Document:

EXHIBIT 10.8

 

EXECUTION VERSION

 

IMAGEN BIOPHARMA, INC.

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This Employment Agreement (the “Agreement”)
is made and entered into by and between Ronald D. Seidel, an individual, (“Executive”) and Imagen Biopharma,
Inc., a Delaware corporation (the “Company”), to be effective as of the closing date of a private placement
of the Company’s securities resulting in gross proceeds of no less than $5,000,000 and occurring no later than June 30, 2015,
which may be extended by the Company for an additional ninety (90) days (the “Effective Date”).

 

1.          Duties
and Scope of Employment.

 

(a)          Position
and Duties. Upon and following the Effective Date, Executive will serve as the Company’s Executive Vice President, Head
of Research & Development. Executive will render such business and professional services in the performance of his duties,
consistent with Executive’s position within the Company, as will reasonably be assigned to him by the Company’s Chief
Executive Officer and Board of Directors (the “Board”). The period of Executive’s rendering of employment
services under this Agreement is referred to herein as the “Employment Term.”

 

(b)          Obligations.
During the Employment Term, Executive will perform his duties faithfully and to the best of his ability and will devote his full
business efforts and time to the Company. For the duration of the Employment Term, Executive agrees not to actively engage in any
other employment, occupation or consulting activity for any direct or indirect remuneration without the prior approval of the Board.

 

(c)          Location.
Executive’s primary office location will be in Cambridge, Massachusetts, for at least three (3) years. The Company reserves
the right to reasonably require Executive to perform Executive’s duties at places other than Executive’s primary office
location from time to time, but Executive shall not be required to relocate Executive’s principal residence from the Boston
Metropolitan Area.

 

2.          At-Will
Employment. The parties agree that Executive's employment with the Company will be “at-will” employment and may
be terminated at any time with or without cause or notice. However, as described in this Agreement, Executive may be entitled to
severance benefits depending on the circumstances of Executive’s termination of employment with the Company.

 

3.          Compensation.

 

(a)          Base
Salary. During the Employment Term, the Company will pay Executive an annual salary of $180,000 as compensation for Executive’s
services (the “Base Salary”). The Base Salary will be paid periodically (but not less frequently than monthly)
in accordance with the Company’s normal payroll practices and be subject to the usual required withholdings. Executive’s
salary will be subject to review and adjustments on an annual basis, subject to Executive’s rights to receive severance payments
under Section 7(a) for a resignation for “Good Reason” as defined in Section 10(f) of this Agreement.

 

(b)          Bonus
and Stock Options. Executive will be entitled to bonus compensation and equity award grants with the value and vesting terms
to be generally commensurate with those of other senior executives of the Company, including, without limitation, incentive stock
options in an amount

 

     

     

    

 

customary for senior executives of biotechnology
companies, as determined by the Board in its sole discretion.

 

4.          Employee
Benefits. During the Employment Term, Executive will be entitled to participate in the employee benefit plans currently and
hereafter maintained by the Company of general applicability to other senior executives of the Company, including, without limitation,
all health, welfare and retirement plans (including, without limitation, 401(k) plans). The Company reserves the right to cancel
or change the benefit plans and programs it offers to its employees at any time.

 

5.          Vacation.
Executive will be entitled to paid vacation of not less than four (4) weeks per year, in accordance with the Company’s vacation
policy for senior executive officers, with the timing and duration of specific vacations mutually and reasonably agreed to by the
parties hereto. A maximum of two (2) weeks of unused vacation days in any calendar year may be carried over and used in subsequent
calendar years so long as accrued unused vacation in any one year does not exceed six (6) weeks. Upon Executive’s termination
of employment, Executive will be entitled to receive payment of Executive’s accrued but unused vacation through the date
of Executive’s termination.

 

6.          Expenses.
The Company will pay or reimburse Executive for reasonable pre-approved travel, entertainment or other expenses incurred by Executive
in the furtherance of or in connection with the performance of Executive’s duties hereunder, in accordance with the Company’s
expense reimbursement policy as in effect from time to time. Executive’s attendance at key industry conferences is expected
and reasonable pre-approved expenses incurred by Executive in connection with such conferences will be paid or reimbursed by the
Company. If Executive incurs business expenses under this Agreement, Executive will submit monthly to the Company a request for
payment or reimbursement together with supporting documentation satisfactory to the Company and consistent with the Company’s
expense reimbursement policy. In addition, Executive will be entitled to a non-accountable advance relocation payment of $30,000
payable within thirty (30) days of the Effective Date.

 

7.          Severance.

 

(a)          Termination
or Resignation for Good Reason. During the Employment Term, if (i) the Company (or any parent or subsidiary or successor of
the Company) terminates Executive’s employment for reasons other than Cause, death or Disability, or (ii) upon Executive’s
resignation from the Company (or any parent or subsidiary or successor of the Company) for Good Reason, then, subject to the continued
observance by Executive of Sections 8, 14, 15 and 16 below after the termination of the rendering of employment services, Executive
will receive the following severance from the Company:

 

(i)          Severance
Payment. Executive will receive six (6) months of continuing payment of Executive’s Base Salary (as in effect immediately
prior to Executive’s termination);

 

(ii)         Accelerated
Vesting. All of the unvested portion of Executive’s shares and options in the Company will immediately vest prior to
Executive’s termination and become exercisable. The options will remain exercisable, to the extent applicable, following
the date of termination for the period prescribed in the equity award plan under which they are awarded.

 

(iii)        Bonus.
Executive will receive a cash lump-sum payment in an amount equal to accrued unpaid bonuses through the end of the fiscal half
year in which the termination occurs that may have been awarded to Executive under Section 3(b) above, payable on the sixtieth
(60th) day following Executive’s termination.

 

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(iv)        Continued
Employee Benefits. If Executive timely elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation
Act of 1985, as amended (“COBRA”) for Executive and Executive’s eligible dependents, the Company will
reimburse Executive for the monthly premiums under COBRA for such coverage (at the coverage levels in effect immediately prior
to Executive’s termination) until the earlier of (A) the date upon which Executive and/or Executive’s eligible dependents
becomes covered under similar plans or (B) the date upon which Executive ceases to be eligible for coverage under COBRA.

 

(b)          Exclusive
Remedy. In the event of a termination of Executive’s employment with the Company (or any parent or subsidiary or successor
of the Company), the provisions of this Section 7 are intended to be and are exclusive and in lieu of any other rights or remedies
to which Executive or the Company may otherwise be entitled, whether at law, tort or contract, in equity, or under this Agreement.
Executive will be entitled to no severance or other benefits upon termination of employment with respect to acceleration of award
vesting or severance pay other than those benefits expressly set forth in this Section 7.

 

8.          Conditions
to Receipt of Severance; No Duty to Mitigate.

 

(a)         Separation
Agreement and Release of Claims. The receipt of any severance pursuant to Section 7(a) or (b) will be subject to Executive signing
and not revoking a separation agreement and release of claims substantially in the form attached hereto as Exhibit A (the
“Release”).

 

(b)         Confidential
Information Agreement. Executive’s receipt of any payments or benefits under Section 7 will be subject to Executive continuing
to comply with the terms of a Confidential Information Agreement (as defined in Section 14) and Sections 15 and 16 of this Agreement.

 

(c)         Section
409A.

 

(i)          Notwithstanding
anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any, pursuant
to this Agreement that, when considered together with any other severance payments or separation benefits, are considered deferred
compensation under Section 409A (together, the “Deferred Payments”) will be paid or otherwise provided until
Executive has a “separation from service” within the meaning of Section 409A. Similarly, no severance payable to Executive,
if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9)
will be payable until Executive has a “separation from service” within the meaning of Section 409A.

 

(ii)         Any
severance payments or benefits under this Agreement that would be considered Deferred Payments will be paid on, or, in the case
of installments, will not commence until, the sixtieth (60th) day following Executive’s separation from service, or, if later,
such time as required by Section 8(c)(iii). Except as required by Section 8(c)(iii), any installment payments that would have been
made to Executive during the sixty (60) day period immediately following Executive’s separation from service but for the
preceding sentence will be paid to Executive on the sixtieth (60th) day following Executive’s separation from service and
the remaining payments shall be made as provided in this Agreement.

