Document:

EX-10.41

 EXHIBIT 10.41 

January 22, 2016 
 Gregory Fleming 

New York, New York 
 RE: Change of
Employment Status And Release Agreement 
 Dear Greg: 

This letter sets forth our agreement (the “Agreement”) concerning the change of your employment status with Morgan Stanley. For
purposes of this Agreement, Morgan Stanley shall include Morgan Stanley and any and all former and existing parents, subsidiaries, predecessors, successors and affiliates, including Morgan Stanley Smith Barney LLC, and its and their respective
current and former directors, officers, employees, agents, managers, shareholders, successors, assigns and other representatives (“Morgan Stanley”) and “you” shall include your heirs, executors, administrators, attorneys,
representatives, successors and assigns. 
 We have mutually agreed that your active employment with Morgan Stanley ended on January 6,
2016, and that you will, except as otherwise provided below, remain on the payroll at your current base salary through July 6, 2016 (the “Termination Date”) (the period from January 6, 2016 through the

 
Termination Date, the “Transition Period”). Through January 6, 2016, you remained a member of the Firm’s Operating Committee and an Executive Officer with all of the
obligations and responsibilities associated with those positions. Further, you will also be eligible for continued participation in all welfare and other benefit and retirement plans and programs through the Termination Date or the Accelerated
Termination Date (as defined herein), as applicable, with further participation in the medical plan through the last day of the month in which your employment terminates. Your employment will terminate for all purposes on the Termination Date or the
Accelerated Termination Date, as applicable. 
 This Agreement becomes effective and enforceable seven (7) days after you execute and
do not revoke it. The signed Agreement must be returned to the undersigned on the next business day immediately following the end of the twenty-one (21) day period provided for in the Agreement. 

Payments and Benefits 

We have also mutually agreed that in exchange for executing and not revoking this Agreement, Morgan Stanley will provide you with: 

 

	 	(1)	 A 2015 Above Base Compensation award (the “Bonus”) in the amount determined by the Compensation, Management Development and Succession
Committee of the Board of 

  
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Directors of Morgan Stanley (the “CMDS Committee”), which Bonus shall be comprised of a mix of current cash bonus, a deferred cash incentive compensation award and a deferred equity
incentive compensation award in the form of restricted stock units as determined by the CMDS Committee and shall be awarded at such times as bonuses are awarded to active employees in 2016. 

 

	 	(2)	“Involuntary termination” treatment for all outstanding equity and deferred incentive compensation held by you as of the Termination Date or Accelerated Termination Date, as applicable, as described in the
relevant equity-based and other deferred incentive compensation award certificates and other award documentation (including those granted as part of subsection (1) above), which will result in the vesting of such unvested awards on the
Termination Date or the Accelerated Termination Date, as applicable (other than those awards which by their terms vest earlier than such date) and any options will remain outstanding and exercisable until the expiration of the original option term.

  
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	 	(3)	Office space at a location to be mutually agreed upon by you and Morgan Stanley and the use of your current Executive Assistant through the Termination Date. Your access to Morgan Stanley’s electronic systems shall
expire on January 31, 2016. 

  

	 	(4)	Continued access to your primary care physician in the Morgan Stanley Executive Healthcare Program through December 31, 2016. 

In addition, you understand and agree that if any provision of this Agreement fails to comply with Section 409A of the Internal Revenue
Code of 1986, as amended (“Section 409A”) or any regulations or Treasury guidance promulgated thereunder, or would result in your recognizing income for United States federal income tax purposes with respect to any amount payable under
this Agreement before the date of payment, or to incur interest or additional tax pursuant to Section 409A, Morgan Stanley reserves the right to, after conferring with you in good faith to find a reasonable solution, reform such provision;
provided that Morgan Stanley shall maintain, to the maximum extent practicable, the original intent of the applicable provision without violating the provisions of Section 409A. 

  
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 We have also agreed that all terms of your Morgan Stanley equity-based and other deferred
incentive compensation awards that have been granted to you during the course of your Morgan Stanley employment, as applicable, as of the Termination Date, will not be deemed to be modified by this Agreement. You understand and agree that you remain
subject to all conditions, restrictions and risks inherent in the plans and the awards, including but not limited to, the vesting, conversion and forfeiture/cancellation provisions of the respective awards. For the sake of clarity, Morgan
Stanley’s Chief Executive Officer, Chief Legal Officer, and Chief Human Resources Officer are not aware of any acts or omissions that would constitute a cancellation or clawback event as of the execution date of this Agreement. For purposes of
such awards and only to the extent applicable to such awards, your employment will be deemed to have been involuntarily terminated. Please consult the relevant award certificates and other award documentation for the controlling terms of such
awards. You acknowledge that any vesting or payments in equity or cash described in the respective awards are subject to any applicable tax withholding requirements. You also acknowledge that Morgan Stanley, from time to time in its sole discretion,
may modify or change its policies with respect to the sale of Morgan Stanley stock by former and existing employees. You agree to fully abide by any such policies with respect to the sale of Morgan Stanley stock and any window period or other
restrictions which may apply, or become applicable to you, during the term of this Agreement and thereafter. 

  
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 You understand and agree that the foregoing consideration provided to you under the terms of this
Agreement is in addition to anything of value to which you are otherwise entitled. You represent, warrant and acknowledge that Morgan Stanley owes you no wages, commissions, bonuses, sick or other medical or disability-related pay, personal or other
leave-of-absence pay, severance pay, notice pay, vacation pay, or other compensation or payments or form of remuneration of any kind or nature, other than that specifically provided for in this Agreement. 

Morgan Stanley considers you to be one of its “specified employees” for purposes of Section 409A. Therefore, pursuant to
Section 409A and the terms and conditions of your Morgan Stanley deferred incentive compensation awards, payment of any cash-based deferred incentive compensation awards and conversion of any stock units that would otherwise occur on account of
your “Separation from Service” (as defined in Section 409A, and generally the date on which you cease performing services for Morgan Stanley, i.e. January 6, 2016) during the period commencing on your Separation from Service and
ending on the date that is six months thereafter, including, without limitation, payments or stock unit 

  
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conversions that were delayed due to Section 162(m) of the Internal Revenue Code, will instead be paid or convert, as applicable, on the first business day following the date that is six
months after your Separation from Service. 
 You acknowledge and agree that your receipt of any and all payments and benefits provided in
this Agreement is contingent upon (a) your remaining an employee in good standing through the Termination Date or Accelerate Termination Date, as the case may be, and adhering to the terms of this Agreement, and all Morgan Stanley policies
applicable to you and (b) your execution and non-revocation and receipt by Morgan Stanley of this effective and enforceable Agreement. You further agree that you will not hold yourself out to be an officer, director, manager or agent of Morgan
Stanley or otherwise attempt to bind or contract on behalf of Morgan Stanley without prior written authorization of Morgan Stanley during the Transition Period. 

For the sake of clarity, you remain an employee of Morgan Stanley through the Termination Date or the Accelerated Termination Date, as
applicable. You agree that you will not provide services of any kind on an employee or consultant basis whether or not for remuneration on behalf of any competitor entity previously identified and specifically agreed to by and between you and Morgan
Stanley (a “Competitor”) through the Termination 

  
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Date unless expressly authorized to do so by Morgan Stanley. In the event you obtain or secure new employment, provide service to or otherwise seek to become associated with in any capacity any
entity other than a Competitor during the Transition Period, Morgan Stanley will and hereby does agree to waive the balance of the Transition Period and accelerate your termination date (“Accelerated Termination Date”) to permit your
immediate engagement with such entity. You understand and agree that all salary for which you are otherwise eligible for under the Agreement and by virtue of your employment with Morgan Stanley will end on the Accelerated Termination Date. Morgan
Stanley agrees that if you obtain or secure new employment, provide service to or otherwise seek to become associated with in any capacity any entity other than a Competitor during the Transition Period, Morgan Stanley will not deem this activity to
be a violation of this Agreement nor shall it affect involuntary termination treatment of any equity or deferred incentive compensation award, or any notice period requirement and the Accelerated Termination Date shall be treated as your Termination
Date for purposes hereof. 
 In addition, in exchange for the payments and other benefits provided to you hereunder by the Firm, we agree
that, through and including January 6, 2017, you will not directly or indirectly in any capacity (including through 

  
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any person, corporation, partnership or business entity of any kind), hire or solicit, recruit, induce, entice, influence, or encourage any Morgan Stanley employee to leave Morgan Stanley for or
to otherwise become hired or engaged by any entity. The restrictions in this paragraph shall apply only to employees with whom you worked or had professional or business contact, or who worked in or with your business unit, during the 180 day period
preceding January 6, 2016 (“Wrongful Solicitation”). Notwithstanding the restrictions in this paragraph, we agree that you may solicit and retain your current Executive Assistant and any such solicitation or hire will not be deemed a
violation of this section. Further, it is understood that your signature on an offer letter, without more, shall not constitute a violation hereto. 

