Document:

Arthur Tinkelenberg

President & CEO

Enumeral Biomedical Corp.

One Kendall Square

Cambridge, MA 02139

 

CONFIDENTIAL AND PERSONAL

 

July 25, 2014

 

Kevin G. Sarney, CPA

28 Lakeview Road

Winchester, MA 01890

kgsarney@aol.com

 

Dear Kevin:

 

Through this offer letter, Enumeral Biomedical
Corp. (the “Company”) is pleased to offer you the position of Vice President of Finance and Chief Accounting Officer
(“VP Finance, CAO”) commencing on or about August 11, 2014. As VP Finance, CAO, you will report to Arthur Tinkelenberg,
Ph.D., President and CEO. You will work closely with John Rydzewski, Executive Chairman, and other members of senior management,
as designated by the President. Your principal job tasks will include management of all Company finance activities, including SEC
reporting, accounting, bookkeeping, budgeting, forecasting and the like, as has been discussed with you previously by John and
Arthur. You will participate in investor relations, corporate development, strategic analysis, proposal generation, and presentation
of materials to the Board of Directors, as directed by management.

 

You will work at the Company’s Cambridge
facility at One Kendall Square, and you will receive a base salary at the rate of $200,000 per annum (the “Base Salary”),
payable in semi-monthly equal installments on the 15th and last day of each month and subject to legally required deductions
and withholdings. At the discretion of the Board, you will also be eligible to earn a target bonus of up to 25% of your base salary,
pro-rated for the period you are employed in a given year, based on achievement of Target Milestones, as set forth on Exhibit 1,
payable in cash or stock, as determined by the Board of Directors of the Company (the “Board”). You will be expected
to devote 100% of your business time and energies to your work with the Company, and will engage in activities related to Enumeral’s
business objectives, as has been discussed with you by John and Arthur.

  

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In addition, subject to the approval of the
Board, the Company shall issue to you an incentive stock option pursuant to the terms and conditions of the Company’s 2010
Equity Incentive Plan to purchase 350,000 shares of Common Stock of the Company (the “Common Stock”), at a price per
share equal to the then-current fair market value of one share of Common Stock as of the date of grant (the “Option”).
Subject to approval of the Board, the Option Agreement will provide that 300,000 shares of the Option will have a four year vesting
schedule and one-quarter (1/4) of the Option will vest on the one year anniversary of the actual start date (the “Initial
Vest Date”); and (b) the remaining three-quarters (3/4) of the Option will vest in monthly installments beginning after the
Initial Vest Date and continuing over the next thirty-six (36) month period; 50,000 shares of the Option (the “Performance
Option”) will vest vest upon the earlier of (1) upon the price of the Company’s or the Parent Company, as applicable,
common stock being above $3, $4, $5, $6, $7, $8, $9 and $10 per share (each a “Price Based Vesting Milestone”) on a
volume-weighted daily basis (adjusted for any stock splits, recapitalizations or dividends) for at least 60 trading days (“Measuring
Period”) following the filing of the first registration statement with the Securities and Exchange Commission for registering
common stock of the Company or the Parent Company, as applicable, or for at least 30 trading days following the effective date
of the first registration statement (“Measuring Period”), with such vesting to occur evenly across all stock prices
provided that if a higher Price Based Vesting Milestone is maintained for the Measuring Period, then the lower Priced Based Vesting
Milestones shall also be deemed to have been achieved; or (2) entering into one or more collaborations or joint ventures with third
party biotechnology, pharmaceutical or other companies in the life sciences or healthcare industry sector under which the Company
or the Parent Company, as applicable, would receive gross proceeds of at least $20 million, with twenty five percent (25%) of the
shares covered by the Performance Option vesting upon each receipt by the Company or the Parent Company, applicable, of $5 million
increments of gross proceeds to the Company (“Collaboration Proceeds”). The above vesting is additive not exclusionary
and is based on the original amount of the grant, of the Performance Option without reduction for earlier vesting, meaning that,
for example, if the Company or the Parent Company, as applicable, achieves the Price Based Vesting Milestone for the Measuring
Period and then the Company or the Parent Company, as applicable, receives $5 million in Collaboration Proceeds, the Executive
would be entitled to vest on 6,250 shares or 12.5% of the original grant amount of Performance Option plus 12,500 shares or 25%
of the original grant amount of Performance Option.

 

You will be entitled to 15 (three weeks) days
of paid time off per year, 5 days of which shall carryover for three months following the anniversary of your date of hire, and
accruing at rate of 0.288 days/week from date of hire until first anniversary. Additionally, you will also be entitled to Company
recognized holidays.

 

The Company offers medical and dental insurance
and flexible spending account plans to its employees, and you will be eligible to participate in these plans in accordance with
the Company’s policies. As the Company offers additional benefits, you will be eligible to participate in such programs.
You should note that the Company may modify salaries and benefits from time to time as it deems necessary.

 

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In accepting this position, you confirm that
you are under no other employment obligation nor are bound by any other employment-related agreement. In connection with your employment,
you will be required to sign an Obligations Agreement, attached hereto, which will cover, among other things, employee invention,
non-disclosure, non-competition, and non-solicitation agreement. You also confirm that this offer is for employment “at will,”
which means that you or Company can terminate the employment at any time and for any reason or no reason at all. In addition, you
will be obligated to comply with Company’s standard employee policies and practices in effect from time to time.

