Exhibit 10.37


 


Certain identified
information has been excluded from the exhibit pursuant to Item 601(a)(6) of Regulation S-K due to personal privacy concerns. Redacted
information is indicated by: [***]


 


PROMIS NEUROSCIENCES


 


1920 YONGE ST.


 


TORONTO, ONTARIO, M4S 3E2, CANADA


 


December 21, 2021


 


Gavin Malenfant


[***]


 


Dear Gavin;


 


On behalf of ProMIS Neurosciences.,
a corporation existing under the federal laws of Canada with a registered address at 1920 Yonge St., Suite 200, Toronto, Ontario,
M4S 3E2 (the “Company”), I am pleased to offer you employment with the Company. The purpose of this letter is
to summarize the terms of your employment with the Company, should you accept our offer:


 


You will be employed to serve
on a full-time basis as Chief Operating Officer (COO) effective on January 1, 2022. It is contemplated that you will commence full
time employment on January 1, 2022 with the previously agreed upon consulting effort to be devoted prior to the full time start date.
As the COO you will report to the CEO. You will be responsible for duties as are consistent with such position as well as other duties
assigned by your manager and the Company. You will initially be based remotely from your home office in Massachusetts; however, it is
understood that the Company may change your work location based on the Company’s future needs.


 


Your base salary will be at
the rate of $380,000 USD per year, paid twice a month on the 15th and last days of the month at rate of $15,833.33 per payroll
period, subject to tax and other withholdings as required by law. Such base salary may be adjusted from time to time in accordance with
normal business practice and in the sole discretion of the Company.


 


ProMIS Neurosciences employees
who join between January 1 and December 31 of a given calendar year are eligible to be considered for a salary merit increase
during the next calendar year’s Annual Compensation Review process. The Annual Compensation Review process, if and when implemented,
is anticipated to take place in the first quarter of the calendar year. Salary merit increases, if any, will be awarded at the Company’s
discretion on the basis of your performance, and will be pro-rated based on the number of months that you actually worked during the previous
calendar year.


 


You may participate in any
and all bonus and benefit programs that the Company establishes and makes available to its employees from time to time, provided you are
eligible under (and subject to all provisions of) the plan documents governing those programs. Subject to these programs, you will be
eligible to receive a bonus targeted at a percentage to be determined of your annualized base salary being determined by the Company in
its sole discretion, based on your performance and that of the Company against goals established by the Board. You must commence your
employment by September 30th in order to be eligible for a bonus for the calendar year during which you were hired. If you join the
Company between January 1st and September 30th, you will be eligible for a pro-rated bonus for that calendar year. You must
be employed through the date bonuses are disbursed to employees generally in order to be eligible for the bonus. Regardless of your date
of employment, you will be eligible to participate in the benefit plans and programs made available by the Company from time to time for
employees generally, subject to plan terms and generally applicable Company policies. These currently or will include but are not limited
to: health insurance such as medical, dental and vision; company-paid basic life insurance, accidental death & dismemberment,
and short- and long-term disability; paid time off such as vacation, sick leave and company-paid holidays; 401(k) retirement savings
plan; and employee stock purchase plan. You will be entitled to Directors and Officers insurance and such other insurance may be maintained
by the Company. The bonus and benefit programs made available by the Company, and the rules, terms, and conditions for participation in
such benefit plans, may be changed by the Company at any time without notice.


 






     


     


    

 





Any Option Commitment (as
defined in the ProMIS Neurosciences Inc. Stock Option Plan) or stock option agreement between the parties shall include the terms set
out in herein. ProMIS hereby represents and warrants that all necessary corporate action has been taken by or on behalf of ProMIS to grant
the Options in accordance with this paragraph 3.0(b).


 


You may be eligible to receive
such future stock option grants as the Board of Directors of the Company shall deem appropriate.


 


If your employment is terminated
by the Company without Cause (as defined below) or you terminate your employment for Good Reason (as defined below) and provided you execute
and allow to become effective (within 60 days following the termination or such shorter period as may be directed by the Company) a release
of claims in form attached as Exhibit A (the “ Separation Agreement”), (i) the Company will pay you as severance
pay an aggregate amount equivalent to 12 (twelve) months of your then current base salary (pro-rated, if applicable), less all applicable
taxes and withholdings, which severance pay will be paid ratably in accordance with the Company’ s regular payroll practices beginning
in the Company’s first regular payroll cycle after the Release Agreement becomes effective; provided, however, that if the 60th
day referenced above occurs in the calendar year following the date of your termination , then the severance pay shall begin no earlier
than January l of such subsequent calendar year; and (ii) should you timely elect and be eligible to continue receiving group
medical coverage pursuant to the “COBRA” law, and so long as the Company can provide such benefit without violating the nondiscrimination
requirements of applicable law, the Company will for a period of 12 (twelve) months following your termination continue to pay the share
of the premium for such coverage that is paid by the Company for active and similarly-situated employees who receive the same type of
coverage. The remaining balance of any premium costs shall timely be paid by you on a monthly basis for as long as, and to the extent
that, you remain eligible for COBRA Attached as


 


Appendix A are the terms and
conditions applicable to the payment of any severance hereunder. For purposes of this Agreement:


 


“Cause” means any of: (a) your
conviction of, or plea of guilty or nolo contendere to, any crime involving dishonesty or moral turpitude or any felony; or (b) a
good faith finding by the Company’s Board of Directors that you have (i) engaged in dishonesty, willful misconduct or gross
negligence that has a material adverse effect on the Company, (ii) committed an intentional act that materially injures the reputation,
business or business relationships of the Company, (iii) materially breached the terms of any restrictive covenants or confidentiality
agreement with the Company; provided that in the case of (b) that you were given written notice of such violation or failure by the
Board and a period of 30 days to cure (provided that the Board determines that such violation or failure is curable).


