# EDGAR Filing Document

**Accession Number:** 0001000694
**File Stem:** 0001104659-23-002102
**Filing Date:** 2023-1
**Character Count:** 105443
**Document Hash:** 48b02b1d066cd1eb81886b3cd319ef8e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-002102.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001104659-23-002102

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20230105

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NOVAVAX INC
- **CENTRAL INDEX KEY:** 0001000694
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **IRS NUMBER:** 222816046
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-26770
- **FILM NUMBER:** 23516848

**BUSINESS ADDRESS:**
- **STREET 1:** 21 FIRSTFIELD ROAD
- **CITY:** GAITHERSBURG
- **STATE:** MD
- **ZIP:** 20878
- **BUSINESS PHONE:** 240-268-2000

**MAIL ADDRESS:**
- **STREET 1:** 21 FIRSTFIELD ROAD
- **CITY:** GAITHERSBURG
- **STATE:** MD
- **ZIP:** 20878

?xml version="1.0" encoding="utf-8"?

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM 8-K**

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**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934** 

**Date of Report (Date of earliest event reported): January 5, 2023**

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**NOVAVAX, INC.**

**(Exact name of registrant as specified in charter)** 

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| | | |
|:---|:---|:---|
| **Delaware** | **0-26770** | **22-2816046** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

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**21 Firstfield Road**

**Gaithersburg, Maryland 20878**

**(Address of Principal Executive Offices, including Zip Code)** 

**(240) 268-2000**

**(Registrant's telephone number, including area code)** 

**(Former name or former address, if changed since last report.)** 

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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| |
|:---|
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

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**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**Trading <br> Symbol(s)** | &nbsp;&nbsp;**Name of each exchange on which <br> registered** |
| &nbsp;&nbsp;Common Stock, Par Value $0.01 per share | &nbsp;&nbsp;NVAX | &nbsp;&nbsp;The Nasdaq Global Select Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

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 13(a) of the Exchange Act. ◻

**Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

*Chief Executive Officer Succession*

On January 5, 2023, the Board of Directors (the "Board") of Novavax, Inc. (the "Company") approved the appointment of John C. Jacobs, age 56, as President and Chief Executive Officer and a member of the Board, effective as of January 23, 2023. Mr. Jacobs will succeed Stanley C. Erck, who provided the Board with notice on January 5, 2023 of his decision to retire as President and Chief Executive Officer and as a member of the Board, in each case effective as of January 23, 2023. Mr. Jacobs will serve as a Class I director and his term will expire at the Company's 2023 annual meeting of stockholders. Mr. Erck will continue to provide consulting services to the Company following his retirement, as further described below.

Mr. Jacobs served as the President and Chief Executive Officer and a member of the board of directors at Harmony Biosciences Holdings, Inc. ("Harmony"), a public pharmaceutical company, since June 2018, and was Executive Vice President and Chief Commercial Officer of Harmony from October 2017 to June 2018. Prior to joining Harmony, Mr. Jacobs served as the Senior Vice President and General Manager of the Respiratory Business Unit of Teva Pharmaceuticals Industries Ltd. ("Teva"), a public pharmaceutical company, from September 2017 to October 2017. He also served as Senior Vice President of Commercial Operations and Innovation of Teva, from September 2016 to September 2017, and as Vice President and General Manager of Teva's Branded Business in Canada from July 2014 to September 2016. Mr. Jacobs has held positions of increasing scope and responsibility at major pharmaceutical companies including Cephalon Inc., a former public biopharmaceutical and biotechnology company, Wyeth, LLC, a public pharmaceutical company, and Pfizer Inc., a public pharmaceutical and biotechnology company. He has over 25 years of commercial, operations, business and leadership experience across multiple therapeutic areas including central nervous system, sleep disorders, pain care and respiratory, as well as rare disease and other specialty markets. Mr. Jacobs received a B.S. in business from the State University of New York College at Plattsburgh and an M.B.A. from the State University of New York at Binghamton.

In connection with his appointment as President and Chief Executive Officer, the Company and Mr. Jacobs entered into an employment agreement (the "Employment Agreement") pursuant to which Mr. Jacobs is entitled to an annual base salary of $700,000 and is eligible to receive an annual performance and incentive bonus, with a target bonus of 75% of his base salary and with the actual amount of such bonus based upon achievement of certain specified goals. The Company has also agreed to provide a make-whole payment to Mr. Jacobs up to a specified amount in the event that he fails to be paid certain amounts from his prior employer, which, if paid, would be subject to repayment upon a termination of Mr. Jacobs' employment for cause or a voluntary termination of his employment without good reason (as such terms are defined in the Employment Agreement) within the one-year period following his commencement of employment with the Company. During Mr. Jacobs' employment, the Company will pay or reimburse Mr. Jacobs for housing and commuting expenses in an amount not to exceed $100,000 per year in the aggregate. The Company will also reimburse Mr. Jacobs for certain professional and legal fees incurred in the negotiation of the Employment Agreement up to a specified amount.

In connection with his appointment, Mr. Jacobs will be granted an option (the "Inducement Option") to purchase the number of shares of Common Stock determined by dividing $3,000,000 by the per-share Black-Scholes valuation of a share of the Company's common stock, par value $0.01 per share ("Common Stock"), as of the grant date (rounded to the nearest 10), such option to vest as to one-quarter of the underlying shares on the first anniversary of the grant date, and as to the remaining shares in equal monthly installments for 36 months thereafter, in each case generally subject to Mr. Jacobs' continued employment with the Company through the applicable vesting date. In connection with his appointment, Mr. Jacobs will also be granted a restricted stock unit award (the "Inducement Restricted Stock Units" and, together with the Inducement Option, the "Initial Grant") with the number of restricted stock units determined by dividing $3,000,000 by the trailing 30-day average of the closing price per share of Common Stock as of the grant date (rounded to the nearest 10), such restricted stock units to vest as to one-third of the shares underlying the grant on each of the first three anniversaries of the grant date, in each case generally subject to Mr. Jacobs' continued employment with the Company through the applicable vesting date. The Initial Grant will be granted under, and subject to the terms and conditions of, the 2023 Inducement Plan (as defined below).

Under the terms of the Employment Agreement, if Mr. Jacobs' employment is terminated by the Company without cause or if Mr. Jacobs terminates his employment with the Company for good reason (as such terms are defined in the Employment Agreement), subject to his execution of a release of claims in favor of the Company, he will be entitled to (i) full accelerated vesting of the Initial Grant, with any then-outstanding Inducement Options remaining exercisable for 90 days following his termination of employment (or, if earlier, until the expiration of the original term of such options) and (ii) a lump sum payment equal to (A) 18 months' of his then-effective salary plus (B) the cost of 18 months' of his full COBRA premiums. Mr. Jacobs will also be eligible to receive severance payments and benefits under the Company's Amended and Restated Change in Control Severance Benefit Plan (the "Change in Control Severance Benefit Plan") upon a Qualifying Termination (as defined in the Change in Control Severance Benefit Plan and without duplication with respect to any severance benefits he is entitled to under the Employment Agreement).

Pursuant to the Employment Agreement, Mr. Jacobs has agreed to a perpetual confidentiality covenant and an assignment of intellectual property covenant and has agreed not to compete with the Company or solicit certain of the Company's service providers, customers, and suppliers during Mr. Jacobs' employment and for a period of 18 months following termination of his employment.

Mr. Jacobs and the Company will enter into an indemnification agreement in substantially similar form as Exhibit 10.19 to the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 16, 2010.

There is no arrangement or understanding between Mr. Jacobs and any other person pursuant to which Mr. Jacobs was appointed as an officer or director of the Company. There are no family relationships between Mr. Jacobs and any director or officer of the Company. Mr. Jacobs has no material direct or indirect interest in a related party transaction that requires disclosure.

In connection with his retirement from employment as President and Chief Executive Officer, the Company and Mr. Erck entered into a consulting agreement (the "Consulting Agreement") pursuant to which Mr. Erck will provide consulting services to the Company following his retirement until April 30, 2024 (subject to earlier termination, the "consulting period"). The Consulting Agreement provides that Mr. Erck will receive a consulting fee (the "Consulting Fee") of $50,000 per month in respect of his consulting services for the first six months of the consulting period and $25,000 per month in respect of his consulting services for the remaining nine months of the consulting period. Mr. Erck will continue to be eligible to receive a 2022 annual bonus at the same time that bonuses are paid to the Company's executive officers. The equity awards previously granted to Mr. Erck will continue to be eligible to vest based on his continued service during the consulting period in accordance with their existing terms, and any stock options and stock appreciation rights that remain outstanding and unexercised as of the last day of the consulting period will remain exercisable until the earlier of (i) the end of the one-year period following the last day of the consulting period and (ii) the stated expiration date of such awards (collectively, the "Equity Treatment"). In the event of a change in control (as defined in the Change in Control Severance Benefit Plan) during the consulting period, Mr. Erck will be entitled to accelerated vesting of 100% of his outstanding equity awards. The Company will also reimburse Mr. Erck for certain attorneys' fees incurred in the negotiation of the Consulting Agreement.

Under the terms of the Consulting Agreement, if Mr. Erck's service is terminated by the Company without cause or if Mr. Erck terminates his service with the Company for good reason (as such terms are defined in the Consulting Agreement) prior to the end of the consulting period, the Company will pay Mr. Erck the Consulting Fee through April 30, 2024 and his outstanding awards will remain eligible for the Equity Treatment.

