Document:

Exhibit 10.47

 

Dated                 2017

 

XENETIC BIOSCIENCES (UK) LIMITED

 and 

LIPOXEN TECHNOLOGIES LIMITED 

and 

XENETIC BIOSCIENCES INC. 

and 

MICHAEL SCOTT MAGUIRE

 

 

 

 

 

 

SETTLEMENT AGREEMENT

 

 

Without prejudice
and subject to contract

 

 

 

 

 

 

 

 

 

 

 

 

    	 		 

     

    

 

 

Table
OF Contents

	1.	Interpretation	2
	2.	Arrangements until termination	4
	3.	Termination payment	5
	4.	Payment conditions	6
	5.	Legal fees	6
	6.	Waiver of claims	6
	7.	Indemnities	8
	8.	Company property and information	9
	9.	Employee warranties and acknowledgments	10
	10.	Resignation from offices	10
	11.	Confidentiality, announcements and reference	10
	12.	Directors Liability Insurance	12
	13.	Guarantee	12
	14.	Entire agreement	12
	15.	Variation	12
	16.	Third party rights	12
	17.	Governing law	13
	18.	Jurisdiction	13
	19.	Subject to contract and without prejudice	13
	20.	Counterparts	13
	 	 	 
	Schedule	 
	Schedule 1 Claims	14
	Schedule 2 Adviser's certificate	17
	Schedule 3 Second Settlement Agreement	18
	Schedule 4 Announcement	23
	Schedule 5 Reference	26

 

 

    	 	 	 

     

    

 

This Agreement is dated              
 2017.

 

Parties

 

	(1)	Xenetic Biosciences (UK) Limited incorporated and registered in England and Wales with company
number 03213174 whose registered office is at 5th Floor, 15 Whitehall, London, SW1A 2DD (the "Company");

 

	(2)	Lipoxen Technologies Limited incorporated and registered in England and Wales with company number
03401495 whose registered office is at 5th Floor, 15 Whitehall London SW1A 2DD (“LTL”);

 

	(3)	Xenetic Biosciences Inc., a Nevada Corporation with a principal place of business at 99 Hayden
Avenue, Suite 230, Lexington, MA 02421 (“XBIO”);

 

	(4)	Michael Scott Maguire of 23 Palace Court, London, W2 4LP (the “Employee”).

 

Background

 

	(A)	The Employee was appointed as CEO of Lipoxen Plc in March 2004, after which Lipoxen Plc acquired
Lipoxen Technologies Limited (“LTL”).

 

	(B)	In November 2009 the Employee entered into the Service Agreement.

 

	(C)	In 2011 Lipoxen Plc changed its name to Xenetic Biosciences Plc.

 

	(D)	Pursuant to a subsequent merger between Xenetic Biosciences Plc and Xenetic Biosciences, Inc.,
Xenetic Biosciences Plc was renamed Xenetic Biosciences (UK) Limited.

 

	(E)	The parties have agreed that the Employee’s role of CEO ceased on 26 October 2017 and that
thereafter he shall continue in employment with the Xenetic Group (with his employment transferring to Lipoxen Technologies Limited,
an associated employer of the Company for the purposes of section 231 of the Employment Rights Act 1996) albeit in a new role (the
“New Role”). The New Role will entail both a change in duties and a drop in earnings. In recognition of this
change compensation as set out in this Agreement will be paid.

 

	(F)	The New Role involves advising the management and Board of Directors of XBIO on matters relating
to the strategy, technology, operations and history of the Group. In particular, given the Executive’s long history and relationships
with Shire plc and its affiliates (“Shire”) the Executive shall work with the CEO of XBIO to continue transitioning
primary responsibility for, and point of contact with, Shire. Notwithstanding the foregoing, the Executive shall be reasonably
available to address routine inquiries from Company management.

 

	(G)	Between the date of this Agreement and 31 October 2018 or such earlier date as agreed by the parties (the “Termination
Date”) the Employee will be employed by Lipoxen Technologies Limited in the New Role, the terms of which shall be set
out in a new service agreement. Nothing in this Agreement shall prevent Lipoxen Technologies Limited from having the ability to
terminate the Employee’s employment immediately in the event that the Employee commits an act of gross misconduct.

 

 

 

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	(H)	The parties have entered into this Agreement to record and implement the terms on which they have
agreed to settle any claims which the Employee has or may have in connection with his employment as CEO or its termination against
the Company or any Group Company (as defined below) or its or their officers or employees whether or not those claims are, or could
be, in the contemplation of the parties at the time of signing this Agreement, and including, in particular, the statutory complaints
which the Employee raises in this Agreement.

 

	(I)	The Employee and Xenetic Biosciences (UK) Limited, Lipoxen Technologies Limited, Xenetic Biosciences
Inc. will enter into a Second Settlement Agreement on, or within 7 days after, the earlier of the Termination Date or such earlier
date as the Employee’s employment in the New Role terminates.

 

	(J)	The Company enters into this Agreement for itself and as agent and trustee for all Group Companies
and it is authorised to do so. It is the parties' intention that each Group Company should be able to enforce any rights it has
under this Agreement, subject to and in accordance with the Contracts (Rights of Third Parties) Act 1999.

 

	(K)	Nothing in this Agreement shall settle or compromise any claim the Employee may have against any
person, entity or company which claim does not arise from or is part of the Xenetic Group of companies.

 

 

Agreed terms

 

	1.	Interpretation

 

The following definitions and rules
of interpretation apply in this Agreement.

 

	"Adviser"	Paul Seath of Bates Wells Braithwaite, 10 Queen Street Place, London EC4R 1BE.
	 	 
	"Board"	the board of directors of the Company (including any committee of the board duly appointed by it).
	 	 
	"Confidential Information"	information in whatever form (including, without limitation, in written, oral, visual or electronic form or on any magnetic or optical disk or memory and wherever located) relating to the business, products, affairs and finances of the Company or any Group Company for the time being confidential to the Company or any Group Company and trade secrets including, without limitation, technical data and know-how relating to the business of the Company or any Group Company or any of its or their suppliers, clients, customers, agents, distributors, shareholders or  management, including (but not limited to) information that the Employee created, developed, received or obtained in connection with his employment, whether or not such information (if in anything other than oral form) is marked confidential.

 

 

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	"Copies"	copies or records of any Confidential Information in whatever form (including, without limitation, in written, oral, visual or electronic form or on any magnetic or optical disk or memory and wherever located) including, without limitation, extracts, analysis, studies, plans, compilations or any other way of representing or recording and recalling information which contains, reflects or is derived or generated from Confidential Information.
	 	 
	"Group Company"	the Company, and any company in the Xenetic Group  
	 	 
	 	 
	“Service Agreement”	the contract between the entity formerly known as Lipoxen Plc and the Employee dated 3 November 2009.
	 	 
	“Xenetic Group	Xenetic Biosciences Inc. (the US parent company), Xenetic Bioscience Inc. (a US corporation being a wholly owned subsidiary of Xenetic Biosciences (UK) Limited), Xenetic Biosciences (UK) Limited (a UK company being a wholly owned subsidiary of Xenetic Biosciences, Inc), Lipoxen Technologies Limited (a UK company being a wholly owned subsidiary of Xenetic Biosciences (UK) Limited) and SymbioTec GmbH (a German company being a wholly owned subsidiary of Xenetic Biosciences (UK) Limited

 

	1.1	The headings in this Agreement are inserted for convenience only and shall not affect its construction.

 

	1.2	A reference to a particular law is a reference to it as it is in force for the time being taking
account of any amendment, extension, or re-enactment and includes any subordinate legislation for the time being in force made
under it.

 

	1.3	Unless the context otherwise requires, a reference to one gender shall include a reference to the
other genders.

 

	1.4	Unless the context otherwise requires, words in the singular shall include the plural and in the
plural shall include the singular.

 

	1.5	The Schedules shall form part of this Agreement and shall have effect as if set out in full in
the body of this Agreement. Any reference to this Agreement includes the Schedules.

 

	1.6	References to any officers or employees of the Company or any member of the Xenetic Group is a
reference to such officer or employee acting in their capacity as an officer or employee of such company and in no other capacity.

 

 

 

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	2.	Arrangements until termination

 

	2.1	The Employee’s notice period shall commence on the date of this Agreement. The Employee’s
employment with the Company will therefore terminate on 31 October 2018 (the “Termination Date”).

