred to as the &#8220;Parties&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>W I T N E S S E T H:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Executive has been employed by the Company as its Senior Vice President and Chief Scientific Officer pursuant to the terms of an employment
agreement January&nbsp;1, 2013 (the &#8220;Prior Employment Agreement&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
as of the Effective Date the Company desires to employ the Executive as its Senior Vice President and Chief Scientific Officer, and the
Executive desires to accept such employment, on the terms and conditions set forth in this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Company and the Executive have mutually agreed that, as of the Effective Date, this Agreement shall amend, restate and replace the
Prior Employment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE</B></FONT>, in consideration of the mutual promises and agreements contained herein, the Parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>PURPOSE</B>.&nbsp;
The Company desires to avail itself of the services of the Executive as Senior Vice President and Chief Scientific Officer, and the Executive
desires to provide such services in accordance with the terms of this Agreement.&nbsp; The Parties agree that the duties and obligations
expected of the Executive and of the Company are as set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>EFFECTIVE
DATE AND TERM.</B>&nbsp; This Agreement shall be effective, and its term (the &#8220;Term&#8221;) shall commence as of the Effective Date.&nbsp;
The Term shall continue through and until December&nbsp;31, 2021 (the &#8220;Initial Term&#8221;), unless terminated sooner as provided
by this Agreement or extended by the Parties.&nbsp; The Term shall be automatically renewed for successive periods of one year each (each,
a &#8220;Renewal Term&#8221;), unless either Party gives to the other written notice of intent not to renew at least ninety (90) days
prior to the expiration of the Initial Term or any Renewal Term (a &#8220;Notice of Non-Renewal&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>COMPENSATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Salary.</B>&nbsp;
During the Term, the Company shall pay or cause to be paid to the Executive, in installments pursuant to the Company&#8217;s payroll practices
as in effect from time to time, a base salary at a rate of $483,645 per annum or such greater amount as may from time to time be determined
by the Company (the &#8220;Base Salary&#8221;).&nbsp; The Base Salary shall be reviewed annually in accordance with the Company&#8217;s
compensation and review policies and, in the sole discretion of the Company, may be increased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Annual
Bonus</B>.&nbsp; With respect to each fiscal year of the Company that ends during the Term, the Executive shall be eligible to receive
an annual bonus having a target of 45% of the Executive&#8217;s then Base Salary (the &#8220;Annual Bonus&#8221;) (pro-rated for partial
years) based upon the Executive&#8217;s overall performance of the Services on behalf of the Company during such fiscal year.&nbsp; The
attainment of any applicable performance goals and the amount to be paid in respect of the Annual Bonus shall be determined by the Chief
Executive Officer (&#8220;CEO&#8221;) in good faith and in accordance with such written goals and policies as may be established from
time to time by the Company.&nbsp; The Annual Bonus shall be deemed to have been earned and accrued only upon the formal approval of the
CEO of the amount of the Annual Bonus following such determination.&nbsp; The Annual Bonus, if any, shall be payable as a lump-sum payment
within sixty (60) days immediately following the last day of the applicable fiscal year.&nbsp; The Board may delegate all or any of its
obligations under this Agreement to the Compensation Committee of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Expenses.</B>&nbsp;
The Company shall reimburse the Executive for any travel, hotel, entertainment and other expenses reasonably incurred by the
Executive in furtherance of the Executive&#8217;s duties under this Agreement subject to and in accordance with the Company&#8217;s
applicable travel and expense reimbursement policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Employee
Benefits.&nbsp; </B>The Executive shall be entitled to participate in any and all employee benefit plans in effect from time to time that
are provided generally to employees of the Company (excluding severance plans, if any), and in any executive perquisite programs in effect
from time to time that provide benefits to other executives of the Company of comparable stature and with comparable duties and responsibilities,
in each case to the extent permissible under the general terms and provisions of such plans or programs and in accordance with the provisions
thereof. The Company may amend, modify or rescind any employee benefit plan or program and/or change employee contribution amounts to
benefit costs without notice in its discretion.&nbsp; The Executive shall, during the Term, be entitled to paid time off in accordance
with applicable Company policies in effect from time to time, in addition to public holidays observed by the Company.&nbsp; The Executive
shall be entitled to twenty (20) business days of vacation each year (increasing to twenty five (25) business days after ten (10)&nbsp;years
of service as an employee of the Company (including employment with any subsidiary of the Company)).&nbsp; The Executive shall be entitled
to carry any unused vacation days over to the next calendar year. However, in no event will Executive&#8217;s accrued but unused vacation
exceed 40 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Directors&#8217; and Officers&#8217; Liability Insurance</B>. &nbsp;The Company shall indemnify the Executive to the fullest extent
permitted under its by-laws.&nbsp; During the Term, the Company shall acquire and pay for directors&#8217; and officers&#8217; liability
insurance coverage for its senior executive officers, and the Executive shall be named as a covered officer under such policy during the
Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>DUTIES
OF THE EXECUTIVE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Duties.</B>&nbsp;
During the Term, the Executive shall hold the title of Senior Vice President and Chief Scientific Officer, shall report directly to the
CEO and shall perform such duties as the Company may reasonably require and shall use his best efforts to carry into effect the directions
of the CEO. During the Term, the Executive shall be bound by, and comply fully with, all of the Company&#8217;s policies and procedures
in place from time to time for employees and, to the extent applicable, officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Representation.</B>&nbsp;
During the Term, the Executive shall well and faithfully serve the Company and use the Executive&#8217;s best efforts to promote the interests
of the Company. The Executive shall at all times give the Company the full benefit of his knowledge, expertise, technical skill and ingenuity
in the performance of his duties and exercise of his powers and authority in the capacity or capacities described in <U>Section&nbsp;4(A</U>)&nbsp;hereof,
as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Time
Devoted by Executive.</B>&nbsp; The Executive agrees to devote substantially all of the Executive&#8217;s time and attention during business
hours and such additional time and attention as may reasonably be required to perform his duties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>RESTRICTIONS
ON THE EXECUTIVE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Non-Disclosure
of Confidential Information.</B>&nbsp; All information learned or developed by the Executive during the course of the
Executive&#8217;s employment by the Company or any subsidiary thereof will be deemed &#8220;Confidential Information&#8221; under
the terms of this Agreement.&nbsp; Examples of Confidential Information include, but are not limited to, business, scientific and
technical information owned or controlled by the Company, including the Company&#8217;s business plans and strategies; business
operations and systems; information concerning employees, customers, partners and/or licensees; patent applications; trade secrets;
inventions; ideas; procedures; formulations; processes; formulae; data and all other information of any nature whatsoever which
relate to the Company&#8217;s business, science, technology and/or products.&nbsp; In addition, Confidential Information shall
include, but not be limited to, all information which the Company may receive from third parties.&nbsp; The Executive will not
disclose to any person at any time or use in any way, except as directed by the Company, either during or after the employment of
the Executive by the Company, any Confidential Information.&nbsp; The foregoing restrictions shall not apply to information which is
or becomes part of the public domain though no act or failure to act by the Executive.&nbsp; In addition to the foregoing, in the
process of the Executive&#8217;s employment with the Company, or thereafter, under no condition is the Executive to use or disclose
to the Company, or incorporate or use in any of his work for the Company, any confidential information imparted to the Executive or
with which he may have come into contact while in the employ of his former employer(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Executive acknowledges receipt of the following notice
under the Defend Trade Secrets Act:&nbsp; An individual will not be held criminally or civilly liable under any federal or state trade
secret law for the disclosure of a trade secret if he/she (i)&nbsp;makes such disclosure in confidence to a Federal, State, or local government
official, either directly or indirectly, or to an attorney and such disclosure is made solely for the purpose of reporting or investigating
a suspected violation of law; or (ii)&nbsp;such disclosure was made in a complaint or other document filed in a lawsuit or other proceeding
if such filing is made under seal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Inventions.</B>&nbsp;
The term &#8220;Invention&#8221; means any invention, discovery, improvement, apparatus, implement, process, compound, composition or
formula, whether or not patentable, conceived or reduced to practice, in whole or in part, by the Executive (alone, or jointly with others)
during any term of his employment by the Company and twelve (12) months thereafter which directly or indirectly relates to the business,
science, technology or products of the Company and /or any Confidential Information.&nbsp; The Executive will keep, on behalf of the Company,
complete, accurate, and authentic accounts, notes, data, and records (&#8220;Records&#8221;) of each and every Invention, which Records
will, at all times, be the property of the Company.&nbsp; The Executive will comply with the directions of the Company with respect to
the manner and form of keeping or surrendering Records and will surrender to the Company all Records at the end of the Executive&#8217;s
term of employment by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">Each Invention will be the sole and exclusive property
of the Company. The Executive will, at the request of the Company, make application in due form for United States letters patent and foreign
letters patent (each, a &#8220;Patent&#8221;) on any Invention and execute any necessary documents in connection with the Patents.&nbsp;
The Executive will assign and transfer to the Company all right, title, and interest of the Executive in any Patents or Patent applications.&nbsp;
The Executive agrees to cooperate with any actions necessary to continue, renew or retain the Patents.&nbsp; The Company will bear the
entire expense of applying for and obtaining the Patents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">For one year after the termination of the term
of the Executive&#8217;s employment by the Company, the Executive will not file any applications for Patents on any Invention other than
those filed at the request of and on behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">The Executive, as a condition of his employment,
hereby represents that, to the best of his knowledge, there is not as of the date of this Agreement any agreement or obligation outstanding
with or to any of his former employers or other party, which would restrict, limit or in any way prohibit all or any portion of his work
or employment, nor is there in his possession any confidential information used by any of his former employers or any other party (except
as may have been revealed in generally available publications or otherwise made publicly available).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Non-Competition;
Non-Solicitation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT><B>
Non-Competition.</B>&nbsp; During the Term, without the consent of the Board of Directors (the &#8220;Board&#8221;), and thereafter as
specifically provided in Subsection 6.A.(2), 6.B.(4)&nbsp;or 6.C.(2), the Executive may not directly or indirectly engage in, or have
any interest in, any business (whether as employee, officer, director, agent, security holder, creditor, consultant, or otherwise) that
competes with the vaccine and/or antibody business of the Company or any subsidiary thereof (as such business may exist during the Term).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT><B>
Non-Solicitation of Employees.&nbsp; </B>During the Term, and thereafter as specifically provided in Subsection 6.A.(2), 6.B.(4)&nbsp;or
6.C.(2), the Executive shall not, directly or indirectly induce or solicit any employee or independent contractor of the Company or any
subsidiary thereof to terminate his or her employment with the Company for the purpose of&nbsp; joining another company in which the Executive
has an interest (whether as an employee, officer, director, agent, security holder, creditor, consultant, or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Breach.</B>&nbsp;
The Executive acknowledges that there may be circumstances in which his breach of any covenant set forth in this Section&nbsp;5
could cause substantial harm to the Company which may not be compensable by monetary damages alone, and which could potentially
entitle the Company to injunctive relief.&nbsp; However, by acknowledging this possibility, the Executive is not agreeing to waive
his right to require the Company to meet its evidentiary burdens as required by law in any cause of action brought by the Company
seeking such injunctive relief.&nbsp; The restrictions contained in Subsection 5.C. above shall not prohibit Executive from owning
(beneficially or of record) less than 5% of any class of equity or debt security issued by a publicly-held company, regardless of
whether that publicly-held company is otherwise a competitor of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>TERMINATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination
for Cause by the Company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>
This Agreement and the Term may be terminated &#8220;for cause&#8221; by the Company pursuant to the provisions of this Subsection 6.A.&nbsp;
If the Company determines that &#8220;cause&#8221; exists for termination of the Executive&#8217;s employment, written notice thereof
must be given to the Executive describing the state of affairs or facts deemed by the Company to constitute such cause.&nbsp; Unless the
Company determines that the conduct constituting cause is not curable, the Executive shall have thirty (30) days after receipt of such
notice to cure the reason constituting cause and if the Executive does so to the reasonable satisfaction of the Company, the Term shall
not be terminated for the cause specified in the notice.&nbsp; During such thirty (30) day period, the Term shall continue and the Executive
shall continue to receive his full Base Salary, expenses and benefits pursuant to this Agreement.&nbsp; If such cause is not cured to
the Company&#8217;s reasonable satisfaction within such thirty (30) day period, the Executive may then be immediately terminated by the
Company.&nbsp; For purposes of this Agreement, the words &#8220;for cause&#8221; or &#8220;cause&#8221; means (i)&nbsp;dishonest statements
or acts of the Executive with respect to the Company or any subsidiary or other affiliate of the Company; (ii)&nbsp;the commission by
or indictment of the Executive for (A)&nbsp;a felony or (B)&nbsp;any misdemeanor involving moral turpitude, deceit, dishonesty or fraud
(indictment, for these purposes, meaning an indictment, probable cause hearing or any other procedure pursuant to which an initial determination
of probable or reasonable cause with respect to such offense is made); or (iii)&nbsp;gross negligence, willful misconduct or insubordination
of the Executive with respect to the Company or any subsidiary or other affiliate of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>
In the event the Term is terminated by the Company for cause, the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall continue
to apply for one year after the conclusion of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>
In the event the Term is terminated by the Company for cause, the Executive&#8217;s entire right to salary and benefits hereunder (with
the exception of Base Salary and Annual Bonus (if any) earned and accrued prior to termination) shall cease upon such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination
Without Cause by the Company or for Good Reason by the Executive.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>
The Company shall have the right to terminate the Term, at any time, without cause upon ninety (90) days&#8217; written notice to the
Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>
The Executive shall have the right to terminate the Term for good reason on thirty (30) days written notice to the Company.&nbsp; For
purposes of this Agreement, the words &#8220;for good reason&#8221; or &#8220;good reason&#8221; shall be limited to the following actions
by the Company without the Executive&#8217;s consent:&nbsp; (a)&nbsp;the assignment to the Executive of any duties or responsibilities
that results in a material diminution in the Executive&#8217;s position or function; <I>provided, however,</I> that a change in the Executive&#8217;s
title or reporting relationships shall not provide the basis for a termination with good reason unless he no longer reports directly to
the Chief Executive Officer or the Board; (b)&nbsp;a relocation of the Executive&#8217;s business office to a location more than fifty
(50) miles from the location in Hampton, New Jersey at which the Executive is working as of the Effective Date, except for required travel
by the Executive on the Company&#8217;s business to an extent substantially consistent with the Executive&#8217;s business travel obligations
as of the Effective Date; or (c)&nbsp;a material breach by the Company of any provision of this Agreement or any other material agreement
between the Executive and the Company concerning the terms and conditions of the Executive&#8217;s employment.&nbsp; Such a termination
by the Executive for good reason shall not be considered a resignation pursuant to Subsection 6.C.(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3) </B></FONT>In
the event the Term is terminated pursuant to Subsection 6.B.(1)&nbsp;or 6.B.(2), or in the event that the Term is terminated at the
end of the Initial Term or a Renewal Term in connection with the Company providing the Executive with a Notice of Non-Renewal
effective in connection with the expiration of the Initial Term or a Renewal Term, the Company shall pay the Executive as a
severance benefit a lump sum cash severance payment in an amount equal to 100% of the Executive&#8217;s then existing annual
Base Salary (<I>i.e.</I>, twelve (12) months of Base Salary) (the &#8220;Severance Payment&#8221;) plus Base Salary and Annual Bonus
(if any) earned and accrued prior to termination.&nbsp; In addition, if and to the extent the Executive timely elects to continue
his health insurance employee benefits pursuant to COBRA, then the Company will pay the Executive for a period of 18 months,
commencing with the payroll date on or following the 63rd day after the last day of his employment with the Company, subject to the
effectiveness of the Release (as defined below) a monthly amount, payable in accordance with the Company&#8217;s regular payroll
practices, equal to the applicable COBRA costs, subject to applicable tax withholdings (the &#8220;Supplemental
Payments&#8221;).&nbsp; The Severance Payment shall be paid within 10 days following the effectiveness of the Release (as defined
below); <U>provided</U>, <U>however</U>, that if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of the
Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;) concerning payments to &#8220;specified employees,&#8221; to the
extent applicable, such payment shall be delayed until the first business day of the seventh month following the Executive&#8217;s
termination of employment and &#8220;separation from service&#8221; (within the meaning of Section&nbsp;409A of the Code).&nbsp;
Further, in the event that the Term is terminated pursuant to Subsection 6.B.(1)&nbsp;or 6.B.(2)&nbsp;only, 25% of the
Executive&#8217;s outstanding, unvested options, restricted stock and/or equity awards shall become fully and immediately vested.
 &nbsp;Notwithstanding any provisions of the stock option plan or stock option agreement pursuant to which any stock options subject
to the preceding sentence were granted to the Executive, the Executive shall be entitled to exercise his vested equity awards until
one year from the date of termination of employment or the expiration of the stated period of the vested equity award, whichever
period is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(4)</B></FONT>
In the event the Term is terminated or the Executive&#8217;s employment with the Company terminates in a manner described in this Section&nbsp;6.B.,
the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall continue to apply for one year after the conclusion of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(5)</B></FONT>
Notwithstanding any provision to the contrary contained herein, the Executive shall not be eligible or entitled to receive the Severance
Payment, Supplemental Payments or Change in Control Payment (as defined below), as applicable, unless he executes (and does not revoke
during any applicable revocation period) and delivers to the Company a separation agreement and release of claims, in such form prepared
in good faith by the Company and provided to the Executive to review no later than 10 days following the last day of his employment with
the Company, within 55 days following his last day of employment with the Company (the &#8220;Release&#8221;).&nbsp; Notwithstanding anything
to the contrary contained herein, in the event such 55-day period covers more than one calendar year, the Severance Payment shall be paid
in the second calendar year (on the first regular pay date of such calendar year following the date that the Release becomes effective
and is no longer subject to revocation, unless a later date is required by Section&nbsp;6.B.(3)&nbsp;above), regardless of whether the
Executive executes and delivers the Release in the first or the second calendar year encompassed in such 55-day period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Resignation
by the Executive.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>
The Executive shall have the right to terminate the Term, by way of resignation, upon ninety (90) days&#8217; written notice to the Company.&nbsp;
A termination by the Executive for good reason pursuant to Subsection 6.B.(2)&nbsp;shall not be considered a resignation pursuant to this
Subsection 6.C.(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>
In the event the Term is terminated pursuant to Subsection 6.C.(1), the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall
continue to apply for one year after the conclusion of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>
In the event the Term is terminated pursuant to Subsection 6.C.(1), the Executive&#8217;s entire right to salary and benefits hereunder
(with the exception of Base Salary and Annual Bonus earned and accrued prior to termination) shall cease upon such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination
Upon Change in Control.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>
For the purposes of this Agreement, a &#8220;Change in Control&#8221; shall mean any of the following events that occurs following the
Effective Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
acquisition (other than directly from the Company) of any voting securities of the Company (the &#8220;Voting Securities&#8221;)
other than in a &#8220;Non-Control Acquisition&#8221; (as defined below) by any &#8220;Person&#8221; (as the term
 &#8220;person&#8221; is used for purposes of Section&nbsp;13(d)&nbsp;or 14(d)&nbsp;of the Securities Exchange Act of 1934, as
amended, (the &#8220;1934 Act&#8221;)) which results in such Person first attaining &#8220;Beneficial Ownership&#8221; (within the
meaning of Rule&nbsp;13d-3 promulgated under the 1934 Act) of fifty-one percent (51%) or more of the combined voting power of the
Company&#8217;s then outstanding Voting Securities.&nbsp; For purposes of the foregoing, a &#8220;Non-Control Acquisition&#8221;
shall mean an acquisition by (i)&nbsp;an employee benefit plan (or a trust forming a part thereof) maintained by (x)&nbsp;the
Company or (y)&nbsp;any corporation or other Person of which a majority of its voting power or its equity securities or equity
interest is owned directly or indirectly by the Company (a &#8220;Subsidiary&#8221;), or (ii)&nbsp;the Company or any
Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
individuals who, as of the date of this Agreement, were members of the Board (the &#8220;Incumbent Board&#8221;) cease for any reason
to constitute at least 66 2/3% of the Board; <I>provided, however,</I> that if the election, or a nomination for election by the Company&#8217;s
shareholders, of any new director was approved by a vote of at least 66 2/3% of the Incumbent Board, such new director shall be considered
as a member of the Incumbent Board; <I>provided further, however,</I> that no individual shall be considered a member of the Incumbent
Board if such individual initially assumed office as a result of either an actual or threatened &#8220;Election Contest&#8221; (as described
in Rule&nbsp;14a-11 promulgated under the 1934 Act) or other actual or threatened solicitation of the proxies or consents by or on behalf
of a Person other than the Board (a &#8220;Proxy Contest&#8221;) including by reason of any agreement intended to avoid or settle any
Election Contest or Proxy Contest; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consummation of a transaction approved by the Company&#8217;s shareholders and involving:&nbsp; (1)&nbsp;a merger, consolidation or reorganization
in which the Company is a constituent corporation, unless (i)&nbsp;the shareholders of the Company, immediately&nbsp; before such merger,
consolidation or reorganization, own, directly or indirectly immediately following such merger, consolidation or reorganization, at least
a majority of the combined voting power of the outstanding voting securities of the corporation resulting from such merger, consolidation
or reorganization (the &#8220;Surviving Corporation&#8221;) in substantially&nbsp; the same proportion as their ownership of the voting
securities immediately before such merger, consolidation or reorganization, (ii)&nbsp;the individuals who were members of the Incumbent
Board immediately prior to the execution of the agreement providing for such merger, consolidation or reorganization constitute at least
a majority of the members of the board of directors of the Surviving Corporation, and (iii)&nbsp;no Person other than (w)&nbsp;the Company,
(x)&nbsp;any Subsidiary, (y)&nbsp;any employee benefit plan (or any trust forming a part thereof) maintained by the Company, the Surviving
Corporation or any Subsidiary, or (z)&nbsp;any Person who, immediately prior to such merger, consolidation or reorganization had Beneficial
Ownership of fifty-one percent (51%) or more of the then outstanding Voting Securities, has Beneficial Ownership of fifty-one percent
(51%) or more of the combined voting power of the Surviving Corporation&#8217;s then outstanding voting securities (a transaction described
in clauses (i)&nbsp;and (ii)&nbsp;shall herein be referred to as a &#8220;Non-Control Transaction&#8221;); (2)&nbsp;a complete liquidation
or dissolution of the Company; or (3)&nbsp;an agreement for the sale or other disposition of all or substantially all of the assets of
the Company to any Person (other than a transfer to a Subsidiary).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(d)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, a Change in Control shall not be deemed to occur solely because the level of Beneficial Ownership held by any Person (the
 &#8220;Subject Person&#8221;) exceeds the designated percentage threshold of the outstanding Voting Securities as a result of a repurchase
or other acquisition of Voting Securities by the Company reducing the number of shares outstanding, provided that if a Change in Control
would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the Company, and after such
share acquisition, the Subject Person becomes the Beneficial Owner of any additional Voting Securities which, assuming the repurchase
or other acquisition had not occurred, increases the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject
Person over the designated percentage threshold, then a Change in Control shall occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>
In the event of a termination of the Term pursuant to an event described in Section&nbsp;6.B. above, that occurs within a period of one
year immediately following a Change in Control, then this Section&nbsp;6.D. shall apply instead of Section&nbsp;6.B., and the Company
shall provide the Executive the following benefits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Amount:</B>&nbsp;
In addition to all compensation for services rendered by Executive to the Company up to the date of termination, the Company shall
pay to Executive a single lump-sum payment in an amount equal to (i)&nbsp;twenty-four (24) times Executive&#8217;s highest monthly
base compensation paid hereunder during the preceding twenty-four month period, plus (ii)&nbsp;150% of the highest one-year Annual
Bonus actually received by the Executive during the preceding two full fiscal years prior to the date of termination (such aggregate
amount the &#8220;Change in Control Payment&#8221;).&nbsp; The Change in Control Payment shall be paid within 10 days following the
effectiveness of the Release; <U>provided</U>, <U>however</U>, that if necessary to comply with the restriction in
Section&nbsp;409A(a)(2)(B)&nbsp;of the Code concerning payments to &#8220;specified employees,&#8221; to the extent applicable, such
payment shall be delayed until the first business day of the seventh month following the Executive&#8217;s termination of employment
and &#8220;separation from service&#8221; (within the meaning of Section&nbsp;409A of the Code).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Benefits:</B>&nbsp;
In addition to the payment described above, the Company shall provide the Executive with the Supplemental Payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Acceleration
of Options:</B>&nbsp; One hundred (100%) percent of the Executive&#8217;s outstanding, unvested options, restricted stock and/or equity
awards (&#8220;Equity Awards&#8221;) shall, immediately prior to the consummation of the Change in Control, become fully and immediately
vested to the extent not already so provided under the terms of such Equity Awards; provided, however, that if the acquirer in a Change
in Control grants Equity Awards having (in the reasonable opinion of the Board) a value at least equal to the value of Executive&#8217;s
then-unvested Company Equity Awards, then 50% of the Executive&#8217;s outstanding, unvested Company Equity Awards shall become fully
and immediately vested immediately prior to the consummation of the Change in Control (and the remaining 50% shall terminate upon the
consummation of the Change in Control).&nbsp; Notwithstanding any provisions of the stock option plan or stock option agreement pursuant
to which any stock options subject to the preceding sentence were granted, the Executive shall be entitled to exercise such Equity Awards
until three years from the date of termination of employment or the expiration of the stated period of the Equity Award, whichever period
is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(d)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Golden
Parachute Payment Provisions:</B>&nbsp; If any payment or benefit the Executive would receive pursuant to a Change in Control from the
Company or otherwise (including, without limitation, the acceleration of any Company Equity Awards) (&#8220;Payment&#8221;) would (i)&nbsp;constitute
a &#8220;parachute payment&#8221; within the meaning of Section&nbsp;280G of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;),
and (ii)&nbsp;but for this sentence, be subject to the excise tax imposed by Section&nbsp;4999 of the Code (the &#8220;Excise Tax&#8221;),
then such Payment shall be reduced to the Reduced Amount.&nbsp; The &#8220;Reduced Amount&#8221; shall be either (x)&nbsp;the largest
portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y)&nbsp;the largest portion,
up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment
taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in the Executive&#8217;s receipt,
on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to
the Excise Tax. If a reduction in payments or benefits constituting &#8220;parachute payments&#8221; is necessary so that the Payment
equals the Reduced Amount, reduction shall occur in the following order: reduction of cash payments; cancellation of accelerated vesting
of stock options or equity awards; reduction of employee benefits.&nbsp; In the event that acceleration of vesting of stock option or
equity award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant
of the Executive&#8217;s stock options or equity awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">The accounting firm engaged by the Company for
general audit purposes as of the day prior to the effective date of the Change in Control shall perform the foregoing calculations and
shall make all determinations relating to the reduction of parachute payments described in the foregoing paragraph.&nbsp; If the accounting
firm so engaged by the Company is also serving as accountant or auditor for the individual, entity or group effecting the Change in Control,
the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder.&nbsp; The Company shall
bear all expenses with respect to the determinations by such accounting firm required to be made hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">The accounting firm engaged to make the
determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and the
Executive within fifteen (15) calendar days after the date on which the Executive&#8217;s right to a Payment is triggered (if
requested at that time by the Company or the Executive) or such other time as requested by the Company or the Executive.&nbsp; If
the accounting firm determines that no Excise Tax is payable with respect to a Payment, either before or after the application of
the Reduced Amount, it shall furnish the Company and the Executive with an opinion reasonably acceptable to the Executive that no
Excise Tax will be imposed with respect to such Payment.&nbsp; Any good faith determinations of the accounting firm made hereunder
shall be final, binding and conclusive upon the Company and the Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination
for Disability.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>
Should the Executive be absent from work as a result of personal injury, sickness or other disability for any continuous period of time
exceeding one hundred eighty (180) days, the Term may be terminated by the Company, upon written notice given to the Executive, because
of the Executive&#8217;s disability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>
In the event the Term is terminated pursuant to Subsection 6.E.(1), the Company shall have no further obligation to the Executive except
to pay to the Executive any Base Salary or Annual Bonus earned and accrued but remaining unpaid prior to termination of the Term (and
to provide the Executive with the benefits under any disability insurance or disability benefits plan then-maintained by the Company for
the Executive&#8217;s benefit, in accordance with the terms and conditions of such plan).&nbsp; In addition, notwithstanding any provisions
of the stock option plan or stock option agreement pursuant to which any stock options were granted, the Executive shall be entitled to
exercise any of Executive&#8217;s stock options vested as of the final day of the Term until eighteen months from the final day of the
Term or the expiration of the stated period of the option, whichever period is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination
Upon Death.</B>&nbsp; The Term shall terminate upon the death of the Executive and the Company shall have no further obligation to the
Executive or his estate except to pay the Executive&#8217;s estate any Base Salary or Annual Bonus earned and accrued but remaining unpaid
prior to his death.&nbsp; In addition, notwithstanding any provisions of the stock option plan or stock option agreement pursuant to which
any stock options were granted, the Executive&#8217;s estate shall be entitled to exercise any of Executive&#8217;s stock options vested
as of the final day of the Term until eighteen months from the final day of the Term or the expiration of the stated period of the option,
whichever period is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>MISCELLANEOUS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notice.</B>&nbsp;
Any notice to be given hereunder shall either be delivered personally, sent by nationally recognized overnight courier service (with next
business day delivery requested) and/or sent by first class certified mail and regular mail.&nbsp; The address for service on the Company
shall be its registered office, and the address for service on the Executive shall be his last known place of residence.&nbsp; A notice
shall be deemed to have been served as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>
if personally delivered, at the time of delivery;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)
</B></FONT>if sent by overnight courier service, at the end of the next business day; and/or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>
if posted, at the expiration of 48 hours (10 days if international) after the envelope containing the same was delivered into the custody
of the postal authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Taxes.&nbsp; </B>Any
payments made pursuant to this Agreement shall be subject to any tax or similar withholding requirements under applicable federal,
state or local employment or income tax laws or similar statutes or other provisions of law then in effect.&nbsp; This Agreement is
intended to comply with the requirements of Section&nbsp;409A (&#8220;Section&nbsp;409A&#8221;) of the Code and the regulations
thereunder (including, as applicable, the exemptions and exceptions set forth therein).&nbsp; The payments provided for herein are
intended to be exempt from Section&nbsp;409A and to not constitute &#8220;nonqualified deferred compensation&#8221; as defined in
Section&nbsp;409A.&nbsp; To the extent that any provision in this Agreement is ambiguous as to its compliance with
Section&nbsp;409A, the provision shall be interpreted in a manner so that no payment due to the Executive shall be deemed subject to
an &#8220;additional tax&#8221; within the meaning of Section&nbsp;409A(a)(1)(B)&nbsp;of the Code.&nbsp; For purposes of
Section&nbsp;409A, each payment made under this Agreement shall be treated as a separate payment. Notwithstanding anything contained
herein to the contrary, to the extent any payment under Section&nbsp;6 hereof is determined to constitute &#8220;nonqualified
deferred compensation&#8221; as defined in Section&nbsp;409A, the Executive shall not be considered to have terminated employment
with the Company for purposes of Section&nbsp;6 hereof unless the Executive has incurred a &#8220;termination of employment&#8221;
from the Company within the meaning of Treasury Regulation &sect;1.409A-1(h)(1)(ii)&nbsp;promulgated under Section&nbsp;409A of the
Code. Notwithstanding the foregoing, if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of the Code
concerning payments to &#8220;specified employees,&#8221; any payment made to the Executive pursuant to this Agreement on account of
the Executive&#8217;s separation from service that would otherwise be due hereunder within six months after such separation from
service shall nonetheless be delayed until the first business day of the seventh month following the Executive&#8217;s separation
from service.&nbsp; In no event may the Executive, directly or indirectly, designate the calendar year of any payment.&nbsp; All
reimbursements provided under this Agreement shall be made or provided in accordance with the requirements of Section&nbsp;409A,
including, where applicable, the requirement that (i)&nbsp;any reimbursement is for expenses incurred during the Executive&#8217;s
lifetime (or during a shorter period of time specified in this Agreement), (ii)&nbsp;the amount of expenses eligible for
reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year,
(iii)&nbsp;the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year
in which the expense is incurred, and (iv)&nbsp;the right to reimbursement is not subject to liquidation or exchange for another
benefit.&nbsp; The Executive further acknowledges that, while this Agreement is intended to comply with Section&nbsp;409A, any tax
liability incurred by the Executive under Section&nbsp;409A is solely the responsibility of the Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Clawback.&nbsp;
</B>Any incentive-based or other compensation paid to the Executive under this Agreement or any other agreement or arrangement with the
Company which is subject to recovery under any law, government regulation or stock exchange listing requirement will be subject to such
deductions and/or clawback as may be required by such law, government regulation or stock exchange listing requirement.&nbsp; In addition,
if the Executive is or becomes an executive officer subject to the incentive compensation repayment requirements of the Dodd-Frank Wall
Street Reform and Consumer Protection Acts (the &#8220;Dodd-Frank Act&#8221;), then if required by the Dodd-Frank Act or any of its regulations
he will enter into an amendment to this Agreement or a separate written agreement with the Company to comply with the Dodd-Frank Act and
any of its regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Binding
Effect.</B> This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, personal
representatives, successors and assigns, provided that neither Party shall assign any of its rights or privileges hereunder without
the prior written consent of the other Party except that the Company may assign its rights hereunder to a successor in ownership of
all or substantially all the assets of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Severability.</B>&nbsp;
Should any part or provision of this Agreement be held unenforceable by a court of competent jurisdiction, the validity of the remaining
parts or provisions shall not be affected by such holding, unless such enforceability substantially impairs the benefit of the remaining
portions of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Waiver.</B>&nbsp;
No failure or delay on the part of either Party in the exercise of any right or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right or privilege preclude other or further exercise thereof or of any other right
of privilege.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>G.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Captions.</B>&nbsp;
The captions used in this Agreement are for convenience only and are not to be used in interpreting the obligations of the Parties under
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>H.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Choice
of Law; Jury Trial Waiver.</B>&nbsp; The validity, construction and performance of this Agreement and all matters directly or indirectly
arising hereunder shall be governed by the laws of the State of Delaware, without regard to choice of laws provisions, and the Company
and the Executive irrevocably consent to the exclusive jurisdiction and venue of the federal and state courts located within Delaware,
and courts with appellate jurisdiction therefrom, in connection with any matter based upon or arising out of this Agreement. &nbsp; THE
COMPANY AND THE EXECUTIVE HEREBY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY IN ANY ACTION CONCERNING THIS AGREEMENT OR ANY AND ALL
MATTERS ARISING DIRECTLY OR INDIRECTLY HEREFROM AND REPRESENT THAT THEY HAVE CONSULTED WITH COUNSEL OF THEIR CHOICE OR HAVE CHOSEN VOLUNTARILY
NOT TO DO SO SPECIFICALLY WITH RESPECT TO THIS WAIVER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Entire
Agreement.</B>&nbsp; This Agreement embodies the entire understanding of the Parties as it relates to the subject matter contained
herein and as such, supersedes any prior agreement or understanding between the Parties relating to the terms of employment of the
Executive (but not any option grant agreement issued by the Company to the Executive), including without limitation the Prior
Employment Agreement.&nbsp; No amendment or modification of this Agreement shall be valid or binding upon the Parties unless in
writing executed by the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF,</B></FONT> the parties hereto have caused this Agreement to be duly executed as of the day and year first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">CELLDEX THERAPEUTICS, INC.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%">/s/ Anthony Marucci</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Tibor Keler, Ph.D.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">TIBOR KELER, Ph.D.</TD></TR>
  </TABLE>



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<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>tm2120284d1_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.4</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This <B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT
</B>(the &#8220;Agreement&#8221;) is entered into on July 1, 2021 (the &#8220;Effective Date&#8221;), between <B>Ronald A. Pepin, Ph.D</B>.
