Document:

EX-10.33

 Exhibit 10.33 

SORRENTO THERAPEUTICS, INC. 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”), effective as of December 19, 2013 (the
“Effective Date”), is made by and between Sorrento Therapeutics, Inc., a Delaware corporation (together with any successor thereto, the “Company”), and Zhenwei (or “David”) Miao (the
“Executive”) (collectively referred to herein as the “Parties”). 
 WHEREAS,
Executive and the Company mutually desire to set forth the terms and conditions upon which the Company will compensate Executive for his services as an employee following the Effective Date. 

NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below, the Parties
hereto agree as follows: 
  

	1.	Employment. 

(a)         General.   From and after the Effective Date,
the Company shall employ Executive and Executive shall be employed by the Company, for the period and in the position set forth in this Section 1, subject to the other terms and conditions herein provided. 

(b)         Employment Term.   The term of employment under
this Agreement (the “Term”) shall commence on the Effective Date and continue for a term of three (3) years, unless terminated in accordance with Section 3. Following the expiration of the initial term, the Company
and Executive may enter into an amendment to this Agreement for an applicable subsequent term. 

(c)         Position and Duties.  Executive shall serve as Chief
Technology Officer of the Company with such customary responsibilities, duties and authority normally associated with such position and as may from time to time be assigned to Executive by the Chief Executive Officer of the Company (the
“CEO”), consistent with such position. In the performance of such duties, Executive shall report to the CEO or other Company executive designated by the CEO. Executive shall devote substantially all of Executive’s
working time and efforts to the business and affairs of the Company (which shall include service to its affiliates, if applicable) and shall not engage in outside business activities (including serving on outside boards or committees) without the
consent of the CEO and the Board of Directors of the Company (the “Board”), provided that Executive shall be permitted to (i) manage Executive’s personal, financial and legal affairs, (ii) participate in trade
associations, (iii) serve on the board of directors of not-for-profit or tax-exempt charitable organizations, and (iv) participate in the oversight (but not serve as an employee) of those companies with which Executive has a business
relationship as of the Effective Date, including Concortis, Inc. (collectively, the “Other Entities”), in each case, subject to compliance with this Agreement and provided that such activities do not materially interfere with
Executive’s performance of Executive’s duties and responsibilities hereunder. Executive hereby consents to serve as an officer and/or director of the Company or any subsidiary or affiliate thereof without any additional salary or
compensation, if so requested by the Board. Executive agrees to observe and comply with the rules and policies of the Company as adopted by the Company from time to time, in each case as amended from time to time, and as delivered or made available
to Executive (each, a “Policy”). 

	2.	Compensation and Related Matters. 

(a)         Annual Base Salary.  Executive shall receive a base
salary at a rate of $250,000 per annum (such annual base salary, as it may be adjusted from time to time, the “Annual Base Salary”). The Annual Base Salary shall be paid in accordance with the customary payroll practices of
the Company. 
 (b)         Annual Bonus.  Executive will be
eligible to participate in an annual incentive program established by the Board or an authorized committee of the Board. Executive’s target annual incentive compensation under such incentive program shall be decided by the Board or an
authorized committee of the Board and shall be at a level consistent with Company executives in a comparable position (the “Annual Bonus”). The Annual Bonus payable under the annual incentive program shall be based on the
achievement of individual and Company performance goals to be determined in good faith by the Board or an authorized committee of the Board and the CEO. The payment of each Annual Bonus, if any, shall be subject to Executive’s continued
employment with the Company through the date of payment, and shall be paid between January 1st and March 15th of the calendar year
following the calendar year to which it relates. 
 (c)         Supplemental
Bonus.  The Company shall pay Executive an annual supplemental cash bonus of $450,000 on December 31 of each of the years ending 2013, 2014, 2015 and 2016 (for total payments of $1,800,000) (each, a “Supplemental Bonus
Payment”). Each Supplemental Bonus Payment will be paid whether or not Executive is employed by, or providing services to, the Company. This Section 2(c), and the Company’s obligation to pay each Supplemental Bonus Payment,
shall survive the expiration or termination of this Agreement or Executive’s employment for any reason, and shall not be reduced for any reason. 

(d)         Benefits.  During the Term, Executive shall be
eligible to participate in employee benefit plans, programs and arrangements of the Company, consistent with the terms thereof and as such plans, programs and arrangements may be amended from time to time. 

(e)         Vacation/PTO.  During the Term, Executive shall be
entitled to paid vacation/personal time off in accordance with the Company’s Policies. Any vacation shall be taken at the reasonable and mutual convenience of the Company and Executive. 

(f)         Expenses.  During the Term, the Company shall
reimburse Executive for all reasonable travel and other business expenses incurred by Executive in the performance of Executive’s duties to the Company in accordance with the Company’s expense reimbursement Policy. 

 

	3.	Termination. 

 The Company and Executive acknowledge that
Executive’s employment during the Term will be at-will, as defined under applicable law, and that Executive’s employment with the Company during the Term may be terminated by the Company or Executive, as applicable, without any breach of
this Agreement under the following circumstances: 

(a)         Circumstances. 

(i)         Death.  Executive’s employment
hereunder shall terminate upon Executive’s death. 

(ii)        Disability.  If Executive has incurred a
Disability (as defined below), the Company may terminate Executive’s employment. “Disability” shall mean, at any time the Company or any of its affiliates sponsors a long-term disability plan for the Company’s
employees, “disability” as 

  
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defined in such long-term disability plan for the purpose of determining a participant’s eligibility for benefits; provided, however, if the long-term disability plan contains
multiple definitions of disability, “Disability” shall refer to that definition of disability which, if Executive qualified for such disability benefits, would provide coverage for the longest period of time. The
determination of whether Executive has a Disability shall be made by the person or persons required to make disability determinations under the long-term disability plan. At any time the Company does not sponsor a long-term disability plan for its
employees, Disability shall mean Executive’s inability to perform, with or without reasonable accommodation, the essential functions of Executive’s position hereunder for a total of three months during any six-month period as a result of
incapacity due to mental or physical illness as determined by a physician selected by the Company or its insurers and acceptable to Executive or Executive’s legal representative, with such agreement as to acceptability not to be unreasonably
withheld or delayed. Any refusal by Executive to submit to a medical examination for the purpose of determining Disability shall be deemed to constitute conclusive evidence of Executive’s Disability. 

(iii)         Termination by the Company. The Company may
terminate Executive’s employment with or without “Cause” (as defined below). 

(iv)         Resignation by Executive. Executive may
resign Executive’s employment with the Company with or without “Good Reason” (as defined below). 

(b)         Notice of Termination. Any termination of Executive’s
employment by the Company or by Executive under this Section 3 (other than termination pursuant to paragraph (a)(i)) shall be communicated by a written notice to the other Party hereto (i) indicating the specific termination provision in
this Agreement relied upon, and (ii) specifying a Date of Termination (as defined below) which, if submitted by Executive, shall be at least thirty (30) days following the date of such notice (a “Notice of
Termination”); provided, however, that in the event that Executive delivers a Notice of Termination to the Company, the Company may, in its sole discretion, change the Date of Termination to any date that occurs following the
date of Company’s receipt of such Notice of Termination and is prior to the date specified in such Notice of Termination. A Notice of Termination submitted by the Company may provide for a Date of Termination on the date Executive receives the
Notice of Termination, or any date thereafter elected by the Company in its sole discretion. For purposes of this Agreement, “Date of Termination” shall mean (i) if Executive’s employment is terminated by
Executive’s death, the date of Executive’s death; or (ii) if Executive’s employment is terminated pursuant to Section 3(a)(ii) – (iv) either the date indicated in the Notice of Termination or the date specified by
the Company pursuant to this Section 3(b), whichever is earlier. 

(c)         Company Obligations upon Termination. Upon termination of
Executive’s employment pursuant to any of the circumstances listed in Section 3(a), Executive (or Executive’s estate) shall be entitled to receive the sum of: (i) the portion of Executive’s Annual Base Salary earned through
the Date of Termination but not yet paid to Executive; (ii) any expenses owed to Executive pursuant to Section 2(e); (iii) each Supplemental Bonus Payment owed to Executive pursuant to Section 2(c), payable in accordance with
Section 2(c), and (iv) any amount accrued and arising from Executive’s participation in, or vested benefits accrued under any employee benefit plans, programs or arrangements (collectively, the “Company
Arrangements”), which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs or arrangements. 

(d)         Severance on Termination Without Cause or Resignation for Good
Reason. 
 (i)          Severance. If Executive
is terminated without Cause or if Executive resigns for Good Reason, then, subject to Executive signing on or before the forty-fifth (45th) day following

  
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Executive’s Separation from Service (as defined below), and not revoking, a release of claims in a form reasonably acceptable to the Company (the “Release”), and
Executive’s continued compliance with Section 4, Executive shall receive, in addition to the compensation set forth in Section 3(c), the following: 

(A)        an amount equal to Executive’s then current Annual
Base Salary, payable over a 12 month period in accordance with the Company’s standard payroll practices in effect as of such termination, starting on the First Payment Date (as defined below); 

(B)        for the twelve (12) month period following
Executive’s Separation from Service (or, if earlier, the date on which the applicable continuation period under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) expires), the Company shall
arrange to provide Executive and his eligible dependents who were covered under the Company’s health insurance plans as of the date of Executive’s Separation from Service with health (including medical and dental) continuation coverage as
in effect immediately prior to the date of such Separation from Service. If the Company is not reasonably able to continue health insurance benefits coverage under the Company’s insurance plans, the Company shall provide substantially
equivalent coverage under other third party insurance sources. If any of the Company’s health benefits are self-funded as of the date of Executive’s Separation from Service, or if the Company cannot provide the foregoing benefits in a
manner that exempt from Section 409A of the Code or that is otherwise compliant with applicable law (including, without limitation, Section 2716 of the Public Health Service Act), instead of providing continued health insurance benefits as
set forth above, the Company shall instead pay to Executive an amount equal to twelve (12) multiplied by the monthly premium Executive would be required to pay for continuation coverage pursuant to the COBRA for his eligible dependents who were
covered under the Company’s health plans as of the date of Executive’s Separation from Service (calculated by reference to the premium as of the date of Separation from Service), which amount shall be paid on the First Payment Date. 

(ii)         Definition of Cause. For purposes of this
Agreement, the Company shall have “Cause” to terminate Executive’s employment hereunder upon: (A) Executive’s failure to (1) substantially perform his duties with the Company (other than any such failure
resulting from Executive’s Disability) or (2) comply with, in any material respect, any of the Company’s Policies, this Agreement or the Proprietary Information and Inventions Agreement; (B) the Board’s determination that
Executive failed in any material respect to carry out or comply with any lawful and reasonable directive of the Board; (C) Executive’s breach of a material provision of this Agreement; (D) Executive’s conviction, plea of no
contest, plea of nolo contendere, or imposition of unadjudicated probation for any felony or crime involving moral turpitude; (E) Executive’s unlawful use (including being under the influence) or possession of illegal drugs on the
Company’s (or any of its affiliate’s) premises or while performing Executive’s duties and responsibilities under this Agreement; or (F) Executive’s commission of an act of fraud, embezzlement, misappropriation, willful
misconduct, or breach of fiduciary duty against the Company or any of its affiliates. Notwithstanding the foregoing, Cause will not have occurred with respect to events set forth in subparts (A), (B) and (C) unless and until Company has:
(1) provided Executive within sixty (60) days of Company’s knowledge of the occurrence of the facts and circumstances underlying the Cause events set forth in subparts (A), (B) and (C), written-notice stating with specificity the
applicable facts and circumstances underlying such finding of Cause; and (2) provided Executive with an opportunity to cure the same within thirty (30) days after the receipt of such notice. 

