Document:

Exhibit 10.25

      

      

      Portions of this Exhibit have been redacted because they are both (i) not material and (ii) would be competitively harmful if publicly disclosed. Information that was omitted
        has been noted in this document with a placeholder identified by the mark “[***]”

       

      EXECUTIVE EMPLOYMENT AGREEMENT

       

      This EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) is entered into effective March 14, 2022
        (the “Effective Date”), by and between Lauren V. Wood, M.D. (“Executive”) and PDS Biotechnology Corporation, a Delaware corporation (the “Company”), as an replacement of the Offer letter dated February 1, 2019, by and between the Company and the Executive. Each of the Company and Executive is a “Party” and, collectively, they
        are the “Parties.”  The Company desires to continue to employ Executive and, in connection with such employment, and the Parties wish to enter into this Agreement to govern the terms and conditions of the
        Executive’s continued employment with the Company.

      

      

      Accordingly, in consideration of the mutual promises and covenants contained herein, the Parties agree to the following:

      

      

      	1.	
              EMPLOYMENT BY THE COMPANY.

            

      

      

      1.1        At-Will Employment. Executive shall be employed by the Company on an “at will” basis, meaning either
          the Company or Executive may terminate Executive’s employment at any time, with or without cause or advance notice; provided, however, that Executive agrees to provide the Company with not less than thirty (30 days advance written notice of any
          resignation, although the Company may waive such notice period in its discretion (except as otherwise set forth in Section 6.4 below).  Any contrary representations that may have been made to Executive shall be and are hereby superseded by this
          Agreement. This Agreement shall constitute the full and complete agreement between Executive and the Company regarding the “at will” nature of Executive’s employment with the Company, which may be changed only in an express written agreement
          signed by Executive and a duly authorized officer of the Company. Executive’s rights to any compensation following a termination shall be only as set forth in Section 6.

       

      

      1.2        Position. Subject to the terms set forth herein, the Company agrees to employ Executive in the
          position of Chief Medical Officer. Executive hereby accepts such employment. Executive will report to the Chief Executive Officer and/or such other persons as may be directed by the Board of Directors (the “Board”).

      

      

      1.3         Duties. Executive shall faithfully perform all duties related to the position or positions held by
          Executive, including but not limited to all duties set forth in this Agreement and/or in the Bylaws, as applicable, of the Company related to the position or positions held by Executive and all additional duties as may be prescribed or directed
          from time to time by the Company or the Board, as the case may be. Executive shall devote Executive’s full business time and attention to the performance of Executive’s duties and responsibilities on behalf of the Company and in furtherance of
          their best interests. Executive shall make such business trips at the Company’s expense to such places as may be necessary for or otherwise directed by the Company.

       

        

      
        
          

      

      1.4         Company Policies. Executive shall comply with all policies, standards, rules, and regulations of the
          Company (a “Company Policy” or collectively, the “Company Policies”) and all applicable government laws, rules, and regulations that are now or hereafter in effect.
          Executive acknowledges receipt of copies of all written Company Policies that are in effect as of the date of this Agreement. Notwithstanding the foregoing, in the event that the terms of this Agreement differ from or are in conflict with the
          Company’s general employment policies or practices, this Agreement shall control.

       

      	2.	
              COMPENSATION.

            

       

      2.1        Salary. The Company shall pay Executive a base salary of $400,000 an annualized basis, payable
          subject to standard federal and state payroll withholding requirements in accordance with the Company’s standard payroll practices (“Base Salary”).  Executive’s Base Salary may be adjusted from time to
          time by the Company.

       

      2.2         Bonus. During the period Executive is employed with the Company, Executive shall be eligible for a
          discretionary annual cash bonus of up to 40% of Base Salary (“Target Amount”) based upon such factors and on such terms and conditions as the Company may consider, subject to review and adjustment by the
          Company in its sole discretion.  Executive shall be eligible for said bonus only if Executive is employed on the last day of the performance period.  Any annual bonus will be paid by March 15th of the year following the year in which the
          applicable performance period ends and Executive will need to be employed by the Company at the time the annual bonus is paid.

      

      

      2.3        Equity Awards. Subject to approval of the Compensation Committee of the Board, Executive may
        be eligible for certain grants of equity awards of Common Stock of the Company, subject to vesting and other terms and conditions of the Company equity plan to which the award is granted and an award agreement to be provided by the Company and
        entered into with the Executive.

       

      2.4         Benefits. Executive will be eligible to participate on the same basis as similarly situated
          employees of the Company in the Company’s benefit plans in effect from time to time during Executive’s employment. All matters of eligibility for coverage or benefits under any benefit plan shall be determined in accordance with the provisions of
          such plan. The Company reserves the right to change, alter, or terminate any benefit plan in its sole discretion.

       

      2.5        Expense Reimbursement. The Company shall reimburse Executive for all customary and appropriate
          business-related expenses actually incurred and documented in accordance with Company Policy, as in effect from time to time. For the avoidance of doubt, to the extent that any reimbursements payable to Executive are subject to the provisions of
          Section 409A of the Code: (a) any such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred, (b) the amount of expenses reimbursed in one year will not affect the amount eligible
          for reimbursement in any subsequent year, and (c) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. If under the terms of this Agreement the Executive is entitled to a tax gross-up
          payment, the gross-up payment will be made by December 31 of the year following the year in which the Executive remits the related taxes.

       

        

      
        
          

      

      	

            	3.	
              PROPRIETARY INFORMATION, INVENTIONS, NON-COMPETITION AND
                    NON-SOLICITATION OBLIGATIONS.

            

      

      

      3.1          Proprietary Information & Restrictive Covenant Agreement.  As a condition of employment and/or
          continued employment with the Company, Executive agrees to execute and abide by a Proprietary Information & Restrictive Covenant Agreement (the “Proprietary Information Agreement”), attached hereto as
          Exhibit A simultaneously with the Executive’s execution of this Agreement.  The Proprietary Information Agreement may be amended by the Parties from time to time without regard to this Agreement. The Proprietary Information Agreement
          contains provisions that are intended by the Parties to survive and do survive termination of this Agreement.

