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 Exhibit 10.24

INDEMNIFICATION AGREEMENT

This
Indemnification Agreement ("Agreement") is made as of _________ __,
2016 by and between Adgero Biopharmaceuticals Holdings, Inc., a
Delaware corporation (the "Company"), and ______________
("Indemnitee").

RECITALS

WHEREAS, highly
competent persons have become more reluctant to serve publicly-held
corporations as directors or officers or in other capacities unless
they are provided with adequate protection through insurance or
adequate indemnification against inordinate risks of claims and
actions against them arising out of their service to and activities
on behalf of the corporation and due to the fact that such exposure
frequently bears no relationship to compensation paid to such
officers and directors;

WHEREAS, the
Company and Indemnitee recognize that plaintiffs often seek damages
in such large amounts and the costs of litigation may be so
enormous (whether or not the case is meritorious), that the defense
and/or settlement of such litigation is often beyond the personal
resources of directors and officers;

WHEREAS, the
Company’s Bylaws provide for the indemnification of the
officers and directors of the Company to the fullest extent
permitted by the General Corporation Law of the State of Delaware
(the "DGCL"). The Bylaws expressly provide that the indemnification
provisions set forth therein are not exclusive and contemplate that
contracts may be entered into between the Company and its directors
and officers with respect to indemnification;

WHEREAS, Section
145 of the DGCL empowers the Company to indemnify its officers,
directors, employees and agents by agreement and to indemnify
persons who serve, at the Company’s request, as the
directors, officers, employees or agents of other corporations or
enterprises;

WHEREAS, Section
102(b)(7) of the DGCL allows the Company to include in its
Certificate of Incorporation a provision limiting or eliminating
the personal liability of a director for monetary damages in
respect of claims by shareholders and corporations for breach of
certain fiduciary duties, and the Company has so provided in its
Certificate of Incorporation that each director shall be exculpated
from such liability to the maximum extent permitted by
law;

WHEREAS, the
Company, after reasonable investigation, has determined that the
liability insurance coverage presently available to the Company may
be inadequate in certain circumstances to cover all possible
exposure for which Indemnitee should be protected.

WHEREAS, the
uncertainties relating to such insurance and to indemnification
have increased the difficulty of attracting and retaining highly
competent persons to serve as directors and officers. The Board has
determined that the increased difficulty in attracting and
retaining such persons is detrimental to the best interests of the
Company’s stockholders and that the Company should act to
assure such persons that there will be increased certainty of such
protection in the future;

WHEREAS, it is
reasonable, prudent and necessary for the Company contractually to
obligate itself to indemnify, and to advance expenses on behalf of,
such persons to the fullest extent permitted by applicable law so
that they will serve or continue to serve the Company free from
undue concern that they will not be so indemnified;

 

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WHEREAS, this
Agreement is a supplement to and in furtherance of the
Company’s Certificate of Incorporation and Bylaws and any
resolutions adopted pursuant thereto, and shall not be deemed a
substitute therefor, nor to diminish or abrogate any rights of
Indemnitee thereunder; and

WHEREAS, Indemnitee
does not regard the protection available under the Company's
Certificate of Incorporation, Bylaws and insurance as adequate in
the present circumstances, and may not be willing to serve as an
officer or director without adequate protection, and the Company
desires Indemnitee to serve in such capacity. Indemnitee is willing
to serve, continue to serve and to take on additional service for
or on behalf of the Company on the condition that he be so
indemnified;

NOW,
THEREFORE, in consideration of the premises and the covenants
contained herein, the Company and Indemnitee do hereby covenant and
agree as follows:

Section
1. Services to the Company.
Indemnitee agrees to serve as a director or officer of the Company
or, at the request of the Company, as a director, officer,
employee, agent or fiduciary of another corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise.
Indemnitee may at any time and for any reason resign from such
position (subject to any other contractual obligation or any
obligation imposed by operation of law), in which event the Company
shall have no obligation under this Agreement to continue
Indemnitee in such position. This Agreement shall not be deemed an
employment contract between the Company (or any of its subsidiaries
or any other corporation, limited liability company, partnership,
joint venture, trust employee benefit plan or other enterprise of
which Indemnitee was serving at the Company’s request as a
director, officer, employee, agent or fiduciary) and Indemnitee.
Indemnitee specifically acknowledges that Indemnitee's employment
with the Company (or any of its subsidiaries or any other
corporation, limited liability company, partnership, joint venture,
trust employee benefit plan or other enterprise of which Indemnitee
was serving at the Company’s request as a director, officer,
employee, agent or fiduciary), if any, is at will, and the
Indemnitee may be discharged at any time for any reason, with or
without cause, except as may be otherwise provided in any written
employment contract between Indemnitee and the Company (or any of
its subsidiaries or any other corporation, limited liability
company, partnership, joint venture, trust employee benefit plan or
other enterprise of which Indemnitee was serving at the
Company’s request as a director, officer, employee, agent or
fiduciary). The foregoing notwithstanding, this Agreement shall
continue in force after Indemnitee has ceased to serve as an
officer or director of the Company.

Section
2. Definitions. As used in this
Agreement:

 

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(a)
  A "Change in
Control" shall be deemed to occur upon the earliest to occur after
the date of this Agreement of any of the following
events:

i. Acquisition of Stock by Third
Party. Any Person (as defined below) is or becomes the
Beneficial Owner (as defined below), directly or indirectly, of
securities of the Company representing thirty-five percent (35%) or
more of the combined voting power of the Company's then outstanding
securities;

ii. Change in Board. During any
period of two (2) consecutive years (not including any period prior
to the execution of this Agreement), individuals who at the
beginning of such period constitute the Board, and any new director
(other than a director designated by a person who has entered into
an agreement with the Company to effect a transaction described in
Sections 2(a)(i), 2(a)(iii) or 2(a)(iv)) whose election by the
Board or nomination for election by the Company's stockholders was
approved by a vote of at least two-thirds of the directors then
still in office who either were directors at the beginning of the
period or whose election or nomination for election was previously
so approved, cease for any reason to constitute at least a majority
of the members of the Board;

iii. Corporate
Transactions. The effective date of a merger or
consolidation of the Company with any other entity, other than a
merger or consolidation which would result in the voting securities
of the Company outstanding immediately prior to such merger or
consolidation continuing to represent (either by remaining
outstanding or by being converted into voting securities of the
surviving entity) more than 51% of the combined voting power of the
voting securities of the surviving entity outstanding immediately
after such merger or consolidation and with the power to elect at
least a majority of the board of directors or other governing body
of such surviving entity;

iv. Liquidation. The approval by
the stockholders of the Company of a complete liquidation of the
Company or an agreement for the sale or disposition by the Company
of all or substantially all of the Company's assets;
and

v. Other Events. There occurs any
other event of a nature that would be required to be reported in
response to Item 6(e) of Schedule 14A of Regulation 14A (or a
response to any similar item on any similar schedule or form)
promulgated under the Exchange Act (as defined below), whether or
not the Company is then subject to such reporting
requirement.

For
purposes of this Section 2(a), the following terms shall have the
following meanings:

(A)         
"Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

(B)      
"Person" shall have the meaning as set forth in Sections 13(d) and
14(d) of the Exchange Act; provided, however, that Person shall
exclude (i) the Company, (ii) any trustee or other fiduciary
holding securities under an employee benefit plan of the Company,
and (iii) any corporation owned, directly or indirectly, by the
stockholders of the Company in substantially the same proportions
as their ownership of stock of the Company.

 

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(C)           "Beneficial
Owner" shall have the meaning given to such term in Rule 13d-3
under the Exchange Act; provided, however, that Beneficial Owner
shall exclude any Person otherwise becoming a Beneficial Owner by
reason of the stockholders of the Company approving a merger of the
Company with another entity.

(b) "Corporate Status"
describes the status of a person who is or was a director, officer,
employee, agent or fiduciary of the Company or of any other
corporation, limited liability company, partnership or joint
venture, trust, employee benefit plan or other enterprise which
such person is or was serving at the request of the
Company.

(c) "Disinterested
Director" means a director of the Company who is not and was not a
party to the Proceeding in respect of which indemnification is
sought by Indemnitee.

(d) "Expenses" shall
include all reasonable attorneys' fees, retainers, court costs,
transcript costs, fees of experts, witness fees, travel expenses,
duplicating costs, printing and binding costs, telephone charges,
postage, delivery service fees, and all other disbursements or
expenses of the types customarily incurred in connection with
prosecuting, defending, preparing to prosecute or defend,
investigating, being or preparing to be a witness in, or otherwise
participating in, a Proceeding. Expenses also shall include (i)
Expenses incurred in connection with any appeal resulting from any
Proceeding, including without limitation the premium, security for,
and other costs relating to any cost bond, supersedeas bond, or
other appeal bond or its equivalent, and (ii) for purposes of
Section 13(d) only, Expenses incurred by Indemnitee in connection
with the interpretation, enforcement or defense of Indemnitee's
rights under this Agreement, by litigation or otherwise. Expenses,
however, shall not include amounts paid in settlement by Indemnitee
or the amount of judgments or fines against
Indemnitee.

(e) "Independent
Counsel" means a law firm, or a member of a law firm, that is
experienced in matters of corporation law and neither presently is,
nor in the past five years has been, retained to represent: (i) the
Company or Indemnitee in any matter material to either such party
(other than with respect to matters concerning the Indemnitee under
this Agreement, or of other indemnitees under similar
indemnification agreements), or (ii) any other party to the
Proceeding giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term "Independent Counsel" shall
not include any person who, under the applicable standards of
professional conduct then prevailing, would have a conflict of
interest in representing either the Company or Indemnitee in an
action to determine Indemnitee's rights under this Agreement. The
Company agrees to pay the reasonable fees and expenses of the
Independent Counsel referred to above and to fully indemnify such
counsel against any and all Expenses, claims, liabilities and
damages arising out of or relating to this Agreement or its
engagement pursuant hereto.

(f) "Proceeding" shall
include any threatened, pending or completed action, suit,
arbitration, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other actual, threatened or
completed proceeding, whether brought in the right of the Company
or otherwise and whether of a civil, criminal, administrative
legislative, or investigative nature, including any appeal
therefrom, in which Indemnitee was, is or will be involved as a
party, potential party, non-party witness or otherwise by reason of
the fact that Indemnitee is or was a director or officer of the
Company, by reason of any action taken by him or of any action on
his part while acting as director or officer of the Company, or by
reason of the fact that he is or was serving at the request of the
Company as a director, officer, employee or agent of another
corporation, limited liability company, partnership, joint venture,
trust or other enterprise, in each case whether or not serving in
such capacity at the time any liability or expense is incurred for
which indemnification, reimbursement, or advancement of expenses
can be provided under this Agreement; except one initiated by an
Indemnitee to enforce his rights under this Agreement.

