Document:

EX-10.1

THIS AGREEMENT made in duplicate this 16th day of August, 2006. BETWEEN:

REGION OF QUEENS MUNICIPALITY, a body corporate incorporated under the laws
of the Province of Nova Scotia, The Municipal Government Act with head office
in Liverpool, Queens. County, Nova Scotia (hereinafter called “Landlord”)

- and -

LTBG TELESERVICES ULC, an incorporated company under the laws of the Province
of Nova Scotia with head offices in Burlington, MA, USA (hereinafter called
“Tenant”)

-and -

LIGHTBRIDGE, INC., an incorporated company with head offices in Burlington,
MA, USA (hereinafter called “Guarantor”)

WHEREAS the parties hereto entered into a Lease Agreement on the 10th day of February, 2004 related
to certain lands and premises located at Harley Umphrey Drive in Liverpool, Queens County, Nova
Scotia; and

WHEREAS the parties now wish to provide for the early termination of the above-referenced
lease on the terms and conditions hereinafter set forth.

NOW THEREFORE in consideration of the covenants herein set forth the parties hereto agree by and
among themselves as follows;

	1.	 	THAT, notwithstanding the provisions of the Lease Agreement entered into between the parties
on the 10th day of February, 2004, the Tenant and the Landlord do hereby agree that the said
Lease shall be terminated and the subject premises vacated on the 31st day of August, 2006 on
the following conditions:

	 	(i)	 	that the Tenant continue to pay the monthly rent due under the provisions of the
lease of February 10, 2004 through to the end of August of 2006;

	 	(ii)	 	that the Tenant shall on August 31st, 2006 convey by Bill of Sale to the Landlord
title to those assets referred to in Schedule “A” attached hereto free from any and all
encumbrances of whatsoever kind and nature, but otherwise on an “as is,” “where is”
basis without any representation or warranty of any kind.

1

	2.	 	THAT the Tenant acknowledges that the value of the surrender of Lease provided by the
Landlord is $257,152 and the Landlord acknowledges that the value of the assets conveyed
pursuant to the above Bill of Sale is $257,152; accordingly, the Tenant acknowledges itself
indebted to and agrees to pay to the Landlord the sum of $257,152 plus HST on August 31, 2005
in respect of the provision of the surrender of lease by the Landlord to the Tenant and the
Landlord acknowledges itself indebted to and agrees to pay to the Tenant the sum of $257,152
plus HST on August 31, 2006 in respect of the provision by the Tenant to the Landlord of
certain assets described in the Bill of Sale. Each of the Landlord and the Tenant agree that
their mutual obligations to pay each other the sum of $257,152 shall be offset, satisfied and
cancelled effective August 31, 2006 and as herein contemplated. Each party agrees to
separately account for the HST in respect of this transaction in accordance with the terms of
this paragraph 2.”

	3.	 	THAT upon the conditions set forth in sub-paragraphs 1(i) and 1(ii) being satisfied the
Landlord shall then forgive and forego the receipt of any and all additional rental payments
under the February 10th, 2004 Lease Agreement which, after August 31, 2006, would have been
due to the Landlord thereunder, and the Tenant effective as at August 31, 2006, hereby assigns
and surrenders to the Landlord the premises referred to in the Lease Agreement to the intent
that the unexpired residue of the term of years created by the Lease Agreement and all other
estate and interest of the Tenant in the premises referred to in the Lease Agreement may be
merged and extinguished in the reversion and inheritance of the subject premises described in
the Lease Agreement.

	4.	 	THAT upon the satisfactory completion of the terms herein set forth neither party shall make
any further claims upon nor initiate any causes of action against the other for any reason
whatsoever so that each party shall then be fully and finally released from the covenants of
the February 10th, 2004 Lease Agreement.

	5.	 	THAT this agreement is being signed freely and voluntarily with full knowledge of its content
and legal effect.

	6.	 	THAT each party acknowledges having received independent legal advice prior to the signing
hereof.

	7.	 	THAT the parties covenant and agree with each other to execute such further documents as
may be reasonably requested by the other to give effect to the provisions of this
Agreement.	 

