Document:

exv10w1

 

Exhibit 10.1

SEPARATION AGREEMENT AND GENERAL RELEASE

     This Separation Agreement and General Release (“Agreement”) sets forth the complete terms
under which the employment of J. Matthew Bond (“Executive”) with Pharmaceutical Research
Associates, Inc. (“PRA”) is ending.

     1. Recitals.

          a. Executive formerly served as an employee at PRA.

          b. Executive and PRA desire to conclude Executive’s employment with PRA on mutually
satisfactory terms and in accordance with the terms of Executive’s February 3, 2006 Employment and
Non-Competition Agreement (hereby incorporated by reference).

          c. Each reference in this Agreement to PRA includes Pharmaceutical Research Associates, Inc.
and any of its present or former divisions, affiliates, subsidiaries, parents, attorneys, trustees
under any employee benefit plan, officers, directors, members, employees, agents, attorneys,
representatives, predecessors, successors, and assigns.

     2. Conclusion of Employment.

     Executive has resigned his office as Chief Financial Officer of PRA and from all other officer
and directorship positions with PRA and any affiliate of PRA effective June 4, 2007. Executive
agrees to execute any and all formal documents as may be necessary to effectuate such resignations.
Executive and PRA agree that Executive’s employment with PRA will terminate effective July 5, 2007
and that for the period from June 5, 2007 until July 5, 2007 Executive will assist in the
transition to a new chief financial officer and will continue to receive his current base salary.
On July 5, 2007, Executive will be paid any and all accrued but unpaid base salary (including
accrued but unpaid PTO) due to Executive as of July 5, 2007. Executive specifically waives and
renounces any claim for employment with PRA after July 5, 2007.

     3. Severance Payment.

     PRA agrees to provide Executive with the gross sum of $264,000 less all applicable payroll
taxes, deductions, and withholdings (hereinafter “Severance Payment”), said amount
representing severance payments due under the February 3, 2006 Employment and Non-Competition
Agreement equal to twelve (12) months base salary.

 

 

     The February 3, 2006 Employment and Non-Competition Agreement provides that the Severance
Payment shall be made over a 12-month period following the date of termination. However, in order
to comply with the provisions of Section 409A of the Internal Revenue Code, the first severance
payment pursuant to the terms hereof will be made on the PRA’s first payroll date following the
date that is six months after the date of termination. The amount of this first payment will be
$132,000, which represents 6/12 of the total Severance Payment. Thereafter, the remaining portion
of the Severance Payment equal to $132,000 shall be payable in bi-monthly installments for the
remaining six months of the severance period at the same time Executive would otherwise receive
such base salary if Executive were still employed by PRA during such period.

     4. Bonus Payment.

     PRA agrees to provide Executive with $67,500 less all applicable payroll taxes, deductions,
and withholdings (hereinafter “Bonus Payment”), such amount representing a payment of one-half of
Executive’s 2007 target bonus. The Bonus Payment will be paid in a lump sum at the first regularly
scheduled pay period following the date this Agreement becomes irrevocable and effective pursuant
to Paragraph 9 of this Agreement and Executive’s return of all PRA property (including but not
limited to office keys, tools, and corporate credit card, together with any and all work-related
documents and data, whether on paper or in electronic form but not including laptop computer and
telecommunications equipment). It is expected that the Bonus Payment will be processed in PRA’s
July 15, 2007 normal payroll cycle.

     5. Benefits.

     Should Executive choose to elect continued health benefits under PRA’s employee health benefit
plan pursuant to COBRA, PRA will reimburse Executive for his premium costs up to
twelve (12) months. PRA will reimburse Executive within fourteen (14) days of receiving written
notice and proof of payment from Executive.

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     6. Options/MSPP Shares. 