(the &#8220;Executive&#8221;) and CELLDEX THERAPEUTICS,&nbsp;INC., a Delaware corporation (the &#8220;Company&#8221;) (collectively, the
Executive and the Company shall be referred to as the &#8220;Parties&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>W I T N E S S E T H:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Executive has been employed by the Company as its Senior Vice President and Chief Business Officer pursuant to the terms of an employment
agreement January&nbsp;1, 2013 (the &#8220;Prior Employment Agreement&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
as of the Effective Date the Company desires to employ the Executive as its Senior Vice President and Chief Business Officer, and the
Executive desires to accept such employment, on the terms and conditions set forth in this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Company and the Executive have mutually agreed that, as of the Effective Date, this Agreement shall amend, restate and replace the
Prior Employment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE</B></FONT>, in consideration of the mutual promises and agreements contained herein, the Parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PURPOSE</B>.&nbsp;
The Company desires to avail itself of the services of the Executive as <B>Senior Vice President and Chief Business Officer</B>, and the
Executive desires to provide such services in accordance with the terms of this Agreement.&nbsp; The Parties agree that the duties and
obligations expected of the Executive and of the Company are as set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFFECTIVE
DATE AND TERM.</B>&nbsp; This Agreement shall be effective, and its term (the &#8220;Term&#8221;) shall commence as of the Effective Date.&nbsp;
The Term shall continue through and until December&nbsp;31, 2021 (the &#8220;Initial Term&#8221;), unless terminated sooner as provided
by this Agreement or extended by the Parties.&nbsp; The Term shall be automatically renewed for successive periods of one year each (each,
a &#8220;Renewal Term&#8221;), unless either Party gives to the other written notice of intent not to renew at least ninety (90) days
prior to the expiration of the Initial Term or any Renewal Term (a &#8220;Notice of Non-Renewal&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMPENSATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salary.</B>&nbsp;
During the Term, the Company shall pay or cause to be paid to the Executive, in installments pursuant to the Company&#8217;s payroll practices
as in effect from time to time, a base salary at a rate of $366,586 per annum or such greater amount as may from time to time be determined
by the Company (the &#8220;Base Salary&#8221;).&nbsp; The Base Salary shall be reviewed annually in accordance with the Company&#8217;s
compensation and review policies and, in the sole discretion of the Company, may be increased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual
Bonus</B>.&nbsp; With respect to each fiscal year of the Company that ends during the Term, the Executive shall be eligible to receive
an annual bonus having a target of 40% of the Executive&#8217;s then Base Salary (the &#8220;Annual Bonus&#8221;) (pro-rated for partial
years) based upon the Executive&#8217;s overall performance of the Services on behalf of the Company during such fiscal year.&nbsp; The
attainment of any applicable performance goals and the amount to be paid in respect of the Annual Bonus shall be determined by the Chief
Executive Officer (&#8220;CEO&#8221;) in good faith and in accordance with such written goals and policies as may be established from
time to time by the Company.&nbsp; The Annual Bonus shall be deemed to have been earned and accrued only upon the formal approval of the
CEO of the amount of the Annual Bonus following such determination. The Annual Bonus, if any, shall be payable as a lump-sum payment within
sixty (60) days immediately following the last day of the applicable fiscal year. The Board may delegate all or any of its obligations
under this Agreement to the Compensation Committee of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses.</B>&nbsp;
The Company shall reimburse the Executive for any travel, hotel, entertainment and other expenses reasonably incurred by the Executive
in furtherance of the Executive&#8217;s duties under this Agreement subject to and in accordance with the Company&#8217;s applicable travel
and expense reimbursement policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee
Benefits.&nbsp; </B>The Executive shall be entitled to participate in any and all employee benefit plans in effect from time to time that
are provided generally to employees of the Company (excluding severance plans, if any), and in any executive perquisite programs in effect
from time to time that provide benefits to other executives of the Company of comparable stature and with comparable duties and responsibilities,
in each case to the extent permissible under the general terms and provisions of such plans or programs and in accordance with the provisions
thereof. The Company may amend, modify or rescind any employee benefit plan or program and/or change employee contribution amounts to
benefit costs without notice in its discretion.&nbsp;&nbsp; The Executive shall, during the Term, be entitled to paid time off in accordance
with applicable Company policies in effect from time to time, in addition to public holidays observed by the Company.&nbsp; The Executive
shall be entitled to twenty (20) business days of vacation each year (increasing to twenty five (25) business days after ten (10)&nbsp;years
of service as an employee of the Company (including employment with any subsidiary of the Company)).&nbsp; The Executive shall be entitled
to carry any unused vacation days over to the next calendar year.&nbsp; However, in no event will Executive&#8217;s accrued but unused
vacation exceed 40 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Directors&#8217; and Officers&#8217; Liability Insurance</B>.&nbsp; The Company shall indemnify the Executive to the fullest extent
permitted under its by-laws.&nbsp; During the Term, the Company shall acquire and pay for directors&#8217; and officers&#8217; liability
insurance coverage for its senior executive officers, and the Executive shall be named as a covered officer under such policy during the
Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DUTIES
OF THE EXECUTIVE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duties.</B>&nbsp;
During the Term, the Executive shall hold the title of <B>Senior Vice President, and Chief Business Officer</B>, shall report directly
to the CEO and shall perform such duties as the Company may reasonably require and shall use his best efforts to carry into effect the
directions of the CEO. During the Term, the Executive shall be bound by, and comply fully with, all of the Company&#8217;s policies and
procedures in place from time to time for employees and, to the extent applicable, officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representation.</B>&nbsp;
During the Term, the Executive shall well and faithfully serve the Company and use the Executive&#8217;s best efforts to promote the interests
of the Company.&nbsp; The Executive shall at all times give the Company the full benefit of his knowledge, expertise, technical skill
and ingenuity in the performance of his duties and exercise of his powers and authority in the capacity or capacities described in <U>Section&nbsp;4(A</U>)&nbsp;hereof,
as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time
Devoted by Executive.</B>&nbsp; The Executive agrees to devote substantially all of the Executive&#8217;s time and attention during business
hours and such additional time and attention as may reasonably be required to perform his duties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESTRICTIONS
ON THE EXECUTIVE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Disclosure
of Confidential Information.</B>&nbsp; All information learned or developed by the Executive during the course of the Executive&#8217;s
employment by the Company or any subsidiary thereof will be deemed &#8220;Confidential Information&#8221; under the terms of this Agreement.&nbsp;
Examples of Confidential Information include, but are not limited to, business, scientific and technical information owned or controlled
by the Company, including the Company&#8217;s business plans and strategies; business operations and systems; information concerning employees,
customers, partners and/or licensees; patent applications; trade secrets; inventions; ideas; procedures; formulations; processes; formulae;
data and all other information of any nature whatsoever which relate to the Company&#8217;s business, science, technology and/or products.&nbsp;
In addition, Confidential Information shall include, but not be limited to, all information which the Company may receive from third parties.&nbsp;
The Executive will not disclose to any person at any time or use in any way, except as directed by the Company, either during or after
the employment of the Executive by the Company, any Confidential Information.&nbsp; The foregoing restrictions shall not apply to information
which is or becomes part of the public domain though no act or failure to act by the Executive.&nbsp; In addition to the foregoing, in the process of the
Executive&#8217;s employment with the Company, or thereafter, under no condition is the Executive to use or disclose to the Company, or
incorporate or use in any of his work for the Company, any confidential information imparted to the Executive or with which he may have
come into contact while in the employ of his former employer(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">Executive acknowledges receipt of the following notice
under the Defend Trade Secrets Act:&nbsp; An individual will not be held criminally or civilly liable under any federal or state trade
secret law for the disclosure of a trade secret if he/she (i)&nbsp;makes such disclosure in confidence to a Federal, State, or local government
official, either directly or indirectly, or to an attorney and such disclosure is made solely for the purpose of reporting or investigating
a suspected violation of law; or (ii)&nbsp;such disclosure was made in a complaint or other document filed in a lawsuit or other proceeding
if such filing is made under seal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventions.</B>&nbsp;
The term &#8220;Invention&#8221; means any invention, discovery, improvement, apparatus, implement, process, compound, composition or
formula, whether or not patentable, conceived or reduced to practice, in whole or in part, by the Executive (alone, or jointly with others)
during any term of his employment by the Company and twelve (12) months thereafter which directly or indirectly relates to the business,
science, technology or products of the Company and /or any Confidential Information.&nbsp; The Executive will keep, on behalf of the Company,
complete, accurate, and authentic accounts, notes, data, and records (&#8220;Records&#8221;) of each and every Invention, which Records
will, at all times, be the property of the Company.&nbsp; The Executive will comply with the directions of the Company with respect to
the manner and form of keeping or surrendering Records and will surrender to the Company all Records at the end of the Executive&#8217;s
term of employment by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">Each Invention will be the sole and exclusive property
of the Company. The Executive will, at the request of the Company, make application in due form for United States letters patent and foreign
letters patent (each, a &#8220;Patent&#8221;) on any Invention and execute any necessary documents in connection with the Patents.&nbsp;
The Executive will assign and transfer to the Company all right, title, and interest of the Executive in any Patents or Patent applications.&nbsp;
The Executive agrees to cooperate with any actions necessary to continue, renew or retain the Patents.&nbsp; The Company will bear the
entire expense of applying for and obtaining the Patents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">For one year after the termination of the term
of the Executive&#8217;s employment by the Company, the Executive will not file any applications for Patents on any Invention other than
those filed at the request of and on behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">The Executive, as a condition of his employment,
hereby represents that, to the best of his knowledge, there is not as of the date of this Agreement any agreement or obligation outstanding
with or to any of his former employers or other party, which would restrict, limit or in any way prohibit all or any portion of his work
or employment, nor is there in his possession any confidential information used by any of his former employers or any other party (except
as may have been revealed in generally available publications or otherwise made publicly available).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Competition;
Non-Solicitation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT><B>&nbsp;&nbsp;Non-Competition.</B>&nbsp;
During the Term, without the consent of the Board of Directors (the &#8220;Board&#8221;), and thereafter as specifically provided in Subsection
6.A.(2), 6.B.(4)&nbsp;or 6.C.(2), the Executive may not directly or indirectly engage in, or have any interest in, any business (whether
as employee, officer, director, agent, security holder, creditor, consultant, or otherwise) that competes with the vaccine and/or antibody
business of the Company or any subsidiary thereof (as such business may exist during the Term).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT><B>&nbsp;&nbsp;Non-Solicitation
of Employees.&nbsp; </B>During the Term, and thereafter as specifically provided in Subsection 6.A.(2), 6.B.(4)&nbsp;or 6.C.(2), the Executive
shall not, directly or indirectly induce or solicit any employee or independent contractor of the Company or any subsidiary thereof to
terminate his or her employment with the Company for the purpose of joining another company in which the Executive has an interest (whether
as an employee, officer, director, agent, security holder, creditor, consultant, or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Breach.</B>&nbsp;
The Executive acknowledges that there may be circumstances in which his breach of any covenant set forth in this Section&nbsp;5 could
cause substantial harm to the Company which may not be compensable by monetary damages alone, and which could potentially entitle the Company
to injunctive relief.&nbsp; However, by acknowledging this possibility, the Executive is not agreeing to waive his right to require the
Company to meet its evidentiary burdens as required by law in any cause of action brought by the Company seeking such injunctive relief.&nbsp;
The restrictions contained in Subsection 5.C. above shall not prohibit Executive from owning (beneficially or of record) less than 5%
of any class of equity or debt security issued by a publicly-held company, regardless of whether that publicly-held company is otherwise
a competitor of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TERMINATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination
for Cause by the Company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT><B>&nbsp;&nbsp;</B>This
Agreement and the Term may be terminated &#8220;for cause&#8221; by the Company pursuant to the provisions of this Subsection 6.A.&nbsp;
If the Company determines that &#8220;cause&#8221; exists for termination of the Executive&#8217;s employment, written notice thereof
must be given to the Executive describing the state of affairs or facts deemed by the Company to constitute such cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless the Company determines that the conduct constituting cause is
not curable, the Executive shall have thirty (30) days after receipt of such notice to cure the reason constituting cause and if the Executive
does so to the reasonable satisfaction of the Company, the Term shall not be terminated for the cause specified in the notice.&nbsp; During
such thirty (30) day period, the Term shall continue and the Executive shall continue to receive his full Base Salary, expenses and benefits
pursuant to this Agreement.&nbsp; If such cause is not cured to the Company&#8217;s reasonable satisfaction within such thirty (30) day
period, the Executive may then be immediately terminated by the Company.&nbsp; For purposes of this Agreement, the words &#8220;for cause&#8221;
or &#8220;cause&#8221; means (i)&nbsp;dishonest statements or acts of the Executive with respect to the Company or any subsidiary or other
affiliate of the Company; (ii)&nbsp;the commission by or indictment of the Executive for (A)&nbsp;a felony or (B)&nbsp;any misdemeanor
involving moral turpitude, deceit, dishonesty or fraud (indictment, for these purposes, meaning an indictment, probable cause hearing
or any other procedure pursuant to which an initial determination of probable or reasonable cause with respect to such offense is made);
or (iii)&nbsp;gross negligence, willful misconduct or insubordination of the Executive with respect to the Company or any subsidiary or
other affiliate of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT><B>&nbsp;&nbsp;</B>In
the event the Term is terminated by the Company for cause, the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall continue
to apply for one year after the conclusion of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT><B>&nbsp;&nbsp;</B>In
the event the Term is terminated by the Company for cause, the Executive&#8217;s entire right to salary and benefits hereunder (with the
exception of Base Salary and Annual Bonus (if any) earned and accrued prior to termination) shall cease upon such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination
Without Cause by the Company or for Good Reason by the Executive.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT><B>&nbsp;&nbsp;</B>The
Company shall have the right to terminate the Term, at any time, without cause upon ninety (90) days&#8217; written notice to the Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT><B>&nbsp;&nbsp;</B>The
Executive shall have the right to terminate the Term for good reason on thirty (30) days written notice to the Company.&nbsp; For purposes
of this Agreement, the words &#8220;for good reason&#8221; or &#8220;good reason&#8221; shall be limited to the following actions by the
Company without the Executive&#8217;s consent:&nbsp; (a)&nbsp;the assignment to the Executive of any duties or responsibilities that results
in a material diminution in the Executive&#8217;s position or function; <I>provided, however,</I> that a change in the Executive&#8217;s
title or reporting relationships shall not provide the basis for a termination with good reason unless he no longer reports directly to
the Chief Executive Officer or the Board; (b)&nbsp;a relocation of the Executive&#8217;s business office to a location more than fifty
(50) miles from the location in Hampton, New Jersey at which the Executive is working as of the Effective Date, except for required travel
by the Executive on the Company&#8217;s business to an extent substantially consistent with the Executive&#8217;s business travel obligations
as of the Effective Date; or (c)&nbsp;a material breach by the Company of any provision of this Agreement or any other material agreement
between the Executive and the Company concerning the terms and conditions of the Executive&#8217;s employment.&nbsp; Such a termination
by the Executive for good reason shall not be considered a resignation pursuant to Subsection 6.C.(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT><B>&nbsp;&nbsp;</B>In
the event the Term is terminated pursuant to Subsection 6.B.(1)&nbsp;or 6.B.(2), or in the event that the Term is terminated at the end
of the Initial Term or a Renewal Term in connection with the Company providing the Executive with a Notice of Non-Renewal effective in
connection with the expiration of the Initial Term or a Renewal Term, the Company shall pay the Executive as a severance benefit a lump
sum cash severance payment in an amount equal to 100% of the Executive&#8217;s then existing annual Base Salary (<I>i.e.</I>, twelve (12)
months of Base Salary) (the &#8220;Severance Payment&#8221;) plus Base Salary and Annual Bonus (if any) earned and accrued prior to termination.
In addition, if and to the extent the Executive timely elects to continue his health insurance employee benefits pursuant to COBRA, then
the Company will pay the Executive for a period of 18 months, commencing with the payroll date on or following the 63<FONT STYLE="font-size: 10pt">rd</FONT>
day after the last day of his employment with the Company, subject to the effectiveness of the Release (as defined below) a monthly amount,
payable in accordance with the Company&#8217;s regular payroll practices, equal to the applicable COBRA costs, subject to applicable tax
withholdings (the &#8220;Supplemental Payments&#8221;). The Severance Payment shall be paid within 10 days following the effectiveness
of the Release (as defined below); <U>provided</U>, <U>however</U>, that if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of
the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;) concerning payments to &#8220;specified employees,&#8221; to the
extent applicable, such payment shall be delayed until the first business day of the seventh month following the Executive&#8217;s termination
of employment and &#8220;separation from service&#8221; (within the meaning of Section&nbsp;409A of the Code).&nbsp; Further, in the event
that the Term is terminated pursuant to Subsection 6.B.(1)&nbsp;or 6.B.(2)&nbsp;only, 25% of the Executive&#8217;s outstanding, unvested
options, restricted stock and/or equity awards shall become fully and immediately vested.&nbsp; Notwithstanding any provisions of the
stock option plan or stock option agreement pursuant to which any stock options subject to the preceding sentence were granted to the
Executive, the Executive shall be entitled to exercise his vested equity awards until one year from the date of termination of employment
or the expiration of the stated period of the vested equity award, whichever period is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(4)</B></FONT><B>&nbsp;&nbsp;</B>In
the event the Term is terminated or the Executive&#8217;s employment with the Company terminates in a manner described in this Section&nbsp;6.B.,
the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall continue to apply for one year after the conclusion of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(5)</B></FONT><B>&nbsp;&nbsp;</B>Notwithstanding
any provision to the contrary contained herein, the Executive shall not be eligible or entitled to receive the Severance Payment, Supplemental
Payments or Change in Control Payment (as defined below) as applicable, unless he executes (and does not revoke during any applicable
revocation period) and delivers to the Company a separation agreement and release of claims, in such form prepared in good faith by the
Company and provided to the Executive to review no later than 10 days following the last day of his employment with the Company, within
55 days following his last day of employment with the Company (the &#8220;Release&#8221;).&nbsp; Notwithstanding anything to the contrary
contained herein, in the event such 55-day period covers more than one calendar year, the Severance Payment shall be paid in the second
calendar year (on the first regular pay date of such calendar year following the date that the Release becomes effective and is no longer
subject to revocation, unless a later date is required by Section&nbsp;6.B.(3)&nbsp;above), regardless of whether the Executive executes
and delivers the Release in the first or the second calendar year encompassed in such 55 day period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resignation
by the Executive.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT><B>&nbsp;&nbsp;</B>The
Executive shall have the right to terminate the Term, by way of resignation, upon ninety (90) days&#8217; written notice to the Company.&nbsp;
A termination by the Executive for good reason pursuant to Subsection 6.B.(2)&nbsp;shall not be considered a resignation pursuant to this
Subsection 6.C.(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT><B>&nbsp;&nbsp;</B>In
the event the Term is terminated pursuant to Subsection 6.C.(1), the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall continue
to apply for one year after the conclusion of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT><B>&nbsp;&nbsp;</B>In
the event the Term is terminated pursuant to Subsection 6.C.(1), the Executive&#8217;s entire right to salary and benefits hereunder (with
the exception of Base Salary and Annual Bonus earned and accrued prior to termination) shall cease upon such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination
Upon Change in Control.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT><B>&nbsp;&nbsp;</B>For
the purposes of this Agreement, a &#8220;Change in Control&#8221; shall mean any of the following events that occurs following the Effective
Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>An
acquisition (other than directly from the Company) of any voting securities of the Company (the &#8220;Voting Securities&#8221;) other
than in a &#8220;Non-Control Acquisition&#8221; (as defined below) by any &#8220;Person&#8221; (as the term &#8220;person&#8221; is used
for purposes of Section&nbsp;13(d)&nbsp;or 14(d)&nbsp;of the Securities Exchange Act of 1934, as amended, (the &#8220;1934 Act&#8221;))
which results in such Person first attaining &#8220;Beneficial Ownership&#8221; (within the meaning of Rule&nbsp;13d-3 promulgated under
the 1934 Act) of fifty-one percent (51%) or more of the combined voting power of the Company&#8217;s then outstanding Voting Securities.&nbsp;
For purposes of the foregoing, a &#8220;Non-Control Acquisition&#8221; shall mean an acquisition by (i)&nbsp;an employee benefit plan
(or a trust forming a part thereof) maintained by (x)&nbsp;the Company or (y)&nbsp;any corporation or other Person of which a majority
of its voting power or its equity securities or equity interest is owned directly or indirectly by the Company (a &#8220;Subsidiary&#8221;),
or (ii)&nbsp;the Company or any Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>The
individuals who, as of the date of this Agreement, were members of the Board (the &#8220;Incumbent Board&#8221;) cease for any reason
to constitute at least 66 2/3% of the Board; <I>provided, however,</I> that if the election, or a nomination for election by the Company&#8217;s
shareholders, of any new director was approved by a vote of at least 66 2/3% of the Incumbent Board, such new director shall be considered
as a member of the Incumbent Board; <I>provided further, however,</I> that no individual shall be considered a member of the Incumbent
Board if such individual initially assumed office as a result of either an actual or threatened &#8220;Election Contest&#8221; (as described
in Rule&nbsp;14a-11 promulgated under the 1934 Act) or other actual or threatened solicitation of the proxies or consents by or on behalf
of a Person other than the Board (a &#8220;Proxy Contest&#8221;) including by reason of any agreement intended to avoid or settle any
Election Contest or Proxy Contest; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>The
consummation of a transaction approved by the Company&#8217;s shareholders and involving:&nbsp; (1)&nbsp;a merger, consolidation or reorganization
in which the Company is a constituent corporation, unless (i)&nbsp;the shareholders of the Company, immediately before such merger, consolidation
or reorganization, own, directly or indirectly immediately following such merger, consolidation or reorganization, at least a majority
of the combined voting power of the outstanding voting securities of the corporation resulting from such merger, consolidation or reorganization
(the &#8220;Surviving Corporation&#8221;) in substantially the same proportion as their ownership of the voting securities immediately
before such merger, consolidation or reorganization, (ii)&nbsp;the individuals who were members of the Incumbent Board immediately prior
to the execution of the agreement providing for such merger, consolidation or reorganization constitute at least a majority of the members
of the board of directors of the Surviving Corporation, and (iii)&nbsp;no Person other than (w)&nbsp;the Company, (x)&nbsp;any Subsidiary,
(y)&nbsp;any employee benefit plan (or any trust forming a part thereof) maintained by the Company, the Surviving Corporation or any Subsidiary,
or (z)&nbsp;any Person who, immediately prior to such merger, consolidation or reorganization had Beneficial Ownership of fifty-one percent
(51%) or more of the then outstanding Voting Securities, has Beneficial Ownership of fifty-one percent (51%) or more of the combined voting
power of the Surviving Corporation&#8217;s then outstanding voting securities (a transaction described in clauses (i)&nbsp;and (ii)&nbsp;shall
herein be referred to as a &#8220;Non-Control Transaction&#8221;); (2)&nbsp;a complete liquidation or dissolution of the Company; or (3)&nbsp;an
agreement for the sale or other disposition of all or substantially all of the assets of the Company to any Person (other than a transfer
to a Subsidiary).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>Notwithstanding
the foregoing, a Change in Control shall not be deemed to occur solely because the level of Beneficial Ownership held by any Person (the
 &#8220;Subject Person&#8221;) exceeds the designated percentage threshold of the outstanding Voting Securities as a result of a repurchase
or other acquisition of Voting Securities by the Company reducing the number of shares outstanding, provided that if a Change in Control
would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the Company, and after such
share acquisition, the Subject Person becomes the Beneficial Owner of any additional Voting Securities which, assuming the repurchase
or other acquisition had not occurred, increases the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject
Person over the designated percentage threshold, then a Change in Control shall occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT><B>&nbsp;&nbsp;</B>In
the event of a termination of the Term pursuant to an event described in Section&nbsp;6.B. above, that occurs within a period of one year
immediately following a Change in Control, then this Section&nbsp;6.D. shall apply instead of Section&nbsp;6.B., and the Company shall
provide the Executive the following benefits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Amount:</B>&nbsp;
In addition to all compensation for services rendered by Executive to the Company up to the date of termination, the Company shall pay
to Executive a single lump-sum payment in an amount equal to (i)&nbsp;twenty-four (24) times Executive&#8217;s highest monthly base compensation
paid hereunder during the preceding twenty-four month period, plus (ii)&nbsp;150% of the highest one-year Annual Bonus actually received
by the Executive during the preceding two full fiscal years prior to the date of termination (such aggregate amount the &#8220;Change
in Control Payment&#8221;).&nbsp; The Change in Control Payment shall be paid within 10 days following the effectiveness of the Release;
<U>provided</U>, <U>however</U>, that if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of the Code concerning
payments to &#8220;specified employees,&#8221; to the extent applicable, such payment shall be delayed until the first business day of
the seventh month following the Executive&#8217;s termination of employment and &#8220;separation from service&#8221; (within the meaning
of Section&nbsp;409A of the Code).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Benefits:</B>&nbsp;
In addition to the payment described above, the Company shall provide the Executive with the Supplemental Payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Acceleration
of Options:</B>&nbsp; One hundred (100%) percent of the Executive&#8217;s outstanding, unvested options, restricted stock and/or equity
awards (&#8220;Equity Awards&#8221;) shall, immediately prior to the consummation of the Change in Control, become fully and immediately
vested to the extent not already so provided under the terms of such Equity Awards; provided, however, that if the acquirer in a Change
in Control grants Equity Awards having (in the reasonable opinion of the Board) a value at least equal to the value of Executive&#8217;s
then-unvested Company Equity Awards, then 50% of the Executive&#8217;s outstanding, unvested Company Equity Awards shall become fully
and immediately vested immediately prior to the consummation of the Change in Control (and the remaining 50% shall terminate upon the
consummation of the Change in Control).&nbsp; Notwithstanding any provisions of the stock option plan or stock option agreement pursuant
to which any stock options subject to the preceding sentence were granted, the Executive shall be entitled to exercise such Equity Awards
until three years from the date of termination of employment or the expiration of the stated period of the Equity Award, whichever period
is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(d)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Golden
Parachute Payment Provisions:</B>&nbsp; If any payment or benefit the Executive would receive pursuant to a Change in Control from the
Company or otherwise (including, without limitation, the acceleration of any Company Equity Awards) (&#8220;Payment&#8221;) would (i)&nbsp;constitute
a &#8220;parachute payment&#8221; within the meaning of Section&nbsp;280G of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;),
and (ii)&nbsp;but for this sentence, be subject to the excise tax imposed by Section&nbsp;4999 of the Code (the &#8220;Excise Tax&#8221;),
then such Payment shall be reduced to the Reduced Amount.&nbsp; The &#8220;Reduced Amount&#8221; shall be either (x)&nbsp;the largest
portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y)&nbsp;the largest portion,
up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment
taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in the Executive&#8217;s receipt,
on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to
the Excise Tax. If a reduction in payments or benefits constituting &#8220;parachute payments&#8221; is necessary so that the Payment
equals the Reduced Amount, reduction shall occur in the following order: reduction of cash payments; cancellation of accelerated vesting
of stock options or equity awards; reduction of employee benefits.&nbsp; In the event that acceleration of vesting of stock option or
equity award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant
of the Executive&#8217;s stock options or equity awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">The accounting firm engaged by the Company for
general audit purposes as of the day prior to the effective date of the Change in Control shall perform the foregoing calculations and
shall make all determinations relating to the reduction of parachute payments described in the foregoing paragraph.&nbsp; If the accounting
firm so engaged by the Company is also serving as accountant or auditor for the individual, entity or group effecting the Change in Control,
the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder.&nbsp; The Company shall
bear all expenses with respect to the determinations by such accounting firm required to be made hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">The accounting firm engaged to make the determinations
hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and the Executive within fifteen
(15) calendar days after the date on which the Executive&#8217;s right to a Payment is triggered (if requested at that time by the Company
or the Executive) or such other time as requested by the Company or the Executive.&nbsp; If the accounting firm determines that no Excise Tax is payable with respect
to a Payment, either before or after the application of the Reduced Amount, it shall furnish the Company and the Executive with an opinion
reasonably acceptable to the Executive that no Excise Tax will be imposed with respect to such Payment.&nbsp; Any good faith determinations
of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and the Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
for Disability.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)&nbsp;
</B></FONT>Should the Executive be absent from work as a result of personal injury, sickness or other disability for any continuous period
of time exceeding one hundred eighty (180) days, the Term may be terminated by the Company, upon written notice given to the Executive,
because of the Executive&#8217;s disability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)&nbsp;
</B></FONT>In the event the Term is terminated pursuant to Subsection 6.E.(1), the Company shall have no further obligation to the Executive
except to pay to the Executive any Base Salary or Annual Bonus earned and accrued but remaining unpaid prior to termination of the Term
(and to provide the Executive with the benefits under any disability insurance or disability benefits plan then-maintained by the Company
for the Executive&#8217;s benefit, in accordance with the terms and conditions of such plan).&nbsp; In addition, notwithstanding any provisions
of the stock option plan or stock option agreement pursuant to which any stock options were granted, the Executive shall be entitled to
exercise any of Executive&#8217;s stock options vested as of the final day of the Term until eighteen months from the final day of the
Term or the expiration of the stated period of the option, whichever period is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
Upon Death.</B>&nbsp; The Term shall terminate upon the death of the Executive and the Company shall have no further obligation to the
Executive or his estate except to pay the Executive&#8217;s estate any Base Salary or Annual Bonus earned and accrued but remaining unpaid
prior to his death.&nbsp; In addition, notwithstanding any provisions of the stock option plan or stock option agreement pursuant to which
any stock options were granted, the Executive&#8217;s estate shall be entitled to exercise any of Executive&#8217;s stock options vested
as of the final day of the Term until eighteen months from the final day of the Term or the expiration of the stated period of the option,
whichever period is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>MISCELLANEOUS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Notice.</B>&nbsp;
Any notice to be given hereunder shall either be delivered personally, sent by nationally recognized overnight courier service (with next
business day delivery requested) and/or sent by first class certified mail and regular mail.&nbsp; The address for service on the Company
shall be its registered office, and the address for service on the Executive shall be his last known place of residence.&nbsp; A notice
shall be deemed to have been served as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)&nbsp;
</B></FONT>if personally delivered, at the time of delivery;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)&nbsp;
</B></FONT>if sent by overnight courier service, at the end of the next business day; and/or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)&nbsp;
</B></FONT>if posted, at the expiration of 48 hours (10 days if international) after the envelope containing the same was delivered into
the custody of the postal authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Taxes.&nbsp;
</B>Any payments made pursuant to this Agreement shall be subject to any tax or similar withholding requirements under applicable federal,
state or local employment or income tax laws or similar statutes or other provisions of law then in effect.&nbsp; This Agreement is intended
to comply with the requirements of Section&nbsp;409A (&#8220;Section&nbsp;409A&#8221;) of the Code and the regulations thereunder (including,
as applicable, the exemptions and exceptions set forth therein).&nbsp; The payments provided for herein are intended to be exempt from
Section&nbsp;409A and to not constitute &#8220;nonqualified deferred compensation&#8221; as defined in Section&nbsp;409A.&nbsp; To the
extent that any provision in this Agreement is ambiguous as to its compliance with Section&nbsp;409A, the provision shall be interpreted
in a manner so that no payment due to the Executive shall be deemed subject to an &#8220;additional tax&#8221; within the meaning of Section&nbsp;409A(a)(1)(B)&nbsp;of
the Code.&nbsp; For purposes of Section&nbsp;409A, each payment made under this Agreement shall be treated as a separate payment. Notwithstanding
anything contained herein to the contrary, to the extent any payment under Section&nbsp;6 hereof is determined to constitute &#8220;nonqualified
deferred compensation&#8221; as defined in Section&nbsp;409A, the Executive shall not be considered
to have terminated employment with the Company for purposes of Section&nbsp;6 hereof unless the Executive has incurred a &#8220;termination
of employment&#8221; from the Company within the meaning of Treasury Regulation &sect;1.409A-1(h)(1)(ii)&nbsp;promulgated under Section&nbsp;409A
of the Code. Notwithstanding the foregoing, if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of the Code
concerning payments to &#8220;specified employees,&#8221; any payment made to the Executive pursuant to this Agreement on account of the
Executive&#8217;s separation from service that would otherwise be due hereunder within six months after such separation from service shall
nonetheless be delayed until the first business day of the seventh month following the Executive&#8217;s separation from service.&nbsp;
In no event may the Executive, directly or indirectly, designate the calendar year of any payment.&nbsp; All reimbursements provided under
this Agreement shall be made or provided in accordance with the requirements of Section&nbsp;409A, including, where applicable, the requirement
that (i)&nbsp;any reimbursement is for expenses incurred during the Executive&#8217;s lifetime (or during a shorter period of time specified
in this Agreement), (ii)&nbsp;the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible
for reimbursement in any other calendar year, (iii)&nbsp;the reimbursement of an eligible expense will be made on or before the last day
of the calendar year following the year in which the expense is incurred, and (iv)&nbsp;the right to reimbursement is not subject to liquidation
or exchange for another benefit.&nbsp; The Executive further acknowledges that, while this Agreement is intended to comply with Section&nbsp;409A,
any tax liability incurred by the Executive under Section&nbsp;409A is solely the responsibility of the Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Clawback.&nbsp;
</B>Any incentive-based or other compensation paid to the Executive under this Agreement or any other agreement or arrangement with the
Company which is subject to recovery under any law, government regulation or stock exchange listing requirement will be subject to such
deductions and/or clawback as may be required by such law, government regulation or stock exchange listing requirement.&nbsp; In addition,
if the Executive is or becomes an executive officer subject to the incentive compensation repayment requirements of the Dodd-Frank Wall
Street Reform and Consumer Protection Acts (the &#8220;Dodd-Frank Act&#8221;), then if required by the Dodd-Frank Act or any of its regulations
she will enter into an amendment to this Agreement or a separate written agreement with the Company to comply with the Dodd-Frank Act
and any of its regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Binding
Effect.</B>&nbsp; This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, personal
representatives, successors and assigns, provided that neither Party shall assign any of its rights or privileges hereunder without the
prior written consent of the other Party except that the Company may assign its rights hereunder to a successor in ownership of all or
substantially all the assets of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Severability.</B>&nbsp;
Should any part or provision of this Agreement be held unenforceable by a court of competent jurisdiction, the validity of the remaining
parts or provisions shall not be affected by such holding, unless such enforceability substantially impairs the benefit of the remaining
portions of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Waiver.</B>&nbsp;
No failure or delay on the part of either Party in the exercise of any right or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right or privilege preclude other or further exercise thereof or of any other right
of privilege.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>G.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Captions.</B>&nbsp;
The captions used in this Agreement are for convenience only and are not to be used in interpreting the obligations of the Parties under
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>H.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Choice
of Law; Jury Trial Waiver.</B>&nbsp; The validity, construction and performance of this Agreement and all matters directly or indirectly
arising hereunder shall be governed by the laws of the State of Delaware, without regard to choice of laws provisions, and the Company
and the Executive irrevocably consent to the exclusive jurisdiction and venue of the federal and state courts located within Delaware,
and courts with appellate jurisdiction therefrom, in connection with any matter based upon or arising out of this Agreement. &nbsp; THE
COMPANY AND THE EXECUTIVE HEREBY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY IN ANY ACTION CONCERNING THIS AGREEMENT OR ANY AND ALL
MATTERS ARISING DIRECTLY OR INDIRECTLY HEREFROM AND REPRESENT THAT THEY HAVE CONSULTED WITH COUNSEL OF THEIR CHOICE OR HAVE CHOSEN VOLUNTARILY
NOT TO DO SO SPECIFICALLY WITH RESPECT TO THIS WAIVER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Entire
Agreement.</B>&nbsp; This Agreement embodies the entire understanding of the Parties as it relates to the subject matter contained herein
and as such, supersedes any prior agreement or understanding between the Parties relating to the terms of employment of the Executive
(but not any option grant agreement issued by the Company to the Executive), including without limitation the Prior Employment Agreement.
