Document:

Service Agreement

 Exhibit 4.17 

 

			
	 	  	

  

 SERVICE AGREEMENT 

The CFO Solution HQ Pty Ltd 
 and 
 Prima Biomed Limited 

“COMMERCIAL IN CONFIDENCE” 

  

			
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 CONTENTS 
  

							
			
	1.	  	DURATION	  	 	3	  
			
	2.	  	SERVICE FEE	  	 	3	  
			
	3.	  	DUTY OF CLIENT TO PROVIDE REASONABLE ACCESS	  	 	5	  
			
	4.	  	ACKNOWLEDGMENT BY THE CLIENT	  	 	5	  
			
	5.	  	CONFIDENTIALITY AN INTELLECTUAL PROPERTY	  	 	5	  
			
	6.	  	INDEMNITY AND RELEASE	  	 	6	  
			
	7.	  	NON-SOLICITATION OF STAFF	  	 	6	  
			
	8.	  	TERMINATION	  	 	6	  
			
	9.	  	NOTICES	  	 	7	  
			
	10.	  	GOODS AND SERVICES TAX (GST)	  	 	7	  
			
	11.	  	PRIVACY	  	 	7	  
			
	12.	  	ENTIRE AGREEMENT	  	 	7	  
			
	13.	  	NO WAIVER	  	 	7	  
			
	14.	  	SEVERABILITY	  	 	7	  
			
	15.	  	VARIATION	  	 	7	  
			
	16.	  	GOVERNING LAW	  	 	8	  

  

			
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 SERVICE AGREEMENT 
 BETWEEN: 
  

			
	 Service Provider:
	  	 The CFO Solution HQ Pty Ltd
 ACN 054 583 612
 Suite 1, 1233 High Street,
 Armadale, Victoria
 Australia.         3143

		
	 Client:
	  	 Prima Biomed Limited
 ACN 009 237 889
 Suite 1, 1233 High Street
 Armadale, Victoria
 Australia.         3143

 Commencement Date: 1 March 2010 
 PREAMBLE: 
  

	A.	 The Service Provider is engaged in the business of providing publicly listed companies finance, administrative and reporting services.

  

	B.	 The Service Provider has from the Commencement Date set out above been engaged by the client to provide such services to the Client.

  

	C.	 The Service Provider and the Client wish to set out in writing the terms and conditions of such engagement of the Service Provider.

  

	1.	 DURATION 

 Subject to clauses 2.9 and 8, this agreement shall continue in force for a minimum period of 12 months from the Commencement Date and may only be terminated by the Client prior to the expiry of the 12 month
minimum period upon the payment of the standard monthly fees payable for the balance of the 12 month minimum period. Thereafter this agreement shall remain in force from the expiry of the minimum 12 month period until terminated by the Client or the
Service Provider by giving the other party 3 months notice in writing or where the Client is terminating, the payment of 3 months’ standard monthly fees in lieu of notice. 

 

	2.	 SERVICE FEE 

  

	 	2.1	 In consideration of the Service Provider providing the services identified in Item 2 of the Schedule (“Services”) the Client agrees to
pay the standard monthly fee set out at Item 1 of the Schedule (or where the Services are provided for part of a month only, then a pro-rata portion of the standard monthly fee). On completion of the first 6 months of the term of this
Agreement, and at regular intervals thereafter the service fee may be reviewed and the parties may renegotiate the standard monthly fee. 

  

	 	2.2	 The monthly standard fee is payable monthly in advance by direct debit from the bank account nominated by the Client, with the first monthly

  

			
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standard fee payable by the Client to the Service Provider on the Commencement Date and thereafter on the first day of each month. 

 

	 	2.3	 Prior to commencing the Services, representatives of the Service Provider and the Client will meet to determine an estimate of the number of days of
work per month that the Service Provider will be required in order to provide the Services. If this number of days work is exceeded in any month then the days in excess of the estimate will be treated as additional work outside the scope of the
Services and will be charged in accordance with clause 2.4. 

  

	 	2.4	 If work outside of the scope of the Services is required, or if the Service Provider agrees to perform work outside the scope of the Services, the
Service Provider will charge the Client a fee based on hourly rates set out in Item 3 of the Schedule for such additional work. 

  

	 	2.5	 Any additional work will be invoiced by the Service Provider at such intervals as the Service Provider in its absolute discretion determines. Payment
by the Client for such additional work carried out by the Service Provider is to be made within fourteen (14) days of the date of the invoice provided by the Service Provider to the Client. 

 

	 	2.6	 In addition to fees, as set out above, the Service Provider will also charge the Client all reasonable direct out-of-pocket expenses incurred by the
Service Provider plus an administrative mark up of ten per cent (10%). 

  

	 	2.7	 The standard monthly fee as set out in Item 1 of the Schedule and the hourly rates as set out in Item 3 of the Schedule will be increased by
the Service Provider in accordance with the Consumer Price Index (CPI) twice a year in June and December and the Service Provider reserves the right to conduct further reviews of its fees as the Service Provider sees fit. The Service Provider will
advise the Client of any variations in excess of the Consumer Price Index in writing as soon as practicable after they come into effect. 

  

	 	2.8	 Interest will be charged on any unpaid fees at the rate fixed from time-to-time under section 2 of the Penalty Interest Rates Act 1983 (Vic),
from the period beginning 14 days after payment is due until the fees are paid by the Client to the Service Provider. 

  

	 	2.9	 The Service Provider has the right to withhold services or terminate this agreement should outstanding fees exceed 60 days, by providing 48 hours
written notice. 

  

	 	2.10	 If either the Service Provider or the Client terminates this Agreement pursuant to clause 2.9 or clause 8, the Service Provider is entitled to its fees
accrued for time spent at the daily rates set out at Item 3 of the Schedule, up to the termination date. 

  

	 	2.11	 The Service Provider will not commence Services unless and until the standard monthly fee for the first month’s services has been paid by the
Client. 

  

			
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	 	2.12	 In the event that the Service Provider makes any claim to recover outstanding fees from the Client, the client shall indemnify the Service Provider for
all legal costs incurred on a solicitor/client basis. 

  

	3.	 DUTY OF CLIENT TO PROVIDE REASONABLE ACCESS 

The Client agrees to provide the Service Provider, in a timely manner, reasonable access to all documents and other
information that the Service Provider reasonably requires to complete the Services they have been engaged to provide to the Client. 
  

	4.	 ACKNOWLEDGMENT BY THE CLIENT 

 The Client acknowledges and agrees that: 
  

	 	(a)	 the Service Provider relies upon the accuracy of the information provided by the Client to complete the services the Service Provider is engaged to
provide; 

	 	(b)	 the Service Provider may from time to time be required to present its files relating to its engagement under this Agreement to the Institute of
Chartered Accountants, in order to comply with its quality control review program; 

	 	(c)	 the Service Provider may use client records belonging to the Client for the Service Provider’s internal training purposes;

	 	(d)	 the Service Provider will not be liable or responsible for any adverse consequences that result from a failure of the Client to provide to the Service
Provider accurate documents or other information reasonably required by the Service Provider in a timely manner; and 

	 	(e)	 it shall indemnify the Service Provider from and against any claims or demands suffered or incurred by the Service Provider in connection with any
failure by the Client to provide to the Service Provider accurate documents or other information reasonably required by the Service Provider. 

  

	5.	 CONFIDENTIALITY AN INTELLECTUAL PROPERTY 

  

	 	5.1	 Subject to clause 4(b) the Service Provider undertakes that it shall not either during the term of this Agreement or at any time thereafter (except in
the proper course of the engagement hereunder or as required by the Client) use or disclose to any person confidential information of or relating to the Client or its subsidiaries or any person with whom contact has been made as a result of this
Agreement or any trade or business secrets which become knowledge while appointed in any capacity hereunder and will use its best endeavours to prevent the use or disclosure of any such information by third parties. 

 

	 	5.2	 Provided that all fees have been paid by the Client and the Client is not otherwise in breach of this Agreement, the Service Provider shall return any
documents, manuals, notes, computer software or any other form of information and all other property belonging to the Client on termination of this Agreement. 

