Document:

Exhibit 4.2

 

Description of Securities Registered Pursuant
to Section 12 of the Securities Exchange Act of 1934

 

As of December 31, 2020, CONX Corp. (“we,” “our,”
 “us” or the “Company”) had the following three classes of securities registered under Section 12 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”): (i) Class A common stock, $0.0001 par value per share (“Class
A common stock”), (ii) warrants, exercisable for one share of Class A common stock for $11.50 per share, and (iii) units, consisting
of one share of Class A common stock and one-fourth of one warrant. Each whole warrant entitles the holder thereof to purchase one share
of Class A common stock at $11.50 per share. This Description of Securities also contains a description of the Company’s Class B
common stock, par value $0.0001 per share (the “Class B common stock” or “founder shares”), which is not registered
pursuant to Section 12 of the Exchange Act but is convertible into shares of Class A common stock. The description of the Class B common
stock is necessary to understand the material terms of the Class A common stock.

 

Pursuant to our amended and restated certificate of incorporation,
our authorized capital stock consists of 500,000,000 shares of Class A common stock, $0.0001 par value, 50,000,000 shares of Class B common
stock, $0.0001 par value, and 20,000,000 shares of undesignated preferred stock, $0.0001 par value. The following description summarizes
the material terms of our capital stock.

 

Defined terms used herein and not defined herein shall have the meaning
ascribed to such terms in the Company’s Annual Report on Form 10-K.

 

Units

 

Each unit consists of one share of Class A common stock and one-fourth
of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price
of $11.50 per share, subject to adjustment.

 

A warrant holder may exercise its warrants only for a whole number
of shares of the Company’s Class A common stock. This means only a whole warrant may be exercised at any given time by a warrant
holder.

 

Common Stock

 

Stockholders of record are entitled to one vote for each share held
on all matters to be voted on by stockholders. Holders of record of our Class A common stock and holders of record of our Class B
common stock vote together as a single class on all matters submitted to a vote of our stockholders, except as required by law.

 

Unless specified in our amended and restated articles of incorporation,
or as required by applicable provisions of the Nevada Revised Statutes (“NRS”) or applicable stock exchange rules, the affirmative
vote of a majority of our shares of common stock that are voted is required to approve any such matter voted on by our stockholders. There
is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the shares voted
for the election of directors can elect all of the directors.

 

Our stockholders are entitled to receive ratable dividends when, as
and if declared by the board of directors out of funds legally available therefor.

 

Our board of directors is divided into three classes with only one
class of directors being appointed in each year and each class (except for those directors appointed prior to our first annual meeting)
serving a three-year term. In accordance with Nasdaq corporate governance requirements, we are not required to hold an annual meeting
until one year after our first fiscal year end following our listing on the Nasdaq. We may not hold an annual meeting to appoint new directors
prior to the consummation of our initial business combination. Prior to the consummation of an initial business combination, any vacancy
on the board of directors may be filled by a nominee chosen by holders of a majority of our founder shares. In addition, prior to the
consummation of an initial business combination, holders of two-thirds of the voting power of our founder shares may remove a member of
the board of directors for any reason. Holders of shares of our Class A common stock are not entitled to vote on the appointment
of directors during this time.

 

     

     

    

 

We will provide our public stockholders with the opportunity to redeem
all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our
initial business combination, including interest (less amounts released to us to pay our taxes), divided by the number of then outstanding
public shares, subject to the limitations described herein. The per share amount we will distribute to investors who properly redeem their
shares will not be reduced by the deferred underwriting commissions we will pay to our underwriter. The redemption rights will include
the requirement that any beneficial owner on whose behalf a redemption right is being exercised must identify itself in order to validly
redeem its shares. Our initial stockholders, sponsor, officers and directors have entered into a letter agreement with us pursuant to
which they have agreed to waive their redemption rights in connection with the completion of our initial business combination with respect
to any founder shares, independent director shares and public shares they hold. Unlike many special purpose acquisition companies that
hold stockholder votes and conduct proxy solicitations in conjunction with their initial business combinations and provide for related
redemptions of public shares for cash upon completion of such initial business combinations even when a vote is not required by law, if
a stockholder vote is not required by law and we do not decide to hold a stockholder vote for business or other legal reasons, we will,
pursuant to our amended and restated articles of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC,
and file tender offer documents with the SEC prior to completing our initial business combination. Our amended and restated articles of
incorporation require these tender offer documents to contain substantially the same financial and other information about our initial
business combination and the redemption rights as is required under the SEC’s proxy rules. If, however, a stockholder approval of
the transaction is required by law, or we decide to obtain stockholder approval for business or other legal reasons, we will, like many
special purpose acquisition companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and
not pursuant to the tender offer rules. If we seek stockholder approval, we will complete our initial business combination only if a majority
of the shares of common stock voted are voted in favor of our initial business combination.

 

If we seek stockholder approval of our initial business combination
and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended
and restated articles of incorporation provide that a public stockholder, together with any affiliate of such stockholder or any other
person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act),
are restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares sold in our initial public offering
(which we refer to as “Excess Shares”), without our prior consent. However, we will not restrict our stockholders’ ability
to vote all of their shares (including Excess Shares) for or against our initial business combination. Our stockholders’ inability
to redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination, and such stockholders
could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally, such stockholders will
not receive redemption distributions with respect to the Excess Shares if we complete our initial business combination. And, as a result,
such stockholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to
sell their shares in open market transactions, potentially at a loss.

 

In the event of a liquidation, dissolution or winding up of the company
after a business combination, our stockholders are entitled to share ratably in all assets remaining available for distribution to them
after payment of liabilities and after provision is made for each class of shares, if any, having preference over the common stock. Our
stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the common stock, except
that we will provide our public stockholders with the opportunity to redeem their public shares for cash at a per share price equal to
the aggregate amount then on deposit in the trust account, including interest (less amounts released to us to pay our taxes), divided
by the number of then outstanding public shares, upon the completion of our initial business combination, subject to the limitations described
herein.

 

Additionally, the units that have not already been separated will automatically
separate into their component parts in connection with the completion of our initial business combination and will no longer be listed
thereafter.

 

Founder Shares

 

The founder shares are designated as Class B common stock
and, except as described below, are identical to the shares of Class A common stock, and holders of founder shares have the
same stockholder rights as public stockholders, except that (i) the founder shares are subject to certain transfer restrictions, as
described in more detail below, (ii) our initial stockholders, sponsor, officers and directors have entered into a letter agreement
with us pursuant to which they have agreed (A) to waive their redemption rights with respect to any founder shares, independent
director shares and public shares they hold in connection with the completion of our initial business combination, (B) to waive
their redemption rights with respect to any founder shares, independent director shares and public shares they hold in connection
with a stockholder vote to approve an amendment to our amended and restated articles of incorporation to modify the substance or
timing of our obligation to redeem 100% of our public shares if we have not consummated an initial business combination by November
3, 2022 or with respect to any other material provisions relating to stockholders’ rights or pre-initial business combination
activity and (C) to waive their rights to liquidating distributions from the trust account with respect to any founder shares and
independent director shares they hold if we fail to complete our initial business combination by November 3, 2022, although they
will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to
complete our initial business combination within such time period, and (iii) the founder shares are automatically convertible into
Class A common stock at the consummation of our initial business combination on a one-for-one basis, subject to adjustment as
described herein and provided for in our amended and restated articles of incorporation. If we submit our initial business
combination to our stockholders for a vote, our initial stockholders, sponsor, officers and directors have agreed to vote their
founder shares, independent director shares and any public shares purchased in favor of our initial business combination. Prior to
our initial business combination, only holders of our founder shares have the right to vote on the appointment of directors. Holders
of shares of our Class A common stock are not entitled to vote on the appointment of directors during such time. In addition,
prior to the completion of an initial business combination, holders of two-thirds of the voting power of our founder shares may
remove a member of the board of directors for any reason. These provisions of our amended and restated articles may only be amended
by a majority of holders of at least 90% of the outstanding founder shares entitled to vote thereon. With respect to any other
matter submitted to a vote of our stockholders, including any vote in connection with our initial business combination, except as
required by law, holders of our founder shares and holders of shares of our Class A common stock vote together as a single
class, with each share entitling the holder to one vote.

