Document:

EX-10.52

   

  Exhibit 10.52

  FIRST AMENDMENT TO
LOAN AND SECURITY AGREEMENT

  This FIRST AMENDMENT to Loan and Security Agreement (this “Amendment”) is entered into as of December 28, 2021, by and among (a) SILICON VALLEY BANK, a California corporation (“SVB”), in its capacity as administrative agent and collateral agent (“Agent”), (b) SVB, as a lender, (c) SVB INNOVATION CREDIT FUND VIII, L.P., a Delaware limited partnership (“SVB Capital”), as a lender (SVB and SVB Capital and each of the other “Lenders” from time to time a party hereto are referred to herein collectively as the “Lenders” and each individually as a “Lender”), and (d) ZIOPHARM ONCOLOGY, INC., a Delaware corporation (“Borrower”).

  Recitals

  A.Agent, Lenders, and Borrower have entered into that certain Loan and Security Agreement dated as of August 6, 2021 (as the same may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”).  

  B.Lenders have extended credit to Borrower for the purposes permitted in the Loan Agreement.  

  C.Borrower has requested that Agent and Lenders amend the Loan Agreement to (i) revise certain milestones, and (ii) make certain other revisions to the Loan Agreement as more fully set forth herein.

  D.Agent and Lenders have agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.

  Agreement

  Now, Therefore, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

  1.Definitions.  Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.

  2.Amendments to Loan Agreement.

  2.1Section 1.1 (Term Loan Advance).  Section 1.1 of the Loan Agreement hereby is amended and restated in its entirety and replaced with the following:

  “1.1	Term Loan Advance.

  (a)Availability.  Borrower hereby acknowledges that prior to the First Amendment Effective Date, the Lenders, severally and not jointly, have made one (1) term loan advance to Borrower in an original principal amount equal to Twenty-Five Million Dollars ($25,000,000) according to each Lender’s Term Loan Advance Commitment as set forth on Schedule II hereto (the “Term Loan Advance”).  After repayment, the Term Loan Advance (or any portion thereof) may not be reborrowed.

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  (b)Repayment.  Borrower shall repay the aggregate outstanding Term Loan Advance as set forth in Schedule I hereto.  The periodic installments set forth herein include interest, and such installments are based upon the original principal amount of the Term Loan Advance, an assumed fixed rate of interest, and an assumed amortization term, notwithstanding the fact that the interest rate applicable to the Term Loan Advance may change from time to time.  In the event that the applicable interest rate changes at any time as a result of any changes in the Prime Rate, Agent may, in its sole discretion, but shall not be required to, recalculate the installments of principal and interest, and Borrower shall pay such installments as they may be recalculated by Agent.  Borrower acknowledges and agrees that any such recalculation shall not affect the Term Loan Maturity Date or any other terms or provisions in this Agreement or any other Loan Document, and that if Agent elects not to recalculate such installments, the Term Loan Advance may not fully amortize on the Term Loan Maturity Date.  All outstanding principal and accrued and unpaid interest with respect to the Term Loan Advance, and all other outstanding Obligations under the Term Loan Advance, are due and payable in full on the Term Loan Maturity Date. 

  (c)Permitted Prepayment.  Borrower shall have the option to make up to two (2) prepayments of the Term Loan Advance advanced by the Lenders under this Agreement, each in a minimum amount of at least Five Million Dollars ($5,000,000), provided Borrower (i) provides written notice to Agent of its election to prepay the Term Loan Advance at least five (5) Business Days prior to such prepayment, and (ii) pays to Agent, for the account of the Lenders in accordance with their respective Pro Rata Shares, on the date of such prepayment (A) all outstanding principal plus accrued and unpaid interest on the portion of the Term Loan Advance being prepaid, (B) the pro-rata portion of the Prepayment Premium due in connection with the Term Loan Advance being prepaid, (C) the pro-rata portion of the Final Payment due in connection with the Term Loan Advance being prepaid, and (D) all other sums, if any, that shall have become due and payable, including Lenders’ Expenses and interest at the Default Rate with respect to any past due amounts.  

  (d)Mandatory Prepayment Upon an Acceleration.  If the Term Loan Advance is accelerated by Agent, following the occurrence and during the continuance of an Event of Default, Borrower shall immediately pay to Agent, for the account of the Lenders in accordance with their respective Pro Rata Shares, an amount equal to the sum of (i) all outstanding principal plus accrued and unpaid interest with respect to the Term Loan Advances, (ii) the Prepayment Premium, (iii) the Final Payment and (iv) all other sums, if any, that shall have become due and payable, including Lenders’ Expenses and interest at the Default Rate with respect to any past due amounts.”

  2.2Section 1.4 (Payments; Pro Rata Treatment; Application of Payments; Debit of Accounts).  Each reference to “Term Loan Advances” in Section 1.4(c) of the Loan Agreement hereby is replaced in each instance with “Term Loan Advance”.

  2.3Section 1.9 (Procedures for Borrowing).  Each reference to “Term Loan Advances” in Section 1.9 of the Loan Agreement hereby is replaced in each instance with “Term Loan Advance”.

  2.4Section 5.15 (Cash Collateralization).  Section 5.15 of the Loan Agreement hereby is amended and restated in its entirety and replaced with the following:

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  “5.15	Cash Collateralization.  