 

	2.2	The Employee's role of Group CEO with the Company ended on 26 October 2017.

 

	2.3	Regardless of whether or not the Employee enters into the Second Settlement Agreement referred
to at clause 2.9 below, the Company shall pay the Employee his salary and contractual benefits up to the Termination Date in the
usual way. For the avoidance of doubt, the Employee’s contractual benefits are family private medical insurance, travel insurance,
permanent health insurance, monthly health checks, family dental, life insurance, payment for US tax return advice (in respect
of which the invoice for 2016 advice is outstanding and the invoice for 2017 is yet to be submitted).

 

		2.3.1	The Company (and the Xenetic Group) shall continue to pay all premiums due in respect of any insurance
in place to cover the benefits set out in clause 2.3 above.

 

		2.3.2	The Company (and the Xenetic Group) shall make reasonable efforts to renew the insurance policy
which currently underwrites the Employee’s contractual entitlement to permanent health insurance. If having done so the Company
(or the Xenetic Group) cannot renew that insurance policy the Employee’s entitlement to permanent health insurance shall
cease.

 

	2.4	The Employee will submit his expense claims and the Company shall reimburse the Employee for any
business expenses properly incurred on or before the Termination Date in the usual way.

 

	2.5	The payments in this clause 2 are subject to the income tax and National Insurance contributions
that the Company is obliged by law to pay or deduct.

 

	2.6	Notwithstanding any terms of this Agreement, or the facts and
circumstances referred to in this Agreement and regardless of whether or not the Employee enters into the Second Settlement Agreement
referred to at clause 2.9 below, the Employee will continue to be entitled to the following:

 

(a)       any
share options which have been granted to him subject to the terms of the replacement incentive share option agreement entered into
between (1) the Employee, (2) XBIO and (3) the Company dated 23 January 2014 (the “UK Share Option Agreement”);
and

 

(b)       any
share options which have been granted to him subject to the rules of the XBIO equity incentive plan, effective 23 January 2014
(the “2014 US Equity Incentive Plan”) (including but not limited to non-qualified options and unapproved options),
and any such options granted under the 2014 US Equity Incentive Plan, and not yet vested at the date of this Agreement shall continue
to vest during the Employee’s notice period (referred to at clause 2.1 above) in accordance with the rules of the 2014 US
Equity Incentive Plan.

 

 

 

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	2.7	The parties agree that the vesting of such options which have not vested as at the Termination
Date shall be accelerated such that all unvested options under the UK Share Option Agreement and the 2014 US Equity Incentive Plan
(collectively, the “Option Agreements”) as at the Termination Date shall vest immediately and all vested options
will be capable of exercise until 10 June 2020 (or such longer period, if any, as provided for in each respective Option Agreement).

 

	2.8	For the avoidance of doubt and notwithstanding any terms of this Agreement, the parties acknowledge
and agree that any other equity instruments held by or in favour of the Employee in respect of a Group Company (including, but
not limited to, the Employee’s JSOP and warrant entitlements) shall remain in full force and effect in accordance with the
rules of such equity instrument.

 

	2.9	Between the date of this Agreement and the Termination Date the Employee will be employed by LTL
in the New Role, the terms of which are set out in a separate service agreement (the “New Service Agreement”)
and for the avoidance of doubt, the Employee will not be required to undertake any duties outside the scope of the New Role. Nothing
in this Agreement shall prevent LTL from having the ability to terminate the Employee’s employment immediately in the event
that the Employee commits an act of gross misconduct.

 

	2.10	On or within 7 days after the later of the Termination Date or such earlier date as the Employee’s
employment in the New Role terminates, the Employee will enter into the Second Settlement Agreement unless his employment terminates
as a result of LTL’s breach of contract.

 

	2.11	The parties have entered into this Agreement to record and implement the terms on which they have
agreed to settle any claims which the Employee has or may have in connection with his employment as CEO, including but not limited
to those specified in Schedule 1 attached hereto.

 

	2.12	Nothing in this Agreement or the New Service Agreement shall prevent the Employee from working
for anyone else (or for himself) or being engaged, concerned or having any financial interest in any capacity in any other business,
trade, profession or occupation during the term of the New Service Agreement. For the avoidance of doubt, this includes any non-executive
board roles.

 

	2.13	The Company shall settle any outstanding invoices the Employee has in respect of advice relating
to his proposed move to Executive Chairman and his resignation as a Director of a Group Company.

 

	3.	Termination payment

 

	3.1	Subject to any applicable conditions in clause 4 being met, the Company will, without admission
of liability, pay the Employee as compensation in connection with the termination of his role as CEO £30,000 (the “Termination
Payment”) in one instalment. The Company will pay the Termination Payment by bank transfer to the Employee’s normal
bank account within five days of receipt by the Company of this Agreement signed by the Employee and certified by the Employee’s
Adviser.

 

	3.2	The Company and the Employee believe that the Termination Payment can be paid tax-free. The Employee
shall be responsible for any further tax and employee's National Insurance contributions due in respect of payments set out above
and shall indemnify the Company in respect of such liability in accordance with clause 7.1.

 

 

 

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	4.	Payment conditions

 

	4.1	The payment under clause 3.1 of this Agreement is subject to the following conditions being met:

 

		4.1.1	the Employee not having been in repudiatory breach of this Agreement;

 

		4.1.2	the Employee hereby undertaking to enter into the Second Settlement Agreement and to provide the
Company with the same signed by the Employee and certified by the Employee’s Advisor.

 

	5.	Legal fees

 

The Company shall pay the reasonable
legal fees (up to a maximum of £27,000 plus VAT including disbursements) incurred by the Employee in obtaining advice on
the termination of his employment and the terms of this Agreement, such fees to be payable to the Adviser on production of an
invoice addressed to the Employee (such fees to be payable to the Adviser within 21 days of production of an invoice) but marked
as payable by the Company, The Adviser’s fees shall be the only legal or professional fees reimbursable to the Employee
or paid on behalf of the Employee by the Company under the Agreement (up to a maximum of £27,000 plus VAT).

 

	6.	Waiver of claims

 

	6.1	Save as provided for under clauses 2.3, 2.6, 2.7, 2.8 or otherwise under this Agreement, the Employee
agrees that the terms of this Agreement are offered by the Company without any admission of liability on the part of the Company
and are in full and final settlement of all and any claims or rights of action that the Employee has or may have against the Company
or any Group Company or its officers or employees whether arising out of his employment as CEO and director of XBIO and the Company
or their termination, whether under common law, contract, statute or otherwise, whether such claims are, or could be, known to
the parties or in their contemplation at the date of this Agreement in any jurisdiction and including, but not limited to, the
claims specified in Schedule 1 (each of which is hereby intimated and waived).

 

	6.2	The waiver in clause 6.1 shall not apply to the following:

 

		6.2.1	any claims by the Employee to enforce this Agreement;

 

		6.2.2	claims in respect of personal injury of which the Employee is not aware and could not reasonably
be expected to be aware at the date of this Agreement;

 

		6.2.3	any claims in relation to accrued pension entitlements;

 

		6.2.4	any claims in relation to the Employee’s rights as a shareholder in the Company and other
Group Companies; and

 

		6.2.5	any claims in relation to the Employee’s contractual right to permanent health insurance
so long as the current insurance policy (number G01669 / 9441 (effective from 21 June 2017)) or any renewal policy is in place.

 

 

 

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	6.3	The Employee warrants that:

 

		6.3.1	before entering into this Agreement he received independent advice from the Adviser as to the terms
and effect of this Agreement and, in particular, on its effect on his ability to pursue any complaint before an employment tribunal
or other court;

 

		6.3.2	the Adviser has confirmed to the Employee that they are a solicitor holding a current practising
certificate and that there is in force a policy of insurance covering the risk of a claim by the Employee in respect of any loss
arising in consequence of their advice;

 

		6.3.3	the Adviser shall sign and deliver to the Company a letter in the form attached as Schedule 2 to
this Agreement;

 

		6.3.4	before receiving the advice the Employee disclosed to the Adviser all facts and circumstances that
may give rise to a claim by the Employee against the Company or any Group Company;

 

		6.3.5	the only claims that the Employee has or may have against the Company or any Group Company or its
officers or employees (whether at the time of entering into this Agreement or in the future) relating to his employment with the
Company or the termination of his role as CEO and as director of XBIO and the Company are specified in clause 6.1; and.

