Document:

Exhibit 10.2

    

    
      
        
           

          

          Execution Version

        

      

      

      

      

                                                                                          July 13, 2022

      

      

      Spiros Jamas

      24 Gibson St.

      Cambridge, MA 02138

      Tel +1-617-605-9650

      

      

      RE:          Separation Agreement and General Release

       

      Dear Spiros:

       

      The purpose of this separation agreement (the “Separation

            Agreement”) is to memorialize the terms and conditions of the termination of your employment with Entera Bio, Inc. (the “Company”) and its subsidiaries, the Company’s parent, Entera Bio Ltd., an Israeli company (“Parent”), and its affiliates (together with the Company, collectively, the “Company

            Group”), as well as that certain Employment Letter Agreement, dated November 30, 2020, by and between you and the Company (the “Employment Agreement”).  Capitalized terms used but not defined herein shall have the meanings ascribed
          thereto in the Employment Agreement.

       

      To ensure that your separation from the Company occurs on mutually acceptable terms, this Separation Agreement, along with the General
        Release of Claims on Exhibit A attached hereto and made a part hereof (the “General

            Release”), will summarize the terms and conditions surrounding your separation including, without limitation, the compensation and benefits that will be provided to you.

       

      Termination Date

       

      The effective date of the termination of your employment, and the Employment Agreement, is Friday, July 15, 2022 (“Termination Date”).

       

      Resignation as Officer and Director of the Company Group

       

      You acknowledge and agree that, effective as of the Termination Date, you will be deemed to have resigned from all positions then held
        as an officer as well as a member of any board of directors, and any committee thereto, throughout the Company Group.

       

      Accrued Obligations

       

      Whether or not you choose to sign this Separation Agreement and the General Release, the Company will pay to you any (a) accrued but
        unpaid base salary you have earned through the Termination Date, (b) accrued but unused paid time off through the Termination Date, (c) reimbursement for unreimbursed business expenses properly incurred by you pursuant to the Company’s applicable
        expense reimbursement policy, and (d) any accrued but unpaid benefits provided under the Company’s employee benefit plans, subject to and in accordance with the terms of those plans, in each case, less applicable withholding and employment taxes,
        all of which shall be paid to you by the Termination Date or such other date as required under the applicable employee benefit plan.

       

      For purposes of this Separation Agreement and the General Release, the amounts described above in this section shall be referred to as
        the “Accrued Obligations”.

       

      
        
          

      

      
      Separation Benefits

      

      

      In the event that you execute and deliver to the Company both the Separation Agreement and the General Release, and you do not revoke
        the General Release within the time period permitted by law (such period, the “Revocation Period” as defined below), the following shall apply (subject to
        any timing restrictions as may be applicable under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)):

      

      

      	

            	•	
              Commencing on the first regular payroll date immediately following the end of the Revocation Period, the Company shall pay to you a one-time lump sum payment equal to
                thirteen (13) months of your annual base salary, a total gross amount equal to $411,666.67 (less applicable income and employment tax
                withholdings) (the “Cash Severance Payment”).

            

      

      

      	

            	•	
              The exercise period for the vested portion of the share option granted to you on January 4, 2021 (the “Stock Option”) pursuant to the terms of the 2018 Equity Incentive Plan of Parent (the “Plan”) shall be extended
                through the end of the two (2)-year period commencing on the Termination Date.

            

      

      

      For purposes of this Separation Agreement and the General Release, the benefits described above in this section shall be referred to
        as the “Separation Benefits”.  Except for the Accrued Obligations, the payments from the Company to you pursuant to the terms of this Separation Agreement
        (including the Separation Benefits) are not provided as a raise, bonus, or condition of your employment with the Company.

      

      

      You acknowledge and agree that as of the Termination Date, this Separation Agreement and General Release shall supersede and replace
        all benefits, rights and obligations in connection with your employment with the Company Group.  Accordingly, you further acknowledge and agree that this Separation Agreement and the General Release sets forth all compensation and benefits to which
        you are entitled and shall be paid to you in full satisfaction thereof, in connection with your employment with the Company Group.

      

      

      Equity Awards

      

      

      You acknowledge and agree that as of the Termination Date, the vested portion of the Stock Option, which specifically relates to 492,832 ordinary shares of Parent, shall be
        eligible to be exercised during the two (2)-year period commencing on the Termination Date in accordance with the terms and conditions of the Stock Option award agreement and the Plan.  The remainder of the Stock Option, which relates specifically
        to 821,386 ordinary shares of Parent, is
        unvested and shall be immediately expired, cancelled and forfeited as of the Termination Date.

      

      

      You acknowledge and agree that you do not have any rights with respect to any other equity or equity-based interests in the Company,
        Parent or any of their respective affiliates.