 

	 	5.3	 The Client acknowledges that all documents, charts, spreadsheets or other material created in relation to the provision of the Services and provided to
the Client by the Service Provider is for the benefit of the 

  

			
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Client only and shall not be provided to any person other than the Client’s officers, employees, agents and professional advisors without the express written permission of the Service
Provider. The Service Provider accepts no responsibility to any third party for any material provided to a third party in contravention of this clause. The Client undertakes to inform its officers, employees, agents and professional advisors of the
terms of this clause, and ensure that those persons comply with this clause. 

  

	 	5.4	 The Client acknowledges that the intellectual property in all documents, charts, spreadsheets or other material created in relation to the provision of
the Services and provided to the Client by the Service Provider remains with the Service Provider and the Client shall not make use of or deal with any of that intellectual property without the prior consent of the Service Provider.

  

	6.	 INDEMNITY AND RELEASE 

  

	 	6.1	 As a term of this Agreement, the Client agrees to indemnify the Service Provider and to hold the Service Provider harmless from and against:

  

	 	(a)	 all actions, claims, demands or proceedings which may be instituted against; and 

	 	(b)	 all liabilities, losses, damages, costs and expenses (including reasonable legal costs and expenses) which may be suffered or incurred by the Service
Provider, 

 in connection with or arising out of this Agreement. 

 

	 	6.2	 The indemnity set out in this clause 6 will extend to the costs of investigations, preparing of and defending any actions, claims, demands or
proceedings and any threatened litigation whether or not the Service Provider is a party to those actions, claims, demands, proceedings or threatened litigation. For the purposes of this clause, the Service Provider includes all related bodies
corporate and the Service Provider directors, employees and agents. 

  

	7.	 NON-SOLICITATION OF STAFF 

 The Client agrees that it will not either during the Agreement or for a period of 12 months following the termination of the Agreement, induce or attempt to induce any employees of the Service Provider to
leave the employment of the Service Provider or take up employment elsewhere. 
  

	8.	 TERMINATION 

 In addition to the rights to terminate this Agreement set out in clause 1 and clause 2.9 of this Agreement, either party may terminate this Agreement immediately by the giving of written notice to the other
party in the event that: 
  

	 	(a)	 the other party becomes insolvent (as that term is defined by section 95A of the Corporations Act 2001; 

 

	 	(b)	 the other party commits a breach of this Agreement, which breach is not capable of remedy; 

  

			
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	 	(c)	 the other party commits a breach of this Agreement, and fails to remedy such breach within 14 days of receiving a written notice setting out the nature
of the breach and requiring that the breach be remedied. 

  

	9.	 NOTICES 

 A notice to be given by a party to another party under this Agreement shall: 
  

	 	(a)	 be in writing; 

	 	(b)	 be delivered to the address or email address of the recipient as set out in this Agreement or as varied by written notice; and

	 	(c)	 be in the English language. 

  

	10.	 GOODS AND SERVICES TAX (GST) 

 In addition to the fees payable by the Client pursuant to this Agreement the Client must also pay any GST arising in respect of the provision of the services. 

 

	11.	 PRIVACY 

 The Service Provider maintains a contact database in order to manage its dealings with its clients. The contact details of the Client held by the Service Provider have been obtained in the usual course of
business dealings. Unless the Client advises the Service Provider otherwise, the Service Provider will continue to use the contact information regarding the Client in this way. 

 

	12.	 ENTIRE AGREEMENT 

 This Agreement constitutes the entire agreement of the parties in respect of the matters dealt with in this Agreement and supersedes all prior agreements, understandings, undertakings and negotiations in
respect of the matters dealt with in this Agreement. 
  

	13.	 NO WAIVER 

 No failure to exercise and no delay in exercising any right, power or remedy under this agreement will operate as a waiver. Nor will any single or partial exercise of any right, power or remedy preclude any
other or further exercise of that or any other right, power or remedy. 
  

	14.	 SEVERABILITY 

 A term or part of a term of this Agreement that is illegal or unenforceable may be severed from this Agreement and the remaining terms or parts of the term of this Agreement continue in force. 

 

	15.	 VARIATION 

 Unless otherwise provided for in this Agreement, this Agreement shall not be changed or modified in any way subsequent to execution except in writing signed by or on behalf of the parties. 

  

			
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	16.	 GOVERNING LAW 

  

	 	16.1	 This Agreement shall be governed by and construed in accordance with the laws of the State of Victoria. 

 

	 	16.2	 The parties unconditionally submit to the jurisdiction of the courts of the State of Victoria and courts entitled to hear appeals from these courts.

  

			
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 SCHEDULE 
 ITEM 1: STANDARD SET FEE PER MONTH EXCLUSIVE OF GST 
 Estimated fee for Professional
Services Listed in Item 2 below, being: 
 The annual fee is $300,000 (+GST) per annum. In the first 12 month of this
agreement it is payable as follows: 
  

	 	Ø
	 a consulting fee of $16,666.67 (+GST) per calendar month payable monthly in arrears for the engagement term. 

 

	 	Ø
	 ordinary shares in the Client to the value of $100,000 (+GST). The shares are to be issued to The CFO Solution Team Pty Ltd at a price of A$0.14 on or
before 31 March 2010. 

 At the time of entering this agreement, the Client also acknowledge additional
services of $26,000 (+GST) that were provided in the period preceding the Commencement Date of this Agreement. The Client agrees to issue to the Service Provider, ordinary shares in the Client to the value of $26,000 (+GST). The shares are to be
issued to The CFO Solution Team Pty Ltd at a price of A$0.14 on or before 31 March 2010. 

  

			
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 ITEM 2: SERVICES INCLUDED IN THE FEE 

 