The post-termination period applicable to Mr. Erck's current non-competition and non-solicitation covenants will commence upon his retirement with the Company.

The foregoing descriptions of the material terms of the Employment Agreement for Mr. Jacobs and the Consulting Agreement for Mr. Erck do not purport to be complete and are qualified in their entirety by reference to the full text of the Employment Agreement and the Consulting Agreement, copies of which will be filed with the SEC as exhibits to the Company's Annual Report on Form 10-K for the year ended December 31, 2022.

*Adoption of Inducement Plan*

On January 5, 2023, the Board approved the Novavax, Inc. 2023 Inducement Plan (the "2023 Inducement Plan"), the form of Non-Statutory Stock Option Agreement under the 2023 Inducement Plan (the "Form Inducement Option Agreement") and the form of Restricted Stock Unit Award Agreement under the 2023 Inducement Plan (the "Form Inducement RSU Agreement"). Pursuant to the terms of the 2023 Inducement Plan, the Company may grant non-statutory stock options, stock appreciation rights, restricted stock units, restricted stock and other stock-based awards with respect to up to a total of 1,000,000 shares of Common Stock of the Company as an inducement to individuals being hired, or rehired following a bona fide period of interruption of employment, as an employee of the Company or any of its subsidiaries, including in connection with a merger or acquisition. In accordance with Nasdaq Listing Rule 5635(c)(4), the Company did not seek stockholder approval of the 2023 Inducement Plan. The Form Inducement Option Agreement and the Form Inducement RSU Agreement will be used to evidence awards of stock options or restricted stock units, as applicable, that are granted under the 2023 Inducement Plan.

The foregoing is a brief description of the material terms of the 2023 Inducement Plan, the Form Inducement Option Agreement and the Form Inducement RSU Agreement, and is qualified in its entirety by reference to the full text of the 2023 Inducement Plan, the Form Inducement Option Agreement, and the Form Inducement RSU Agreement filed as Exhibit 10.1, Exhibit 10.2, and Exhibit 10.3, respectively, to this Current Report on Form 8-K.

**Item 7.01. Regulation FD Disclosure.**

On January 9, 2023, the Company issued a press release regarding the Chief Executive Officer succession. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Exhibits.**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [10.1](tm232657d1_ex10-1.htm) | [Novavax, Inc. 2023 Inducement Plan.](tm232657d1_ex10-1.htm) |
| [10.2](tm232657d1_ex10-2.htm) | [Form of Non-Statutory Stock Option Agreement under the Novavax, Inc. 2023 Inducement Plan.](tm232657d1_ex10-2.htm) |
| [10.3](tm232657d1_ex10-3.htm) | [Form of Restricted Stock Unit Award Agreement under the Novavax, Inc. 2023 Inducement Plan.](tm232657d1_ex10-3.htm) |
| [10.4](https://www.sec.gov/Archives/edgar/data/1000694/000114420410013614/v176992_ex10-19.htm) | [Form of Indemnification Agreement entered into between the Company and its directors and officers (Incorporated by reference to Exhibit 10.19 to the Company's Annual Report on Form 10-K for the year ended December 31, 2009 (File No. 000-26770), filed on March 16, 2010).](https://www.sec.gov/Archives/edgar/data/1000694/000114420410013614/v176992_ex10-19.htm) |
| [99.1](tm232657d1_ex99-1.htm) | [Press release of the Company, dated January 9, 2023.](tm232657d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL). |

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**SIGNATURES**

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.

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| | | |
|:---|:---|:---|
|  | Novavax, Inc. | Novavax, Inc. |
| Date: January 9, 2023 | By: | /s/ John A. Herrmann III |
|  | Name: | John A. Herrmann III |
|  | Title: | Executive Vice President, Chief Legal Officer and Corporate Secretary |

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## Exhibit 10.1

**Exhibit 10.1**

![](tm232657d1_ex10-1img001.jpg)

**NOVAVAX, INC.**

**2023 INDUCEMENT PLAN**

1. <u>Purpose</u>.

The purpose of the Plan is to allow the Company to provide an inducement to secure and retain the services of Eligible Individuals (as defined in Section 3) by providing these individuals with capital stock ownership opportunities. This Plan is intended to meet the requirements of a plan providing for inducement grants under Rule 5635(c)(4) of the Nasdaq Listing Rules and shall be administered in accordance with such intent. Capitalized terms and operational rules related to such terms not otherwise defined in the Plan are defined on <u>Exhibit A</u>, which is incorporated herein by reference.

2. <u>Type of Stock Awards and Administration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Types of Stock Awards</u>*. The Plan provides for the grant of Non-Statutory Options, Restricted Stock, Unrestricted Stock, Stock Appreciation Rights (or SARs), Stock Units, Restricted Stock Units (or RSUs) and Performance Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Administration</u>.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Plan will be administered by the Administrator, whose construction and interpretation of the terms and provisions of the Plan and any Award Agreement shall be final and conclusive. Notwithstanding the foregoing or anything in the Plan to the contrary, the grant of Stock Awards must be approved by the Compensation Committee or a majority of the Company's independent directors (as defined in Rule 5605(a)(2) of the Nasdaq Listing Rules) in order to comply with the exemption from the stockholder approval requirement for "inducement grants" provided under Rule 5635(c)(4) of the Nasdaq Listing Rules. The Administrator may in its sole discretion grant Stock Awards with respect to shares of Common Stock and direct the Company to issue shares of Common Stock upon the grant, vesting or exercise of such Stock Awards as provided in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject to the express provisions of the Plan, the Administrator shall have authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To determine the Eligible Individuals to whom, and the time or times at which, Stock Awards are made, the number of shares subject to each Stock Award and the terms of all Stock Awards and Award Agreements, which need not be identical;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To construe the Plan and Award Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To prescribe forms, rules and procedures relating to the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To determine the form of settlement of Stock Awards (whether in cash, shares of Common Stock or other property); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) To make all other determinations and take all other actions that are, in the judgment of the Administrator, necessary or desirable for the administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Administrator may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award Agreement (or any inconsistency between the Plan and any Award Agreement) in the manner and to the extent it shall deem expedient to carry the Plan into effect and it shall be the sole and final judge of such expediency. No director or individual acting pursuant to authority delegated by the Administrator shall be liable for any action or determination under the Plan made in good faith.

3. <u>Participant Eligibility</u>.

Stock Awards may only be granted under the Plan to an individual not previously an employee or director of the Company or any of its subsidiaries, or to an individual following a bona fide period of non-employment with the Company or any of its subsidiaries, as an inducement material to the individual's entering into employment with the Company or any of its subsidiaries within the meaning of Rule 5635(c)(4) of the Nasdaq Listing Rules (each such individual, an "Eligible Individual"). In addition, eligibility for Options and SARs is limited to Eligible Individuals who are providing direct services on the date of grant of the Stock Award to the Company or any of its subsidiaries that would be described in the first sentence of Treasury Regulation Section 1.409A-1(b)(5)(iii)(E). All Stock Awards must be granted either by a majority of the Company's independent directors or by the Compensation Committee comprised of independent directors within the meaning of Rule 5605(a)(2) of the Nasdaq Listing Rules.

4. <u>Stock Subject to Plan</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Number of Shares</u>*. Subject to adjustment as provided in Section 9 below, the maximum number of shares of Common Stock that may be delivered in satisfaction of Stock Awards under the Plan shall be 1,000,000 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Reversion of Shares to the Share Reserve</u>*. Shares of Common Stock underlying any Stock Award to the extent the Stock Award, for any reason, expires, terminates or is forfeited, in whole or in part, without the issuance of shares, shall revert to and again become available for issuance under the Plan. Shares of Common Stock that are retained or withheld by or delivered to the Company to satisfy any purchase or exercise price or tax withholding obligation, and the total number of shares of Common Stock subject to a SAR any portion of which is settled in shares of Common Stock, will be treated as issued under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>Mergers and Acquisitions</u>.* Shares may be issued in connection with Stock Awards granted in respect of converted, replaced or adjusted awards in connection with a merger or acquisition as permitted by Nasdaq Listing Rule 5635(c) or other applicable rule, and such issuance will not reduce the number of shares of Common Stock available for issuance under the Plan.