 

(iii)        Notwithstanding
anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A
at the time of Executive’s termination (other than due to death), then the Deferred Payments, if any, that are payable within
the first six (6) months following Executive’s separation from service, will become payable on the first payroll date that
occurs on or after the date six (6) months and one (1) day following the date of Executive’s separation

 

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from service. All subsequent Deferred Payments,
if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything
herein to the contrary, if Executive dies following Executive’s separation from service, but prior to the six (6) month anniversary
of the separation from service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon
as administratively practicable after the date of Executive’s death and all other Deferred Payments will be payable in accordance
with the payment schedule applicable to each payment or benefit. Each payment, installment and benefit payable under this Agreement
is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

 

(iv)        Any
amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in Section
1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments for purposes of clause (i) above. It is the intent
of this Agreement that all cash severance payments under Section 7(a)(i) paid within 2 1/2 months following the end of the year
of the Executive’s termination will satisfy the requirements of the “short-term deferral” rule.

 

(v)         Any
amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant
to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) will
not constitute Deferred Payments for purposes of clause (i) above.

 

(vi)        The
foregoing provisions are intended to be exempt from or comply with the requirements of Section 409A so that none of the severance
payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities
or ambiguous terms herein will be interpreted to be exempt or so comply. The Company and Executive agree to work together in good
faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable
to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A.

 

9.          Limitation
on Payments. In the event that the severance and other benefits provided for in this Agreement or otherwise payable to Executive
(i) constitute “parachute payments” within the meaning of Section 280G of the Code and (ii) but for this Section 9,
would be subject to the excise tax imposed by Section 4999 of the Code, then Executive’s severance benefits will be either:

 

		(a)	delivered in full, or

 

		(b)	delivered as to such lesser extent which would result
in no portion of such severance benefits being subject to the excise tax under Section 4999 of the Code,

 

whichever of the foregoing amounts, taking into account the
applicable federal, state and local income taxes and the excise tax imposed by Section 4999, results in the receipt by Executive
on an after-tax basis, of the greatest amount of severance benefits, notwithstanding that all or some portion of such severance
benefits may be taxable under Section 4999 of the Code. If a reduction in the severance and other benefits constituting “parachute
payments” is necessary so that no portion of such severance benefits is subject to the excise tax under Section 4999 of the
Code, the reduction shall occur in the following order: (1) reduction of the severance payments under Sections 7(a)(i) or 7(a)(ii);
(2) reduction of other cash payments, if any; (3) cancellation of accelerated vesting of equity awards; and (4) reduction of continued
employee benefits. In the event that acceleration of vesting of equity award compensation is to be reduced, such acceleration of
vesting shall be cancelled in the reverse order of the date of grant of Executive’s equity awards. If two or more equity
awards are granted on the same date, each award will be reduced on a pro-rata basis. In no event shall the Executive have any discretion
with respect to the

 

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ordering of payment reductions. Notwithstanding the foregoing,
to the extent the Company submits any payment or benefit payable to Executive under this Agreement or otherwise to the Company’s
stockholders for approval in accordance with Treasury Regulation Section 1.280G-1 Q&A 7, the foregoing provisions shall not
apply following such submission and such payments and benefits will be treated in accordance with the results of such vote, except
that any reduction in, or waiver of, such payments or benefits required by such vote will be applied without any application of
discretion by Executive and in the order prescribed by this Section 9.

 

Unless the Company and Executive otherwise
agree in writing, any determination required under this Section 9 will be made in writing by an independent firm immediately prior
to Change of Control (the “Firm”), whose determination will be conclusive and binding upon Executive and the
Company for all purposes. For purposes of making the calculations required by this Section 9, the Firm may make reasonable assumptions
and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application
of Sections 280G and 4999 of the Code. The Company and Executive will furnish to the Firm such information and documents as the
Firm may reasonably request in order to make a determination under this Section 9. The Company will bear all costs the Firm may
reasonably incur in connection with any calculations contemplated by this Section 9.

 

10.        Definition
of Terms. The following terms referred to in this Agreement will have the following meanings:

 

(a)         Affiliate.
For purposes of this Agreement, an “Affiliate” of the Company is a person that directly, or indirectly through one
or more intermediaries, controls, or is controlled by, or is under common control with, the Company.

 

(b)         Cause.
For purposes of this Agreement, “Cause” is defined as (i) Executive’s conviction of, admission to sufficient
facts, or plea of nolo contendere to, a felony or any crime involving fraud, embezzlement or any other act of moral turpitude in
the jurisdiction involved, (ii) Executive’s gross misconduct, participation in fraud or an act of dishonesty against the
Company, (iii) Executive’s unauthorized use or disclosure of any proprietary information or trade secrets of the Company
or any other party to whom Executive owes an obligation of nondisclosure as a result of Executive’s relationship with the
Company; (iv) Executive’s willful and material breach of any obligations under any written agreement with the Company that
is injurious to the Company; or (v) Executive’s continued failure to perform his employment duties after Executive has received
a written demand of performance from the Company which specifically sets forth the factual basis for the Company’s belief
that Executive has not substantially performed his duties and has failed to cure such non-performance to the Company’s satisfaction
within 30 business days after receiving such notice.

 

(c)         Change
of Control. For purposes of this Agreement, “Change of Control” means the occurrence of any of the following
events:

 

(i)          any
“person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) is or
becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of
the Company representing more than 50% of the total voting power represented by the Company’s then outstanding voting securities,
other than the acquisition of 50% of the total voting power represented by the outstanding voting securities when sold by the Company
in a capital raising transaction; or

 

(ii)         the
date of the consummation of a merger or consolidation of the Company with any other corporation that has been approved by the stockholders
of the Company, other than a merger or consolidation which would result in the voting securities of the Company outstanding

 

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immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty
percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent
outstanding immediately after such merger or consolidation; or

 

(iii)        the
date of the consummation of the sale or disposition by the Company of all or substantially all the Company’s assets in a
transaction that has been approved by the stockholders of the Company.

 

Notwithstanding the foregoing provisions of
this definition, a transaction will not be deemed a Change of Control unless the transaction qualifies as a “change in control
event” within the meaning of Section 409A.

 

(d)          Code.
For purposes of this Agreement, “Code” means the Internal Revenue Code of 1986, as amended.

 

(e)          Disability.
For the purposes of this Agreement, “Disability” will mean that Executive has been unable to substantially perform
his duties hereunder (after reasonable accommodation) by reason of any medically determinable physical or mental impairment that
can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months. Alternatively,
Executive will be deemed disabled if determined to be totally disabled by the Social Security Administration. Termination resulting
from Disability may only be effected after at least thirty (30) days’ written notice by the Company of its intention to terminate
Executive’s employment. In the event that Executive resumes the performance of substantially all of Executive’s duties
hereunder before the termination of Executive’s employment becomes effective, the notice of intent to terminate based on
Disability will automatically be deemed to have been revoked.

 

(f)          Good
Reason. For the purposes of this Agreement, “Good Reason” means Executive’s resignation within thirty
(30) days following the expiration of any Company cure period (discussed below) following the occurrence of one or more of the
following, without Executive’s express written consent: (i) the assignment to Executive of any duties beyond the generally
recognized scope of employment of an executive vice president of research and development or the reduction of Executive’s
duties or the removal of Executive from his position and responsibilities, either of which must result in a material diminution
of Executive’s authority, duties, or responsibilities with the Company in effect immediately prior to such assignment, unless
Executive is provided with a comparable position (i.e., a position of equal or greater organizational level, duties, authority,
compensation and status); provided, however, that a reduction in duties, position or responsibilities solely by virtue of the Company
being acquired and made part of a larger entity will not constitute “Good Reason”; (ii) a reduction in Executive’s
Base Salary (except, prior to the consummation of the Company’s initial public offering of securities pursuant to the Securities
Act of 1933, as amended, or the first registration of the Company’s securities under the Securities Exchange Act of 1934,
as amended, where there is a reduction applicable to the management team generally (including all similarly situated executive
employees) of not more than twenty percent (20%) of Executive’s Base Salary); (iii) a material change in the geographic location
of Executive’s primary work facility or location, which is expected to be in or around the area of Cambridge, Massachusetts;
provided, that a relocation of less than fifty (50) miles from Executive’s then present location will not be considered a
material change in geographic location; or (iv) any other action or inaction that constitutes a material breach by the Company
of this Agreement, provided that the Company has not cured the material breach within sixty (60) days from written notice of such
breach. Executive will not resign for Good Reason without first providing the Company with written notice of the acts or omissions
constituting the grounds for “Good Reason” within ninety (90) days of the initial existence of

 

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the grounds for “Good Reason”
and a reasonable cure period of not less than thirty (30) days following the date of such notice and such grounds for “Good
Reason” have not been cured during such cure period.