 

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Section
3. Indemnity in Third-Party
Proceedings. The Company shall indemnify Indemnitee in
accordance with the provisions of this Section 3 if Indemnitee is,
or is threatened to be made, a party to or a participant in any
Proceeding, other than a Proceeding by or in the right of the
Company to procure a judgment in its favor. Pursuant to this
Section 3, Indemnitee shall be indemnified to the fullest extent
permitted by applicable law against all Expenses, judgments, fines
and amounts paid in settlement actually and reasonably incurred by
Indemnitee or on his behalf in connection with such Proceeding or
any claim, issue or matter therein, if Indemnitee acted in good
faith and in a manner he reasonably believed to be in or not
opposed to the best interests of the Company and, in the case of a
criminal proceeding had no reasonable cause to believe that his
conduct was unlawful.

Section
4. Indemnity in Proceedings by or in the
Right of the Company. The Company shall indemnify Indemnitee
in accordance with the provisions of this Section 4 if Indemnitee
is, or is threatened to be made, a party to or a participant in any
Proceeding by or in the right of the Company to procure a judgment
in its favor. Pursuant to this Section 4, Indemnitee shall be
indemnified to the fullest extent permitted by applicable law
against all Expenses actually and reasonably incurred by him or on
his behalf in connection with such Proceeding or any claim, issue
or matter therein, if Indemnitee acted in good faith and in a
manner he reasonably believed to be in or not opposed to the best
interests of the Company. No indemnification for Expenses shall be
made under this Section 4 in respect of any claim, issue or matter
as to which Indemnitee shall have been finally adjudged by a court
to be liable to the Company, unless and only to the extent that the
Delaware Court of Chancery or any court in which the Proceeding was
brought shall determine upon application that, despite the
adjudication of liability but in view of all the circumstances of
the case, Indemnitee is fairly and reasonably entitled to
indemnification.

Section
5. Indemnification for Expenses of a
Party Who is Wholly or Partly Successful. Notwithstanding
any other provisions of this Agreement, to the fullest extent
permitted by applicable law and to the extent that Indemnitee is a
party to (or a participant in) and is successful, on the merits or
otherwise, in any Proceeding or in defense of any claim, issue or
matter therein, in whole or in part, the Company shall indemnify
Indemnitee against all Expenses actually and reasonably incurred by
him in connection therewith. If Indemnitee is not wholly successful
in such Proceeding but is successful, on the merits or otherwise,
as to one or more but less than all claims, issues or matters in
such Proceeding, the Company shall indemnify Indemnitee against all
Expenses actually and reasonably incurred by him or on his behalf
in connection with each successfully resolved claim, issue or
matter. If the Indemnitee is not wholly successful in such
Proceeding, the Company also shall indemnify Indemnitee against all
Expenses reasonably incurred in connection with a claim, issue or
matter related to any claim, issue, or matter on which the
Indemnitee was successful. For purposes of this Section and without
limiting the foregoing, if any Proceeding is disposed of, on the
merits or otherwise (including a disposition without prejudice),
without (i) the disposition being adverse to Indemnitee, (ii) an
adjudication that Indemnitee was liable to the Company, (iii) a
plea of guilty or nolo contendere by Indemnitee, (iv) an
adjudication that Indemnitee did not act in good faith and in a
manner Indemnitee reasonably believed to be in or not opposed to
the best interests of the Company and (v) with respect to any
criminal proceeding, an adjudication that Indemnitee had reasonable
cause to believe Indemnitee’s conduct was unlawful,
Indemnitee shall be considered for purposes of this Agreement to
have been successful with respect thereto.

 

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Section
6. Indemnification For Expenses of a
Witness. Notwithstanding any other provision of this
Agreement, to the fullest extent permitted by applicable law and to
the extent that Indemnitee is, by reason of his Corporate Status, a
witness or otherwise participates in any Proceeding to which
Indemnitee is not a party, he shall be indemnified against all
Expenses actually and reasonably incurred by him or on his behalf
in connection therewith.

Section
7. Additional
Indemnification.

(a) Notwithstanding any
limitation in Sections 3, 4, or 5, the Company shall indemnify
Indemnitee to the fullest extent permitted by applicable law if
Indemnitee is a party to or threatened to be made a party to any
Proceeding (including a Proceeding by or in the right of the
Company to procure a judgment in its favor) against all Expenses,
judgments, fines and amounts paid in settlement actually and
reasonably incurred by Indemnitee in connection with the
Proceeding.

(b) For purposes of
Section 7(a), the meaning of the phrase "to the fullest extent
permitted by applicable law" shall include, but not be limited
to:

i. to the fullest
extent permitted by the provision of the DGCL that authorizes or
contemplates additional indemnification by agreement, or the
corresponding provision of any amendment to or replacement of the
DGCL, and

ii. to the fullest
extent authorized or permitted by any amendments to or replacements
of the DGCL adopted after the date of this Agreement that increase
the extent to which a corporation may indemnify its officers and
directors.

Section
8. Exclusions. Notwithstanding any
provision in this Agreement, the Company shall not be obligated
under this Agreement to make any indemnity in connection with any
claim made against Indemnitee:

(a) for which payment
has actually been made to or on behalf of Indemnitee under any
insurance policy or other indemnity provision, except with respect
to any excess beyond the amount paid under any insurance policy or
other indemnity provision; or

 

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(b) for any Proceedings
with respect to which final judgment is rendered against Indemnitee
for payment of (i) an accounting of profits made from the purchase
and sale (or sale and purchase) by Indemnitee of securities of the
Company within the meaning of Section 16(b) of the Exchange Act (as
defined in Section 2(a) hereof) or similar provisions of state
statutory law or common law, or (ii) any reimbursement of the
Company by the Indemnitee of any bonus or other incentive-based or
equity-based compensation or of any profits realized by the
Indemnitee from the sale of securities of the Company, as required
in each case under the Exchange Act (including any such
reimbursements that arise from an accounting restatement of the
Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002
(the "Sarbanes-Oxley Act"), or the payment to the Company of
profits arising from the purchase and sale by Indemnitee of
securities in violation of Section 306 of the Sarbanes-Oxley Act),
or

(c) any Proceeding
involving the enforcement of non-compete and/or non-disclosure
agreements or the non-compete and/or non-disclosure provisions of
employment, consulting or similar agreements the Indemnitee may be
a party to with the Company or any subsidiary of the Company or any
other applicable foreign or domestic corporation, partnership,
joint venture, trust or other enterprise, if any; or

(d) except as provided
in Section 13(d) of this Agreement, in connection with any
Proceeding (or any part of any Proceeding) initiated by Indemnitee,
including any Proceeding (or any part of any Proceeding) initiated
by Indemnitee against the Company or its directors, officers,
employees or other indemnitees, unless (i) the Board authorized the
Proceeding (or any part of any Proceeding) prior to its initiation
or (ii) the Company provides the indemnification, in its sole
discretion, pursuant to the powers vested in the Company under
applicable law.

Section
9. Advances of Expenses. The
Company shall advance, to the extent not prohibited by law, the
Expenses incurred by Indemnitee in connection with any Proceeding,
and such advancement shall be made within thirty (30) days after
receipt by the Corporation of (i) a statement or statements from
Indemnitee requesting such advance or advances from time to time,
whether prior to or after final disposition of any Proceeding, and
(ii) an undertaking by or on behalf of Indemnitee to repay such
amount or amounts, only if, and to the extent that, it shall
ultimately be determined that Indemnitee is not entitled to be
indemnified by the Corporation as authorized by this Agreement or
otherwise. Such undertaking shall be accepted without reference to
the financial ability of Indemnitee to make such repayment.
Advances shall be unsecured and interest free. Advances shall
include any and all reasonable Expenses incurred pursuing an action
to enforce this right of advancement, including Expenses incurred
preparing and forwarding statements to the Company to support the
advances claimed. This Section 9 shall not apply to any claim made
by Indemnitee for which indemnity is excluded pursuant to Section 8
or to any Proceeding for which the Company has assumed the defense
thereof in accordance with Section 10(b) of this
Agreement.

Section
10. Procedure
for Notification and Defense of Claim.

(a) Indemnitee shall
notify the Company in writing of any matter with respect to which
Indemnitee intends to seek indemnification or advancement of
Expenses hereunder as soon as reasonably practicable following the
receipt by Indemnitee of written notice thereof. The written
notification to the Company shall include a description of the
nature of the Proceeding and the facts underlying the Proceeding.
To obtain indemnification under this Agreement, Indemnitee shall
submit to the Company a written request, including therein or
therewith such documentation and information as is reasonably
available to Indemnitee and is reasonably necessary to determine
whether and to what extent Indemnitee is entitled to
indemnification following the final disposition of such action,
suit or proceeding. The omission by Indemnitee to notify the
Company hereunder will not relieve the Company from any liability
which it may have to Indemnitee hereunder or otherwise than under
this Agreement, and any delay in so notifying the Company shall not
constitute a waiver by Indemnitee of any rights under this
Agreement. The Secretary of the Company shall, promptly upon
receipt of such a request for indemnification, advise the Board in
writing that Indemnitee has requested indemnification.

 

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(b) In the event the
Company shall be obligated to pay the Expenses of Indemnitee with
respect to a Proceeding, as provided in this Agreement, the Company
shall be entitled to assume the defense of such Proceeding, with
counsel reasonably acceptable to Indemnitee, upon delivery of
written notice of its election to do so. After delivery of such
notice, approval of such counsel by Indemnitee and retention of
such counsel by the Company, the Company will not be liable to
Indemnitee under this Agreement for any fees of counsel
subsequently incurred by Indemnitee with respect to the same
Proceeding, provided that (1) Indemnitee shall have the right to
employ Indemnitee’s own counsel in such Proceeding at
Indemnitee’s expense and (2) if (i) the employment of counsel
by Indemnitee has been previously authorized in writing by the
Company, (ii) counsel to the Company or Indemnitee shall have
reasonably concluded that there may be a conflict of interest or
position, or reasonably believes that a conflict is likely to
arise, on any significant issue between the Company and the
Indemnitee in the conduct of such defense or (iii) the Company
shall not, in fact, have employed counsel to assume the defense of
such Proceeding, then the fees and expenses of Indemnitee’s
counsel shall be at the expense of the Company, except as otherwise
expressly provided by this Agreement.