  (a)Cash Collateralization.  If Borrower fails to achieve the Performance Milestones on or prior to August 31, 2022, Borrower hereby authorizes and directs Agent to immediately transfer to the Pledged Account (from any one or a combination of Borrower’s accounts at SVB) an amount of cash and/or Cash Equivalents equal to fifty percent (50.0%) of the sum of (i) the then-outstanding principal balance of the Term Loan Advance, plus (ii) an amount equal to the Final Payment, in order to cash collateralize amounts owing from Borrower to Lenders in connection with the Term Loan Advance and the Final Payment (a “Cash Collateralization”), it being understood that the foregoing authorization shall constitute an immediate Cash Collateralization of the Obligations, irrespective of any delay by Agent in effecting such transfer. 

  (b)Partial Release of Cash Collateral Upon Certain Repayment Events.  

  (i)First Release.  If a Cash Collateralization occurs, Agent and the Lenders hereby agree that so long as no Event of Default has occurred hereunder, if Borrower timely makes all scheduled payments of principal and interest owing in connection with the Term Loan Advance in accordance with the terms hereof, including the eighth (8th) scheduled payment of principal and  interest on the Term Loan Advance due on April 1, 2023 (the “8th Amortization Payment”), so long as, after subtracting the 8th Amortization Payment, the sum of (y) the aggregate amount of outstanding principal plus accrued and unpaid interest remaining outstanding in connection with the Term Loan Advance, plus (z) the Final Payment, is equal to or less than Nine Million Seven Hundred Seventy Thousand Eight Hundred Thirty Three Dollars and Thirty Three Cents ($9,770,833.33), Agent shall, within ten (10) Business Days of the date of receipt of the 8th Amortization Payment, transfer from the Pledged Account to the Designated Deposit Account an amount equal to Two Million Five Hundred Thousand Dollars ($2,500,000) (the “First Release”).  For the avoidance of doubt, the balance in the Pledged Account immediately after the First Release must equal Ten Million Dollars ($10,000,000) or more. 

  (ii)Second Release.  If a Cash Collateralization occurs, Agent and the Lenders hereby agree that so long as no Event of Default has occurred hereunder, if Borrower timely makes all scheduled payments of principal and interest owing in connection with the Term Loan Advance in accordance with the terms hereof, including the tenth (10th) scheduled payment of principal and interest on the Term Loan Advance due on June 1, 2023 (the “10th Amortization Payment”), so long as, after subtracting the 10th Amortization Payment, the sum of (y) the aggregate amount of outstanding principal plus accrued and unpaid interest remaining outstanding in connection with the Term Loan Advance, plus (z) the Final Payment, is equal to or less than Five Million Six Hundred Four Thousand One Hundred Sixty Six Dollars and Sixty Six Cents ($5,604,166.66), Agent shall, within ten (10) Business Days of the date of receipt of the 10th Amortization Payment, transfer from the Pledged Account to the Designated Deposit Account an amount equal to Four Million Dollars ($4,000,000) (the “Second Release”).  For the avoidance of doubt, the balance in the Pledged Account immediately after the Second Release must equal Six Million Dollars ($6,000,000) or more.” 

  2.5Section 9.10 (Defaulting Lender).  Each reference to “Term Loan Advances” in Section 9.10 of the Loan Agreement hereby is replaced in each instance with “Term Loan Advance”.

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  2.6Section 10 (Notices).  Borrower’s and SVB Capital’s respective address for notices set forth in Section 10 of the Loan Agreement hereby is amended and restated in their entirety as follows:

   

  			
	 
	“If to Borrower:
	ZIOPHARM Oncology, Inc

	 
	 
	8030 El Rio Street

	 
	 
	Houston, TX 77054

	 
	 
	Attn: Melinda Lackey

	 
	 
	Email: MLackey@ziopharm.com

   

  			
	 
	If to SVB Capital:
	SVB Innovation Credit Fund VIII, L.P.

	 
	 
	c/o SVB Capital

	 
	 
	2770 Sand Hill Road

	 
	 
	Menlo Park, CA 94025

	 
	 
	Attn: SVB Capital Finance and Operations

	 
	 
	Email: svbcapitalcredit@svb.com; and

	 
	 
	SVBCapitalCreditFinance@svb.com”

   

  2.7Section 13 (Definitions).  The following terms and their respective definitions hereby are added or amended and restated in their entirety in Section 13.1 of the Loan Agreement, as appropriate, to read as follows:

  “Defaulting Lender” is, subject to Section 9.10(b), any Lender that (a) has failed to (i) fund all or any portion of its Term Loan Advance within two (2) Business Days of the date such Term Loan Advance were required to be funded hereunder unless such Lender notifies Agent and Borrower in writing that such failure is the result of such Lender’s reasonable determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to Agent or any other Lender any other amount required to be paid by it hereunder within two (2) Business Days of the date when due, (b) has notified Borrower or Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Term Loan Advance hereunder and states that such position is based on such Lender’s reasonable determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by Agent or Borrower, to confirm in writing to Agent and Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by Agent and Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of an Insolvency Proceeding, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) 

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  to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.  Any determination by Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 9.10(b)) upon delivery of written notice of such determination to Borrower and each Lender.

  “First Amendment Effective Date” is December 28, 2021.

  “Performance Milestones” means Agent and the Lenders have received, evidence, satisfactory to Agent and the Lenders, confirming that Borrower has (a) achieved positive data in the first (1st) cohort of the Library TCR-T trial endorsed by an independent safety monitoring committee as a safe dose to proceed with; and (b) received at least Fifty Million Dollars ($50,000,000) in net cash proceeds after the First Amendment Effective Date from the sale of Borrower’s equity securities on terms and conditions, acceptable to Agent and the Lenders.