 

		6.3.6	the Employee is not aware of any facts or circumstances that may give rise to any claim against
the Company or any Group Company or any of its employees other than those claims specified in clause 6.1.

 

The Employee acknowledges that the
Company acted in reliance on these warranties when entering into this Agreement.

 

	6.4	The Employee acknowledges that the conditions relating to settlement agreements under section 147(3)
of the Equality Act 2010, section 77(4A) of the Sex Discrimination Act 1975 (in relation to claims under that Act and the Equal
Pay Act 1970), section 72(4A) of the Race Relations Act 1976, paragraph 2 of Schedule 3A to the Disability Discrimination Act 1995,
paragraph 2(2) of Schedule 4 to the Employment Equality (Sexual Orientation) Regulations 2003, paragraph 2(2) of Schedule 4 to
the Employment Equality (Religion or Belief) Regulations 2003, paragraph 2(2) of Schedule 5 to the Employment Equality (Age) Regulations
2006, section 288(2B) of the Trade Union and Labour Relations (Consolidation) Act 1992, section 203(3) of the Employment Rights
Act 1996, regulation 35(3) of the Working Time Regulations 1998, section 49(4) of the National Minimum Wage Act 1998, regulation
41(4) of the Transnational Information and Consultation etc. Regulations 1999, regulation 9 of the Part-Time Workers (Prevention
of Less Favourable Treatment) Regulations 2000, regulation 10 of the Fixed-Term Employees (Prevention of Less Favourable Treatment)
Regulations 2002, regulation 40(4) of the Information and Consultation of Employees Regulations 2004, paragraph 13 of the Schedule
to the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006, regulation
62 of the Companies (Cross Border Mergers) Regulations 2007 and section 58 of the Pensions Act 2008 have been satisfied.

 

 

 

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	6.5	The waiver in clause 6.1 shall have effect irrespective of whether or not, at the date of
this Agreement, the Employee is or could be aware of such claims or have such claims in his express contemplation (including such
claims of which the Employee becomes aware after the date of this Agreement in whole or in part as a result of new legislation
or the development of common law or equity).

 

	6.6	The Employee agrees that, except for the payments and benefits provided for in, referred to in,
or excluded from this Agreement and the New Service Agreement governing the New Role, and subject to the waiver in clause 6.1,
he shall not be eligible for any further payment from the Company or any Group Company relating to his employment or the termination
of his role as CEO and as director of XBIO and the Company and without limitation to the generality of the foregoing, he expressly
waives any right or claim that he has or may have to payment of bonuses, any benefit or award programme or grant of equity interest,
or to any other benefit, payment or award he may have received had his role as CEO not terminated.

 

	7.	Indemnities

 

	7.1	Save in respect of any payments arising out of clauses 7.3 to 7.6 below, the Employee shall indemnify
the Company on a continuing basis in respect of any income tax or National Insurance contributions (save for employers' National
Insurance contributions) due in respect of the payments and benefits in clause 3.1 (and any related interest, penalties, costs
and expenses). The Company shall give the Employee reasonable notice of any demand for tax which may lead to liabilities on the
Employee under this indemnity and shall provide him with reasonable access to any documentation he may reasonably require to dispute
such a claim (provided that nothing in this clause shall prevent the Company from complying with its legal obligations with regard
to HM Revenue and Customs or other competent body).

 

	7.2	If the Employee is ever in repudiatory breach of this Agreement or pursues a claim against the
Company or any Group Company in breach of this Agreement, he agrees to indemnify the Company for any losses suffered as a result
thereof, including all reasonable legal and professional fees incurred.

 

	7.3	The Company agrees and undertakes to pay to HMRC any late payment interest and penalties raised
on the Company by H M Revenue & Customs as a consequence of the Company's late payment of income tax and NICs payable as a
result of the Promissory Note and security agreement issued to the Employee in July 2016.  It is recognised that the Employee
has paid to the Employer all the income tax and employee national insurance payable by the Company in respect of the loan note.

 

	7.4	The Company agrees to indemnify the Employee against one half of any income tax liability of the
Employee under section 222 of the Income Tax (Earnings and Pensions) Act 2003 (“Section 222”) in relation to the Promissory
Note and security agreement issued to the Employee in July 2016. In addition, the Company agrees to indemnify the Employee against
one half of any employee National Insurance contributions arising as a result of Section 222.

 

 

 

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	7.5	In satisfaction of such indemnity the Company shall pay to the Employee, no later than 31 December
2017, a cash sum, net of income tax and National Insurance contributions, of an amount which is sufficient to enable the Employee
to pay to HMRC (under self-assessment) one half of the amount of income tax due under Section 222. In relation to the Employee’s
National Insurance contributions liability arising as a result of Section 222, the Company will pay an additional cash sum, net
of income tax and National Insurance contributions, of an amount which is sufficient to cover one half of the Employee’s
NIC liability as a result of Section 222. This payment will be made at the same time that the earnings for NIC purposes are processed
through the payroll system, included in a payslip and reported to HMRC.

 

	7.6	The Employee shall, no later than 1 February 2018, confirm to the Company that he has included
the Section 222 amount in his self-assessment tax return for the year to 5 April 2017. The Employee will inform the Company if
he makes any submission or claim to HMRC that the Section 222 amount is lower than the amount to be reported by the Company on
a revised form P11D for the year to 5 April 2017. If the Employee makes such a submission or claim then the Employee will be required
to account to the Company in relation to half of the consequent reduction in the indemnity provided for in clause 7.4.

 

	8.	Company property and information

 

	8.1	The Employee shall, before the Termination Date, return to the Company :

 

		8.1.1	all Confidential Information and Copies;

 

		8.1.2	all property belonging to the Company in satisfactory condition including (but not limited to)
any company credit card, keys, security pass, identity badge, mobile telephone, pager, lap-top computer or fax machine but not
his laptop, which he purchased; and

 

		8.1.3	all documents and copies (whether written, printed, electronic, recorded or otherwise and wherever
located) made, compiled or acquired by him during his employment with the Company or relating to the business or affairs of the
Company or any Group Company or their business contacts 

 

in the Employee's possession or
under his control.

 

	8.2	The Employee shall, before the Termination Date, erase irretrievably any information relating to
the business or affairs of the Company or any Group Company or its business contacts from computer and communications systems and
devices owned or used by him outside the premises of the Company, including such systems and data storage services provided by
third parties (to the extent technically practicable).

 

	8.3	The Employee shall, if requested to do so by the Company or Board, provide a signed statement that
he has complied fully with his obligations under clause 8.1 and clause 8.2 and shall provide it with such reasonable
evidence of compliance as may be requested.

 

 

 

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	8.4	The Company shall procure that the Employee’s mobile telephone number shall be transferred
into his name as soon as possible after the date of this Agreement and in any event by the Termination Date.

 

	9.	Employee warranties and acknowledgments

 

	9.1	As at the date of this Agreement, the Employee warrants and represents to the Company that there
are no circumstances of which the Employee is aware or of which the Employee ought reasonably to be aware which would amount to
a repudiatory breach by the Employee of any express or implied term of the Employee's Service Agreement which would entitle (or
would have entitled) the Company to terminate the Employee's employment without notice or payment in lieu of notice and any payment
to the Employee pursuant to clause 3 is conditional on this being so.

 

	9.2	The Employee agrees to make himself available to, and to cooperate with, the Company or its advisers
in any internal investigation or administrative, regulatory, judicial or quasi-judicial proceedings. The Employee acknowledges
that this could involve, but is not limited to, responding to or defending any regulatory or legal process, providing information
in relation to any such process, preparing witness statements and giving evidence in person on behalf of the Company. The Company
shall reimburse any reasonable expenses and/or lost income incurred by the Employee as a consequence of complying with his obligations
under this clause, provided that such expenses are approved in advance by the Company.

 

	9.3	The Employee acknowledges that he is not entitled to any compensation for the loss of any rights
or benefits under any share option, bonus, long-term incentive plan or other profit sharing scheme operated by the Company or any
Group Company in which he may have participated, other than the payments referred to in clauses 2 and 3.

 

	10.	Resignation from offices

 

	10.1	The Employee acknowledges that, with effect from 26 October 2017, he has resigned from his positon
as CEO of the Company.