      

      

      3.2         Permissible Communications. Notwithstanding anything to the contrary in the Proprietary Information
          Agreement, Executive acknowledges that nothing in the Confidential Information Agreement shall be construed to prohibit Executive from (a) filing a charge or complaint with, or participating in any proceeding before, a government agency
          authorized to enforce and investigate suspected violations of federal anti-discrimination laws, labor relations laws, occupational health and safety laws, wage and hour laws, and such similar state or local laws; (b) reporting possible violations
          of federal securities laws to the appropriate government enforcing agency and making such other disclosures that are expressly protected under such laws, or (c) responding truthfully to inquiries from, or otherwise cooperating with, any
          governmental or regulatory investigation (the activities set forth in clauses (a) through (c) are collectively referred to as the “Protected Activities”). Executive understands that in connection with such
          Protected Activity, Executive is permitted to disclose documents or other information as permitted by law, and without giving notice to, or receiving authorization from, the Company; provided, however,
          that Executive agrees to take all reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Proprietary Information under the Proprietary Information Agreement to any parties other than the
          appropriate government agencies. Executive further understands that “Protected Activity” does not include the disclosure of any Company attorney-client privileged communications, and that any such disclosure without the Board’s written consent
          shall constitute a material breach of this Agreement.

       

      3.3 Defend Trade Secrets Act. Pursuant to the Defend Trade Secrets Act of 2016, Executive acknowledges that Executive will not have criminal or civil liability under
        any Federal or State trade secret law for the disclosure of a trade secret that (a) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of
        reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, if Executive files a lawsuit for retaliation by the
        Company for reporting a suspected violation of law, Executive may disclose the trade secret to Executive’s attorney and may use the trade secret information in the court proceeding, if Executive (x) files any document containing the trade secret
        under seal and (y) does not disclose the trade secret, except pursuant to court order.

      

      

      4.          OUTSIDE ACTIVITIES DURING EMPLOYMENT.
          Except with the prior written consent of the Board, Executive will not, while employed by the Company, undertake or engage in any other employment, occupation, or business enterprise that would interfere with Executive’s responsibilities and the
          performance of Executive’s duties hereunder or otherwise create an actual, potential or apparent conflict of interest with respect to Executive’s employment hereunder, except for (i) reasonable time devoted to volunteer services for or on behalf
          of such religious, educational, non-profit, and/or other charitable organization, (ii) reasonable time devoted to activities in the non-profit community consistent, (iii) advisory or board of director roles set forth on Exhibit B or as
          otherwise approved by the Board in advance in writing, and (v) such other activities as may be specifically approved by the Board in writing. This restriction shall not, however, preclude Executive from owning less than five percent (5%) of the
          total outstanding shares of a publicly traded company, or employment or service in any capacity with any entity within the Company.

       

        

      
        
          

      

      5.          NO CONFLICT WITH EXISTING OBLIGATIONS.
          Executive represents that Executive’s performance of all the terms of this Agreement and as an executive of the Company do not and will not breach or in any way conflict any agreement or obligation of any kind made prior to Executive’s employment
          by the Company, including agreements or obligations Executive may have with prior employers or entities for which Executive has provided services, and Executive further warrants and represents that Executive is not subject to any agreement,
          covenant or other restriction that would prohibit, impede or otherwise limit Executive’s ability to perform his duties and obligations hereunder, including without limitation any non-competition or non-solicitation obligations owing to a former
          employer.  Executive has not entered into, and Executive agrees that Executive will not enter into, any agreement or obligation, either written or oral, in conflict herewith.

       

      6.          TERMINATION OF EMPLOYMENT. The Parties
          acknowledge that Executive’s employment relationship with the Company is at-will. The provisions in this Section govern the compensation, if any, to be provided to Executive upon termination of employment and do not alter Executive’s status as an
          at-will employee.

       

      6.1 Termination by the Company Without Cause.

      

      

      (a)        The Company shall have the right to terminate Executive’s employment with the Company pursuant to this
          Section 6.1 at any time without “Cause” (as defined in Section 6.2(b) below) by giving notice as described in Section 7.1 of this Agreement. A termination pursuant to Sections 6.3 and 6.5 below is not a termination without “Cause” for purposes of
          receiving the benefits described in this Section 6.1.

      

      

      (b)         If the Company terminates Executive’s employment at any time without Cause and provided that such
          termination constitutes a “separation from service” (as defined under Treasury Regulation Section 1 .409A- 1(h) a “Separation from Service”), then Executive shall be entitled to receive the Accrued
          Obligations (defined below) and, subject to Executive’s compliance with the obligations in Section 6.1(c) below, then Executive shall also be entitled to receive (collectively, the “Severance Benefits”):

       

      (i)        an amount equal to Executive’s then current Base Salary for twelve (12) months (the “Severance Period”), less all applicable withholdings and deductions, paid in equal installments beginning on the Company’s first regularly scheduled payroll date following the Release Effective Date (as
          defined in Section 6.1(c) below), with the remaining installments occurring on the Company’s regularly scheduled payroll dates thereafter;

       

        

      
        
          

      

      (ii)          payment of that portion of the premiums required to continue Executive’s group health
          care coverage under the applicable provisions of Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) that exceeds the active employee rate, provided that Executive timely elects
          to continue coverage under COBRA, until the earliest of (A) the close of the Severance Period, (B) the expiration of Executive’s eligibility for the continuation coverage under COBRA, or (C) the date when Executive becomes eligible for
          substantially equivalent health insurance coverage in connection with new employment (such period from the termination date through the earliest of (A), (B) or (C), the “COBRA Payment Period”).
          Notwithstanding the foregoing, if at any time the Company determines in its sole discretion that the payment of the COBRA premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Code, or any statute or
          regulation of similar effect (including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing the COBRA premiums, the Company will
          instead pay Executive on the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings for the remainder of the COBRA Payment
          Period, regardless of whether Executive elects COBRA coverage (the “Special Severance Payment”). Executive may, but is not obligated to, use such Special Severance Payment toward the cost of COBRA
          premiums. If Executive becomes eligible for coverage under another employer’s group health plan or otherwise ceases to be eligible for COBRA during the COBRA Payment Period, Executive must immediately notify the Company of such event, and all
          payments and obligations under this clause will cease.