 






    2


     


    




 


“Change
of Control” shall mean, regardless of form thereof, consummation of (a) the sale of all or substantially all of the assets
of the Company on a consolidated basis to an unrelated person or entity, (b) a merger, reorganization or consolidation in which the
outstanding shares of capital stock of the Company are converted into or exchanged for securities of the successor entity and the
holders of the Company’s outstanding voting power immediately prior to such transaction do not own a majority of the outstanding
voting power of the successor entity immediately upon completion of such transaction, (c) the sale of all or a majority of the outstanding
capital stock of the Company to an unrelated person or entity or (d) any other transaction in which the owners of the Company’s
outstanding voting power immediately prior to such transaction do not own at least a majority of the outstanding voting power of the successor
entity immediately upon completion of the transaction; provided, however, that “Change of Control” shall not include any financing
transaction of the Company (whether public or private) that would otherwise be and/or trigger a “Change of Control” under
(c) and/or (d) above.


 


“Good Reason” means the
occurrence, without your prior written consent, of any of the following events: (i) a material reduction in your authority, duties,
or responsibilities; (ii) the relocation of the principal place at which you provide services to the Company by at least 50 miles
and to a location such that your daily commuting distance is increased; (iii) a material reduction of your base salary (other than
in connection with, and in an amount substantially proportionate to, reductions made by the Company to the base salaries of other members
of management); or (iv) a material breach by the Company of its obligations under this offer letter. No resignation will be treated
as a resignation for Good Reason unless (x) you have given written notice to the Company of your intention to terminate your employment
for Good Reason, describing the grounds for such action, no later than 90 days after the first occurrence of such circumstances, (y) you
have provided the Company with at least 30 days in which to cure the circumstances, and (z) if the Company is not successful in curing
the circumstance s, you end your employment within 60 days following the cure period in (y).


 


You will be required to execute
a Non-Solicitation, Confidentiality and Assignment Agreement in the form attached as Exhibit B, as a condition of employment.


 


You represent that you are
not bound by any employment contract, restrictive covenant or other restriction preventing (or that purports to prevent) you from entering
into employment with or carrying out your responsibilities for the Company, or which is in any way inconsistent with the terms of this
letter.


 






    3


     


    

 


You agree to provide to the
Company, within three days of your hire date, documentation of your eligibility to work in the United States, as required by the Immigration
Reform and Control Act of 1986. You may need to obtain a work visa in order to be eligible to work in the United States. If that is the
case, your employment with the Company will be conditioned upon your obtaining a work visa in a timely manner as determined by the Company.


 


This letter shall not be construed
as an agreement, either expressed or implied, to employ you for any stated term, and shall in no way alter the Company’s policy
of employment at will, under which both you and the Company remain free to terminate the employment relationship, with or without cause,
at any time, with or without notice. Although your job duties, title, compensation and benefits, as well as the Company’s personnel
policies and procedures, may change from time to time, the “at-will” nature of your employment may only be changed by a written
agreement signed by you and the Company’s Chief Executive Officer, which expressly states the intention to modify the at-will
nature of your employment. Similarly, except as expressly provided herein, nothing in this letter shall be construed as an agreement,
either express or implied, to pay you any compensation or grant you any benefit beyond the end of your employment with the Company.


 


In return for the compensation
payments set forth in this letter, you agree to devote your full business time, best efforts, skill, knowledge, attention, and energies
to the advancement of the Company’s business and interests and to the performance of your duties and responsibilities as an employee
of the Company and not to engage in any other business activities without prior approval from the Company.


 


As an employee of the Company,
you will be required to comply with all Company policies and procedures. Violations of the Company’s policies may lead to immediate
termination of your employment. Further, the Company’s premises, including all workspaces, furniture, documents, and other tangible
materials, and all information technology resources of the Company (including computers, data and other electronic files, and all internet
and email) are subject to oversight and inspection by the Company at any time. Company employees should have no expectation of privacy
with regard to any Company premises, materials, resources, or information.


 


This offer letter is your
formal offer of employment and supersedes any and all prior or contemporaneous agreements, discussions and understandings, whether written
or oral, relating to the subject matter of this letter or your employment with the Company. The resolution of any disputes under this
letter will be governed by the laws of the Commonwealth of Massachusetts.


 




    4


     


    





 


Certain identified
information has been excluded from the exhibit pursuant to Item 601(a)(6) of Regulation S-K due to personal privacy concerns. Redacted
information is indicated by: [***]


 


If you agree with the provisions
of this letter, please sign this letter in the space provided below and return it to Elliot Goldstein, at your earliest convenience.


 


	 	Very Truly Yours, 
	 	 
	 	ProMIS NEUROSCIENCES
	 	 
	 	 
	 	By:	/s/ Eugene Williams
	 	 	Name:	Eugene Williams
	 	 	Title:	Chairman & CEO



 


The foregoing correctly sets forth the terms of my employment by ProMIS
NEUROSCIENCES


 


	 	 	 	/s/ Gavin T. Malenfant
	Date:	2021 – 12 – 21 	 	Name:	Gavin T. Malenfant



 


[Signature Page]


 




     


     


    


 





APPENDIX A


 


Payments Subject to Section 409A


 


		1.	Subject to this Appendix A, any severance payments that may be due under the Agreement shall begin only
upon the date of your “separation from service” (determined as set forth below) which occurs on or after the termination of
your employment. The following rules shall apply with respect to distribution of the severance payments, if any, to be provided to
you under the Agreement, as applicable:



 


		(a)	It is intended that each installment of the severance payments under the Agreement provided under shall
be treated as a separate “payment” for purposes of Section 409A. Neither the Company nor you shall have the right to
accelerate or defer the delivery of any such payments except to the extent specifically permitted or required by Section 409A.