  
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(iii)        Definition of Good Reason.  For the sole
purpose of determining Executive’s right to severance payments as described above, the Executive’s resignation will be for “Good Reason” if the Executive resigns within ninety (90) days after any of the
following events, unless Executive consents to the applicable event in writing: (A) a decrease in Executive’s Annual Base Salary or annual target bonus opportunity, other than a reduction in Executive’s Annual Base Salary or annual
target bonus opportunity that is implemented in connection with a contemporaneous reduction in annual base salaries affecting other senior executives of the Company, (B) a material decrease in the Executive’s authority or areas of
responsibility as are commensurate with such Executive’s title or position (other than in connection with a corporate transaction where the Executive continues to hold the position referenced in Section 1(c) above with respect to the
Company’s business, substantially as such business exists prior to the date of consummation of such corporate transaction, but does not hold such position with respect to the successor corporation), or (C) the relocation of the
Executive’s primary office within the existing lease term for the Irvine facility to a location more than thirty-five (35) miles from the Company’s then-current headquarters. Notwithstanding the foregoing, no Good Reason will have
occurred unless and until Executive has: (1) provided the Company, within sixty (60) days of Executive’s knowledge of the occurrence of the facts and circumstances underlying the Good Reason event, written-notice stating with
specificity the applicable facts and circumstances underlying such finding of Good Reason; and (2) provided the Company with an opportunity to cure the same within thirty (30) days after the receipt of such notice. 

(e)         No Other Compensation.  Except as otherwise
expressly required by law (e.g., COBRA) or as specifically provided in this Section 3, all of Executive’s rights to salary, severance, benefits, bonuses and other compensatory amounts hereunder (if any) shall cease upon the
termination of Executive’s employment hereunder. In the event that Executive’s employment is terminated by the Company for any reason other than being terminated without Cause or if Executive resigns without Good Reason, Executive’s
sole and exclusive remedy shall be to receive the payments and benefits described in Section 3(c). Executive shall not be required to mitigate the amount of any payment provided for in this Section 3 by seeking other employment or
otherwise, nor shall the amount of any payment or benefit provided for in this Section 3 be reduced by any compensation earned by Executive as the result of employment by another employer or self-employment or by retirement benefits;
provided, however, that loans, advances or other amounts owed by Executive to the Company may be offset by the Company against amounts payable to Executive under this Section 3. For purposes of clarification, notwithstanding
anything herein to the contrary, the Company shall pay Executive each Supplemental Bonus Payment owed to Executive pursuant to Section 2(c), which shall be payable in accordance with Section 2(c), regardless of the termination of
Executive’s employment hereunder. 
 (f)         Deemed
Resignation.    Upon termination of Executive’s employment for any reason, Executive shall be deemed to have resigned from all offices and directorships, if any, then held with the Company or any of its affiliates. 

 

	4.	Restrictive Covenants. 

(a)         General.  Executive acknowledges that the Company
has provided and, during the Term, the Company from time to time will continue to provide Executive with, access to its proprietary information. Ancillary to the rights provided to Executive as set forth in this Agreement and the Company’s
provision of Confidential Information, and Executive’s agreements regarding the use of same, in order to protect the value of any Confidential Information, the Company and Executive agree to the following provisions (A) against unfair
competition, (B) respecting Executive’s use of proprietary information and the protection of such information, and (C) the ownership of inventions developed by Executive in the course of Executive’s engagement or employment by or
relationship with the Company, which Executive 

  
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acknowledges represent a fair balance of the Company’s rights to protect its business and Executive’s right to pursue employment. 

(b)         Noncompetition; Nonsolicitation. 

(i)         Noncompetition.   Executive
shall not, at any time during the Term, directly or indirectly engage in, have any equity interest in, interview for a potential employment or consulting relationship with or manage, provide services to or operate any person, firm, corporation,
partnership or business (whether as director, officer, employee, agent, representative, partner, security holder, consultant or otherwise) that engages in any business which competes with any portion of the Business (as defined below) of the Company
anywhere in the world. Executive’s performance of services for, or having continued involvement with, the Other Entities, shall not be deemed a breach of this Section 4(b)(i). Nothing herein shall prohibit Executive from being a passive
owner of not more than two percent (2%) of the outstanding equity interest in any entity that is publicly traded, so long as Executive has no active participation in the business of such entity. 

(ii)         Nonsolicitation.  Executive shall
not, at any time during the Restriction Period (as defined below), directly or indirectly, recruit or otherwise solicit or induce any customer, subscriber or supplier of the Company to (A) terminate or reduce its arrangement or business with
the Company, or (B) to otherwise change its relationship with the Company. Executive shall not, at any time during the Restriction Period, directly or indirectly, either for Executive or for any other person or entity, (x) solicit any
employee or independent contractor of the Company to terminate his or her employment or arrangement with the Company, or (y) employ any such individual during his or her employment or engagement with the Company and for a period of twelve
months after such individual terminates his or her employment or engagement with the Company. 

(iii)         Blue Penciling.  In the event the
terms of this Section 4(b) shall be determined by any court of competent jurisdiction to be unenforceable by reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too
extensive in any other respect, it will be interpreted to extend only over the maximum period of time for which it may be enforceable, over the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other
respects as to which it may be enforceable, all as determined by such court in such action. 

(c)         Proprietary Information and Inventions
Agreement.    Executive and the Company have executed the Company’s standard Proprietary Information and Inventions Agreement, which agreement is attached hereto as Exhibit A and incorporated herein by
reference (the “Proprietary Information and Inventions Agreement”). Executive agrees to perform each and every obligation of his therein contained. 

(d)         Return of Property.  Upon termination of
Executive’s employment with the Company for any reason, Executive will promptly deliver to the Company all correspondence, drawings, manuals, letters, notes, notebooks, reports, programs, plans, proposals, financial documents, or any other
documents or property concerning the Company’s customers, business plans, marketing strategies, products, property or processes. 

(e)         Non-Disparagement.    Each Party (which,
in the case of the Company, shall mean its officers and the members of the Board) agrees, during the Term and following the Date of Termination, to refrain from Disparaging (as defined below) the other Party and its affiliates, including, in the
case of the Company, any of its services, technologies or practices, or any of its directors, officers, agents, representatives or stockholders, either orally or in writing. Nothing in this paragraph shall preclude any

  
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Party from making truthful statements that are reasonably necessary to comply with applicable law, regulation or legal process, or to defend or enforce a Party’s rights under this Agreement.
For purposes of this Agreement, “Disparaging” means remarks, comments or statements, whether written or oral, that impugn the character, integrity, reputation or abilities of the person or entity being disparaged. 

(f)         Definitions.  As used in this Section 4,
(i) the term “Company” shall include the Company and its direct and indirect parents and subsidiaries; (ii) the term “Business” shall mean the business of the Company, as such business may be
expanded or altered by the Company during the Term; and (iii) the term “Restriction Period” shall mean the period beginning on the Effective Date and ending on the date that is twelve (12) months following the Date
of Termination. 
 (g)         Rights and Remedies Upon
Breach.  It is recognized and acknowledged by Executive that a breach of the covenants contained in this Section 4 will cause irreparable damage to Company and its goodwill, the exact amount of which will be difficult or
impossible to ascertain, and that the remedies at law for any such breach will be inadequate. Accordingly, Executive agrees that in the event of a breach of any of the covenants contained in this Section 4, in addition to any other remedy which
may be available at law or in equity, the Company will be entitled to specific performance and injunctive relief. In addition, in the event Executive breaches any of the provisions of this Section 4, the Company shall be entitled to immediately
cease all payments under Section 3(d) above. 

(h)         Acknowledgment by
Executive.     Executive has carefully read and considered the provisions of this Section 4, and, having done so, agrees that the restrictions set forth in this Section 4, including, but not limited to, the
Restriction Period, are fair and reasonable and are reasonably required for the protection of the interests of the Company and its parent or subsidiary corporations, officers, directors, shareholders, and other employees. 

 

	5.	Assignment and Successors. 

 The Company may assign its rights
and obligations under this Agreement to any affiliate or to any successor to all or substantially all of the business or the assets of the Company (by merger or otherwise), and may assign or encumber this Agreement and its rights hereunder as
security for indebtedness of the Company and its affiliates. This Agreement shall be binding upon and inure to the benefit of the Company, Executive and their respective successors, assigns, personnel and legal representatives, executors,
administrators, heirs, distributees, devisees, and legatees, as applicable. None of Executive’s rights or obligations may be assigned or transferred by Executive, other than Executive’s rights to payments hereunder, which may be
transferred only by will or operation of law. Notwithstanding the foregoing, Executive shall be entitled, to the extent permitted under applicable law and applicable Company Arrangements, to select and change a beneficiary or beneficiaries to
receive compensation hereunder following Executive’s death by giving written notice thereof to the Company. 
  

	6.	Miscellaneous Provisions. 

(a)         Governing Law; Venue.   This Agreement shall be
governed, construed, interpreted and enforced in accordance with its express terms, and otherwise in accordance with the substantive laws of the State of California without reference to the principles of conflicts of law of the State of California
or any other jurisdiction, and where applicable, the laws of the United States. Any suit brought hereon shall be brought in the state or federal courts sitting in San Diego, California, the Parties hereby waiving any claim or defense that such forum
is not convenient or proper. Each Party hereby agrees that any such court shall have in personam jurisdiction over it and consents to service of process in any manner authorized by California law. 

  
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 (b)         Validity. The
invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 

(c)          Notices. Any notice, request, claim, demand, document and
other communication hereunder to any Party shall be effective upon receipt (or refusal of receipt) and shall be in writing and delivered personally or sent by facsimile or certified or registered mail, postage prepaid, as follows: 

(i)          If to the Company: 

Sorrento Therapeutics, Inc. 

6042 Cornerstone Ct. West, Suite B 

San Diego, CA 92121 

Attention:  Chief Executive Officer 

Facsimile:  (858) 210-3759 

(ii)         If to Executive, at the last address that the
Company has in its personnel records for Executive; or 
 (iii)       At
any other address as any Party shall have specified by notice in writing to the other Party. 

(d)         Counterparts. This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement. Signatures delivered by facsimile shall be deemed effective for all purposes. 

(e)         Entire Agreement. The terms of this Agreement, together with
the Proprietary Information and Inventions Agreement, are intended by the Parties to be the final expression of their agreement with respect to the subject matter hereof and supersede all prior understandings and agreements, whether written or oral,
including, without limitation, any offer letter, employment or consulting agreement between the Company and Executive; however, Executive hereby reaffirms his obligations under any previous confidentiality, assignment of inventions or
noncompetition agreement with the Company and agrees that this Agreement does not supersede or modify any continuing obligations thereunder. The Company shall be entitled to enforce any and all such agreements against Executive to ensure that the
Company receives the benefit of all such agreements. To the extent any of such prior confidentiality, assignment of inventions or noncompetition agreements previously entered into by Executive and the Company conflict with the terms of this
Agreement, those provisions that are more favorable to the Company shall prevail. The Parties further intend that this Agreement shall constitute the complete and exclusive statement of their terms and that no extrinsic evidence whatsoever may be
introduced in any judicial, administrative, or other legal proceeding to vary the terms of this Agreement. 

(f)         Amendments; Waivers. This Agreement may not be modified,
amended, or terminated except by an instrument in writing, signed by Executive and a duly authorized officer of Company. By an instrument in writing similarly executed, Executive or a duly authorized officer of the Company may waive compliance by
the other Party with any specifically identified provision of this Agreement that such other Party was or is obligated to comply with or perform; provided, however, that such waiver shall not operate as a waiver of, or estoppel with
respect to, any other or subsequent failure. No failure to exercise and no delay in exercising any right, remedy, or power hereunder preclude any other or further exercise of any other right, remedy, or power provided herein or by law or in equity.

  
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 (g)        No Inconsistent
Actions.    The Parties hereto shall not voluntarily undertake or fail to undertake any action or course of action inconsistent with the provisions or essential intent of this Agreement. Furthermore, it is the intent of the
Parties hereto to act in a fair and reasonable manner with respect to the interpretation and application of the provisions of this Agreement. 