5. <u>Provisions Applicable to Options and Stock Appreciation Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Forms of Award Agreements</u>*. As a condition to the grant of an Option or SAR under the Plan, each recipient of an Option or SAR shall execute an Award Agreement in such form not inconsistent with the Plan as may be approved by the Administrator. Such Award Agreements may differ among Participants and among Stock Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Exercise Price and Base Value</u>.* The exercise price, or base value from which appreciation is to be measured, per share of Common Stock subject to a Stock Option or SAR, as applicable, shall be determined by the Administrator; <u>provided</u>, <u>however</u>, that the exercise price of an Option or base value of a SAR shall not be less than 100% of the Fair Market Value of a share of Common Stock at the time of grant of such Option or SAR. Except in connection with a corporate transaction involving the Company (which term shall include, without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, or exchange of shares) or as otherwise contemplated by Section 9 or Section 10 of the Plan, the Company may not, without obtaining stockholder approval in accordance with the applicable requirements of the Nasdaq Global Select Market, (A) amend the terms of outstanding Stock Options or SARs to reduce the exercise price or base value of such Stock Options or SARs, (B) cancel outstanding Stock Options or SARs in exchange for Stock Options or SARs with an exercise price or base value that is less than the exercise price or base value of the original Stock Options or SARs, or (C) cancel outstanding Stock Options or SARs that have an exercise price or base value greater than the Fair Market Value of a share of Common Stock on the date of such cancellation in exchange for cash or other consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>Payment of Exercise Price</u>*. Payment of the exercise price of Options granted under the Plan shall be made by delivery of cash or a check to the order of the Company in an amount equal to the exercise price of such Options or through a broker-assisted exercise program acceptable to the Administrator, or, to the extent legally permissible and acceptable to the Administrator, (i) by delivery to the Company of shares of Common Stock of the Company already owned by the Participant having a Fair Market Value equal in amount to the exercise price of the Options being exercised, (ii) through the withholding of shares of Common Stock otherwise to be delivered upon exercise of the Option having a Fair Market Value equal to the aggregate exercise price of the Option being exercised, or (iii) by any other means approved by the Administrator. The fair market value of any non-cash consideration which may be delivered upon exercise of an Option shall be determined by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *<u>Maximum Term</u>*. Options and SARs will have a maximum term of ten (10) years from the date of grant, subject to earlier termination as provided in the Plan or the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *<u>Exercise of Options and SARs</u>*. Unless the Administrator expressly provides otherwise, no Option or SAR will be deemed to have been exercised until the Administrator receives a notice of exercise (in form acceptable to the Administrator), which may be an electronic notice, signed (including electronic signature in form acceptable to the Administrator) by the appropriate person and, in the case of an Option, accompanied by any payment required under the Option. An Option or SAR exercised by any person other than the Participant will not be deemed to have been exercised until the Administrator has received such evidence as it may require that the person exercising the Stock Award has the right to do so. Notwithstanding the foregoing, unless otherwise provided by the Administrator in an Award Agreement, if (i) a Participant holds an outstanding but unexercised Option or SAR on the date that is ten (10) years from the date of grant (or, in the case of an Option or SAR with a maximum term of less than ten (10) years, the last day of such maximum term) and has not exercised such Option or SAR as of the regular closing time of the exchange on which the Common Stock is traded on the last day of the applicable term of the Option or SAR, (ii) on such date the Common Stock is publicly traded, and (iii) at such time the Fair Market Value of a share of Common Stock is greater than the exercise price or base value applicable to such Option or SAR, such Option or SAR, to the extent then vested and exercisable, shall be automatically exercised on the last day of the applicable term, and the number of shares of Common Stock otherwise to be delivered upon exercise of the Option or SAR shall be reduced by, in the case of an Option, a number of shares having a Fair Market Value equal to the aggregate exercise price of the Option being exercised and, in the case of an Option or SAR, a number of shares having a Fair Market Value equal to the amount necessary to satisfy any applicable tax withholding obligation (but not in excess of the maximum withholding amount consistent with the award being subject to equity accounting treatment under the Accounting Rules).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *<u>Vesting and Effect of Termination of Employment or Other Service Relationship</u>*. Subject to Section 7(b) below, the Administrator will determine the time or times at which an Option or SAR will vest or become exercisable and the terms on which an Option or SAR will remain exercisable. Unless the Administrator expressly provides otherwise, however, the following rules will apply when a Participant's employment or other service relationship with the Company ceases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Immediately upon the cessation of the Participant's employment or other service relationship and except as provided in (ii) and (iii) below, each Option or SAR that is then held by the Participant or by the Participant's permitted transferees, if any, will cease to be exercisable and will terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject to (iii) and (iv) below, all Options and SARs held by the Participant or the Participant's permitted transferees, if any, immediately prior to the cessation of the Participant's employment or other service relationship with the Company, to the extent then exercisable, will remain exercisable for the lesser of (i) a period of three months or (ii) the period ending on the latest date on which such Option or SAR could have been exercised without regard to this Section 5(f)(ii), and will thereupon immediately terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All Options and SARs held by a Participant or the Participant's permitted transferees, if any, immediately prior to (A) the cessation of the Participant's employment or other service relationship due to his or her death or disability (within the meaning of Section 22(e)(3) of the Code or any successor provision thereto) or (B) the Participant's death within three months following the Participant's termination of employment, to the extent then exercisable, will remain exercisable for the lesser of (i) a period of twelve (12) months or (ii) the period ending on the latest date on which such Option or SAR could have been exercised without regard to this Section 5(f)(iii), and will thereupon immediately terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) All Options and SARs (whether or not exercisable) held by a Participant or the Participant's permitted transferees, if any, immediately prior to the cessation of the Participant's employment or other service relationship with the Company will immediately terminate upon such cessation of employment or other service relationship if the termination is for Cause.

6. <u>Provisions of Other Stock Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Restricted Stock Awards</u>*. As a condition to the grant of an award of Restricted Stock under the Plan, each recipient of Restricted Stock shall execute an Award Agreement. The terms and conditions of such Restricted Stock Award Agreements may change from time to time, and the terms and conditions of separate Restricted Stock Award Agreements need not be identical; <u>provided</u>, <u>however</u>, that each Restricted Stock Award Agreement shall include (through incorporation of the provisions hereof by reference in the Award Agreement or otherwise) the substance of each of the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *<u>Purchase Price</u>*. At the time of the grant of an award of Restricted Stock, the Administrator will determine the price to be paid by the Participant for each share subject to the award, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *<u>Consideration</u>*. At the time of the grant of an award of Restricted Stock, the Administrator will determine the consideration permissible for the payment of the purchase price of the Restricted Stock. The purchase price of the shares of Common Stock acquired pursuant to an award of Restricted Stock shall be paid in one of the following ways: (i) in cash at the time of purchase; (ii) by services rendered or to be rendered to the Company; or (iii) in any other form of legal consideration that may be acceptable to the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *<u>Vesting</u>*. At the time of grant of an award of Restricted Stock, the Administrator will determine the conditions under which shares of Restricted Stock will vest or no longer be subject to a substantial risk of forfeiture or repurchase option in favor of the Company, which conditions will be set forth in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *<u>Termination of Participant's Service</u>*. Except as otherwise provided in the applicable Award Agreement, shares of Restricted Stock that have not vested will be forfeited upon the termination of the Participant's employment or other service relationship with the Company for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Restricted Stock Units</u>*. As a condition to the grant of RSUs under the Plan, each recipient of an RSU shall execute an RSU Award Agreement in such form not inconsistent with the Plan as may be approved by the Administrator. The terms and conditions of RSU Award Agreements may change from time to time, and the terms and conditions of separate RSU Award Agreements need not be identical; <u>provided</u>, <u>however</u>, that each RSU Award Agreement shall include (through incorporation of the provisions hereof by reference in the Award Agreement or otherwise) the substance of each of the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *<u>Consideration</u>*. At the time of grant of an award of RSUs, the Administrator will determine the consideration, if any, to be paid by the Participant upon delivery of each share of Common Stock subject to the award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *<u>Vesting</u>*. At the time of the grant of an award of RSUs, the Administrator may impose such restrictions or conditions to the vesting of the shares subject to the award as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *<u>Payment</u>*. RSUs may be settled by the delivery of shares of Common Stock, their cash equivalent, or a combination of the two, as the Administrator deems appropriate. Settlement of RSUs shall occur no later than two and one-half (2½) months following the year in which such RSUs vest, unless the applicable Award Agreement expressly provides that the award of RSUs is intended to comply with the rules applicable to non-qualified deferred compensation under Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *<u>Termination of Participant's Service</u>*. Except as otherwise provided in the applicable Award Agreement, RSUs (and any related dividend equivalents) that have not vested will be forfeited upon the termination of the Participant's employment or other service relationship with the Company for any reason and RSUs, whether vested or unvested, will be forfeited immediately upon the termination of the Participant's employment or other service relationship with the Company if the termination is for Cause.