 


		(b)	If, as of the date of your “separation from service” from the Company, you are not a “specified
employee” (within the meaning of Section 409A), then each installment of the severance payments shall be made on the dates
and terms set forth in the Agreement.



 


		(c)	If, as of the date of your “separation from service” from the Company, you are a “specified
employee” (within the meaning of Section 409A), then:



 


		(i)	Each installment of the severance payments due under the Agreement that, in accordance with the dates
and terms set forth herein, will in all circumstances, regardless of when your separation from service occurs, be paid within the short-term
deferral period (as defined under Section 409A) shall be treated as a short-term deferral within the meaning of Treasury Regulation
Section 1.409A-1(b)(4) to the maximum extent permissible under Section 409A and shall be paid on the dates and terms set
forth in the Agreement; and



 


		(ii)	Each installment of the severance payments due under the Agreement that is not described in this Appendix
A, Section 1(c)(i) and that would, absent this subsection, be paid within the six-month period following your “separation
from service” from the Company shall not be paid until the date that is six months and one day after such separation from service
(or, if earlier, your death), with any such installments that are required to be delayed being accumulated during the six-month period
and paid in a lump sum on the date that is six months and one day following your separation from service and any subsequent installments,
if any, being paid in accordance with the dates and terms set forth herein; provided, however, that the preceding provisions of this sentence
shall not apply to any installment of payments if and to the maximum extent that that such installment is deemed to be paid under a separation
pay plan that does not provide for a deferral of compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating
to separation pay upon an involuntary separation from service). Any installments that qualify for the exception under Treasury Regulation
Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of your second taxable year following the taxable year in
which the separation from service occurs.



 






    Appendix A - 1


     


    




 


		2.	The determination of whether and when your separation from service from the Company has occurred shall
be made and in a manner consistent with, and based on the presumptions set forth in, Treasury Regulation Section 1.409A-1(h). Solely
for purposes of this Appendix A, Section 2, “Company” shall include all persons with whom the Company would be considered
a single employer under Section 414(b) and 414(c) of the Code.



 


		3.	The Company makes no representation or warranty and shall have no liability to you or to any other person
if any of the provisions of the Agreement (including this Appendix) are determined to constitute deferred compensation subject to Section 409A
but that do not satisfy an exemption from, or the conditions of, that section.



 




    Appendix A - 2


     


    


 


EXHIBIT A


 


FORM OF SEPARATION AGREEMENT


 


[Place on Company Letterhead]


 


VIA HAND DELIVERY


 


[Insert Date]


 


[Insert Name]


 


[Insert Address]


 


Dear [Insert Name]:


 


In connection with the termination
of your employment with [Insert Company Name] (the “Company”) on [Insert Termination Date], you are eligible
to receive the severance benefits described in paragraph 2 below if you sign and return this letter agreement to me by [Return Date]
[and it becomes binding between you and the Company]. By signing and returning this letter agreement [and not revoking your acceptance],
you will be entering into a binding agreement with the Company and will be agreeing to the terms and conditions set forth in the numbered
paragraphs below, including the release of claims set forth in paragraph 3. Therefore, you are advised to consult with an attorney before
signing this letter agreement and you have been given at least [seven (7) / twenty-one (21) / forty-five (45)]1
days to do so. [If you sign this letter agreement, you may change your mind and revoke your agreement during the seven (7) day
period after you have signed it by notifying me in writing. If you do not so revoke, this letter agreement will become a binding agreement
between you and the Company upon the expiration of the seven (7) day period.]


 


If
you choose not to sign and return this letter agreement by [Return Date] [or if you timely revoke your acceptance in writing],
you shall not receive any severance benefits from the Company. You will, however, receive payment for your final wages, any unpaid bonus,
and any unused vacation time accrued through the Termination Date, as defined below, and reimbursement for any unpaid business
expenses. You may also, if eligible, elect to continue receiving group medical insurance pursuant to “COBRA.” Please consult
the COBRA materials to be provided by the Company under separate cover for details regarding these benefits.


 


The
following numbered paragraphs set forth the terms and conditions that will apply if you timely sign and return this letter agreement
[and do not revoke it in writing within the seven (7) day period].


 





 






1 Note: except for factual information, bracketed/bolded
provisions and alternatives will be dependent on age of executive at time of termination and whether termination is an individual termination
or part of a group termination.


 






    Exhibit A - 1


     


    




 


1.            Termination
Date and Resignation as a Director – Your effective date of termination from the Company is [Insert Termination Date] (the
 “Termination Date”). You agree to resign, as of the Termination Date, from your position as a Director of the Company, and
to sign and return to the Company all letters and documents that the Company may reasonably require in order to secure your resignation.
As of the Termination Date, all salary payments from the Company will cease and any benefits you had as of the Termination Date under
Company-provided benefit plans, programs, or practices will terminate, except as required by federal or state law.


 


2.            Description
of Severance Benefits – If you timely sign and return this letter agreement [and do
not revoke your acceptance], and provided you abide by all of the obligations set forth herein, the Company will provide you
with the severance benefits set forth in [Section     )] of
the [Insert Date] [Offer Letter] between you and the Company (the “Severance Benefits”) as follows: [SET OUT THE SEVERANCE
BENEFITS AND PAYMENT DATES].