(h)        Construction.   This Agreement shall be deemed
drafted equally by both the Parties. Its language shall be construed as a whole and according to its fair meaning. Any presumption or principle that the language is to be construed against any Party shall not apply. The headings in this Agreement
are only for convenience and are not intended to affect construction or interpretation. Any references to paragraphs, subparagraphs, sections or subsections are to those parts of this Agreement, unless the context clearly indicates to the contrary.
Also, unless the context clearly indicates to the contrary, (i) the plural includes the singular and the singular includes the plural; (ii) “and” and “or” are each used both conjunctively and disjunctively;
(iii) “any,” “all,” “each,” or “every” means “any and all,” and “each and every”; (iv) “includes” and “including” are each “without limitation”;
(v) “herein,” “hereof,” “hereunder” and other similar compounds of the word “here” refer to the entire Agreement and not to any particular paragraph, subparagraph, section or subsection; and (vi) all
pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the entities or persons referred to may require. 

(i)         Arbitration.     Both Executive and
the Company agree to submit any and all disputes, controversies, or claims based upon, relating to, or arising from your employment by the Company (other than workers’ compensation claims) or the terms, interpretation, performance, breach, or
arbitrability of this Agreement to final and binding arbitration before a single neutral arbitrator in San Diego County, California. Subject to the terms of this paragraph, the arbitration proceedings shall be initiated in accordance with, and
governed by, the National Rules for the Resolution of Employment Disputes (“Rules”) of the American Arbitration Association (“AAA”). The arbitrator shall be appointed by agreement of the Parties hereto
or, if no agreement can be reached, by the AAA pursuant to its Rules. Notwithstanding the Rules, the Parties may take discovery in accordance with Sections 1283.05(a)-(d) of the California Code of Civil Procedure (but not subject to the
restrictions of Section 1283.05(e)), and prior to the arbitration hearing the Parties may file, and the arbitrator shall rule on, pre-trial motions such as demurrers and motions for summary judgment (applying the procedural standard embodied in
Rule 56 of the Federal Rules of Civil Procedure). The time for filing such motions shall be determined by the arbitrator. The arbitrator will rule on all pre-trial motions at least ten (10) business days prior to the scheduled hearing date.
Arbitration may be compelled, the arbitration award shall be enforced, and judgment thereon shall be entered, pursuant to the California Arbitration Act (Code of Civil Procedure §§ 1280 et seq.). Each Party shall bear his, her or
its own attorneys’ fees and costs (including expert witness fees) incurred in connection with the arbitration, unless the arbitrator find that a statutory award of attorneys’ fees is appropriate. The Company shall bear AAA’s
administrative fees and the arbitrator’s fees and costs. If either Party is required to compel arbitration of a dispute governed by this paragraph, the Party prevailing in that proceeding shall be entitled to recover from the other Party
reasonable costs and attorneys’ fees incurred to compel arbitration. This Section 6(i) is intended to be the exclusive method for resolving any and all claims by Executive or the Company against each other for payment of damages under this
Agreement or relating to Executive’s employment or service; provided, however, that neither this Agreement nor the submission to arbitration shall limit Executive’s or the Company’s right to seek provisional relief,
including without limitation injunctive relief, in any court of competent jurisdiction. Both Executive and the Company expressly waive their respective rights to a jury trial. 

(j)        Enforcement.     If any provision of this
Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during the term of this Agreement, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid
or unenforceable provision had never comprised a portion of this Agreement; and the remaining provisions of 

  
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this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of
such illegal, invalid or unenforceable provision there shall be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable.

 (k)         Withholding.  The Company shall be entitled to
withhold from any amounts payable under this Agreement any federal, state, local or foreign withholding or other taxes or charges which the Company is required to withhold. The Company shall be entitled to rely on an opinion of counsel if any
questions as to the amount or requirement of withholding shall arise. 

(l)          Survival.  This Section 6(l) and the
covenants, agreements, representations and warranties contained in or made in Sections 2(c), 3(c), 4 and 6, and in the last sentence of Section 3(e), shall survive the expiration or any termination of this Agreement for any reason. 

(m)        Section 409A. 

(i)         General.   The intent of the
Parties is that the payments and benefits under this Agreement comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (collectively,
“Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. 

(ii)        Separation from
Service.    Notwithstanding anything in this Agreement to the contrary, any compensation or benefits payable under this Agreement that is considered nonqualified deferred compensation under Section 409A and is designated
under this Agreement as payable upon Executive’s termination of employment shall be payable only upon Executive’s “separation from service” with the Company within the meaning of Section 409A (a “Separation from
Service”) and, except as provided below, any such compensation or benefits described in Section 4(b) shall not be paid until the fifty-fifth (55th) day following
Executive’s Separation from Service (the “First Payment Date”). 

(iii)       Specified Employee.  Notwithstanding anything
in this Agreement to the contrary, if Executive is deemed by the Company at the time of Executive’s Separation from Service to be a “specified employee” for purposes of Section 409A, to the extent delayed commencement of any
portion of the benefits to which Executive is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A, such portion of Executive’s benefits shall not be provided to Executive prior to the
earlier of (i) the expiration of the six-month period measured from the date of Executive’s Separation from Service with the Company or (ii) the date of Executive’s death. Upon the first business day following the expiration of
the applicable Section 409A period, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to Executive (or Executive’s estate or beneficiaries), and any remaining payments due to Executive under this
Agreement shall be paid as otherwise provided herein. 

(iv)        Expense Reimbursements.    To
the extent that any reimbursements under this Agreement are subject to Section 409A, any such reimbursements payable to Executive shall be paid to Executive no later than December 31 of the calendar year following the calendar year in
which the expense was incurred; provided, that Executive submits Executive’s reimbursement request promptly following the date the expense is incurred, the amount of expenses reimbursed in one calendar year shall not affect the amount
eligible for reimbursement in any subsequent calendar year, other than medical expenses referred to in Section 105(b) of the Code, and Executive’s right 

  
 10 

 
to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 

(v)       Installments.   Executive’s right to
receive any installment payments under this Agreement, including without limitation any continuation salary payments that are payable on Company payroll dates, shall be treated as a right to receive a series of separate payments and, accordingly,
each such installment payment shall at all times be considered a separate and distinct payment as permitted under Section 409A. Except as otherwise permitted under Section 409A, no payment hereunder shall be accelerated or deferred unless
such acceleration or deferral would not result in additional tax or interest pursuant to Section 409A. 
  

	7.	Executive Acknowledgement. 

 Executive acknowledges that
Executive has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance upon any representations or promises made by the Company other than those contained in writing herein, and has entered into this
Agreement freely based on Executive’s own judgment. 
 [Signature Page Follows] 

  
 11 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the date
and year first above written. 
  

									
		 	COMPANY
					
		 	By:	 		  		  	
		 		 	  
	  	
		 		 	Name:	  	 Henry Ji, Ph.D.
		 		 	Title:	  	 President & Chief Executive Officer
		
		 	EXECUTIVE
		 	By:     	 	

	  	
		 		 	  
	  	
		 		 	Name:	  	 Zhenwei Miao

  
  
  

[SIGNATURE PAGE TO ZHENWEI MIAO EMPLOYMENT
AGREEMENT] 

 EXHIBIT A 

PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT 
  

[Attached] 

 SORRENTO THERAPEUTICS, INC. 

 
 PROPRIETARY INFORMATION AND 

INVENTIONS AGREEMENT 
  

 
 I acknowledge and understand that Sorrento Therapeutics, Inc. is engaged
in a continuous program of research and development with respect to its business. 

I.        DEFINITIONS. 

I acknowledge and understand that: 
  

	1.	Definitions for the capitalized terms used in this Proprietary Information And Inventions Agreement (including the Attachments attached hereto, “Agreement”) shall have the meanings provided
below. Where the context so indicates, a word in the singular form shall include the plural and vice-versa: 

  

	 	1.1	“Company” as used herein, shall mean, collectively, Sorrento Therapeutics, Inc., a Delaware corporation (“Sorrento”), and each subsidiary and affiliate of the foregoing,
provided that, for purposes of this definition, I shall not be deemed an affiliate of Sorrento. 

  

	 	1.2	“Inventions” as used herein, means all data, discoveries, designs, developments, formulae, ideas, improvements, inventions, know-how, processes, programs, databases, trade secrets and techniques,
whether or not patentable or registerable under copyright, trademark or similar statutes, and all designs, trademarks and copyrightable works that I made or conceived or reduced to practice or learned, either alone or jointly with others, during the
period of my employment which: (i) are related to or useful in the business of the Company or to the Company’s actual or demonstrably anticipated research, design, development, experimental production, financing, manufacturing, licensing,
distribution or marketing activity; or (ii) result from tasks assigned me by the Company; or (iii) result from the use of premises or equipment owned, leased or contracted for by the Company. 

 

	 	1.3	 “Proprietary Information” shall mean confidential information that has been created, discovered or developed, or has otherwise
become known to the Company (including without limitation information created, discovered, developed or made known by or to me during the period of or arising out of my employment by the Company), and/or in which property rights have been assigned
or otherwise conveyed to the Company, which information has commercial value in the business in which the Company is engaged or proposes to be engaged. By way of illustration but not limitation, “Proprietary Information” includes:
(i) inventions, knowledge, trade secrets, ideas, data, programs, works of authorship, know-how, improvements, discoveries, designs, 

  
 -1- 

	 	 
techniques and sensitive information the Company receives from its customers or receives from a third party under a confidentiality obligation; (ii) technical information relating to the
Company’s existing and future products, including, where appropriate and without limitation, manufacturing techniques and procedures, production controls, software, firmware, information, patent disclosures, patent applications, development or
experimental work, formulae, engineering or test data, product specification and part lists, names of suppliers, structures, models, techniques, processes and apparatus relating to the same disclosed by the Company to me or obtained by me through
observation or examination of information or developments; (iii) marketing information (including without limitation marketing strategies, customer names and requirements and products and services, prices, margins and costs); (iv) future
product plans; (v) financial information provided to me by the Company; (vi) personnel information (including without limitation employee compensation); and (vii) other confidential business information. 

II.        ACKNOWLEDGEMENTS. 

 

	1.	My employment creates a relationship of confidence and trust between the Company and me with respect to any information: (i) applicable to the business of the Company; or (ii) applicable to the business of any
customer or partner of the Company; or (iii) which the Company is under a contractual obligation to keep confidential which may be made known to me by the Company or by any customer or partner of the Company, or learned by me through my
employment with the Company. 

  

	2.	The Company possesses and will continue to possess Proprietary Information. 

III.        AGREEMENT. 

In consideration of my employment or continued employment by the Company, and the compensation now and hereafter paid to me, I hereby agree as
follows: 
  

	1.	Protection of Proprietary Information. 

  

	 	1.1	 Property of the Company.  All Proprietary Information shall be the sole property of the Company and its assigns or a third party, as
applicable, and the Company and its assigns or such third party shall be the sole owner of all patents and other rights in connection with such Proprietary Information. I hereby irrevocably transfer and assign to the Company any rights I may have or
acquire in any or all Proprietary Information. During the term of my employment by the Company and at all times thereafter, I will keep in confidence and trust all Proprietary Information, and I will not directly or indirectly disclose, sell, use,
lecture upon or publish any Proprietary Information or anything relating to it without the written consent of the Company, except as may be necessary in the ordinary course of performing my duties as an employee of the Company. I will obtain the
Company’s prior written approval before publishing or submitting for publication any material that relates to my work at the Company or incorporates any 

  
 -2- 

	 	 
Proprietary Information. My obligations regarding Proprietary Information shall continue until such time as the Proprietary Information is publicly known without fault on my part.

  

	 	1.2	Property of Third Parties.  I recognize that the Company has received and in the future will receive information from third parties, which is private or proprietary information subject to a duty on the
Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. I agree, during the term of my employment and thereafter, to hold all such private or proprietary information received from
third parties in the strictest confidence and not to disclose or use it, except as necessary in carrying out my work for the Company consistent with the Company’s agreement with such third party. My obligations regarding the private or
proprietary information of third parties shall continue until such time as such private or proprietary information is publicly known without fault on my part. 

