| 1. | Engagement.  Upon the      terms and subject to the conditions set forth in this Agreement, Novavax      hereby agrees to engage Consultant as an independent contractor, to render      services to and on behalf of Novavax and Consultant hereby agrees to      render such services to and on behalf of  Novavax. |
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| 2. | Consultant      Services.  The      Consultant shall provide the services described in Exhibit A (the      “Services”). |
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| 3. | Provisions      of Services – PriorApproval. |
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|   | 3.1 | Production of      Deliverables.  Consultant’s performance of Services shall      only include the completion and delivery of deliverables that may be set      forth on Exhibit      A (“Deliverables”).  Novavax shall not be liable to      Consultant for the cost of any Deliverables not performed pursuant to      Novavax’s request for or assent to the production of such Deliverables in      writing. |
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|   | 3.2 | Meetings.  Consultant      shall attend meetings at Novavax or elsewhere pursuant to the written      agreement of Novavax and Consultant, identifying the location and timing      of the meeting.  Novavax shall be liable for Consultant’s fees      and related expenses only for attendance at meetings mutually agreed to in      writing by both parties. |
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| 4. | Fees and      Invoicing. |
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|   | 4.1 | Fees. In full      consideration of the provision of the Services and the obligations      undertaken pursuant to this Agreement, Novavax agrees to pay Consultant at      the rate of $375 per hour up to the initial 8 hours in a particular day      and capped at $3000 per day for any work in excess of 8    hours. |
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|  | 4.2 | Expenses.      Novavax shall reimburse Consultant for the reasonable transportation costs      and related expenses incurred by Consultant in connection with the      Services that are approved in advance by Novavax, payable upon receipt of      invoice with copies of receipts for such expenses. Novavax will provide      reimbursement for legitimate, approved business related expenses. These      include business class travel (via British Airways or other similar      airlines), meals, hotel, rental car, use of own car, telephone, and other      items. Consultant shall submit itemized documentation and receipts to      Novavax at the time reimbursement is requested. Such documentation will be      audited to ensure that charges are reasonable and customary. Consultant      shall bear the cost of all other expenses incurred by Consultant in      connection with the performance of the Services, unless otherwise agreed      in writing. |
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|  | 4.3 | Invoicing. No      later than thirty (30) days after the end of each calendar quarter,      Consultant shall provide Novavax with an invoice detailing all time spent      by Consultant in performing the Services, the expenses incurred by      Consultant in connection therewith that were approved by Novavax, and the      total amount due to Consultant. The invoices shall provide a narrative      description of the activity performed, the time spent by Consultant      performing such activities, and shall contain such other information in      such detail as Novavax may reasonably request. Subject to the terms and      conditions set forth herein, Novavax shall pay all amounts due hereunder,      and not disputed in good faith, within thirty (30) days after its receipt      of such invoice. |
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|  | 4.4 | Relationship of the      Parties. The relationship of the Consultant to the Company      hereunder is that of independent contractor. Nothing herein shall be      deemed to create any partnership, association or joint venture between the      parties. Consultant shall not be construed for any purpose to be an      employee subject to the control and direction of the Company or any of its      affiliates. Consultant shall not be entitled to any of the benefits,      coverages or privileges, including, without limitation, social security,      unemployment, medical or pension payments, made available to employees of      the Company. The Consultant shall have sole responsibility, subject to      rules promulgated by the U.S. Internal Revenue Service (the “IRS”), for      the proper reporting and payment of any and all applicable U. S. taxes due      on payments made to the Consultant by the Company    hereunder. |
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| 5. | Term      and Termination. |
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|   | 5.1 | Term and      Termination.  This Agreement shall commence on the date      set forth above and expire twelve (12) months thereafter, unless      terminated earlier as set forth in this Paragraph 5.1.  Upon      mutual written agreement no later than thirty (30) days before the      anniversary of the Effective Date, this agreement may be renewed for      additional twelve (12) monthperiods. |
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|   | (a) | Novavax      may terminate this Agreement before its expiration or any specific      Services for any reason upon thirty (30) days advance written notice to      Consultant. |
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|   | (b) | Consultant      may terminate this Agreement and/or any specific Services if Novavax is in      default of any of its material obligations set forth herein, and such      breach is not cured within thirty (30) days after Novavax’s receipt of a      written notice from Consultant that describes such breach in reasonable      detail. |
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|   | 5.2 | Duties Upon      Termination.  Upon termination of this Agreement for any      reason, the Consultant shall promptly deliver to Novavax all Confidential      Information and all copies thereof and immediately cease all use of      Confidential Information and the Intellectual Work  Product. |