 

Notwithstanding anything in this letter to
the contrary, this offer letter is effective upon signature by you. If you agree to the terms of this offer of employment, please
sign below and return this letter to me. We are confident your employment with the Company will prove mutually beneficial, and
we look forward to having you join us.

 

[signature block on next page]

 

    	Kevin Sarney	Page 3

    	

    

  

	 	Very truly yours,
	 	 
	 	/s/ Arthur Tinkelenberg
	 	Arthur Tinkelenberg
	 	President & CEO

 

	ACCEPTED BY:	 
	 	 
	/s/ Kevin G. Sarney	 
	Kevin G. Sarney	 
	Dated:7/25/2014	 

 

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Exhibit A

 

Target Milestones

 

For the 2014 annual period: Target Milestones
include, but are not limited to:

 

		·	Achieving revenue targets in line with or exceeding those of the Board-approved budget for the
year;

		·	Achievement of significant technical milestones;

		·	Expansion of a collaboration with existing partner, entering into a collaboration with a new partner,
involving joint discovery or development of products of the collaboration involving Corporation, or sale or license of an asset
produced by a Corporation internal discovery program, that results in the Corporation receiving up-front cash payments, milestones
and/or royalties;

		·	Receipt of grants and contracts from government or other agencies.

 

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OBLIGATIONS
AGREEMENT

 

This Obligations Agreement
(“Agreement”) is between the undersigned employee or consultant (“I” or “me”)
and Enumeral Biomedical Corp., a Delaware corporation (the “Company”) as of the date set forth on the signature
page to this Agreement. Capitalized terms used in this Agreement and not defined herein shall have the meaning set forth on Appendix
A.

 

In consideration of my
employment by or consulting relationship with the Company and the compensation paid to me by the Company, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, I agree as follows:

 

1.1          Best
Efforts. During the period of my employment by or consulting relationship with the Company (the period of any such association,
the “Term”), I shall devote my business time, the amount as agreed between me and the Company, and best efforts
to the business of the Company, and I shall not engage in any activities that will conflict with my obligations to the Company.

 

1.2          Compliance
with Laws, Policies, etc. I agree that I will act at all times during my employment, consulting relationship or other engagement
by the Company in a reputable manner and in conformance with all laws, rules and regulations. I will, in performing my duties to
the Company, and throughout the period of my employment, consulting relationship or engagement by the Company, (i) observe all
of the Company’s policies delivered to me in writing or published from time to time in any employee or policy manual which
is circulated generally by the Company, as the same from time to time are in effect and generally applicable to similarly situated
employees, consultants, directors, officers or others, as the case may be, and (ii) observe a high standard of integrity.

 

		2.	Confidential Information.

 

(a)
          I acknowledge that, except to the extent otherwise provided below in
this Section 2(a) or in Section 2(b) hereof, all Confidential Information disclosed to or acquired by me is a valuable, special,
and unique asset of the Company and I will hold such Confidential Information in trust for the Company’s sole benefit. Except
as otherwise provided below in this Section 2, I shall not, at any time (including, without limitation, after the Term), use for
myself or others, or disclose or communicate to any person for any reason, any Confidential Information without the prior written
consent of the Company. Notwithstanding anything in this Section 2(a) to the contrary, it is understood that, except to the extent
otherwise expressly prohibited by the Company, (A) I may disclose or use Confidential Information in performing my duties and responsibilities
to the Company but only to the extent required or necessary for the performance of such duties and responsibilities in the ordinary
course and within the scope of my association with the Company as an employee, consultant, officer or manager, and (B) I may disclose
any Confidential Information pursuant to a request or order of any court or governmental agency, provided, however, that
I promptly notify the Company of any such request or order and provide reasonable cooperation (at the Company’s expense)
in the efforts, if any, of the Company to contest or limit the scope of such request or order.

 

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(b)
          My obligations under Section 2(a) hereof as to Confidential Information
shall not apply to any Confidential Information which (i) is or becomes publicly known (as demonstrated by written evidence provided
by me) under circumstances involving no breach by me of this Agreement or (ii) was or is approved in writing for release by the
Board of Managers of the Company.

 

3.
          Absence of Conflicting Agreements; No Improper Disclosure
or Use of Materials. I understand that the Company does not desire to acquire from me any trade secrets, know-how or confidential
business information that I may have acquired from others, and I agree that I shall not disclose or use such information in connection
with my employment or other engagement by the Company in violation of my obligations to others. I represent that I am not bound
by any agreement or any other existing or previous business relationship which conflicts with or prevents the full performance
of my duties and obligations to the Company during the course of my employment or other engagement by the Company.

 

		4.	Inventions; Assignment

 

(a)          I
hereby acknowledge and agree that those Assigned Inventions and Proprietary Rights that are original works of authorship protectable
by copyright are “works made for hire,” as that term is defined in the United States Copyright Act (the “Work
Product”).

 

(b)          If
any component of the Assigned Inventions or Proprietary Rights either does not qualify as a “work made for hire” under
U.S. copyright law, or is subject to protection under patent, trademark, trade secret or other intellectual property law, I hereby
irrevocably and exclusively assign to the Company all of my right, title and interest in and to any and all such Assigned Inventions
and Proprietary Rights. I agree to give the Company full and prompt written notice and disclosure of any Assigned Invention or
Proprietary Right and agree to execute such instruments of transfer, assignment, conveyance or confirmation and such other documents
as the Company may request to evidence, confirm or perfect the assignment of all of my right, title and interest in and to any
and all Assigned Inventions and Proprietary Rights. I hereby waive and quitclaim to the Company any and all claims of any nature
whatsoever that I may now or hereafter have for infringement of any Proprietary Rights assigned hereunder to the Company.