       

      (c)        Executive will be paid all of the Accrued Obligations on the Company’s first payroll date after Executive’s
          date of termination from employment or earlier if required by law. Executive shall receive the Severance Benefits pursuant to Section 6.1(b) of this Agreement only if: (i) Executive signs and delivers to the Company an effective, general release
          of claims in favor of the Company and representatives, in a form acceptable to the Company (the “Release”), by the 60th day following the termination date or such earlier date as set forth in the Release,
          which cannot be revoked in whole or part (if applicable) by such date or such earlier date as set forth in the Release (the date that the Release can no longer be revoked is referred to as the “Release Effective
            Date”); (ii) if Executive holds any other positions with the Company, Executive resigns such position(s) to be effective no later than the date of Executive’s termination date (or such other date as requested by the Board); (iii)
          Executive returns all Company property in accordance with the terms and conditions of the Proprietary Information Agreement; (iv) Executive complies and continues to comply with all post-termination obligations under this Agreement and the
          Proprietary Information Agreement; and (v) Executive complies with the terms of the Release, including without limitation any non-disparagement and confidentiality provisions contained in the Release. To the extent that any Severance Benefits are
          deferred compensation under Section 409A of the Code, and are not otherwise exempt from the application of Section 409A, then, if the period during which Executive may consider and sign the Release spans two calendar years, the payment of
          Severance Benefits will not be made or begin until the later calendar year.

       

      (d)         For purposes of this Agreement, “Accrued Obligations” are (i)
          Executive’s accrued but unpaid salary through the date of termination, (ii) any unreimbursed business expenses incurred by Executive payable in accordance with the Company’s standard expense reimbursement policies, and (iii) benefits owed to
          Executive under any qualified retirement plan or health and welfare benefit plan in which Executive was a participant in accordance with applicable law and the provisions of such plan.

       

        

      
        
          

      

      (e)        The Severance Benefits provided to Executive pursuant to this
          Section 6.1 are in lieu of, and not in addition to, any benefits to which Executive may otherwise be entitled under any Company severance plan, policy or program, and Executive acknowledges and agrees
          that Executive shall have no rights or entitlements to any benefits or payments under any such plan, policy or program.

       

      (f)        Any damages caused by the termination of Executive’s employment
          without Cause would be difficult to ascertain; therefore, the Severance Benefits for which Executive is eligible pursuant to Section 6.1(b) above in exchange for the Release is agreed to by the Parties as liquidated damages, to serve as full
          compensation, and not a penalty.

       

      6.2 Termination by the Company for Cause.

       

      (a)        Subject to Section 6.2(c) below, the Company shall have the right
          to terminate Executive’s employment with the Company at any time for Cause by giving notice as described in Section 7.1 of this Agreement.

      

      

      (b)         “Cause” shall mean (i) Executive’s failure, neglect, or
        refusal to perform Executive’s duties and responsibilities under this Agreement  (in each case, except where due to a Disability, sickness or illness); (ii) any act of Executive that has, or could reasonably be expected to have, the effect of
        injuring the business or reputation of the Company; (iii) Executive’s conviction of, or plea of guilty or no contest to: (x) a felony or (y) any other criminal charge that has, or could be reasonably expected to have, an adverse impact on the
        performance of Executive’s duties to the Company or otherwise result in injury to the reputation or business of the Company or any of its subsidiaries; (iv) Executive’s commission of an act of fraud, embezzlement or breach of any fiduciary duty as
        against the Company; (v) any material violation by Executive of the policies of the Company, including but not limited to those relating to sexual harassment or business conduct, and those otherwise set forth in the manuals or statements of policy
        of the Company, as may be amended from time to time; (vi) Executive’s violation of federal or state securities laws; or (vii) Executive’s material breach of this Agreement or breach of the Proprietary Information Agreement.

       

      (c)         In the event Executive’s employment is terminated at any time for Cause, Executive
          will not receive Severance Benefits or any other severance compensation or benefits, except that, pursuant to the Company’s standard payroll policies, the Company shall pay to Executive the Accrued Obligations.

      

      

      6.3 Resignation by Executive.

       

      (a)         Executive may resign from Executive’s employment with the Company at any time by giving notice as
          described in Section 7.1, and subject to the advance notice requirement set forth in Section 1.1 above.

      

      

      (b)        In the event Executive resigns from Executive’s employment with the Company for any reason (other than a resignation for Good
          Reason as described in Section 6.4 below), Executive will not receive Severance Benefits or any other severance compensation or benefits, except that, pursuant to the Company’s standard payroll policies, the Company shall pay to Executive the
          Accrued Obligations.

       

        

      
        
          

      

      6.4 Resignation by Executive for Good Reason.

       

      (a)         Provided Executive has not previously been notified of the Company’s intention to terminate Executive’s
          employment, Executive may resign from employment with the Company for Good Reason (as defined in Section 6.4(b) below).

      

      

      (b)         “Good Reason” shall mean, without Executive’s written consent, (i) a material diminution in
        Executive’s title, duties, or responsibilities as set forth in Section 3 hereof; (ii) any material breach of this Agreement by the Company (other than a provision that is covered by clause (i)); or (iii) any relocation of Executive’s principal
        place of employment of more than fifty (50) miles (unless Executive currently is working, or is provided the opportunity to work, remotely or otherwise not required to relocate their principal place of employment, in which case this subpart (iii)
        shall not apply); provided, however, that Executive must provide notice of Good Reason within thirty (30) days of the occurrence of the event giving rise to the purported Good Reason, after which the Company shall have not less than thirty (30)
        days to cure the alleged Good Reason and, if such remains uncured, Executive must resign from such employment within thirty (30) days of the expiration of the cure period.  In the event that the Company reasonably believes that Executive may have
        engaged in conduct constituting Cause, the Company may, in its sole and absolute discretion, suspend Executive’s duties or employment which shall not constitute a basis for Good Reason hereunder or otherwise constitute a breach of this Agreement by
        the Company; provided, that no such suspension shall alter the Company’s obligations under this Agreement during such period of suspension.

       

      (c)        In the event Executive resigns from Executive’s employment for
          Good Reason, and provided that such termination constitutes a Separation from Service, then subject to Executive’s compliance with the obligations in Section 6.1(c) above, Executive shall be eligible to receive the same Severance Benefits as
          described in Section 6.1 and on the same terms and conditions set forth in Section 6.1(c) and Section 6.1(e) as if Executive had been terminated by the Company without Cause.

       

      (d)         Any damages caused by the termination of Executive’s employment
          for Good Reason would be difficult to ascertain; therefore, the Severance Benefits for which Executive is eligible pursuant to Section 6.1(b) above in exchange for the Release is agreed to by the Parties as liquidated damages, to serve as full
          compensation, and not a penalty.

