Document:

Exhibit 10.36

 

Portions of this document have been redacted
pursuant to a Request for Confidential Treatment filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under
the Securities Exchange Act of 1934, as amended. Redacted portions are indicated with the notation “*”.

 

STUDY AGREEMENT

Between

Merck Sharp & Dohme Corp.

and 

Enumeral Biomedical Holdings Inc.

 

 

This Study Agreement (“Agreement”)
confirms the mutual understanding between Merck Sharp & Dohme Corp., a New Jersey corporation, having a place of business at
One Merck Drive, Whitehouse Station, NJ 08889-0100 (“Merck”) and Enumeral Biomedical Holdings Inc., a Delaware
corporation, having a place of business at 1 Kendall Sq., Cambridge, MA 02139 (“Enumeral”), each a “Party”
and collectively, the “Parties”.

 

		1.	Definitions.

 

“Affiliate”
of Merck shall mean any entity (i) in which fifty percent (50%) or more of the voting equity interests are now or hereafter owned
or controlled, directly or indirectly, by Merck, (ii) which now or hereafter owns or controls, directly or indirectly, fifty percent
(50%) or more of the voting equity interests of Merck, or (iii) in which fifty percent (50%) or more of the voting equity interests
are now or hereafter owned or controlled, directly or indirectly, by an entity identified in the preceding clause (i) or (ii).

 

“Cause”
is defined in Paragraph 13.

 

“Effective Date”
shall mean the date on which this Agreement takes effect, as set forth in Paragraph 5.

 

“Enumeral Technology”
shall mean Enumeral immune profiling technology platform, including the procedures and techniques used in connection with the platform,
which provides single cell functional profiling including the assessment of the frequency of functional immune cells from tissue
samples. The platform employs a proprietary bio-chip containing on its surface a soft molded dense array of spatially addressable
subnanoliter microwells that is affixed to a glass slide and enables data capture about cell surface markers and cell secretion
through proprietary microengraving process.

 

“Enumeral Technology
Inventions” shall mean inventions or discoveries, whether or not patentable, conceived or made by employees and/or
agents of Enumeral (either solely or jointly with employees and/or agents of Merck or Affiliates of Merck or solely by employees
and/or agents of Merck or Affiliates of Merck,) that arise from the Study and are an improvement or enhancement to the Enumeral
Technology. “Human Material” is defined in Paragraph 11(f).

 

    	Page 1 of 16

    	

    

 

“Information”
shall mean any and all information and data, including without limitation Merck Information, Enumeral Technology and all other
information or data, whether communicated in writing or orally or by any other method, which is provided by one Party to the other
Party under this Agreement.

 

“Inventions”
shall mean any inventions or discoveries, whether or not patentable, conceived or made by employees and/or agents of Enumeral (either
solely or jointly with employees and/or agents of Merck or Affiliates of Merck) that arise during the course of performing the
Work Plan, other than Enumeral Technology Inventions.

 

“Merck Information”
shall mean all information, data, Merck Material and other items that are supplied by or on behalf of Merck or its Affiliates,
or that may be derived from or related to any visits by Enumeral personnel to Merck or its Affiliates premises, and the Study Results.

 

“Merck Material”
shall mean reagents, compounds and any other material provided to Enumeral by or on behalf of Merck pursuant to this Agreement
(including, for the avoidance of doubt, CRC/PBMC samples provided by contract research organizations or other Third Parties identified
by Enumeral or Merck in accordance with the terms of the Work Plan).

 

“Non-Identifiable
Data” is defined in Paragraph 11(f).

 

“Officials”
is defined in Paragraph 11(b).

 

“Payment”
is defined in Paragraph 11(b).

 

“Personal Data”
is defined in Paragraph 11(f).

 

“Research Data
Sets” is defined in Paragraph 11(f).  

 

“Study”
shall mean the research described in the Work Plan, which is being conducted for the purpose set forth in Paragraph 2. 

 

“Study Results”
shall mean all information, data, material, reports, and any other items developed or produced by the Parties during the course
of performing the Work Plan, including the Final Report, which is defined in Paragraph 8(a).

 

“Term”
is defined in Paragraph 5.

 

“Third Party”
shall mean any individual or entity other than Enumeral, Merck or Merck’s Affiliates.

 

“Violation”
shall mean that either Enumeral, or any of its officers or directors has been: (a) convicted of any of the felonies identified
among the exclusion authorities listed on the U.S. Department of Health and Human Services, Office of Inspector General (OIG) website,
including 42 U.S.C. 1320a-7(a) (http://oig.hhs.gov/fraud/exclusions/authorities.asp); and/or (b) identified in the OIG List
of Excluded Individuals/Entities (LEIE) database (http://oig.hhs.gov/fraud/exclusions/exclusions_list.asp) or the U.S. General
Services Administration's list of Parties Excluded from Federal Programs (http://www.epls.gov) (each of (a) and (b), singly
and collectively, the “Exclusions Lists”).

 

    	Page 2 of 16

    	

    

 

“Work Plan”
shall mean the Work Plan attached as Attachment A.

 

		2.	Purpose.

 

The Parties agree to diligently
perform the Study using Enumeral Technology for identifying functional response of single cell types in colorectal cancer tissue
in the presence or absence of IMR modulators identified by Merck pursuant to the terms of this Agreement.

 

		3.	Standards of Performance; Use of Subcontractors;
Joint Steering Committee.

 

(a)     Enumeral and Merck shall engage in the Study upon the terms and conditions set forth in this Agreement. The activities to be
undertaken in the course of the Study are set forth in the Work Plan which may be amended from time to time upon mutual written
agreement by authorized representative(s) of the Parties. Enumeral and Merck each shall proceed diligently with the Study
and to use personnel with sufficient skills and experience as are required to perform the Study in accordance with the terms of
this Agreement and the Work Plan. Each Party shall be responsible for the quality, technical accuracy and completeness of all Study
Results and any other items provided by it under this Agreement.

 

(b)     (i)
Enumeral warrants that all persons involved with the Study are employees or agents (individuals and not business organizations)
of Enumeral, and that it will not assign any subcontractors to perform the Study without Merck’s prior written permission.
Notwithstanding any such permission, Enumeral shall remain at all times fully liable for performance of its obligations hereunder.
Should Merck ever grant permission for subcontractors to perform the Study, Enumeral shall cause each of its subcontractors charged
with performance of the Study to execute an agreement recognizing Merck’s rights and concurring with the obligations of Enumeral
as set forth herein, including, without limitation, those in Paragraphs 7, 8 and 9.

 

(ii) For the avoidance
of doubt, Enumeral or Merck may subcontract all or part of the *, as further described in the Work Plan, to a Third Party. Merck
shall be responsible for the cost associated with *.

 

(iii) Enumeral shall,
at no expense to Merck, correct any failure to fulfill any covenants and warranties set forth in this Paragraph 3(b).