You also understand and agree that all outstanding claims for expenses incurred properly in the performance of your duties must be submitted
as soon as possible but in no event later than six (6) weeks after the Termination Date or the Accelerated Termination Date, as applicable. All expenses eligible for reimbursement under this Agreement and all in-kind benefits shall be paid or
provided to you promptly in accordance with Morgan Stanley’s customary practices applicable to the reimbursement of expenses of such type and the provision of such benefits, but in no event later than December 31 of the calendar year
following the calendar year in 

  
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which such expenses were incurred or such in-kind benefits were to be provided. The expenses incurred by you in any calendar year that are eligible for reimbursement under this Agreement and the
in-kind benefits provided to you in any other calendar year shall not affect the expenses incurred by you in any other calendar year that are eligible for reimbursement hereunder or the in-kind benefits to be provided to you in any other calendar
year. Your right to receive any reimbursement or in-kind benefits hereunder shall not be subject to liquidation or exchange for any other benefit. 

General information about continuing benefit coverage will be sent to your home address by the Benefit Center two to three weeks following the
Termination Date or the Accelerated Termination Date, as applicable. Specific information regarding continuation of your medical benefits will be sent to your home address by Hewitt Associates two to three weeks following termination of coverage.
You have sixty (60) days from the date of receipt to elect COBRA coverage. Inquiries about your benefits should be directed to the Benefit Center at [redacted]. 

  
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 Release of Claims 

In exchange for providing you with these enhanced payments and benefits, you agree to waive all claims against Morgan Stanley, and to release
and forever discharge Morgan Stanley, to the fullest extent permitted by law, from any and all liability for any claims, rights or damages of any kind, whether known or unknown to you, that you may have against Morgan Stanley as of the date of your
execution of this Agreement including, but not limited to, any claim against Morgan Stanley arising under any federal, state or local law or ordinance, any tort, any employment contract, express or implied, any public policy waivable by law, or
arising under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1866, as amended, the Equal Pay Act, as amended, the Uniform Services Employment and Re-employment Rights Act (“USERRA”), as amended, the Age
Discrimination in Employment Act of 1967 (“ADEA”), as amended, the Americans with Disabilities Act (“ADA”), as amended, the Family And Medical Leave Act (“FMLA”), as amended, the Employee Retirement Income Security Act
(“ERISA”), as amended, the Civil Rights Act of 1991, as amended, the Rehabilitation Act of 1973, as amended, the Older Workers Benefit Protection Act (“OWBPA”), as amended, the Worker Adjustment and Retraining Notification Act
(“WARN”), as amended, the Occupational Safety and Health Act of 1970 (“OSHA”), as amended, the New York State Human Rights Law, as amended, New York City Human Rights Law, as amended, New York Labor Act, as amended, New York
Equal Pay Law, as amended, New York 

  
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Civil Rights Law, as amended, New York Rights of Persons With Disabilities Law, as amended, New York Equal Rights Law, as amended, New York Worker Adjustment and Retraining Notification Act, as
amended, and any other discrimination or fair housing law, if applicable, and all claims for invasion of privacy, defamation, intentional infliction of emotional distress, injury to reputation, pain and suffering, constructive and wrongful
discharge, retaliation, wages, monetary or equitable relief, vacation pay, award(s), grant(s), or awards under any unvested and/or cancelled equity and/or incentive compensation plan or program, and separation and/or severance pay under any
separation or severance pay plan maintained by Morgan Stanley, any other employee fringe benefits plans, medical plans, or attorneys’ fees or any demand to seek discovery of any of the claims, rights or damages previously enumerated herein
(collectively, the “Release of Claims”). This Agreement is not intended to, and does not, release rights or claims that may arise after the date of your execution hereof including without limitation any rights or claims that you may have
to secure enforcement of the terms and conditions of this Agreement, nor any claims that cannot be released hereunder by law. If any claim, charge, complaint or action against Morgan Stanley covered by the Release of Claims is brought by you, for
your benefit or on your behalf, you expressly waive any claim to any form of monetary or other 

  
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damages to the fullest extent permitted by law, including attorneys’ fees and costs, or any other form of personal recovery or relief from Morgan Stanley based upon any such claim, charge,
complaint or action. To the extent you receive any personal or monetary relief from Morgan Stanley based upon any such claim, charge, complaint or action, Morgan Stanley will be entitled to an offset for the payments made pursuant to this Agreement.
You further agree to dismiss with prejudice any pending civil lawsuit or arbitration covered by the Release of Claims. 
 This Agreement,
however, does not waive any rights of indemnification you may have been granted under the Certificates of Incorporation or Formation, Bylaws or other applicable documents of Morgan Stanley relating to your actions on behalf of Morgan Stanley in the
scope of and during the course of your employment by Morgan Stanley, or any rights to coverage, advancement of expenses, and/or legal fees under any governing D&O insurance policy maintained by Morgan Stanley. Nor does anything in this Agreement
impair your rights in any of your Morgan Stanley Wealth Management brokerage or customer accounts or to vested retirement, pension or 401(k) benefits, if any, due you by virtue of your employment by Morgan Stanley, or as a shareholder of Morgan
Stanley. You have also not released your right to seek contribution in the event of any judgment against you and Morgan Stanley finding joint liability. Nor shall any elections, notices or benefits for which you are eligible as a separated employee
of Morgan Stanley be impaired by this Agreement. 

  
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 Confidentiality, Firm Property, Non-Disclosure and Non-Disparagement 

You also agree that in the course of your employment with Morgan Stanley you have or may have acquired non-public privileged or confidential
information and trade secrets concerning Morgan Stanley’s business, operations, legal matters and resolution or settlement thereof, internal investigations, customer and employee information and lists, hiring, staffing and compensation
practices, studies and analyses, plans, funding, financing and methods of doing business whether in hard copy, electronic or other format (“Confidential and Proprietary Information”), and you further agree that it would be damaging to
Morgan Stanley if such Confidential and Proprietary Information were disclosed to any competitor of Morgan Stanley or any third party or person. You understand and agree that all Confidential and Proprietary Information has been divulged to you in
confidence and, except as permitted under the “Exceptions” provisions in this Agreement, and to the fullest extent permitted by law, you agree: (1) to not disclose or cause or permit to be disclosed directly or indirectly any
Confidential and Proprietary Information to any third party or person; (2) to keep all 

  
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Confidential and Proprietary Information secret and confidential without limitation in time; and, (3) to not remove Confidential and Proprietary Information from any Morgan Stanley facility
in either original, electronic or copied form; provided however, that Confidential and Proprietary Information does not include any information which is released or generally known to the public other than through your breach of this Agreement, and
shall not include your own personnel or compensation records. Your use of Confidential and Proprietary Information will stop immediately upon the cessation of your working at any Morgan Stanley facility for any reason. Upon execution of this
Agreement, you will immediately deliver to Morgan Stanley any Confidential and Proprietary Information in your possession or control, if any. You will not at any time assert any claim of ownership or other property interest in any such Confidential
and Proprietary Information. Except as permitted under the “Exceptions” provisions in this Agreement, and to the fullest extent permitted by law, you will not disclose directly or indirectly to any person or entity the contents, in whole
or in part, of such Confidential and Proprietary Information. 

  
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 Prior to the Termination Date or the Accelerated Termination Date, you further agree to return to
Morgan Stanley any Morgan Stanley equipment and property including, but not limited to, identification materials, computers, laptops, printers, facsimile machines, corporate credit cards, and wireless devices (e.g., mobile phones, SecurIDs,
BlackBerry and similar devices), that you possess or control. You will, however, be provided with a copy of your personal Outlook contact files and calendar as soon as practicable following the Effective Date and you may retain such copy without
violation hereto. You shall further be permitted, without violation hereto, to retain (i) any employment and compensation related documentation; (ii) documents held on account of being a shareholder of Morgan Stanley; or (iii) any
personal effects and personal files of any kind kept in your office. 
 During the course of your employment with Morgan Stanley, you may
have been instructed by the Legal and Compliance Division (“LCD”) to preserve information, documents or other materials, whether in physical or electronic form, in connection with litigation, investigations, or proceedings. You acknowledge
that you have taken all necessary steps to comply with any notices you received from LCD to preserve such information, documents or materials. Furthermore, you acknowledge that you have notified your supervisor or a member of LCD of the location of
all such information, documents or materials currently in your possession. 