	8.	 	Time shall be of the essence with respect to the interpretation and enforcement of this
Agreement.

	9.	 	This Agreement may be delivered by facsimile machine and signed on a facsimile copy. Both
parties agree to accept the facsimile copy as a legal and binding document. If facsimile
copies are utilized, the originals will subsequently be delivered to the Landlord and Tenant
for execution. It is further agreed that this Agreement may be executed in one or more
counterparts with the same effect as if all parties had signed the same document. All
counterparts shall be construed together and shall for all purposes constitute one agreement,
binding on the parties, notwithstanding the fact that all parties have not signed the same
counterpart. Whether signing facsimile copies or original documents, the parties mutually
agree to initial all pages, including all Schedules, of such documents.

	10.	 	The law governing this Agreement shall be the law of the Province of Nova Scotia.	 

IN WITNESS WHEREOF the parties hereto have hereunto set their hands and affixed their seals the day
and year first above written.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	SIGNED, SEALED AND DELIVERED)
	 	 	 	 	 	 	 	 	 	REGION OF QUEENS MUNICIPALITY
	in the presence of:
	 	 	 	 	 	 	)	 	 	per:

	/s/ Wanda Allison
	 	 	 	 	 	 	 	 	 	/s/ John G. Leefe
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	A Commissioner of the Supreme
	 	 	)	 	 	 	 	 	 	Mayor

	Court of Nova Scotia
	 	 	)	 	 	 	 	 	 	 	 	 
	/s/ Wanda Allison
	 	 	 	 	 	 	 	 	 	/s/ Chris McNeill
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	A Commissioner of the Supreme
	 	 	)	 	 	 	 	 	 	 	 	 
	Court of Nova Scotia
	 	 	)	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 
	SIGNED, SEALED AND DELIVERED)	 	 	 	 	 	LTBG TELESERVICES ULC.
	in the presence of:	 	 	)	 	 	per:
	/s/ Debra Michelson	 	 	 	 	 	/s/ Robert E. Donahue
	A Notary Public	)
	/s/ Debra Michelson	 	 	 	 	 	/s/ Eugene DiDonato
	A Notary Public	)
	SIGNED, SEALED AND DELIVERED)	 	 	 	 	 	LIGHTBRIDGE, INC. (As Guarantor)
	in the presence of:	 	 	)	 	 	per:
	/s/ Debra Michelson	 	 	 	 	 	/s/ Robert E. Donahue
	A Notary Public	 	)

2

PROVINCE OF NOVA SCOTIA
COUNTY OF QUEENS

I CERTIFY that on this 16th day of August A.D., 2006, The Region of Queens Municipality, one of the
parties mentioned in the foregoing and annexed Indenture caused the same to be executed by its-duly
authorized officers and its corporate seal to be thereunto affixed in my presence and I have signed
as a witness to such execution.

/s/ Wanda Allison

	 	 	A Commissioner of the Supreme Court

of Nova Scotia

COUNTY OF MIDDLESEX

COMMONWEALTH OF MASSACHUSETTS

I CERTIFY that on this 11th day of August A.D., 2006 LTBG Teleservices ULC, one of the parties
mentioned in the foregoing and annexed Indenture caused the same to be executed by its duly
authorized officers and its corporate seal to be thereunto affixed in my presence and I have signed
as a witness to such execution.

/s/ Debra Michelson

	 	 	A Notary Public in and for the Commonwealth of
Massachusetts

COUNTY OF MIDDLESEX

COMMONWEALTH OF MASSACHUSETTS

I CERTIFY that on this 11th day of August A.D., 2006 Lightbridge, Inc., one of the parties

mentioned in the foregoing and annexed Indenture caused the same to be executed by its duly
authorized officers’ and its corporate seal to be thereunto affixed in my presence and I have
signed as a witness to such execution.