																																																					
	   CLIENT PRR	  	NUMBER OF DAYS PER MONTH	 
	  	  	PA	 	  	Jan	 	  	Feb	 	  	March	 	  	April	 	  	May	 	  	June	 	  	July	 	  	Aug	 	  	Sept	 	  	Oct	 	  	Nov	 	  	Dec	 
	 Review of accounting systems
	  	 	0	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Review of Chart of accounts
	  	 	4.1	  	  	 	0.1	  	  	 	1	  	  	 	3	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Review of reporting systems
	  	 	1.1	  	  	 	1	  	  	 	0.1	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Board meetings – attend & follow up
	  	 	1.1	  	  	 	 	 	  	 	1	  	  	 	1	  	  	 	1	  	  	 	1	  	  	 	1	  	  	 	1	  	  	 	1	  	  	 	1	  	  	 	1	  	  	 	1	  	  	 	1	  
	 Board meetings – prepared and preview
	  	 	5.5	  	  	 	 	 	  	 	0.5	  	  	 	0.5	  	  	 	0.5	  	  	 	0.5	  	  	 	0.5	  	  	 	0.5	  	  	 	0.5	  	  	 	0.5	  	  	 	0.5	  	  	 	0.5	  	  	 	0.5	  
	 Audit & Risk Committee meeting attend & follow up
– Annual & half year
	  	 	0.5	  	  	 	 	 	  	 	0.25	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	0.25	  	  	 	 	 	  	 	 	 	  	 	 	 
	 Audit & Risk Committee meeting prepare & premeeting
– Annual & half year
	  	 	2.5	  	  	 	 	 	  	 	1.25	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	1.25	  	  	 	 	 	  	 	 	 	  	 	 	 
	 Remuneration Committee meeting attend & follow up –
Annual & half year
	  	 	1	  	  	 	 	 	  	 	 	 	  	 	0.5	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	0.5	  	  	 	 	 
	 Remuneration Committee meeting prepare & premeeting –
Annual & half year
	  	 	2	  	  	 	 	 	  	 	 	 	  	 	1	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	1	  	  	 	 	 
	 Other Committee meetings attend & follow up
	  	 	0	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Weekly accounting
	  	 	60	  	  	 	5	  	  	 	5	  	  	 	5	  	  	 	5	  	  	 	5	  	  	 	5	  	  	 	5	  	  	 	5	  	  	 	5	  	  	 	5	  	  	 	5	  	  	 	5	  
	 Payroll, salary packaging – monthly process
	  	 	9	  	  	 	0.5	  	  	 	1	  	  	 	0.5	  	  	 	1	  	  	 	0.5	  	  	 	1	  	  	 	0.5	  	  	 	1	  	  	 	0.5	  	  	 	1	  	  	 	0.5	  	  	 	1	  
	 Payroll, salary packaging & annual reporting
	  	 	2.2	  	  	 	 	 	  	 	0.2	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	2	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Monthly accounting
	  	 	26	  	  	 	4	  	  	 	2	  	  	 	2	  	  	 	2	  	  	 	2	  	  	 	2	  	  	 	2	  	  	 	2	  	  	 	2	  	  	 	2	  	  	 	2	  	  	 	2	  
	 Rolling forecast
	  	 	0	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Quarterly reporting – Appendix 4C (due last day of month following
end of qtr)
	  	 	6	  	  	 	1.5	  	  	 	 	 	  	 	 	 	  	 	1.5	  	  	 	 	 	  	 	 	 	  	 	1.5	  	  	 	 	 	  	 	 	 	  	 	1.5	  	  	 	 	 	  	 	 	 
	 Audit & Risk – quarterly attend & follow
up
	  	 	0	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Audit & Risk – prepare & premeeting
	  	 	0	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Half year reporting – Appendix 4D (due last business day in
February)
	  	 	19	  	  	 	4	  	  	 	12	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	3	  
	 Fringe Benefits Tax return (due mid May)
	  	 	2	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	2	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Preliminary final reporting – Appendix 4E (due last business day
in August)
	  	 	10	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	5	  	  	 	5	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Annual Financial Statement (due last business day in
September)
	  	 	15	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	5	  	  	 	5	  	  	 	5	  	  	 	 	 	  	 	 	 	  	 	 	 
	 Annual Report – design, proof, etc.
	  	 	0	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Annual budget
	  	 	0.2	  	  	 	0.2	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Notice of Annual General Meeting (Basic) (must be held before
Nov)
	  	 	2	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	2	  	  	 	 	 	  	 	 	 
	 AGM attend & follow up
	  	 	1	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	1	  	  	 	 	 
	 Notice of other General Meeting(s)
	  	 	2	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	2	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 EGM attend & follow up
	  	 	1	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	1	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Changes to Directors interest
	  	 	1.05	  	  	 	0.3	  	  	 	 	 	  	 	0.25	  	  	 	 	 	  	 	 	 	  	 	0.25	  	  	 	 	 	  	 	 	 	  	 	0.25	  	  	 	 	 	  	 	 	 	  	 	 	 
	 Grants applications & reporting
	  	 	0	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Grants applications & reporting – review of
applicability
	  	 	0	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	0.5	  	  	 	 	 
	 R&D Tax concession – prepare plan (must be prepared before
commencement of FY)
	  	 	0	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 R&D Tax concession – lodge (must be lodged by end of
April)
	  	 	1	  	  	 	 	 	  	 	0.5	  	  	 	0.5	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	0.5	  	  	 	 	 	  	 	 	 
	 EMDG (due end of Dec)
	  	 	0	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Business Activity Statements (due last day of month following end of
qtr)
	  	 	2	  	  	 	0.5	  	  	 	 	 	  	 	 	 	  	 	0.5	  	  	 	 	 	  	 	 	 	  	 	0.5	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Financial due diligence
	  	 	0	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	0.5	  
	 Changes to Officers
	  	 	1	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	0.5	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Charter & Corporate Governance
	  	 	1	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	1	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	0.5	  	  	 	 	 
	 Income Tax return coordination (due end of Feb)
	  	 	1.5	  	  	 	 	 	  	 	0.5	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	0.5	  	  	 	 	 
	 ESOP
	  	 	2	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	0.5	  	  	 	1	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Subsidiary matters
	  	 	0	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 NASDAQ / JSE – 20F
	  	 	0	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 NASDAQ / JSE – 6K
	  	 	0	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 NASDAQ / JSE – Other
	  	 	0	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 ASIC, ATO & other review/audit matters
	  	 	1.25	  	  	 	0.25	  	  	 	 	 	  	 	0.25	  	  	 	 	 	  	 	 	 	  	 	0.25	  	  	 	 	 	  	 	 	 	  	 	0.25	  	  	 	 	 	  	 	 	 	  	 	0.25	  
	 Internal Control review work
	  	 	0	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Equity Issues / capital raisings
	  	 	30	  	  	 	2.5	  	  	 	2.5	  	  	 	2.5	  	  	 	2.5	  	  	 	2.5	  	  	 	2.5	  	  	 	2.5	  	  	 	2.5	  	  	 	2.5	  	  	 	2.5	  	  	 	2.5	  	  	 	2.5	  
	 Special projects
	  	 	0	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Shareholder query / investor relations
	  	 	6	  	  	 	0.5	  	  	 	0.5	  	  	 	0.5	  	  	 	0.5	  	  	 	0.5	  	  	 	0.5	  	  	 	0.5	  	  	 	0.5	  	  	 	0.5	  	  	 	0.5	  	  	 	0.5	  	  	 	0.5	  
	 Job costing
	  	 	2.4	  	  	 	0.2	  	  	 	0.2	  	  	 	0.2	  	  	 	0.2	  	  	 	0.2	  	  	 	0.2	  	  	 	0.2	  	  	 	0.2	  	  	 	0.2	  	  	 	0.2	  	  	 	0.2	  	  	 	0.2	  
	 Archiving
	  	 	1	  	  	 	0.5	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	0.5	  
	 Share Trading
	  	 	0	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Substantial Shareholder Notice
	  	 	0.1	  	  	 	 	 	  	 	0.1	  	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Administration
	  	 	24	  	  	 	2	  	  	 	2	  	  	 	2	  	  	 	2	  	  	 	2	  	  	 	2	  	  	 	2	  	  	 	2	  	  	 	2	  	  	 	2	  	  	 	2	  	  	 	2	  
	 Contingency
	  	 	26	  	  	 	2	  	  	 	3	  	  	 	2	  	  	 	2	  	  	 	2	  	  	 	2	  	  	 	3	  	  	 	2	  	  	 	2	  	  	 	2	  	  	 	2	  	  	 	2	  
	 TOTAL
	  	 	283.4	  	  	 	25.05	  	  	 	33.6	  	  	 	21.7	  	  	 	20.7	  	  	 	20.7	  	  	 	18.7	  	  	 	31.2	  	  	 	26.7	  	  	 	23.2	  	  	 	20.7	  	  	 	20.2	  	  	 	20.95	  

  

			
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900990 v1/HN
	  	Page 10 of 13

			
	 	  	

  

     Days Required 

																																																					
	 Team
Leader
	  	 	26.00	  	  	 	2.00	  	  	 	3.00	  	  	 	2.00	  	  	 	2.00	  	  	 	2.00	  	  	 	2.00	  	  	 	3.00	  	  	 	2.00	  	  	 	2.00	  	  	 	2.00	  	  	 	2.00	  	  	 	2.00	  
	 Senior Accountant
	  	 	183.00	  	  	 	16.35	  	  	 	24.40	  	  	 	14.00	  	  	 	12.00	  	  	 	13.00	  	  	 	10.50	  	  	 	22.00	  	  	 	18.50	  	  	 	15.50	  	  	 	12.00	  	  	 	12.50	  	  	 	12.25	  
	 Accountant / Senior
Bookkeeper
	  	 	0.00	  	  	 	0.00	  	  	 	0.00	  	  	 	0.00	  	  	 	0.00	  	  	 	0.00	  	  	 	0.00	  	  	 	0.00	  	  	 	0.00	  	  	 	0.00	  	  	 	0.00	  	  	 	0.00	  	  	 	0.00	  
	 Assistant Accountant /
Bookkeeper
	  	 	74.40	  	  	 	6.70	  	  	 	6.20	  	  	 	5.70	  	  	 	6.70	  	  	 	5.70	  	  	 	6.20	  	  	 	6.20	  	  	 	6.20	  	  	 	5.70	  	  	 	6.70	  	  	 	5.70	  	  	 	6.70	  
	