7. <u>Additional Terms Applicable to all Stock Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Award Provisions</u>*. The Administrator will determine the terms of all Stock Awards, subject to the limitations provided in the Plan. By accepting (or, under such rules as the Administrator may prescribe, being deemed to have accepted) a Stock Award, the Participant will be deemed to have agreed to the terms of the Stock Award and the Plan. Notwithstanding any provision of this Plan to the contrary, awards of an acquired company that are converted, replaced or adjusted in connection with the acquisition may contain terms and conditions that are inconsistent with the terms and conditions specified herein, as determined by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Nontransferability of Stock Awards</u>*. Except as provided in this Section 7(c), Stock Awards shall not be assignable or transferable by the person to whom they are granted, either voluntarily or by operation of law, other than by will or the laws of descent and distribution, and, in the case of Options and SARs, during the life of the Participant, shall be exercisable only by the Participant. Stock Awards may be transferred pursuant to a domestic relations order (within the meaning of Rule 16a-12 promulgated under the Exchange Act) or as otherwise expressly permitted by the Administrator in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>Investment Representations</u>*. The Company may require any person to whom a Stock Award is granted, as a condition of receiving or exercising such Stock Award, as applicable, to give written assurances in substance and form satisfactory to the Company to the effect that such person is acquiring the Common Stock subject to the Stock Award for his or her own account for investment and not with any present intention of selling or otherwise distributing the same, and to such other effects as the Company deems necessary or appropriate in order to comply with federal and applicable state securities laws, or with covenants or representations made by the Company in connection with any public offering of its Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *<u>Compliance with Securities Laws</u>*. Each Stock Award shall be subject to the requirement that if, at any time, counsel to the Company shall determine that the listing, registration or qualification of the shares subject to such Stock Award upon any securities exchange or under any state or federal law, or the consent or approval of any governmental or regulatory body, or that the disclosure of non-public information or the satisfaction of any other condition is necessary as a condition of, or in connection with, the issuance or purchase of shares thereunder, such Stock Award may not be issued or exercised, as applicable in whole or in part, unless such listing, registration, qualification, consent or approval, or satisfaction of such condition shall have been effected or obtained on conditions acceptable to the Administrator. Nothing herein shall be deemed to require the Company to apply for or to obtain such listing, registration or qualification, or to satisfy such condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *<u>Additional Restrictions</u>.* The Administrator may cancel, rescind, withhold or otherwise limit or restrict any Stock Award at any time if the Participant is not in compliance with all applicable provisions of the applicable Award Agreement and the Plan, or if the Participant breaches any agreement with the Company with respect to non-competition, non-solicitation or confidentiality. Without limiting the generality of the foregoing, the Administrator may recover Stock Awards made under the Plan and payments under or gain in respect of any Stock Award in accordance with any applicable Company clawback or recoupment policy, as such policy may be amended and in effect from time to time, or as otherwise required by applicable law or applicable stock exchange listing standards, including, without limitation, Section 10D of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *<u>Dividend Equivalents, Etc</u>.* The Administrator may provide for the payment of amounts (on terms and subject to conditions established by the Administrator) in lieu of cash dividends or other cash distributions with respect to Common Stock subject to a Stock Award whether or not the holder of such Stock Award is otherwise entitled to share in the actual dividend or distribution in respect of such Stock Award. Any entitlement to dividend equivalents or similar entitlements will be established and administered either consistent with an exemption from, or in compliance with, the requirements of Section 409A. Dividends or dividend equivalent amounts payable in respect of Stock Awards that are subject to restrictions may be subject to such limits or restrictions as the Administrator may impose. Notwithstanding the foregoing, no dividends or dividend equivalents may be paid to a Participant in connection with a Stock Award prior to the date on which such Stock Award vests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *<u>Section 409A</u>*. Each Award Agreement will contain such terms as the Administrator determines, and will be construed and administered, such that the Stock Award either qualifies for an exemption from the requirements of Section 409A or satisfies such requirements.

8. <u>Rights as a Stockholder</u>.

Nothing in the Plan will be construed as giving any person the rights as a stockholder with respect to any shares of Common Stock underlying a Stock Award (including, without limitation, any rights to receive dividends or non-cash distributions with respect to such shares) except as to shares of Common Stock actually issued under the Plan. Except as otherwise provided in an Award Agreement, no adjustment shall be made for dividends or other rights for which the record date is prior to the date such shares of Common Stock are issued.

9. <u>Adjustment Provisions for Recapitalizations and Related Transactions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If (i) the outstanding shares of Common Stock are (A) exchanged for a different number or kind of shares or other securities of the Company or (B) increased or decreased as a result of any recapitalization, reclassification, stock dividend, stock split or reverse stock split or (ii) additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed with respect to such shares of Common Stock or other securities, an appropriate and proportionate adjustment shall be made to (1) the maximum number and kind of shares reserved for issuance under the Plan, (2) the number and kind of shares or other securities subject to any then outstanding Stock Awards under the Plan, and (3) the exercise or purchase prices (or base values) relating to Stock Awards and any other provision of Stock Awards affected by such change, without (in the case of Options or SARs) changing the aggregate exercise price or base values for such Stock Awards. Any adjustment made pursuant to this Section 9 shall be made by the Administrator having due regard, where applicable, for the requirements of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any adjustments under this Section 9 will be made by the Administrator, whose determination as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive. No fractional shares will be issued under the Plan on account of any such adjustments.

10. <u>Merger, Consolidation, Asset Sale, Liquidation, etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>General</u>*. In the event of (i) a consolidation, merger, combination or reorganization of the Company in which outstanding shares of Common Stock are exchanged for securities, cash or other property of any other corporation or business entity, (ii) the sale, lease or other disposition of all or substantially all of the assets of the Company, (iii) a transaction or series of related transactions involving a person or entity, or a group of affiliated persons or entities (but excluding any employee benefit plan or related trust sponsored or maintained by the Company or an affiliate) in which such persons or entities become the owners, directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the combined voting power of the Company's then outstanding securities (a "***Securities Acquisition***") other than by virtue of a merger, consolidation or similar transaction, or (iv) a dissolution or liquidation of the Company (hereinafter, each of the events described in (i) through (iv) above shall be a "***Corporate Transaction***"), if Stock Awards are not assumed, or equivalent stock awards are not substituted, by the acquiring or succeeding corporation (or an affiliate thereof), the Administrator will provide that all or any outstanding Stock Awards shall become vested and exercisable (or that any reacquisition or repurchase rights held by the Company shall lapse) at or immediately prior to such event, and will (1) upon written notice to the Participants, provide that all Stock Awards that are outstanding, whether vested or unvested and whether exercisable or unexercisable, including Stock Awards that are "out-of-the-money" or "underwater," will terminate immediately prior to the consummation of a Corporate Transaction, unless exercised (to the extent then vested and exercisable) by the Participant within a specified period following the date of such notice, if applicable, or (2) in the event of a consolidation, merger, combination, reorganization or Securities Acquisition under the terms of which holders of the Common Stock of the Company will receive upon consummation thereof a payment for each share surrendered in the transaction (the "***Sale Price***"), make or provide for a cash payment to the Participant equal to the difference between (A) the Sale Price times the number of shares of Common Stock subject to such outstanding Stock Awards (to the extent then vested or exercisable at prices not in excess of the Sale Price), and (B) the aggregate exercise price of all such outstanding Stock Awards (to the extent then vested or exercisable at prices not in excess of the Sale Price) in exchange for the termination of such Stock Awards. In the event of a Corporate Transaction, if such Stock Awards are assumed, or equivalent stock awards are substituted, by the acquiring or succeeding corporation (or an affiliate thereof), the Administrator shall provide that such Stock Awards shall continue in existence with appropriate adjustments or modifications. Notwithstanding anything to the contrary in this Section 10(a), the vesting of any performance-based Stock Awards will be determined based on the greater of (i) assumed achievement of the applicable performance goals at 100% of the performance target, as provided in the Award Agreement with the result prorated based on the period of the Participant's actual employment or other service relationship with the Company prior to the Corporate Transaction during the applicable full performance period, or (ii) actual achievement of the applicable performance goals, as provided in the Award Agreement, through the date of the consummation of the Corporate Transaction. Except as the Administrator may otherwise determine in any case, each Stock Award will automatically terminate (and in the case of outstanding shares of Restricted Stock will be forfeited automatically) upon consummation of the Corporate Transaction, other than Stock Awards assumed pursuant to clause (1) of this Section 10(a).

11. <u>No Employment Rights</u>.

Nothing contained in the Plan or in any Award Agreement shall confer upon any Participant any right with respect to the continuation of his or her employment or other service relationship with the Company or interfere in any way with the right of the Company at any time to terminate such employment or to increase or decrease the compensation of the Participant. The loss of existing or potential profit in a Stock Award will not constitute an element of damages in the event of a termination of a Participant's employment or other service relationship with the Company for any reason, even if the termination is in violation of an obligation of the Company to the Participant.

12. <u>Other Employee Benefits</u>.

Except as to plans which by their terms include such amounts as compensation or as otherwise specifically determined by the Administrator, the amount of any compensation deemed to be received by an employee as a result of the issuance of a Stock Award, the lapse of any restrictions thereon, or the exercise of an Option or SAR, or the sale of shares received upon such exercise will not constitute compensation for purposes of determining any other employee benefits of such employee, including, without limitation, benefits under any bonus, pension, profit sharing, life insurance or salary continuation plan.

13. <u>Amendment of the Plan and Stock Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board may at any time, and from time to time, modify or amend the Plan in any respect, except that any such modification or amendment (i) shall be subject to stockholder approval if the approval of the stockholders of the Company is required under any applicable tax or securities law or stock exchange listing requirements, and (ii) shall not adversely affect the rights under any Stock Award previously granted to a Participant without the Participant's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With the consent of the affected Participant, the Administrator may amend outstanding Stock Award Agreements in a manner not inconsistent with the Plan, <u>provided</u>, <u>however</u>, that, without the consent of the affected Participant, the Administrator shall have the right to amend or modify the terms and provisions of the Plan and of any outstanding Stock Award to the extent necessary to ensure (i) the qualification of the Plan under Rule 16b-3 (if then applicable) or (ii) compliance with, or exemption from, Section 409A.