 

(c)          At
the request of the Company, I will assist the Company in every proper way (including, without limitation, by executing patent applications)
to obtain and enforce in any country in the world Proprietary Rights relating to any or all Assigned Inventions. My obligation
under this Section 4(c) shall continue after the Term.

 

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(d)          By
this Agreement, I hereby irrevocably constitute and appoint the Company as my attorney-in-fact for the purpose of executing, in
my name and on my behalf, (i) such instruments or other documents as may be necessary to evidence, confirm or perfect any
assignment pursuant to the provisions of this Section 4 or (ii) such applications, certificates, instruments or documents as may
be necessary to obtain or enforce any Proprietary Rights in any country of the world. This power of attorney is coupled with an
interest on the part of the Company and is irrevocable.

 

(e)          My
obligation to assign Assigned Inventions and Proprietary Rights shall not apply to any invention about which I can prove that:
(i) the invention was developed entirely on my own time and effort; (ii) no equipment, supplies, facilities, resources, trade secrets
or Confidential Information of the Company were used in the development of the invention and (iii) the invention does not
result from any work otherwise performed by me for the Company.

 

(f)          I
represent that the Inventions identified in the Appendix B, if any, attached hereto comprise all of the Inventions that
I have made or conceived prior to my employment by or consulting relationship with the Company, which Inventions are excluded from
this Agreement. I understand that it is only necessary to list the title of such Inventions and the purpose thereof but not details
of the Inventions itself. IF THERE ARE ANY SUCH INVENTIONS TO BE EXCLUDED, THE UNDERSIGNED SHOULD INITIAL HERE; OTHERWISE IT WILL
BE DEEMED THAT THERE ARE NO SUCH EXCLUSIONS. _____.

 

5.          Return
of Documents and Property. Upon the termination of my association with the Company as an employee, consultant, officer or
director or, if earlier, upon the request of the Company, I will promptly deliver to the Company, all documents, all other tangible
media (including all originals, copies, reproductions, digests, abstracts, summaries, analyses, notes, notebooks, drawings, manuals,
memoranda, records, reports, plans, specifications, devices, formulas, storage media, including software, and computer printouts)
and all other property in my actual or constructive possession or control that contain, reflect, disclose or relate to any Confidential
Information, Assigned Inventions or Proprietary Rights or that is owned or leased by the Company. I will destroy any related computer
entries on equipment or media not owned by the Company.

 

6.          Covenant
Not to Compete. I agree that the services to be rendered by me to the Company are special and unique. I agree that, during
the period commencing on the date of this Agreement and ending eighteen (18) months after the Term, I shall not, as an owner,
part-owner, partner, director, officer, trustee, employee, agent, consultant, joint venturer, stockholder, representative, sole
proprietor, independent contractor or in any other capacity, directly or indirectly engage in or participate in, on my own behalf
or the behalf of any business, organization or entity, any activity which is in competition with the then existing, planned or
proposed business of the Company, including without limitation, any products or services then being or proposed to be developed,
produced, manufactured, provided or marketed by the Company. The foregoing shall not prohibit me from owning less than one percent
(1%) or less of the outstanding equity securities of any corporation whose equity securities are regularly traded on any national
stock exchange or recognized “over-the-counter” market, nor shall it prohibit me from owning any interest, whether
as a creditor or stockholder, in the Company.

 

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7.          Non-solicitation.
During the period commencing on the date of this Agreement and ending eighteen (18) months after the Term, I shall not, as
an owner, part-owner, partner, director, officer, trustee, employee, agent, consultant, joint venturer, stockholder, sole representative,
sole proprietor or independent contractor, or in any other capacity directly or indirectly (a) solicit, divert or take away any
of the customers or business of the Company existing at the time of the termination of my employment or other engagement for the
Company (except to the extent my solicitation, diversion or taking away is with respect to a product or service that is not in
competition with the products or services being developed, produced, manufactured, provided or marketed by, or then included in
the business plan for implementation by, the Company at the date of the termination of my employment), or (b) solicit or discuss
with any employee or consultant of the Company, or with anyone who was an employee or consultant of the Company within the six
(6) month period prior thereto, the employment or other retention of such person by any other company, business organization or
other entity.

 

8.          No
Obligation of Employment. I understand my obligations under this Agreement are independent of any employment or consulting
relationship between me and the Company and do not create or give rise to any obligation on the part of the Company to maintain
me in its employ. I acknowledge and agree that my employment or other engagement by the Company is on an “at-will”
basis, and that, no other arrangement with the Company shall be construed to impose any minimum or fixed term of employment or
engagement.

 

9.          Unique
Nature of Agreement; Specific Enforcement. I agree and acknowledge that the rights and obligations set forth in this Agreement
are of a unique and special nature and that the Company is, therefore, without an adequate legal remedy in the event of my violation
of any of the covenants set forth in this Agreement. I agree, therefore, that, in addition to all other rights and remedies, at
law or in equity or otherwise, that may be available to the Company, each of the covenants made by me under this Agreement (including,
without limitation, the covenants made by me pursuant to Sections 1, 2, 4, 5, 6 and 7 hereof) shall be enforceable by injunction,
specific performance or other equitable relief, without any requirement that the Company have to post a bond or that the Company
have to prove any damages. I hereby agree, in connection with any action or proceeding to enforce any provisions of this Agreement,
to waive any claim or defense that the Company has an adequate remedy at law. I recognize and agree that the enforcement of this
Agreement is necessary to ensure the preservation, protection and continuity of the confidential business information, trade secrets
and goodwill of the Company.