 


3.            Release
– In consideration of the Severance Benefits, which you acknowledge you would not otherwise
be entitled to receive, you hereby fully, forever, irrevocably and unconditionally release, remise and discharge the Company, its affiliates,
subsidiaries, parent companies, predecessors, and successors, and all of their respective past and present officers, directors, stockholders,
partners, members, employees, agents, representatives, plan administrators, attorneys, insurers and fiduciaries (each in their individual
and corporate capacities) (collectively, the “Released Parties”) from any and all claims, charges, complaints, demands, actions,
causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings,
omissions, damages, executions, obligations, liabilities, and expenses (including attorneys’ fees and costs), of every kind and
nature that you ever had or now have against any or all of the Released Parties arising up to the date you sign this Agreement, including,
but not limited to, any and all claims arising out of or relating to your employment with and/or separation from the Company, including,
but not limited to, all claims under Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq., the Americans With Disabilities
Act of 1990, 42 U.S.C. § 12101 et seq., [the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq.,] the Genetic
Information Nondiscrimination Act of 2008, 42 U.S.C. § 2000ff et seq., the Family and Medical Leave Act, 29 U.S.C. § 2601 et
seq., the Worker Adjustment and Retraining Notification Act (“WARN”), 29 U.S.C. § 2101 et seq., the Rehabilitation Act
of 1973, 29 U.S.C. § 701 et seq., Executive Order 11246, Executive Order 11141, the Fair Credit Reporting Act, 15 U.S.C. § 1681
et seq., and the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001 et seq., all as amended;
[all claims arising out of the Massachusetts Fair Employment Practices Act., Mass. Gen. Laws ch. 151B, § 1 et seq., the Massachusetts
Wage Act, Mass. Gen. Laws ch. 149, § 148 et seq. (Massachusetts law regarding payment of wages and overtime), the Massachusetts Civil
Rights Act, Mass. Gen. Laws ch. 12, §§ 11H and 11I, the Massachusetts Equal Rights Act, Mass. Gen. Laws. ch. 93, § 102
and Mass. Gen. Laws ch. 214, § 1C, the Massachusetts Labor and Industries Act, Mass. Gen. Laws ch. 149, § 1 et seq., Mass. Gen.
Laws ch. 214, § 1B (Massachusetts right of privacy law), the Massachusetts Maternity Leave Act, Mass. Gen. Laws ch. 149, § 105D,
and the Massachusetts Small Necessities Leave Act, Mass. Gen. Laws ch. 149, § 52D, all as amended]; [Insert any other applicable
state’s citations;] all common law claims including, but not limited to, actions in defamation, intentional infliction of emotional
distress, misrepresentation, fraud, wrongful discharge, and breach of contract (including, without limitation, all claims arising out
of or relating to your [Insert Date] Employment Agreement); all claims to any non-vested ownership interest in the Company, contractual
or otherwise; all state and federal whistleblower claims to the maximum extent permitted by law; and any claim or damage arising out of
your employment with and/or separation from the Company (including a claim for retaliation) under any common law theory or any federal,
state or local statute or ordinance not expressly referenced above; provided, however, that nothing in this letter agreement releases
claims to vested benefits or to enforce this Agreement or prevents you from filing a charge with, cooperating with, or participating in
any proceeding before the Equal Employment Opportunity Commission or a state fair employment practices agency (except that you acknowledge
that you may not recover any monetary benefits in connection with any such claim, charge or proceeding).


 






    Exhibit A - 2


     


    




 


4.            Continuing
Obligations – You acknowledge and reaffirm your obligation to keep confidential and not
to use or disclose any and all non-public information concerning the Company that you acquired during the course of your employment with
the Company, including, but not limited to, any non-public information concerning the Company’s business affairs, business prospects,
and financial condition. You further acknowledge and reaffirm your obligations set forth in the [Insert Name of Restrictive Covenant
Agreement(s)] you executed for the benefit of the Company, which remain in full force and effect.


 


5.            Non-Disparagement
– You understand and agree that, to the extent permitted by law, you will not, in public
or private, make any false, disparaging, derogatory or defamatory statements to any person or entity, including, but not limited to, any
media outlet, industry group, financial institution or current or former employee, board member, consultant, client or customer of the
Company, regarding the Company or any of the other Released Parties, or regarding the Company’s business affairs, business prospects,
or financial condition. Notwithstanding the above, nothing in this Section will interfere with your ability to comply with legal
process or the requirements of applicable federal or state laws or regulations or to cooperate with any agency investigation. The Company
agrees to direct its officers, directors, employees and consultants not to, in public or private, make any false, disparaging, derogatory
or defamatory statements to any person or entity, including, but not limited to, any media outlet, industry group, financial institution
or current or former employee, board member, consultant, client or customer of the Company, regarding you, your involvement with the Company,
or your reputation, nor will the Company assist any others in engaging in such activities. Notwithstanding the above, nothing in this
Section shall interfere with the Company’s ability to comply with legal process or the requirements of applicable federal or
state laws or regulations.


 


6.            Continued
Assistance – You agree that after the Termination Date you will provide all reasonable
cooperation to the Company, including but not limited to, assisting the Company in transitioning your job duties and performing any other
tasks as reasonably requested by the Company. The Company shall: (a) compensate you for the reasonable value of your time for any
such cooperation and assistance; (b) pay out-of-pocket expenses consistent with Company policies; and (c) not interfere with
requirements you may have in new employment (including self-employment or consulting).


 


7.            Cooperation
– To the extent permitted by law, you agree to cooperate fully with the Company in the
defense or prosecution of any claims or actions which already have been brought, are currently pending, or which may be brought in the
future against or on behalf of the Company, whether before a state or federal court, any state or federal government agency, or a mediator
or arbitrator. Your full cooperation in connection with such claims or actions shall include, but not be limited to, reasonable requests
to meet with counsel to prepare its claims or defenses, to prepare for trial or discovery or an administrative hearing or a mediation
or arbitration and to act as a witness when requested by the Company at reasonable times designated by the Company. You agree that you
will notify the Company promptly in the event that you are served with a subpoena or in the event that you are asked to provide a third
party with information concerning any actual or potential complaint or claim against the Company. In connection with such cooperation,
the Company will not interfere with requirements you may have in new employment (including self-employment or consulting), and, at the
Company’s expense: (a) compensate you for the reasonable value of your time for any such cooperation and assistance; (b) reimburse
you for out-of-pocket expenses; and (c) provide legal counsel if necessary to advise you.