14. <u>Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The delivery, vesting and retention of Common Stock, cash or other property under a Stock Award are conditioned upon full satisfaction by the Participant of all tax withholding requirements with respect thereto. The Administrator will prescribe such rules for the withholding of taxes as it deems appropriate. The Company shall have the right to deduct from payments of any kind otherwise due to a Participant any federal, state or local taxes of any kind required by law to be withheld with respect to any shares of Common Stock issued, or cash or other property delivered, in settlement of a Stock Award, upon the exercise of Options or SARs, and upon the lapse of any restrictions with respect to a Stock Award. Subject to the prior approval of the Administrator, which may be withheld in its sole discretion, a Participant may elect (i) to cause the Company to hold back shares of Common Stock from a Stock Award or (ii) to deliver to the Company shares of Common Stock already owned by the Participant in satisfaction of tax withholding obligations but, in each case, not in excess of the maximum withholding amount consistent with the award being subject to equity accounting treatment under the Accounting Rules. The shares of Common Stock so delivered or held back shall have a Fair Market Value equal to such withholding obligation. The Fair Market Value of the shares used to satisfy such withholding obligation shall be determined by the Company as of the date that the amount of tax to be withheld is to be determined. A Participant who has made an election pursuant to this Section 14(a) may only satisfy his or her withholding obligation with shares of Common Stock which are not subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, in the case of a Reporting Person, no election to use shares for the payment of withholding taxes shall be effective unless made in compliance with any applicable requirements of Rule 16b-3 (unless it is intended that the transaction not qualify for exemption under Rule 16b-3).

15. <u>Effective Date and Duration of the Plan</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Effective Date</u>*. The Plan was adopted by the Board on the Adoption Date and shall remain in effect until terminated by the Administrator under Section 15(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Termination</u>*. The Board may suspend or terminate the Plan at any time, except that such suspension or termination of the Plan shall not adversely affect a Participant's rights under a Stock Award previously granted to the Participant while the Plan is in effect without the consent of the Participant. Unless sooner terminated in accordance with this Section or Section 10, the Plan shall terminate upon the close of business on the day immediately preceding the (10<sup>th</sup>) tenth anniversary of the Adoption Date. Stock Awards outstanding on such date shall remain in force and effect in accordance with their terms.

16. <u>Provision for Foreign Participants; Sub Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrator may, without amending the Plan, modify Stock Awards granted to Participants who are foreign nationals or employed outside the United States to recognize differences in laws, rules, regulations or customs of such foreign jurisdictions with respect to tax, securities, currency, employee benefit or other matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board may from time to time establish one or more sub-plans under the Plan for purposes of satisfying applicable blue sky, securities or tax laws of various jurisdictions. The Board will establish such sub-plans by adopting supplements to the Plan setting forth (i) such limitations on the Board's discretion under the Plan as it deems necessary or desirable and (ii) such additional terms and conditions not otherwise inconsistent with the Plan as it deems necessary or desirable. All supplements so established will be deemed to be part of the Plan, but each supplement will apply only to Participants within the affected jurisdiction (as determined by the Administrator).

17. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Waiver of Jury Trial</u>*. By accepting a Stock Award under the Plan, each Participant waives any right to a trial by jury in any action, proceeding or counterclaim concerning any rights under the Plan and any Stock Award, or under any amendment, waiver, consent, instrument, document or other agreement delivered or which in the future may be delivered in connection therewith, and agrees that any such action, proceedings or counterclaim will be tried before a court and not before a jury. By accepting a Stock Award under the Plan, each Participant certifies that no officer, representative, or attorney of the Company has represented, expressly or otherwise, that the Company would not, in the event of any action, proceeding or counterclaim, seek to enforce the foregoing waivers. Notwithstanding anything to the contrary in the Plan, nothing herein is to be construed as limiting the ability of the Company and a Participant to agree to submit disputes arising under the terms of the Plan or any Stock Award made hereunder to binding arbitration or as limiting the ability of the Company to require any eligible individual to agree to submit such disputes to binding arbitration as a condition of receiving a Stock Award hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Limitation of Liability</u>*. Notwithstanding anything to the contrary in the Plan, neither the Company nor the Administrator, nor any person acting on behalf of the Company or the Administrator, will be liable to any Participant or to the estate or beneficiary of any Participant or to any other holder of a Stock Award by reason of any acceleration of income, or any additional tax (including any interest and penalties), by reason of the failure of a Stock Award to satisfy the requirements of Section 409A or by reason of Section 4999 of the Code, or otherwise asserted with respect to the Stock Award.

18. <u>Governing Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Certain Requirements of Corporate Law</u>*. Stock Awards will be granted and administered consistent with the requirements of applicable Delaware law relating to the issuance of stock and the consideration to be received therefor, and with the applicable requirements of the stock exchanges or other trading systems on which the Common Stock is listed or entered for trading, in each case as determined by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Other Matters</u>*. Except as otherwise provided by the express terms of an Award Agreement, under a sub-plan described in Section 16(b) or as provided in Section 18(a) above, the provisions of the Plan and of Stock Awards under the Plan and all claims or disputes arising out of or based upon the Plan or any Stock Award under the Plan or relating to the subject matter hereof or thereof will be governed by and construed in accordance with the domestic substantive laws of the State of Maryland without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>Jurisdiction</u>*. By accepting a Stock Award, each Participant will be deemed (a) to have submitted irrevocably and unconditionally to the jurisdiction of the federal and state courts located within the geographic boundaries of the United States District Court for the District of Maryland for the purpose of any suit, action or other proceeding arising out of or based upon the Plan or any Stock Award; (b) to agree not to commence any suit, action or other proceeding arising out of or based upon the Plan or a Stock Award, except in the federal and state courts located within the geographic boundaries of the United States District Court for the District of Maryland; and (c) to have waived and agreed not to assert, by way of motion as a defense or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that the Plan or a Stock Award or the subject matter thereof may not be enforced in or by such court.

**Exhibit A**

"***Accounting Rules***": Financial Accounting Standards Board Accounting Standards Codification Topic 718, or any successor provision.

"***Administrator***": The Compensation Committee, which is the independent compensation committee of the Board within the meaning of Rule 5635(c)(4) of the Nasdaq Listing Rules, except that the Board may at any time act in the capacity of the Administrator (including with respect to such matters that are not delegated to the Compensation Committee by the Board (whether pursuant to committee charter or otherwise), if applicable). The Compensation Committee (or the Board) may delegate (i) to one or more of its members (or one or more other members of the Board (including the full Board)) such of its duties, powers and responsibilities as it may determine; and (ii) to such employees or other persons as it determines such ministerial tasks as it deems appropriate. In the event of any delegation described in the preceding sentence, the term "Administrator" will include the person or persons so delegated to the extent of such delegation.

"***Adoption Date***": January 5, 2023.

"***Award Agreement***": An agreement evidencing the grant of a Stock Award under the Plan.

"***Board***": The Board of Directors of the Company.

"***Cause***": In the case of any Participant who is party to an employment or severance-benefit agreement that contains a definition of "Cause," the definition set forth in such agreement will apply with respect to such Participant under the Plan for so long as such agreement is in effect. In the case of any other Participant, "Cause" will mean willful misconduct in connection with the Participant's employment or service on behalf of the Company, or the willful failure of the Participant to perform his or her responsibilities in the best interests of the Company (including, without limitation, breach, whether willful or not, by the Participant of any provision of any employment or services agreement, nondisclosure, non-competition, non-solicitation or other similar agreement between the Participant and the Company), as determined by the Board, which determination is conclusive. The Participant shall be considered to have been discharged "for cause" if the Administrator determines, within 30 days after the termination of the Participant's employment or other service relationship with the Company for any other purported reason, that discharge for cause was warranted (and the Company may rescind the delivery of shares pursuant to any Stock Award in those circumstances).

"***Code***": Internal Revenue Code of 1986, as amended or replaced from time to time.

"***Compensation Committee***": The Compensation Committee of the Board.

"***Common Stock***": The Company's common stock, $.01 par value.

"***Company***": Novavax, Inc. and the parent and all present and future subsidiaries of Novavax, Inc. as defined in Sections 424(e) and 424(f) of the Code.

"***Corporate Transaction***": The meaning set forth in Section 10(a).

***"Eligible Individual"***: The meaning set forth in Section 3.

"***Exchange Act***": The Securities Exchange Act of 1934, as amended.

"***Fair Market Value***": As of any date, the value of the Common Stock determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If the Common Stock is listed on any established stock exchange, including but not limited to the Nasdaq Global Select Market, the Fair Market Value of a share of Common Stock shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange (or in the case of multiple exchanges, the exchange with the greatest volume of trading in the Common Stock) on the day of determination, as reported in *The Wall Street Journal* or such other source as the Administrator deems reliable. If the day of determination is not a market trading day, then the trading day immediately preceding the day of determination shall be used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In the absence of such markets for the Common Stock, the Fair Market Value shall be determined in good faith by the Administrator consistent with the requirements of Section 409A.

"***Non-Statutory Options***": An Option that is not intended to be an "incentive stock option" under Section 422 of the Code.

"***Option***": An option entitling the holder to acquire shares of Common Stock upon payment of the exercise price.

"***Participant***": An individual who is granted or receives a Stock Award under the Plan.

"***Performance Award***": A Stock Award subject to Performance Criteria.

