Document:

Exhibit 10.1
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.
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MUTUAL CONFIDENTIAL SETTLEMENT AND RELEASE AGREEMENT
This MUTUAL CONFIDENTIAL SETTLEMENT AND RELEASE AGREEMENT (“Release Agreement”) is made and entered into as of this 15th day of April 2021 (the “Effective Date”), by and among (i) XOMA (US) LLC (“XOMA” or “Claimant”) and (ii) Affimed N.V., Affimed GmbH (“Affimed”), AbCheck s.r.o. and AbCheck Inc. (collectively, “Respondents”);
WHEREAS XOMA Ireland Limited and Affimed Therapeutics AG entered into a License Agreement dated September 29, 2006 (the “License”);
WHEREAS XOMA is the successor to XOMA Ireland Limited and acquired all of XOMA Ireland Limited’s rights and obligations under the License;
WHEREAS Affimed is the successor to Affimed Therapeutics AG and acquired all of Affimed Therapeutic AG’s rights and obligations under the License;
WHEREAS the State of Delaware has certified that AbCheck Inc., a former corporation organized under the laws of that state, was dissolved and its existence terminated effective February 13, 2020;
WHEREAS Claimant initiated an arbitration against Respondents (the “Arbitration”) administered by [*] Case No. [*], and pending before an arbitral tribunal (the “Tribunal”); and
WHEREAS Claimant and Respondents desire to terminate the License and the Arbitration, and to resolve any and all Claims (as defined herein) between or among them upon the terms and conditions set forth in this Release Agreement;
NOW, THEREFORE, for and in consideration of the foregoing recitals and the consideration contained herein, the adequacy and sufficiency of which are hereby acknowledged, Claimant and Respondents (each a “Party” and together, the “Parties”) agree as follows:
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1.Definitions. For purposes of this Release Agreement:
1.1“AFM13” means Affimed’s multivalent bispecific innate-cell engager named AFM13, which specifically targets CD16A and CD30.
1.2“AFM24” means Affimed’s multivalent bispecific innate-cell engager named AFM24, which specifically targets CD16A and EGFR.
1.3“[*]” means Affimed’s [*] innate-cell engager named [*], which [*].
1.4“AFM13 Backup Compound” means and includes any multivalent bispecific innate-cell engager which specifically targets CD16A and CD30, and substitutes for AFM13.
1.5“AFM24 Backup Compound” means and includes any multivalent bispecific innate-cell engager which specifically targets CD16A and EGFR, and substitutes for AFM24.
1.6“[*] Backup Compound” means and includes any [*] innate-cell engager which [*], and substitutes for [*].
1.7“Affimed Collaborator” means and includes any Third Party, including but not limited to any licensee or sub-licensee, with whom Respondents share the economic risk of development or commercialization of the products subject to payments under paragraph 2.1 herein. For the avoidance of doubt, any Third Party who pays Respondents milestones or payments with respect to sales of AFM13, AFM24 or [*] or any of their respective Backup Compounds with respect to the development or commercialization thereof shall be deemed to be an Affimed Collaborator.
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

1.8“Claim” means and includes any and all legal or equitable claims,
cross claims, and counter-claims (including any complaints, suits, petitions or statements of claim in arbitration), causes of action, demands, debts, obligations, promises, allegations of wrongdoing or liability (based on any legal or equitable theories, duties or obligations, any contracts, agreements or understandings, or any other facts and circumstances) and demands for legal, equitable or administrative remedies or relief (including claims for damages, punitive damages, rescission, reformation, restitution, disgorgement, accounting, attorneys’ fees or expenses, interest or costs, pre- and post-judgment interest of every nature and description whatsoever), whether arising under any statutory or case law (no matter whether contractual or non-contractual causes) or the License, or related in any way to the License, that has or could have been, may or could be asserted in or before any court, arbitration, tribunal or administrator, or in any legal or equitable proceeding, regardless of whether they are known or unknown, foreseen or unforeseen, fixed or contingent, matured or unmatured, or liquidated or unliquidated.
1.9“Claimant Released Claims” means and includes all Claims of every nature, character and description, known and unknown, that the Claimant Releasing Parties, or any of them, now owns or holds, has at any time heretofore owned or held, or may at any time own or hold, by reason of, in connection with, relating to or arising out of any act, omission or thing caused or suffered to be done, from the beginning of time through and including the Effective Date, against one or more of the Respondents Releasing Parties, and any Claim that Claimant asserted or could have asserted in the Arbitration, that in any way arises out of, is connected with or relates to: (a) the License; (b) the Arbitration and/or the allegations
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

contained in the Demand for Arbitration dated [*] or subsequent filings made by the Parties therein; or (c) the XOMA Patent Rights or Know-How.1 
1.10 “Claimant Releasing Parties” means and includes Claimant and each of its past, current and future Affiliates, predecessors, successors, assigns, limited and general partners, agents, shareholders, members, directors, supervisors, officers, employees, attorneys, accountants, parents and subsidiaries.
1.11 “First Commercial Sale” means and includes the initial transfer by any Respondent and/or Affimed Collaborator or any of their respective Affiliates (either directly or through a Third Party, including without limitation any joint venture or similar arrangement in which any Respondent or any Affimed Collaborator is a participant) of any product subject to payments under paragraph 2.1 herein for value and not for demonstration, testing or promotional purposes.
1.12 “Net Sales” means and includes the gross amount invoiced by any Respondent or Affimed Collaborator or any of their respective Affiliates (either directly or through a Third Party, including without limitation any joint venture or similar arrangement in which any Respondent or any Affimed Collaborator is a participant) to an independent Third Party less the following items:
1.12.1 Trade, cash and quantity discounts actually allowed and taken directly with respect to such sales;