       

      6.5 Termination by Virtue of Death or Disability of Executive.

       

      (a)      In the event of Executive’s death while employed pursuant to this
          Agreement, all obligations of the Parties hereunder shall terminate immediately, and the Company shall, pursuant to the Company’s standard payroll policies, pay to Executive’s legal representatives all Accrued Obligations.

       

        

      
        
          

      

      (b)        Subject to applicable state and federal law, the Company shall at
          all times have the right, upon written notice to Executive, to terminate this Agreement based on Executive’s Disability. Termination by the Company of Executive’s employment based on “Disability” shall
          mean termination because a qualified medical doctor mutually acceptable to the Company and Executive or Executive’s personal representative has certified in writing that: (A) Executive is unable, because of a medically determinable physical or
          mental disability, to perform the essential functions of Executive’s job, with or without a reasonable accommodation, for more than one hundred and eighty (180) calendar days measured from the last full day of work; or (B) by reason of mental or
          physical disability, it is unlikely that Executive will be able, within one hundred and eighty (180) calendar days, to resume the essential functions of Executive’s job, with or without a reasonable accommodation, and to otherwise discharge
          Executive’s duties under this Agreement. This definition shall be interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable law. In the event Executive’s employment is
          terminated based on Executive’s Disability, Executive will not receive Severance Benefits or any other severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies, the Company shall pay to Executive the
          Accrued Obligations.

      

      

      6.6 Change in Control Benefits. In the event the Company (or any surviving or acquiring corporation) terminates Executive’s employment without Cause or Executive
        resigns for Good Reason within ninety (90) days before and twenty-four (24) months following the effective date of a Change in Control (as defined in the PDS Corporation 2014 Second Amended and Restated Equity Incentive Plan, as amended by the
        Company from time to time), then Executive shall be entitled to the Accrued Obligations and, provided that Executive complies with the obligations in Section 6.1(c) of this Agreement (including the requirement to provide an effective Release),
        Executive shall be eligible to receive the same Severance Benefits as described in Section 6.1(b) and on the same conditions as if Executive had been terminated by the Company without Cause; provided, however, that
        (a) the Executive shall receive a bonus equal to the Target Amount; and (b) in the event that Executive’s outstanding equity as of the closing of such Change in Control is assumed or continued (in accordance with its terms) by the surviving entity
        in such Change in Control, then 100% of the unvested portion of such equity shall become vested.

       

      6.7 Cooperation with Company after Termination of Employment. Following termination of Executive’s employment for any reason, Executive agrees to cooperate (a) with the
        Company in (i) the defense of any legal matter involving any matter that arose during or otherwise related in any way to Executive’s employment with the Company, and (ii) all matters relating to the winding up of Executive’s pending work and the
        orderly transfer of any such pending work to such other employees as may be designated by the Company; (b) with all government authorities on matters pertaining to any investigation, litigation or administrative proceeding pertaining to the
        Company; and (c) such other matters as the Company may reasonably request. Following termination of Executive’s employment for any reason, and in the event of a failure by Executive (following reasonable efforts by the Company to secure his
        voluntary cooperation) to resign from any position as officer or director of the Company, with such resignation to be effective no later than the date of Executive’s termination date (or such other date as requested by the Board), the Company is
        hereby irrevocably authorized to appoint its then-current Chief Executive Officer to act in Executive’s name and on his behalf to execute any documents and to do all things reasonably necessary to effect such resignation. Further, Executive shall
        not, at any time after termination of Executive’s employment for any reason, represent himself as being an agent or representative of the Company, unless expressly authorized in a written agreement executed by an authorized officer of the Company.

       

      6.9 Application of Section 409A.

       

      

      
        
          

      

      (a)          It is intended that all of the severance payments payable under this Agreement satisfy, to the greatest extent possible, the
          exemptions from the application of Section 409A of the Code and the regulations and other guidance thereunder and any state law of similar effect (collectively, “Section 409A”) provided under Treasury
          Regulations Sections 1.409A- 1 (b)(4) and 1.409A-1(b)(9), and this Agreement will be construed in a manner that complies with Section 409A. If not so exempt, this Agreement (and any definitions hereunder) will be construed in a manner that
          complies with Section 409A, and incorporates by reference all required definitions and payment terms.

      

      

      (b)         The preceding provisions shall not be construed as a guarantee
          by the Company of any particular tax effect to Executive under this Agreement. The Company shall not be liable to Executive for any payment made under this Agreement which is determined to result in an additional tax, penalty or interest under
          Section 409A, nor for reporting in good faith any payment as an amount includible in gross income under Section 409A.

      

      

      (c)       No severance payments will be made under this Agreement unless
          Executive’s termination of employment constitutes a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h)).

      

      

      (d)        For purposes of Section 409A (including, without limitation, for
          purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii)), Executive’s right to receive any installment payments under this Agreement (whether severance payments or otherwise) shall be treated as a right to receive a series of separate
          payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment.

      

      

      (e)        If the Company determines that the severance benefits provided
          under this Agreement constitutes “deferred compensation” under Section 409A and if Executive is a “specified employee” of the Company, as such term is defined in Section 409A(a)(2)(B)(i) of the Code at the time of Executive’s Separation from
          Service, then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of the Severance Benefits will be delayed as follows: on the earlier to occur of (i) the date that is
          six months and one day after Executive’s Separation from Service, and (ii) the date of Executive’s death (such earlier date, the “Delayed Initial Payment Date”), the Company will (1) pay to Executive a
          lump sum amount equal to the sum of the Severance Benefits that Executive would otherwise have received through the Delayed Initial Payment Date if the commencement of the payment of the Severance Benefits had not been delayed pursuant to this
          Section 6.8, and (2) commence paying the balance of the Severance Benefits in accordance with the applicable payment schedule set forth in Section 6.1. No interest shall be due on any amounts deferred pursuant to this Section 6.8.

       

      6.10 Parachute Payments.

       

      

      
        
          

      

      (a)        Notwithstanding any other provisions of this Agreement to the
          contrary, in the event that it shall be determined that any payment or distribution to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (a “Payment”) would be nondeductible by the Company for Federal income tax purposes because of Section 280G of the Code, the Company shall reduce the aggregate present value of the Payments under this Agreement to
          the Reduced Amount (as defined below) if, and only if, reducing the Payments under this Agreement will provide Executive with a greater net after-tax amount than would be the case if no such reduction was made, taking into account the applicable
          federal, state, local and foreign income, employment and other taxes, including the excise tax imposed by Section 4999 of the Code. If a reduction in the Payments is necessary, such reduction shall occur in the following order: (1) reduction of
          cash payments; (2) cancellation of accelerated vesting of equity awards other than stock options; (3) cancellation of accelerated vesting of stock options; and (4) reduction of other benefits paid to Executive. Within any such category of
          payments and benefits (that is, clauses (1), (2), (3) or (4) of this Section 6.9(a)), a reduction shall occur first with respect to amounts that are not “deferred compensation” within the meaning of Section 409A of the Code and then with respect
          to amounts that are. The “Reduced Amount” shall be an amount expressed in present value that maximizes the aggregate present value of Payments under this Agreement without causing any Payment to be
          nondeductible by the Company because of Section 280G of the Code.