"***Performance Criteria***": Specified criteria, other than the mere continuation of employment or the mere passage of time, the satisfaction of which is a condition for the grant, exercisability, vesting or full enjoyment of a Stock Award. A Performance Criterion may include any measure or measures of performance relating to any or any combination of the following (measured either absolutely or by reference to an index or indices and determined either on a consolidated basis or, as the context permits, on a divisional, subsidiary, line of business, project or geographical basis or in combinations thereof): sales; revenues; assets; expenses; earnings before or after deduction for all or any portion of interest, taxes, depreciation, amortization or equity expense, whether or not on a continuing operations or an aggregate or per share basis; return on equity, investment, capital, capital employed or assets; one or more operating ratios; operating income or profit, including on an after-tax basis; net income; borrowing levels, leverage ratios or credit rating; market share; capital expenditures; cash flow; stock price; stockholder return; sales of particular products or services; customer acquisition or retention; acquisitions and divestitures (in whole or in part); joint ventures, strategic alliances, licenses or collaborations; spin-offs, split-ups and the like; reorganizations; recapitalizations, restructurings, financings (issuance of debt or equity) or refinancings; manufacturing or process development; or achievement of clinical trial or research objectives, regulatory or other filings or approvals or other product development milestones. A Performance Criterion and any targets with respect thereto determined by the Administrator need not be based upon an increase, a positive or improved result or avoidance of loss and may be based on objective or subjective individual goals. The Administrator may provide that a Stock Award will be adjusted to reflect events (for example, the impact of charges for restructurings, discontinued operations, mergers, acquisitions, extraordinary or other unplanned items, and other unusual or non-recurring items, and the cumulative effects of tax or accounting changes) occurring during the performance period that affect the applicable Performance Criterion or Criteria.

"***Plan***": The Novavax, Inc. 2023 Inducement Plan, and as amended from time to time.

"***Reporting Person***": Individuals who are required to file reports under Section 16(a) of the Exchange Act.

"***Restricted Stock***": Common Stock subject to forfeiture or restrictions requiring that it be redelivered or offered for sale to the Company if specified conditions are not satisfied.

"***Restricted Stock Unit***" or "***RSU***": A Stock Unit that is, or as to which the delivery of Common Stock or cash in lieu of Common Stock is, subject to the satisfaction of specified performance or other vesting conditions.

"***Rule 16b-3***": Rule 16b-3 promulgated under the Exchange Act, or any successor rule.

"***Sale Price***": The meaning set forth in Section 10(a).

"***Securities Acquisition***": The meaning set forth in Section 10(a).

"***Stock Appreciation Right***" or "***SAR***": A right entitling the holder upon exercise to receive an amount (payable in cash or in shares of Common Stock of equivalent value) equal to the excess of the Fair Market Value of the shares of Common Stock subject to the right over the base value from which appreciation under the SAR is to be measured.

"***Stock Awards***": Any or a combination of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Options,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Stock Appreciation Rights,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Restricted Stock,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unrestricted Stock,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Stock Units,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Restricted Stock Units, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Performance Awards.

"***Stock Unit***": An unfunded and unsecured promise, denominated in shares of Common Stock, to deliver Common Stock or cash measured by the value of Common Stock in the future.

"***Unrestricted Stock***": Common Stock not subject to any restrictions under the terms of the Stock Award.

## Exhibit 10.2

**Exhibit 10.2**

![](tm232657d1_ex10-1img001.jpg)

**NOVAVAX, INC.<br> 2023 Inducement Plan**

**<u>Non-Statutory Stock Option Agreement</u>**

1. <u>Grant of Option</u>. Novavax, Inc., a Delaware corporation (the " <u>Company</u> "), hereby grants to [●] (the " <u>Optionee</u> "), as of [●] (the " <u>Date of Grant</u> "), an option (the " <u>Option</u> "), pursuant to the Company's 2023 Inducement Plan, as amended from time to time (the " <u>Plan</u> "), to purchase an aggregate of [●] shares of Common Stock (" <u>Shares</u> ") of the Company at a price of $[●] per share, purchasable as set forth in, and subject to the terms and conditions of, this Non-Statutory Stock Option Agreement (this " <u>Agreement</u> ") and the Plan. The Option evidenced by this Agreement is a non-statutory option (that is, an option that does not qualify as an incentive stock option under Section 422 of the Code) and is granted to the Optionee in connection with the Optionee's Service to the Company or Affiliate.

2. <u>Meaning of Certain Terms</u>. Except
as otherwise defined herein, all capitalized terms used herein have the same meaning as in the Plan. The following terms have the following
meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) " <u>Affiliate</u> " means a subsidiary of the Company that would be described in the first
sentence of Treas. Regs. § 1.409A-1(b)(5)(iii)(E)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) " <u>Beneficiary</u> " means, in the event of the Optionee's death, the beneficiary named
in the written designation (in form acceptable to the Administrator) most recently filed with the Administrator by the Optionee prior
to the Optionee's death and not subsequently revoked, or, if there is no such designated beneficiary, the executor or administrator
of the Optionee's estate. An effective beneficiary designation will be treated as having been revoked only upon receipt by the Administrator,
prior to the Optionee's death, of an instrument of revocation in form acceptable to the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) " <u>Option Holder</u> " means the Optionee or, if as of the relevant time the Option has passed
to a Beneficiary, the Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) " <u>Service</u> " means the Optionee's employment or other service relationship with
the Company and its Affiliates. Service will be deemed to continue, unless the Administrator expressly provides otherwise, so long as
the Optionee is employed by, or otherwise providing services to, the Company or an Affiliate. If an Optionee's employment or other
service relationship is with an Affiliate and that entity ceases to be an Affiliate, the Optionee's Service will be deemed to have
terminated when the entity ceases to be an Affiliate unless the Optionee transfers Service to the Company or its remaining Affiliates.

3. <u>Option Vesting, Exercise and Expiration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Vesting Schedule</u>. As used herein with respect to the Option or any portion thereof, the term "vest"
means to become exercisable and the term "vested" as applied to any outstanding portion of the Option means that the Option
is then exercisable, subject in each case to the terms of the Plan. The Option shall be eligible to vest, if at all, in accordance with
the terms set forth on <u>Schedule A</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Expiration Date</u>. The latest date on which the Option or any portion thereof may be exercised will
be the 10th anniversary of the Date of Grant (the " <u>Expiration Date</u> "). Except as provided in Section 5(e) of
the Plan, if the Option is not exercised by the Expiration Date the Option or any remaining portion thereof will thereupon immediately
terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Exercise Procedure</u>. No portion of the Option may be exercised until such portion vests. Each election
to exercise any vested portion of the Option will be subject to the terms and conditions of the Plan and this Agreement and shall be in
writing (including in electronic form), signed by the Option Holder (or in such other form as is acceptable to the Administrator). Each
such written exercise election must be received by the Company at its primary office or by such other party as the Administrator may prescribe
and be accompanied by payment in full as provided in the Plan and Section 3(d) hereof. The Option Holder may purchase less than
the number of Shares covered hereby, provided that no partial exercise of the Option may be for any fractional Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Payment of Exercise Price</u>. The exercise price may be paid by cash or check made to the order of
the Company in an amount equal to the aggregate exercise price of the portion of the Option being exercised or through a broker-assisted
exercise program acceptable to the Administrator or, to the extent legally permissible and acceptable to the Administrator, (i) by
delivery to the Company of shares of Common Stock already owned by the Optionee having a Fair Market Value equal in amount to the aggregate
exercise price of the portion of the Option being exercised, (ii) through the withholding of shares of Common Stock otherwise to
be delivered upon exercise of the Option having a Fair Market Value equal to the aggregate exercise price of the portion of the Option
being exercised, or (iii) by any other means approved by the Administrator. Fractional shares of Common Stock of the Company will
not be accepted in payment of the purchase price of Shares acquired upon exercise of the Option. In the event that the Option is exercised
by a person other than the Optionee, the Company will be under no obligation to deliver Shares hereunder unless and until it is satisfied
as to the authority of the Option Holder to exercise the Option and compliance with applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Treatment of the Option upon Cessation of Service</u>. If the Optionee's Service ceases, the
Option, to the extent not already vested, will be immediately forfeited, and any remaining portion of the Option that is then outstanding
will be treated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to clauses (ii) and (iii) below and Section 4 of this Agreement, the Option, to
the extent vested immediately prior to the cessation of the Optionee's Service, will remain exercisable until the earlier of (A) the
date that is three (3) months following the date of such cessation of Service and (B) the Expiration Date, and except to the
extent previously exercised as permitted by this Section 3(e)(i) will thereupon immediately terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject to clause (iii) below and Section 4 of this Agreement, the Option, to the extent vested
immediately prior to (A) the cessation of the Optionee's Service due to death or disability (within the meaning of Section 22(e)(3) of
the Code or any successor provision thereto) or (B) the Optionee's death within three (3) months following the Optionee's
termination of Service, will remain exercisable until the earlier of (x) the first anniversary of the date of the Optionee's
death or of the date of the termination of the Optionee's Service due to disability, as applicable, and (y) the Expiration
Date, and except to the extent previously exercised as permitted by this Section 3(e)(ii), will thereupon immediately terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Optionee's Service is terminated in connection with an act or failure to act constituting
Cause (as the Administrator, in its sole discretion, may determine), the Option (whether or not vested) will immediately terminate and
be forfeited upon such termination.

4. <u>Forfeiture; Recovery of Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrator may cancel, rescind, withhold or otherwise limit or restrict the Option at any time
if the Optionee is not in compliance with all applicable provisions of this Agreement and the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By accepting the Option, the Optionee expressly acknowledges and agrees that his or her rights, and those
of any permitted transferee of the Option, under the Option, including to any Common Stock acquired under the Option or proceeds from
the disposition thereof, are subject to Section 7(e) of the Plan (including any successor provision). Nothing in the preceding
sentence shall be construed as limiting the general application of Section 9 of this Agreement.

5. <u>Transfer of Option</u>. The Option
may not be transferred except as expressly permitted under Section 7(b) of the Plan.