  

	2.	Avoid Conflict of Interest.  During the course of my employment, I shall inform the Company before accepting any employment, consulting or other relationship with another person or entity (i) in
any field related to the Company’s line of business, or (ii) in a position that requires a significant time commitment. Lack of objection by the Company regarding any particular outside activity does not in any way reduce my obligations
under this Agreement. 

  

	3.	Return of Materials.  All apparatus, computers, computer files and media, data, documents, drawings, engineering log books, equipment, inventor notebooks, programs, prototypes, records, samples,
equipment and other information and physical property, whether or not pertaining to or constituting Proprietary Information, furnished to me by the Company, or produced by myself or others in connection with my employment, shall be and remain the
sole property of the Company and shall be returned promptly to the Company as and when requested by the Company. Should the Company not so request, I shall return and deliver all such property upon termination of my employment, and I will not take
with me any such property or any reproduction of such property upon such termination. I further agree that any property situated on the Company’s premises and owned by the Company, including computers, computer files, e-mail, voicemail, disks
and other electronic storage media, filing cabinets or other work areas, is subject to inspection by Company personnel at any time with or without cause and with or without notice. 

 

	4.	 Non-Solicitation.  I agree that during the term of my employment with the Company and for six (6) months thereafter (the
“Restricted Period”), I will not, and will not permit any affiliate of mine under my control to, in each case either directly or indirectly, for my own account or otherwise: (i) solicit, induce, or attempt to solicit or
induce any employee, consultant or contractor of the Company or any current or former subsidiary or affiliate of the Company (each, an “Affiliate”) to terminate its employment, consulting or contractual relationship with the
Company or any Affiliate; or (ii) take any other action that would reasonably be expected to cause such employee, consultant or contractor of the Company or any Affiliate to terminate his or her employment, consulting or

  
 -3- 

	 	 
contractual relationship with the Company or any Affiliate. Further, I acknowledge that I have learned or acquired, and will learn and acquire, confidential information about the Company, and the
Company’s customers and suppliers. In order to prevent the misuse of such confidential information, I agree that, during the Restricted Period, I will not solicit the business of the Company’s customers and/or any customer of a Affiliate
(including any people or entities that were customers or suppliers of the Company and/or any Affiliate during the 12-month period prior to the termination of my employment with the Company) for services similar to those performed, or goods similar
to those sold, by the Company and/or any Affiliate. 

  

	5.	Inventions.  I will promptly disclose in confidence to the Company, or to any persons designated by it, any and all Inventions; such disclosure obligations shall continue for twelve (12) months
after termination of my employment with respect to any and all Inventions made, conceived, reduced to practice or learned by me before the termination of my employment. 

 

	6.	Ownership and Protection of Inventions. 

  

	 	6.1	The Company owns Inventions.  I agree that any and all Inventions shall be the sole property of the Company and its assigns, and the Company and its assigns shall be the sole owner of all patents,
trademarks, copyrights and other rights in connection with Inventions. 

  

	 	6.2	 Inventions Protection.  I hereby irrevocably transfer and assign to the Company any rights I may have or acquire in Inventions. In
addition, to the extent permitted by federal copyright law, the parties agree that any works resulting from my work under this Agreement shall be “works for hire” as defined in the federal copyright law. I hereby irrevocably transfer and
assign to the Company all of my works of authorship and all worldwide copyrights, trademarks, patents, patent applications, trade secrets and other similar rights (“Intellectual Property Rights”) in (i) such works to the
extent such works result from my employment with the Company or are otherwise provided for under the terms of this Agreement and (ii) any Inventions. I further agree, as to any and all Inventions, to assist the Company in every proper way (but
at the Company’s expense) to obtain and from time to time enforce Intellectual Property Rights in Inventions in any and all countries. To that end, I will perform any further acts and execute and deliver all documents for use in applying for
and obtaining such Intellectual Property Rights therein and enforcing the same, as the Company may desire, together with any assignments of such protections to the Company or persons designated by it. My obligation to assist the Company in obtaining
and enforcing Intellectual Property Rights in Inventions in any and all countries shall continue beyond the termination of my employment, but, after such termination, the Company shall compensate me at a reasonable rate for time actually spent by me
at the Company’s request on such assistance. I acknowledge that I may be unavailable when the Company needs to secure my signature for lawful and necessary documents required to apply for or execute any Intellectual Property Rights with respect
to Inventions (including renewals, extensions, continuations, 

  
 -4- 

	 	 
divisions or continuations in part of patent applications). Therefore, I irrevocably designate and appoint the Company and its duly authorized officers and agents, as my agents and
attorneys-in-fact, to act for and in my behalf and instead of me, to execute and file any such application(s) and to do all other lawfully permitted acts to further the prosecution and issuance of patents, copyrights, trademarks and other
protections on Inventions with the same legal force and effect as if executed by me. The Company shall also have the right to keep any and all Inventions as trade secrets. 

 

	 	6.3	Moral Rights.  Any assignment of copyright hereunder includes all rights of paternity, integrity, disclosure and withdrawal and any other rights that may be known as or referred to as “moral
rights” (collectively “Moral Rights”). To the extent such Moral Rights cannot be assigned under applicable law and to the extent the following is allowed by the laws in the various countries where Moral Rights exist, I
hereby waive such Moral Rights and consent to any action of the Company that would violate such Moral Rights in the absence of such consent. I will confirm any such waivers and consents from time to time as requested by the Company.

  

	 	6.4	Maintenance of Records.  I agree to keep and maintain adequate and current written records of all Inventions made by me (solely or jointly with others) during the term of my employment with the Company, and
to promptly disclose the same to my immediate supervisor or to any persons designated by the Company. The records will be in the form of notes, sketches, drawings, and any other format that may be specified by the Company, The records will be
available to and remain the sole property of the Company at all times. 

  

	7.	 List of Pre-Employment Inventions.  I have attached to this Agreement as Attachment A a complete list of all developments, discoveries,
improvements, inventions, trade secrets, technical or journal writings or other works of authorship which I have made or conceived or first reduced to practice alone or jointly with others prior to my engagement by the Company which are not subject
to a confidentiality agreement that would bar such listing (collectively “Pre-Employment Inventions”); and I covenant that such list is complete. If no such list is attached to this Agreement, I represent that I have made no
such Pre-Employment Inventions at the time of signing this Agreement. The Company will not require me to assign any rights I may have in any of the listed Pre-Employment Inventions. Furthermore, the listed Pre-Employment Inventions will not be
classified as Proprietary Information or Inventions. Notwithstanding the above, if, in the course of my employment with the Company, I incorporate into a Company product, process or machine a Pre-Employment Invention or any other inventions,
technical writings, papers, journal articles, developments, improvements, and trade secrets which were made by me prior to my employment with the Company, which are owned by me or in which I have an exclusive interest, the Company is hereby granted
and shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide, transferable and sublicensable license to make, have made, modify, use and sell such Pre-Employment Invention as part of or in connection with such product, process or
machine. I acknowledge and agree that the 

  
 -5- 

	 	 
Company and its subsidiaries or affiliates are free to compete or develop information, inventions and products within the areas and type of the Pre-Employment Inventions. 

 

	8.	No Conflicting Obligation.  I represent that my performance of all the terms of this Agreement and my employment by the Company does not and will not breach any invention assignment agreement or any
agreement to keep in confidence proprietary information acquired by me in confidence or in trust prior to my employment by the Company. I have not entered into, and I agree I will not enter into, any agreement either written or oral in conflict with
this Agreement. I also understand that I am not to breach any obligation of confidentiality I have to others during my employment with the Company. 

  

	9.	No Improper Use of Information of Prior Employers or Others.  As part of the consideration for the offer of employment by the Company and of my employment or continued employment by the Company, I have not
brought and will not bring to the Company, or use or disclose in the performance of my responsibilities any equipment, supplies, facility, electronic media, software, trade secret or other information or property of any former employer or any other
person or entity which are not generally available to the public, unless I have obtained their written authorization for its possession and use. I further represent, warrant and agree that I have not and will not solicit, induce, recruit or
encourage any other individual to leave his or her employment, where I am or should be reasonably aware that such action on my part would breach any agreement I may have with a third party. 

 

	10.	Notification of New Employer.  In the event that I leave the employ of the Company, I hereby consent to the notification of my new employer (or party to which I otherwise provide services) of my rights and
obligations under this Agreement. 

  

	11.	Governing Law Consent to Personal Jurisdiction.  This Agreement will be governed by and construed according to the laws of the State of California, as such laws are applied to agreements entered into and to
be performed entirely within California between California residents. I hereby expressly consent to the personal jurisdiction of the state and federal courts located in San Diego, California for any lawsuit filed there against me by Company arising
from or related to this Agreement. 

  

	12.	Waiver.  No waiver by the Company of any breach of this Agreement shall be a waiver of any preceding or succeeding breach. No waiver by the Company of any right under this Agreement shall be construed as a
waiver of any other right. The Company shall not be required to give notice to enforce strict adherence to all terms of this Agreement. 

  

	13.	 Severability.  In case any one or more of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal
or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been
contained herein. If moreover, any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be

  
 -6- 

	 	 
construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear. 

 

	14.	Term of Employment.  I understand that my employment is “at will” and that I or the Company may terminate my employment at any time, for any reason or no reason, with or without cause and with or
without notice. 

  

	15.	Section 2870 Inventions.  This Agreement does not apply to an Invention which qualifies fully as a nonassignable Invention under Section 2870 of the California Labor Code (hereinafter
“Section 2870”). I have reviewed the notification on Attachment B (Limited Exclusion Notification) and agree that my signature acknowledges receipt of the notification. 

15.1     Notwithstanding this Section 15, during the term of my employment, I shall disclose in
confidence to the Company any Invention in order to permit the Company to make a determination as to compliance by me with the terms and conditions of this Agreement. I understand that should a dispute arise as to whether a given invention qualifies
fully for protection under Section 2870, I bear the burden of proving that the Invention fully qualifies for protection thereunder. 
  

	16.	Survival of Obligations.  This Agreement shall survive termination of my employment, regardless of the circumstances of such termination. 

 

	17.	Effective Date.  This Agreement shall be effective as of the first day of my employment by the Company which is    December 19,
2013            . 

  

	18.	Binding Effect.  This Agreement shall be binding upon my heirs, executors, administrators or other legal representatives and shall inure to the benefit of successors and assigns of the Company. The Company
may assign any of its rights and obligations under this Agreement. No other party to this Agreement may assign, whether voluntarily or by operation of law, any of its rights and obligations under this Agreement, except with the prior written consent
of the Company. 

  

	19.	Entire Agreement.  This Agreement is the final, complete and exclusive agreement of the parties with respect to the subject matter hereof and supersedes and merges all prior discussions between us, whether
orally or in writing. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing and signed by the party to be charged. Any subsequent change or changes in my duties,
salary or compensation will not affect the validity or scope of this Agreement. 

  

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

 

	21.	 Legal And Equitable Remedies.  Because my services are personal and unique and because I may have access to and become acquainted with the
Proprietary Information of 

  
 -7- 

	 	 
the Company, the Company shall have the right to enforce this Agreement and any of its provisions by injunction, specific performance or other equitable relief, without bond and without prejudice
to any other rights and remedies that the Company may have for a breach of this Agreement. 

  

	22.	Notices.  Any notices required or permitted hereunder shall be given to the appropriate party at the address specified below or at such other address as the party shall specify in writing. Such notice shall
be deemed given upon personal delivery to the appropriate address or if sent by certified or registered mail, forty-eight (48) hours after the date of mailing. 

 

	23.	Attachments.  The following Attachments are made a part of and incorporated by reference into this Agreement: 

Attachment A:  List of Pre-Employment Inventions. 

Attachment B:  Limited Exclusion Notification required by California Labor Code Section 2872. 