/s/ Debra Michelson

	 	 	A Notary Public in and for the Commonwealth of
Massachusetts

3

Schedule “A”

Liverpool, 54 Harley Umphrey Dr.,

Existing Tenant Asset List

	 	 	Phone System / PBX NOTE: Software and Licenses are not included

	 	•	 	Avaya Definity S8700 – Avaya Communication Manager R012x.02.0.111.4 (Serial#:
04J210801481)

	 	•	 	Avaya Intuity Audix LX R1.1 voice mail – 4 port, 100 Mailboxes (Serial#: 20403100081)
o 272 Callmaster V (2-wire) Phone (without headsets)

	 	•	 	VAL Announcement Board
o 24 DS1 Interface Cards

	 	•	 	Compatible with MAPD software release 2.0, issue 2.0.1 (s/w)

	 	•	 	Center View CMS, capacity for 310 licenses

	 	•	 	ASAI+ CallVisor

	 	 	 
	Cable Plant	 	 
	o

	 	Full Nordx/CDT Network & Voice Cable Plant

	 	•	 	Installation performed by Nordx Certified Installer
o 1 Ethernet & 4 pair (single-port) Telecom to each agent cube
o 1 Ethernet & 4 pair (single-port) Telecom to each Office
o 25 Ethernet & 25 Telecom to each Training Room
o 16 Ethernet & 4 pair (single-port) Telecom to Conference Room

	 	•	 	All Voice cabling terminated to BIX/1A Strip field in Data Center

	 	•	 	All Network cabling terminated to RJ-45 patch panels in Data Center

	 	 	Uninterruptible Power Supply System

	 	•	 	Mitsubishi 9800AD Series 150kVA UPS System 600/600 VAC Model # M98D-15064-44B00 Serial#:
02-GKRKQ1-01

	 	•	 	Configuration provides power to data center and selected agent cubicles

	 	 	Data Center HVAC Unit (supplementing two pre-existing units)

	 	•	 	Mitsubishi Electric “Mr. Slim” Mini-Split PK36FK3 &PU36EK 34.2MBH Air Conditioner
(Serial#: 37G00805D)

	 	 	Furniture Installed Configuration per “Revised Phs 2A Drawing and Specification for Order
Entry 7/16/04 CKO”

	 	 	 
	Call Centre Floor	 	 
	Herman Miller Q System Workstations

	 	•	 	Agent Cube (quantity 224, 149 side A, 75 side B)
o60”w x 48”d x 52”h cube with 60“x30” work-surface

	 	•	 	Supervisor Cube(quantity 14)
o84”d x 96”w x 67”h cube with large L-Shaped work-surface

	 	•	 	Bridge (quantity 2)
o1st bridge 16’w x 12’d x 18”h raised platform with 4 seating locations
o2nd bridge 13’w x 9’d raised platform with 2 seating locations

	 	•	 	Seating (quantity 296)
oSitOnIt TR2 series task chair with Intensive Control & MultiAdjust arms

	 	•	 	QA Lab
o6 station open-seating work areas with large L-Shaped work surfaces
	 
	 	 	 	Training Rooms (quantity 2)
o            Nova Solutions 85 series VDT tables (quantity 48, 24 room A, 24 room B)

	 	•	 	Nova Solutions 85 series VDT Facilitator’s Lectern (quantity 2, 1 Room A, 1 Room B)
	 
	 	 	 	Private Offices (quantity 10)
o            National Arrowood desks

	 	•	 	Guest Chairs

	 	 	 
	Cafeteria / Breakroom
	o

	 	42” x 42” Tables (quantity 11)

	 	•	 	Chairs (quantity 44)

	 	 	 
	Miscellaneous Office Equipment and Accessories
	o

	 	Xerox Workcenter Pro 35 (Serial#: MYP016072)
	 
	 	 
	o

	 	Microwave Ovens (quantity 2)

	 	•	 	Refrigerators (quantity 2)

	 	•	 	BBQ with tank 1
	 
	 	•	 	4x8 cork board (quantity 1)

	 	•	 	Storage shelves (quantity 5)

	 	•	 	White boards (quantity 18) 
	 
	 	•	 	Small cork boards (quantity 4)
	 
	 	•	 	4x8 white boards (quantity 2)

4EX-10.1

EMPLOYMENT AGREEMENT

This Employment Agreement (this “Agreement”) is dated as of August 11, 2006, between Novavax,
Inc., a Delaware corporation (the “Company”) having its principal office at 508 Lapp Road, Malvern,
PA 19355, and Jeffrey Church, an individual with a mailing address of 14827 Michele Drive, Glenelg,
MD 21737 (“Executive”).