     Executive’s outstanding options (the “Options”) to purchase shares of common stock (the
“Shares”) of PRA International, a Delaware corporation, (the “Parent”) that are vested on July 5,
2007 will be governed by the terms of the applicable option agreement between Executive and the
Parent (the “Option Agreement”) and the applicable option plan through which the Options were
granted. Executive’s Options that are unvested as of July 5, 2007 will be forfeited as of that
date. Executive shall also be entitled to receive 461 Shares of Parent based on Executive’s
contributions to the PRA International Management Stock Purchase Plan (“MSPP”) and in accordance
with the terms of the MSPP.

     7. Limitation of Rights.

     Executive understands and agrees that PRA shall make no other payments and shall have no other
obligations to Executive except as described herein.

     8. General Release.

          a. By signing this Agreement, Executive agrees, for himself, his heirs, beneficiaries,
devises, executors, administrators, attorneys, personal representatives, and assigns, and does
hereby forever release and discharge PRA (except for PRA’s obligations pursuant to this Agreement)
from any and all claims, debts, demands, accounts, judgments, rights, causes of action, damages,
costs, charges, complaints, obligations, promises, agreements, controversies, suits, expenses,
compensation, responsibility and liability of every kind and character whatever (including
attorneys’ fees and costs), whether in law or equity, known or unknown, asserted or unasserted,
that he has or may have arising up to and including the date of execution of this Agreement,
including without limitation, claims or causes of action related in any way to Executive’s
employment (or the termination thereof) with PRA and including any claims of wrongful discharge,
breach of express or implied contract, breach of employment contract, fraud,
 

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misrepresentation, defamation, liability in tort, claims of any kind that may be brought in
any court or administrative agency, any claims under Title VII of the Civil Rights Act of 1964, as
amended, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the
Employee Retirement Income Security Act, or any other federal, state or local law relating to
employment, employee benefits or the termination of employment, or any other claim arising out of
or relating to Executive’s employment with PRA. Executive understands and agrees that by signing
this Agreement, Executive is forever barred from making any such claims for monetary relief against
PRA and that should Executive institute any proceeding against PRA with respect to any of the
claims released herein, Executive agrees that this Agreement shall be deemed full and complete
accord, satisfaction and settlement of any such claim and shall constitute sufficient basis for its
immediate dismissal.

          b. This Agreement is not and shall not be deemed an admission by PRA of a violation of any
statute or law or wrongdoing of any kind, nor is it an admission or finding that any claim
Executive might raise against PRA, including any claim in connection with Executive’s employment
with PRA or the conclusion of that employment, is or would be in any way valid or meritorious.
Executive and PRA specifically acknowledge that this Agreement is being made solely for the purpose
of concluding Executive’s employment with PRA amicably.

     9. Special Release Notification of Age Discrimination Claims.

     The General Release, in paragraph 8, includes a release of all claims under the Age
Discrimination in Employment Act (“ADEA”) and, therefore, pursuant to the requirements of the ADEA,
Executive acknowledges that he has been advised that this release includes, but is not limited to,
all claims under the ADEA arising up to and including the date of execution of this release; to
consult with an attorney and/or other advisor of his choosing concerning his rights and obligations
under this release; to fully consider this release before executing it and that he has been offered
ample time and opportunity, in excess of 21 days, to do so; and that this release shall become
effective and enforceable 7 days following execution of this Agreement by Executive,
during which 7 day period Executive may revoke his acceptance of this Agreement by delivering
written notice to Bucky Walsh, Executive Vice President, PRA International, 4105 Lewis & Clark
Drive, Charlottesville, Virginia 22911. This Agreement shall not become effective or enforceable
until the 7 day revocation period has expired.

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     10. Non-Competition and Non-Solicitation.

     Executive agrees that Section 10 (Non-Competition and Non-Solicitation) of Executive’s
February 3, 2006 Employment and Non-Competition Agreement (hereby incorporated by reference) shall
remain in effect as stated therein.