  
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 Unless permitted under the “Exceptions” provisions in this Agreement, or until publicly
disclosed by Morgan Stanley, at which point the obligations contained herein shall cease, you also agree that you will not disclose, or cause, or permit to be disclosed in any way the terms of this Agreement or the facts and circumstances
surrounding its execution, or the facts and circumstances relating to any dispute or disagreement you may have, or may believe you have, with Morgan Stanley with respect to your employment, workplace or work environment at and termination from
Morgan Stanley, without limitation in time, except that you may disclose such information to your legal representatives, to your immediate family, or for the purpose of enforcing this Agreement, should that ever be necessary, and further you may
disclose the financial aspects of this Agreement to your financial representatives or accountants or for the purpose of qualifying for a loan provided that all such private parties to whom disclosure is permitted under this paragraph are informed of
the confidentiality provisions of this Agreement and agree to be bound thereby. You may also disclose the restrictive covenants to any prospective future employer, business partner or partners, or search personnel without violation hereto. Further,
this provision is expressly not intended in any way to limit you from disclosing the financial structure and tax aspects of this Agreement to the Internal Revenue Service. 

  
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 Except as permitted under the “Exceptions” provisions in this Agreement, and to the
fullest extent permitted by law, you agree to give prompt notice to Morgan Stanley in writing, addressed to Employment Law, Morgan Stanley, Legal and Compliance Division, 1221 Avenue of the Americas, 35th Floor, New York, NY 10020, by telephone
[redacted] and by facsimile [redacted], of any subpoena or judicial, administrative or regulatory inquiry or proceeding, or lawsuit in which you are required or requested to disclose information relating to Morgan Stanley prior to such disclosure
unless any such prior notice requirement is prohibited by law. To the extent reasonably practicable, such written notice must be given to Employment Law within three (3) business days of your receipt of any such request or order so that Morgan
Stanley may take whatever action it may deem necessary or appropriate to prevent such assistance or testimony. You also agree that, to the extent reasonably practicable, you shall provide to Employment Law by facsimile or overnight delivery to the
above address within three (3) business days of your receipt thereof copies of all legal papers and documents served upon you. Additionally, you agree that in the event you are served with such subpoena, court order, directive or other process,
you will make all reasonable effort to meet with Employment Law or its designee in advance of giving such testimony or information in the event you are served with any such subpoena, court order, directive or other process unless any such prior
meeting requirement is prohibited by law. 

  
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 You agree to cooperate with and assist Morgan Stanley in connection with any investigation,
regulatory matter, lawsuit or arbitration in which Morgan Stanley is a subject, target or party and as to which you may have pertinent information. You agree to make yourself reasonably available for preparation for hearings, proceedings or
litigation and for attendance at any pre-trial discovery and trial sessions. Morgan Stanley agrees to make every reasonable effort to provide you with reasonable notice in the event your participation is required. 

To the extent that you incur any out-of-pocket costs as a result of your fulfillment of your obligations under either of the two preceding
paragraphs, Morgan Stanley agrees to reimburse reasonable out-of-pocket costs incurred by you as the direct result of your participation, provided that such out-of-pocket costs are supported by appropriate documentation and have prior authorization
of Morgan Stanley. Such costs may include, without limitation, demonstrably lost wages, travel expenses and legal fees to the extent that separate legal representation is reasonably warranted. You further agree to perform all acts and execute any
and all documents that may be necessary to carry out the provisions of this paragraph. 

  
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 Except as permitted under the “Exceptions” provisions in this Agreement, and to the
fullest extent permitted by law, you also agree that you will not defame or disparage Morgan Stanley or its business or its strategic plans, products, practices, policies, personnel or any other internal Morgan Stanley matter or otherwise speak of
any of the foregoing in a disparaging manner in any medium or to any person or entity without limitation in time. Nothing in this paragraph is intended to: (i) limit in any way your ability to compete fairly with Morgan Stanley in the future or
speak honestly about your career with Morgan Stanley, provided you do so in a manner consistent with the obligations stated herein; (ii) prevent you from conferring in confidence with your legal representatives or testifying truthfully or
making truthful statements or submissions in litigation or other legal, administrative or regulatory proceedings or internal investigations; or (iii) correcting any incorrect or disparaging statements concerning your employment with or
separation from Morgan Stanley issued by Morgan Stanley’s Board of Directors or Operating Committee members in their official capacity as such. 

  
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 Morgan Stanley agrees to inform the members of its Operating Committee as of the Effective Date
of this Agreement and for so long as he/she remains an employee of Morgan Stanley, not to defame or disparage you or otherwise speak of you in a disparaging manner in any medium or to any person or entity. Notwithstanding this provision, Morgan
Stanley may confer in confidence with its human resources, legal and financial representatives. 
 Provided that you direct all prospective
employment inquiries to http://www.theworknumber.com and provide the following information: Morgan Stanley Employer Code [redacted] and your social security number, Morgan Stanley will only provide dates of employment and positions held. 

You also agree that, unless you have prior written authorization from Morgan Stanley, you will not disclose, participate in the disclosure or
allow disclosure of any new information about Morgan Stanley or its present or former clients, executives or other employees, or Board members, or legal matters involving Morgan Stanley and resolution or settlement thereof, or any aspects of your
employment with Morgan Stanley or of the termination of such employment, to any reporter, author, producer or similar person or entity, including, without limitation, books, articles or writings of any other kind, as well as film, videotape,
television or other broadcasts, audio tape, electronic/Internet or blog format or any other medium. You further agree that you will not use or take any action likely to result in the use of any of Morgan Stanley’s names or any abbreviation
thereof in connection with any publication to the general public in any medium in a manner that suggests, directly or indirectly, endorsement by or a business connection to Morgan Stanley or appears to leverage the Morgan Stanley brand. 

  
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 Nothing in this Agreement shall preclude you from disclosing the fact of your employment with
Morgan Stanley, positions held and job duties or other information that would typically appear on a resume or curriculum vitae. 

Exceptions 

Nothing in this Agreement shall prohibit or restrict you from lawfully (A) initiating communications directly with, cooperating with,
providing relevant information to or otherwise assisting in an investigation by the Securities and Exchange Commission (“SEC”), FINRA, the EEOC, or any other governmental or regulatory body or official(s) or self-regulatory organization
(“SRO”) regarding a possible violation of any applicable law, rule or regulation; (B) responding to any inquiry from any such governmental or regulatory body or official or SRO or governmental authority, including an inquiry about
this Agreement or its underlying facts or circumstances; or (C) testifying, participating or otherwise assisting in any action or proceeding relating to a possible violation of a law, rule or regulation. Further, nothing in this Agreement
requires you to notify 

  
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Morgan Stanley of any such communications, cooperation, assistance, responses to inquiries, testimony or participation as described in the preceding sentence. In addition, nothing in this
Agreement precludes you from benefiting from classwide injunctive relief awarded in any fair employment practices case brought by any governmental agency, provided such relief does not result in your receipt of any monetary benefit or equivalent
thereof from Morgan Stanley. You acknowledge and agree, however, that you are waiving any right to recover any monetary damages or any other form of personal relief from Morgan Stanley based upon any such action, investigation or proceeding. 

Further Promises 

You agree to comply with the non-solicitation and all other applicable provisions in the Notice and Non-Solicitation Agreement dated as of
February 3, 2010 (the “Notice and Non-Solicitation Agreement”). Nothing in this Agreement supersedes or in any way modifies your obligations under or any of the terms of the Notice and Non-Solicitation Agreement. 

In the event you breach or threaten to breach any of the provisions contained in any confidentiality, non-disclosure, non-disparagement or
non-solicitation provisions in this Agreement, you acknowledge that such breach or threatened breach shall cause irreparable harm to Morgan Stanley, entitling Morgan Stanley, at its option, to seek immediate injunctive relief from a court of
competent jurisdiction, without waiver of any other rights or remedies from a court of law or equity. 

