Document:

Employment Agreement (David Fractor)

 Exhibit 10.1 
 

 
 April 4, 2011 
 David Fractor 
 4040 Hilton Head Way 
 Tarzana, CA 91356 
 Dear David: 

This letter outlines the basis upon which ImmunoCellular Therapeutics, Ltd. (the “Company”) will engage you as a consultant
from the date hereof through April 3, 2011 and thereafter as its Chief Financial Officer (“CFO”) and Treasurer. 

1. Engagement. You will be engaged initially as a consultant through March 31, 2011 and thereafter as CFO and
Treasurer of the Company for the term and upon the terms and conditions set forth herein, and you accept such offer of engagement. As a consultant, your duties will consist primarily of advising and assisting the Company’s President and current
CFO with respect to various accounting and financial matters. As the Company’s CFO, your duties will consist primarily of (i) the timely filing of all SEC filings, including preparing drafts of financial statements and other portions of
the Company’s Form 10-K and drafts of the Company’s Form 10-B and review of the Company’s registration statement disclosures; (ii) maintenance of the Company’s Sarbanes-Oxley compliance procedures and confirming
accounting compliance under Sarbanes-Oxley on a quarterly basis; (iii) preparation of annual two-year budgets (segmented quarterly) for the Company; (iv) closing of the Company’s financial books on a quarterly basis;
(v) coordinating reviews and audits of the Company’s financial statements by the Company’s independent public accounting firm; (vi) quarterly presentations to the Company’s board of directors (the “Board”) of the
Company’s financial information, including quarterly budgets to actual; (vii) oversee the Company’s accounts payable function; (viii) filing of federal, state and local tax returns; (ix) coordination of stock option and
warrant exercises with the Company’s corporate secretary; (x) oversight and management of the Company’s payroll and benefits programs; and (xi) contract review for financial and Sarbanes-Oxley implications. As the Company’s
Treasurer, your duties shall consist primarily of (i) safeguarding of the Company’s cash and investments; (ii) ensure compliance with the Company’s investment policy; and (iii) maintenance of the Company’s investment
account. You will report to the President of the Company as well as the Chairman of the Audit Committee of the Company. While serving solely as a consultant to the Company, you shall not have any authority to assume or create any obligations on
behalf of the Company or to represent the Company as agent, employee or in any other capacity than as herein provided. 
 2.
Term. The term of your engagement as a consultant will be from the date hereof through April 3, 2011; and as the Company’s CFO and Treasurer from April 4, 2011 through March 31, 2014, unless sooner terminated by you
or the Company as set forth below in Section 7. 
 

 

 Mr. David Fractor 
 April 4, 2011 
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 3. Commitment/Part-time Status. For the compensation provided in
Section 4, you will set aside and commit a minimum (on average) of one to two business days per week toward attending to the affairs of the Company as a consultant through March 31, 2011 and thereafter as the CFO and Treasurer. The Company
recognizes and agrees that, due to your part-time status, you may accept other employment or consulting assignments concurrent with your engagement by the Company, which may include employment as an officer of publicly-traded companies and/or
employment by other companies engaged in biotech or pharmaceutical research and development, provided that you disclose such employment by any other company to the Company and that such companies are not engaged in any research, development,
manufacturing, licensing or marketing activities in the field of immunocellular therapies. 
 4. Compensation. As
payment in full for your services as a consultant, CFO and Treasurer during the term of this Agreement, the Company shall pay you $6,000 per month and grant to you options to purchase 42,000 shares of the Company’s common stock (the
“Options”), which shall vest in 36 equal monthly installments over the three-year term of this Agreement. The cash compensation shall be paid monthly on the last business day of each month. The Options will have a seven-year term
commencing on the date of grant (which shall be the date of approval of the grant by the Board or such later date on which your engagement hereunder commences); will have an exercise price of the last reported trading price of the Company’s
common stock on the OTC Bulletin Board on the date of grant; will be exercisable within the term of those options during the period of your services to the Company and vested options for (i) 90 days after termination by you without cause or
(ii) 12 months after termination by either party for any other reason except termination for cause by the Company; and will have such other terms and conditions as are included in the Company’s standard nonqualified stock option agreement
under its 2006 Equity Incentive Plan (the “Plan”) granted under the Plan will be included in the Company’s Form S-8 registration statements. You understand that since you are not an employee of the Company, the Company will not
withhold income taxes or pay any employee taxes on your behalf, nor will you receive any fringe benefits. You agree to indemnify and hold harmless the Company from and against any and all claims, liabilities, demands, losses or expenses incurred by
the Company if you fail to pay any applicable income and/or employment taxes (including interest or penalties of whatever nature), in any amount, relating to your rendering of services to the Company, including any attorney’s fees or costs to
the prevailing party to enforce this indemnity. 
 5. Expenses. The Company will promptly reimburse you for all
reasonable business expenses incurred by you in connection with the business of the Company in accordance with regular Company policy regarding the nature and amount of expenses and the maintenance and submission of receipts and records necessary
for the Company to document them as proper business expenses. These expenses shall include, without limitation, out-of-pocket telephone, facsimile, office supplies and authorized travel expenses but shall not include rent, utilities or similar
overhead expenses incurred by you to maintain your office space. 
 6. Indemnity. To the extent permitted by
California law, you agree to indemnify and hold the Company harmless from and against any and all losses, damages, liabilities, costs, and expenses, including attorneys’ fees, arising from or attributable to or resulting from your gross