 

	10.2	The Employee irrevocably appoints the Company to be his attorney in his name and on his behalf
to sign, execute or do any such instrument or thing and generally to use his name in order to give the Company (or its nominee)
the full benefit of the provisions of this clause.

 

	11.	Confidentiality, announcements and reference

 

	11.1	The Employee acknowledges that, as a result of his employment as CEO and his continued employment
with LTL he has had (and will have) access to Confidential Information. Without prejudice to his common law duties, the Employee
shall not (except as authorised or required by law or as authorised by the Company) at any time after the Termination Date:

 

		11.1.1	use any Confidential Information; or

 

 

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		11.1.2	make or use any Copies; or

 

		11.1.3	disclose any Confidential Information to any person, company or other organisation whatsoever.

 

	11.2	The restrictions in clause 11.1 do not apply to any Confidential Information which is in or
comes into the public domain other than through the Employee's unauthorised disclosure.

 

	11.3	Subject to clause 11.6, the Employee and the Company confirm that they have kept and agree to keep
the existence and terms of this Agreement and the circumstances concerning the termination of the Employee's role as CEO confidential,
save where such disclosure is to HM Revenue & Customs, required by law or (where necessary or appropriate) to:

 

		11.3.1	the Employee's spouse, civil partner or partner, immediate family or legal or professional advisers,
provided that they agree to keep the information confidential; or

 

		11.3.2	the Employee's insurer for the purposes of processing a claim for loss of employment.

 

	11.4	The Company may also disclose the existence and terms of this Agreement to the Company's officers,
employees or legal or professional advisers on a need to know basis, provided that they agree to keep the information confidential.

 

	11.5	The Company may make an announcement on signature of this Agreement in the form set out in Schedule
4 and neither party will make any statement to third parties (save as specified in clauses 11.3 and 11.6) which is inconsistent
with that announcement.

 

	11.6	Subject to clause 11.7, the Company or any Group Company may make such announcements and disclosures
about the Employee resigning as CEO and the terms set out in this Agreement as required by US regulatory requirements.

 

	11.7	Save as in pursuance of any legitimate legal action (including pre-action) the Employee shall not
make any adverse or derogatory comment about any Group Company, its or their officers or employees and all Group Companies shall
use reasonable endeavours to ensure that its or their employees and officers shall not make any adverse or derogatory comment about
the Employee. The Employee shall not do anything which shall, or may, bring any Group Company, its or their officers or employees
into disrepute and all Group Companies shall use reasonable endeavours to ensure that its employees and officers shall not do anything
which shall, or may, bring the Employee into disrepute.

 

	11.8	Nothing in this clause 11 shall prevent the Employee from making a protected disclosure under
section 43A of the Employment Rights Act 1996 and nothing in this clause 11 shall prevent the Company from making such disclosure
as it is required by law to make. Notwithstanding the foregoing, the Employee and the Company mutually warrant that neither is
currently aware of any grounds which would justify a protected disclosure.

 

	11.9	On signature of this Agreement and on receipt of a written request from a potential employer, the
Company shall provide a reference in the form set out in Schedule 5 to this Agreement and any oral reference provided will be on
no less favourable terms.

 

 

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	12.	Directors Liability Insurance

 

	12.1	The Company warrants that it has and will continue to maintain directors’ liability insurance
covering the Company and any Group Company.

 

	13.	Guarantee

 

	13.1	XBIO shall guarantee all payments, benefits and indemnities under this Agreement (including but
not limited to those provided under clauses 2.3 and 7.3, 7.4 and 7.5) and shall pay them as they fall due if the Company does not.

 

	14.	Entire agreement

 

	14.1	Each party on behalf of itself and, in the case of the Company, as agent for any Group Companies
acknowledges and agrees with the other party (the Company acting on behalf of itself and as agent for each Group Company) that:

 

		14.1.1	this Agreement and any document referred to in it constitutes the entire agreement between the
parties and any Group Company and supersedes and extinguishes all agreements, promises, assurances, warranties, representations
and understandings between them whether written or oral, relating to its subject matter;

 

		14.1.2	in entering into this Agreement it does not rely on , and shall have no remedies in respect of,
any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this Agreement;
and

 

		14.1.3	it shall have no claim for innocent or negligent misrepresentation based on any statement in this
Agreement.

 

	14.2	Nothing in this Agreement shall, however, operate to limit or exclude any liability for fraud.

 

	15.	Variation

 

No variation of this Agreement shall
be effective unless it is in writing and signed by the parties (or their authorised representatives).

 

	16.	Third party rights

 

	16.1	Any third party shall be entitled to enforce the benefits conferred on it by clauses 6, 8, 11 and
12 of this Agreement.

 

	16.2	Except as expressly provided in clause 15.1, no person other than the Employee and the Company
or any Group Company shall have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement.
This does not affect any right or remedy of a third party which exists, or is available, apart from that Act.

 

 

 

    	 	12	 

     

    

 

	17.	Governing law

 

This Agreement and any dispute or
claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims)
shall be governed by and construed in accordance with the law of England and Wales.

 

	18.	Jurisdiction

 

Each party irrevocably agrees that
the courts of England and Wales shall have exclusive jurisdiction to settle any dispute, claim arising out of or in connection
with this Agreement or its subject matter or formation (including non-contractual disputes or claims).

 

	19.	Subject to contract and without prejudice

 

This Agreement shall be deemed to
be without prejudice and subject to contract until such time as it is signed by both parties and dated, when it shall be treated
as an open document evidencing a binding agreement.

 

	20.	Counterparts

 

This Agreement may be executed and
delivered in any number of counterparts, each of which, when executed, shall constitute a duplicate, but all the counterparts shall
together constitute the one agreement.

 

 

 

 

    	 	13	 

     

    

Schedule 1

Claims

 

		1.1	for breach of contract or wrongful dismissal;

 

		1.2	for unfair dismissal, under section 111 of the Employment Rights Act 1996;

 

		1.3	in relation to the right to a written statement of reasons for dismissal, under section 93 of the
Employment Rights Act 1996;

 

		1.4	for a statutory redundancy payment, under section 163 of the Employment Rights Act 1996;

 

		1.5	in relation to an unlawful deduction from wages or unlawful payment, under section 23 of the Employment
Rights Act 1996;

 

		1.6	for unlawful detriment, under section 48 of the Employment Rights Act 1996 or section 56 of the
Pensions Act 2008;

 

		1.7	in relation to written employment particulars and itemised pay statements, under section 11 of
the Employment Rights Act 1996;

 

		1.8	in relation to guarantee payments, under section 34 of the Employment Rights Act 1996;

 

		1.9	in relation to suspension from work, under section 70 of the Employment Rights Act 1996;

 

		1.10	in relation to parental leave, under section 80 of the Employment Rights Act 1996;

 

		1.11	in relation to a request for flexible working, under section 80H of the Employment Rights Act 1996;

 

		1.12	in relation to time off work, under sections 51, 54, 57, 57B, 60, 63 and 63C of the Employment
Rights Act 1996;

 

		1.13	in relation to working time or holiday pay, under regulation 30 of the Working Time Regulations
1998;

 

		1.14	for direct or indirect discrimination, harassment or victimisation related to sex, marital or civil
partnership status, pregnancy or maternity or gender reassignment under section 120 of the Equality Act 2010 and/or direct or indirect
discrimination, harassment or victimisation related to sex, marital or civil partnership status, gender reassignment, pregnancy
or maternity under section 63 of the Sex Discrimination Act 1975;

 

		1.15	for direct or indirect discrimination, harassment or victimisation related to race under section
120 of the Equality Act 2010;

 

		1.16	for direct or indirect discrimination, harassment or victimisation related to disability, discrimination
arising from disability, or failure to make adjustments under section 120 of the Equality Act 2010 and/or direct discrimination,
harassment or victimisation related to disability, disability-related discrimination or failure to make adjustments under section
17A of the Disability Discrimination Act 1995;

 

 

 

    	 	14	 

     

    

 

		1.17	for direct or indirect discrimination, harassment or victimisation related to religion or belief
under section 120 of the Equality Act 2010 and/or under regulation 28 of the Employment Equality (Religion or Belief) Regulations
2003;

 

		1.18	for direct or indirect discrimination, harassment or victimisation related to sexual orientation,
under section 120 of the Equality Act 2010 and/or under regulation 28 of the Employment Equality (Sexual Orientation) Regulations
2003;

 