(c) The Company will be
entitled to participate in the Proceeding at its own
expense.

Section
11. Procedure
Upon Application for Indemnification.

(a) Upon written
request by Indemnitee for indemnification pursuant to Section
10(a), a determination, if required by applicable law, with respect
to Indemnitee's entitlement thereto shall be made in the specific
case: (i) if a Change in Control shall have occurred after the date
of this Agreement, by Independent Counsel in a written opinion to
the Board, a copy of which shall be delivered to Indemnitee; or
(ii) if a Change in Control shall not have occurred after the date
of this Agreement, (A) by a majority vote of the Disinterested
Directors, even though less than a quorum of the Board, (B) by a
committee of Disinterested Directors designated by a majority vote
of the Disinterested Directors, even though less than a quorum of
the Board, (C) if there are no such Disinterested Directors or, if
such Disinterested Directors so direct, by Independent Counsel in a
written opinion to the Board, a copy of which shall be delivered to
Indemnitee or (D) if so directed by the Disinterested Directors, by
the stockholders of the Company; and, if it is so determined that
Indemnitee is entitled to indemnification, payment to Indemnitee
shall be made within ten (10) days after such determination.
Indemnitee shall cooperate with the person, persons or entity
making such determination with respect to Indemnitee's entitlement
to indemnification, including providing to such person, persons or
entity upon reasonable advance request any documentation or
information which is not privileged or otherwise protected from
disclosure and which is reasonably available to Indemnitee and
reasonably necessary to such determination. Any costs or Expenses
(including attorneys' fees and disbursements) incurred by
Indemnitee in so cooperating with the person, persons or entity
making such determination shall be borne by the Company
(irrespective of the determination as to Indemnitee's entitlement
to indemnification) and the Company hereby indemnifies and agrees
to hold Indemnitee harmless therefrom.

 

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(b) In the event the
determination of entitlement to indemnification is to be made by
Independent Counsel pursuant to Section 11(a) hereof, the
Independent Counsel shall be selected as provided in this
Section 11(b). If a Change in Control shall not have occurred
after the date of this Agreement, the Independent Counsel shall be
selected by the Board, and the Company shall give written notice to
Indemnitee advising him of the identity of the Independent Counsel
so selected. If a Change in Control shall have occurred after the
date of this Agreement, the Independent Counsel shall be selected
by Indemnitee (unless Indemnitee shall request that such selection
be made by the Board, in which event the preceding sentence shall
apply), and Indemnitee shall give written notice to the Company
advising it of the identity of the Independent Counsel so selected.
In either event, Indemnitee or the Company, as the case may be,
may, within ten (10) days after such written notice of selection
shall have been given, deliver to the Company or to Indemnitee, as
the case may be, a written objection to such selection;
provided,
however, that such
objection may be asserted only on the ground that the Independent
Counsel so selected does not meet the requirements of "Independent
Counsel" as defined in Section 2 of this Agreement, and the
objection shall set forth with particularity the factual basis of
such assertion. Absent a proper and timely objection, the person so
selected shall act as Independent Counsel. If such written
objection is so made and substantiated, the Independent Counsel so
selected may not serve as Independent Counsel unless and until such
objection is withdrawn or a court has determined that such
objection is without merit. If, within twenty (20) days after the
submission by Indemnitee or the Company, as the case may be, of a
written objection, no Independent Counsel shall have been selected
and not objected to, either the Company or Indemnitee may petition
a court of competent jurisdiction for resolution of any objection
which shall have been made by the Company or Indemnitee to the
other's selection of Independent Counsel and/or for the appointment
as Independent Counsel of a person selected by the Court or by such
other person as the Court shall designate, and the person with
respect to whom all objections are so resolved or the person so
appointed shall act as Independent Counsel under Section 11(a)
hereof. Upon the due commencement of any judicial proceeding or
arbitration pursuant to Section 13(a) of this Agreement,
Independent Counsel shall be discharged and relieved of any further
responsibility in such capacity (subject to the applicable
standards of professional conduct then prevailing).

Section
12. Presumptions
and Effect of Certain Proceedings.

(a) In making a
determination with respect to entitlement to indemnification
hereunder, the person or persons or entity making such
determination shall, to the fullest extent not prohibited by law,
presume that Indemnitee is entitled to indemnification under this
Agreement if Indemnitee has submitted a request for indemnification
in accordance with Section 10(a) of this Agreement, and the Company
shall, to the fullest extent not prohibited by law, have the burden
of proof to overcome that presumption in connection with the making
by any person, persons or entity of any determination contrary to
that presumption. Neither the failure of the Company (including by
its directors or independent legal counsel) to have made a
determination prior to the commencement of any action pursuant to
this Agreement that indemnification is proper in the circumstances
because Indemnitee has met the applicable standard of conduct, nor
an actual determination by the Company (including by its directors
or independent legal counsel) that Indemnitee has not met such
applicable standard of conduct, shall be a defense to the action or
create a presumption that Indemnitee has not met the applicable
standard of conduct.

 

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(b) Subject to Section
13(e), if the person, persons or entity empowered or selected under
Section 11 of this Agreement to determine whether Indemnitee is
entitled to indemnification shall not have made a determination
within sixty (60) days after receipt by the Company of the request
therefor, the requisite determination of entitlement to
indemnification shall, to the fullest extent not prohibited by law,
be deemed to have been made and Indemnitee shall be entitled to
such indemnification, absent (i) a misstatement by Indemnitee of a
material fact, or an omission of a material fact necessary to make
Indemnitee's statement not materially misleading, in connection
with the request for indemnification, or (ii) a prohibition of such
indemnification under applicable law; provided, however, that such
60-day period may be extended for a reasonable time, not to exceed
an additional thirty (30) days, if the person, persons or entity
making the determination with respect to entitlement to
indemnification in good faith requires such additional time for the
obtaining or evaluating of documentation and/or information
relating thereto; and provided, further, that the foregoing
provisions of this Section 12(b) shall not apply (i) if the
determination of entitlement to indemnification is to be made by
the stockholders pursuant to Section 11(a) of this Agreement and if
(A) within fifteen (15) days after receipt by the Company of the
request for such determination the Board has resolved to submit
such determination to the stockholders for their consideration at
an annual meeting thereof to be held within seventy-five (75) days
after such receipt and such determination is made thereat, or (B) a
special meeting of stockholders is called within fifteen (15) days
after such receipt for the purpose of making such determination,
such meeting is held for such purpose within sixty (60) days after
having been so called and such determination is made thereat, or
(ii) if the determination of entitlement to indemnification is to
be made by Independent Counsel pursuant to Section 11(a) of this
Agreement.

(c) The termination of
any Proceeding or of any claim, issue or matter therein, by
judgment, order, settlement or conviction, or upon a plea of
nolo contendere or its equivalent,
shall not (except as otherwise expressly provided in this
Agreement) of itself adversely affect the right of Indemnitee to
indemnification or create a presumption that Indemnitee did not act
in good faith and in a manner which he reasonably believed to be in
or not opposed to the best interests of the Company or, with
respect to any criminal Proceeding, that Indemnitee had reasonable
cause to believe that his conduct was unlawful.

(d) Reliance as Safe Harbor. For
purposes of any determination of good faith, Indemnitee shall be
deemed to have acted in good faith if Indemnitee's action is based
on the records or books of account of the Company or other
corporation, limited liability company, partnership, joint venture,
trust employee benefit plan or other enterprise of which Indemnitee
was serving as a director, officer, employee, agent or fiduciary,
including financial statements, or on information supplied to
Indemnitee by the officers of the Company or other corporation,
limited liability company, partnership, joint venture, trust
employee benefit plan or other enterprise of which Indemnitee was
serving as a director, officer, employee, agent or fiduciary in the
course of their duties, or on the advice of legal counsel for the
enterprise or on information or records given or reports made to
the Company or other corporation, limited liability company,
partnership, joint venture, trust employee benefit plan or other
enterprise of which Indemnitee was serving as a director, officer,
employee, agent or fiduciary by an independent certified public
accountant or by an appraiser or other expert selected with the
reasonable care by the Company or other corporation, limited
liability company, partnership, joint venture, trust employee
benefit plan or other enterprise of which Indemnitee was serving as
a director, officer, employee, agent or fiduciary. The provisions
of this Section 12(d) shall not be deemed to be exclusive or to
limit in any way the other circumstances in which the Indemnitee
may be deemed to have met the applicable standard of conduct set
forth in this Agreement.

 

10

 

 

(e) Actions of Others. The
knowledge and/or actions, or failure to act, of any other director,
officer, agent or employee of the Company or other corporation,
limited liability company, partnership, joint venture, trust
employee benefit plan or other enterprise of which Indemnitee was
serving as a director, officer, employee, agent or fiduciary shall
not be imputed to Indemnitee for purposes of determining the right
to indemnification under this Agreement.

Section
13. Remedies
of Indemnitee.

(a) Subject to Section
13(e), in the event that (i) a determination is made pursuant to
Section 11 of this Agreement that Indemnitee is not entitled to
indemnification under this Agreement, (ii) advancement of Expenses
is not timely made pursuant to Section 9 of this Agreement,
(iii) no determination of entitlement to indemnification shall have
been made pursuant to Section 11(a) of this Agreement within ninety
(90) days after receipt by the Company of the request for
indemnification, (iv) payment of indemnification is not made
pursuant to Section 5 or 6 or the last sentence of Section
11(a) of this Agreement within ten (10) days after receipt by the
Company of a written request therefor, (v) payment of
indemnification pursuant to Section 3, 4 or 7 of this Agreement is
not made within ten (10) days after a determination has been made
that Indemnitee is entitled to indemnification, or (vi) in the
event that the Company or any other person takes or threatens to
take any action to declare this Agreement void or unenforceable, or
institutes any litigation or other action or Proceeding designed to
deny, or to recover from, the Indemnitee the benefits provided or
intended to be provided to the Indemnitee hereunder, Indemnitee
shall be entitled to an adjudication by a court of his entitlement
to such indemnification or advancement of Expenses. Alternatively,
Indemnitee, at his option, may seek an award in arbitration to be
conducted by a single arbitrator pursuant to the Commercial
Arbitration Rules of the American Arbitration Association.
Indemnitee shall commence such proceeding seeking an adjudication
or an award in arbitration within 180 days following the date on
which Indemnitee first has the right to commence such proceeding
pursuant to this Section 13(a); provided, however, that the foregoing
clause shall not apply in respect of a proceeding brought by
Indemnitee to enforce his rights under Section 5 of this
Agreement. The Company shall not oppose Indemnitee's right to seek
any such adjudication or award in arbitration.