  “Prepayment Premium” shall be an additional fee, payable to Agent, for the ratable benefit of the Lenders based on their Pro Rata Share, with respect to the Term Loan Advance, in an amount equal to:

  (a)for a prepayment of the Term Loan Advance made on or prior to the first (1st) anniversary of the Effective Date, three percent (3.0%) of the principal amount of the Term Loan Advance that is being prepaid;

  (b)for a prepayment of the Term Loan Advance made after the first (1st) anniversary of the Effective Date, but on or prior to the second (2nd) anniversary of the Effective Date, two percent (2.0%) of the principal amount of the Term Loan Advance that is being prepaid; and

  (c)for a prepayment of the Term Loan Advance made after the second (2nd) anniversary of the Effective Date, but prior to the Term Loan Maturity Date, one percent (1.0%) of the principal amount of the Term Loan Advance that is being prepaid.

  “Pro Rata Share” is, as of any date of determination,, with respect to each Lender, a percentage (expressed as a decimal, rounded to the ninth decimal place) determined by dividing the outstanding principal amount of the Term Loan Advance held by such Lender by the aggregate outstanding principal amount of the Term Loan Advance.

  “Term Loan Advance” is defined in Section 1.1 of this Agreement.

  “Warrant” means, collectively, (a) that certain Amended and Restated Warrant to Purchase Stock dated as of the First Amendment Effective Date issued by Borrower to SVB, (b) that certain Amended and Restated Warrant to Purchase Stock dated as of the First Amendment Effective Date issued by Borrower to SVB Capital, (c) that certain Amended and Restated Warrant to Purchase Stock dated as of the First Amendment Effective Date issued by Borrower to Innovation Credit Fund VIII-A, L.P. and (d) any other warrant to purchase stock issued by Borrower in favor of SVB, SVB Capital or any of their Affiliates heretofore or hereafter, in each case as may be amended, modified, supplemented and/or restated from time to time.

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  2.8Section 13 (Definitions).  The following defined terms and their respective definitions hereby are deleted from Section 13.1 and the balance of the Loan Agreement in their entirety:

  “Draw Period”, “Equity Milestone”, “Term A Loan Advance”, “Term B Loan Advance”, “Term B Milestone”, “Term Loan Advances”

  2.9Schedule I to the Loan Agreement hereby is replaced with Schedule I attached hereto.

  2.10Schedule II to the Loan Agreement hereby is replaced with Schedule II attached hereto.

  3.Limitation of Amendments.

  3.1The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Agent and/or Lenders may now have or may have in the future under or in connection with any Loan Document. 

  3.2This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.

  4.Representations and Warranties.  To induce Agent and Lenders to enter into this Amendment, Borrower hereby represents and warrants to Agent and Lenders as follows:

  4.1Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;

  4.2Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;

  4.3The organizational documents of Borrower delivered to Agent on the Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;

  4.4The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized;

  4.5The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any material law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower;

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  4.6The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; and

  4.7This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.

  5.Ratification of Perfection Certificate.  Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in that certain Perfection Certificate dated on the Effective Date delivered to Agent by Borrower and acknowledges, confirms and agrees that the disclosures and information Borrower provided to Agent in such Perfection Certificate have not changed, as of the date hereof.

  6.Integration.  This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements.  All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.

  7.Counterparts.  This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.

  8.Effectiveness.  This Amendment shall be deemed effective upon (a) the due execution and delivery to Agent of the following, each in form and substance satisfactory to Agent: (i) this Amendment by each party hereto, (ii) a Bank Services Cash Pledge Agreement executed in favor of Agent by Borrower, and (iii) (x) that certain Amended and Restated Warrant to Purchase Stock dated as of the First Amendment Effective Date issued by Borrower to SVB, (y) that certain Amended and Restated Warrant to Purchase Stock dated as of the First Amendment Effective Date issued by Borrower to SVB Capital, and (z) that certain Amended and Restated Warrant to Purchase Stock dated as of the First Amendment Effective Date issued by Borrower to Innovation Credit Fund VIII-A, L.P., and (b) Borrower’s payment to Agent of all Lenders’ Expenses due and owing as of the date hereof, which may be debited from any of Borrower’s accounts at SVB.

  [Balance of Page Intentionally Left Blank]

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  In Witness Whereof, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.

  BORROWER:

   

  			
	ZIOPHARM ONCOLOGY, INC.
	 

	 
	 
	 

	 
	 
	 

	By:
	/s/ Kevin Boyle Sr.
	 

	 
	 
	 

	Name:
	Kevin Boyle Sr.
	 

	 
	 
	 

	Title:
	Chief Executive Officer
	 

   

  AGENT:

   

  			
	SILICON VALLEY BANK, as Agent
	 

	 
	 
	 

	 
	 
	 

	By:
	/s/ Lauren Cole
	 

	 
	 
	 

	Name:
	Lauren Cole
	 

	 
	 
	 

	Title:
	Director
	 

   

  LENDERS:

   

  			
	SILICON VALLEY BANK, as Lender
	 

	 
	 
	 

	 
	 
	 

	By:
	/s/ Lauren Cole
	 

	 
	 
	 

	Name:
	Lauren Cole
	 

	 
	 
	 

	Title:
	Director
	 

   

  			
	SVB INNOVATION CREDIT FUND VIII, L.P., as Lender
By: SVB Innovation Credit Partners VIII, LLC, a
Delaware limited liability company, its General
Partner
	 

	 
	 
	 

	 
	 
	 

	By:
	/s/ Ryan Grammer
	 

	 
	 
	 

	Name:
	Ryan Grammer
	 

	 
	 
	 

	Title:
	Senior Managing Director
	 

   

   

   

   

  [Signature Page to First Amendment to Loan and Security Agreement]

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  SCHEDULE I

  LSA PROVISIONS

   

  		
	LSA Section
	LSA Provision

	1.1(a) – Term Loan Advance – Availability 
	The Term Loan Advance must be in an original principal amount equal to Twenty-Five Million Dollars ($25,000,000).  After repayment, the Term Loan Advance (or any portion thereof) may not be reborrowed.  The original principal amount of the Term Loan Advance shall not, at any time, exceed the Term Loan Availability Amount. 