 

(c)    (i)
The Study shall be conducted under the direction of a joint research committee (the “JRC”) comprised of
a minimum of two (2) representatives of Merck and two (2) representatives of equivalent or higher authority from Enumeral. Each
Party may change its representatives to the JRC from time to time in its sole discretion, effective upon notice to the other Party
of such change. These representatives shall have appropriate technical credentials, experience and knowledge, and ongoing familiarity
with the Study. Additional representative(s) or consultant(s) may from time to time, by mutual consent of the Parties, be invited
to attend JRC meetings, subject to such representative’s or consultant’s written agreement to comply with the requirements
of Paragraph 7.

 

    	Page 3 of 16

    	

    

 

(ii) The JRC shall be chaired
by a representative of Merck. Decisions of the JRC shall be made unanimously by the representatives. In the event that the JRC
cannot or does not, after good faith efforts, reach agreement on an issue, the resolution and/or course of conduct shall be escalated
to senior members of each Party to be resolved; in the case of Merck, to the Vice President of Research Science - Immunology IMRs
Oncology Discovery or the equivalent, and in the case of Enumeral, the Vice President of Translational and Clinical Science. In
the event that the Parties cannot or do not, after good faith efforts, reach agreement with respect to any such issue, the resolution
of such issue and/or course of conduct shall be determined by Merck, in its sole discretion. Notwithstanding anything herein to
the contrary, in no event shall the JRC have authority to increase a Party’s obligations under this Agreement or compel a
Party to incur additional costs or expenses that are not specifically contemplated under the terms of this Agreement, in all cases
without the prior written consent of such Party.

 

(iii) The JRC shall meet
in accordance with a schedule established by mutual written agreement of the Parties with the location for such meetings alternating
between Enumeral and Merck facilities (or such other location may be determined by the JRC). Alternatively, the JRC may meet by
means of teleconference, videoconference or other similar communications equipment. The JRC shall confer regarding the status of
the Study, review relevant data, consider and advise on any technical issues that arise, and review and advise on any budgetary
and economic matters relating to the Study which may be referred to the JRC.

 

		4.	Material.

 

(a)     Merck
shall supply, at no cost to Enumeral, sufficient samples of the Merck Material to carry out the Study in accordance with this Agreement.
The Merck Material is not to be used in humans. The Merck Material is not to be reengineered for any purpose, including to identify
structures or properties.  It is understood that the Merck Material is provided to Enumeral only for the performance of
the Study and shall not be used for any other purpose, nor shall the Merck Material or any derivatives, analogs, modifications
or components thereof be transferred, delivered or disclosed to any Third Party without the advance written consent of Merck. Any
unused Merck Material or any derivatives, analogs, modifications or components thereof shall be returned to Merck or otherwise
disposed of in accordance with instructions from Merck promptly upon completion of the Study or as may be earlier required under
Paragraph 13.

 

		5.	Term.

 

This Agreement shall be
effective on the date of the last signature (the “Effective Date”). The term of this Agreement shall expire
on later of delivery of the Final Report or the one (1) year anniversary of the Effective Date, but in no instance later than twenty
four (24) months from the Effective Date, unless extended in writing by mutual agreement and subject to early termination as provided
in Paragraph 13 (the “Term”).

 

		6.	Amount, Payment & Financial Terms

 

(a)     Subject
to the payment provisions in this Paragraph, Merck shall pay Enumeral the amounts and in accordance with the budget and payment
schedule herein. Except as set forth in this Paragraph each Party shall bear their own costs and expenses with respect to
this Agreement.

 

(b)     Enumeral
shall apply the research funding it receives from Merck under this Paragraph 6 solely to carry out its Study activities in accordance
with the Work Plan and the terms and conditions of this Agreement.

 

    	Page 4 of 16

    	

    

 

(c)    All
invoices shall be paid to Enumeral within * calendar days following receipt of such original invoice together with the following
information: (i) the applicable purchase order number under which the Study was performed, (ii) the amount due, (iii) the calculation
of such amount due, and (iv) applicable supporting documentation. The purchase order number is required for payment. All invoices
shall be directed to the person/entity indicated in Paragraph 15, for payment. Merck shall have the right to make a reasonable
request for additional information from Enumeral for the purposes of determining the sufficiency of the Study and the amount, and
Enumeral shall respond to such request promptly and reasonably. Merck may dispute any invoiced amount by providing written notice
to Enumeral. Merck is not obligated to pay any invoiced amount that is the subject of a good faith dispute until such dispute is
resolved, provided that Merck pays any undisputed invoiced amount. Once an invoice dispute is resolved, the invoice shall be paid
within * calendar days.

 

(d) (i) Enumeral
shall be liable for any and all income and other taxes (including interest) (“Taxes”) on any and all income
it receives from Merck under this Section 6 (“Agreement Payments”) of this Agreement.
If applicable laws, rules or regulations require the withholding of Taxes, Merck shall make such withholding payments
and shall subtract the amount thereof from the Agreement Payments. Merck shall submit to Enumeral appropriate proof of payment
of the withheld Taxes as well as the official receipts within a reasonable period of time. Merck shall provide Enumeral reasonable
assistance in order to allow Enumeral to obtain the benefit of any present or future treaty against double taxation which may apply
to the Agreement Payments. 

 

(ii)  All amounts
due under this Section 6 are exclusive of sales, use, goods and services, value added, excise, and other taxes, duties or charges
of a similar nature imposed by any governmental authority, or other taxing authority. If any sales, use, goods and services, value
added, excise, and other taxes, duties or charges of a similar nature will be chargeable, Merck shall pay, or upon receipt of invoice
from Enumeral shall reimburse, these in addition to the sums otherwise payable, at the rate in force at the due time for payment
or such other time as is stipulated under the relevant legislation.  Each of Merck and Enumeral shall use commercially reasonable
efforts to minimize obligations relating to taxes of the nature described in this Section 6 as a result of the transactions contemplated
by this Agreement.

 

(e)  Subject to the payment terms
above, Merck shall:

 

		A.	Reimburse Enumeral for the cost of performing the Work Plan for the Term up to a maximum of * Enumeral
FTEs funding for the Term at a cost of * per FTE per each twelve (12) month period from the Effective Date, not to exceed * dollars
for * FTEs per each twelve (12) month period. Enumeral shall invoice Merck quarterly for actual performance and shall not exceed
* FTEs without Merck’s prior written consent; and Merck shall pay Enumeral within * days from receipt of invoice.

 

		B.	Make the following milestone payments:

 

		(i)	* upon completion of Aim #1 of the Work Plan and Merck’s receipt of all Study Results from
Aim #1 and an invoice from Enumeral;

 

    	Page 5 of 16

    	

    

 

		(ii)	* upon completion of Aim #2 of the Work Plan and Merck’s
receipt of data form Aim #2 and an invoice from Enumeral;

 

		(iii)	* upon completion of Aim #3 of the Work Plan and Merck’s
receipt of the Final Report and an invoice from Enumeral.

 

		C.	Reimburse Enumeral for the * costs associated with conducting the Work Plan if Enumeral subcontracts
the * costs associated with conducting the Work Plan pursuant to Paragraph 3(b)(ii) (i.e., reimbursement for straight pass-through
costs incurred from Third Parties working on the * required herein), which shall be paid by Merck to Enumeral within * days from
receipt of invoice.