[remainder of page intentionally left blank] 

  
 -8- 

 I HAVE READ THIS AGREEMENT CAREFULLY AND I UNDERSTAND AND ACCEPT THE OBLIGATIONS WHICH IT
IMPOSES UPON ME WITHOUT RESERVATION. NO PROMISES OR REPRESENTATIONS HAVE BEEN MADE TO ME TO INDUCE ME TO SIGN THIS AGREEMENT. I SIGN THIS AGREEMENT VOLUNTARILY AND FREELY, IN DUPLICATE, WITH THE UNDERSTANDING THAT ONE COUNTERPART WILL BE RETAINED BY
THE COMPANY AND THE OTHER COUNTERPART WILL BE RETAINED BY ME. 
  

									
	Date:	 	12/18/2013	 		 		 	  

		 	  
	 		 		 	  

									
		 		 		 		 	Employee Signature
					
		 		 		 		 	Zhenwei Miao
		 		 		 		 	  

		 		 		 		 	Name (type or print)

									
				
	Accepted and Agreed to:	 		 		 	
				
	SORRENTO THERAPEUTICS, INC.	 		 		 	

									
					
	By:	 		 		 		 	
		 	  
	 		 		 	

									
					
	Name:	 		 		 		 	
		 	  
	 		 		 	

									
					
	Title:	 		 		 		 	
		 	  
	 		 		 	

 I HAVE READ THIS AGREEMENT CAREFULLY AND I UNDERSTAND AND ACCEPT THE OBLIGATIONS WHICH IT
IMPOSES UPON ME WITHOUT RESERVATION. NO PROMISES OR REPRESENTATIONS HAVE BEEN MADE TO ME TO INDUCE ME TO SIGN THIS AGREEMENT. I SIGN THIS AGREEMENT VOLUNTARILY AND FREELY, IN DUPLICATE, WITH THE UNDERSTANDING THAT ONE COUNTERPART WILL BE RETAINED BY
THE COMPANY AND THE OTHER COUNTERPART WILL BE RETAINED BY ME. 
  

									
	Date:	 		 		 		 	
		 	  
	 		 		 	  

		 		 		 		 	Employee Signature
					
		 		 		 		 	
		 		 		 		 	  

		 		 		 		 	Name (type or print)

									
				
	Accepted and Agreed to:	 		 		 	
				
	SORRENTO THERAPEUTICS, INC.	 		 		 	

									
	By:	 	    

	 		 		 	
		 	  
	 		 		 	

									
					
	Name:	 	    Henry Ji	 		 		 	
		 	  
	 		 		 	

									
					
	Title:	 	    CEO	 		 		 	
		 	  
	 		 		 	

 ATTACHMENT A 

LIST OF PRE-EMPLOYMENT INVENTIONS 

This List of Pre-Employment Inventions, along with any attached pages, is part of and incorporated by reference into the attached PROPRIETARY
INFORMATION AND INVENTIONS AGREEMENT. 
 The following is a complete list of all developments, discoveries, improvements, inventions, trade
secrets, technical or journal writings or other works of authorship, which I have made or conceived or first reduced to practice alone or jointly with others prior to my engagement by the Company which are not subject to a confidentiality agreement
that would bar such listing (collectively “Pre-Employment Inventions”). I understand that the Company will not require me to assign any rights I may have in any of the listed Pre-Employment Inventions. I further understand
that the listed Pre-Employment Inventions will not be classified as Proprietary Information or Inventions. 
 Notwithstanding the above, if,
in the course of my employment with the Company, I incorporate into a Company product, process or machine a Pre-Employment Invention or any other inventions, technical writings, papers, journal articles, developments, improvements, and trade secrets
which were made by me prior to my employment with the Company, which are owned by me or in which I have an exclusive interest, the Company is hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide, transferable
and sublicensable license to make, have made, modify, use and sell such Pre-Employment Invention as part of or in connection with such product, process or machine. 

I represent that this list of Pre-Employment Inventions is complete. 

            No Pre-Employment Inventions to report. 

  X       See below. 

            Additional sheets attached. 

 

	
	  

1.   Ligand drug conjugates, including small molecules and peptide ligands.

	  

2.   Multifunctional antibody conjugates, including peptides, proteins, but not small molecule
drugs

	  

3.   Preloaded protein carries for drug targeted delivery including Fe, HAS.

	  

4.   Extension of drug/biologics PK by Pegylation, conjugation with Fe, HAS, etc.

	  

5.   Conjugation methods excluding full-length antibodies, for example, but not limited to, N-terminal
and disulfide bond-boxed conjugation methods.

  
  

	
	    

	  

	Name of Employee: Zhenwei Miao
	  
       12/18/2013

	  

	Date

 ATTACHMENT B 

LIMITED EXCLUSION NOTIFICATION 

THIS IS TO NOTIFY you in accordance with Section 2872
of the California Labor Code that the foregoing Agreement between you and the Company does not require you to assign or offer to assign to the Company any invention that you developed entirely on your own time without using the Company’s
equipment, supplies, facilities or trade secret information except for those inventions that either: 
 (1)
        Relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer; or 

(2)         Result from any work performed by the employee for the employer. 

To the extent a provision in the foregoing Agreement purports to require you to assign an invention otherwise excluded from the preceding
paragraph, the provision is against the public policy of this state and is unenforceable. 
 This limited exclusion does not apply to any
patent or invention covered by a contract between the Company and the United States or any of its agencies requiring full title to such patent or invention to be in the United States. 

I ACKNOWLEDGE RECEIPT of a copy of this notification. 

 

					
	By:	 	

	 	
		 	  
	 	
		 	(PRINTED NAME OF EMPLOYEE) Zhenwei Miao
	Date:	 	  
   12/18/2013
	 	
		 	  
	 	

  

	
	WITNESSED BY:
	  
  

	(PRINTED NAME OF REPRESENTATIVE)EX-10.1

 Exhibit 10.1 

SEPARATION AGREEMENT AND RELEASE 

THIS SEPARATION AGREEMENT AND RELEASE (the “Agreement”) is effective as of March 8, 2014 (the “Effective
Date”), by and between Bristow Group Inc., a Delaware corporation (the “Company”), and Mark B. Duncan (“Executive”). 

RECITALS 
 WHEREAS, the
Company and Executive are parties to that certain Amended and Restated Employment Agreement, dated as of June 6, 2006 and amended on March 10, 2008 (the “Employment Agreement”); and 

WHEREAS, the Company and Executive have determined that Executive will resign from officer and director positions and separate from employment
with the Company and its affiliates and subsidiaries effective as of March 8, 2014 (the “Termination Date”) under certain terms herein set forth; and 

WHEREAS, in consideration of the mutual promises contained herein, Executive voluntarily enters into this Agreement upon the terms and
conditions herein set forth; and 
 WHEREAS, in consideration of the mutual promises contained herein, the Company is willing to enter into
this Agreement upon the terms and conditions herein set forth. 
 AGREEMENT 

NOW, THEREFORE, intending to be legally bound and in consideration of the mutual covenants and agreements hereinafter set forth, the Company
and Executive agree to the following terms and conditions: 
 1. Resignation from Officer and Director Positions. As required under
Section 3(f) of the Employment Agreement, effective March 8, 2014, Executive hereby resigns from his position as Senior Vice President, Commercial of the Company and any and all director, manager and other officer (or equivalent) positions
he holds with the Company and its subsidiaries and affiliates. Executive agrees to take any and all further acts necessary to accomplish these resignations. 

2. Payment of Accrued Amounts; FY 2014 Bonus. 

(a) The Company shall pay Executive his accrued and unpaid base salary through the Termination Date, in accordance with the
Company’s normal payroll schedule and procedures for its executives and applicable law. In addition, the Company shall reimburse Executive for any eligible business expenses incurred prior to the Effective Date to which he is otherwise entitled
to reimbursement in accordance with the provisions of applicable Company policy and applicable law. 
 (b) On April 7,
2014 (the “Payment Date”), the Company shall pay to Executive an amount equal to $19,300.00, which represents payment for all of Executive’s unused paid time off. 

  
 Page 1 

 (c) Executive shall be entitled to payment of Executive’s Annual Bonus with
respect to the Company’s fiscal year ending March 31, 2014, in accordance with the Company’s FY 2014 Annual Incentive Compensation Plan, without pro-ration and with the final amount determined as if Executive had remained employed
with the Company through March 31, 2014 (with the discretionary component deemed for this purpose to be earned at 25% of the target bonus). The Annual Bonus shall be paid to Executive at the same time such bonuses attributable to the
Company’s fiscal year ending March 31, 2014 are paid to other executives of the Company. 
 3. Separation Payment. 

(a) At the times specified in Section 3(b), the Company shall pay to Executive an amount in cash totaling $1,385,342 (the
“Separation Payment”), which amount shall include the following components: 
  

					
	 A.     1.5X Annual Salary of $424,001 =
	  	$	 636,002	  
	 B.     1.5X Target Bonus of $254,400 =
	  	$	381,600	  
	 C.     6 months Annual Salary in Lieu of Notice =
	  	$	212,001	  
	 D.     Prorated (6 months) PTO in Lieu of Notice =
	  	$	28,539	  
	 E.     Prorated (6-months) Target Bonus In Lieu of Notice =
	  	$	127,200	  
		  	  
	  
	 
	 Total
	  	$	1,385,342	  

 (b) On the Payment Date, the Company shall pay Executive the amount of $1,017,602, which is
equal to items A. and B. of the Separation Payment. Continuing on and after the Effective Date and ending on the date that is six (6) months after the Effective Date, an amount of the Separation Payment equal to $367,740 shall be paid to
Executive in equal installments as salary continuation on the Company’s normal payroll schedule, which amount, together with the amount payable pursuant to Section 7, is intended to comply with the separation pay plan rules pursuant to
Section 409A of the Code and Treasury Regulation § 1.409A-1(b)(9). 
 4. Restricted Stock, Restricted Stock Units and
Options. 
 (a) All outstanding awards of restricted stock, restricted stock units and non-qualified stock options, other
than the awards of restricted stock units granted to Executive on February 3, 2014, shall fully vest effective on the Termination Date. Executive acknowledges and agrees that the restricted stock units awarded on February 3, 2014 in the
form of a Retention Grant shall be forfeited by Executive. Exhibit A hereto lists Executive’s vested equity awards as of the Termination Date. 

(b) Non-qualified stock options outstanding on the Termination Date shall remain exercisable until the earlier of (a) one
year after the Termination Date or (b) the applicable expiration date for each of the options. Exhibit A hereto lists the expiration date with respect to unexercised stock options. 

  
 Page 2 

 5. Performance Cash Awards. Upon the Termination Date, Executive shall be fully vested in
the right to receive an amount, without pro-ration, based on the actual achievement of the performance criteria applicable to his outstanding performance cash awards, which shall be paid to Executive on the same date such awards are paid to the
Company’s active employees. Exhibit A hereto lists Executive’s outstanding performance cash awards as of the Termination Date, and the amount payable upon achievement of “target” level performance criteria. 

6. Deferred Compensation. Company and Executive acknowledge that Executive’s rights under the Bristow Group Inc. Deferred
Compensation Plan, as amended and restated effective as of August 1, 2008 (the “Deferred Compensation Plan”), are not intended to be affected by this Agreement, except that Executive’s termination of employment with the
Company will terminate any obligation of the Company to make future contributions to the Deferred Compensation Plan for Executive’s benefit. Company and Executive also acknowledge that pursuant to the provisions of the Deferred Compensation
Plan, Executive is not entitled to any contribution for the plan year ending December 31, 2014. Executive’s benefit under the Deferred Compensation Plan shall be paid to Executive on the first business day occurring on or after the date
that is six months after the Termination Date, pursuant to the terms of the Deferred Compensation Plan and in compliance with the six-month delay requirement under Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended (the
“Code”). 
 7. Group Health Coverage; Life Insurance.  