     11. Construction of Agreement.

          a. Executive and PRA agree that this Agreement contains all the promises and covenants made by
them with respect to its subject matter, and except as specifically provided in this Agreement,
supersedes any and all prior agreements or understandings between Executive and PRA with respect to
the subject matter hereof, whether written or oral, including the February 3, 2006 Employment and
Non-Competition Agreement.

          b. This Agreement shall be governed by and interpreted in accordance with the laws of the
state of Virginia.

          c. If any provision of this Agreement is held invalid, such invalidity shall not invalidate
the entire Agreement, and the remainder of the Agreement shall not be affected.

          d. This Agreement shall not be deemed valid, binding or executed until Executive and PRA have
signed.

          e. EXECUTIVE ACKNOWLEDGES THAT EXECUTIVE HAS READ THIS AGREEMENT AND KNOWS AND UNDERSTANDS ITS
CONTENTS, AND VOLUNTARILY SIGNS IT OF HIS OWN FREE WILL. EXECUTIVE IS SATISFIED WITH THE TERMS OF
THIS AGREEMENT AND AGREES THAT THE TERMS ARE BINDING UPON EXECUTIVE.

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          f. This Agreement may be executed in counterparts, each of which shall be deemed an
original and both of which shall together constitute one and the same instrument.

          IN WITNESS THEREOF, and intending to be legally bound, the parties have executed the foregoing
on the dates shown below.

WITNESS the following signature:

Executive:

	 	 	 	 	 	 	 	 	 
	/s/ J. Matthew Bond 
	 	 	 	Date:	 	July 5, 2007 	 	 
	
 

J. Matthew Bond

	 	 
	 	 
	 	 	 	 

Pharmaceutical Research Associates, Inc. 

	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Terrance J. Bieker 	 	 
	 	Date:
	 	July 5, 2007 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	Terrance J. Bieker 

Chief Executive Officer	 	 	 	 	 	 	 	 

6exv10w1

 

Exhibit 10.1

EMPLOYMENT AGREEMENT

     This Employment Agreement (this “Agreement”) is dated as of July 2, 2007, between Novavax,
Inc., a Delaware corporation (the “Company”) having its principal office at 9920 Belward Campus
Drive, Rockville, MD 20850 and Len Stigliano, an individual (“Executive”).

     The Company and Executive hereby agree as follows:

	1.	 	Employment. The Company hereby employs Executive and Executive hereby accepts employment as
Vice President and Chief Financial Officer and Treasurer upon the terms and conditions
hereinafter set forth. As used throughout this Agreement, “Company” shall mean and include any
and all of its present and future subsidiaries and any and all subsidiaries of a subsidiary.
Executive warrants and represents that he is free to enter into and perform this Agreement and
is not subject to any employment, confidentiality, non-competition or other agreement which
prohibits, restricts, or would be breached by either his acceptance or his performance of this
Agreement.
	 
	2.	 	Duties. During the Term (as hereinafter defined), Executive shall devote his full business
time, attention and energies to the performance of services as Vice President, Chief Financial
Officer and Treasurer of Novavax, Inc., performing such services, assuming such
responsibilities and exercising such authority as are set forth in the Bylaws of the Company
for such offices and assuming such other duties and responsibilities as prescribed by the
President and Chief Executive Officer (the “CEO” and Board of Directors. Executive agrees to
perform his services faithfully and to the best of his ability and to carry out the policies
and directives of the Company. Notwithstanding the foregoing, it shall not be a violation of
this Agreement for the Executive to serve as a director, trustee, officer, or consultant to a
charitable or non-profit entity; provided that such service does not adversely affect
Executive’s ability to perform his obligations hereunder. Executive agrees to take no action
which is in bad faith and prejudicial to the interests of the Company during his employment
hereunder. Notwithstanding the location where Executive shall be based, as set forth in this
Agreement, he also may be required from time to time to perform duties hereunder for
reasonably short periods of time outside of said area.
	 