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| 6. | Confidential      Information. |
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|  | 6.1 | Without      the express prior written consent of Novavax, Consultant shall only use      for the purpose of rendering the Services and shall not disclose or use      any Confidential Information (as defined below) of Novavax for      Consultant’s direct or indirect benefit or the direct or indirect benefit      of any third party, and Consultant shall maintain, both during and for      seven years after Consultant’s engagement, the confidentiality of all      Confidential Information of Novavax. The term "Confidential Information"      shall include all information disclosed to Consultant by Novavax including      without limitation: trade secrets, know-how, patent applications or      patentable improvements thereto, biomedical technology, inventions,      writings, blueprints, computer programs, documents, engineering      specifications, diagrams, charts, models, research studies, assays,      marketing studies, process descriptions, manufacturing processes,      projections, information relating to customers, suppliers, distributors,      licensees, profits, costs, pricing or tooling, and all other materials or      information relating to or dealing with the business operations,      technologies or activities of Novavax, whether written, oral, electronic      or visual, tangible or intangible, whether machine readable or otherwise      and shall also include the existence of any relationship between Novavax      and Consultant, including but not limited to the terms of this Agreement      and the terms of the engagement by Novavax of Consultant;and all information and      materials prepared by Consultant in the course of, relating to or arising      out of his engagement by Novavax, or prepared by any other Novavax      employee or contractor for Novavax or its customers. Failure to mark any      of the Confidential Information as confidential or proprietary shall not      affect its status as Confidential Information under the terms of this      Agreement. |
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|  | 6.2 | At      Novavax’s request, Consultant shall immediately: (i) discontinue all use      of all Confidential Information; (ii) return to Novavax all materials then      in Consultant’s possession or subject to its control that contain      Confidential Information, including all copies thereof and all summaries,      analyses and notes thereon; (iii) erase or destroy all Confidential      Information contained in computer memory or data storage apparatus under      the ownership or control of Consultant; and (iv) warrant in writing to      Novavax that Consultant has taken all actions described in the foregoing      Subparagraphs 6.2(i)-(iii). |
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|   | 6.3 | The      restrictions set forth in this Section 6 shall not apply to Confidential      Information that: |
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|   | (a) | is      rightfully in the possession of the receiving party prior to the date of      the disclosure of such information to the receiving party by the      disclosing party; |
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|   | (b) | is      in the public domain prior to the date of the disclosure of such      information to the receiving party by the disclosing  party; |
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|   | (c) | becomes      part of the public domain by publication or by any other means except an      unauthorized act or omission on the part of the receiving party or its      employees, consultants or advisors; |
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|   | (d) | is      or was supplied to the receiving party on a non-confidential basis by a      third party who is under no obligation to the disclosing party to maintain      such information in confidence.  Specific information disclosed      as part of the Confidential Information shall not be deemed to be in the      public domain or in the prior possession of Consultant merely because it      is embraced by more general information in the public domain or in the      prior possession of Consultant. |
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|   | 6.4 | Securities      Trading.  Consultant further agrees that it will conform      in all respects to the securities and trading policies of Company and with      the laws and regulations governing activities including, buying, selling      or otherwise trading securities of the Company.  Consultant      shall consult with the Chief Financial Officer of Company as to when such      trading shall be permitted. |
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| 7. | Property      Rights. All work produced hereunder, including, without limitation,      all inventions, ideas, creations, designs, discoveries, developments,      techniques, expressions, improvements, computer programs, specifications,      operating instructions and all other documentation, data or other work      product related to the Services provided by the Consultant under this      Agreement (whether patentable or subject to copyright, or not), which are      first conceived, made or otherwise originated or acquired or first      actually constructively reduced to practice during the Term or within six      (6) months following the expiration or termination of the Term, whether      preliminary or final, and on whatever media rendered (collectively, the      “Work Product”), shall be deemed work made for hire and made in the course      of services rendered for the Company and shall be the sole and exclusive      property of the Company. The Company shall have the sole, absolute and      unlimited right throughout the world to protect by patent or copyright,      and to make, have made, use, reconstruct, repair, modify reproduce,      publish, distribute and sell the Work Product, in whole or in part, or      combine the Work Product with other matter, or not use the Work Product at      all, as it sees fit. To the extent that title to the Work Product may not      be considered work for hire, the Consultant irrevocably agrees to transfer      and assign to the Company in perpetuity all worldwide right, title and      interest in and to the patent rights, copyrights, trade secrets and other      proprietary rights (including, without limitation, applications for      registrations thereof) in, and ownership of, the Work Product that the      Consultant may have, as and when such rights arise. The Consultant further      agrees that it will execute, and will cause its applicable employees to      execute, all documents necessary to enable the Company to protect and      record its ownership of the WorkProduct. |
