Document:

EX-10.43

 Exhibit 10.43 

CYTODYN INC. 
 2012
EQUITY INCENTIVE PLAN 
 STOCK OPTION AWARD AGREEMENT 

(FOR EXECUTIVES) 
 This STOCK OPTION AWARD
AGREEMENT (this “Option Agreement”) is made effective as of                      by and between CytoDyn Inc., a Delaware corporation
(the “Corporation”), and                          (the “Participant”). 

 

	 	1.	 Grant of Option2, 

The Corporation hereby grants to the Participant an option (the “Option”) to purchase 200,000 shares of Common Stock (the “Shares”) as of
                    (the “Date of Grant”) at the exercise price per Share of
$                     (the “Exercise Price”) subject to the terms and conditions of this Option Agreement. 

 

	 	2.	 Application of Plan Terms. 

Unless otherwise defined herein, the capitalized terms in this Option Agreement will have the same defined meanings as set forth in the Corporation’s
Amended and Restated 2012 Equity Incentive Plan, as it may be amended from time to time (the “Plan”). 
  

	 	3.	 Term. 

The Option will automatically terminate on 10 years from the Date of Grant date (the “Expiration Date”), to the extent not exercised, unless
terminated earlier in accordance with this Option Agreement. 
  

	 	4.	 Exercise of Option. 

(a)    Right to Exercise. The Option will become Vested and exercisable cumulatively according to the following
Vesting Schedule: 
  

			
	
Percentage of Options
Vested and Exercisable
	 	Vesting Date
	33.3%	 	 
	33.3%	 	 
	33.4%	 	 

 (b)    Acceleration of Exercisability. Notwithstanding the Vesting
Schedule in Section 4(a), if the Participant’s employment is terminated other than for cause (not including voluntary termination, death or disability) or by the Participant with Good Reason, in each case within 12 months following a
Change in Control Date, the Option will be deemed to be fully Vested effective immediately prior to such termination of employment, except to the extent the Participant chooses to decline accelerated Vesting of all or any portion of the Option. For
purposes of this Section 4(b), “Cause” and “Good Reason” have the meanings set forth in the Participant’s employment agreement with the Company. 

  
 -1- 

O-XXX 

 (c)    Method of Exercise. The Option shall be exercisable by
delivery of an exercise notice (a form of which is attached as Exhibit A), stating the election to exercise the Option, the number of whole Shares in respect of which the Option is being exercised, the form of payment, the proposed closing
date, and such other provisions as may be required by the Committee. The exercise notice shall be delivered to the Corporation in accordance with Section 16 below accompanied by full payment of the Exercise Price, which must be made by one or a
combination of the following: 
 (1)    Payment in cash; 

(2)    Delivery of previously acquired Shares having a Fair Market Value equal to the Exercise Price; or 

(3)    Delivery of an irrevocable direction to a securities broker acceptable to the Committee (subject to the provisions
of the Sarbanes-Oxley Act of 2002 and any other applicable statute or rule) to sell Shares subject to the Option and to pay a sufficient portion of the net proceeds of the sale to the Corporation in satisfaction of the Exercise Price. 

The Option shall be deemed to be exercised on the date (the “Exercise Date”) on which the Corporation has received all of the following:
(i) the exercise notice, (ii) the aggregate Exercise Price and (iii) the Tax Payment (defined below). 

(d)    Previously Acquired Shares. Delivery of previously acquired Shares in full or partial payment of the
aggregate Exercise Price will be subject to the following conditions: 
 (1)    The Shares tendered must be in good
delivery form; 
 (2)    The Fair Market Value of the Shares delivered as of the Exercise Date, together with the
amount of cash, if any, tendered must equal or exceed the aggregate Exercise Price; 
 (3)    Any Shares remaining
after satisfying the payment of the aggregate Exercise Price will be reissued in the same manner as the Shares tendered; and 

(4)    No fractional Shares will be issued and cash will not be paid to the Participant for any fractional Share value
not used to pay the aggregate Exercise Price. 
 (e)    Taxes. The Participant (or other person exercising the
Option) is responsible for the payment of all federal, state and local withholding taxes and the Participant’s portion of any applicable payroll taxes imposed in connection with the exercise of the Option (collectively, the “Tax
Payment”). No portion of the Option may be exercised and no Shares will be delivered to the Participant or other person pursuant to the exercise of the Option until the Participant or other person has made arrangements acceptable to the
Committee for the satisfaction of the Tax Payment obligation. At its election, the Corporation may offset or withhold (from any cash amount owed by the Corporation to the Participant), or collect from the Participant or other person, an amount
sufficient to satisfy such Tax Payment obligation. 
 The Participant understands that the Participant may suffer adverse tax consequences as a result of
the Participant’s purchase or disposition of the Shares. The Participant represents that the Participant has consulted with any tax consultants the Participant deems advisable in connection with the purchase or disposition of the Shares and
that the Participant is not relying on the Corporation for any tax advice. 

  
 -2- 

O-XXX 

	 	5.	 Restrictions on Exercise. 

The Option may not be exercised if the issuance of the Shares subject to the Option upon such exercise would constitute a violation of any applicable federal
or state securities law, the rules of any securities exchange or association on which the Shares are listed or traded, or the requirements of any other governmental or regulatory agency. If the exercise of the Option within the time periods set
forth in Sections 6, 7, or 8 of this Option Agreement is prevented by the provisions of this Section 5, the Option shall remain exercisable until one month after the date the Participant is notified by the Corporation that the Option
is exercisable, but in no event later than the Expiration Date. 
  