1 Any capitalized terms not otherwise defined herein shall have the meaning assigned to them in the License, which terms are expressly incorporated by reference into this Release Agreement as if fully set forth herein.
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1.12.2 Excises, sales taxes or other taxes imposed upon and paid directly with respect to such sales (excluding national, state or local taxes based income); 
1.12.3 Amounts repaid or credited by reason of rejections, defects, recalls or returns or because of rebates or retroactive price reduction; and
1.12.4 Freight, transportation and insurance.
For the avoidance of doubt, “Net Sales” shall only include sales of the products subject to payments under paragraph 2.1 for therapeutic use, and do not include, for example, the value of sales of any companion diagnostic.
1.13 “Respondents Released Claims” means and includes all Claims of every nature, character and description, known and unknown, that Respondents Releasing Parties, or any of them, now own or hold, have at any time heretofore owned or held, or may at any time own or hold, by reason of, in connection with, relating to or arising out of any act, omission or thing caused or suffered to be done, from the beginning of time through and including the Effective Date, against one or more of the Claimant Releasing Parties, and any Claim that Respondents asserted or could have asserted in the Arbitration, that in any way arise out of, are connected with or relate to: (a) the License; (b) the Arbitration and/or the allegations contained in the Demand for Arbitration dated [*] or subsequent filings made by the Parties therein; (c) Affimed Patent Rights or Affimed Technology; or (d) the XOMA Patent Rights or XOMA Know-How.
1.14 “Respondents Releasing Parties” means and includes Respondents and each of their past, current and future Affiliates, predecessors, successors, assigns, limited and general partners, agents, shareholders, members, directors, supervisors, officers, employees, attorneys, accountants, auditors, parents and subsidiaries.
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2. Payments. In consideration of the termination of the License and the dismissal with prejudice of the Arbitration set forth in paragraph 5, the releases in favor of the Respondents Releasing Parties by the Claimant Releasing Parties set forth in paragraph 4.1, and the releases in favor of the Claimant Releasing Parties by the Respondents Releasing Parties set forth in paragraph 4.2, and in full and final satisfaction of all Claimant Released Claims, the Parties agree that Affimed shall pay to Claimant the following:
2.1Payments on Net Sales of any product containing AFM13, AFM24 or [*] or, if applicable, any of their respective Backup Compounds, whether [*] or [*] for a period of [*] years following, on a country-by-country and compound-by-compound basis, the First Commercial Sale of a product containing such compound at the rates set forth in paragraphs 2.1.1 – 2.1.4;
2.1.1 [*] of Net Sales for products containing AFM13 or any AFM13 Backup
Compound, except when sold in the form described in paragraph 2.1.4;
2.1.2 [*] of Net Sales for products containing [*] or any [*] Backup Compound, except when sold in the form described in paragraph 2.1.4;
2.1.3 [*] of Net Sales for products containing AFM24 or any AFM24 Backup Compound, except when sold in the form described in paragraph 2.1.4; and
2.1.4 [*] of Net Sales of any product containing pre-loaded innate cells containing AFM13, AFM24 or [*] or any of their respective Backup Compounds.
2.2A single milestone payment of [*] for each of AFM13, AFM24 and [*] or their respective Backup Compounds, which shall each be due and
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payable, per compound, upon the first marketing authorization obtained for any product containing such compound and shall be paid within [*] days thereof.
3. The payment obligations pursuant to paragraphs 2.1 and 2.2 herein shall be subject to the following:
3.1Payments; Currency. All payments due hereunder shall be paid by wire transfer in U.S. dollars in immediately available funds to an account designated by XOMA. Payments required pursuant to paragraph 2.1 hereof shall be due and payable when the corresponding Net Sales are received by any Respondent or Affimed Collaborator or any of their respective Affiliates (including without limitation any joint venture or similar arrangement in which any Respondent or any Affimed Collaborator is a participant) and shall be paid (a) in the case of any such Net Sales received by a Respondent or an Affiliate thereof, within [*] days of the date on which the corresponding Net Sales are received by such Respondent or Affiliate, or (b) in the case of any such Net Sales received by an Affimed Collaborator or any of its Affiliates (including without limitation any joint venture or similar arrangement in which any Respondent or any Affimed Collaborator is a participant), within [*] days of the end of each calendar quarter in which the corresponding Net Sales are received by such Affimed Collaborator or Affiliate (or such joint venture or similar arrangement). If any currency conversion shall be required in connection with any payment hereunder, such conversion shall be made by using the exchange rate for the purchase of U.S. dollars quoted in the U.S. version of the Wall Street Journal on the last business day of the calendar quarter to which such payments relate.
3.2Payment Reports. Affimed shall make a written report to XOMA within [*] days of the achievement of each of the milestones set forth in paragraph 2.2,
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stating in each such report the product to which such milestone relates and the specific milestone achieved, including the relevant agency or other regulatory body. After the First Commercial Sale of a product subject to payments under paragraph 2.1, Affimed shall make quarterly written reports to XOMA as follows: (a) within [*] days after the end of each calendar quarter in the case of any Net Sales received by a Respondent or an Affiliate thereof, and (b) within [*] days after the end of each calendar quarter in the case of any Net Sales received by an Affimed Collaborator or any of its Affiliates (including without limitation any joint venture or similar arrangement in which any Respondent or any Affimed Collaborator is a participant), stating in each such report the description and aggregate Net Sales of each such product sold during the applicable calendar quarter. XOMA shall treat all such reports as Confidential Information of Affimed.
3.3Payment Records and Inspection. Prior to First Commercial Sale (on a product-by-product and country-by-country basis), within [*] days following each [*] after the Effective Date, Affimed shall provide a written report to XOMA detailing the current developmental status for each of AFM13, AFM24, and [*] or their respective Backup Compounds. Nothing in the first sentence of this paragraph 3.3 shall require Affimed to provide to XOMA material non-public information that it is prohibited from disclosing to XOMA under applicable law or regulations, including U.S. securities laws and regulations. Affimed shall keep complete, true and accurate books and records for the purpose of determining the amounts payable under this Agreement. Such books and records shall be kept for at least [*] years following the end of the calendar quarter to which they pertain. Upon the written request of XOMA and not more than [*] in each calendar year, Affimed shall permit representatives of [*] firms providing professional accounting and auditing
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services (“Consultant”) appointed by XOMA and reasonably acceptable to Affimed to have access during normal business hours to such of the records as may be reasonably necessary to verify the accuracy of the payment reports hereunder for any year ending not more than [*] prior to the date of such request. The Consultant shall disclose to XOMA only the results and conclusions of its review and the specific details concerning any discrepancies. No other information shall be shared by the Consultant without the prior consent of Affimed unless disclosure is required by law, regulation or judicial order. Inspections conducted under this paragraph 3.3 shall be at the expense of XOMA, unless an underpayment exceeding [*] of the amount stated for the full period covered by the inspection is identified, in which case all out-of-pocket costs relating to the inspection will be paid promptly by Affimed. Any underpayments or unpaid amounts discovered by such inspections or otherwise will be paid promptly by Affimed, with interest from the date(s) such amount(s) were due at an annual rate equal to the lesser of the prime rate reported by the Bank of America plus [*] or the highest interest rate permitted under applicable law.
4.Releases and Waivers by the Parties. 
4.1In consideration for the payments set out in paragraph 2, the terminations provided for in paragraph 5, and the release by Respondents provided for in paragraph 4.2, Claimant, on behalf of itself and the other Claimant Releasing Parties, hereby releases and forever discharges the Respondents Releasing Parties of and from all Claimant Released Claims, except that nothing in this paragraph 4.1 shall release any of the Respondents Releasing Parties from any obligation under this Release Agreement. This release by Claimant shall become effective on the Effective Date.
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4.2In consideration of the terminations provided for in paragraph 5
and the release by Claimant provided for in paragraph 4.1, Respondents, on behalf of themselves and the other Respondents Releasing Parties, hereby release and forever discharge the Claimant Releasing Parties of and from all Respondents Released Claims, except that nothing in this paragraph 4.2 shall release the Claimant Releasing Parties from any obligation under this Release Agreement. This release shall become effective when the release set forth in paragraph 4.1 becomes effective.
5.Termination of the Arbitration and License. On the Effective Date, Claimant shall cause its counsel to submit an email to the Tribunal substantially in the form of Appendix A of this Release Agreement stating that it is withdrawing its claims with prejudice and requesting that the Tribunal terminate the Arbitration. The Parties further agree that the License has terminated. All obligations under the License are accordingly terminated regardless of any language to the contrary in Section 9.5 of the License, except Article 7 (Confidentiality) and Sections 10.1 (Governing Laws), and 10.6 (Notices) of the License shall survive termination.
6.Covenants Not to Sue. 
6.1Claimant, on behalf of itself and the other Claimant Releasing Parties, agrees that they will not commence or maintain any lawsuit, claim, demand or proceeding in any jurisdiction that is based upon or related to any of the Claimant Released Claims. Claimant agrees that any actual or alleged breach of this Release Agreement shall not entitle Claimant to revive any Claimant Released Claims, and that Claimant’s sole recourse shall be the enforcement of this Release Agreement.
6.2Respondents, on behalf of themselves and the other Respondents Releasing Parties, agree that they will not commence or maintain any lawsuit, claim, demand or
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

proceeding in any jurisdiction that is based upon or related to any of the Respondents Released Claims. Respondents agree that any actual or alleged breach of this Release Agreement shall not entitle Respondents to revive any Respondents Released Claims and Respondents’ sole recourse shall be the enforcement of this Release Agreement.