 

(g)          Section
409A. For purposes of this Agreement, “Section 409A” means Code Section 409A, and the final regulations
and any guidance promulgated thereunder or any state law equivalent.

 

(h)          Section
409A Limit. For purposes of this Agreement, “Section 409A Limit” will mean two (2) times the lesser of:
(i) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during the Executive’s
taxable year preceding the Executive’s taxable year of his or her separation from service, as determined under Treasury Regulation
Section 1.409A¬1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum
amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Internal Revenue Code for the
year in which Executive’s separation from service occurred.

 

11.        Assignment.
This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal representatives of Executive
upon Executive's death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted for the
Company under the terms of this Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation
or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially
all of the assets or business of the Company. None of the rights of Executive to receive any form of compensation payable pursuant
to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted assignment,
transfer, conveyance or other disposition of Executive’s right to compensation or other benefits will be null and void.

 

12.        Notice.
All notices, requests, demands and other communications called for hereunder will be in writing and will be deemed given (i) on
the date of delivery if delivered personally, (ii) one (1) day after being sent by a well-established commercial overnight service,
or (iii) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the
parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing.

 

If to the Company:

 

Imogen Biopharma, Inc.

401 Wilshire Blvd., Suite 1020

Santa Monica, California 90401

Attn: Chief Executive Officer

 

If to Executive:

 

at the last residential address known by the Company.

 

13.        Arbitration.

 

(a)          Arbitration.
In consideration of Executive’s employment with the Company, its promise to arbitrate all employment-related disputes,
and Executive’s receipt of the compensation, pay raises and other benefits paid to Executive by the Company, at present and
in the future, Executive agrees that any and all controversies, claims, or disputes with anyone (including the Company and any
employee, officer, director, shareholder or benefit plan of the Company in their capacity as such or

 

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otherwise) arising out of, relating to, or
resulting from Executive’s employment with the Company or termination thereof, including any breach of this Agreement, will
be subject to binding arbitration. The Federal Arbitration Act shall apply with full force and effect.

 

(b)          Dispute
Resolution. Disputes that Executive agrees to arbitrate, and thereby agrees to waive any right to a trial by jury, include
any statutory claims under local, state, or federal law, including, but not limited to, claims under Title VII of the Civil Rights
Act of 1964, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit
Protection Act, the Sarbanes Oxley Act, the Worker Adjustment and Retraining Notification Act, the Family and Medical Leave Act,
claims of harassment, discrimination, and wrongful termination, and any statutory or common law claims. Executive further understands
that this Agreement to arbitrate also applies to any disputes that the Company may have with Executive.

 

(c)          Procedure.
Executive agrees that any arbitration will be resolved to the fullest extent permitted by law by final and binding arbitration
by a single arbitrator, in Boston, Massachusetts, administered by the Judicial Arbitration & Mediation Services, Inc. (“JAMS”),
pursuant to its Employment Arbitration Rules & Procedures (the “JAMS Rules”). The arbitrator shall have
the power to decide any motions brought by any party to the arbitration, including motions for summary judgment and/or adjudication,
motions to dismiss and demurrers, and motions for class certification, prior to any arbitration hearing. The arbitrator shall have
the power to award any remedies available under applicable law, and the arbitrator shall award attorneys’ fees and costs
to the prevailing party, except as prohibited by law. The Company will pay for any administrative or hearing fees charged by the
administrator or JAMS, and all arbitrator’s fees, except that Executive shall pay any filing fees associated with any arbitration
that Executive initiates, but only so much of the filing fee as Executive would have instead paid had Executive filed a complaint
in a court of law. The decision of the arbitrator shall be in writing.

 

(d)          Remedy.
Arbitration shall be the sole, exclusive, and final remedy for any dispute between Executive and the Company. Accordingly, except
as provided by this Agreement, neither Executive nor the Company will be permitted to pursue court action regarding claims that
are subject to arbitration. Notwithstanding, the arbitrator will not have the authority to disregard or refuse to enforce any lawful
Company policy, and the arbitrator will not order or require the Company to adopt a policy not otherwise required by law which
the Company has not adopted.

 

(e)          Administrative
Relief. Executive is not prohibited from pursuing an administrative claim with a local, state, or federal administrative body
or government agency that is authorized to enforce or administer laws related to employment, including, but not limited to, the
Department of Fair Employment and Housing, the Equal Employment Opportunity Commission, the National Labor Relations Board, or
the Workers’ Compensation Board. Executive expressly waives and shall not accept any award or damages therefrom. However,
Executive may not pursue court action regarding any such claim, except as permitted by law.

 

14.        Confidential
Information. Executive agrees to enter into the Company’s Proprietary Information and Inventions Assignment Agreement,
substantially in the form attached hereto as Exhibit B (the “Confidential Information Agreement”).

 

15.        Non-Solicitation
and Non-Disparagement.

 

(a)          Non-Solicitation
Agreement. Until the date one (1) year after the termination of Executive’s employment with the Company for any reason,
Executive agrees not, either directly or indirectly, to solicit, induce, attempt to solicit, recruit, or encourage any employee
of the Company (or any parent or subsidiary of the Company) to leave his or her employment either for Executive or for any

 

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other entity or person. Executive represents
that he (i) is familiar with the foregoing covenant not to solicit, and (ii) is fully aware of his obligations hereunder, including,
without limitation, the reasonableness of the length of time, scope and geographic coverage of these covenants.

 

(b)          Mutual
Non-Disparagement. During and at all times after the Employment Term, neither Executives, on the one hand, nor the Company
or any of its subsidiaries, on the other hand, will disparage the other (or, in the case of Executive, any subsidiary or successor
of the Company) in any way that would reasonably be expected to materially adversely affect the goodwill, reputation or business
relationships of the other with the public generally, and, with respect to the Company, with any of its customers, vendors, suppliers,
or employees. Notwithstanding the foregoing, neither party shall be (i) required to make any statement which it or he believes
to be false or inaccurate, or (ii) restricted in connection with any litigation, arbitration or similar proceeding or with respect
to any response to legal process.

 

16.        Non-Compete.
The Executive hereby agrees that during the period commencing on the date hereof and ending on the date six (6) months after termination
of Executive's employment with the Company for any reason, he will not, without the express written consent of the Company, directly
or indirectly, anywhere in the United States or Canada, engage in any activity which is, or participate or invest in, or provide
or facilitate the provision of financing to, or assist (whether as owner, part-owner, shareholder, member, partner, director, officer,
trustee, employee, agent or consultant, or in any other capacity), any business, organization or person other than the Company
(or any subsidiary or Affiliate of the Company), whose business, activities, products or services are directly competitive with
any of the business, activities, products or services conducted by or in active planning by the Company (or any subsidiary or Affiliate
of the Company) on the date that the Executive's employment with the Company terminates and which are in the Company's Field of
Interest; provided, however, that the Executive shall be permitted to be employed by (or act as a consultant or advisor to) an
entity which operates an ancillary business or businesses in the Company's Field of Interest so long as the Executive is not involved
in such ancillary business. For purposes of this Agreement, the Company's "Field of Interest" shall include, without
limitation, the development, implementation, licensing or sale of products or services which relate or involve, in any manner,
high throughput receptor-ligand identification (the “Technology”); methods of using the Technology as well as
other applications and any other business activity engaged in, conducted by or in active planning by the Company or its subsidiaries
or affiliates on the date the Executive's employment with the Company terminates. Notwithstanding anything herein to the contrary,
the Executive may make passive investments in any enterprise the shares of which are publicly traded if such investment constitutes
less than three percent (3%) of the equity of such enterprise.

 

17.        Interpretation.
If a court determines that any portion of Sections 15 or 16 is invalid or unenforceable, the remainder of such sections shall be
given full effect without regard to the invalid provision. If any court of final and non-appealable judgment construes any of the
provisions of Sections 15 or 16, or any part thereof, to be unreasonable because of the duration, geographic coverage or scope
of such provision, such provision shall be deemed to be amended to cover the maximum duration, geographic coverage and scope not
so determined to be unreasonable.

