Document:

Exhibit 10.1

 

FIRST
AMENDMENT

TO WELLESLEY BANK

EMPLOYEE SEVERANCE
COMPENSATION PLAN

 

FIRST AMENDMENT to the Wellesley
Bank Employee Severance Compensation Plan (the "Plan") dated as of September 25, 2019.

 

WHEREAS,
Wellesley Bank (the "Bank") maintains the Plan for the benefit of Covered Employees (as defined in the Section C of the
Plan);

 

WHEREAS,
Section M of the Plan provides that the Plan may be amended at any time by the Board of Directors of the Bank prior to the occurrence
of a Change in Control (as defined in the Plan); and

 

WHEREAS,
a Change in Control has not occurred as of the date hereof and the Bank has determined that certain modifications to the Plan are
necessary and appropriate to its effective operation;

 

NOW,
THEREFORE, in consideration of the premises and mutual promises and obligations set forth herein, the Plan is hereby amended
as the first date noted herein as follows:

 

First
Change

 

Section
C, paragraph (b) shall be deleted in its entirety and replaced with the following new paragraph (b):

 

"(b)    Notwithstanding
the foregoing, no employee shall be eligible for a Change in Control Severance Benefit if, at the time of his termination of employment,
the employee is a party to an individual employment agreement, change in control agreement or any other severance arrangement that
provides a cash payment upon a change in control."

 

Second
Change

 

Section
D, paragraph (b) shall be deleted in its entirety and replaced with the following new paragraph (b):

 

"(b)    As a condition to receiving a Change in Control Severance Benefit under this Plan, a Participant shall deliver to the Bank (or
its successor) a general release no later than the 46th calendar day following the date of his or her termination of employment,
and shall not revoke said general release. The general release shall be in the form attached hereto as Exhibit A. The Change in
Control Severance Benefit will be paid in a lump sum no later than the pay period following the pay period in which the general
release becomes effective."

 

     

     

    

 

Third
Change

 

The following new Section O shall
be added:

 

" O.    Section 409A of
the Internal Revenue Code

 

This Plan
is intended to comply with the separation pay exemption or the short-term deferral exemption under Section 409A of the Internal
Revenue Code, as amended (the "Code"). If any payment is subject to (rather than exempt from) Section 409A, this Plan
will be interpreted and administered to comply with Section 409A, and any such payment subject to Section 409A that is to be made
upon a termination of employment (i) will only be made upon a "separation from service" under Section 409A, and (ii)
if a Participant is a "specified employee" (as determined under Section 409A) at the time of separation from service,
will not be made until six (6) months and one day after the Participant's separation from service to the extent required under
Section 409A."

 

In all
other respects, the terms and conditions of the Plan are hereby ratified and affirmed.

 

IN
WITNESS WHEREOF, the Bank, by a duly authorized representative, has executed this amendment, effective as
of the date first written above.

 

	 	By:	/s/ Thomas J. Fontaine 
	 	 	Duly authorized officer of Wellesley BankExhibit
10.2

 

FIRST AMENDMENT TO SEVERANCE LETTER
BY AND BETWEEN WELLESLEY

BANK AND Michael
W. Dvorak

 

WHEREAS,
Wellesley Bank (the "Bank") issued a severance letter dated May 23, 2016
to Michael W. Dvorak ("Executive") which sets forth the severance benefits
the Executive is entitled to in the event Executive: (i) is terminated without Cause absent a Change in Control, (ii) is terminated
without cause within 12 months following a Change in Control or (iii) voluntarily terminates employment within 12 months following
a Change in Control as a result of not being offered a comparable position with a successor (the "Severance Letter");

 

WHEREAS,
the Bank wishes to amend the Severance Letter to make certain clarifications to ensure compliance with Section 409A of the Internal
Revenue Code of 1986, as amended.

 

NOW,
THEREFORE, the Severance Letter is hereby amended by adding the following paragraph immediately after the General Release
bullet:

 

''This
arrangement is intended to comply with the separation pay exemption under Section 409A of the Internal Revenue Code, as
amended (the "Code"). For purposes of Section 409A of the Code ("Section 409A"), each installment payment
provided under this arrangement will be treated as a separate payment. If any payment is
subject to (rather than exempt from) Section 409A, this Severance Letter will be interpreted and administered to comply with
Section 409A, and any such payment subject to Section 409A that is to be made upon a termination of employment (i) will only
be made upon a "separation from service" under Section 409A, and (ii) if Executive is a "specified
employee" (as determined under Section 409A) at the time of separation from service, will not be made until six months
and one day after Executive's separation from service to the extent required under Section 409A."

 

In all other respects,
the terms and conditions of the Severance Letter are hereby affirmed.

 

IN WITNESS
WHEREOF, the parties hereto have executed this amendment as of the date noted below.