	 	6.	 Termination or Change of Continuous Service. 

In the event the Participant’s Continuous Service terminates, other than for Cause as defined in the Participant’s employment agreement, the
Participant may, but only during the Post-Termination Exercise Period, exercise the portion of the Option that was Vested at the date of such termination (the “Termination Date”), including the portion Vested in accordance with
Section 4(b) above. The “Post-Termination Exercise Period” is the period commencing on the Termination Date and continuing for three months thereafter. In the event of termination of the Participant’s Continuous Service for
cause, the Participant’s right to exercise the Option shall, except as otherwise determined by the Committee, terminate concurrently with the termination of the Participant’s Continuous Service (also the “Termination Date”). In
no event, however, shall the Option be exercised later than the Expiration Date. 
 In the event of the Participant’s change in status from employee to
a status of Non-Employee Director or Consultant, the Option shall remain in effect. Except as provided in Sections 7 and 8 below, to the extent that the Option was not Vested on the Termination Date,
or if the Participant does not exercise the Vested portion of the Option within the Post-Termination Exercise Period, the Option shall terminate. 
  

	 	7.	 Death of Participant. 

In the event of the Participant’s death, the person who acquires the right to exercise the Option pursuant to will or the laws of descent and distribution
may exercise the portion of the Option that was Vested on the date of death during the period commencing on the date of death and continuing for twelve months thereafter (but in no event later than the Expiration Date). To the extent that the
Option was not Vested on the date of death, or if the Vested portion of the Option is not exercised within the time specified herein, the Option shall terminate. 
  

	 	8.	 Disability of Participant. 

If the Participant’s Continuous Service terminates as a result of the Participant’s Disability, the Participant may exercise the portion of the
Option that was Vested on the date of such termination of Continuous Service during the period commencing on the date of termination of Continuous Service and continuing for three months thereafter (but in no event later than the Expiration Date).
To the extent that the Option was not Vested on the date of termination of Continuous Service, or if the Vested portion of the Option is not exercised within the time specified herein, the Option shall terminate. 

 

	 	9.	 Transferability of Option. 

Subject to restrictions on transferability set forth in the Plan, this Option Agreement will be binding upon and benefit the parties, their successors and
assigns. 

  
 -3- 

O-XXX 

	 	10.	 Engaging in Competition with the Corporation. 

If the Participant terminates Continuous Service with the Corporation or an Affiliate for any reason whatsoever, and within twelve months after the date
thereof accepts employment with any competitor of (or otherwise engages in competition with) the Corporation, the Committee, in its sole discretion, may require the Participant to return to the Corporation the economic value of any Award that is
realized or obtained (measured at the Exercise Date, Vesting, or payment) by the Participant at any time during the period beginning on the date that is one year prior to the date of the Participant’s termination of Continuous Service with the
Corporation. 
  

	 	11.	 Rights as Stockholder. 

Until the stock certificate representing the Shares is issued, no right to vote or receive dividends or any other rights as a stockholder shall exist with
respect to the Shares, notwithstanding the exercise of the Option. The Corporation shall issue (or cause to be issued) such stock certificate promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which
the record date is prior to the date the stock certificate is issued, except as provided in Article 10 of the Plan. 
  

	 	12.	 Adjustments Upon Changes in Capitalization. 

The Option shall be subject to the provisions of Article 11 of the Plan relating to adjustments upon changes in capitalization and similar corporate
events. 
  

	 	13.	 Recovery (Clawback) of Compensation. 

Compensation paid to the Participant under this Option Agreement is subject to recoupment in accordance with any compensation recovery or clawback policy of
the Corporation in effect from time to time, including any such policy adopted after the date of this Option Agreement, as well as any similar requirement of applicable law, including without limitation the Dodd-Frank Wall Street Reform and Consumer
Protection Act and the Sarbanes-Oxley Act of 2002, and rules adopted by a governmental agency or applicable securities exchange under any such law. The Participant agrees to promptly repay or return any such compensation as directed by the
Corporation under any such policy or requirement, including the value received from a disposition of Shares acquired pursuant to this Option Agreement. 
  

	 	14.	 Governing Law. 

This Option Agreement will be administered, interpreted and enforced in accordance with the laws of the State of Delaware, without regard to principles of
conflicts of laws. 
  

	 	15.	 Venue and Waiver of Jury Trial. 

The Corporation, the Participant, and the Participant’s assignees pursuant to Section 9 (the “parties”) agree that any suit, action, or
proceeding arising out of or relating to the exercise notice or this Option Agreement shall be brought in the United States District Court for the Western District of Washington (or should such court lack jurisdiction to hear such action, suit or
proceeding, in a Washington state court in Clark County) and that the parties shall submit to the jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of
venue for any such suit, action or proceeding brought in such court. THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of this Section 14 shall
for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable. 

  
 -4- 

O-XXX 

	 	16.	 Attorney Fees. 

In the event of any suit or action or arbitration proceeding to enforce or interpret any provision of this Agreement (or which is based on this Agreement), the
prevailing party will be entitled to recover, in addition to other costs, reasonable attorney fees in connection with such suit, action, or arbitration, and in any appeal. The determination of who is the prevailing party and the amount of reasonable
attorney fees to be paid to the prevailing party will be decided by the arbitrator or arbitrators (with respect to attorney fees incurred prior to and during the arbitration proceedings) and by the court or courts, including any appellate courts, in
which the matter is tried, heard, or decided, including the court which hears any exceptions made to an arbitration award submitted to it for confirmation as a judgment (with respect to attorney fees incurred in such confirmation proceedings). 