 

18.        Business
Opportunities. The Executive agrees, during the Employment Term, to offer or otherwise make known or available to it, as directed
by the Chief Executive Officer or Board and without additional compensation or consideration, any business prospects, contracts
or other business opportunities that he may discover, find, develop or otherwise have available to him in the Company’s Field
of Interest, and further agrees that any such prospects, contracts or other business opportunities shall be the property of the
Company.

 

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19.        Litigation
and Regulatory Cooperation. During the Executive's employment with the Company, the Executive shall cooperate fully with the
Company and its Affiliates in the defense or prosecution of any claims or actions now in existence or which may be brought in the
future against or on behalf of the Company and its Affiliates which relate to events or occurrences that transpired while the Executive
was employed by the Company. The Executive's full cooperation in connection with such claims or actions shall include, but not
be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the
Company and its Affiliates at mutually convenient times. During and after the Executive's employment, the Executive also shall
cooperate fully with the Company and its Affiliates in connection with any such investigation or review of any federal, state or
local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive
was employed by the Company. The Company shall reimburse the Executive for any reasonable out-of-pocket expenses incurred in connection
with the Executive's performance of obligations pursuant to this Section. Following the termination of Executive’s employment,
if requested by the Company, Executive shall use his commercially reasonable efforts to assist the Company and its Affiliates in
connection with the matters described in this Section 18, subject to his other employment obligations.

 

20.        Insurance.
The Executive agrees that the Company or its Affiliates may from time to time and for the Company's or the Affiliates’ own
benefit apply for and take out life insurance covering the Executive, either independently or together with others, in any amount
and form which the Company or an Affiliate may deem to be in its best interests. The Company or the respective Affiliate shall
own all rights in such insurance and in the cash values and proceeds thereof, and the Executive shall not have any right, title
or interest therein. The Executive agrees to assist the Company and its Affiliates, at the Company's expense, in obtaining any
such insurance by, among things, submitting to customary examinations and correctly preparing, signing and delivering such applications
and other documents as reasonably may be required. Nothing contained in this Section shall be construed as a limitation on the
Executive's right to procure any life insurance for his own personal needs.

 

21.        Miscellaneous
Provisions.

 

(a)          Amendment.
No provision of this Agreement will be modified, waived or discharged unless the modification, waiver or discharge is agreed to
in writing and signed by Executive and by an authorized officer of the Company (other than Executive) that is expressly designated
as an amendment to this Agreement.

 

(b)          Waiver.
No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party
will be considered a waiver of any other condition or provision or of the same condition or provision at another time.

 

(c)          Headings.
All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.

 

(d)          Entire
Agreement. This Agreement, together with the exhibits hereto represents the entire agreement and understanding between the
parties with respect to Executive’s employment by the Company and supersedes all prior or contemporaneous agreements whether
written or oral. With respect to stock options granted on or after the date of this Agreement, the acceleration of vesting provisions
provided herein will apply to such stock options. This Agreement may be modified only by agreement of the parties by a written
instrument executed by the parties that is designated as an amendment to this Agreement.

 

    10 

     

    

 

(e)          Governing
Law. This Agreement will be governed by the laws of the Commonwealth of Massachusetts (with the exception of its conflict of
laws provisions).

 

(f)          Severability.
The invalidity or unenforceability of any provision or provisions of this Agreement will not affect the validity or enforceability
of any other provision hereof, which will remain in full force and effect.

 

(g)          Withholding.
All payments made pursuant to this Agreement will be subject to all applicable withholdings, including all applicable income and
employment taxes, as determined in the Company’s reasonable judgment.

 

(h)          Acknowledgment.
Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice from his own personal attorney,
has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly
and voluntarily entering into this Agreement.

 

(i)          Counterparts.
This Agreement may be executed in counterparts (including by facsimile or pdf copy), and each counterpart will have the same force
and effect as an original and will constitute an effective, binding agreement on the part of each of the undersigned.

 

[Signature page follows]

 

    11 

     

    

 

IN WITNESS WHEREOF, each of the parties
has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year set forth below.

 

	COMPANY	IMAGEN BIOPHARMA, INC
	 	 
	 	By:	/s/ Cameron Gray
	 	 	 
	 	Title:	CEO
	 	 	 
	 	Date:	4/22/2015
	 	 	 
	EXECUTIVE	/s/ Ronald D. Seidel III
	 	 
	 	RONALD D. SEIDEL III
	 	 
	 	Date:	4/16/2015

 

    12EXHIBIT 10.9

 

IMAGEN BIOPHARMA, INC.

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(“Agreement”), dated as of August 29, 2016 (the “Effective Date”), is made by and between
Imagen Biopharma, Inc., a Delaware corporation (“Imagen”) and Daniel Passeri (“Executive,”
and together with Imagen, the “Parties”).

 

WHEREAS, Imagen
desires to employ Executive, and Executive desires to be so employed, pursuant to the terms of this Agreement.

 

NOW, THEREFORE,
in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

1.          POSITION
AND DUTIES.

 

(a)          Imagen
shall employ Executive as its Chief Executive Officer (“CEO”) and President. In his role as CEO and President,
Executive shall have such duties and authority commensurate with the positions of CEO and President, and such other duties commensurate
with the positions that may be assigned by the Board of Directors of Imagen (the “Board”).

 

(b)          Executive
shall report directly to the Chairman of the Board.

 

(c)          Executive,
upon being duly elected, shall also serve as a member of the Board or as an officer or director of any Affiliate (as defined below)
for no additional compensation.

 

(d)          Executive
shall devote all of Executive’s business time, energy, judgment, knowledge and skill and Executive’s best efforts to
the performance of Executive’s duties with Imagen, provided that the foregoing shall not prevent Executive from (i)
participating in charitable, civic, educational, professional, community or industry affairs or (ii) managing Executive’s
passive personal investments, so long as such activities in the aggregate do not interfere or conflict with Executive’s duties
hereunder or create a potential business or fiduciary conflict.

 

2.          TERM.
Subject to the remaining terms of this Section 2, this Agreement shall be for an initial term that begins on the
Effective Date and continues in effect through December 31, 2018 (the “Initial Term”) and, unless terminated
sooner as herein provided, shall continue on a year-to-year basis after the Initial Term (each year, a “Renewal Term,”
and each Renewal Term together with the Initial Term, the “Term”). If either Party elects not to renew this
Agreement, that Party must give a written notice of non-renewal to the other Party at least 60 days before the expiration of the
then-current Initial Term or Renewal Term. In the event that one Party provides the other with a notice of non-renewal pursuant
to this Section 2, no further automatic extensions shall occur and this Agreement shall terminate at the end of the
then-existing Initial Term or Renewal Term, as applicable, and such non-renewal shall not result in any entitlement to compensation
pursuant to Section 9 below or otherwise.

 

3.          BASE
SALARY. Imagen shall pay Executive a base salary (“Base Salary”) at an annual rate of $325,000 during the
Term, in accordance with the regular payroll practices of Imagen. The Base Salary shall be subject to annual review and adjustment
at the sole discretion of the Board, provided however, that the Base Salary shall not be reduced during the Term unless mutually
agreed by the Parties.

 

4.          ANNUAL
BONUS. Each year during the Term, Executive shall be eligible to receive an annual incentive bonus (the “Annual Bonus”)
of up to 30% of the Base Salary, subject to achievement of key performance

 

    	 	1	 

     

    

 

indicators for Imagen, with the level of
achievement determined by the Board in its sole discretion. The Compensation Committee of the Board (the “Committee”)
shall establish such key performance indicators for each year after consultation with Executive. The terms of the Annual Bonus
developed by the Committee shall govern any Annual Bonus that may be paid. Any Annual Bonus shall be paid in all events within
two and one-half months after the end of the year in which such Annual Bonus becomes earned, provided that no Annual Bonus
shall be considered earned until the Board makes all necessary determinations with respect to the Annual Bonus.

 

5.          SIGNING
BONUS. Imagen shall pay Executive a lump sum cash signing bonus of $25,000 (the “Signing Bonus”) within
30 days following the Effective Date, provided that Executive shall repay the gross amount of the Signing Bonus if, prior to the
first anniversary of the Effective Date, Executive terminates his employment without Good Reason (as defined below) or is terminated
by Imagen for Cause (as defined below).