 

10.          Independent
Counsel. I have been provided with an opportunity to consult with my own counsel with respect to this Agreement

 

		11.	Miscellaneous.

 

11.1.          Notices.
Any notice required or permitted to be given hereunder shall be in writing and shall be deemed to be properly given on the
date sent, if sent by fax with confirmed receipt, or the date of postmark when sent by registered or certified mail, return receipt
requested, addressed to the address set forth on the signature page or such other address as any party may give the other notice
of pursuant to this Section.

 

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11.2.          Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard
to conflicts of laws principles thereof. Any action to enforce, arising out of, or relating in any way to, any of the provisions
of this Agreement shall be brought and prosecuted in the state courts of the Commonwealth of Massachusetts or the United States
District Court for the District of Massachusetts and the parties consent to the jurisdiction of said courts and to service of
process by registered mail, return receipt requested, or by any other manner provided by law.

 

11.3.          Waivers;
Amendments. No waiver of any right hereunder by the Company or me shall operate as a waiver of any other right, or of the
same right with respect to any subsequent occasion for its exercise, or of any right to damages. No waiver by the Company or me
of any breach of this Agreement shall be held to constitute a waiver of any other breach or a continuation of the same breach.
All remedies provided by this Agreement are in addition to all other remedies provided by law, in equity or otherwise. This Agreement
may not be amended except in a writing signed by both the Company and me.

 

11.4.          Severability;
Reformation of Unenforceable Provisions. If any provision of this Agreement shall be declared void or unenforceable by any
judicial or administrative authority, the validity of any other provisions and of the entire Agreement shall not be affected thereby.
If one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to scope,
activity or subject matter so as to be unenforceable at law, such provision(s) shall be construed and reformed by the appropriate
judicial body by limiting and reducing it (or them), so as to be enforceable to the maximum extent compatible with the applicable
law as it shall then appear.

 

11.5.          Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

11.6.          Prior
Understandings. This Agreement represents the complete agreement of the Company and me with respect to the transactions contemplated
hereby and supersede all prior and contemporaneous agreements and understandings.

 

11.7.          Headings.
Headings in this Agreement are included for reference only and shall have no effect upon the construction or interpretation
of any part of this Agreement.

 

11.8.          Sealed
Instrument. This Agreement shall have the effect of an instrument executed under seal.

 

11.9.          Survival.
My obligations under this Agreement shall survive the termination of my relationship with the Company.

 

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11.10.          Assignment.
This Agreement shall be binding upon and inure to the benefit of me, the Company and our respective heirs, successors and
permitted assigns. This Agreement may be assigned by the Company to any affiliate of the Company and to any successor or assign
of all or a substantial portion of the Company’s business. I may not assign or transfer any or all of my rights or obligations
under this Agreement.

 

11.11.          Third
Party Beneficiaries. The provisions of this Agreement shall be for the exclusive benefit of the parties to this Agreement,
and their respective successors and assigns, and no third party is an intended beneficiary of, or shall be entitled to rely on,
the provisions of this Agreement.

 

[Remainder of Page Intentionally Left Blank,]

 

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IN WITNESS WHEREOF, I have executed and delivered
this Obligations Agreement as of this 25th day of July, 2014.

 

	 	/s/ Kevin Sarney
	 	Name:  [Employee]

 

ACCEPTED AND AGREED TO:

 

Enumeral Biomedical Corp.

 

By: /s/ Arthur Tinkelenberg

 

Name: Arthur Tinkelenberg

President & CEO

 

    	Kevin Sarney	Page 12

    	

    

 

Appendix
A

 

“Assigned Inventions”
shall mean (i) any and all Inventions that arise out of or are based upon any Confidential Information and (ii) except to the extent
otherwise provided in Section 4(e), any and all Inventions that are made, conceived, invented, discovered, originated, authored,
created, learned or reduced to practice by me, either alone altogether with others, during the Term, including without limitation
any portion of the Term occurring prior to the date of this Agreement. For purposes of this Agreement, the term “Proprietary
Rights” shall mean (x) any and all rights under or in connection with any patents, patent applications, copyrights, copyright
applications, trademarks, trademark applications, service marks, service mark applications, trade names, trade name applications,
mask works, trade secrets and other intellectual property rights with respect to Assigned Inventions and (y) the goodwill associated
with any and all of the rights referred to in the foregoing clause (x).

 

“Confidential Information”
shall mean all trade secrets, proprietary information, and other data and information, in any form, belonging to the Company or
any of its clients, customers, consultants, licensees, licensors, dealers or affiliates, that is held in confidence by the Company,
including, without limitation, computer software, contracts, business plans and arrangements, formulas, research papers, results
and data compounds, cell lines, tissue samples, non-public regulatory filings, laboratory and clinical data and results, information
regarding the biochemical processes customer, dealer and vendor lists, marketing materials, financial information, compensation
levels, research, Assigned Inventions and Proprietary Rights (each as defined in this Appendix A), information regarding
any aspect of the Company’s intellectual property position, information regarding any existing or proposed acquisition, strategic
alliance or joint venture, information regarding prices or costs of the Company’s products or services, and any other information
identified or treated as confidential by the Company or any of its clients, customers, vendors, dealers, consultants, licensees
or affiliates.