	3.	 	Term. The term of this Agreement shall be a period beginning on July 2, 2007 and continuing
until July 1, 2008, unless earlier terminated pursuant to Section 7 hereof (the “Term”) and
shall be renewable annually on the terms set forth herein upon agreement of the Company and
Executive of the term of such renewal and the initial base compensation applicable to the
renewal term. The parties acknowledge that the employment hereunder is employment at will.
	 
	4.	 	Compensation

	 	(a)	 	Base Compensation. For all Executive’s services and covenants under this
Agreement, the Company shall pay Executive at an annual rate of $250,000, subject to
review by the CEO of the Company and the Board of Directors (or any committee of the
Board of Directors authorized to review and evaluate executive
compensation) when compensation is reviewed after the completion of the audit with
respect to the 2007 fiscal year (in accordance with the management processes), and
each fiscal year thereafter and payable in accordance with the Company’s payroll
policy as constituted from time to time. The Company may withhold from any amounts
payable under this Agreement all required federal, state, city or other taxes and
all other deductions as may be required pursuant to any law or government regulation
or ruling.

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	 	(b)	 	Bonus Program. Executive shall be eligible to participate in the Company’s
performance and incentive bonus program applicable to senior executives. Eligibility
for bonuses and amounts to be paid each year are determined by the President and CEO
and the Board of Directors (or any committee of the Board of Directors authorized to
make that determination) based on the Company’s and Executive’s performance. Under the
existing bonus program, Executive would be eligible for a maximum bonus of 40% of
Executive’s base salary during the year to which the bonus relates. The bonus may be
paid out partly in cash and partly in shares of restricted stock at the discretion of
the Board of Directors. Any bonus paid in 2007 will be prorated. The time spent as
Interim CFO will be included in calculation of the prorated bonus for 2007.
	 
	 	(c)	 	Stock Awards. Subject to approval by the Board of Directors (or any committee
of the Board of Directors authorized to make that determination), the Company will
grant Executive (a) stock options to purchase 225,000 shares of the Company’s Common
Stock ($.01 par value) at an exercise price equal to the closing price of the Company’s
Common Stock on the later of Executive’s date of hire or the date of such Board of
Directors’ approval. This stock award will vest as to one-third of the options on each
of the first three (3) anniversaries of Executive’s date of employment.
	 
	 	 	 	Executive will be eligible for additional stock awards based upon performance
subject to the approval of the President and CEO and the Board of Directors.

	5.	 	Reimbursable Expenses. Executive shall be entitled to reimbursement for reasonable expenses
incurred by him in connection with the performance of his duties hereunder in accordance with
such procedures and policies as the Company has heretofore or may hereafter establish. In
addition, the Company will reimburse Executive for transportation and lodging expenses
incurred in his commute from Blue Bell, PA to Rockville, MD. The Company agrees to reimburse
up to $25,000 per year during the initial Term and, if the Agreement is so renewed, during
each year of the first two renewal periods. In addition to the reimbursable expenses, the
Company shall reimburse Executive for an additional amount (the “Gross-Up Payment”) equal to
the state and federal income taxes imposed on the reimbursable expenses (exclusive of any
income taxes which may be imposed on the Gross-Up Payment).

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	6.	 	Benefits.

	 	(a)	 	Executive shall be entitled to four weeks of paid vacation time calculated and
administered in accordance with Company policies in effect from time to time. The
Executive shall be entitled to all other benefits associated with normal full time
employment in accordance with Company policies. A copy of the Company’s current
benefits plans are attached hereto.
	 
	 	(b)	 	Subject to the approval of the Board of Directors, Executive shall be entitled
to participate in the Company’s Amended and Restated Change of Control Severance
Benefit Plan, as amended July 26, 2006 (the “Change of Control Plan”).