 

		7.	Confidentiality.

 

(a)  All
Information disclosed by one Party to the other Party hereunder shall be maintained in confidence by the receiving Party and shall
not be disclosed to any Third Party or used for any purpose except as set forth herein without the prior written consent of the
disclosing Party, except to the extent that such Information:

 

(i)  is known
by the receiving Party at the time of its receipt, and not through a prior disclosure by the disclosing Party, as documented by
the receiving Party’s business records;

 

(ii) is in the public
domain by use and/or publication before its receipt from the disclosing Party, or thereafter enters the public domain through no
fault of the receiving Party;

 

(iii) is subsequently disclosed
to the receiving Party by a Third Party who may lawfully do so and is not under an obligation of confidentiality to the disclosing
Party;

 

(iv) is developed by the
receiving Party independently of Information received from the disclosing Party, as documented by the receiving Party’s business
records;

 

Any combination of features
or disclosures shall not be deemed to fall within the foregoing exclusions merely because individual features are published or
available to the general public or in the rightful possession of the receiving Party unless the combination itself and principle
of operation are published or available to the general public or in the rightful possession of the receiving Party.

 

(b) These obligations
of confidentiality and non-use shall continue during the Term of this Agreement and even after the Term ends for a period of seven
(7) years.

 

(c) If a Party is
required by judicial or administrative process to disclose Information that is subject to the non-disclosure provisions of this
Paragraph 7, such Party shall promptly inform the other Party of the disclosure that is being sought in order to provide the other
Party an opportunity to challenge or limit the disclosure obligations. Information that is disclosed by judicial or administrative
process shall remain otherwise subject to the confidentiality and non-use provisions herein, and the Party disclosing Information
pursuant to law or valid court order shall take all steps reasonably necessary, including without limitation obtaining an order
of confidentiality, to ensure the continued confidential treatment of such Information.

 

    	Page 6 of 16

    	

    

 

		8.	Reports; Research License Grants; Ownership and Use
of Information.

 

(a)     
The Parties shall provide to each other all written reports for the Study as provided in the Work Plan. At Merck’s request,
Enumeral shall provide to Merck copies of all documentation and data relating to the Study or shall permit Merck to inspect and
copy such documentation and data. Enumeral with input from Merck shall provide a detailed report containing all Study Results (the
“Final Report”) promptly upon completion of the Study.

 

(b)      Ownership
of all right, title and interest in and to Enumeral Technology shall reside with Enumeral. Enumeral hereby grants to Merck a non-exclusive,
royalty free, worldwide license, sublicenseable to Merck’s Affiliates, to use the Enumeral Technology during the Term to
carry out the Study. Merck acknowledges and agrees that nothing in this Agreement grants Merck any rights in Enumeral Technology
or any Enumeral know-how or Enumeral patents claiming, covering or relating to the Enumeral Technology, except as expressly provided
for herein.

 

(c)    Ownership
of all right, title and interest in and to Merck Information shall reside with Merck. Merck hereby grants to Enumeral a non-exclusive,
royalty free, worldwide license, to use the Merck Information during the Term to carry out the Study. Enumeral acknowledges and
agrees that nothing in this Agreement grants Enumeral any rights to, or licenses under, the Merck Information or any Merck know-how
or Merck patents claiming, covering or relating to the Merck Information, except as expressly stated in this Paragraph 8(c) and
in Paragraph 8(e) herein.

 

(d)     Enumeral agrees
that Merck has sole ownership of all right, title and interest, including, but not limited to, copyright rights, in and to the
Study Results and does hereby assign any and all right, title and interest in Study Results (other than Enumeral Technology Inventions)
developed by it to Merck. Enumeral agrees to execute any and all documents deemed necessary or appropriate by Merck (and/or Merck's
Affiliates) to memorialize the transfer of ownership of all right, title and interest, including, but not limited to, copyright
rights, to Merck (or Merck's Affiliates, as the context requires) throughout the world. Merck and its Affiliates shall have the
unrestricted right to use and disclose the Study Results (other than Enumeral Technology Inventions) for any and all purposes.

 

(e)   Merck hereby
grants to Enumeral a royalty-free, permanent, non-exclusive, non-sublicenseable license to use the Study Results for its internal
research purposes only.

 

		9.	Inventions; Enumeral Technology Inventions;
License to Inventions.

 

(a)     It
is recognized that the existing and/or already conceived inventions, discoveries and technologies of Merck and Enumeral are their
separate property and are not affected by this Agreement. Enumeral shall promptly inform Merck in confidence of any Inventions.
Merck shall promptly inform Enumeral of any Enumeral Technology Inventions.

 

    	Page 7 of 16

    	

    

 

(i) Enumeral agrees that
Merck has and will have sole ownership of all right, title and interest in and to Inventions and does hereby assign any and all
right, title and interest in such Inventions to Merck. Enumeral agrees to execute any and all documents deemed necessary or appropriate
by Merck (and/or Merck's Affiliates) to memorialize the transfer of ownership of all right, title and interest in such Inventions
to Merck (or Merck's Affiliates, as the context requires) throughout the world. Enumeral will, upon request by Merck, promptly
execute any and all patent applications, assignments or other instruments which Merck deems necessary or useful for the protection
or defense of any such Inventions, which may be filed or prepared at Merck’s cost and expense. Enumeral acknowledges and
agrees that nothing in this Agreement grants Enumeral any rights to, or licenses under, Inventions claiming, covering or relating
to the Merck Information, except as expressly provided for in Paragraph 9(b).

 

(ii) Merck agrees that
Enumeral has and will have sole ownership of all right, title and interest in and to Enumeral Technology Inventions and does hereby
assign any and all right, title and interest in such Inventions to Enumeral. Merck agrees to execute any and all documents deemed
necessary or appropriate by Enumeral to memorialize the transfer of ownership of all right, title and interest in such Enumeral
Technology Inventions to Enumeral throughout the world. Merck will, upon request by Enumeral, promptly execute any and all patent
applications, assignments or other instruments which Enumeral deems necessary or useful for the protection or defense of any such
Enumeral Technology Inventions, which may be filed or prepared at Enumeral’s cost and expense. Merck acknowledges and agrees
that nothing in this Agreement grants Merck any rights to, or licenses under, Enumeral Technology Inventions claiming, covering
or relating to the Enumeral Technology, except as expressly provided for in this Agreement.

 

(b) Merck shall
grant to Enumeral a non-sublicensable, non-exclusive, royalty free license to use Inventions, to the extent such Inventions do
not pertain to any Merck Material, solely for Enumeral’s internal research use.

 

(c) Enumeral represents
and warrants that no governmental entity or other Third Party has or shall have any claim or right to the Study Results
or any Inventions.

 

		10.	Publication and Presentation.

 

Enumeral shall have no
right hereunder to publish or present any of the Merck Information including, without limitation, Study Results, without first
providing any such publication or presentation to Merck for prior review and written approval from Merck; and Enumeral shall have
no right to prevent publication or presentation by Merck or its Affiliates of the Merck Information including, without limitation,
Study Results. In the event of a publication or presentation by Merck or its Affiliates of the Merck Information, including the
Study Results, Merck will use reasonable efforts to acknowledge Enumeral in such materials.