  
 

 

 Mr. David Fractor 
 April 4, 2011 
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negligence or willful misconduct in rendering the services. You warrant and represent that you have full power and authority to enter into and perform this Agreement and that your performance of
this Agreement will not violate the provisions of any other agreement to which you are a party. The Company agrees to indemnify and hold you harmless from and against any and all claims, demands, causes of action, losses, damages, liability, costs
and expenses, including attorneys fees arising out of your services hereunder, other than those arising from or attributable to or resulting from your gross negligence or willful misconduct. Upon your engagement as the Company’s CFO and
Treasurer, the Company will name you as an officer on any policy of directors and officers liability insurance it secures throughout the term of your engagement. Throughout the term of your engagement, the Company will not maintain directors and
officers liability insurance that excludes contract employees. 
 7. Termination. This Agreement and your rights
and obligations hereunder shall, under any of the following circumstances, terminate in advance of the time specified in Section 2 above, and you shall have the right to receive only your compensation that shall be accrued and options that have
vested hereunder through the effective date of such termination and shall have no right to receive any further compensation hereunder from and after the time of such termination. 

7.1 Death. This Agreement and your duties hereunder shall terminate immediately upon your death. 

7.2 Termination by the Company. The Company may, at its option, terminate this Agreement and your duties hereunder by
written notice to you at any time without cause upon 30 days written notice to you. The Company may terminate this Agreement for Cause (as hereinafter defined) at any time upon written notice to you. “Cause” as used in this Agreement means
that you, (i) after reasonable notice and warning, have failed to perform your assigned duties as defined in this Agreement, with such failure to be determined by the Board of Directors, (ii) have materially breached any of the terms or
conditions of this Agreement and have failed to correct such breach within five days following written notice from the Company of such breach, or (iii) have been charged with a felony or any intentionally fraudulent act that materially damages,
or may materially damage, the business or reputation of the Company. 
 7.3 Termination by You. You may terminate
this Agreement at any time without cause upon 30 days written notice to the Company or upon written notice to the Company if the Company shall have materially breached any of the provisions of this Agreement and has failed to correct such breach
within five days following written notice from you of such breach. 
 8. License and Assignment of Rights. You
acknowledge that all inventions, original works of authorship, developments, concepts, know-how, improvements or trade secrets which are made by you (solely or jointly with others) within the scope of and as part of your consultancy or employment
with the Company (collectively referred to herein as “Inventions”) are “works made for hire” (to the greatest extent permitted by applicable law) and are compensated by the consideration provided by the Company as described in
this Agreement, 

  
 

 

 Mr. David Fractor 
 April 4, 2011 
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unless regulated otherwise by the mandatory law of the State of California. You also agree and warrant that you will not use or incorporate third party proprietary materials into Inventions,
disclose third party proprietary information to the Company or knowingly engage in any activities or use any facilities in the course of providing services under this Agreement that could result in claims of ownership to any Inventions being made by
any third party. 
 9. Arbitration. In the event of any dispute under this Agreement, such dispute shall be
resolved by binding arbitration with JAMS/ENDISPUTE in Los Angeles, California. The arbitrator shall be a retired judge with at least five years of experience on the bench. This provision shall not be interpreted so as to require arbitration of
claims that the state and/or Federal Courts of California have ruled may not be the subjects of compelled arbitration in employment matters, nor shall it be interpreted so as to restrict any remedy, right of appeal or discovery device available to
either party in a manner that violates the rulings of the state and/or Federal Courts of California with respect to employment-related arbitration. This provision shall not be interpreted so as to preclude the making of reports to governmental
offices, or to preclude either party from seeking injunctive or provisional relief in a court of appropriate jurisdiction under such circumstances as may merit such relief. 
 10. Confidentiality. While this Agreement is in effect and for a period of seven years thereafter, you shall hold and keep secret and confidential all “trade secrets” (within the
meaning of California law) and shall use such information only in the course of performing your duties hereunder; provided, however, that with respect to trade secrets, you shall hold and keep secret and confidential such trade secrets for so long
as they remain trade secrets under California law. You shall maintain in trust all such trade secrets as the Company’s property, including, but not limited to, all documents concerning the Company’s business, including your work papers,
telephone directories, customer information and notes, and any and all copies thereof in your possession or under your control. Upon the expiration or earlier termination of your employment with the Company, or upon request by the Company, you shall
deliver to the Company all such documents belonging to the Company, including any and all copies in your possession or under your control. 