	7.	 	Termination of Employment.

	 	(a)	 	Notwithstanding any other provision of this Agreement, Executive’s employment
may be terminated, without such action constituting a breach of this Agreement:

	 	(i)	 	By the Company, for “Cause,” as defined in Section 7(b) below;
	 
	 	(ii)	 	By the Company, upon 30 days’ notice to Executive, if he should
be prevented by illness, accident or other disability (mental or physical) from
discharging his duties hereunder for one or more periods totaling three
consecutive months during any twelve-month period;
	 
	 	(iii)	 	By the event of Executive’s death during the Term.

	 	(b)	 	“Cause” shall mean (i) Executive’s willful failure or refusal to perform in all
material respects the services required of him hereby, (ii) Executive’s willful failure
or refusal to carry out any proper and material direction by the President and CEO or
Board of Directors with respect to the services to be rendered by him hereunder or the
manner of rendering such services, (iii) Executive’s willful misconduct or gross
negligence in the performance of his duties hereunder, (iv) Executive’s commission of
an act of fraud, embezzlement or theft or a felony involving moral turpitude, (v)
Executive’s use or disclosure of Confidential Information (as defined in Section 10 of
this Agreement), other than for the benefit of the Company in the course of rendering
services to the Company or (vi) Executive’s engagement in any activity prohibited by
Section 11 of this Agreement. For purposes of this Section 7, the Company shall be
required to provide Executive a specific written warning with regard to any occurrence
of subsections 7(b) (i), (ii) and (iii) above, which warning shall include a statement
of corrective actions and a 15 day period for the Executive to respond to and implement
such actions, prior to any termination of employment by the Company pursuant to Section
7(a) (i) above.

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	8.	 	Separation Pay. Subject to Executive’s execution and delivery to the Company of the
Company’s standard form of Separation and Release Agreement, the Company shall pay Executive a
lump sum amount equal to six months of Executive’s then effective salary (the “Separation
Pay”), upon the Company’s termination of Executive’s employment by the Company without Cause,
during the Term. Separation Pay shall be subject to
withholding of all applicable federal, state and local taxes and any other deductions
required by applicable law. In the event of Executive’s termination pursuant to Section
7(a)(ii), the Company’s obligation to pay further compensation hereunder shall cease after
the expiration of the 30 day notice. In the event of Executive’s death, the Company’s
obligation to pay further compensation hereunder shall cease forthwith, except that
Executive’s legal representative shall be entitled to receive his fixed compensation for the
period up to the last day of the month in which such death shall have occurred.

	9.	 	All Business to be Property of the Company; Assignment of Intellectual Property.

	 	(a)	 	Executive agrees that any and all presently existing business of the Company
and all business developed by him or any other employee of the Company including
without limitation all contracts, fees, commissions, compensation, records, customer or
client lists, agreements and any other incident of any business developed, earned or
carried on by Executive for the Company is and shall be the exclusive property of the
Company, and (where applicable) shall be payable directly to the Company.
	 
	 	(b)	 	Executive hereby acknowledges that any plan, method, data, know-how, research,
information, procedure, development, invention, improvement, modification, discovery,
design, process, work of authorship, documentation, formula, technique, trade secret or
intellectual property right whatsoever or any interest therein whether patentable or
non-patentable, patents and applications therefor, trademarks and applications therefor
or copyrights and applications therefor (herein sometimes collectively referred to as
“Intellectual Property”) made, conceived, created, invested, developed, reduced to
practice and/or acquired by Executive solely or jointly with others during the Term is
the sole and exclusive property of the Company, as work for hire, and that he has no
personal right in any such Intellectual Property. Executive hereby grants to the
Company (without any separate remuneration or compensation other than that received by
him from time to time in the course of his employment) his entire right, title and
interest throughout the world in and to, all Intellectual Property, which is made,
conceived, created, invested, developed, reduced to practice and/or acquired by him
solely or jointly with others during the Term.