 

6.          STOCK
OPTIONS.

 

(a)          NUMBER
OF SHARES. As soon as practicable following the Effective Date, Executive shall be granted an Option (as defined in the Imagen
Biopharma, Inc. 2016 Omnibus Incentive Plan (the “Plan”)) to purchase such number of shares of Imagen’s
common stock (the “Common Stock”) that is equal to 5% (on a fully-diluted basis) of Imagen’s total issued
and outstanding shares of Common Stock as of the Effective Date (the “Option”).

 

(b)          EXERCISE
PRICE; TERM. The exercise price per share of the Option shall be equal to the Fair Market Value (as defined in the Plan) of
a share of Common Stock as of the Grant Date (as defined in the Plan). The Option shall have a term that expires seven years from
the Grant Date.

 

(c)          PLAN
TERMS CONTROL. The Option shall be subject to the terms and conditions applicable to Options granted under the Plan, as described
in the Plan and the applicable Award Agreement (as defined in the Plan).

 

(d)          SCHEDULED
EXERCISABILITY. The Option shall become exercisable over four years in equal, semi-annual installments beginning six months
from the Grant Date, subject to the terms and conditions of the Plan and the applicable Award Agreement.

 

7.          EMPLOYEE
BENEFITS.

 

(a)          BENEFIT
PLANS. During the Term, Executive shall be entitled to participate in any employee benefit plans that Imagen has adopted or
may adopt, maintains or contributes to for the benefit of its employees generally, subject to satisfying the applicable eligibility
requirements, except to the extent such plans are duplicative of the benefits otherwise provided to Executive hereunder. Executive’s
participation shall be subject to the terms of the applicable plan documents and generally applicable Imagen policies. Notwithstanding
the foregoing, Imagen may modify or terminate any employee benefit plan at any time.

 

(b)          VACATIONS.
During the Term, Executive shall be entitled to paid vacation time in accordance with Imagen’s policy applicable to senior
management employees as in effect from time to time (the “Vacation Policy”); provided, however,
that Executive shall be entitled to no less than 15 days of paid vacation per calendar year, prorated for any partial years of
employment. Unused vacation time may not be carried forward from one calendar year to any subsequent calendar year, except to the
extent specifically permitted under the Vacation Policy.

 

(c)          BUSINESS
EXPENSES. Upon presentation of reasonable substantiation and documentation as Imagen may require from time to time, Executive
shall be reimbursed in accordance with Imagen’s expense

 

    	 	2	 

     

    

 

reimbursement policy, for all reasonable
out-of-pocket business expenses incurred and paid by Executive during the Term and in connection with the performance of Executive’s
duties hereunder.

 

8.          TERMINATION.
Executive’s employment under this Agreement shall terminate on the first to occur of the following:

 

(a)          DISABILITY.
Upon 10 days’ prior written notice by Imagen to Executive of termination due to Disability. “Disability”
shall mean Executive is unable to perform each of the essential duties of Executive’s position by reason of a medically determinable
physical or mental impairment that is potentially permanent in character or that can be expected to last for a continuous period
of not less than 12 months.

 

(b)          DEATH.
Automatically upon the death of Executive.

 

(c)          CAUSE.
Immediately upon written notice by Imagen to Executive of a termination for Cause. “Cause” shall mean:

 

  (i)          the
commission of any act by Executive constituting financial dishonesty against Imagen or its Affiliates (which act would be chargeable
as a crime under applicable law);

 

  (ii)          Executive’s
engaging in any other act of dishonesty, fraud, intentional misrepresentation, moral turpitude, illegality or harassment that would
(a) materially adversely affect the business or the reputation of Imagen or any of its Affiliates with their respective current
or prospective customers, suppliers, lenders or other third parties with whom such entity does or might do business or (b) expose
Imagen or any of its Affiliates to a risk of civil or criminal legal damages, liabilities or penalties;

 

  (iii)         the
repeated failure by Executive to follow the directives of the Board;

 

  (iv)        any
material misconduct, violation of Imagen’s or Affiliates’ policies, or willful and deliberate non-performance of duty
by Executive in connection with the business affairs of Imagen or its Affiliates; or

 

  (v)         Executive’s
material breach of this Agreement.

 

Executive shall be given written notice
detailing the specific Cause event and a period of 10 days following Executive’s receipt of such notice to cure such event
(if susceptible to cure) to the reasonable satisfaction of the Board. Notwithstanding anything to the contrary contained herein,
Executive’s right to cure as set forth in the preceding sentence shall not apply if there are habitual or repeated breaches
by Executive. A termination for Cause shall be deemed to include a determination by the Board or its designee following Executive’s
termination of service that circumstances existing prior to such termination would have entitled Imagen to have terminated Executive
for Cause. All rights Executive has or may have under this Agreement shall be suspended automatically during the pendency of any
investigation by the Board or its designee, or during any negotiations between the Board or its designee and Executive, regarding
any actual or alleged act or omission by Executive of the type described in this definition of Cause.

 

(d)          GOOD
REASON. Upon written notice by Executive to Imagen of a termination for Good Reason. “Good Reason” shall
mean the occurrence of any of the following events, without the consent of Executive, unless such events are fully corrected in
all material respects by Imagen within 30 days following written notification by Executive to Imagen of the occurrence of one of
the events:

 

  (i)          a
material diminution in Executive’s Base Salary or Annual Bonus opportunity;

 

    3 

     

    

 

  (ii)         a
material diminution in Executive’s authority or duties set forth in Section 1 above (for sake of clarity, a change
in title shall not constitute Good Reason), other than temporarily while physically or mentally incapacitated, as required by applicable
law;

 

  (iii)        a
relocation of Executive’s primary work location by more than 25 miles from its then current location; or

 

  (iv)        a
material breach by Imagen of a material term of this Agreement.

 

Executive shall provide Imagen with a written
notice detailing the specific circumstances alleged to constitute Good Reason within 30 days after the first occurrence of such
circumstances, and actually terminate employment within 30 days following the expiration of Imagen’s 30-day cure period described
above. Otherwise, any claim of such circumstances as Good Reason shall be deemed irrevocably waived by Executive.

 

(e)          WITHOUT
CAUSE. Immediately upon written notice by Imagen to Executive of an involuntary termination without Cause (other than for death
or Disability).

 

(f)          VOLUNTARY
TERMINATION. Upon 60 days’ prior written notice by Executive to Imagen of Executive’s voluntary termination of
employment without Good Reason (which Imagen may, in its sole discretion, make effective earlier than any notice date).

 

9.          CONSEQUENCES
OF TERMINATION.

 

(a)          DEATH/DISABILITY.
In the event that Executive’s employment ends on account of Executive’s death or Disability, Executive or Executive’s
estate, as the case may be, shall be entitled to the following (with the amounts due under Sections 9(a)(i) through 9(a)(iv)
below to be paid within 60 days following termination of employment, or such earlier date as may be required by applicable law):

 

(i)          any
unpaid Base Salary through the date of termination;

 

(ii)         any
Annual Bonus earned but unpaid prior to the date of termination;

 

(iii)        reimbursement
for any unreimbursed business expenses incurred through the date of termination;

 

(iv)        any
accrued but unused vacation time in accordance with Imagen policy, which shall be prorated for any year in which Executive’s
employment with Imagen is terminated;

 

(v)         all
other payments, benefits or fringe benefits to which Executive shall be entitled under the terms of any applicable compensation
arrangement or benefit, equity or fringe benefit plan or program or grant (collectively, Sections 9(a)(i) through 9(a)(v)
hereof shall be hereafter referred to as the “Accrued Benefits”); and

 

(vi)        an
Annual Bonus for the year in which such termination occurs, determined and payable pursuant to the terms and conditions of Section
4 above as though no such termination had occurred.

 

(b)          TERMINATION
FOR CAUSE OR WITHOUT GOOD REASON. If Executive’s employment is terminated (i) by Imagen for Cause or (ii) by Executive
without Good Reason, Imagen shall pay to Executive the Accrued Benefits (other than the Annual Bonus described in Section 9(a)(ii)
above).