 

11

 

 

(b) In the event that a
determination shall have been made pursuant to Section 11(a) of
this Agreement that Indemnitee is not entitled to indemnification,
any judicial proceeding or arbitration commenced pursuant to this
Section 13 shall be conducted in all respects as a
de novo trial, or arbitration, on
the merits and Indemnitee shall not be prejudiced by reason of that
adverse determination. In any judicial proceeding or arbitration
commenced pursuant to this Section 13 the Company shall have the
burden of proving Indemnitee is not entitled to indemnification or
advancement of Expenses, as the case may be.

(c) If a determination
shall have been made pursuant to Section 11(a) of this
Agreement that Indemnitee is entitled to indemnification, the
Company shall be bound by such determination in any judicial
proceeding or arbitration commenced pursuant to this
Section 13, absent (i) a misstatement by Indemnitee of a
material fact, or an omission of a material fact necessary to make
Indemnitee's statement not materially misleading, in connection
with the request for indemnification, or (ii) a prohibition of such
indemnification under applicable law.

(d) The Company shall,
to the fullest extent not prohibited by law, be precluded from
asserting in any judicial proceeding or arbitration commenced
pursuant to this Section 13 that the procedures and presumptions of
this Agreement are not valid, binding and enforceable and shall
stipulate in any such court or before any such arbitrator that the
Company is bound by all the provisions of this Agreement. It is the
intent of the Company that the Indemnitee not be required to incur
legal fees or other Expenses associated with the interpretation,
enforcement or defense of Indemnitee's rights under this Agreement
by litigation or otherwise because the cost and expense thereof
would substantially detract from the benefits intended to be
extended to the Indemnitee hereunder. The Company shall indemnify
Indemnitee against any and all Expenses and, if requested by
Indemnitee, shall (within ten (10) days after receipt by the
Company of a written request therefor) advance, to the extent not
prohibited by law, such Expenses to Indemnitee, which are incurred
by Indemnitee in connection with any action brought by Indemnitee
for indemnification or advance of Expenses from the Company under
this Agreement or under any directors' and officers' liability
insurance policies maintained by the Company, regardless of whether
Indemnitee ultimately is determined to be entitled to such
indemnification, advancement of Expenses or insurance recovery, as
the case may be.

(e) Notwithstanding
anything in this Agreement to the contrary, no determination as to
entitlement to indemnification under this Agreement shall be
required to be made prior to the final disposition of the
Proceeding.

Section
14. Non-exclusivity;
Survival of Rights; Insurance; Subrogation.

(a) The rights of
indemnification and to receive advancement of Expenses as provided
by this Agreement shall not be deemed exclusive of any other rights
to which Indemnitee may at any time be entitled under applicable
law, the Company's Certificate of Incorporation, the Company's
By-laws, any agreement, a vote of stockholders or a resolution of
directors, or otherwise. No amendment, alteration or repeal of this
Agreement or of any provision hereof shall limit or restrict any
right of Indemnitee under this Agreement in respect of any action
taken or omitted by such Indemnitee in his Corporate Status prior
to such amendment, alteration or repeal. To the extent that a
change in Delaware law, whether by statute or judicial decision,
permits greater indemnification or advancement of Expenses than
would be afforded currently under the Company's Certificate of
Incorporation, the Company’s By-laws and this Agreement, it
is the intent of the parties hereto that Indemnitee shall enjoy by
this Agreement the greater benefits so afforded by such change. No
right or remedy herein conferred is intended to be exclusive of any
other right or remedy, and every other right and remedy shall be
cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion
or employment of any other right or remedy.

 

12

 

 

(b) To the extent that
the Company maintains an insurance policy or policies providing
liability insurance for directors, officers, employees, or agents
of the Company or of any other corporation, partnership, joint
venture, trust, employee benefit plan or other enterprise which
such person serves at the request of the Company, Indemnitee shall
be covered by such policy or policies in accordance with its or
their terms to the maximum extent of the coverage available for any
such director, officer, employee or agent under such policy or
policies. If, at the time of the receipt of a notice of a claim
pursuant to the terms hereof, the Company has director and officer
liability insurance in effect, the Company shall give prompt notice
of the commencement of such proceeding to the insurers in
accordance with the procedures set forth in the respective
policies. The Company and the Indemnitee shall thereafter take all
necessary or desirable action to cause such insurers to pay, on
behalf of the Indemnitee, all amounts payable as a result of such
proceeding in accordance with the terms of such
policies.

(c) In the event of any
payment under this Agreement, the Company shall be subrogated to
the extent of such payment to all of the rights of recovery of
Indemnitee with respect to any insurance policy, who shall execute
all papers required and take all action necessary to secure such
rights, including execution of such documents as are necessary to
enable the Company to bring suit to enforce such
rights.

(d) The Company shall
not be liable under this Agreement to make any payment of amounts
otherwise indemnifiable (or for which advancement is provided
hereunder) hereunder if and to the extent that Indemnitee has
otherwise actually received such payment under any insurance
policy, contract, agreement or otherwise.

(e) The Company's
obligation to indemnify or advance Expenses hereunder to Indemnitee
who is or was serving at the request of the Company as a director,
officer, employee or agent of any other corporation, limited
liability company, partnership, joint venture, trust, employee
benefit plan or other enterprise shall be reduced by any amount
Indemnitee has actually received as indemnification or advancement
of Expenses from such other corporation, limited liability company,
partnership, joint venture, trust, employee benefit plan or other
enterprise.

Section
15. Severability. If any provision
or provisions of this Agreement shall be held to be invalid,
illegal or unenforceable for any reason whatsoever: (a) the
validity, legality and enforceability of the remaining provisions
of this Agreement (including without limitation, each portion of
any Section of this Agreement containing any such provision held to
be invalid, illegal or unenforceable, that is not itself invalid,
illegal or unenforceable) shall not in any way be affected or
impaired thereby and shall remain enforceable to the fullest extent
permitted by law; (b) such provision or provisions shall be deemed
reformed to the extent necessary to conform to applicable law and
to give the maximum effect to the intent of the parties hereto; and
(c) to the fullest extent possible, the provisions of this
Agreement (including, without limitation, each portion of any
Section of this Agreement containing any such provision held to be
invalid, illegal or unenforceable, that is not itself invalid,
illegal or unenforceable) shall be construed so as to give effect
to the intent manifested thereby.

 

13

 

 

Section
16. Enforcement. The Company
expressly confirms and agrees that it has entered into this
Agreement and assumed the obligations imposed on it hereby in order
to induce Indemnitee to serve as a director or officer of the
Company, and the Company acknowledges that Indemnitee is relying
upon this Agreement in serving as a director or officer of the
Company.

Section
17. Entire Agreement. Supersedes Prior
Agreements. This Agreement constitutes the entire agreement
between the parties hereto with respect to the subject matter
hereof and supersedes all prior agreements and understandings,
oral, written and implied, between the parties hereto with respect
to the subject matter hereof; provided, however, that this
Agreement is a supplement to and in furtherance of the Certificate
of Incorporation of the Company and applicable law, and shall not
be deemed a substitute therefor, nor to diminish or abrogate any
rights of Indemnitee thereunder.

Section
18. Modification and Waiver. No
supplement, modification or amendment of this Agreement shall be
binding unless executed in writing by the parties thereto. No
waiver of any of the provisions of this Agreement shall be deemed
or shall constitute a waiver of any other provisions of this
Agreement nor shall any waiver constitute a continuing
waiver.

Section
19. Notice by Indemnitee.
Indemnitee agrees promptly to notify the Company in writing upon
being served with any summons, citation, subpoena, complaint,
indictment, information or other document relating to any
Proceeding or matter which may be subject to indemnification or
advancement of Expenses covered hereunder. The failure of
Indemnitee to so notify the Company shall not relieve the Company
of any obligation which it may have to the Indemnitee under this
Agreement or otherwise except to the extent the Corporation is
prejudiced in its defense of such action, suit or proceeding as a
result of such failure.

Section
20. Notices. All notices, requests, demands
and other communications under this Agreement shall be in writing
and shall be deemed to have been duly given if (a) delivered by
hand and receipted for by the party to whom said notice or other
communication shall have been directed, (b) mailed by certified or
registered mail with postage prepaid, on the third business day
after the date on which it is so mailed, (c) mailed by reputable
overnight courier and receipted for by the party to whom said
notice or other communication shall have been directed or (d) sent
by facsimile transmission, with receipt of oral confirmation that
such transmission has been received:

(a) If to Indemnitee,
at the address indicated on the signature page of this Agreement,
or such other address as Indemnitee shall provide to the
Company.

(b) If to the Company
to

Adgero
Biopharmaceuticals Holdings, Inc.

301 N.
Harrison St.

Suite
9F #459

Princeton, NJ
08540

Attention: Chairman
of the Board

 

or to
any other address as may have been furnished to Indemnitee by the
Company.

 

14

 

 

Section
21. Contribution. To the fullest
extent permissible under applicable law, if the indemnification
provided for in this Agreement is unavailable to Indemnitee for any
reason whatsoever, the Company, in lieu of indemnifying Indemnitee,
shall contribute to the amount incurred by Indemnitee, whether for
judgments, fines, penalties, excise taxes, amounts paid or to be
paid in settlement and/or for Expenses, in connection with any
claim relating to an indemnifiable event under this Agreement, in
such proportion as is deemed fair and reasonable in light of all of
the circumstances of such Proceeding in order to reflect (i) the
relative benefits received by the Company and Indemnitee as a
result of the event(s) and/or transaction(s) giving cause to such
Proceeding; and/or (ii) the relative fault of the Company (and its
directors, officers, employees and agents) and Indemnitee in
connection with such event(s) and/or transaction(s).