 

“Inventions” shall mean
all inventions, improvements, developments, concepts, ideas, expressions, processes, prototypes, plans, drawings, designs, models,
formulations, specifications, methods, techniques, shop-practices, discoveries, innovations, creations, technologies, formulas,
algorithms, data, computer databases, reports, laboratory notebooks, papers, writings, photographs, source and object codes, software
programs, other works of authorship, and know-how and show-how (including all records pertaining to any of the foregoing), whether
or not reduced to writing and whether or not patented or patentable or registered or registrable under patent, copyright, trademark
or similar laws.

 

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Appendix B

 

TITLE/PURPOSE OF INVENTIONS

 

The following is a complete
list of all Inventions and the purpose of those Inventions:

 

	 	 	No Inventions
	 	 	See Below

 

Inventions and purpose:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	Kevin Sarney	Page 14INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement ("Agreement"),
dated as of July 31, 2014 is by and between Enumeral Biomedical Holdings, Inc., a Delaware corporation (the "Company")
and ___________ (the "Indemnitee").

 

WHEREAS, Indemnitee is a director [or
officer] of the Company;

 

WHEREAS, both the Company and Indemnitee
recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies;

 

WHEREAS, the board of directors of the
Company (the "Board") has determined that enhancing the ability of the Company to retain and attract as directors
and officers the most capable persons is in the best interests of the Company and that the Company therefore should seek to assure
such persons that indemnification and insurance coverage is available; and

 

WHEREAS, in recognition of the need to
provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee's service as a director/officer
of the Company and to enhance Indemnitee's ability to serve the Company in an effective manner, and in order to provide such protection
pursuant to express contract rights (intended to be enforceable irrespective of, among other things, any amendment to the Company's
certificate of incorporation or bylaws (collectively, the "Constituent Documents"), any change in the composition
of the Board or any change in control or business combination transaction relating to the Company), the Company wishes to provide
in this Agreement for the indemnification of, and the advancement of Expenses (as defined in 1(f) below) to, Indemnitee
as set forth in this Agreement and to the extent insurance is maintained for the coverage of Indemnitee under the Company’s
directors' and officers' liability insurance policies.

 

NOW, THEREFORE, in consideration of the
foregoing and the Indemnitee's agreement to provide services to the Company, the parties agree as follows:

 

1.          Definitions.
For purposes of this Agreement, the following terms shall have the following meanings:

 

(a)          "Beneficial
Owner" has the meaning given to the term "beneficial owner" in Rule 13d-3 under the Securities Exchange Act
of 1934, as amended (the "Exchange Act").

 

(b)          "Change
in Control" means the occurrence after the date of this Agreement of any of the following events:

 

    	 

    	 

    

 

(i)          any
Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 30% or more of the
Company's then outstanding Voting Securities;

 

(ii)         the
consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation,
all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly
or indirectly, more than 50% of the combined voting power of the outstanding Voting Securities of the entity resulting from such
transaction;

 

(iii)        during
any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the
beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination
for election by the Company's stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office
who either were directors at the beginning of the period or whose election or nomination for election was previously so approved)
cease for any reason to constitute at least a majority of the Board; or

 

(iv)        the
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale or
disposition by the Company of all or substantially all of the Company's assets.

 

(c)          "Claim"
means:

 

(i)          any
threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal,
administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

 

(ii)         any
inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding
or alternative dispute resolution mechanism.

 

(d)          "Delaware
Court" shall have the meaning ascribed to it in Section 9(e) below.

 

(e)          "Disinterested
Director" means a director of the Company who is not and was not a party to the Claim in respect of which indemnification
is sought by Indemnitee.

 

(f)          "Expenses"
means any and all expenses, including attorneys' and experts' fees, court costs, transcript costs, travel expenses, duplicating,
printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating, defending,
being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim.
Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Claim, including without limitation
the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent,
and (ii) for purposes of Section 5 only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or
defense of Indemnitee's rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid
in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. The parties agree that for the purposes of
any advancement of Expenses for which Indemnitee has made written demand to the Company in accordance with this Agreement, all
Expenses included in such demand that are certified by affidavit of Indemnitee's counsel as being reasonable shall be presumed
conclusively to be reasonable.

 

    	2

    	 

    

 

(g)          "Expense
Advance" means any payment of Expenses advanced to Indemnitee by the Company pursuant to Section 4 or Section
5 hereof.

 

(h)          "Indemnifiable
Event" means any event or occurrence, whether occurring before, on or after the date of this Agreement, related to the
fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or
was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation,
limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, "Enterprise")
or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any
Loss is incurred for which indemnification can be provided under this Agreement).

 

(i)          "Independent
Counsel" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
performs, nor in the past five years has performed, services for either: (i) the Company or Indemnitee (other than in connection
with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (ii) any other party
to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel"
shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict
of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

 

(j)          "Losses"
means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA
excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign
taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable
in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend,
be a witness or participate in, any Claim.

 

(k)          "Person"
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association,
organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange
Act.