 

	 	WELLESLEY BANK
	 	By:	/s/ Thomas J. Fontaine
	 	Date:	10/1/2019
	 	 
	 	By:	/s/ Michael W. Dvorak
	 	Date:	10/1/2019Exhibit 10.3

 

FIRST AMENDMENT TO SEVERANCE
LETTER BY AND BETWEEN WELLESLEY

BANK AND
Ralph  L. Letner

 

WHEREAS, Wellesley Bank
(the "Bank")  issued a severance letter dated
May 23, 2016 to Ralph L. Letner ("Executive") which sets forth the severance
benefits the Executive is entitled to in the event Executive: (i) is terminated without Cause
absent a Change in Control, (ii) is terminated without cause within 12 months following a Change in Control or (iii) voluntarily
terminates employment within 12 months following a Change in Control as a result of not being offered a comparable position with
a successor (the "Severance Letter");

 

WHEREAS,
the Bank wishes to amend the Severance Letter to make certain clarifications to ensure compliance with Section 409A of the Internal
Revenue Code of 1986, as amended.

 

NOW,
THEREFORE, the Severance Letter is hereby amended by adding the following paragraph immediately after the General Release bullet:

 

"This arrangement
is intended to comply with the separation pay exemption under Section 409A of the Internal Revenue Code, as amended (the
 "Code"). For purposes of Section 409A of the Code ("Section 409A"), each installment payment provided
under this arrangement will be treated as a separate payment. If any payment is subject to (rather than exempt from) Section
409A, this Severance Letter will be interpreted and administered to comply with Section 409A, and any such payment subject to
Section 409A that is to be made upon a termination of employment (i) will only be made upon a "separation from
service" under Section 409A, and (ii) if Executive is a "specified employee" (as determined under Section
409A) at the time of separation from service, will not be made until six months and one day after Executive's separation from
service to the extent required under Section 409A."

 

In all other respects, the terms
and conditions of the Severance Letter are hereby affirmed.

 

IN WITNESS
WHEREOF, the parties hereto have executed this amendment as of the date noted below.

 

	 	WELLESLEY BANK
	 	By:	/s/ Thomas J. Fontaine
	 	Date:  	9/25/2019
	 	 
	 	By: 	/s/ Ralph L. Letner
	 	Date:  	9/25/2019Exhibit 10.1

    

     

    

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

       

      AMENDMENT NO. 1 TO CLINICAL TRIAL COLLABORATION

      AND SUPPLY AGREEMENT

       

      This Amendment No. 1 (“Amendment No. 1”) to the Agreement (as defined below), made as of October 28, 2019 (“Amendment
          Effective Date”), is by and between MSD International GmbH, having a place of business at Weystrasse 20, 6006 Luzern, Switzerland (“Merck”) and PDS Biotechnology Corporation, having a place of
        business at 303A College Road East, Princeton, NJ 08540 USA (“PDS”).  Merck and PDS are each referred to herein individually as “Party” and collectively “Parties”.

       

      RECITALS

       

      A.           WHEREAS, the Parties entered into that certain Clinical Trial Collaboration and Supply Agreement dated as of May 19, 2017 (the “Agreement”);

       

      B.           WHEREAS, the Parties desire to amend the Agreement to modify the following:  (a) Protocol for the Study; (b) supply and delivery schedule of the PDS Compound and the Merck Compound, and (c) Data Sharing
        and Sample Testing Schedule to complete the Study as per the amended Protocol; all on the terms and conditions set forth in this Amendment No. 1;

       

       NOW, THEREFORE, the Parties hereby agree as follows:

       

      1.            Certain Definitions.  Capitalized terms used in this Amendment No. 1 and not defined herein shall have the meanings given to them in the Agreement.

       

      2.            Amendment to the Agreement.  The Agreement is hereby amended as follows:

       

      
        
          	

                	2.1	
                  Section 1.76 of the Agreement shall be deleted in its entirety and replaced with the following:

                

        

      

       

      ““Study” means the Phase II clinical trial described in the Protocol to evaluate the safety, and preliminary efficacy of the concomitant and/or sequenced
        administration of the combination of the Merck Compound and the PDS Compound as a first line treatment in subjects with recurrent and/or metastatic head and neck cancer and high-risk human papillomavirus-16 (HPV16) infection.”

       

      
        
          	

                	2.2	
                  Section 3.7.1 of the Agreement shall be deleted in its entirety and replaced with the following:

                

        

      

       

      “The Joint Development Committee will agree as to which Party shall perform Sample Testing.  Each Party shall use the Samples only for the Sample Testing and each Party shall conduct the Sample
        Testing solely in accordance with the Data Sharing and Sample Testing Schedule and the Protocol.  Merck shall [***].  Merck shall provide to PDS the Sample Testing Results for the Sample Testing conducted by or on behalf of Merck, in electronic
        form or other mutually agreeable alternate form, to the extent specified on the Data Sharing and Sample Testing Schedule and on the timelines specified in the Data Sharing and Sample Testing Schedule or as otherwise mutually agreed.”