7.Fees and Costs. The Parties shall each bear their own fees and costs incurred in connection with the Arbitration, and the negotiation and execution of this Release Agreement.
8.Representations and Warranties. 
8.1Each of the Parties represents and warrants that it has not assigned to any person, partnership, corporation or other entity any of the Claimant Released Claims or the Respondents Released Claims.
8.2Each of the Parties represents and warrants that, as of the date on which this Release Agreement is executed: (a) it has the legal power, right and actual authority to enter into, and perform all of his or its obligations under, this Release Agreement; (b) all necessary action (corporate, trust, partnership or otherwise) has been taken, and all necessary approvals have been obtained, in connection with the execution of this Release Agreement; and (c) it has the legal power, right and actual authority to be bound by the terms and conditions of this Release Agreement.
8.3Each of the Parties represents and warrants that each person or entity that executes this Release Agreement on behalf of or for the benefit of any other person or entity hereby represents and warrants that he/she/it has all necessary authority to do so.
8.4After consultation with counsel, the Parties expressly waive any and all provisions, rights, and benefits conferred by any law of the United States or any state or territory of the United States, or principle of common law, which may have the effect of limiting
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the releases set forth herein. The Parties acknowledge and warrant that their execution of this Release Agreement is free and voluntary. Without limiting the generality of the foregoing, the Parties shall be deemed by operation of law to have relinquished to the full extent permitted by law, the provisions, rights and benefits, if any, or California Civil Code § 1542, which provides:
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.
The Parties expressly understand and expressly acknowledge, and the released parties by operation of law shall be deemed to have understood and acknowledged, that the significance and consequence of this waiver of § 1542 of the California Civil Code is that even if the Parties should eventually suffer additional losses or harm arising out of related to the License Agreement, the Parties shall not be able to make any claim against each other for those losses or harms. Furthermore, the Parties acknowledge that each of them intends these consequences even as to claims for losses and harms that may exist as of the date of this Release Agreement, but which the Parties do not know exist, and which, if known, would materially affect each Party’s decision to execute this Release Agreement, regardless of whether such lack of knowledge is the result of ignorance, oversight, error, negligence, or any other cause. The Parties further acknowledge that the foregoing waiver and inclusion of unknown Claims in the releases was separately bargained for and was an essential element of this Release Agreement.
9. Indemnification.
9.1Claimant agrees to indemnify and hold harmless any Respondents Releasing Parties against any and all Claims (including any brought by Claimant Releasing Parties) or other liabilities, costs, fees and expenses (including attorneys’ fees and expenses) that
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result or arise from any breach by Claimant of its covenants in paragraph 6 and/or representations and warranties made in paragraph 8.
9.2Respondents agree to indemnify and hold harmless any Claimant Releasing Parties against any and all Claims (including any brought by Respondent Releasing Parties) or other liabilities, costs, fees and expenses (including attorneys’ fees and expenses) that result or arise from any breach by Respondents of their covenants in paragraph 6 and/or representations and warranties made in paragraph 8.
10.Denial of Liability. Each Party acknowledges that this Release Agreement effects a settlement of claims that are denied and contested, and that nothing contained herein shall be construed as an admission of liability by or on behalf of any of the Respondents Releasing Parties, by whom liability is expressly denied. The Parties have entered into this Release Agreement solely for the purpose of avoiding further costly and time-consuming proceedings. Neither this Release Agreement, nor any of the documents or negotiations pertaining to this Release Agreement, shall be admissible in any judicial, arbitral or other proceedings, except a proceeding to enforce the terms of this Release Agreement.
11.Other Provisions. 
11.1 Modifications. No modification or amendment of any of the provisions of this Release Agreement shall be effective unless set forth in a writing signed by all Parties. None of the provisions of this Release Agreement may be waived, except by an instrument in writing signed by a duly authorized representative of the Party against whom or which enforcement of such waiver is sought.
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11.2 Other Instructions. Each Party agrees that it will, upon the request of any other Party, execute any instruments or documents, in addition to this Release Agreement, that are reasonably necessary to effectuate the terms and conditions of this Release Agreement.
11.3 Interpretation. This Release Agreement is the product of arms-length negotiations between the Parties, and all Parties have contributed substantially and materially to its preparation. No Party shall be deemed to be the drafter of this Release Agreement, and no provision of this Release Agreement shall be construed against any Party by reason of such Party being, or being deemed to be, the drafter.
11.4 Agreement Announcement. The Parties agree to the release of a press release substantially in the form attached hereto as Appendix B to be issued on or after April 15, 2021, and that each Party may make reference in public statements to XOMA’s potential receipt of milestone and additional payments of undisclosed amounts on the products under the Release Agreement, except that the Parties shall not disclose that [*]. For the avoidance of doubt, the parties agree not to disclose [*] or that [*] except as permitted by parts (b)-(e) of paragraph 11.5 of this Release Agreement.
11.5 Confidentiality. Except as expressly provided herein, the Parties agree to keep strictly confidential the Release Agreement, each of its terms, and all documents, discussions and negotiations relating thereto, including, for the avoidance of doubt, any information exchanged pursuant to paragraphs 3.1 to 3.3 of the Release Agreement. The Parties and their counsel shall not disclose the terms of this Release Agreement, or any documents or negotiations relating thereto, to any person or entity, except (a) pursuant to paragraph 11.4 of this
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Release Agreement; (b) to any of his or its counsel, tax or financial advisers, insurers, accountants, present and future bona fide potential investors, directors or auditors who agree to be bound by this paragraph 11.5 or are otherwise subject to equivalent professional requirements of confidentiality, (c) in response to the lawful process of any judicial or other regulatory or governmental authority, (d) to enforce the provisions of this Release Agreement, or (e) to the extent disclosure is required by law, including but not limited to the extent required by applicable law or regulation for purposes of complying with listing obligations or regulatory requirements. Should XOMA seek to make any disclosure with express reference to [*] under parts (b)-(e) of this paragraph, XOMA shall first notify Affimed of the intended disclosure. Following receipt of such notice, Affimed shall have at least [*] to comment upon the intended disclosure prior to its issuance. Except as expressly permitted by paragraph 11.4 and this paragraph 11.5, the Parties also shall not, at any time, make or cause to be made in any public forum, directly or indirectly, any oral or written statements about the other Party with respect to the Arbitration or the filings made therein by the Parties, including, but not limited to, statements that are intended or reasonably likely to disparage any Party, or otherwise degrade, discredit, or harm such other Party’s reputation.
11.6 Counterparts. This Release Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which taken together shall constitute one and the same instrument. Signatures delivered by electronic means shall be effective as originals.
11.7 Governing Law. This Release Agreement and any claims or disputes arising hereunder shall be governed by and interpreted in accordance with the internal laws of the State of New York, without regard to principles of conflict of laws.
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11.8 Arbitration. Any dispute, controversy, or claim arising out of, relating to, or in connection with this Release Agreement and/or the License, including with respect to the formation, applicability, breach, termination, validity or enforceability thereof shall be resolved by arbitration. The arbitration shall be conducted by three neutral arbitrators in accordance with [*] in effect at the time of the arbitration, except as they may be modified herein or by mutual agreement of the Parties. The claimant shall nominate an arbitrator in its request for arbitration. The respondent shall nominate an arbitrator within [*] days of the receipt of the request for arbitration. The two arbitrators nominated by the Parties shall, with input from the Parties, nominate a third arbitrator within [*] days after the nomination of the later-nominated arbitrator. The third arbitrator shall act as chair of the tribunal. If any of the three arbitrators are not nominated within the time prescribed above, then the [*] shall appoint the arbitrator(s). The seat of the arbitration shall be [*]. The arbitration award shall be final and binding on the Parties, and the Parties undertake to carry out any award without delay. Judgment upon the award may be entered by any court having jurisdiction of the award or having jurisdiction over the relevant Party or its assets. The arbitral tribunal shall have the authority to award, in its discretion, part or all of the expenses of any arbitration pursuant to this paragraph 11.7, including fees and expenses of the prevailing party’s attorneys, fees and expenses of the arbitrators, and fees and expenses of any witness or the cost of any proof produced at the request of the arbitrators, to the prevailing party.
11.9 Notices.All notices, requests and other communications hereunder shall be in writing and shall be delivered or sent in each case to the respective address
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specified below, or such other address as may be specified in writing to the other party hereto, and shall be effective on receipt:
XOMA (US) LLC
2200 Powell Street Suite 310
Emeryville, CA 94608
USA
Attn: James R. Neal, Chief Executive Officer
Affimed GmbH
Im Neuenheimer Feld 582
69120 Heidelberg
Germany
Attn: Adi Hoess, Chief Executive Officer
11.10 Evidentiary Rules. The Parties agree that the protections afforded compromises and offers to compromise by Rule 408 of the U.S. Federal Rules of Evidence and analogous principles of state law apply to this Release Agreement, all written and oral negotiations that preceded the execution of this Release Agreement and all written and oral communications concerning this Release Agreement and/or its implementation.
11.11 No Third Party Beneficiaries. Except as expressly provided in this Release Agreement, this Release Agreement does not create, and shall not be construed as creating, any rights enforceable by any person, partnership, corporation or other entity not a signatory to this Release Agreement. Notwithstanding the preceding sentence, all of the Claimant Releasing Parties and Respondents Releasing Parties who are not Parties shall be deemed third-party beneficiaries of this Release Agreement to the extent it provides for release of any Claims against them.
11.12 Severability. If any term, covenant or condition of this Release Agreement or the application thereof to any Party or circumstance shall, to any extent, be held to be invalid or unenforceable, then (a) the remainder of this Release Agreement, or the application
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of such term, covenant or condition to Parties or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby and each term, covenant or condition of this Release Agreement shall be valid and be enforced to the fullest extent permitted by law or equity; and (b) the Parties hereto covenant and agree to renegotiate any such term, covenant or application thereof in good faith in order to provide a reasonably acceptable alternative to the term, covenant or condition of this Release Agreement or the application thereof that is invalid or unenforceable, it being the intent of the Parties that the basic purposes of this Release Agreement are to be effectuated.
12. Entire Agreement. This Release Agreement, including the Appendices hereto and those provisions of the License incorporated herein, set forth the entire agreement among the Parties with regard to the subject matter hereof. All agreements, covenants, representations and warranties, express or implied, oral or written, of the Parties with regard to the subject matter hereof are contained herein and in the Appendix hereto. No other agreements, covenants, representations or warranties, express or implied, oral or written, have been made by any Party to any other Party with respect to the subject matter of this Release Agreement. All prior and contemporaneous conversations, negotiations, possible and alleged agreements and representations, covenants and warranties with respect to the subject matter hereof are waived, merged into this Release Agreement and the Appendices hereto, and superseded by those documents. This is an integrated agreement.
IN WITNESS WHEREOF, the Parties have caused this Release Agreement to be executed as of the Effective Date.
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	XOMA (US) LLC
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By: ​ ​/s/ James R. Neal​ ​​ ​
Name: James R. Neal 
Title:  Chief Executive Officer
	Affimed N.V.
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By: /s/ ​ ​Adi Hoess  /s/ Arndt Schottelius
Name: Dr. Adi Hoess  Dr. Arndt Schottelius
Title: : CEO             CSO

	Affimed GmbH
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By: /s/ ​ ​Adi Hoess  /s/ Arndt Schottelius
Name: Dr. Adi Hoess  Dr. Arndt Schottelius
Title:   CEO             CSO
	AbCheck s.r.o.
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By: ​ ​/s/ Volker Lang​ ​​ ​
Name: Volker Lang
Title:  Managing Director

	AbCheck Inc.
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By: ​ ​/s/ Denise M. Mueller​ ​​ ​
Name:
Title
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

Appendix A to the Mutual Confidential Settlement and Release Agreement By Email
[*]
April __, 2021
RE: [*] Case No. [*] | Settlement of Dispute and Withdrawal of Claims Dear Members of the Tribunal:
We write on behalf of XOMA (US) LLC, Claimant in the above-referenced proceeding (the “Arbitration”), to inform the Tribunal that on April __, 2021, the parties to the Arbitration executed a definitive Mutual Confidential Settlement and Release Agreement (the “Release Agreement”). Pursuant to that Release Agreement, Claimant hereby withdraws its claims in the Arbitration with prejudice, and respectfully requests that the Tribunal terminate the Arbitration with prejudice.
The parties have agreed to bear the arbitration costs (including the [*] administrative charges and the Tribunal’s fees and expenses) in equal share.
Respectfully submitted,
[Claimant’s counsel]
cc:[*]
​

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

Appendix B to the Mutual Confidential Settlement and Release Agreement

XOMA’s Royalty Portfolio Grows with Addition of Three Royalty Assets
EMERYVILLE, Calif., April 15, 2021 (GLOBE NEWSWIRE) – XOMA Corporation (Nasdaq: XOMA), today announced its portfolio of potential future milestone and royalty assets has increased with the addition of three Affimed N.V. (Nasdaq: AFMD) innate cell engager (ICE®) programs for which XOMA could receive future economics. In 2006, Affimed licensed certain XOMA technologies to further its research and discovery efforts.
“It’s always exciting to see XOMA’s legacy technology license agreements mature into clinical-stage drug candidates that may generate economic benefits for XOMA in the future. We’re delighted to add AFM13, AFM24, and an undisclosed clinical-stage partnered asset to XOMA’s portfolio,” stated Jim Neal, Chief Executive Officer at XOMA.