		1.19	for direct or indirect discrimination, harassment or victimisation related to age, under section
120 of the Equality Act 2010 and/or under regulation 36 of the Employment Equality (Age) Regulations 2006;

 

		1.20	in relation to the duty to consider working beyond retirement, under paragraphs 11 and 12 of Schedule
6 to the Employment Equality (Age) Regulations 2006;

 

		1.21	for less favourable treatment on the grounds of part-time status, under regulation 8 of the Part-Time
Workers (Prevention of Less Favourable Treatment) Regulations 2000;

 

		1.22	under regulations 27 and 32 of the Transnational Information and Consultation etc. Regulations
1999;

 

		1.23	under regulations 29 and 33 of the Information and Consultation of Employees Regulations 2004;

 

		1.24	under regulations 45 and 51 of the Companies (Cross-Border Mergers) Regulations 2007;

 

		1.25	under paragraphs 4 and 8 of the Schedule to the Occupational and Personal Pension Schemes (Consultation
by Employers and Miscellaneous Amendment) Regulations 2006;

 

		1.26	under sections 68A, 87, 137, 145A, 145B, 146, 168, 168A, 169, 170, 174 and 192 of the Trade Union
and Labour Relations (Consolidation) Act 1992;

 

		1.27	in relation to the obligations to elect appropriate representatives or any entitlement to compensation,
under the Transfer of Undertakings (Protection of Employment) Regulations 2006;

 

		1.28	in relation to the right to be accompanied under section 11 of the Employment Relations Act 1999;

 

		1.29	in relation to refusal of employment, refusal of employment agency services and detriment under
regulations 5, 6 and 9 of the Employment Relations Act 1999 (Blacklists) Regulations 2010;

 

		1.30	in relation to the right to request time off for study or training under section 63I of the Employment
Rights Act 1996; and

 

		1.31	in relation to personal injury, which the Employee is aware of or ought reasonably to be aware
of at the date of this Agreement;

 

		1.32	for harassment under the Protection from Harassment Act 1997;

 

 

    	 	15	 

     

    

 

		1.33	for failure to comply with obligations under the Human Rights Act 1998;

 

		1.34	for failure to comply with obligations under the Data Protection Act 1998; and

 

		1.35	arising as a consequence of the United Kingdom's membership of the European Union.

 

 

 

    	 	16	 

     

    

 

 

Dear Sirs,

 

I am writing in connection with
the agreement between my client, Scott Maguire, and XENETIC BIOSCIENCES (UK) LIMITED, LIPOXEN TECHNOLOGIES LIMITED, and XENETIC
BIOSCIENCES INC. of today's date to confirm that:

 

1.       I,
Paul Seath of Bates Wells Braithwaite, whose address is 10 Queen Street Place, London, EC4R 1BE, am a Solicitor of the Senior Courts
of England and Wales who holds a current practising certificate.

 

2.       I
have given Scott Maguire legal advice on the terms and effect of the Agreement and, in particular, its effect on his ability to
pursue the claims specified in Schedule 1 of the Agreement.

 

3.       I
gave the advice to Scott Maguire as a relevant independent adviser within the meaning of the above acts and regulations referred
to at clause 6.4.

 

4.       There
is now in force (and was in force at the time I gave the advice referred to above) a policy of insurance or an indemnity provided
for members of a profession or professional body covering the risk of claim by Scott Maguire in respect of loss arising in consequence
of the advice I have given him.

 

Yours faithfully,

 

 

 

 

Paul Seath

 

/s/ Paul Seath

 

November 2017

 

    	 	17	 

     

    

 

 

Schedule 2

Adviser's certificate

 

[DATE]

 

Dear Sirs,

 

I am writing in connection with
the agreement between my client, Scott Maguire, and XENETIC BIOSCIENCES (UK) LIMITED, LIPOXEN TECHNOLOGIES LIMITED, and XENETIC
BIOSCIENCES INC. of today's date to confirm that:

 

1.       I,
Paul Seath of Bates Wells Braithwaite, whose address is 10 Queen Street Place, London, EC4R 1BE, am a Solicitor of the Senior Courts
of England and Wales who holds a current practising certificate.

 

2.       I
have given Scott Maguire legal advice on the terms and effect of the Agreement and, in particular, its effect on his ability to
pursue the claims specified in Schedule 1 of the Agreement.

 

3.       I
gave the advice to Scott Maguire as a relevant independent adviser within the meaning of the above acts and regulations referred
to at clause 6.4.

 

4.       There
is now in force (and was in force at the time I gave the advice referred to above) a policy of insurance or an indemnity provided
for members of a profession or professional body covering the risk of claim by Scott Maguire in respect of loss arising in consequence
of the advice I have given him.

 

Yours faithfully,

 

 

 

Paul Seath

 

 

 

[    ] October 2017

 

 

    	 	18	 

     

    

 

Schedule 3

Second Settlement Agreement

 

 

 

Without prejudice and subject to contract

 

This Agreement is made on ........................................between
Xenetic Biosciences (UK) Limited (the “Company”), Lipoxen Technologies Limited (“LTL”), Xenetic Biosciences
Inc. (“XBIO”) and Michael Scott Maguire (the “Employee”).

 

Background

 

		A.	The Company and the Employee have already entered into a settlement agreement dated [ ] ("the
First Settlement Agreement"). It is a term of the First Settlement Agreement that the parties enter into a second settlement
agreement at the date the Employee’s employment terminates to confirm that the Employee waives any additional claims that
he might have against the Company or any Third Party.

 

		B.	All the terms of the First Settlement Agreement continue to apply and remain in force. They are not
superseded by the terms of this Agreement. Furthermore, all defined terms have the same meaning when used in this Agreement as
in the First Settlement Agreement.

 

	1.	Payment

 

	1.1	Subject to the terms and conditions set out in the First Settlement Agreement, the Company will
make the payments set out therein.

 

	2.	Settlement

 

	2.1	Save as provided for under clauses 2.3, 2.6, 2.7, 2.8 and 6.2 of the First Settlement Agreement
or otherwise provided for under the First Settlement Agreement, (or in respect of any valid claim which may be made under any PHI
insurance policy) the Employee agrees that the terms of this Agreement are offered by the Company without any admission of liability
on the part of the Company and are in full and final settlement of all and any claims or rights of action that the Employee has
or may have against the Company, LTL, XBIO or any Group Company or its officers or employees whether arising out of his employment
with the Company or LTL or its termination or otherwise from events occurring after the First Settlement Agreement was entered
into, whether under common law, contract, statute or otherwise, whether such claims are, or could be, known to the parties or in
their contemplation at the date of this Agreement in any jurisdiction and including, but not limited to, the claims specified in
Schedule 1 to the First Settlement Agreement (each of which is hereby intimated and waived).

 

	2.2	Clause 2.1 above applies to all present and future claims, costs, expenses or rights of action
save in relation to any excluded matters and the matters referred to in clause 6.2 of the First Settlement Agreement above and
shall have effect irrespective of whether or not the Employee is or could be aware of such claims, costs, expenses or rights of
action at the date of this Agreement and irrespective of whether such claims, costs, expenses or rights of action are in the express
contemplation of the Company, LTL, XBIO and the Employee at the date of this Agreement (including such claims of which the Employee
becomes aware after the date of this Agreement in whole or in part as a result of new legislation or the development of common
law or equity).

 

 

 

    	 	19	 

     

    

 

	2.3	The Employee hereby warrants that:

 

		2.3.1	He is not aware of any facts or circumstances which might give rise to a claim against the Company,
LTL, XBIO or any Group Company or its or their officers or employees other than those set out in clause 2.1 or otherwise in the
First Settlement Agreement; and

 

		2.3.2	He has not and will not commence any legal or arbitration proceedings of any nature against the
Company, LTL or any Group Company in any jurisdiction arising out of or in connection with his employment with the Company or LTL,
its termination or otherwise save for the purposes of enforcing the terms of the First Settlement Agreement or this Agreement or
in respect of claims excluded by either Agreement.

 

	2.4	It is expressly agreed that, except as expressly provided for in, referred to in, or excluded from
this Agreement and the First Settlement Agreement the Company, LTL and any Group Company shall have no further obligation to the
Employee and the Employee shall have no further entitlement under the Service Agreement and the New Service Agreement.