6. <u>Withholding</u>. The Optionee acknowledges
and agrees that any income or other taxes due with respect to the Option or any Shares to be delivered pursuant to this Agreement shall
be the Optionee's responsibility. The Optionee by signing this Agreement (and any other Option Holder by exercising all or any part
of the Option) expressly acknowledges and agrees that the Option Holder's rights hereunder, including the right to be issued Shares
upon exercise, are subject to the Option Holder promptly paying to the Company in cash (or by such other means as may be acceptable to
the Administrator in its discretion) all taxes required to be withheld. No Shares will be transferred pursuant to the exercise of the
Option unless and until the person exercising the Option has remitted to the Company an amount in cash sufficient to satisfy any federal,
state or local withholding tax requirements, or has made other arrangements satisfactory to the Company with respect to such taxes. The
Optionee by signing this Agreement (and any other Option Holder by exercising all or any part of the Option) authorizes the Company and
its subsidiaries to withhold such amount from any amounts otherwise owed to the Option Holder, but nothing in this sentence shall be construed
as relieving the Option Holder of any liability for satisfying his or her obligation under the preceding provisions of this Section 6.

7. <u>Effect on Service</u>. Neither the
grant of the Option, nor the issuance of Shares upon exercise of the Option, will give the Optionee any right to be retained in the employ
or service of the Company or any of its Affiliates, affect the right of the Company or any of its Affiliates to discharge or discipline
such Optionee at any time, or affect any right of such Optionee to terminate his or her employment or service at any time.

8. <u>Rights as a Stockholder</u>. The Option
Holder shall have no rights as a stockholder with respect to any Shares that may be purchased by exercise of the Option (including, without
limitation, any rights to receive dividends or non-cash distributions with respect to such Shares) except as to shares of Common Stock
actually issued under the Plan. No adjustment shall be made for dividends or other rights for which the record date is prior to the date
such shares of Common Stock are issued.

9. <u>Provisions of the Plan</u>. This Agreement
is subject in its entirety to the provisions of the Plan, which are incorporated herein by reference. A copy of the Plan as in effect
on the Date of Grant has been furnished to the Optionee. By exercising all or any part of the Option, the Option Holder agrees to be bound
by the terms of the Plan and this Agreement. In the event of any conflict between the terms of this Agreement and the Plan, the terms
of the Plan shall control.

10. <u>Acknowledgements</u>. The Optionee
acknowledges and agrees that (i) this Agreement may be executed in two or more counterparts, each of which shall be an original and
all of which together shall constitute one and the same instrument and (ii) this agreement may be executed and exchanged using facsimile,
portable document format (PDF) or electronic signature, which, in each case, shall constitute an original signature for all purposes hereunder.

[*Remainder of Page Intentionally Left Blank*]

By: 

Name: 

Title: 

OPTIONEE'S ACCEPTANCE

The undersigned hereby accepts the Option and agrees to the terms and conditions of this Agreement and the Plan. The undersigned hereby acknowledges receipt of a copy of the Plan.

---

| | |
|:---|:---|
|  | OPTIONEE |
| SIGN NAME | |
| PRINT NAME | |
| PRINT ADDRESS | |

---

[*Signature Page to Non-Statutory Stock Option Agreement*]

**<u>Schedule A</u>**

<u>Vesting Schedule</u>

Unless earlier terminated, forfeited, relinquished or expired, the Option will vest as to [●].

## Exhibit 10.3

**Exhibit 10.3**

![](tm232657d1_ex10-1img001.jpg)

**NOVAVAX, INC.<br> 2023 Inducement Plan**

**<u>Restricted Stock Unit Award Agreement</u>**

This RESTRICTED STOCK UNIT AWARD AGREEMENT ("<u>Agreement</u>") is made as of [●] (the "<u>Date of Grant</u>") by and between Novavax, Inc., a Delaware corporation (the "<u>Company</u>"), and [●] (the "<u>Grantee</u>").

WHEREAS, the Company desires to grant, and the Grantee desires to accept, an award of restricted stock units as herein described (the "<u>Award</u>"), on the terms and conditions hereinafter set forth;

WHEREAS, the grant of restricted stock units hereby is pursuant to Section 6(b) of the Company's 2023 Inducement Plan, as amended from time to time (the "<u>Plan</u>").

NOW, THEREFORE, IT IS AGREED between the parties as follows:

1. <u>Grant of Restricted Stock Unit Award</u>. The Company hereby grants to the Grantee on the Date of Grant, and the Grantee agrees to accept, [●] restricted stock units (the " <u>Restricted Stock Units</u> "), giving the Grantee the conditional right to receive, without payment and pursuant to and subject to the terms set forth in this Agreement and in the Plan, one share of Common Stock with respect to each Restricted Stock Unit forming part of the Award, subject to adjustment pursuant to Section 9 of the Plan in respect of transactions occurring after the date hereof.

2. <u>Meaning of Certain Terms</u>. Except
as otherwise defined herein, all capitalized terms used herein have the same meaning as in the Plan. The following terms have the following
meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) " <u>Affiliate</u> " means a subsidiary of the Company that would be described in the first
sentence of Treas. Regs. § 1.409A-1(b)(5)(iii)(E)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) " <u>Service</u> " means the Grantee's employment or other service relationship with the
Company and its Affiliates. Service will be deemed to continue, unless the Administrator expressly provides otherwise, so long as the
Grantee is employed by, or otherwise providing services to, the Company or an Affiliate. If a Grantee's employment or other service
relationship is with an Affiliate and that entity ceases to be an Affiliate, the Grantee's Service will be deemed to have terminated
when the entity ceases to be an Affiliate unless the Grantee transfers Service to the Company or its remaining Affiliates.

3. <u>Vesting; Cessation of Service</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Vesting Schedule</u>. The Award shall be eligible to vest, if at all, in accordance with the terms
set forth on <u>Schedule A</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Treatment of the Award upon Cessation of Service</u>. If the Grantee's Service ceases, (i) any
unvested portion of the Award will immediately terminate and be forfeited for no consideration, and (ii) any vested portion of the
Award will terminate and be forfeited for no consideration if the Grantee's Service is terminated for Cause or occurs in circumstances
that, in the determination of the Administrator, would have constituted grounds for the Grantee's Service to be terminated for Cause.

4. <u>Delivery of Common Stock</u>. Subject
to Section 5 below, the Company shall, as soon as practicable upon the vesting of any portion of the Award (but in no event later
than 30 days following the date on which such Restricted Stock Units vest), effect delivery of the shares of Common Stock with respect
to such vested Restricted Stock Units to the Grantee (or, in the event of the Grantee's death, to the person to whom the Award has
passed by will or the laws of descent and distribution). No shares of Common Stock will be issued pursuant to this Award unless and until
all legal requirements applicable to the issuance or transfer of such shares have been complied with to the satisfaction of the Administrator.

5. <u>Forfeiture; Recovery of Compensation</u>.
The Administrator may cancel, rescind, withhold or otherwise limit or restrict this Award at any time if the Grantee is not in compliance
with all applicable provisions of this Agreement and the Plan. By accepting this Award, the Grantee expressly acknowledges and agrees
that his or her rights, and those of any permitted transferee of this Award, under this Award, including the right to any Common Stock
acquired under this Award or proceeds from the disposition thereof, are subject to Section 7(e) of the Plan (including any successor
provision). Nothing in the preceding sentence may be construed as limiting the general application of Section 10 of this Agreement.

6. <u>Dividend Equivalents; Other Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the delivery of any shares of Common Stock in respect of any vested Restricted Stock Units, the Grantee
shall be entitled to a cash payment by the Company in an amount equal to the amount that the Grantee would have received, if any, as a
regular cash dividend had the Grantee held such shares of Common Stock from the Date of Grant to the date such shares of Common Stock
are delivered hereunder, less all applicable taxes and withholding obligations. Any such payment shall be paid, if at all, without interest
on the date such shares of Common Stock are delivered hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Award may not be interpreted to bestow upon the Grantee any equity interest or ownership in the Company
or any subsidiary prior to the date (if any) on which the Company delivers shares of Common Stock to the Grantee. The Grantee is not entitled
to vote any shares of Common Stock by reason of the granting of this Award prior to the date on which any such share is delivered to the
Grantee hereunder. The Grantee will have the rights of a shareholder only as to those shares of Common Stock, if any, that are actually
delivered under this Award.

7. <u>Nontransferability</u>. This Award
may not be transferred except as expressly permitted under Section 7(b) of the Plan.