No amendment or modification of this Agreement shall be valid or binding upon the Parties unless in writing executed by the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF,</B></FONT> the parties hereto have caused this Agreement to be duly executed as of the day and year first written above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CELLDEX THERAPEUTICS,&nbsp;INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Anthony Marucci</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Ronald A. Pepin, Ph.D.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RONALD A. PEPIN, PH.D.</B></FONT></TD></TR>
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<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>tm2120284d1_ex10-5.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
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<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.5</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This <B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT
</B>(the &#8220;Agreement&#8221;) is entered into on July 1, 2021 (the &#8220;Effective Date&#8221;), between <B>Sarah Cavanaugh</B> (the
 &#8220;Executive&#8221;) and CELLDEX THERAPEUTICS,&nbsp;INC., a Delaware corporation (the &#8220;Company&#8221;) (collectively, the Executive
and the Company shall be referred to as the &#8220;Parties&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>W I T N E S S E T H:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Executive has been employed by the Company as its Senior Vice President of Corporate Affairs and Administration pursuant to the terms
of an employment agreement dated June&nbsp;15, 2017 (the &#8220;Prior Employment Agreement&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
as of the Effective Date the Company desires to employ the Executive as its Senior Vice President of Corporate Affairs and Administration,
and the Executive desires to accept such employment, on the terms and conditions set forth in this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Company and the Executive have mutually agreed that, as of the Effective Date, this Agreement shall amend, restate and replace the
Prior Employment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE</B></FONT>, in consideration of the mutual promises and agreements contained herein, the Parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>PURPOSE</B>.&nbsp;
The Company desires to avail itself of the services of the Executive as Senior Vice President of Corporate Affairs and Administration,
and the Executive desires to provide such services in accordance with the terms of this Agreement.&nbsp; The Parties agree that the duties
and obligations expected of the Executive and of the Company are as set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>EFFECTIVE
DATE AND TERM.</B>&nbsp; This Agreement shall be effective, and its term (the &#8220;Term&#8221;) shall commence as of the Effective Date.&nbsp;
The Term shall continue through and until December&nbsp;31, 2021 (the &#8220;Initial Term&#8221;), unless terminated sooner as provided
by this Agreement or extended by the Parties.&nbsp; The Term shall be automatically renewed for successive periods of one year each (each,
a &#8220;Renewal Term&#8221;), unless either Party gives to the other written notice of intent not to renew at least ninety (90) days
prior to the expiration of the Initial Term or any Renewal Term (a &#8220;Notice of Non-Renewal&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>COMPENSATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Salary.</B>&nbsp;
During the Term, the Company shall pay or cause to be paid to the Executive, in installments pursuant to the Company&#8217;s payroll practices
as in effect from time to time, a base salary at a rate of $350,000 per annum or such greater amount as may from time to time be determined
by the Company (the &#8220;Base Salary&#8221;).&nbsp; The Base Salary shall be reviewed annually in accordance with the Company&#8217;s
compensation and review policies and, in the sole discretion of the Company, may be increased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Annual
Bonus</B>.&nbsp; With respect to each fiscal year of the Company that ends during the Term, the Executive shall be eligible to receive
an annual bonus having a target of 40% of the Executive&#8217;s then Base Salary (the &#8220;Annual Bonus&#8221;) based upon the Executive&#8217;s
overall performance of the Services on behalf of the Company during such fiscal year.&nbsp; The attainment of any applicable performance
goals and the amount to be paid in respect of the Annual Bonus shall be determined by the Chief Executive Officer (&#8220;CEO&#8221;)
in good faith and in accordance with such written goals and policies as may be established from time to time by the Company.&nbsp; The
Annual Bonus shall be deemed to have been earned and accrued only upon the formal approval of the CEO of the amount of the Annual Bonus
following such determination.&nbsp; The Annual Bonus, if any, shall be payable as a lump-sum payment within sixty (60) days immediately
following the last day of the applicable fiscal year.&nbsp; The Board may delegate all or any of its obligations under this Agreement
to the Compensation Committee of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Expenses.</B>&nbsp;
The Company shall reimburse the Executive for any travel, hotel, entertainment and other expenses reasonably incurred by the
Executive in furtherance of the Executive&#8217;s duties under this Agreement subject to and in accordance with the Company&#8217;s
applicable travel and expense reimbursement policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Employee
Benefits.&nbsp; </B>The Executive shall be entitled to participate in any and all employee benefit plans in effect from time to time that
are provided generally to employees of the Company (excluding severance plans, if any), and in any executive perquisite programs in effect
from time to time that provide benefits to other executives of the Company of comparable stature and with comparable duties and responsibilities,
in each case to the extent permissible under the general terms and provisions of such plans or programs and in accordance with the provisions
thereof.&nbsp; The Company may amend, modify or rescind any employee benefit plan or program and/or change employee contribution amounts
to benefit costs without notice in its discretion.&nbsp; The Executive shall, during the Term, be entitled to paid time off in accordance
with applicable Company policies in effect from time to time, in addition to public holidays observed by the Company.&nbsp; The Executive
shall be entitled to twenty (20) business days of vacation each year (increasing to twenty five (25) business days after ten (10)&nbsp;years
of service as an employee of the Company (including employment with any subsidiary of the Company)).&nbsp; The Executive shall be entitled
to carry any unused vacation days over to the next calendar year.&nbsp; However, in no event will Executive&#8217;s accrued but unused
vacation exceed 40 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Directors&#8217;
and Officers&#8217; Liability Insurance</B>.&nbsp; The Company shall indemnify the Executive to the fullest extent permitted under its
by-laws.&nbsp; During the Term, the Company shall acquire and pay for directors&#8217; and officers&#8217; liability insurance coverage
for its senior executive officers, and the Executive shall be named as a covered officer under such policy during the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>DUTIES
OF THE EXECUTIVE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Duties.</B>&nbsp;
During the Term, the Executive shall hold the title of Senior Vice President of Corporate Affairs and Administration and shall perform
such duties as the Company may reasonably require and shall use her best efforts to carry into effect the directions of Company senior
management.&nbsp; The Executive shall report to the CEO or any other officer of the Company that the CEO or the Board of Directors (the
 &#8220;Board&#8221;) shall designate from time to time.&nbsp; During the Term, the Executive shall be bound by, and comply fully with,
all of the Company&#8217;s policies and procedures in place from time to time for employees and, to the extent applicable, officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Representation.</B>&nbsp;
During the Term, the Executive shall well and faithfully serve the Company and use the Executive&#8217;s best efforts to promote the interests
of the Company.&nbsp; The Executive shall at all times give the Company the full benefit of her knowledge, expertise, technical skill
and ingenuity in the performance of her duties and exercise of her powers and authority in the capacity or capacities described in <U>Section&nbsp;4(A</U>)&nbsp;hereof,
as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Time
Devoted by Executive.</B>&nbsp; The Executive agrees to devote substantially all of the Executive&#8217;s time and attention during business
hours and such additional time and attention as may reasonably be required to perform her duties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>RESTRICTIONS
ON THE EXECUTIVE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Non-Disclosure
of Confidential Information.</B>&nbsp; All information learned or developed by the Executive during the course of the
Executive&#8217;s employment by the Company or any subsidiary thereof will be deemed &#8220;Confidential Information&#8221; under
the terms of this Agreement.&nbsp; Examples of Confidential Information include, but are not limited to, business, scientific and
technical information owned or controlled by the Company, including the Company&#8217;s business plans and strategies; business
operations and systems; information concerning employees, customers, partners and/or licensees; patent applications; trade secrets;
inventions; ideas; procedures; formulations; processes; formulae; data and all other information of any nature whatsoever which
relate to the Company&#8217;s business, science, technology and/or products.&nbsp; In addition, Confidential Information shall
include, but not be limited to, all information which the Company may receive from third parties.&nbsp; The Executive will not
disclose to any person at any time or use in any way, except as directed by the Company, either during or after the employment of
the Executive by the Company, any Confidential Information.&nbsp; The foregoing restrictions shall not apply to information which is
or becomes part of the public domain though no act or failure to act by the Executive.&nbsp; In addition to the foregoing, in the
process of the Executive&#8217;s employment with the Company, or thereafter, under no condition is the Executive to use or disclose
to the Company, or incorporate or use in any of her work for the Company, any confidential information imparted to the Executive or
with which she may have come into contact while in the employ of her former employer(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">Executive acknowledges receipt of the following
notice under the Defend Trade Secrets Act:&nbsp; An individual will not be held criminally or civilly liable under any federal or state
trade secret law for the disclosure of a trade secret if he/she (i)&nbsp;makes such disclosure in confidence to a Federal, State, or local
government official, either directly or indirectly, or to an attorney and such disclosure is made solely for the purpose of reporting
or investigating a suspected violation of law; or (ii)&nbsp;such disclosure was made in a complaint or other document filed in a lawsuit
or other proceeding if such filing is made under seal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Inventions.</B>&nbsp;
The term &#8220;Invention&#8221; means any invention, discovery, improvement, apparatus, implement, process, compound, composition or
formula, whether or not patentable, conceived or reduced to practice, in whole or in part, by the Executive (alone, or jointly with others)
during any term of her employment by the Company and twelve (12) months thereafter which directly or indirectly relates to the business,
science, technology or products of the Company and/or any Confidential Information.&nbsp; The Executive will keep, on behalf of the Company,
complete, accurate, and authentic accounts, notes, data, and records (&#8220;Records&#8221;) of each and every Invention, which Records
will, at all times, be the property of the Company.&nbsp; The Executive will comply with the directions of the Company with respect to
the manner and form of keeping or surrendering Records and will surrender to the Company all Records at the end of the Executive&#8217;s
term of employment by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">Each Invention will be the sole and exclusive property
of the Company. The Executive will, at the request of the Company, make application in due form for United States letters patent and foreign
letters patent (each, a &#8220;Patent&#8221;) on any Invention and execute any necessary documents in connection with the Patents.&nbsp;
The Executive will assign and transfer to the Company all right, title, and interest of the Executive in any Patents or Patent applications.&nbsp;
The Executive agrees to cooperate with any actions necessary to continue, renew or retain the Patents.&nbsp; The Company will bear the
entire expense of applying for and obtaining the Patents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
one year after the termination of the term of the Executive&#8217;s employment by the Company, the Executive will not file any applications
for Patents on any Invention other than those filed at the request of and on behalf of the Company.</FONT> The Executive, as a condition
of her employment, hereby represents that, to the best of her knowledge, there is not as of the date of this Agreement any agreement or
obligation outstanding with or to any of her former employers or other party, which would restrict, limit or in any way prohibit all or
any portion of her work or employment, nor is there in her possession any confidential information used by any of her former employers
or any other party (except as may have been revealed in generally available publications or otherwise made publicly available).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Non-Competition;
Non-Solicitation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
<B>Non-Competition.</B>&nbsp; During the Term, without the consent of the Board, and thereafter as specifically provided in Subsection
6.A.(2), 6.B.(4)&nbsp;or 6.C.(2), the Executive may not directly or indirectly engage in, or have any interest in, any business (whether
as employee, officer, director, agent, security holder, creditor, consultant, or otherwise) that competes with the vaccine and/or antibody
business of the Company or any subsidiary thereof (as such business may exist during the Term).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
<B>Non-Solicitation of Employees.&nbsp; </B>During the Term, and thereafter as specifically provided in Subsection 6.A.(2), 6.B.(4)&nbsp;or
6.C.(2), the Executive shall not, directly or indirectly induce or solicit any employee or independent contractor of the Company or any
subsidiary thereof to terminate her or her employment with the Company for the purpose of&nbsp; joining another company in which the Executive
has an interest (whether as an employee, officer, director, agent, security holder, creditor, consultant, or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Breach.</B>&nbsp;
The Executive acknowledges that there may be circumstances in which her breach of any covenant set forth in this Section&nbsp;5
could cause substantial harm to the Company which may not be compensable by monetary damages alone, and which could potentially
entitle the Company to injunctive relief.&nbsp; However, by acknowledging this possibility, the Executive is not agreeing to waive
her right to require the Company to meet its evidentiary burdens as required by law in any cause of action brought by the Company
seeking such injunctive relief.&nbsp; The restrictions contained in Subsection 5.C. above shall not prohibit Executive from owning
(beneficially or of record) less than 5% of any class of equity or debt security issued by a publicly-held company, regardless of
whether that publicly-held company is otherwise a competitor of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>TERMINATION.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
for Cause by the Company.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
This Agreement and the Term may be terminated &#8220;for cause&#8221; by the Company pursuant to the provisions of this Subsection 6.A.&nbsp;
If the Company determines that &#8220;cause&#8221; exists for termination of the Executive&#8217;s employment, written notice thereof
must be given to the Executive describing the state of affairs or facts deemed by the Company to constitute such cause.&nbsp; Unless the
Company determines that the conduct constituting cause is not curable, the Executive shall have thirty (30) days after receipt of such
notice to cure the reason constituting cause and if the Executive does so to the reasonable satisfaction of the Company, the Term shall
not be terminated for the cause specified in the notice.&nbsp; During such thirty (30) day period, the Term shall continue and the Executive
shall continue to receive her full Base Salary, expenses and benefits pursuant to this Agreement.&nbsp; If such cause is not cured to
the Company&#8217;s reasonable satisfaction within such thirty (30) day period, the Executive may then be immediately terminated by the
Company.&nbsp; For purposes of this Agreement, the words &#8220;for cause&#8221; or &#8220;cause&#8221; means (i)&nbsp;dishonest statements
or acts of the Executive with respect to the Company or any subsidiary or other affiliate of the Company; (ii)&nbsp;the commission by
or indictment of the Executive for (A)&nbsp;a felony or (B)&nbsp;any misdemeanor involving moral turpitude, deceit, dishonesty or fraud
(indictment, for these purposes, meaning an indictment, probable cause hearing or any other procedure pursuant to which an initial determination
of probable or reasonable cause with respect to such offense is made); or (iii)&nbsp;gross negligence, willful misconduct or insubordination
of the Executive with respect to the Company or any subsidiary or other affiliate of the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
In the event the Term is terminated by the Company for cause, the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall continue
to apply for one year after the conclusion of the Term.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>&nbsp;
In the event the Term is terminated by the Company for cause, the Executive&#8217;s entire right to salary and benefits hereunder (with
the exception of Base Salary and Annual Bonus (if any) earned and accrued prior to termination) shall cease upon such termination.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
Without Cause by the Company or for Good Reason by the Executive.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
The Company shall have the right to terminate the Term, at any time, without cause upon ninety (90) days&#8217; written notice to the
Executive.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
The Executive shall have the right to terminate the Term for good reason on thirty (30) days written notice to the Company.&nbsp; For
purposes of this Agreement, the words &#8220;for good reason&#8221; or &#8220;good reason&#8221; shall be limited to the following actions
by the Company without the Executive&#8217;s consent:&nbsp; (a)&nbsp;the assignment to the Executive of any duties or responsibilities
that results in a material diminution in the Executive&#8217;s position or function; <I>provided, however,</I> that a change in the Executive&#8217;s
title or reporting relationships shall not provide the basis for a termination with good reason; (b)&nbsp;a relocation of the Executive&#8217;s
business office to a location more than fifty (50) miles from the location in Needham, Massachusetts at which the Executive is working
as of the Effective Date, except for required travel by the Executive on the Company&#8217;s business to an extent substantially consistent
with the Executive&#8217;s business travel obligations as of the Effective Date; or (c)&nbsp;a material breach by the Company of any provision
of this Agreement or any other material agreement between the Executive and the Company concerning the terms and conditions of the Executive&#8217;s
employment.&nbsp; Such a termination by the Executive for good reason shall not be considered a resignation pursuant to Subsection 6.C.(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>&nbsp;
In the event the Term is terminated pursuant to Subsection 6.B.(1)&nbsp;or 6.B.(2), or in the event that the Term is terminated at
the end of the Initial Term or a Renewal Term in connection with the Company providing the Executive with a Notice of Non-Renewal
effective in connection with the expiration of the Initial Term or a Renewal Term, the Company shall pay the Executive as a
severance benefit a lump sum cash severance payment in an amount equal to 100% of the Executive&#8217;s then existing annual Base
Salary (<I>i.e.</I>, twelve (12) months of Base Salary) (the &#8220;Severance Payment&#8221;) plus Base Salary and Annual Bonus (if
any) earned and accrued prior to termination.&nbsp; In addition, if and to the extent the Executive timely elects to continue her
health insurance employee benefits pursuant to COBRA, then the Company will pay the Executive for a period of 18 months, commencing
with the payroll date on or following the 63rd day after the last day of her employment with the Company, subject to the
effectiveness of the Release (as defined below) a monthly amount, payable in accordance with the Company&#8217;s regular payroll
practices, equal to the applicable COBRA costs, subject to applicable tax withholdings (the &#8220;Supplemental
Payments&#8221;).&nbsp; The Severance Payment shall be paid within 10 days following the effectiveness of the Release (as defined
below); <U>provided</U>, <U>however</U>, that if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of the
Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;) concerning payments to &#8220;specified employees,&#8221; to the
extent applicable, such payment shall be delayed until the first business day of the seventh month following the Executive&#8217;s
termination of employment and &#8220;separation from service&#8221; (within the meaning of Section&nbsp;409A of the Code).&nbsp;
Notwithstanding any provisions of the stock option plan or stock option agreement pursuant to which any stock options were granted
to the Executive, the Executive shall be entitled to exercise her vested equity awards until one year from the date of termination
of employment or the expiration of the stated period of the vested equity award, whichever period is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(4)</B></FONT>&nbsp;
In the event the Term is terminated or the Executive&#8217;s employment with the Company terminates in a manner described in this Section&nbsp;6.B.,
the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall continue to apply for one year after the conclusion of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(5)</B></FONT>&nbsp;
Notwithstanding any provision to the contrary contained herein, the Executive shall not be eligible or entitled to receive the Severance
Payment, Supplemental Payments or Change in Control Payment (as defined below), as applicable, unless she executes (and does not revoke
during any applicable revocation period) and delivers to the Company a separation agreement and release of claims, in such form prepared
in good faith by the Company and provided to the Executive to review no later than 10 days following the last day of her employment with
the Company, within 55 days following her last day of employment with the Company (the &#8220;Release&#8221;).&nbsp; Notwithstanding anything
to the contrary contained herein, in the event such 55-day period covers more than one calendar year, the Severance Payment shall be paid
in the second calendar year (on the first regular pay date of such calendar year following the date that the Release becomes effective
and is no longer subject to revocation, unless a later date is required by Section&nbsp;6.B.(3)&nbsp;above), regardless of whether the
Executive executes and delivers the Release in the first or the second calendar year encompassed in such 55-day period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Resignation
by the Executive.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
The Executive shall have the right to terminate the Term, by way of resignation, upon ninety (90) days&#8217; written notice to the Company.&nbsp;
A termination by the Executive for good reason pursuant to Subsection 6.B.(2)&nbsp;shall not be considered a resignation pursuant to this
Subsection 6.C.(1).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
In the event the Term is terminated pursuant to Subsection 6.C.(1), the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall
continue to apply for one year after the conclusion of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>&nbsp;
In the event the Term is terminated pursuant to Subsection 6.C.(1), the Executive&#8217;s entire right to salary and benefits hereunder
(with the exception of Base Salary and Annual Bonus earned and accrued prior to termination) shall cease upon such termination.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
Upon Change in Control.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
For the purposes of this Agreement, a &#8220;Change in Control&#8221; shall mean any of the following events that occurs following the
Effective Date:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>An
acquisition (other than directly from the Company) of any voting securities of the Company (the &#8220;Voting Securities&#8221;)
other than in a &#8220;Non-Control Acquisition&#8221; (as defined below) by any &#8220;Person&#8221; (as the term
 &#8220;person&#8221; is used for purposes of Section&nbsp;13(d)&nbsp;or 14(d)&nbsp;of the Securities Exchange Act of 1934, as
amended, (the &#8220;1934 Act&#8221;)) which results in such Person first attaining &#8220;Beneficial Ownership&#8221; (within the
meaning of Rule&nbsp;13d-3 promulgated under the 1934 Act) of fifty-one percent (51%) or more of the combined voting power of the
Company&#8217;s then outstanding Voting Securities.&nbsp; For purposes of the foregoing, a &#8220;Non-Control Acquisition&#8221;
shall mean an acquisition by (i)&nbsp;an employee benefit plan (or a trust forming a part thereof) maintained by (x)&nbsp;the
Company or (y)&nbsp;any corporation or other Person of which a majority of its voting power or its equity securities or equity
interest is owned directly or indirectly by the Company (a &#8220;Subsidiary&#8221;), or (ii)&nbsp;the Company or any
Subsidiary.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
individuals who, as of the date of this Agreement, were members of the Board (the &#8220;Incumbent Board&#8221;) cease for any reason
to constitute at least 66 2/3% of the Board; <I>provided, however,</I> that if the election, or a nomination for election by the Company&#8217;s
shareholders, of any new director was approved by a vote of at least 66 2/3% of the Incumbent Board, such new director shall be considered
as a member of the Incumbent Board; <I>provided further, however,</I> that no individual shall be considered a member of the Incumbent
Board if such individual initially assumed office as a result of either an actual or threatened &#8220;Election Contest&#8221; (as described
in Rule&nbsp;14a-11 promulgated under the 1934 Act) or other actual or threatened solicitation of the proxies or consents by or on behalf
of a Person other than the Board (a &#8220;Proxy Contest&#8221;) including by reason of any agreement intended to avoid or settle any
Election Contest or Proxy Contest; or</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
consummation of a transaction approved by the Company&#8217;s shareholders and involving:&nbsp; (1)&nbsp;a merger, consolidation or reorganization
in which the Company is a constituent corporation, unless (i)&nbsp;the shareholders of the Company, immediately&nbsp; before such merger,
consolidation or reorganization, own, directly or indirectly immediately following such merger, consolidation or reorganization, at least
a majority of the combined voting power of the outstanding voting securities of the corporation resulting from such merger, consolidation
or reorganization (the &#8220;Surviving Corporation&#8221;) in substantially&nbsp; the same proportion as their ownership of the voting
securities immediately before such merger, consolidation or reorganization, (ii)&nbsp;the individuals who were members of the Incumbent
Board immediately prior to the execution of the agreement providing for such merger, consolidation or reorganization constitute at least
a majority of the members of the board of directors of the Surviving Corporation, and (iii)&nbsp;no Person other than (w)&nbsp;the Company,
(x)&nbsp;any Subsidiary, (y)&nbsp;any employee benefit plan (or any trust forming a part thereof) maintained by the Company, the Surviving
Corporation or any Subsidiary, or (z)&nbsp;any Person who, immediately prior to such merger, consolidation or reorganization had Beneficial
Ownership of fifty-one percent (51%) or more of the then outstanding Voting Securities, has Beneficial Ownership of fifty-one percent
(51%) or more of the combined voting power of the Surviving Corporation&#8217;s then outstanding voting securities (a transaction described
in clauses (i)&nbsp;and (ii)&nbsp;shall herein be referred to as a &#8220;Non-Control Transaction&#8221;); (2)&nbsp;a complete liquidation
or dissolution of the Company; or (3)&nbsp;an agreement for the sale or other disposition of all or substantially all of the assets of
the Company to any Person (other than a transfer to a Subsidiary).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(d)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notwithstanding
the foregoing, a Change in Control shall not be deemed to occur solely because the level of Beneficial Ownership held by any Person (the
 &#8220;Subject Person&#8221;) exceeds the designated percentage threshold of the outstanding Voting Securities as a result of a repurchase
or other acquisition of Voting Securities by the Company reducing the number of shares outstanding, provided that if a Change in Control
would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the Company, and after such
share acquisition, the Subject Person becomes the Beneficial Owner of any additional Voting Securities which, assuming the repurchase
or other acquisition had not occurred, increases the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject
Person over the designated percentage threshold, then a Change in Control shall occur.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
In the event of a termination of the Term pursuant to an event described in Section&nbsp;6.B. above, that occurs within a period of one
year immediately following a Change in Control, then this Section&nbsp;6.D. shall apply instead of Section&nbsp;6.B., and the Company
shall provide the Executive the following benefits:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Amount:</B>&nbsp;
In addition to all compensation for services rendered by Executive to the Company up to the date of termination, the Company shall
pay to Executive a single lump-sum payment in an amount equal to (i)&nbsp;twenty-four (24) times Executive&#8217;s highest monthly
base compensation paid hereunder during the preceding twenty-four month period, plus (ii)&nbsp;150% of the highest one-year Annual
Bonus actually received by the Executive during the preceding two full fiscal years prior to the date of termination (such aggregate
amount the &#8220;Change in Control Payment&#8221;).&nbsp; The Change in Control Payment shall be paid within 10 days following the
effectiveness of the Release; <U>provided</U>, <U>however</U>, that if necessary to comply with the restriction in
Section&nbsp;409A(a)(2)(B)&nbsp;of the Code concerning payments to &#8220;specified employees,&#8221; to the extent applicable, such
payment shall be delayed until the first business day of the seventh month following the Executive&#8217;s termination of employment
and &#8220;separation from service&#8221; (within the meaning of Section&nbsp;409A of the Code).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Benefits:</B>&nbsp;
In addition to the payment described above, the Company shall provide the Executive with the Supplemental Payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Acceleration
of Options:</B>&nbsp; One hundred (100%) percent of the Executive&#8217;s outstanding, unvested options, restricted stock and/or equity
awards (&#8220;Equity Awards&#8221;) shall, immediately prior to the consummation of the Change in Control, become fully and immediately
vested to the extent not already so provided under the terms of such Equity Awards; provided, however, that if the acquirer in a Change
in Control grants Equity Awards having (in the reasonable opinion of the Board) a value at least equal to the value of Executive&#8217;s
then-unvested Company Equity Awards, then 50% of the Executive&#8217;s outstanding, unvested Company Equity Awards shall become fully
and immediately vested immediately prior to the consummation of the Change in Control (and the remaining 50% shall terminate upon the
consummation of the Change in Control).&nbsp; Notwithstanding any provisions of the stock option plan or stock option agreement pursuant
to which any stock options subject to the preceding sentence were granted, the Executive shall be entitled to exercise such Equity Awards
until three years from the date of termination of employment or the expiration of the stated period of the Equity Award, whichever period
is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(d)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Golden
Parachute Payment Provisions:</B>&nbsp; If any payment or benefit the Executive would receive pursuant to a Change in Control from the
Company or otherwise (including, without limitation, the acceleration of any Company Equity Awards) (&#8220;Payment&#8221;) would (i)&nbsp;constitute
a &#8220;parachute payment&#8221; within the meaning of Section&nbsp;280G of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;),
and (ii)&nbsp;but for this sentence, be subject to the excise tax imposed by Section&nbsp;4999 of the Code (the &#8220;Excise Tax&#8221;),
then such Payment shall be reduced to the Reduced Amount.&nbsp; The &#8220;Reduced Amount&#8221; shall be either (x)&nbsp;the largest
portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y)&nbsp;the largest portion,
up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment
taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in the Executive&#8217;s receipt,
on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to
the Excise Tax. If a reduction in payments or benefits constituting &#8220;parachute payments&#8221; is necessary so that the Payment
equals the Reduced Amount, reduction shall occur in the following order: reduction of cash payments; cancellation of accelerated vesting
of stock options or equity awards; reduction of employee benefits.&nbsp; In the event that acceleration of vesting of stock option or
equity award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant
of the Executive&#8217;s stock options or equity awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">The accounting firm engaged by the Company for
general audit purposes as of the day prior to the effective date of the Change in Control shall perform the foregoing calculations and
shall make all determinations relating to the reduction of parachute payments described in the foregoing paragraph.&nbsp; If the accounting
firm so engaged by the Company is also serving as accountant or auditor for the individual, entity or group effecting the Change in Control,
the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder.&nbsp; The Company shall
bear all expenses with respect to the determinations by such accounting firm required to be made hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">The accounting firm engaged to make the determinations
hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and the Executive within fifteen
(15) calendar days after the date on which the Executive&#8217;s right to a Payment is triggered (if requested at that time by the Company
or the Executive) or such other time as requested by the Company or the Executive.&nbsp; If the accounting firm determines that no Excise
Tax is payable with respect to a Payment, either before or after the application of the Reduced Amount, it shall furnish the Company and
the Executive with an opinion reasonably acceptable to the Executive that no Excise Tax will be imposed with respect to such Payment.&nbsp;
Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and the Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
for Disability.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
Should the Executive be absent from work as a result of personal injury, sickness or other disability for any continuous period of time
exceeding one hundred eighty (180) days, the Term may be terminated by the Company, upon written notice given to the Executive, because
of the Executive&#8217;s disability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
In the event the Term is terminated pursuant to Subsection 6.E.(1), the Company shall have no further obligation to the Executive except
to pay to the Executive any Base Salary or Annual Bonus earned and accrued but remaining unpaid prior to termination of the Term (and
to provide the Executive with the benefits under any disability insurance or disability benefits plan then-maintained by the Company for
the Executive&#8217;s benefit, in accordance with the terms and conditions of such plan).&nbsp; In addition, notwithstanding any provisions
of the stock option plan or stock option agreement pursuant to which any stock options were granted, the Executive shall be entitled to
exercise any of Executive&#8217;s stock options vested as of the final day of the Term until eighteen months from the final day of the
Term or the expiration of the stated period of the option, whichever period is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
Upon Death.</B>&nbsp; The Term shall terminate upon the death of the Executive and the Company shall have no further obligation to the
Executive or her estate except to pay the Executive&#8217;s estate any Base Salary or Annual Bonus earned and accrued but remaining unpaid
prior to her death.&nbsp; In addition, notwithstanding any provisions of the stock option plan or stock option agreement pursuant to which
any stock options were granted, the Executive&#8217;s estate shall be entitled to exercise any of Executive&#8217;s stock options vested
as of the final day of the Term until eighteen months from the final day of the Term or the expiration of the stated period of the option,
whichever period is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>MISCELLANEOUS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Notice.</B>&nbsp;
Any notice to be given hereunder shall either be delivered personally, sent by nationally recognized overnight courier service (with next
business day delivery requested) and/or sent by first class certified mail and regular mail.&nbsp; The address for service on the Company
shall be its registered office, and the address for service on the Executive shall be her last known place of residence.&nbsp; A notice
shall be deemed to have been served as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
if personally delivered, at the time of delivery;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
if sent by overnight courier service, at the end of the next business day; and/or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>&nbsp;
if posted, at the expiration of 48 hours (10 days if international) after the envelope containing the same was delivered into the custody
of the postal authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Taxes.&nbsp; </B>Any
payments made pursuant to this Agreement shall be subject to any tax or similar withholding requirements under applicable federal,
state or local employment or income tax laws or similar statutes or other provisions of law then in effect.&nbsp; This Agreement is
intended to comply with the requirements of Section&nbsp;409A (&#8220;Section&nbsp;409A&#8221;) of the Code and the regulations
thereunder (including, as applicable, the exemptions and exceptions set forth therein).&nbsp; The payments provided for herein are
intended to be exempt from Section&nbsp;409A and to not constitute &#8220;nonqualified deferred compensation&#8221; as defined in
Section&nbsp;409A.&nbsp; To the extent that any provision in this Agreement is ambiguous as to its compliance with
Section&nbsp;409A, the provision shall be interpreted in a manner so that no payment due to the Executive shall be deemed subject to
an &#8220;additional tax&#8221; within the meaning of Section&nbsp;409A(a)(1)(B)&nbsp;of the Code.&nbsp; For purposes of
Section&nbsp;409A, each payment made under this Agreement shall be treated as a separate payment. Notwithstanding anything contained
herein to the contrary, to the extent any payment under Section&nbsp;6 hereof is determined to constitute &#8220;nonqualified
deferred compensation&#8221; as defined in Section&nbsp;409A, the Executive shall not be considered to have terminated employment
with the Company for purposes of Section&nbsp;6 hereof unless the Executive has incurred a &#8220;termination of employment&#8221;
from the Company within the meaning of Treasury Regulation &sect;1.409A-1(h)(1)(ii)&nbsp;promulgated under Section&nbsp;409A of the
Code. Notwithstanding the foregoing, if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of the Code
concerning payments to &#8220;specified employees,&#8221; any payment made to the Executive pursuant to this Agreement on account of
the Executive&#8217;s separation from service that would otherwise be due hereunder within six months after such separation from
service shall nonetheless be delayed until the first business day of the seventh month following the Executive&#8217;s separation
from service.&nbsp; In no event may the Executive, directly or indirectly, designate the calendar year of any payment.&nbsp; All
reimbursements provided under this Agreement shall be made or provided in accordance with the requirements of Section&nbsp;409A,
including, where applicable, the requirement that (i)&nbsp;any reimbursement is for expenses incurred during the Executive&#8217;s
lifetime (or during a shorter period of time specified in this Agreement), (ii)&nbsp;the amount of expenses eligible for
reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year,
(iii)&nbsp;the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year
in which the expense is incurred, and (iv)&nbsp;the right to reimbursement is not subject to liquidation or exchange for another
benefit.&nbsp; The Executive further acknowledges that, while this Agreement is intended to comply with Section&nbsp;409A, any tax
liability incurred by the Executive under Section&nbsp;409A is solely the responsibility of the Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Clawback.&nbsp;
</B>Any incentive-based or other compensation paid to the Executive under this Agreement or any other agreement or arrangement with the
Company which is subject to recovery under any law, government regulation or stock exchange listing requirement will be subject to such
deductions and/or clawback as may be required by such law, government regulation or stock exchange listing requirement.&nbsp; In addition,
if the Executive is or becomes an executive officer subject to the incentive compensation repayment requirements of the Dodd-Frank Wall
Street Reform and Consumer Protection Acts (the &#8220;Dodd-Frank Act&#8221;), then if required by the Dodd-Frank Act or any of its regulations
she will enter into an amendment to this Agreement or a separate written agreement with the Company to comply with the Dodd-Frank Act
and any of its regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Binding
Effect.</B>&nbsp; This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, personal
representatives, successors and assigns, provided that neither Party shall assign any of its rights or privileges hereunder without the
prior written consent of the other Party except that the Company may assign its rights hereunder to a successor in ownership of all or
substantially all the assets of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Severability.</B>&nbsp;
Should any part or provision of this Agreement be held unenforceable by a court of competent jurisdiction, the validity of the remaining
parts or provisions shall not be affected by such holding, unless such enforceability substantially impairs the benefit of the remaining
portions of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Waiver.</B>&nbsp;
No failure or delay on the part of either Party in the exercise of any right or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right or privilege preclude other or further exercise thereof or of any other right
of privilege.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>G.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Captions.</B>&nbsp;
The captions used in this Agreement are for convenience only and are not to be used in interpreting the obligations of the Parties under
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>H.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Choice
of Law; Jury Trial Waiver.</B>&nbsp; The validity, construction and performance of this Agreement and all matters directly or indirectly
arising hereunder shall be governed by the laws of the State of Delaware, without regard to choice of laws provisions, and the Company
and the Executive irrevocably consent to the exclusive jurisdiction and venue of the federal and state courts located within Delaware,
and courts with appellate jurisdiction therefrom, in connection with any matter based upon or arising out of this Agreement.&nbsp; THE
COMPANY AND THE EXECUTIVE HEREBY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY IN ANY ACTION CONCERNING THIS AGREEMENT OR ANY AND ALL
MATTERS ARISING DIRECTLY OR INDIRECTLY HEREFROM AND REPRESENT THAT THEY HAVE CONSULTED WITH COUNSEL OF THEIR CHOICE OR HAVE CHOSEN VOLUNTARILY
NOT TO DO SO SPECIFICALLY WITH RESPECT TO THIS WAIVER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Entire
Agreement.</B>&nbsp; This Agreement embodies the entire understanding of the Parties as it relates to the subject matter contained herein
and as such, supersedes any prior agreement or understanding between the Parties relating to the terms of employment of the Executive
(but not any option grant agreement issued by the Company to the Executive), including without limitation the Prior Employment Agreement.&nbsp;
No amendment or modification of this Agreement shall be valid or binding upon the Parties unless in writing executed by the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF,</B></FONT> the parties hereto have caused this Agreement to be duly executed as of the day and year first written above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CELLDEX THERAPEUTICS,&nbsp;INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Anthony Marucci</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Sarah Cavanaugh</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SARAH CAVANAUGH</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>7
<FILENAME>tm2120284d1_ex10-6.htm
<DESCRIPTION>EXHIBIT 10.6
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: left; margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.6</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This<B>&nbsp;AMENDED AND RESTATED EMPLOYMENT AGREEMENT&nbsp;</B>(the
 &#8220;Agreement&#8221;) is entered into as of July 1, 2021 (the &#8220;Effective Date&#8221;), between&nbsp;<B>Margo Heath-Chiozzi, M.D.</B>&nbsp;(the
 &#8220;Executive&#8221;) and CELLDEX THERAPEUTICS,&nbsp;INC., a Delaware corporation (the &#8220;Company&#8221;) (collectively, the Executive
and the Company shall be referred to as the &#8220;Parties&#8221;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>W I T N E S S E T H:</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Executive has been employed by the Company as its Senior Vice President of Regulatory Affairs pursuant to the terms of an employment
agreement dated October&nbsp;3, 2017 (the &#8220;Prior Employment Agreement&#8221;);</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
as of the Effective Date the Company desires to employ the Executive as its Senior Vice President of Regulatory Affairs, and the Executive
desires to accept such employment, on the terms and conditions set forth in this Agreement; and</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Company and the Executive have mutually agreed that, as of the Effective Date, this Agreement shall amend, restate and replace the
Prior Employment Agreement.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE</B></FONT>, in consideration of the mutual promises and agreements contained herein, the Parties agree as follows:</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>PURPOSE</B>.&nbsp;
The Company desires to avail itself of the services of the Executive as Senior Vice President of Regulatory Affairs, and the Executive
desires to provide such services in accordance with the terms of this Agreement.&nbsp; The Parties agree that the duties and obligations
expected of the Executive and of the Company are as set forth in this Agreement.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>EFFECTIVE
DATE AND TERM.</B>&nbsp; This Agreement shall be effective, and its term (the &#8220;Term&#8221;) shall commence as of the Effective Date.&nbsp;
The Term shall continue through and until December&nbsp;31, 2021 (the &#8220;Initial Term&#8221;), unless terminated sooner as provided
by this Agreement or extended by the Parties.&nbsp; The Term shall be automatically renewed for successive periods of one year each (each,
a &#8220;Renewal Term&#8221;), unless either Party gives to the other written notice of intent not to renew at least ninety (90) days
prior to the expiration of the Initial Term or any Renewal Term (a &#8220;Notice of Non-Renewal&#8221;).</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>COMPENSATION.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Salary.</B>&nbsp;
During the Term, the Company shall pay or cause to be paid to the Executive, in installments pursuant to the Company&#8217;s payroll practices
as in effect from time to time, a base salary at a rate of $417,659 per annum or such greater amount as may from time to time be determined
by the Company (the &#8220;Base Salary&#8221;).&nbsp; The Base Salary shall be reviewed annually in accordance with the Company&#8217;s
compensation and review policies and, in the sole discretion of the Company, may be increased.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Annual&nbsp;Bonus</B>.&nbsp;
With respect to each fiscal year of the Company that ends during the Term, the Executive shall be eligible to receive an annual bonus
having a target of 40% of the Executive&#8217;s then Base Salary (the &#8220;Annual Bonus&#8221;) (pro-rated for partial years) based
upon the Executive&#8217;s overall performance of the Services on behalf of the Company during such fiscal year.&nbsp; The attainment
of any applicable performance goals and the amount to be paid in respect of the Annual Bonus shall be determined by the Chief Executive
Officer (&#8220;CEO&#8221;) in good faith and in accordance with such written goals and policies as may be established from time to time
by the Company.&nbsp; The Annual Bonus shall be deemed to have been earned and accrued only upon the formal approval of the CEO of the
amount of the Annual Bonus following such determination. &nbsp;The Annual Bonus, if any, shall be payable as a lump-sum payment within
sixty (60) days immediately following the last day of the applicable fiscal year.&nbsp; The Board may delegate all or any of its obligations
under this Agreement to the Compensation Committee of the Board.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Expenses.</B>&nbsp;
The Company shall reimburse the Executive for any travel, hotel, entertainment and other expenses reasonably incurred by the Executive
in furtherance of the Executive&#8217;s duties under this Agreement subject to and in accordance with the Company&#8217;s applicable travel
and expense reimbursement policies.</P>

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<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Employee
Benefits.&nbsp;&nbsp;</B>The Executive shall be entitled to participate in any and all employee benefit plans in effect from time to time
that are provided generally to employees of the Company (excluding severance plans, if any), and in any executive perquisite programs
in effect from time to time that provide benefits to other executives of the Company of comparable stature and with comparable duties
and responsibilities, in each case to the extent permissible under the general terms and provisions of such plans or programs and in accordance
with the provisions thereof.&nbsp; The Company may amend, modify or rescind any employee benefit plan or program and/or change employee
contribution amounts to benefit costs without notice in its discretion.&nbsp; The Executive shall, during the Term, be entitled to paid
time off in accordance with applicable Company policies in effect from time to time, in addition to public holidays observed by the Company.&nbsp;
The Executive shall be entitled to twenty (20) business days of vacation each year (increasing to twenty five (25) business days after
ten (10)&nbsp;years of service as an employee of the Company (including employment with any subsidiary of the Company)).&nbsp; The Executive
shall be entitled to carry any unused vacation days over to the next calendar year.&nbsp; However, in no event will Executive&#8217;s