 

    4 

     

    

 

(c)          TERMINATION
WITHOUT CAUSE OR FOR GOOD REASON. If Executive’s employment by Imagen is terminated by Imagen other than for Cause or
Disability or by Executive for Good Reason, Imagen shall pay or provide Executive the following:

 

(i)          the
Accrued Benefits; and

 

(ii)         subject
to Executive’s compliance with Section 10 below and Executive’s continued compliance with Section 11
below, a lump sum cash severance payment in an amount equal to (A) the target Annual Bonus for the year of termination, prorated
based on the number of days that Executive is employed in such year through the date of termination plus (B) 12 months of Base
Salary, with such lump sum payable on the first payroll date of Imagen that occurs more than 60 days after Executive’s termination
(collectively, the “Severance Amount”).

 

Payments and benefits provided under this
Section 9(c) shall be in lieu of any termination or severance payments or benefits to which Executive may be eligible
under any of the plans, policies or programs of Imagen or under the Worker Adjustment Retraining Notification Act of 1988, as amended,
or any similar state statute or regulation. Should Executive die prior to the payment of the Severance Amount, the Severance Amount
shall be paid to the heirs or estate of Executive in accordance with the schedule set forth herein.

 

(d)          OTHER
OBLIGATIONS. Upon any termination of Executive’s employment with Imagen, Executive shall automatically be deemed to have
resigned from any and all other positions he then holds as an officer, director or fiduciary of Imagen and any other entity that
is part of the same consolidated group as Imagen or in which capacity Executive serves at the direction of or as a result of his
position with Imagen; and Executive shall, within 10 days of such termination, take all actions as may be necessary under applicable
law or requested by Imagen to effect any such resignations.

 

(e)          EXCLUSIVE
REMEDY. The amounts payable to Executive following termination of employment hereunder pursuant to Sections 9(a),
(b) and (c) above shall be in full and complete satisfaction of Executive’s rights under this Agreement and
any other claims that Executive may have in respect of Executive’s employment with Imagen or any of its Affiliates, and Executive
acknowledges that such amounts are fair and reasonable, and are Executive’s sole and exclusive remedy, in lieu of all other
remedies at law or in equity, with respect to the termination of Executive’s employment hereunder or any breach of this Agreement.

 

(f)          NO
MITIGATION OR OFFSET. Executive shall not be required to seek or accept other employment or otherwise to mitigate damages as
a condition to the receipt of benefits pursuant to this Section 9, and amounts payable pursuant to this Section 9
shall not be offset or reduced by any amounts received by Executive from other sources.

 

(g)          NO
WAIVER OF ERISA-RELATED RIGHTS. Nothing in this Agreement shall be construed to be a waiver by Executive of any benefits accrued
for or due to Executive under any employee benefit plan (as such term is defined in the Employee Retirement Income Security Act
of 1974, as amended) maintained by Imagen, if any, except that Executive shall not be entitled to any severance benefits pursuant
to any severance plan or program of Imagen other than as provided herein.

 

(h)          CLAWBACK.
All awards, amounts or benefits received or outstanding under this Agreement shall be subject to clawback, cancellation, recoupment,
rescission, payback, reduction or other similar action in accordance with the terms of any applicable law related to such actions,
as may be in effect from time to time. Imagen may take such actions as may be necessary to effectuate any provision of applicable
law relating to clawback, cancellation, recoupment, rescission, payback or reduction of compensation, whether adopted before or
after the Effective Date, without further consideration or action.

 

    5 

     

    

 

10.       RELEASE.
Any and all amounts payable and benefits or additional rights provided pursuant to this Agreement upon termination beyond the
Accrued Benefits shall only be payable if Executive delivers to Imagen and does not revoke a general release of claims in favor
of Imagen in a form satisfactory to Imagen. Such release shall be furnished to Executive within two business days after Executive’s
date of termination, and must be executed and delivered (and no longer subject to revocation, if applicable) within 30 days following
termination (or such longer period to the extent required by law).

 

11.       RESTRICTIVE
COVENANTS.

 

(a)          Confidentiality.

 

(i)          Company
Information. At all times during the Term and thereafter, Executive shall hold in strictest confidence, and shall not
use, except in connection with the performance of Executive’s duties, and shall not disclose to any person or entity, any
Confidential Information of Imagen. “Confidential Information” means any Imagen proprietary or confidential
information, technical data, trade secrets or know-how, including research, product plans, products, services, customer lists and
customers, markets, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, marketing,
distribution and sales methods and systems, sales and profit figures, finances and other business information disclosed to Executive
by Imagen, either directly or indirectly in writing, orally or by drawings or inspection of documents or other tangible property.
However, Confidential Information does not include any of the foregoing items which has become publicly known and made generally
available through no wrongful act of Executive.

 

(ii)         Executive-Restricted
Information. During the Term, Executive shall not improperly use or disclose any proprietary or confidential information
or trade secrets of any person or entity with whom Executive has an agreement or duty to keep such information or secrets confidential.

 

(iii)        Third
Party Information. Executive recognizes that Imagen has received and in the future will receive from third parties their
confidential or proprietary information subject to a duty on Imagen’s part to maintain the confidentiality of such information
and to use it only for certain limited purposes. At all times during the Term and thereafter, Executive shall hold in strictest
confidence, and shall not use, except in connection with the performance of Executive’s duties, and shall not disclose to
any person or entity, such third party confidential or proprietary information, and shall not use it except as necessary in performing
Executive’s duties, consistent with Imagen’s agreement with such third party.

 

(b)          NONCOMPETITION.
Executive acknowledges that (i) Executive performs services of a unique nature for Imagen that are irreplaceable, and that Executive’s
performance of such services to a competing business will result in irreparable harm to Imagen, (ii) Executive is a member of the
management personnel of Imagen, (iii) Executive has had and will continue to have access to Confidential Information and trade
secrets which, if disclosed, would unfairly and inappropriately assist in competition against Imagen, (iv) in the course of Executive’s
employment by a competitor, Executive would inevitably use or disclose such Confidential Information and trade secrets, (v) Imagen
has substantial relationships with its customers and Executive has had and will continue to have access to these customers, (vi)
Executive has received and will receive specialized experience and training from Imagen and (vii) Executive has generated and will
continue to generate goodwill for Imagen in the course of Executive’s employment. Accordingly, during Executive’s employment
with Imagen or its Affiliates and for a period of 12 months thereafter, Executive shall not, directly or indirectly, own, manage,
operate, control, be employed by or render services to (whether as an employee, consultant, independent contractor or otherwise,
and whether or not for compensation, in each case in the capacity or any substantially similar capacity that Executive rendered
services to Imagen or its Affiliates) any person or entity, in whatever form, that competes with Imagen or its Affiliates in any
city or state in which Imagen conducts business (which shall include any city or state where Imagen or its Affiliates sells its
products or otherwise conducts business as of the date of the termination of Executive’s employment). Notwithstanding the
foregoing, nothing herein shall

 

    6 

     

    

 

prohibit Executive from being a passive
owner of not more than 1% of the equity shares of a publicly-traded corporation engaged in a business that is in competition with
Imagen or its Affiliates, so long as Executive has no active participation in the business of such corporation.

 

(c)         NONSOLICITATION;
NONINTERFERENCE.

 

(i)          During
Executive’s employment with Imagen and for a period of 24 months thereafter, Executive shall not, except in the furtherance
of Executive’s duties with Imagen, directly or indirectly, individually or on behalf of any other person or entity, (i) solicit,
aid or induce any customer of Imagen or its Affiliates with whom Executive had meaningful business contact to purchase goods or
services then sold by Imagen or its Affiliates from another person or entity or assist or aid any other person or entity with whom
Executive had meaningful business contact in identifying or soliciting any such customer, or (ii) interfere, or aid or induce any
other person or entity with whom Executive had meaningful business contact in interfering, with the relationship between Imagen
or its Affiliates and any of their respective vendors, customers, joint venturers, licensees or licensors.

 

(ii)         During
Executive’s employment with Imagen and for a period of 24 months thereafter, Executive shall not, except in the furtherance
of Executive’s duties with Imagen, directly or indirectly, individually or on behalf of any other person or entity, solicit,
aid or induce any employee, consultant, representative or agent of Imagen or its Affiliates (or any employee, consultant, representative
or agent who has left the employment or retention of Imagen or its Affiliates less than one year prior to the date that Executive
solicits, aids or induces such person or entity (a “Covered Person”)) to any other person or entity unaffiliated
with Imagen or hire or retain any such employee, consultant, representative or agent or any Covered Person, or take any action
to materially assist or aid any other person or entity in identifying, hiring or soliciting any such employee, consultant, representative
or agent or any Covered Person.