 

    	Page 8 of 16

    	

    

 

		11.	Compliance with Law and Ethical Business Practices.

 

(a)      Enumeral
shall conduct the Study in accordance with all applicable laws, rules and regulations. Enumeral will notify Merck in writing of
any deviations from applicable regulatory or legal requirements. Enumeral hereby certifies that it will not and has not employed
or otherwise used in any capacity the services of any person or entity debarred under Section 21 USC 335a in performing any services
hereunder. Enumeral shall notify Merck in writing immediately if any such debarment occurs or comes to its attention, and shall,
with respect to any person or entity so debarred promptly remove such person or entity from performing any service, function or
capacity related to the Study. Merck shall have the right, in its sole discretion, to terminate this Agreement immediately in the
event of any such debarment.

 

(b)      Enumeral
acknowledges that Merck’s corporate policy requires that Merck’s business must be conducted within the letter and spirit
of the law. By signing this Agreement, Enumeral agrees to conduct the services contemplated herein in a manner which is consistent
with both law and good business ethics.

 

(i)   Enumeral
shall not make any payment, either directly or indirectly, of money or other assets, including but not limited to the compensation
Enumeral derives from this Agreement (hereinafter collectively referred as a “Payment”), to government or political
party officials, officials of international public organizations, candidates for public office, or representatives of other
businesses or persons acting on behalf of any of the foregoing (hereinafter collectively referred as “Officials”)
where such Payment would constitute violation of any law. In addition regardless of legality, Enumeral shall make no Payment either
directly or indirectly to Officials if such Payment is for the purpose of influencing decisions or actions with respect to the
subject matter of this Agreement or any other aspect of Merck’s business.

 

(ii)  Enumeral
acknowledges that no employee of Merck or its Affiliates shall have authority to give any direction, either written or oral, relating
to the making of any commitment by Enumeral or its agents to any Third Party in violation of terms of this or any other Paragraph
of this Agreement.

 

(c)      Enumeral
certifies to Merck that as of the date of this Agreement that Enumeral has screened itself, and its officers and directors against
the Exclusions Lists and that it has informed Merck whether Enumeral, or any of its officers or directors has been in Violation.
After the execution of this Agreement, Enumeral shall notify Merck in writing immediately if any such Violation occurs or comes
to its attention.

 

(d)      Enumeral’s
failure to abide by the provisions of this Paragraph 11 shall be deemed a material breach of this Agreement. Merck may in such
case and with immediate effect terminate this Agreement at its sole discretion upon written notice to Enumeral and without prejudice
to any other remedies that may be available to Merck.

 

(e)      Enumeral
shall indemnify and hold Merck and any of its Affiliates harmless from and against any and all liabilities (including all costs
and reasonable attorneys’ fees associated with defending against such claims) that may arise by reason of the acts or omissions
of Enumeral or its agents or other Third Parties acting on Enumeral’s behalf which would constitute a violation of this Paragraph
11.

 

    	Page 9 of 16

    	

    

 

(f)      (i)       If
any human primary cell lines, human tissue, human clinical isolates or similar human-derived materials (“Human Material”)
have been or are to be collected and/or used in the Study, Enumeral represents and warrants (i) that it has complied, or shall
comply, with all applicable law, guidelines and regulations relating to the collection and/or use of the Human Material and (ii)
that it has obtained, or shall obtain, all necessary approvals, consents, and/or authorization required by law for the collection,
use and/or transfer of such Human Material as contemplated by this Agreement. Enumeral shall provide documentation of such approvals,
consents, and authorizations upon Merck's request. Enumeral further represents and warrants that such Human Material may be used
as contemplated in this Agreement without any obligations to the individuals or entities (“Providers”) who contributed
the Human Material, including any obligations of compensation to such Providers for any purposes, including, without limitation,
any obligations of compensation to such Providers or any other Third Party for the intellectual property associated with the Human
Material or the commercial use thereof for any purposes.

 

(ii)      Notwithstanding
anything to the contrary in Paragraph 7, Enumeral shall hold in confidence all data that identifies or could be used to identify
an individual (“Personal Data”), except as required or permitted under this Agreement, or to the extent necessary
to be disclosed to regulatory agencies as part of the review process. In addition, notwithstanding anything to the contrary in
Paragraph 7, Enumeral shall comply with all applicable laws and regulations, as amended from time to time, with respect
to the collection, use, storage, and disclosure of any Personal Data, including without limitation, the U.S. Health Insurance
Portability and Accountability Act (HIPAA) and the regulations promulgated thereunder. Enumeral agrees to ensure that all appropriate
technical and organization measures are taken to protect Personal Data against loss, misuse, and any unauthorized, accidental,
or unlawful access, disclosure, alteration, or destruction, including without limitation, implementation and enforcement of administrative,
technical, and physical security policies and procedures applicable to Personal Data.

 

(iii)     Merck
and its Affiliates may use Personal Data received from Enumeral to create data sets that contain dates, ages, towns, cities, states
and zip codes related to individuals (“Research Data Sets”), and may use and disclose the Research Data Sets,
alone or in combination with data that cannot be used to identify an individual natural person (“Non-Identifiable Data”),
for medical research, including but not limited to research unrelated to the Study, and any filings of medical research study results
with government regulatory agencies worldwide. Merck will: (a) not use or disclose Research Data Sets for any purpose other than
as permitted by this Agreement, or as otherwise required by law; (b) use appropriate safeguards to prevent the creation, use or
disclosure of Research Data Sets other than as provided for by this Agreement; and (c) not use the Research Data Sets to identify
any study subject or contact any study subject. Notwithstanding the foregoing, nothing in this Paragraph 11(f)(iii) shall limit
Merck’s use or disclosure of Non-Identifiable Data.

 

(iv)    Merck shall indemnify
and hold Enumeral harmless from and against any and all liabilities (including all costs and reasonable attorneys’ fees associated
with defending against such claims) that may directly arise by reason of the acts or omissions of Merck or its Affiliates which
would constitute a violation of its or their obligations in this Paragraph 11(f)(iii), except if such claims are due to the negligence,
fraud or willful misconduct of Enumeral.

 

    	Page 10 of 16

    	

    

 

(g)      If
animals are used in the Study, each Party will comply with the Animal Welfare Act or other applicable local, state, and national
laws or regulations relating to the care and use of laboratory animals. Each Party encourages the other to use the highest standards,
such as those set forth in the Guide for the Care and Use of Laboratory Animals (NRC, 2011), for the humane handling, care and
treatment of such research animals. Neither Party will use for food purposes or for commercial breeding any animals which are used
or generated in the course of the Study. Furthermore, neither Party will use for food purposes any products derived from those
animals (such as eggs or milk).