	1.1(b) – Term Loan Advance – Repayment 
	Commencing on the Term Loan Amortization Date and continuing on each Payment Date thereafter, Borrower shall repay the aggregate outstanding Term Loan Advance to Agent, for the account of the Lenders, in (i) twelve (12) consecutive, equal monthly installments of principal, plus (ii) monthly payments of accrued interest at the rate set forth in Section 1.2(b).

	1.2(a) – Interest Payments – Term Loan Advance
	Interest on the principal amount of the Term Loan Advance is payable in arrears monthly (i) on each Payment Date commencing on the first (1st) Payment Date of the month following the month in which the Funding Date of the Term Loan Advance occurs, (ii) on the date of any prepayment and (iii) on the Term Loan Maturity Date.

	1.2(b) – Interest Rate – Term Loan Advance
	The outstanding principal amount of the Term Loan Advance shall accrue interest at a floating rate per annum equal to the greater of (i) seven and three-quarters of one percent (7.75%) and (ii) the Prime Rate plus the Prime Rate Margin, which interest shall be payable in accordance with Section 1.2(a).

	1.2(e) – Interest Computation 
	Interest shall be computed on the basis of the actual number of days elapsed and a 360-day year for any Credit Extension outstanding.

	13.2 – “Borrower”
	“Borrower” means ZIOPHARM ONCOLOGY, INC., a Delaware corporation.  

	13.2 – “Effective Date”
	“Effective Date” is August 6, 2021.

	13.2 – “Payment Date”
	“Payment Date” is the first (1st) calendar day of each month.

   

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	13.2 – “Prime Rate” 
	“Prime Rate” is the rate of interest per annum from time to time published in the money rates section of The Wall Street Journal or any successor publication thereto as the “prime rate” then in effect; provided that if such rate of interest, as set forth from time to time in the money rates section of The Wall Street Journal, becomes unavailable for any reason as determined by Agent, the “Prime Rate” shall mean the rate of interest per annum announced by SVB as its prime rate in effect at its principal office in the State of California (such SVB announced Prime Rate not being intended to be the lowest rate of interest charged by SVB in connection with extensions of credit to debtors); provided that, in the event such rate of interest is less than zero percent (0.0%) per annum, such rate shall be deemed to be zero percent (0.0%) per annum for purposes of this Agreement.

	13.2 – “Prime Rate Margin” 
	“Prime Rate Margin” is four and one half of one percent (4.50%).

	13.2 – “Term Loan Amortization Date” 
	“Term Loan Amortization Date” is September 1, 2022; provided, however, if Borrower achieves the Performance Milestones on or prior to August 31, 2022, the Term Loan Amortization Date shall automatically, with no further action required by the parties hereto, be extended to September 1, 2023. 

	13.2 – “Term Loan Availability Amount” 
	“Term Loan Availability Amount” is an aggregate principal amount equal to Twenty-Five Million Dollars ($25,000,000). 

	13.2 – “Term Loan Maturity Date” 
	“Term Loan Maturity Date” is August 1, 2023; provided, however, if Borrower achieves the Performance Milestones on or prior to August 31, 2022, the Term Loan Maturity Date shall automatically, with no further actions required by the parties hereto be extended to August 1, 2024. 

   

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  SCHEDULE II

   

  LENDERS AND COMMITMENTS

   

  TERM LOAN COMMITMENTS

   

  			
	Lender
	Term Loan Advance Commitment
	Term Loan Advance Commitment Percentage

	Silicon Valley Bank
	$17,500,000
	70.0000%

	SVB Innovation Credit Fund VIII, L.P.
	$7,500,000
	30.0000%

	TOTAL
	$25,000,000
	100.0000%EX-10.53

   

   

  Exhibit 10.53

  March 28, 2022 

   

  By Email

   

  Raffaele Baffa, M.D., Ph.D.

  28 Cliff Road

  Wellesley, MA 02481 

   

  Dear Raffaele:

   

  This letter agreement (“Agreement”) confirms the terms of your separation from Alaunos Therapeutics, Inc., f/k/a ZIOPHARM Oncology, Inc. (“Alaunos” or the “Company”).1 Unless you rescind your assent as set forth in Section 5(viii) below, this Agreement shall be effective, final and binding upon the expiration of the Revocation Period set forth in Section 5(viii) (the “Effective Date”).  

   

  1.Separation Date.  On March 31, 2022 (the “Separation Date”) you shall voluntarily resign your employment with the Company without Good Reason (as that term is defined in your Employment Agreement dated September 30, 2020, as amended on November 23, 2020; the “Employment Agreement”). On or about the Separation Date, the Company shall provide your final pay in accordance with applicable law (“Final Pay”). This Agreement shall become effective upon the expiration of the Revocation Period, as defined below (the “Effective Date”). 

   

  2.Consideration.  If you execute and do not rescind this Agreement, then the Company will provide you with the following (the “Consideration”):

   

  (i)severance pay in the amount of $155,000, less all applicable income and payroll taxes, deductions and withholdings (the “Severance Pay”), which is equivalent to four (4) months of your base salary and which shall be paid in a lump sum within thirty (30) days after the Effective Date; 

   

  1.   Except for the obligations set forth in Section 2, which shall be the obligations solely of Alaunos Therapeutics, Inc., whenever the terms “Alaunos Therapeutics, Inc.,” “Alaunos” or the “Company” are used in this Agreement (including, without limitation, Section 5), they shall be deemed to include Alaunos Therapeutics, Inc. and any and all of its divisions, affiliates and subsidiaries and all related entities, and its and their directors, officers, employees, managers, supervisors, agents, successors and assigns.  