Total
	  	 	283.40	  	  	 	25.05	  	  	 	33.60	  	  	 	21.70	  	  	 	20.70	  	  	 	20.70	  	  	 	18.70	  	  	 	31.20	  	  	 	26.70	  	  	 	23.20	  	  	 	20.70	  	  	 	20.20	  	  	 	20.95	  
		  				  				  				  				  				  				  				  				  				  				  				  				  			
	 Team Leader
	  	$	 1,688	  	  				  				  				  				  				  				  				  				  				  				  				  			
	 Senior Accountant
	  	$	1,350	  	  				  				  				  				  				  				  				  				  				  				  				  			
	 Accountant / Senior Bookkeeper
	  	$	1,013	  	  				  				  				  				  				  				  				  				  				  				  				  			
	 Assistant Accountant /
Bookkeeper
	  	$	675	  	  				  				  				  				  				  				  				  				  				  				  				  			
		  				  				  				  				  				  				  				  				  				  				  				  				  			
	Team Leader	  	$	 43,875	  	  	$	 3,375	  	  	$	 5,063	  	  	$	 3,375	  	  	$	 3,375	  	  	$	 3,375	  	  	$	 3,375	  	  	$	 5,063	  	  	$	 3,375	  	  	$	 3,375	  	  	$	 3,375	  	  	$	 3,375	  	  	$	 3,375	  
	 Senior Accountant
	  	$	247,050	  	  	$	22,073	  	  	$	32,940	  	  	$	18,900	  	  	$	16,200	  	  	$	17,550	  	  	$	147,175	  	  	$	29,700	  	  	$	24,975	  	  	$	20,925	  	  	$	16,200	  	  	$	16,875	  	  	$	16,538	  
	 Accountant / Senior
Bookkeeper
	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  
	 Assistant Accountant /
Bookkeeper
	  	$	50,220	  	  	$	4,523	  	  	$	4,185	  	  	$	3,848	  	  	$	4,523	  	  	$	3,848	  	  	$	4,185	  	  	$	4,185	  	  	$	4,185	  	  	$	3,848	  	  	$	4,523	  	  	$	3,848	  	  	$	4,523	  
	 	  	$	341,145	  	  	$	29,970	  	  	$	42,188	  	  	$	26,123	  	  	$	24,098	  	  	$	24,773	  	  	$	21,735	  	  	$	38,948	  	  	$	32,535	  	  	$	28,148	  	  	$	24,098	  	  	$	24,098	  	  	$	24,435	  

  

			
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900990 v1/HN
	  	Page 11 of 13

			
	 	  	

  

	ITEM 3:	        DAY RATES EXCLUSIVE OF GST 

 

					
	 Company Secretarial
	  	$	2,000	  
	 Statutory & Compliance Accounting
	  	$	1,500	  
	 Project Management & Monthly Accounting
	  	$	1,000	  
	 Bookkeeping
	  	$	500	  

 The purpose of the day rates is for fees in addition to the estimated scope and quantity of work set out in
Items 1 and 2. 

  

			
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900990 v1/HN
	  	Page 12 of 13

			
	 	  	

  

 ACCEPTANCE OF AGREEMENT 
 Signed for and on behalf of The CFO Solution HQ Pty Ltd by an authorised person: 
  

									
	 	  	 /s/ Phillip Hains

 
	  		  		  	
	 Name:
	  	 Phillip Hains

 
	  		  		  	
	 Position:
	  	 Sole Director/Principal

 
	  		  		  	
	 Date:
	  	 12/4/10

 
	  		  		  	

 Signed for an on behalf of Prima Biomed Limited by an authorised person: 

 

									
	 	  	 /s/ Martin Rogers
  
	  		  	 	  	 
	Name:	  	 Martin Rogers

 
	  		  	 Name:

 
	  	 
	Position:	  	 Director

 
	  		  	 Position:

 
	  	 
	Date:	  	 1/4/10

 
	  		  	 Date:

 
	  	 

  

			
	 Service Agreement

900990 v1/HN
	  	Page 13 of 13Employment Agreement

 Exhibit 4.18 
  

			
	  	  	Employment
		  	 Agreement

		
		  	Prima Biomed Limited
		  	ACN 009 237 889
		
		  	Ian Edward Bangs

 Table of Contents 
  

							
	1.	  	Definition and Interpretation	  	 	3	  
	2.	  	Commencement and pre-conditions to employment	  	 	5	  
	3.	  	Position and duties	  	 	6	  
	4.	  	Hours of Work	  	 	7	  
	5.	  	Remuneration	  	 	7	  
	6.	  	Leave Entitlements	  	 	8	  
	7.	  	Conflicts of Interest	  	 	9	  
	8.	  	Confidential Information	  	 	9	  
	9.	  	Intellectual Property	  	 	10	  
	10.	  	Restraint	  	 	10	  
	11.	  	Termination	  	 	12	  
	12.	  	Personal information	  	 	13	  
	13.	  	General	  	 	13	  
	Schedule 1	  	 	16	  
	 Schedule 2
	  	 	20	  

 Dated 

Parties 
  

			
	Prima Biomed Limited ACN 009 237 889
	Address:	  	Suite 1,1233 High Street, ARMADALE,VIC,AUSTRALIA,3143
	Facsimile:	  	+ 61 3 9822 7735
	Attention:	  	Martin Rogers (CEO)
	(Company)	  	
	
	Ian Edward Bangs
	Address:	  	80 Pentecost Avenue, PYMBLE NSW 2073
	Facsimile:	  	N/A
	 (Employee)
	  	

 Background 
  

	A	The Company operates the Business. 

  

	B	The Company has agreed to employ the Employee, and the Employee has agreed to serve the Company as an employee, on the terms and conditions of this agreement.

  

	1.	Definition and Interpretation 

  

	1.1	Definitions 

 In this agreement, unless the
contrary intention appears, the following words have the following meanings: 
  

							
	Term:	  	Definition:
		
	Business	  	the business carried on by Group, being the business of researching, developing and commercialising a portfolio of biotechnology products related to the therapeutic area of
cancer, and such other business as the Company advises the Employee of in writing during the course of the Employee’s employment.
		
	Claim	  	in relation to any person, a damage, loss, cost, expense or liability incurred by the person or a claim, action, proceeding or demand made against the person, however arising
and whether present or future, fixed or unascertained, actual or contingent.
		
	Commencement Date	  	the date specified in Schedule 1.
		
	Confidential Information	  	 any information, whether in written, electronic or other form, which the Employee has access to during the Employee’s
employment with the Company or in the Business, including:

			
		  	 (a)
	  	 information relating to the customers or suppliers of the Group including (without limitation):

				
		  		  	 (i)
	  	their contact details;
				
		  		  	 (ii)
	  	information relating to expenditure and consumption

  
 3 

							
		  		  	 levels of the Group’s customers or supplied; and

				
		  		  	 (iii)
	  	the prices and costs at which the Group sells products to customers or sources material from suppliers;
			
		  	 (b)
	  	 details of the transactions or affairs of the Group;

			
		  	 (c)
	  	 financial information relating to the Group;

			
		  	 (d)
	  	 trade secrets;

			
		  	 (e)
	  	 business forecasts, strategic plans and projections, operational structure, methodology and future developments of the
Group;

			
		  	 (f)
	  	 marketing information relating to the Group, including marketing plans and methodologies, promotional material and
presentations;

			
		  	 (9)
	  	 product ingredients, formulae, designs, specifications, ideas, concepts and techniques used or contemplated to be used in relation to
the Business of the Group or relating to any products sold or distributed by the Group;

			
		  	 (h)
	  	 information concerning the Group’s employees, contractors or agents;

			
		  	 (i)
	  	 technological processes, technology and equipment used or contemplated to be used in relation to the Business or the Group;
and

			
		  	 (j)
	  	 any other information or data that the Employee is given or which comes to the Employee’s knowledge during the course of the
employment that the Employee is told is confidential, or that a reasonable person would expect from its nature to be confidential.

		
	Corporations Act	  	Corporations Act 2001 (Cth).
		
	Group	  	the Company and each of its Related Companies.
		
	 Human Resources

Manual
	  	the human resources manual issued by the Company to its employees, as varied from time to time.
		