  
 

 

 Mr. David Fractor 
 April 4, 2011 
  Page
 5
 
  

 11. Applicable Law. This Agreement shall be interpreted in accordance with
the internal laws of the State of California. 
 We are delighted that you have agreed to assist us as a consultant and then to
serve as our Chief Financial Officer and Treasurer and look forward to working with you to make the Company a great success. 
  

			
	Very truly yours,
	
	IMMUNOCELLULAR THERAPEUTICS, LTD.
		
	By:	 	 /s/ Manish Singh

		 	Manish Singh, Ph.D.
		 	President and Chief Executive Officer

  

	
	Agreed to and Accepted as of this 4th day of April, 2011.
	
	 /s/ David Fractor

	David FractorEmployment Agreement (Dr. James Bender)

 Exhibit 10.2 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (this
“Agreement”) is made as of the 10th day of May,
2011, by and between ImmunoCellular Therapeutics, Ltd., a Delaware corporation (the “Corporation”), and Dr. James Bender (hereinafter called “Executive”). 

W I T N E S S E T H: 
 WHEREAS, the Corporation previously employed Executive as its Vice President – Product Development and Manufacturing under an Employment Agreement dated as of February 1, 2010 (the “Prior
Agreement”); 
 WHEREAS, the term of the Prior Agreement expired on January 31, 2011; and 

WHEREAS, the Corporation desires to continue to employ Executive as its Vice President – Product Development and Manufacturing under
a new employment pursuant to the terms of this Agreement, and Executive is willing to accept such employment on the terms and subject to the conditions hereinafter set forth; 
 NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows: 
 1. Employment by Corporation. The Corporation hereby agrees to employ Executive to continue to perform the duties on behalf of the Corporation as the Corporation’s full-time Vice President
– Product Development and Manufacturing of the Corporation. As Vice President – Product Development and Manufacturing, Executive will report to the Corporation’s President and Chief Executive Officer, and shall have such duties
consistent with that of a Vice President – Product Development and Manufacturing of a company such as the corporation including without limitation assisting the Corporation in establishing and implementing plans and strategies for the
formulation and development of the Corporation’s product candidates, securing and monitoring manufacturers for clinical supplies of product candidates, and assuring that the Company’s manufacturing activities comply with all applicable FDA
requirements. Executive will perform his duties under this Agreement at the Corporation’s corporate headquarters in the metropolitan Los Angeles area, with such office currently located in the Woodland Hills, California area, or at such other
location as shall be mutually agreed upon by the Corporation and Executive; and he will do such traveling as may be required of him in the performance of his duties. 
 2. Executive’s Acceptance of Employment. Executive hereby accepts such employment and agrees that throughout the period of his employment hereunder he will devote his full time, attention,
knowledge and skills, faithfully, diligently and to the best of his ability, in furtherance of the business of the Corporation, and he will perform the duties assigned to him pursuant to Section 1 hereof, subject, at all times, to the direction
and control of the Corporation’s President and Chief Executive Officer. 

 Executive shall at all times be subject to, observe and carry out such reasonable rules,
regulations, policies, directions and restrictions as the Corporation shall from time to time establish. During the period of his employment by the Corporation, Executive agrees to be bound by the Corporation’s Code of Ethics and any amendments
adopted thereto, copies of which Executive hereby acknowledges he has received and read, and Executive agrees that he shall not, without the prior written approval of the Board, directly or indirectly, accept employment or compensation from or
perform services of any nature for, any business enterprise other than the Corporation, other than as explicitly set forth herein. 
 3. Term. Executive shall be employed under this Agreement for a term commencing on February 1, 2011 (the “Commencement Date”), and ending on the termination date as provided in this
Section 3 or as provided in Section 8 hereof. The term of this Agreement shall automatically renew on the one-year anniversary date of the Commencement Date of each year hereafter for successive one-year terms unless either party delivers
written notice of the termination of this Agreement to the other party not more than 30 days before the expiration of the applicable one-year period. 
 4. Compensation/Benefits. 
 4.1 The Corporation will pay to Executive as
compensation for his services hereunder an initial base salary of $175,000 per annum, payable in equal biweekly installments. Provided that Executive continues to serve as the Corporation’s Vice President – Product Development and
Manufacturing for the first one year of the term of this Agreement, the Corporation shall pay Executive a cash bonus of up to $35,000 upon attainment within that one-year period of the corporate goals set forth in the 2011 ImmunoCellular Corporate
Objectives (the “Corporate Goals”), which are subject to revision and finalization by the Board within 90 days from the Commencement Date. The portion of the $35,000 maximum bonus that shall be earned by Executive shall be determined in
the sole discretion of the Board and shall be based upon both (i) the Board’s performance evaluation of Executive and (ii) with reference to the formula set forth in the Corporate Goals and with the determination of whether specified
goals have been obtained to be made solely by the Board in its good faith; provided that the bonus amount awarded by the Board may be greater or lesser than the amount indicated by the goals formula. The Board shall annually review Executive’s
performance and base salary to determine whether an increase in the amount thereof is warranted. Executive acknowledges that he has been paid by the Corporation all amounts owing under the Prior Agreement. 