       

      
        1

        
          

      

      
        
          	

                	2.3	
                  The first paragraph of Section 4.1 of the Agreement shall be deleted in its entirety and replaced with the following:

                

        

      

       

      “4.1 Protocol.  A Protocol has been agreed upon by the Parties as of the Amendment Effective Date and is attached hereto as Appendix A. 
        Through the JDC, PDS shall:  (a) provide a draft of any subsequent revisions to the Protocol to Merck for Merck’s review and comment; (b) submit a draft statistical analysis plan to Merck for Merck’s review, comment and approval; (c) consider in
        good faith any further changes to the draft of the Protocol or statistical analysis plan requested by Merck; (d) incorporate any changes requested by Merck with respect to Merck Compound; and, (e) once a final version of the Protocol or statistical
        analysis plan, incorporating all comments is ready, submit the revised Protocol or statistical analysis plan to the JDC for final approval.  To the extent the JDC cannot agree unanimously regarding the contents of the Protocol or statistical
        analysis plan for final approval:  (i) PDS shall have final decision-making authority with respect to matters in the Protocol or statistical analysis plan related to the PDS Compound; (ii) Merck shall have final decision-making authority with
        respect to matters in the Protocol or statistical analysis plan related to the Merck Compound (including with respect to the quantities and/or presentations of Merck Compound to be provided for the Study and/or the timing for Delivery thereof); and
        (iii) all other matters in respect of the Protocol or statistical analysis plan on which the JDC cannot agree shall be resolved in accordance with Section 3.10.3.  Once the final Protocol or statistical analysis plan have been approved in
        accordance with this Section 4.1, any material changes to such approved final Protocol or statistical analysis plan (other than material changes relating solely to the PDS Compound) and any changes to the final Protocol or statistical
        analysis plan (whether or not material) relating to the Merck Compound shall require Merck’s prior written consent.  Any such proposed changes will be sent in writing to Merck’s Project Manager and Merck’s Alliance Manager.  Merck will provide such
        consent, or a written explanation for why such consent is being withheld, within [***] Business Days after Merck receives a copy of PDS’ requested changes.”

       

      
        
          	

                	2.4	
                  The contact information for PDS set forth in Article 22 of the Agreement shall be deleted in its entirety and replaced by the following:

                

        

      

       

      
        	
                “If to PDS, to:

              	
                PDS Biotechnology Corporation

                303A College Road East

                Princeton, NJ 08540 USA

                Attention:  Frank Bedu-Addo

                Phone:  +1 (800) 208-3343

                Facsimile:  +1 (908) 790-1212”

              

      

      

      

      
        2

        
          

      

      
        
          	

                	2.5	
                  Appendix A to the Agreement shall be deleted in its entirety and replaced with the new Appendix A attached to this Amendment No. 1.

                

        

      

       

      
        
          	

                	2.6	
                  Appendix B to the Agreement shall be deleted in its entirety and replaced with the new Appendix B attached to this Amendment No. 1.

                

        

      

       

      
        
          	

                	2.7	
                  Schedule I to the Agreement shall be deleted in its entirety and replaced with the new Schedule I attached to this Amendment No. 1

                

        

      

       

      3.           General.  Except as specifically modified or amended by this Amendment No. 1, the terms and conditions of the Agreement remain unchanged and in full force and effect.  All references in the
        Agreement to the “Agreement” shall mean the Agreement as modified by this Amendment No. 1.  This Amendment No. 1 shall be governed by and construed in accordance with the substantive laws of the State of New York, without giving effect to its
        choice of law principles.  This Amendment No. 1 may be executed in two (2) or more counterparts (including by way of facsimile or electronic transmission), each of which shall be deemed an original, but all of which together shall constitute one
        and the same instrument.  For clarity, facsimile signatures and signatures transmitted via PDF shall be treated as original signatures.

       

      [Remainder of page intentionally left blank.]

       

      

      
        3

        
          

      

      
      IN WITNESS WHEREOF, the Parties have caused this Amendment No. 1 to the Agreement to be signed by their respective duly-authorized representatives as of the Amendment Effective Date.

       

      	
              PDS BIOTECHNOLOGY CORPORATION

            	

            
	

            	

            
	
              By:

            	
              /s/ Frank Bedu-Addo

            	

            

      	
              Name:

            	
              Frank Bedu-Addo

            	

            
	
              Title:

            	
              President & CEO

            	

            
	

            	

            
	
              MSD International GmbH

            	

            
	

            	

            

      	
              By:

            	
              /s/ Franz Escherich

            	

            

      	
              Name:

            	
              Franz Escherich

            	

            
	
              Title:

            	
              Director

            	

            

       

      

      
        
          

      

      Appendix A

      

      

      PROTOCOL

      

      

      [***]

       

      

      
        
          

      

      Appendix B

      

      

      Supply of Compounds

      

      

      [***]

       

      

      
        
          

      

      Schedule I

      

      

      DATA SHARING AND SAMPLE TESTING SCHEDULE

      

      

      [***]

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