 

    	3

    	 

    

 

(l)          "Standard
of Conduct Determination" shall have the meaning ascribed to it in Section 9(b) below.

 

(m)          "Voting
Securities" means any securities of the Company that vote generally in the election of directors.

 

2.          Services
to the Company. Indemnitee agrees to serve as a director or officer of the Company for so long as Indemnitee is duly elected
or appointed or until Indemnitee tenders his or her resignation or is no longer serving in such capacity. This Agreement shall
not be deemed an employment agreement between the Company (or any of its subsidiaries or Enterprise) and Indemnitee. Indemnitee
specifically acknowledges that his/her service to the Company or any of its subsidiaries or Enterprise is at will and the Indemnitee
may be discharged at any time for any reason, with or without cause, except as may be otherwise provided in any written employment
agreement between Indemnitee and the Company (or any of its subsidiaries or Enterprise), other applicable formal severance policies
duly adopted by the Board or, with respect to service as a director or officer of the Company, by the Company's Constituent Documents
or Delaware law. This Agreement shall continue in force after Indemnitee has ceased to serve as a director or officer of the Company
or, at the request of the Company, of any of its subsidiaries or Enterprise, as provided in Section 12 hereof.

 

3.          Indemnification.
Subject to Section 9 and Section 10 of this Agreement, the Company shall indemnify Indemnitee, to the fullest extent
permitted by the laws of the State of Delaware in effect on the date hereof, or as such laws may from time to time hereafter be
amended to increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes
a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part
out of an Indemnifiable Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought
by third parties, and Claims in which the Indemnitee is solely a witness.

 

4.          Advancement
of Expenses. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by
final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred
by Indemnitee in connection with any Claim arising out of an Indemnifiable Event. Indemnitee's right to such advancement is not
subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within 30 days
after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee,
(b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In
connection with any request for Expense Advances, Indemnitee shall not be required to provide any documentation or information
to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. In connection with
any request for Expense Advances, Indemnitee shall execute and deliver to the Company an undertaking to repay any amounts paid,
advanced, or reimbursed by the Company for such Expenses to the extent that it is ultimately determined, following the final disposition
of such Claim, that Indemnitee is not entitled to indemnification hereunder. Indemnitee's obligation to reimburse the Company for
Expense Advances shall be unsecured and no interest shall be charged thereon.

 

    	4

    	 

    

 

5.          Indemnification
for Expenses in Enforcing Rights. To the fullest extent allowable under applicable law, the Company shall also indemnify against,
and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with Section 4, any Expenses actually
and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification
or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement
or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events, and/or
(b) recovery under any directors' and officers' liability insurance policies maintained by the Company. However, in the event that
Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case may be, then
all amounts advanced under this Section 5 shall be repaid. Indemnitee shall be required to reimburse the Company in the
event that a final judicial determination is made that such action brought by Indemnitee was frivolous or not made in good faith.

 

6.          Partial
Indemnity. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion
of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless
indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

 

7.          Notification
and Defense of Claims.

 

(a)          Notification
of Claims. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable
Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available
to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder
shall not relieve the Company from any liability hereunder unless the Company's ability to participate in the defense of such claim
was materially and adversely affected by such failure. If at the time of the receipt of such notice, the Company has directors'
and officers' liability insurance in effect under which coverage for Claims related to Indemnifiable Events is potentially available,
the Company shall give prompt written notice to the applicable insurers in accordance with the procedures set forth in the applicable
policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all
subsequent correspondence between the Company and such insurers regarding the Claim, in each case substantially concurrently with
the delivery or receipt thereof by the Company.

 

    	5

    	 

    

 

(b)          Defense
of Claims. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its
own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with
counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense
of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently
directly incurred by Indemnitee in connection with Indemnitee's defense of such Claim other than reasonable costs of investigation
or as otherwise provided below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses
related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee's own expense;
provided, however, that if (i) Indemnitee's employment of its own legal counsel has been authorized by the Company, (ii) Indemnitee
has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense of such Claim,
(iii) after a Change in Control, Indemnitee's employment of its own counsel has been approved by the Independent Counsel or (iv)
the Company shall not in fact have employed counsel to assume the defense of such Claim, then Indemnitee shall be entitled to retain
its own separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any such Claim) and all
Expenses related to such separate counsel shall be borne by the Company.

 

8.          Procedure
upon Application for Indemnification. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit
to the Company a written request therefor, including in such request such documentation and information as is reasonably available
to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following
the final disposition of the Claim, provided that documentation and information need not be so provided to the extent that the
provision thereof would undermine or otherwise jeopardize attorney-client privilege. Indemnification shall be made insofar as the
Company determines Indemnitee is entitled to indemnification in accordance with Section 9 below.

 

9.          Determination
of Right to Indemnification.

 

(a)          Mandatory
Indemnification; Indemnification as a Witness.

 

(i)          To
the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable
Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice,
Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with Section 3 to the fullest extent
allowable by law, and no Standard of Conduct Determination (as defined in Section 9(b)) shall be required.

 

(ii)         To
the extent that Indemnitee's involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness,
and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent
allowable by law and no Standard of Conduct Determination (as defined in Section 9(b)) shall be required.