accrued but unused vacation exceed 40 days.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Directors&#8217;
and Officers&#8217; Liability Insurance</B>.&nbsp; The Company shall indemnify the Executive to the fullest extent permitted under its
by-laws.&nbsp; During the Term, the Company shall acquire and pay for directors&#8217; and officers&#8217; liability insurance coverage
for its senior executive officers, and the Executive shall be named as a covered officer under such policy during the Term.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>DUTIES
OF THE EXECUTIVE.</B></P>

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<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Duties.</B>&nbsp;
During the Term, the Executive shall hold the title of Senior Vice President of Regulatory Affairs and shall perform such duties as the
Company may reasonably require and shall use her best efforts to carry into effect the directions of Company senior management.&nbsp;
The Executive shall report to the CEO or any other officer of the Company that the CEO or the Board of Directors (the &#8220;Board&#8221;)
shall designate from time to time.&nbsp; During the Term, the Executive shall be bound by, and comply fully with, all of the Company&#8217;s
policies and procedures in place from time to time for employees and, to the extent applicable, officers.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Representation.</B>&nbsp;
During the Term, the Executive shall well and faithfully serve the Company and use the Executive&#8217;s best efforts to promote the interests
of the Company.&nbsp; The Executive shall at all times give the Company the full benefit of her knowledge, expertise, technical skill
and ingenuity in the performance of her duties and exercise of her powers and authority in the capacity or capacities described in&nbsp;<U>Section&nbsp;4(A</U>)&nbsp;hereof,
as the case may be.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Time
Devoted by Executive.</B>&nbsp; The Executive agrees to devote substantially all of the Executive&#8217;s time and attention during business
hours and such additional time and attention as may reasonably be required to perform her duties hereunder.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>RESTRICTIONS
ON THE EXECUTIVE.</B></P>

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<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Non-Disclosure
of Confidential Information.</B>&nbsp; All information learned or developed by the Executive during the course of the
Executive&#8217;s employment by the Company or any subsidiary thereof will be deemed &#8220;Confidential Information&#8221; under
the terms of this Agreement.&nbsp; Examples of Confidential Information include, but are not limited to, business, scientific and
technical information owned or controlled by the Company, including the Company&#8217;s business plans and strategies; business
operations and systems; information concerning employees, customers, partners and/or licensees; patent applications; trade secrets;
inventions; ideas; procedures; formulations; processes; formulae; data and all other information of any nature whatsoever which
relate to the Company&#8217;s business, science, technology and/or products.&nbsp; In addition, Confidential Information shall
include, but not be limited to, all information which the Company may receive from third parties.&nbsp; The Executive will not
disclose to any person at any time or use in any way, except as directed by the Company, either during or after the employment of
the Executive by the Company, any Confidential Information.&nbsp; The foregoing restrictions shall not apply to information which is
or becomes part of the public domain though no act or failure to act by the Executive.&nbsp; In addition to the foregoing, in the
process of the Executive&#8217;s employment with the Company, or thereafter, under no condition is the Executive to use or disclose
to the Company, or incorporate or use in any of her work for the Company, any confidential information imparted to the Executive or
with which she may have come into contact while in the employ of her former employer(s).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 1.3in">&nbsp;Executive acknowledges receipt of the following
notice under the Defend Trade Secrets Act:&nbsp; An individual will not be held criminally or civilly liable under any federal or state
trade secret law for the disclosure of a trade secret if he/she (i)&nbsp;makes such disclosure in confidence to a Federal, State, or local
government official, either directly or indirectly, or to an attorney and such disclosure is made solely for the purpose of reporting
or investigating a suspected violation of law; or (ii)&nbsp;such disclosure was made in a complaint or other document filed in a lawsuit
or other proceeding if such filing is made under seal.</P>

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

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&nbsp;&nbsp;&nbsp;</FONT><B>Inventions.</B>&nbsp;
The term &#8220;Invention&#8221; means any invention, discovery, improvement, apparatus, implement, process, compound, composition or
formula, whether or not patentable, conceived or reduced to practice, in whole or in part, by the Executive (alone, or jointly with others)
during any term of her employment by the Company and twelve (12) months thereafter which directly or indirectly relates to the business,
science, technology or products of the Company and/or any Confidential Information.&nbsp; The Executive will keep, on behalf of the Company,
complete, accurate, and authentic accounts, notes, data, and records (&#8220;Records&#8221;) of each and every Invention, which Records
will, at all times, be the property of the Company.&nbsp; The Executive will comply with the directions of the Company with respect to
the manner and form of keeping or surrendering Records and will surrender to the Company all Records at the end of the Executive&#8217;s
term of employment by the Company.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">Each Invention will be the sole and exclusive property
of the Company. The Executive will, at the request of the Company, make application in due form for United States letters patent and foreign
letters patent (each, a &#8220;Patent&#8221;) on any Invention and execute any necessary documents in connection with the Patents.&nbsp;
The Executive will assign and transfer to the Company all right, title, and interest of the Executive in any Patents or Patent applications.&nbsp;
The Executive agrees to cooperate with any actions necessary to continue, renew or retain the Patents.&nbsp; The Company will bear the
entire expense of applying for and obtaining the Patents.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">For one year after the termination of the term
of the Executive&#8217;s employment by the Company, the Executive will not file any applications for Patents on any Invention other than
those filed at the request of and on behalf of the Company.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">The Executive, as a condition of her employment,
hereby represents that, to the best of her knowledge, there is not as of the date of this Agreement any agreement or obligation outstanding
with or to any of her former employers or other party, which would restrict, limit or in any way prohibit all or any portion of her work
or employment, nor is there in her possession any confidential information used by any of her former employers or any other party (except
as may have been revealed in generally available publications or otherwise made publicly available).</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Non-Competition;
Non-Solicitation.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Non-Competition.</B>&nbsp;
During the Term, without the consent of the Board, and thereafter as specifically provided in Subsection 6.A.(2), 6.B.(4)&nbsp;or 6.C.(2),
the Executive may not directly or indirectly engage in, or have any interest in, any business (whether as employee, officer, director,
agent, security holder, creditor, consultant, or otherwise) that competes with the vaccine and/or antibody business of the Company or
any subsidiary thereof (as such business may exist during the Term).</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Non-Solicitation
of Employees.&nbsp;&nbsp;</B>During the Term, and thereafter as specifically provided in Subsection 6.A.(2), 6.B.(4)&nbsp;or 6.C.(2),
the Executive shall not, directly or indirectly induce or solicit any employee or independent contractor of the Company or any subsidiary
thereof to terminate her or her employment with the Company for the purpose of&nbsp; joining another company in which the Executive has
an interest (whether as an employee, officer, director, agent, security holder, creditor, consultant, or otherwise).</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Breach.</B>&nbsp;
The Executive acknowledges that there may be circumstances in which her breach of any covenant set forth in this Section&nbsp;5 could
cause substantial harm to the Company which may not be compensable by monetary damages alone, and which could potentially entitle the
Company to injunctive relief.&nbsp; However, by acknowledging this possibility, the Executive is not agreeing to waive her right to require
the Company to meet its evidentiary burdens as required by law in any cause of action brought by the Company seeking such injunctive relief.&nbsp;
The restrictions contained in Subsection 5.C. above shall not prohibit Executive from owning (beneficially or of record) less than 5%
of any class of equity or debt security issued by a publicly-held company, regardless of whether that publicly-held company is otherwise
a competitor of the Company.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&nbsp;</FONT><B>TERMINATION.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
for Cause by the Company.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement and the Term may be terminated &#8220;for cause&#8221; by the Company pursuant to the provisions of this Subsection 6.A.&nbsp;
If the Company determines that &#8220;cause&#8221; exists for termination of the Executive&#8217;s employment, written notice thereof
must be given to the Executive describing the state of affairs or facts deemed by the Company to constitute such cause.&nbsp; Unless the
Company determines that the conduct constituting cause is not curable, the Executive shall have thirty (30) days after receipt of such
notice to cure the reason constituting cause and if the Executive does so to the reasonable satisfaction of the Company, the Term shall
not be terminated for the cause specified in the notice.&nbsp; During such thirty (30) day period, the Term shall continue and the Executive
shall continue to receive her full Base Salary, expenses and benefits pursuant to this Agreement. &nbsp;If such cause is not cured to
the Company&#8217;s reasonable satisfaction within such thirty (30) day period, the Executive may then be immediately terminated by the
Company.&nbsp; For purposes of this Agreement, the words &#8220;for cause&#8221; or &#8220;cause&#8221; means (i)&nbsp;dishonest statements
or acts of the Executive with respect to the Company or any subsidiary or other affiliate of the Company; (ii)&nbsp;the commission by
or indictment of the Executive for (A)&nbsp;a felony or (B)&nbsp;any misdemeanor involving moral turpitude, deceit, dishonesty or fraud
(indictment, for these purposes, meaning an indictment, probable cause hearing or any other procedure pursuant to which an initial determination
of probable or reasonable cause with respect to such offense is made); or (iii)&nbsp;gross negligence, willful misconduct or insubordination
of the Executive with respect to the Company or any subsidiary or other affiliate of the Company.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the Term is terminated by the Company for cause, the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall continue
to apply for one year after the conclusion of the Term.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the Term is terminated by the Company for cause, the Executive&#8217;s entire right to salary and benefits hereunder (with the
exception of Base Salary and Annual Bonus (if any) earned and accrued prior to termination) shall cease upon such termination.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
Without Cause by the Company or for Good Reason by the Executive.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have the right to terminate the Term, at any time, without cause upon ninety (90) days&#8217; written notice to the Executive.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Executive shall have the right to terminate the Term for good reason on thirty (30) days written notice to the Company.&nbsp; For purposes
of this Agreement, the words &#8220;for good reason&#8221; or &#8220;good reason&#8221; shall be limited to the following actions by the
Company without the Executive&#8217;s consent:&nbsp; (a)&nbsp;the assignment to the Executive of any duties or responsibilities that results
in a material diminution in the Executive&#8217;s position or function;&nbsp;<I>provided, however,</I>&nbsp;that a change in the Executive&#8217;s
title or reporting relationships shall not provide the basis for a termination with good reason unless she no longer reports directly
to the CEO; (b)&nbsp;a relocation of the Executive&#8217;s business office to a location more than fifty (50) miles from the location
in New Haven, Connecticut at which the Executive is working as of the Effective Date, except for required travel by the Executive on the
Company&#8217;s business to an extent substantially consistent with the Executive&#8217;s business travel obligations as of the Effective
Date; or (c)&nbsp;a material breach by the Company of any provision of this Agreement or any other material agreement between the Executive
and the Company concerning the terms and conditions of the Executive&#8217;s employment.&nbsp; Such a termination by the Executive for
good reason shall not be considered a resignation pursuant to Subsection 6.C.(1).</P>

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






<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the Term is terminated pursuant to Subsection 6.B.(1)&nbsp;or 6.B.(2), or in the event that the Term is terminated at the end
of the Initial Term or a Renewal Term in connection with the Company providing the Executive with a Notice of Non-Renewal effective in
connection with the expiration of the Initial Term or a Renewal Term, the Company shall pay the Executive as a severance benefit a lump
sum cash severance payment in an amount equal to 100% of the Executive&#8217;s then existing annual Base Salary (<I>i.e.</I>, twelve (12)
months of Base Salary) (the &#8220;Severance Payment&#8221;) plus Base Salary and Annual Bonus (if any) earned and accrued prior to termination.&nbsp;
In addition, if and to the extent the Executive timely elects to continue her health insurance employee benefits pursuant to COBRA, then
the Company will pay the Executive for a period of 18 months, commencing with the payroll date on or following the 63rd day after the
last day of her employment with the Company, subject to the effectiveness of the Release (as defined below) a monthly amount, payable
in accordance with the Company&#8217;s regular payroll practices, equal to the applicable COBRA costs, subject to applicable tax withholdings
(the &#8220;Supplemental Payments&#8221;).&nbsp; The Severance Payment shall be paid within 10 days following the effectiveness of the
Release (as defined below);&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of
the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;) concerning payments to &#8220;specified employees,&#8221; to the
extent applicable, such payment shall be delayed until the first business day of the seventh month following the Executive&#8217;s termination
of employment and &#8220;separation from service&#8221; (within the meaning of Section&nbsp;409A of the Code).&nbsp; Notwithstanding any
provisions of the stock option plan or stock option agreement pursuant to which any stock options were granted to the Executive, the Executive
shall be entitled to exercise her vested equity awards until one year from the date of termination of employment or the expiration of
the stated period of the vested equity award, whichever period is the shorter.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(4)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the Term is terminated or the Executive&#8217;s employment with the Company terminates in a manner described in this Section&nbsp;6.B.,
the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall continue to apply for one year after the conclusion of the Term.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(5)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any provision to the contrary contained herein, the Executive shall not be eligible or entitled to receive the Severance Payment, Supplemental
Payments or Change in Control Payment (as defined below), as applicable, unless she executes (and does not revoke during any applicable
revocation period) and delivers to the Company a separation agreement and release of claims, in such form prepared in good faith by the
Company and provided to the Executive to review no later than 10 days following the last day of her employment with the Company, within
55 days following her last day of employment with the Company (the &#8220;Release&#8221;).&nbsp; Notwithstanding anything to the contrary
contained herein, in the event such 55-day period covers more than one calendar year, the Severance Payment shall be paid in the second
calendar year (on the first regular pay date of such calendar year following the date that the Release becomes effective and is no longer
subject to revocation, unless a later date is required by Section&nbsp;6.B.(3)&nbsp;above), regardless of whether the Executive executes
and delivers the Release in the first or the second calendar year encompassed in such 55-day period.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Resignation
by the Executive.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Executive shall have the right to terminate the Term, by way of resignation, upon ninety (90) days&#8217; written notice to the Company.&nbsp;
A termination by the Executive for good reason pursuant to Subsection 6.B.(2)&nbsp;shall not be considered a resignation pursuant to this
Subsection 6.C.(1).</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the Term is terminated pursuant to Subsection 6.C.(1), the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall continue
to apply for one year after the conclusion of the Term.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the Term is terminated pursuant to Subsection 6.C.(1), the Executive&#8217;s entire right to salary and benefits hereunder (with
the exception of Base Salary and Annual Bonus earned and accrued prior to termination) shall cease upon such termination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
Upon Change in Control.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of this Agreement, a &#8220;Change in Control&#8221; shall mean any of the following events that occurs following the Effective
Date:</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>An
acquisition (other than directly from the Company) of any voting securities of the Company (the &#8220;Voting Securities&#8221;) other
than in a &#8220;Non-Control Acquisition&#8221; (as defined below) by any &#8220;Person&#8221; (as the term &#8220;person&#8221; is used
for purposes of Section&nbsp;13(d)&nbsp;or 14(d)&nbsp;of the Securities Exchange Act of 1934, as amended, (the &#8220;1934 Act&#8221;))
which results in such Person first attaining &#8220;Beneficial Ownership&#8221; (within the meaning of Rule&nbsp;13d-3 promulgated under
the 1934 Act) of fifty-one percent (51%) or more of the combined voting power of the Company&#8217;s then outstanding Voting Securities.&nbsp;
For purposes of the foregoing, a &#8220;Non-Control Acquisition&#8221; shall mean an acquisition by (i)&nbsp;an employee benefit plan
(or a trust forming a part thereof) maintained by (x)&nbsp;the Company or (y)&nbsp;any corporation or other Person of which a majority
of its voting power or its equity securities or equity interest is owned directly or indirectly by the Company (a &#8220;Subsidiary&#8221;),
or (ii)&nbsp;the Company or any Subsidiary.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
individuals who, as of the date of this Agreement, were members of the Board (the &#8220;Incumbent Board&#8221;) cease for any reason
to constitute at least 66 2/3% of the Board;&nbsp;<I>provided, however,</I>&nbsp;that if the election, or a nomination for election by
the Company&#8217;s shareholders, of any new director was approved by a vote of at least 66 2/3% of the Incumbent Board, such new director
shall be considered as a member of the Incumbent Board;&nbsp;<I>provided further, however,</I>&nbsp;that no individual shall be considered
a member of the Incumbent Board if such individual initially assumed office as a result of either an actual or threatened &#8220;Election
Contest&#8221; (as described in Rule&nbsp;14a-11 promulgated under the 1934 Act) or other actual or threatened solicitation of the proxies
or consents by or on behalf of a Person other than the Board (a &#8220;Proxy Contest&#8221;) including by reason of any agreement intended
to avoid or settle any Election Contest or Proxy Contest; or</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 146.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
consummation of a transaction approved by the Company&#8217;s shareholders and involving:&nbsp; (1)&nbsp;a merger, consolidation or reorganization
in which the Company is a constituent corporation, unless (i)&nbsp;the shareholders of the Company, immediately&nbsp; before such merger,
consolidation or reorganization, own, directly or indirectly immediately following such merger, consolidation or reorganization, at least
a majority of the combined voting power of the outstanding voting securities of the corporation resulting from such merger, consolidation
or reorganization (the &#8220;Surviving Corporation&#8221;) in substantially&nbsp; the same proportion as their ownership of the voting
securities immediately before such merger, consolidation or reorganization, (ii)&nbsp;the individuals who were members of the Incumbent
Board immediately prior to the execution of the agreement providing for such merger, consolidation or reorganization constitute at least
a majority of the members of the board of directors of the Surviving Corporation, and (iii)&nbsp;no Person other than (w)&nbsp;the Company,
(x)&nbsp;any Subsidiary, (y)&nbsp;any employee benefit plan (or any trust forming a part thereof) maintained by the Company, the Surviving
Corporation or any Subsidiary, or (z)&nbsp;any Person who, immediately prior to such merger, consolidation or reorganization had Beneficial
Ownership of fifty-one percent (51%) or more of the then outstanding Voting Securities, has Beneficial Ownership of fifty-one percent
(51%) or more of the combined voting power of the Surviving Corporation&#8217;s then outstanding voting securities (a transaction described
in clauses (i)&nbsp;and (ii)&nbsp;shall herein be referred to as a &#8220;Non-Control Transaction&#8221;); (2)&nbsp;a complete liquidation
or dissolution of the Company; or (3)&nbsp;an agreement for the sale or other disposition of all or substantially all of the assets of
the Company to any Person (other than a transfer to a Subsidiary).</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(d)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notwithstanding
the foregoing, a Change in Control shall not be deemed to occur solely because the level of Beneficial Ownership held by any Person (the
 &#8220;Subject Person&#8221;) exceeds the designated percentage threshold of the outstanding Voting Securities as a result of a repurchase
or other acquisition of Voting Securities by the Company reducing the number of shares outstanding, provided that if a Change in Control
would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the Company, and after such
share acquisition, the Subject Person becomes the Beneficial Owner of any additional Voting Securities which, assuming the repurchase
or other acquisition had not occurred, increases the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject
Person over the designated percentage threshold, then a Change in Control shall occur.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of a termination of the Term pursuant to an event described in Section&nbsp;6.B. above, that occurs within a period of one year
immediately following a Change in Control, then this Section&nbsp;6.D. shall apply instead of Section&nbsp;6.B., and the Company shall
provide the Executive the following benefits:</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Amount:</B>&nbsp;
In addition to all compensation for services rendered by Executive to the Company up to the date of termination, the Company shall pay
to Executive a single lump-sum payment in an amount equal to (i)&nbsp;twenty-four (24) times Executive&#8217;s highest monthly base compensation
paid hereunder during the preceding twenty-four month period, plus (ii)&nbsp;150% of the highest one-year Annual Bonus actually received
by the Executive during the preceding two full fiscal years prior to the date of termination (such aggregate amount the &#8220;Change
in Control Payment&#8221;).&nbsp; The Change in Control Payment shall be paid within 10 days following the effectiveness of the Release;&nbsp;<U>provided</U>,&nbsp;<U>however</U>,
that if necessary to comply with&nbsp;the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of the Code concerning payments to &#8220;specified
employees,&#8221; to the extent applicable, such payment shall be delayed until the first business day of the seventh month following
the Executive&#8217;s termination of employment and &#8220;separation from service&#8221; (within the meaning of Section&nbsp;409A of
the Code).</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Benefits:</B>&nbsp;
In addition to the payment described above, the Company shall provide the Executive with the Supplemental Payments.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Acceleration
of Options:</B>&nbsp; One hundred (100%) percent of the Executive&#8217;s outstanding, unvested options, restricted stock and/or equity
awards (&#8220;Equity Awards&#8221;) shall, immediately prior to the consummation of the Change in Control, become fully and immediately
vested to the extent not already so provided under the terms of such Equity Awards; provided, however, that if the acquirer in a Change
in Control grants Equity Awards having (in the reasonable opinion of the Board) a value at least equal to the value of Executive&#8217;s
then-unvested Company Equity Awards, then 50% of the Executive&#8217;s outstanding, unvested Company Equity Awards shall become fully
and immediately vested immediately prior to the consummation of the Change in Control (and the remaining 50% shall terminate upon the
consummation of the Change in Control).&nbsp; Notwithstanding any provisions of the stock option plan or stock option agreement pursuant
to which any stock options subject to the preceding sentence were granted, the Executive shall be entitled to exercise such Equity Awards
until three years from the date of termination of employment or the expiration of the stated period of the Equity Award, whichever period
is the shorter.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(d)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Golden
Parachute Payment Provisions:</B>&nbsp; If any payment or benefit the Executive would receive pursuant to a Change in Control from the
Company or otherwise (including, without limitation, the acceleration of any Company Equity Awards) (&#8220;Payment&#8221;) would (i)&nbsp;constitute
a &#8220;parachute payment&#8221; within the meaning of Section&nbsp;280G of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;),
and (ii)&nbsp;but for this sentence, be subject to the excise tax imposed by Section&nbsp;4999 of the Code (the &#8220;Excise Tax&#8221;),
then such Payment shall be reduced to the Reduced Amount.&nbsp; The &#8220;Reduced Amount&#8221; shall be either (x)&nbsp;the largest
portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y)&nbsp;the largest portion,
up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment
taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in the Executive&#8217;s receipt,
on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to
the Excise Tax. If a reduction in payments or benefits constituting &#8220;parachute payments&#8221; is necessary so that the Payment
equals the Reduced Amount, reduction shall occur in the following order: reduction of cash payments; cancellation of accelerated vesting
of stock options or equity awards; reduction of employee benefits.&nbsp; In the event that acceleration of vesting of stock option or
equity award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant
of the Executive&#8217;s stock options or equity awards.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">The accounting firm engaged by the Company for
general audit purposes as of the day prior to the effective date of the Change in Control shall perform the foregoing calculations and
shall make all determinations relating to the reduction of parachute payments described in the foregoing paragraph.&nbsp; If the accounting
firm so engaged by the Company is also serving as accountant or auditor for the individual, entity or group effecting the Change in Control,
the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder.&nbsp; The Company shall
bear all expenses with respect to the determinations by such accounting firm required to be made hereunder.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">The accounting firm engaged
to make&nbsp;the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the
Company and the Executive within fifteen (15) calendar days after the date on which the Executive&#8217;s right to a Payment is
triggered (if requested at that time by the Company or the Executive) or such other time as requested by the Company or the
Executive.&nbsp; If the accounting firm determines that no Excise Tax is payable with respect to a Payment, either before or after
the application of the Reduced Amount, it shall furnish the Company and the Executive with an opinion reasonably acceptable to the
Executive that no Excise Tax will be imposed with respect to such Payment.&nbsp; Any good faith determinations of the accounting
firm made hereunder shall be final, binding and conclusive upon the Company and the Executive.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
for Disability.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>
Should the Executive be absent from work as a result of personal injury, sickness or other disability for any continuous period of time
exceeding one hundred eighty (180) days, the Term may be terminated by the Company, upon written notice given to the Executive, because
of the Executive&#8217;s disability.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>
In the event the Term is terminated pursuant to Subsection 6.E.(1), the Company shall have no further obligation to the Executive except
to pay to the Executive any Base Salary or Annual Bonus earned and accrued but remaining unpaid prior to termination of the Term (and
to provide the Executive with the benefits under any disability insurance or disability benefits plan then-maintained by the Company for
the Executive&#8217;s benefit, in accordance with the terms and conditions of such plan).&nbsp; In addition, notwithstanding any provisions
of the stock option plan or stock option agreement pursuant to which any stock options were granted, the Executive shall be entitled to
exercise any of Executive&#8217;s stock options vested as of the final day of the Term until eighteen months from the final day of the
Term or the expiration of the stated period of the option, whichever period is the shorter.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
Upon Death.</B>&nbsp; The Term shall terminate upon the death of the Executive and the Company shall have no further obligation to the
Executive or her estate except to pay the Executive&#8217;s estate any Base Salary or Annual Bonus earned and accrued but remaining unpaid
prior to her death.&nbsp; In addition, notwithstanding any provisions of the stock option plan or stock option agreement pursuant to which
any stock options were granted, the Executive&#8217;s estate shall be entitled to exercise any of Executive&#8217;s stock options vested
as of the final day of the Term until eighteen months from the final day of the Term or the expiration of the stated period of the option,
whichever period is the shorter.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>MISCELLANEOUS.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Notice.</B>&nbsp;
Any notice to be given hereunder shall either be delivered personally, sent by nationally recognized overnight courier service (with next
business day delivery requested) and/or sent by first class certified mail and regular mail.&nbsp; The address for service on the Company
shall be its registered office, and the address for service on the Executive shall be her last known place of residence.&nbsp; A notice
shall be deemed to have been served as follows:</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>
if personally delivered, at the time of delivery;</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.8in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>
if sent by overnight courier service, at the end of the next business day; and/or</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>
if posted, at the expiration of 48 hours (10 days if international) after the envelope containing the same was delivered into the custody
of the postal authorities.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Taxes.&nbsp;&nbsp;</B>Any
payments made pursuant to this Agreement shall be subject to any tax or similar withholding requirements under applicable federal,
state or local employment or income tax laws or similar statutes or other provisions of law then in effect.&nbsp; This Agreement is
intended to comply with the requirements of Section&nbsp;409A (&#8220;Section&nbsp;409A&#8221;) of the Code and the regulations
thereunder (including, as applicable, the exemptions and exceptions set forth therein).&nbsp; The payments provided for herein are
intended to be exempt from Section&nbsp;409A and to not constitute &#8220;nonqualified deferred compensation&#8221; as defined in
Section&nbsp;409A.&nbsp; To the extent that any provision in this Agreement is ambiguous as to its compliance with
Section&nbsp;409A, the provision shall be interpreted in a manner so that no payment due to the Executive shall be deemed subject to
an &#8220;additional tax&#8221; within the meaning of Section&nbsp;409A(a)(1)(B)&nbsp;of the Code.&nbsp; For purposes of
Section&nbsp;409A, each payment made under this Agreement shall be treated as a separate payment. Notwithstanding anything contained
herein to the contrary, to the extent any payment under Section&nbsp;6 hereof is determined to constitute &#8220;nonqualified
deferred compensation&#8221; as defined in Section&nbsp;409A, the Executive shall not be considered to have terminated employment
with the Company for purposes of Section&nbsp;6 hereof unless the Executive has incurred a &#8220;termination of employment&#8221;
from the Company within the meaning of Treasury Regulation &sect;1.409A-1(h)(1)(ii)&nbsp;promulgated under Section&nbsp;409A of the
Code. Notwithstanding the foregoing, if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of the Code
concerning payments to &#8220;specified employees,&#8221; any payment made to the Executive pursuant to this Agreement on account of
the Executive&#8217;s separation from service that would otherwise be due hereunder within six months after such separation from
service shall nonetheless be delayed until the first business day of the seventh month following the Executive&#8217;s separation
from service.&nbsp; In no event may the Executive, directly or indirectly, designate the calendar year of any payment.&nbsp; All
reimbursements provided under this Agreement shall be made or provided in accordance with the requirements of Section&nbsp;409A,
including, where applicable, the requirement that (i)&nbsp;any reimbursement is for expenses incurred during the Executive&#8217;s
lifetime (or during a shorter period of time specified in this Agreement), (ii)&nbsp;the amount of expenses eligible for
reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year,
(iii)&nbsp;the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year
in which the expense is incurred, and (iv)&nbsp;the right to reimbursement is not subject to liquidation or exchange for another
benefit.&nbsp; The Executive further acknowledges that, while this Agreement is intended to comply with Section&nbsp;409A, any tax
liability incurred by the Executive under Section&nbsp;409A is solely the responsibility of the Executive.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Clawback.&nbsp;&nbsp;</B>Any
incentive-based or other compensation paid to the Executive under this Agreement or any other agreement or arrangement with the Company
which is subject to recovery under any law, government regulation or stock exchange listing requirement will be subject to such deductions
and/or clawback as may be required by such law, government regulation or stock exchange listing requirement. In addition, if the Executive
is or becomes an executive officer subject to the incentive compensation repayment requirements of the Dodd-Frank Wall Street Reform and
Consumer Protection Acts (the &#8220;Dodd-Frank Act&#8221;), then if required by the Dodd-Frank Act or any of its regulations she will
enter into an amendment to this Agreement or a separate written agreement with the Company to comply with the Dodd-Frank Act and any of
its regulations.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Binding
Effect.</B>&nbsp; This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, personal
representatives, successors and assigns, provided that neither Party shall assign any of its rights or privileges hereunder without the
prior written consent of the other Party except that the Company may assign its rights hereunder to a successor in ownership of all or
substantially all the assets of the Company.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Severability.</B>&nbsp;
Should any part or provision of this Agreement be held unenforceable by a court of competent jurisdiction, the validity of the remaining
parts or provisions shall not be affected by such holding, unless such enforceability substantially impairs the benefit of the remaining
portions of the Agreement.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Waiver.</B>&nbsp;
No failure or delay on the part of either Party in the exercise of any right or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right or privilege preclude other or further exercise thereof or of any other right
of privilege.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>G.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Captions.</B>&nbsp;
The captions used in this Agreement are for convenience only and are not to be used in interpreting the obligations of the Parties under
this Agreement.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>H.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Choice
of Law; Jury Trial Waiver.</B>&nbsp; The validity, construction and performance of this Agreement and all matters directly or indirectly
arising hereunder shall be governed by the laws of the State of Delaware, without regard to choice of laws provisions, and the Company
and the Executive irrevocably consent to the exclusive jurisdiction and venue of the federal and state courts located within Delaware,
and courts with appellate jurisdiction therefrom, in connection with any matter based upon or arising out of this Agreement.&nbsp; THE
COMPANY AND THE EXECUTIVE HEREBY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY IN ANY ACTION CONCERNING THIS AGREEMENT OR ANY AND ALL
MATTERS ARISING DIRECTLY OR INDIRECTLY HEREFROM AND REPRESENT THAT THEY HAVE CONSULTED WITH COUNSEL OF THEIR CHOICE OR HAVE CHOSEN VOLUNTARILY
NOT TO DO SO SPECIFICALLY WITH RESPECT TO THIS WAIVER.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Entire
Agreement.</B>&nbsp; This Agreement embodies the entire understanding of the Parties as it relates to the subject matter contained
herein and as such, supersedes any prior agreement or understanding between the Parties relating to the terms of employment of the
Executive (but not any option grant agreement issued by the Company to the Executive), including without limitation the Prior
Employment Agreement.&nbsp; No amendment or modification of this Agreement shall be valid or binding upon the Parties unless in
writing executed by the Parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF,</B></FONT>&nbsp;the parties hereto have caused this Agreement to be duly executed as of the day and year first written
above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CELLDEX THERAPEUTICS,&nbsp;INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="text-align: left; width: 45%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Anthony Marucci</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left">Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Margo Heath-Chiozzi, M.D.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MARGO HEATH-CHIOZZI, M.D.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>






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<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>8
<FILENAME>tm2120284d1_ex10-7.htm
<DESCRIPTION>EXHIBIT 10.7
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: left; margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.7</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This <B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT
</B>(the &#8220;Agreement&#8221;) is entered into on July 1, 2021 (the &#8220;Effective Date&#8221;), between <B>Elizabeth Crowley</B>
(the &#8220;Executive&#8221;) and CELLDEX THERAPEUTICS,&nbsp;INC., a Delaware corporation (the &#8220;Company&#8221;) (collectively, the
Executive and the Company shall be referred to as the &#8220;Parties&#8221;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>W I T N E S S E T H:</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Executive has been employed by the Company as its Senior Vice President of Product Development pursuant to the terms of an employment
agreement dated August&nbsp;10, 2016 (the &#8220;Prior Employment Agreement&#8221;);</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
as of the Effective Date the Company desires to employ the Executive as its Senior Vice President and Chief Product Development Officer,
and the Executive desires to accept such employment, on the terms and conditions set forth in this Agreement; and</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Company and the Executive have mutually agreed that, as of the Effective Date, this Agreement shall amend, restate and replace the
Prior Employment Agreement.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE</B></FONT>, in consideration of the mutual promises and agreements contained herein, the Parties agree as follows:</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>PURPOSE</B>.&nbsp;
The Company desires to avail itself of the services of the Executive as Senior Vice President and Chief Product Development Officer, and
the Executive desires to provide such services in accordance with the terms of this Agreement.&nbsp; The Parties agree that the duties
and obligations expected of the Executive and of the Company are as set forth in this Agreement.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>EFFECTIVE
DATE AND TERM.</B>&nbsp; This Agreement shall be effective, and its term (the &#8220;Term&#8221;) shall commence as of the Effective Date.&nbsp;
The Term shall continue through and until December&nbsp;31, 2021 (the &#8220;Initial Term&#8221;), unless terminated sooner as provided
by this Agreement or extended by the Parties.&nbsp; The Term shall be automatically renewed for successive periods of one year each (each,
a &#8220;Renewal Term&#8221;), unless either Party gives to the other written notice of intent not to renew at least ninety (90) days
prior to the expiration of the Initial Term or any Renewal Term (a &#8220;Notice of Non-Renewal&#8221;).</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>COMPENSATION.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Salary.</B>&nbsp;
During the Term, the Company shall pay or cause to be paid to the Executive, in installments pursuant to the Company&#8217;s payroll practices
as in effect from time to time, a base salary at a rate of $388,632 per annum or such greater amount as may from time to time be determined
by the Company (the &#8220;Base Salary&#8221;).&nbsp; The Base Salary shall be reviewed annually in accordance with the Company&#8217;s
compensation and review policies and, in the sole discretion of the Company, may be increased.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Annual
Bonus</B>.&nbsp; With respect to each fiscal year of the Company that ends during the Term, the Executive shall be eligible to receive
an annual bonus having a target of 40% of the Executive&#8217;s then Base Salary (the &#8220;Annual Bonus&#8221;) (pro-rated for partial
years) based upon the Executive&#8217;s overall performance of the Services on behalf of the Company during such fiscal year.&nbsp; The
attainment of any applicable performance goals and the amount to be paid in respect of the Annual Bonus shall be determined by the Chief
Executive Officer (&#8220;CEO&#8221;) in good faith and in accordance with such written goals and policies as may be established from
time to time by the Company.&nbsp; The Annual Bonus shall be deemed to have been earned and accrued only upon the formal approval of the
CEO of the amount of the Annual Bonus following such determination.&nbsp; The Annual Bonus, if any, shall be payable as a lump-sum payment
within sixty (60) days immediately following the last day of the applicable fiscal year.&nbsp; The Board may delegate all or any of its
obligations under this Agreement to the Compensation Committee of the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Expenses.</B>&nbsp;
The Company shall reimburse the Executive for any travel, hotel, entertainment and other expenses reasonably incurred by the Executive
in furtherance of the Executive&#8217;s duties under this Agreement subject to and in accordance with the Company&#8217;s applicable travel
and expense reimbursement policies.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Employee
Benefits.</B>&nbsp; The Executive shall be entitled to participate in any and all employee benefit plans in effect from time to time that
are provided generally to employees of the Company (excluding severance plans, if any), and in any executive perquisite programs in effect
from time to time that provide benefits to other executives of the Company of comparable stature and with comparable duties and responsibilities,
in each case to the extent permissible under the general terms and provisions of such plans or programs and in accordance with the provisions
thereof. The Company may amend, modify or rescind any employee benefit plan or program and/or change employee contribution amounts to
benefit costs without notice in its discretion.&nbsp; The Executive shall, during the Term, be entitled to paid time off in accordance
with applicable Company policies in effect from time to time, in addition to public holidays observed by the Company.&nbsp; The Executive
shall be entitled to twenty (20) business days of vacation each year (increasing to twenty five (25) business days after ten (10)&nbsp;years
of service as an employee of the Company (including employment with any subsidiary of the Company)).&nbsp; The Executive shall be entitled
to carry any unused vacation days over to the next calendar year. However, in no event will Executive&#8217;s accrued but unused vacation
exceed 40 days.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Directors&#8217;
and Officers&#8217; Liability Insurance</B>.&nbsp; The Company shall indemnify the Executive to the fullest extent permitted under its
by-laws.&nbsp; During the Term, the Company shall acquire and pay for directors&#8217; and officers&#8217; liability insurance coverage
for its senior executive officers, and the Executive shall be named as a covered officer under such policy during the Term.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>DUTIES
OF THE EXECUTIVE.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Duties.</B>&nbsp;
During the Term, the Executive shall hold the title of Senior Vice President of Product Development and shall perform such duties as the
Company may reasonably require and shall use her best efforts to carry into effect the directions of Company senior management.&nbsp;
The Executive shall report to the CEO or any other officer of the Company that the CEO or the Board of Directors (the &#8220;Board&#8221;)
shall designate from time to time. During the Term, the Executive shall be bound by, and comply fully with, all of the Company&#8217;s
policies and procedures in place from time to time for employees and, to the extent applicable, officers.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Representation.</B>&nbsp;
During the Term, the Executive shall well and faithfully serve the Company and use the Executive&#8217;s best efforts to promote the interests
of the Company.&nbsp; The Executive shall at all times give the Company the full benefit of her knowledge, expertise, technical skill
and ingenuity in the performance of her duties and exercise of her powers and authority in the capacity or capacities described in <U>Section&nbsp;4(A</U>)&nbsp;hereof,
as the case may be.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Time
Devoted by Executive.</B>&nbsp; The Executive agrees to devote substantially all of the Executive&#8217;s time and attention during business
hours and such additional time and attention as may reasonably be required to perform her duties hereunder.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>RESTRICTIONS
ON THE EXECUTIVE.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Non-Disclosure
of Confidential Information.</B>&nbsp; All information learned or developed by the Executive during the course of the
Executive&#8217;s employment by the Company or any subsidiary thereof will be deemed &#8220;Confidential Information&#8221; under
the terms of this Agreement.&nbsp; Examples of Confidential Information include, but are not limited to, business, scientific and
technical information owned or controlled by the Company, including the Company&#8217;s business plans and strategies; business
operations and systems; information concerning employees, customers, partners and/or licensees; patent applications; trade secrets;
inventions; ideas; procedures; formulations; processes; formulae; data and all other information of any nature whatsoever which
relate to the Company&#8217;s business, science, technology and/or products.&nbsp; In addition, Confidential Information shall
include, but not be limited to, all information which the Company may receive from third parties.&nbsp; The Executive will not
disclose to any person at any time or use in any way, except as directed by the Company, either during or after the employment of
the Executive by the Company, any Confidential Information.&nbsp; The foregoing restrictions shall not apply to information which is
or becomes part of the public domain though no act or failure to act by the Executive.&nbsp; In addition to the foregoing, in the
process of the Executive&#8217;s employment with the Company, or thereafter, under no condition is the Executive to use or disclose
to the Company, or incorporate or use in any of her work for the Company, any confidential information imparted to the Executive or
with which she may have come into contact while in the employ of her former employer(s).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Executive acknowledges receipt of the following notice
under the Defend Trade Secrets Act:&nbsp; An individual will not be held criminally or civilly liable under any federal or state trade
secret law for the disclosure of a trade secret if he/she (i)&nbsp;makes such disclosure in confidence to a Federal, State, or local government
official, either directly or indirectly, or to an attorney and such disclosure is made solely for the purpose of reporting or investigating
a suspected violation of law; or (ii)&nbsp;such disclosure was made in a complaint or other document filed in a lawsuit or other proceeding
if such filing is made under seal.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Inventions.</B>&nbsp;
The term &#8220;Invention&#8221; means any invention, discovery, improvement, apparatus, implement, process, compound, composition or
formula, whether or not patentable, conceived or reduced to practice, in whole or in part, by the Executive (alone, or jointly with others)
during any term of her employment by the Company and twelve (12) months thereafter which directly or indirectly relates to the business,
science, technology or products of the Company and/or any Confidential Information.&nbsp; The Executive will keep, on behalf of the Company,
complete, accurate, and authentic accounts, notes, data, and records (&#8220;Records&#8221;) of each and every Invention, which Records
will, at all times, be the property of the Company.&nbsp; The Executive will comply with the directions of the Company with respect to
the manner and form of keeping or surrendering Records and will surrender to the Company all Records at the end of the Executive&#8217;s
term of employment by the Company.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">Each Invention will be the sole and exclusive property
of the Company. The Executive will, at the request of the Company, make application in due form for United States letters patent and foreign
letters patent (each, a &#8220;Patent&#8221;) on any Invention and execute any necessary documents in connection with the Patents.