 






    Exhibit A - 3


     


    

 


8.            Return
of Company Property – You confirm that you have returned to the Company all keys, files,
records (and copies thereof), equipment (including, but not limited to, computer hardware, software and printers, wireless handheld devices,
cellular phones, pagers, etc.), Company identification, and any other Company-owned property in your possession or control and have
left intact all electronic Company documents, including but not limited to those that you developed or helped to develop during your employment.
You further confirm that you have cancelled all accounts for your benefit, if any, in the Company’s name, including but not limited
to, credit cards, telephone charge cards, cellular phone and/or pager accounts, and computer accounts.


 


9.            Business
Expenses and Final Compensation – You acknowledge that you have been reimbursed by the
Company for all business expenses incurred in conjunction with the performance of your employment and that no other reimbursements are
owed to you. You further acknowledge that you have received payment in full for all services rendered in conjunction with your employment
by the Company, including payment for all wages (including overtime), bonuses, commissions, and accrued, unused vacation time, and that
no other compensation is owed to you except as provided herein.


 


10.          Amendment
and Waiver – This letter agreement shall be binding upon the parties and may not be modified
in any manner, except by an instrument in writing of concurrent or subsequent date signed by duly authorized representatives of the parties
hereto. This letter agreement is binding upon and shall inure to the benefit of the parties and their respective agents, assigns, heirs,
executors, successors and administrators. No delay or omission by the Company in exercising any right under this letter agreement shall
operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in
that instance and shall not be construed as a bar to or waiver of any right on any other occasion.


 


11.          Validity
– Should any provision of this letter agreement be declared or be determined by any court
of competent jurisdiction to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby
and said illegal or invalid part, term or provision shall be deemed not to be a part of this letter agreement.


 


12.          Confidentiality
– To the extent permitted by law, you understand and agree that as a condition of the Severance
Benefits herein described, the terms and contents of this letter agreement, and the contents of the negotiations and discussions resulting
in this letter agreement, shall be maintained as confidential by you and your agents and representatives and shall not be disclosed except
to your immediate family, your attorneys, financial advisors, and as required by law, and except as otherwise agreed to in writing by
the Company.


 






    Exhibit A - 4


     


    




 


13.         Nature
of Agreement – You understand and agree that this letter agreement is a severance agreement
and does not constitute an admission of liability or wrongdoing on the part of the Company.


 


14.         Acknowledgments
 – You acknowledge that you have been given at least [seven (7) ! twenty-one (21)
! forty-five (45)] days to consider this letter agreement, and that the Company advised you to consult with an attorney of your own
choosing prior to signing this letter agreement. [You understand that you may revoke this letter agreement for a period of seven (7) days
after you sign this letter agreement by notifying me in writing, and the letter agreement shall not be effective or enforceable until
the expiration of this seven (7) day revocation period. You understand and agree that by entering into this letter agreement, you
are waiving any and all rights or claims you might have under the Age Discrimination in Employment Act, as amended by the Older Workers
Benefit Protection Act, and that you have received consideration beyond that to which you were previously entitled.]


 


15.         [Eligibility
for Severance Program – Attached to this letter agreement as Attachment A is a description of (i) any class, unit or group
of individuals covered by the program of severance benefits which the Company has offered to you, and any applicable time limits regarding
such severance benefit program; and (ii) the job title and ages of all individuals eligible or selected for such severance benefit
program, and the ages of all individuals in the same job classification or organizational unit who are not eligible or who were not selected
for such severance benefit program.]


 


16.          Voluntary
Assent – You affirm that no other promises or agreements of any kind have been made to
or with you by any person or entity whatsoever to cause you to sign this letter agreement, and that you fully understand the meaning and
intent of this letter agreement. You state and represent that you have had an opportunity to fully discuss and review the terms of this
letter agreement with an attorney. You further state and represent that you have carefully read this letter agreement, understand the
contents herein, freely, and voluntarily assent to all of the terms and conditions hereof, and sign your name of your own free act.


 


17.         Applicable
Law – This letter agreement shall be interpreted and construed by the laws of the [Commonwealth
of Massachusetts], without regard to conflict of laws provisions. You hereby irrevocably submit to and acknowledge and recognize the
jurisdiction of the courts of the [Commonwealth of Massachusetts], or if appropriate, a federal court located in the [Commonwealth
of Massachusetts] (which courts, for purposes of this letter agreement, are the only courts of competent jurisdiction), over any suit,
action or other proceeding arising out of, under or in connection with this letter agreement or the subject matter hereof.


 


18.          Entire
Agreement – This letter agreement contains and constitutes the entire understanding and
agreement between the parties hereto with respect to your severance benefits and the settlement of claims against the Company and cancels
all previous oral and written negotiations, agreements, and commitments in connection therewith. Nothing in this paragraph, however, shall
modify, cancel or supersede your obligations set forth in paragraph 4 above.


 






    Exhibit A - 5


     


    

 


19.          Tax
Acknowledgement – In connection with the Severance Benefits provided to you pursuant to
this letter agreement, the Company shall withhold and remit to the tax authorities the amounts required under applicable law, and you
shall be responsible for all applicable taxes with respect to such Severance Benefits under applicable law. You acknowledge that you are
not relying upon the advice or representation of the Company with respect to the tax treatment of any of the Severance Benefits set forth
in paragraph 2 of this letter agreement.


 


If you have any questions
about the matters covered in this letter agreement, please call me at [Insert Phone Number].