   

  	 

  

  Raffaele Baffa, M.D., Ph.D.		

  March 28, 2022

  Page 2 of  13

  (ii)regardless of whether you execute this Agreement, you are eligible to continue receiving group medical, dental and/or vision insurance pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), and the COBRA “qualifying event” shall be deemed to occur on the Separation Date. Provided you timely complete the required COBRA election forms and remain eligible, the Company will pay one hundred percent (100%) of the COBRA premiums for four (4) months; and

   

  (iii)waive your obligation to repay the Sign-On Bonus as set forth in Section 4(c) of the Employment Agreement. 

   

  3.Acknowledgments.  You acknowledge and agree that (i) this Agreement and the Consideration do not constitute a severance plan and shall confer no benefit on anyone other than Alaunos and you; (ii) the Consideration provided for herein is not otherwise due or owing to you under any employment agreement (oral or written); and (iii) except for the Final Pay and any vested monies due to under any retirement programs in which you participate, you have been paid and provided all wages, vacation pay, holiday pay, earned paid sick time, bonuses, commissions, leaves of absence, family and medical leave, and any other form of compensation or benefit that may be due to you now or that would have become due in the future in connection with your employment with or separation of employment from Alaunos.

   

  4.Return of Company Property; Confidentiality; Trade Secrets; Non-Disparagement.  You hereby agree to:

    

  (i)promptly return all property and documents (whether in hard copy or electronic form) of Alaunos in your custody or possession on or before the Separation Date; 

   

  (ii)not represent yourself as an employee or agent of Alaunos after the Separation Date; 

   

  (iii)on the Separation Date, execute the Invention, Non-Disclosure, Non-Solicitation and Non-Competition Agreement attached hereto as Exhibit A, which you acknowledge is in consideration for the Severance Pay and which shall supersede the Invention, Non-Disclosure, Non-Solicitation and Non-Competition Agreement previously signed by you on November 10, 2020 (the “Prior Non-Compete Agreement”). 

   

  (iv)keep confidential and not publicize or disclose the existence and terms of this Agreement, other than to (a) an immediate family member, legal counsel, accountant or financial advisor, provided that any such individual to whom disclosure is made aware of these confidentiality obligations; or (b) a state or 

  	 

  

  Raffaele Baffa, M.D., Ph.D.		

  March 28, 2022

  Page 3 of  13

  federal tax authority or government agency to which disclosure is mandated by applicable state or federal law; and

   

  (v)not make any statements that are disparaging about or adverse to the business interests of Alaunos or that are intended to or do harm the reputation of Alaunos, including, but not limited to, any statements that disparage any products, services, finances, employees, officers, capabilities or any other aspect of the business of Alaunos.

   

  Your breach of this Section 4 will constitute a material breach of this Agreement and, in addition to any other legal or equitable remedy available to Alaunos, will relieve Alaunos of the obligation to provide any Consideration not already paid or provided and/or entitle Alaunos to recover any Consideration already paid or provided.

   

  5.Release of Claims.  

   

  (i)You hereby acknowledge and agree that by signing this Agreement and accepting the Consideration, you are waiving your right to assert any form of legal claim against Alaunos (as defined in footnote number 1) of any kind whatsoever from the beginning of time through and including the Effective Date, except for claims related to the Company’s failure to perform its obligations under this Agreement. Your waiver and release is intended to bar any form of legal claim, charge, complaint or any other form of action (jointly referred to as “Claims”) against Alaunos seeking any form of relief including, without limitation, equitable relief (whether declaratory, injunctive or otherwise), the recovery of any damages or any other form of monetary recovery whatsoever (including, without limitation, back pay, front pay, compensatory damages, emotional distress damages, punitive damages, attorneys’ fees and any other costs) against Alaunos up to and including the Effective Date. You understand that there could be unknown or unanticipated Claims resulting from your employment with Alaunos and the termination thereof and agree that such Claims are intended to be, and are, included in this waiver and release.

   

  (ii)Without limiting the foregoing general waiver and release, you specifically waive and release the Company from any Claims arising from or related to your employment relationship with the Company or the termination thereof, including without limitation: 

   

  (a)Claims under any local, state or federal discrimination, harassment, fair employment practices or other employment related statute, regulation or executive order, including, without limitation, the Massachusetts Fair Employment Practices Act (also known as Chapter 151B), the Age 

  	 

  

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  March 28, 2022

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  Discrimination in Employment Act, the Older Workers Benefits Protection Act (“OWBPA”), the Americans with Disabilities Act, the Genetic Information Nondiscrimination Act, the Pregnancy Discrimination Act, the Worker Adjustment and Retraining Notification Act, the National Labor Relations Act, the Civil Rights Act of 1991, and Title VII of the Civil Rights Act of 1964, each as they may have been amended through the Effective Date; 

   

  (b)Claims under any local, state or federal employment related statute, regulation or executive order relating to wages, hours, whistleblowing, leaves of absence or any other terms and conditions of employment, including, without limitation, the Fair Labor Standards Act, the Equal Pay Act of 1963, the Family and Medical Leave Act, the Massachusetts Payment of Wages Law (Massachusetts General Laws Chapter 149, §§ 148, 150), Massachusetts General Laws Chapter 149 in its entirety and Massachusetts General Laws Chapter 151 in its entirety (including, without limitation, the sections concerning payment of wages, minimum wage and overtime), each as they may have been amended through the Effective Date.  You specifically acknowledge that you are waiving any Claims for unpaid wages under these and other statutes, regulations and executive orders; 

   

  (c)Claims under any local, state or federal common law theory; and 

   

  (d)any other Claim arising under other local, state or federal law.