(a) Effective as of the Termination Date, until the earliest to occur of (A) the expiration of twenty-four months after
the Termination Date, (B) the date the Executive first becomes eligible to receive health benefits under another employer-provided plan, from and after the Termination Date, or (C) the death of the Executive, the Company shall, subject to
proper COBRA election by Executive, continue medical and dental benefits to the Executive (and, if applicable, to the spouse and dependents of the Executive who received such benefits under the Executive’s coverage immediately prior to the
Termination Date) at least equal to those that would have been provided to the Executive (and to any such dependent) in accordance with the plans, programs, practices and policies of the Company had the Executive remained actively employed, provided
that Executive makes all required COBRA payments to the Company, and the Company shall immediately reimburse Executive for each such COBRA payment. Continued group health coverage shall be subject to imputed tax on Executive in accordance with
applicable law. 
 (b) During the period beginning on the Effective Date and ending on the date that is six (6) months
after the Effective Date, the Company shall reimburse Executive for any premiums paid by Executive for the life insurance policy referenced in Section 2(g) of the Employment Agreement. In order for Executive to continue the life insurance
coverage, he must pay any premium amounts due after the date that is six (6) months after the Effective Date. The parties acknowledge that Executive is the owner of such insurance policy, and that upon Executive’s request the Company shall
assign, to the extent assignable, any and all rights it may have in such insurance policy to Executive. 

  
 Page 3 

 8. Outplacement. The Company shall provide to Executive outplacement services in
accordance with the current Human Resources’ practice for a period of up to twelve months after the Termination Date. In addition, the Company agrees to renew the Executive’s current executive coaching arrangement at a cost not to exceed
$36,000, plus reasonable and necessary travel and accommodation expenses. 
 9. Release. Executive acknowledges that this Agreement
provides Executive with rights and privileges to which Executive would not otherwise be entitled in the absence of the execution of a waiver and release, and, in exchange for the same, Executive agrees to take action to timely execute a full and
complete release of claims against the Company, its affiliates, officers and directors in the form attached hereto as Exhibit B (“Release”). Notwithstanding any provision herein to the contrary, if Executive has not delivered to the
Company an irrevocable Release and resignation notice(s) for each applicable affiliate and subsidiary of the Company for which the Executive serves as an officer or director executed by or on behalf of Executive on or before the twenty-first
(21st) day after the Termination Date, Executive shall have no rights to the payments and benefits specified in Sections 2(b), 2(c), 3, 4(b), 5, 7, and 8 hereof. 

10. Restrictive Covenants. Executive agrees that the terms and provisions of Sections 5(a), (b), (c), (d)(ii), (e) and
(f) of the Employment Agreement, which sections and related definitions are excerpted and attached hereto as Exhibit C, shall remain in full force and effect after the Termination Date pursuant to their terms. Notwithstanding the foregoing, the
parties agree that Section 5(d)(i) of the Employment Agreement (which is also excerpted and attached hereto as part of Exhibit C) shall be modified: (1) to limit the entities that are deemed to be engaged in “Competitive
Business” as of the Effective Date to the following companies and their affiliates (including any Competitive Business hereafter transferred or sold by such entities), which the parties agree are direct competitors of the Company: CHC Group;
Avincis Group; PHI Group; Era Group; Omni Group; Líder Taxi Aéreo S/A—Air Brasil; Cougar Helicopters Inc.; and SSP Offshore Inc., (2) to preclude, during the Restricted Period, Executive’s formation of, investment
in or employment by or provision of services to, a new entity engaged in any business in direct competition with the Company or its affiliates, and (3) to preclude, during the Restricted Period, Executive’s provision of services to any
customer of, or original equipment manufacturer for, the Company or its affiliates to the extent Executive directly or indirectly negotiates with or services the Company or its affiliates as a customer or supplier, it being acknowledged by Executive
that he has “Confidential Information” (as defined in the Employment Agreement) which constitutes proprietary and confidential information regarding the Company’s customer pricing, bid models, strategy, and other financial and
business practices. 
 11. Non-Disparagement. Executive agrees to refrain from any criticisms or disparaging comments about the
Company or any of its affiliates (including any current or former officer, director or employee of the Company) and, during the Restricted Period, Executive agrees not to take any action, or assist any person in taking any action, that is
inconsistent with fostering the goodwill of the Company and its affiliates. The Company agrees that it will refrain from any criticisms or disparaging comments about Executive to third parties, 

  
 Page 4 

 
whether such criticisms or comments are made on behalf of the Company directly or indirectly through its affiliates or its or their respective officers, directors or employees. Nothing in this
Section 11 shall apply to or restrict in any way the communication of information by either party to any state or federal law enforcement agency, so long as each party uses his/its best efforts to the extent reasonably practicable to provide
prior notice to the other thereof, and neither party will be in breach of the covenants contained in this Section 11 solely by reason of testimony which is compelled by process of law. 

12. Miscellaneous. 

(a) Dispute Resolution. In the event of any dispute or controversy relating to or arising under this Agreement,
including any challenges to the validity hereof, the parties hereto mutually consent to the exclusive jurisdiction of the state courts in the State of Texas and of the federal courts within Texas. In the event any of the provisions of this Agreement
or the application of any such provisions to the parties hereto with respect to their obligations, shall be held by a court of competent jurisdiction to be contrary to the laws of the State of Texas or federal law, the remaining provisions of the
Agreement shall remain in force and effect. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW, THE PARTIES HERETO KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE ANY RIGHT TO TRIAL BY JURY THAT SUCH PARTY MAY HAVE IN ANY ACTION OR PROCEEDING, IN LAW
OR IN EQUITY, IN CONNECTION WITH THIS AGREEMENT. Executive acknowledges that by agreeing to this provision, he knowingly and voluntarily waives any right he may have to a jury trial based on any claims he has, had, or may have against the
Company, including any right to a jury trial under any local, municipal, state or federal law including, without limitation, claims under Title VII of the Civil Rights Act of 1964, the Americans With Disabilities Act of 1990, the Age Discrimination
In Employment Act of 1967, the Older Workers Benefit Protection Act, the Texas Commission on Human Rights Act, claims of harassment, discrimination or wrongful termination, and any other statutory or common law claims. 

(b) Governing Law. This Agreement is entered into under, and shall be governed, interpreted and enforced for all
purposes by, the laws of the State of Texas, without regard to conflicts of laws principles thereof. 
 (c) Entire
Agreement. Except as specifically set forth herein, this Agreement contains the entire agreement and understanding between the parties hereto and supersedes the Employment Agreement (except to the extent the Employment Agreement is specifically
incorporated herein by reference) and any other prior or contemporaneous written or oral agreements, representations and warranties between them respecting the subject matter hereof. 

(d) Amendment. This Agreement may be amended only by a writing signed by Executive and by a duly authorized
representative of the Company. 

  
 Page 5 

 (e) Tax Withholding; Right of Offset. The Company may withhold and deduct
from any benefits and payments made or to be made pursuant to this Agreement (a) all federal, state, local and other taxes as may be required pursuant to any law or governmental regulation or ruling, (b) all other normal deductions made
with respect to the Company’s employees generally, and (c) any advances made to Executive and owed to the Company. 

(f) Assignability. The Company shall have the right to assign this Agreement and its rights hereunder, in whole or in
part. Executive shall not have any right to pledge, hypothecate, anticipate, or in any way create a lien upon any amounts provided under this Agreement, and no payments or benefits due hereunder shall be assignable in anticipation of payment either
by voluntary or involuntary acts or by operation of law. 
 (g) Severability. It is the desire of the parties hereto
that this Agreement (including the provisions of the Employment Agreement and other arrangements incorporated by reference herein) be enforced to the maximum extent permitted by law, and should any provision contained herein be held unenforceable by
a court of competent jurisdiction, the parties hereby agree and consent that such provision shall be reformed to create a valid and enforceable provision to the maximum extent permitted by law; provided, however, if such provision cannot be
reformed, it shall be deemed ineffective and deleted herefrom without affecting any other provision of this Agreement. This Agreement should be construed by limiting and reducing it only to the minimum extent necessary to be enforceable under then
applicable law. 
 (h) Construction. The headings and captions of this Agreement are provided for convenience only and
are intended to have no effect in construing or interpreting this Agreement. The language in all parts of this Agreement shall be in all cases construed according to its fair meaning and not strictly for or against the Company or Executive. 

(i) Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original,
and all of which together will constitute one document. 
 (j) Nonwaiver. No failure or neglect of either party hereto
in any instance to exercise any right, power or privilege hereunder or under law shall constitute a waiver of any other right, power or privilege or of the same right, power or privilege in any other instance. All waivers by either party hereto must
be contained in a written instrument signed by the party to be charged and, in the case of the Company, by an officer of the Company (other than Executive) or other person duly authorized by the Company. 

(k) Notices. Any notice, request, consent or approval required or permitted to be given under this Agreement or pursuant
to law shall be sufficient if in writing, and if and when sent by certified or registered mail, with postage prepaid, to Executive’s residence, 5662 Inwood Drive, Houston, Texas 77056, or to the Company’s principal office, as the case may
be. 

  
 Page 6 

 (l) Section 409A. 

(i) Interpretation. Each payment under this Agreement is intended to be (1) exempt from Section 409A of the
Code, the regulations and other binding guidance promulgated thereunder (“Section 409A”), including, but not limited to, by compliance with the short-term deferral exemption as specified in Treas. Reg. § 1.409A-1(b)(4), or
(2) compliant with Section 409A, and the provisions of this Agreement will be administered, interpreted and construed accordingly. Payments under this Agreement in a series of installments shall be treated as a right to receive a series of
separate payments for purposes of Section 409A. 
 (ii) Separation from Service. Executive shall be considered to
have incurred a “separation from service” with the Company and its affiliates within the meaning of Treas. Reg. § 1.409A-1(h)(1)(ii) as of the Termination Date. 

(iii) Specified Employee. Notwithstanding any other provision in this Agreement to the contrary, payments and benefits
payable under this Agreement due to a “separation from service” within the meaning of Section 409A that are deferred compensation subject to (and not otherwise exempt from) Section 409A that would otherwise be paid or provided
during the six-month period commencing on the date of Executive’s “separation from service” within the meaning of Section 409A, shall be deferred until the first business day after the date that is six (6) months following
Executive’s “separation from service” within the meaning of Section 409A. 
 (iv) Reimbursements.
To the extent that reimbursements or other in-kind benefits under this Agreement constitute “nonqualified deferred compensation” for purposes of Section 409A, (1) all expenses or other reimbursements hereunder shall be made on or
prior to the last day of the second taxable year following Executive’s “separation from service” pursuant to Treasury Regulation § 1.409A-1(b)(9)(iii)(B), (B) any right to reimbursement or in-kind benefits shall not be
subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or
in-kind benefits to be provided, in any other taxable year. 
 (v) Unfunded Status. Amounts payable pursuant to this
Agreement are intended to be unfunded for purposes of Section 409A. Although bookkeeping accounts may be established with respect to payments due under the Agreement, any such accounts shall be used merely as a bookkeeping convenience. No
provision of this Agreement shall require the Company to purchase assets, place assets in a trust or segregate assets in connection with amounts due under the Agreement. Any obligation of the Company to Executive under this Agreement shall be based
solely upon any contractual obligations that may be created by this Agreement. 
 (m) No Duty to Mitigate. In no event
shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement and such amounts shall not be reduced whether or not Executive
obtains other employment. 

  
 Page 7 

 (n) Director’s and Officer’s Insurance. The Company shall
provide Executive with Director’s and Officer’s insurance coverage, including indemnification, on terms no less favorable than the terms of the coverage provided to similarly situated current and former directors and officers of the
Company. In the event this Section 12(n) is challenged (other than by Executive or Executive’s representatives), Executives reasonable expenses incurred in connection therewith shall be reimbursed by the Company. 

[Execution Page Follows] 

  
 Page 8 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date set forth
below, but effective as of the Effective Date. 
  