Section
22. Applicable Law and Consent to
Jurisdiction. This Agreement and the legal relations among
the parties shall be governed by, and construed and enforced in
accordance with, the laws of the State of Delaware, without regard
to its conflict of laws rules. Except with respect to any
arbitration commenced by Indemnitee pursuant to Section 13(a) of
this Agreement, the Company and Indemnitee hereby irrevocably and
unconditionally (i) agree that any action or proceeding arising out
of or in connection with this Agreement shall be brought only in
the Chancery Court of the State of Delaware (the "Delaware Court"),
and not in any other state or federal court in the United States of
America or any court in any other country, (ii) consent to submit
to the exclusive jurisdiction of the Delaware Court for purposes of
any action or proceeding arising out of or in connection with this
Agreement, (iii) appoint, to the extent such party is not otherwise
subject to service of process in the State of Delaware, irrevocably
Corporation Services Company as its agent in the State of Delaware
as such party's agent for acceptance of legal process in connection
with any such action or proceeding against such party with the same
legal force and validity as if served upon such party personally
within the State of Delaware, (iv) waive any objection to the
laying of venue of any such action or proceeding in the Delaware
Court, and (v) waive, and agree not to plead or to make, any claim
that any such action or proceeding brought in the Delaware Court
has been brought in an improper or inconvenient forum.

Section
23. Identical Counterparts. This
Agreement may be executed in one or more counterparts, each of
which shall for all purposes be deemed to be an original but all of
which together shall constitute one and the same Agreement. Only
one such counterpart signed by the party against whom
enforceability is sought needs to be produced to evidence the
existence of this Agreement.

Section
24. Miscellaneous. Use of the
masculine pronoun shall be deemed to include usage of the feminine
pronoun where appropriate. The headings of the paragraphs of this
Agreement are inserted for convenience only and shall not be deemed
to constitute part of this Agreement or to affect the construction
thereof.

 

15

 

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be
signed as of the day and year first above written.

 

 

ADGERO
BIOPHARMACEUTICALS HOLDINGS, INC.

By:
_________________________________

Name:

Title:

 

 

INDEMNITEE

_________________________________

Name:

 

Address:

_________________________ 

_________________________ 

_________________________Blueprint

 

 Exhibit 10.25

EMPLOYMENT
AGREEMENT

This EMPLOYMENT AGREEMENT (this
“Agreement”), dated as of
October 3, 2016 (the “Effective Date”) is by
and between ADGERO BIOPHARMACEUTICALS HOLDINGS, INC., a Delaware
corporation (the “Company”) and Laura
Edgerly Pflug (the “Employee”).

W
I T N E S S E T H:

WHEREAS, the Company desires to employ
the Employee as its Vice President of Manufacturing Operations and
Quality Control and the Employee desires to accept such employment,
on the terms and conditions set forth in this Agreement;
and

WHEREAS, the Company and the Employee
have mutually agreed that, as of the Effective Date, this Agreement
shall govern the terms of employment between the Employee and the
Company.

NOW, THEREFORE, in consideration of the
promises and the mutual covenants and agreements contained herein
and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto,
intending to be legally bound hereby, agree as
follows:

ARTICLE
1

EMPLOYMENT;TERM OF
AGREEMENT

Section
1.1. Employment and Acceptance.
During the Term (as defined in Section 1.2), the Company shall
employ the Employee, and the Employee shall accept such employment
and serve the Company, in each case, subject to the terms and
conditions of this Agreement.

Section
1.2. Term. The employment
relationship hereunder shall be for the period (such period of the
employment relationship shall be referred to herein as the
“Term”)
commencing on the Effective Date and ending upon the termination of
the Employee’s employment hereunder by either party hereto
pursuant to the terms of Section 4.1, Section 4.2, or Section 4.3. In the event that
the Employee’s employment with the Company hereunder
terminates, the Company’s obligation to continue to pay,
after the Termination Date (as defined in Section 4.2(a)), Base Salary
(as defined in Section
3.1(a)), Annual Bonus (as defined in Section 3.1(b)) and other
unaccrued benefits shall terminate, except to the extent provided
for in ARTICLE
4.

ARTICLE
2

TITLE; DUTIES
AND OBLIGATIONS; LOCATION

Section
2.1. Title. The Company shall employ
the Employee to render exclusive and full-time services to the
Company. The Employee shall serve in the capacity of Vice President
of Manufacturing Operations and Quality Control.

Section
2.2. Duties. The Employee shall
report to the Company’s Chief Executive Officer (the
“CEO”)
and be subject to the lawful direction of the CEO. The Employee
agrees to perform to the best of her ability, experience and talent
those acts and duties, consistent with the position of Vice
President of Manufacturing Operations and Quality Control as the
CEO shall from time to time direct.

 

1

 

 

Section
2.3. Compliance with Policies, etc.
During the Term, the Employee shall be bound by, and comply fully
with, all of the Company’s policies and procedures for
employees in place from time to time, including, but not limited
to, all terms and conditions set forth in the Company’s
employee handbook, compliance manual, codes of conduct and any
other memoranda and communications applicable to the Employee
pertaining to the policies, procedures, rules and regulations, as
currently in effect and as may be amended from time to time. These
policies and procedures include, among other things and without
limitation, the Employee’s obligations to comply with the
Company’s rules regarding confidential and proprietary
information and trade secrets.

Section
2.4. Time Commitment. During the
Term, the Employee shall use her best efforts to promote the
interests of the Company (including its subsidiaries and other
Affiliates) and shall devote all of her business time, ability and
attention to the performance of her duties for the Company. and
shall not, directly or indirectly, render any services to any other
person or organization, whether for compensation or otherwise,
except (a) to conduct minor close-out services with prior clients
of Pflug Consulting to the extent it does not interfere with
carrying out the responsibilities detailed in Section 2.2 and with
the understanding that the Company may require the Employee to
discontinue these services at any time, or (b) otherwise with the
Board’s prior written consent, provided that the foregoing
shall not prevent the Employee from (i) participating in
charitable, civic, educational, professional, community or industry
affairs, or (ii) managing the Employee’s passive personal
investments, so long as, in each case, such activities individually
or in the aggregate do not materially interfere or conflict with
the Employee’s duties hereunder or create a potential
business or fiduciary conflict (in each case, as determined by the
Board).

Section
2.5. Location. The Employee’s
principal place of business for the performance of her duties under
this Agreement shall be at the principal executive office of the
Company to be located in the Princeton, New Jersey area. The
Employee shall travel as determined necessary to perform her duties
hereunder by the Company’s Chief Executive
Officer.

ARTICLE
3

COMPENSATION AND BENEFITS;
EXPENSES

Section
3.1. Compensation and Benefits. For
all services rendered by the Employee in any capacity during the
Term (including, without limitation, serving as an officer,
director or member of any committee of the Company or any of its
subsidiaries or other Affiliates), the Employee shall be
compensated as follows (subject, in each case, to the provisions of
ARTICLE 4
below):

(a)       
Base Salary. During
the Term, the Company shall pay the Employee a base salary (the
“Base
Salary”) at the annualized rate of $275,000, which
shall be subject to customary withholdings and authorized
deductions and be payable in equal installments in accordance with
the Company’s customary payroll practices in place from time
to time. The Employee’s Base salary and title shall be
subject to, on an annual basis beginning in October 2017, periodic
review and adjustments as the Board and/or the Compensation
Committee of the Board (the “Compensation Committee”)
shall in its/their discretion deem appropriate.

 

2

 

 

(b)           Annual
Bonus. For each calendar year ending during the Term
(beginning with the calendar year ending December 31, 2017), the
Employee shall be eligible to receive an annual bonus (the
“Annual
Bonus”) with a target amount equal to thirty
five percent
(35%) of the Base Salary earned by the Employee for such calendar
year (the “Target
Annual Bonus”). The actual amount of each Annual Bonus
will be based upon the level of achievement of the Company’s
corporate objectives and the Employee’s individual
objectives, in each case, as established by the Board or the
Compensation Committee (taking into account the input of the CEO
with respect to the establishment of the Employee’s
individual objectives) for the calendar year with respect to which
such Annual Bonus relates. The determination of the level of
achievement of the corporate objectives and the Employee’s
individual performance objectives for a year shall be made by the
Board or the Compensation Committee (taking into account the input
of the CEO with respect to the establishment of the
Employee’s individual objectives), in its reasonable
discretion. Each Annual Bonus for a calendar year, to the extent
earned, will be paid in a lump sum in the following calendar year,
within the first 75 days of such following year. The Annual Bonus
shall not be deemed earned until the date that it is paid.
Accordingly, in order for the Employee to receive an Annual Bonus,
the Employee must be actively employed by the Company at the time
of such payment.

 

(c)           Equity
Compensation. Subject to the terms of the Company’s
2016 Equity Incentive Plan (the “Plan”) and approval of
the Board or Compensation Committee, at the next regular meeting of
the Board or the Compensation Committee on or following the
Effective Date, the Employee will be granted options to purchase up
to 150,000 shares of the Company’s common stock, on the terms
and conditions determined by the Board or the Compensation
Committee, with an exercise price of $5.00 per share (provided that
the Board or the Compensation Committee determines that such
exercise price represents no less than fair market value per share
on the date of grant in accordance with the Plan). The shares subject to the option shall vest
in three (3) equal annual installments, beginning on the first
anniversary of the date of grant, and continuing on each of the
second and third anniversaries, provided that the Employee remains
employed by or remains a service provider to, the Company through
each applicable vesting date. During the Term, subject to the terms
and conditions established within the Plan or any successor equity
compensation plan as may be in place from time to time and separate
award agreements, the Employee also shall be eligible to receive
from time to time stock options, stock unit awards, performance
shares, performance units, incentive bonus awards, other cash-based
awards and/or other stock-based awards (as permitted by the Plan),
in amounts, if any, to be approved by the Board or the Compensation
Committee in its discretion. Notwithstanding anything in the Plan
to the contrary, in the event that the Employee is terminated
without Cause (as defined in Section 4.1(b)) or resigns with Good
Reason (as defined in Section 4.1(c)) within twenty-four (24)
months following a Change in Control (as defined in Section 5.19),
in lieu of the application of Section 4.1(d)(ii), the Employee
shall receive accelerated vesting upon the Termination Date as if
the Employee had provided service to the Company for an additional
six (6) months, and all of the Employee’s outstanding vested
stock options shall remain exercisable for a period of six (6)
months, measured from the Termination Date (but in no event later
than the expiration date of their term); provided, however, that in the event
stock options under the Plan are cancelled or otherwise terminated
pursuant to the Plan in connection with such Change in Control, the
Employee’s stock options may be cancelled or otherwise
terminated, as applicable, on terms no less favorable than those
provided to other similarly situated option holders. This
Section 3.1(d)
shall be deemed an amendment to each award agreement entered into
by the Employee evidencing a grant of stock options, whether
entered into prior to the Effective Date or during the Term (but,
in no event shall this Section 3.1(d) be deemed an
amendment to any award agreement entered into after expiration of
the Term).