   

  (iii)The general release in this Section 5 is (a) not affected or limited by the recitation of the specific releases in this Section 5 and (b) shall not limit any right you may have to receive a whistleblower award or bounty for information provided to the Securities and Exchange Commission.  

   

  (iv)Consistent with federal and state discrimination laws, nothing in this release shall prohibit you from challenging the validity of this release under federal or state discrimination laws or from filing a charge or complaint of age or other employment related discrimination with the Equal Employment Opportunity Commission (“EEOC”) or similar state agency, or from participating in any investigation or proceeding conducted by the EEOC or similar state agency. Further, nothing in this release or Agreement shall be deemed to limit the Company’s right to seek immediate dismissal of such charge or complaint on the basis that your signing of this Agreement constitutes a full release of any individual rights under federal or state discrimination laws, or the Company’s right to seek restitution or other legal remedies to the extent permitted by law of 

  	 

  

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  the economic benefits provided to you under this Agreement in the event that you successfully challenge the validity of this release and prevail in any claim under federal or state discrimination laws.

   

  (v)You have twenty-one (21) days to consider and accept the provisions of this Agreement. You agree that any changes to this Agreement, whether material or immaterial, will not restart the running of this 21-day period.  

  (vi)You may rescind your assent to this Agreement if, within seven (7) business days after you sign it the “Revocation Period”), you email a written notice of rescission to me. 

   

  6.Miscellaneous.  

   

  (i)This Agreement supersedes any and all prior oral and/or written agreements, and sets forth the entire agreement between Alaunos and you with respect to your separation from Alaunos, including, without limitation, the Employee Agreement and the Prior Non-Compete Agreement.   

   

  (ii)No variations or modifications of this Agreement shall be deemed valid unless in writing and signed by Alaunos and you. The provisions of this Agreement are severable, and if for any reason any part shall be found to be unenforceable, the remaining provisions shall be enforced in full.

   

  (iii)The validity, interpretation and performance of this Agreement, and all other matters relating to your employment and separation of employment from Alaunos, shall be governed by and construed in accordance with the internal laws of the Commonwealth of Massachusetts, without giving effect to conflict of law principles.  Both parties agree that any action, demand, claim or counterclaim relating to (a) your employment and separation of your employment, and (b) the terms and provisions of this Agreement or to its breach, shall be commenced in the Commonwealth of Massachusetts in a court of competent jurisdiction. Both parties further agree that any such dispute shall be tried by a judge alone, and both parties hereby waive and forever renounce the right to a trial before a civil jury in any such dispute. 

   

  Alaunos wants to ensure that you fully understand the terms and effects of this Agreement. To that end, you have been encouraged and given an opportunity to consult with legal counsel. By executing this Agreement, you are acknowledging that (a) you have been afforded sufficient time to understand this Agreement and consult with legal counsel; (b) your agreements and obligations under this Agreement are made voluntarily, knowingly and without duress; and (c) neither Alaunos nor its agents or representatives have made any representations inconsistent with the provisions of this Agreement.

  	 

  

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  March 28, 2022

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  If the foregoing correctly sets forth our arrangement, please sign, date and return this Agreement to me.  

   

   

  Very truly yours,

   

  	
	ALAUNOS THERAPEUTICS, INC. 

	 

	 

	/s/ Kevin S. Boyle, Sr.

	Kevin S. Boyle, Sr.

	Chief Executive Officer

	 

	 

	 

	 

	Accepted and Agreed To Under Seal:

	 

	 

	/s/ Raffaele Baffa, M.D., Ph.D.

	Raffaele Baffa, M.D., Ph.D.

	 

	Dated:  March 28, 2022

   

  	 

  

  Raffaele Baffa, M.D., Ph.D.		

  March 28, 2022

  Page 7 of  13

  EXHIBIT A

   

   

   

  INVENTION, NON-DISCLOSURE, NON-SOLICITATION AND

  NON-COMPETITION AGREEMENT

   

  In consideration of the severance pay being provided to me by Alaunos Therapeutics, Inc. (hereinafter referred to as the “Company”) pursuant to my Separation Agreement dated March 28, 2022, the adequacy of which is acknowledged by me, I agree as follows:

   

  1.Proprietary Information

  (a)  I agree that all information, whether or not in writing, of a private, secret or confidential nature concerning the Company's business, business relationships or financial affairs (collectively, "Proprietary Information") is and shall be the exclusive property of the Company.  By way of illustration, but not limitation, Proprietary Information may include inventions, products, processes, methods, techniques, formulas, compositions, compounds, projects, developments, plans, manufacturing information, technical information, strategies, research data, clinical data, financial data, personnel data, computer programs, customer and supplier lists, and contacts at or knowledge of actual or prospective customers, suppliers, vendors, clinical sites, or collaborators of the Company. I will not disclose any Proprietary Information to any person or entity other than employees of the Company (who have a business reason to receive such information) or use the same for any purposes (other than in the performance of my duties as an employee of the Company) without written approval by an officer of the Company, either during or after my employment with the Company.