 


	 	Very truly yours,
	 	 
	 	By:	 
	 	 	[NAME] [TITLE]


 


I
hereby agree to the terms and conditions set forth above. [I have been given at least [twenty- one (21) / forty-five (45)] days
to consider this letter agreement and I have chosen to execute this on the date below. I intend that this letter agreement will become
a binding agreement between me and the Company if I do not revoke my acceptance in seven (7) days.]


 


	 	 	 
	  [Insert Name]	 	  Date


 


To be returned in a timely
manner as set forth on the first page of this letter agreement.


 




    Exhibit A - 6


     


    



 


EXHIBIT B


 


NON-SOLICITATION, CONFIDENTIALITY and ASSIGNMENT
AGREEMENT


 


Employee Non-Solicitation, Confidentiality and
Assignment Agreement


 


In consideration and as a
condition of NAME (“I”, “Me”, or “You”) employment or continued employment by ProMIS Neurosciences.
(“ProMIS”), the parties hereby agree as follows:


 


1.            Proprietary
Information. I agree that all information, whether or not in writing, whether or not disclosed before or after I was first
employed by ProMIS, concerning the business, technology, business relationships or financial affairs of ProMIS or its subsidiaries, affiliates,
and associated entities (collectively, the “Company”) that the Company has not released to the general public (collectively,
 “Proprietary Information”), and all tangible embodiments thereof, are and will be the exclusive property of the Company. By
way of illustration, Proprietary Information may include information or material that has not been made generally available to the public,
such as: (a) corporate information, including plans, strategies, methods, policies, resolutions, notes, email correspondence,
negotiations or litigation; (b) marketing information, including strategies, methods, customer identities or other information
about customers, prospect identities or other information about prospects, or market analyses or projections; (c) financial information,
including cost and performance data, debt arrangements, equity structure, investors and holdings, purchasing and sales data and price
lists; and (d) operational and technological information, including plans, specifications, manuals, forms, templates, software,
designs, methods, procedures, formulas, discoveries, inventions, improvements, biological or chemical materials, concepts and ideas; and
(e) personnel information, including personnel lists, reporting or organizational structure, resumes, personnel data, compensation
structure, performance evaluations and termination arrangements or documents. Proprietary Information includes, without limitation, (1) information
received in confidence by the Company from its customers or suppliers or other third parties, and (2) all biological or chemical
materials and other tangible embodiments of the Proprietary Information.


 


2.            Recognition
of Company’s Rights. I will not, at any time, without the Company’s prior written permission, either during or
after my employment, disclose or transfer any Proprietary Information to anyone outside of the Company, or use or permit to be used any
Proprietary Information for any purpose other than the performance of my duties as an employee of the Company. I will cooperate with the
Company and use my best efforts to prevent the unauthorized disclosure of all Proprietary Information. I will deliver to the Company all
copies and other tangible embodiments of Proprietary Information in my possession or control upon the earlier of a request by the Company
or termination of my employment. The term “Proprietary Information” hereunder will not include information that I can establish
by competent written evidence (i) is or becomes generally known within the Company’s industry through no fault of mine; (ii) was
known to me at the time it was disclosed; (iii) is lawfully and in good faith made available to me by a third-party who did not derive
it from the Company and who imposes no obligation of confidence on me; or (iv) is required to be disclosed by order of a governmental
authority or a court of competent jurisdiction, provided that such disclosure is subject to all applicable governmental or judicial protection
available for like material, and provided I first give reasonable advance written notice of such requirement to the Company, and permit
the Company to intervene in any relevant proceedings to protect its interests in the Proprietary Information, and provide full cooperation
and assistance to the Company in seeking to obtain such protection.


 






     Exhibit B - 1


    


    

 


3.            Rights
of Others. I understand that the Company is now and may hereafter be subject to non-disclosure
or confidentiality agreements with third persons which require the Company to protect or refrain from use of proprietary information.
I agree to be bound by the terms of such agreements in the event I have access to such proprietary information.


 


4.            Commitment
to Company; Avoidance of Conflict of Interest. While an employee of the Company, I
will devote my full-time efforts to the Company’s business and I will not engage in any other business activity that conflicts or
reasonably could potentially conflict with my duties to the Company. I will advise the president of the Company or their nominee at such
time as any activity of either the Company or another business presents me with a conflict of interest or the appearance of a conflict
of interest as an employee of the Company. I will take whatever action is requested of me by the Company to resolve any conflict or appearance
of conflict which it finds to exist.


 


5.            Developments.
I hereby assign and transfer and, to the extent any such assignment cannot be made at present, hereby agree to assign and transfer, to
ProMIS and its successors, designees and assigns, all my right, title and interest in and to all Developments (as defined below) that:
(a) are created, developed, made, conceived or reduced to practice by me (alone or jointly with others) or under my direction (collectively,
 “conceived”) during the period of my employment and six (6) months thereafter and that relate to the business of the
Company or to products, methods or services being researched, developed, manufactured or sold by the Company; or (b) result from
tasks assigned to me by the Company; or (c) result from the use of premises, Proprietary Information or personal property (whether
tangible or intangible) owned, licensed or leased by the Company (collectively, “Company-Related Developments”), and all patent
rights, trademarks, copyrights and other intellectual property rights in all countries and territories worldwide claiming, covering or
otherwise arising from or pertaining to Company-Related Developments (collectively, “Intellectual Property Rights”). I further
agree that “Company-Related Developments” include, without limitation, all Developments that (i) were conceived by me
before my employment, (ii) relate to the business of the Company or to products, methods or services being researched, developed,
manufactured or sold by the Company, and (iii) were not subject to an obligation to assign to another entity when conceived. I will
make full and prompt disclosure to the Company of all Company-Related Developments, as well as all other Developments conceived by me
during the period of my employment and six (6)  months thereafter. I acknowledge that all work performed by me as an employee of
the Company is on a “work for hire” basis. I hereby waive all claims to any moral rights or other special rights which I may
have or accrue in any Company-Related Developments. “Developments” mean inventions, discoveries, designs, developments, methods,
modifications, improvements, processes, biological or chemical materials, algorithms, databases, computer programs, formulae, techniques,
trade secrets, graphics or images, audio or visual works, and other works of authorship.