      

      

      Integration of Employment Agreement; Survival of Certain Provisions

      

      

      As of the Termination Date, you acknowledge and agree that this Separation Agreement shall supersede and replace the Employment
        Agreement other than the following provisions under the Employment Agreement (collectively, the “Survival Provisions”): Section 9 (Confidentiality, Non-Competition, Non-Solicitation, and Assignment of Inventions Undertaking) and the related agreement attached as Exhibit A; Section 10 (At Will Employment,
        Return of Property, and Assist with Transition); and Section 14 (Data Privacy; Monitoring of Company Systems).  Accordingly, you further acknowledge and agree that (i) this Separation Agreement sets forth all compensation and benefits to which you
        are entitled under your Employment Agreement; and (ii) in the event that you breach any of the Survival Provisions, the exercise period for the Stock Option shall cease effective as of the date of breach and the Company shall be entitled to
        recover, and you shall repay to the Company and forfeit any right to, all but $1,000.00 of the Cash Severance Payment, which remaining amount and any extended exercise period for the Stock Option shall constitute sufficient and adequate
        consideration for your promises, covenants and agreements in this Separation Agreement and the General Release. Notwithstanding the foregoing, you agree that the preceding sentence is not the exclusive remedy for your breach of any of the Survival
        Provisions, and the Company’s exercise of its rights hereunder shall not prejudice the Company’s rights or available remedies for your breach in any court of law or equity of competent jurisdiction notwithstanding the recovery of payments
        contemplated hereby.

      

      

      
        2

        
          

      

      Release of Claims Against the Company Group

      

      

      In exchange for and as a condition to receiving the Separation Benefits, you shall knowingly and willingly release the Company Group
        from any kind of claim you have arising out of or related to your employment, the Employment Agreement and/or the termination of your employment with the Company Group by executing the General Release attached hereto as Exhibit A.

      

      

      You will be required to execute the
          General Release, and therefore agree to be bound by the terms and conditions thereof, no earlier than the Termination Date but no later than thirty (30) days after such Termination Date.

      

      

      Cooperation/Assistance

      

      

      Upon reasonable notice and at reasonable times, you agree to assist and cooperate with the Company, by telephone or video conference
        or otherwise, concerning business or legal related matters about which you possess relevant knowledge or information.  Such cooperation shall only be provided at the Company's specific request and will include, but not be limited to, assisting or
        advising the Company with respect to any business-related matters or any actual or threatened legal action (including testifying in depositions, hearings, and/or trials) about which you possess relevant knowledge or information. In addition, you
        agree to promptly inform the Company if any person or entity contacts you in an effort to obtain information about the Company.  The Company agrees to reimburse you for all reasonable and necessary costs and expenses incurred in connection with
        such cooperation.

      

      

      Severability; Entire Agreement; No Oral Modifications; No Waivers

      

      

      If a court of competent jurisdiction determines that any of the provisions of this Agreement are invalid or legally unenforceable, all
        other provisions of this Agreement shall not be affected and are still enforceable. This Separation Agreement and the General Release are intended to be a single integrated contract expressing our entire understanding regarding the subjects it
        addresses.  As such, it supersedes all oral and written agreements and discussions that occurred before the time you sign each of them except as to any obligations you may owe to the Company Group as described in the “Integration of Employment Agreement; Survival of Certain Provisions” section above that remain in effect.  This Separation Agreement and the General Release may be amended
        or modified only by an agreement in writing signed by you and countersigned by an executive officer of the Company.  The failure by the Company or you (i) to declare a breach, or (ii) to otherwise assert rights under this Agreement shall not be
        construed as a waiver of any of rights under this Separation Agreement and the General Release.  This Separation Agreement and the General Release may be executed and delivered (including by facsimile or other electronic transmission) in one or
        more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same instrument.

      

      

      Governing Law; Venue; Waiver of Jury Trial

       

      This Separation Agreement and the General Release shall
          be governed by the laws of the Commonwealth of Massachusetts applicable to contracts executed and performed within that State and without respect to conflict of laws principles.  The parties hereto irrevocably and unconditionally (i) agree that
          any suit, action or legal proceeding arising out of or relating to this Agreement shall be brought in the courts of record of the Commonwealth of Massachusetts
          or the court of the United States, District of Massachusetts; and (ii) consent to the jurisdiction of each such court in any suit, action or proceeding. YOU HEREBY IRREVOCABLY WAIVE ANY RIGHTS YOU MAY HAVE TO A TRIAL BY JURY, and further,
          irrevocably waive any objection with respect to the venue being an inconvenient forum.

       

      
        3

        
          

      

      Acknowledgements and Certifications

      

      

      You acknowledge and certify that:

      

      

      	

            	•	
              you have read and you understand all of the terms of this Separation Agreement and the General Release on Exhibit A, and are not relying on any representation or statement, written or oral, not set forth in this Separation Agreement and the General Release;

            

      	

            	•	
              you are signing this Separation Agreement, and shall sign the General Release, knowingly and voluntarily;

            

      	

            	•	
              you have been advised to consult with an attorney before signing this Separation Agreement and the General Release;

            

      	

            	•	
              you have the right to consider the terms of this Separation Agreement and the General Release for 21 days; however, you do not have to take all 21 days to consider
                it, and if you take fewer than 21 days to review this Separation Agreement and the General Release, you expressly waive any and all rights to consider this Separation Agreement and the General Release for the balance of the 21-day review
                period;

            

      	