  
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 You acknowledge that this Agreement has been executed voluntarily by you. You are urged to and
acknowledge that you have had the opportunity to obtain the advice of any attorney or other representative of your choice, unrelated to Morgan Stanley, prior to executing this Agreement. Further, you acknowledge that you have a full understanding of
the terms of this Agreement which may not be changed or altered except by a writing signed by both Morgan Stanley and you. 
 You agree and
acknowledge that: (i) you have been given the Twenty-One Day Period to consider executing this Agreement and seven (7) days from the date of your execution of this Agreement within which to revoke it (the seven (7) day period defined
as the “Agreement Revocation Period”) and (ii) you had sufficient time in which to consider and understand the Agreement, and to consult with your attorney or other representative of your choice prior to executing the Agreement. If
you execute the Agreement prior to the end of the Twenty-One Day Period that Morgan Stanley has provided for you, you agree and acknowledge that: (i) your execution was a knowing and voluntary waiver of your right to consider this Agreement for
the full Twenty-One days; 

  
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(ii) you had seven (7) days from the date of your execution of this Agreement within which to revoke it (the seven (7) day period defined as the “Agreement Revocation
Period”); and, (iii) you had sufficient time in which to consider and understand the Agreement, and to review it with your attorney or other representative of your choice. Your executed Agreement must be returned to Morgan Stanley HR
Operations, 1585 Broadway, 18th Floor, New York, NY 10036. Any revocation of this Agreement must be in writing and returned to the same address, via certified U.S. Mail, return receipt requested. In the event that you revoke this Agreement, you
acknowledge that you will not be entitled to receive, and agree not to accept, any payments or benefits under this Agreement. You agree that your acceptance of any such payments or benefits will constitute an acknowledgment that you did not revoke
the Agreement. This Agreement will not become effective and enforceable until the Agreement Revocation Period has expired. 
 BY SIGNING
THIS AGREEMENT AND RELEASE OF CLAIMS YOU ACKNOWLEDGE THAT YOU ARE KNOWINGLY AND VOLUNTARILY WAIVING AND RELEASING ANY AND ALL RIGHTS YOU MAY HAVE AGAINST MORGAN STANLEY UP TO THE DATE OF YOUR EXECUTION OF THIS AGREEMENT UNDER THE AGE DISCRIMINATION
IN EMPLOYMENT ACT, THE OLDER WORKERS BENEFIT PROTECTION ACT AND ALL OTHER APPLICABLE DISCRIMINATION LAWS, STATUTES, ORDINANCES OR REGULATIONS. 

  
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 The Agreement is the entire agreement between you and Morgan Stanley and supersedes any and all
oral and written agreements between Morgan Stanley and you on the topics covered herein, except any Arbitration Agreement, Notice and Non-Solicitation Agreement, and any award certificates and any other award documentation governing any outstanding
incentive compensation. No one shall be bound by anything not expressed herein. This Agreement is intended solely for the purpose stated herein and does not constitute and should not be construed to be an admission of liability by Morgan Stanley or
you. This Agreement shall be binding on both Morgan Stanley and you. This Agreement may be executed in counterparts, PDF or facsimile copies and all shall be effective and binding as an original. 

This Agreement shall be interpreted for all purposes consistent with the laws of the State of New York, without regard to its choice of law
rules. If any clause or portion of any clause of this Agreement should ever be determined to be unenforceable, it is agreed that this will not affect the enforceability of the remainder of such clause or of any other clause or the remainder of this
Agreement. 

  
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 This Agreement may be amended, modified or changed only by a written instrument executed by you
and Morgan Stanley. Any waiver to be effective must be in writing and signed by the party against whom it is being enforced. 
 All notices
and other communications hereunder shall be in writing and shall be delivered by hand, by PDF or facsimile to the other party or mailed by overnight mail or registered or certified mail to the other party, return receipt requested, postage prepaid;
shall be deemed delivered upon actual receipt or in the case of registered or certified mail, upon the earlier of the actual receipt or two business days following the date postmarked; and shall be addressed as follows: 

 

					
		 	If to you:	  	Gregory Fleming
		 		  	New York, New York
		 		  	
		 		  	With a copy (which shall not constitute notice) to:
		 		  	
		 		  	Steven G. Eckhaus, Esq.
		 		  	Cadwalader, Wickersham & Taft LLP
		 		  	1 World Financial Center
		 		  	New York, New York 10281
		 		  	
		 	If to Morgan Stanley:	  	Alexa B. Pappas
		 		  	Legal & Compliance Division
		 		  	1221 Avenue of the Americas, 35th Floor
		 		  	New York, New York 10020

  
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 or to such other address as either party shall have furnished to the other in writing in accordance herewith.

  

	
	Very truly yours,
	
	/s/ Jeffrey Brodsky
	Jeffrey Brodsky
	Managing Director

  

			
	AGREED AND ACCEPTED:
	
	/s/ Gregory Fleming
	Gregory Fleming
		
	DATE:	 	 January 22, 2016

  
 28EX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT 

This AMENDED AND RESTATED EMPLOYMENT
AGREEMENT (this “Agreement”) is entered into by and between TIMOTHY C. RODELL (“Executive”) and
GLOBEIMMUNE, INC. (the “Company”). This Agreement shall become effective as of March 1, 2016 (the “Effective Date”). 

Executive is employed by the Company as its President and Chief Executive Officer; 

Executive entered into an Employment Agreement with the Company effective as of July 1, 2014 (the “Prior Agreement”);

 The parties desire to amend and restate the Prior Agreement; 

The Company desires to continue to employ Executive and, in connection with such employment, to compensate Executive for Executive’s
personal services to the Company; 
 Executive desires to continue to provide personal services to the Company in return for certain
compensation; and 
 The Company and Executive wish to memorialize in this Agreement the terms and conditions that the Company and Executive
have agreed will apply to Executive’s employment with the Company as of the Effective Date. 
 Accordingly, in consideration of the
mutual promises and covenants contained herein, the parties agree to the following: 
 1. EMPLOYMENT BY
THE COMPANY. 
 1.1 Term. The term of this Agreement shall commence on the Effective Date, and
shall continue for three (3) years from that date, unless terminated prior thereto by either the Company or the Executive as provided in Section 5. If either the Company or the Executive does not wish to renew this Agreement when it
expires at the end of the initial or any renewal term hereof as hereinafter provided or if either the Company or the Executive wishes to renew this Agreement on different terms than those contained herein, it or he shall give written notice in
accordance with Section 11.3 below of such intent to the other party at least ninety (90) days prior to the expiration date. In the absence of such notice, this Agreement shall be renewed on the same terms and conditions contained
herein for a term of three (3) years from the date of expiration. The parties expressly agree that designation of a term and renewal provisions in this Agreement does not in any way limit the right of the parties to terminate this
Agreement at any time as hereinafter provided. Reference herein to the “Term” of this Agreement shall refer both to the initial term and any successive term as the context requires. 

1.2 Position. Subject to the terms set forth herein, the Company agrees to continue to employ Executive in the position of President
and Chief Executive Officer, and Executive hereby accepts such continued employment. During the term of Executive’s 

  
 1 

 
employment with the Company, Executive will devote Executive’s best efforts to the business of the Company. As Chief Executive Officer, Executive will serve as member of the Board of
Directors of the Company (the “Board”). Upon termination of employment for any reason, Executive agrees to promptly resign as a director, unless otherwise requested by the Board. 

1.3 Duties. As President and Chief Executive Officer, Executive will report to the Board, and will lead and manage all aspects of the
Company, as well as perform such duties as are normally associated with Executive’s position and such duties as are assigned to Executive from time to time by the Board, subject to the oversight and direction of the Board. Executive shall
perform Executive’s duties under this Agreement principally out of the Company’s Louisville, Colorado facility. In addition, Executive shall make such business trips to such places as may be necessary or advisable for the efficient
operations of the Company. 
 1.4 Company Policies and Benefits. The employment relationship between the parties also shall be
subject to the Company’s personnel and compliance policies and procedures as they may be interpreted, adopted, revised or deleted from time to time in the Company’s sole discretion. Executive will be eligible to participate on the same
basis as similarly situated executives in the Company’s benefit plans in effect from time to time during Executive’s employment. All matters of eligibility for coverage or benefits under any benefit plan shall be determined in accordance
with the provisions of such plan. The Company reserves the right to change, alter, or terminate any benefit plan in its sole discretion. Notwithstanding the foregoing, in the event that the terms of this Agreement differ from or are in conflict with
the Company’s general employment policies or practices, this Agreement shall control. 
 2. COMPENSATION. 