 

 

3

 

 

(d)           Benefit
Plans. The Employee shall be entitled to participate in all
employee benefit plans and programs (excluding severance plans, if
any) generally made available by the Company to executives of the
Company, to the extent permissible under the general terms and
provisions of such plans or programs and in accordance with the
provisions thereof. The Company may amend, modify or rescind any
employee benefit plan or program and/or change employee
contribution amounts to benefit costs without notice in its
discretion.

 

(e)           Paid
Vacation. The Employee shall be entitled to paid vacation
days in accordance with the Company’s vacation policies in
effect from time to time for its executive team; provided, however, that the Employee
shall be entitled to no less than fifteen (15) paid vacation days
per calendar year during the Term.

 

Section
3.2.    Expense Reimbursement. The
Company shall reimburse the Employee during the Term, in accordance
with the Company’s expense reimbursement policies in place
from time to time, for all reasonable out-of-pocket business
expenses incurred by the Employee in the performance of her duties
hereunder. In order to receive such reimbursement, the Employee
shall furnish to the Company documentary evidence of each such
expense in the form required to comply with the Company’s
policies in place from time to time.

ARTICLE
4

TERMINATION OF
EMPLOYMENT

Section
4.1.    Termination Without Cause or
Resignation for Good Reason.

(a) The Company may
terminate the Employee’s employment hereunder at any time
without Cause (other than by reason of death or Disability) upon
sixty (60) days prior written notice to the Employee. Employee may
terminate her employment hereunder for Good Reason upon written
notice to the Company in accordance with the provisions set forth
in Section
4.1(c).

(b) As used in this
Agreement, “Cause” means: (i) a
material act, or act of fraud, committed by the Employee that is
intended to result in the Employee’s personal enrichment to
the detriment or at the expense of the Company or any of its
Affiliates; (ii) the Employee is convicted of a felony; (iii) gross
negligence or willful misconduct by the Employee, or failure by the
Employee to perform the duties or obligations reasonably assigned
to the Employee by the CEO (or the Board) from time to time, which
is not cured upon ten (10) days prior written notice (unless such
negligence, misconduct or failure is not susceptible to cure, as
determined in the reasonable discretion of the Board); or (iv) the
Employee violates the Covenants Agreement (as defined in
Section 5.1
below).

(c) As used in this
Agreement, “Good
Reason” means the occurrence of any of the following:
(1) a material breach by the Company of the terms of this
Agreement; (2) a material reduction in the Employee’s Base
Salary (other than pursuant to a reduction uniformly applicable to
all executives of the Company); or (3) a material diminution in the
Employee’s authority, duties or responsibilities;
provided,
however, that the
Employee must notify the Company within ninety (90) days of the
occurrence of any of the foregoing conditions that she considers it
to be a “Good Reason” condition and provide the Company
with at least thirty (30) days in which to cure the condition. If
the Employee fails to provide this notice and cure period prior to
her resignation, or resigns more than six (6) months after the
initial existence of the condition, her resignation will not be
deemed to be for “Good Reason.” It is an express
condition of this Agreement that an acquiring entity in a Change in
Control assume this Agreement; if this Agreement is not so assumed,
it shall constitute a material breach of the terms of the
Agreement.

 

4

 

 

(d) If the
Employee’s employment is terminated pursuant to Section 4.1(a), the Employee
shall, in full discharge of all of the Company’s obligations
to the Employee, be entitled to receive, and the Company’s
sole obligation to the Employee under this Agreement or otherwise
shall be to pay or provide to the Employee, the
following:

(i) the Accrued
Obligations (as defined in Section 4.2(b));

(ii) for
each outstanding stock option held by the Employee under the Plan
for which vesting is time-based, accelerated vesting upon the
Termination Date as if the Employee had provided service to the
Company for an additional three (3) months, and all of the
Employee’s outstanding vested stock options shall remain
exercisable for a period of six (6) months, measured from the
Termination Date (but in no event later than the expiration date of
their term); and

(iii) subject
to Section 4.4 and
Section
4.5:

(A)
payments equal to the sum of three (3) months’ of the
Employee’s Base Salary at the rate in effect immediately
prior to the Termination Date (provided that if such salary has
been reduced, the pre-reduction Base Salary, and provided further
that the foregoing amount shall be subject to periodic review in
the discretion of the Board, the Compensation Committee and/or the
Chief Executive Officer with consideration of adjustment if they
deem appropriate) (less applicable withholdings and authorized
deductions) (the “Severance Payments”) to
be paid (subject to Section 5.16) in equal
installments bimonthly in accordance with the Company’s
regular payroll practices, commencing on the next regular payroll
date that occurs on or after the sixtieth (60th) day following the
Termination Date; and

(B) if
the Employee then participates in the Company’s medical
and/or dental plans and the Employee timely elects to continue and
maintain group health plan coverage pursuant to the Consolidated
Omnibus Budget Reconciliation Act of 1985, as amended
(“COBRA”), then the Company
shall reimburse the Employee for the healthcare continuation
payments under COBRA actually made by the Employee for the coverage
period beginning on the day following the Termination Date and
ending on the earlier
of: (A) the three (3) month anniversary of the Termination
Date; and (B) the date the Employee becomes eligible to obtain
alternate healthcare coverage from a new employer (the
“COBRA
Assistance”). The Employee agrees to immediately
inform the Company if she becomes eligible to obtain alternate
healthcare coverage from a new employer. The Employee also agrees
to remit to the Company on a monthly basis and within thirty (30)
days of the date of payment, paid invoices for each such monthly
COBRA premium for which she seeks reimbursement pursuant to this
Section
4.1(d)(iii)(B) and such reimbursement (to the extent
required pursuant to this Section 4.1(d)(iii)(B)) shall
be made to the Employee within thirty (30) days following the
Employee’s delivery to the Company of each such invoice.
Notwithstanding anything set forth in this Section 4.1(d)(iii)(B), if and
to the extent that the Company may not provide such COBRA
Assistance without incurring tax penalties or violating any
requirement of the law, the Company shall use its commercially
reasonable best efforts to provide substantially similar assistance
in an alternative manner provided that the cost of doing so does
not exceed the cost that the Company would have incurred had the
COBRA Assistance been provided in the manner described above or
cause a violation of Section 409A (as defined in Section 5.16).

 

5

 

 

Section
4.2.    Termination for Cause; Voluntary
Termination. The Company may terminate the Employee’s
employment hereunder at any time for Cause upon written notice to
the Employee. The Employee may voluntarily terminate her employment
hereunder at any time without Good Reason upon sixty (60) days
prior written notice to the Company; provided, however, the Company
reserves the right, upon written notice to the Employee, to accept
the Employee’s notice of resignation and to accelerate such
notice and make the Employee’s resignation effective
immediately, or on such other date prior to Employee’s
intended last day of work as the Company deems appropriate. It is
understood and agreed that the Company’s election to
accelerate Employee’s notice of resignation shall not be
deemed a termination by the Company without Cause for purposes of
Section 4.1 of this Agreement or otherwise or constitute Good
Reason (as defined in Section 4.1) for purposes of Section 4.1 of
this Agreement or otherwise. If the Employee’s employment is
terminated pursuant to Section 4.2, the Employee shall, in full
discharge of all of the Company’s obligations to the
Employee, be entitled to receive, and the Company’s sole
obligation under this Agreement or otherwise shall be to pay or
provide to the Employee, the following (collectively, the
“Accrued Obligations”):

(a) the
Employee’s earned, but unpaid, Base Salary through the final
date of the Employee’s employment by the Company (the
“Termination
Date”), payable in accordance with the Company’s
standard payroll practices;

(b) the
Employee’s accrued, but unused, vacation (in accordance with
the Company’s policies);

(c)
expenses reimbursable under Section 3.2 above incurred on
or prior to the Termination Date but not yet reimbursed;
and

(d) any
amounts or benefits that are vested amounts or vested benefits or
that the Employee is otherwise entitled to receive under any
Company plan, program, policy or practice (with the exception of
those, if any, relating to severance) on the Termination Date, in
accordance with such plan, program, policy, or
practice.

Section
4.3.    Termination Resulting from Death or
Disability.

 

6

 

 

(a) As the result of
any Disability suffered by the Employee, the Company may, upon five
(5) days prior notice to the Employee, terminate the
Employee’s employment under this Agreement. The
Employee’s employment shall automatically terminate upon her
death.

(b)
“Disability” means a
determination by the Company in accordance with applicable law that
as a result of a physical or mental injury or illness, the Employee
is unable to perform the essential functions of her job with or
without reasonable accommodation for a period of (i) ninety (90)
consecutive days; or (ii) one hundred twenty (120) days during any
twelve (12) month period.

(c)
If the
Employee’s employment is terminated pursuant to Section 4.3(a), the Employee or
the Employee’s estate, as the case may be, shall be entitled
to receive, and the Company’s sole obligation under this
Agreement or otherwise shall be to pay or provide to the Employee
or the Employee’s estate, as the case may be, the Accrued
Obligations.

Section
4.4.    Release Agreement. In order to
receive the Severance Payments or the COBRA Assistance set forth in
Section 4.1 (if
eligible), the Employee must timely execute (and not revoke) a
separation agreement and general release (the “Release Agreement”) in a
customary form as is determined to be reasonably necessary by the
Company in its good faith and reasonable discretion. If the
Employee is eligible for Severance Payments and COBRA Assistance
pursuant to Section
4.1, the Company will deliver the Release Agreement to the
Employee within seven (7) calendar days following the Termination
Date. The Severance Payments and COBRA Assistance are subject to
the Employee’s execution of such Release Agreement within 45
days of the Employee’s receipt of the Release Agreement and
the Employee’s non-revocation of such Release
Agreement.

Section
4.5.    Post-Termination Breach.
Notwithstanding anything to the contrary contained in this
Agreement, the Company’s obligations to provide the Severance
Payments and the COBRA Assistance will immediately cease if the
Employee breaches any of the provisions of the Covenants Agreement,
the Release Agreement or any other agreement the Employee has with
the Company.

Section
4.6.    Removal from any Boards and
Position. If the Employee’s employment is terminated
for any reason under this Agreement, she shall be deemed (without
further action, deed or notice) to resign (i) if a member, from the
Board or board of directors (or similar governing body) of any
Affiliate of the Company or any other board to which she has been
appointed or nominated by or on behalf of the Company and (ii) from
all other positions with the Company or any subsidiary or other
Affiliate of the Company, including, but not limited to, as an
officer of the Company and any of its subsidiaries or other
Affiliates.