The Company and Executive hereby agree as follows:

1. Employment. The Company hereby employs Executive and Executive hereby accepts employment
as Vice President and Chief Financial Officer and Treasurer upon the terms and conditions
hereinafter set forth. As used throughout this Agreement, “Company” shall mean and include any and
all of its present and future subsidiaries and any and all subsidiaries of a subsidiary. Executive
warrants and represents that he is free to enter into and perform this Agreement and is not subject
to any employment, confidentiality, non-competition or other agreement which prohibits, restricts,
or would be breached by either his acceptance or his performance of this Agreement.

2. Duties. During the Term (as hereinafter defined), Executive shall devote his full business
time to the performance of services as Vice President and Chief Financial Officer and Treasurer of
Novavax, Inc., performing such services, assuming such responsibilities and exercising such
authority as are set forth in the Bylaws of the Company for such offices and assuming such other
duties and responsibilities as prescribed by the President and CEO and Board of Directors. During
the Term, Executive’s services shall be completely exclusive to the Company and he shall devote his
entire business time, attention and energies to the business of the Company and the duties which
the Company shall assign to him from time to time. Executive agrees to perform his services
faithfully and to the best of his ability and to carry out the policies and directives of the
Company. Notwithstanding the foregoing, it shall not be a violation of this Agreement for the
Executive to serve as a director, trustee, officer, or consultant to a charitable or non-profit
entity; provided that such service does not adversely affect Executive’s ability to perform his
obligations hereunder. Executive agrees to take no action which is in bad faith and prejudicial to
the interests of the Company during his employment hereunder. Notwithstanding the location where
Executive shall be based, as set forth in this Agreement, he also may be required from time to time
to perform duties hereunder for reasonably short periods of time outside of said area. The Company
warrants and represents that its Board of Directors has approved a plan to relocate the Company’s
headquarters from Malvern, PA to the Baltimore/Washington D.C. corridor. The Company is in active
negotiations to secure a lease for a new facility in the Rockville/Gaithersburg, MD area which it
expects to finalize before the end of 2006.

3. Term. The term of this Agreement shall be a period beginning on September 5, 2006 and
continuing until September 4, 2007, unless earlier terminated pursuant to Section 7 hereof (the
“Term”) and shall be renewable annually on the terms set forth herein upon agreement of the Company
and Executive of the term of such renewal and the initial base compensation applicable to the
renewal term. The parties acknowledge that the employment hereunder is employment at will.

4. Compensation

(a)  Base Compensation. For all Executive’s services and covenants under this Agreement,
the Company shall pay Executive at an annual rate of $245,000, subject to review by the CEO of the
Company and the Board of Directors when compensation is reviewed after the completion of the audit
with respect to the 2006 fiscal year (in accordance with the management processes), and each fiscal
year thereafter and payable in accordance with the Company’s payroll policy as constituted from
time to time. The Company may withhold from any amounts payable under this Agreement all required
federal, state, city or other taxes and all other deductions as may be required pursuant to any law
or government regulation or ruling.

(b) Bonus Program. Executive shall be eligible to participate in the Company’s performance
and incentive bonus program applicable to senior executives. Eligibility for bonuses and amounts
to be paid each year are determined by the President and CEO and the Board of Directors (or any
committee of the Board of Directors authorized to make that determination) based on the Company’s
and Executive’s performance. Under the existing bonus program, Executive would be eligible for a
maximum bonus of 40% of Executive’s base salary during the year to which the bonus relates. The
bonus may be paid out partly in cash and partly in shares of restricted stock, in the discretion of
the Board of Directors. Any bonus paid in respect of 2006 will be prorated.

(c) Signing Bonus. . You are eligible to receive a signing bonus of $10,000 which will
be paid in your first pay check.

(d) Stock Awards. Subject to approval by the Board of Directors (or any committee of the
Board of Directors authorized to make that determination), the Company will grant Executive (a)
stock options to purchase 200,000 shares of the Company’s Common Stock ($.01 par value) at an
exercise price equal to the closing price of the Company’s Common Stock on the later of Executive’s
date of hire or the date of such Board of Directors’ approval and (b) an award of 25,000 shares of
restricted stock. Both of these stock awards will vest as to one-third of the options/shares on
each of the first three (3) anniversaries of Executive’s date of employment.

Executive will be eligible for additional stock awards based upon performance subject to the
approval of the President and Chief Executive Officer and the Board of Directors.