 

(b)          Standard
of Conduct. To the extent that the provisions of Section 9(a) are inapplicable to a Claim related to an Indemnifiable
Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of
conduct under Delaware law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating
to such Claim and any determination that Expense Advances must be repaid to the Company (a "Standard of Conduct Determination")
shall be made as follows:

 

    	6

    	 

    

 

(i)          if
no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board,
(B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than
a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board,
a copy of which shall be delivered to Indemnitee; and

 

(ii)         if
a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested
Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the
Board, a copy of which shall be delivered to Indemnitee.

 

The Company shall indemnify and hold harmless Indemnitee
against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within 30 days of such request,
any and all Expenses incurred by Indemnitee in cooperating with the person or persons making such Standard of Conduct Determination.

 

(c)          Making
the Standard of Conduct Determination. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination
required under Section 9(b) to be made as promptly as practicable. If the person or persons designated to make the Standard
of Conduct Determination under Section 9(b) shall not have made a determination within 30 days after the later of (A) receipt
by the Company of a written request from Indemnitee for indemnification pursuant to Section 8 (the date of such receipt
being the "Notification Date") and (B) the selection of an Independent Counsel, if such determination is to be
made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that
such 30-day period may be extended for a reasonable time, not to exceed an additional 30 days if the person or persons making such
determination in good faith requires such additional time to obtain or evaluate information relating thereto. Notwithstanding anything
in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall
be required to be made prior to the final disposition of any Claim.

 

(d)          Payment
of Indemnification. If, in regard to any Losses:

 

(i)          Indemnitee
shall be entitled to indemnification pursuant to Section 9(a);

 

(ii)         no
Standard Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

 

    	7

    	 

    

 

(iii)        Indemnitee
has been determined or deemed pursuant to Section 9(b) or Section 9(c) to have satisfied the Standard of Conduct
Determination,

 

then the Company shall pay to Indemnitee, within five days
after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified in clause (i),
(ii) or (iii) is satisfied, an amount equal to such Losses.

 

(e)          Selection
of Independent Counsel for Standard of Conduct Determination. If a Standard of Conduct Determination is to be made by Independent
Counsel pursuant to Section 9(b)(i), the Independent Counsel shall be selected by the Board of Directors, and the Company
shall give written notice to Indemnitee advising him of the identity of the Independent Counsel so selected. If a Standard of Conduct
Determination is to be made by Independent Counsel pursuant to Section 9(b)(ii), the Independent Counsel shall be selected
by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so
selected. In either case, Indemnitee or the Company, as applicable, may, within five days after receiving written notice of selection
from the other, deliver to the other a written objection to such selection; provided, however, that such objection may be asserted
only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of "Independent
Counsel" in Section 1(i), and the objection shall set forth with particularity the factual basis of such assertion.
Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such written objection
is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless
and until such objection is withdrawn or a court has determined that such objection is without merit; and (ii) the non-objecting
party may, at its option, select an alternative Independent Counsel and give written notice to the other party advising such other
party of the identity of the alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding
sentences, the introductory clause of this sentence and numbered clause (i) of this sentence shall apply to such subsequent selection
and notice. If applicable, the provisions of clause (ii) of the immediately preceding sentence shall apply to successive alternative
selections. If no Independent Counsel that is permitted under the foregoing provisions of this Section 9(e) to make the
Standard of Conduct Determination shall have been selected within 20 days after the Company gives its initial notice pursuant to
the first sentence of this Section 9(e) or Indemnitee gives its initial notice pursuant to the second sentence of this Section
9(e), as the case may be, either the Company or Indemnitee may petition the Court of Chancery of the State of Delaware ("Delaware
Court") to resolve any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent
Counsel and/or to appoint as Independent Counsel a person to be selected by the Court or such other person as the Court shall designate,
and the person or firm with respect to whom all objections are so resolved or the person or firm so appointed will act as Independent
Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection
with the Independent Counsel’s determination pursuant to Section 9(b).

 

    	8

    	 

    

 

(f)          Presumptions
and Defenses.

 

(i)          Indemnitee's
Entitlement to Indemnification. In making any Standard of Conduct Determination, the person or persons making such determination
shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company
shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct
Determination that is adverse to Indemnitee may be challenged by the Indemnitee in the Delaware Court. No determination by the
Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct
may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment
of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

 

(ii)         Reliance
as a Safe Harbor. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following
circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed
to be in or not opposed to the best interests of the Company if Indemnitee's actions or omissions to act are taken in good faith
reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements
furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or
by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee
reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable
care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent
or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

 

(iii)        No
Other Presumptions. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with
or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that
Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is
otherwise not permitted.

 

(iv)        Defense
to Indemnification and Burden of Proof. It shall be a defense to any action brought by Indemnitee against the Company to enforce
this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an
Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify
Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden
of proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

 

    	9

    	 

    

 

(v)         Resolution
of Claims. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the
merits or otherwise for purposes of Section 9(a)(i) if it permits a party to avoid expense, delay, distraction, disruption
and uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any
manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding
with our without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits
or otherwise for purposes of Section 9(a)(i). The Company shall have the burden of proof to overcome this presumption.

 

10.         Exclusions
from Indemnification. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to:

 

(a)          indemnify
or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings
against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

 

(i)          proceedings
referenced in Section 5 above (unless a court of competent jurisdiction determines that each of the material assertions
made by Indemnitee in such proceeding was not made in good faith or was frivolous); or

 

(ii)         where
the Company has joined in or the Board has consented to the initiation of such proceedings.

 

(b)          indemnify
Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable
law.