4.2 The Corporation shall grant the Executive on the later of the date of the Board’s approval of this Agreement or the execution of
this Agreement by the parties under the Corporation’s 2006 Equity Incentive Plan (the “Plan”), a stock option (the “Option”) to purchase 120,000 shares of the Corporation’s common stock (“Common Stock”) having
an exercise price per share equal to the closing market price on the date of grant and having a term of seven years from the date of grant. The Option shall be an incentive stock option to the maximum extent that is legally permitted. The Option
shall vest (i) as to 60,000 shares in three annual installments of 20,000 shares each, with the first installment to vest on February 1, 2012; (ii) as to 20,000 shares upon the Corporation attaining a market capitalization (defined
for purposes of this Agreement as the number of shares of the Corporation’s common stock then outstanding times the average closing price of such common stock for ten consecutive trading days) of at least $100 million; (iii) as to 20,000

  
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shares upon the Corporation attaining a market capitalization of at least $150 million; and (iv) as to 20,000 shares upon the Corporation attaining a market capitalization of at least $200
million. 
 The Option will be exercisable within the seven year term of the option during the period that Executive provides
services to the Corporation and for twelve months after termination for any reason except termination for cause by the Corporation, provided that such exercise is effected within the seven-year term of the Option. In the event of a Corporate
Transaction (as such term is defined in the Plan), vesting of the Option (and any other options granted to Executive) shall be governed by the provisions contained in the Corporation’s standard stock option agreement under the Plan for the
Corporation’s officers and directors, except that any then outstanding but unvested portion of the Option will fully vest if the Corporation is not the surviving entity in the Corporate Transaction unless the surviving entity offers Executive
an executive position at a compensation level at least equal to Executive’s then compensation level under this Agreement. The Option will have such other terms and conditions as are included in the Corporation’s standard stock option
agreement under the Plan. If the term of this Agreement continues beyond January 31, 2012, the Board shall review the aggregate number of stock options granted to the Executive promptly following such date (and thereafter not less frequently
than annually) in order to determine whether an increase in the number thereof is warranted. 
 5. Business Expenses. The
Corporation will promptly reimburse Executive for all business expenses incurred by Executive in connection with the business of the Corporation in accordance with the Corporation’s policy regarding the nature and amount of expenses and the
maintenance and submission of receipts and records necessary for the Corporation to document them as proper business expenses. 

6. Vacation. In addition to holidays observed by the Corporation, Executive shall be entitled to paid vacation of two weeks per
year or such greater amount of vacation as is approved by the Corporation’s President and Chief Executive Officer. Any such vacations are to be taken at times mutually agreeable to Executive and the Corporation’s President and Chief
Executive Officer. Executive shall not be entitled to accrue more than four weeks of accrued vacation time at any given time. In the event that Executive has accrued the maximum of four weeks accrued and unused vacation time, Executive shall cease
accruing further vacation time until such time as Executive’s accrued and unused vacation time is less than such maximum amount. 
 7. Benefits. Executive shall be entitled to all rights and benefits for which he shall be eligible under any benefit or other plans (including, without limitation, dental, medical, medical
reimbursement and hospital plans, pension plans, employee stock purchase plans, profit sharing plans, bonus plans and other so-called “fringe” benefits) as the Corporation shall make available to its executive officers from time to time.

  
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 8. Termination. 

8.1 In addition to all other rights and remedies which the parties may have under applicable law, the Corporation may terminate this
Agreement and the services of Executive, effective upon the occurrence of any of the following events, any of which shall constitute a termination for “cause” under this Agreement: (i) a failure by Executive to perform any of his
material obligations under this Agreement or to execute and perform in a timely and cooperative manner any directions of the Corporation’s President and Chief Executive Officer; (ii) the death of Executive or his disability resulting in
his inability to perform his reasonable duties assigned hereunder for a period of three consecutive months; (iii) Executive’s theft, dishonesty, or falsification of any Corporation documents or records; (iv) Executive’s improper
use or disclosure of the Corporation’s confidential or proprietary information; or (v) Executive’s conviction (including any plea of guilty or nolo contendere) of any criminal act which impairs Executive’s ability to perform his
or her duties hereunder or which in the Corporation’s judgment may materially damage the business or reputation of the Corporation; provided, however, that prior to termination for cause arising under clause (i), Executive shall have a period
of ten days after written notice from Corporation to cure the event or grounds constituting such cause. Any notice of termination provided by Corporation to Executive under this Section 8 shall identify the events or conduct constituting the
grounds for termination with sufficient specificity so as to enable Executive to take steps to cure the same if such default is a failure by Executive to perform any of his material obligations under this Agreement. In the event Corporation
terminates Executive for cause, (i) Executive shall be entitled as of the termination date to no further base salary other than such portion of Executive’s base salary as shall have accrued but remain unpaid as of the termination date,
which shall be due immediately upon termination, (ii) Executive shall be entitled to receive payment of any earned but unpaid bonus, as well as any expense reimbursement amounts owed by the Corporation to the Executive through the date of
termination and (iii) any then unexercised but outstanding stock options granted to Executive shall be cancelled. The Corporation shall have no further obligations to Executive under this Agreement. 