	 Intellectual Property

Rights
	  	all intellectual property rights including current and future registered and unregistered rights in respect of copyright, designs, circuit layouts, trade marks, trade secrets,
know-how, confidential information, patents, inventions and discoveries and all other rights resulting from intellectual activities in the industrial, scientific, literary, commercial or artistic fields.
		
	Location	  	the location specified in Schedule 1.

  
 4 

							
	 Position
	  	the position specified in Schedule 1, and any other position to which the Employee is appointed in accordance with this agreement.
		
	 Related Company
	  	has the same meaning given to that term in section 50 of the Corporations Act.
		
	 Remuneration Package
	  	the Employee’s annual remuneration package as specified in clause 5.1, and includes any variations as agreed between the Company and the Employee or as determined by the
Company.

  

	1.2	Interpretation 

 In this agreement, unless
the context otherwise requires: 
  

	 	(a)	the singular includes the plural and vice versa; 

  

	 	(b)	another grammatical form of a defined word or expression has a corresponding meaning; 

 

	 	(c)	a reference to a clause, paragraph or schedule is to a clause or paragraph of or schedule to this agreement and a reference to this agreement includes any schedule or annexure;

  

	 	(d)	a reference to a document or instrument, includes the document or instrument as novated, altered, supplemented or replaced from time to time; 

 

	 	(e)	a reference to a party to this agreement, and a reference to a party to a document includes the party’s executors, administrators, successors and permitted assigns and
substitutes; 

  

	 	(f)	a reference to a person includes a natural person, partnership, body corporate, association, governmental or local authority or agency or other entity; 

 

	 	(g)	a reference to a statute, ordinance, code or other law includes regulations and other instruments under it and consolidations, amendments, re-enactments or replacements of any of
them; 

  

	 	(h)	the meaning of general words is not limited by specific examples introduced by including, for example or similar expressions; 

 

	 	(i)	a rule of construction does not apply to the disadvantage of a party because the party was responsible for the preparation of this agreement or any part of it; and

  

	 	(j)	headings are for ease of reference only and do not affect interpretation. 

  

	2.	  Commencement and pre-conditions to employment 

  

	2.1	Commencement Date 

 The Employee’s
employment with the Company will commence on the Commencement Date and will continue until terminated in accordance with clause 2.2(b) or 11. 
  

	2.2	Probationary period 

  

	 	(a)	The Employee’s employment with the Company is subject to an initial three month probationary period (Probationary Period). 

  
 5 

	 	(b)	The Company may terminate the Employee’s employment at any time during the Probationary Period by providing the Employee, in writing, one week’s notice of termination
(or payment in lieu of such notice). 

  

	2.3	Warranty and Liability 

  

	 	(a)	The Employee represents and warrants to the Company that the entry into this agreement, and the performance of this agreement, by the Employee will not constitute a breach of any
contractual obligation, including any previous employment obligation, or of any relevant restraint, non-competition, confidentiality or intellectual property obligations, owed to any former employer. 

 

	 	(b)	The Employee indemnifies the Company and its officers against any Claim which the Company and its officers, pays or is liable for arising directly or indirectly from the Employee
breaching the warranty set out in clause 2.3(a). 

  

	 	(c)	The Company indemnifies Employee against any third party Claim arising directly or indirectly out of, or in connection with, the Employee’s employment with the Company,
excepting damage or injury directly attributed to the Employee’s failure to adhere to this Agreement, or any applicable federal, state and local laws and regulations, or which may be directly attributable to the negligence or wilful misconduct
of the Employee. 

  

	3.	   Position and duties 

  

	3.1	Position 

  

	 	(a)	The Company agrees to employ the Employee and the Employee will work for the Company: 

 

	 	(i)	in the Position at the Location; and 

  

	 	(ii)	in any additional or reasonably comparable substituted position directed by the Company and to which the Employee is appointed by the Company, after consultation with the
Employee. 

  

	 	(b)	For the avoidance of doubt, the terms and conditions set out in this agreement will continue to apply irrespective of any permitted change to the Position, unless otherwise
agreed in writing by the Company and the Employee. 

  

	3.2	Duties 

 The Employee must perform the
Employee’s duties consistent with the Position as assigned to the Employee from time to time by the Company, and as initially set out in Schedule 1, to the best of the Employee’s ability and knowledge and in accordance with the highest
standards of professionalism, whether during or outside business hours. Without limitation and in additional to the assigned duties, the Employee must: 
  

	 	(a)	comply with all reasonable directions given to the Employee by the Company; 

  

	 	(b)	comply with all laws applicable to the Position in each of the jurisdictions in which the Group operates; 

 

	 	(c)	maintain professional awareness and development of skills and knowledge to ensure maintenance of best practice; 

  
 6 

	 	(d)	use all reasonable endeavours to safe guard the success, reputation and interests of the Group. 

 

	3.3	Company Policies 

  

	 	(a)	The Employee’s employment with the Company is subject to the Company’s rules and procedures set out in the Human Resources Manual. 

 

	 	(b)	It is the Employee’s responsibility to be thoroughly familiar with the contents of the Human Resources Manual, as varied and updated from time to time by the Company.

  

	 	(c)	In the event that any conflict exists between this agreement and the Human Resources Manual, this agreement prevails. 

 

	4.	  Hours of Work 

  

	4.1	Hours 

  

	 	(a)	The Employee’s usual hours of work will be 38 hours per week, worked on Monday to Friday inclusive (Usual Hours). 

 

	 	(b)	The Employee will also be required to commit whatever reasonable additional hours (Additional Hours) are needed to properly manage and perform the Employee’s duties
and meet the reasonable requirements of the Position. 

  

	 	(c)	The Employee acknowledges that given the nature of the Position and the remuneration payable under this agreement the requirement to work Additional Hours is reasonable.

  

	4.2	Payment 

 The Employee agrees and
acknowledges that the Remuneration Package comprises compensation for Usual Hours and all and any Additional Hours worked by the Employee, and that the Employee is not entitled to payment of any amount in addition to the Remuneration Package for any
hours worked by the Employee outside the Usual Hours. 
  

	5.	  Remuneration 

  

	5.1	Remuneration Package 

  

	 	(a)	The Employee will be entitled to receive a Remuneration Package comprising: 

  

	 	(i)	a base salary in the amount specified in Schedule 1 (Base Salary); and 

  

	 	(ii)	other benefits specified in Schedule 1. 

  

	 	(b)	The Remuneration Package is subject to the deduction or withholding of any amounts on account of any applicable taxation. 

 

	5.2	Payment of Base Salary 

 The Employee’s
Base Salary will be paid monthly by direct deposit into a bank account of the Employee’s choice. 

  
 7 

	5.3	Superannuation 

 The Remuneration Package is
inclusive of superannuation, unless otherwise specified. 
  

	5.4	Remuneration review 

 The Company will review
the Remuneration Package on an annual basis, with regards to agreed upon Performance Targets as described in Schedule 1 and changed from time to time in the Company’s discretion, and the Company may alter the Employee’s total Remuneration
Package and its components following that review. 
  

	5.5	Expenses 

  

	 	(a)	Subject to clause 5.5(b), the Company will pay for or reimburse the Employee for out of pocket expenses properly incurred by the Employee in connection with the Employee’s
employment, provided that the Employee provides the Company on request with a tax invoice substantiating each expense. 

  

	 	(b)	In the case of individual expenses exceeding the amount specified in Schedule 1, the Employee must obtain the written approval of the CEO in advance.

  

	5.6	Deductions 

 The Company may deduct from the
Base Salary or other sums due to the Employee any amount owned by the Employee on any account to the Group. 
  

	6.	  Leave Entitlements 

  

	6.1	Annual Leave 

  

	 	(a)	The Employee is entitled to 20 days paid annual leave per year. 

  

	 	(b)	Annual leave will accrue on a pro-rata basis at the end of each completed four week period of continuous service with the Company and is cumulative. 

 

	 	(c)	There is no entitlement to leave loading in respect to annual leave. 