 






     Exhibit B - 2


    


    

 


To preclude any possible uncertainty, I
have set forth on Exhibit A attached hereto a complete list of Developments conceived by me before my employment that are
not Company-Related Developments (“Prior Inventions”). I have also listed on Exhibit A all patent rights of which
I am an inventor, other than those contained within Intellectual Property Rights (“Other Patent Rights”). If no such disclosure
is attached, I represent that there are no Prior Inventions or Other Patent Rights. If, in the course of my employment with the Company, I
incorporate a Prior Invention into a Company product, process or research or development program or other work done for the Company, I
hereby grant to the Company a nonexclusive, royalty-free, fully paid-up, irrevocable, perpetual, worldwide license (with the full right
to sublicense through multiple tiers) to make, have made, modify, use, offer for sale, import and sell such Prior Invention. Notwithstanding
the foregoing, I will not incorporate, or permit to be incorporated, Prior Inventions in any Company-Related Development without
the Company’s prior written consent.


 


I
understand that to the extent this Agreement is required to be construed in accordance with the laws of any state which precludes a requirement
in an employee agreement to assign certain classes of inventions made by an employee, this Section will be interpreted not to apply
to any invention which a court rules and/or the Company agrees falls within such classes.


 


6.            Documents
and Other Materials. I will keep and maintain adequate and current records of all Proprietary Information and Company-Related
Developments conceived by me, which records will be available to and remain the sole property of the Company at all times. All files,
letters, notes, memoranda, reports, records, data, sketches, drawings, notebooks, layouts, charts, quotations and proposals, specification
sheets, program listings, blueprints, models, prototypes, materials or other written, photographic or other tangible material containing
or embodying Proprietary Information, whether created by me or others, which come into my custody or possession, are the exclusive property
of the Company to be used by me only in the performance of my duties for the Company. In the event of the termination of my employment
for any reason, I will deliver to the Company all of the foregoing, and all other materials of any nature pertaining to the Proprietary
Information of the Company and to my work, and will not take or keep in my possession any of the foregoing or any copies. Any property
situated on the Company’s premises and owned by the Company, including laboratory space, computers, disks and other storage media,
filing cabinets or other work areas, is subject to inspection by the Company at any time with or without notice.


 


7.            Enforcement
of Intellectual Property Rights. I will cooperate fully with the Company, both during and after my employment with the Company,
with respect to the procurement, maintenance and enforcement of Intellectual Property Rights, as well as all other patent rights, trademarks,
copyrights and other intellectual property rights in all countries and territories worldwide owned by or licensed to the Company. I will
sign, both during and after the term of this Agreement, all papers, including copyright applications, patent applications, declarations,
oaths, assignments of priority rights, and powers of attorney, which the Company may deem necessary or desirable in order to protect its
rights and interests in any Company-Related Development or Intellectual Property Rights. If the Company is unable, after reasonable effort,
to secure my signature on any such papers, I hereby irrevocably designate and appoint each officer of the Company as my agent and
attorney-in-fact to execute any such papers on my behalf, and to take any and all actions as the Company may deem necessary or desirable
in order to protect its rights and interests in the same.


 






     Exhibit B - 3


    


    

 


8.            Non-Solicitation.
In order to protect the Company’s Proprietary Information and good will, during my employment and for a period of twelve (12) months
following a for Cause (as defined below) termination of my employment (the “Restricted Period”), I will not, directly
or indirectly, in any manner, other than for the benefit of the Company, (a) call upon, solicit, divert or take away any of the customers,
business or prospective customers of the Company or any of its suppliers, and/or (b) solicit, entice or attempt to persuade any other
employee or consultant of the Company to leave the services of the Company for any reason. I acknowledge and agree that if I violate any
of the provisions of this Section, the running of the Restricted Period will be extended by the time during which I engage in such violation(s).


 


9.            Government
Contracts. I acknowledge that the Company may have from time to time agreements with
other persons or with the United States Government or its agencies which impose obligations or restrictions on the Company regarding
inventions made during the course of work under such agreements or regarding the confidential nature of such work. I agree to comply
with any such obligations or restrictions upon the direction of the Company. In addition to the rights assigned under Section 5, I
also assign to the Company (or any of its nominees) all rights which I have or acquired in any Developments, full title to which is required
to be in the United States under any contract between the Company and the United States or any of its agencies.


 


10.          Prior
Agreements. I hereby represent that, except as I have fully disclosed previously in writing
to the Company, I am not bound by the terms of any agreement with any current or previous employer or other party that interferes
with my performance under this Agreement or obligates me to refrain from using or disclosing any trade secret or confidential or proprietary
information in the course of my employment with the Company or to refrain from competing, directly or indirectly, with the business of
such previous employer or any other party, or to assign any patent rights, trademarks, copyrights or other intellectual property rights.
I further represent that my performance of all the terms of this Agreement as an employee of the Company does not and will not breach
any agreement to keep in confidence proprietary information, knowledge or data acquired by me in confidence or in trust prior to my employment
with the Company. I will not disclose to the Company or induce the Company to use any confidential or proprietary information or material
belonging to any previous employer or others.


 


11.          Remedies
Upon Breach. I understand that the restrictions contained in this Agreement are necessary
for the protection of the business and goodwill of the Company and I consider them to be reasonable for such purpose. Any breach of this
Agreement is likely to cause the Company substantial and irrevocable damage and therefore, in the event of such breach, the Company, in
addition to such other remedies which may be available, will be entitled to specific performance and other injunctive relief.