 

	3.	Continuing obligations

 

	3.1	For the avoidance of doubt, the Employee confirms that clauses 11 and 12 of the First Settlement
Agreement remain in full force and effect notwithstanding the execution of this Agreement.

 

	4.	Warranties

 

	4.1	The Employee hereby warrants that he:

 

		4.1.1	Has not at any time committed a repudiatory breach of his contract of employment which would entitle
LTL to terminate his employment without notice;

 

		4.1.2	Is not entering into this Agreement in reliance on any undertaking, representation, warranty or
arrangement of any nature not expressly set out in this agreement; and

 

		4.1.3	Has not disclosed or communicated to any person the circumstances surrounding the termination of
his employment with the Company or LTL and the facts or terms of this Agreement or the First Settlement Agreement, except to his
legal and professional advisers.

 

	5.	Legal advice

 

	5.1	The Employee has received advice from Paul Seath of Bates Wells Braithwaite, 10 Queen Street Place,
London EC4R 1BE, a relevant independent adviser for the purposes of section 203 of the Employment Rights Act 1996, as to the terms
and effect of this Agreement and, in particular, its effect on his ability to pursue any complaint before an employment tribunal
or other court.

 

	5.2	The Employee acknowledges that the conditions relating to settlement agreements under section 147(3)
of the Equality Act 2010, section 77(4A) of the Sex Discrimination Act 1975 (in relation to claims under that Act and the Equal
Pay Act 1970), section 72(4A) of the Race Relations Act 1976, paragraph 2 of Schedule 3A to the Disability Discrimination Act 1995,
paragraph 2(2) of Schedule 4 to the Employment Equality (Sexual Orientation) Regulations 2003, paragraph 2(2) of Schedule 4 to
the Employment Equality (Religion or Belief) Regulations 2003, paragraph 2(2) of Schedule 5 to the Employment Equality (Age) Regulations
2006, section 288(2B) of the Trade Union and Labour Relations (Consolidation) Act 1992, section 203(3) of the Employment Rights
Act 1996, regulation 35(3) of the Working Time Regulations 1998, section 49(4) of the National Minimum Wage Act 1998, regulation
41(4) of the Transnational Information and Consultation etc. Regulations 1999, regulation 9 of the Part-Time Workers (Prevention
of Less Favourable Treatment) Regulations 2000, regulation 10 of the Fixed-Term Employees (Prevention of Less Favourable Treatment)
Regulations 2002, regulation 40(4) of the Information and Consultation of Employees Regulations 2004, paragraph 13 of the Schedule
to the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006, regulation
62 of the Companies (Cross Border Mergers) Regulations 2007 and section 58 of the Pensions Act 2008 have been satisfied.

 

 

 

    	 	20	 

     

    

 

	5.3	Paul Seath’s signature at the end of this Agreement confirms to the Company and LTL that,
to the best of his knowledge and belief, the statements set out in clauses 5.2 and 5.3 of this Agreement are correct.

 

	6.	Legal Fees

 

	6.1	The Company agrees to pay reasonable legal fees incurred by the Employee in connection with taking
advice on the termination of his employment and the terms of this Agreement up to a maximum of £375 plus VAT to be paid direct
to the Employee’s solicitor 28 days after the receipt from the Employee’s solicitor of an invoice addressed to the
Employee and marked payable by LTL.

 

	7.	Third parties

 

	7.1	Any third party shall be entitled to enforce the benefits conferred on it by clauses 2 and 3 of
this Agreement.

 

	7.2	Except as expressly provided in clause 6.1, no person other than the Employee and the Company,
LTL or any Group Company shall have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this
Agreement. This does not affect any right or remedy of a third party which exists, or is available, apart from that Act.

 

	8.	Governing law

 

	8.1	This Agreement and any dispute or claim arising out of or in connection with it or its subject
matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law
of England and Wales.

 

	9.	Jurisdiction

 

	9.1	Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction
to settle any dispute or claim arising out of or in connection with this Agreement or its subject matter or formation (including
non-contractual disputes or claims).

 

	10.	Counterparts

 

	10.1	This Agreement may be executed in any number of counterparts, each of which, when executed, shall
constitute a duplicate and be an original, but all the counterparts shall together constitutes the one agreement.

 

 

    	 	21	 

     

    

 

 

 

This Agreement, although marked
“without prejudice” and “subject to contract”, will upon signature by the parties and the adviser, be treated
as an open document evidencing an agreement binding on the parties.

 

 

 

		Signed...................................................................	

 

		Dated.....................................................................	

 

               on behalf of
the Company

 

 

 

		Signed...................................................................	

 

		Dated.....................................................................	

 

               on behalf of
LTL

 

		Signed...................................................................	

 

		Dated.....................................................................	

 

               on behalf of
XBIO

 

 

 

		Signed..................................................................	

 

		Dated...................................................................	

 

Scott Maguire

 

 

 

		Signed..................................................................	

 

		Dated...................................................................	

 

Paul Seath of
Bates Wells Braithwaite

 

 

 

    	 	22	 

     

    

 

Schedule 4

Announcement

 

CONFIDENTIAL DRAFT NOT FOR IMMEDIATE
RELEASE

 

 

Xenetic Biosciences Appoints Jeffrey
F. Eisenberg as Chief Executive Officer 

 

LEXINGTON,
MA – (October 31, 2017) – Xenetic Biosciences, Inc. (NASDAQ: XBIO) (“Xenetic” or the “Company”),
a clinical-stage biopharmaceutical company focused on the discovery, research and development of next-generation biologic drugs
and novel orphan oncology therapeutics, announced today that it has appointed Jeffrey F. Eisenberg as Chief Executive Officer.
M. Scott Maguire will continue to serve Xenetic during the management transition. 

 

“On
behalf of everyone at Xenetic, we would like to thank Scott for his years of commitment and dedication to the Company. Mr. Maguire
joined a company with a collection of patents and transformed the Company into a clinical-stage business, listing the company on
NASDAQ last year.  His efforts were critical in securing an exclusive license deal with, and a series of equity investments
from, Shire plc (LSE: SHP, NASDAQ: SHPG) (formerly Baxalta, Baxter Incorporated and Baxter Healthcare) to develop a novel
series of polysialylated blood coagulation factors employing Xenetic's proprietary PolyXenTM technology platform,” commented
Adam Logal, Chairman of the Board of Xenetic.  “We believe that Jeff’s appointment today as Chief Executive Officer
is an important step in the continued evolution of Xenetic. His industry experience and professional track record are perfectly
aligned with the Company’s strategic priorities, and I believe he will do a tremendous job leading the Xenetic team and driving
the Company to its next phase of growth.” 

 

Mr.
Eisenberg joined the Xenetic management team in December 2016 as Chief Operating Officer and has served on the Company’s
Board of Directors since July 2016. He is a seasoned life science executive with over 20 years of broad operational expertise.
Over the course of his career, Mr. Eisenberg has led all crucial areas of R&D, operations, manufacturing/quality, business
development, strategic partnering, product development, commercialization, and talent management. Prior to joining Xenetic, his
most recent position was Chief Executive Officer of Noven Pharmaceuticals, where during his tenure as CEO revenues more than doubled,
the company’s cash increased by more than 300%, and two new products were launched following the successful filings of New
Drug Applications (NDAs) submitted to the U.S. Food and Drug Administration. Mr. Eisenberg also was responsible for leading Noven’s
Novogyne joint venture with Novartis (NYSE: NVS), an entity that generated over $300 million in revenue in its last full year of
operation. 

 

Mr.
Eisenberg commented, “I am very pleased to be appointed to lead Xenetic at this pivotal point in the Company’s history,
and I am prepared for this exciting challenge. We have a strong team in place, and together we will focus on continuing to
fundamentally transform Xenetic on multiple fronts. We look forward to advancing our ongoing Phase 2 study of our flagship product,
XBIO-101 as candidate for the treatment of progestin resistant endometrial cancer and announcing interim data from the study in
2018. Beyond XBIO-101, we believe there is an opportunity to build a growing pipeline of partnerships utilizing our proven PolyXenTM
platform technology.”

 

About
Xenetic Biosciences 

 

Xenetic
Biosciences, Inc. is a clinical-stage biopharmaceutical company focused on the discovery, research and development of next-generation
biologic drugs and novel orphan oncology therapeutics. Xenetic's lead investigational product candidate is oncology therapeutic
XBIO-101 (sodium cridanimod) for the treatment of progesterone resistant endometrial cancer. Xenetic's proprietary drug development
platforms include PolyXen, which enables next-generation biologic drugs by improving their half-life and other pharmacological
properties.