 

	 	17.	 Notices. 

Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given (a) upon personal delivery, (b) one
business day after deposit for overnight delivery by a nationally recognized air courier service, (c) five business days after deposit in the United States mail by certified mail (if the parties are within the United States), with postage and
fees prepaid, (d) on the date of fax transmission, with confirmed transmission, or (e) by e-mail transmission, addressed to the party to be notified as follows: 

If to the Corporation: 
 CytoDyn Inc. 

1111 Main Street, Suite 660 

Vancouver, Washington 98660 
 Fax:
(360) 779-8549 
 E-mail:
                             

Attn: Secretary 
 If to the Participant:

  

                       
                          

E-mail:               
                      
 Fax:
                                        

 or such other address as such party may designate by ten days’ advance written notice to the other party. 

 

									
	 CYTODYN INC.
	 	 PARTICIPANT

		
	 By:
                                         
                                         
      
	 	 By:
                                         
                                         
      

  
 -5- 

O-XXX 

 EXHIBIT A 

CYTODYN INC. 
 2012
EQUITY INCENTIVE PLAN 
 EXERCISE NOTICE 

CytoDyn Inc. 
 1111 Main Street, Suite 660 

Vancouver, Washington 98660 
 Telephone: (360) 980-8524 
 Facsimile: (360) 779-8549 

Attention: Secretary 
  

					
	 Participant:
	  	                                      
                          	  	
		  	 Print Name
	  	
			
	 Mailing Address:
	  	                                      
                          	  	
			
		  	                                      
                          	  	
			
		  	                                      
                          	  	
			
	 Telephone Number:
	  	                                      
                          	  	
		
	 Option:            The
option evidenced by a Stock Option Award Agreement dated             , 20    .
	  	

 OPTION EXERCISE 

I hereby elect to exercise the Option to purchase shares (“Shares”) of common stock of CytoDyn Inc. covered by the Option as
follows: 
  

			
	 Number of Shares Purchased (a)
                                         
   

		
	 Per-Share Exercise Price (b)
	  	$                                     
           
		
	 Aggregate Purchase Price (a times b)
	  	$                                     
           
		
	 Closing Date of Purchase
	  	                                     
             

 Form of Payment [Check One]: 
  

	 	☐	 My check in the full amount of the Aggregate Purchase Price (as well as a check for any withholding taxes, if
this box ☐ is checked). See “Instructions” below. 

  

	 	☐	 Delivery of previously acquired shares of CytoDyn common stock with a fair market value equal to the Aggregate
Purchase Price. See “Instructions” below. 

  

	 	☐	 My irrevocable direction to my securities broker (see below) to sell Shares subject to the Option and deliver a
portion of the sales proceeds to CytoDyn Inc., in full payment of the Aggregate Purchase Price (as well as any withholding 

  
 -6- 

O-XXX 

	 	
taxes, if this box ☐ is checked). See “Instructions” below. I hereby confirm that any sale of Shares will be in compliance with CytoDyn’s policies on insider trading and
Rule 144, if applicable. I HEREBY IRREVOCABLY AUTHORIZE ______________________ to 

 (name of
broker) 
 transfer funds to CytoDyn Inc., from my account in payment of the Aggregate Purchase Price (and withholding taxes, if
applicable) and CytoDyn Inc., is hereby directed to issue the Shares for my account with such broker and to transmit the Shares to the broker indicated above. 

Instructions: 

(1)    If payment is to be by check, a certified or cashier’s check for the amount of the Aggregate
Purchase Price payable to CytoDyn Inc., should be submitted with this Notice. If you wish to pay by wire transfer, please contact CytoDyn Inc. for instructions. 

(2)    If payment is to be by surrender of previously acquired shares or by attestation of ownership (see
Attestation Form below), either a certificate for the shares accompanied by a stock power endorsed in blank or the completed Attestation Form should be submitted with this Notice. If applicable, a certificate for any shares in excess of those needed
to satisfy the Aggregate Purchase Price will be returned to you with the certificate for your option shares. Any change in registration between the payment shares and the new shares will require a properly executed stock power that is guaranteed by
an institution participating in a recognized medallion signature guarantee program. 
 (3)    Withholding
tax is due immediately upon exercise of a nonqualified stock option by an employee or former employee. Non-employee directors are not currently subject to withholding. If withholding tax is due at the time of
exercise, you will be notified of the amount and satisfactory arrangements must be made for payment before a stock certificate for your option shares will be delivered to you (or your broker, if applicable). 

ISSUANCE INSTRUCTIONS FOR STOCK CERTIFICATES 

Please register the stock certificate(s) in the following name(s): 

                    
                                 

                    
                                 

                    
                                 

If applicable, please check one: ☐ JT TEN    ☐ TEN COM    ☐ Other

 Please deliver the stock certificate(s) to (check one): 

☐ My brokerage account 

  
 -7- 

O-XXX 

					
	 	 	     

	 	 	
	 	 	
	 Attn:
                                         
                  
	 	
	
Account No.:                
                             ; or

 ☐ My mailing address set forth above. 