  

	6.2	Personal/Carer’s Leave 

  

	 	(a)	The Employee is entitled to 10 days paid personal/carer’s leave per year. The Employee may use this personal/carer’s leave as sick leave or carer’s leave.

  

	 	(b)	Personal/carer’s leave will accrue on a pro rata basis at the end of each completed four week period of service with the Company and is cumulative. 

 

	 	(c)	Accrued personal/carer’s leave will not form part of any benefit payable to the Employee on termination of the Employee’s employment. 

 

	 	(d)	The Company may require the Employee to provide documentary evidence to support any personal/carer’s leave period. 

 

	6.3	Compassionate leave 

  

	 	(a)	The Employee is entitled to paid compassionate leave of up to five days for each occasion when a member of the Employee’s immediate family or a household member:

  
 8 

	 	(i)	contracts or develops a personal injury or illness that poses a serious threat to the Employee’s life; or 

 

	 	(ii)	dies. 

  

	 	(b)	Other special leave may be granted to the Employee in extenuating circumstances at the absolute discretion of the Company. 

 

	6.4	Parental Leave 

 The Employee will be
entitled to parental leave in accordance with the applicable legislation in the Location. 
  

	6.5	Long Service Leave 

 The Employee will be
entitled to long service leave in accordance with the applicable legislation in the Location. 
  

	7.	  Conflicts of Interest 

  

	7.1	Disclosure of interests 

 The Employee must
declare to the Company the nature of any interests that the Employee may have directly or indirectly which might or might reasonably be expected to conflict with the Employee’s duties to the Company. 

 

	7.2	Restriction 

 The Employee must not engage in
any other paid employment or work of any kind during the term of this agreement without the written consent of the Company and the Employee must not be induced or agree to accept any commission, reward or benefit in connection with the Business from
any person other than that which is provided under this agreement. 
  

	8.	  Confidential Information 

  

	8.1	Prohibitions 

 The Employee must not without
the Company’s prior written consent, either during the Employee’s employment with the Company or at any time after the termination of the Employee’s employment with the Company: 

 

	 	(a)	use for the Employee’s or another’s advantage any Confidential Information; 

 

	 	(b)	disclose to any person any Confidential Information, either directly or indirectly; 

 

	 	(c)	make copies of any Confidential Information; or 

  

	 	(d)	counsel, procure or assist any person or corporation to use or disclose any Confidential Information, 

other than as reasonably required in the performance of the Employee’s duties as an employee of the Company or as required by law. 

  
 9 

	8.2	Protecting Unauthorised Use or Disclosure 

The Employee must use the Employee’s best endeavours to prevent the unauthorised use or disclosure of Confidential Information by, or to, any
third party. 
  

	8.3	Information already available to the public 

Clause 8.1 and 8.2 do not apply to information which is freely available to the public, other than as a result of a breach by the Employee of this
agreement. 
  

	8.4	Survival 

 The obligations in this clause 8
survive termination of this agreement. 
  

	9.	  Intellectual Property 

  

	9.1	Intellectual Property Rights 

 The Employee
agrees that all Intellectual Property Rights created by the Employee during the course of, and in connection with, the Employee’s employment with the Company will immediately be disclosed and assigned to, and vest in, the Company or such other
person or company as may be nominated by the Company as such rights are created. 
  

	9.2	Employee to assist 

 The Employee agrees to
execute all documents and do all acts and things required by the Company for the purpose of vesting Intellectual Property Rights as prescribed by this clause 9, including without limitation executing a deed of assignment of Intellectual Property
Rights in favour of the Company or its nominee. 
  

	9.3	Royalties 

 The Employee acknowledges that
all royalties, payments, fees, income or any other remuneration arising from Intellectual Property Rights are owned by the Company. 
  

	9.4	Moral rights 

 To the extent permitted by
law, the Employee waives all of the Employee’s moral rights in respect of any acts of the Company or any acts of third parties done with the Company’s authority in relation to any Intellectual Property Rights that are the property of the
Company and consent to the use, treatment, alteration and attribution of such Intellectual Property Rights as deemed appropriate by the Company. 
  

	9.5	Survival 

 The obligations in this clause 9
survive termination of this agreement. 
  

	10.	  Restraint 

  

	10.1	Clause 10 definitions 

 In this clause 10
(and any other provision of this agreement which relates to this clause or its subject matter), unless the context otherwise requires: 

  
 10 

	 	(a)	Engage in means to participate, assist or otherwise be directly or indirectly involved in, including as a member, shareholder, unitholder, director, consultant, adviser,
contractor, principal, agent, manager, employee, beneficiary, partner, associate, trustee or financier; 

  

	 	(b)	Restraint Area means the areas specified in Schedule 1; 

  

	 	(c)	Restrained Business means a business or operation similar to, or competitive with, the Business; and 

 

	 	(d)	Restraint Period means the period specified in Schedule 1. 

  

	10.2	Restraint obligations 

 During the Restraint
Period, the Employee must not, either directly, indirectly or as a result of contact by any other party, in the Restraint Area, without the prior written consent of the Company (which it may withhold in its absolute discretion): 

 

	 	(a)	engage in a Restrained Business; 

  

	 	(b)	take any action to prepare to Engage in a Restrained Business; 

  

	 	(c)	be concerned or interested (directly or indirectly, or through any interposed body corporate, trust, principal, agent, shareholder, beneficiary, or as an independent contractor
or in any other capacity) in a Restrained Business; 

  

	 	(d)	solicit, canvas or secure the custom of any person who is, or was a customer, identified prospective customer, supplier, distributor or licensee of the Group with whom the
Employee dealt at any time during the last 12 months of the Employee’s employment with the Company for the purpose of transacting business relating to the Restrained Business; 

 

	 	(e)	accept any instructions to perform any work relating to the Restrained Business for any person who is, or was a customer, identified prospective customer, supplier, distributor
or licensee of the Group; or 

  

	 	(f)	induce or attempt to induce an employee or consultant of the Group to terminate their employment or consultancy with the Group. 

 

	10.3	Independence of restraints 

 Each of the
restraint obligations imposed by this clause 10 (which results from the combinations of Restraint Area, Restrained Business and Restraint Period) is a separate and independent obligation from the other restraint obligations imposed (although they
are cumulative in effect). 
  

	10.4	Reasonableness of restraint 

 The Employee
acknowledges and agrees that each of the restraint obligations imposed by this clause 10 is reasonable in its extent (as to all of duration, geographical area and restrained conduct) having regard to the interests of each party to this agreement and
extends no further (in any respect) than is reasonably necessary and is solely to protect the Company’s legitimate interests. 
  

	10.5	Legal advice 

 Each party acknowledges that
in relation to this agreement and in particular this clause 10 it has received legal advice or has had the opportunity of obtaining legal advice. 

  
 11 

	10.6	Notification to prospective employer 

 The
Employee must notify any prospective employer of the terms of the restrictions undertaken by him in this agreement. 
  

	10.7	Injunction 

 Each party to this agreement
acknowledges that monetary damages alone would not be adequate compensation to the Company for a breach of this clause 10 and that the Company is entitled to seek an injunction or other equitable relief from a Court of competent jurisdiction if:

  

	 	(a)	the Employee fails to comply or threatens to fail to comply with this clause 10; or 

 

	 	(b)	the Company has reason to believe the Employee will not comply with this clause 10. 

 

	10.8	Survival 

 The obligations in this clause 10
survive termination of this agreement. 
  

	11.	Termination 

  

	11.1	General 

  

	 	(a)	Either party may terminate this agreement on the provision, in writing, of the period of written notice of termination specified in Schedule 1 to the other party.

  

	 	(b)	The Company may terminate the Employee’s employment by making a payment of Base Salary plus superannuation contributions in lieu of notice of termination for all or part of
the notice period. 