The Executive will assign and transfer to the Company all right, title, and interest of the Executive in any Patents or Patent applications.&nbsp;
The Executive agrees to cooperate with any actions necessary to continue, renew or retain the Patents.&nbsp; The Company will bear the
entire expense of applying for and obtaining the Patents.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">For one year after the termination of the term
of the Executive&#8217;s employment by the Company, the Executive will not file any applications for Patents on any Invention other than
those filed at the request of and on behalf of the Company.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">The Executive, as a condition of her employment,
hereby represents that, to the best of her knowledge, there is not as of the date of this Agreement any agreement or obligation outstanding
with or to any of her former employers or other party, which would restrict, limit or in any way prohibit all or any portion of her work
or employment, nor is there in her possession any confidential information used by any of her former employers or any other party (except
as may have been revealed in generally available publications or otherwise made publicly available).</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Non-Competition;
Non-Solicitation.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT><B>
Non-Competition.</B>&nbsp; During the Term, without the consent of the Board, and thereafter as specifically provided in Subsection 6.A.(2),
6.B.(4)&nbsp;or 6.C.(2), the Executive may not directly or indirectly engage in, or have any interest in, any business (whether as employee,
officer, director, agent, security holder, creditor, consultant, or otherwise) that competes with the vaccine and/or antibody business
of the Company or any subsidiary thereof (as such business may exist during the Term).</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT><B>
Non-Solicitation of Employees.&nbsp; </B>During the Term, and thereafter as specifically provided in Subsection 6.A.(2), 6.B.(4)&nbsp;or
6.C.(2), the Executive shall not, directly or indirectly induce or solicit any employee or independent contractor of the Company or any
subsidiary thereof to terminate her or her employment with the Company for the purpose of joining another company in which the Executive
has an interest (whether as an employee, officer, director, agent, security holder, creditor, consultant, or otherwise).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Breach.</B>&nbsp;
The Executive acknowledges that there may be circumstances in which her breach of any covenant set forth in this Section&nbsp;5 could
cause substantial harm to the Company which may not be compensable by monetary damages alone, and which could potentially entitle the
Company to injunctive relief.&nbsp; However, by acknowledging this possibility, the Executive is not agreeing to waive her right to require
the Company to meet its evidentiary burdens as required by law in any cause of action brought by the Company seeking such injunctive relief.
 &nbsp;The restrictions contained in Subsection 5.C. above shall not prohibit Executive from owning (beneficially or of record) less than
5% of any class of equity or debt security issued by a publicly-held company, regardless of whether that publicly-held company is otherwise
a competitor of the Company.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>TERMINATION.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
for Cause by the Company.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>
This Agreement and the Term may be terminated &#8220;for cause&#8221; by the Company pursuant to the provisions of this Subsection 6.A.&nbsp;
If the Company determines that &#8220;cause&#8221; exists for termination of the Executive&#8217;s employment, written notice thereof
must be given to the Executive describing the state of affairs or facts deemed by the Company to constitute such cause.&nbsp; Unless the
Company determines that the conduct constituting cause is not curable, the Executive shall have thirty (30) days after receipt of such
notice to cure the reason constituting cause and if the Executive does so to the reasonable satisfaction of the Company, the Term shall
not be terminated for the cause specified in the notice.&nbsp; During such thirty (30) day period, the Term shall continue and the Executive
shall continue to receive her full Base Salary, expenses and benefits pursuant to this Agreement.&nbsp; If such cause is not cured to
the Company&#8217;s reasonable satisfaction within such thirty (30) day period, the Executive may then be immediately terminated by the
Company.&nbsp; For purposes of this Agreement, the words &#8220;for cause&#8221; or &#8220;cause&#8221; means (i)&nbsp;dishonest statements
or acts of the Executive with respect to the Company or any subsidiary or other affiliate of the Company; (ii)&nbsp;the commission by
or indictment of the Executive for (A)&nbsp;a felony or (B)&nbsp;any misdemeanor involving moral turpitude, deceit, dishonesty or fraud
(indictment, for these purposes, meaning an indictment, probable cause hearing or any other procedure pursuant to which an initial determination
of probable or reasonable cause with respect to such offense is made); or (iii)&nbsp;gross negligence, willful misconduct or insubordination
of the Executive with respect to the Company or any subsidiary or other affiliate of the Company.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>
In the event the Term is terminated by the Company for cause, the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall continue
to apply for one year after the conclusion of the Term.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>
In the event the Term is terminated by the Company for cause, the Executive&#8217;s entire right to salary and benefits hereunder (with
the exception of Base Salary and Annual Bonus (if any) earned and accrued prior to termination) shall cease upon such termination.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
Without Cause by the Company or for Good Reason by the Executive.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>
The Company shall have the right to terminate the Term, at any time, without cause upon ninety (90) days&#8217; written notice to the
Executive.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>
The Executive shall have the right to terminate the Term for good reason on thirty (30) days written notice to the Company.&nbsp; For
purposes of this Agreement, the words &#8220;for good reason&#8221; or &#8220;good reason&#8221; shall be limited to the following actions
by the Company without the Executive&#8217;s consent:&nbsp; (a)&nbsp;the assignment to the Executive of any duties or responsibilities
that results in a material diminution in the Executive&#8217;s position or function; <I>provided, however,</I> that a change in the Executive&#8217;s
title or reporting relationships shall not provide the basis for a termination with good reason; (b)&nbsp;a relocation of the Executive&#8217;s
business office to a location more than fifty (50) miles from the location in New Haven, Connecticut at which the Executive is working
as of the Effective Date, except for required travel by the Executive on the Company&#8217;s business to an extent substantially consistent
with the Executive&#8217;s business travel obligations as of the Effective Date; or (c)&nbsp;a material breach by the Company of any provision
of this Agreement or any other material agreement between the Executive and the Company concerning the terms and conditions of the Executive&#8217;s
employment.&nbsp; Such a termination by the Executive for good reason shall not be considered a resignation pursuant to Subsection 6.C.(1).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>
In the event the Term is terminated pursuant to Subsection 6.B.(1)&nbsp;or 6.B.(2), or in the event that the Term is terminated at the
end of the Initial Term or a Renewal Term in connection with the Company providing the Executive with a Notice of Non-Renewal effective
in connection with the expiration of the Initial Term or a Renewal Term, the Company shall pay the Executive as a severance benefit a
lump sum cash severance payment in an amount equal to 100% of the Executive&#8217;s then existing annual Base Salary (<I>i.e.</I>, twelve
(12) months of Base Salary) (the &#8220;Severance Payment&#8221;) plus Base Salary and Annual Bonus (if any) earned and accrued prior
to termination.&nbsp; In addition, if and to the extent the Executive timely elects to continue her health insurance employee benefits
pursuant to COBRA, then the Company will pay the Executive for a period of 18 months, commencing with the payroll date on or following
the 63rd day after the last day of her employment with the Company, subject to the effectiveness of the Release (as defined below) a monthly
amount, payable in accordance with the Company&#8217;s regular payroll practices, equal to the applicable COBRA costs, subject to applicable
tax withholdings (the &#8220;Supplemental Payments&#8221;).&nbsp; The Severance Payment shall be paid within 10 days following the effectiveness
of the Release (as defined below); <U>provided</U>, <U>however</U>, that if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of
the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;) concerning payments to &#8220;specified employees,&#8221; to the
extent applicable, such payment shall be delayed until the first business day of the seventh month following the Executive&#8217;s termination
of employment and &#8220;separation from service&#8221; (within the meaning of Section&nbsp;409A of the Code).&nbsp; Further, in the event
that the Term is terminated pursuant to Subsection 6.B.(1)&nbsp;or 6.B.(2)&nbsp;only, 25% of the Executive&#8217;s outstanding, unvested
options, restricted stock and/or equity awards shall become fully and immediately vested.&nbsp; Notwithstanding any provisions of the
stock option plan or stock option agreement pursuant to which any stock options subject to the preceding sentence were granted to the
Executive, the Executive shall be entitled to exercise her vested equity awards until one year from the date of termination of employment
or the expiration of the stated period of the vested equity award, whichever period is the shorter.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(4)</B></FONT>
In the event the Term is terminated or the Executive&#8217;s employment with the Company terminates in a manner described in this Section&nbsp;6.B.,
the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall continue to apply for one year after the conclusion of the Term.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(5)</B></FONT>
Notwithstanding any provision to the contrary contained herein, the Executive shall not be eligible or entitled to receive the Severance
Payment, Supplemental Payments or Change in Control Payment (as defined below), as applicable, unless she executes (and does not revoke
during any applicable revocation period) and delivers to the Company a separation agreement and release of claims, in such form prepared
in good faith by the Company and provided to the Executive to review no later than 10 days following the last day of her employment with
the Company, within 55 days following her last day of employment with the Company (the &#8220;Release&#8221;).&nbsp; Notwithstanding anything
to the contrary contained herein, in the event such 55-day period covers more than one calendar year, the Severance Payment shall be paid
in the second calendar year (on the first regular pay date of such calendar year following the date that the Release becomes effective
and is no longer subject to revocation, unless a later date is required by Section&nbsp;6.B.(3)&nbsp;above), regardless of whether the
Executive executes and delivers the Release in the first or the second calendar year encompassed in such 55-day period.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Resignation
by the Executive.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>
The Executive shall have the right to terminate the Term, by way of resignation, upon ninety (90) days&#8217; written notice to the Company.&nbsp;
A termination by the Executive for good reason pursuant to Subsection 6.B.(2)&nbsp;shall not be considered a resignation pursuant to this
Subsection 6.C.(1).</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>
In the event the Term is terminated pursuant to Subsection 6.C.(1), the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall
continue to apply for one year after the conclusion of the Term.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>
In the event the Term is terminated pursuant to Subsection 6.C.(1), the Executive&#8217;s entire right to salary and benefits hereunder
(with the exception of Base Salary and Annual Bonus earned and accrued prior to termination) shall cease upon such termination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
Upon Change in Control.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>
For the purposes of this Agreement, a &#8220;Change in Control&#8221; shall mean any of the following events that occurs following the
Effective Date:</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>An
acquisition (other than directly from the Company) of any voting securities of the Company (the &#8220;Voting Securities&#8221;) other
than in a &#8220;Non-Control Acquisition&#8221; (as defined below) by any &#8220;Person&#8221; (as the term &#8220;person&#8221; is used
for purposes of Section&nbsp;13(d)&nbsp;or 14(d)&nbsp;of the Securities Exchange Act of 1934, as amended, (the &#8220;1934 Act&#8221;))
which results in such Person first attaining &#8220;Beneficial Ownership&#8221; (within the meaning of Rule&nbsp;13d-3 promulgated under
the 1934 Act) of fifty-one percent (51%) or more of the combined voting power of the Company&#8217;s then outstanding Voting Securities.&nbsp;
For purposes of the foregoing, a &#8220;Non-Control Acquisition&#8221; shall mean an acquisition by (i)&nbsp;an employee benefit plan
(or a trust forming a part thereof) maintained by (x)&nbsp;the Company or (y)&nbsp;any corporation or other Person of which a majority
of its voting power or its equity securities or equity interest is owned directly or indirectly by the Company (a &#8220;Subsidiary&#8221;),
or (ii)&nbsp;the Company or any Subsidiary.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
individuals who, as of the date of this Agreement, were members of the Board (the &#8220;Incumbent Board&#8221;) cease for any reason
to constitute at least 66 2/3% of the Board; <I>provided, however,</I> that if the election, or a nomination for election by the Company&#8217;s
shareholders, of any new director was approved by a vote of at least 66 2/3% of the Incumbent Board, such new director shall be considered
as a member of the Incumbent Board; <I>provided further, however,</I> that no individual shall be considered a member of the Incumbent
Board if such individual initially assumed office as a result of either an actual or threatened &#8220;Election Contest&#8221; (as described
in Rule&nbsp;14a-11 promulgated under the 1934 Act) or other actual or threatened solicitation of the proxies or consents by or on behalf
of a Person other than the Board (a &#8220;Proxy Contest&#8221;) including by reason of any agreement intended to avoid or settle any
Election Contest or Proxy Contest; or</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
consummation of a transaction approved by the Company&#8217;s shareholders and involving:&nbsp; (1)&nbsp;a merger, consolidation or reorganization
in which the Company is a constituent corporation, unless (i)&nbsp;the shareholders of the Company, immediately&nbsp;before such merger,
consolidation or reorganization, own, directly or indirectly immediately following such merger, consolidation or reorganization, at least
a majority of the combined voting power of the outstanding voting securities of the corporation resulting from such merger, consolidation
or reorganization (the &#8220;Surviving Corporation&#8221;) in substantially&nbsp;the same proportion as their ownership of the voting
securities immediately before such merger, consolidation or reorganization, (ii)&nbsp;the individuals who were members of the Incumbent
Board immediately prior to the execution of the agreement providing for such merger, consolidation or reorganization constitute at least
a majority of the members of the board of directors of the Surviving Corporation, and (iii)&nbsp;no Person other than (w)&nbsp;the Company,
(x)&nbsp;any Subsidiary, (y)&nbsp;any employee benefit plan (or any trust forming a part thereof) maintained by the Company, the Surviving
Corporation or any Subsidiary, or (z)&nbsp;any Person who, immediately prior to such merger, consolidation or reorganization had Beneficial
Ownership of fifty-one percent (51%) or more of the then outstanding Voting Securities, has Beneficial Ownership of fifty-one percent
(51%) or more of the combined voting power of the Surviving Corporation&#8217;s then outstanding voting securities (a transaction described
in clauses (i)&nbsp;and (ii)&nbsp;shall herein be referred to as a &#8220;Non-Control Transaction&#8221;); (2)&nbsp;a complete liquidation
or dissolution of the Company; or (3)&nbsp;an agreement for the sale or other disposition of all or substantially all of the assets of
the Company to any Person (other than a transfer to a Subsidiary).</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(d)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notwithstanding
the foregoing, a Change in Control shall not be deemed to occur solely because the level of Beneficial Ownership held by any Person (the
 &#8220;Subject Person&#8221;) exceeds the designated percentage threshold of the outstanding Voting Securities as a result of a repurchase
or other acquisition of Voting Securities by the Company reducing the number of shares outstanding, provided that if a Change in Control
would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the Company, and after such
share acquisition, the Subject Person becomes the Beneficial Owner of any additional Voting Securities which, assuming the repurchase
or other acquisition had not occurred, increases the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject
Person over the designated percentage threshold, then a Change in Control shall occur.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2) </B></FONT>In
the event of a termination of the Term pursuant to an event described in Section&nbsp;6.B. above, that occurs within a period of one
year immediately following a Change in Control, then this Section&nbsp;6.D. shall apply instead of Section&nbsp;6.B., and the
Company shall provide the Executive the following benefits:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Amount:</B>&nbsp;
In addition to all compensation for services rendered by Executive to the Company up to the date of termination, the Company shall pay
to Executive a single lump-sum payment in an amount equal to (i)&nbsp;twenty-four (24) times Executive&#8217;s highest monthly base compensation
paid hereunder during the preceding twenty-four month period, plus (ii)&nbsp;150% of the highest one-year Annual Bonus actually received
by the Executive during the preceding two full fiscal years prior to the date of termination (such aggregate amount the &#8220;Change
in Control Payment&#8221;).&nbsp; The Change in Control Payment shall be paid within 10 days following the effectiveness of the Release;
<U>provided</U>, <U>however</U>, that if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of the Code concerning
payments to &#8220;specified employees,&#8221; to the extent applicable, such payment shall be delayed until the first business day of
the seventh month following the Executive&#8217;s termination of employment and &#8220;separation from service&#8221; (within the meaning
of Section&nbsp;409A of the Code).</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Benefits:</B>&nbsp;
In addition to the payment described above, the Company shall provide the Executive with the Supplemental Payments.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Acceleration
of Options:</B>&nbsp; One hundred (100%) percent of the Executive&#8217;s outstanding, unvested options, restricted stock and/or equity
awards (&#8220;Equity Awards&#8221;) shall, immediately prior to the consummation of the Change in Control, become fully and immediately
vested to the extent not already so provided under the terms of such Equity Awards; provided, however, that if the acquirer in a Change
in Control grants Equity Awards having (in the reasonable opinion of the Board) a value at least equal to the value of Executive&#8217;s
then-unvested Company Equity Awards, then 50% of the Executive&#8217;s outstanding, unvested Company Equity Awards shall become fully
and immediately vested immediately prior to the consummation of the Change in Control (and the remaining 50% shall terminate upon the
consummation of the Change in Control).&nbsp; Notwithstanding any provisions of the stock option plan or stock option agreement pursuant
to which any stock options subject to the preceding sentence were granted, the Executive shall be entitled to exercise such Equity Awards
until three years from the date of termination of employment or the expiration of the stated period of the Equity Award, whichever period
is the shorter.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(d)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Golden
Parachute Payment Provisions:</B>&nbsp; If any payment or benefit the Executive would receive pursuant to a Change in Control from the
Company or otherwise (including, without limitation, the acceleration of any Company Equity Awards) (&#8220;Payment&#8221;) would (i)&nbsp;constitute
a &#8220;parachute payment&#8221; within the meaning of Section&nbsp;280G of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;),
and (ii)&nbsp;but for this sentence, be subject to the excise tax imposed by Section&nbsp;4999 of the Code (the &#8220;Excise Tax&#8221;),
then such Payment shall be reduced to the Reduced Amount.&nbsp; The &#8220;Reduced Amount&#8221; shall be either (x)&nbsp;the largest
portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y)&nbsp;the largest portion,
up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment
taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in the Executive&#8217;s receipt,
on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to
the Excise Tax. If a reduction in payments or benefits constituting &#8220;parachute payments&#8221; is necessary so that the Payment
equals the Reduced Amount, reduction shall occur in the following order: reduction of cash payments; cancellation of accelerated vesting
of stock options or equity awards; reduction of employee benefits.&nbsp; In the event that acceleration of vesting of stock option or
equity award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant
of the Executive&#8217;s stock options or equity awards.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">The accounting firm engaged by the Company for
general audit purposes as of the day prior to the effective date of the Change in Control shall perform the foregoing calculations and
shall make all determinations relating to the reduction of parachute payments described in the foregoing paragraph.&nbsp; If the accounting
firm so engaged by the Company is also serving as accountant or auditor for the individual, entity or group effecting the Change in Control,
the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder.&nbsp; The Company shall
bear all expenses with respect to the determinations by such accounting firm required to be made hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">The accounting firm engaged to make the determinations
hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and the Executive within fifteen
(15) calendar days after the date on which the Executive&#8217;s right to a Payment is triggered (if requested at that time by the Company
or the Executive) or such other time as requested by the Company or the Executive. If the accounting firm determines that no Excise
Tax is payable with respect to a Payment, either before or after the application of the Reduced Amount, it shall furnish the Company and
the Executive with an opinion reasonably acceptable to the Executive that no Excise Tax will be imposed with respect to such Payment.&nbsp;
Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and the Executive.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
for Disability.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>
Should the Executive be absent from work as a result of personal injury, sickness or other disability for any continuous period of time
exceeding one hundred eighty (180) days, the Term may be terminated by the Company, upon written notice given to the Executive, because
of the Executive&#8217;s disability.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>
In the event the Term is terminated pursuant to Subsection 6.E.(1), the Company shall have no further obligation to the Executive except
to pay to the Executive any Base Salary or Annual Bonus earned and accrued but remaining unpaid prior to termination of the Term (and
to provide the Executive with the benefits under any disability insurance or disability benefits plan then-maintained by the Company for
the Executive&#8217;s benefit, in accordance with the terms and conditions of such plan).&nbsp; In addition, notwithstanding any provisions
of the stock option plan or stock option agreement pursuant to which any stock options were granted, the Executive shall be entitled to
exercise any of Executive&#8217;s stock options vested as of the final day of the Term until eighteen months from the final day of the
Term or the expiration of the stated period of the option, whichever period is the shorter.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
Upon Death.</B>&nbsp; The Term shall terminate upon the death of the Executive and the Company shall have no further obligation to the
Executive or her estate except to pay the Executive&#8217;s estate any Base Salary or Annual Bonus earned and accrued but remaining unpaid
prior to her death.&nbsp; In addition, notwithstanding any provisions of the stock option plan or stock option agreement pursuant to which
any stock options were granted, the Executive&#8217;s estate shall be entitled to exercise any of Executive&#8217;s stock options vested
as of the final day of the Term until eighteen months from the final day of the Term or the expiration of the stated period of the option,
whichever period is the shorter.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>MISCELLANEOUS.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Notice.</B>&nbsp;
Any notice to be given hereunder shall either be delivered personally, sent by nationally recognized overnight courier service (with next
business day delivery requested) and/or sent by first class certified mail and regular mail.&nbsp; The address for service on the Company
shall be its registered office, and the address for service on the Executive shall be her last known place of residence.&nbsp; A notice
shall be deemed to have been served as follows:</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>
if personally delivered, at the time of delivery;</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>
if sent by overnight courier service, at the end of the next business day; and/or</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>
if posted, at the expiration of 48 hours (10 days if international) after the envelope containing the same was delivered into the custody
of the postal authorities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Taxes.&nbsp; </B>Any
payments made pursuant to this Agreement shall be subject to any tax or similar withholding requirements under applicable federal,
state or local employment or income tax laws or similar statutes or other provisions of law then in effect.&nbsp; This Agreement is
intended to comply with the requirements of Section&nbsp;409A (&#8220;Section&nbsp;409A&#8221;) of the Code and the regulations
thereunder (including, as applicable, the exemptions and exceptions set forth therein).&nbsp; The payments provided for herein are
intended to be exempt from Section&nbsp;409A and to not constitute &#8220;nonqualified deferred compensation&#8221; as defined in
Section&nbsp;409A.&nbsp; To the extent that any provision in this Agreement is ambiguous as to its compliance with
Section&nbsp;409A, the provision shall be interpreted in a manner so that no payment due to the Executive shall be deemed subject to
an &#8220;additional tax&#8221; within the meaning of Section&nbsp;409A(a)(1)(B)&nbsp;of the Code.&nbsp; For purposes of
Section&nbsp;409A, each payment made under this Agreement shall be treated as a separate payment. Notwithstanding anything contained
herein to the contrary, to the extent any payment under Section&nbsp;6 hereof is determined to constitute &#8220;nonqualified
deferred compensation&#8221; as defined in Section&nbsp;409A, the Executive shall not be considered to have terminated employment
with the Company for purposes of Section&nbsp;6 hereof unless the Executive has incurred a &#8220;termination of employment&#8221;
from the Company within the meaning of Treasury Regulation &sect;1.409A-1(h)(1)(ii)&nbsp;promulgated under Section&nbsp;409A of the
Code. Notwithstanding the foregoing, if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of the Code
concerning payments to &#8220;specified employees,&#8221; any payment made to the Executive pursuant to this Agreement on account of
the Executive&#8217;s separation from service that would otherwise be due hereunder within six months after such separation from
service shall nonetheless be delayed until the first business day of the seventh month following the Executive&#8217;s separation
from service.&nbsp; In no event may the Executive, directly or indirectly, designate the calendar year of any payment.&nbsp; All
reimbursements provided under this Agreement shall be made or provided in accordance with the requirements of Section&nbsp;409A,
including, where applicable, the requirement that (i)&nbsp;any reimbursement is for expenses incurred during the Executive&#8217;s
lifetime (or during a shorter period of time specified in this Agreement), (ii)&nbsp;the amount of expenses eligible for
reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year,
(iii)&nbsp;the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year
in which the expense is incurred, and (iv)&nbsp;the right to reimbursement is not subject to liquidation or exchange for another
benefit.&nbsp; The Executive further acknowledges that, while this Agreement is intended to comply with Section&nbsp;409A, any tax
liability incurred by the Executive under Section&nbsp;409A is solely the responsibility of the Executive.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Clawback.&nbsp;
</B>Any incentive-based or other compensation paid to the Executive under this Agreement or any other agreement or arrangement with the
Company which is subject to recovery under any law, government regulation or stock exchange listing requirement will be subject to such
deductions and/or clawback as may be required by such law, government regulation or stock exchange listing requirement.&nbsp; In addition,
if the Executive is or becomes an executive officer subject to the incentive compensation repayment requirements of the Dodd-Frank Wall
Street Reform and Consumer Protection Acts (the &#8220;Dodd-Frank Act&#8221;), then if required by the Dodd-Frank Act or any of its regulations
she will enter into an amendment to this Agreement or a separate written agreement with the Company to comply with the Dodd-Frank Act
and any of its regulations.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Binding
Effect.</B>&nbsp; This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, personal
representatives, successors and assigns, provided that neither Party shall assign any of its rights or privileges hereunder without the
prior written consent of the other Party except that the Company may assign its rights hereunder to a successor in ownership of all or
substantially all the assets of the Company.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Severability.</B>&nbsp;
Should any part or provision of this Agreement be held unenforceable by a court of competent jurisdiction, the validity of the remaining
parts or provisions shall not be affected by such holding, unless such enforceability substantially impairs the benefit of the remaining
portions of the Agreement.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Waiver.</B>&nbsp;
No failure or delay on the part of either Party in the exercise of any right or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right or privilege preclude other or further exercise thereof or of any other right
of privilege.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>G.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Captions.</B>&nbsp;
The captions used in this Agreement are for convenience only and are not to be used in interpreting the obligations of the Parties under
this Agreement.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>H.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Choice
of Law.; Jury Trial Waiver</B>&nbsp; The validity, construction and performance of this Agreement and all matters directly or
indirectly arising hereunder shall be governed by the laws of the State of Delaware, without regard to choice of laws provisions,
and the Company and the Executive irrevocably consent to the exclusive jurisdiction and venue of the federal and state courts
located within Delaware, and courts with appellate jurisdiction therefrom, in connection with any matter based upon or arising out
of this Agreement. &nbsp; THE COMPANY AND THE EXECUTIVE HEREBY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY IN ANY ACTION
CONCERNING THIS AGREEMENT OR ANY AND ALL MATTERS ARISING DIRECTLY OR INDIRECTLY HEREFROM AND REPRESENT THAT THEY HAVE CONSULTED WITH
COUNSEL OF THEIR CHOICE OR HAVE CHOSEN VOLUNTARILY NOT TO DO SO SPECIFICALLY WITH RESPECT TO THIS WAIVER.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Entire
Agreement.</B>&nbsp; This Agreement embodies the entire understanding of the Parties as it relates to the subject matter contained herein
and as such, supersedes any prior agreement or understanding between the Parties relating to the terms of employment of the Executive
(but not any option grant agreement issued by the Company to the Executive), including without limitation the Prior Employment Agreement.&nbsp;
No amendment or modification of this Agreement shall be valid or binding upon the Parties unless in writing executed by the Parties.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF,</B></FONT> the parties hereto have caused this Agreement to be duly executed as of the day and year first written above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CELLDEX&nbsp;THERAPEUTICS,&nbsp;INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="text-align: left; width: 47%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Anthony Marucci</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;</FONT></TD>
    <TD STYLE="text-align: left">Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Elizabeth Crowley</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ELIZABETH CROWLEY</B></FONT></TD></TR>
  </TABLE>
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<DOCUMENT>
<TYPE>EX-10.8
<SEQUENCE>9
<FILENAME>tm2120284d1_ex10-8.htm
<DESCRIPTION>EXHIBIT 10.8
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.8</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This <B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT
</B>(the &#8220;Agreement&#8221;) is entered into on July 1, 2021 (the &#8220;Effective Date&#8221;), between <B>Richard Wright, Ph.D.</B>
(the &#8220;Executive&#8221;) and CELLDEX THERAPEUTICS,&nbsp;INC., a Delaware corporation (the &#8220;Company&#8221;) (collectively, the
Executive and the Company shall be referred to as the &#8220;Parties&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Executive has been employed by the Company as its Senior Vice President and Chief Commercial Officer pursuant to the terms of an employment
agreement July&nbsp;1, 2015 (the &#8220;Prior Employment Agreement&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
as of the Effective Date the Company desires to employ the Executive as its Senior Vice President and Chief Commercial Officer, and the
Executive desires to accept such employment, on the terms and conditions set forth in this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Company and the Executive have mutually agreed that, as of the Effective Date, this Agreement shall amend, restate and replace the
Prior Employment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE</B></FONT>, in consideration of the mutual promises and agreements contained herein, the Parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>PURPOSE</B>.&nbsp;
The Company desires to avail itself of the services of the Executive as Senior Vice President and Chief Commercial Officer, and the Executive
desires to provide such services in accordance with the terms of this Agreement.&nbsp; The Parties agree that the duties and obligations
expected of the Executive and of the Company are as set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>EFFECTIVE
DATE AND TERM.</B>&nbsp; This Agreement shall be effective, and its term (the &#8220;Term&#8221;) shall commence as of the Effective Date.&nbsp;
The Term shall continue through and until December&nbsp;31, 2021 (the &#8220;Initial Term&#8221;), unless terminated sooner as provided
by this Agreement or extended by the Parties.&nbsp; The Term shall be automatically renewed for successive periods of one year each (each,
a &#8220;Renewal Term&#8221;), unless either Party gives to the other written notice of intent not to renew at least ninety (90) days
prior to the expiration of the Initial Term or any Renewal Term (a &#8220;Notice of Non-Renewal&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>COMPENSATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Salary.</B>&nbsp;
During the Term, the Company shall pay or cause to be paid to the Executive, in installments pursuant to the Company&#8217;s payroll practices
as in effect from time to time, a base salary at a rate of $377,306 per annum or such greater amount as may from time to time be determined
by the Company (the &#8220;Base Salary&#8221;).&nbsp; The Base Salary shall be reviewed annually in accordance with the Company&#8217;s
compensation and review policies and, in the sole discretion of the Company, may be increased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Annual
Bonus</B>.&nbsp; With respect to each fiscal year of the Company that ends during the Term, the Executive shall be eligible to receive
an annual bonus having a target of 40% of the Executive&#8217;s then Base Salary (the &#8220;Annual Bonus&#8221;) (pro-rated for partial
years) based upon the Executive&#8217;s overall performance of the Services on behalf of the Company during such fiscal year.&nbsp; The
attainment of any applicable performance goals and the amount to be paid in respect of the Annual Bonus shall be determined by the Chief
Executive Officer (&#8220;CEO&#8221;) in good faith and in accordance with such written goals and policies as may be established from
time to time by the Company.&nbsp; The Annual Bonus shall be deemed to have been earned and accrued only upon the formal approval of the
CEO of the amount of the Annual Bonus following such determination.&nbsp; The Annual Bonus, if any, shall be payable as a lump-sum payment
within sixty (60) days immediately following the last day of the applicable fiscal year.&nbsp; The Board may delegate all or any of its
obligations under this Agreement to the Compensation Committee of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Expenses.</B>&nbsp;
The Company shall reimburse the Executive for any travel, hotel, entertainment and other expenses reasonably incurred by the
Executive in furtherance of the Executive&#8217;s duties under this Agreement subject to and in accordance with the Company&#8217;s
applicable travel and expense reimbursement policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Employee
Benefits.&nbsp; </B>The Executive shall be entitled to participate in any and all employee benefit plans in effect from time to time that
are provided generally to employees of the Company (excluding severance plans, if any), and in any executive perquisite programs in effect
from time to time that provide benefits to other executives of the Company of comparable stature and with comparable duties and responsibilities,
in each case to the extent permissible under the general terms and provisions of such plans or programs and in accordance with the provisions
thereof. The Company may amend, modify or rescind any employee benefit plan or program and/or change employee contribution amounts to
benefit costs without notice in its discretion.&nbsp; The Executive shall, during the Term, be entitled to paid time off in accordance
with applicable Company policies in effect from time to time, in addition to public holidays observed by the Company.&nbsp; The Executive
shall be entitled to twenty (20) business days of vacation each year (increasing to twenty five (25) business days after ten (10)&nbsp;years
of service as an employee of the Company (including employment with any subsidiary of the Company)).&nbsp; The Executive shall be entitled
to carry any unused vacation days over to the next calendar year. However, in no event will Executive&#8217;s accrued but unused vacation
exceed 40 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Directors&#8217;
and Officers&#8217; Liability Insurance</B>.&nbsp; The Company shall indemnify the Executive to the fullest extent permitted under its