 

     

     

    

 

The founder shares will automatically convert into shares of Class A
common stock at the time of the consummation of our initial business combination on a one-for-one basis, subject to adjustment for stock
splits, stock dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as described herein. In the
case that additional shares of Class A common stock or equity-linked securities are issued or deemed issued in connection with our
initial business combination, the number of shares of Class A common stock issuable upon conversion of all founder shares will equal,
in the aggregate, on an as-converted basis, 20% of the total number of shares of Class A common stock outstanding after such conversion
(excluding independent director shares and after giving effect to any redemptions of shares of Class A common stock by public stockholders),
including the total number of shares of Class A common stock issued, or deemed issued or issuable upon conversion or exercise of
any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of
the initial business combination, excluding any shares of Class A common stock or equity-linked securities or rights exercisable
for or convertible into shares of Class A common stock issued, or to be issued, to any seller in the initial business combination
and any private placement warrants issued to our sponsor, officers or directors upon conversion of working capital loans, provided that
such conversion of founder shares will never occur on a less than one-for-one basis.

 

With certain exceptions, the founder shares are not transferable, assignable
or salable until the earlier of (A) 180 days after the completion of our initial business combination, and (B) the date following the
completion of our initial business combination on which we complete a liquidation, merger, capital stock exchange or other similar transaction
that results in all of our public stockholders having the right to exchange their Class A common stock for cash, securities or other
property. A permitted transfer of Class B common stock will not trigger mandatory conversion of such shares into shares of Class A
common stock.

 

Independent Director Shares

 

On October 23, 2020, we granted 10,000 shares of Class A
common stock (“independent director shares”) to our first independent director, Gerald Gorman. On January 27, 2021, we
granted 10,000 independent director shares to Adrian Steckel, our second independent director. We expect to make similar grants to
our additional independent directors as they are appointed. The independent director shares will vest on the date of the
consummation of our initial business combination, subject to continued service on our board of directors until that date. Our
independent directors have entered into a letter agreement with us pursuant to which they are subject to the same transfer
restrictions and waivers as our initial stockholders, sponsor, officers and directors discussed in the section entitled “-
Founder Shares” above.

 

     

     

    

 

Redeemable Warrants

 

Each whole warrant entitles the registered holder to purchase one share
of Class A common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later
of November 3, 2021, and 30 days after the completion of our initial business combination. Pursuant to the warrant agreement, a warrant
holder may exercise its warrants only for a whole number of shares of Class A common stock. This means only a whole warrant may be
exercised at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants
are traded. Accordingly, unless you hold at least four units, you will not be able to receive or trade a whole warrant. The warrants will
expire five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption
or liquidation.

 

We are not be obligated to deliver any Class A common stock pursuant
to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities
Act with respect to the Class A common stock underlying the warrants is then effective and a prospectus relating thereto is current,
subject to our satisfying our obligations described below with respect to registration, except if the warrants may be exercised on a “cashless
basis” and such cashless exercise is exempt from registration under the Securities Act. No warrant will be exercisable and we will
not be obligated to issue a share of Class A common stock upon exercise of a warrant unless the share of Class A common stock
issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence
of the registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied
with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value
and expire worthless. In no event will we be required to net cash settle any warrant. In the event that a registration statement is not
effective for the exercised warrants and cashless exercise is unavailable, the purchaser of a unit containing such warrant will have paid
the full purchase price for the unit solely for the share of Class A common stock underlying such unit.

 

We have agreed that as soon as practicable, but in no event later than
fifteen (15) business days after the closing of our initial business combination, we will use our commercially reasonable efforts to file
with the SEC a registration statement for the registration, under the Securities Act, of the Class A common stock issuable upon exercise
of the warrants. We will use our commercially reasonable efforts to cause the same to become effective and to maintain the effectiveness
of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the
provisions of the warrant agreement. If a registration statement covering the shares of Class A common stock issuable upon exercise
of the warrants is not effective by the sixtieth (60th) business day after the closing of our initial business combination, warrant holders
may, until such time as there is an effective registration statement and during any period when we will have failed to maintain an effective
registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or
another exemption.

 

Notwithstanding the above, if our Class A common stock are at
the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered
security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their
warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect,
we will not be required to file or maintain in effect a registration statement, and in the event we do not so elect, we will use our commercially
reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. In such
event, each holder would pay the exercise price by surrendering the warrants for that number of shares of Class A common stock equal
to the lesser of (A) the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying
the warrants, multiplied by the excess of the “fair market value” (defined below) less the exercise price of the warrants
by (y) the fair market value and (B) 0.361 per whole warrant. The “fair market value” as used in this paragraph shall mean
the volume weighted average price of the shares of Class A common stock for the 10 trading days ending on the trading day prior to
the date on which the notice of exercise is received by the warrant agent.

 

     

     

    

 

Redemption of Warrants When the Price Per Share of Class A
Common Stock Equals or Exceeds $18.00.

 

Once the warrants become exercisable, we may call the warrants for
redemption (except as described herein with respect to the private placement warrants):

 

		·	in whole and not in part;

 

		·	at a price of $0.01 per warrant

 

		·	upon a minimum of 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrant holder;
and

 

		·	if, and only if, the closing price of the common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock capitalizations,
reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day
prior to the date on which we send the notice of redemption to the warrant holders.

 

We will not redeem the warrants as described above unless a registration
statement under the Securities Act covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants
is then effective and a current prospectus relating to those shares of Class A common stock is available throughout the 30-day redemption
period. If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify
the underlying securities for sale under all applicable state securities laws.

 

We have established the last redemption criterion discussed above to
prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing
conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled to exercise his, her
or its warrant prior to the scheduled redemption date. However, the price of the Class A common stock may fall below the $18.00 redemption
trigger price (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) as well as the $11.50
warrant exercise price after the redemption notice is issued.

 

Redemption of Warrants When the Price Per Share of Class A
Common Stock Equals or Exceeds $10.00. 

 

Once the warrants become exercisable, we may call the warrants for
redemption:

 

		·	in whole and not in part;

 

		·	at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise
their warrants, but only on a cashless basis, prior to redemption and receive that number of shares to be determined by reference to the
table below, based on the redemption date and the “fair market value” of our Class A common stock (as defined below)
except as otherwise described below;

 

		·	if, and only if, the closing price of our Class A common stock equals or exceeds $10.00 per share (as adjusted for stock splits,
stock dividends, reorganizations, reclassifications, recapitalizations and the like) for any 20 trading days within the 30-trading day
period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders; and if the
closing price of the Class A common stock for any 20 trading days within a 30-trading day period ending on the third trading day
prior to the date on which we send the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted for stock
splits, stock dividends, reorganizations, reclassifications, recapitalizations and the like), the private placement warrants must also
be concurrently called for redemption on the same terms as the outstanding public warrants, as described above.

 

Beginning on the date the notice of redemption is given until the
warrants are redeemed or exercised, holders may elect to exercise their warrants on a cashless basis. The numbers in the table below
represent the number of shares of Class A common stock that a warrant holder will receive upon exercise in connection with a
redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class A common stock
on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants are not redeemed for $0.10
per warrant), determined for these purposes based on the volume weighted average price of our Class A common stock for the 10
trading days immediately following the date on which the notice of redemption is sent to the holders of warrants, and the number of
months that the corresponding redemption date precedes the expiration date of the warrants, each as set forth in the table below. We
will provide our warrant holders with the final fair market value no later than one business day after the 10-trading day period
described above ends.

 

     

     

    

 

Pursuant to the warrant agreement, references above to Class A
common stock shall include a security other than Class A common stock into which the Class A common stock has been converted
or exchanged for in the event we are not the surviving company in our initial business combination. The numbers in the table below will
not be adjusted when determining the number of shares of Class A common stock to be issued upon exercise of the warrants if we are
not the surviving entity following our initial business combination.

 

The stock prices set forth in the column headings of the table below
will be adjusted as of any date on which the number of shares issuable upon exercise of a warrant is adjusted as set forth under the heading
 “- Anti-dilution Adjustments” below.

 

If the number of shares issuable upon exercise of a warrant is adjusted,
the adjusted share prices in the column headings will equal the share prices immediately prior to such adjustment, multiplied by a fraction,
the numerator of which is the number of shares deliverable upon exercise of a warrant immediately prior to such adjustment and the denominator
of which is the number of shares deliverable upon exercise of a warrant as so adjusted. The number of shares in the table below shall
be adjusted in the same manner and at the same time as the number of shares issuable upon exercise of a warrant. If the exercise price
of a warrant is adjusted, (a) in the case of an adjustment pursuant to the fifth paragraph under the heading “- Anti-Dilution Adjustments”
below, the adjusted share prices in the column headings will equal the unadjusted share price multiplied by a fraction, the numerator
of which is the higher of the Market Value and the Newly Issued Price as set forth under the heading “- Anti-Dilution Adjustments”
and the denominator of which is $10.00 and (b) in the case of an adjustment pursuant to the second paragraph under the heading “-
Anti-Dilution Adjustments” below, the adjusted share prices in the column headings will equal the unadjusted share price less the
decrease in the exercise price of a warrant pursuant to such exercise price adjustment.