 

					
	 	 		 	 
	Date	 		 	Signature of Participant

 ATTESTATION FORM 

As indicated above, I have elected to use shares of CytoDyn common stock that I already own to pay the Aggregate Purchase Price of the Option.

 I attest to the ownership of the shares represented by the certificate(s) listed below or to the beneficial ownership of the shares held
in the name of my broker, as indicated in the attached copy of my brokerage statement. I will be deemed to have delivered such shares to CytoDyn in connection with the exercise of my Option. 

I understand that, because I (and any joint owner) will retain ownership of the shares (the “Payment Shares”) deemed delivered to
pay the Aggregate Purchase Price, the number of shares to be issued to me upon exercise of my Option will be reduced by the number of Payment Shares. I represent that I have full power to deliver and convey certificates representing the Payment
Shares to CytoDyn and by such delivery and conveyance could have caused CytoDyn to become sole owner of the Payment Shares. The joint owner of the Payment Shares, if any, by signing this Form, consents to these representations and to the exercise of
the Option by this attestation. 
 I certify that any Payment Shares originally issued to me as restricted shares are now fully vested. 

List certificate(s) and number of shares covered, or attach a copy of your brokerage statement: 

 

			
	Common Stock
Certificate Number	  	Number of
Shares Covered
	 	  	 
	 	  	 
	 	  	 

  

					
	 Date:
                                    
	    		    	
			
	 Print Name of Optionholder:
	    	  
	    	
			
	 Signature of Optionholder:
	    	  
	    	
			
	 Print Name of Joint Owner:
	    	  
	    	

  
 -8- 

O-XXX 

					
	Signature of Joint Owner:	    	  
	    	    

 If you are attaching a copy of your brokerage statement, you must have your securities broker complete the
following: 
 The undersigned hereby certifies that the foregoing attestation is correct. 

 

			
	  
	 	                    
	Name of Brokerage Firm	 	
		
	By:                                     
                                         
  	 	
		
	 	 	
	Print Name of Signing Broker	 	
		
	Date:                                     
                                        	 	
		
	Telephone
No.:                                        
    	 	

  
 -9- 

O-XXXEX-10.58

 Exhibit 10.58 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”), effective as of June 15, 2020 (the “Effective
Date”), is by and between CYTODYN INC., a Delaware corporation (the “Company”) and Nitya G. Ray (the “Executive”). 

W I T N E S E T H: 

WHEREAS, Executive and the Company previously entered into an Employment Agreement, dated December 22, 2018 (the “Original
Agreement”); and 
 WHEREAS, Executive and the Company desire to amend and restate the Original Agreement to reflect the terms and
conditions set forth in this Agreement. 
 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;
TERMINATION OF PRIOR AGREEMENT; TERM OF AGREEMENT 
 Section 1.1    Employment and Acceptance. During
the Term (as defined in Section 1.2), the Company shall employ the Executive, and the Executive 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 Executive’s employment hereunder by either party hereto pursuant to the terms of
Section 4.1, Section 4.2, Section 4.3 or Section 4.4. In the event that the Executive’s employment with the Company terminates, the
Company’s obligation to continue to pay, after the Termination Date (as defined in Section 4.3(b)), 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 as may be provided for in ARTICLE 4. 

  
 1 

 ARTICLE 2 

TITLE; DUTIES AND OBLIGATIONS; LOCATION 

Section 2.1    Title. The Company shall employ the Executive to render exclusive and full-time services to the
Company. The Executive shall serve in the capacity Chief Technology Officer – Head of Process Sciences, Manufacturing & Supply Chain. 

Section 2.2    Duties. Subject to the direction and authority of the Board of Directors of the Company
(the ”Board”), the Executive shall have direct responsibility for the day to day management and advancement of the Company’s biologic manufacturing activities, including responsibility for all Chemistry and Manufacturing
Control (“CMC”) processes of PRO 140, including, without limitation, managing consultants of the Company with respect to CMC-related issues. In addition, the Executive will advise the
Chief Executive Officer (“CEO”) of the Company on all tactical and strategic issues related to CMC matters. The Executive shall report to, and be subject to the lawful direction of, the CEO. The Executive agrees to perform to the
best of his ability, experience, and talent those acts and duties, consistent with the position of Chief Technology Officer – Head of Process Sciences, Manufacturing & Supply Chain as the CEO shall from time to time direct. During the
Term, the Executive also shall serve in such other Executive-level positions or capacities as may, from time to time, be reasonably requested by the CEO. 

Section 2.3    Compliance with Policies, etc. During the Term, the Executive shall be bound by, and comply
fully with, all of the Company’s policies and procedures for officers, directors and/or employees in place from time to time, including, but not limited to, all terms and conditions set forth in the Company’s employee handbook, if any,
compliance manual, codes of conduct and any other memoranda and communications applicable to the Executive 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 Executive’s obligations to comply with the Company’s rules regarding confidential and proprietary information and trade secrets. 