ARTICLE
5

GENERAL PROVISIONS

Section
5.1.    Company Non-Disclosure and Invention
Assignment Agreement. The Employee acknowledges and confirms
that the Non-Disclosure and Invention Assignment Agreement executed
by the Employee in favor of the Company in October, 2016
(“Covenants
Agreement”), the terms of which are incorporated
herein by reference, remains in full force and effect and binding
upon the Employee. The Covenants Agreement shall survive the
termination of this Agreement and the Employee’s employment
by the Company for the applicable period(s) set forth
therein.

 

7

 

 

Section
5.2.     Expenses. Each of the Company
and the Employee shall bear its/her own costs, fees and expenses in
connection with the negotiation, preparation and execution of this
Agreement.

Section
5.3.     Entire Agreement. This
Agreement and the Covenants Agreement contain the entire agreement
of the parties hereto with respect to the terms and conditions of
the Employee’s employment during the Term and activities
following termination of this Agreement and the Employee’s
employment with the Company and supersede any and all prior
agreements and understandings, whether written or oral, between the
parties hereto with respect to the subject matter of this Agreement
or the Covenants Agreement. Each party hereto acknowledges that no
representations, inducements, promises or agreements, whether oral
or in writing, have been made by any party, or on behalf of any
party, which are not embodied herein or in the Covenants Agreement.
The Employee acknowledges and agrees that the Company has fully
satisfied, and has no further, obligations to the Employee arising
under, or relating to, any other employment or consulting
arrangement or understanding (including, without limitation, any
claims for compensation or benefits of any kind) or otherwise. No
agreement, promise or statement not contained in this Agreement or
the Covenants Agreement shall be valid and binding, unless agreed
to in writing and signed by the parties sought to be bound
thereby.

Section
5.4.     No
Other Contracts. The Employee represents and warrants to the
Company that neither the execution and delivery of this Agreement
by the Employee nor the performance by the Employee of the
Employee’s obligations hereunder, shall constitute a default
under or a breach of the terms of any other agreement, contract or
other arrangement, whether written or oral, to which the Employee
is a party or by which the Employee is bound, nor shall the
execution and delivery of this Agreement by the Employee nor the
performance by the Employee of her duties and obligations hereunder
give rise to any claim or charge against either the Employee, the
Company or any Affiliate, based upon any other contract or other
arrangement, whether written or oral, to which the Employee is a
party or by which the Employee is bound. The Employee further
represents and warrants to the Company that she is not a party to
or subject to any restrictive covenants, legal restrictions or
other agreement, contract or arrangement, whether written or oral,
in favor of any entity or person which would in any way preclude,
inhibit, impair or limit the Employee’s ability to perform
her obligations under this Agreement or the Covenants Agreement,
including, but not limited to, non-competition agreements,
non-solicitation agreements or confidentiality agreements. The
Employee shall defend, indemnify and hold the Company harmless from
and against all claims, actions, losses, liabilities, damages,
costs and expenses (including reasonable attorney’s fees and
amounts paid in settlement in good faith) arising from or relating
to any breach of the representations and warranties made by the
Employee in this Section
5.4.

Section
5.5.     Notices. Any notice or other
communication required or permitted hereunder shall be in writing
and shall be delivered personally or sent by nationally recognized
overnight courier service (with next business day delivery
requested). Any such notice or communication shall be deemed given
and effective, in the case of personal delivery, upon receipt by
the other party, and in the case of a courier service, upon the
next business day, after dispatch of the notice or communication.
Any such notice or communication shall be addressed as
follows:

 

8

 

 

If
to the Company, to:

 

Adgero
Biopharmaceuticals Holdings, Inc.

301 N.
Harrison St., Suite 9F #459

Princeton, NJ
08540

Attn:
Chief Executive Officer

 

With
a copy to:

Lowenstein Sandler
LLP

1251
Avenue of the Americas

New
York, New York 10020

Attn:
Michael J. Lerner, Esq.

 

If
to the Employee, to:

 

Laura
Pflug

[●]

 

 

With
a copy to:

___________________

____________________

 

Any
person named above may designate another address or fax number by
giving notice in accordance with this Section to the other persons
named above.

Section
5.6.    Governing Law; Jurisdiction.
This Agreement shall be governed by, and construed in accordance
with, the laws of the State of New Jersey, without regard to
principles of conflicts of law. Any and all actions arising out of
this Agreement or Employee’s employment by Company or
termination therefrom shall be brought and heard in the state and
federal courts of the State of New Jersey and the parties hereto
hereby irrevocably submit to the exclusive jurisdiction of any such
courts. THE COMPANY AND THE EMPLOYEE HEREBY WAIVE THEIR RESPECTIVE
RIGHT TO TRIAL BY JURY IN ANY ACTION CONCERNING THIS AGREEMENT OR
ANY AND ALL MATTERS ARISING DIRECTLY OR INDIRECTLY HEREFROM AND
REPRESENT THAT THEY HAVE CONSULTED WITH COUNSEL OF THEIR CHOICE OR
HAVE CHOSEN VOLUNTARILY NOT TO DO SO SPECIFICALLY WITH RESPECT TO
THIS WAIVER.

 

9

 

 

Section
5.7

Waiver
.. Either party hereto may waive compliance by the other party with
any provision of this Agreement. The failure of
a party to insist on strict adherence to any term of this Agreement
on any occasion shall not be considered a waiver or deprive that
party of the right thereafter to insist upon strict adherence to
that term or any other term of this Agreement. No waiver of any
provision shall be construed as a waiver of any other provision.
Any waiver must be in writing.

 

Section
5.8

Severability
.. If any one or more of the terms, provisions, covenants and
restrictions of this Agreement shall be determined by a court of
competent jurisdiction to be invalid, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions of
this Agreement shall remain in full force and effect and shall in
no way be affected, impaired or invalidated and the parties will
attempt to agree upon a valid and enforceable provision which shall
be a reasonable substitute for such invalid and unenforceable
provision in light of the tenor of this Agreement, and, upon so
agreeing, shall incorporate such substitute provision in this
Agreement. In addition, if any one or more of the provisions
contained in this Agreement shall for any reason be determined by a
court of competent jurisdiction to be excessively broad as to
duration, geographical scope, activity or subject, it shall be
construed, by limiting or reducing it, so as to be enforceable to
the extent compatible with then applicable law.

 

Section
5.9.

Counterparts
.. This Agreement may be executed in any number of counterparts and
each such duplicate counterpart shall constitute an original, any
one of which may be introduced in evidence or used for any other
purpose without the production of its duplicate counterpart.
Moreover, notwithstanding that any of the parties did not execute
the same counterpart, each counterpart shall be deemed for all
purposes to be an original, and all such counterparts shall
constitute one and the same instrument, binding on all of the
parties hereto.

 

Section
5.10.

Advice
of Counsel . This Agreement was prepared by Lowenstein
Sandler LLP in its capacity as legal counsel to the
Company. Both
parties hereto acknowledge that they have had the opportunity to
seek and obtain the advice of counsel before entering into this
Agreement and have done so to the extent desired, and have fully
read the Agreement and understand the meaning and import of all the
terms hereof.

 

Section
5.11.

Assignment
.. This Agreement shall inure to the benefit of the Company and its
successors and assigns (including, without
limitation, the purchaser of all or substantially all of its
assets) and shall be binding upon the Company and its successors
and assigns. This Agreement is personal to the Employee, and the
Employee shall not assign or delegate her rights or duties under
this Agreement, and any such assignment or delegation shall be null
and void.

Section
5.12.

Agreement to Take Actions .
Each party to this Agreement shall execute and deliver such
documents, certificates, agreements and
other instruments, and shall take all other actions, as may be
reasonably necessary or desirable in order to perform their or its
obligations under this Agreement.

Section
5.13.

No Attachment . Except as
required by law, no right to receive payments under this Agreement
shall be subject to anticipation, commutation, alienation, sale,
assignment, encumbrance, charge, pledge, or hypothecation or to
execution, attachment, levy or similar process or assignment by
operation of law, and any attempt, voluntary or involuntary, to
effect any such action shall be null, void and of no effect;
provided
, however, that nothing in this Section 5.13 shall preclude
the assumption of such rights by executors, administrators or other
legal representatives of the Employee or the Employee’s
estate and their assigning any rights hereunder to the person or
persons entitled thereto.

 

 

10

 

 

Section
5.14.

Source of Payment . Except as
otherwise provided under the terms of any applicable employee
benefit plan, all payments provided for under this Agreement shall
be paid in cash from the general funds of Company. The Company
shall not be required to establish a special or separate fund or
other segregation of assets to assure such payments, and, if the
Company shall make any investments to aid it in meeting its
obligations hereunder, the Employee shall have no right, title or
interest whatever in or to any such investments except as may
otherwise be expressly provided in a separate written instrument
relating to such investments. Nothing contained in this Agreement,
and no action taken pursuant to its provisions, shall create or be
construed to create a trust of any kind, or a fiduciary
relationship, between the Company and the Employee or any other
person. To the extent that any person acquires a right to receive
payments from the Company hereunder, such right, without prejudice
to rights which employees may have, shall be no greater than the
right of an unsecured creditor of the Company. The Employee shall
not look to the owners of the Company for the satisfaction of any
obligations of the Company under this Agreement.

 

Section
5.15.

Tax Withholding . The Company
or other payor is authorized to withhold from any benefit provided
or payment due hereunder, the amount of withholding taxes due any
federal, state or local authority in respect of such benefit or
payment and to take such other action as may be necessary in the
opinion of the Board to satisfy all obligations for the payment of
such withholding taxes. The Employee will be solely responsible for
all taxes assessed against her with respect to the compensation and
benefits described in this Agreement, other than typical
employer-paid taxes such as FICA, and the Company makes no
representations as to the tax treatment of such compensation and
benefits.

 

Section
5.16.   