 

 

 

    	 	23	 

     

    

 

Xenetic
is party to an agreement with Baxalta US Inc. and Baxalta AB (wholly owned subsidiaries of Shire plc) covering the development
of a novel series of polysialylated blood coagulation factors. This collaboration relies on Xenetic's PolyXen technology to conjugate
polysialic acid (“PSA”) to therapeutic blood-clotting factors, with the goal of improving the pharmacokinetic profile
and extending the active life of these biologic molecules. Shire is a significant stockholder of the Company, having invested $10
million in the Company during 2014. The agreement is an exclusive research, development and license agreement which grants Shire
a worldwide, exclusive, royalty-bearing license to Xenetic's PSA patented and proprietary technology in combination with Shire's
proprietary molecules designed for the treatment of blood and bleeding disorders. The first program under this agreement was a
next generation Factor VIII, and this program was terminated by Shire following a Phase 1/2 clinical trial. Xenetic and Shire are
currently exploring whether to engage in further development of other blood coagulation factors. Additionally, Xenetic has previously
received strategic investments from OPKO Health (Nasdaq: OPK), Serum Institute of India Limited and PJSC Pharmsynthez.

 

For
more information, please visit the Company's website at www.xeneticbio.com and
connect on Twitter, LinkedIn, Facebook and Google+.

 

Forward-Looking
Statements

 

This
press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. All statements contained in this press release other than statements of historical facts may constitute forward-looking
statements within the meaning of the federal securities laws. These statements can be identified by words such as "expects,"
"plans," "projects," "will," "may," "anticipates," "believes," "should,"
"intends," "estimates," and other words of similar meaning, including statements regarding changes to the proposals
included in the Company’s proxy statement and the Company’s plans to amend or supplement its proxy statement. Any forward-looking
statements contained herein are based on current expectations, and are subject to a number of risks and uncertainties. Many factors
could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking
statements. These risks and uncertainties include those described in the "Risk Factors" section of the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and filed with the Securities and Exchange Commission on
March 31, 2017, and subsequent reports that it may file with the Securities and Exchange Commission. In addition, forward-looking
statements may also be adversely affected by general market factors, competitive product development, product availability, federal
and state regulations and legislation, the regulatory process for new product candidates and indications, manufacturing issues
that may arise, patent positions and litigation, among other factors. The forward-looking statements contained in this press release
speak only as of the date the statements were made, and the Company does not undertake any obligation to update forward-looking
statements, except as required by law.

 

Contact:

 

Jenene Thomas Communications, LLC.

Jenene Thomas

(908) 938-1475

jenene@jenenethomascommunications.com

 

Source:
Xenetic Biosciences, Inc.

 

 

 

    	 	24	 

     

    

 

Schedule 5

Reference

 

[ON HEADED NOTEPAPER
OF XENETIC BIOSCIENCES, INC.]

 

To Whom It May Concern:

 

This is to confirm M. Scott Maguire has been employed as the
CEO of Xenetic Biosciences Inc. (ticker: XBIO) since March 2004. During his tenure, Scott transformed the company from a collection
of patents to a clinical-stage NASDAQ listed company.

 

		·	A list of a few of his notable accomplishments include:

		·	Listing on AIM within two years of being appointed CEO

		·	Moving projects from the bench into the clinic

		·	Raising capital from India, Russia, Europe and the US

		·	Completed a number of M&A transactions, including the acquisition of a German orphan oncology company and an oncology asset
acquisition

		·	Securing a $100M license deal from Baxter (now Shire)

		·	Securing a series of investments from Shire

		·	Moving the company from London, UK to Boston, MA

		·	Listing the company on NASDAQ

 

We would give him the highest recommendation for future employment
in an executive or non-executive capacity.

 

Sincerely yours

 

 

The Board of Directors of Xenetic Biosciences Inc.

 

 

    	 	25	 

     

    

 

This Agreement was executed as a deed on the date stated at the beginning of it.

 

	
         

        Executed as a deed  for and

 on behalf
        of Xenetic Biosciences (UK) 

Limited in the presence of
	
         

        /s/ Colin Hill

        

        Director

	 	 
	Witness	
         

        /s/ Victoria Exley

        Signature

         

        Victoria Exley

        Name

         

        Wayside Cottage, Euford
        SN96DD

        Address

         

        Solicitor

        Occupation

	Executed as a deed for and

 on behalf of LIPOXEN
    TECHNOLOGIES

 LIMITED in the presence of	
         

        /s/ Colin Hill

        

        Director

	 	 
	Witness	
         

        /s/ Victoria Exley

        Signature

         

        Victoria Exley

        Name

         

        Wayside Cottage, Euford
        SN96DD

        Address

         

        Solicitor

        Occupation

         

 

 

 

    	 	26	 

     

    

 

	
         

        Signed by Scott Maguire
	
         

        /s/ Scott Maguire

	
         

        Witness
	
         

        /s/ Stefano Caupolini

        Signature

         

        Stefano Caupolini

        Name

         

        19 Donne Place, London SW32N6

        Address

         

        Entrepreneur

        Occupation

	 	 
	Executed as a deed for and on 

behalf of XENETIC
BIOSCIENCES INC. in the presence of	
         

        JEFFREY EISENBERG

        Director

	 	 
	 	 
	Witness	
         

        /s/ Dionne Smith

        Signature

         

        Dionne Smith

        Name

         

        4400 Biscayne Blvd.

        Miami, FL 33137

        Address

         

        Executive Assistant

        Occupation

         

         

 

 

 

 

    	 	27Exhibit 10.48

 

 

October 11, 2017

 

Adam Logal

Opko

4400 Biscayne Blvd.

Miami, Florida 33129

 

 

Dear Adam:

This Letter Agreement (the “Agreement”)
is to confirm the terms of your proposed appointment on August 14, 2017 (the “Effective Date”) as a non-employee, independent
Director of Xenetic Biosciences, Inc. (the “Company”).

 

Overall, in terms of time commitment, we
expect your attendance at all the Board meetings and meetings of such committees of the Board that you will be appointed to (as
applicable). In addition, you will be expected to devote appropriate preparation time ahead of each meeting. By accepting this
appointment, you have confirmed that you are able to allocate sufficient time to meet the expectations of this position.

 

1.        Consideration.For and in consideration of the services to be performed by you, the Company agrees to compensate
you as follows:

 

	1.1	Director Fee. A director fee equal to $50,000 (Fifty Thousand U.S. Dollars) per annum, payable
quarterly (the “Board Meeting Fee”) will be the cash compensation for your role as a director, as well as any board
committees, as chair or as a member, you may participate.

 

	1.2	Stock Options. Subject to all approvals required by law, the Company will grant you, pursuant to an equity incentive
plan or such other plan to be adopted by the Company (the "Plan") and upon such terms and conditions as determined by
the Compensation Committee or the Board (as applicable), an option to purchase Twenty-Five Thousand (25,000) shares of common stock
of the Company at a strike price determined by the closing price of the common stock on the date of this Agreement (the “Initial
Grant”). This option shall be exercisable as provided herein and shall vest quarterly over twelve months so long as you are
a member of our board of directors. An additional option to purchase 25,000 shares of Company common stock shall be granted for
service each year at the date of the Company’s Annual Meeting of Shareholders commencing with the 2018 Annual Meeting of
Shareholders. The exercise price shall be determined by the closing price of the common stock on the date of such grant.

 

If your board service is terminated or
ends for any reason, all granted Options that have not vested – shall be forfeited, and any Options that have vested but
have not been exercised may be exercisable by you any time within three (3) months of the termination of your board position (the
“Termination Exercise Period”). Any Options that are not exercised within the Termination Exercise Period, shall expire
immediately.

 

1.2.1 Term of Options.
All Options, if and to the extent vested according to Section 1.2 above, shall be in effect for a period of 10 years commencing
immediately after the granting of all Options granted to you under this letter of appointment, and shall expire immediately thereafter,
unless terminated sooner as provided in Section 1.2. Without derogating from the aforesaid, if the Plan that shall be approved
by the Company shall include additional provisions related to expiration of Options, such provisions shall also apply with respect
to all Options granted to you under this letter of appointment.