							
	COMPANY	 		 	
				
	By:	 	/s/ William E. Chiles	 		 	Date: March 31, 2014
		 	Name: William E. Chiles	 		 	
		 	Title: President, Chief Executive Officer and Director	 		 	
			
	EXECUTIVE	 		 	
			
	/s/ Mark B. Duncan	 		 	Date: March 27, 2014
	Mark B. Duncan	 		 	

  
 Page 9 

 EXHIBIT A 

Outstanding Equity and Performance Cash Awards 

1. Options 
  

																	
	Grant Date	  	Option Price	 	  	Options Remaining Exercisable
(Projected as of March 8, 2014
assuming no intervening Exercise)	 	  	Options Unvested as
of the Effective Date
and Accelerating on
the Termination Date	 	  	Option
Expiration	 
	 5/24/2007
	  	$	46.45	  	  	 	8,500	  	  				  	 	3/8/2015	  
	 6/5/2008
	  	$	50.25	  	  	 	13,600	  	  				  	 	3/8/2015	  
	 6/8/2011
	  	$	43.79	  	  	 	13,360	  	  	 	4,454	  	  	 	3/8/2015	  
	 5/25/2012
	  	$	43.38	  	  	 	17,844	  	  	 	11,896	  	  	 	3/8/2015	  
	 6/6/2013
	  	$	62.65	  	  	 	20,376	  	  	 	20,376	  	  	 	3/8/2015	  

 2. Restricted Stock Units (RSUs) 
  

									
	Grant Date	  	RSUs
Granted	 	  	RSUs Subject to Accelerated Vesting	 
	 6/8/2011
	  	 	5,611	  	  	 	5,611	  
	 5/25/2012
	  	 	6,531	  	  	 	6,531	  
	 6/6/2013
	  	 	7,743	  	  	 	7,743	  

 3. Performance Cash Awards 
  

					
	Grant Date	  	 Target Amount

(Subject to Section 5 of the Agreement, Executive has
vested right to payment without pro-ration
based on
 actual performance criteria results)
	 
	 6/8/2011
	  	$	245,667	  
	 5/25/2012
	  	$	283,309	  
	 6/6/2013
	  	$	474,881	  

  
 Page A-1 

 EXHIBIT B 

RELEASE 
 Pursuant to the terms of the
Separation Agreement effective as of March 8, 2014, between Bristow Group, Inc. (the “Company”) and me (the “Agreement”), and in consideration of the payments made to me and other benefits to be received by me
pursuant thereto, I, Mark B. Duncan, do freely and voluntarily enter into this RELEASE (the “Release”), which shall become effective and binding on the eighth day following my signing this Release as provided herein (the
“Waiver Effective Date”). It is my intent to be legally bound, according to the terms set forth below. 
 In exchange for the payments and
other benefits to be provided to me by the Company pursuant to Sections 2(b), 2(c), 3, 4(b), 5, 7, and 8 of the Agreement (the “Separation Benefits”), I hereby agree and state as follows: 

1. I, individually and on behalf of my heirs, personal representatives, successors, and assigns, release, waive, and discharge the Company, its
predecessors, successors, parents, subsidiaries, merged entities, operating units, affiliates, divisions, insurers, administrators, trustees, and the agents, representatives, officers, directors, shareholders, employees and attorneys of each of the
foregoing (hereinafter “Released Parties”), from all claims, debts, liabilities, demands, obligations, promises, acts, agreements, costs, expenses, damages, actions, and causes of action, whether in law or in equity, whether known
or unknown, suspected or unsuspected, arising from my employment and termination from employment with the Company, including but not limited to any and all claims pursuant to Title VII of the Civil Rights Act of 1964, as amended by the Civil Rights
Act of 1991 (42 U.S.C. § 2000e, et seq.), which prohibits discrimination in employment based on race, color, national origin, religion or sex; the Civil Rights Act of 1866 (42 U.S.C. §§1981, 1983 and 1985), which prohibits violations
of civil rights; the Age Discrimination in Employment Act of 1967, as amended, and as further amended by the Older Workers Benefit Protection Act (29 U.S.C. §621, et seq.), which prohibits age discrimination in employment; the Employee
Retirement Income Security Act of 1974, as amended (29 U.S.C. § 1001, et seq. ), which protects certain employee benefits; the Americans with Disabilities Act of 1990, as amended (42 U.S.C. § 12101, et seq.), which prohibits discrimination
against the disabled; the Family and Medical Leave Act of 1993 (29 U.S.C. § 2601, et seq.), which provides medical and family leave; the Fair Labor Standards Act (29 U.S.C. § 201, et seq.), including the wage and hour laws relating to
payment of wages; and all other federal, state and local laws and regulations prohibiting employment discrimination. This Release also includes, but is not limited to, a release of any claims for breach of contract, mental pain, suffering and
anguish, emotional upset, impairment of economic opportunities, unlawful interference with employment rights, defamation, intentional or negligent infliction of emotional distress, fraud, wrongful termination, wrongful discharge in violation of
public policy, breach of any express or implied covenant of good faith and fair dealing, that the Company has dealt with me unfairly or in bad faith, and all other common law contract and tort claims. 

Notwithstanding the foregoing, I am not waiving any rights or claims under the Agreement or that may arise after this Release is signed by me. Moreover, this
Release does not apply to any claims or rights which, by operation of law, cannot be waived, including the right to file an administrative charge or participate in an administrative investigation or proceeding; however,

  
 Page B-1 

 
by signing this Release I disclaim and waive any right to share or participate in any monetary award resulting from the prosecution of such charge or investigation or proceeding. Nothing in this
Release shall affect in any way my rights of indemnification and directors and officers liability insurance coverage provided to me pursuant to the Company’s (or any Company affiliate’s or subsidiary’s) certificate of incorporation,
by-laws or other constituent documents, and/or pursuant to any other agreements or policies including, without limitation, directors’ and officers’ insurance policies in effect prior to the effective date of my termination of employment or
service to the Company, which shall continue in full force and effect, in accordance with their terms, following the Waiver Effective Date. Nothing in this Release shall affect my rights as a shareholder of the Company. Nothing in this release will
affect my vested benefits under any pension benefit plan or any benefits that are vested or any claim accrued under the terms of a health benefit plan. 

2. I forever waive and relinquish any right or claim to reinstatement to active employment or service with the Company, its affiliates,
subsidiaries, divisions, parent, and successors. I further acknowledge that the Company has no obligation to rehire or return me to active duty or service at any time in the future. 

3. I acknowledge that all agreements applicable to my employment respecting non-competition, non-solicitation, non-recruitment, and the
confidential or proprietary information of the Company shall continue in full force and effect as described in the Agreement. 
 4. I agree
not to, directly or indirectly, disclose, communicate, or publish any intentionally disparaging, negative, harmful, or disapproving information, written communications, oral communications, electronic or magnetic communications, writings, oral or
written statements, comments, opinions, facts, or remarks, of any kind or nature whatsoever (collectively, “Disparaging Information”), concerning or related to any of the Released Parties. I understand and acknowledge that this
non-disparagement clause prevents me from disclosing, communicating, or publishing, directly or indirectly, any Disparaging Information concerning or related to the Released Parties. Further, I acknowledge that in executing this Agreement, I have
knowingly, voluntarily, and intelligently waived any free speech, free association, free press or First Amendment to the United States Constitution (including, without limitation, any counterpart or similar provision or right under the Texas
Constitution or any other state constitution which may be deemed to apply) rights to disclose, communicate, or publish Disparaging Information concerning or related to the Released Parties. I also understand and agree that I have had a reasonable
period of time to consider this non-disparagement clause, to review the non-disparagement clause with my attorney, and to consent to this clause and its terms knowingly and voluntarily. I further acknowledge that this non-disparagement clause is a
material term of this Agreement. If I breach this paragraph 4, the Company will not be limited to a damages remedy, but may seek all other equitable and legal relief including, without limitation, a temporary restraining order, temporary injunctive
relief, a permanent injunction, and its attorneys’ fees and costs, against me and any other persons, individuals, corporations, businesses, groups, partnerships or other entities acting by, through, under, or in concert with me. I further
acknowledge that if I breach this paragraph 4 or Sections 10 or 11 of the Agreement, the Company shall have no further obligation to pay or provide any unpaid Separation Benefits. Nothing in this Waiver and Release shall, however, be deemed to
prevent me from testifying fully and truthfully in response to a subpoena from any court or from responding to investigative inquiry from any governmental agency or during interviews of audit committee counsel related to or in anticipation of
government investigations. 

  
 Page B-2 

 5. I hereby acknowledge and affirm as follows: 

(a) I have been advised to consult with an attorney prior to signing this Release. 

(b) I have been extended a period of 21 days in which to consider this Release. 

(c) I understand that for a period of seven days following my execution of this Release, I may revoke the Release by notifying
the Company, in writing, of my desire to do so. I understand that after the seven-day period has elapsed and I have not revoked this Release, it shall then become effective and enforceable. 

(d) Except as provided in the Agreement, I acknowledge that I have received payment for all wages and other compensation due up
to the Termination Date, including any reimbursement for any and all business related expenses. I further acknowledge that the Separation Benefits are consideration to which I am not otherwise entitled under any Company plan, program, or prior
agreement. 
 (e) I certify that I have returned all property of the Company, including but not limited to, keys, credit and
fuel cards, files, lists, and documents of all kinds regardless of the medium in which they are maintained. 
 (f) I have
carefully read the contents of this Release and I understand its contents. I am executing this Release voluntarily, knowingly, and without any duress or coercion. 

6. I acknowledge that this Release shall not be construed as an admission by any of the Released Parties of any liability whatsoever, or as an
admission by any of the Released Parties of any violation of my rights or of any other person, or any violation of any order, law, statute, duty or contract. 

7. In the event that any provision of this Release should be held void, voidable, or unenforceable, the remaining portions shall remain in full
force and effect. 
 8. I hereby declare that this Release and the Agreement constitute the entire and final settlement between me and the
Company, superseding any and all prior agreements, and that the Company has not made any promise or offered any other agreement, except those expressed in this Release and the Agreement, to induce or persuade me to enter into this Release. 

9. I understand that in order to be effective this Release must be executed by me, without subsequent revocation, and delivered to the Company
such that the Waiver Effective Date occurs on or before the date that is twenty-one days after the Termination Date, as prescribed in the Agreement. 

  
 Page B-3 

 IN WITNESS WHEREOF, I have signed this Release on the 27th
day of March, 2014. 
  

	
	/s/ Mark B. Duncan
	Mark B. Duncan

  
 Page B-4 

 EXHIBIT C 

Employment Agreement Excerpts 

* * * * * * 
 5.
Covenants. The Executive recognizes that the Company’s willingness to enter into this Agreement is based in material part on the Executive’s agreement to the provisions of this Section 5, and that the Executive’s breach of
the provisions of this Section 5 could materially damage the Company. 
 (a) Confidential Information. The Company will provide
its confidential and trade secret information to the Executive, and the Executive agrees to hold in a fiduciary capacity for the benefit of the Company and the Affiliated Group, all Confidential Information. The Executive shall not communicate,
divulge or disseminate Confidential Information at any time during or after the Executive’s employment with the Company and the Affiliated Group, except with the prior written consent of the Company, or as otherwise required by law or legal
process or governmental inquiry or as such disclosure or use may be required in the course of the Executive performing the Executive’s duties and responsibilities hereunder. Notwithstanding the foregoing provisions, if the Executive is required
to disclose any such confidential or proprietary information pursuant to applicable law or governmental inquiry or a subpoena or court order, the Executive shall promptly notify the Company in writing of any such requirement so that the Company or
the appropriate member of the Company and the Affiliated Group may seek an appropriate protective order or other appropriate remedy. The Executive shall reasonably cooperate with the Company and the Affiliated Group to obtain such a protective order
or other remedy. If such order or other remedy is not obtained prior to the time the Executive is required to make the disclosure, then unless the Company waives compliance with the provisions hereof, the Executive shall disclose only that portion
of the confidential or proprietary information which the Executive is advised by counsel in writing (either the Executive’s or the Company’s) that the Executive is legally required to so disclose. Upon the Executive’s termination of
employment with the Company and the Affiliated Group for any reason, the Executive shall promptly return to the Company all records, files, memoranda, correspondence, notebooks, notes, reports, customer lists, drawings, plans, documents, and other
documents and the like relating to the business of the Company and the Affiliated Group or containing any trade secrets relating to the Company and the Affiliated Group or that the Executive uses, prepares or comes into contact with during the
course of the Executive’s employment with the Company and the Affiliated Group, and all keys, credit cards and passes, and such materials shall remain the sole property of the Company and/or the Affiliated Group, as applicable. The Executive
agrees to execute any standard form confidentiality agreements with the Company that the Company generally enters into or may enter into in the future with its senior executives. The Executive agrees to represent in writing to the Company upon
termination of employment that the Executive has complied with the foregoing provisions of this Section 5(a). 