		●	AFM13, which has Orphan Drug designation from the U.S. Food and Drug Administration, is a first-in-class CD30/CD16A ICE® generated from Affimed’s ROCK® platform that induces specific and selective killing of CD30-positive tumor cells by engaging and activating natural killer (NK) cells and macrophages, thereby leveraging the power of the body’s own innate immune system. Affimed currently is studying AFM13 in combination with cord blood-derived allogeneic natural killer cells in cooperation with the MD Anderson Cancer Center in Houston.

		●	AFM24 is a tetravalent, bispecific EGFR- and CD16A-binding ICE® also generated from Affimed’s ROCK® platform. AFM24 uses the cytotoxic potential of the innate immune system by redirecting and activating NK cells and macrophages to kill EGFR-positive cancer cells through antibody-dependent cellular cytotoxicity (ADCC) and antibody-dependent cellular phagocytosis (ADCP), respectively.

XOMA is eligible to receive undisclosed payments on future commercial sales of each of the three ICE® molecules and any pre-loaded NK cells containing the ICE® molecules. Additionally, XOMA is eligible to receive an undisclosed milestone for each program on achieving marketing approval.
About XOMA Corporation
XOMA has built a significant portfolio of products that are licensed to and being developed by other biotech and pharmaceutical companies. The Company’s portfolio of partner-funded programs spans multiple stages of the drug development process and across various therapeutic areas. Many of these licenses are the result of XOMA’s pioneering efforts in the discovery and development of antibody therapeutics. The Company’s royalty-aggregator business model includes acquiring additional milestone and royalty rights associated with drug development programs with third-party funding. For more information, visit www.xoma.com.
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

Appendix B to the Mutual Confidential Settlement and Release Agreement
Safe Harbor Statement
Certain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the potential of XOMA’s portfolio of partnered programs and licensed technologies generating substantial milestone and royalty proceeds over time, creating additional value for the stockholders, cash sufficiency forecast, economic outlook, and potential impact of the COVID-19 pandemic. These statements are based on assumptions that may not prove accurate, and actual results could differ materially from those anticipated due to certain risks inherent in the biotechnology industry, including those related to the fact that our product candidates subject to out-license agreements are still being developed, and our licensees may require substantial funds to continue development which may not be available; we do not know whether there will be, or will continue to be, a viable market for the products in which we have an ownership or royalty interest; if the therapeutic product candidates to which we have a royalty interest do not receive regulatory approval, our third-party licensees will not be able to market them, and the impact to the global economy as a result of the COVID-19 pandemic. Other potential risks to XOMA meeting these expectations are described in more detail in XOMA's most recent filing on Form 10-K and in other SEC filings. Consider such risks carefully when considering XOMA's prospects. Any forward-looking statement in this press release represents XOMA's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. XOMA disclaims any obligation to update any forward- looking statement, except as required by applicable law.
EXPLANATORY NOTE: Any references to “portfolio” in this press release refer strictly to milestone and/or royalty rights associated with a basket of drug products in development. Any references to “assets” in this press release refer strictly to milestone and/or royalty rights associated with individual drug products in development. References to royalties or royalty rates strictly refer to future potential payment streams regardless of whether or not they are technically defined as royalties in the underlying contractual agreement; further, any rates referenced herein are subject to potential future contractual adjustments.
As of the date of this press release, all assets in XOMA’s milestone and royalty portfolio are investigational compounds. Efficacy and safety have not been established. There is no guarantee that any of these assets will become commercially available.
# # #
Investor contacts:
Gitanjali JainJuliane Snowden
Solebury TroutXOMA
+1-646-378-2949+1 646-438-9754
jojawa@soleburytrout.comjuliane.snowden@xoma.com 
​

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

Appendix B to the Mutual Confidential Settlement and Release Agreement
Media contact:
Kathy Vincent
KV Consulting & Management
+1 310-403-8951
kathy@kathyvincent.com 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.​

Exhibit 10.1
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AMENDED AND RESTATED
EXECUTIVE EMPLOYMENT AGREEMENT
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This AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) is entered into effective February 19, 2021 (the “Effective Date”), by and between Eric J. Feldman, M.D. (“Executive”) and GlycoMimetics, Inc. (the “Company”).
WHEREAS, the Company desires to continue to employ Executive to provide personal services to the Company, and Executive wishes to continue to be employed by the Company and provide personal services to the Company in return for certain compensation and benefits; and
WHEREAS, this Agreement amends, restates and supersedes in its entirety Executive’s Executive Employment Agreement dated April 22, 2019.
Accordingly, in consideration of the mutual promises and covenants contained herein, the parties agree to the following:
1.EMPLOYMENT BY THE COMPANY.
1.1Term.  The term of employment hereunder will be for the four year period commencing on the Effective Date and ending on the fourth anniversary of the Effective Date, subject to termination prior thereto pursuant to Sections 5, 6, 7, 8 or 9 below.  Unless the Company gives notice of its intent not to renew Executive’s employment hereunder, or Executive gives written notice to the Company of Executive’s determination not to renew Executive’s service and employment hereunder, in any case at least one year prior to the fourth anniversary of the Effective Date, this Agreement, and Executive’s employment by the Company hereunder, shall be renewed for one year from that anniversary.  Thereafter, unless the Company or Executive gives written notice of determination not to renew at least one year prior to the next succeeding anniversary of the Effective Date, this Agreement shall be renewed for one year from that anniversary.  The term “Service Period” shall mean the four year period provided for in this Section 1.1 and any extension thereof, or any shorter period resulting from any termination of service under Sections 5, 6, 7, 8 or 9 hereof.
1.2Position.  Executive will be assigned to the position of Chief Medical Officer and Senior Vice President of the Company.  During the term of Executive’s employment with the Company, Executive will devote Executive’s best efforts and substantially all of Executive’s business time and attention to the business of the Company.
1.3Duties.  Executive will report to the Chief Executive Officer and/or such other Company executives designated by the Chief Executive Officer, performing such duties as are normally associated with Executive’s then current position and such duties as are assigned to Executive from time to time, subject to the oversight and direction of the Chief Executive Officer or any applicable designee. Executive shall perform Executive’s duties under this Agreement principally out of the Company’s Rockville, Maryland location, or such other location as assigned.  In addition, Executive shall make such business trips to such places as may be necessary or advisable for the efficient operations of the Company.
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1.4Company Policies and Benefits.  The employment relationship between the parties shall also be subject to the Company’s personnel policies and procedures as they may be interpreted, adopted, revised or deleted from time to time in the Company’s sole discretion.  Executive will be eligible to participate on the same basis as similarly situated employees in the Company’s benefit plans in effect from time to time during Executive’s employment.  All matters of eligibility for coverage or benefits under any benefit plan shall be determined in accordance with the provisions of such plan.  The Company reserves the right to change, alter, or terminate any benefit plan in its sole discretion.  Notwithstanding the foregoing, in the event that the terms of this Agreement differ from or are in conflict with the Company’s general employment policies or practices, this Agreement shall control.
1.5Time to be Devoted to Service.  Except for reasonable vacations, absences due to temporary illness, and activities that may be mutually agreed to by the parties, Executive shall devote Executive’s entire time, attention and energies during normal business hours and such evenings and weekends as may be reasonably required for the discharge of Executive’s duties to the business of the Company during the Service Period.  During the Service Period, Executive will not be engaged in any other business activity, which, in the reasonable judgment of the Chairperson of the Board of Directors of the Company, conflicts with the duties of Executive hereunder, whether or not such activity is pursued for gain, profit or other pecuniary advantage.  The Company further acknowledges and agrees that, subject to the prior written approval by a majority of the Board of Directors (which majority shall exclude Executive if Executive is a then current member of the Board of Directors) and consistent with the terms of the Employee Proprietary Information Agreement (as defined in Section 3 below), Executive may serve on the boards of directors and advisory boards of other companies provided that such service does not interfere with the performance of Executive’s duties hereunder.
		2.
	COMPENSATION.