            	•	
              the General Release includes a release of any claim you might have under the Age Discrimination in Employment Act of 1967, as amended (“ADEA Claims”).  For seven (7) days after signing the General Release, you have the right to revoke your release of ADEA Claims (the “Revocation Period”).  To revoke your release of ADEA Claims, the revocation or rescission must be in writing and must be delivered by hand or sent by certified mail, return receipt
                requested, postmarked within the seven (7) day period, and properly addressed to the Chairman of the Board of the Company at 10 Old Woods Dr., Harrison, NY 10528. Revoking your release of ADEA Claims shall result in the invalidation of this
                Separation Agreement, in its entirety, as of such revocation date; and

            

      	

            	•	
              you and the Company and Parent each agree that any changes that have been made to this Separation Agreement and the General Release from the versions originally
                presented to you do not extend the 21-day period you have been given to consider this Separation Agreement and the General Release, whether those changes are deemed material or non-material.

            

      

      

      *          *          *          *          *

      
        4

        
          

      

      

      

      IF YOU SIGN THIS DOCUMENT AND EXHIBIT A ATTACHED HERETO, IT BECOMES A LEGALLY ENFORCEABLE AGREEMENT EFFECTIVE ON
        THE DATE SIGNED BY THE COMPANY.

      

      

      
        	
                Dated: July 13, 2022

              	
                /s/ Spiros Jamas

              	 
	 	
                Spiros Jamas

              	 
	
                

                

              	 	 	 
	
                Dated: July 13, 2022

              	
                ENTERA BIO, INC.

              	 
	 	 	 	 
	 	
                By:

              	
                /s/ Gerald Liberman

              	 
	 	
                Name:

              	
                Gerald Lieberman

              	 
	 	
                Title:

              	
                Chairman of the Board

              	 

      

    

    
      5

      
        

    

    

      EXHIBIT A

      GENERAL RELEASE OF CLAIMS

      

      

      1.          In
          exchange for the Separation Benefits described in that certain Separation and Release Agreement (the “Company”), dated July 13, 2022 (the “Separation Agreement”) to which the General Release of Claims is attached as Exhibit

              A thereto, Spiros Jamas (“Executive”), for himself and his family, heirs, executors, administrators, legal representatives and their
          respective successors and assigns, does hereby release and forever discharge Entera Bio, Inc. (the “Company”), Entera Bio Ltd. and their respective
          subsidiaries, affiliated companies, successors and assigns (together with Company, the “Company Group”) and their respective current or former directors,
          officers, employees, shareholders, insurers or agents in such capacities (collectively with the Company Group, the “Released Parties”) from any and all
          actions, causes of action, suits, controversies, claims and demands whatsoever, for or by reason of any matter, cause or thing whatsoever, whether known or unknown including, but not limited to, all claims under any applicable laws arising under
          or in connection with Executive’s employment or termination thereof, and/or in connection with or arising under the Employment Agreement (as defined in the Separation Agreement), whether for tort, breach of express or implied employment contract,
          wrongful discharge, intentional infliction of emotional distress, or defamation or injuries incurred on the job or incurred as a result of loss of employment, including, but not limited to, rights or claims under the Age Discrimination in
          Employment Act of 1967 (“ADEA”), the Older Workers Benefit Protection Act of 1990, violations of the Equal Pay Act, Title VII of the Civil Rights Act of
          1964, the Civil Rights Act of 1991, the Americans with Disabilities Act of 1991, the Employee Retirement Income Security Act of 1974, the Fair Labor Standards Act, the Worker Adjustment Retraining and Notification Act, the Family Medical Leave
          Act, the Massachusetts Civil Rights Act, M.G.L. c. 12, § 102 and § 103; the Massachusetts Wage Statute, M.G.L. c. 149; the Massachusetts Employment Security Law, M.G.L. c. 151A; the Massachusetts Fair Employment Practices Statute; M.G.L. c. 151B;
          the Massachusetts Consumer Protection Act, M.G.L. c. 93A, the Massachusetts Family and Medical Leave Law, M.G.L. Chapter 175M; the Massachusetts Equal Rights Act, M.G.L. ch. 93, §§102, 103, including all amendments to any of the aforementioned
          acts; and violations of any other federal, state, or municipal fair employment statutes or laws, including, without limitation, violations of any other law, rule, regulation, or ordinance pertaining to employment, wages, compensation, hours
          worked, or any other claims for compensation or bonuses, whether or not paid under any compensation plan or arrangement.  Executive acknowledges that the Company Group encouraged him to consult with an attorney of his choosing, and through this
          General Release of Claims encourages him to consult with his attorney with respect to possible claims under the ADEA and that he understands that the ADEA is a Federal statute that, among other things, prohibits discrimination on the basis of age
          in employment and employee benefits and benefit plans.  Without limiting the generality of the release provided above, Executive expressly waives any and all claims under the ADEA that he may have as of the date hereof.  Executive further
          understands that by signing this General Release of Claims he is in fact waiving, releasing and forever giving up any claim under the ADEA as well as all other laws within the scope of this paragraph 1 that may have existed on or prior to the
          date hereof.  Notwithstanding anything in this paragraph 1 to the contrary, this General Release of Claims shall not apply to (i) any rights to receive any payments or benefits pursuant to the Separation Agreement, (ii) any rights or claims that
          may arise as a result of events occurring after the date this General Release of Claims is executed, (iii) any indemnification rights Executive may have as a former officer or director of the Company Group, (iv) any claims for benefits under any
          directors’ and officers’ liability policy maintained by the Company Group in accordance with the terms of such policy, and (v) any rights as a holder of equity securities of the Company.