 

	Redemption Date
 (period to expiration	 	Redemption Fair Market Value of Class A Common Stock
	 of warrants)	 	≤$10.00	 	 	$11.00	 	 	$12.00	 	 	$13.00	 	 	$14.00	 	 	$15.00	 	 	$16.00	 	 	$17.00	 	 	≥$18.00
	60 months	 	0.261	 	 	0.281	 	 	0.297	 	 	0.311	 	 	0.324	 	 	0.337	 	 	0.348	 	 	0.358	 	 	0.361
	57 months	 	0.257	 	 	0.277	 	 	0.294	 	 	0.310	 	 	0.324	 	 	0.337	 	 	0.348	 	 	0.358	 	 	0.361
	54 months	 	0.252	 	 	0.272	 	 	0.291	 	 	0.307	 	 	0.322	 	 	0.335	 	 	0.347	 	 	0.357	 	 	0.361
	51 months	 	0.246	 	 	0.268	 	 	0.287	 	 	0.304	 	 	0.320	 	 	0.333	 	 	0.346	 	 	0.357	 	 	0.361
	48 months	 	0.241	 	 	0.263	 	 	0.283	 	 	0.301	 	 	0.317	 	 	0.332	 	 	0.344	 	 	0.356	 	 	0.361
	45 months	 	0.235	 	 	0.258	 	 	0.279	 	 	0.298	 	 	0.315	 	 	0.330	 	 	0.343	 	 	0.356	 	 	0.361
	42 months	 	0.228	 	 	0.252	 	 	0.274	 	 	0.294	 	 	0.312	 	 	0.328	 	 	0.342	 	 	0.355	 	 	0.361
	39 months	 	0.221	 	 	0.246	 	 	0.269	 	 	0.290	 	 	0.309	 	 	0.325	 	 	0.340	 	 	0.354	 	 	0.361
	36 months	 	0.213	 	 	0.239	 	 	0.263	 	 	0.285	 	 	0.305	 	 	0.323	 	 	0.339	 	 	0.353	 	 	0.361
	33 months	 	0.205	 	 	0.232	 	 	0.257	 	 	0.280	 	 	0.301	 	 	0.320	 	 	0.337	 	 	0.352	 	 	0.361
	30 months	 	0.196	 	 	0.224	 	 	0.250	 	 	0.274	 	 	0.297	 	 	0.316	 	 	0.335	 	 	0.351	 	 	0.361
	27 months	 	0.185	 	 	0.214	 	 	0.242	 	 	0.268	 	 	0.291	 	 	0.313	 	 	0.332	 	 	0.350	 	 	0.361
	24 months	 	0.173	 	 	0.204	 	 	0.233	 	 	0.260	 	 	0.285	 	 	0.308	 	 	0.329	 	 	0.348	 	 	0.361
	21 months	 	0.161	 	 	0.193	 	 	0.223	 	 	0.252	 	 	0.279	 	 	0.304	 	 	0.326	 	 	0.347	 	 	0.361
	18 months	 	0.146	 	 	0.179	 	 	0.211	 	 	0.242	 	 	0.271	 	 	0.298	 	 	0.322	 	 	0.345	 	 	0.361
	15 months	 	0.130	 	 	0.164	 	 	0.197	 	 	0.230	 	 	0.262	 	 	0.291	 	 	0.317	 	 	0.342	 	 	0.361
	12 months	 	0.111	 	 	0.146	 	 	0.181	 	 	0.216	 	 	0.250	 	 	0.282	 	 	0.312	 	 	0.339	 	 	0.361
	9 months	 	0.090	 	 	0.125	 	 	0.162	 	 	0.199	 	 	0.237	 	 	0.272	 	 	0.305	 	 	0.336	 	 	0.361
	6 months	 	0.065	 	 	0.099	 	 	0.137	 	 	0.178	 	 	0.219	 	 	0.259	 	 	0.296	 	 	0.331	 	 	0.361
	3 months	 	0.034	 	 	0.065	 	 	0.104	 	 	0.150	 	 	0.197	 	 	0.243	 	 	0.286	 	 	0.326	 	 	0.361
	0 months	 	–	 	 	–	 	 	0.042	 	 	0.115	 	 	0.179	 	 	0.233	 	 	0.281	 	 	0.323	 	 	0.361

 

     

     

    

 

The exact fair market value and redemption date may not be set forth
in the table above, in which case, if the fair market value is between two values in the table or the redemption date is between two redemption
dates in the table, the number of Class A common stock to be issued for each warrant exercised will be determined by a straight-line
interpolation between the number of shares set forth for the higher and lower fair market values and the earlier and later redemption
dates, as applicable, based on a 365- or 366-day year, as applicable. For example, if the volume weighted average price of our Class A
common stock during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of the
warrants is $11 per share, and at such time there are 57 months until the expiration of the warrants, holders may choose to, in connection
with this redemption feature, exercise their warrants for 0.277 shares of Class A common stock for each whole warrant. For an example
where the exact fair market value and redemption date are not as set forth in the table above, if the volume weighted average price of
our Class A common stock during the 10 trading days immediately following the date on which the notice of redemption is sent to the
holders of the warrants is $13.50 per share, and at such time there are 38 months until the expiration of the warrants, holders may choose
to, in connection with this redemption feature, exercise their warrants for 0.298 shares of Class A common stock for each whole warrant.
In no event will the warrants be exercisable on a cashless basis in connection with this redemption feature for more than 0.361 shares
of Class A common stock per warrant (subject to adjustment). Finally, as reflected in the table above, if the warrants are out of
the money and about to expire, they cannot be exercised on a cashless basis in connection with a redemption by us pursuant to this redemption
feature, since they will not be exercisable for any shares of Class A common stock.

 

This redemption feature differs from the typical warrant redemption
features used in many other blank check offerings, which typically only provide for a redemption of warrants for cash (other than the
private placement warrants) when the trading price for the Class A common stock exceeds $18.00 per share for a specified period of
time. This redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the Class A common stock
are trading at or above $10.00 per share, which may be at a time when the trading price of our Class A common stock is below the
exercise price of the warrants. We have established this redemption feature to provide us with the flexibility to redeem the warrants
without the warrants having to reach the $18.00 per share threshold set forth above under “- Redemption of Warrants When the Price
Per Share of Class A Common Stock Equals or Exceeds $18.00.” Holders choosing to exercise their warrants in connection with
a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants based on an option pricing model
with a fixed volatility input as of October 29, 2020. This redemption right provides us with an additional mechanism by which to redeem
all of the outstanding warrants, and therefore have certainty as to (i) our capital structure as the warrants would no longer be outstanding
and would have been exercised or redeemed and (ii) the amount of cash provided by the exercise of the warrants and available to use, and
also provides a ceiling to the theoretical value of the warrants as it locks in the amount of shares we would pay to warrant holders that
exercise if we choose to redeem the warrants in this manner. We will be required to pay the applicable redemption price to warrant holders
if we choose to exercise this redemption right and it will allow us to quickly proceed with a redemption of the warrants if we determine
it is in our best interest to do so. As such, we would redeem the warrants in this manner when we believe it is in our best interest to
update our capital structure to remove the warrants and pay the redemption price to the warrant holders.

 

As stated above, we can redeem the warrants when the Class A common
stock are trading at a price starting at $10.00, which is below the exercise price of $11.50, because it will provide certainty with respect
to our capital structure and cash position while providing warrant holders with the opportunity to exercise their warrants on a cashless
basis for the applicable number of shares. If we choose to redeem the warrants when the Class A common stock are trading at a price
below the exercise price of the warrants, this could result in the warrant holders receiving fewer shares of Class A common stock
than they would have received if they had chosen to wait to exercise their warrants for Class A common stock if and when such Class A
common stock were trading at a price higher than the exercise price of $11.50.

 

No fractional Class A common stock will be issued upon
exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share, we will round down to the
nearest whole number of shares of Class A common stock to be issued to the holder. If, at the time of redemption, the warrants
are exercisable for a security other than the shares of Class A common stock pursuant to the warrant agreement (for instance,
if we are not the surviving company in our initial business combination), the warrants may be exercised for such security. At such
time as the warrants become exercisable for a security other than the Class A common stock, the surviving company will use its
commercially reasonable efforts to register under the Security Act the security issuable upon the exercise of the warrants within
twenty business days of the closing of an initial business combination.

 

     

     

    

 

Other Provisions. 

 

A holder of a warrant may notify us in writing in the event it elects
to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect
to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially
own in excess of 4.9% or 9.8% (as specified by the holder) of the Class A common stock outstanding immediately after giving effect
to such exercise.