 

(c)          indemnify
Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation
of Section 16(b) of the Exchange Act, or any similar successor statute.

 

(d)          indemnify
or advance funds to Indemnitee for Indemnitee's reimbursement to the Company of any bonus or other incentive-based or equity-based
compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of
the Company, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley
Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the
purchase or sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).

 

11.         Settlement
of Claims. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened
or pending Claim related to an Indemnifiable Event effected without the Company's prior written consent, which shall not be unreasonably
withheld; provided, however, that if a Change in Control has occurred, the Company shall be liable for indemnification of the Indemnitee
for amounts paid in settlement if an Independent Counsel has approved the settlement. The Company shall not settle any Claim related
to an Indemnifiable Event in any manner that would impose any Losses on the Indemnitee without the Indemnitee's prior written consent.

 

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12.         Duration.
All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or
officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent
of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to
an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any
rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either
case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

 

13.         Non-Exclusivity.
The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents,
the General Corporation Law of the State of Delaware, any other contract or otherwise (collectively, "Other Indemnity Provisions");
provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other
Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made
to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as
of the date hereof, Indemnitee will be deemed to have such greater right hereunder. The Company will not adopt any amendment to
any of the Constituent Documents the effect of which would be to deny, diminish or encumber Indemnitee's right to indemnification
under this Agreement or any Other Indemnity Provision.

 

14.         Liability
Insurance.

 

(a)          
For the duration of Indemnitee's service as a director or officer of the Company, and thereafter for so long as Indemnitee shall
be subject to any pending Claim relating to an Indemnifiable Event, the Company shall use commercially reasonable efforts (taking
into account the scope and amount of coverage available relative to the cost thereof) to continue to maintain in effect policies
of directors' and officers' liability insurance providing coverage that is at least substantially comparable in scope and amount
to that provided by the Company's current policies of directors' and officers' liability insurance. In all policies of directors'
and officers' liability insurance maintained by the Company, Indemnitee shall be named as an insured in such a manner as to provide
Indemnitee the same rights and benefits as are provided to the most favorably insured of the Company's directors, if Indemnitee
is a director, or of the Company's officers, if Indemnitee is an officer (and not a director) by such policy. Upon request, the
Company will provide to Indemnitee copies of all directors' and officers' liability insurance applications, binders, policies,
declarations, endorsements and other related materials.

 

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(b)          The
Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of expenses and/or insurance
provided by his or her employer or other entities (including, without limitation, Harris & Harris Group, Inc.) other than the
Company and certain of its or their affiliates (collectively, the “Other Indemnitors”). The Company hereby agrees (i)
that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Other Indemnitors
to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), (ii)
that it shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount
of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by
the terms of this Agreement and the Certificate of Incorporation, as amended, or Bylaws, as amended, of the Company (or any other
agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Other Indemnitors,
and, (iii) that it irrevocably waives, relinquishes and releases the Other Indemnitors from any and all claims against the Other
Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that
no advancement or payment by the Other Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought
indemnification from the Company shall affect the foregoing and the Other Indemnitors shall have a right of contribution and/or
be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company.
The Company and Indemnitee agree that the Other Indemnitors are express third party beneficiaries of the terms of this Section
14(b).

 

15.         No
Duplication of Payments. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect
of any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other
Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

 

16.         Subrogation.
In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all
of the rights of recovery of Indemnitee. Indemnitee shall execute all papers required and shall do everything that may be necessary
to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce
such rights.

 

17.         Amendments.
No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto.
No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against
whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether
or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise
or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

 

18.         Binding
Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their
respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially
all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company
shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially
all or a substantial part of the business and/or assets of the Company, by written agreement in form and substances satisfactory
to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company
would be required to perform if no such succession had taken place.

 

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19.         Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof)
are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions
shall remain enforceable to the fullest extent permitted by law. Upon such determination that any term or other provision is invalid,
illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby
be consummated as originally contemplated to the greatest extent possible.

 

20.         Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given
if delivered by hand, against receipt, or mailed, by postage prepaid, certified or registered mail:

 

(a)          if
to Indemnitee, to the address set forth on the signature page hereto.

 

(b)          if
to the Company, to: Enumeral Biomedical Holdings, Inc.

One Kendall Square

Building 400, 4th Floor

Cambridge, Massachusetts 02139

Attn: Chief Executive Officer

 

Notice of change of address shall be effective
only when given in accordance with this Section. All notices complying with this Section shall be deemed to have been received
on` the date of hand delivery or on the third business day after mailing.

 

21.         Governing
Law and Forum. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware
applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts of laws. The
Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection
with this Agreement shall be brought only in the Delaware Court and not in any other state or federal court in the United States,
and (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising
out of or in connection with this Agreement, and (c) waive, and agree not to plead or make, any claim that the Delaware Court lacks
venue or that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

 

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22.         Headings.
The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute
part of this Agreement or to affect the construction or interpretation thereof.

 

23.         Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, but
all of which together shall constitute one and the same Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

    	14

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date first above written.

 

	 	ENUMERAL BIOMEDICAL HOLDINGS, INC.
	 	 	 	 	 	 
	 	By:	 	 	 	 
	 	Name: Arthur Tinkelenberg
	 	Title: President and CEO
	 	 	 	 	 	 
	 	INDEMNITEE	 
	 	 	 	 	 	 
	 	Name:	 	 	 
	 	Address:	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	15

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