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| 8. | Authority      to Contract. The Company represents      and warrants to Consultant that the execution and delivery of this      Agreement and the performance of the provisions hereof have been duly      authorized by all necessary action on its part, that this Agreement has      been duly and validly executed and delivered by it, that this Agreement      constitutes a valid and legally binding agreement enforceable against it      in accordance with its terms. Consultant represents and warrants to the      Company that this Agreement has been duly and validly executed and      delivered by him or her, that this Agreement constitutes a valid and      legally binding agreement enforceable against him or her in accordance      with its terms, and that neither the execution and delivery of this      Agreement nor the performance of the provisions hereof constitute or will      constitute a violation of any contract, or other agreement or relationship      to which he or she is a party or by which he or she is    bound. |
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| 9. | Debarment.      Consultant has not been debarred under the provisions of the Generic Drug      Enforcement Act of 1992, including without limitation, 21 U.S.C. Section      335a. If at any time during the term of this Agreement Consultant (a)      becomes debarred, or (b) receives notice of action or threat of action      with respect to its debarment, Consultant shall notify Novavax      immediately. In the event that Consultant becomes debarred as set forth      above, this Agreement shall automatically terminate upon receipt of such      notice without any further action or notice. In the event that Consultant      receives notice of action as set forth above, Novavax shall have the right      to terminate this Agreementimmediately. |
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| 10. | Governing      Law.  This Agreement shall be construed and enforced in      accordance with the laws of the State of Maryland, without regard to the      conflict of law principles of Maryland or any other      jurisdiction. |
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| 11. | Equitable      Relief.  In the event that any provision of Section 6 or      7 shall be declared by a court of competent jurisdiction to exceed the      maximum time period or areas such court deems reasonable and enforceable,      said time period and/or areas of restriction shall be deemed to become and      thereafter be the maximum time period and/or areas which such court deems      reasonable and enforceable.  Consultant recognizes and agrees      that the Company’s remedy at law for any breach of the provisions of      Sections 6 or 7 hereof would be inadequate, and Consultant agrees that for      breach of such provisions, the Company shall, in addition to such other      remedies as may be available to it at law or in equity or as provided in      this Agreement, be entitled to injunctive relief and to enforce its rights      by an action for specificperformance. |
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| 12. | Miscellaneous.      This Agreement and the Exhibit attached hereto (which is incorporated      herein by reference) contains the entire agreement and understanding of      the parties relating to the subject matter hereof and merges and      supersedes all prior discussions, agreements and understandings of every      nature between them. This Agreement may not be changed or modified, except      by an agreement in writing signed by both of the parties hereto. The      waiver of the breach of any term or provision of this Agreement shall not      operate as or be construed to be a waiver of any other or subsequent      breach of this Agreement. The obligations of Consultant as set forth      herein, other than Consultant’s obligations to perform the Services, shall      survive the termination of Consultant’s engagement with Novavax. Novavax      may assign this Agreement to, and this Agreement shall bind and inure to      the benefit of, any parent, subsidiary, affiliate or successor of Novavax.      This Agreement shall not be assignable by Consultant. This Agreement may      be executed in any number of counterparts, and each such counterpart shall      be deemed to be an original instrument, but all such counterparts together      shall constitute but one agreement. |
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|   | NOVAVAX,      INC.                                                |                           |
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|   |                                                              |                           |   |
|   | By:                                                               | /s/ Frederick W.      Driscoll |     |
|   | Name:      Frederick W. Driscoll                                  |                           |
|   | Title:      Vice President, Chief Financial Officer and Treasurer |                           |
|   |                                                              |                           |
|   | John      Lambert:                                                |
|   |                                                              |                           |
|   | /s/ John Lambert                                                  |                 |

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