 

Anti-Dilution Adjustments. 

 

If the number of outstanding shares of Class A common stock is
increased by a share capitalization payable in shares of Class A common stock, or by a split-up of common stock or other similar
event, then, on the effective date of such share capitalization, split-up or similar event, the number of shares of Class A common
stock issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding shares of common stock.
A rights offering to holders of common stock entitling holders to purchase Class A common stock at a price less than the “historical
fair market value” (as defined below) will be deemed a share capitalization of a number of shares of Class A common stock equal
to the product of (i) the number of shares of Class A common stock actually sold in such rights offering (or issuable under any other
equity securities sold in such rights offering that are convertible into or exercisable for Class A common stock) multiplied by (ii)
one (1) minus the quotient of (x) the price per share of Class A common stock paid in such rights offering and (y) the historical
fair market value. For these purposes (i) if the rights offering is for securities convertible into or exercisable for shares of Class A
common stock, in determining the price payable for Class A common stock, there will be taken into account any consideration received
for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “historical fair market value”
means the volume weighted average price of shares of Class A common stock as reported during the ten (10) trading day period ending
on the trading day prior to the first date on which the Class A common stock trades on the applicable exchange or in the applicable
market, regular way, without the right to receive such rights.

 

In addition, if we, at any time while the warrants are outstanding
and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Class A common stock on
account of such Class A common stock (or other securities into which the warrants are convertible), other than (a) as described above,
(b) certain ordinary cash dividends of $0.50 per annum subject to adjustment, (c) to satisfy the redemption rights of the holders of Class A
common stock in connection with a proposed initial business combination including in connection with a vote to extend the time we have
to complete our initial business combination, or (d) in connection with the redemption of our public shares upon our failure to complete
our initial business combination, then the warrant exercise price will be decreased, effective immediately after the effective date of
such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each share of Class A common
stock in respect of such event.

 

If the number of outstanding shares of Class A common stock is
decreased by a consolidation, combination, reverse share split or reclassification of Class A common stock or other similar event,
then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of
shares of Class A common stock issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding
shares of Class A common stock.

 

Whenever the number of shares of Class A common stock purchasable
upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant
exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of shares of Class A
common stock purchasable upon the exercise of the warrants immediately prior to such adjustment, and (y) the denominator of which will
be the number of shares of Class A common stock so purchasable immediately thereafter.

 

In addition, if (x) we issue additional shares of Class A
common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business
combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue
price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our
initial stockholders or their affiliates, without taking into account any founder shares held by our initial stockholders or such
affiliates, as applicable, prior to such issuance including any transfer or reissuance of such shares), (y) the aggregate gross
proceeds from such issuances represent more than 50% of the total equity proceeds, and interest thereon, available for the funding
of our initial business combination on the date of the consummation of our initial business combination (net of redemptions), and
(z) the volume weighted average trading price of our Class A common stock during the 10 trading day period starting on the
trading day prior to the day on which we consummate our initial business combination is below $9.20 per share, then the exercise
price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly
Issued Price, the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher
of the Market Value and the Newly Issued Price (see “Redemption of Warrants When the Price Per Share of Class A Common
Stock Equals or Exceeds $18.00” and “- Redemption of Warrants When the Price Per Share of Class A Common Stock
Equals or Exceeds $10.00”), and the $10.00 per share redemption trigger price will be adjusted (to the nearest cent) to be
equal to the higher of the Market Value and the Newly Issued Price (see “- Redemption of Warrants When the Price Per Share of
Class A Common Stock Equals or Exceeds $10.00”).

 

     

     

    

 

In case of any reclassification or reorganization of the outstanding
Class A common stock (other than those described above or that solely affects the par value of such Class A common stock), or
in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are
the continuing corporation and that does not result in any reclassification or reorganization of our outstanding Class A common stock),
or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially
as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive,
upon the basis and upon the terms and conditions specified in the warrants and in lieu of the Class A common stock immediately theretofore
purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of Class A common stock
or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon
a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their
warrants immediately prior to such event. If less than 70% of the consideration receivable by the holders of Class A common stock
in such a transaction is payable in the form of Class A common stock in the successor entity that is listed for trading on a national
securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following
such event, and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure
of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes Warrant
Value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value
to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders
of the warrants otherwise do not receive the full potential value of the warrants.

 

The warrants are issued in registered form under a warrant agreement
between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that the terms of the
warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, and that all other
modifications or amendments require the vote or written consent of the holders of at least 50% of the then outstanding public warrants,
and, solely with respect to any amendment to the terms of the private placement warrants, a majority of the then outstanding private placement
warrants.

 

The warrants may be exercised upon surrender of the warrant certificate
on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate
completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified
or official bank check payable to us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges
of holders of common stock and any voting rights until they exercise their warrants and receive Class A common stock. After the issuance
of Class A common stock upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on
all matters to be voted on by stockholders.

 

     

     

    

 

No fractional shares will be issued upon exercise of the warrants.
If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round
down to the nearest whole number the number of shares of Class A common stock to be issued to the warrant holder.

 

Certain Anti-Takeover Provisions of Nevada law and our Amended and
Restated Articles of Incorporation and Bylaws

 

Business Combinations

 

We are subject to the provisions of Sections 78.411 to 78.444, inclusive,
of the NRS regulating corporate takeovers. This statute generally prohibits a publicly traded Nevada corporation with at least 200 stockholders
of record from engaging in various “combination” transactions with any interested stockholder for a period of up to four years
after the date of the transaction in which the person became an interested stockholder, unless the combination or transaction was approved
by the board of directors before such person became an interested stockholder or the combination is approved by the board of directors,
if within two years after the date in which the person became an interested stockholder, and is approved by the affirmative vote of stockholders
representing at least 60% (for a combination within two years after becoming an interested stockholder) or a majority (for combinations
between two and four years thereafter) of the outstanding voting power held by disinterested stockholders. Alternatively, a corporation
may engage in a combination with an interested stockholder more than two years after such person becomes an interested stockholder if:

 

		·	the consideration to be paid to the holders of the corporation’s stock, other than the interested stockholder, is at least equal
to the highest of: (a) the highest price per share paid by the interested stockholder within the two years immediately preceding the date
of the announcement of the combination or the transaction in which it became an interested stockholder, whichever is higher, plus interest
compounded annually, (b) the market value per share of common stock on the date of announcement of the combination or the date the interested
stockholder acquired the shares, whichever is higher, less certain dividends paid or (c) for holders of preferred stock, the highest liquidation
value of the preferred stock, if it is higher; and

 

		·	the interested stockholder has not become the owner of any additional voting shares since the date of becoming an interested stockholder
except by certain permitted transactions.

 

A “combination” is generally defined to include (i) mergers
or consolidations with the “interested stockholder” or an affiliate or associate of the interested stockholder, (ii) any sale,
lease exchange, mortgage, pledge, transfer or other disposition of assets of the corporation, in one transaction or a series of transactions,
to or with the interested stockholder or an affiliate or associate of the interested stockholder: (a) having an aggregate market value
equal to 5% or more of the aggregate market value of the assets of the corporation, (b) having an aggregate market value equal to 5% or
more of the aggregate market value of all outstanding shares of the corporation or (c) representing more than 10% of the earning power
or net income (determined on a consolidated basis) of the corporation, (iii) any issuance or transfer of securities to the interested
stockholder or an affiliate or associate of the interested stockholder, in one transaction or a series of transactions, having an aggregate
market value equal to 5% or more of the aggregate market value of all of the outstanding voting shares of the corporation (other than
under the exercise of warrants or rights to purchase shares offered, or a dividend or distribution made pro rata to all stockholders of
the corporation), (iv) adoption of a plan or proposal for liquidation or dissolution of the corporation with the interested stockholder
or an affiliate or associate of the interested stockholder and (v) certain other transactions having the effect of increasing the proportionate
share of voting securities beneficially owned by the interested stockholder or an affiliate or associate of the interested stockholder.

 

In general, an “interested stockholder” means any person
who (i) beneficially owns, directly or indirectly, 10% or more of the voting power of the outstanding voting shares of a corporation,
or (ii) is an affiliate or associate of the corporation that beneficially owned, within two years prior to the date in question, 10% or
more of the voting power of the then-outstanding shares of the corporation.

 

     

     

    

 

We have opted out of the protections of Sections 78.411 to 78.444,
inclusive, of the NRS in our amended and restated articles of incorporation until our founder ceases to beneficially own at least 15%
of our outstanding shares of common stock.