Section 2.    Time Commitment. During the Term, the Executive shall use his best efforts to promote the
interests of the Company (including its subsidiaries and other Affiliates (as defined below)) and shall devote substantially all of his business time, ability and attention to the performance of his duties for the Company and shall not, directly or
indirectly, render any 

  
 2 

 
services to any other person or organization, whether for compensation or otherwise, except with the CEO’s prior written consent, provided that the foregoing shall not prevent the Executive
from (i) participating in charitable, civic, educational, professional, community or industry affairs, (ii) managing the Executive’s passive personal investments and affairs, or (iii) serving on the board of directors (or similar
governing bodies) of not more than two (2) other corporations (or other business entities) that are not competitors of the Company, its subsidiaries or any of its other Affiliates (as determined by the Board), so long as, in each case, such
activities individually or in the aggregate do not materially interfere or conflict with the Executive’s duties hereunder or create a potential business or fiduciary conflict (in each case, as determined by the CEO). As used in this Agreement,
“Affiliate” of any individual or entity means any other individual or entity that directly or individual controls, is controlled by, or is under common control with, the individual or entity. 

Section 2.5    Location. The Executive’s principal place of business for the performance of his duties
under this Agreement shall be at the principal executive office of the Company (currently located in Vancouver, Washington), provided it is agreed that Executive may work remotely from East Hanover, New Jersey. Notwithstanding, the foregoing, the
Executive shall be required to travel as necessary to perform his duties hereunder. 
 ARTICLE 3 

COMPENSATION AND BENEFITS; EXPENSES 

Section 3.1    Compensation and Benefits. For all services rendered by the Executive 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 Executive shall be compensated (subject, in each case, to the provisions of
ARTICLE 4 below), as determined by the Compensation Committee, as follows: 
 (a)    Base Salary. During
the Term, the Company shall pay the Executive a base salary (the “Base Salary”) approved by the Compensation Committee of the Board (the ”Compensation Committee”), 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 Executive’s Base Salary shall be subject to periodic adjustments as
determined by the Compensation Committee. As used in this Agreement, the term “Base Salary” shall refer to Base Salary as may be adjusted from time to time, but shall not be reduced to an annualized rate below $335,000. As used in this
Agreement, the term “Base Salary” shall refer to Base Salary as may be adjusted from time to time. 

  
 3 

 (b)    Annual Bonus. For each fiscal year ending during the Term
(beginning with the fiscal year ending May 31, 2020, the Executive shall be eligible to receive an annual bonus (the “Annual Bonus”) with a target amount equal to fifty percent (50%) of the Base Salary earned by the Executive
for such fiscal 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 Executive’s individual objectives
established by the Compensation Committee for the fiscal year with respect to which such Annual Bonus relates. The level of achievement of the corporate objectives and the Executive’s individual performance objectives for any fiscal year shall
be determined by the Compensation Committee. Each Annual Bonus for a fiscal year, to the extent earned, will be paid in a lump sum at a time determined by the Company, but in no event later than March 15 of the calendar year immediately
following the year in which such Annual Bonus was earned. Each Annual Bonus shall be payable, as determined by the Compensation Committee, either in cash, in full, or fifty percent (50%) in cash and (50%) in unrestricted shares under (and as defined
in) the Company’s 2012 Equity Incentive Plan (as it may be amended from time to time, the ”2012 Plan”), or any successor equity compensation plan as may be in place from time to time (collectively with the 2012 Plan, the
“Plan”), subject to the availability of shares under the Plan. The Annual Bonus shall not be deemed earned until the date that it is paid. Accordingly, in order for the Executive to receive an Annual Bonus, the Executive must be
actively employed by the Company at the time of such payment. 
 (c)    Equity Compensation. During the Term,
subject to the terms and conditions established within the Plan and separate Award Agreements (as defined in the Plan), the Executive shall be eligible to receive from time to time additional Options, Stock Appreciation Rights, Restricted Awards or
Other Stock-Based Awards (as such capitalized terms are defined in the Plan), in amounts, if any, as determined by the Compensation Committee. 

(d)    Benefit Plans. The Executive shall be entitled to participate in all employee benefit plans and programs
(excluding severance plans, if any) generally made available by the Company to senior leadership of the Company, to the extent permissible under the general terms and provisions of such plans or programs and in accordance with the

  
 4 

 
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 Executive shall be entitled to paid vacation days in accordance with the
Company’s vacation policies in effect from time to time for its senior management. 

Section 3.2    Expense Reimbursement. The Company shall reimburse the Executive during the Term, in accordance
with the Company’s expense reimbursement policies in place from time, for all reasonable out-of-pocket business expenses incurred by the Executive in the
performance of his duties hereunder. In order to receive such reimbursement, the Executive 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. 

(a)    The Company may terminate the Executive’s employment hereunder at any time without Cause (other than by reason
of death or Disability) upon written notice to the Executive. 
 (b)    As used in this Agreement,
“Cause” means: (i) a material act, or act of fraud, committed by the Executive that is intended to result in the Executive’s personal enrichment to the detriment or at the expense of the Company or any of its Affiliates;
(ii) the Executive is convicted of a felony; (iii) willful and continued failure by the Executive to perform the duties or obligations reasonably assigned to the Executive by the Board from time to time, which failure is not cured upon ten
(10) days prior written notice (unless such failure is not susceptible to cure, as determined in the reasonable discretion of the Board); or (iv) the Executive materially violates either of the Covenants Agreements (as defined in
Section 5.1 below). 