8.2 The Corporation may terminate Executive without cause upon 60 days written notice delivered to Executive. In the event the
Corporation terminates Executive’s employment without cause, all of the following will apply: (i) immediately upon termination, the Corporation will pay to Executive any base salary as shall have accrued but remain unpaid as of the
termination date, any earned but unpaid bonus and any expense reimbursement amounts owed by the Corporation to the Executive through the date of termination; (ii) immediately upon termination, the Corporation will pay to Executive severance
compensation in a lump sum cash payment equal to Executive’s then effective base salary for a period of six (6) months; (iii) any stock options granted to Executive, to the extent vested, will be retained by the Executive and will be
exercisable as set forth in Section 4.2 hereof, the Plan and related stock option agreement (which shall reflect the terms set forth in Section 4.2 hereof); and (iv) the vesting of an additional number of shares subject to those
options granted to Executive that vest solely based upon the passage of time equal to 50% of all such shares subject to such time vesting based options that have not already vested shall immediately accelerate and become fully vested and exercisable
by Executive and will continue to be exercisable as provided in Section 4.2 hereof, the Plan and related stock option agreement (which shall reflect the terms set forth in Section 4.2 hereof). 

8.3 Executive may terminate Executive’s employment at will (without “Good Reason” as defined below) by giving 60
days’ prior written notice to Corporation. Executive shall be entitled to (i) all base salary up to and through the 60-day period after 

  
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Executive’s notice of termination is given to Corporation, any earned but unpaid bonus and any expense reimbursement amounts owed by the Corporation to the Executive through the date of
termination and (ii) any stock options, to the extent vested, may be retained by Executive and will be exercisable as set forth in Section 4.2 hereof, the Plan and applicable stock option agreement (which shall reflect the terms set forth
in Section 4.2 hereof). Executive has the right to terminate Executive’s employment for “Good Reason” due to, and not less than 30 days following, the occurrence of any of the following: (i) Corporation’s
requirement that Executive’s principal place of work relocate more than 50 miles from his principal place of work as of the Commencement Date without the written consent of Executive to such relocation, (ii) a material adverse change in
Executive’s duties and responsibilities; (iii) any failure by Corporation to pay, or any material reduction by Corporation of, the base salary or any failure by Corporation to pay any incentive compensation to which Executive is entitled
pursuant to Section 4 hereof; or (iv) Corporation creates a work environment designed to constructively terminate Executive or to unlawfully harass or retaliate against Executive. In the event that Executive terminates his employment for
Good Reason, all of the following will apply: (A) within five days after the termination date, Corporation will pay to Executive any base salary as shall have accrued but remain unpaid as of the termination date, any earned but unpaid bonus and
any expense reimbursement amounts owed by the Corporation to the Executive through the date of termination; (B) within five days after the termination date, Corporation will pay to Executive severance compensation in a lump sum cash payment
equal to Executive’s base salary then in effect equal to six (6) months (or an amount equal to one year of the Executive’s then base salary if the Good Reason Termination is in connection with a Corporate Transaction in which the
Corporation is not the surviving entity and the surviving entity fails to offer Executive an executive position at a compensation level at least equal to the Executive’s then compensation level under this Agreement); (C) any stock options
granted to Executive, to the extent vested, will be retained by the Executive and will be exercisable as set forth in Section 4.2 hereof, the Plan and related stock option agreement (which shall reflect the terms set forth in Section 4.2
hereof); and (D) the vesting of an additional number of shares subject to all options granted to Executive that vest solely based upon the passage of time equal to 50% of all such shares (or 100% of all such time vesting based option shares as
well as all then outstanding unvested milestone based option shares shall vest if the Good Reason termination is in connection with a Corporate Transaction in which the Corporation is not the surviving entity and the surviving entity fails to offer
Executive an executive position at a compensation level at least equal to Executive’s then compensation level under this Agreement) subject to such time vesting based options that have not already vested shall immediately accelerate and become
fully vested and exercisable by Executive and will continue to be exercisable as provided in Section 4.2 hereof, the Plan and related stock option agreement (which shall reflect the terms set forth in Section 4.2 hereof). 