       

      (b)        All determinations to be made under this Section 6.9 shall be
          made at the Company’s expense by a firm of certified public accountants of national standing selected by the Company (the “Accounting Firm”) which may be the firm regularly auditing the financial
          statements of the Company. The Company and Executive shall furnish to the Accounting Firm such information and documents as the Accounting Firm may reasonably require in order to make a determination under this Section. To the extent requested by
          Executive, the Company shall cooperate with Executive in good faith in valuing, and the Accounting Firm shall value, services to be provided by Executive (including refraining from performing services pursuant to a covenant not to compete)
          before, on or after the date of the transaction which cause the application of Section 280G of the Code such that payments in respect of such services may be considered to be “reasonable compensation” within the meaning of the regulations under
          Section 280G of the Code. In making its determinations hereunder, the Accounting Firm shall apply reasonable, good faith interpretations regarding the applicability of Section 280G and Section 4999, along with any other applicable portions of the
          Code or other tax laws. The Accounting Firm shall make all determinations required to be made under this Section and shall provide detailed supporting calculations to the Company and Executive within 30 days after the Termination Date or such
          earlier time as is requested by the Company, and provide an opinion to Executive that he or she has substantial authority not to report any excise tax on his or her Federal income tax return with respect to any Payments. Any such determination by
          the Accounting Firm shall be binding upon the Company and Executive. Subject to Sections 6.1(c) and 6.9, within five business days thereafter, the Company shall pay to or distribute to or for the benefit of Executive such amounts as are then due
          to Executive under this Agreement.

       

      (c)          As a result of the uncertainty in the application of Section 280G of the Code at the time of the initial
          determination by the Accounting Firm or the Company hereunder, it is possible that Payments, as the case may be, will have been made by the Company which should not have been made (“Overpayment”) or that
          additional Payments, as the case may be, which will not have been made by the Company could have been made (“Underpayment”), in each case, consistent with the calculations required to be made hereunder. In
          the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against Executive which the Accounting Firm believes has a high probability of success determines that an Overpayment has been made,
          promptly on notice and demand Executive shall repay to the Company any such Overpayment paid or distributed by the Company to or for the benefit of Executive together with interest at the applicable Federal rate provided for in Section
          7872(f)(2)(A) of the Code; provided, however, that no such amount shall be payable by Executive to the Company if and to the extent such payment would not either reduce the amount on which Executive is subject to tax under Section 1 and Section
          4999 of the Code or generate a refund of such taxes. In the event that the Accounting Firm, based upon controlling precedent or other substantial authority, determines that an Underpayment has occurred, any such Underpayment shall be promptly
          paid by the Company to or for the benefit of Executive together with interest at the applicable federal rate provided for in Section 7872(f)(2)(A) of the Code.

       

        

      
        
          

      

      7.         GENERAL PROVISIONS.

       

      7.1 Notices. Any notices required hereunder to be in writing shall be deemed effectively given: (a) upon personal delivery to the Party to be notified, (b) when sent by
        electronic mail or confirmed facsimile if sent during normal business hours of the recipient, and if not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage
        prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company at its primary office location and to
        Executive at Executive’s address as listed on the Company payroll, or at such other address as the Company or Executive may designate by ten (10) days advance written notice to the other.

      

      

      7.2 Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any
        provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other
        jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provisions had never been contained herein.

       

      7.3 Survival. Provisions of this Agreement which by their terms must survive the termination of this Agreement in order to effectuate the intent of the Parties will
        survive any such termination, whether by expiration of the term, termination of Executive’s employment, or otherwise, for such period as may be appropriate under the circumstances.

       

      7.4 Waiver. If either Party should waive any breach of any provisions of this Agreement, it shall not thereby be deemed to have waived any preceding or succeeding
        breach of the same or any other provision of this Agreement.

       

      7.5 Complete Agreement. This Agreement constitutes the entire agreement between Executive and the Company with regard to the subject matter hereof. This Agreement is
        the complete, final, and exclusive embodiment of their agreement with regard to this subject matter and supersedes any prior oral discussions or written communications and agreements. This Agreement is entered into without reliance on any promise
        or representation other than those expressly contained herein, and it cannot be modified or amended except in writing signed by Executive and an authorized officer of the Company. The Parties have entered into a separate Proprietary Information
        Agreement and have entered or may enter into separate agreements related to equity. These separate agreements govern other aspects of the relationship between the Parties, have or may have provisions that survive termination of Executive’s
        employment under this Agreement, may be amended or superseded by the Parties without regard to this Agreement and are enforceable according to their terms without regard to the enforcement provision of this Agreement.

       

      

      
        
          

      

      7.6 Headings. The headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning
        thereof.

      

      

      7.7 Successors and Assigns. The Company shall assign this Agreement and its rights and obligations hereunder in whole, but not in part, to any company or other entity
        with or into which the Company may hereafter merge or consolidate or to which the Company may transfer all or substantially all of its assets, if in any such case said Company or other entity shall by operation of law or expressly in writing assume
        all obligations of the Company hereunder as fully as if it had been originally made a Party, but may not otherwise assign this Agreement or its rights and obligations hereunder. Executive may not assign or transfer this Agreement or any rights or
        obligations hereunder, other than to Executive’s estate upon death.

       

      7.8 Withholding. All amounts payable hereunder shall be subject to applicable tax withholding.

       

      7.9 Governing Law. This Agreement shall be governed by the Federal Arbitration Act with respect to the arbitration provisions and related matters in Sections 7.10 and
        7.11, and for all other matters shall be governed by the laws of the State of Delaware, without giving effect to any principles thereof relating to conflicts of law.

