Document:

Exhibit 10.35

 

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

 

AMENDMENT NO. 1 TO STUDY AGREEMENT

Between

Merck Sharp & Dohme Corp.

and

Enumeral Biomedical Holdings Inc.

 

This Amendment No. 1 to Study Agreement
(the “Amendment”) is made as of February 16, 2016, by and between Merck Sharp & Dohme Corp., a New Jersey corporation,
having a place of business at One Merck Drive, Whitehouse Station, NJ 08889-0100 (“Merck”) and Enumeral Biomedical
Holdings Inc., a Delaware corporation, having a place of business at 200 CambridgePark Drive, Suite 2000, Cambridge, MA 02140 (“Enumeral”).
This Amendment amends that certain Study Agreement, dated as of December 17, 2014, by and between Merck and Enumeral (the “Agreement”).
Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement.

 

Merck and Enumeral desire to amend the terms
of the Agreement to expand the scope of the collaboration contemplated by the Agreement to include non-small cell lung cancer in
addition to colorectal cancer tissue. In consideration of the mutual covenants and promises contained herein and other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

		1.	Section 2 of the Agreement is deleted in its entirety
and the following is inserted in lieu thereof:

 

“2.          Purpose.

 

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

 

		2.	The Work Plan included in Attachment A of the Agreement is deleted in its entirety and the Work Plan included as Attachment
A to this Amendment is inserted in lieu thereof.

 

Except as explicitly set forth herein, the terms and conditions
of the Agreement remain unchanged and in full force and effect.

 

[Signature Page Follows]

 

     

     

    

 

 

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

 

	MERCK SHARP & DOHME CORP. 	 	ENUMERAL BIOMEDICAL HOLDINGS INC.

 

	By	/s/ Karen L. MacNaul	 	By	/s/ John J. Rydzewski
	
        Karen L. MacNaul

        Executive Director

        Business Development & Licensing - MRL
	 	John J. Rydzewski
	
        Name

        On Behalf of Iain D. Dukes, MA D.Phil.

        Senior Vice President

        Business Development & Licensing - MRL
	 	
        Name

         

         

        Executive Chairman

	Title  	 	Title  
	 	 	 
	Feb  12  2016	 	16 February 2016
	Date	 	Date

 

     

     

    

  

ATTACHMENT A

 

Work Plan 

*Exhibit 10.37

Arthur H. Tinkelenberg, Ph.D.

President & CEO

Enumeral Biomedical Holdings, Inc.

 

March 24, 2016

 

Kevin G. Sarney

c/o Enumeral Biomedical Holdings, Inc.

200 CambridgePark Drive, Suite 2000

Cambridge, MA 02140

 

Dear Kevin:

 

Enumeral Biomedical Holdings, Inc. (with
its subsidiaries, “Enumeral” or the “Company”) desires to continue to employ you as the Company’s
Vice President of Finance, Chief Accounting Officer and Treasurer. This letter agreement (the “Agreement”) sets forth
the current terms of your employment with Enumeral.

 

As Vice President of Finance, Chief Accounting
Officer and Treasurer, you will continue to report to the Company’s President and Chief Executive Officer. Your principal
responsibilities will continue to include overseeing the Company’s day-to-day finance and accounting functions, and such
other duties as assigned by the Company’s President and Chief Executive Officer. You will continue to work closely with the
other members of the Company’s senior management team, and will advise and interact with the Company’s Board of Directors
(the “Board”).

 

You will continue to work at the Company’s
Cambridge, Massachusetts facility, and your base salary will continue at the rate of $260,000 per annum (the “Base Salary”),
payable in semi-monthly installments and subject to applicable deductions and withholdings. At the discretion of the Board or the
Board’s Compensation Committee, you remain eligible to earn a target bonus of up to 25% of your Base Salary (the “Target
Bonus Percentage”), based on achievement of corporate objectives as determined by the Board or the Compensation Committee.
You will be expected to devote 100% of your business time and energies to your work with the Company.

 

You have previously been granted options
to purchase shares of the Company’s common stock pursuant to the terms and conditions of the Company’s 2014 Equity
Incentive Plan, as amended (the “2014 Plan”). Those options will continue to vest and become exercisable during your
employment with the Company in accordance with the terms of the 2014 Plan.