  
 5 

 (c)    If the Executive’s employment is terminated pursuant to
Section 4.1(a), the Executive shall, in full discharge of all of the Company’s obligations to the Executive, be entitled to receive, and the Company’s sole obligation to the Executive under this Agreement or
otherwise shall be to pay or provide to the Executive, the following: 
 (i) the Accrued Obligations (as defined in
Section 4.3(b)); and 
 (ii) subject to Section 4.5 and
Section 4.6, a severance (the “Severance Payments”) to be paid to Executive as follows: (A) a lump sum payment equal to six (6) month’s of Executive’s Base Salary at the rate in effect
immediately prior to the Termination Date (less applicable withholdings and authorized deductions) on the sixtieth (60th) day following the Termination Date (or the next business day thereafter, but in no event later that March 15th of the calendar year immediately following the Ter1mination Date); and (B) payments equal to six (6) months of Executive’s Base Salary at the rate in effect immediately prior to the
Termination Date (less applicable withholdings and authorized deductions) to be paid in regular installments corresponding with the Company’s regular payroll schedule, and commencing on the first regular payroll date following the date that is
one hundred and eighty (180) days after the Termination Date. 
 Notwithstanding the foregoing, in no event shall the Severance
Payments to which the Executive is entitled hereunder exceed two times the lesser of (x) the sum of the Executive’s annualized compensation based upon the Executive’s annual salary in the year preceding the year in which the
Executive’s employment is terminated (adjusted for any increase during that year that was expected to continue indefinitely if the Executive’s employment had not terminated) or (y) the applicable dollar limit under
Section 401(a)(17) of the Internal Revenue Code for the calendar year in which the Executive’s employment is terminated. 

(d)    Notwithstanding anything in Section 4.1(c) to the contrary, the Severance Payments may
be made, as determined by the Compensation Committee, in whole or in part through the issuance of shares of the Company’s common stock, in each case with a Fair Market Value (as defined in the Plan) equal to the amount to be paid on the
applicable date. 
 (e)    Unless the award agreement specifically provides otherwise, all stock options and other
awards that the Executive has been granted under the Plan as of the date of this Agreement shall vest and, in the case of stock options or like awards, become exercisable, to the extent not already vested and (if applicable) exercisable, on the
Termination Date, and (if applicable) shall remain exercisable following termination to the extent provided in the award agreement for such award. 

  
 6 

 Section 4.2    Termination Without Cause or for Good Reason
Within 12 Months Following a Change in Control. 
 (a)    Provided that the Executive has completed 180 days of
full-time continuous employment with the Company, if, within twelve (12) months following the occurrence of a Change in Control of the Company (as defined below), the Executive’s employment hereunder is terminated without Cause (other than
by reason of death or Disability) or the Executive resigns for Good Reason, the provisions of this Section 4.2 shall control instead of the provisions of Section 4.1. 

(b)    As used in this Agreement, “Change in Control” means 

(i) Any one person or entity, or more than one person or entity acting as a group (as defined in Treasury
Regulation Section 1.409A-3), acquires ownership of stock of the Company that, together with stock previously held by the acquiror, constitutes more than fifty percent (50%) of the total fair
market value or total voting power of the Company’s stock. If any one person or entity, or more than one person or entity acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power
of the Company’s stock, the acquisition of additional stock by the same person or entity or persons or entities acting as a group does not cause a Change in Control. An increase in the percentage of stock owned by any one person or entity, or
persons or entities acting as a group, as a result of a transaction in which the Company acquires its stock in exchange for property, is treated as an acquisition of stock; or 

(ii) A majority of the members of the Company’s Board is replaced during any twelve (12) month period by directors whose
appointment or election is not endorsed by a majority of the members of the Board prior to the date of appointment or election; or 
 (iii)
Any one person or entity, or more than one person or entity acting as a group, acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by that person or entity or persons or entities
acting as a group) assets from the Company that have a total gross fair market value equal to at least forty percent (40%) of the total gross fair market value of all the Company’s assets immediately prior to the acquisition or
acquisitions. Gross fair market value means the value of the Company’s assets, or the value of the assets being disposed of, without regard to any liabilities associated with these assets. Notwithstanding anything in this clause (iii) to
the contrary, in no event shall a license of (or other similar transfer of rights in) leronlimab be a change in the ownership of a substantial portion of the Company’s assets 

  
 7 

 In determining whether a Change in Control occurs, the attribution rules of Code
Section 318 apply to determine stock ownership. The stock underlying a vested option is treated as owned by the individual who holds the vested option, and the stock underlying an unvested option is not treated as owned by the individual who
holds the unvested option. 
 (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 Executive’s Base Salary unless the reduction is generally applicable to substantially all similarly situated
Company employees or is otherwise offset economically by increases in other compensation or replacement plans or programs; (3) a material diminution in the Executive’s authority, duties or responsibilities; or (4) a relocation by the
Company of the Executive’s principal place of business for the performance of his duties under this Agreement to a location that is anywhere outside of a 50-mile radius of East Hanover, New Jersey;
provided, however, that the Executive must notify the Company within ninety (90) days of the occurrence of any of the foregoing conditions that he 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 Executive fails to provide this notice and cure period prior to his resignation, or resigns more than six (6) months after the initial existence of the condition, his resignation will
not be deemed to be for “Good Reason.” 
 (d)    If the Executive’s employment is terminated pursuant to
Section 4.2(a) (i.e., the Company terminates the Executive’s employment hereunder without Cause, and not by reason of death or Disability, within twelve (12) months following a Change in Control of the Company, or
the Executive resigns for Good Reason within twelve (12) months following a Change in Control of the Company), the Executive shall, in full discharge of all of the Company’s obligations to the Executive, be entitled to receive, and the
Company’s sole obligation to the Executive under this Agreement or otherwise shall be to pay or provide to the Executive, the following: 