409A Compliance . All payments
under this Agreement are intended to comply with or be exempt from
the requirements of Section 409A of the Code and regulations
promulgated thereunder (“Section 409A ”). As used
in this Agreement, the “Code” means the Internal
Revenue Code of 1986, as amended. To the extent permitted under
applicable regulations and/or other guidance of general
applicability issued pursuant to Section 409A, the Company reserves
the right to modify this Agreement to conform with any or all
relevant provisions regarding compensation and/or benefits so that
such compensation and benefits are exempt from the provisions of
409A and/or otherwise comply with such provisions so as to avoid
the tax consequences set forth in Section 409A and to assure that
no payment or benefit shall be subject to an “additional
tax” under Section 409A. To the extent that any provision in
this Agreement is ambiguous as to its compliance with Section 409A,
or to the extent any provision in this Agreement must be modified
to comply with Section 409A, such provision shall be read in such a
manner so that no payment due to the Employee shall be subject to
an “additional tax” within the meaning of Section
409A(a)(1)(B) of the Code. If necessary to comply with the
restriction in Section 409A(a)(2)(B) of the Code concerning
payments to “specified employees,” any payment on
account of the Employee’s separation from service that would
otherwise be due hereunder within six (6) months after such
separation shall be delayed until the first business day of the
seventh month following the Termination Date and the first such
payment shall include the cumulative amount of any payments
(without interest) that would have been paid prior to such date if
not for such restriction. Each payment in a series of payments
hereunder shall be deemed to be a separate payment for purposes of
Section 409A. In no event may the Employee, directly or indirectly,
designate the calendar year of payment. All reimbursements provided
under this Agreement shall be made or provided in accordance with
the requirements of Section 409A, including, where applicable, the
requirement that (i) any reimbursement is for expenses incurred
during the Employee’s lifetime (or during a shorter period of
time specified in this Agreement), (ii) the amount of expenses
eligible for reimbursement during a calendar year may not affect
the expenses eligible for reimbursement in any other calendar year,
(iii) the reimbursement of an eligible expense will be made on or
before the last day of the calendar year following the year in
which the expense is incurred, and (iv) the right to reimbursement
is not subject to liquidation or exchange for another benefit.
Notwithstanding anything contained herein to the contrary, the
Employee shall not be considered to have terminated employment with
the Company for purposes of Section 4.1 unless the
Employee would be considered to have incurred a “termination
of employment” from the Company within the meaning of
Treasury Regulation §1.409A-1(h)(1)(ii). In no event
whatsoever shall the Company be liable for any additional tax,
interest or penalty that may be imposed on the Employee by Section
409A or damages for failing to comply with Section
409A.

 

 

11

 

 

Section
5.17.    280G Modified
Cutback.

(a)   
If any payment, benefit or distribution of any type to or for the
benefit of the Employee, whether paid or payable, provided or to be
provided, or distributed or distributable pursuant to the terms of
this Agreement or otherwise (collectively, the “Parachute Payments”)
would subject the Employee to the excise tax imposed under Section
4999 of the Code (the “Excise Tax”), the
Parachute Payments shall be reduced so that the maximum amount of
the Parachute Payments (after reduction) shall be one dollar
($1.00) less than the amount which would cause the Parachute
Payments to be subject to the Excise Tax; provided that the
Parachute Payments shall only be reduced to the extent the
after-tax value of amounts received by the Employee after
application of the above reduction would exceed the after-tax value
of the amounts received without application of such reduction. For
this purpose, the after-tax value of an amount shall be determined
taking into account all federal, state, and local income,
employment and excise taxes applicable to such amount. Unless the
Employee shall have given prior written notice to the Company to
effectuate a reduction in the Parachute Payments if such a
reduction is required, which notice shall be consistent with the
requirements of Section 409A to avoid the imputation of any tax,
penalty or interest thereunder, then the Company shall reduce or
eliminate the Parachute Payments by first reducing or eliminating
any cash payments (with the payments to be made furthest in the
future being reduced first), then by reducing or eliminating
accelerated vesting of stock options or similar awards, and then by
reducing or eliminating any other remaining Parachute Payments;
provided, that no such reduction or elimination shall apply to any
non-qualified deferred compensation amounts (within the meaning of
Section 409A) to the extent such reduction or elimination would
accelerate or defer the timing of such payment in manner that does
not comply with Section 409A.

(b)   
An initial determination as to whether (x) any of the Parachute
Payments received by the Employee in connection with the occurrence
of a change in the ownership or control of the Company or in the
ownership of a substantial portion of the assets of the Company
shall be subject to the Excise Tax, and (y) the amount of any
reduction, if any, that may be required pursuant to the previous
paragraph, shall be made by an independent accounting firm selected
by the Company (the “Accounting Firm”) prior
to the consummation of such change in the ownership or effective
control of the Company or in the ownership of a substantial portion
of the assets of the Company. The Employee shall be furnished with
notice of all determinations made as to the Excise Tax payable with
respect to the Employee’s Parachute Payments, together with
the related calculations of the Accounting Firm, promptly after
such determinations and calculations have been received by the
Company.

 

12

 

 

(c)   
For purposes of this Section 5.17, (i) no portion of
the Parachute Payments the receipt or enjoyment of which the
Employee shall have effectively waived in writing prior to the date
of payment of the Parachute Payments shall be taken into account;
(ii) no portion of the Parachute Payments shall be taken into
account which in the opinion of the Accounting Firm does not
constitute a “parachute payment” within the meaning of
Section 280G(b)(2) of the Code; (iii) the Parachute Payments shall
be reduced only to the extent necessary so that the Parachute
Payments (other than those referred to in the immediately preceding
clause (i) or (ii)) in their entirety constitute reasonable
compensation for services actually rendered within the meaning of
Section 280G(b)(4) of the Code or are otherwise not subject to
disallowance as deductions, in the opinion of the auditor or tax
counsel referred to in such clause (ii); and (iv) the value of any
non-cash benefit or any deferred payment or benefit included in the
Parachute Payments shall be determined by the Company’s
independent auditors based on Sections 280G and 4999 of the Code
and the regulations for applying those sections of the Code, or on
substantial authority within the meaning of Section 6662 of the
Code.

Section
5.18.    Recoupment of Erroneously Awarded
Compensation. Any incentive-based or other compensation paid
to the Employee under this Agreement or any other agreement or
arrangement with the Company which is subject to recovery under any
law, government regulation, stock exchange listing requirement or
any clawback policy adopted by the Company from time to time will
be subject to the deductions and clawback as may be required by
such law, government regulation, stock exchange listing requirement
or clawback policy.  In
addition, if the Employee is or becomes an executive officer
subject to the incentive compensation repayment requirements of the
Dodd-Frank Wall Street Reform and Consumer Protection Act (the
“Dodd-Frank
Act”), then if required by the Dodd-Frank Act or any
of its regulations she will enter into an amendment to this
Agreement or a separate written agreement with the Company to
comply with the Dodd-Frank Act and any of its
regulations.

 

Section
5.19.    Certain Definitions. As used in
this Agreement, “Change in Control” means
(x) a change in ownership of the Company under clause (i) below or
(y) a change in the ownership of a substantial portion of the
assets of the Company under clause (ii) below:

(i) Change in the Ownership of the
Company. A change in the ownership of the Company shall
occur on the date that any one person, or more than one person
acting as a group (as defined in clause (iii) below), acquires
ownership of capital stock of the Company that, together with
capital stock held by such person or group, constitutes more than
50 percent of the total fair market value or total voting power of
the capital stock of the Company. However, if any one person or
more than one person acting as a group, is considered to own more
than 50 percent of the total fair market value or total voting
power of the capital stock of the Company, the acquisition of
additional capital stock by the same person or persons shall not be
considered to be a change in the ownership of the Company. An
increase in the percentage of capital stock owned by any one
person, or persons acting as a group, as a result of a transaction
in which the Company acquires capital stock in the Company in
exchange for property will be treated as an acquisition of stock
for purposes of this paragraph.

 

13

 

 

(ii)  Change
in the Ownership of a Substantial Portion of the Company’s
Assets. A change in the ownership of a substantial portion
of the Company’s assets shall occur on the date that any one
person, or more than one person acting as a group (as defined in
clause (iii) below), acquires (or has acquired during the 12-month
period ending on the date of the most recent acquisition by such
person or persons) assets from the Company that have a total gross
fair market value equal to or more than 80 percent of the total
gross fair market value of all of the assets of the Company
immediately prior to such acquisition or acquisitions. For this
purpose, gross fair market value means the value of the assets of
the Company, or the value of the assets being disposed of,
determined without regard to any liabilities associated with such
assets. There is no Change in Control under this clause (ii) when
there is a transfer to an entity that is controlled by the
shareholders of the Company immediately after the transfer, as
provided below in this clause (ii). A transfer of assets by the
Company is not treated as a change in the ownership of such assets
if the assets are transferred to (a) a shareholder of the Company
(immediately before the asset transfer) in exchange for or with
respect to its capital stock, (b) an entity, 50 percent or more of
the total value or voting power of which is owned, directly or
indirectly, by the Company, (c) a person, or more than one person
acting as a group, that owns, directly or indirectly, 50 percent or
more of the total value or voting power of all the outstanding
capital stock of the Company, or (d) an entity, at least 50 percent
of the total value or voting power of which is owned, directly or
indirectly, by a person described in clause (ii)(c) of this
paragraph. For purposes of this clause (ii), a person's status is
determined immediately after the transfer of the
assets.

(iii)  Persons
Acting as a Group. For purposes of clauses (i) and (ii)
above, persons will not be considered to be acting as a group
solely because they purchase or own capital stock or purchase
assets of the Company at the same time. However, persons will be
considered to be acting as a group if they are owners of a
corporation that enters into a merger, consolidation, purchase or
acquisition of assets or capital stock, or similar business
transaction with the Company. If a person, including an entity,
owns stock in both corporations that enter into a merger,
consolidation, purchase or acquisition of assets or capital stock,
or similar transaction, such shareholder is considered to be acting
as a group with other shareholders in a corporation only with
respect to the ownership in that corporation before the transaction
giving rise to the change and not with respect to the ownership
interest in the other corporation. For purposes of this paragraph,
the term “corporation” shall have the meaning assigned
such term under Treasury Regulation section 1.280G-1,
Q&A-45.

(iv)  Each
of clauses (i) through (iii) above shall be construed and
interpreted consistent with the requirements of Section 409A and
any Treasury Regulations or other guidance issued
thereunder.

[Signature Page Follows]

 

 

14

 

 

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

COMPANY

 

ADGERO
BIOPHARMACEUTICALS

HOLDINGS,
INC.

 

By:
/s/ Frank
Pilkiewicz______________________________

Name:
Frank Pilkiewicz

Title:
President and CEO

EMPLOYEE

/s/ Laura Edgerly
Pflug_______________________________  

Laura
Edgerly Pflug

 

 

[Signature Page to Employment Agreement]

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