 






     Exhibit B - 4


    


    

 


12.          Use
of Voice, Image and Likeness. I give the Company permission to use my voice, image
or likeness, with or without using my name, for the purposes of advertising and promoting the Company, or for other purposes deemed appropriate
by the Company in its reasonable discretion, except to the extent expressly prohibited by law.


 


13.          Publications
and Public Statements. I will obtain the Company’s written approval before publishing
or submitting for publication any material that relates to my work at the Company and/or incorporates any Proprietary Information. To
ensure that the Company delivers a consistent message about its products, services and operations to the public, and further in recognition
that even positive statements may have a detrimental effect on the Company in certain contexts, any statement about the Company which
I create, publish or post during my period of employment and for six (6) months thereafter, on any media accessible by the public,
including but not limited to electronic bulletin boards and Internet-based chat rooms, must first be reviewed and approved by an officer
of the Company before it is released in the public domain.


 


14.          No
Employment Obligation. I understand that this Agreement does not create an obligation
on the Company or any other person to continue my employment. I acknowledge that, unless otherwise agreed in a formal written employment
agreement signed on behalf of the Company by an authorized officer, my employment with the Company is at will and therefore may be terminated
by the Company or me at any time and for any reason. Without limiting the foregoing in any manner, You may be immediately terminated,
without notice, for Cause or without Cause. “Cause” as used herein shall mean: (i) a breach of Your obligations under
this Agreement or any other agreement you have with the Company; (ii) the failure or refusal to follow the instructions of Your supervisor
or the Board of Directors of the Company, as the case may be; (iii) the commission by You of any act of dishonesty, moral turpitude,
fraud, or breach of trust; (iv) conviction of, or pleading guilty or no contest to, any felony or any lesser crime; (v) the
failure to adhere to policies and procedures adopted by the Company from time to time.


 


15.         Survival
and Assignment by the Company. I understand that my obligations under this Agreement will
continue in accordance with its express terms regardless of any changes in my title, position, duties, salary, compensation or benefits
(if any) or other terms and conditions of employment. I further understand that my obligations under this Agreement will continue following
the termination of my employment regardless of the manner of such termination and will be binding upon my heirs, executors and administrators.
The Company will have the right to assign this Agreement to its affiliates, successors and assigns. I expressly consent to be bound by
the provisions of this Agreement for the benefit of the Company or any parent, subsidiary or affiliate to whose employ I may be transferred
without the necessity that this Agreement be resigned at the time of such transfer.


 


16.          Disclosure
to Future Employers and Others. During the period in which the terms of the Non-Solicitation
agreement described in Section 8 and the Developments agreement in Section 5 remain in force, I will provide a copy of
this Agreement to any prospective employer, partner or co-venturer prior to entering into an employment, partnership or other business
relationship with such person or entity.


 






     Exhibit B - 5


    


    

 


17.          Exit
Interview. If and when I depart from the Company, I may be required to attend an
exit interview and sign an “Employee Exit Acknowledgement” to reaffirm my acceptance and acknowledgement of the obligations
set forth in this Agreement. During the Restricted Period following termination of my employment, I will notify the Company of any
change in my address and of each subsequent engagement, employment or business activity, including the name and address of my employer,
party to which I render services or other post-Company employment or engagement plans and the nature of my activities.


 


18.         Severability.
In case any provisions (or portions thereof) contained in this Agreement will, for any reason, be held invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability will not affect the other provisions of this Agreement, and this Agreement
will be construed as if such invalid, illegal or unenforceable provision had never been contained herein. If, moreover, any one or more
of the provisions contained in this Agreement will for any reason be held to be excessively broad as to duration, geographical scope,
activity or subject, it will be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable
law as it will then appear.


 


19.          Entire
Agreement. This Agreement constitutes the entire and only agreement between the Company
and me respecting the subject matter hereof, and supersedes all prior agreements and understandings, oral or written, between us concerning
such subject matter. No modification, amendment, waiver or termination of this Agreement or of any provision hereof will be binding unless
made in writing and signed by an authorized officer of the Company. Failure of the Company to insist upon strict compliance with any of
the terms, covenants or conditions hereof will not be deemed a waiver of such terms, covenants or conditions. In the event of any inconsistency
between this Agreement and any other contract between the Company and me, the provisions of this Agreement will prevail.


 


20.          Interpretation.
This Agreement will be deemed to be made and entered into in the Commonwealth of Massachusetts, and will in all respects be interpreted,
enforced and governed under the laws of the Commonwealth of Massachusetts. I hereby agree to consent to personal jurisdiction of the Suffolk
County Business Litigation Session for purposes of enforcing this Agreement, and waive any objection that I might have to personal jurisdiction
or venue in this court. As used in this Agreement, “including” means “including but not limited to”


 






     Exhibit B - 6


    


    

 


BY SIGNING BELOW, I
CERTIFY THAT I HAVE THE RIGHT TO CONSULT AN ATTORNEY PRIOR TO ENTERING INTO THIS AGREEMENT, HAVE READ THIS AGREEMENT CAREFULLY AND, AM
SATISFIED THAT I UNDERSTAND IT COMPLETELY.


 


IN WITNESS WHEREOF, the undersigned
has executed this agreement as a sealed instrument as of the date set forth below.


 


 


	Signed:	/s/ Gavin T. Malenfant	 
	 	(Employee's full name)	 



 


	Type of print name:	Gavin T. Malenfant	 
	 	 	 


 


Accepted and agreed:


 


ProMIS NEUROSCIENCES




 


	By:	/s/ Eugene Williams	 
	 	Title:	Chairman and CEO	 
	 	Date:	December 21, 2021	 



 


Exhibit B

Signature Page