	10.	 	Confidentiality. Executive acknowledges his obligation of confidentiality with respect to all
proprietary, confidential and non-public information of the Company, including all
Intellectual Property. Executive shall not, either during the Term or thereafter, use for any
purpose other than the furtherance of the Company’s business, or disclose to any person other
than a person with a need to know such confidential, proprietary or non-public information for
the furtherance of the Company’s business who is obligated to maintain the confidentiality of
such information, any information concerning any Intellectual Property, or other confidential,
proprietary or non-public information of the Company, whether Executive has such information
in his memory or such information is embodied in writing or other tangible form. All originals
and copies of any of the foregoing, however and whenever produced, shall be the sole property
of the Company. Upon the termination of Executive’s employment in any manner or for any
reason, Executive shall
promptly surrender to the Company all copies of any of the foregoing, together with any
documents, materials, data, information and equipment belonging to or relating to the
Company’s business and in his possession, custody or control, and Executive shall not
thereafter retain or deliver to any other person any of the foregoing or any summary or
memorandum thereof.

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	11.	 	Non-Competition Covenant. As the Executive has been granted options to purchase stock in the
Company and as such has a financial interest in the success of the Company’s business and as
Executive recognizes that the Company would be substantially injured by Executive competing
with the Company, Executive agrees and warrants that within the United States, he will not,
unless acting with the Company’s express prior written consent, directly or indirectly, while
an employee of the Company and during the Non-Competition Period, as defined below, own,
operate, join, control, participate in, or be connected as an officer, director, employee,
partner, stockholder, consultant or otherwise, with any business or entity which competes with
the business of the Company (or its successors or assigns) as such business is now constituted
(currently defined as a human vaccine development business) or as it may be constituted at any
time during the Term of this Agreement; provided, however, that Executive may own, and
exercise rights with respect to, less than one percent of the equity of a publicly traded
company. The “Non-Competition Period” shall be a period of one year following termination of
employment.
	 
	12.	 	Non-Solicitation Agreement. Executive agrees and covenants that he will not, unless acting
with the Company’s express written consent, directly or indirectly, during the Term of this
Agreement or during the Non-Competition Period (as defined in Section 11 above) solicit,
entice or attempt to entice away any customer, officer, employee, consultant, proposed
customer, vendor, supplier, proposed vendor or supplier or person or entity or person
providing or proposed to provide research and/or development services to, on behalf of or with
the Company. Executive agrees and covenants that he will not, unless acting with the
Company’s express written consent, directly or indirectly, during the Term of this Agreement
or thereafter interfere with the Company’s relationships or proposed relationships with any
customer, officer, employee, consultant, proposed customer, vendor, supplier, proposed vendor
or supplier or person or entity or person providing or proposed to provide research and/or
development services to, on behalf of or with the Company.
	 
	13.	 	Notices. All notices and other communications hereunder shall be in writing and shall be
deemed to have been given on actual receipt after having been delivered by hand, mailed by
first class mail, postage prepaid, or sent by Federal Express or similar overnight delivery
services, as follows: (a) if to Executive, at the address shown at the head of this Agreement,
or to such other person(s) or address(es) as Executive shall have furnished to the Company in
writing and, if to the Company, to it at the address set forth in the preamble hereto with a
copy to Jennifer Miller, Esq., Ballard Spahr Andrews & Ingersoll LLP, 1735 Market Street,
51st Floor, Philadelphia, PA 19103, or to such other person(s) or address(es) as
the Company shall have furnished to Executive in writing.
	 
	14.	 	Assignability. In the event of a change of control (as defined in the Company’s Change of
Control Plan), the terms of this Agreement shall inure to the benefit of, and be assumed by,
the acquiring person (as defined in the Company’s Change of Control Plan).
This Agreement shall not be assignable by Executive, but it shall be binding upon, and to
the extent provided in Section 8 shall inure to the benefit of, his heirs, executors,
administrators and legal representatives.