5. Reimbursable Expenses. Executive shall be entitled to reimbursement for reasonable
expenses incurred by him in connection with the performance of his duties hereunder in accordance
with such procedures and policies as the Company has heretofore or may hereafter establish.

6. Benefits. (a)  Executive shall be entitled to four weeks of paid vacation time calculated
and administered in accordance with Company policies in effect from time to time. The Executive
shall be entitled to all other benefits associated with normal full time employment in accordance
with Company policies. A copy of the Company’s current benefits plans are attached hereto.

(b) Executive shall be entitled to participate in the Company’s Change of Control Severance
Benefit Plan amended July 26, 2006.

(c) Repayment of Signing Bonus: If I voluntarily terminate my employment with NVAX or am
terminated for gross misconduct within twelve (12) months of my original date of hire, I will be
responsible for reimbursing NVAX 100% of my signing bonus

7. Termination of Employment.

(a) Notwithstanding any other provision of this Agreement, Executive’s employment may be
terminated, without such action constituting a breach of this Agreement:

(i)  By the Company, for “Cause,” as defined in Section 7(b) below;

(ii)  By the Company, upon 30 days’ notice to Executive, if he should be prevented by illness,
accident or other disability (mental or physical) from discharging his duties hereunder for one or
more periods totaling three consecutive months during any twelve-month period;

(iii)  By the event of Executive’s death during the Term.

(b)  “Cause” shall mean (i) Executive’s willful failure or refusal to perform in all material
respects the services required of him hereby, (ii) Executive’s willful failure or refusal to carry
out any proper and material direction by the President and CEO or Board of Directors with respect
to the services to be rendered by him hereunder or the manner of rendering such services,
(iii) Executive’s willful misconduct or gross negligence in the performance of his duties
hereunder, (iv) Executive’s commission of an act of fraud, embezzlement or theft or a felony
involving moral turpitude, (v) Executive’s use or disclosure of Confidential Information (as
defined in Section 10 of this Agreement), other than for the benefit of the Company in the course
of rendering services to the Company or (vi) Executive’s engagement in any activity prohibited by
Section 11 of this Agreement. For purposes of this Section 7, the Company shall be required to
provide Executive a specific written warning with regard to any occurrence of subsections 7(b) (i),
(ii) and (iii) above, which warning shall include a statement of corrective actions and a 15 day
period for the Executive to respond to and implement such actions, prior to any termination of
employment by the Company pursuant to Section 7(a) (i) above.

8. Separation Pay.  Subject to Executive’s execution and delivery to the Company of the
Company’s standard form of Separation and Release Agreement, the Company shall pay Executive a lump
sum amount equal to six months of Executive’s then effective salary (the “Separation Pay”), upon
the Company’s termination of Executive’s employment by the Company without Cause, during the Term.
Separation Pay shall be subject to withholding of all applicable federal, state and local taxes and
any other deductions required by applicable law. In the event of Executive’s death, the Company’s
obligation to pay further compensation hereunder shall cease forthwith, except that Executive’s
legal representative shall be entitled to receive his fixed compensation for the period up to the
last day of the month in which such death shall have occurred.

9. All Business to be Property of the Company; Assignment of Intellectual Property.

(a)  Executive agrees that any and all presently existing business of the Company and all
business developed by him or any other employee of the Company including without limitation all
contracts, fees, commissions, compensation, records, customer or client lists, agreements and any
other incident of any business developed, earned or carried on by Executive for the Company is and
shall be the exclusive property of the Company, and (where applicable) shall be payable directly to
the Company.

(b)  Executive hereby acknowledges that any plan, method, data, know-how, research,
information, procedure, development, invention, improvement, modification, discovery, design,
process, work of authorship, documentation, formula, technique, trade secret or intellectual
property right whatsoever or any interest therein whether patentable or non-patentable, patents and
applications therefor, trademarks and applications therefor or copyrights and applications therefor
(herein sometimes collectively referred to as “Intellectual Property”) made, conceived, created,
invested, developed, reduced to practice and/or acquired by Executive solely or jointly with others
during the Term is the sole and exclusive property of the Company, as work for hire, and that he
has no personal right in any such Intellectual Property. Executive hereby grants to the Company
(without any separate remuneration or compensation other than that received by him from time to
time in the course of his employment) his entire right, title and interest throughout the world in
and to, all Intellectual Property, which is made, conceived, created, invested, developed, reduced
to practice and/or acquired by him solely or jointly with others during the Term.

