Exhibit 10.10


 


Confidential portions of this document have been redacted and
omitted pursuant to a Request for Confidential Treatment filed with the Securities and Exchange Commission (the "SEC")
pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. The redacted and omitted portions are indicated with
the notation “*” and have been filed separately with the SEC.


  


Enumeral Biomedical Holdings, Inc.


 


Non-Qualified Stock Option Agreement



 


Wael Fayad


c/o Enumeral Biomedical Holdings, Inc.


200 CambridgePark Drive, Suite 2000


Cambridge, MA 02140


 


On September 21, 2016, the Board of Directors
(the “Board") of Enumeral Biomedical Holdings, Inc. (the “Company”) approved a grant (the “Grant”)
of a Non-Qualified Stock Option (the “Option”) to you to purchase common stock, $0.01 par value per share, of the Company
(the “Common Stock”). The Option shall constitute and be treated at all times by you and the Company as a “non-qualified
stock option” for Federal income tax purposes and shall not constitute and shall not be treated as an “incentive stock
option” as defined under Section 422(b) of the Internal Revenue Code of 1986, as amended.


 


You are granted an Option to purchase 1,750,000
shares of Common Stock at the price of $0.19 per share which represents the Fair Market Value (as defined in the Company’s
2014 Equity Incentive Plan, as amended (the “Plan”)) of the Common Stock on the date of grant. This Grant is made as
a matter of separate inducement and not in lieu of any salary or other compensation for your services. The date of grant of this
Option is September 21, 2016.


 


		1.	Vesting. This Option may be exercised only to the extent it is vested. For purposes of this
section, reference is hereby made to that certain Incentive Stock Option Agreement, dated as of September 21, 2016, between the
Company and Wael Fayad, granting 750,000 options to purchase shares of Common Stock, which shall vest and become exercisable upon
the achievement of the performance criteria set forth therein (the “Tranche A Options”).



 


Subject to you remaining employed
by the Company or in the service of the Company on its Board of Directors on the applicable vesting dates below, this Option shall
vest as follows:


 




     


     


    

  


		·	750,000 shares underlying this Option shall vest and become exercisable
upon the Company entering into a second (i.e., in addition to the transaction described in the Tranche A Options agreement) collaboration
and/or licensing agreement with a corporate partner on terms acceptable to the Board that provides the Company will receive at
least $* in upfront fees upon signing (the “Tranche B Options”); provided that, in the event that the Company enters
into collaboration and/or licensing agreement(s) with one or more corporate partners on terms acceptable to the Board that collectively
provide the Company will receive at least an aggregate of $* in upfront fees upon signing, all of the Tranche A Options and Tranche
B Options shall vest and become exercisable; and



 


		·	1,000,000 shares underlying this Option shall vest and become exercisable upon the closing of an
equity financing transaction on terms acceptable to the Board with gross proceeds to the Company of at least $*, which may include
proceeds from the exercise of some or all of the warrants issued in connection with the Company’s July 2014 private placement
offering (the “Tranche C Options”); provided that, in the event the Company raises at least $* in one or more transactions
(including proceeds from the exercise of some or all of the warrants issued in connection with the Company’s July 2014 private
placement offering), with at least $* raised through non-dilutive collaboration and/or licensing agreements, all of the Tranche
A Options, Tranche B Options, and Tranche C Options shall vest and become exercisable.



 


		2.	Duration of Option. Except as otherwise provided herein, this option may be exercised for
three (3) months after you cease serving as an employee of the Company or a member of the Company’s Board of Directors, provided,
however in the event your termination of service is due to your death or disability, the Option may be exercised for one year following
such event. In no case, however, may the Option be exercised after September 20, 2026.



 


		3.	Exercise of Option.



 


		(a)	Right to Exercise. This Option is exercisable during its term in accordance with the Vesting Schedule
set out in Section 1.



 


		(b)	Method of Exercise. This Option is exercisable by delivery of an exercise notice, in the form attached
as Exhibit A (the "Exercise Notice"), which shall state the election to exercise the Option, the number of shares of
Common Stock in respect of which the Option is being exercised (the "Exercised Shares"), and such other representations
and agreements as may be required by the Company. The Exercise Notice shall be completed by you and delivered to the Corporate
Secretary. The Exercise Notice shall be accompanied by payment of the aggregate exercise price as to all Exercised Shares. This
Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by such aggregate
exercise price.



 


No shares of Common Stock shall be issued
pursuant to the exercise of this Option unless such issuance and exercise comply with applicable laws. Assuming such compliance,
for income tax purposes the Exercised Shares shall be considered transferred to you on the date the Option is exercised with respect
to such Exercised Shares.


 




     


     


    

  


		4.	Method of Payment. Payment of the aggregate Exercise Price shall be by any of the following,
or a combination thereof, at your election:



 


		(a)	cash;



 


		(b)	check;



 


		(c)	consideration received by the Company under a cashless exercise program implemented by the Company;
or



 


		(d)	surrender of other shares of Common Stock which (i) in the case of shares of Common Stock acquired
upon exercise of an option, have been owned by you for more than six (6) months on the date of surrender, and (ii) have a fair
market value on the date of surrender equal to the aggregate Exercise Price of the Exercised Shares.