 

Our authorized but unissued common stock and preferred stock are available
for future issuances without stockholder approval and could be utilized for a variety of corporate purposes, including future offerings
to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved common stock
and preferred stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer,
merger or otherwise.

 

Common Stock Consent Right

 

For so long as shares of Class A common stock and Class B
common stock are outstanding, we may not amend, alter or repeal any provision in our amended and restated articles of incorporation so
as to adversely affect the relative rights, preferences, qualifications, limitations or restrictions of either such class of common stock
as compared to those of the other class of common stock without the affirmative vote of the holders of a majority of the voting power
of the outstanding shares of each class of common stock whose relative rights, preferences, qualifications, limitations or restrictions
are so affected.vcnx-ex1028_806.htm

Exhibit 10.28

Separation Agreement

 

 Raymond E. Watkins (“Employee”) and Vaccinex, Inc. (“Company”) make this agreement (“Agreement”) for the Employee’s orderly separation from employment with the Company.  Employee and the Company will be referred to herein collectively as the “Parties.”

 

WHEREAS, Employee has been employed by the Company and has received and had access to Confidential and Proprietary Information of the Company (as defined below); and

 

WHEREAS, the Company has elected to terminate Employee’s employment with the Company effective on the Separation Date (defined below), and 

WHEREAS, Employee and the Company have agreed to fully and finally resolve any and all claims Employee has against Company and ensure that Company’s confidential, proprietary and business interests are protected under the terms and circumstances set forth herein;

NOW, THEREFORE, the Parties, in consideration for the promises and mutual covenants set forth herein and other good and valuable consideration, the receipt and sufficiency of which the Parties acknowledge, and the Parties acting on their own free will hereby irrevocably agree as follows:

 

1.Termination of Employment and Separation Payments.

 

a.Employee’s employment with the Company will terminate effective as of October 22, 2020 (“Separation Date”).  As of the Separation Date, Employee has no authority to speak for, act for, represent, or in any way affect the affairs of the Company and is restricted from entering the Company’s property, except as specifically permitted by the Company.

 

b.It is agreed and acknowledged that the termination of Employee’s employment with the Company will be considered to be an involuntary termination of Employee’s employment by the Company without cause.  

 

c.Whether or not Employee signs this Agreement, the Company shall pay to Employee the unpaid amount of Employee’s regular compensation for the period through the Separation Date, which amount shall be paid no later than the payroll date on which payment of such amount would have been made to Employee had he remained in employment with the Company.

 

d.Whether or not Employee signs this Agreement, for Employee’s stock options under the Vaccinex, Inc. 2018 Omnibus Incentive Plan or the Vaccinex, Inc. 2011 Employee Equity Plan outstanding on the Separation Date (collectively, the “Options”), the unvested portion of the Options shall immediately terminate and be forfeited.  Additionally, if the Employee does not sign this Agreement, the vested portion of the Options (the “Vested Options”) will expire and no longer be exercisable on the ninetieth (90th) day following or three-month anniversary of the Separation Date, as specified by the applicable award agreement.

 

 

 

e.In consideration of Employee executing this Agreement, including the Complete Waiver and Release contained in Section 2 below, and provided that Employee signs this Agreement and the revocation period in Section 19 of this Agreement expires with no revocation by Employee, Employee shall receive the following separation payments/benefits, to which Employee is not otherwise entitled:

 

	
 
	

	
(i)Employee shall receive Severance Pay equivalent to six (6) months of his base salary, for a total gross amount of Severance Pay equal to $125,767.00, less applicable deductions and withholdings. Severance Pay shall be paid in the earliest practicable regular payroll date, as determined by the Company, after the Effective Date of this Agreement, as defined in Section 19 of this Agreement.

 

	
 
	

	
(ii)Employee’s Vested Options will not expire on the ninetieth (90th) day following or the three-month anniversary of the Separation Date as provided by the applicable award agreement, and instead, the Vested Options will continue and Employee will have until the applicable original expiration date of the Vested Options to exercise such Vested Options in accordance with their terms; provided, however, to the extent that the Vested Options are incentive stock options for federal income tax purposes, the exercise of the Vested Options by Employee after the three-month anniversary of the Separation Date will be taxable as the exercise of a nonqualified stock option.

  

f.All payments made by the Company to Employee under this Agreement shall be reduced by any applicable federal, state, and local income, employment, and excise taxes required to be withheld therefrom by the Company and any other applicable deductions of any other amounts that the Company may be legally required or authorized to deduct or Employee has voluntarily elected to have deducted or withheld from any such payments.

 

g.The Company makes no representations to Employee regarding the taxability and/or tax implications of this Agreement.  Employee is solely responsible for any tax consequences associated with this Agreement or the payments made pursuant to this Agreement, regardless of whether the Company should have contributed and withheld taxes from the amounts paid (including Social Security and Medicare).  Employee agrees to defend, indemnify, reimburse and hold the Company harmless for any and all taxes, contributions, withholdings, fees, assessments, interest, costs, penalties and other charges that may be imposed on the Company by the Internal Revenue Service, the New York State Department of Taxation and Finance, or any other federal, state or local taxing authority by reason of the settlement payment above, the withholdings and deductions made from the payments above and/or Employee’s non-payment or late payment of taxes due, and she alone assumes all liability for all such amounts.

 

h.The benefits and compensation payable under this Agreement are intended to be exempt from or comply with the requirements of Section 409A of the Internal Revenue 

2

 

 

 

Code of 1986, as amended, and the treasury regulations promulgated and other official guidance issued thereunder (collectively, “Section 409A”), and this Agreement shall be administered and interpreted consistent with that intent.  In particular, the separation benefits are intended to be exempt from Section 409A.  Employee is solely responsible for any tax consequences associated with the payments made pursuant to this Agreement, including, but not limited to, any additional tax or penalty interest imposed by Section 409A.

 

i.Dodd-Frank Clawback. Notwithstanding any other provision of this Agreement to the contrary, in order to comply with Section 10D of the Securities Exchange Act of 1934, as amended, and any regulations promulgated, or national securities exchange listing conditions adopted, with respect thereto (collectively, the “Clawback Requirements”), if the Company is required to prepare an accounting restatement due to the material noncompliance of the Company with any financial reporting requirements under the securities laws, then he shall return to the Company, or forfeit if not yet paid, the amount of any “incentive-based compensation” (as defined under the Clawback Requirements) received during the three-year period preceding the date on which the Company is required to prepare the accounting restatement, based on the erroneous data, in excess of what would have been paid to Employee under the accounting restatement as determined by the Company in accordance with the Clawback Requirements and any policy adopted by the Company pursuant to the Clawback Requirements.

 

j.Employee agrees that he is not entitled to any compensation (including, but not limited to, salary or bonuses), benefits, or payments of any kind or description from the Company, from or under any other promise, contract or agreement of any kind or description between Employee and the Company, whether oral or written, express or implied, or from or under any employee benefit plan or fringe benefit plan sponsored by the Company, whether now or in the future, other than as previously described in this Agreement and those in which he may already be vested.

 

k.Employee acknowledges and agrees that he/she is not entitled to make any additional contributions to any Company 401(k) Plan, or have any contributions made on his/her behalf, after the Separation Date.

 

3

 

 

 

2.Complete Release by Employee.  Employee, for Employee’s own self and Employee’s executors, heirs, successors and assigns, in consideration of the payments described in Section 1(d) of this Agreement, does hereby fully and forever discharge and release the Company and its parents, subsidiaries and affiliated companies, and with respect to each of the foregoing, its owners, agents, officers, shareholders, members, directors, employees, successors and assigns and each and all of the foregoing (referred to in this Agreement as “Released Parties”), individually and collectively, from any and all debts, demands, actions, causes of action, accounts, covenants, contracts, agreements, damages, omissions, promises, and any and all claims or liabilities whatsoever, of every name and nature, known or unknown, suspected or unsuspected, both in law and equity (individually or collectively “Claims”) that Employee now has or may in the future have, or that any person or entity may have on Employee’s behalf, on account of or arising out of any matter or thing which has happened, developed or occurred prior to Employee’s signing of this Agreement, including, without limitation, all Claims arising from Employee’s employment with the Company, any promise, contract or agreement between Employee and the Company, Employee’s separation from employment with the Company, Employee’s other relationships and dealings with the Company and other Released Parties, and the termination of such other relationships or dealings.  Employee hereby waives any and all such legal rights and Claims of any type or description that Employee has or might have against the Company and/or any of the other Released Parties.  This Agreement is intended to be interpreted in the broadest possible manner to include all actual or potential Claims that Employee may have against the Company, whether now known or unknown, except as specifically provided otherwise in this Agreement.  