2.1 Salary. Executive shall receive for Executive’s services to be rendered hereunder a salary based on an annualized, full-time base
salary, initially $405,000, subject to annual review, and adjusted from time to time by the Company in its sole discretion (the “Full-Time Base Salary”) prorated based on the percentage of time that Executive is devoting to
the business of the Company as agreed from time to time by the Executive and the Company in writing (the “Pro-rated Base Salary”) payable semi-monthly subject to standard federal and state payroll withholding requirements in
accordance with Company’s standard payroll practices. Upon the Effective Date of this Agreement the Company and Executive agree that he will devote fifty percent (50%) of his business time and attention to the Company, and therefore his
initial Pro-rated Base Salary will be fifty percent (50%) of the Full-Time Base Salary ($202,500). 
 2.2 Bonus.
Executive shall be eligible to earn a discretionary annual cash bonus, with the initial target amount of such bonus equal to 40 percent of the base salary Executive received from the Company for the relevant calendar year, subject to review and
adjustment from time to time by the Company in its sole discretion, payable subject to standard federal and state payroll withholding requirements. Whether or not Executive earns any bonus will be dependent upon (a) the actual achievement by
Executive and the Company of the applicable individual and corporate performance goals, as determined by the Board (b) the Company’s actual financial performance during the applicable year; and (c) Executive’s continuous
performance of services to the Company through the date any bonus is paid. The annual period over which performance is measured for purposes of this bonus is January 1 through December 31. In all events, any bonus earned pursuant to this
Section 2.2 will be paid on or before March 15 of the calendar year following the calendar year for which it is earned. 

  
 2 

 2.3 Expense Reimbursement. The Company will reimburse Executive for reasonable
business expenses in accordance with the Company’s standard expense reimbursement policy. For the avoidance of doubt, to the extent that any reimbursements payable to Executive are subject to the provisions of Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”): (a) any such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred, (b) the amount of expenses
reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and (c) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 

2.4 Equity Grants. Executive shall be eligible for grants of additional equity in the Company, from time to time and at the
Board’s discretion, subject to the terms of the Company’s 2014 Equity Incentive Plan and any amendments thereto, and any applicable stock option agreements. 

3. CONFIDENTIAL INFORMATION, NON-SOLICITATION AND
NON-COMPETITION OBLIGATIONS. The parties hereto have entered into an Employee Proprietary Information and Inventions Agreement (the “Non-Competition Agreement”), which may be
amended by the parties from time to time without regard to this Agreement. The Non-Competition Agreement contains provisions that are intended by the parties to survive and do survive termination or expiration of this Agreement. 

4. NO CONFLICT WITH EXISTING OBLIGATIONS. Executive
represents that Executive’s performance of all the terms of this Agreement and as an Executive of the Company do not and will not breach any agreement or obligation of any kind made prior to Executive’s employment by the Company, including
agreements or obligations Executive may have with prior employers or entities for which Executive has provided services. Executive has not entered into, and Executive agrees that Executive will not enter into, any agreement or obligation, either
written or oral, in conflict herewith. 
 5. TERMINATION OF
EMPLOYMENT. Executive and the Company each acknowledge that either party has the right to terminate Executive’s employment with the Company at any time for any reason whatsoever, with or without
cause or advance notice pursuant to the following: 
 5.1 Termination by Death or Disability. Subject to applicable state or federal
law, in the event Executive shall die during the period of his employment hereunder or his employment is terminated due to his Disability (as defined below), Executive’s employment and the Company’s obligation to make payments hereunder
shall terminate on the date of his death, or the date of termination due to Disability, except that the Company shall pay Executive or Executive’s estate as applicable any salary earned but unpaid prior to the Termination Date (as defined
below), all accrued but unused vacation and any business expenses that were incurred but not reimbursed as of the Termination Date. Vesting of any unvested stock options and/or other equity securities shall cease on the Termination Date.
“Disability” shall mean the 

  
 3 

 
Executive is unable due to a physical or mental condition to perform the essential functions of his position with or without reasonable accommodation for ninety (90) consecutive days or for
one-hundred and eighty (180) days in the aggregate during any twelve (12) month period or based on the written certification by two licensed physicians of the likely continuation of such condition for either such period. This definition
shall be interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable law. 

5.2 Resignation by Executive. In the event Executive terminates his employment with the Company (other than for Good Reason (as
defined below)), the Company’s obligation to make payments hereunder shall cease upon such termination, except that the Company shall pay Executive any salary earned but unpaid prior to the Termination Date, all accrued but unused vacation and
any business expenses that were incurred but not reimbursed as of the Termination Date. Vesting of any unvested stock options and/or other equity securities shall cease on the Termination Date. 

5.3 Termination for Cause. In the event the Executive is terminated by the Company for Cause (as defined below), the
Company’s obligation to make payments hereunder shall cease upon the Termination Date, except that the Company shall pay Executive any salary earned but unpaid prior to the Termination Date, all accrued but unused vacation and any business
expenses that were incurred but not reimbursed as of the Termination Date. Vesting of any unvested stock options and/or other equity securities shall cease on the Termination Date. 

5.4 Termination by the Company without Cause or Resignation by Executive for Good Reason (Other Than Change in Control). The
Company shall have the right to terminate Executive’s employment with the Company at any time without Cause. Should the Company elect to allow this Agreement to expire at the end of the Term without attempting to renegotiate its terms, the
expiration of this Agreement shall be a termination without Cause for purposes of the Executive’s eligibility for the benefits described in this Section 5.4. In the event Executive is terminated by the Company without Cause, but not in the
event of a termination due to death or Disability under Section 5.1, or Executive resigns for Good Reason (other than in connection with a Change in Control (as defined below)), and upon compliance with Section 5.5 below, Executive shall
be eligible to receive the following “Severance Benefits:” (i) continuation of Executive’s Full-Time Base Salary, then in effect, for a period of twelve (12) months following the Termination Date, paid on the
same basis and at the same time as previously paid; and (ii) the Company shall pay the premiums of Executive’s group health insurance COBRA continuation coverage, including coverage for Executive’s eligible dependents, for a maximum
period of twelve (12) months following a termination without Cause or resignation for Good Reason; provided, however, that (a) the Company shall pay premiums for Executive’s eligible dependents only for coverage for which those
eligible dependents were enrolled immediately prior to the termination without Cause or resignation for Good Reason and (b) the Company’s obligation to pay such premiums shall cease immediately upon Executive’s eligibility for
comparable group health insurance provided by a new employer of Executive. Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that the payment of the COBRA premiums would result in a violation of the
nondiscrimination rules of Section 105(h)(2) of the Code or any statute or regulation of similar effect (including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health

  
 4 

 
Care and Education Reconciliation Act), then in lieu of providing the COBRA premiums, the Company will instead pay Executive, fully taxable cash payments equal to and paid at the same time as the
COBRA premiums that otherwise would have been paid, subject to applicable tax withholdings. Vesting of any unvested stock options and/or other equity securities shall cease on the Termination Date. To receive the payments under (i) and
(ii) above, Executive’s termination or resignation must constitute a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h) and without regard to any alternate definition thereunder) (a
“Separation from Service”) and Executive must execute and allow the Release to become effective within 60 days of the Termination Date. Such payments shall not be paid prior to the 60th day following the Termination Date,
rather, subject to the aforementioned conditions, on the 60th day following the Termination Date, the Company will pay Executive such payments in a lump sum that Executive would have received on or prior to such date under the original schedule,
with the balance of such payments being paid as originally scheduled. 
 5.5 Release Requirement. The Severance Benefits are
conditional upon (i) Executive’s returning to the Company all Company property, (ii) Executive’s delivering to the Company and making effective a general release of all claims in favor of the Company, in the form attached as
Exhibit A (“Release”), which release is effective not later than 60 days following the date of the Separation from Service; (iii) Executive’s complying with the Release including without limitation any cooperation,
non-disparagement and confidentiality provisions contained therein and continuing to comply with Executive’s obligations under the Confidentiality Agreement, and (iv) if Executive is a member of the Board, his resignation from the Board,
to be effective no later than the Termination Date (or such other date as requested by the Board). 
 5.6 Change in Control Severance
Benefits. In the event that the Company (or any surviving or acquiring corporation) terminates Executive’s employment without Cause or Executive resigns for Good Reason within two (2) months prior to or twelve (12) months
following the effective date of a Change in Control (“Change in Control Termination”), and upon compliance with Section 5.5 above, Executive shall be eligible to receive the following Change in Control severance
benefits: (i) a lump-sum cash payment in an amount equal to eighteen (18) months of the Executive’s annual Full-Time Base Salary then in effect; and (ii) the Company (or any surviving or acquiring corporation) shall pay the
premiums of Executive’s group health insurance COBRA continuation coverage, including coverage for Executive’s eligible dependents, for a maximum period of eighteen (18) months following a Change in Control Termination; provided,
however, that (a) the Company (or any surviving or acquiring corporation) shall pay premiums for Executive’s eligible dependents only for coverage for which those eligible dependents were enrolled immediately prior to the Change in
Control Termination and (b) the Company’s (or any surviving or acquiring corporation’s) obligation to pay such premiums shall cease immediately upon Executive’s eligibility for comparable group health insurance provided by a new
employer of Executive. Executive agrees that the Company’s (or any surviving or acquiring corporation’s) payment of health insurance premiums will satisfy its obligations under COBRA for the period provided. No insurance premium payments
will be made following the effective date of Executive’s coverage by a health insurance plan of a subsequent employer. For the balance of the period that Executive is entitled to coverage under federal COBRA law, if any, Executive shall be
entitled to maintain such coverage at Executive’s own expense. Notwithstanding the foregoing, if at any time the Company determines, in its sole 

  
 5 

 
discretion, that the payment of the COBRA premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Code or any statute or regulation of similar effect
(including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing the COBRA premiums, the Company will instead pay Executive, fully
taxable cash payments equal to and paid at the same time as the COBRA premiums that otherwise would have been paid, subject to applicable tax withholdings. To receive the payments under (i) and (ii) above, Executive’s termination or
resignation must constitute a Separation from Service and Executive must execute and allow the Release to become effective within 60 days of the effective date of the Change in Control or Executive’s termination or resignation, whichever is
later (the “Release Date”). Such payments shall not be paid prior to the Release Date, rather, subject to the aforementioned conditions, on the Release Date the Company will pay Executive such payments in a lump sum that
Executive would have received on or prior to such date under the original schedule, with the balance of such payments being paid as originally scheduled. 