9. Indemnity. Executive warrants and represents that he has full power and authority to enter into and perform this Agreement and
that his performance of this Agreement will not violate the provisions of any other agreement to which he is a party. The Corporation agrees to indemnify and hold Executive harmless from and against any and all claims, demands, causes of action,
losses, damages, liability, costs and expenses, including attorneys fees arising out of his services hereunder, other than those arising from or attributable to or resulting from his gross negligence or willful misconduct. The Corporation will name
Executive as an officer on any policy of directors and officers liability insurance it secures throughout the term of this Agreement. 

  
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 10. Non-Competition. In consideration of the Corporation’s entering into this
Agreement: 
 10.1 Executive agrees that during the term of this Agreement he will not directly or indirectly own, manage,
operate, join, control, participate in, perform any services for, invest in, or otherwise be connected with, in any manner, whether as an officer, director, employee, consultant, partner, investor or otherwise, any business entity which is engaged
in any business in which the Corporation is currently engaged or is engaged at the termination of this Agreement without an approval from the Corporation. Nothing herein contained shall be deemed to prohibit (i) Executive from maintaining any
investments in, and the holding of any securities of, any company to the extent such investments were made or such securities held by Executive prior to the Commencement Date or (ii) investing his funds in securities of a company if the
securities of such company are listed for trading on a national securities exchange or traded in the over the counter market and Executive’s holdings therein represent less than 5% of the total number of shares or principal amount of other
securities of such company outstanding. 
 10.2 Executive agrees that Executive will not, during the term hereof or prior to the
expiration of one year following the termination of the Executive’s employment for any reason, without the written consent of the Corporation, directly or indirectly, by action alone or in concert with others, solicit for employment or
engagement, or advise or recommend to any other person or entity that such person or entity solicit for employment or engagement, any person or entity employed or engaged by the Corporation. 

11. Confidentiality Agreement. 
 11.1 As used herein, the term “Confidential Information” shall mean the any and all information of the Corporation, including, but not limited to, all data, compilations, programs, devices,
strategies, or methods concerning or related to (i) the Corporation’s finances, financial condition, results of operations, employee relations, amounts of compensation paid to officers and employees and any other data or information
relating to the internal affairs of the Corporation and its operations; (ii) the terms and conditions (including prices) of sales and offers of sales of the Corporation’s products and services; (iii) the terms, conditions and current
status of the Corporation’s agreements and relationship with any customer or supplier; (iv) the customer and supplier lists and the identities and business preferences of the Corporation’s actual and prospective customers and
suppliers or any employee or agent thereof with whom the Corporation communicates; (v) the trade secrets, manufacturing and operating techniques, price data, costs, methods, systems, plans, procedures, formulas, processes, hardware, software,
machines, inventions, designs, drawings, artwork, blueprints, specifications, tools, skills, ideas, and strategic plans possessed, developed, accumulated or acquired by the Corporation; (vi) any communications between the Corporation, its
officers, directors, shareholders, or employees, and any attorney retained by the Corporation for any purpose, or any person retained or employed by such attorney for the purpose of assisting such attorney in his or her representation of the
Corporation; (vii) any 

  
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other non-public information and knowledge with respect to the Corporation’s products, whether developed or in any stage of development by the Corporation; (viii) the abilities and
specialized training or experience of others who as employees or consultants of the Corporation during the Executive’s employment have engaged in the design or development of any such products; and (ix) any other matter or thing, whether
or not recorded on any medium, (a) by which the Corporation derives actual or potential economic value from such matter or thing being not generally known to other persons or entities who might obtain economic value from its disclosure or use,
or (b) which gives the Corporation an opportunity to obtain an advantage over its competitors who do not know or use the same. 
 11.2 Executive acknowledges and agrees that the Corporation is engaged in a highly competitive business and has expended, or will expend, significant sums of money and has invested, or will invest, a
substantial amount of time to develop and maintain the secrecy of the Confidential Information. The Corporation has thus obtained, or will obtain, a valuable economic asset which has enabled, or will enable, it to develop an extensive reputation and
to establish long-term business relationships with its suppliers and customers. If such Confidential Information were disclosed to another person or entity or used for the benefit of anyone other than the Corporation, the Corporation would suffer
irreparable harm, loss and damage. Accordingly, Executive acknowledges and agrees that, unless the Confidential Information was (a) in the public domain or becomes publicly known through legitimate origins not involving an act or omission by
Executive, (b) was in Executive’s possession free of any obligation of confidence at or subsequent to the time such Confidential Information was communicated to Executive; (c) was developed by Executive prior to the date of this
Agreement or after the expiration of the term of this Agreement independently of and without reference to any Confidential Information; (c) was known to Executive at the time of disclosure; or (v) was approved for release by written
authorization of the Corporation, then: 
 (i) the Confidential Information is, and at all times hereafter shall remain, the
sole property of the Corporation; 
 (ii) Executive shall use his best efforts and the utmost diligence to guard and protect
the Confidential Information from disclosure to any competitor, customer or supplier of the Corporation or any other person, firm, corporation or other entity; and 
 (iii) unless the Corporation gives Executive prior express written permission, during his employment and thereafter, Executive shall not use for his own benefit, or divulge to any competitor or customer
or any other person, firm, corporation, or other entity, any of the Confidential Information which Executive may obtain, learn about, develop or be entrusted with as a result of Executive’s employment by the Corporation. 