2.1Base Salary.  Executive shall receive for Executive’s services to be rendered hereunder an initial annualized base salary of $425,000.00, subject to review and adjustment from time to time by the Company in its sole discretion and payable subject to standard federal and state payroll withholding requirements in accordance with Company’s standard payroll practices (“Base Salary”).
2.2Bonus.  Beginning in 2021, Executive shall be eligible to be awarded an annual cash bonus pursuant to the Company’s annual performance bonus plan (“Bonus”), with the initial target amount of such bonus equal to forty percent (40%) of Executive’s Base Salary during the then current bonus year (“Target Bonus”), subject to review and adjustment from time to time by the Company in its sole discretion, payable subject to standard federal and state payroll withholding requirements.  Whether or not Executive is awarded any Bonus will be dependent upon (a) the actual achievement by Executive and the Company of the applicable individual and corporate performance goals, as determined by the Board’s Compensation Committee in its sole discretion, and (b) Executive’s continuous performance of services to the Company through the date any Bonus is paid.  The Bonus may be greater or lesser than the Target Bonus and may be zero.  The annual period over which performance is measured for purposes of this bonus is January 1 through December 31.  Any Bonus awarded pursuant to this Section 2.2 will be paid on or before March 15 of the year following the year for which it is
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awarded.  Executive must be employed on the date bonuses are paid in order to be eligible for any bonus.  In the event of termination of Executive’s employment, no bonus, prorated or otherwise, will be paid for the year in which termination occurs.
2.3Expense Reimbursement.  The Company will reimburse Executive for reasonable business expenses in accordance with the Company’s standard expense reimbursement policy.  For the avoidance of doubt, to the extent that any reimbursements payable to Executive are subject to the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”): (a) any such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred, (b) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and (c) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.
3.PROPRIETARY INFORMATION, INVENTIONS, NON-COMPETITION AND NON-SOLICITATION OBLIGATIONS.  The parties hereto have entered into an Employee Confidential Information, Inventions, Non-Solicitation and Non-Competition Agreement attached hereto as Exhibit A (the “Employee Proprietary Information Agreement”), which may be amended by the parties from time to time without regard to this Agreement.  The Employee Proprietary Information Agreement contains provisions that are intended by the parties to survive and do survive termination or expiration of this Agreement.
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4.NO CONFLICT WITH EXISTING OBLIGATIONS.  Executive represents that Executive’s performance of all the terms of this Agreement and as an Executive of the Company do not and will not breach any agreement or obligation of any kind made prior to Executive’s employment by the Company, including agreements or obligations Executive may have with other employers or entities for which Executive has provided services.  Executive has not entered into, and Executive agrees that Executive will not enter into, any agreement or obligation, either written or oral, in conflict herewith.
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5.TERMINATION DUE TO DEATH OR DISABILITY.
5.1Death or Disability.  If Executive dies while employed pursuant to this Agreement, then all obligations of the parties hereunder shall terminate immediately.  If Executive is unable due to a physical or mental condition to perform the essential functions of his/her position with or without reasonable accommodation for ninety (90) consecutive days or for one-hundred and eighty (180) days in the aggregate during any twelve (12) month period or based on the written certification by two licensed physicians of the likely continuation of such condition for either such period (such condition being herein referred to as “Disability”), the Company, at its option, may terminate Executive’s employment under this Agreement immediately upon giving Executive notice to that effect.  This definition shall be interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable law.  Termination pursuant to this Section 5 is hereinafter referred to as a “Death or Disability Termination”.
5.2Substitution.  The Board of Directors may designate another employee to act in Executive’s place during any period of Executive’s Disability during the Service Period.
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Notwithstanding any such designation, Executive shall continue to receive Executive’s Base Salary and benefits in accordance with Sections 1.4 and 2 of this Agreement until Executive becomes eligible for disability income under the Company’s disability income insurance (if any) or until the termination of Executive’s employment, whichever shall first occur.
5.3Disability Income Payments.  While receiving disability income payments under the Company’s disability income insurance (if any), Executive shall not be entitled to receive any Base Salary, but shall continue to be eligible to participate in all other compensation and benefits in accordance with Sections 1.4 and 2  until the date of Executive’s termination.  Notwithstanding the foregoing and in accordance with the Company’s benefit plans, Executive may be ineligible for coverage as an employee under the Company’s group health insurance plan during the period of Executive’s Disability, in which case continued coverage will be based on eligibility for COBRA or applicable state continuation coverage.  All matters of eligibility for coverage or benefits under any benefit plan shall be determined in accordance with the provisions of such plan.
5.4Verification of Disability.  If any question shall arise as to whether during any period Executive is disabled through any illness, injury, accident or condition of either a physical or psychological nature so as to be unable to perform substantially all of Executive’s duties and responsibilities hereunder, Executive may, and at the request of the Company shall, submit to a medical examination by one or more licensed physicians selected by the Company to whom Executive or Executive’s guardian has no reasonable objection to determine whether Executive is so disabled and such determination shall for the purposes of this Agreement be conclusive of the issue.  If such question shall arise and Executive shall fail to submit to such medical examination, the Company’s determination of the issue shall be binding on Executive.
6.TERMINATION FOR CAUSE.  The Company, after consultation with the Board of Directors of the Company, may terminate the employment of Executive hereunder at any time for “cause” (such termination being hereinafter referred to as a “Termination for Cause”) by giving Executive notice of such termination as described in Section 9.5, and upon the giving of such notice termination shall take effect immediately.  For the purpose of this Section 6, “cause” will mean that the Company has determined in its sole discretion that any of the following occurred: (a) Executive’s breach of fiduciary duty or substantial misconduct with respect to the business and affairs of the Company or any subsidiary or affiliate thereof, (b) Executive’s neglect of duties or failure to act which can reasonably be expected to materially adversely affect the business or affairs of the Company, the Company or any subsidiary or affiliate thereof, (c) Executive’s material breach of this Agreement, or of any provision of the Employee Proprietary Information Agreement which, to the extent curable, is not cured within 15 days after written notice thereof is given to Executive, (d) the commission by Executive of an act involving moral turpitude or fraud, (e) Executive’s conviction of any felony, or of any misdemeanor involving fraud, theft, embezzlement, forgery or moral turpitude, (f) other conduct by Executive that is materially harmful to the business or reputation of the Company, including but not limited to conduct found to be in violation of the Company’s policies prohibiting harassment or discrimination, or (g) the expiration of this Agreement.
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7.TERMINATION WITHOUT CAUSE.  The Company, after consultation with the Board of Directors of the Company, may terminate the employment of Executive hereunder at any time without “cause” (such termination being hereinafter called a “Termination Without Cause”) by giving Executive notice of such termination as described in Section 9.5.  Executive’s termination of employment under this Section 7 will take effect immediately upon the giving of such notice.
8.RESIGNATION BY EXECUTIVE.
8.1Without Good Reason.  Any resignation by Executive other than for Good Reason (as defined below) will be referred to hereinafter as a “Resignation”.  A Resignation will be deemed to be effective following notice under Section 9.5.
8.2With Good Reason.  Provided Executive has not previously been notified of the Company’s intention to terminate Executive’s employment, Executive may resign from employment with the Company for Good Reason (as defined below) by giving the Company written notice of such termination in compliance with Section 9.5 and provided that such notice specifies:  (i) the basis for termination; and (ii) the effective date of termination (such termination being hereinafter referred to as a “Termination for Good Reason”).  For purposes of this Agreement, the term “Good Reason” shall mean any of the following without Executive’s prior written consent: (w) any material diminution of Executive’s duties or responsibilities hereunder (except in each case in connection with a Termination for Cause or as a result of Executive’s death or Disability), or, the assignment to Executive of duties or responsibilities that are materially inconsistent with Executive’s then position; provided, however, that the acquisition of the Company and subsequent conversion of the Company to a division or unit of the acquiring company will not by itself result in a diminution of Executive’s duties or responsibilities; (x) a material reduction in Executive’s Base Salary, which the parties agree is a reduction of at least 10% of Executive’s Base Salary (unless pursuant to a salary reduction program applicable generally to the Company’s similarly-situated employees); (y) any material breach of the Agreement by the Company which is not cured within 15 business days after written notice thereof is given to the Company; or (z) a relocation of Executive from the Company’s principal office to a location more than 35 miles from the location of the Company’s principal office, other than on required travel by Executive on the Company’s business or on a temporary basis not to exceed a period equal to two calendar months; provided, however, that any such termination by Executive shall only be deemed for Good Reason pursuant to this definition if:  (1) Executive gives the Company written notice of intent to terminate for Good Reason within 30 days following the first occurrence of the condition(s) that Executive believes constitute(s) Good Reason, which notice shall describe such condition(s); (2) the Company fails to remedy such condition(s) within 30 days following receipt of the written notice (the “Cure Period”); (3) the Company has not, prior to receiving such notice from Executive, already informed Executive that Executive’s employment with the Company is being terminated; and (4) Executive voluntarily terminates Executive’s employment within 30 days following the end of the Cure Period.
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9.EFFECT OF TERMINATION OF EMPLOYMENT.
9.1Resignation, Death or Disability Termination, or a Termination for Cause.  Upon the termination of Executive’s employment hereunder pursuant to a Resignation, Death or Disability Termination, or a Termination for Cause, neither Executive nor Executive’s beneficiary or estate will receive severance payments, or any other severance compensation or benefit, or have any further rights or claims against the Company, its affiliates, or its subsidiaries under this Agreement except to receive:
(a)the accrued but unpaid portion of Executive’s then current Base Salary, computed on a pro-rata basis to the date of such termination, subject to the Company’s standard payroll policies;
(b)all compensation and benefits payable to Executive based on Executive’s then current participation in any compensation or benefit plan, program or arrangement through the date of termination; and
(c)reimbursement for any expenses for which Executive shall not have theretofore been reimbursed as provided in the Company’s standard expense reimbursement policy.
9.2Termination Without Cause or for Good Reason (Other Than Change in Control).  Upon the termination of Executive’s employment hereunder pursuant to a Termination Without Cause or a Termination for Good Reason (other than in connection with a Change in Control (as defined below)), neither Executive nor Executive’s beneficiary or estate will have any further rights or claims against the Company, its affiliates or its subsidiaries under this Agreement except to receive:
(a)a termination payment equal to that provided for in Section 9.1 hereto; and
(b)if Executive executes a general release in favor of the Company, substantially in the form attached hereto as Exhibit B (the “Release”), and subject to Section 9.2(c) (the date that the Release becomes effective and may no longer be revoked by Executive is referred to as the “Release Date”), then the Company shall pay to Executive the following severance benefits (such benefits referred to as “Severance Benefits”): (i) continuation of Executive’s then current Base Salary for a period of twelve (12) months from the Release Date (such applicable period is referred to as the “Severance Period”), less applicable withholdings and deductions (“Severance Pay”), paid in equal installments  beginning on the Company’s first regularly scheduled payroll date that is at least sixty (60) days following the Release Date (the “Severance Pay Commencement Date”), with the remaining installments occurring on the Company’s regularly scheduled payroll dates thereafter; provided, however, that on the Severance Pay Commencement Date, the Company will pay in a lump sum the aggregate amount of the Severance Pay that the Company would have paid Executive through such date had the payments commenced on the first regular payroll date following the Separation from Service (as defined below) through the Severance Pay Commencement Date, with the balance paid thereafter on the applicable schedule described above; and (ii) payment of the premiums of
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Executive’s group health insurance COBRA continuation coverage, including coverage for Executive’s eligible dependents, for a maximum period of twelve (12) months following Executive’s Termination Without Cause or a Termination for Good Reason (other than in connection with a Change in Control (as defined below)) (such period subject to the qualifications of this Section 9.2(b) referred to as “COBRA Payment Period”); provided, however, that (a) the Company shall pay premiums for Executive and Executive’s eligible dependents only for coverage for which Executive and Executive’s eligible dependents were enrolled immediately prior to the Termination Without Cause or Termination for Good Reason; (b) the Company’s obligation to pay such premiums shall cease immediately upon Executive’s eligibility for comparable group health insurance provided by a new employer of Executive or upon Executive no longer being eligible for COBRA during the COBRA Payment Period; and (c) the Company’s obligation to pay such premiums shall be contingent on Executive’s timely election of continued group health insurance coverage under COBRA. Vesting of any unvested stock options and/or other equity securities shall cease on the date of termination following Executive’s Termination Without Cause or a Termination for Good Reason (other than in connection with a Change in Control (as defined below)).  In addition, the Company’s severance obligation shall be reduced by the amount of any salary received by Executive from another employer during the Severance Period.  Executive agrees to inform the Company promptly if Executive obtains other employment during the Severance Period.  Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that the payment of the COBRA premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Code or any statute or regulation of similar effect (including, without limitation, the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing the COBRA premiums, the Company will instead pay Executive, on the first day of each month of the remainder of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings and deductions (such amount, the “Special Severance Payment”).
(c)To receive the Severance Benefits pursuant to Section 9.2(b), Executive’s termination or resignation must constitute a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h)) (“Separation from Service”) and Executive must execute and allow the Release to become effective within 60 days of Executive’s termination or resignation.  Executive’s ability to receive the Severance Benefits pursuant to Section 9.2(b) is further conditioned upon Executive: returning all Company property; complying with post-termination obligations under this Agreement and the Employee Proprietary Information Agreement, and complying with the Release including without limitation any non-disparagement and confidentiality provisions contained therein.  The Severance Benefits provided to Executive pursuant to Section 9.2(b) are in lieu of, and not in addition to, any benefits to which Executive may otherwise be entitled under any Company severance plan, policy or program.
(d)The damages (if any) caused to Executive by a Termination Without Cause or a Termination for Good Reason would be difficult to ascertain; therefore, the Severance Benefits for which Executive is eligible pursuant to Section 9.2(b) above in exchange for the Release is agreed to by the parties as liquidated damages, to serve as full compensation, and not a penalty.
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9.3Change in Control Severance Benefits.
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(a)In the event that the Company (or any surviving or acquiring corporation) terminates Executive’s employment for a Termination Without Cause or Executive resigns in connection with a Termination for Good Reason within 12 months following the effective date of a Change in Control (“Change in Control Termination”), and upon compliance with Section 9.2(c) above, Executive shall be eligible to receive the following Change in Control severance benefits instead of the Severance Benefits set forth in Section 9.2 above: (i) a lump-sum cash payment in an amount equal to Executive’s annual Base Salary then in effect for a period of twelve (12) months, less applicable withholdings and deductions, paid on the 60th day following the Change in Control Termination; (ii) an amount equal to 1.0 times (1.0x) Executive’s then current annual Target Bonus paid on the 60th day following the Change in Control Termination; and (iii) the Company (or any surviving or acquiring corporation) shall pay the premiums of Executive’s group health insurance COBRA continuation coverage, including coverage for Executive’s eligible dependents, during the twelve (12) months following a Change in Control Termination (such period subject to the qualifications of this Section 9.3(a) referred to as “CIC COBRA Payment Period”); provided, however, that (a) the Company (or any surviving or acquiring corporation) shall pay premiums for Executive and Executive’s eligible dependents only for coverage for which Executive and Executive’s eligible dependents were enrolled immediately prior to the Change in Control Termination; and (b) the Company’s (or any surviving or acquiring corporation’s) obligation to pay such premiums shall cease immediately upon Executive’s eligibility for comparable group health insurance provided by a new employer of Executive or upon Executive no longer being eligible for COBRA during the CIC COBRA Payment Period; and (c) the Company’s obligation to pay such premiums shall be contingent on Executive’s timely election of continued group health insurance coverage under COBRA.  Executive agrees that the Company’s (or any surviving or acquiring corporation’s) payment of health insurance premiums will satisfy the Company’s obligations under COBRA for the period provided.  No insurance premium payments will be made following the effective date of Executive’s coverage by a health insurance plan of a subsequent employer.  For the balance of the period that Executive is entitled to coverage under federal COBRA law, if any, Executive shall be entitled to maintain such coverage at Executive’s own expense.  Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that the payment of the COBRA premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Code or any statute or regulation of similar effect (including, without limitation, the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing the COBRA premiums, the Company will instead pay Executive, on the first day of each month of the remainder of the CIC COBRA Payment Period, the Special Severance Payment.
(b)To receive the payments in Section 9.3(a), Executive’s termination or resignation must constitute a Separation from Service (as defined under Treasury Regulation Section 1.409A-1(h)) and Executive must execute and allow the Release to become effective within 60 days of Executive’s termination or resignation.  Executive’s ability to receive benefits pursuant to Section 9.3(a) is further conditioned upon Executive: returning all Company property; complying with Executive’s post-termination obligations under this Agreement and the Employee Proprietary Information Agreement, and complying with the Release including without limitation any non-disparagement and confidentiality provisions contained therein.
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(c)In addition, notwithstanding anything contained in Executive’s award agreements to the contrary, upon a Change in Control Termination Executive shall receive accelerated vesting of all then unvested shares of the Company’s Common Stock subject to outstanding stock options, restricted stock units and any other equity incentive awards that Executive then may have, if any, provided, however, that unvested shares subject to Executive’s outstanding stock options shall only accelerate if Executive executes the Release within the timeframe provided by the Company and Executive’s stock options shall remain outstanding following the date of Executive’s Change in Control Termination if and to the extent necessary to give effect to this Section 9.3(c) subject to earlier termination under the terms of the equity plan under which such stock options were granted and the original maximum term of the award (without regard to Executive’s termination).
(d)As used in this Agreement, a “Change in Control” is defined as the first to occur of the following: (a) a sale, lease, exchange or other transfer in one transaction or a series of related transactions of all or substantially all of the assets of the Company (other than the transfer of the Company’s assets to a majority-owned subsidiary corporation); (b) a merger or consolidation in which the Company is not the surviving corporation (unless the holders of the Company’s outstanding voting stock immediately prior to such transaction own, immediately after such transaction, securities representing at least fifty percent (50%) of the voting power of the corporation or other entity surviving such transaction); (c) a reverse merger in which the Company is the surviving corporation but the shares of the Company’s common stock outstanding immediately preceding the merger are converted by virtue of the merger into other property, whether in the form of securities, cash or otherwise (unless the holders of the Company’s outstanding voting stock immediately prior to such transaction own, immediately after such transaction, securities representing at least fifty percent (50%) of the voting power of the Company); or (d) any transaction or series of related transactions in which in excess of fifty percent (50%) of the Company’s voting power is transferred.  Notwithstanding the foregoing, to the extent that the Company determines that any of the payments or benefits under this Agreement that are payable in connection with a Change in Control constitute deferred compensation under Section 409A that may only be paid on a qualifying transaction (that is, they are not “exempt” under 409A), the foregoing definition of Change in Control shall apply only to the extent the transaction also meets the definition used for purposes of Treasury Regulation Section 1.409A-3(a)(5), that is, as defined under Treasury Regulation Section 1.409A-3(i)(5).