by-laws.&nbsp; During the Term, the Company shall acquire and pay for directors&#8217; and officers&#8217; liability insurance coverage
for its senior executive officers, and the Executive shall be named as a covered officer under such policy during the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>DUTIES
OF THE EXECUTIVE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Duties.</B>&nbsp;
During the Term, the Executive shall hold the title of Senior Vice President and Chief Commercial Officer and shall perform such duties
as the Company may reasonably require and shall use his best efforts to carry into effect the directions of Company senior management.&nbsp;
The Executive shall report to the CEO or any other officer of the Company that the CEO or the Board of Directors (the &#8220;Board&#8221;)
shall designate from time to time. &nbsp; During the Term, the Executive shall be bound by, and comply fully with, all of the Company&#8217;s
policies and procedures in place from time to time for employees and, to the extent applicable, officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Representation.</B>&nbsp;
During the Term, the Executive shall well and faithfully serve the Company and use the Executive&#8217;s best efforts to promote the interests
of the Company.&nbsp; The Executive shall at all times give the Company the full benefit of his knowledge, expertise, technical skill
and ingenuity in the performance of his duties and exercise of his powers and authority in the capacity or capacities described in <U>Section&nbsp;4(A</U>)&nbsp;hereof,
as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Time
Devoted by Executive.</B>&nbsp; The Executive agrees to devote substantially all of the Executive&#8217;s time and attention during business
hours and such additional time and attention as may reasonably be required to perform his duties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>RESTRICTIONS
ON THE EXECUTIVE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Non-Disclosure
of Confidential Information.</B>&nbsp; All information learned or developed by the Executive during the course of the
Executive&#8217;s employment by the Company or any subsidiary thereof will be deemed &#8220;Confidential Information&#8221; under
the terms of this Agreement.&nbsp; Examples of Confidential Information include, but are not limited to, business, scientific and
technical information owned or controlled by the Company, including the Company&#8217;s business plans and strategies; business
operations and systems; information concerning employees, customers, partners and/or licensees; patent applications; trade secrets;
inventions; ideas; procedures; formulations; processes; formulae; data and all other information of any nature whatsoever which
relate to the Company&#8217;s business, science, technology and/or products.&nbsp; In addition, Confidential Information shall
include, but not be limited to, all information which the Company may receive from third parties.&nbsp; The Executive will not
disclose to any person at any time or use in any way, except as directed by the Company, either during or after the employment of
the Executive by the Company, any Confidential Information.&nbsp; The foregoing restrictions shall not apply to information which is
or becomes part of the public domain though no act or failure to act by the Executive.&nbsp; In addition to the foregoing, in the
process of the Executive&#8217;s employment with the Company, or thereafter, under no condition is the Executive to use or disclose
to the Company, or incorporate or use in any of his work for the Company, any confidential information imparted to the Executive or
with which he may have come into contact while in the employ of his former employer(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Executive acknowledges receipt of the following notice
under the Defend Trade Secrets Act:&nbsp; An individual will not be held criminally or civilly liable under any federal or state trade
secret law for the disclosure of a trade secret if he/she (i)&nbsp;makes such disclosure in confidence to a Federal, State, or local government
official, either directly or indirectly, or to an attorney and such disclosure is made solely for the purpose of reporting or investigating
a suspected violation of law; or (ii)&nbsp;such disclosure was made in a complaint or other document filed in a lawsuit or other proceeding
if such filing is made under seal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Inventions.</B>&nbsp;
The term &#8220;Invention&#8221; means any invention, discovery, improvement, apparatus, implement, process, compound, composition or
formula, whether or not patentable, conceived or reduced to practice, in whole or in part, by the Executive (alone, or jointly with others)
during any term of his employment by the Company and twelve (12) months thereafter which directly or indirectly relates to the business,
science, technology or products of the Company and /or any Confidential Information.&nbsp; The Executive will keep, on behalf of the Company,
complete, accurate, and authentic accounts, notes, data, and records (&#8220;Records&#8221;) of each and every Invention, which Records
will, at all times, be the property of the Company.&nbsp; The Executive will comply with the directions of the Company with respect to
the manner and form of keeping or surrendering Records and will surrender to the Company all Records at the end of the Executive&#8217;s
term of employment by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">Each Invention will be the sole and exclusive property
of the Company. The Executive will, at the request of the Company, make application in due form for United States letters patent and foreign
letters patent (each, a &#8220;Patent&#8221;) on any Invention and execute any necessary documents in connection with the Patents.&nbsp;
The Executive will assign and transfer to the Company all right, title, and interest of the Executive in any Patents or Patent applications.&nbsp;
The Executive agrees to cooperate with any actions necessary to continue, renew or retain the Patents.&nbsp; The Company will bear the
entire expense of applying for and obtaining the Patents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">For one year after the termination of the term
of the Executive&#8217;s employment by the Company, the Executive will not file any applications for Patents on any Invention other than
those filed at the request of and on behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">The Executive, as a condition of his employment,
hereby represents that, to the best of his knowledge, there is not as of the date of this Agreement any agreement or obligation outstanding
with or to any of his former employers or other party, which would restrict, limit or in any way prohibit all or any portion of his work
or employment, nor is there in his possession any confidential information used by any of his former employers or any other party (except
as may have been revealed in generally available publications or otherwise made publicly available).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Non-Competition;
Non-Solicitation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
<B>Non-Competition.</B>&nbsp; During the Term, without the consent of the Board, and thereafter as specifically provided in Subsection
6.A.(2), 6.B.(4)&nbsp;or 6.C.(2), the Executive may not directly or indirectly engage in, or have any interest in, any business (whether
as employee, officer, director, agent, security holder, creditor, consultant, or otherwise) that competes with the vaccine and/or antibody
business of the Company or any subsidiary thereof (as such business may exist during the Term).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
<B>Non-Solicitation of Employees.&nbsp; </B>During the Term, and thereafter as specifically provided in Subsection 6.A.(2), 6.B.(4)&nbsp;or
6.C.(2), the Executive shall not, directly or indirectly induce or solicit any employee or independent contractor of the Company or any
subsidiary thereof to terminate his or her employment with the Company for the purpose of joining another company in which the Executive
has an interest (whether as an employee, officer, director, agent, security holder, creditor, consultant, or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Breach.</B>&nbsp;
The Executive acknowledges that there may be circumstances in which his breach of any covenant set forth in this Section&nbsp;5
could cause substantial harm to the Company which may not be compensable by monetary damages alone, and which could potentially
entitle the Company to injunctive relief.&nbsp; However, by acknowledging this possibility, the Executive is not agreeing to waive
his right to require the Company to meet its evidentiary burdens as required by law in any cause of action brought by the Company
seeking such injunctive relief.&nbsp; The restrictions contained in Subsection 5.C. above shall not prohibit Executive from owning
(beneficially or of record) less than 5% of any class of equity or debt security issued by a publicly-held company, regardless of
whether that publicly-held company is otherwise a competitor of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>TERMINATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
for Cause by the Company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
This Agreement and the Term may be terminated &#8220;for cause&#8221; by the Company pursuant to the provisions of this Subsection 6.A.&nbsp;
If the Company determines that &#8220;cause&#8221; exists for termination of the Executive&#8217;s employment, written notice thereof
must be given to the Executive describing the state of affairs or facts deemed by the Company to constitute such cause.&nbsp; Unless the
Company determines that the conduct constituting cause is not curable, the Executive shall have thirty (30) days after receipt of such
notice to cure the reason constituting cause and if the Executive does so to the reasonable satisfaction of the Company, the Term shall
not be terminated for the cause specified in the notice.&nbsp; During such thirty (30) day period, the Term shall continue and the Executive
shall continue to receive his full Base Salary, expenses and benefits pursuant to this Agreement.&nbsp; If such cause is not cured to
the Company&#8217;s reasonable satisfaction within such thirty (30) day period, the Executive may then be immediately terminated by the
Company.&nbsp; For purposes of this Agreement, the words &#8220;for cause&#8221; or &#8220;cause&#8221; means (i)&nbsp;dishonest statements
or acts of the Executive with respect to the Company or any subsidiary or other affiliate of the Company; (ii)&nbsp;the commission by
or indictment of the Executive for (A)&nbsp;a felony or (B)&nbsp;any misdemeanor involving moral turpitude, deceit, dishonesty or fraud
(indictment, for these purposes, meaning an indictment, probable cause hearing or any other procedure pursuant to which an initial determination
of probable or reasonable cause with respect to such offense is made); or (iii)&nbsp;gross negligence, willful misconduct or insubordination
of the Executive with respect to the Company or any subsidiary or other affiliate of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
In the event the Term is terminated by the Company for cause, the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall continue
to apply for one year after the conclusion of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>&nbsp;
In the event the Term is terminated by the Company for cause, the Executive&#8217;s entire right to salary and benefits hereunder (with
the exception of Base Salary and Annual Bonus (if any) earned and accrued prior to termination) shall cease upon such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
Without Cause by the Company or for Good Reason by the Executive.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
The Company shall have the right to terminate the Term, at any time, without cause upon ninety (90) days&#8217; written notice to the
Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
The Executive shall have the right to terminate the Term for good reason on thirty (30) days written notice to the Company.&nbsp; For
purposes of this Agreement, the words &#8220;for good reason&#8221; or &#8220;good reason&#8221; shall be limited to the following actions
by the Company without the Executive&#8217;s consent:&nbsp; (a)&nbsp;the assignment to the Executive of any duties or responsibilities
that results in a material diminution in the Executive&#8217;s position or function; <I>provided, however,</I> that a change in the Executive&#8217;s
title or reporting relationships shall not provide the basis for a termination with good reason; (b)&nbsp;a relocation of the Executive&#8217;s
business office to a location more than fifty (50) miles from the location in Hampton, NJ at which the Executive is working as of the
Effective Date, except for required travel by the Executive on the Company&#8217;s business to an extent substantially consistent with
the Executive&#8217;s business travel obligations as of the Effective Date; or (c)&nbsp;a material breach by the Company of any provision
of this Agreement or any other material agreement between the Executive and the Company concerning the terms and conditions of the Executive&#8217;s
employment.&nbsp; Such a termination by the Executive for good reason shall not be considered a resignation pursuant to Subsection 6.C.(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>&nbsp;
In the event the Term is terminated pursuant to Subsection 6.B.(1)&nbsp;or 6.B.(2), or in the event that the Term is terminated at
the end of the Initial Term or a Renewal Term in connection with the Company providing the Executive with a Notice of Non-Renewal
effective in connection with the expiration of the Initial Term or a Renewal Term, the Company shall pay the Executive as a
severance benefit a lump sum cash severance payment in an amount equal to 100% of the Executive&#8217;s then existing annual Base
Salary (<I>i.e.</I>, twelve (12) months of Base Salary) (the &#8220;Severance Payment&#8221;) plus Base Salary and Annual Bonus (if
any) earned and accrued prior to termination.&nbsp; In addition, if and to the extent the Executive timely elects to continue his
health insurance employee benefits pursuant to COBRA, then the Company will pay the Executive for a period of 18 months, commencing
with the payroll date on or following the 63rd day after the last day of his employment with the Company, subject to the
effectiveness of the Release (as defined below) a monthly amount, payable in accordance with the Company&#8217;s regular payroll
practices, equal to the applicable COBRA costs, subject to applicable tax withholdings (the &#8220;Supplemental
Payments&#8221;).&nbsp; The Severance Payment shall be paid within 10 days following the effectiveness of the Release (as defined
below); <U>provided</U>, <U>however</U>, that if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of the
Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;) concerning payments to &#8220;specified employees,&#8221; to the
extent applicable, such payment shall be delayed until the first business day of the seventh month following the Executive&#8217;s
termination of employment and &#8220;separation from service&#8221; (within the meaning of Section&nbsp;409A of the Code).
Notwithstanding any provisions of the stock option plan or stock option agreement pursuant to which any stock options were granted
to the Executive, <U>in connection with the termination of the Term as described in this paragraph, </U>the Executive shall be
entitled to exercise his vested equity awards until one year from the date of termination of employment or the expiration of the
stated period of the vested equity award, whichever period is the shorter<U>; provided, however, that this sentence shall only apply
to stock options granted after July 1, 2021</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(4)</B></FONT>&nbsp;
In the event the Term is terminated or the Executive&#8217;s employment with the Company terminates in a manner described in this Section&nbsp;6.B.,
the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall continue to apply for one year after the conclusion of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(5)</B></FONT>&nbsp;
Notwithstanding any provision to the contrary contained herein, the Executive shall not be eligible or entitled to receive the Severance
Payment, Supplemental Payments or Change in Control Payment (as defined below), as applicable, unless he executes (and does not revoke
during any applicable revocation period) and delivers to the Company a separation agreement and release of claims, in such form prepared
in good faith by the Company and provided to the Executive to review no later than 10 days following the last day of his employment with
the Company, within 55 days following his last day of employment with the Company (the &#8220;Release&#8221;).&nbsp; Notwithstanding anything
to the contrary contained herein, in the event such 55-day period covers more than one calendar year, the Severance Payment shall be paid
in the second calendar year (on the first regular pay date of such calendar year following the date that the Release becomes effective
and is no longer subject to revocation, unless a later date is required by Section&nbsp;6.B.(3)&nbsp;above), regardless of whether the
Executive executes and delivers the Release in the first or the second calendar year encompassed in such 55-day period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Resignation
by the Executive.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
The Executive shall have the right to terminate the Term, by way of resignation, upon ninety (90) days&#8217; written notice to the Company.&nbsp;
A termination by the Executive for good reason pursuant to Subsection 6.B.(2)&nbsp;shall not be considered a resignation pursuant to this
Subsection 6.C.(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
In the event the Term is terminated pursuant to Subsection 6.C.(1), the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall
continue to apply for one year after the conclusion of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>&nbsp;
In the event the Term is terminated pursuant to Subsection 6.C.(1), the Executive&#8217;s entire right to salary and benefits hereunder
(with the exception of Base Salary and Annual Bonus earned and accrued prior to termination) shall cease upon such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
Upon Change in Control.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
For the purposes of this Agreement, a &#8220;Change in Control&#8221; shall mean any of the following events that occurs following the
Effective Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>An
acquisition (other than directly from the Company) of any voting securities of the Company (the &#8220;Voting Securities&#8221;)
other than in a &#8220;Non-Control Acquisition&#8221; (as defined below) by any &#8220;Person&#8221; (as the term
 &#8220;person&#8221; is used for purposes of Section&nbsp;13(d)&nbsp;or 14(d)&nbsp;of the Securities Exchange Act of 1934, as
amended, (the &#8220;1934 Act&#8221;)) which results in such Person first attaining &#8220;Beneficial Ownership&#8221; (within the
meaning of Rule&nbsp;13d-3 promulgated under the 1934 Act) of fifty-one percent (51%) or more of the combined voting power of the
Company&#8217;s then outstanding Voting Securities.&nbsp; For purposes of the foregoing, a &#8220;Non-Control Acquisition&#8221;
shall mean an acquisition by (i)&nbsp;an employee benefit plan (or a trust forming a part thereof) maintained by (x)&nbsp;the
Company or (y)&nbsp;any corporation or other Person of which a majority of its voting power or its equity securities or equity
interest is owned directly or indirectly by the Company (a &#8220;Subsidiary&#8221;), or (ii)&nbsp;the Company or any
Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
individuals who, as of the date of this Agreement, were members of the Board (the &#8220;Incumbent Board&#8221;) cease for any reason
to constitute at least 66 2/3% of the Board; <I>provided, however,</I> that if the election, or a nomination for election by the Company&#8217;s
shareholders, of any new director was approved by a vote of at least 66 2/3% of the Incumbent Board, such new director shall be considered
as a member of the Incumbent Board; <I>provided further, however,</I> that no individual shall be considered a member of the Incumbent
Board if such individual initially assumed office as a result of either an actual or threatened &#8220;Election Contest&#8221; (as described
in Rule&nbsp;14a-11 promulgated under the 1934 Act) or other actual or threatened solicitation of the proxies or consents by or on behalf
of a Person other than the Board (a &#8220;Proxy Contest&#8221;) including by reason of any agreement intended to avoid or settle any
Election Contest or Proxy Contest; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
consummation of a transaction approved by the Company&#8217;s shareholders and involving:&nbsp; (1)&nbsp;a merger, consolidation or reorganization
in which the Company is a constituent corporation, unless (i)&nbsp;the shareholders of the Company, immediately before such merger, consolidation
or reorganization, own, directly or indirectly immediately following such merger, consolidation or reorganization, at least a majority
of the combined voting power of the outstanding voting securities of the corporation resulting from such merger, consolidation or reorganization
(the &#8220;Surviving Corporation&#8221;) in substantially the same proportion as their ownership of the voting securities immediately
before such merger, consolidation or reorganization, (ii)&nbsp;the individuals who were members of the Incumbent Board immediately prior
to the execution of the agreement providing for such merger, consolidation or reorganization constitute at least a majority of the members
of the board of directors of the Surviving Corporation, and (iii)&nbsp;no Person other than (w)&nbsp;the Company, (x)&nbsp;any Subsidiary,
(y)&nbsp;any employee benefit plan (or any trust forming a part thereof) maintained by the Company, the Surviving Corporation or any Subsidiary,
or (z)&nbsp;any Person who, immediately prior to such merger, consolidation or reorganization had Beneficial Ownership of fifty-one percent
(51%) or more of the then outstanding Voting Securities, has Beneficial Ownership of fifty-one percent (51%) or more of the combined voting
power of the Surviving Corporation&#8217;s then outstanding voting securities (a transaction described in clauses (i)&nbsp;and (ii)&nbsp;shall
herein be referred to as a &#8220;Non-Control Transaction&#8221;); (2)&nbsp;a complete liquidation or dissolution of the Company; or (3)&nbsp;an
agreement for the sale or other disposition of all or substantially all of the assets of the Company to any Person (other than a transfer
to a Subsidiary).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(d)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notwithstanding
the foregoing, a Change in Control shall not be deemed to occur solely because the level of Beneficial Ownership held by any Person (the
 &#8220;Subject Person&#8221;) exceeds the designated percentage threshold of the outstanding Voting Securities as a result of a repurchase
or other acquisition of Voting Securities by the Company reducing the number of shares outstanding, provided that if a Change in Control
would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the Company, and after such
share acquisition, the Subject Person becomes the Beneficial Owner of any additional Voting Securities which, assuming the repurchase
or other acquisition had not occurred, increases the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject
Person over the designated percentage threshold, then a Change in Control shall occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
In the event of a termination of the Term pursuant to an event described in Section&nbsp;6.B. above, that occurs within a period of one
year immediately following a Change in Control, then this Section&nbsp;6.D. shall apply instead of Section&nbsp;6.B., and the Company
shall provide the Executive the following benefits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Amount:</B>&nbsp;
In addition to all compensation for services rendered by Executive to the Company up to the date of termination, the Company shall
pay to Executive a single lump-sum payment in an amount equal to (i)&nbsp;twenty-four (24) times Executive&#8217;s highest monthly
base compensation paid hereunder during the preceding twenty-four month period, plus (ii)&nbsp;150% of the highest one-year Annual
Bonus actually received by the Executive during the preceding two full fiscal years prior to the date of termination (such aggregate
amount the &#8220;Change in Control Payment&#8221;).&nbsp; The Change in Control Payment shall be paid within 10 days following the
effectiveness of the Release; <U>provided</U>, <U>however</U>, that if necessary to comply with the restriction in
Section&nbsp;409A(a)(2)(B)&nbsp;of the Code concerning payments to &#8220;specified employees,&#8221; to the extent applicable, such
payment shall be delayed until the first business day of the seventh month following the Executive&#8217;s termination of employment
and &#8220;separation from service&#8221; (within the meaning of Section&nbsp;409A of the Code).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Benefits:</B>&nbsp;
In addition to the payment described above, the Company shall provide the Executive with the Supplemental Payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Acceleration
of Options:</B>&nbsp; One hundred (100%) percent of the Executive&#8217;s outstanding, unvested options, restricted stock and/or equity
awards (&#8220;Equity Awards&#8221;) shall, immediately prior to the consummation of the Change in Control, become fully and immediately
vested to the extent not already so provided under the terms of such Equity Awards; provided, however, that if the acquirer in a Change
in Control grants Equity Awards having (in the reasonable opinion of the Board) a value at least equal to the value of Executive&#8217;s
then-unvested Company Equity Awards, then 50% of the Executive&#8217;s outstanding, unvested Company Equity Awards shall become fully
and immediately vested immediately prior to the consummation of the Change in Control (and the remaining 50% shall terminate upon the
consummation of the Change in Control).&nbsp; Notwithstanding any provisions of the stock option plan or stock option agreement pursuant
to which any stock options subject to the preceding sentence were granted, the Executive shall be entitled to exercise such Equity Awards
until three years from the date of termination of employment or the expiration of the stated period of the Equity Award, whichever period
is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(d)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Golden
Parachute Payment Provisions:</B>&nbsp; If any payment or benefit the Executive would receive pursuant to a Change in Control from the
Company or otherwise (including, without limitation, the acceleration of any Company Equity Awards) (&#8220;Payment&#8221;) would (i)&nbsp;constitute
a &#8220;parachute payment&#8221; within the meaning of Section&nbsp;280G of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;),
and (ii)&nbsp;but for this sentence, be subject to the excise tax imposed by Section&nbsp;4999 of the Code (the &#8220;Excise Tax&#8221;),
then such Payment shall be reduced to the Reduced Amount.&nbsp; The &#8220;Reduced Amount&#8221; shall be either (x)&nbsp;the largest
portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y)&nbsp;the largest portion,
up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment
taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in the Executive&#8217;s receipt,
on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to
the Excise Tax. If a reduction in payments or benefits constituting &#8220;parachute payments&#8221; is necessary so that the Payment
equals the Reduced Amount, reduction shall occur in the following order: reduction of cash payments; cancellation of accelerated vesting
of stock options or equity awards; reduction of employee benefits.&nbsp; In the event that acceleration of vesting of stock option or
equity award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant
of the Executive&#8217;s stock options or equity awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">The accounting firm engaged by the Company for
general audit purposes as of the day prior to the effective date of the Change in Control shall perform the foregoing calculations and
shall make all determinations relating to the reduction of parachute payments described in the foregoing paragraph.&nbsp; If the accounting
firm so engaged by the Company is also serving as accountant or auditor for the individual, entity or group effecting the Change in Control,
the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder.&nbsp; The Company shall
bear all expenses with respect to the determinations by such accounting firm required to be made hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">The accounting firm engaged to make the determinations
hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and the Executive within fifteen
(15) calendar days after the date on which the Executive&#8217;s right to a Payment is triggered (if requested at that time by the Company
or the Executive) or such other time as requested by the Company or the Executive.&nbsp; If the accounting firm determines that no Excise
Tax is payable with respect to a Payment, either before or after the application of the Reduced Amount, it shall furnish the Company and
the Executive with an opinion reasonably acceptable to the Executive that no Excise Tax will be imposed with respect to such Payment.&nbsp;
Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and the Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
for Disability.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
Should the Executive be absent from work as a result of personal injury, sickness or other disability for any continuous period of time
exceeding one hundred eighty (180) days, the Term may be terminated by the Company, upon written notice given to the Executive, because
of the Executive&#8217;s disability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
In the event the Term is terminated pursuant to Subsection 6.E.(1), the Company shall have no further obligation to the Executive except
to pay to the Executive any Base Salary or Annual Bonus earned and accrued but remaining unpaid prior to termination of the Term (and
to provide the Executive with the benefits under any disability insurance or disability benefits plan then-maintained by the Company for
the Executive&#8217;s benefit, in accordance with the terms and conditions of such plan).&nbsp; In addition, notwithstanding any provisions
of the stock option plan or stock option agreement pursuant to which any stock options were granted, the Executive shall be entitled to
exercise any of Executive&#8217;s stock options vested as of the final day of the Term until eighteen months from the final day of the
Term or the expiration of the stated period of the option, whichever period is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Termination
Upon Death.</B>&nbsp; The Term shall terminate upon the death of the Executive and the Company shall have no further obligation to the
Executive or his estate except to pay the Executive&#8217;s estate any Base Salary or Annual Bonus earned and accrued but remaining unpaid
prior to his death.&nbsp; In addition, notwithstanding any provisions of the stock option plan or stock option agreement pursuant to which
any stock options were granted, the Executive&#8217;s estate shall be entitled to exercise any of Executive&#8217;s stock options vested
as of the final day of the Term until eighteen months from the final day of the Term or the expiration of the stated period of the option,
whichever period is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>MISCELLANEOUS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Notice.</B>&nbsp;
Any notice to be given hereunder shall either be delivered personally, sent by nationally recognized overnight courier service (with next
business day delivery requested) and/or sent by first class certified mail and regular mail.&nbsp; The address for service on the Company
shall be its registered office, and the address for service on the Executive shall be his last known place of residence.&nbsp; A notice
shall be deemed to have been served as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
if personally delivered, at the time of delivery;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;if
sent by overnight courier service, at the end of the next business day; and/or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>&nbsp;
if posted, at the expiration of 48 hours (10 days if international) after the envelope containing the same was delivered into the custody
of the postal authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Taxes.&nbsp; </B>Any
payments made pursuant to this Agreement shall be subject to any tax or similar withholding requirements under applicable federal,
state or local employment or income tax laws or similar statutes or other provisions of law then in effect.&nbsp; This Agreement is
intended to comply with the requirements of Section&nbsp;409A (&#8220;Section&nbsp;409A&#8221;) of the Code and the regulations
thereunder (including, as applicable, the exemptions and exceptions set forth therein).&nbsp; The payments provided for herein are
intended to be exempt from Section&nbsp;409A and to not constitute &#8220;nonqualified deferred compensation&#8221; as defined in
Section&nbsp;409A.&nbsp; To the extent that any provision in this Agreement is ambiguous as to its compliance with
Section&nbsp;409A, the provision shall be interpreted in a manner so that no payment due to the Executive shall be deemed subject to
an &#8220;additional tax&#8221; within the meaning of Section&nbsp;409A(a)(1)(B)&nbsp;of the Code.&nbsp; For purposes of
Section&nbsp;409A, each payment made under this Agreement shall be treated as a separate payment. Notwithstanding anything contained
herein to the contrary, to the extent any payment under Section&nbsp;6 hereof is determined to constitute &#8220;nonqualified
deferred compensation&#8221; as defined in Section&nbsp;409A, the Executive shall not be considered to have terminated employment
with the Company for purposes of Section&nbsp;6 hereof unless the Executive has incurred a &#8220;termination of employment&#8221;
from the Company within the meaning of Treasury Regulation &sect;1.409A-1(h)(1)(ii)&nbsp;promulgated under Section&nbsp;409A of the
Code. Notwithstanding the foregoing, if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of the Code
concerning payments to &#8220;specified employees,&#8221; any payment made to the Executive pursuant to this Agreement on account of
the Executive&#8217;s separation from service that would otherwise be due hereunder within six months after such separation from
service shall nonetheless be delayed until the first business day of the seventh month following the Executive&#8217;s separation
from service.&nbsp; In no event may the Executive, directly or indirectly, designate the calendar year of any payment.&nbsp; All
reimbursements provided under this Agreement shall be made or provided in accordance with the requirements of Section&nbsp;409A,
including, where applicable, the requirement that (i)&nbsp;any reimbursement is for expenses incurred during the Executive&#8217;s
lifetime (or during a shorter period of time specified in this Agreement), (ii)&nbsp;the amount of expenses eligible for
reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year,
(iii)&nbsp;the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year
in which the expense is incurred, and (iv)&nbsp;the right to reimbursement is not subject to liquidation or exchange for another
benefit.&nbsp; The Executive further acknowledges that, while this Agreement is intended to comply with Section&nbsp;409A, any tax
liability incurred by the Executive under Section&nbsp;409A is solely the responsibility of the Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Clawback.&nbsp;
</B>Any incentive-based or other compensation paid to the Executive under this Agreement or any other agreement or arrangement with the
Company which is subject to recovery under any law, government regulation or stock exchange listing requirement will be subject to such
deductions and/or clawback as may be required by such law, government regulation or stock exchange listing requirement.&nbsp; In addition,
if the Executive is or becomes an executive officer subject to the incentive compensation repayment requirements of the Dodd-Frank Wall
Street Reform and Consumer Protection Acts (the &#8220;Dodd-Frank Act&#8221;), then if required by the Dodd-Frank Act or any of its regulations
he will enter into an amendment to this Agreement or a separate written agreement with the Company to comply with the Dodd-Frank Act and
any of its regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Binding
Effect.</B>&nbsp; This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, personal
representatives, successors and assigns, provided that neither Party shall assign any of its rights or privileges hereunder without the
prior written consent of the other Party except that the Company may assign its rights hereunder to a successor in ownership of all or
substantially all the assets of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Severability.</B>&nbsp;
Should any part or provision of this Agreement be held unenforceable by a court of competent jurisdiction, the validity of the remaining
parts or provisions shall not be affected by such holding, unless such enforceability substantially impairs the benefit of the remaining
portions of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Waiver.</B>&nbsp;
No failure or delay on the part of either Party in the exercise of any right or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right or privilege preclude other or further exercise thereof or of any other right
of privilege.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>G.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Captions.</B>&nbsp;
The captions used in this Agreement are for convenience only and are not to be used in interpreting the obligations of the Parties under
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>H.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Choice
of Law; Jury Trial Waiver.</B>&nbsp; The validity, construction and performance of this Agreement and all matters directly or indirectly
arising hereunder shall be governed by the laws of the State of Delaware, without regard to choice of laws provisions, and the Company
and the Executive irrevocably consent to the exclusive jurisdiction and venue of the federal and state courts located within Delaware,
and courts with appellate jurisdiction therefrom, in connection with any matter based upon or arising out of this Agreement. &nbsp; THE
COMPANY AND THE EXECUTIVE HEREBY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY IN ANY ACTION CONCERNING THIS AGREEMENT OR ANY AND ALL
MATTERS ARISING DIRECTLY OR INDIRECTLY HEREFROM AND REPRESENT THAT THEY HAVE CONSULTED WITH COUNSEL OF THEIR CHOICE OR HAVE CHOSEN VOLUNTARILY
NOT TO DO SO SPECIFICALLY WITH RESPECT TO THIS WAIVER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Entire
Agreement.</B>&nbsp; This Agreement embodies the entire understanding of the Parties as it relates to the subject matter contained herein
and as such, supersedes any prior agreement or understanding between the Parties relating to the terms of employment of the Executive
(but not any option grant agreement issued by the Company to the Executive), including without limitation the Prior Employment Agreement.&nbsp;
No amendment or modification of this Agreement shall be valid or binding upon the Parties unless in writing executed by the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF,</B></FONT> the parties hereto have caused this Agreement to be duly executed as of the day and year first written above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CELLDEX THERAPEUTICS,&nbsp;INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Anthony Marucci</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Richard Wright, Ph.D.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RICHARD WRIGHT, Ph.D.</B></FONT></TD></TR>
  </TABLE>
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<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>10
<FILENAME>tm2120284d1_ex10-9.htm
<DESCRIPTION>EXHIBIT 10.9
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;10.9</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This <B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT
</B>(the &#8220;Agreement&#8221;) is entered into as of July 1, 2021 (the &#8220;Effective Date&#8221;), between <B>Diane Young, MD</B>
(the &#8220;Executive&#8221;) and CELLDEX THERAPEUTICS,&nbsp;INC., a Delaware corporation (the &#8220;Company&#8221;) (collectively, the
Executive and the Company shall be referred to as the &#8220;Parties&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>W I T N E S S E T H:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Executive has been employed by the Company as its Senior Vice President and Chief Medical Officer pursuant to the terms of an employment
agreement dated July 8, 2019 (the &#8220;Prior Employment Agreement&#8221;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
as of the Effective Date the Company desires to employ the Executive as its Senior Vice President and Chief Medical Officer, and the Executive