 

		12.	Liability.

 

Neither Party assumes responsibility,
nor shall have any liability, for the nature, conduct or results of any research, testing or other work performed by or on behalf
of the other Party hereunder. ENUMERAL UNDERSTANDS THAT THE MERCK MATERIAL IS SUPPLIED “AS IS” AND IS PROVIDED WITHOUT
WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER WARRANTY, EXPRESS OR IMPLIED. ENUMERAL ACKNOWLEDGES
THAT THE MERCK MATERIAL IS EXPERIMENTAL IN NATURE AND MAY HAVE UNKNOWN HAZARDOUS CHARACTERISTICS, THAT IT IS AWARE OF THE RISKS
OF WORKING WITH EXPERIMENTAL MATERIALS, AND THAT IT WILL STRICTLY ADHERE TO PROPER LABORATORY PROCEDURES FOR HANDLING CHEMICALS
AND/OR BIOLOGICAL SUBSTANCES WITH UNKNOWN HAZARDS. THE MERCK MATERIAL WILL NOT BE USED IN HUMANS. 

 

		13.	Termination or Expiration.

 

(a)     Merck
may terminate this Agreement at any time, with or without Cause, effective upon ninety (90) days’ written notice to Enumeral.
In the event of a termination of this Agreement without Cause, Merck shall reimburse Enumeral for the FTE costs incurred in performance
of the Study, and will pay Enumeral for any milestones which the Parties have agreed have been achieved but not yet paid at the
time of such termination. If this Agreement is terminated for Cause, then in addition to any other remedies available to Merck,
no such reimbursement shall be paid by Merck to Enumeral. For the purposes of the foregoing, “Cause” shall mean the
material breach by Enumeral of any of its representations or warranties under this Agreement, or the failure of Enumeral to comply
with any of its obligations hereunder, in each case only if such breach or failure remains uncured following * days after receipt
by Enumeral of Merck’s notice for such cause. 

 

(b)     (i)
Upon termination or expiration of this Agreement, or at any other time that Merck may request, Enumeral agrees to return all Merck
Information and deliver all Study Results generated by it to Merck.

 

(ii) Upon termination or
expiration of this Agreement, Merck agrees to return all Enumeral Technology and deliver all Study Results generated by it or its
Affiliates to Enumeral.

 

    	Page 11 of 16

    	

    

 

		14.	Survival.

 

The provisions of Paragraphs
3, 4(a) (other than Merck’s obligations to supply the Merck Material), and 7 through and including 21 herein and all definitions
relating to the foregoing, shall survive termination or expiration of this Agreement.

 

15.         Notices.

		 	 

Any notices required or
provided by the terms of this Agreement shall be in writing, addressed in accordance with this Paragraph, and shall be delivered,
except as otherwise indicated below, personally or sent by certified or registered mail, return receipt requested, postage prepaid
or by nationally-recognized express courier services providing evidence of delivery. Except as noted below, the effective date
of any notice shall be the date of first receipt by the receiving Party. Notices shall be sent to the address(es)/addressee(s)
given below or to such other address(es)/addressee(s) as the Party to whom notice is to be given may have provided to the other
Party in writing in accordance with this provision.

 

If to Merck:

 

	 	(Administrative contact)	Business Development & Licensing, MRL
	 	 	Merck Sharp & Dohme Corp.
	 	 	126 E. Lincoln Avenue, RY70-200
	 	 	Rahway, NJ 07065
	 	 	Attn.: Vice-President and Head
	 	 	LKR#42554
	 	 	 
	 	With a copy to:	Secretary of the Corporation
	 	 	Merck Sharp & Dohme Corp.
	 	 	P.O. Box 100, WS3A-65
	 	 	One Merck Drive
	 	 	Whitehouse Station, NJ 08889-0100
	 	 	LKR#142554
	 	 	 
	 	Submit invoices to:	Merck Sharp & Dohme Corp.
	 	 	PtP Shared Services
	 	 	PO Box 982122
	 	 	El Paso, TX 79998-2122
	 	 	Attn:  Accounts Payable
	 	 	Phone:  908-423-3000
	 	 	E-mail:  ptp_services@merck.com

 

For purposes of the * day payment
terms in Paragraph 6(c), the date of receipt of the invoice by “Merck Sharp & Dohme Corp., PtP Shared Services”
shall be used.

 

    	Page 12 of 16

    	

    

 

	 	If to Enumeral:	Enumeral Biomedical Holdings, Inc.
	 	 	One Kendall Square, Building 400, 4th Floor
	 	 	Cambridge, MA 02139
	 	 	Attn.: Chief Executive Officer

 

		16.	Governing Law.

 

This Agreement shall be
construed in accordance with the laws of the Commonwealth of Massachusetts, and the patent laws of the United States, without regard
or reference to any of its rules or provisions governing conflict of laws.

 

		17.	Entire Agreement; Interpretation.

 

(a)     This
Agreement, together with any Attachments attached hereto and specifically referenced herein, constitutes the entire agreement between
the Parties with respect to the Study and supersedes and replaces any and all previous arrangements and understandings, whether
oral or written, between the Parties with respect to the Study. Any amendment or modification to this Agreement shall be of no
effect unless made in a writing signed by an authorized representative of each Party. If there is a conflict between the terms
of this Agreement and any Attachments hereto, the terms of this Agreement shall prevail.

 

(b)     The
Parties acknowledge that they have had ample opportunity to seek and use the advice of counsel in the negotiation and drafting
of this Agreement. Thus, this Agreement shall be construed and fairly interpreted in accordance with its terms, without any strict
construction in favor of or against either Party. Ambiguities shall not be interpreted against the drafting Party. Any ambiguities
in this Agreement shall be interpreted in accordance with the objectives stated in the Work Plan. In construing or interpreting
this Agreement, the word “or” shall not be construed as exclusive, and the word “including” shall not be
limiting. The use of the singular or plural form shall include the other form and the use of the masculine, feminine or neuter
gender shall include the other genders. The use of “shall” and “will” shall have interchangeable meanings
for purposes of this Agreement.

 

		18.	Publicity/Use of Names.

 

(a) No disclosure
of the existence, or the terms, of this Agreement may be made by either Party, and no Party shall use the name, trademark, trade
name or logo of the other Party (or in the case of Merck, any of Merck’s Affiliates) or its employees in any publicity, promotion,
news release or disclosure relating to this Agreement or its subject matter, without the prior express written permission of the
other Party, except and to the extent as may be required by law or regulation (including, but not limited to, federal and state
securities laws), for which prior written permission is not required. With respect to any filing of this Agreement with the U.S.
Securities and Exchange Commission, Enumeral will provide Merck with reasonable advance notice and a copy of the portion of such
proposed filing to which the Agreement directly relates. Merck may provide comments and/or requests regarding any proposed confidential
treatment of the Agreement or the terms and conditions of the Agreement, as the case may be, and Enumeral will consider any reasonable
comments and requests made by Merck with respect to such filing, provided that such comments and requests are consistent with applicable
law and regulation.

 

    	Page 13 of 16

    	

    

 

(b) The Parties
agree to cooperate in good faith regarding any news release regarding this Agreement in the event the Parties agree in writing
to issue such news release pursuant to Paragrapgh18(a).

 

		19.	Assignment.

 

Enumeral may not assign
its rights or obligations under this Agreement without the prior written consent of Merck. Any such purported assignment shall
be void.