 

    200 CambridgePark Drive  ·  Suite 2000  ·  Cambridge, MA 02140  ·  O: 617.945.9146

     

    

 

 

Should circumstances change such that your
employment with the Company terminates without Cause (as defined below) or should you resign for Good Reason (as defined below),
you shall be entitled to the following severance benefits, provided that you execute a separation and release agreement (a “Separation
Agreement”) in the form proposed by and acceptable to the Company:

 

(i)the Company will continue to pay
you your Base Salary at the then-current rate for a period of six (6) months following the date of your termination of employment
with the Company (the “Severance Period”), provided that you continue to comply with and not breach the terms of the
Separation Agreement and, as applicable, that certain Obligations Agreement, dated as of July 25, 2014, that you have previously
entered into with the Company (the “Obligations Agreement”); and in the event of any noncompliance or breach of such
terms, in addition to any other rights or remedies the Company may have, all severance payments shall immediately be terminated;

 

(ii) All earned and declared but unpaid
bonuses which are due and payable shall be immediately payable, including without limitation a pro rata portion of the current
year’s potential bonus calculated based on the then-current Target Bonus Percentage, payable in a lump sum, based on the
number of days in any given year that you were employed through the date of termination (the “Termination Date”), based
on achievement of then-current corporate objectives through the Termination Date as determined in good faith by the President and
Chief Executive Officer of the Company.

 

Upon a Change of Control (as defined in
the 2014 Plan), you will be entitled to immediate and full vesting of the shares underlying your Enumeral stock options and all
other equity awards granted to you which remain unvested as of the date of such Change in Control. For the avoidance of doubt,
in the event that, following a Change in Control, your employment terminates without Cause or should you resign for Good Reason,
you shall be entitled to the severance benefits set forth above.

 

For purposes of this Agreement, “Cause”
shall be determined by the Company’s President and Chief Executive Officer, acting in good faith, and shall mean any of the
following: (a) any failure of the employee to take or refrain from taking any corporate action consistent with the employee’s
duties as Vice President of Finance, Chief Accounting Officer and Treasurer as specified in written directions of the Company’s
President and Chief Executive Officer or the Board; (b) the employee’s willful engagement in illegal conduct or gross misconduct
that is injurious to the Company; (c) the conviction of the employee of, or the entry of a pleading of guilty or nolo contendere
by the employee to, any crime involving moral turpitude or any felony; (d) fraud upon the Company including, without limitation,
falsification of Company records or financial information; or (e) the employee’s breach of any of the non-compete, non-solicitation,
and proprietary information provisions of this Agreement (including the terms of the Obligations Agreement).

 

    200 CambridgePark Drive  ·  Suite 2000  ·  Cambridge, MA 02140  ·  O: 617.945.9146

     

    

  

In addition, for purposes of this Agreement,
“Good Reason” shall mean the occurrence, without the employee’s prior written consent, of any of the events or
circumstances set forth in clauses (a) through (c) below:

 

		(a)	a material diminution in employee’s rate of Base Salary;

 

		(b)	a material diminution in employee’s authority, duties, or responsibilities; or

 

		(c)	a material breach by the Company of this Agreement;

 

provided that any of the events described
in clauses (a) though (c) of this Good Reason definition shall constitute Good Reason only if the Company fails to cure such event
within thirty (30) days after receipt from the employee of written notice of the event which constitutes Good Reason; and provided
further that “Good Reason” shall cease to exist for an event on the sixtieth (60th) day following its occurrence,
unless the employee has given the Company written notice thereof prior to such date.

 

You will continue to be entitled to fifteen
(15) days (i.e., three weeks) of paid time off per year to be used for vacation time, and five (5) sick days and personal days
(subject to change in accordance with the Company’s vacation and sick time policies). A maximum of five (5) days can be carried
over from one calendar year into the next calendar year. You are also entitled to Company recognized holidays. You remain eligible
to participate in the Company’s benefit plans in accordance with the Company’s policies, including medical and dental
insurance and flexible spending account plans. As the Company offers additional benefits, you will be eligible to participate in
such programs. The Company may modify benefits from time to time as it deems necessary.

 

You confirm that you continue to be an
employee “at will,” which means that you or the Company can terminate the employment at any time and for any reason
or no reason at all. In addition, you reaffirm your duties set forth in the Obligations Agreement.

  

This Agreement, together with any other
agreement and instruments referred to herein (including but not limited to the Obligations Agreement and the 2014 Plan), constitutes
the entire agreement between the parties and supersedes all prior agreements and understandings, whether written or oral, relating
to the terms of your employment and the termination thereof.

 

    200 CambridgePark Drive  ·  Suite 2000  ·  Cambridge, MA 02140  ·  O: 617.945.9146

     

    

  

If you agree to the terms of this Agreement,
please sign below and return this letter to me. We look forward to continuing our work together at Enumeral.

 

	 	Very truly yours, 
	 	 
	 	/s/ Arthur H. Tinkelenberg, Ph.D.
	 	Arthur H. Tinkelenberg, Ph.D.
	 	President & Chief Executive Officer

 

	ACCEPTED BY:	 
	 	 
	/s/ Kevin G. Sarney	 
	Kevin G. Sarney	 

  

    200 CambridgePark Drive  ·  Suite 2000  ·  Cambridge, MA 02140  ·  O: 617.945.9146

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