       

      2.          Executive

          represents that he has not filed against the Released Parties any complaints, charges, or lawsuits arising out of his employment or under his Employment Agreement, or any other matter arising on or prior to the date of this General Release of
          Claims, and covenants and agrees that he will never individually or with any person file, or commence the filing of, any charges, lawsuits, complaints or proceedings with any governmental agency, or against the Released Parties with respect to
          any of the matters released by Executive pursuant to paragraph 1 hereof (a “Proceeding”); provided, however, that

       

      a.          Nothing in this Agreement prohibits or prevents the Executive from filing a charge with or participating, testifying, or assisting in any investigation, hearing, or other proceeding before the U.S. Equal Employment Opportunity
          Commission, the National Labor Relations Board or a similar agency enforcing federal, state or local anti-discrimination laws.  However, to the maximum extent permitted by law, the Executive agrees that if such an administrative claim is made to
          such an anti-discrimination agency, he shall not be entitled to recover any individual monetary relief or other individual remedies.  In addition, nothing in this Agreement, including but not limited to the release of claims and non-disparagement
          clauses, prohibits the Executive from (A) reporting possible violations of federal law or regulations, including any possible securities laws violations, to any governmental agency or entity, including but not limited to the U.S. Department of
          Justice, the U.S. Securities and Exchange Commission, the U.S. Congress, or any agency Inspector General; (B) making any other disclosures that are protected under the whistleblower provisions of federal law or regulations; or (C) otherwise fully
          participating in any federal whistleblower programs, including but not limited to any such programs managed by the U.S. Securities and Exchange Commission and\or the Occupational Safety and Health Administration.  Moreover, nothing in this
          Agreement prohibits or prevents the Executive from receiving individual monetary awards or other individual relief by virtue of participating in such federal whistleblower programs.

       

      
        6

        
          

      

      b.          Executive shall not have relinquished his right to commence a Proceeding to challenge whether Executive knowingly and voluntarily waived his rights under the ADEA.

       

      3.          Executive

          shall not, in any manner, directly or indirectly, make any oral or written statement that disparages or places any member of the Company Group or its businesses or any of their respective current or former directors, officers, employees,
          shareholders, insurers or agents or their existing and prospective customers, suppliers, investors, and other associated third parties, in a false or negative light. This Section 3 does not restrict or impede Executive from exercising protected
          rights to the extent that such rights cannot be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided that such compliance
          does not exceed that required by the law, regulation, or order. Executive shall promptly provide written notice of any such order to the Company.

       

      4.          Executive

          hereby acknowledges that the Company Group has informed him that he has up to twenty-one (21) days to sign this General Release of Claims and he may knowingly and voluntarily waive that twenty-one (21) day period by signing this General Release
          of Claims earlier.  Executive also understands that he shall have seven (7) days following the date on which he signs this General Release of Claims within which to revoke the release of ADEA Claims (as defined in the Separation Agreement) by
          providing a written notice of his revocation to the Company Group (the “Revocation Period”).

       

      5.          Executive

          acknowledges that this General Release of Claims will be governed by and construed and enforced in accordance with the internal laws of the Commonwealth of
            Massachusetts.

       

      6.          Executive

          acknowledges that he has read this General Release of Claims, that he has been advised that he should consult with an attorney before he executes this General Release of Claims, and that he understands all of its terms and executes it voluntarily
          and with full knowledge of its significance and the consequences thereof.

       

      7.          This
          General Release of Claims shall take effect on the eighth day following Executive’s execution of this General Release of Claims unless Executive delivers written revocation(s) to the Company within the aforementioned Revocation Period.

       

      	 	
              /s/ Spiros Jamas

                Spiros Jamas

                  

                July 13,  2022

            

      

      

    

  

  7Exhibit 10.1

 

CONFIDENTIAL SETTLEMENT AGREEMENT 

AND MUTUAL RELEASE

 

This Confidential Settlement
Agreement and Mutual Release (the “Agreement”) is entered into effective as of July 15, 2022 (the “Effective
Date”) by and among Celldex Therapeutics, Inc. (“Celldex”) and Shareholder Representative Services LLC
(“SRS”), in its capacity as the Stockholders representative under the Merger Agreement (defined below) and on behalf
of each of the Stockholders (defined below). Each of the aforementioned parties is to be referred to as a “Party” and
collectively as the “Parties.”