 


		5.	Non-Assignability of Option. This Option may not be transferred in any manner otherwise
than by will or by the laws of descent or distribution and may be exercised during your lifetime only by you except in the case
of your disability, this Option may be exercised by your representative. The terms of this Agreement shall be binding upon your
executors, administrators, heirs, successors and assigns.



 


		6.	Incorporation of Provisions of the Plan. You acknowledge and agree that while this Grant
is not made pursuant to the Plan, it is the intention of the Company for you to have all of the benefits and advantages of the
Plan. Accordingly, the terms and conditions of the Plan are incorporated by reference into this Grant as if they had been stated
herein with such the necessary modifications to the terms and conditions of the Plan that are being incorporated by reference to
avoid inconsistencies between the Grant and the Plan; it being understood that in the event or a direct conflict or contradiction
between a term or condition of the Grant and the Plan, the term or condition of the Grant shall control.



 


		7.	Covenants. You hereby covenant and agree with the Company that if, at the time of exercise
of the Option, there does not exist a Registration Statement on an appropriate form under the Securities Act of 1933, as amended
(the “Act”), which Registration Statement shall have become effective and shall include a prospectus which is current
with respect to the shares subject to the Option, you shall make the representations (i) that you are purchasing the shares for
your own account and not with a view to the resale or distribution thereof, (ii) that any subsequent offer for sale or sale of
any such shares shall be made either pursuant to (x) a Registration Statement on an appropriate form under the Act, which Registration
Statement shall become effective and shall be current with respect to the shares being offered and sold, or (y) a specific exemption
from the registration requirements of the Act, but in claiming such exemption, you shall, prior to any offer for sale or sale of
such shares, obtain a favorable written opinion from counsel for or approved by the Company as to the applicability of such exemption
and (iii) that you agree that the certificates evidencing such shares shall bear a legend to the effect of the foregoing.



 




     


     


    

  


This Agreement and the provisions of the
Plan, as incorporated by reference in this Agreement, constitute the entire agreement of the parties with respect to the subject
matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and you with respect to the
subject matter hereof, and may not be modified adversely to your interest except by means of a writing signed by the Company and
you. This Agreement is governed by the laws of the State of Delaware.


 


This Agreement is not a contract of employment
and the terms of your employment shall not be affected hereby or by any agreement referred to herein except to the extent specifically
so provided herein or therein. Nothing herein shall be construed to impose any obligation on the Company to continue your employment,
and it shall not impose any obligation on your part to remain in the employ of the Company thereof.


 


By your acceptance hereof, you agree to
reimburse the Company for any taxes required by any government to be withheld or otherwise deducted and paid by the Company in
respect of the Grant. In lieu thereof, the Company shall have the right to withhold the amount of such taxes from any other sums
due or to become due from the Company to you.


 


By your signature and the signature of the Company's representative
below, you and the Company agree that the Option is granted under and governed by the terms and conditions of this Agreement and
the provisions of the Plan, as incorporated by reference in this Agreement. You have reviewed the Plan and this Agreement in their
entirety, have had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understand all provisions
of the Plan and this Agreement. You hereby agree to accept as binding, conclusive and final all decisions or interpretations of
the Board of Directors upon any questions relating to the Plan and Agreement. You further agree to notify the Company upon any
change in your residence address indicated below.


 


	OPTIONEE	 	ENUMERAL BIOMEDICAL HOLDINGS, INC.
	 	 	 
	/s/ Wael Fayad	 	/s/ Kevin G. Sarney
	 	 	 	 
	Signature	 	By:	Kevin G. Sarney
	 	 	 	 
	 	 	Title:	Vice President of Finance, Chief Accounting Officer and Treasurer


 


	Wael Fayad	 
	Print Name	 


 


Address:


c/o Enumeral Biomedical Holdings, Inc.


200 CambridgePark Drive, Suite 2000


Cambridge, MA 02140


 




     


     


    

 


Exhibit A


 


EXERCISE NOTICE


 


Enumeral Biomedical Holdings, Inc.


200 CambridgePark Drive, Suite 2000


Cambridge, MA 02140


 





 






 


 (date)


 


Re: Non-Qualified Stock Option


 


Notice is hereby given pursuant to Section
3 of my Agreement that I elect to purchase the number of shares set forth below at the exercise price set forth in my Agreement:


 


	 	Stock Option dated:	 	 
	 	 	 	 
	 	Number of shares being purchased:	 	 
	 	 	 	 
	 	Option Exercise Price Per Share	 	 
	 	 	 	 
	 	Aggregate Option Exercise Price	 	 


 


A check in the amount of the aggregate
price of the shares being purchased is attached.


 


I understand that the shares of Common
Stock that I receive upon exercise of my Option may not be freely tradable.


 


Further, I understand that, as a result
of this exercise of rights, I will recognize income in an amount equal to the amount by which the fair market value of the shares
of Common Stock exceeds the exercise price. I agree to report such income in accordance with then applicable law and to cooperate
with the Company in establishing the withholding and corresponding deduction to the Company for its income tax purposes.


 


I agree to provide to the Company such
additional documents or information as may be requested by the Company or required by law.


 


	 	 
	(Signature)	 
	 	 
	 	 
	(Name of Optionee)