 

(d)          NONDISPARAGEMENT.
Executive shall not make negative comments or otherwise disparage Imagen or any company or other trade or business that “controls,”
is “controlled by” or is “under common control with,” Imagen within the meaning of Rule 405 of Regulation
C under the Securities Act, including any “subsidiary corporation” of Imagen within the meaning of Section 424(f) of
the Internal Revenue Code of 1986 (“Affiliates”) or any of their officers, directors, managers, employees, consultants,
equityholders, agents or products. The foregoing shall not be violated by truthful statements (i) in response to legal process,
required governmental testimony or filings or administrative or arbitral proceedings (including depositions in connection with
such proceedings) or (ii) made in the course of Executive discharging his duties for Imagen.

 

(e)          COOPERATION.
Upon the receipt of reasonable notice from Imagen, while employed by Imagen and thereafter, Executive shall respond and provide
information with regard to matters in which Executive has knowledge as a result of Executive’s employment with Imagen, and
shall provide reasonable assistance to Imagen, its Affiliates and their respective representatives in defense of any claims that
may be made against Imagen or its Affiliates, and shall assist Imagen and its Affiliates in the prosecution of any claims that
may be made by Imagen or its Affiliates, to the extent that such claims may relate to the period of Executive’s employment
with Imagen (collectively, the “Claims”). Executive shall promptly inform Imagen if Executive becomes aware
of any lawsuits involving Claims that may be filed or threatened against Imagen or its Affiliates. Executive also shall promptly
inform Imagen (to the extent that Executive is legally permitted to do so) if Executive is asked to assist in any investigation
of Imagen or its Affiliates (or their actions) or another party attempts to obtain information or documents from Executive (other
than in connection with any litigation or other proceeding in which Executive is a party-in-opposition) with respect to matters
Executive believes in good faith to relate to any investigation of Imagen or its Affiliates, in each case, regardless of whether
a lawsuit or other proceeding has then been filed against Imagen or its Affiliates with respect to such investigation, and shall
not do so unless legally required. During the pendency of any litigation or other proceeding involving Claims, Executive shall
not communicate with anyone (other than Executive’s attorneys and tax and/or financial advisors and except

 

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to the extent that Executive determines
in good faith is necessary in connection with the performance of Executive’s duties hereunder) with respect to the facts
or subject matter of any pending or potential litigation or regulatory or administrative proceeding involving Imagen or any of
its Affiliates without getting the prior written consent of Imagen. Upon presentation of appropriate documentation, Imagen shall
pay or reimburse Executive for all reasonable out-of-pocket travel, duplicating or telephonic expenses incurred by Executive in
accordance with Imagen’s applicable policies in complying with this Section 11(e), and Executive shall be compensated
by Imagen at a reasonable hourly rate for assistance given after the end of the Term.

 

(f)         Ownership
of Information, Ideas, Concepts, Improvements, Discoveries and Inventions, and all Original Works of Authorship.

 

(i)          As
between the Parties, all information, ideas, concepts, improvements, discoveries and inventions, whether patentable or not, which
are conceived, made, developed or acquired by Executive or which are disclosed or made known to Executive, individually or in conjunction
with others, during the Term and which relate to Imagen’s business, products or services (including all such information
relating to corporate opportunities, research, financial and sales data, pricing and trading terms, evaluations, opinions, interpretations,
acquisition prospects, the identity of clients or customers or their requirements, the identity of key contacts within the client
or customers’ organizations or within the organization of acquisition prospects, or marketing and merchandising techniques,
prospective names and marks) are and shall be the sole and exclusive property of Imagen. Moreover, all drawings, memoranda, notes,
records, files, correspondence, manuals, models, specifications, computer programs, maps and all other writings or materials of
any type embodying any of such information, ideas, concepts, improvements, discoveries and inventions are and shall be the sole
and exclusive property of Imagen.

 

(ii)         In
particular, Executive hereby specifically assigns and transfers to Imagen all of Executive’s worldwide right, title and interest
in and to all such information, ideas, concepts, improvements, discoveries or inventions, and any United States or foreign applications
for patents, inventor’s certificates or other industrial rights that may be filed thereon, and applications for registration
of such names and marks. During the Term and thereafter, Executive shall assist Imagen and its nominee at all times in the protection
of such information, ideas, concepts, improvements, discoveries or inventions, both in the United States and all foreign countries,
including the execution of all lawful oaths and all assignment documents requested by Imagen or its nominee in connection with
the preparation, prosecution, issuance or enforcement of any applications for United States or foreign letters patent, and any
application for the registration of such names and marks.

 

(iii)        Moreover,
if during the Term, Executive creates any original work of authorship fixed in any tangible medium of expression which is the subject
matter of copyright (such as reports, videotapes, written presentations, computer programs, drawings, maps, architectural renditions,
models, manuals, brochures or the like) relating to Imagen’s business, products or services, whether such work is created
solely by Executive or jointly with others, Imagen shall be deemed the author of such work if the work is prepared by Executive
in the scope of Executive’s employment; or, if the work is not prepared by Executive within the scope of Executive’s
employment but is specially ordered by Imagen as a contribution to a collective work, as a part of any written or audiovisual work,
as a translation, as a supplementary work, as a compilation or as an instructional text, then the work shall be considered to be
work made for hire and Imagen shall be the author of the work. In the event such work is neither prepared by Executive within the
scope of Executive’s employment or is not a work specially ordered and deemed to be a work made for hire, then Executive
shall assign, and by these presents, does assign, to Imagen all of Executive’s worldwide right, title and interest in and
to such work and all rights of copyright therein. Both during the Term and thereafter, Executive shall assist Imagen and its nominee,
at any time, in the protection of Imagen’s worldwide right, title and interest in and to the work and all rights of copyright
therein, including the execution of all formal assignment documents requested by Imagen or its nominee and the execution of all
lawful oaths and applications for registration of copyright in the United States and foreign

 

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countries; provided, however,
that Executive shall be compensated by Imagen at a reasonable hourly rate for assistance given after the end of the Term.

 

(iv)        Notwithstanding
the foregoing provisions of this Section 11(f), Imagen hereby notifies Executive that the provisions of this Section 11(f)
shall not apply to any inventions for which no equipment, supplies, facility or trade secret information of Imagen was used and
which were developed entirely on Executive’s own time, unless (A) the invention relates (1) to the business of Imagen, or
(2) to actual or demonstrably anticipated research or development of Imagen, or (B) the invention results from any work performed
by Executive for Imagen.

 

(g)          RETURN
OF COMPANY PROPERTY. On the date of Executive’s termination of employment with Imagen for any reason (or at any time
prior thereto at Imagen’s request), Executive shall return all property belonging to Imagen or its Affiliates (including
any Imagen or Affiliate-provided laptops, computers, cell phones, wireless electronic mail devices or other equipment, or documents
or property belonging to Imagen or an Affiliate).

 

(h)          EFFECT
OF EXECUTIVE BECOMING A BAD LEAVER. Notwithstanding any provision of this Agreement to the contrary, if (i) Executive breaches
any of the covenants set forth in this Agreement at any time during the period commencing on the Effective Date and ending 24 months
after Executive’s termination of employment with Imagen for any reason and (ii) Executive fails to cure such breach within
10 days of the effective date of written notice of such breach given by Imagen, then Executive shall be deemed a “Bad
Leaver.” If Executive is or becomes a Bad Leaver, then (i) any severance being paid to Executive pursuant to this Agreement
or otherwise shall immediately cease upon commencement of such action and (ii) Executive shall be liable to repay to Imagen any
severance previously paid to him by Imagen, less $100 to serve as consideration for the release described in Section 10
above.

 

(i)          TOLLING.
If Executive violates any of the terms of the restrictive covenant obligations articulated herein, the obligation at issue
will run from the first date on which Executive ceases to be in violation of such obligation.

 

12.       EQUITABLE
RELIEF AND OTHER REMEDIES. Executive acknowledges that Imagen’s remedies at law for a breach or threatened breach of
any of the provisions of Section 11 above would be inadequate and in the event of such a breach or threatened breach,
in addition to any remedies at law, Imagen, without posting any bond, shall be entitled to seek to obtain equitable relief in the
form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy
that may then be available, without the necessity of showing actual monetary damages or the posting of a bond or other security.