 

RECITALS

 

WHEREAS, on November 1,
2016, the parties entered into that certain Agreement and Plan of Merger by and among Kolltan Pharmaceuticals, Inc., Celldex Therapeutics, Inc.,
Connemara Merger Sub 1 Inc., Connemara Merger Sub 2 LLC, and SRS, solely in its capacity as the stockholders representative (the “Merger
Agreement”);

 

WHEREAS, pursuant to
the terms of the Merger Agreement, Celldex agreed that upon certain enumerated milestones being met, payments would be made to an exchange
agent for distribution to the stockholders of Kolltan Pharmaceuticals, Inc. at the time of the merger (the “Stockholders”);

 

WHEREAS, pursuant to
the terms of the Merger Agreement, SRS was irrevocably authorized and appointed by each of the Stockholders to act on behalf of each of
the Stockholders, with respect to, among other things, negotiating, litigating, settling, providing full and general releases, and compromising,
on behalf of each such Stockholder, any dispute under, with respect to, or in any way connected with the Merger Agreement;

 

WHEREAS, in connection
with a dispute under the Merger Agreement, Celldex filed a complaint in the Delaware Court of Chancery styled Celldex Therapeutics, Inc.
v. Shareholder Representative Services, LLC, C.A. No. 2020-0682-MTZ, and SRS filed counterclaims (the “Litigation”);

 

WHEREAS, Celldex denies
each and every claim and contention asserted against it in the Litigation and denies all allegations of breach, wrongdoing, fault, liability,
or damage against it arising out of any of the conduct, statements, acts or omissions alleged, or that could have been alleged, in the
Litigation;

 

WHEREAS, SRS denies
each and every claim and contention asserted against it in the Litigation and denies all allegations of breach, wrongdoing, fault, liability,
or damage against it arising out of any of the conduct, statements, acts or omissions alleged, or that could have been alleged, in the
Litigation;

 

WHEREAS, the Parties
now desire to settle all disputes between them without admissions of any kind, on the terms and conditions set forth herein;

 

     

     

    

 

WHEREAS on June 20,
2022, the Parties entered into a Binding Settlement and Term Sheet, which set forth certain terms of the Parties agreement to settle the
Litigation; and

 

NOW THEREFORE, in consideration
of the recitals, mutual promises, covenants, releases, and agreements contained herein, the Parties, intending to be bound, hereby covenant
and agree as follows:

 

SECTION 1

DEFINITIONS

 

As used in this Agreement, the following terms
shall have the following meanings1:

 

1.1            “Affiliate(s)”
of a Party shall mean any and all Entities now or in the future and for so long as the following ownership and control exists, that: (i) owns
or controls, directly or indirectly, the Party; (ii) are owned or controlled by, or under common control with, directly or indirectly,
the Party; or (iii) are owned or controlled, directly or indirectly, by a parent company. For the purposes of the preceding sentence,
“own or control” shall mean:

 

		(a)	If the Entity has voting shares or other voting securities, ownership or control (directly or indirectly)
of more than fifty percent (50%) of the outstanding shares or securities entitled to vote for the election of directors or other similar
managing authority for such Entity; or

 

		(b)	If the Entity does not have voting shares or other voting securities, ownership control (directly or indirectly)
of more than fifty percent (50%) of the ownership interesting representing the right to make decisions for such Entity.

 

		(c)	The possession, directly or indirectly, of the power to direct, influence, or cause the direction of the
management or policies of a corporation or other Entity through a majority ownership of voting securities or contractually through majority
voting rights.

 

1.2            “CDX-0159”
means the antibody now under development by Celldex under IND 140159, also known as barzolvolimab, or any monoclonal antibody variant,
derivative, predecessor, or modified version thereof that includes the same variable domains as CDX-0159.

 

1.3            “Claims”
shall mean any and all claims, counterclaims, cross-claims, defenses, rights, demands, objections, debts, actions, causes of action, suits,
matters, issues, damages, liabilities, costs, expenses (including but not limited to all claims for costs and attorneys’ fees),
judgments, and losses of any kind and character whatsoever, whether arising under contract, at law, or in equity, and whether known or
unknown, suspected or unsuspected, liquidated or unliquidated, asserted or unasserted, contingent or absolute, which have been, might
have been, or could be suffered, sustained or asserted, directly or indirectly, by the Parties against each other, or any of them.

 

1.4            “Effective
Date” shall have the meaning ascribed to it in the Preamble.

 

 

 

1
       All capitalized terms that are not defined herein shall have the definition set forth in the
Merger Agreement.

 

    -2-

     

    

 

1.5            “Entity”
shall mean a corporation, subsidiary, association, partnership, business trust, joint venture, limited liability company, proprietorship,
unincorporated association, individual or other entity that can exercise intendent legal standing.

 

1.6            “Successful
Completion” shall mean achievement of the primary or secondary study endpoints of a Phase II Clinical Trial, or other relevant
results, as determined on the date that is the earlier of (A) three (3) months following the database lock for such Clinical
Trial or (B) public disclosure of any results of such Clinical Trial, such that continued development of CDX-0159 is warranted on
the basis of the use of Commercially Reasonable Efforts (as defined in the Merger Agreement).

 

1.7            “Surviving
Company Product” shall have the same meaning as in the Merger Agreement except it shall include CDX-0159.