 

		20.	Severability.

 

The provisions of this
Agreement are severable, and if any provisions hereof shall be determined to be invalid or unenforceable by a court of competent
jurisdiction, the remaining provisions shall continue in full force and effect.

 

		21.	Counterparts.

 

This Agreement may be signed
in any number of counterparts (facsimile and electronic transmission included), each of which shall be deemed an original, but
all of which shall constitute one and the same instrument even if both Parties have not executed the same counterpart.  Signatures
for this Agreement may be provided by facsimile transmission or PDF file, which shall be deemed to be original signatures.

 

[signature page follows]

 

    	Page 14 of 16

    	

    

 

IN WITNESS WHEREOF, the
Parties have caused this Agreement to be executed by their duly authorized representatives, effective as of the Effective Date.

 

	MERCK SHARP & DOHME CORP.	 	ENUMERAL BIOMEDICAL HOLDINGS INC.
	 	 	 
	By	/s/ Benjamin Thorner	 	By 	/s/ Arthur H. Tinkelenberg
	 	 	 	 
	 	Benjamin Thorner	 	 	Arthur H. Tinkelenberg
	 	Name	 	Name
	 	 	 	 
	 	VP, BD&L	 	 	President and CEO
	 	Title	 	Title
	 	 	 	 
	 	12/16/2014	 	 	17 December 2014
	 	Date	 	Date

 

    	Page 15 of 16

    	

    

 

ATTACHMENT A

 

Work Plan

 

*1

 

 

1
Denotes three pages omitted pursuant to the Request for Confidential Treatment.

 

    	Page 16 of 16Exhibit 10.37

 

THIS WARRANT AND ANY SECURITIES ACQUIRED
UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT WITH RESPECT
TO THE SECURITIES EVIDENCED BY THIS CERTIFICATE, FILED AND MADE EFFECTIVE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND SUCH
APPLICABLE STATE SECURITIES LAWS, OR UNLESS SOLD PURSUANT TO AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS PROVIDED THAT THE
COMPANY RECEIVES AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION UNDER SUCH ACT AND SUCH APPLICABLE
STATE SECURITIES LAWS IS NOT REQUIRED.

 

	Warrant Certificate No. A-2014- ___________	Dated: July 31, 2014

 

WARRANT

 

Enumeral Biomedical
Holdings, Inc.

 

Expiring: ___________

 

THIS IS TO CERTIFY THAT, for value received,
__________________(the “Holder”), is entitled, subject to certain conditions set forth in Sections 1.01 and 1.02 hereof,
to purchase from Enumeral Biomedical Holdings, Inc., a Delaware corporation (the “Company”), at the Company’s
principal executive office, at a price per share of $______ (the “Exercise Price”), up to ________ shares (the “Warrant
Shares”) of the Company’s Common Stock, $0.001 par value per share (“Common Stock”), all subject to adjustment
and upon the terms and conditions as hereinafter provided, and is entitled also to exercise the other appurtenant rights, powers
and privileges hereinafter described.

 

Certain terms used in this Warrant are defined
in Article IV hereof.

 

Article
I.

 

METHOD
OF EXERCISE

 

Section 1.01      Time of Exercise. Subject
to the provisions of Sections 1.02 and 1.03 hereof, this Warrant may be exercised in whole or in part at any time and from time
to time prior to the Expiration Time.

 

    	 

    	 

    

 

Section 1.02      Method of Exercise.

 

		(a)	To exercise this Warrant in whole or in part, the Holder shall deliver to the Company, at the Company’s principal executive
office (i) this Warrant, (ii) a written notice of such Holder’s election to exercise
this Warrant in the form attached hereto as Exhibit A and (iii) payment of an amount equal to the Exercise Price multiplied
by the total number of Warrant Shares for which this Warrant is then being exercised. Such payment may be made, at the option of
the Holder, in cash, by certified or bank cashier’s check, money order or wire transfer, or any combination thereof, or in
any other manner consented to in writing by the Company.

 

		(b)	In lieu of cash exercising this Warrant in accordance with (a) above, at any time from and after the date hereof, the Holder
may elect to receive shares equal to the value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant
to the Company together with notice of such election, in which event the Company shall issue to the Holder hereof a number of Shares
computed using the following formula:

 

	 	Y (A-B)	 
	X= 	A	 

 

Where:

 

X equals the number of Warrant Shares
to be issued to the Holder;

 

Y equals the number of Warrant Shares
purchasable under the Warrant, or, if only a portion of the Warrant is being exercised, the portion of the Warrant being exercised
at the date of such calculation;

 

A equals the Fair Market Value of one
Warrant Share (at the date of such calculation); and

 

B equals the Exercise Price (as adjusted
to the date of such calculations).

 

		(c)	The Company shall, as promptly as practicable after receipt of the items required by this Section 1.02, execute and deliver
or cause to be executed and delivered, in accordance with such notice, a certificate or certificates representing the Warrant Shares
specified in such notice. The share certificate or certificates so delivered shall be in such denominations as shall be specified
in such notice and shall be issued in the name of the Holder or, provided, in an opinion of counsel reasonably acceptable to the
Company, the following is permitted under the Act and applicable state securities law, such other name as shall be designated in
such notice. Such certificate or certificates shall be deemed to have been issued, and such Holder or Holders or any other person
so designated to be named therein shall be deemed for all purposes to have become a Holder of record of such shares as of the date
the aforementioned notice is received by the Company. If this Warrant shall have been exercised only in part, the Company shall,
at the time of delivery of the certificate or certificates, deliver to the Holder a new Warrant evidencing the right to purchase
the remaining Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical to this Warrant,
or, at the request of the Holder, appropriate notations may be made on this Warrant which shall then be returned to the Holder.
The Company shall pay all expenses, taxes and other charges payable in connection with the preparation, issuance and delivery of
share certificates and new Warrants, except that, if share certificates
or new Warrants shall be registered in a name or names other than the name of the Holder, funds sufficient to pay all transfer
taxes, if any, payable as a result of such transfer shall be paid by the Holder at the time of delivering the aforementioned notice
of exercise or promptly upon receipt of a written request of the Company for payment.

 

    	2

    	 

    

  

Section 1.03          Shares to be Fully Paid and
Nonassessable.     All shares of Common Stock issued upon exercise of the Warrant shall be validly issued, fully paid and nonassessable.

 

Section 1.04          No Fractional Shares to be
Issued. The Company shall not be required to issue fractions of Warrant Shares upon exercise of this Warrant. If any fractions
of a share would, but for this Section, be issuable upon any exercise of this Warrant, in lieu of such fractional share the Company
shall pay to the Holder, in cash, an amount equal to the same fraction of the fair market value of one share of Common Stock.

 

Section 1.05          Share Legend. Each certificate
for Warrant Shares issued upon exercise of this Warrant, unless at the time of exercise such shares are registered under the Act,
shall bear a legend substantially as follows or similar legend as determined in good faith by the Company’s Board of Directors:

 

THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS AND MAY
NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT WITH RESPECT TO THE SECURITIES
EVIDENCED BY THIS CERTIFICATE, FILED AND MADE EFFECTIVE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND SUCH APPLICABLE STATE
SECURITIES LAWS, OR UNLESS SOLD PURSUANT TO AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS PROVIDED THAT THE COMPANY RECEIVES
AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION UNDER SUCH ACT AND SUCH APPLICABLE STATE SECURITIES
LAWS IS NOT REQUIRED.