       

      7.10 Dispute Resolution.  To the fullest extent permitted by applicable law, any dispute or controversy between the Parties relating to or arising out of this Agreement
        or any amendment or modification hereof, or any other claims between the Parties relating to or arising out of Executive’s employment or affiliation with the Company or termination thereof (including but not limited to any claims for harassment,
        discrimination, violation of wage and hour laws, whistleblowing, retaliation, leave rights, employee benefits, tort claims and any claims under federal, state or local statutes, regulations or ordinances relating to employment matters) shall,
        except as expressly set forth below, be exclusively determined by confidential individual arbitration in Princeton, New Jersey, or such other location as the Parties may agree in writing, under the auspices of the American Arbitration Association
        (“AAA”) and pursuant to the Federal Arbitration Act and the Employment Arbitration Rules of the AAA.  These rules may be accessed at the American Arbitration Association website, www.adr.org/employment, and
        a printed copy will be provided upon request.  Notwithstanding the foregoing, claims for injunctive or other equitable relief by the Company under Section 3 of this Agreement may be brought in a court of competent jurisdiction (as described
        below).  Likewise, this arbitration requirement shall not apply to any criminal matters, matters for which arbitration is prohibited by law, or claims for unemployment or workers compensation, and shall not prevent Executive from filing a charge
        with the EEOC or any other government agency; provided that, unless prohibited by applicable law, any subsequent legal action shall be subject to individual arbitration as provided herein.  For the avoidance of doubt, any disputes or controversies
        arising out of or relating to the interpretation or application of this arbitration provision, including but not limited to any question regarding the scope, enforceability, revocability or validity of the arbitration provision or any portion of
        the arbitration provision, the arbitrability of any claim or dispute, and the jurisdiction of the arbitrator, including jurisdiction over non-signatories to this Agreement, shall be subject to arbitration pursuant to this arbitration provision. 
        The arbitration award shall be final and binding upon the parties and judgment may be entered thereon by any court of competent jurisdiction.  The parties hereby agree that any federal or state court sitting in the State of Delaware is a court of
        competent jurisdiction.  The service of any notice, process, motion or other document in connection with any arbitration under this Agreement, the enforcement of any arbitration award hereunder, or an action for injunctive or other equitable relief
        as provided for in this Section may be effectuated either by personal service upon a party or by certified mail duly addressed to her, him or it or her, his or its executors, administrators, personal representatives, next of kin, successors or
        assigns, at the last known address or addresses of such party or parties.  Each party hereto submits to the jurisdiction and venue of the state and federal courts located in the State of Delaware, for any action to compel or stay arbitration, or an
        action by the Company seeking injunctive or other equitable relief under Section 4 of this Agreement (jurisdictional, venue and inconvenient forum objections to which are hereby waived by the Parties).  Pursuant to Delaware Code Section 2708(a),
        the Parties agree that they are subject to the jurisdiction of the courts located in the State of Delaware and may be served with legal process within the State of Delaware or in any other manner provided by law.  THE PARTIES ACKNOWLEDGE AND AGREE
        THAT THEY ARE WAIVING THEIR RIGHT TO A TRIAL BY JURY IN CONNECTION WITH ANY DISPUTE ARISING OUT OF THIS AGREEMENT OR RELATED TO EXECUTIVE’S EMPLOYMENT OR THE TERMINATION THEREOF.

       

      

      
        
          

      

      7.11          Class Action Waiver.  EXCEPT AS EXPRESSLY PROVIDED OTHERWISE IN THIS SECTION 7.11, ANY ARBITRATION
          OR COURT ACTION HEREUNDER SHALL PROCEED SOLELY ON AN INDIVIDUAL BASIS WITHOUT THE RIGHT FOR ANY CLAIMS TO BE ARBITRATED OR LITIGATED ON A CLASS OR COLLECTIVE ACTION BASIS OR ON A BASIS INVOLVING CLAIMS BROUGHT IN A PURPORTED REPRESENTATIVE
          CAPACITY ON BEHALF OF OTHERS OR ANY GOVERNMENTAL BODY OR THE PUBLIC.  CLASS AND COLLECTIVE ACTIONS UNDER THIS DISPUTE RESOLUTION PROVISION ARE PROHIBITED, WHETHER IN COURT OR ARBITRATION, AND THE ARBITRATOR OR COURT, AS APPLICABLE, SHALL HAVE NO
          AUTHORITY TO PROCEED ON SUCH BASIS. NO DISPUTE, CONTROVERSY, CLAIM OR ACTION BROUGHT IN COURT OR ARBITRATION BY EXECUTIVE ARISING UNDER OR RELATING TO THIS AGREEMENT OR OTHERWISE ARISING IN CONNECTION WITH OR RELATING TO EXECUTIVE’S EMPLOYMENT
          MAY BE JOINED WITH A DISPUTE, CONTROVERSY, CLAIM OR ACTION OF ANOTHER EXECUTIVE OR OTHER PERSON OR ENTITY, ANY SUCH JOINT CLAIMS BEING WAIVED BY EXECUTIVE HEREUNDER, EXCEPT THAT THE COMPANY MAY BRING CLAIMS IN ARBITRATION OR COURT TO ENFORCE THIS
          AGREEMENT AND RELATED TORT, STATUTORY AND OTHER CLAIMS AGAINST EXECUTIVE AND OTHERS WHO ARE ACTING IN CONCERT OR PARTICIPATION WITH EXECUTIVE, AND IN ANY SUCH PROCEEDING EXECUTIVE MAY JOIN ANY CLAIMS OF SUCH OTHER PARTIES (BUT NO OTHERS). ANY
          DISPUTES REGARDING THE VALIDITY AND ENFORCEABILITY OF THIS SECTION 7.11 AND THE WAIVER HEREIN SHALL BE RESOLVED EXCLUSIVELY BY THE DULY-APPOINTED ARBITRATOR, AND NOT BY A COURT OR OTHER GOVERNMENTAL OR ADMINISTRATIVE BODY.  IN ANY CASE IN WHICH
          (1) THE DISPUTE IS FILED AS A CLASS, COLLECTIVE, REPRESENTATIVE OR JOINT ACTION AND (2) THE ARBITRATOR FINDS ALL OR PART OF THE CLASS ACTION WAIVER TO BE INVALID OR UNENFORCEABLE, THE CLASS, COLLECTIVE, REPRESENTATIVE OR JOINT ACTION TO THAT
          EXTENT MUST BE LITIGATED IN A COURT WITH JURISDICTION AND VENUE AS PROVIDED IN SECTION 7.10, AND NOT IN ARBITRATION, BUT THE PORTION OF THE CLASS ACTION WAIVER THAT IS ENFORCEABLE SHALL BE ENFORCED IN ARBITRATION, AND CLAIMS FALLING THEREUNDER
          SHALL BE ADJUDICATED IN ARBITRATION.