desires to accept such employment, on the terms and conditions set forth in this Agreement; and</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Company and the Executive have mutually agreed that, as of the Effective Date, this Agreement shall amend, restate and replace the
Prior Employment Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE</B></FONT>, in consideration of the mutual promises and agreements contained herein, the Parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>PURPOSE</B>.&nbsp; The Company desires to avail itself of the services of the Executive as Senior Vice President and Chief Medical
Officer, and the Executive desires to provide such services in accordance with the terms of this Agreement.&nbsp; The Parties agree that
the duties and obligations expected of the Executive and of the Company are as set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>EFFECTIVE DATE AND TERM.</B>&nbsp; This Agreement shall be effective, and its term (the &#8220;Term&#8221;) shall commence as of the
Effective Date.&nbsp; The Term shall continue through and until December&nbsp;31, 2021 (the &#8220;Initial Term&#8221;), unless terminated
sooner as provided by this Agreement or extended by the Parties.&nbsp; The Term shall be automatically renewed for successive periods
of one year each (each, a &#8220;Renewal Term&#8221;), unless either Party gives to the other written notice of intent not to renew at
least ninety (90) days prior to the expiration of the Initial Term or any Renewal Term (a &#8220;Notice of Non-Renewal&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>COMPENSATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Salary.</B>&nbsp; During the Term, the Company shall pay or cause to be paid to the Executive, in installments pursuant to the Company&#8217;s
payroll practices as in effect from time to time, a base salary at a rate of $438,141 per annum or such greater amount as may from time
to time be determined by the Company (the &#8220;Base Salary&#8221;).&nbsp; The Base Salary shall be reviewed annually in accordance with
the Company&#8217;s compensation and review policies and, in the sole discretion of the Company, may be increased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Annual Bonus</B>.&nbsp; With respect to each fiscal year of the Company that ends during the Term, the Executive shall be eligible
to receive an annual bonus having a target of 40% of the Executive&#8217;s then Base Salary (the &#8220;Annual Bonus&#8221;) based upon
the Executive&#8217;s overall performance of the Services on behalf of the Company during such fiscal year.&nbsp; The attainment of any
applicable performance goals and the amount to be paid in respect of the Annual Bonus shall be determined by the Chief Executive Officer
(&#8220;CEO&#8221;) in good faith and in accordance with such written goals and policies as may be established from time to time by the
Company.&nbsp; The Annual Bonus shall be deemed to have been earned and accrued only upon the formal approval of the CEO of the amount
of the Annual Bonus following such determination.&nbsp; The Annual Bonus, if any, shall be payable as a lump-sum payment within sixty
(60) days immediately following the last day of the applicable fiscal year.&nbsp; The Board may delegate all or any of its obligations
under this Agreement to the Compensation Committee of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Expenses.</B>&nbsp; The Company shall reimburse the Executive for any travel, hotel, entertainment and other expenses reasonably incurred
by the Executive in furtherance of the Executive&#8217;s duties under this Agreement subject to and in accordance with the Company&#8217;s
applicable travel and expense reimbursement policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Employee Benefits.&nbsp; </B>The Executive shall be entitled to participate in any and all employee benefit plans in effect from time
to time that are provided generally to employees of the Company (excluding severance plans, if any), and in any executive perquisite programs
in effect from time to time that provide benefits to other executives of the Company of comparable stature and with comparable duties
and responsibilities, in each case to the extent permissible under the general terms and provisions of such plans or programs and in accordance
with the provisions thereof.&nbsp; The Company may amend, modify or rescind any employee benefit plan or program and/or change employee
contribution amounts to benefit costs without notice in its discretion.&nbsp; The Executive shall, during the Term, be entitled to paid
time off in accordance with applicable Company policies in effect from time to time, in addition to public holidays observed by the Company.&nbsp;
The Executive shall be entitled to twenty (20) business days of vacation each year (increasing to twenty five (25) business days after
ten (10)&nbsp;years of service as an employee of the Company (including employment with any subsidiary of the Company)).&nbsp; The Executive
shall be entitled to carry any unused vacation days over to the next calendar year.&nbsp; However, in no event will Executive&#8217;s
accrued but unused vacation exceed 40 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Directors&#8217; and Officers&#8217; Liability Insurance</B>.&nbsp; The Company shall indemnify the Executive to the fullest extent
permitted under its by-laws.&nbsp; During the Term, the Company shall acquire and pay for directors&#8217; and officers&#8217; liability
insurance coverage for its senior executive officers and the Executive shall be named as a covered officer under such policy during the
Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>DUTIES OF THE EXECUTIVE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Duties.</B>&nbsp; During the Term, the Executive shall hold the title of Senior Vice President and Chief Medical Officer and shall
perform such duties as the Company may reasonably require and shall use her best efforts to carry into effect the directions of Company
senior management.&nbsp; The Executive shall report to the CEO or any other officer of the Company that the CEO or the Board of Directors
(the &#8220;Board&#8221;) shall designate from time to time.&nbsp; During the Term, the Executive shall be bound by, and comply fully
with, all of the Company&#8217;s policies and procedures in place from time to time for employees and, to the extent applicable, officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Representation.</B>&nbsp; During the Term, the Executive shall well and faithfully serve the Company and use the Executive&#8217;s
best efforts to promote the interests of the Company.&nbsp; The Executive shall at all times give the Company the full benefit of her
knowledge, expertise, technical skill and ingenuity in the performance of her duties and exercise of her powers and authority in the capacity
or capacities described in <U>Section&nbsp;4(A</U>)&nbsp;hereof, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Time Devoted by Executive.</B>&nbsp; The Executive agrees to devote substantially all of the Executive&#8217;s time and attention during
business hours and such additional time and attention as may reasonably be required to perform his duties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>RESTRICTIONS ON THE EXECUTIVE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>Non-Disclosure
of Confidential Information.</B>&nbsp; All information learned or developed by the Executive during the course of the
Executive&#8217;s employment by the Company or any subsidiary thereof will be deemed &#8220;Confidential Information&#8221; under
the terms of this Agreement.&nbsp; Examples of Confidential Information include, but are not limited to, business, scientific and
technical information owned or controlled by the Company, including the Company&#8217;s business plans and strategies; business
operations and systems; information concerning employees, customers, partners and/or licensees; patent applications; trade secrets;
inventions; ideas; procedures; formulations; processes; formulae; data and all other information of any nature whatsoever which
relate to the Company&#8217;s business, science, technology and/or products.&nbsp; In addition, Confidential Information shall
include, but not be limited to, all information which the Company may receive from third parties.&nbsp; The Executive will not
disclose to any person at any time or use in any way, except as directed by the Company, either during or after the employment of
the Executive by the Company, any Confidential Information.&nbsp; The foregoing restrictions shall not apply to information which is
or becomes part of the public domain though no act or failure to act by the Executive.&nbsp; In addition to the foregoing, in the
process of the Executive&#8217;s employment with the Company, or thereafter, under no condition is the Executive to use or disclose
to the Company, or incorporate or use in any of her work for the Company, any confidential information imparted to the Executive or
with which she may have come into contact while in the employ of her former employer(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">Executive acknowledges receipt of the following
notice under the Defend Trade Secrets Act:&nbsp; An individual will not be held criminally or civilly liable under any federal or state
trade secret law for the disclosure of a trade secret if he/she (i)&nbsp;makes such disclosure in confidence to a Federal, State, or local
government official, either directly or indirectly, or to an attorney and such disclosure is made solely for the purpose of reporting
or investigating a suspected violation of law; or (ii)&nbsp;such disclosure was made in a complaint or other document filed in a lawsuit
or other proceeding if such filing is made under seal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Inventions.</B>&nbsp; The term &#8220;Invention&#8221; means any invention, discovery, improvement, apparatus, implement, process,
compound, composition or formula, whether or not patentable, conceived or reduced to practice, in whole or in part, by the Executive (alone,
or jointly with others) during any term of her employment by the Company and twelve (12) months thereafter which directly or indirectly
relates to the business, science, technology or products of the Company and/or any Confidential Information.&nbsp; The Executive will
keep, on behalf of the Company, complete, accurate, and authentic accounts, notes, data, and records (&#8220;Records&#8221;) of each and
every Invention, which Records will, at all times, be the property of the Company.&nbsp; The Executive will comply with the directions
of the Company with respect to the manner and form of keeping or surrendering Records and will surrender to the Company all Records at
the end of the Executive&#8217;s term of employment by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">Each Invention will be the sole and exclusive property
of the Company. The Executive will, at the request of the Company, make application in due form for United States letters patent and foreign
letters patent (each, a &#8220;Patent&#8221;) on any Invention and execute any necessary documents in connection with the Patents.&nbsp;
The Executive will assign and transfer to the Company all right, title, and interest of the Executive in any Patents or Patent applications.&nbsp;
The Executive agrees to cooperate with any actions necessary to continue, renew or retain the Patents.&nbsp; The Company will bear the
entire expense of applying for and obtaining the Patents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">For one year after the termination of the term
of the Executive&#8217;s employment by the Company, the Executive will not file any applications for Patents on any Invention other than
those filed at the request of and on behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">The Executive, as a condition of her employment,
hereby represents that, to the best of her knowledge, there is not as of the date of this Agreement any agreement or obligation outstanding
with or to any of her former employers or other party, which would restrict, limit or in any way prohibit all or any portion of her work
or employment, nor is there in her possession any confidential information used by any of her former employers or any other party (except
as may have been revealed in generally available publications or otherwise made publicly available).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Non-Competition; Non-Solicitation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
<B>Non-Competition.</B>&nbsp; During the Term, without the consent of the Board, and thereafter as specifically provided in Subsection
6.A.(2), 6.B.(4)&nbsp;or 6.C.(2), the Executive may not directly or indirectly engage in, or have any interest in, any business (whether
as employee, officer, director, agent, security holder, creditor, consultant, or otherwise) that competes with the vaccine and/or antibody
business of the Company or any subsidiary thereof (as such business may exist during the Term).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
<B>Non-Solicitation of Employees.&nbsp; </B>During the Term, and thereafter as specifically provided in Subsection 6.A.(2), 6.B.(4)&nbsp;or
6.C.(2), the Executive shall not, directly or indirectly induce or solicit any employee or independent contractor of the Company or any
subsidiary thereof to terminate his or her employment with the Company for the purpose of&nbsp; joining another company in which the Executive
has an interest (whether as an employee, officer, director, agent, security holder, creditor, consultant, or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Breach.</B>&nbsp; The Executive acknowledges that there may be circumstances in which her breach of any covenant set forth in this
Section&nbsp;5 could cause substantial harm to the Company which may not be compensable by monetary damages alone, and which could potentially
entitle the Company to injunctive relief.&nbsp; However, by acknowledging this possibility, the Executive is not agreeing to waive her
right to require the Company to meet its evidentiary burdens as required by law in any cause of action brought by the Company seeking
such injunctive relief.&nbsp; The restrictions contained in Subsection 5.C. above shall not prohibit Executive from owning (beneficially
or of record) less than 5% of any class of equity or debt security issued by a publicly-held company, regardless of whether that publicly-held
company is otherwise a competitor of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>TERMINATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Termination for Cause by the Company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
This Agreement and the Term may be terminated &#8220;for cause&#8221; by the Company pursuant to the provisions of this Subsection 6.A.&nbsp;
If the Company determines that &#8220;cause&#8221; exists for termination of the Executive&#8217;s employment, written notice thereof
must be given to the Executive describing the state of affairs or facts deemed by the Company to constitute such cause.&nbsp; Unless the
Company determines that the conduct constituting cause is not curable, the Executive shall have thirty (30) days after receipt of such
notice to cure the reason constituting cause and if the Executive does so to the reasonable satisfaction of the Company, the Term shall
not be terminated for the cause specified in the notice.&nbsp; During such thirty (30) day period, the Term shall continue and the Executive
shall continue to receive her full Base Salary, expenses and benefits pursuant to this Agreement.&nbsp; If such cause is not cured to
the Company&#8217;s reasonable satisfaction within such thirty (30) day period, the Executive may then be immediately terminated by the
Company.&nbsp; For purposes of this Agreement, the words &#8220;for cause&#8221; or &#8220;cause&#8221; means (i)&nbsp;dishonest statements
or acts of the Executive with respect to the Company or any subsidiary or other affiliate of the Company; (ii)&nbsp;the commission by
or indictment of the Executive for (A)&nbsp;a felony or (B)&nbsp;any misdemeanor involving moral turpitude, deceit, dishonesty or fraud
(indictment, for these purposes, meaning an indictment, probable cause hearing or any other procedure pursuant to which an initial determination
of probable or reasonable cause with respect to such offense is made); or (iii)&nbsp;gross negligence, willful misconduct or insubordination
of the Executive with respect to the Company or any subsidiary or other affiliate of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
In the event the Term is terminated by the Company for cause, the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall continue
to apply for one year after the conclusion of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>&nbsp;
In the event the Term is terminated by the Company for cause, the Executive&#8217;s entire right to salary and benefits hereunder (with
the exception of Base Salary and Annual Bonus (if any) earned and accrued prior to termination) shall cease upon such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Termination Without Cause by the Company or for Good Reason by the Executive.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
The Company shall have the right to terminate the Term, at any time, without cause upon ninety (90) days&#8217; written notice to the
Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
The Executive shall have the right to terminate the Term for good reason on thirty (30) days written notice to the Company.&nbsp;
For purposes of this Agreement, the words &#8220;for good reason&#8221; or &#8220;good reason&#8221; shall be limited to the
following actions by the Company without the Executive&#8217;s consent:&nbsp; (a)&nbsp;the assignment to the Executive of any duties
or responsibilities that results in a material diminution in the Executive&#8217;s position or function; <I>provided, however,</I>
that a change in the Executive&#8217;s title or reporting relationships shall not provide the basis for a termination with good
reason; (b)&nbsp;a relocation of the Executive&#8217;s business office to a location more than fifty (50) miles from the location in
Hampton, New Jersey at which the Executive is working as of the Effective Date, except for required travel by the Executive on the
Company&#8217;s business to an extent substantially consistent with the Executive&#8217;s business travel obligations as of the
Effective Date; or (c)&nbsp;a material breach by the Company of any provision of this Agreement or any other material agreement
between the Executive and the Company concerning the terms and conditions of the Executive&#8217;s employment.&nbsp; Such a
termination by the Executive for good reason shall not be considered a resignation pursuant to Subsection 6.C.(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>&nbsp;
In the event the Term is terminated pursuant to Subsection 6.B.(1)&nbsp;or 6.B.(2), or in the event that the Term is terminated at the
end of the Initial Term or a Renewal Term in connection with the Company providing the Executive with a Notice of Non-Renewal effective
in connection with the expiration of the Initial Term or a Renewal Term, the Company shall pay the Executive as a severance benefit a
lump sum cash severance payment in an amount equal to 100% of the Executive&#8217;s then existing annual Base Salary (<I>i.e.</I>, twelve
(12) months of Base Salary) (the &#8220;Severance Payment&#8221;) plus Base Salary and Annual Bonus (if any) earned and accrued prior
to termination.&nbsp; In addition, if and to the extent the Executive timely elects to continue her health insurance employee benefits
pursuant to COBRA, then the Company will pay the Executive for a period of 18 months, commencing with the payroll date on or following
the 63rd day after the last day of her employment with the Company, subject to the effectiveness of the Release (as defined below) a monthly
amount, payable in accordance with the Company&#8217;s regular payroll practices, equal to the applicable COBRA costs, subject to applicable
tax withholdings (the &#8220;Supplemental Payments&#8221;).&nbsp; The Severance Payment shall be paid within 10 days following the effectiveness
of the Release (as defined below); <U>provided</U>, <U>however</U>, that if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of
the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;) concerning payments to &#8220;specified employees,&#8221; to the
extent applicable, such payment shall be delayed until the first business day of the seventh month following the Executive&#8217;s termination
of employment and &#8220;separation from service&#8221; (within the meaning of Section&nbsp;409A of the Code).&nbsp; Notwithstanding any
provisions of the stock option plan or stock option agreement pursuant to which any stock options were granted to the Executive, the Executive
shall be entitled to exercise her vested equity awards until one year from the date of termination of employment or the expiration of
the stated period of the vested equity award, whichever period is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(4)</B></FONT>&nbsp;
In the event the Term is terminated or the Executive&#8217;s employment with the Company terminates in a manner described in this Section&nbsp;6.B.,
the provisions of Subsection 5.C.(2)&nbsp;shall continue to apply for one year after the conclusion of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(5)</B></FONT>&nbsp;
Notwithstanding any provision to the contrary contained herein, the Executive shall not be eligible or entitled to receive the Severance
Payment, Supplemental Payments or Change in Control Payment (as defined below), as applicable, unless she executes (and does not revoke
during any applicable revocation period) and delivers to the Company a separation agreement and release of claims, in such form prepared
in good faith by the Company and provided to the Executive to review no later than 10 days following the last day of her employment with
the Company, within 55 days following her last day of employment with the Company (the &#8220;Release&#8221;).&nbsp; Notwithstanding anything
to the contrary contained herein, in the event such 55-day period covers more than one calendar year, the Severance Payment shall be paid
in the second calendar year (on the first regular pay date of such calendar year following the date that the Release becomes effective
and is no longer subject to revocation, unless a later date is required by Section&nbsp;6.B.(3)&nbsp;above), regardless of whether the
Executive executes and delivers the Release in the first or the second calendar year encompassed in such 55-day period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Resignation by the Executive.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
The Executive shall have the right to terminate the Term, by way of resignation, upon ninety (90) days&#8217; written notice to the Company.&nbsp;
A termination by the Executive for good reason pursuant to Subsection 6.B.(2)&nbsp;shall not be considered a resignation pursuant to this
Subsection 6.C.(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
In the event the Term is terminated pursuant to Subsection 6.C.(1), the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall
continue to apply for one year after the conclusion of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>&nbsp;
In the event the Term is terminated pursuant to Subsection 6.C.(1), the Executive&#8217;s entire right to salary and benefits hereunder
(with the exception of Base Salary and Annual Bonus earned and accrued prior to termination) shall cease upon such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Termination Upon Change in Control.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
For the purposes of this Agreement, a &#8220;Change in Control&#8221; shall mean any of the following events that occurs following the
Effective Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An acquisition (other than directly from the Company) of any voting securities of the Company (the &#8220;Voting Securities&#8221;) other
than in a &#8220;Non-Control Acquisition&#8221; (as defined below) by any &#8220;Person&#8221; (as the term &#8220;person&#8221; is used
for purposes of Section&nbsp;13(d)&nbsp;or 14(d)&nbsp;of the Securities Exchange Act of 1934, as amended, (the &#8220;1934 Act&#8221;))
which results in such Person first attaining &#8220;Beneficial Ownership&#8221; (within the meaning of Rule&nbsp;13d-3 promulgated under
the 1934 Act) of fifty-one percent (51%) or more of the combined voting power of the Company&#8217;s then outstanding Voting Securities.&nbsp;
For purposes of the foregoing, a &#8220;Non-Control Acquisition&#8221; shall mean an acquisition by (i)&nbsp;an employee benefit plan
(or a trust forming a part thereof) maintained by (x)&nbsp;the Company or (y)&nbsp;any corporation or other Person of which a majority
of its voting power or its equity securities or equity interest is owned directly or indirectly by the Company (a &#8220;Subsidiary&#8221;),
or (ii)&nbsp;the Company or any Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The individuals who, as of the date of this Agreement, were members of the Board (the &#8220;Incumbent Board&#8221;) cease for any reason
to constitute at least 66 2/3% of the Board; <I>provided, however,</I> that if the election, or a nomination for election by the Company&#8217;s
shareholders, of any new director was approved by a vote of at least 66 2/3% of the Incumbent Board, such new director shall be considered
as a member of the Incumbent Board; <I>provided further, however,</I> that no individual shall be considered a member of the Incumbent
Board if such individual initially assumed office as a result of either an actual or threatened &#8220;Election Contest&#8221; (as described
in Rule&nbsp;14a-11 promulgated under the 1934 Act) or other actual or threatened solicitation of the proxies or consents by or on behalf
of a Person other than the Board (a &#8220;Proxy Contest&#8221;) including by reason of any agreement intended to avoid or settle any
Election Contest or Proxy Contest; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The consummation of a transaction approved by the Company&#8217;s shareholders and involving:&nbsp; (1)&nbsp;a merger, consolidation or
reorganization in which the Company is a constituent corporation, unless (i)&nbsp;the shareholders of the Company, immediately&nbsp; before
such merger, consolidation or reorganization, own, directly or indirectly immediately following such merger, consolidation or reorganization,
at least a majority of the combined voting power of the outstanding voting securities of the corporation resulting from such merger, consolidation
or reorganization (the &#8220;Surviving Corporation&#8221;) in substantially&nbsp; the same proportion as their ownership of the voting
securities immediately before such merger, consolidation or reorganization, (ii)&nbsp;the individuals who were members of the Incumbent
Board immediately prior to the execution of the agreement providing for such merger, consolidation or reorganization constitute at least
a majority of the members of the board of directors of the Surviving Corporation, and (iii)&nbsp;no Person other than (w)&nbsp;the Company,
(x)&nbsp;any Subsidiary, (y)&nbsp;any employee benefit plan (or any trust forming a part thereof) maintained by the Company, the Surviving
Corporation or any Subsidiary, or (z)&nbsp;any Person who, immediately prior to such merger, consolidation or reorganization had Beneficial
Ownership of fifty-one percent (51%) or more of the then outstanding Voting Securities, has Beneficial Ownership of fifty-one percent
(51%) or more of the combined voting power of the Surviving Corporation&#8217;s then outstanding voting securities (a transaction described
in clauses (i)&nbsp;and (ii)&nbsp;shall herein be referred to as a &#8220;Non-Control Transaction&#8221;); (2)&nbsp;a complete liquidation
or dissolution of the Company; or (3)&nbsp;an agreement for the sale or other disposition of all or substantially all of the assets of
the Company to any Person (other than a transfer to a Subsidiary).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(d)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because the level of Beneficial Ownership held
by any Person (the &#8220;Subject Person&#8221;) exceeds the designated percentage threshold of the outstanding Voting Securities as a
result of a repurchase or other acquisition of Voting Securities by the Company reducing the number of shares outstanding, provided that
if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the
Company, and after such share acquisition, the Subject Person becomes the Beneficial Owner of any additional Voting Securities which,
assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding Voting Securities Beneficially
Owned by the Subject Person over the designated percentage threshold, then a Change in Control shall occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
In the event of a termination of the Term pursuant to an event described in Section&nbsp;6.B. above, that occurs within a period of
one year immediately following a Change in Control, then this Section&nbsp;6.D. shall apply instead of Section&nbsp;6.B., and the
Company shall provide the Executive the following benefits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Amount:</B>&nbsp; In addition to all compensation for services rendered by Executive to the Company up to the date of termination,
the Company shall pay to Executive a single lump-sum payment in an amount equal to (i)&nbsp;twenty-four (24) times Executive&#8217;s highest
monthly base compensation paid hereunder during the preceding twenty-four month period, plus (ii)&nbsp;150% of the highest one-year Annual
Bonus actually received by the Executive during the preceding two full fiscal years prior to the date of termination (such aggregate amount
the &#8220;Change in Control Payment&#8221;).&nbsp; The Change in Control Payment shall be paid within 10 days following the effectiveness
of the Release; <U>provided</U>, <U>however</U>, that if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of
the Code concerning payments to &#8220;specified employees,&#8221; to the extent applicable, such payment shall be delayed until the first
business day of the seventh month following the Executive&#8217;s termination of employment and &#8220;separation from service&#8221;
(within the meaning of Section&nbsp;409A of the Code).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Benefits:</B>&nbsp; In addition to the payment described above, the Company shall provide the Executive with the Supplemental Payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Acceleration of Options:</B> &nbsp;One hundred (100%) percent of the Executive&#8217;s outstanding, unvested options, restricted stock
and/or equity awards (&#8220;Equity Awards&#8221;) shall, immediately prior to the consummation of the Change in Control, become fully
and immediately vested to the extent not already so provided under the terms of such Equity Awards; provided, however, that if the acquirer
in a Change in Control grants Equity Awards having (in the reasonable opinion of the Board) a value at least equal to the value of Executive&#8217;s
then-unvested Company Equity Awards, then 50% of the Executive&#8217;s outstanding, unvested Company Equity Awards shall become fully
and immediately vested immediately prior to the consummation of the Change in Control (and the remaining 50% shall terminate upon the
consummation of the Change in Control).&nbsp; Notwithstanding any provisions of the stock option plan or stock option agreement pursuant
to which any stock options subject to the preceding sentence were granted, the Executive shall be entitled to exercise such Equity Awards
until three years from the date of termination of employment or the expiration of the stated period of the Equity Award, whichever period
is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(d)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Golden Parachute Payment Provisions:</B>&nbsp; If any payment or benefit the Executive would receive pursuant to a Change in Control
from the Company or otherwise (including, without limitation, the acceleration of any Company Equity Awards) (&#8220;Payment&#8221;) would
(i)&nbsp;constitute a &#8220;parachute payment&#8221; within the meaning of Section&nbsp;280G of the Internal Revenue Code of 1986, as
amended (the &#8220;Code&#8221;), and (ii)&nbsp;but for this sentence, be subject to the excise tax imposed by Section&nbsp;4999 of the
Code (the &#8220;Excise Tax&#8221;), then such Payment shall be reduced to the Reduced Amount.&nbsp; The &#8220;Reduced Amount&#8221;
shall be either (x)&nbsp;the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise
Tax or (y)&nbsp;the largest portion, up to and including the total, of the Payment, whichever amount, after taking into account all applicable
federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results
in the Executive&#8217;s receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion
of the Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting &#8220;parachute payments&#8221;
is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the following order: reduction of cash payments;
cancellation of accelerated vesting of stock options or equity awards; reduction of employee benefits.&nbsp; In the event that acceleration
of vesting of stock option or equity award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse
order of the date of grant of the Executive&#8217;s stock options or equity awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">The accounting firm engaged by the Company for
general audit purposes as of the day prior to the effective date of the Change in Control shall perform the foregoing calculations and
shall make all determinations relating to the reduction of parachute payments described in the foregoing paragraph.&nbsp; If the accounting
firm so engaged by the Company is also serving as accountant or auditor for the individual, entity or group effecting the Change in Control,
the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder.&nbsp; The Company shall
bear all expenses with respect to the determinations by such accounting firm required to be made hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">The accounting firm engaged to make the determinations
hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and the Executive within fifteen
(15) calendar days after the date on which the Executive&#8217;s right to a Payment is triggered (if requested at that time by the Company
or the Executive) or such other time as requested by the Company or the Executive.&nbsp; If the accounting firm determines that no Excise
Tax is payable with respect to a Payment, either before or after the application of the Reduced Amount, it shall furnish the Company and
the Executive with an opinion reasonably acceptable to the Executive that no Excise Tax will be imposed with respect to such Payment.&nbsp;
Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and the Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Termination for Disability.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
Should the Executive be absent from work as a result of personal injury, sickness or other disability for any continuous period of time
exceeding one hundred eighty (180) days, the Term may be terminated by the Company, upon written notice given to the Executive, because
of the Executive&#8217;s disability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
In the event the Term is terminated pursuant to Subsection 6.E.(1), the Company shall have no further obligation to the Executive except
to pay to the Executive any Base Salary or Annual Bonus earned and accrued but remaining unpaid prior to termination of the Term (and
to provide the Executive with the benefits under any disability insurance or disability benefits plan then-maintained by the Company for
the Executive&#8217;s benefit, in accordance with the terms and conditions of such plan).&nbsp; In addition, notwithstanding any provisions
of the stock option plan or stock option agreement pursuant to which any stock options were granted, the Executive shall be entitled to
exercise any of Executive&#8217;s stock options vested as of the final day of the Term until eighteen months from the final day of the
Term or the expiration of the stated period of the option, whichever period is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Termination Upon Death.</B>&nbsp; The Term shall terminate upon the death of the Executive and the Company shall have no further obligation
to the Executive or his estate except to pay the Executive&#8217;s estate any Base Salary or Annual Bonus earned and accrued but remaining
unpaid prior to his death.&nbsp; In addition, notwithstanding any provisions of the stock option plan or stock option agreement pursuant
to which any stock options were granted, the Executive&#8217;s estate shall be entitled to exercise any of Executive&#8217;s stock options
vested as of the final day of the Term until eighteen months from the final day of the Term or the expiration of the stated period of
the option, whichever period is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>MISCELLANEOUS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Notice.</B>&nbsp; Any notice to be given hereunder shall either be delivered personally, sent by nationally recognized overnight courier
service (with next business day delivery requested) and/or sent by first class certified mail and regular mail.&nbsp; The address for
service on the Company shall be its registered office, and the address for service on the Executive shall be his last known place of residence.&nbsp;
A notice shall be deemed to have been served as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT>&nbsp;
if personally delivered, at the time of delivery;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT>&nbsp;
if sent by overnight courier service, at the end of the next business day; and/or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT>&nbsp;
if posted, at the expiration of 48 hours (10 days if international) after the envelope containing the same was delivered into the custody
of the postal authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>Taxes.&nbsp; </B>Any
payments made pursuant to this Agreement shall be subject to any tax or similar withholding requirements under applicable federal,
state or local employment or income tax laws or similar statutes or other provisions of law then in effect.&nbsp; This Agreement is
intended to comply with the requirements of Section&nbsp;409A (&#8220;Section&nbsp;409A&#8221;) of the Code and the regulations
thereunder (including, as applicable, the exemptions and exceptions set forth therein).&nbsp; The payments provided for herein are
intended to be exempt from Section&nbsp;409A and to not constitute &#8220;nonqualified deferred compensation&#8221; as defined in
Section&nbsp;409A.&nbsp; To the extent that any provision in this Agreement is ambiguous as to its compliance with
Section&nbsp;409A, the provision shall be interpreted in a manner so that no payment due to the Executive shall be deemed subject to
an &#8220;additional tax&#8221; within the meaning of Section&nbsp;409A(a)(1)(B)&nbsp;of the Code.&nbsp; For purposes of
Section&nbsp;409A, each payment made under this Agreement shall be treated as a separate payment. Notwithstanding anything contained
herein to the contrary, to the extent any payment under Section&nbsp;6 hereof is determined to constitute &#8220;nonqualified
deferred compensation&#8221; as defined in Section&nbsp;409A, the Executive shall not be considered to have terminated employment
with the Company for purposes of Section&nbsp;6 hereof unless the Executive has incurred a &#8220;termination of employment&#8221;
from the Company within the meaning of Treasury Regulation &sect;1.409A-1(h)(1)(ii)&nbsp;promulgated under Section&nbsp;409A of the
Code. Notwithstanding the foregoing, if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of the Code
concerning payments to &#8220;specified employees,&#8221; any payment made to the Executive pursuant to this Agreement on account of
the Executive&#8217;s separation from service that would otherwise be due hereunder within six months after such separation from
service shall nonetheless be delayed until the first business day of the seventh month following the Executive&#8217;s separation
from service.&nbsp; In no event may the Executive, directly or indirectly, designate the calendar year of any payment.&nbsp; All
reimbursements provided under this Agreement shall be made or provided in accordance with the requirements of Section&nbsp;409A,
including, where applicable, the requirement that (i)&nbsp;any reimbursement is for expenses incurred during the Executive&#8217;s
lifetime (or during a shorter period of time specified in this Agreement), (ii)&nbsp;the amount of expenses eligible for
reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year,
(iii)&nbsp;the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year
in which the expense is incurred, and (iv)&nbsp;the right to reimbursement is not subject to liquidation or exchange for another
benefit.&nbsp; The Executive further acknowledges that, while this Agreement is intended to comply with Section&nbsp;409A, any tax
liability incurred by the Executive under Section&nbsp;409A is solely the responsibility of the Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Clawback.&nbsp; </B>Any incentive-based or other compensation paid to the Executive under this Agreement or any other agreement or
arrangement with the Company which is subject to recovery under any law, government regulation or stock exchange listing requirement will
be subject to such deductions and/or clawback as may be required by such law, government regulation or stock exchange listing requirement.