 

SECTION 2

PAYMENT

 

2.1            Pursuant
to Section 12.08 of the Merger Agreement, all Milestone Payments (whether characterized as a Developmental Milestone, a Commercial
Milestone, a Milestone related to TAM Partnerships, or otherwise), as defined in Section 1.08(b) of the Merger Agreement are
superseded and amended in their entirety as follows:

 

(a)            Celldex
shall pay $15,000,000 upon execution of the Agreement (the “Initial Payment”);

 

(b)            Celldex
shall pay $15,000,000 upon the Successful Completion (as defined herein) of a Phase II Clinical Trial of CDX-0159, subject to and therefore
reduced by the $2,500,000 million contractual credit as set forth in Section 1.08(b)(iii) Merger Agreement, meaning a payment
of $12,500,000 would be due pursuant to this particular Milestone; and

 

(c)            Celldex
shall pay $52,500,000 on the first United States Food and Drug Administration, or any successor organization, or European Medicines Agency,
or any successor organization, Marketing Approval of a Surviving Company Product (as defined herein).

 

2.2            The
Initial Payment set forth in Section 2.1 shall be in cash and shall be paid within three (3) business days of execution of the
Agreement provided SRS delivers wiring instructions immediately upon execution to allow for timely payment. Any remaining payments shall
be payable, at Celldex’s sole election, in either cash or Milestone Consideration Shares (as defined in the Merger Agreement) based
on the Parent Stock Value (as defined in the Merger Agreement) and subject to the registration provisions (including, without limitation,
the timeline in Section 5.06(b)) of the Merger Agreement, or a combination of the two.

 

2.3            For
avoidance of doubt, all other provisions relating to payment of milestones contained in the Merger Agreement shall apply with
respect to the replacement Milestone Payments enumerated in Section 2.1 above. These provisions include, without limitation,
Sections 1.05 (to the extent applicable to Milestone Payments), 1.08 (except to the extent modified by this Agreement), 1.15, 5.06,
10.01, 12.02, 12.10, 12.11, and 12.15.

 

    -3-

     

    

 

2.4            The
Initial Payment is in no way an admission of wrongdoing on the part of Celldex, or an admission of any fact or matter by any Party, the
same being expressly denied. Rather, the Initial Payment is made purely in good faith.

 

SECTION 3

RELEASE OF CLAIMS

 

3.1            Upon
the Effective Date of the Agreement, Celldex, on behalf of itself and each of its present and former members, subsidiaries, affiliates,
directors, officers, employees, agents, administrators, insurers, attorneys, advisors, successors, heirs, assigns, devisees, executors,
conservators, personal representatives, and any person they represent and any person claiming by or through any of the foregoing, hereby
releases, remises, acquits, and forever discharges SRS, in its capacity as Stockholders representative under the Merger Agreement and
on behalf of each of the Stockholders, and each of SRS’s and the Stockholders’ present and former members, subsidiaries, affiliates,
directors, officers, employees, agents, administrators, insurers, attorneys, advisors, successors, heirs, assigns, devisees, executors,
conservators, personal representatives, and any person they represent and any person claiming by or through any of the foregoing, of and
from any and all Claims in consequence of, arising out of, or in any way relating to the Merger Agreement, including but not limited to,
all claims relating to the Milestone Payments and all claims that were or could have been brought in the Litigation.

 

3.2            Upon
the Effective Date of the Agreement, SRS, in its capacity as Stockholders representative under the Merger Agreement and on behalf of each
of the Stockholders, and each of SRS’s and the Stockholders’ present and former members, subsidiaries, affiliates, directors,
officers, employees, agents, administrators, insurers, attorneys, advisors, successors, heirs, assigns, devisees, executors, conservators,
personal representatives, and any person they represent and any person claiming by or through any of the foregoing, hereby releases, remises,
acquits, and forever discharges Celldex, and its present and former members, subsidiaries, affiliates, directors, officers, employees,
agents, administrators, insurers, attorneys, advisors, successors, heirs, assigns, devisees, executors, conservators, personal representatives,
and any person they represent and any person claiming by or through any of the foregoing, of and from any and all Claims in consequence
of, arising out of, or in any way relating to the Merger Agreement, including but not limited to, all claims relating to the Milestone
Payments and all claims that were or could have been brought in the Litigation.

 

3.3            Through
the releases in this Agreement, the Parties covenant not to institute or file any complaint, lawsuit, arbitration, charge, or other legal
processing of any kind against the other concerning any Claims released or purported to be released under this Agreement with any local,
state, federal, or national agency or court (whether in the United States or elsewhere) at any time hereafter.

 

3.4            The
releases contemplated by this Agreement extends to claims that the Parties do not know or suspect to exist at the time of the release,
which, if known, might have affected the Parties’ decision to enter into this Agreement. The Parties will be deemed to relinquish,
to the extent it is applicable, and to the fullest extent permitted by law, the provisions, rights, and benefits of §1542 of the
California Civil Code which provides:

 

    -4-

     

    

 

A GENERAL RELEASE DOES NOT EXTEND
TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE
AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.