  
 Page C-1 

 (b) Work Product and Inventions. The Company and/or its nominees or assigns shall own all
right, title and interest in and to the Developments, whether or not patentable, reduced to practice or registrable under patent, copyright, trademark or other intellectual property law anywhere in the world, made, authored, discovered, reduced to
practice, conceived, created, developed or otherwise obtained by the Executive (alone or jointly with others) during the Executive’s employment with the Company and the Affiliated Group, and arising from or relating to such employment or the
business of the Company or of other member of the Affiliated Group (whether during business hours or otherwise, and whether on the premises of using the facilities or materials of the Company or of other members of the Affiliated Group or
otherwise). The Executive shall promptly and fully disclose to the Company and to no one else all Developments, and hereby assigns to the Company without further compensation all right, title and interest the Executive has or may have in any
Developments, and all patents, copyrights, or other intellectual property rights relating thereto, and agrees that the Executive has not acquired and shall not acquire any rights during the course of the Executive’s employment with the
Affiliated Group or thereafter with respect to any Developments. 
 (c) Non-Solicitation of Affiliated Group Employees. The Executive
shall not, at any time during the Restricted Period, other than in the ordinary exercise of the Executive’s duties as shown on Exhibit A, without the prior written consent of the Company, directly or indirectly, solicit, recruit, or employ
(whether as an employee, officer, agent, consultant or independent contractor) any person who is or was at any time during the previous 12 months, an employee, representative, officer or director of the Company or any member of the Affiliated Group.
Further, during the Restricted Period, the Executive shall not take any action that could reasonably be expected to have the effect of directly encouraging or inducing any person to cease their relationship with the Company or any member of the
Affiliated Group for any reason. A general employment advertisement by an entity of which the Executive is a part will not constitute solicitation or recruitment. 

(d) Non-Competition. In consideration of the Company’s promise to provide the Executive with the confidential and trade secret
information of the Company, the Executive agrees as follows: 
 (i) Areas Other Than Louisiana. Except with respect to
competition in the State of Louisiana, or with respect to competition in or above the waters off the State of Louisiana in the areas specified in subparagraph (B) of Section 5(d)(ii) of this Agreement, during the Restricted Period, the
Executive shall not, either directly or indirectly, compete with the business of the Company anywhere in the world where the Company or any member of the Affiliated Group conducts business by (1) becoming an officer, agent, employee, partner or
director of any other corporation, partnership or other entity, or otherwise render services to or assist or hold an interest (except as a less than 2-percent shareholder of a publicly traded corporation or as a less than 5-percent shareholder of a
corporation that is not publicly traded) in any Competitive Business, or (2) soliciting, servicing, or accepting the business of (A) any active customer of the Company or any member of the Affiliated Group, or (B) any person or entity
who is or was at any time during the previous twelve months a customer of the Company or any member of the Affiliated Group, provided that such business is competitive with any significant business of the Company or any member of the Affiliated
Group. 

  
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 (ii) Louisiana. With respect to competition in the State of Louisiana, or
with respect to competition in or above the waters specified in subparagraph (B) of this Section 5(d)(ii). 
  

	 	A.	Executive, during the Restricted Period, agrees to refrain from carrying on or engaging in a business similar to the business of the Company or any member of the Affiliated Group, or from soliciting customers of the
business of the Company or any member of the Affiliated Group, within the Parishes of Lafayette, Vermillion, Cameron, Iberia, St. Mary, Plaquemines, Terrebonne, Lafourche, St. Bernard, Orleans, Calcasieu and Jefferson in the State of Louisiana, so
long as the Company or any member of the Affiliated Group carries on a like business therein during the Restricted Period, and 

  

	 	B.	Executive, during the Restricted Period, agrees to refrain from carrying on or engaging in a business similar to the business of the Company or any member of the Affiliated Group or from soliciting customers of the
business of the Company or any member of the Affiliated Group in or above the waters of the Gulf of Mexico adjacent to the Parishes of Lafayette, Vermillion, Cameron, Iberia, St. Mary, Plaquemines, Terrebonne, Lafourche, St. Bernard, Orleans,
Calcasieu and Jefferson in the State of Louisiana, so long as the Company or any member of the Affiliated Group carries on a like business therein during the Restricted Period. 

 

	 	C.	All non-capitalized terms in subparagraphs (A) and (B) of this Section 5(d)(ii) are intended to and shall have the same meanings that those terms (to the extent they appear therein) have in La. R.S. 23:921.C.
Subject to and only to the extent not inconsistent with the foregoing sentence, the Parties understand the following phases to have the following meanings: 

  

	 	(1)	 The phrase “carrying on or engaging in a business similar to the business of the Company or any member of the Affiliated Group” includes
engaging, as principal, agent, trustee, or through the agency of any corporation, partnership, association or agent or agency, in any business that conducts an offshore oil and gas helicopter service business in competition with the Company or any
member of the Affiliated Group or being the owner (except as a less than 2-percent shareholder of a publicly traded corporation or as a less than 5-percent shareholder of a corporation that is not publicly traded) of any interest in any corporation
or other entity, or an officer, director, or employee of any corporation or other entity (other than the Company or any member of the Affiliated Group), or a member or employee or any partnership, or an owner or employee of any other business that
conducts an offshore oil and gas helicopter service business in competition with the Company or any member of the Affiliated Group. Moreover, the term also includes (i) directly or indirectly inducing any current customers of the Company or any
member of the Affiliated Group to patronize any offshore oil and gas helicopter service business in competition with the Company or any member of the Affiliated Group; (ii) canvassing, soliciting, or accepting any offshore oil and gas
helicopter service business of the type conducted by the Company or any member of the Affiliated Group; (iii) directly or indirectly requesting or advising any current customers of the Company or any member of the Affiliated Group to withdraw,
curtail or cancel such customer’s offshore oil and gas helicopter service business with the Company or any member of the Affiliated Group; 

  
 Page C-3 

	 	
or (iv) directly or indirectly disclosing to any other person, firm, corporation or entity, the names and addresses of any of the current customers of the Company or any member of the
Affiliated Group. In addition, the term includes, directly or indirectly, through any person, firm, association, corporation or other entity with which Executive is now or may hereafter become associated, causing or inducing any present employee of
the Company or any of its subsidiaries to leave the employ of the Company or any of its subsidiaries to accept employment with the Executive or with such person, firm association, corporation, or other entity. 

 

	 	(2)	The phrase “a similar business to the business of the Company or any member of the Affiliated Group” means an offshore oil and gas helicopter service business. 

 

	 	(3)	The phrase “carries on a like business” includes, without limitation, actions taken by or through a wholly-owned subsidiary or other affiliated corporation or entity. 

 

	 	D.	Notwithstanding any other provision of this Agreement, Section 5(d)(ii) of this Agreement shall not apply with respect to any geographic area outside of the geographic territory expressly set forth in this
Section 5(d)(ii). 

 (e) Assistance. The Executive agrees that during and after the Executive’s employment by
the Company, upon request by the Company, the Executive will assist the Company and the Affiliated Group in the defense of any claims, or potential claims that may be made or threatened to be made against the Company and/or any member of the
Affiliated Group in any Proceeding, and will assist the Company and the Affiliated Group in the prosecution of any claims that may be made by the Company and/or any member of the Affiliated Group in any Proceeding, to the extent that such claims may
relate to the Executive’s employment or the period of the Executive’s employment by the Company. The Executive agrees, unless precluded by law, to promptly inform the Company if the Executive is asked to participate (or otherwise become
involved) in any Proceeding involving such claims or potential claims. The Executive also agrees, unless precluded by law, to promptly inform the Company if the Executive is asked to assist in any investigation (whether governmental or otherwise) of
the Company and/or any member of the Affiliated Group (or their actions), regardless of whether a lawsuit has then been filed against the Company and/or any member of the Affiliated Group with respect to such investigation. The Executive agrees to
fully and completely cooperate with any investigations conducted by or on behalf of the Company and for any member of the Affiliated Group from time to time. The Company agrees to reimburse the Executive for all of the Executive’s reasonable
out-of-pocket expenses associated with such assistance, including travel expenses and any attorneys’ fees, and shall pay a reasonable per diem fee for the Executive’s service. In addition, the Executive agrees to provide such services as
are reasonably requested by the Company to assist any successor to the Executive in the transition of duties and responsibilities to such successor. Any services or assistance contemplated in this Section 5(e) shall be at mutually agreed to and
convenient times. 
 (f) Remedies. The Executive acknowledges and agrees that the terms of this Section 5: (i) are
reasonable in geographic and temporal scope, (ii) are necessary to protect legitimate proprietary and business interests of the Company in, inter alia, near permanent customer relationships and confidential information. The Executive further
acknowledges and agrees that (x) the 

  
 Page C-4 

 
Executive’s breach of the provisions of this Section 5 will cause the Company irreparable harm, which cannot be adequately compensated by money damages, and (y) if the Company
elects to prevent the Executive from breaching such provisions by obtaining an injunction against the Executive, there is a reasonable probability of the Company’s eventual success on the merits. The Executive consents and agrees that if the
Executive commits any such breach or threatens to commit any breach, the Company shall be entitled to temporary and permanent injunctive relief from a court of competent jurisdiction, in addition to, and not in lieu of, such other remedies as may be
available to the Company for such breach, including the recovery of money damages. If any of the provisions of this Section 5 are determined to be wholly or partially unenforceable, the Executive hereby agrees that this Agreement or any
provision hereof may be reformed so that it is enforceable to the maximum extent permitted by law. If any of the provisions of this Section 5 are determined to be wholly or partially unenforceable in any jurisdiction, such determination shall
not be a bar to or in any way diminish the Company’s right to enforce any such covenant in any other jurisdiction. 
 * * * * * * 

[Section 10 — Definitions] 
 (b)
“Affiliated Group” shall mean any entity controlled by, controlling or under common control with the Company. 
 (o)
“Competitive Business” shall mean any person or entity (including any joint venture, partnership, firm, corporation, or limited liability company) that engages in any principal or significant business of the Company or any member of the
Affiliated Group as of the Date of Termination (or any material or significant business being actively pursued as of the Date of Termination that the Company or any member of the Affiliated Group enters into during the Restricted Period). 

(p) “Confidential Information” shall mean any and all secret or confidential information, knowledge or data relating to the Company
and the Affiliated Group and their businesses (including, without limitation, any proprietary and not publicly available information concerning any processes, methods, trade secrets, research or secret data, costs, names of users or purchasers of
their respective products or services, business methods, operating procedures or programs or methods of promotion and sale) that the Executive obtains during the Executive’s employment by the Company and the Affiliated Group that is not public
knowledge. 
 (s) “Developments” shall mean any and all inventions, ideas, trade secrets, technology, devices, discoveries,
improvements, processes, developments, designs, know how, show-how, data, computer programs, algorithms, formulae, works of authorship, works modifications, trademarks, trade names, documentation, techniques, designs, methods, trade secrets,
technical specifications, technical data, concepts, expressions, patents, patent rights, copyrights, moral rights, and all other intellectual property rights or other developments whatsoever. 

(ii) “Proceeding” shall mean any action, suit or proceeding, whether civil, criminal, administrative, investigative or otherwise.

  
 Page C-5 

 (11) “Restricted Period” shall mean the period from the Effective Date through the date
eighteen (18) months following the Date of Termination; provided, however, that there shall be no Restricted Period in the event that the termination of the Executive’s employment occurs during a Change of Control Period. 

* * * * * * 
 [End of Employment
Agreement Excerpts] 

  
 Page C-6

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