   

  (b)  I agree to keep and maintain adequate and current records (in the form of notes, sketches, drawings and in any other form that is required by the Company) of all Inventions made by me during the period of my employment by the Company, which records shall be available to, and remain the sole property of, the Company at all times. I agree that all files, letters, memoranda, reports, records, data, sketches, drawings, laboratory notebooks, program listings, or other written, photographic, or other tangible material containing Proprietary Information, whether created by me or others, which shall come into my custody or possession, shall be and are the exclusive property of the Company to be used by me only in the performance of my duties for the Company.  All such materials or copies thereof and all tangible property of the Company in my custody or possession shall be delivered to the Company, upon the earlier of (i) a request by the Company or (ii) termination of my employment (whether voluntary or involuntary).  After such delivery, I shall not retain any such materials or copies thereof or any such tangible property.

   

  (c)  I agree that my obligation not to disclose or to use information and materials of the types set forth in paragraphs (a) and (b) above, and my obligation to return materials and tangible property, set forth in paragraph (b) above, also extends to such types of information, materials and tangible property of third parties including but not limited to actual or prospective customers, suppliers 

  	 

  

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  vendors, clinical sites, or collaborators of the Company to the Company or other third parties who may have disclosed or entrusted the same to me or the Company.

   

  (d)  I am also expected, both during and after my employment with the Company, to maintain the confidentiality of the Company’s trade secrets.  The term “trade secrets,” as used in this Agreement, shall be given its broadest possible interpretation under Massachusetts law and under the Defend Trade Secrets Act of 2016 and shall include, but not be limited to, anything tangible or intangible, and whether or how stored (including without limitation, electronically kept or stored), which constitutes, represents, evidences or records a secret scientific, technical, merchandising, production, financial or management information, design, process, procedure, formula, invention or improvement; and other confidential and proprietary information and documents.

   

  (e)  I acknowledge and understand that: (i) I shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law; (ii) I shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; (iii) if I file a lawsuit for retaliation for reporting a suspected violation of law I may disclose the trade secret to my attorney and use the trade secret information in the court proceeding, provided I file any document containing the trade secret under seal and do not disclose the trade secret, except pursuant to court order.

   

  (f)	I understand that, notwithstanding the forgoing, this Agreement does not limit my ability to communicate with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”), including to report possible violations of federal law or regulation or making other disclosures that are protected under the whistleblower provisions of federal law or regulation, or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice, to any Government Agency.

   

  2.Developments

   

  (a)  I will make full and prompt disclosure to the Company of all inventions, improvements, discoveries, methods, developments, software, and works of authorship, whether

  patentable or not, which are created, made, conceived, or reduced to practice by me or under my direction or jointly with others during my employment by the Company whether or not during normal working hours or on the premises of the Company (all of which are collectively referred to in this Agreement as "Developments").

   

  (b)  I agree to assign and do hereby assign to the Company (or any person or entity designated by the Company) all of my right, title and interest in and to all Developments and all related patents, patent applications, copyrights and copyright applications.  However, this paragraph 2(b) shall 

  	 

  

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  not apply to Developments which do not relate to the present or planned business or research and development of the Company and which are made and conceived by me not during normal working hours, not on the Company's premises and not using the Company's tools, devices, equipment or Proprietary Information.  I understand that, to the extent this Agreement shall be construed in accordance with the law of any state which precludes a requirement in an employee agreement to assign certain classes of inventions made by an employee, this paragraph 2(b) shall be interpreted not to apply to any invention which a court rules and/or the Company agrees falls within such classes. I also hereby waives all claims to moral rights in any Developments.

   

  (c)  I agree to cooperate fully with the Company, both during and after my employment with the Company, with respect to the procurement, maintenance and enforcement of copyrights, patents and other intellectual property rights (both in the United States and foreign countries) relating to Developments.  I shall sign all papers, including, without limitation, copyright applications, patent applications, declarations, oaths, formal assignments, assignments of priority rights, and powers of attorney, which the Company may deem necessary or desirable in order to protect its rights and interest in any Development.  I further agree that if the Company is unable, after reasonable effort, to secure my signature on any such papers, any executive officer of the Company shall be entitled to execute any such papers as my agent and my attorney-in-fact, and I hereby irrevocably designate and appoint each executive officer of the Company as my agent and attorney-in-fact to execute any such papers on my behalf, and to take any and all actions as the Company may deem necessary or desirable in order to protect its rights and interests in any Development, under the conditions described in this sentence.

   

  (d)	If, in the course of my employment with the Company, I incorporate a Prior Development into any product or service offered or sold by the Company, the Company is hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide license (with rights to sublicense through multiple tiers of sublicensees) to make, have made, modify, use and/or sell such Prior Development.  Notwithstanding the foregoing, I agree that I will not incorporate, or permit to be incorporated, Prior Developments in any Company products without the Company’s prior written consent.

   

  3.Non-competition

   

  (a) For a period of four (4) months  after the termination or cessation of such employment for any reason (voluntarily or involuntarily), I will not directly or indirectly, as an individual proprietor, partner, stockholder, officer, employee, director, joint venturer, investor, lender, consultant, or in any other capacity whatsoever (other than as the holder of not more than one percent of the combined voting power of the outstanding stock of a publicly held company), engage in the business of researching, developing, designing, producing, manufacturing marketing or selling (or assisting any other person in researching, developing, designing, producing, manufacturing, marketing or selling) cancer treatment therapies with immune cells expressing engineered TCRs. 

   

   (b)  If I violate the provisions of Section 3, I shall continue to be bound by the restrictions set forth in Section 3 until a period of four (4) months has expired without any violation of such provisions.

   

  	 

  

  Raffaele Baffa, M.D., Ph.D.		