In addition, notwithstanding anything contained in Executive’s stock option or other equity award agreements to the contrary, in the
event the Company (or any surviving or acquiring corporation) terminates Executive’s employment without Cause or Executive resigns for Good Reason within two (2) months prior to or twelve (12) months following the effective date of a
Change in Control, and any surviving corporation or acquiring corporation assumes Executive’s stock options and/or equity awards, as applicable, or substitutes similar stock options or equity awards for Executive’s stock options and/or
equity awards, as applicable, in accordance with the terms of the Company’s equity incentive plans, then (i) the vesting of all of Executive’s stock options and/or equity awards (or any substitute stock options or equity awards), as
applicable, shall be accelerated in full and (ii) the period during which Executive’s stock options may be exercised shall be extended to twelve (12) months after the date of Executive’s termination of employment; provided,
that, in no event shall such options be exercisable after the expiration date of such options as set forth in the stock option grant notice and/or agreement evidencing such options. 

5.7 Notice; Effective Date of Termination. Termination of Executive’s employment pursuant to this Agreement shall be
effective on the earliest of (each of the following shall be referred to as a “Termination Date”): (i) immediately after the Company gives notice to Executive of Executive’s termination, with or without
Cause, unless the Company specifies a later date, in which case, termination shall be effective as of such later date; (ii) immediately upon the Executive’s death; (iii) thirty (30) days after the Company gives notice to
Executive of Executive’s termination on account of Executive’s Disability, unless the Company specifies a later date, in which case, termination shall be effective as of such later date, provided, that Executive has not returned to the
full time performance of Executive’s duties prior to such date; or (iv) thirty (30) days after the Executive gives written notice to the Company of Executive’s resignation with or without Good Reason, provided that the Company
may set a termination date at any time between the date of notice and the date of resignation, in which case the Executive’s resignation shall be effective as of such other date. Executive will receive compensation through any required
notice period. In the event notice of a termination under subsections (i), (iii) and (iv) is given orally, at the other party’s request, the party giving notice must provide written confirmation of such notice within five
(5) business days of the request in compliance with the requirement of Section 11.3 below. In the event of a termination for Cause or Good Reason written confirmation shall specify the subsection(s) of the definition of Cause or Good
Reason relied on to support the decision to terminate but shall not include further explanation. 

  
 6 

 6. DEFINITIONS. 

6.1 Cause. As used in this Agreement, “Cause” shall mean the occurrence of one or more of the following:
(i) Executive’s conviction of a felony or a crime involving moral turpitude or dishonesty; (ii) Executive’s participation in a fraud or act of dishonesty against the Company; (iii) Executive’s intentional and material
damage to the Company’s property; (iv) material breach of Executive’s employment agreement, the Company’s written policies, or the Confidentiality Agreement; (v) conduct by Executive which demonstrates Executive’s gross
unfitness to serve the Company as reasonably determined in good faith by the Board of Directors; or (vi) breach of fiduciary duty. 

6.2 Good Reason. As used in this Agreement, “Good Reason” shall mean any one of the following events which
occurs without Executive’s consent during the Term of this Agreement provided that Executive has not been notified of the Company’s decision to terminate his employment for Cause, Executive has first provided written notice to any member
of the Board (or the surviving corporation, as applicable) of the occurrence of such event(s) within 90 days of the first such occurrence, the Company (or surviving corporation) has not cured such event(s) within 30 days after Executive’s
written notice is received by such member of the Board (or by the surviving corporation), and Executive has a Separation from Service within 30 days after the end of the cure period : (i) a material reduction of Executive’s then existing
annual salary base or annual bonus target by more than ten percent (10%), unless the Executive accepts such reduction or such reduction is done in conjunction with similar reductions for similarly situated executives of the Company (it being
understood that, solely for purposes of this Section 6.2, such a reduction in the annual bonus target not accepted by Executive is considered a material breach of this Agreement); (ii) any request by the Company (or any surviving or
acquiring corporation) that the Executive relocate to a new principal base of operations that would increase Executive’s one-way commute distance by more than thirty-five (35) miles from his then-principal base of operations, unless
Executive accepts such relocation opportunity; or (iii) for purposes of Section 5.6 only, if, following a Change in Control, Executive’s benefits and responsibilities are materially reduced, or Executive’s base compensation or
annual bonus target are reduced by more than 10%, in each case, by comparison to the benefits, responsibilities, base compensation or annual bonus target in effect immediately prior to such reduction (it being understood that, solely for purposes of
this Section 6.2, the aforementioned reductions in the annual bonus target or benefits are considered a material breach of this Agreement). Notwithstanding the foregoing, neither (i) any actions taken by the Company to accommodate a
disability of the Executive or pursuant to the Family and Medical Leave Act, nor (ii) the Executive’s election to allow this Agreement to expire at the end of the Term shall be a Good Reason for purposes of this Agreement. The parties
acknowledge and agree that the proration of the Full-Time Base Salary to fifty percent (50%) of the Full-Time Base Salary as described in Section 2.1 above does not constitute Good Reason, but that a future material reduction of base
salary as provided under 6.2(i) above will constitute Good Reason. 

  
 7 

 6.3 Change in Control. As used in this agreement, “Change in
Control” has the meaning set forth in the Company’s 2014 Equity Incentive Plan. Notwithstanding the foregoing, to the extent that the Company determines that any of the payments or benefits under this Agreement that are payable in
connection with a Change in Control constitute deferred compensation under Section 409A that may only be paid on a qualifying transaction (that is, the payments and benefits are not otherwise “exempt” under 409A), the foregoing
definition of Change in Control shall apply only to the extent the transaction also meets the definition used for purposes of Treasury Regulation Section 1.409A-3(a)(5), that is, as defined under Treasury Regulation Section 1.409A-3(i)(5).

 7. TERMINATION OF COMPANY’S
OBLIGATIONS. Notwithstanding any provisions in this Agreement to the contrary, the Company’s obligations, and Executive’s rights pursuant to Sections 5.4 and 5.6 herein, regarding salary
continuation and the payment of COBRA premiums, shall cease and be rendered a nullity immediately should Executive fail to comply with the provisions of the Confidentiality Agreement or if Executive directly or indirectly competes with the Company
in violation of the Non-Competition Agreement. 
 8. CODE SECTION 409A COMPLIANCE.
To the extent any payments or benefits pursuant to Section 5 above (a) are paid from the date of termination of Executive’s employment through March 15 of the calendar year following such termination, such severance benefits are
intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations and thus payable pursuant to the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury
Regulations; (b) are paid following said March 15, such Severance Benefits are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations made upon an involuntary separation from
service and payable pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations, to the maximum extent permitted by said provision, (c) represent the reimbursement or payment of costs for outplacement services, such payments are
intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations and to qualify for the exception from deferred compensation pursuant to Section 1.409A-1(b)(9)(v)(A); and (d) are in excess of
the amounts specified in clauses (a), (b) and (c) of this paragraph, shall (unless otherwise exempt under Treasury Regulations) be considered separate payments subject to the distribution requirements of Section 409A(a)(2)(A) of the
Code, including, without limitation, the requirement of Section 409A(a)(2)(B)(i) of the Code that payments or benefits be delayed until 6 months after Executive’s separation from service if Executive is a “specified Executive”
within the meaning of the aforesaid section of the Code at the time of such separation from service. In the event that a six month delay of any such separation payments or benefits is required, on the first regularly scheduled pay date following the
conclusion of the delay period, Executive shall receive a lump sum payment or benefit in an amount equal to the separation payments and benefits that were so delayed, and any remaining separation payments or benefits shall be paid on the same basis
and at the same time as otherwise specified pursuant to this Agreement (subject to applicable tax withholdings and deductions). 
 9.
PARACHUTE TAXES. 
 9.1 The following terms shall have the meanings set forth below for purposes of
this Section 9: 
 (i) “Accounting Firm” means a certified public accounting firm
chosen by the Company. 