10. Confidentiality. Executive acknowledges his obligation of confidentiality with respect to
all proprietary, confidential and non-public information of the Company, including all Intellectual
Property. Executive shall not, either during the Term or thereafter, use for any purpose other than
the furtherance of the Company’s business, or disclose to any person other than a person with a
need to know such confidential, proprietary or non-public information for the furtherance of the
Company’s business who is obligated to maintain the confidentiality of such information, any
information concerning any Intellectual Property, or other confidential, proprietary or non-public
information of the Company, whether Executive has such information in his memory or such
information is embodied in writing or other tangible form. All originals and copies of any of the
foregoing, however and whenever produced, shall be the sole property of the Company. Upon the
termination of Executive’s employment in any manner or for any reason, Executive shall promptly
surrender to the Company all copies of any of the foregoing, together with any documents,
materials, data, information and equipment belonging to or relating to the Company’s business and
in his possession, custody or control, and Executive shall not thereafter retain or deliver to any
other person any of the foregoing or any summary or memorandum thereof.

11. Non-Competition Covenant. As the Executive has been granted options to purchase stock in
the Company and as such has a financial interest in the success of the Company’s business and as
Executive recognizes that the Company would be substantially injured by Executive competing with
the Company, Executive agrees and warrants that within the United States, he will not, unless
acting with the Company’s express prior written consent, directly or indirectly, while an employee
of the Company and during the Non-Competition Period, as defined below, own, operate, join,
control, participate in, or be connected as an officer, director, employee, partner, stockholder,
consultant or otherwise, with any business or entity which competes with the business of the
Company (or its successors or assigns) as such business is now constituted or as it may be
constituted at any time during the Term of this Agreement; provided, however, that Executive may
own, and exercise rights with respect to, less than one percent of the equity of a publicly traded
company. The “Non-Competition Period” shall be a period of one year following termination of
employment.

Executive and the Company are of the belief that the period of time and the area herein
specified are reasonable in view of the nature of the business in which the Company is engaged and
proposes to engage, the state of its business development and Executive’s knowledge of this
business; however, if such period or such area should be adjudged unreasonable in any judicial
proceeding, then the period of time shall be reduced by such number of months or such area shall be
reduced by elimination of such portion of such area, or both, as are deemed unreasonable, so that
this covenant may be enforced in such area and during such period of time as is adjudged to be
reasonable.

12. Non-Solicitation Agreement. Executive agrees and covenants that he will not, unless acting
with the Company’s express written consent, directly or indirectly, during the Term of this
Agreement or during the Non-Competition Period (as defined in Section 11 above) solicit, entice or
attempt to entice away any customer, officer, employee, consultant, proposed customer, vendor,
supplier, proposed vendor or supplier or person or entity or person providing or proposed to
provide research and/or development services to, on behalf of or with the Company. Executive
agrees and covenants that he will not, unless acting with the Company’s express written consent,
directly or indirectly, during the Term of this Agreement or thereafter interfere with the
Company’s relationships or proposed relationships with any customer, officer, employee, consultant,
proposed customer, vendor, supplier, proposed vendor or supplier or person or entity or person
providing or proposed to provide research and/or development services to, on behalf of or with the
Company.

13. Notices. All notices and other communications hereunder shall be in writing and shall be
deemed to have been given on actual receipt after having been delivered by hand, mailed by first
class mail, postage prepaid, or sent by Federal Express or similar overnight delivery services, as
follows: (a) if to Executive, at the address shown at the head of this Agreement, or to such other
person(s) or address(es) as Executive shall have furnished to the Company in writing and, if to the
Company, to it at the address set forth in the preamble hereto with a copy to David A. White, Esq.,
White White & Van Etten, LLP, 55 Cambridge Parkway, Cambridge, Massachusetts 02142, or to such
other person(s) or address(es) as the Company shall have furnished to Executive in writing.