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	15.	 	Entire Agreement. This Agreement contains the entire agreement between the Company and
Executive with respect to the subject matter hereof and there have been no oral or other prior
agreements of any kind whatsoever as a condition precedent or inducement to the signing of
this Agreement or otherwise concerning this Agreement or the subject matter hereof.
Notwithstanding the foregoing, Executive acknowledges that he is required as a condition to
continued employment, to comply at all times, with the Company’s policies affecting employees,
including the Company’s published Code of Ethics, as in effect from time to time.
	 
	16.	 	Equitable Relief. Executive recognizes and agrees that the Company’s remedy at law for any
breach of the provisions of Sections 9, 10, 11 or 12 hereof would be inadequate, and he agrees
that for breach of such provisions, the Company shall, in addition to such other remedies as
may be available to it at law or in equity or as provided in this Agreement, be entitled to
injunctive relief and to enforce its rights by an action for specific performance. Should
Executive engage in any activities prohibited by this Agreement, he agrees to pay over to the
Company all compensation, remuneration or monies or property of any sort received in
connection with such activities; such payment shall not impair any rights or remedies of the
Company or obligations or liabilities of Executive which such parties may have under this
Agreement or applicable law.
	 
	17.	 	Amendments. This Agreement may not be amended, nor shall any change, waiver, modification,
consent or discharge be effected except by written instrument executed by the Company and
Executive.
	 
	18.	 	Severability. If any part of any term or provision of this Agreement shall be held or deemed
to be invalid, inoperative or unenforceable to any extent by a court of competent
jurisdiction, such circumstances shall in no way affect any other term or provision of this
Agreement, the application of such term or provision in any other circumstances, or the
validity or enforceability of this Agreement. Executive agrees that the restrictions set
forth in Sections 11 and 12 above (including, but not limited to, the geographical scope and
time period of restrictions) are fair and reasonable and are reasonably required for the
protection of the interests of the Company and its affiliates. In the event that any
provision of Section 11 or 12 relating to time period and/or areas of restriction shall be
declared by a court of competent jurisdiction to exceed the maximum time period or areas such
court deems reasonable and enforceable, said time period and/or areas of restriction shall be
deemed to become and thereafter be the maximum time period and/or areas which such court deems
reasonable and enforceable.
	 
	19.	 	Paragraph Headings. The paragraph headings used in this Agreement are included solely for
convenience and shall not affect, or be used in connection with, the interpretation hereof.

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	20.	 	Governing Law. This Agreement shall be governed by and construed and enforced in accordance
with the law of the State of Maryland, without regard to the principles of conflict of laws
thereof.
	 
	21.	 	Resolution of Disputes. With the exception of proceedings for equitable relief brought
pursuant to Section 16 of this Agreement, any disputes arising under or in connection with
this Agreement including, without limitation, any assertion by any party hereto that the other
party has breached any provision of this Agreement, shall be resolved by arbitration, to be
conducted in Philadelphia, Pennsylvania, in accordance with the rules and procedures of the
American Arbitration Association. The parties shall bear equally the cost of such arbitration,
excluding attorneys’ fees and disbursements which shall be borne solely by the party incurring
the same; provided, however, that if the arbitrator rules in favor of Executive, Company shall
be solely responsible for the payment of all costs, fees and expenses (including without
limitation Executive’s reasonable attorneys’ fees and disbursements) of such arbitration. The
provisions of this Section 21 shall survive the termination for any reason of the Term
(whether such termination is by the Company, by Executive or upon the expiration of the Term).
	 
	22.	 	Survival. Sections 8 through 21 shall survive the expiration or earlier termination of this
Agreement, for the period and to the extent specified therein.

     IN WITNESS WHEREOF, the parties have executed or caused to be executed under seal this
Agreement as of the date first above written.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	NOVAVAX, INC.
	 
	 	 	 	 	 	 	 	 	 	 
	[SEAL]
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Rahul Singhvi	 	 	 	 
	 

	 	 	 	Name:
	 	Rahul Singhvi	 	 	 	 
	 

	 	 	 	Title:
	 	President and Chief Executive Officer	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	/s/ Len Stigliano

Len Stigliano

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