  
 8 

 (ii) “After-Tax” means after taking into account all applicable
Taxes and Excise Tax. 
 (iii) “Excise Tax” means the excise tax imposed by Section 4999 of the Code,
together with any interest or penalties imposed with respect to such excise tax. 
 (iv) “Payment” means any
payment, distribution or benefit in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of Executive, whether paid or payable pursuant to this Agreement or otherwise. 

(v) “Safe Harbor Amount” means 2.99 times Executive’s “base amount,” within the meaning of
Section 280G(b)(3) of the Code. 
 (vi) “Taxes” means all federal, state, local and
foreign income, excise, social security and other taxes, other than the Excise Tax, and any associated interest and penalties. 
 9.2
If any Payment due Executive is subject to the Excise Tax, then such Payment shall be adjusted, if necessary, to equal the greater of (x) the Safe Harbor Amount or (y) the Payment, whichever results in such Executive’s receipt,
After-Tax, of the greatest amount of the Payment. The reduction of Executive’s Payments pursuant to this Section 9.2, if applicable, shall be made by first reducing the acceleration of Executive’s stock option vesting (if any), the
acceleration of the vesting of Executive’s other equity securities (if any), and then by reducing the payments under Section 10(e)(v), (iv), (ii), (iii) and (i), in that order. 

9.3 All determinations required to be made under this Section 9, including whether and in what manner any Payments are to be
reduced pursuant to the second sentence of Section 9.2, and the assumptions to be utilized in arriving at such determinations, shall be made by the Accounting Firm, and shall be binding upon the Company and Executive, except to the extent the
Internal Revenue Service or a court of competent jurisdiction makes an inconsistent final and binding determination. The Accounting Firm shall provide detailed supporting calculations both to the Company and Executive within fifteen
(15) business days after receiving notice from Executive that there has been a Payment or such earlier time as may be requested by the Company. All fees and expenses of the Accounting Firm shall be borne solely by the Company. 

10. COOPERATION WITH THE COMPANY AFTER
TERMINATION OF EMPLOYMENT. Following termination of Executive’s employment for any reason, Executive shall fully cooperate with the Company in all matters relating to the winding up of
Executive’s pending work including, without limitation, any litigation in which the Company is involved or such other inquiry concerning the Company that Executive may have knowledge, the signing of routine documents for administrative or
compliance purposes, announcements concerning termination and the orderly transfer of any pending work to such other executives or Executives as may be designated by the Company. 

  
 9 

 11. GENERAL PROVISIONS. 

11.1 Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any
other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provisions had never been contained herein. 

11.2 Waiver. If either party should waive any breach of any provisions of this Agreement, Executive or the Company shall not
thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement. 
 11.3
Notices. Any notices required hereunder to be in writing shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by electronic mail, telex or confirmed facsimile, if sent during normal
business hours of the recipient, and if not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit
with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company, “Attention Chairman, Board of Directors” at its primary office location
and to Executive at Executive’s address as listed on the Company payroll, or at such other address as the Company or the Executive may designate by ten (10) days advance written notice to the other. 

11.4 Complete Agreement. This Agreement constitutes the entire agreement between Executive and the Company with regard to the
subject matter hereof. This Agreement is the complete, final, and exclusive embodiment of their agreement with regard to this subject matter and supersedes any prior oral discussions or written communications and agreements, including the Prior
Agreement. This Agreement is entered into without reliance on any promise or representation other than those expressly contained herein, and it cannot be modified or amended except in writing signed by Executive and an authorized officer of the
Company. The parties have entered into a separate Non-Competition Agreement, which governs other aspects of the relationship between the parties, have or may have provisions that survive termination of Executive’s employment under this
Agreement, may be amended or superseded by the parties without regard to this Agreement and is enforceable according to its terms without regard to the enforcement provision of this Agreement. 

11.5 Counterparts. This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than
one party, but all of which taken together will constitute one and the same Agreement. 
 11.6 Headings. The headings of the sections
hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof. 

  
 10 

 11.7 Successors and Assigns. The Company shall assign this Agreement and its rights
and obligations hereunder in whole, but not in part, to any Company or other entity with or into which the Company may hereafter merge or consolidate or to which the Company may transfer all or substantially all of its assets, if in any such case
said Company or other entity shall by operation of law or expressly in writing assume all obligations of the Company hereunder as fully as if it had been originally made a party hereto, but may not otherwise assign this Agreement or its rights and
obligations hereunder. Executive may not assign or transfer this Agreement or any rights or obligations hereunder, other than to Executive’s estate upon Executive’s death. 

11.8 Choice of Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by
the law of the State of Colorado. 
 11.9 Resolution of Disputes. The parties recognize that litigation in federal or state courts or
before federal or state administrative agencies of disputes arising out of Executive’s employment with the Company or out of this Agreement, or Executive’s termination of employment or termination of this Agreement, may not be in the best
interests of either Executive or the Company, and may result in unnecessary costs, delays, complexities, and uncertainty. The parties agree that any dispute between the parties arising out of or relating to the negotiation, execution, performance or
termination of this Agreement or Executive’s employment, including, but not limited to, any claim arising out of this Agreement, claims under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Age
Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, Section 1981 of the Civil Rights Act of 1966, as amended, the Family Medical Leave Act, the Executive Retirement Income Security Act, and any similar
federal, state or local law, statute, regulation, or any common law doctrine, whether that dispute arises during or after employment, shall be settled by binding arbitration in accordance with the National Rules for the Resolution of Employment
Disputes of the American Arbitration Association; provided, however, that this dispute resolution provision shall not apply to any separate agreements between the parties that do not themselves specify arbitration as an exclusive remedy. The
location for the arbitration shall be the Louisville, Colorado metropolitan area. Any award made by such panel shall be final, binding and conclusive on the parties for all purposes, and judgment upon the award rendered by the arbitrators may be
entered in any court having jurisdiction thereof. The arbitrators’ fees and expenses and all administrative fees and expenses associated with the filing of the arbitration shall be borne by the Company; provided however, that at
Executive’s option, Executive may voluntarily pay up to one-half the costs and fees. The parties acknowledge and agree that their obligations to arbitrate under this Section 11.9 survive the termination of this Agreement and continue after
the termination of the employment relationship between Executive and the Company. The parties each further agree that the arbitration provisions of this Agreement shall provide each party with its exclusive remedy, and each party expressly
waives any right it might have to seek redress in any other forum, except as otherwise expressly provided in this Agreement. By electing arbitration as the means for final settlement of all claims, the parties hereby waive their respective rights
to, and agree not to, sue each other in any action in a federal, state or local court with respect to such claims, but may seek to enforce in court an arbitration award rendered pursuant to this Agreement. The parties specifically agree to waive
their respective rights to a trial by jury, and further agree that no demand, request or motion will be made for trial by jury. 

  
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 IN WITNESS WHEREOF, the
parties have executed this Employment Agreement effective as of the Effective Date, as defined above. 
  

									
	 GLOBEIMMUNE, INC.
	 		 	EXECUTIVE:
			
	 /s/ J. William Freytag
	 		 	 /s/ Timothy C. Rodell

	(Signature)	 		 	(Signature)
					
	 By:
	 	 J. William Freytag, Ph.D.
	 		 	By:	 	 Timothy C. Rodell

					
	 Title:
	 	 Chairman
	 		 	Title:	 	 President and CEO

  
 12 

 Exhibit A 

Release Agreement 
 This
Release Agreement (“Release” or “Agreement”) is made by and between GlobeImmune, Inc. (the “Company”) and TIMOTHY C.
RODELL (“you”). You and the Company entered into an Amended and Restated Employment Agreement dated February 23, 2016 (the “Employment Agreement”). You and the
Company hereby further agree as follows: 
 1. A blank copy of this Release was attached to the Employment Agreement as Exhibit A.

 2. Severance Payments. If either (i) your employment was terminated by the Company without Cause (as defined in the
Employment Agreement) in accordance with Sections 5.4 or 5.6 of the Employment Agreement; or (ii) you resign for Good Reason in accordance with Sections 5.4 or 5.6 and 6.2 of the Employment Agreement, then, in consideration for your execution,
return and non-revocation of this Release, following the Release Date (as defined in Section 3 below) the Company will provide severance benefits to you as follows: [describe benefits and payment schedule]. 