 

Any certificate issued at any time in exchange
or substitution for any certificate bearing such legend (except a new certificate issued upon completion of a public distribution
pursuant to a registration statement under the Act) shall also bear such legend unless, in the opinion of counsel reasonably acceptable
to the Company, the securities represented thereby no longer need to be subject to restrictions on resale under the Act.

 

Section 1.06          Reservation
of Stock. The Company agrees during the term the rights under this Warrant are exercisable to reserve and keep available from
its authorized and unissued shares of Common Stock for the purpose of effecting the exercise of this Warrant such number of shares
of Common Stock (and shares of the Company’s Common Stock for issuance upon conversion of such Warrant Shares) as shall
from time to time be sufficient to effect the exercise of the rights under this Warrant.

 

    	3

    	 

    

 

Section 1.07      Transfers. Neither this
Warrant nor any rights hereunder may be assigned, conveyed or transferred, in whole or in part, without the Company’s prior
written consent, which the Company may withhold in its sole discretion; provided, however, that this Warrant : (a)
may be pledged without the prior written consent of the Company to any lender to the Holder as part of a bona fide secured loan
or credit facility (and, following a default thereunder, this Warrant may be transferred to such lender without the Company’s
consent), and (b) may be assigned, conveyed or transferred without the prior written consent of the Company to any Affiliate of
the Holder; provided, further, that Holder surrenders this Warrant properly endorsed or accompanied by written instructions
of transfer in the form attached hereto as Exhibit B, and any such permitted transferee executes an acknowledgement that
such transferee is subject to all the terms and conditions of this Warrant and satisfies the Company as to compliance with state
and federal securities law.

 

Article
II.

 

WARRANT
ADJUSTMENTS

 

Section 2.01      Merger. If at any time
there shall be a merger, acquisition or consolidation of the Company with or into another corporation, where the Company is not
the surviving corporation, or a sale of all or substantially all of the Company’s assets, then, as a part of such merger
or consolidation, lawful provision shall be made so that the Holder shall thereafter be entitled to receive upon exercise of this
Warrant, during the period specified herein and upon payment of the aggregate Exercise Price then in effect, the number of shares
of stock or other securities, cash or other property of the successor corporation resulting from such merger or consolidation,
to which a holder of the stock deliverable upon exercise of this Warrant would have been entitled in such merger or consolidation
if this Warrant had been exercised immediately before such merger or consolidation. In any such case, appropriate adjustment shall
be made in the application of the provisions of this Warrant with respect to the rights and interests of the Holder after the merger
or consolidation.

 

Section 2.02      Reclassification, etc.
If the securities issuable upon exercise of this Warrant are changed into the same or a different number of securities of any other
class or classes by reclassification, capital reorganization, conversion of all outstanding shares of the relevant class or series
or otherwise (other than as otherwise provided for herein) (a “Reclassification”), then, in any such event, in lieu
of the number of Warrant Shares which the Holder would otherwise have been entitled to receive, the Holder shall have the right
thereafter to exercise this Warrant for a number of shares of such other class or classes of stock that a holder of the number
of securities deliverable upon exercise of this Warrant immediately before that change would have been entitled to receive in such
Reclassification, all subject to further adjustment as provided herein with respect to such other shares.

 

    	4

    	 

    

 

Section
2.03          Split, Subdivision or Combination of Shares. If the Company at any time while
this Warrant remains outstanding and unexpired shall split, subdivide or combine its Common Stock, the Exercise Price shall
be proportionately decreased and the number of Warrant Shares purchasable hereunder shall be proportionately increased in the
case of a split, payment of a stock dividend (of shares of Common Stock) or subdivision, or the Exercise Price shall be
proportionately increased and the number of shares of Warrant Shares purchasable hereunder shall be proportionately decreased
in the case of a combination.

 

Section 2.04          Notice of Adjustments; Notices.
Whenever the Exercise Price or number of Warrant Shares issuable upon exercise hereof shall be adjusted pursuant to Article II
hereof, the Company shall issue a written notice setting forth, in reasonable detail, the event requiring the adjustment, the amount
of the adjustment, the method by which such adjustment was calculated and the Exercise Price and number of Warrant Shares purchasable
hereunder after giving effect to such adjustment, and shall cause a copy of such notice to be given in accordance with Article
VI hereof.

 

Article
III.

 

REPLACEMENTS
OF WARRANT CERTIFICATES

 

Section 3.01          Loss, Theft or Destruction
of Warrant Certificates. Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction or mutilation
of any Warrant and, in the case of any such loss, theft or destruction, upon receipt of indemnity or security from the Holder satisfactory
to the Company, or, in the case of any such mutilation, upon surrender and cancellation of the Warrant, the Company will make and
deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant of like tenor and representing the right to
purchase the same aggregate number of Warrant Shares.

 

Section 3.02          Change of Principal Executive
Office. In the event the Company shall change the address of its principal executive office, the Company shall give the Holder
notice of any such change within a reasonable time. Any correspondence from the Company to the Holder with an address printed on
Company’s letterhead shall fulfill this requirement.

 

Article
IV.

 

DEFINITIONS

 

The following terms, as used in this Warrant,
have the following respective meanings:

 

“Act” means the Securities Act of
1933, as amended, and any similar or successor federal statute, and the rules and regulations of the Securities and Exchange Commission
(or its successor) thereunder, all as the same shall be in effect at the time.

 

“Affiliate” means, with respect to
the Holder, any other person who, directly or indirectly, controls, is controlled by, or is under common control with such Holder,
including, without limitation, any general partner, managing member, officer or director of such Holder or any venture capital
fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management
company with, such Holder.

 

    	5

    	 

    

  

“Common Stock” means the Company’s
common stock, $0.001 per share.

 

“Company” shall have the meaning set
forth in the first paragraph of this Warrant.

 

“Company Certificate” means the Amended
and Restated Certificate of Incorporation of the Company, as amended from time to time.

 

“Eastern Time” means Eastern Daylight
Time or Eastern Standard Time, whichever is in effect on the relevant date.

 

“Expiration Time” means 5:00 p.m.
Eastern Time on __________.

 

“Fair Market Value” of one Warrant
Share shall mean solely for the purposes of Section 1.02(b), the average Closing Price (as defined below) per share of Common Stock
for the twenty (20) Trading Days immediately preceding the date on which the Notice of Exercise is deemed to have been sent to
the Company. “Closing Price” means, for any date, the price determined by the first of the following clauses that applies:
(a) if the Common Stock is then listed on a national securities exchange, the closing price per share of the Common Stock for such
date (or the nearest preceding date) on the primary exchange on which the Common Stock is then listed; (b) if prices for the Common
Stock are then quoted on the OTC Bulletin Board or any tier of the OTC Markets, the closing bid price per share of the Common Stock
for such date (or the nearest preceding date) so quoted; or (c) if prices for the Common Stock are then reported in the “Pink
Sheets” published by the National Quotation Bureau Incorporated (or a similar organization or agency succeeding to its
functions of reporting prices), the most recent closing bid price per share of the Common Stock so reported. If the Common Stock
is not publicly traded as set forth above, the “fair market value” of one Warrant Share shall be reasonably and in
good faith determined by the Board of Directors of the Company as of the date which the Notice of Exercise is deemed to have been
sent to the Company.