11.3 Executive also acknowledges and agrees that all documentary and tangible Confidential Information including, without limitation,
such Confidential Information as Executive has committed to memory, is supplied or made available by the Corporation to the Executive solely to assist him in performing his services under this Agreement. Executive further agrees that after his
employment with the Corporation is terminated for any reason: 

  
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 (i) Executive shall not remove from the property of the Corporation and shall immediately
return to the Corporation, all documentary or tangible Confidential Information in his possession, custody, or control and not make or keep any copies, notes, abstracts, summaries or other record of any type of Confidential Information; and

 (ii) Executive shall immediately return to the Corporation any and all other property of the Corporation in his possession,
custody or control, including, without limitation, any and all keys, security cards, passes, credit cards and marketing literature. 
 12. Invention Disclosure. Executive agrees to disclose to the Corporation promptly and fully all ideas, inventions, discoveries, developments or improvements (“Inventions”) that may be
made, conceived, created or developed by him (whether such Inventions are developed solely by him or jointly with others) during his employment by the Corporation which either (i) in any way is connected with or related to the actual or
contemplated business, work, research or undertakings of the Corporation or (ii) results from or is suggested by any task, project or work that he may do for, in connection with, or on behalf of the Corporation. Notwithstanding the foregoing,
this Section 12 shall not apply to any Inventions that meet all of the following requirements: (a) do not relate, at the time of conception, reduction to practice, creation, derivation, development or making of such Invention to the
Corporation’s business or actual or demonstrably anticipated research, development or business; and (b) were developed entirely on Executive’s own time; and (c) were developed without use of any of the Corporation’s
equipment, supplies, facilities or trade secret information; and (d) did not result from any work Executive performed for the Corporation. Executive agrees that such Inventions shall become the sole and exclusive property of the Corporation and
Executive hereby assigns to the Corporation all of his rights to any such Inventions. With respect to Inventions, Executive shall during the period of his employment hereunder and at any time and from time to time hereafter (a) execute all
documents requested by the Corporation for vesting in the Corporation the entire right, title and interest in and to the same, (b) execute all documents requested by the Corporation for filing and prosecuting such applications for patents,
trademarks and/or copyrights as the Corporation, in its sole discretion, may desire to prosecute, and (c) give the Corporation all assistance it reasonably requires, including the giving of testimony in any suit, action or proceeding, in order
to obtain, maintain and protect the Corporation’s right therein and thereto. If any such assistance is required following the termination of Executive’s employment with the Corporation, the Corporation shall reimburse Executive for his
lost wages or salary and the reasonable expenses incurred by him in rendering such assistance. 
 13. Remedies. Executive
acknowledges and agrees that the business of the Corporation is highly competitive and that the provisions of Sections 10, 11 and 12 are reasonable and necessary for the protection of the Corporation and that any violation of such covenants would
cause immediate, immeasurable and irreparable harm, loss and damage to the Corporation not adequately compensable by a monetary award. Accordingly, the Executive agrees, without limiting any of the other remedies available to the Corporation, that
any violation of said covenants, or any one of them, may be enjoined or restrained by any court of competent jurisdiction, and that any temporary restraining order or emergency, preliminary or final injunctions may be issued by any court of
competent jurisdiction, without notice and without bond. 

  
 8 

 14. Attorneys’ Fees and Costs. In any action between the parties based on this
Agreement, the prevailing party shall be entitled to recovery of reasonable attorneys’ fees and out-of-pocket costs incurred by such party in the action. 
 15. Entire Agreement. This Agreement constitutes the entire agreement of the parties hereto with respect to the matters set forth herein and no amendment or modification hereof shall be valid or
binding unless made in writing and signed by both parties hereto. 
 16. Notices. Any notice, required, permitted or
desired to be given pursuant to any of the provisions of this Agreement shall be deemed to have been sufficiently given or served for all purposes if delivered in person or sent by certified mail, return receipt requested, postage and fees prepaid
as follows: 
  

	
	 if to the Corporation, at:
  

ImmunoCellular Therapeutics, Ltd.
 21900 Burbank Boulevard, 3rd Floor
 Woodland Hills, CA 91367

Attention: Chairman of the Board

	  
 with a copy to:

 
 TroyGould PC

1801 Century Park East, Suite 1600
 Los Angeles, California 90067
 Attention: Sanford J.
Hillsberg

	  
 and, if to Executive:

 
 Dr. Manish Singh

23526 Dolorosa Street
 Woodland Hills, California 91367

 Either of the parties hereto may at any time and from time to time change the address to which notice
shall be sent hereunder by notice to the other party given as provided herein. The date of the giving of any notice hereunder shall be the date delivered or if sent by mail, shall be the date of the posting of the mail. 