 

3.5            In
addition, the Parties will be deemed to relinquish, to the extent they are applicable, and to the fullest extent permitted by law, the
provisions, rights, and benefits of any law of any state or territory of the United States, federal law, or principle of common law, which
is similar, comparable, or equivalent to §1542 of the California Civil Code. The Parties acknowledge that they may discover facts
in addition to or different from those now known or believed to be true with respect to the settled claims, but that, except as otherwise
express provided herein, it is the intention of the Parties to hereby completely, fully, finally, and forever compromise, settle, release,
discharge, and extinguish any and all claims, known or unknown, suspected or unsuspected, which now exist, or heretofore existed, or may
hereafter exist, and without regard to the subsequent discovery or existence of additional or different facts. The Parties warrant that
they have read and understand §1542 of the California Civil Code and has had the opportunity to consult with and be advised by counsel
regarding its meaning and effect.

 

3.6            Upon
the Effective Date, Celldex shall be relieved of all obligations, including but not limited to other Milestone Payment obligations, under
the Merger Agreement., except as set forth in Section 2 of this Agreement.

 

3.7            Within
three (3) business days of the Exchange Agent receiving the Initial Payment, as defined in paragraph 2.1(a), the Parties shall take
all actions necessary to dismiss the Litigation currently pending in the Delaware Court of Chancery, including by dismissing Celldex’s
Complaint and SRS’s Counterclaims, respectively, with prejudice. The Parties shall bear their own attorneys’ fees and costs
incurred in connection with the Litigation and negotiation and entry into this Agreement.

 

SECTION 4

DISPUTE RESOLUTION, GOVERNING LAW, AND CONSENT
TO JURISDICTION

 

4.1            This
Agreement and any and all matters arising directly or indirectly here from shall be governed by and construed in accordance with the laws
of the State of Delaware in all respects as such laws are applied to agreements among Delaware residents entered into and performed entirely
within the State of Delaware, without giving effect to conflict of law principles thereof that would result in the application of any
other laws.

 

4.2            Any
dispute arising out of or relating to this Agreement including but not limited to any legal proceedings to interpret, construe, or enforce
any of the terms and provisions hereof, or for redress of any breach or alleged breach of the provisions hereof, or otherwise arising
under this Agreement, shall be brought in accordance with Section 12.15 of the Merger Agreement.

 

    -5-

     

    

 

4.3            Any
and all notices, waivers, confirmations, demands, consents, or other communications required or desired to be given in connection with
or pursuant to this Agreement shall be given in writing, including by email. If any Party (the “Noticing Party”) maintains
that another Party (the “Breaching Party”) is in material breach of this Agreement, the Noticing Party shall provide
written notice to the Breaching Party describing such breach, along with an opportunity for the Breaching Party to cure such breach within
fourteen (14) calendar days of the date of receipt of the written notice. In the event that the alleged breach is not cured within such
period, the Parties shall thereafter resolve such dispute in accordance with the provisions of Section 4.

 

Any written notice to Celldex under
this paragraph shall be addressed to:

 

Celldex Therapeutics, Inc. 

Attn: CEO 

53 Frontage Road,
Suite 220 

Hampton, NJ 08827 

amarucci@celldex.com

 

With a copy to:

 

Freddy Jiménez 

Celldex Therapeutics, Inc. 

53 Frontage Road,
Suite 220 

Hampton, NJ 08827 

fjimenez@celldex.com

 

Kathleen McGee 

Lowenstein Sandler
LLP 

1251 Avenue of
the Americas 

New York, NY 10020 

kmcgee@lowenstein.com

 

Any written notice to SRS under this
paragraph shall be addressed to:

 

Shareholder Representative
Services LLC 

Attn: Managing
Director 

950 17th
Street, Suite 1400 

Denver, CO 80202 

deals@srsacquiom.com

 

With a copy to:

 

Phil Bowman 

Cooley LLP 

55 Hudson Yards 

New York, NY 10001-2157 

pbowman@cooley.com

 

    -6-

     

    

 

SECTION 5

MISCELLANEOUS

 

5.1            Entire
Agreement and Construction. This Agreement represents the sole and entire Agreement between the Parties and supersedes all prior Agreements,
negotiations, and discussions between them and/or their respective counsel with respect to the subject matter covered hereby. The terms
of this Agreement have been negotiated by the Parties, and the language of this Agreement shall not be construed in favor of or against
any particular Party. The headings used herein are for reference only and shall not affect the construction of this Agreement.

 

5.2            Voluntary
Execution. Each Party understands and agrees that it may be waiving significant legal rights by signing this Agreement, and represents
that it has entered into this Agreement voluntarily, after consulting with its attorneys, with a full understanding of and in agreement
with all of its terms.

 

5.3            No
Challenges to Agreement. The Parties agree that they shall not take any action to: (i) obtain a determination that this Agreement,
and the recitals, mutual promises, covenants, releases, and agreements contemplated hereby, are unlawful, illegal, or against public policy;
(ii) challenge the validity or enforceability this Agreement; or (iii) allege that any of the terms and conditions set forth
in this Agreement are unlawful in any other manner whatsoever.