       

        

      
        
          

      

      7.12 Counterparts. This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one Party, but all of which taken
        together will constitute one and the same Agreement. Facsimile signatures and signatures transmitted by PDF shall be equivalent to original signatures.

       

      [SIGNATURES TO FOLLOW ON NEXT PAGE]

       

      

      
        
          

      

      IN WITNESS WHEREOF, the Parties have executed this Agreement on the day and year first written above.

       

        

      	 	
              PDS BIOTECHNOLOGY 

              CORPORATION

            
	 	
              By:

            	
              /s/ Frank Bedu-Addo

            	 
	 	
              Name:

            	
              Frank K. Bedu-Addo PhD

            	 
	 	
              Title:

            	
              President and Chief Executive Officer

            	 
	 	 	 

      	 	
              EXECUTIVE:

            
	 	 	 
	 	
              By:

            	
              /s/ Lauren V. Wood

            	 
	 	
              Name:

            	
              Lauren V. Wood, M.D.

            	 

      

      

      
        
          

      

      EXHIBIT A

       

      PROPRIETARY INFORMATION & RESTRICTIVE COVENANT AGREEMENT

       

      ***

       

      
        
          

      

      EXHIBIT B

       

      ADVISORY OR BOARD OF DIRECTOR ROLESEX-4.3

 Exhibit 4.3 

DESCRIPTION OF SHAPEWAYS HOLDINGS, INC.’S SECURITIES 

REGISTERED PURSUANT TO SECTION 12 OF THE 

SECURITIES EXCHANGE ACT OF 1934 

The following description of the common stock, par value $0.0001 per share and the Public Warrants (as defined herein) of Shapeways Holdings,
Inc. (“us,” “our,” “we,” the “Company,” or Shapeways), which are the only securities of the Company registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), summarizes certain information regarding the common stock and the Public Warrants in our amended and restated certificate of incorporation (the “Charter”), our amended and restated bylaws (the “Bylaws”) and applicable
provisions of Delaware general corporate law (the “DGCL”), and is qualified by reference to our Charter and our Bylaws, which are incorporated by reference as Exhibit 3.1 and 3.2, respectively, to the Annual Report on Form 10-K for the fiscal year ending December 31, 2021 (our “Annual Report”). 
 Authorized and Outstanding
Stock 
 Our Charter authorizes the issuance of 130,000,000 shares, consisting of 120,000,000 shares of common stock, par value $0.0001
per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share. 
 Common Stock 

Voting 
 The holders of common stock are
entitled to one vote per share on all matters submitted to the stockholders for their vote or approval. Directors of the Company are elected by a plurality of the votes present in person or represented by proxy and entitled to vote. 

Dividends 
 The holders of common stock
are entitled to receive dividends, as and if declared by the board of directors of the Company (the “Board”) out of legally available funds. 

Liquidation Rights 
 Upon the liquidation
or dissolution of Shapeways, the holders of common stock are entitled to share ratably in those of Shapeways’ assets that are legally available for distribution to stockholders after payment of liabilities and subject to the prior rights of any
holders of preferred stock then outstanding. 
 Pre-Emptive or other Subscription Rights 

The holders of common stock do not have any pre-emptive or other subscription rights. 

Preferred Stock 
 Shapeways is
authorized to issue up to 10,000,000 shares of preferred stock, par value $0.0001 per share. The Board is authorized, subject to limitations prescribed by DGCL and the Charter, to determine the terms and conditions of the preferred stock, including
whether the shares of preferred stock will be issued in one or more series, the number of shares to be included in each series and the powers (including the voting power), designations, preferences and rights of the shares. The Board also is
authorized to designate any qualifications, limitations or restrictions on the shares without any further vote or action by the stockholders. 

Public Warrants 
 Shapeways has the
ability to redeem outstanding Public Warrants at any time after they become exercisable and prior to their expiration, at a price of $0.01 per Public Warrant, provided that the last reported sales price of the common stock equals or exceeds $18.00
per share (as adjusted for share subdivisions, share dividends, rights 

 
issuances, subdivisions, reorganizations, recapitalizations, and the like) for any 20 trading days within a
30-trading-day period ending on the third trading day prior to the date Shapeways sends the notice of redemption to the holders. If and when the Public Warrants become
redeemable by Shapeways, Shapeways may exercise its redemption right even if Shapeways is unable to register or qualify the underlying securities for sale under all applicable state securities laws. 

In addition, Shapeways may redeem the Public Warrants at any time after they become exercisable and prior to their expiration at a price of
$0.01 per Public Warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their Public Warrants prior to redemption for a number of common shares determined based on the redemption
date and the fair market value of Shapeways common stock. 
 Private Warrants 

Simultaneously with the closing of Galileo Acquisition Corp.’s (“Galileo”) initial public offering, Galileo Founders Holdings,
L.P. (the “Sponsor”) and EarlyBirdCapital, Inc. and its designees (“EBC”) purchased an aggregate of 4,110,000 private warrants at $1.00 per private warrant, for an aggregate purchase price of $4,110,000 (the “Private
Warrants”). The Sponsor purchased an aggregate of 3,562,000 Private Warrants and EBC purchased an aggregate of 548,000 Private Warrants. Each Private Warrant is exercisable for one share of common stock of Shapeways at a price of $11.50 per
share. The Private Warrants are not redeemable by Shapeways so long as they are held by the Sponsor, EBC or their respective permitted transferees (collectively, the “initial purchasers”). Following the transfer of any Private Warrant from
an initial purchaser to a third party, the Private Warrants shall be redeemable in the same manner as the Public Warrants. 
 Sponsor Warrants