14. Assignability. In the event of a change of control (as defined in the Company’s Change of
Control Severance Benefit Plan amended July 26, 2006), the terms of this Agreement shall inure to
the benefit of, and be assumed by, the acquiring person (as defined in the Company’s Change of
Control Severance Benefit Plan amended July 26, 2006). This Agreement shall not be assignable by
Executive, but it shall be binding upon, and to the extent provided in Section 8 shall inure to the
benefit of, his heirs, executors, administrators and legal representatives.

15. Entire Agreement. This Agreement contains the entire agreement between the Company and
Executive with respect to the subject matter hereof and there have been no oral or other prior
agreements of any kind whatsoever as a condition precedent or inducement to the signing of this
Agreement or otherwise concerning this Agreement or the subject matter hereof. Notwithstanding the
foregoing, Executive acknowledges that he is required as a condition to continued employment, to
comply at all times, with the Company’s policies affecting employees, including the Company’s
published Code of Ethics, as in effect from time to time.

16. Equitable Relief. Executive recognizes and agrees that the Company’s remedy at law for
any breach of the provisions of Sections 9, 10, 11 or 12 hereof would be inadequate, and he agrees
that for breach of such provisions, the Company shall, in addition to such other remedies as may be
available to it at law or in equity or as provided in this Agreement, be entitled to injunctive
relief and to enforce its rights by an action for specific performance. Should Executive engage in
any activities prohibited by this Agreement, he agrees to pay over to the Company all compensation,
remuneration or monies or property of any sort received in connection with such activities; such
payment shall not impair any rights or remedies of the Company or obligations or liabilities of
Executive which such parties may have under this Agreement or applicable law.

17. Amendments. This Agreement may not be amended, nor shall any change, waiver,
modification, consent or discharge be effected except by written instrument executed by the Company
and Executive.

18. Severability. If any part of any term or provision of this Agreement shall be held or
deemed to be invalid, inoperative or unenforceable to any extent by a court of competent
jurisdiction, such circumstances shall in no way affect any other term or provision of this
Agreement, the application of such term or provision in any other circumstances, or the validity or
enforceability of this Agreement. Executive agrees that the restrictions set forth in Sections 11
and 12 above (including, but not limited to, the geographical scope and time period of
restrictions) are fair and reasonable and are reasonably required for the protection of the
interests of the Company and its affiliates. In the event that any provision of Section 11 or 12
relating to time period and/or areas of restriction shall be declared by a court of competent
jurisdiction to exceed the maximum time period or areas such court deems reasonable and
enforceable, said time period and/or areas of restriction shall be deemed to become and thereafter
be the maximum time period and/or areas which such court deems reasonable and enforceable.

19. Paragraph Headings. The paragraph headings used in this Agreement are included solely for
convenience and shall not affect, or be used in connection with, the interpretation hereof.

20. Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the law of the State of Maryland, without regard to the principles of conflict of
laws thereof.

21. Resolution of Disputes. With the exception of proceedings for equitable relief brought
pursuant to Section 16 of this Agreement, any disputes arising under or in connection with this
Agreement including, without limitation, any assertion by any party hereto that the other party has
breached any provision of this Agreement, shall be resolved by arbitration, to be conducted in
Philadelphia, Pennsylvania, in accordance with the rules and procedures of the American Arbitration
Association. The parties shall bear equally the cost of such arbitration, excluding attorneys’ fees
and disbursements which shall be borne solely by the party incurring the same; provided, however,
that if the arbitrator rules in favor of Executive, Company shall be solely responsible for the
payment of all costs, fees and expenses (including without limitation Executive’s reasonable
attorneys’ fees and disbursements) of such arbitration. The provisions of this Section 21 shall
survive the termination for any reason of the Term (whether such termination is by the Company, by
Executive or upon the expiration of the Term).

22. Survival. Sections 8 through 21 shall survive the expiration or earlier termination of
this Agreement, for the period and to the extent specified therein.

IN WITNESS WHEREOF, the parties have executed or caused to be executed under seal this
Agreement as of the date first above written.

	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	NOVAVAX, INC.

	 
	 	 	 	 	 	 	 	 
	[SEAL]

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	By:
	 	 
	 	/s/ Rahul Singhvi
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	

	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	Name:

Title:
	 	 
	 	Rahul Singhvi

President and Chief Executive Officer
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	/s/ Jeffrey Church
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Jeffrey Church

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]