In addition, if the Executive is or becomes an executive officer subject to the incentive compensation repayment requirements of the Dodd-Frank
Wall Street Reform and Consumer Protection Acts (the &#8220;Dodd-Frank Act&#8221;), then if required by the Dodd-Frank Act or any of its
regulations he will enter into an amendment to this Agreement or a separate written agreement with the Company to comply with the Dodd-Frank
Act and any of its regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Binding Effect.</B>&nbsp; This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective
heirs, personal representatives, successors and assigns, provided that neither Party shall assign any of its rights or privileges hereunder
without the prior written consent of the other Party except that the Company may assign its rights hereunder to a successor in ownership
of all or substantially all the assets of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Severability.</B>&nbsp; Should any part or provision of this Agreement be held unenforceable by a court of competent jurisdiction,
the validity of the remaining parts or provisions shall not be affected by such holding, unless such enforceability substantially impairs
the benefit of the remaining portions of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Waiver.</B>&nbsp; No failure or delay on the part of either Party in the exercise of any right or privilege hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right or privilege preclude other or further exercise thereof
or of any other right of privilege.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>G.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Captions.</B>&nbsp; The captions used in this Agreement are for convenience only and are not to be used in interpreting the obligations
of the Parties under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>H.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>Choice
of Law; Jury Trial Waiver.</B>&nbsp; The validity, construction and performance of this Agreement and all matters directly or
indirectly arising hereunder shall be governed by the laws of the State of Delaware, without regard to choice of laws provisions,
and the Company and the Executive irrevocably consent to the exclusive jurisdiction and venue of the federal and state courts
located within Delaware, and courts with appellate jurisdiction therefrom, in connection with any matter based upon or arising out
of this Agreement.&nbsp; THE COMPANY AND THE EXECUTIVE HEREBY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY IN ANY ACTION CONCERNING
THIS AGREEMENT OR ANY AND ALL MATTERS ARISING DIRECTLY OR INDIRECTLY HEREFROM AND REPRESENT THAT THEY HAVE CONSULTED WITH COUNSEL OF
THEIR CHOICE OR HAVE CHOSEN VOLUNTARILY NOT TO DO SO SPECIFICALLY WITH RESPECT TO THIS WAIVER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Entire Agreement.</B>&nbsp; This Agreement embodies the entire understanding of the Parties as it relates to the subject matter contained
herein and as such, supersedes any prior agreement or understanding between the Parties relating to the terms of employment of the Executive
(but not any option grant agreement issued by the Company to the Executive).&nbsp; No amendment or modification of this Agreement shall
be valid or binding upon the Parties unless in writing executed by the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF,</B></FONT> the parties hereto have caused this Agreement to be duly executed as of the day and year first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CELLDEX THERAPEUTICS,&nbsp;INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Anthony S. Marucci</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Diane Young</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diane Young, MD</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>11
<FILENAME>tm2120284d1_ex10-10.htm
<DESCRIPTION>EXHIBIT 10.10
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.10</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This <B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT
</B>(the &#8220;Agreement&#8221;) is entered into as of July 1, 2021 (the &#8220;Effective Date&#8221;), between <B>Freddy Jimenez</B>
(the &#8220;Executive&#8221;) and CELLDEX THERAPEUTICS,&nbsp;INC., a Delaware corporation (the &#8220;Company&#8221;) (collectively, the
Executive and the Company shall be referred to as the &#8220;Parties&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>W I T N E S S E T H:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
the Executive has been employed by the Company as its Senior Vice President and General Counsel pursuant to the terms of an employment
agreement dated January 1, 2021 (the &#8220;Prior Employment Agreement&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
as of the Effective Date (as defined below) the Company desires to employ the Executive as its Senior Vice President and General Counsel,
and the Executive desires to accept such employment, on the terms and conditions set forth in this agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
the Company and the Executive have mutually agreed that, as of the Effective Date, this Agreement shall amend, restate and replace the
Prior Employment Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NOW,
THEREFORE</B></FONT>, in consideration of the mutual promises and agreements contained herein, the Parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>PURPOSE</B>.&nbsp; The Company desires to avail itself of the services of the Executive as Senior Vice President and General Counsel,
and the Executive desires to provide such services in accordance with the terms of this Agreement.&nbsp; The Parties agree that the duties
and obligations expected of the Executive and of the Company are as set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>EFFECTIVE DATE AND TERM.</B>&nbsp; This Agreement shall be effective, and its term (the &#8220;Term&#8221;) shall commence as of the
Effective Date.&nbsp; The Term shall continue through and until December&nbsp;31, 2021 (the &#8220;Initial Term&#8221;), unless terminated
sooner as provided by this Agreement or extended by the Parties.&nbsp; The Term shall be automatically renewed for successive periods
of one year each (each, a &#8220;Renewal Term&#8221;), unless either Party gives to the other written notice of intent not to renew at
least ninety (90) days prior to the expiration of the Initial Term or any Renewal Term (a &#8220;Notice of Non-Renewal&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>COMPENSATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>A.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Salary.</B>&nbsp; During the Term, the Company shall pay or cause to be paid to the Executive, in installments pursuant to the Company&#8217;s
payroll practices as in effect from time to time, a base salary at a rate of $391,230 per annum or such greater amount as may from time
to time be determined by the Company (the &#8220;Base Salary&#8221;).&nbsp; The Base Salary shall be reviewed annually in accordance with
the Company&#8217;s compensation and review policies and, in the sole discretion of the Company, may be increased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>B.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Annual Bonus</B>.&nbsp; With respect to each fiscal year of the Company that ends during the Term, the Executive shall be eligible
to receive an annual bonus having a target of 40% of the Executive&#8217;s then Base Salary (the &#8220;Annual Bonus&#8221;) based upon
the Executive&#8217;s overall performance of the Services on behalf of the Company during such fiscal year.&nbsp; The attainment of any
applicable performance goals and the amount to be paid in respect of the Annual Bonus shall be determined by the Chief Executive Officer
(&#8220;CEO&#8221;) in good faith and in accordance with such written goals and policies as may be established from time to time by the
Company.&nbsp; The Annual Bonus shall be deemed to have been earned and accrued only upon the formal approval of the CEO of the amount
of the Annual Bonus following such determination.&nbsp; The Annual Bonus, if any, shall be payable as a lump-sum payment within sixty
(60) days immediately following the last day of the applicable fiscal year.&nbsp; The Board may delegate all or any of its obligations
under this Agreement to the Compensation Committee of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>C.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Expenses.</B>&nbsp; The Company shall reimburse the Executive for any travel, hotel, entertainment and other expenses reasonably incurred
by the Executive in furtherance of the Executive&#8217;s duties under this Agreement subject to and in accordance with the Company&#8217;s
applicable travel and expense reimbursement policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>D.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Employee Benefits.&nbsp; </B>The Executive shall be entitled to participate in any and all employee benefit plans in effect from time
to time that are provided generally to employees of the Company (excluding severance plans, if any), and in any executive perquisite programs
in effect from time to time that provide benefits to other executives of the Company of comparable stature and with comparable duties
and responsibilities, in each case to the extent permissible under the general terms and provisions of such plans or programs and in accordance
with the provisions thereof.&nbsp; The Company may amend, modify or rescind any employee benefit plan or program and/or change employee
contribution amounts to benefit costs without notice in its discretion.&nbsp; The Executive shall, during the Term, be entitled to paid
time off in accordance with applicable Company policies in effect from time to time, in addition to public holidays observed by the Company.&nbsp;
The Executive shall be entitled to twenty (20) business days of vacation each year (increasing to twenty five (25) business days after
ten (10)&nbsp;years of service as an employee of the Company (including employment with any subsidiary of the Company)).&nbsp; The Executive
shall be entitled to carry any unused vacation days over to the next calendar year.&nbsp; However, in no event will Executive&#8217;s
accrued but unused vacation exceed 40 days.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>E.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Directors&#8217; and Officers&#8217; Liability Insurance</B>.&nbsp; The Company shall indemnify the Executive to the fullest extent
permitted under its by-laws.&nbsp; During the Term, the Company shall acquire and pay for directors&#8217; and officers&#8217; liability
insurance coverage for its senior executive officers, and the Executive shall be named as a covered officer under such policy during the
Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>DUTIES OF THE EXECUTIVE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>A.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Duties.</B>&nbsp; During the Term, the Executive shall hold the title of Senior Vice President and General Counsel and shall perform
such duties as the Company may reasonably require and shall use his best efforts to carry into effect the directions of Company senior
management.&nbsp; The Executive shall report to the CEO or any other officer of the Company that the CEO or the Board of Directors (the
 &#8220;Board&#8221;) shall designate from time to time.&nbsp; During the Term, the Executive shall be bound by, and comply fully with,
all of the Company&#8217;s policies and procedures in place from time to time for employees and, to the extent applicable, officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>B.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Representation.</B>&nbsp; During the Term, the Executive shall well and faithfully serve the Company and use the Executive&#8217;s
best efforts to promote the interests of the Company.&nbsp; The Executive shall at all times give the Company the full benefit of his
knowledge, expertise, technical skill and ingenuity in the performance of his duties and exercise of his powers and authority in the capacity
or capacities described in <U>Section&nbsp;4(A</U>)&nbsp;hereof, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>C.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Time Devoted by Executive.</B>&nbsp; The Executive agrees to devote substantially all of the Executive&#8217;s time and attention during
business hours and such additional time and attention as may reasonably be required to perform his duties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>RESTRICTIONS ON THE EXECUTIVE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>A.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Non-Disclosure of Confidential Information.</B>&nbsp; All information learned or developed by the Executive during the course of the
Executive&#8217;s employment by the Company or any subsidiary thereof will be deemed &#8220;Confidential Information&#8221; under the
terms of this Agreement.&nbsp; Examples of Confidential Information include, but are not limited to, business, scientific and technical
information owned or controlled by the Company, including the Company&#8217;s business plans and strategies; business operations and systems;
information concerning employees, customers, partners and/or licensees; patent applications; trade secrets; inventions; ideas; procedures;
formulations; processes; formulae; data and all other information of any nature whatsoever which relate to the Company&#8217;s business,
science, technology and/or products.&nbsp; In addition, Confidential Information shall include, but not be limited to, all information
which the Company may receive from third parties.&nbsp; The Executive will not disclose to any person at any time or use in any way, except
as directed by the Company, either during or after the employment of the Executive by the Company, any Confidential Information.&nbsp;
The foregoing restrictions shall not apply to information which is or becomes part of the public domain though no act or failure to act
by the Executive.&nbsp; In addition to the foregoing, in the process of the Executive&#8217;s employment with the Company, or thereafter,
under no condition is the Executive to use or disclose to the Company, or incorporate or use in any of his work for the Company, any confidential
information imparted to the Executive or with which he may have come into contact while in the employ of his former employer(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">Executive acknowledges receipt of the
following notice under the Defend Trade Secrets Act:&nbsp; An individual will not be held criminally or civilly liable under any
federal or state trade secret law for the disclosure of a trade secret if he/she (i)&nbsp;makes such disclosure in confidence to a
Federal, State, or local government official, either directly or indirectly, or to an attorney and such disclosure is made solely
for the purpose of reporting or investigating a suspected violation of law; or (ii)&nbsp;such disclosure was made in a complaint or
other document filed in a lawsuit or other proceeding if such filing is made under seal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>B.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Inventions.</B>&nbsp; The term &#8220;Invention&#8221; means any invention, discovery, improvement, apparatus, implement, process,
compound, composition or formula, whether or not patentable, conceived or reduced to practice, in whole or in part, by the Executive (alone,
or jointly with others) during any term of his employment by the Company and twelve (12) months thereafter which directly or indirectly
relates to the business, science, technology or products of the Company and/or any Confidential Information.&nbsp; The Executive will
keep, on behalf of the Company, complete, accurate, and authentic accounts, notes, data, and records (&#8220;Records&#8221;) of each and
every Invention, which Records will, at all times, be the property of the Company.&nbsp; The Executive will comply with the directions
of the Company with respect to the manner and form of keeping or surrendering Records and will surrender to the Company all Records at
the end of the Executive&#8217;s term of employment by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">Each Invention will be the sole and exclusive property
of the Company. The Executive will, at the request of the Company, make application in due form for United States letters patent and foreign
letters patent (each, a &#8220;Patent&#8221;) on any Invention and execute any necessary documents in connection with the Patents.&nbsp;
The Executive will assign and transfer to the Company all right, title, and interest of the Executive in any Patents or Patent applications.&nbsp;
The Executive agrees to cooperate with any actions necessary to continue, renew or retain the Patents.&nbsp; The Company will bear the
entire expense of applying for and obtaining the Patents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">For one year after the termination of the term
of the Executive&#8217;s employment by the Company, the Executive will not file any applications for Patents on any Invention other than
those filed at the request of and on behalf of the Company. The Executive, as a condition of his employment, hereby represents that, to
the best of his knowledge, there is not as of the date of this Agreement any agreement or obligation outstanding with or to any of his
former employers or other party, which would restrict, limit or in any way prohibit all or any portion of his work or employment, nor
is there in his possession any confidential information used by any of his former employers or any other party (except as may have been
revealed in generally available publications or otherwise made publicly available).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>C.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Non-Competition; Non-Solicitation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(1)</B></FONT>&nbsp;
<B>Non-Competition.</B>&nbsp; During the Term, without the consent of the Board, and thereafter as specifically provided in Subsection
6.A.(2), 6.B.(4)&nbsp;or 6.C.(2), the Executive may not directly or indirectly engage in, or have any interest in, any business (whether
as employee, officer, director, agent, security holder, creditor, consultant, or otherwise) that competes with the vaccine and/or antibody
business of the Company or any subsidiary thereof (as such business may exist during the Term).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(2)</B></FONT>&nbsp;
<B>Non-Solicitation of Employees.&nbsp; </B>During the Term, and thereafter as specifically provided in Subsection 6.A.(2), 6.B.(4)&nbsp;or
6.C.(2), the Executive shall not, directly or indirectly induce or solicit any employee or independent contractor of the Company or any
subsidiary thereof to terminate his or her employment with the Company for the purpose of&nbsp; joining another company in which the Executive
has an interest (whether as an employee, officer, director, agent, security holder, creditor, consultant, or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>D.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Breach.</B>&nbsp; The Executive acknowledges that there may be circumstances in which his breach of any covenant set forth in this
Section&nbsp;5 could cause substantial harm to the Company which may not be compensable by monetary damages alone, and which could potentially
entitle the Company to injunctive relief.&nbsp; However, by acknowledging this possibility, the Executive is not agreeing to waive his
right to require the Company to meet its evidentiary burdens as required by law in any cause of action brought by the Company seeking
such injunctive relief.&nbsp; The restrictions contained in Subsection 5.C. above shall not prohibit Executive from owning (beneficially
or of record) less than 5% of any class of equity or debt security issued by a publicly-held company, regardless of whether that publicly-held
company is otherwise a competitor of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>TERMINATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>A.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Termination for Cause by the Company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(1)</B></FONT>&nbsp;
This Agreement and the Term may be terminated &#8220;for cause&#8221; by the Company pursuant to the provisions of this Subsection 6.A.&nbsp;
If the Company determines that &#8220;cause&#8221; exists for termination of the Executive&#8217;s employment, written notice thereof
must be given to the Executive describing the state of affairs or facts deemed by the Company to constitute such cause.&nbsp; Unless the
Company determines that the conduct constituting cause is not curable, the Executive shall have thirty (30) days after receipt of such
notice to cure the reason constituting cause and if the Executive does so to the reasonable satisfaction of the Company, the Term shall
not be terminated for the cause specified in the notice.&nbsp; During such thirty (30) day period, the Term shall continue and the Executive
shall continue to receive his full Base Salary, expenses and benefits pursuant to this Agreement.&nbsp; If such cause is not cured to
the Company&#8217;s reasonable satisfaction within such thirty (30) day period, the Executive may then be immediately terminated by the
Company.&nbsp; For purposes of this Agreement, the words &#8220;for cause&#8221; or &#8220;cause&#8221; means (i)&nbsp;dishonest statements
or acts of the Executive with respect to the Company or any subsidiary or other affiliate of the Company; (ii)&nbsp;the commission by
or indictment of the Executive for (A)&nbsp;a felony or (B)&nbsp;any misdemeanor involving moral turpitude, deceit, dishonesty or fraud
(indictment, for these purposes, meaning an indictment, probable cause hearing or any other procedure pursuant to which an initial determination
of probable or reasonable cause with respect to such offense is made); or (iii)&nbsp;gross negligence, willful misconduct or insubordination
of the Executive with respect to the Company or any subsidiary or other affiliate of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(2)</B></FONT>&nbsp;
In the event the Term is terminated by the Company for cause, the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall continue
to apply for one year after the conclusion of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(3)</B></FONT>&nbsp;
In the event the Term is terminated by the Company for cause, the Executive&#8217;s entire right to salary and benefits hereunder (with
the exception of Base Salary and Annual Bonus (if any) earned and accrued prior to termination) shall cease upon such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>B.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Termination Without Cause by the Company or for Good Reason by the Executive.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(1)</B></FONT>&nbsp;
The Company shall have the right to terminate the Term, at any time, without cause upon ninety (90) days&#8217; written notice to the
Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(2)</B></FONT>&nbsp;
The Executive shall have the right to terminate the Term for good reason on thirty (30) days written notice to the Company.&nbsp; For
purposes of this Agreement, the words &#8220;for good reason&#8221; or &#8220;good reason&#8221; shall be limited to the following actions
by the Company without the Executive&#8217;s consent:&nbsp; (a)&nbsp;the assignment to the Executive of any duties or responsibilities
that results in a material diminution in the Executive&#8217;s position or function; <I>provided, however,</I> that a change in the Executive&#8217;s
title or reporting relationships shall not provide the basis for a termination with good reason; (b)&nbsp;a relocation of the Executive&#8217;s
business office to a location more than fifty (50) miles from the location in Hampton, New Jersey at which the Executive is working as
of the Effective Date, except for required travel by the Executive on the Company&#8217;s business to an extent substantially consistent
with the Executive&#8217;s business travel obligations as of the Effective Date; or (c)&nbsp;a material breach by the Company of any provision
of this Agreement or any other material agreement between the Executive and the Company concerning the terms and conditions of the Executive&#8217;s
employment.&nbsp; Such a termination by the Executive for good reason shall not be considered a resignation pursuant to Subsection 6.C.(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(3)</B></FONT>&nbsp;
In the event the Term is terminated pursuant to Subsection 6.B.(1)&nbsp;or 6.B.(2), or in the event that the Term is terminated at
the end of the Initial Term or a Renewal Term in connection with the Company providing the Executive with a Notice of Non-Renewal
effective in connection with the expiration of the Initial Term or a Renewal Term, the Company shall pay the Executive as a
severance benefit a lump sum cash severance payment in an amount equal to 100% of the Executive&#8217;s then existing annual Base
Salary (<I>i.e.</I>, twelve (12) months of Base Salary) (the &#8220;Severance Payment&#8221;) plus Base Salary and Annual Bonus (if
any) earned and accrued prior to termination.&nbsp; In addition, if and to the extent the Executive timely elects to continue his
health insurance employee benefits pursuant to COBRA, then the Company will pay the Executive for a period of 18 months, commencing
with the payroll date on or following the 63rd day after the last day of his employment with the Company, subject to the
effectiveness of the Release (as defined below) a monthly amount, payable in accordance with the Company&#8217;s regular payroll
practices, equal to the applicable COBRA costs, subject to applicable tax withholdings (the &#8220;Supplemental
Payments&#8221;).&nbsp; The Severance Payment shall be paid within 10 days following the effectiveness of the Release (as defined
below); <U>provided</U>, <U>however</U>, that if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of the
Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;) concerning payments to &#8220;specified employees,&#8221; to the
extent applicable, such payment shall be delayed until the first business day of the seventh month following the Executive&#8217;s
termination of employment and &#8220;separation from service&#8221; (within the meaning of Section&nbsp;409A of the Code).&nbsp;
Notwithstanding any provisions of the stock option plan or stock option agreement pursuant to which any stock options were granted
to the Executive, the Executive shall be entitled to exercise his vested equity awards until one year from the date of termination
of employment or the expiration of the stated period of the vested equity award, whichever period is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(4)</B></FONT>&nbsp;
In the event the Term is terminated or the Executive&#8217;s employment with the Company terminates in a manner described in this Section&nbsp;6.B.,
the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall continue to apply for one year after the conclusion of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(5)</B></FONT>&nbsp;
Notwithstanding any provision to the contrary contained herein, the Executive shall not be eligible or entitled to receive the Severance
Payment, Supplemental Payments or Change in Control Payment (as defined below), as applicable, unless he executes (and does not revoke
during any applicable revocation period) and delivers to the Company a separation agreement and release of claims, in such form prepared
in good faith by the Company and provided to the Executive to review no later than 10 days following the last day of his employment with
the Company, within 55 days following his last day of employment with the Company (the &#8220;Release&#8221;).&nbsp; Notwithstanding anything
to the contrary contained herein, in the event such 55-day period covers more than one calendar year, the Severance Payment shall be paid
in the second calendar year (on the first regular pay date of such calendar year following the date that the Release becomes effective
and is no longer subject to revocation, unless a later date is required by Section&nbsp;6.B.(3)&nbsp;above), regardless of whether the
Executive executes and delivers the Release in the first or the second calendar year encompassed in such 55-day period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>C.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Resignation by the Executive.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(1)</B></FONT>&nbsp;
The Executive shall have the right to terminate the Term, by way of resignation, upon ninety (90) days&#8217; written notice to the Company.&nbsp;
A termination by the Executive for good reason pursuant to Subsection 6.B.(2)&nbsp;shall not be considered a resignation pursuant to this
Subsection 6.C.(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(2)</B></FONT>&nbsp;
In the event the Term is terminated pursuant to Subsection 6.C.(1), the provisions of Subsections 5.C.(1)&nbsp;and 5.C.(2)&nbsp;shall
continue to apply for one year after the conclusion of the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(3)</B></FONT>&nbsp;
In the event the Term is terminated pursuant to Subsection 6.C.(1), the Executive&#8217;s entire right to salary and benefits hereunder
(with the exception of Base Salary and Annual Bonus earned and accrued prior to termination) shall cease upon such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>D.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Termination Upon Change in Control.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(1)</B></FONT>&nbsp;
For the purposes of this Agreement, a &#8220;Change in Control&#8221; shall mean any of the following events that occurs following the
Effective Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An acquisition (other than directly from the Company) of any voting securities of the Company (the &#8220;Voting Securities&#8221;) other
than in a &#8220;Non-Control Acquisition&#8221; (as defined below) by any &#8220;Person&#8221; (as the term &#8220;person&#8221; is used
for purposes of Section&nbsp;13(d)&nbsp;or 14(d)&nbsp;of the Securities Exchange Act of 1934, as amended, (the &#8220;1934 Act&#8221;))
which results in such Person first attaining &#8220;Beneficial Ownership&#8221; (within the meaning of Rule&nbsp;13d-3 promulgated under
the 1934 Act) of fifty-one percent (51%) or more of the combined voting power of the Company&#8217;s then outstanding Voting Securities.&nbsp;
For purposes of the foregoing, a &#8220;Non-Control Acquisition&#8221; shall mean an acquisition by (i)&nbsp;an employee benefit plan
(or a trust forming a part thereof) maintained by (x)&nbsp;the Company or (y)&nbsp;any corporation or other Person of which a majority
of its voting power or its equity securities or equity interest is owned directly or indirectly by the Company (a &#8220;Subsidiary&#8221;),
or (ii)&nbsp;the Company or any Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The individuals who, as of the date of this Agreement, were members of the Board (the &#8220;Incumbent Board&#8221;) cease for any reason
to constitute at least 66 2/3% of the Board; <I>provided, however, </I>that if the election, or a nomination for election by the Company&#8217;s
shareholders, of any new director was approved by a vote of at least 66 2/3% of the Incumbent Board, such new director shall be considered
as a member of the Incumbent Board; provided further, however, that no individual shall be considered a member of the Incumbent Board
if such individual initially assumed office as a result of either an actual or threatened &#8220;Election Contest&#8221; (as described
in Rule&nbsp;14a-11 promulgated under the 1934 Act) or other actual or threatened solicitation of the proxies or consents by or on behalf
of a Person other than the Board (a &#8220;Proxy Contest&#8221;) including by reason of any agreement intended to avoid or settle any
Election Contest or Proxy Contest; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The consummation of a transaction approved by the Company&#8217;s shareholders and involving:&nbsp; (1)&nbsp;a merger, consolidation or
reorganization in which the Company is a constituent corporation, unless (i)&nbsp;the shareholders of the Company, immediately&nbsp; before
such merger, consolidation or reorganization, own, directly or indirectly immediately following such merger, consolidation or reorganization,
at least a majority of the combined voting power of the outstanding voting securities of the corporation resulting from such merger, consolidation
or reorganization (the &#8220;Surviving Corporation&#8221;) in substantially&nbsp; the same proportion as their ownership of the voting
securities immediately before such merger, consolidation or reorganization, (ii)&nbsp;the individuals who were members of the Incumbent
Board immediately prior to the execution of the agreement providing for such merger, consolidation or reorganization constitute at least
a majority of the members of the board of directors of the Surviving Corporation, and (iii)&nbsp;no Person other than (w)&nbsp;the Company,
(x)&nbsp;any Subsidiary, (y)&nbsp;any employee benefit plan (or any trust forming a part thereof) maintained by the Company, the Surviving
Corporation or any Subsidiary, or (z)&nbsp;any Person who, immediately prior to such merger, consolidation or reorganization had Beneficial
Ownership of fifty-one percent (51%) or more of the then outstanding Voting Securities, has Beneficial Ownership of fifty-one percent
(51%) or more of the combined voting power of the Surviving Corporation&#8217;s then outstanding voting securities (a transaction described
in clauses (i)&nbsp;and (ii)&nbsp;shall herein be referred to as a &#8220;Non-Control Transaction&#8221;); (2)&nbsp;a complete liquidation
or dissolution of the Company; or (3)&nbsp;an agreement for the sale or other disposition of all or substantially all of the assets of
the Company to any Person (other than a transfer to a Subsidiary).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(d)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because the level of Beneficial Ownership held
by any Person (the &#8220;Subject Person&#8221;) exceeds the designated percentage threshold of the outstanding Voting Securities as a
result of a repurchase or other acquisition of Voting Securities by the Company reducing the number of shares outstanding, provided that
if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the
Company, and after such share acquisition, the Subject Person becomes the Beneficial Owner of any additional Voting Securities which,
assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding Voting Securities Beneficially
Owned by the Subject Person over the designated percentage threshold, then a Change in Control shall occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(2)</B></FONT>&nbsp;
In the event of a termination of the Term pursuant to an event described in Section&nbsp;6.B. above, that occurs within a period of one
year immediately following a Change in Control, then this Section&nbsp;6.D. shall apply instead of Section&nbsp;6.B., and the Company
shall provide the Executive the following benefits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Amount:</B>&nbsp; In addition to all compensation for services rendered by Executive to the Company up to the date of termination,
the Company shall pay to Executive a single lump-sum payment in an amount equal to (i)&nbsp;twenty-four (24) times Executive&#8217;s highest
monthly base compensation paid hereunder during the preceding twenty-four month period, plus (ii)&nbsp;150% of the highest one-year Annual
Bonus actually received by the Executive during the preceding two full fiscal years prior to the date of termination (such aggregate amount
the &#8220;Change in Control Payment&#8221;).&nbsp; The Change in Control Payment shall be paid within 10 days following the effectiveness
of the Release; <U>provided</U>, <U>however</U>, that if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of
the Code concerning payments to &#8220;specified employees,&#8221; to the extent applicable, such payment shall be delayed until the first
business day of the seventh month following the Executive&#8217;s termination of employment and &#8220;separation from service&#8221;
(within the meaning of Section&nbsp;409A of the Code).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Benefits:</B>&nbsp; In addition to the payment described above, the Company shall provide the Executive with the Supplemental Payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Acceleration of Options:</B>&nbsp; One hundred (100%) percent of the Executive&#8217;s outstanding, unvested options, restricted stock
and/or equity awards (&#8220;Equity Awards&#8221;) shall, immediately prior to the consummation of the Change in Control, become fully
and immediately vested to the extent not already so provided under the terms of such Equity Awards; provided, however, that if the acquirer
in a Change in Control grants Equity Awards having (in the reasonable opinion of the Board) a value at least equal to the value of Executive&#8217;s
then-unvested Company Equity Awards, then 50% of the Executive&#8217;s outstanding, unvested Company Equity Awards shall become fully
and immediately vested immediately prior to the consummation of the Change in Control (and the remaining 50% shall terminate upon the
consummation of the Change in Control).&nbsp; Notwithstanding any provisions of the stock option plan or stock option agreement pursuant
to which any stock options subject to the preceding sentence were granted, the Executive shall be entitled to exercise such Equity Awards
until three years from the date of termination of employment or the expiration of the stated period of the Equity Award, whichever period
is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(d)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Golden Parachute Payment Provisions:</B>&nbsp; If any payment or benefit the Executive would receive pursuant to a Change in Control
from the Company or otherwise (including, without limitation, the acceleration of any Company Equity Awards) (&#8220;Payment&#8221;) would
(i)&nbsp;constitute a &#8220;parachute payment&#8221; within the meaning of Section&nbsp;280G of the Internal Revenue Code of 1986, as
amended (the &#8220;Code&#8221;), and (ii)&nbsp;but for this sentence, be subject to the excise tax imposed by Section&nbsp;4999 of the
Code (the &#8220;Excise Tax&#8221;), then such Payment shall be reduced to the Reduced Amount.&nbsp; The &#8220;Reduced Amount&#8221;
shall be either (x)&nbsp;the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise
Tax or (y)&nbsp;the largest portion, up to and including the total, of the Payment, whichever amount, after taking into account all applicable
federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results
in the Executive&#8217;s receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion
of the Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting &#8220;parachute payments&#8221;
is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the following order: reduction of cash payments;
cancellation of accelerated vesting of stock options or equity awards; reduction of employee benefits.&nbsp; In the event that acceleration
of vesting of stock option or equity award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse
order of the date of grant of the Executive&#8217;s stock options or equity awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">The accounting firm engaged by the Company for
general audit purposes as of the day prior to the effective date of the Change in Control shall perform the foregoing calculations and
shall make all determinations relating to the reduction of parachute payments described in the foregoing paragraph.&nbsp; If the accounting
firm so engaged by the Company is also serving as accountant or auditor for the individual, entity or group effecting the Change in Control,
the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder.&nbsp; The Company shall
bear all expenses with respect to the determinations by such accounting firm required to be made hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">The accounting firm engaged to make the determinations
hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and the Executive within fifteen
(15) calendar days after the date on which the Executive&#8217;s right to a Payment is triggered (if requested at that time by the Company
or the Executive) or such other time as requested by the Company or the Executive.&nbsp; If the accounting firm determines that no Excise
Tax is payable with respect to a Payment, either before or after the application of the Reduced Amount, it shall furnish the Company and
the Executive with an opinion reasonably acceptable to the Executive that no Excise Tax will be imposed with respect to such Payment.&nbsp;
Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and the Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>E.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Termination for Disability.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(1)</B></FONT>&nbsp;
Should the Executive be absent from work as a result of personal injury, sickness or other disability for any continuous period of time
exceeding one hundred eighty (180) days, the Term may be terminated by the Company, upon written notice given to the Executive, because
of the Executive&#8217;s disability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(2)</B></FONT>&nbsp;
In the event the Term is terminated pursuant to Subsection 6.E.(1), the Company shall have no further obligation to the Executive except
to pay to the Executive any Base Salary or Annual Bonus earned and accrued but remaining unpaid prior to termination of the Term (and
to provide the Executive with the benefits under any disability insurance or disability benefits plan then-maintained by the Company for
the Executive&#8217;s benefit, in accordance with the terms and conditions of such plan).&nbsp; In addition, notwithstanding any provisions
of the stock option plan or stock option agreement pursuant to which any stock options were granted, the Executive shall be entitled to
exercise any of Executive&#8217;s stock options vested as of the final day of the Term until eighteen months from the final day of the
Term or the expiration of the stated period of the option, whichever period is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>F.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Termination Upon Death.</B>&nbsp; The Term shall terminate upon the death of the Executive and the Company shall have no further obligation
to the Executive or his estate except to pay the Executive&#8217;s estate any Base Salary or Annual Bonus earned and accrued but remaining
unpaid prior to his death.&nbsp; In addition, notwithstanding any provisions of the stock option plan or stock option agreement pursuant
to which any stock options were granted, the Executive&#8217;s estate shall be entitled to exercise any of Executive&#8217;s stock options
vested as of the final day of the Term until eighteen months from the final day of the Term or the expiration of the stated period of
the option, whichever period is the shorter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>MISCELLANEOUS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>A.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Notice.</B>&nbsp; Any notice to be given hereunder shall either be delivered personally, sent by nationally recognized overnight courier
service (with next business day delivery requested) and/or sent by first class certified mail and regular mail.&nbsp; The address for
service on the Company shall be its registered office, and the address for service on the Executive shall be his last known place of residence.&nbsp;
A notice shall be deemed to have been served as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(1)</B></FONT>&nbsp;
if personally delivered, at the time of delivery;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(2)</B></FONT>&nbsp;
if sent by overnight courier service, at the end of the next business day; and/or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(3)</B></FONT>&nbsp;
if posted, at the expiration of 48 hours (10 days if international) after the envelope containing the same was delivered into the custody
of the postal authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>B.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Taxes.&nbsp; </B>Any payments made pursuant to this Agreement shall be subject to any tax or similar withholding requirements under
applicable federal, state or local employment or income tax laws or similar statutes or other provisions of law then in effect.&nbsp;
This Agreement is intended to comply with the requirements of Section&nbsp;409A (&#8220;Section&nbsp;409A&#8221;) of the Code and the
regulations thereunder (including, as applicable, the exemptions and exceptions set forth therein).&nbsp; The payments provided for herein
are intended to be exempt from Section&nbsp;409A and to not constitute &#8220;nonqualified deferred compensation&#8221; as defined in
Section&nbsp;409A.&nbsp; To the extent that any provision in this Agreement is ambiguous as to its compliance with Section&nbsp;409A,
the provision shall be interpreted in a manner so that no payment due to the Executive shall be deemed subject to an &#8220;additional
tax&#8221; within the meaning of Section&nbsp;409A(a)(1)(B)&nbsp;of the Code.&nbsp; For purposes of Section&nbsp;409A, each payment made
under this Agreement shall be treated as a separate payment. Notwithstanding anything contained herein to the contrary, to the extent
any payment under Section&nbsp;6 hereof is determined to constitute &#8220;nonqualified deferred compensation&#8221; as defined in Section&nbsp;409A,
the Executive shall not be considered to have terminated employment with the Company for purposes of Section&nbsp;6 hereof unless the
Executive has incurred a &#8220;termination of employment&#8221; from the Company within the meaning of Treasury Regulation &sect;1.409A-1(h)(1)(ii)&nbsp;promulgated
under Section&nbsp;409A of the Code. Notwithstanding the foregoing, if necessary to comply with the restriction in Section&nbsp;409A(a)(2)(B)&nbsp;of
the Code concerning payments to &#8220;specified employees,&#8221; any payment made to the Executive pursuant to this Agreement on account
of the Executive&#8217;s separation from service that would otherwise be due hereunder within six months after such separation from service
shall nonetheless be delayed until the first business day of the seventh month following the Executive&#8217;s separation from service.&nbsp;
In no event may the Executive, directly or indirectly, designate the calendar year of any payment.&nbsp; All reimbursements provided under
this Agreement shall be made or provided in accordance with the requirements of Section&nbsp;409A, including, where applicable, the requirement
that (i)&nbsp;any reimbursement is for expenses incurred during the Executive&#8217;s lifetime (or during a shorter period of time specified
in this Agreement), (ii)&nbsp;the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible
for reimbursement in any other calendar year, (iii)&nbsp;the reimbursement of an eligible expense will be made on or before the last day
of the calendar year following the year in which the expense is incurred, and (iv)&nbsp;the right to reimbursement is not subject to liquidation
or exchange for another benefit.&nbsp; The Executive further acknowledges that, while this Agreement is intended to comply with Section&nbsp;409A,
any tax liability incurred by the Executive under Section&nbsp;409A is solely the responsibility of the Executive.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>C.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Clawback.&nbsp; </B>Any incentive-based or other compensation paid to the Executive under this Agreement or any other agreement or
arrangement with the Company which is subject to recovery under any law, government regulation or stock exchange listing requirement will
be subject to such deductions and/or clawback as may be required by such law, government regulation or stock exchange listing requirement.&nbsp;
In addition, if the Executive is or becomes an executive officer subject to the incentive compensation repayment requirements of the Dodd-Frank
Wall Street Reform and Consumer Protection Acts (the &#8220;Dodd-Frank Act&#8221;), then if required by the Dodd-Frank Act or any of its
regulations he will enter into an amendment to this Agreement or a separate written agreement with the Company to comply with the Dodd-Frank
Act and any of its regulations.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>D.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Binding Effect.</B>&nbsp; This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective
heirs, personal representatives, successors and assigns, provided that neither Party shall assign any of its rights or privileges hereunder
without the prior written consent of the other Party except that the Company may assign its rights hereunder to a successor in ownership
of all or substantially all the assets of the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>E.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Severability.</B>&nbsp; Should any part or provision of this Agreement be held unenforceable by a court of competent jurisdiction,
the validity of the remaining parts or provisions shall not be affected by such holding, unless such enforceability substantially impairs
the benefit of the remaining portions of the Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>F.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Waiver.</B>&nbsp; No failure or delay on the part of either Party in the exercise of any right or privilege hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right or privilege preclude other or further exercise thereof
or of any other right of privilege.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>G.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Captions.</B>&nbsp; The captions used in this Agreement are for convenience only and are not to be used in interpreting the obligations
of the Parties under this Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>H.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Choice of Law; Jury Trial Waiver.</B>&nbsp; The validity, construction and performance of this Agreement and all matters directly or
indirectly arising hereunder shall be governed by the laws of the State of Delaware, without regard to choice of laws provisions, and
the Company and the Executive irrevocably consent to the exclusive jurisdiction and venue of the federal and state courts located within
Delaware, and courts with appellate jurisdiction therefrom, in connection with any matter based upon or arising out of this Agreement.&nbsp;
THE COMPANY AND THE EXECUTIVE HEREBY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY IN ANY ACTION CONCERNING THIS AGREEMENT OR ANY AND
ALL MATTERS ARISING DIRECTLY OR INDIRECTLY HEREFROM AND REPRESENT THAT THEY HAVE CONSULTED WITH COUNSEL OF THEIR CHOICE OR HAVE CHOSEN
VOLUNTARILY NOT TO DO SO SPECIFICALLY WITH RESPECT TO THIS WAIVER, EXCEPT AS PROHIBITED BY NJSA 10:5-12.7, NJSA 10:5-12.8 OR APPLICABLE
LAW.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>I.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Entire Agreement.</B>&nbsp; This Agreement embodies the entire understanding of the Parties as it relates to the subject matter contained
herein and as such, supersedes any prior agreement or understanding between the Parties relating to the terms of employment of the Executive
(but not any option grant agreement issued by the Company to the Executive).&nbsp; No amendment or modification of this Agreement shall
be valid or binding upon the Parties unless in writing executed by the Parties.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>IN
WITNESS WHEREOF,</B></FONT> the parties hereto have caused this Agreement to be duly executed as of the day and year first written above.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="text-align: justify; width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CELLDEX THERAPEUTICS,&nbsp;INC.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 5%; text-align: left">By:</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 45%">/s/ Anthony S. Marucci</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Title:</TD><TD STYLE="text-align: justify">Chief Executive Officer</TD></TR>
     </TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Freddy Jimenez</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Freddy Jimenez</B></FONT></TD></TR>
  </TABLE>
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