9.4Parachute Taxes.
(a)If any payment or benefit Executive would receive from the Company or otherwise in connection with a Change of Control or other similar transaction (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment will be equal to the Reduced Amount.  The “Reduced Amount” will be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax, or (y) the largest portion, up to and including the total, of the Payment, whichever amount ((x) or (y)), after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the
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Excise Tax.  If a Reduced Amount will give rise to the greater after tax benefit, the reduction in the Payments will occur in the following order: (a) reduction of cash payments; (b) cancellation of accelerated vesting of equity awards other than stock options; (c) cancellation of accelerated vesting of stock options; and (d) reduction of other benefits paid to Executive.  Within any such category of payments and benefits (that is, (a), (b), (c) or (d)), a reduction will occur first with respect to amounts that are not “deferred compensation” within the meaning of Section 409A and then with respect to amounts that are.  In the event that acceleration of compensation from Executive’s equity awards is to be reduced, such acceleration of vesting will be canceled, subject to the immediately preceding sentence, in the reverse order of the date of grant.
(b)The registered public accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date of the event described in Section 280G(b)(2)(A)(i) of the Code will perform the foregoing calculations.  If the registered public accounting firm so engaged by the Company is serving as accountant or auditor for the acquirer or is otherwise unable or unwilling to perform the calculations, the Company will appoint a nationally recognized firm that has expertise in these calculations to make the determinations required hereunder.  The Company will bear all expenses with respect to the determinations by such independent registered public accounting firm required to be made hereunder.  The firm engaged to make the determinations hereunder will provide its calculations, together with detailed supporting documentation, to the Company and Executive within 30 calendar days after the date on which Executive’s right to a Payment is triggered (if requested at that time by the Company or Executive) or such other time as reasonably requested by the Company or Executive.  Any good faith determinations of the independent registered public accounting firm made hereunder will be final, binding and conclusive upon the Company and Executive.
9.5Notice; Effective Date of Termination.
(a)Termination of Executive’s employment pursuant to this Agreement shall be effective on the earliest of:
(i)immediately after the Company gives notice to Executive of Executive’s Termination for Cause or Termination Without Cause, unless pursuant to Section 6(c) in which case 15 days after notice if not cured or unless the Company specifies a later date, in which case, termination shall be effective as of such later date;
(ii)immediately upon Executive’s death;
(iii)immediately after the Company gives notice to Executive of Executive’s termination on account of Executive’s Disability, unless the Company specifies a later date, in which case, termination shall be effective as of such later date, provided that Executive has not returned to the full time performance of Executive’s duties prior to such date;
(iv)10 days after Executive gives written notice to the Company of Executive’s Resignation; provided that the Company may set a termination date at any time between the date of notice and the date of resignation, in which case Executive’s resignation shall be effective as of such other date.  Executive will receive compensation through any required notice period; or
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(v)the date set forth in Section 8.2 above for a Termination for Good Reason.
(b)In the event notice of a termination under subsections (a)(i), (iii) and (iv) is given orally, at the other party’s request, the party giving notice must provide written confirmation of such notice within 5 business days of the request in compliance with the requirement of Section 10.1 below.
9.6Cooperation With Company After Termination of Employment. Following termination of Executive’s employment for any reason, Executive shall fully cooperate with the Company in all matters relating to the winding up of Executive’s pending work including, but not limited to, any litigation in which the Company is involved, and the orderly transfer of any such pending work to such other employees as may be designated by the Company.
9.7Application of Section 409A.  It is intended that all of the benefits and payments under this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Code Section 409A provided under Treasury Regulations 1.409A-1(b)(4) and 1.409A-1(b)(9), and this Agreement will be construed to the greatest extent possible as consistent with those provisions.  If not so exempt, this Agreement (and any definitions hereunder) will be construed in a manner that complies with Section 409A, and incorporates by reference all required definitions and payment terms.  For purposes of Code Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), Executive’s right to receive any installment payments under this Agreement (whether severance payments, reimbursements or otherwise) will be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder will at all times be considered a separate and distinct payment.  Notwithstanding any provision to the contrary in this Agreement, if Executive is deemed by the Company at the time of Executive’s Separation from Service to be a “specified employee” for purposes of Code Section 409A(a)(2)(B)(i), and if any of the payments upon Separation from Service set forth herein and/or under any other agreement with the Company are deemed to be “deferred compensation”, then if delayed commencement of any portion of such payments is required to avoid a prohibited distribution under Code Section 409A(a)(2)(B)(i) and the related adverse taxation under Section 409A, the timing of the payments upon a Separation from Service will be delayed as follows: on the earlier to occur of (i) the date that is six months and one day after the effective date of Executive’s Separation from Service, and (ii) the date of Executive’s death (such earlier date, the “Delayed Initial Payment Date”), the Company will (A) pay to Executive a lump sum amount equal to the sum of the payments upon Separation from Service that Executive would otherwise have received through the Delayed Initial Payment Date if the commencement of the payments had not been delayed pursuant to this paragraph, and (B) commence paying the balance of the payments in accordance with the applicable payment schedules set forth above.  No interest will be due on any amounts so deferred.  To the extent that any severance payments or benefits payable to Executive pursuant to this Agreement are not otherwise exempt from the application of Code Section 409A, then, if the period during which Executive may consider and sign the Release spans two calendar years, the payment of severance will not be made or begin until the later calendar year.
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10.GENERAL PROVISIONS.
10.1Notices.  Any notices required hereunder to be in writing shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by electronic mail or confirmed facsimile if sent during normal business hours of the recipient, and if not, then on the next business day, (c) 5 days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) 1 day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt.  All communications shall be sent to the Company, “Attention Chairman of the Board,” at its primary office location and to Executive at Executive’s address as listed on the Company payroll, or at such other address as the Company or Executive may designate by 10 days advance written notice to the other.
10.2Severability.  Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provisions had never been contained herein.
10.3Survival.  Provisions of this Agreement which by their terms must survive the termination of this Agreement in order to effectuate the intent of the parties will survive any such termination, whether by expiration of the term, termination of Executive’s employment, or otherwise, for such period as may be appropriate under the circumstances.
10.4Waiver.  If either party should waive any breach of any provisions of this Agreement, Executive or the Company shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement.
10.5Complete Agreement.  This Agreement constitutes the entire agreement between Executive and the Company with regard to the subject matter hereof.  This Agreement is the complete, final, and exclusive embodiment of their agreement with regard to this subject matter and supersedes any prior oral discussions or written communications and agreements.  This Agreement is entered into without reliance on any promise or representation other than those expressly contained herein, and it cannot be modified or amended except in writing signed by Executive and an authorized officer of the Company.  The parties have entered into a separate Employee Proprietary Information Agreement and have entered or may enter into separate agreements related to stock awards.  These separate agreements govern other aspects of the relationship between the parties, have or may have provisions that survive termination of Executive’s employment under this Agreement, may be amended or superseded by the parties without regard to this Agreement and are enforceable according to their terms without regard to the enforcement provision of this Agreement.
10.6Further Assurances.  Executive agrees to execute, acknowledge, seal and deliver such further assurances, documents, applications, agreements and instruments, and to
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take such further actions, as the Company may reasonably request in order to accomplish the purposes of this Agreement.
10.7Counterparts.  This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one party, but all of which taken together will constitute one and the same Agreement.
10.8Headings.  The headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof.
10.9Successors and Assigns.  This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive and the Company, and their respective successors, assigns, heirs, executors and administrators, except that Executive may not assign any of Executive’s duties hereunder and may not assign any of Executive’s rights hereunder without the written consent of the Company, which shall not be withheld unreasonably.
10.10Choice of Law.  All questions concerning the construction, validity and interpretation of this Agreement will be governed by the law of the State of Maryland, without giving effect to choice of law principles.  Executive and the Company hereby expressly consent to the personal jurisdiction and venue of the state and federal courts located in the State of Maryland for any claims or suits arising from or related to this Agreement.
[Signature page follows]
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IN WITNESS WHEREOF, the parties have executed this Amended and Restated Executive Employment Agreement effective as of the day and year first written above.
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	GLYCOMIMETICS, INC.
	    