 

Employee agrees to fully and forever release all legal rights and Claims against the Released Parties, whether or not presently known and including future legal rights and Claims if based in whole or in part on acts or omissions occurring before Employee executes this Agreement.  Employee agrees that the legal rights and Claims that Employee is giving up include, but are not limited to, legal rights and Claims, if any, under all State and Federal statutes that protect Employee from discrimination in employment, such as the Age Discrimination in Employment Act, as amended (“ADEA”), the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964, the Rehabilitation Act of 1973, the Americans With Disabilities Act (“ADA”), the Equal Pay Act (“EPA”), the Family and Medical Leave Act (“FMLA”), the Genetic Information Nondiscrimination Act of 2008 (“GINA”), the Employee Retirement and Income Security Act (“ERISA”), the Worker Adjustment and Retraining Notification Act (“WARN”), the National Labor Relations Act (“NLRA”), the Fair Labor Standards Act (“FLSA”), Federal and State False Claims Acts, the New York State Labor Law (except minimum wage and unemployment claims),the New York Human Rights Law, and any similar Federal, State or local statute, regulation or order. 

 

Employee further agrees that the legal rights and Claims that Employee is giving up include any rights or Claims relating to any oral or written promise, agreement or contract of employment with the Company and/or other Released Parties, express or implied, or any oral or written promise, agreement or contract, express or implied, purporting to establish terms and conditions of employment.  The Parties to this Agreement agree that any promise, agreement or contract concerning the employment of Employee by the Company or the terms and conditions 

4

 

 

 

of such employment or the termination of such employment, whether oral or written, express or implied is hereby terminated, is null and void, and has no further force or effect.        

Employee understands and agrees that the release provided in this Agreement also includes any and all Claims for defamation; wrongful discharge; constructive discharge; breach of contract (including employment contracts or collective bargaining agreements); breach of implied contract; breach of the covenant of good faith and fair dealing; tortious interference with business and/or contractual relationship (or prospective relationship); retaliatory discharge; whistleblower's claims (if waivable); estoppel of any kind; common-law intentional torts; negligence; intentional or negligent infliction of mental or emotional distress; discrimination, harassment and/or retaliation or wrongful action that has been or could have been alleged under the common law, any civil rights or equal opportunity employment law, or any other statute, regulation, ordinance or rule; and any Claims against the Company for attorneys’ fees, liquidated damages, civil penalties, compensatory damages, punitive damages, costs, interest or any other kind of penalties or damages that exist or may exist as of the date that Employee signs this Agreement.  

Employee and the Company agree that the complete release set forth in this Agreement is intended to apply to Claims that they do not presently know to exist.  Subject to the representations and warranties contained in this Agreement, Employee and the Company understand that the facts with respect to which this Agreement is given may hereafter prove to be different from the facts now known or believed by them, and they hereby accept and assume the risk thereof and agree that this Agreement shall be and shall remain, in all respects, effective and not subject to termination or rescission by reason of any such difference in facts.

The Claims that Employee is giving up and releasing do not include Employee’s vested rights, if any, under any qualified retirement plan in which he participates, and Employee’s COBRA, unemployment insurance and workers’ compensation rights, if any.  Additionally, nothing in this Agreement shall be construed to constitute a waiver of (i) any Claims Employee may have against the Released Parties that arise from acts or omissions that occur after the date of Employee’s execution of this Agreement, (ii) Employee’s rights, protected under law, to file a complaint or charge with, communicate with, provide relevant and truthful information to or otherwise cooperate with any governmental authority -- including, but not limited to, the Equal Employment Opportunity Commission (“EEOC”), the National Labor Relations Board (“NLRB”), the Occupational Safety and Health Administration (“OSHA”), the Securities and Exchange Commission (“SEC”) -- regarding a possible violation of law or respond to any inquiry from such governmental authority, including an inquiry about the existence of this Agreement or its underlying facts, (iii) Employee’s right to communicate with any government agency or Employee’s right to participate in any regulatory or law enforcement investigation, including Employee’s right to report any suspected violations of law, (iv) indemnification or contribution claims arising out of claims or lawsuits filed by third parties or pursuant to the Parties’ Indemnification Agreement dated August 10, 2018, or (v) any Claims Employee cannot waive as a matter of law.  Employee agrees, however, to waive and release any right to receive any individual remedy or to recover any individual monetary or non-monetary damages as a result of any administrative charge, complaint or lawsuit filed by Employee or anyone on Employee’s behalf, except as explicitly prohibited by law.  Moreover, this Agreement does not limit Employee’s right to receive an award for information provided to the SEC.  Finally, the 

5

 

 

 

release of all Claims set forth in this Section 2 does not affect Employee’s rights as expressly created by this Agreement, and does not limit Employee’s ability to enforce this Agreement.  

This Waiver and Release includes, but is not limited to, a waiver, discharge and release by Employee of the Released Parties from any damages or relief of whatever nature or description, including, but not limited to, compensatory damages, liquidated damages, punitive damages, equitable forms of relief, as well as any Claims for attorneys’ fees or costs, civil penalties and/or interest, which may arise from any of the Claims waived, discharged or released.

3.Enforcement and Legal Actions. Employee agrees that this Agreement may be enforced in any court, federal, state or local, and before any administrative agency or body, federal, state or local.  This Agreement may be used as a complete defense in the future should Employee bring a lawsuit based on any Claim that he has released, and if the Company successfully enforces the Complete Release in Section 2 above in a lawsuit involving Claims under any statute other than the ADEA, he will pay for all costs incurred by the Company, including reasonable attorney’s fees, in defending such lawsuit and/or against non-ADEA Claims.

 

4.Continuing Confidentiality Obligations.  

 

a.In the course of employment with the Company, Employee has acquired access to and became acquainted with Confidential and Proprietary Information (as defined in Section 4(c) below) about the professional business and financial affairs of the Company.

 

b.Except as required to perform his/her duties, as authorized by the Company, and/or as permitted by law or regulation, and further subject to Sections 6 and 15 below, Employee will not at any time use, copy, disclose or make available any Confidential and Proprietary Information to any individual, corporation, partnership, trust, governmental body or other entity. 

 

c.For purposes of this Agreement, the term “Confidential and Proprietary Information” means all information pertaining to the business and operations of the Company that is not generally available to the public and the Company desires to keep confidential, including, but not limited to, information relating to the Company’s strategies, operations, products, services, financial information, business methods, research, trade secrets, intellectual property, systems, studies, client lists, client information, employee and personnel information, business forecasts, marketing plans, and any written notes, analyses, reports, compilations or other material or documents based in whole or in part on such information that the Company discloses, in writing, orally, visually or in any other medium, to the Employee or to which the Employee obtains access to Employer’s premises, personnel or systems, whether or not marked “Confidential” and/or “Proprietary,” transmitted orally and communicated to the Employee as being Confidential and Proprietary Information or which by its nature would be, if in written form, deemed Confidential and Proprietary Information. The definition of “Confidential and Proprietary Information” is intended to have the broadest meaning as permitted by law and may extend for purposes of this Agreement beyond the definition of “trade secrets” as set forth in the Defend Trade Secrets Act of 2016 and/or the Uniform Trade Secrets Act. Confidential and 

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Proprietary Information shall not include information which falls into any of the following categories:

 

(i)  Information generally known to the public prior to the date of disclosure by the Company;

 

(ii)  Information which, after disclosure by the Company, becomes generally known to the public through no act or omission of Employee, and then only after the date the information becomes publicly known;

 

(iii)  Information which was or is independently developed by Employee on his own time and without use of or reference to the Confidential and Proprietary Information, in whole or in part; and

 

(iv)  Information required to be disclosed by law or pursuant to a final order of a court or arbitrator having jurisdiction thereof; provided, however, that prior to such disclosure Employee shall promptly notify the Company in writing of any such order or request to disclose and shall cooperate fully with the Company in protecting against any such disclosure by narrowing the scope of such disclosure and/or obtaining a protective order with respect to the permitted use of the Confidential and Proprietary Information.

 

d.Employee shall have responsibility for and bear all risk of loss or damage to such Confidential and Proprietary Information and any and all actual out-of-pocket costs, losses, fines, penalties, forfeitures, judgments and expenses incurred by the Company, including court costs and fees and reasonable and necessary fees and disbursements of counsel, resulting from improper or inaccurate use, processing or disclosure of such data or arising from the negligence or willful misconduct of the Employee.

 

e.Employee is currently aware of material non-public information regarding the Company and will comply with the terms of the Company’s Insider Trading Policy regarding “Post-Termination Transactions.”  Employee agrees that he will not trade in the Company’s securities until the material non-public information of which he is aware either becomes public or is no longer material to the Company.