17. Non Assignability. Neither this Agreement nor the right to receive any payments hereunder may be assigned by Executive. This
Agreement shall be binding upon Executive and inure to the benefit of his heirs, executors and administrators and be binding upon the Corporation and inure to the benefit of its successors and assigns. 

  
 9 

 18. Choice of Law And Forum. This Agreement shall be governed, interpreted and
construed under the laws of the State of California without regard to its conflict of law principles. In the event of any dispute under this Agreement, such dispute shall be resolved by binding arbitration with JAMS/ENDISPUTE in Los Angeles,
California. The arbitrator shall be a retired judge with at least five years of experience on the bench. This provision shall not be interpreted so as to require arbitration of claims that the state and/or Federal courts of California have ruled may
not be the subjects of compelled arbitration in employment matters, nor shall it be interpreted so as to restrict any remedy, right of appeal or discovery device available to either party in a manner that violates the rulings of the state and/or
Federal courts of California with respect to employment-related arbitration. This provision shall not be interpreted so as to preclude the making of reports to governmental offices, or to preclude either party from seeking injunctive or provisional
relief in a court of appropriate jurisdiction under such circumstances as may merit such relief. 
 19. Waiver. No course
of dealing nor any delay on the part of any party in exercising any rights hereunder shall operate as a waiver of any such rights. No waiver of any default or breach of this Agreement shall be deemed a continuing waiver or a waiver of any other
breach or default. 
 20. Severability. If any provision of this Agreement, including any paragraph, sentence, clause or
part thereof, shall be deemed contrary to law or invalid or unenforceable in any respect by a court of competent jurisdiction, the remaining provisions of such paragraph, sentence, clause or part thereof shall not be affected, but shall, subject to
the discretion of such court, remain in full force and effect and any invalid and unenforceable provisions shall be deemed, without further action on the part of the parties hereto, modified, amended and limited to the extent necessary to render the
same valid and enforceable. 
 21. Section 409A. If Executive becomes eligible for payments under this Agreement on
account of his “separation from service,” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, (the “Code”) and Executive is a “specified employee” within the meaning of
Section 409A of the Code, as determined by Corporation, any portion of the payments that either do not qualify under the “short-term deferral rule” or exceed two times the lesser of (A) Executive’s “annualized
compensation” for the calendar year preceding Executive’s separation from service (in each case, as those terms are defined under Section 409A of the Code), or (B) the maximum amount that may be taken into account under
Section 401(a)(17) of the Code for the year in which Executive’s separation from service occurs, and which are not otherwise exempt from Section 409A of the Code, shall be accrued, without interest, and its payment delayed until the
first day of the seventh month following Executive’s separation from service, or if earlier, Executive’s death, at which point the accrued amount will be paid in a single, lump sum cash payment. Furthermore, Corporation shall not be
required to make, and Executive shall not be required to receive, any severance or other payment or benefit under this Agreement at such time as the making of such payment or the provision of such benefit or the receipt thereof shall result in a tax
to Executive arising under Section 409A of the Code. The preceding provisions, however, shall not be construed as a guarantee by the Corporation of any particular tax effect to Executive under this Agreement. The parties agree that for purposes
of Section 409A of the Code, the severance amounts payable under this Agreement shall be treated as a right to a series of 

  
 10 

 
separate payments. This Agreement is intended to comply with, or otherwise be exempt from, Section 409A of the Code. This Agreement shall be administered, interpreted and construed in a
manner consistent with Section 409A of the Code. The Corporation and Executive agree that they will execute any and all amendments to this Agreement as they mutually agree in good faith may be necessary to ensure compliance with the provisions
of Section 409A of the Code. 
 22. Survival at Termination. The termination of Executive’s employment
hereunder by expiration of the term of this Agreement or otherwise shall not affect his obligations to the Corporation hereunder which by the nature thereof are intended to survive any such termination including, without limitation, Executive’s
obligations under Sections 10, 11, 12, 13 and 21 hereof. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed as of the date first above set forth. 
  

							
	IMMUNOCELLULAR THERAPEUTICS, LTD.	  		  	EXECUTIVE:
				
	By:	  	 /s/ Manish Singh
	  		  	 /s/ James Bender

		  	Manish Singh, Ph.D.	  		  	James Bender, Ph.D.
	Its:	  	President and Chief Executive Officer	  		  	

  
 11

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