  March 28, 2022

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  4.Non-Solicitation

   

  (a)  For a period of one year after the termination or cessation of such employment for any reason (voluntarily or involuntarily), I will not directly or indirectly:

   

  (i)  solicit, divert, take away or do business with, or attempt to solicit, divert, take away or do business with, any of the clients, customers or accounts, or prospective clients, customers or accounts, of the Company which were contacted, solicited or served by me while employed by the Company;

   

  (ii)  in any way interfere with the relationship between any such clients, customers or accounts and the Company; or 

   

  (iii)  solicit or encourage any clients, customers, or accounts to terminate or diminish their relationship with the Company.

   

  (b)  For a period of two years after the termination or cessation of such employment for any reason (voluntarily or involuntarily), I will not directly or indirectly recruit, solicit or hire any employee, of the Company (who was employed or engaged by the Company at any time during my employment with the Company), or induce or attempt to induce any such employee of the Company to terminate his/her employment or engagement with, or otherwise cease his/her relationship with, the Company. 

   

  (c)  If I violate the provisions of Section 4(a), I shall continue to be bound by the restrictions set forth in Section 4(a) until a period of one year has expired without any violation of such provisions.  If I violate the provisions of Section 4(b), I shall continue to be bound by the restrictions set forth in Section 4(b) until a period of two years has expired without any violation of such provisions.

   

  5.Other Agreements

   

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

   

  6.United States Government Obligations

   

  I acknowledge that the Company from time to time may have agreements with the other persons or with the United States Government, or agencies thereof, which impose obligations or 

  	 

  

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  March 28, 2022

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  restrictions on the Company regarding inventions made during the course of work under such agreements or regarding the confidential nature of such work.  I agree to be bound by all such obligations and restrictions which are made known to me and to take all action necessary to discharge the obligations of the Company under such agreements.

   

  7.No Employment Contract

   

  I understand that this Agreement does not constitute a contract of employment and does not imply that my employment will continue for any period of time.

   

  8.Notification of New Employers

   

  During my employment with the Company and for two years after my employment ends for any reason (voluntarily or involuntarily), I hereby agree to provide a copy of this Agreement to any employer or prospective employer, and I hereby authorize the Company to provide copies of this Agreement to any person or entity that may or does employ or do business with, or consider employing or doing business with, me in the future.

   

  9.Miscellaneous

   

  (a)  The term “Company” shall include Alaunos Therapeutics, Inc. and any of its parents, subsidiaries, subdivisions, predecessors or affiliates. The Company shall have the right to assign, without my express consent, this Agreement to its successors and assigns, and all covenants and agreements hereunder shall inure to the benefit of and be enforceable by said successors or assigns.  

   

  (b)  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

   

  (c)  This Agreement supersedes all prior agreements, written or oral, between me and the Company relating to the subject matter of this Agreement. 

   

  (d)  This Agreement may not be modified, changed or discharged in whole or in part, except by an agreement in writing signed by me and the Company.  I acknowledge that my covenants in this Agreement are given in exchange for, among other things, my employment and the terms and conditions of such employment.  My covenants are not tied to my present role, title or responsibilities.  I therefore agree that any change or changes in my duties, salary or compensation after the signing of this Agreement shall not affect the validity or scope of this Agreement.

   

  (e)  No delay or omission by the Company in exercising any right under this Agreement will operate as a waiver of that or any other right.  A waiver or consent given by the Company on any one occasion is effective only in that instance and will not be construed as a bar to or waiver of any right on any other occasion.

   

  	 

  

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  March 28, 2022

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  (f)  The restrictions contained in this Agreement are necessary for the protection of the business and goodwill of the Company and are considered by me to be reasonable for such purpose.  I agree that any breach of this Agreement is likely to cause the Company substantial and irrevocable damage and therefore, in the event of any such breach, I agree that the Company, in addition to such other remedies which may be available, shall be entitled to seek specific performance, injunctive relief, or other equitable relief. I further understand and agree that in the event either party breaches or fails to honor any term of this Agreement, and the party seeking to enforce the terms of the this Agreement is successful in whole or in part in any legal or equitable action to defend its rights under or to enforce any terms of this Agreement, the successful party shall be entitled to payment of all costs, expenses and reasonable attorneys’ fees associated with such action by the other.  

   

  (g)  If any restriction set forth in Sections 3 or 4 is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable.

   

  (h)  This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, without regard to the conflicts of laws principles thereof.  In addition, I agree that any dispute concerning this Agreement shall be heard exclusively by a court of competent jurisdiction within Massachusetts.  By signing below, I acknowledge that I am subject to the exclusive personal jurisdiction of the Massachusetts courts in any county where the Company has operations or facilities.  Both parties further agree that any such dispute shall be tried by a judge alone, and both parties hereby waive and forever renounce the right to a trial before a civil jury in any such dispute.

   

   

   

   

  Signature Page Follows. 

   

  	 

  

  Raffaele Baffa, M.D., Ph.D.		

  March 28, 2022

  Page 13 of  13

   

  Invention, Non-Disclosure and Non-Competition Agreement

   

   

   

  	
	Alaunos Therapeutics, Inc.

	 

	 

	/s/ Melinda Lackey

	Melinda Lackey, Senior Vice President, Legal

	 

	 

	March 28, 2022

	Date

   

   

  By signing and returning this signed Agreement to the Human Resources Department of Alaunos Therapeutics, Inc., I hereby acknowledge that I have received the Agreement, have fully reviewed it, and will abide by its terms at all times.

   

  Intending to be legally bound hereby, I have signed this Agreement under seal as of the day and year written below. I hereby acknowledge that I have been advised and am aware of my right to consult with an attorney prior to signing this Agreement.

   

   

   

  	
	/s/ Raffaele Baffa, M.D., Ph.D. 

	Raffaele Baffa, M.D., Ph.D.

	 

	 

	March 28, 2022 

	Date

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