	EXECUTIVE

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	/s/ Rachel K. King
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	/s/ Eric J. Feldman

	(Signature)
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	(Signature)

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	By: 
	Rachel K. King
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	By: 
	Eric J. Feldman, M.D.

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	Title: 
	Chief Executive Officer
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Signature Page to Amended and Restated Executive Employment Agreement

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Exhibit A
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Employee Proprietary Information Agreement
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(see following pages)
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Exhibit A to Amended and Restated Executive Employment Agreement

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Exhibit B
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Release Agreement
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(see following pages)
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Exhibit B to Amended and Restated Executive Employment Agreement

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Release Agreement
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This Release Agreement (“Release”) is made by and between GlycoMimetics, Inc. (the “Company”) and Eric J. Feldman, M.D. (“you”).  You and the Company entered into an Amended and Restated Employment Agreement effective February 19, 2021 (the “Employment Agreement”).  You and the Company hereby further agree as follows:
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1.A blank copy of this Release was attached to the Employment Agreement as Exhibit B.
2.Severance Payments.  If your employment was terminated by the Company for a Termination Without Cause, a Termination for Good Reason, or a Change in Control Termination (as defined in the Employment Agreement) in accordance with Section 9 of the Employment Agreement, then in consideration for your execution, return and non-revocation of this Release, following the Release Date (as defined in Section 3 below) the Company will provide severance benefits to you as follows: [described benefits and payment schedule].
3.Release by You.  In exchange for the payments and other consideration under this Release, to which you would not otherwise be entitled, and except as otherwise set forth in this Release, you hereby generally and completely release, acquit and forever discharge the Company, its parents and subsidiaries, and its and their officers, directors, managers, partners, agents, servants, employees, attorneys, shareholders, successors, assigns and affiliates (the “Releasees”), of and from any and all claims, liabilities, demands, causes of action, costs, expenses, attorneys fees, damages, indemnities and obligations of every kind and nature, in law, equity, or otherwise, both known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way related to agreements, events, acts or conduct at any time prior to and including the execution date of this Release, including but not limited to:  all such claims and demands directly or indirectly arising out of or in any way connected with your employment with the Company or the termination of that employment; claims or demands related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in the Company, vacation pay, fringe benefits, expense reimbursements, severance pay, or any other form of compensation; claims pursuant to any federal, state or local law, statute, or cause of action; tort law; or contract law (individually a “Claim” and collectively “Claims”).  The Claims you are releasing and waiving in this Release include, but are not limited to, any and all Claims that the Company, its parents and subsidiaries, and its and their respective officers, directors, agents, servants, employees, attorneys, shareholders, successors, assigns or affiliates:
·has violated its personnel policies, handbooks, contracts of employment, or covenants of good faith and fair dealing;
·has discriminated against you on the basis of age, race, color, sex (including sexual harassment), national origin, ancestry, disability, religion, sexual orientation, marital status, parental status, source of income, entitlement to benefits, any union activities or other protected category in violation of any local, state or federal law, constitution, ordinance, or regulation, including but not limited to: the Age Discrimination in Employment Act, as amended (“ADEA”); Title VII of the Civil Rights Act of 1964, as amended; 42 U.S.C. § 1981, as amended; the Civil Rights Act of 1866; the Fair Employment Practice Act of Maryland, Md. Code Ann., State Government, Title 20; the Worker Adjustment Retraining and Notification Act; the Equal Pay Act; the
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Americans With Disabilities Act; the Family Medical Leave Act; the Occupational Safety and Health Act; the Immigration Reform and Control Act; the Uniform Services Employment and Reemployment Rights Act of 1994, as amended; Section 510 of the Employee Retirement Income Security Act; and the National Labor Relations Act;
·has violated any statute, public policy or common law (including but not limited to claims for retaliatory discharge; negligent hiring, retention or supervision; defamation; intentional or negligent infliction of emotional distress and/or mental anguish; intentional interference with contract; negligence; detrimental reliance; loss of consortium to you or any member of your family and/or promissory estoppel).
Notwithstanding the foregoing, you are not releasing any right of indemnification you may have for any liabilities arising from your actions within the course and scope of your employment with the Company or within the course and scope of your role as a member of the Board of Directors and/or officer of the Company.  Also excluded from this Release are any claims which cannot be waived by law, including, without limitation, any rights you may have under applicable workers’ compensation laws and your right, if applicable, to file or participate in an investigative proceeding of any federal, state or local governmental agency. Nothing in this Release shall prevent you from filing, cooperating with, or participating in any proceeding or investigation before the Equal Employment Opportunity Commission, United States Department of Labor, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal government agency, or similar state or local agency (“Government Agencies”), or exercising any rights pursuant to Section 7 of the National Labor Relations Act.  You further understand this Release does not limit your ability to voluntarily communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company.  While this Release does not limit your right to receive an award for information provided to the Securities and Exchange Commission, you understand and agree that, you are otherwise waiving, to the fullest extent permitted by law, any and all rights you may have to individual relief based on any Claims that you have released and any rights you have waived by signing this Release.  If any Claim is not subject to release, to the extent permitted by law, you waive any right or ability to be a class or collective action representative or to otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on such a Claim in which any of the Company Parties is a party.  This Release does not abrogate your existing rights under any Company benefit plan or any plan or agreement related to equity ownership in the Company; however, it does waive, release and forever discharge Claims existing as of the date you execute this Release pursuant to any such plan or agreement.
You are waiving, however, your right to any monetary recovery should any governmental agency or entity, such as the EEOC or the DOL, pursue any claims on your behalf. You acknowledge that you are knowingly and voluntarily waiving and releasing any rights you may have under the ADEA, as amended.  You also acknowledge that (i) the consideration given to you in exchange for the waiver and release in this Release is in addition to anything of value to which you were already entitled, and (ii) that you have been paid for all time worked, have received all the leave, leaves of absence and leave benefits and protections for which you are eligible, and have not suffered any on-the-job injury for which you have not already filed a claim. You further acknowledge that you have been advised by this writing that:  (a) your waiver and release do not apply to any rights or claims that may arise after the execution date of this Release; (b) you have been advised hereby that you have the right to consult with an attorney
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prior to executing this Release; (c) you have twenty-one (21) days [in the event of a group release 21 days becomes 45 days] to consider this Release (although you may choose to voluntarily execute this Release earlier); (d) you have seven (7) days following your execution of this Release to revoke the Release; and (e) this Release shall not be effective until the date upon which the revocation period has expired unexercised, which shall be the eighth day after this Release is executed by you provided the Company has also executed the Release on or before that date (the “Release Date”).
4.Return of Company Property.  Within ten (10) days of the effective date of the termination of employment, you agree to return to the Company all Company documents (and all copies thereof) and other Company property then in existence that you have had in your possession at any time, including, but not limited to, Company files, notes, drawings, records, business plans and forecasts, financial information, specifications, computer-recorded information, tangible property (including, but not limited to, computers), credit cards, entry cards, identification badges and keys; and, any materials of any kind that contain or embody any proprietary or confidential information of the Company (and all reproductions thereof).  Receipt of the Severance described in paragraph 2 of this Release is expressly conditioned upon return of all such Company Property.
5.Confidentiality.  The provisions of this Release will be held in strictest confidence by you and will not be publicized or disclosed in any manner whatsoever; provided, however, that:  (a) you may disclose this Release in confidence to your immediate family; (b) you may disclose this Release in confidence to your attorney, accountant, auditor, tax preparer, and financial advisor; and (c) you may disclose this Release insofar as such disclosure may be required by law.  Notwithstanding the foregoing, nothing in this Release shall limit your right to voluntarily communicate with the Equal Employment Opportunity Commission, United States Department of Labor, the National Labor Relations Board, the Securities and Exchange Commission, other federal government agency or similar state or local agency or to discuss the terms and conditions of your employment with others to the extent expressly permitted by Section 7 of the National Labor Relations Act.
6.Proprietary Information, Inventions, Non-Competition and Non-Solicitation Obligations.  Both during and after your employment you acknowledge your continuing obligations under your Employee Confidential Information, Inventions, Non-Solicitation and Non-Competition Agreement (“Employee Proprietary Information Agreement”) not to use or disclose any confidential or proprietary information of the Company and to refrain from certain solicitation and competitive activities.  Confidential information that is also a “trade secret,” as defined by law, may be disclosed (A) if it is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, in the event that you file a lawsuit for retaliation by the Company for reporting a suspected violation of law, you may disclose the trade secret to your attorney and use the trade secret information in the court proceeding, if you: (A) file any document containing the trade secret under seal; and (B) do not disclose the trade secret, except pursuant to court order.
7.[Note: The Company may, in its discretion, elect to include this provision] Non-Disparagement.  Both you and the Company agree not to disparage the other party, and the other party’s officers, directors, employees, shareholders and agents, in any manner likely to be harmful to them or their business, business reputation or personal reputation; provided that both you and the Company will respond accurately and fully to any question, inquiry or request for
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information when required by legal process.  The Company’s obligations under this Section are limited to company representatives with knowledge of this provision.  Notwithstanding the foregoing, nothing in this Release shall limit your right to voluntarily communicate with the Equal Employment Opportunity Commission, United States Department of Labor, the National Labor Relations Board, the Securities and Exchange Commission, other federal government agency or similar state or local agency or to discuss the terms and conditions of your employment with others to the extent expressly permitted by Section 7 of the National Labor Relations Act.
8.No Admission.  This Release does not constitute an admission by the Company of any wrongful action or violation of any federal, state, or local statute, or common law rights, including those relating to the provisions of any law or statute concerning employment actions, or of any other possible or claimed violation of law or rights.
9.Breach.  You agree that upon any material breach of this Release you will forfeit all amounts paid or owing to you under this Release.  Further, you acknowledge that it may be impossible to assess the damages caused by your material violation of the terms of paragraphs 4, 5, 6, and 7 of this Release and further agree that any threatened or actual material violation or breach of those paragraphs of this Release will constitute immediate and irreparable injury to the Company.  You therefore agree that any such breach of this Release is a material breach of this Release, and, in addition to any and all other damages and remedies available to the Company upon your breach of this Release, the Company shall be entitled to an injunction to prevent you from violating or breaching this Release.
10.Miscellaneous.  This Release, together with your Employee Proprietary Information Agreement, constitute the complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to this subject matter.  It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations.  This Release may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company.  This Release will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors and assigns.  If any provision of this Release is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Release and the provision in question will be modified by the court so as to be rendered enforceable.  This Release will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the State of Maryland as applied to contracts made and performed entirely within the State of Maryland.
[Signature page follows]
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	GLYCOMIMETICS, INC.
	    
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	By:
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	Date

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	EXECUTIVE
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	Eric J. Feldman, M.D.
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	Date

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Signature Page to Release Agreement

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