(i) the Accrued Obligations; and 

(ii) subject to Section 4.5 and Section 4.6: 

(A) a lump sum payment equal to the sum of eighteen (18) months of the Executive’s Base Salary at the rate in effect immediately
prior to Termination Date (less applicable withholdings and authorized deductions), to be paid on the first regular payroll date 

  
 8 

 
on or following the date that is sixty (60) days following such termination of employment (the ”Enhanced Severance Payment”); provided, however, that the Enhanced
Severance Payment shall not exceed two times the lesser of (x) the sum of the Executive’s annualized compensation based upon the Executive’s annual salary in the year preceding the year in which the Executive’s employment is
terminated (adjusted for any increase during that year that was expected to continue indefinitely if the Executive’s employment had not terminated) or (y) the applicable dollar limit under Section 401(a)(17) of the Internal Revenue
Code for the calendar year in which the Executive’s employment is terminated; and 
 (B) Unless the award agreement specifically
provides otherwise, all stock options and other awards that the Executive has been granted under the Plan as of the date of this Agreement shall vest and, in the case of stock options or like awards, become exercisable, to the extent not already
vested and (if applicable) exercisable, on the Termination Date, and (if applicable) shall remain exercisable following termination to the extent provided in the award agreement for such award. 

For purposes of clarity, it is understood and agreed that the Enhanced Severance Payment set forth in this
Section 4.2 shall be in lieu of (and not in addition to) the Severance Payments set forth in Section 4.1. 

Section 4.3    Termination for Cause; Voluntary Termination. 

(a)    The Company may terminate the Executive’s employment hereunder at any time for Cause upon written notice to
the Executive. The Executive may voluntarily terminate his employment hereunder at any time for any reason or no reason upon ninety (90) days prior written notice to the Company; provided, however, the Company reserves the right,
upon written notice to the Executive, to accept the Executive’s notice of resignation and to accelerate such notice and make the Executive’s resignation effective immediately, or on such other date prior to Executive’s intended last
day of work as the Company deems appropriate. It is understood and agreed that the Company’s election to accelerate Executive’s notice of resignation shall not be deemed a termination by the Company without Cause for purposes of
Section 4.1 or 4.2 of this Agreement or otherwise or constitute Good Reason for purposes of Section 4.2 of this Agreement or otherwise. 

  
 9 

 (b)    If the Executive’s employment is terminated pursuant to
Section 4.3(a), the Executive shall, in full discharge of all of the Company’s obligations to the Executive, be entitled to receive, and the Company’s sole obligation under this Agreement or otherwise shall be to
pay or provide to the Executive, the following (collectively, the “Accrued Obligations”): 
 (i) the Executive’s
accrued but unpaid Base Salary through the final date of the Executive’s employment by the Company (the “Termination Date”), payable in accordance with the Company’s standard payroll practices; 

(ii) the Executive’s unused vacation as accrued in accordance with the Company’s policies, if any; (iii) expenses reimbursable
under Section 3.2 above incurred on or prior to the Termination Date but not yet reimbursed; and 
 (iv) any
amounts or benefits that are vested amounts or vested benefits or that the Executive is otherwise entitled to receive under any 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 4.4    Termination Resulting from Death
or Disability. 
 (a)    As the result of any Disability suffered by the Executive, the Company may, upon
five (5) days prior notice to the Executive, terminate the Executive’s employment under this Agreement. The Executive’s employment shall automatically terminate upon his 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 Executive has been unable to perform the essential functions of his 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 Executive’s employment
is terminated pursuant to Section 4.4(a), the Executive or the Executive’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 Executive or the Executive’s estate, as the case may be, the Accrued Obligations. 

Section 4.5    Release Agreement. In order to receive the Severance Payments set forth in
Section 4.1, or to receive the Enhanced Severance Payment set forth in Section 4.2 (as applicable, and, in each case, if eligible), the Executive 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 

  
 10 

 
discretion; provided, that the Company provides the Executive with the form of Release Agreement within three (3) days following the Termination Date, and such form does not address subjects
other than the release of claim and post-employment restrictions by which the Executive is already bound. The Severance Payments or the Enhanced Severance Payment, as applicable, are subject to the Executive’s execution of such Release
Agreement within twenty-one (21) days of the Executive’s receipt of the Release Agreement and the Executive’s non-revocation of such Release Agreement.

 Section 4.6    Post-Termination Breach. Notwithstanding anything to the contrary contained in this
Agreement, the Company’s obligations to provide the Severance Payments or the Enhanced Severance Payment, as applicable, will immediately cease if the Executive materially breaches any of the provisions of either of the Covenants Agreements or
the Release Agreement. 
 Section 4.7    Removal from any Boards and Position. If the Executive’s
employment is terminated for any reason under this Agreement, he 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 he 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    Employee Inventions Assignment and Non-Disclosure
Agreement. The Executive acknowledges and confirms that the Confidentiality Agreement executed by the Executive in favor of the Company on October 31, 2015 (the “Confidentiality Agreement”), the terms of which are
incorporated herein by reference, remains in full force and effect and binding on the Executive, and the Executive further agrees to execute and be bound by the Employee Non-Competition Agreement (such
agreement, together with the Confidentiality Agreement, the ”Covenants Agreements”) attached hereto as Schedule A, the terms of which are also incorporated herein by reference. The Covenants Agreements shall each survive the
termination of this Agreement and the Executive’s employment by the Company for the applicable period(s) set forth therein. 