 On December 14, 2020, Galileo entered into a convertible promissory note with the Sponsor, pursuant to which the Sponsor
agreed to loan Galileo up to an aggregate principal amount of $500,000. The note was non-interest bearing and payable upon the closing of the merger of Galileo Acquisition Holdings, Inc. with and into
Shapeways, Inc., with Shapeways, Inc. surviving as a wholly-owned subsidiary of Galileo, and Galileo changing its name to Shapeways Holdings, Inc. (the “Closing”). At the Closing, the Sponsor exercised its right to convert $500,000 in
aggregate outstanding principal amount of the convertible promissory note issued by Galileo into an aggregate of 500,000 sponsor warrants (the “Sponsor Warrants”), exercisable for common stock at a purchase price of $1.00 per warrant. Each
Sponsor Warrant is exercisable for one share of common stock of Shapeways at a price of $11.50 per share. The Sponsor Warrants are not redeemable by Shapeways so long as they are held by the initial purchaser. Following the transfer of any Sponsor
Warrant from an initial purchaser to a third party, the Sponsor Warrants shall be redeemable in the same manner as the Public Warrants. 
 Exclusive
Forum 
 Our Charter provides that, to the fullest extent permitted by law, and unless the Company consents in writing to the
selection of an alternative forum, the Court of Chancery of the State of Delaware will be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of
breach of a fiduciary duty owed by any director, officer or other employee of the Company to the Company or the Company’ stockholders, (iii) any action asserting a claim against the Company, its directors, officers or employees arising
pursuant to any provision of the DGCL or our Charter or our Bylaws, or (iv) any action asserting a claim governed by the internal affairs doctrine. In addition, if an action is brought outside of Delaware, the stockholder bringing the suit will
be deemed to have consented to service of process on such stockholder’s counsel. 
 Our Charter provides that any person or entity
purchasing or otherwise acquiring or holding any interest in shares of the Company’s capital stock shall be deemed to have notice of and consented to the foregoing choice of forum provision. 

Our Charter provides further that unless the Company consents in writing to the selection of an alternative forum, the federal district courts
of the United States shall, to the fullest extent permitted by law, be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933. The clauses described above will not
apply to suits brought to enforce a duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. 

 Anti-Takeover Effects of Provisions of our Charter and Bylaws 

Our Charter and Bylaws contain certain provisions that are intended to enhance the likelihood of continuity and stability in the composition of
the Board and that may have the effect of delaying, deferring or preventing a future takeover or change in control of the Company unless such takeover or change in control is approved by the Board. 

These provisions include: 

Action by Written Consent; Meetings of Stockholders. Our Charter provides that stockholder action can be taken only at an annual meeting
of stockholders and cannot be taken by written consent in lieu of a meeting. Our Charter and Bylaws also provide that, subject to any special rights of the holders of any series of preferred stock and except as otherwise required by applicable law,
meetings of the stockholders can only be called by the Chairman of the Board, the Company’s Chief Executive Officer or by the majority of the Board. Except as described above, stockholders are not permitted to call a special meeting or to
require the Board to call a special meeting. 
 Advance Notice Procedures. Our Bylaws establish an advance notice procedure for
stockholder proposals to be brought before an annual meeting of stockholders, and for stockholder nominations of persons for election to the Board to be brought before an annual or meeting of stockholders. Stockholders at an annual meeting will only
be able to consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of the Board or by a stockholder who was a stockholder of record on the record date for the meeting, who is entitled
to vote at the meeting and who has given the Company’s secretary timely written notice, in proper form, of the stockholder’s intention to bring that business or nomination before the meeting. Although the Bylaws do not give the Board the
power to approve or disapprove stockholder nominations of candidates or proposals regarding other business to be conducted at a special or annual meeting, as applicable, the Bylaws may have the effect of precluding the conduct of certain business at
a meeting if the proper procedures are not followed or may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect its own slate of directors or otherwise attempting to obtain control of the Company. 

Authorized but Unissued Shares. The Company’s authorized but unissued shares of common stock and preferred stock are available for
future issuance without stockholder approval, subject to rules of the securities exchange on which the common stock is listed. These additional shares may be utilized for a variety of corporate purposes, including future public offerings to raise
additional capital, corporate acquisitions, in connection with the redemption or exchange of the Company’s warrants and employee benefit plans. The existence of authorized but unissued shares of common stock and preferred stock could render
more difficult or discourage an attempt to obtain control of a majority of Company’s common stock by means of a proxy contest, tender offer, merger or otherwise. 

Business Combinations. The Company is subject to the provisions of Section 203 of the DGCL. In general,
Section 203 prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years after the date of the transaction in which the person became
an interested stockholder, unless the business combination is approved in the following prescribed manner: 
  

	 	•	 	 prior to the time of the transaction, the board of directors of the corporation approved either the business
combination or the transaction which resulted in the stockholder becoming an interested stockholder; 

  

	 	•	 	 upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the
stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding (1) shares owned by persons who are directors and
also officers and (2) shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; and

	 	•	 	 on or subsequent to the time of the transaction, the business combination is approved by the board and authorized
at an annual meeting stockholders, and not by written consent, by the affirmative vote of at least 662/3% of the outstanding voting stock which is not owned by the interested stockholder. 

Generally, for purposes of Section 203, a “business combination” includes a merger, asset or stock sale, or other transaction
resulting in a financial benefit to the interested stockholder. An “interested stockholder” is a person who, together with affiliates and associates, owns or, within three years prior to the determination of interested stockholder status,
owned 15% or more of a corporation’s outstanding voting securities. 
 Such provisions may encourage companies interested in acquiring
Company to negotiate in advance with the Board because the stockholder approval requirement would be avoided if the Board approves either the business combination or the transaction that results in the stockholder becoming an interested stockholder.
However, such provisions also could discourage attempts that might result in a premium over the market price for the shares held by stockholders. These provisions also may make it more difficult to accomplish transactions that stockholders may
otherwise deem to be in their best interests. 
 Staggered Board of Directors. Our Charter provides that the Board be classified into
three classes of directors of approximately equal size. As a result, in most circumstances, a person can gain control of the Board only by successfully engaging in a proxy contest at two or more annual meetings. 

Limitations on Liability and Indemnification of Officers and Directors 

Our Bylaws limit the liability of the Company’s directors and officers to the fullest extent permitted by the DGCL and provides that the
Company will provide them with customary indemnification and advancement and prepayment of expenses. The Company has entered into, and expects to continue to enter into, customary indemnification agreements with each of its executive officers and
directors that provide them, in general, with customary indemnification in connection with their service to the Company or on its behalf. 
 Transfer
Agent and Warrant Agent 
 The transfer agent for our common stock and warrant agent for our warrants is Continental Stock
Transfer & Trust Company, 1 State Street, 30th Floor, New York, New York 10004. 
 Listing of Shapeways’ Securities 

Our common stock and the Public Warrants are listed on the NYSE under the symbols “SHPW” and “SHPW WS.”

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