 

“Holder” shall have the meaning set
forth in the first paragraph of this Warrant and “Holders” shall include any and all successors and assigns of the
initial Holder with respect to this Warrant.

 

“Trading Day” means any day on which
the primary national or regional stock exchange on which the Common Stock is listed, or if not so listed, the OTC Bulletin Board
or the OTC Markets, if quoted thereon, is open for the transaction of business;

 

“Warrant” and “Warrants”
shall mean this warrant and any warrants issued upon the partial exercise of this warrant.

 

Article
V.

 

REDEMPTION
AND CANCELLATION OF WARRANTS

 

Section 5.01          Redemption of Warrants.
The Warrants are not redeemable by the Company and the Company has no right to purchase or otherwise acquire the Warrants.

 

    	6

    	 

    

  

Section 5.02      Cancellation of Warrants.
The Company shall cancel any Warrant surrendered for transfer, exchange or exercise.

 

Article
VI.

 

MISCELLANEOUS

 

Section 6.01      Notices. Except with respect
to notice of a change in the Company’s principal executive office in accordance with Section 3.02 hereof, all notices, requests
and other communications provided for herein shall be in writing, and shall be deemed duly given if delivered personally or mailed
by registered or certified mail (return receipt requested) or via overnight courier to the parties at the following addresses (or
at such other address for such party as shall be specified by written notice):

 

	(a)	If to the Company:	Enumeral Biomedical Holdings, Inc.
	 	 	One Kendall Square
	 	 	Building 400, 4th Floor
	 	 	Cambridge, Massachusetts 02139
	 	 	Attn: Chief Executive Officer
	 	 	 
	 	with a copy to:	Duane Morris LLP
	 	 	100 High Street, 24th Floor
	 	 	Boston, MA 02110
	 	 	Attention:	Jonathan Lourie, Esq.
	 	 	Telephone:	857-488-4260
	 	 	Facsimile:	857-401-3089
	 	 	 
	(b) 	If to the Holder:	To the address previously furnished by the Holder to the Company
	 	 	

Section 6.02      Waivers; Amendments. No
failure or delay of the Holder in exercising any right, power or privilege, hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise thereof, or any abandonment or discontinuance of steps to enforce such a right, power or privilege,
preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies
of the Holder are cumulative and not exclusive of any rights or remedies which it would otherwise have. The provisions of this
Warrant may be amended, modified or waived if, but only if, such amendment, modification or waiver is in writing and is signed
by the Holder.

 

Section 6.03      Governing Law. This Warrant
shall be construed in accordance with and governed by the laws of the State of Delaware, without regard to the conflict of laws
rules thereof to the extent that the application of the law of another jurisdiction would be required thereby.

 

Section 6.04      Survival
of Agreements; Representations and Warranties, etc. All warranties, representations and covenants made by the Company herein
or in any certificate or other instrument delivered by or on behalf of it in connection herewith shall be considered to have been
relied upon by the Holder and shall survive the issuance and delivery of the Warrants and shall continue in full force and effect
so long as this Warrant is outstanding. All statements in any such certificate or other instrument shall constitute representations
and warranties hereunder.

 

    	7

    	 

    

 

Section 6.05      Covenants to Bind Successors
and Assigns. All the covenants, stipulations, promises and agreements in this Warrant contained by or on behalf of the Company
shall bind its successors and assigns, whether or not so expressed.

 

Section 6.06      Severability. In case any
one or more of the provisions contained in this Warrant shall be invalid, illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired
in such jurisdiction and shall not invalidate or render illegal or unenforceable such provision in any other jurisdiction.

 

Section 6.07      Headings. The headings
used herein are for convenience of reference only and shall not be deemed to be a part of this Warrant.

 

Section 6.08      No Rights as Stockholder.
This Warrant shall not entitle the Holder to any rights as a stockholder of the Company.

 

Section 6.09      No Impairment. The Company
shall not, by amendment of the Company Certificate or through a reorganization, transfer of assets, consolidation, merger, dissolution,
issue, or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms to be observed or performed under this Warrant by the Company, but shall at all times in good faith assist in carrying out
of all the provisions of this Warrant and in taking all such action as may be necessary or appropriate to protect the Holder’s
rights under this Warrant against impairment.

 

Section 6.10      Pronouns. The pronouns
“it” and “its” herein shall be deemed to mean “he” and “his” or “she”
and “hers,” as the context requires.

 

[The remainder of this page intentionally left
blank – signature page follows]

  

    	8

    	 

    

  

IN WITNESS WHEREOF, Enumeral Biomedical Holdings,
Inc. has caused this Warrant to be executed in its corporate name by one of its officers thereunto duly authorized as of the day
and year first above written.

 

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

 

    	9

    	 

    

  

EXHIBIT A

 

FORM OF NOTICE
OF EXERCISE

 

[To be signed only upon exercise of the Warrant]

 

		TO:	Enumeral Biomedical Holdings, Inc.

 

1.      The undersigned hereby
elects to purchase __________ shares of _____________ pursuant to the terms of the attached Warrant.

 

2.      Method of Exercise
(Please initial the applicable blank):

 

		___	The undersigned elects to exercise the attached Warrant by means of a cash payment, and tenders
herewith payment in full for the purchase price of the shares being purchased, together with all applicable transfer taxes, if
any.

 

		___	The undersigned elects to exercise the attached Warrant by means of the net exercise provisions
of Section 1.02(b) of the Warrant.

 

3.      Please issue a certificate
or certificates representing said Shares in the name of the undersigned or in such other name as is specified below:

 

	 
	(Name)
	 
	 
	
	 
	 
	(Address)

 

4.      The undersigned hereby
represents and warrants that the aforesaid Shares are being acquired for the account of the undersigned for investment and not
with a view to, or for resale, in connection with the distribution thereof, and that the undersigned has no present intention of
distributing or reselling such shares.

 

	 	 	 
	 	 	(Signature)
	 	 	 
	 	 	 
	 	 	(Name)
	 	 	 
	 	 	 
	(Date)	 	(Title)

 

    	 

    	 

    

  

EXHIBIT B

 

FORM OF TRANSFER

(To be signed only upon transfer of Warrant)

 

FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto _______________________________________________ the right represented by the
attached Warrant to purchase ____________ shares of Common Stock of Enumeral Biomedical Holdings, Inc. to which the attached Warrant
relates, and appoints ______________ Attorney to transfer such right on the books of __________, with full power of substitution
in the premises.

 

Dated: ____________________

 

	 	 	 
	 	(Signature must conform in all respects to name of Holder as specified on the face of the Warrant)
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

	Signed in the presence of:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00242-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00242-of-00352.parquet"}]]