 

13.       NO
ASSIGNMENTS. This Agreement is personal to each of the Parties. Except as provided in this Section 13, neither
Party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other Party.
Imagen may assign this Agreement to any of its Affiliates or to any successor to all or substantially all of the business and/or
assets of Imagen, provided that Imagen shall require such Affiliate or successor to expressly assume and agree to perform
this Agreement in the same manner and to the same extent that Imagen would be required to perform it if no such succession had
taken place. As used in this Agreement, “Imagen” shall mean Imagen and any Affiliate or successor to its business and/or
assets that assumes and agrees to perform the duties and obligations of Imagen under this Agreement by operation of law or otherwise.

 

14.       NOTICE.
Any notice that either Party may be required or permitted to give to the other shall be in writing and may be delivered personally,
by electronic mail or via a postal service, postage prepaid, to such electronic mail or postal address and directed to such person
as Imagen may notify Executive from time to time; and to Executive at his electronic mail or postal address as shown on the records
of Imagen from time to time, or

 

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at such other electronic mail or postal
address as Executive, by notice to Imagen, may designate in writing from time to time.

 

15.       SECTION
HEADINGS; INCONSISTENCY. The section headings used in this Agreement are included solely for convenience and shall not affect,
or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this
Agreement and any form, award, plan or policy of Imagen, the terms of this Agreement shall govern and control.

 

16.       SEVERABILITY.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any
applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision
of this Agreement or any action in any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such
jurisdiction.

 

17.       COUNTERPARTS.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together
shall constitute one and the same instrument.

 

18.       Applicable
Law; Choice of Venue and Consent to Jurisdiction; Service of Process; waiver of jury trial.

 

(a)          All
questions concerning the construction, validity and interpretation of this Agreement and the performance of the obligations imposed
by this Agreement shall be governed by the internal laws of the State of Delaware applicable to agreements made and wholly to be
performed in such state without regard to conflicts of law provisions of any jurisdiction.

 

(b)          For
purposes of resolving any dispute that arises directly or indirectly from the relationship of the Parties evidenced by this Agreement,
the Parties hereby submit to and consent to the exclusive jurisdiction of the Commonwealth of Massachusetts and further agree that
any related litigation shall be conducted solely in the courts of Middlesex County, Massachusetts or the federal courts for the
United States for the District of Massachusetts, where this Agreement is made and/or to be performed, and no other courts.

 

(c)          Each
Party may be served with process in any manner permitted under State of Delaware law, or by United States registered or certified
mail, return receipt requested.

 

(d)          BY
EXECUTION OF THIS AGREEMENT, THE PARTIES ARE WAIVING ANY RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING
ARISING OUT OF OR BASED ON THIS AGREEMENT.

 

19.       MISCELLANEOUS.
No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed
to in writing and signed by Executive and such officer or director as may be designated by Imagen. No waiver by either Party at
any time of any breach by the other Party of, or compliance with, any condition or provision of this Agreement to be performed
by such other Party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent
time. This Agreement together with all exhibits hereto sets forth the entire agreement of the Parties in respect of the subject
matter contained herein and supersedes any and all prior agreements or understandings between Executive and Imagen or its Affiliates
with respect to the subject matter hereof. No agreements or representations, oral or otherwise, express or implied, with respect
to the subject matter hereof, have been made by either Party that are not expressly set forth in this Agreement.

 

20.       REPRESENTATIONS.
Executive represents and warrants to Imagen that (a) Executive has the legal right to enter into this Agreement and to perform
all of the obligations on Executive’s part to be performed

 

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hereunder in accordance with its terms,
and (b) Executive is not a party to any agreement or understanding, written or oral, and is not subject to any restriction, which,
in either case, could prevent Executive from entering into this Agreement or performing all of Executive’s duties and obligations
hereunder.

 

21.       TAX
MATTERS.

 

(a)         WITHHOLDING.
Any and all amounts payable under this Agreement or otherwise shall be subject to, and Imagen may withhold from such amounts,
any federal, state, local or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

 

(b)         SECTION
409A COMPLIANCE.

 

(i)          The
intent of the Parties is that payments and benefits under this Agreement be exempt from (to the extent possible) Section 409A (“Section
409A”) of the Internal Revenue Code of 1986 and the regulations and guidance promulgated thereunder, as amended (collectively,
the “Code”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in
compliance therewith. To the extent that any provision hereof is modified in order to comply with Section 409A, such modification
shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit
to the Parties of the applicable provision without violating the provisions of Section 409A. In no event shall Imagen be liable
for any additional tax, interest or penalty that may be imposed on Executive by Section 409A or damages for failing to comply with
Section 409A.

 

(ii)         A
termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the
payment of any amounts or benefits that constitute “nonqualified deferred compensation” under Section 409A upon or
following a termination of employment unless such termination is also a “separation from service” within the meaning
of Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination
of employment” or like terms shall mean “separation from service.” Notwithstanding anything to the contrary in
this Agreement, if Executive is deemed on the date of termination to be a “specified employee” under Section 409A,
then with regard to any payment or the provision of any benefit that is considered “nonqualified deferred compensation”
under Section 409A payable on account of a “separation from service,” such payment or benefit shall not be made or
provided until the earlier of (A) the expiration of the six-month period measured from the date of such “separation from
service” of Executive, and (B) the date of Executive’s death, to the extent required under Section 409A. Upon the expiration
of the foregoing delay period, all payments and benefits delayed pursuant to this Section 21(b)(ii) (whether they would
have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to Executive
in a lump sum on the first business day following the six-month period, and any remaining payments and benefits due under this
Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

 

(iii)        To
the extent that reimbursements or other in-kind benefits under this Agreement constitute “nonqualified deferred compensation”
for purposes of Section 409A, (A) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the
taxable year following the taxable year in which such expenses were incurred by Executive, (B) any right to reimbursement or in-kind
benefits shall not be subject to liquidation or exchange for another benefit and (C) no such reimbursement, expenses eligible for
reimbursement or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement,
or in-kind benefits to be provided, in any other taxable year.

 

(iv)        For
purposes of Section 409A, Executive’s right to receive any installment payments pursuant to this Agreement shall be treated
as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period
with reference to a number of days, the actual date of payment within the specified period shall be at the sole discretion of the
Board.

 

    11 

     

    

 

(v)         Notwithstanding
any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “nonqualified
deferred compensation” for purposes of Section 409A be subject to offset by any other amount unless otherwise permitted by
Section 409A.

 

(c)          Modification
of Payments. In the event it shall be determined that any payment, right or distribution by Imagen or any other person
or entity to or for the benefit of Executive pursuant to the terms of this Agreement or otherwise, in connection with, or arising
out of, Executive’s employment with Imagen or a change in ownership or effective control of Imagen or a substantial portion
of its assets (a “Payment”) is a “parachute payment” within the meaning of Code Section 280G on
account of the aggregate value of the Payments due to Executive being equal to or greater than three times the “base amount,”
as defined in Code Section 280G (the “Parachute Threshold”), so that Executive would be subject to the excise
tax imposed by Code Section 4999 (the “Excise Tax”) and the net after-tax benefit that Executive would receive
by reducing the Payments to the Parachute Threshold is greater than the net after-tax benefit Executive would receive if the full
amount of the Payments were paid to Executive, then the Payments payable to Executive shall be reduced (but not below zero) so
that the Payments due to Executive do not exceed the amount of the Parachute Threshold, reducing first any Payments under Section 9
above.

 

By
signing this Agreement Below, Executive acknowledges that Executive:

 

		(1)	has read and understood the entire Agreement;

 

		(2)	has had the opportunity to ask questions and consult
counsel or other advisors about its terms; and

 

		(3)	agrees to be bound by it.

 

In
witness whereof, Imagen has caused this Agreement to be executed in its name and on its behalf, and Executive
acknowledges understanding and acceptance of, and agrees to, the terms of this Agreement, all as of the Effective Date.

 

	IMAGEN BIOPHARMA, INC.	 	DANIEL R. PASSERI
	 	 	 
	/s/ Cameron Gray	 	/s/ Daniel R. Passeri

 

	Print Name: 	Cameron Gray	 

 

	Title: 	CEO	 

 

    12

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