 

 

 

    	 	1	 

     

    

 

1.2.1a Vesting. All Options granted
to you shall vest as provided in Section 1.2.

 

1.2.1b Price. The exercise price
of the Options shall be equal to the Company’s closing stock price on the date of your grant.

 

1.2.1c General. All options granted
to you shall be in effect subject to your continuous service as a Director and subject to the terms and conditions of the Company’s
Stock Option Plan (the “Plan”), including such terms related to vesting and expiration, and subject to such terms and
conditions as will be approved by the Company, at its sole discretion. In case of contradiction between the provisions of this
letter of appointment and the provisions of the Plan, the provisions of the Plan shall supersede.

 

1.2.1d Certain Representations.
You represent and agree that you are accepting the option to purchase shares of common stock being issued to you pursuant to this
Agreement for your own account and not with a view to or for sale of distribution thereof. You understand that the securities are
restricted securities and you understand the meaning of the term “restricted securities.” You further represent that
you were not solicited by publication of any advertisement in connection with the receipt of the shares and that you have consulted
tax counsel as needed regarding the shares.

 

1.3       Company agrees to
reimburse you for out-of-pocket expenses incurred by you in connection with your service (including out-of-pocket expenses, transportation,
and airfare on company business, provided that such expenses are against original and valid receipts (the “Expenses”).

 

1.4       Payment of the Expenses,
as applicable, shall be made against your itemized invoice following the receipt of the relevant invoice, which invoice shall
be submitted to the Company within seven (7) days of the end of each calendar month during the term of this letter of appointment.

 

1.5       For the
avoidance of any doubt, the Fee and the Options (subject to their terms) and the aforementioned Expenses constitute the full
and final consideration for your appointment, and you shall not be entitled to any additional consideration, of any form, for
your appointment and service.

 

2.        The term of your
appointment as a non-employee, director of the Company shall be for one year or until the next Meeting of Stockholders and
shall be renewable on a yearly basis by vote of the shareholders or appointment by the board.

 

3.          You
will undertake such travelling as may reasonably be necessary for the performance of your duties, including travelling for board
meetings and site visits if required.

 

4.          You will undertake such duties and powers relating to the Company and any subsidiaries or associated companies (the “Group”)
as the Board may from time to time reasonably request. The Board as a whole is collectively responsible for promoting the success
of the Company by directing and supervising the Company’s affairs, inter alia, as follows:

 

4.1       Providing entrepreneurial leadership of the Group within a framework of prudent and effective controls which enable risk to be assessed and managed; and

 

4.2       Setting the Group’s strategic aims, ensures that the necessary financial and human resources are in place for the Group to meet its objectives and reviews of management performance; and

 

4.3       Setting the Group’s values and standards and ensure that its obligations to its shareholders and others are understood and met.

 

 4.3.1 Managing conflicts of interest that may arise in board meetings; and

 

 4.3.2 Ensuring that all board members are acting in the best interests of all shareholders.

 

 

 

    	 	2	 

     

    

 

 5.       Confidential Information.

 

5.1      You undertake to the Company that you shall maintain in strict confidentiality all trade, business, technical or other information
regarding the Company, the Group, its affiliated entities and their business affairs including, without limitation, all marketing,
sales, technical and business know-how, intellectual property, trade secrets, identity and requirements of customers and prospective
customers, the Company’s methods of doing business and any and all other information relating to the operation of the Company
(collectively, the “Confidential Information”). You shall at no time disclose any Confidential Information to any person,
firm, or entity, for any purpose unless such disclosure is required in order to fulfil your responsibilities as director. You further
undertake that you shall not use such Confidential Information for personal gain.

 

“Confidential Information”
shall not include information that (i) is or becomes part of the public domain other than as a result of disclosure by You, (ii)
becomes available to you on a non-confidential basis from a source other than the Company, provided that the source is not bound
with respect to that information by a confidentiality agreement with the Group or is otherwise prohibited from transmitting that
information by a contractual legal or other obligation, or (iii) can be proven by you to have been in your possession prior to
disclosure of the information by the Company. In the event that you are requested or required (by oral questions, interrogatories,
requests for information or documents, subpoena, civil investigative demand or other process) to disclose any Confidential Information,
it is agreed that you, to the extent practicable under the circumstances, will provide the Company with prompt notice of any such
request or requirement so that the Company may seek an appropriate protective order or waive compliance with this paragraph 5.
If a protective order or the receipt of a waiver hereunder has not been obtained, you may disclose only that portion of the Confidential
Information which you are legally compelled to disclose.

 

5.2       Blackout
Period. You understand that we have, or intend to have, a policy pursuant to which no officer, director or key executive may not
engage in transactions in our stock during the period commencing the end of a fiscal quarter and ending the day after the financial
information for the quarter and year have been publicly released. If you become a member of the audit committee and you have information
concerning our financial results at any time, you may not engage in transactions in our securities until the information is publicly
disclosed.

 

6.       Term and Termination

 

6.1       Subject
to paragraph 6.2 hereunder, this appointment shall terminate immediately and without claim for compensation on the occurrence
of any of the following events:

 

 6.1.1 If you resign as a Director of the Company for any reason; and/or

 

 6.1.2 If you are removed or not re-appointed as a Director of the Board of the Company at a General Meeting of shareholders of the Company in accordance with the requirements of the Business Corporation Law of the State of Nevada and/or any other applicable law or regulation (the "Law") and/or the Company's Articles of Incorporation; and/or

 

 6.1.3 If you have been declared bankrupt or made an arrangement or composition with or for the benefit of your creditors; and/or

 

 6.1.4 If you have been disqualified from acting as a Director (including, but not limited to, an event in which you are declared insane or become of unsound mind or become physically incapable of performing your functions as director for a period of at least sixty (60) days; and/or

 

 6.1.5 If an order of a court having jurisdiction over the Company requires you to resign.

 

6.2      Any termination of this letter of appointment shall be without payment of damages or compensation (except that you shall
be entitled to any accrued Fees or Expenses properly incurred under the terms of this letter of appointment prior to the date of
such termination).

 

7.         The
Company will put directors’ and officers’ liability insurance in place within sixty (60) days of this Agreement if
not already in place, and will use commercial reasonable efforts to maintain such insurance coverage for the full term of your
appointment.

 

8.          On termination of this appointment, you shall return all property belonging to the Group, together with all documents, papers,
disks and information, howsoever stored, relating to the Group and used by you in connection with your position with the Company.

 

 

 

    	 	3	 

     

    

 

9.         Subject
to the proper performance of your obligations to the Company under this letter of appointment and any applicable law, the Company
agrees that you will be free to accept other appointments, directorships and chairmanships provided that:

 

 9.1 They do not in any way conflict with the interests of the Company or any member of the Group; and

 

 9.2 They do not restrict you from devoting the necessary time and attention properly to services to be performed under this letter of appointment; and

 

 9.3 In the event that you become aware of any potential conflicts of interest, these must be disclosed to the Chairman and/or the Chief Executive Officer (the "CEO") of the Company as soon as they become apparent.

 

10.       The performance of individual Directors, the Chairman and the Board and its committees is evaluated annually. If, in the
interim, there are any matters which cause you concern about your position, you should discuss them with the Chairman and/or the
CEO as soon as is appropriate.

 

11.       In addition to any right pursuant to applicable law, occasions may arise when you consider that you need professional advice
in the furtherance of your duties as a director. Circumstances may occur when it will be appropriate for you to seek such advice
from independent advisors at the Company’s expense, to the extent provided under applicable law and subject to the prior
written approval of the CEO and/or the Board.

 

12.       This
letter refers to your appointment as a Director of the Company and your membership on the committees of the Board.

 

13.       You shall ensure that you comply at all times with the Company’s inside trading policies as in effect from time to
time.

 

14.       You
shall discharge your general duties as a Director pursuant to the Company's Articles of Incorporation and applicable law.

 

15.        This letter of appointment shall be governed by and construed in accordance with the law of the State of Massachusetts.

 

 

Please sign the attached copy of this letter
and return it to Xenetic to signify your acceptance of the terms set out above.

 

Sincerely yours,

 

XENETIC BIOSCIENCES INC.

 

 

/s/ Jeffrey Eisenberg

Name: Jeffrey Eisenberg Title: Chief Operating Officer

 

AGREED AND ACKNOWLEDGED BY:

 

 

/s/ Adam Logal

Name of Director: Adam Logal

 

 

 

 

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