  
 11 

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

Section 5.3    Key-Person Insurance. Upon the Company’s request,
the Executive shall cooperate (including, without limitation, taking any required physical examinations) in all respects in obtaining a key-person life insurance policy on the life of the Executive in which
the Company is named as the beneficiary. 
 Section 5.4    Entire Agreement. Without limitation, this
Agreement supersedes and replaces the Original Agreement. This Agreement, the Indemnification Agreement between the Executive and the Company effective December 22, 2018, as it may be amended from time to time (the “Indemnification
Agreement”), and the Covenants Agreements contain the entire agreement of the parties hereto with respect to the terms and conditions of the Executive’s employment during the Term and activities following termination of this Agreement
and the Executive’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, the Indemnification
Agreement, and the Covenants Agreements. 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 Agreements. The Executive acknowledges and agrees that the Company has fully satisfied, and has no further obligations to the Executive arising under, or relating to, any prior 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 Agreements shall be valid and binding, unless agreed
to in writing and signed by the parties sought to be bound thereby. 
 Section 5.5    No Other Contracts.
The Executive represents and warrants to the Company that neither the execution and delivery of this Agreement by the Executive nor the performance by the Executive of the Executive’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 Executive is a party or by which the Executive is bound, nor shall the execution and delivery of this Agreement by the Executive nor the
performance by the 

  
 12 

 
Executive of his duties and obligations hereunder give rise to any claim or charge against either the Executive, the Company or any Affiliate, based upon any other contract or other arrangement,
whether written or oral, to which the Executive is a party or by which the Executive is bound. The Executive further represents and warrants to the Company that he 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 Executive’s ability to perform his obligations under this Agreement, including,
but not limited to, non-competition agreements, non-solicitation agreements or confidentiality agreements. The Executive 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 Executive in this Section 5.5. 

Section 5.6    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: 

 

			
	 If to the Company, to:

CytoDyn Inc.
 1111 Main
Street, Suite 660
 Vancouver, Washington 98660

Attn: Chief Executive Officer
	  	If to the Executive, to the address provided on Executive’s current Form W-4 on file with the Company.

 Section 5.7    Governing Law; Jurisdiction. This Agreement shall be governed
by, and construed in accordance with, the laws of the State of Washington, without regard to principles of conflicts of law. Any and all actions arising out of this Agreement or Executive’s employment by Company or termination therefrom shall
be brought and heard in the state and federal courts of the State of Washington and the parties hereto hereby irrevocably submit to the exclusive jurisdiction of any such courts. 

  
 13 

 Section 5.8    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 5.9    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 5.10    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. Signatures delivered by facsimile (including
without limitation by “pdf”) shall be deemed effective for all purposes. 
 Section 5.11    Advice of
Counsel. 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 5.12    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 

  
 14 

 
all of its assets) and shall be binding upon the Company and its successors and assigns. This Agreement is personal to the Executive, and the Executive shall not assign or delegate his rights or
duties under this Agreement, and any such assignment or delegation shall be null and void. 

Section 5.13    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 his or its obligations under this Agreement. 

Section 5.14    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 5.14 shall preclude the assumption of such rights by executors, administrators or other legal
representatives of the Executive or the Executive’s estate and their assigning any rights hereunder to the person or persons entitled thereto. 

Section 5.15    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 the 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 Executive 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 Executive 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 Company. The Executive shall not look to the owners of the Company for the satisfaction of any obligations of the Company under this Agreement. 

Section 5.16    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 

  
 15 

 
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 Compensation Committee to satisfy all obligations
for the payment of such withholding taxes. The Executive will be solely responsible for all taxes assessed against him 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 5.17    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 Executive 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 Executive’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 Executive, 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 Executive’s lifetime (or during a shorter 

  
 16 

 
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 Executive shall not be considered to have terminated employment with the Company for purposes of Section 4.1 or
4.2 unless the Executive would be considered to have incurred a “separation from service” from the Company within the meaning of Treasury Regulation §1.409A-1(h). In no event whatsoever
shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Executive by Section 409A or damages for failing to comply with Section 409A. 

Section 5.18    280G Modified Cutback. 

(a)    If any payment, benefit or distribution of any type to or for the benefit of the Executive, 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 Executive 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 present-value after-tax economic value of amounts received by the Executive
after application of the above reduction would exceed the present-value after-tax economic 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 Executive 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 full-value performance-vesting equity or similar awards, then by reducing or eliminating accelerated 
  

  
 17 

 
vesting of full-value time-vesting equity or similar awards, 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 Executive 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 Executive shall be furnished with notice of all determinations made as to the Excise Tax payable with respect to the Executive’s Parachute Payments,
together with the related calculations of the Accounting Firm, promptly after such determinations and calculations have been received by the Company. 

(c)    For purposes of this Section 5.18, (i) no portion of the Parachute Payments the receipt
or enjoyment of which the Executive 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. 

  
 18 

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

											
	 EXECUTIVE:
	 	 COMPANY:
	 	
					
		 		 		 	 CytoDyn Inc.
	 	
						
	By:	 	 /s/ Nitya G. Ray
	 		 	By:	 	 /s/ Nader Pourhassan
	 	

											
	Name:	 	Nitya G. Ray	 		 	 Name:	 	Nader Pourhassan, Ph. D.	 	
	Title:	 	Chief Technology Officer	 		 	 Title:	 	President & CEO	 	

  
 19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}]]