8. <u>Withholding; Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Grantee acknowledges and agrees that any income or other taxes due with respect to this Award or any
shares of Common Stock to be delivered pursuant to this Agreement shall be the Grantee's responsibility. As a condition to the vesting
of the Restricted Stock Units and/or the delivery of any shares of Common Stock hereunder, or in connection with any other event that
gives rise to a federal or other governmental tax withholding obligation on the part of the Company or any of its Affiliates relating
to this Award, the Company shall be entitled to (i) deduct or withhold (or cause to be deducted or withheld) from any payment or
distribution to the Grantee, whether or not pursuant to the Plan, (ii) require that the Grantee remit cash to the Company, or (iii) enter
into any other suitable arrangements to withhold, in each case, an amount sufficient to satisfy such withholding obligation. The Grantee
authorizes the Company to withhold such amounts as may be necessary to satisfy the applicable federal, state and local withholding tax
requirements that may arise in connection with this Award from any amounts otherwise owed to the Grantee, but nothing in this sentence
shall be construed as relieving Grantee of any liability for satisfying his or her tax obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless the Company notifies the Grantee in writing before any Vesting Date or other date that the Restricted
Stock Units vest and/or are settled hereunder, the Company shall hold back from the shares of Common Stock otherwise deliverable hereunder
that number of shares of Common Stock necessary to satisfy the minimum statutory withholding tax obligations on the Vesting Date or such
other date, as applicable, in order to satisfy such withholding tax obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Grantee is determined to be a "specified employee" within the meaning of Section 409A
of the Code (" <u>Section 409A</u> ") and the Treasury regulations thereunder, as determined by the Company, at the time
of the Grantee's "separation from service" within the meaning of Section 409A and the Treasury regulations thereunder,
then to the extent necessary to prevent any accelerated or additional tax under Section 409A, the settlement and delivery of any
shares of Common Stock hereunder upon such separation from service will be delayed until the earlier of: (i) the date that is six
months and one day following the Grantee's separation from service and (ii) the Grantee's death. To the extent necessary
to prevent any accelerated or additional tax under Section 409A, for purposes of this Agreement, all references to "cessation
of Service" and correlative phrases shall be construed to require a "separation from service" (as defined in Treas.
Regs. § 1.409A-1(h) after giving effect to the presumptions contained therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement is intended to comply with Section 409A or an exemption thereunder, and shall be construed
and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A.
Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply
with or are exempt from Section 409A, and in no event shall the Company or any of its Affiliates be liable for all or any portion
of any taxes, penalties, interest or other expenses that may be incurred by the Grantee on account of non-compliance with Section 409A.

9. <u>Effect on Service</u>. Neither the
grant of the Restricted Stock Units, nor the issuance of shares of Common Stock upon vesting of the Restricted Stock Units, will give
the Grantee any right to be retained in the employ or service of the Company or any of its Affiliates, affect the right of the Company
or any of its Affiliates to discharge or discipline such Grantee at any time, or affect any right of such Grantee to terminate his or
her employment or service at any time.

10. <u>Provisions of the Plan</u>. This Agreement
is subject in its entirety to the provisions of the Plan, which are incorporated herein by reference. A copy of the Plan as in effect
on the Date of Grant has been furnished to the Grantee. In the event of any conflict between the terms of this Agreement and the Plan,
the terms of the Plan shall control.

11. <u>Acknowledgements</u>. The Grantee acknowledges
and agrees that (i) this Agreement may be executed in two or more counterparts, each of which shall be an original and all of which
together shall constitute one and the same instrument and (ii) this agreement may be executed and exchanged using facsimile, portable
document format (PDF) or electronic signature, which, in each case, shall constitute an original signature for all purposes hereunder.

[*Remainder of Page Intentionally Left Blank*]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

---

| |
|:---|
| NOVAVAX, INC. |
| By: |
| Name: |
| Title: |

---

GRANTEE'S ACCEPTANCE

The undersigned hereby accepts the Award and agrees to the terms and conditions of this Agreement and the Plan. The undersigned hereby acknowledges receipt of a copy of the Plan.

---

| | |
|:---|:---|
|  | GRANTEE |
| SIGN NAME | |
| PRINT NAME | |
| PRINT ADDRESS | |

---

[*Signature Page to Restricted Stock Unit Award Agreement*]

**<u>Schedule A</u>**

<u>Vesting Schedule</u>

Except as otherwise provided herein or in the Plan, the Award will vest as to [●].

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| Press Release | ![](tm232657d1_ex99-1img001.jpg) |

---

**Novavax Names John C. Jacobs as New President & Chief Executive Officer**

&nbsp;&nbsp;&nbsp;&nbsp;• *Current President & CEO Stanley C. Erck will retire effective January 23 with plans to support the leadership transition in an advisory capacity* 

&nbsp;&nbsp;&nbsp;&nbsp;• *Novavax is well-positioned to execute on its strategy, with global authorizations for its COVID-19 vaccine and continued clinical pipeline development* 

**GAITHERSBURG, Md., January 9, 2023 –** Novavax, Inc. (Nasdaq: NVAX), a biotechnology company dedicated to developing and commercializing next-generation vaccines for serious infectious diseases, today announced that John C. Jacobs will succeed Stanley C. Erck as President and Chief Executive Officer and a member of the Board of Directors. The transition will be effective as of January 23, 2023. Mr. Erck will serve as an advisor to the Company for the next fifteen months to enable a smooth transition.

"As we prepare for Stan's retirement, the Board reflects on the incredible legacy he leaves behind," said James F. Young, PhD, Chairman of the Board of Directors. "Stan led Novavax from a clinical development organization to a global commercial vaccines company during a worldwide pandemic. This foundation puts Novavax in a strong position to execute on its long-term strategy, and we look forward to supporting Stan and John through the transition. John is a seasoned industry leader who will bring a fresh perspective and deep industry expertise to Novavax."

Mr. Jacobs brings more than 25 years of commercial, operations, business and leadership experience across multiple therapeutic areas. He will join Novavax from Harmony Biosciences, where he has served as President and Chief Executive Officer and a member of the Board of Directors since June 2018, and Executive Vice President and Chief Commercial Officer from October 2017 to June 2018. Notably, Mr. Jacobs led the company through a successful IPO and led its first product through FDA review, approval and commercialization. Prior to joining Harmony, Mr. Jacobs held leadership roles at Teva Pharmaceuticals beginning in 2014, including Senior Vice President and General Manager of the Respiratory Business Unit, Senior Vice President of Commercial Operations in North America and General Manager of Teva in Canada. Mr. Jacobs has also held positions of increasing scope and responsibility at major pharmaceutical companies including Cephalon, Wyeth and Pfizer. He received a B.S. in business from State University of New York College at Plattsburgh and an M.B.A. from The State University of New York at Binghamton.

"I am grateful to Stan for the foundation that he has built and am honored to join Novavax in advancing its important global and public health mission," said Mr. Jacobs. "I look forward to working with the team and helping to build on the accomplishments and business foundation that have been established over the past several years."

Mr. Jacobs will work in close partnership with Mr. Erck during the transition. Mr. Erck was named President and CEO in April 2011 and was responsible for bringing the company's COVID-19 vaccine, its first commercial product, to market in over 40 countries around the world and for achieving Emergency Use Listing with the World Health Organization. Under his leadership, Novavax created a manufacturing and supply network to support global distribution of its COVID-19 vaccine and advanced its late-stage pipeline with both stand-alone influenza and COVID-19-influenza combination vaccine candidates. His efforts transformed the company into a truly global organization with a footprint in the Americas, Europe and Asia Pacific regions.

"My experience at Novavax, especially leading the company in the global pandemic response, has been the highlight of my 40-year career as a biotechnology leader," said Mr. Erck. "I'm grateful for the tireless efforts of our employees, the support of the Board and the continued commitment from our key partners in our quest to protect the health of people everywhere. I look forward to supporting John and the company during the leadership transition."

**About Novavax**

Novavax, Inc. (Nasdaq: NVAX) is a biotechnology company that promotes improved health globally through the discovery, development, and commercialization of innovative vaccines to prevent serious infectious diseases. The company's proprietary recombinant technology platform harnesses the power and speed of genetic engineering to efficiently produce highly immunogenic nanoparticles designed to address urgent global health needs. The Novavax COVID-19 vaccine has received authorization from multiple regulatory authorities globally, including the U.S. Food and Drug Administration, the European Commission, and the World Health Organization. The vaccine is currently under review by multiple regulatory agencies worldwide, including for additional indications and populations such as adolescents and as a booster. In addition to its COVID-19 vaccine, Novavax is also currently evaluating its COVID-19-Influenza Combination (CIC) vaccine candidate, its quadrivalent influenza investigational vaccine candidate, and an Omicron strain-based vaccine (NVX-CoV2515) as well as a bivalent format Omicron-based / original strain-based vaccine. These vaccine candidates incorporate Novavax' proprietary saponin-based Matrix-M adjuvant to enhance the immune response and stimulate high levels of neutralizing antibodies.

**Forward-Looking Statements**

Statements herein relating to the future of Novavax and its leadership transition, Novavax' mission and ability to execute on its strategy, and the ongoing development of Novavax' COVID-19 vaccine and other vaccine candidates are forward-looking statements. Novavax cautions that these forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, whether Novavax' leadership transition will be successful; challenges satisfying, alone or together with partners, various safety, efficacy, and product characterization requirements, including those related to process qualification and assay validation, necessary to satisfy applicable regulatory authorities; unanticipated challenges or delays in conducting clinical trials; difficulty obtaining scarce raw materials and supplies; resource constraints, including human capital and manufacturing capacity, on the ability of Novavax to pursue planned regulatory pathways; challenges meeting contractual requirements under agreements with multiple commercial, governmental, and other entities; the emergence of variants of the SARS-CoV-2 virus that may negatively impact market acceptance or anticipated sales of NVX-CoV-2373; and those other risk factors identified in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Novavax' Annual Report on Form 10-K for the year ended December 31, 2021 and subsequent Quarterly Reports on Form 10-Q, as filed with the Securities and Exchange Commission ("SEC"). We caution investors not to place considerable reliance on forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at www.sec.gov and www.novavax.com, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and we undertake no obligation to update or revise any of the statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

**Contacts:**

<u>Investors</u>

Erika Schultz \| 240-268-2022

ir@novavax.com

<u>Media</u>

Ali Chartan \| ‪240-720-7804

media@novavax.com