 

f.Subject to Section 14 below, Employee agrees to keep the terms of this Agreement, all documents relating to this Agreement, the terms of this Agreement including the consideration being paid under it, completely confidential.  Employee shall not disclose any information concerning the existence or terms of this Agreement or provide a copy of this Agreement to anyone, except as follows: (i) to the extent necessary to report income to appropriate taxing authorities and/or unemployment insurance authorities; (ii) to communicate with Employee’s spouse, attorneys, Employee’s investment or financial advisors or Employee’s accountants as necessary for obtaining legal and/or financial planning advice (in which case such person or entity shall be informed of the confidential nature of this Agreement and agree to maintain the confidentiality of this Agreement); or (iii) in response to a judicial order or subpoena issued by a state or federal court or governmental agency or any other order of a court of competent jurisdiction or a discovery request pursuant to established Rules of Civil Procedure 

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in a civil action in state or federal court or in response to any other discovery request or deposition question made or posed.

 

g.Additionally, nothing herein precludes a party from apprising any attorney, court, arbitrator, administrative agency or governmental body of the existence and/or terms of this Agreement in order to enforce this Agreement, to challenge the enforceability of this Agreement and/or to support an argument that a claim/defense is barred by reason of the waivers and releases contained herein or to counter any such argument.

 

5.Employee Breach of Agreement. Employee specifically acknowledges and agrees that if a court of competent jurisdiction determines that he materially breached any of his obligations under this Agreement, then in addition to any other remedy that the Company may have in law or in equity, the Company shall have no further obligation to make any payments under Section 1 of this Agreement, except as may be required by the ADEA or other applicable law. It is specifically agreed that the enforcement of rights under this Section 5 will not affect the validity and enforceability of the release, discharge and waiver contained in this Agreement.  Finally, nothing herein constitutes a waiver of the Company’s rights, in law or in equity, except as limited by the ADEA or other applicable law, to discontinue severance payments and/or recoup already made severance payments in the event a court of competent jurisdiction determines that Employee materially breached this Agreement.

 

6.Notice of DTSA Immunities. 

 

a.Employee acknowledges notice of the immunity provisions of the Defend Trade Secrets Act of 2016, which provide that an individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret (as defined by applicable law) that (i) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

 

b.Employee acknowledges notice of the anti-retaliation provision of the Defend Trade Secrets Act of 2016, which provides that an individual who files a lawsuit alleging retaliation by an employer for reporting a suspected violation of law may disclose the trade secret (as defined by applicable law) to the attorney of the individual and use the trade secret information in the court proceeding if the individual (i) files any document containing the trade secret under seal; and (ii) does not disclose the trade secret, except pursuant to court order. 

 

7.Non-Disparagement.  Subject to Section 14 below, Employee shall not disparage the Company, its products or services, or any of the other Released Parties in any way, orally or in writing.  The inclusion of specific individuals in this section -- including but not limited to officers, shareholders, members, directors, employees, and agents -- to protect them from derogatory or disparaging remarks is a material term of this Agreement and intended to make such individuals third-party beneficiaries of this particular provision of the Agreement, with all applicable rights to enforce its terms in the event of a violation.  Employee also agrees that he will not directly or indirectly initiate any communications with any directors, shareholders, or 

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employees of the Company regarding the business or operations of the Company, except as required to perform the requirements set forth in this Agreement, as required to perform services on behalf of a new employer, or as otherwise expressly requested by the Company or required by applicable law. Nothing herein precludes any party from providing truthful information to courts and/or governmental agencies, in connection with administrative and judicial proceedings, and/or in response to lawful process.

 

8.Restrictive Covenants:  

 

a.Non-Competition.  For the one (1) year period after the Separation Date (such period of time hereinafter referred to as the “Restricted Period”), Employee shall not directly or indirectly own, manage, operate, control, invest or acquire an interest in, or otherwise engage or participate in, whether as a proprietor, partner, stockholder, director, officer, member manager, employee or otherwise any business that competes with Company or its affiliates, without the prior written consent of Company. Notwithstanding any other provisions of this Agreement, Employee may make a passive investment in any publicly-traded company or entity in an amount not to exceed five percent (5%) of the voting stock of any such company or entity.  The Restricted Period shall be tolled during any period in which Employee is in violation of this Section 8(a).

 

b.Non-Solicitation of Customers.  For the Restricted Period, Employee shall not, without Company’s prior express written consent, solicit, call on, do business with, or actively interfere with Company’s relationship with, or attempt to divert or entice away, any customer of Company with whom the Employee had material contact during his employment by Company.  “Material contact” as used above means: (i) direct or indirect contact between the Employee and the customer for the purpose of establishing, maintaining or furthering a business relationship; (ii) obtaining Confidential and Proprietary Information about a customer in the ordinary course of business as a result of Employee’s association with Company; and/or (iii) Employee’s receipt of compensation, commissions or other earnings as a result of the sale of products and/or provision of services to the customer  The Restricted Period shall be tolled during any period in which Employee is in violation of this Section 8(b).

 

c.Non-Solicitation of Employees.  For the Restricted Period, Employee shall not, without Company’s prior express written consent, directly or indirectly, either for his own benefit or purpose or for the benefit or purpose of any person other than Company, employ, or offer to employ, or actively interfere with Company’s relationship with, or attempt to divert or entice away, any employee of Company or its affiliates, nor shall Employee assist any other person in such activities.  The Restricted Period shall be tolled during any period in which Employee is in violation of this Section 8(c).

 

d.Reasonableness of Limitations.

 

	
 
	

	
(i)The Employee acknowledges, warrants, represents and agrees that the restrictive covenants and remedies contained in Section 8 are necessary for the protection of the legitimate business interest of Company and its affiliates and are reasonable in scope and content.

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(ii)The Employee acknowledges that the territorial, time and other limitations of this Agreement are reasonable and properly required for adequate protection of the business and affairs of Company and its affiliates, and, in the event that any such territorial, time or other limitation is found to be unreasonable by a court or arbitrator of competent jurisdiction, the Employee agrees and submits to the reduction of any said territorial, time or other limitation, or all of them, to such an area, period or otherwise as such court or arbitrator may determine to be reasonable, as if originally executed in that form by the parties hereto.

 

e.Remedies.

 

	
 
	

	
(i)Without intending to limit the remedies available to Company, Employee acknowledges that breach of any of the covenants contained in this Agreement may result in material, irreparable injury to Company, its affiliates or subsidiaries for which there is no adequate remedy at law, that it may not be possible to measure damages for such injuries precisely and that, in the event of such a breach, or threat thereof, Company may seek a temporary restraining order and/or preliminary or permanent injunction restraining Employee and any third party from engaging in activities prohibited by this Agreement or such other relief as may be required to specifically enforce the covenants in this Agreement; provided, however, that no specification in this Agreement of a specific legal or equitable remedy shall be construed as a waiver or prohibition against the pursuing of other legal or equitable remedies in the event of a breach.

 

	
 
	

	
(ii)Employee hereby agrees and consents that such injunctive relief may be sought ex parte in any state or federal court of record in the State of New York, or in the state and county in which such violation may occur, or in any other court having jurisdiction, at the election of Company.  

 

	
 
	

	
(iii)Employee hereby waives any right he may have to require Company to post a bond or other security with respect to obtaining or continuing any such injunction or temporary restraining order.

 

9.Cooperation.  Employee agrees to provide assistance to the Company to assure an orderly transfer of work and responsibilities. Employee agrees to fully cooperate with the Company and its attorneys, auditors and consultants following the Separation Date, to provide prompt, truthful, and complete information in relation to any inquiry by the Company or its attorney and in connection with any matter, litigation or other proceeding arising out of or relating to matters of which Employee was involved prior to the termination of Employee’s 

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employment. Employee’s cooperation shall include, without limitation, providing assistance to the Company’s counsel, experts and consultants, and providing truthful testimony in pretrial and trial or hearing proceedings.  The Company will work cooperatively with the Employee to limit the inconvenience and disruption any such cooperation and assistance might cause.  The Company agrees to timely pay all reasonable expenses incurred by Employee, including, but not limited to, transportation costs, lodging costs, and lost wages.  However, Employee and the Company agree that no compensation shall be paid under any circumstances for the content or substance of any testimony in any litigation or proceeding.

 

10.Return of Company Property. 