  

	11.2	Termination without notice 

 The Company may
terminate the Employee’s employment without notice and without paying any amount in lieu of notice if the Employee: 
  

	 	(a)	is guilty of serious misconduct or dishonesty; 

  

	 	(b)	commits any serious or persistent breach of any of the provisions of this agreement; 

 

	 	(c)	in the reasonable opinion of the Company, materially or persistently fails or neglects to perform or carry out the Employee’s duties under this agreement;

  

	 	(d)	refuses or neglects to comply with any lawful and reasonable order given to the Employee by the Company or any other person duly authorised by the Company;

  

	 	(e)	becomes bankrupt or suspends payment or compounds with or assigns the Employee’s estate for the benefit of the Employee’s creditors; 

 

	 	(f)	is continually and repeatedly absent from the Employee’s employment during normal working hours for reasons other than annual leave, leave arising from sickness or
disability or other absences that are approved by the Company; 

  

	 	(g)	has provided the Company with information about the Employee’s qualifications, experience, character or reputation which is misleading or was intended to be false or
misleading; 

  
 12 

	 	(h)	is incapacitated from performing the Employee’s duties for an aggregate period of three months in any period of 12 months; or 

 

	 	(i)	is convicted of any serious criminal offence which in the reasonable opinion of the Company might tend to injure the reputation or the Group or the Business.

  

	11.3	No redundancy 

 The Employee acknowledges
that the Employee will not be entitled to any redundancy payment that the Employee may otherwise be entitled to at law where the Employee’s employment is transferred to another employer, and qualifying service with the Company, including
recognised prior service, is recognised by the new employer for the calculation of all accrued entitlements, including in relation to any subsequent redundancy situation. 

 

	11.4	Employee’s obligations after termination 

If the Employee’s employment is terminated for any reason: 
  

	 	(a)	the Company may set off any amounts the Employee owes the Company against any amounts the Company owes the Employee at the date of termination, except for amounts the Company is
not entitled by law to set off; and 

  

	 	(b)	the Employee must immediately return all property belonging to the Company, including all software, computers, credit cards, keys, security access passes, books, vehicles and
mobile phones. 

  

	12.	Personal information 

  

	12.1	Acknowledgement 

 The Employee acknowledges
that the Company will be required to request and hold personal information relating to the Employee for the purposes of administering the Employee’s employment. 
  

	12.2	Disclosure 

 The Employee consents to the
Company or any of its Related Companies disclosing personal information it holds regarding the Employee for purposes related to the Employee’s employment, and any other related purpose. 

 

	13.	General 

  

	13.1	Entire agreement 

 This agreement constitutes
the entire agreement between the parties in relation to its subject matter. All prior discussions, undertakings, agreements, representations, warranties and indemnities in relation to that subject matter are replaced by this agreement and have no
further effect. 
  

	13.2	No merger 

 The provisions of this agreement
will not merge on completion of any transaction contemplated in this agreement and, to the extent any provision has not been fulfilled, will remain in force. 

  
 13 

	13.3	Attorneys 

 Each person who executes this
agreement on behalf of a party under a power of attorney warrants that he or she has no notice of the revocation of that power or of any fact or circumstance that might affect his or her authority to execute this agreement under that power.

  

	13.4	Amendment 

 This agreement may not be amended
or varied unless the amendment or variation is in writing signed by each other party. 
  

	13.5	Assignment 

 Neither party may assign,
transfer or otherwise deal with this agreement or any right under this agreement without the prior written consent of each other party, which must not be unreasonably withheld. 

 

	13.6	Severability 

 Part or all of any provision
of this agreement that is illegal or unenforceable will be severed from this agreement and will not affect the continued operation of the remaining provisions of this agreement. 

 

	13.7	Waiver 

 Waiver of any power or right under
this agreement: 
  

	 	(a)	must be in writing signed by the party entitled to the benefit of that power or right; and 

 

	 	(b)	is effective only to the extent set out in that written waiver. 

  

	13.8	Rights, remedies additional 

 Any rights and
remedies that a person may have under this agreement are in addition to and do not replace or limit any other rights or remedies that the person may have. 
  

	13.9	Further assurances 

 Each party must do or
cause to be done all things necessary or reasonably desirable to give full effect to this agreement and the transactions contemplated by it (including, but not limited to, the execution of documents). 

 

	13.10	Costs 

 Except as specifically provided in
this agreement, each party must bear its own legal, accounting and other costs for the preparation and execution of this agreement. 
  

	13.11	Counterparts 

 This agreement may be executed
in any number of counterparts and all counterparts taken together will constitute one document. 

  
 14 

	13.12	Governing law and jurisdiction 

 This
agreement will be governed by and construed in accordance with the laws in force in the State of New South Wales and each party submits to the non-exclusive jurisdiction of the courts of that State. 

  
 15 

 Schedule 1 

Details of Employment Terms 
  

							
	
  No.      

 
	 	 Item

 
	  	
Description
  

	  1.        
	 	Employee	  	 Ian
Bangs
  

	  2.	 	Position	  	 Chief
Financial Officer
  

	  3.	 	Entity	  	 Prima Biomed
Ltd.
  

	  4.	 	Commencement Date	  	 7 February
2011
  

	  5.	 	Location	  	
Sydney
  

	  6.	 	Report	  	 Board and
CEO
  

	  7.	 	Overview of duties and responsibilities	  	(a)	  	 As a member of Company executive team, assist with managing and guiding Company
strategy especially its financial and funding strategy;
  

	 	 	 	  	(b)	  	 Work with Company executive team to help coordinate integrated approaches to research
& development, operations, and sales and marketing with finance and accounting and provide a strategic and financial focus to the other executive and management team;
  

	 	 	 	  	(c)	  	 Together with the CEO, be a key point of contact and communication between the
company and its investors, financial analysts and advisers (in accordance with relevant listing and compliance rules) and work together with the CEO to ensure that the company maintains close contact with interested stakeholders, including
shareholders and potential investors
  

	 	 	 	  	(d)	  	 Be principally responsible for the Company’s relations with its bankers and
financial advisers in relation to general financial management and managing currency and foreign exchange risks
  

	 	 	 	  	(e)	  	 Be accountable for Group financial planning and analysis, management accounting,
budgeting and cash flow statements and forecasts;
  

	 	 	 	  	(f)	  	 Accountable for Group accounting, tax and other compliance requirements in all
relevant jurisdictions;
  

	 	 	 	  	(g)	  	 Be responsible for cash management, establishment
and monitoring of internal cash controls, and monitoring of exchange-rate and interest risks associated with Company resources;
  

  
 16 

  

							
	 	 	 	  	(h)	  	Accountable for regulatory compliance with relevant exchange rules, reporting, and audit
requirements;
	 	 		 
	 	 	 	  	(i)	  	Maintain accounting and inventory for Company’s tangible assets and inventory
	 	 		 
	 	 	 	  	(j)	  	Be responsible for and manage Company’s insurance and legal requirements;
	 	 		 
	 	 	 	  	(k)	  	Be responsible for and manage Company’s human resources policies and assure compliance with relevant labor
regulations;
	 	 		 
	 	 	 	  	(l)	  	Be responsible for overseeing Company’s leases, investor and creditor commitments, and other long term contractual
commitments;
	 	 		 
	 	 	 	  	(m)	  	comply with all laws applicable to the Position in each of the jurisdictions in which the Group operates;
	 	 		 
	 	 	 	  	(n)	  	maintain professional awareness and development of skills and knowledge to ensure maintenance of best practices in finance,
accounting, and tax, especially in the field of biotechnology; and
	 	 		 
	 	 	 	  	(o)	  	 do all things necessary to meet or exceed the
reasonable directions given by the CEO and the board and to that end, be proactive in the critical high growth phase of the business
  

	
 8.      
	 	Performance targets	  	These shall be established every twelve months at the direction of the CEO and the Board. In the first twelve months,
they shall include ( in addition to clause 7) :
	 	 		 
	 	 	 	  	(a)	  	Being responsible for a smooth and incident free transition from The CFO Solutions to the Employee as incoming internal Company CFO
and Company Secretary so that the transition is seamless
	 	 		 
	 	 	 	  	(b)	  	Assisting wherever possible a successful launch and ongoing NASDAQ ADR listing and implement internal reporting procedures to comply
with statutory and regulatory requirements
	 	 		 
	 	 	 	  	(c)	  	Be responsible, with the CEO for communicating with investors and potential investors which shall include participating, at the
request of the CEO in road shows and investor presentations
	 	 		 
	 	 	 	  	(d)	  	Establish an internal financial management system and cost accounting system to help with effective
financial strategy management, including the seamless and incident free implementation of a new accounting system.