3. Release by You. In exchange for the payments and other consideration under this Agreement, to which you would not otherwise be
entitled, and except as otherwise set forth in this Agreement, you hereby generally and completely release, acquit and forever discharge the Company, its respective subsidiaries, affiliates, predecessors, current and former directors, members,
officers, employees, agents, stockholders, heirs, beneficiaries, its successors and assigns (both individually and in their official capacities), its parents and subsidiaries, and its officers, directors, managers, partners, agents, servants,
employees, attorneys, shareholders, successors, assigns and affiliates (the “Releasees”), of and from any and all claims, liabilities, demands, causes of action, costs, expenses, attorneys’ fees, damages, indemnities and obligations
of every kind and nature, in law, equity, or otherwise, both known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way related to agreements, events, acts or conduct at any time prior to and including the
execution date of this Agreement, including but not limited to: all such claims and demands directly or indirectly arising out of or in any way connected with your employment with the Company or the termination of that employment; claims or demands
related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in the Company, vacation pay, fringe benefits, expense reimbursements, severance pay, or any other form of compensation; claims pursuant to any federal,
state or local law, statute, or cause of action; tort law; or contract law. The claims and causes of action you are releasing and waiving in this Agreement include, but are not limited to, any and all claims and causes of action that the Company,
its parents and subsidiaries, and its and their respective officers, directors, agents, servants, employees, attorneys, shareholders, successors, assigns or affiliates: 
  

	 	•	 	has violated its personnel policies, handbooks, contracts of employment, or covenants of good faith and fair dealing; 

  
 1 

	 	•	 	has discriminated against you on the basis of age, race, color, sex (including sexual harassment), national origin, ancestry, disability, religion, sexual orientation, marital status, parental status, source of income,
entitlement to benefits, any union activities or other protected category in violation of any local, state or federal law, constitution, ordinance, or regulation, including but not limited to: the Age Discrimination in Employment Act, as amended
(“ADEA”); Title VII of the Civil Rights Act of 1964, as amended; 42 U.S.C. § 1981, as amended; the Civil Rights Act of 1866; the Colorado Fair Employment Practices Act; the Worker Adjustment Retraining and Notification Act; the
Equal Pay Act; the Americans With Disabilities Act; the Genetic Information Non-Discrimination Act; the Family Medical Leave Act; the Occupational Safety and Health Act; the Immigration Reform and Control Act; the Uniform Services Employment and
Reemployment Rights Act of 1994, as amended; Section 510 of the Employee Retirement Income Security Act; and the National Labor Relations Act; 

  

	 	•	 	has violated any statute, public policy or common law (including but not limited to claims for retaliatory discharge; negligent hiring, retention or supervision; defamation; intentional or negligent infliction of
emotional distress and/or mental anguish; intentional interference with contract; negligence; detrimental reliance; loss of consortium to you or any member of your family and/or promissory estoppel). 

Notwithstanding the foregoing, you are not releasing any right of indemnification you may have for any liabilities arising from your actions within the course
and scope of your employment with the Company or within the course and scope of your role as a member of the Board of Directors and/or officer of the Company. Also excluded from this Agreement are any claims which cannot be waived by law. You are
waiving, however, your right to any monetary recovery should any governmental agency or entity, such as the EEOC or the DOL, pursue any claims on your behalf. You acknowledge that you are knowingly and voluntarily waiving and releasing any rights
you may have under the ADEA, as amended. You also acknowledge that (i) the consideration given to you in exchange for the waiver and release in this Agreement is in addition to anything of value to which you were already entitled, and
(ii) that you have been paid for all time worked, have received all the leave, leaves of absence and leave benefits and protections for which you are eligible, and have not suffered any on-the-job injury
for which you have not already filed a claim. You further acknowledge that you have been advised by this writing that: (a) your waiver and release do not apply to any rights or claims that may arise after the execution date of this Agreement;
(b) you have been advised hereby that you have the right to consult with an attorney prior to executing this Agreement; (c) you have twenty-one (21) days [in the event of a group release 21 days becomes 45 days] to consider
this Agreement (although you may choose to voluntarily execute this Agreement earlier); (d) you have seven (7) days following your execution of this Agreement to revoke the Agreement; and (e) this Agreement shall not be effective
until the date upon which the revocation period has expired unexercised, which shall be the eighth day after this Agreement is executed by you provided the Company has also executed the Release on or before that date (the “Release
Date”). 
 4. Return of Company Property. Within ten (10) days of the effective date of the termination of
employment, you agree to return to the Company all Company documents (and all copies thereof) and other Company property then in existence that you have had in your possession at any time, including, but not limited to, Company files, notes,
drawings, records, 

  
 2 

 
business plans and forecasts, financial information, specifications, computer-recorded information, tangible property (including, but not limited to, computers), credit cards, entry cards,
identification badges and keys; and, any materials of any kind that contain or embody any proprietary or confidential information of the Company (and all reproductions thereof). Receipt of the Severance described in paragraph 2 of this Release
expressly conditioned upon return of all such Company Property. 
 5. Confidentiality. The provisions of this Release will be
held in strictest confidence by you and will not be publicized or disclosed in any manner whatsoever; provided, however, that: (a) you may disclose this Agreement in confidence to your immediate family; (b) you may disclose this
Agreement in confidence to your attorney, accountant, auditor, tax preparer, and financial advisor; and (c) you may disclose this Release insofar as such disclosure may be required by law. Notwithstanding the foregoing, nothing in this
Agreement shall limit your right to discuss your employment with the Equal Employment Opportunity Commission, United States Department of Labor, the National Labor Relations Board, other federal government agency or similar state or local agency or
to discuss the terms and conditions of your employment with others to the extent expressly permitted by Section 7 of the National Labor Relations Act. 

6. Proprietary Information and Post-Termination Obligations. Both during and after your employment you acknowledge your continuing
obligations under your Employee Non-Competition Agreement not to use or disclose any confidential or proprietary information of the Company and to refrain from certain solicitation and competitive activities. 

7. Non-Disparagement. You and the Company, acting through its executive officers, agree not to disparage the other party, and in
addition with respect to the Company, you agree not to disparage the Company’s officers, directors, employees, shareholders and agents, in each case in any manner likely to be harmful to them or their business, business reputation or personal
reputation; provided that both the Executive and the Company will respond accurately and fully to any question, inquiry or request for information when required by legal process. Notwithstanding the foregoing, nothing in this Agreement shall limit
your right to discuss your employment with the Equal Employment Opportunity Commission, United States Department of Labor, the National Labor Relations Board, other federal government agency or similar state or local agency or to discuss the terms
and conditions of your employment with others to the extent expressly permitted by Section 7 of the National Labor Relations Act. 

8. No Admission. This Agreement does not constitute an admission by the Company of any wrongful action or violation of any federal,
state, or local statute, or common law rights, including those relating to the provisions of any law or statute concerning employment actions, or of any other possible or claimed violation of law or rights. 

9. Breach. You agree that upon any material breach of this Release you will forfeit all amounts paid or owing to you under this
Release. Further, you acknowledge that it may be impossible to assess the damages caused by your material violation of the terms of paragraphs 4, 5, 6, and 7 of this Release and further agree that any threatened or actual material violation or
breach of those paragraphs of this Release will constitute immediate and irreparable injury to the Company. You therefore agree that any such breach of this Release is a material breach of this Agreement, and, in addition to any and all other
damages and remedies available to the Company upon your breach of this Agreement, the Company shall be entitled to an injunction to prevent you from violating or breaching this Agreement. 

  
 3 

 10. Miscellaneous. This Release constitutes the complete, final and exclusive embodiment
of the entire agreement between you and the Company with regard to this subject matter. It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other
such promises, warranties or representations. This Release may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company. This Release will bind the heirs, personal representatives, successors and
assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors and assigns. If any provision of this Release is determined to be invalid or unenforceable, in whole or in part, this determination
will not affect any other provision of this Agreement and the provision in question will be modified by the court so as to be rendered enforceable. This Release will be deemed to have been entered into and will be construed and enforced in
accordance with the laws of the State of Colorado as applied to contracts made and performed entirely within Colorado. 
  

							
	GlobeImmune, Inc.
				
	 By:
	 	
             

	 		 	  

		 	 [NAME AND TITLE]
	 		 	Date
			
	 EXECUTIVE
	 		 	
			
	  
	 		 	  

	 TIMOTHY C. RODELL
	 		 	Date

  

  
 4

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