 

a.Except as specifically set forth below, to the extent Employee has not already done so, by no later than five (5) business days after the Effective Date of this Agreement (as defined in Section 19 below), Employee shall return to the Company all documents (and all copies thereof) and other property belonging to the Company that Employee has in Employee’s possession, custody or control. The documents and property to be returned by Employee include, but are not limited to all files, correspondence, e-mail, memoranda, notes, notebooks, drawings, records, plans, forecasts, reports, studies, analyses, compilations of data, proposals, agreements, financial information, research and development information, customer lists and customer information (including but not limited to telephone directories, phone books, and any documents containing the name, address, telephone number, email address, or other contact information of any customer or any agent, representative, or employee of a customer), marketing information, operational and personnel information (including but not limited to organizational charts, telephone directories, phone books  any documents containing the name, address, telephone number, email address, or other contact information of any employee, agent, or representative of the Company), specifications, code, software, databases, computer-recorded information, electronic records, tangible property and equipment, credit cards, entry cards, identification badges and keys; and any materials of any kind which contain or embody any Confidential and Proprietary Information of the Company (and all reproductions thereof in whole or in part).  Employee agrees to make a diligent search to locate any such documents, property and information.  

 

b.If Employee has used any computer, server, e-mail or phone device owned by Employee or a member of Employee’s immediate family to receive, store, review, prepare or transmit any Confidential and Proprietary Information or, documents, property, materials or information of or pertaining to the Company, then no later than five (5) business days after the Effective Date of this Agreement (as defined in Section 19 below), Employee shall provide the Company with a computer-useable copy of all such information and then permanently delete and expunge such Confidential and Proprietary Information from those systems.     

 

c.Employee further agrees that if Employee discovers any Company documents or property in Employee’s possession, custody or control or on Employee’s computer, server, e-mail system, or other electronic device in the future, Employee will immediately return such documents or information to the Company and delete them from such computer, device, or e-mail system. 

 

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d.The Company will work with Employee to retrieve any Company Property as outlined in this Section via a courier. Employee will fully cooperate with the Company to get this property back to the Company within five (5) business days after the Effective Date of this Agreement (as defined in Section 19 below).

 

e.Nothing in this section shall prevent Employee from retaining any copy of information for the sole purpose of reporting or investigating a suspected violation of law.  

 

11.No Disability.  Employee agrees that he has not sustained any disabling personal injury and/or occupational disease which has resulted in a loss of wage-earning capacity during his employment with the Company or due to the termination of his employment and that he has no personal injury and/or occupational disease which has been contributed to, or aggravated or accelerated in a significant manner by his employment with the Company and/or the termination of his employment.

 

12.No Pending Action. Subject to Section 14 below, Employee represents that, as of the date he executed this Agreement, Employee has not filed any charge, complaint or action in any forum against the Company.

 

13.Consideration. This Agreement provides Employee with sums of money and benefits that include sums and benefits that Employee would not be entitled to receive without signing this Agreement.

 

14.Whistleblower Protection. Nothing in this Agreement prevents Employee, without prior notice to the Company, from reporting conduct to, providing truthful information to, cooperating with, filing a charge or complaint with and/or participating in any investigation or proceeding conducted or initiated by the Equal Employment Opportunity Commission, National Labor Relations Board, Securities and Exchange Commission, Occupational Safety and Health Administration, and/or any other federal, state or local agency or self-regulatory organization charged with enforcement of any laws; provided, however, that Employee agrees not to disclose confidential information that is subject to a legal privilege of the Company, including but not limited to the attorney-client privilege and attorney work product protection.  

 

15.Consultation with Attorney. Company hereby encourages and advises Employee in writing to consult with an attorney of Employee’s choosing, prior to signing this Agreement, concerning all of the terms of this Agreement and the termination of Employee’s employment with the Company.

 

16.Review Period. Employee represents and warrants that the Company has given Employee a reasonable period of time of at least forty-five (45) days (the “review period”) for Employee to consider all of the terms of this Agreement and for the purpose of consulting with an attorney if Employee so chooses.  This Agreement was provided to Employee on October 24, 2020.  If this Agreement has been executed by Employee prior to the end of the review period, Employee represents that he has freely and willingly elected to do so.  Employee and the Company agree that any changes to this Agreement, whether material or immaterial, do not operate to restart the review period.

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Employee further acknowledges that at the commencement of the Review Period, the Company provided you with information (see attached Appendix A) concerning the class, unit or group of individuals covered by this termination program, any eligibility factors for such program, and any time limits applicable to such program, as well as the job titles and ages of all individuals selected for the program, and the job titles and ages of all individuals in the same job class or organizational unit who are not eligible or selected for the program.

 

17.Employee’s Review of Agreement. Employee represents and warrants that he has carefully read each and every provision of this Agreement and that he fully understands all of the terms and conditions of this Agreement.

 

18.Voluntary Agreement. Employee represents and warrants that he enters into this Agreement voluntarily of his own free will, without any pressure or coercion from any person or entity, including, but not limited to, the Company or any of its representatives.

 

19.Revocation. This Agreement may be revoked by Employee within seven (7) calendar days after the date this Agreement is signed by the Employee, by giving written or email notice of revocation to Maurice Zauderer, Ph.D, President, CEO and Director.  This Agreement shall not become binding, effective or enforceable until the revocation period has expired with no revocation by Employee, and therefore the payments described in Section 1(d) of this Agreement shall not be made or provided unless Employee signs this Agreement and such revocation period expires with no revocation by Employee.  If Employee does not revoke this Agreement, the eighth calendar day after the date of Employee signs this Agreement will be the “Effective Date” of the Agreement, on which this Agreement becomes binding and Employee may not thereafter revoke his acceptance of the Agreement.

 

20.Interpretation. Employee and the Company agree that, whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement, which shall be fully severable and given full force and effect.  However, in the event the Complete Release in Section 2 or any portion thereof is determined by any court or agency of competent jurisdiction to be unenforceable for any reason, then the Company shall have the option to rescind this entire Agreement and immediately recover from the Employee any payments made pursuant to Section 1(d) above, except to the extent prohibited or limited by the ADEA or other applicable law.  Alternatively, if the Company so elects, the Employee will execute a second release that is legal and enforceable, without further consideration.    

 

21.Legal Proceedings and Governing Law.  This Agreement shall be construed and governed in accordance with the internal laws of the State of New York, without regard to principles of conflicts of laws, to the maximum extent possible. Disputes arising under it shall be heard exclusively by the New York State Supreme Court, Monroe County, New York or in the United States District Court for the Western District of New York.  Employee irrevocably agrees that all claims and disputes regarding this Agreement may be heard and determined in any such 

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court and irrevocably waives any objection he/she may now or hereafter have as to personal jurisdiction, the venue of any such action or proceeding brought in such a court or the fact that such court is an inconvenient forum. 

 

22.WAIVER OF JURY TRIAL. THE PARTIES AGREE TO WAIVE ANY RIGHT TO A JURY TRIAL IF ANY CLAIM ARISING OUT OF EMPLOYEE’S EMPLOYMENT, HIS SEPARATION FROM THAT EMPLOYMENT AND/OR THIS AGREEMENT IS FILED IN COURT.  

 

23.Non-Assignment.  Employee warrants, represents and agrees that he has not heretofore assigned or transferred or purported to assign or transfer to any person, firm, partnership, corporation or entity whatsoever, any of the legal rights or Claims waived or released herein.

 

24.No Admission of Liability.  Employee agrees that neither any payment under this Agreement, nor any term or condition of it, shall be construed at any time as an admission of liability or wrongdoing by the Company.

 

25.Third Party Beneficiaries. The Parties agree that the Released Parties (other than the Company) are intended third party beneficiaries of this Agreement.  The Released Parties’ rights under this Section 25 shall be irrevocable.   

 

26.Binding Effect.  This Agreement shall be binding upon and inure to the benefit of Employee and Employee’s heirs and legal representatives and the Company, its successors and assigns.  The obligations of this Agreement survive the resignation of Employee’s employment.  Employee agrees that the Company may freely assign this Agreement to a successor corporation or purchaser of its assets.

 

27.Entire Agreement and Amendment. This Agreement sets forth the entire agreement and understanding between Employee and the Company and merges and supersedes all prior discussions, agreements, arrangements and understandings of every kind and nature, written or oral, between Employee and the Company, except as otherwise provided in this Agreement.  This Agreement may not be amended or modified except by a writing signed by Employee and the Company.

 

28.Counterparts.  This Agreement may be executed in multiple originals, each of which shall be considered as an original instrument, but all of which shall constitute one agreement.  A scanned copy, photocopy or facsimile of a fully-executed original has the same force and effect as the original.

 

 

 

	
DATED:      2 Dec 2020       
	
_____________/s/ Raymond E. Watkins_______________

Raymond E. Watkins 

 

 

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DATED:___12/9/2020____ Vaccinex, Inc.

 

By:_/s/ Maurice Zauderer, Ph.D________

Maurice Zauderer, Ph.D

President, CEO and Director

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APPENDIX A

(Omitted.)

 

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