  
 17 

  

									
	 	 	 	 	(e)	 	Prepare comprehensive and strategically focussed cost benefit analyses for major business
and investment decisions
	 	 		 
	 	 	 	 	(f)	 	Undertake a comprehensive review of Company cash management and expenses for near-term and medium term expense reduction
including optimising the company’s management of currency exposures and general expense management
	 	 		 
	 	 	 	 	(g)	 	Determine options for financing the company’s medium term obligations, and after they have been agreed by the Board,
be responsible for securing favourable financing arrangements for Company’s longer-term investment needs over the next 36 months after the alternative cost of capital has been calculated and market reactions have been evaluated
	 	 	 
	 	 	 	 	 These and other performance targets and the extent to which they have been
achieved shall be assessed by the Board of the Company, in consultation with the CEO in its absolute discretion and communicated to the Employee.

 

	9.	 	Base Salary	 	 AUD 218,000 per annum, paid in equal monthly
amounts, inclusive of superannuation contributions. Subject to satisfactory performance, the base salary shall be reviewed after 2 years
  

	10.  	 	 Term
	 	 2 years with
a two year option
  

	11.	 	Other Benefits	 	The Company will:
	 	 		 
	 	 	 	 	(a)	 	subject to (1) the Employee exceeding agreed performance targets; (2) the Employee remaining in compliance with this
Agreement and all laws; and (3) in the absolute discretion of the Board of the Company, on each 01 February after the first year during the Employee’s employment with the Company, grant the Employee the number of Performance Options with an
equivalent maximum value of 20% in the case of exceptional performance of the base annual salary (as calculated by Black-Scholes model) according to the terms in Schedule 2 below; and
	 	 		 
	 	 	 	 	(b)	 	pay for, or reimburse the Employee for the cost of:
	 	 			 
	 	 	 	 		 	(i)	  	a laptop computer for use on behalf of the Company, for the Employee’s exclusive use during the Employee’s employment with
the Company;
	 	 			 
	 	 	 	 	 	 	(ii)	  	reasonable and customary business expenses, including business related travel and entertainment,
according to Company’s current policies, and

  
 18 

  

					
	 	  	 	  	
(iii)   a mobile phone for the Employee’s exclusive use during the Employee’s employment with the Company.

	 		 
	12.    	  	Restraint Period	  	The period of the Employee’s employment with the Company and the period of six months’
from the cessation of the Employee’s employment with the Company; however, if the Employee is terminated by the Company without cause, the Restraint Period shall terminate on the date of Employee’s employment termination.
	 		 
	13.	  	Restraint Area(s)	  	Global for any competitive company in the field of cell therapy or research, development, marketing,
or distribution or biopharmaceutical products
	 		 
	14.	  	Expense Limit	  	AUD 1,000
	 		 
	15.	  	Termination notice period	  	Three months; salary may be paid in lieu of notice
	 		 
	16.	  	Governing law and jurisdiction	  	New South Wales

  
 19 

 Schedule 2 

Performance Options 
  

	1.	Each Performance Option entitles the holder to subscribe for 1 fully paid ordinary share in the Company. 

 

	2.	Despite any other paragraph of these terms, all Performance Options will immediately vest in the holder on the occurrence of either of the following events:

  

	 	(a)	the Employee is terminated by the company without cause; or 

  

	 	(b)	the Employee’s death; or 

  

	 	(c)	the offeror under a takeover bid or announcement acquires (unconditionally) in excess of 50% of the issued voting shares of the Company; or 

 

	 	(d)	as a result of the approval of one or more schemes of arrangement any person who is not at the date of issue of the options in control of the Company acquires in excess of 50% of
the issued voting shares of the Company. 

  

	3.	Each Performance Option may be exercised at a lesser price of ten Australian cents (AUD 0.10) or a price equal to the volume weighted average price of ordinary shares in the
Company traded on ASX during the 30 trading days immediately prior to the date of grant of the Performance Options to the holder at any time during the period commencing on the date the Performance Options vest pursuant to paragraph 2 or 3 of these
terms and ending at 5:00 pm (Sydney, NSW time) on the date two years following that date or within 30 trading days of the Employee’s death, whichever is earlier (Expiry Date) by completing the option exercise form and delivering it to
the registered office of the Company. 

  

	4.	Any Performance Option automatically lapses if: 

  

	 	(a)	it has not been exercised prior to the Expiry Date; or 

  

	 	(b)	the holder’s employment with the Company is terminated for any one or more of the following reasons: 

 

	 	(i)	the holder is guilty of serious misconduct or dishonesty; 

  

	 	(ii)	the holder commits any serious or persistent breach of any of the provisions of the holder’s employment agreement with the Company; 

 

	 	(iii)	in the reasonable opinion of the Company, the holder materially or persistently fails or neglects to perform or carry out the holder’s duties under the holder’s
employment agreement with the Company; 

  

	 	(iv)	the holder refuses or neglects to comply with any lawful and reasonable order given to the holder by the Company or any other person duly authorised by the Company;

  

	 	(v)	the holder becomes bankrupt or suspends payment or compounds with or assigns the holder’s estate for the benefit of the holder’s creditors; 

  
 20 

	 	(vi)	the holder is continually and repeatedly absent from the holder’s employment during normal working hours for reasons other than annual leave, leave arising from sickness or
disability or other absences that are approved by the Company; 

  

	 	(vii)	the holder has provided the Company with information about the holder’s qualifications, experience, character or reputation which is misleading or was intended to be false
or misleading; or 

  

	 	(viii)	the holder is convicted of any serious criminal offence. 

  

	5.	An exercise of only some Performance Options will not affect the rights of the holder under the balance of the Performance Options held by him or her as appropriate.

  

	6.	The Company will not apply for official quotation by ASX of the Performance Options. 

 

	7.	The Performance Options are non-transferable and may not be sold, assigned, transferred or otherwise dealt with in any way, except in the sole case of the Employee’s death
whereby Sign-On options shall be transferred to the Employee’s estate. 

  

	8.	Shares issued upon the exercise of Performance Options will rank pari passu with the Company’s fully paid ordinary shares and will have the same voting and other rights as
the existing shares of the Company, which are set out in the Company’s Constitution, ASX Listing Rules and the Corporations Act. 

  

	9.	The Company will apply for official quotation by ASX of all shares issued upon exercise of Performance Options, subject to any restriction obligations imposed by ASX.

  

	10.	The Performance Options will not give any right to participate in dividends until shares are issued pursuant to the exercise of the relevant Performance Options.

  

	11.	There are no participation rights or entitlements inherent in the Performance Options and holders will not be entitled to participate in new issues of capital offered to
shareholders during the currency of the Performance Options. 

  

	12.	In the event of any reconstruction (including consolidation, subdivision, reduction or return) of the issued capital of the Company prior to the Expiry Date, the number of
Performance Options or the rights attaching to the Performance Options or both shall be reconstructed in accordance with the ASX Listing Rules applying to a reorganisation of capital at the time of the reconstruction. 

  
 21 

 EXECUTED as an agreement 
  

					
	 EXECUTED by PRIMA BIOMED
	  	)	  	
	LIMITED ACN 009 237 889 in	  	)	  	
	accordance with section 127 of the	  	)	  	
	Corporations Act 2001	  	)	  	
		  	)	  	

  

					
	  
	 		  	 /s/ Lucy Turnbull

	Signature of Director	 		  	Signature of Director/Secretary
			
	 /s/ Martin Rogers
	 		  	 Luncinda Turnbull

	Name of Director	 		  	Name of Director/Secretary

  

					
	SIGNED by IAN EDWARD BANGS in	  	)	  	
	the presence of:	  	)	  	
		  	)	  	
		  	)	  	
		  	)	  	

  

					
		 		  	 /s/ Ian Bangs

		 		  	Ian Edward Bangs 
		 		  	
			
	 /s/ Melanie Sang
	 		  	
	Signature of Witness	 		  	
		 		  	
			
	 Melanie Sang
	 		  	
	Name of Witness	 		  	

  
 22

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