 

5.4            Successors
and Assigns. This Agreement shall be binding on, and inure to the benefit of, the Parties hereto and their respective affiliates.
For the avoidance of doubt, in the event of a change of control of either Party whether by merger, operation of law, transfer of a majority
or more of their respective assets, or otherwise, this Agreement shall continue to benefit and obligate the other Party and any such successors.

 

5.5            Admissions
and Third-Party Beneficiaries. This Agreement is a compromise of disputed Claims and shall not be deemed an admission of wrongdoing
or liability by any Party of any claim, cause of action, or allegation made by or against any Party to this Agreement. No rights shall
inure to any third-party, from the obligations, covenants, representations, warranties, and Agreements of the Parties made herein.

 

5.6            Further
Assurances. At any time after the Effective Date, each Party agrees to execute and deliver such other documents, instruments, and
writings and undertake such other actions as reasonably requested by another Party in order to carry out the purposes of this Agreement.

 

5.7            Severability.
In the event that any provision in or obligation under this Agreement shall be invalid, illegal, or unenforceable, such provision shall
be enforced to the fullest extent permitted by applicable law, and the validity, legality, or enforceability of other provisions in or
obligations under this Agreement will not in any way be affected or impaired thereby and the remainder of this Agreement will continue
in full force and effect and be enforceable to the fullest extent permitted by applicable law.

 

    -7-

     

    

 

5.8            Amendment
to Agreement. This Agreement and any provisions herein may be amended, modified, terminated, or waived only by an instrument in writing
signed by all Parties. Any waiver by either Party of any breach of any kind or character whatsoever by the other Party, whether such waiver
be direct or implied, shall not be construed as a continuing waiver of, or consent to, any subsequent breach of this Agreement on the
part of the other Party. For the avoidance of doubt, the Merger Agreement is amended by this Agreement to the extent specifically set
forth herein.

 

5.9            No
Other Representations and Non-Reliance. Neither Party nor any of their agents, employees or representatives have made any representation
or warranty, express or implied, regarding the terms of this Agreement that are not explicitly set forth herein. Any other representations
or warranties not contained in this Agreement are hereby expressly disclaimed by both parties. Further, the Parties expressly acknowledge
and agree that neither party nor any of their agents, employees, or representatives is relying on any other representation or warranty
of any party or their agents, employees or representatives, including the accuracy or completeness of any other representations and warranties,
whether express or implied, except as expressly set forth in this Agreement.

 

5.10            Each
of the Parties represents, warrants and agrees that (i) it has all requisite power and authority to execute and deliver this Agreement
and to take the actions contemplated by this Agreement, (ii) it has taken all necessary action to authorize the execution, delivery
and performance of this Agreement, (iii) the Agreement constitutes a legal, valid and binding obligation of each of the Parties and
(iv) the execution, delivery and performance of this Agreement by it will not result in any violation or be in conflict with its
certificate of incorporation, partnership agreement or other governing document, by-laws or any agreement, order, judgment, decree, statute,
rule or regulation applicable to it.

 

5.11            The
Parties expressly agree that any breach or threatened breach of this Agreement will result in irreparable harm to the non-breaching Party
and that money damages would not be a sufficient remedy for any breach or threatened breach of this Agreement by any Party or any of its
representatives. A Party shall be entitled to equitable relief, including, without limitation, injunctive relief, to prevent breaches
or threatened breaches of the provisions of this Agreement by any Party or any of its representatives, without the necessity of proving
actual damages or the posting of any bond, and specific performance, as a remedy of any such breach or threatened breach.

 

5.12            SRS
hereby acknowledges and agrees on behalf of the Stockholders that each Stockholder is solely responsible for his, her, or its own tax
obligations of any kind or nature, local, state or federal, including interest and penalties, if any, that may arise as a consequence
of payments made pursuant to this Agreement.

 

5.13            The
Parties acknowledge that the settlement and release contemplated hereby is a compromise of disputed Claims and that nothing herein shall
be construed as an admission of any liability, wrongdoing, error or omission on the part of any Party. By entering into this Agreement,
no Party makes any admission that it has engaged, or is now engaging, in any improper, unlawful or inequitable conduct.

 

    -8-

     

    

 

5.14            Counterparts.
This Agreement may be signed in counterparts, which separate signature pages taken together shall constitute the Agreement. Signatures
to this Agreement may be made and evidenced by original, photocopy, facsimile, or electronic signatures.

 

/ / / Signature Page Follows / / /

 

    -9-

     

    

 

IN WITNESS WHEREOF, the Parties
hereto have executed this Agreement effective as of the Effective Date, the latest date of execution and delivery by any of the Parties
below.

 

DATED this 15th day of July, 2022

 

	 	CELLDEX THERAPEUTICS, INC.
	 	 	 
	 	/s/ Anthony Marucci
	                	By:	Anthony Marucci
	 	Title:	President and CEO

 

DATED this 15th day of July, 2022

 

	 	SHAREHOLDER
    REPRESENTATIVE SERVICES LLC, solely in its capacity as the stockholders representative
	 	 	 
	 	/s/ Casey McTigue
	               	By:	Casey McTigue
	 	Title:	Managing Director

 

    -10-

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