Document:

Employment Agreement

November 3, 2011

Jennifer Harris, Ph.D.

4430 Sun Valley Drive

Durham, NC 

Dear Jennifer, 

On behalf of Heat Biologics, Inc. (“Heat”), I am pleased to extend an offer of employment to you as Senior Director of Clinical Development under the following terms and conditions:

1.

Start date:  December 1, 2011

2.

Base salary of $150,000 per year, payable bi-weekly. 

3.

Heat has granted you 50,000 ten-year options to purchase common stock in Heat Biologics at the most recent fair market value for Heat’s common stock as determined by the Heat’s board, which we estimate to be $0.28 per share.  These options will vest quarterly over a 4 year period. 

4.

Three weeks vacation per year plus 5 days sick leave plus standard national holidays.

5.

You will be required to sign a Confidentiality Agreement as well as an Assignment of Inventions Agreement provided in Appendix A.

6.

Heat will hold you harmless for any activities you perform within the scope of your employment. 

Please acknowledge your acceptance of this offer by your signature below.  I am very enthused at having you on board and very much look forward to working with you to build a truly exciting new venture!

Sincerely,

Jeff Wolf

CEO

Heat Biologics, Inc.

Agreed and Accepted,

Jennifer Harris, Ph.D.

APPENDIX A

CONFIDENTIAL INFORMATION AND ASSIGNMENT OF INVENTIONS

All Developments (as defined below), whether or not reduced to writing, which the employee may originate, make or conceive during the term of his employment and for a period of one (1) month thereafter, either alone or with others and whether or not during working hours or by the use of facilities of the Corporation shall immediately become the sole and absolute property of the Corporation.

The term “Development” shall mean any invention, modification, discovery, design, development, improvement, process, software program, work of authorship, documentation, formula, data, technique, know-how, trade secret or intellectual property right whatsoever or any interest therein (whether or not patentable or registrable under copyright, trademark or similar statutes).  

The employee agrees to disclose promptly to the Corporation (or any persons designated by it) each such Development.  The employee hereby assigns all rights (including, but not limited to, rights to inventions, patentable subject matter, copyrights and trademarks) that he may have or may acquire in the Developments and all benefits and/or rights resulting therefrom to the Corporation and its assigns without further compensation and hereby agrees to communicate, without cost or delay, and without disclosing to others the same, all available information relating thereto (with all necessary plans and models) to the Corporation.  

The employee agrees that, during his employment and at any time thereafter, at the request and cost of the Corporation, promptly sign, execute, make and do all such deeds, documents, acts and things as the Corporation and its duly authorized officers may reasonably require:

(a)

to apply for, obtain, register and vest in the name of the Corporation alone (unless the Corporation otherwise directs) patents, copyrights, trademarks or other analogous protection in any country throughout the world relating to a Development and when obtained or vested to renew and restore the same; and 

(b)

to defend any judicial, opposition or other proceedings in respect of such application for revocation of any such patent, copyright, trademark or other analogous protection; and

(c)

if the Corporation is unable, after reasonable effort, to secure my signature on any application for patent, copyright, trademark or other analogous registration or other documents regarding any legal protection relating to a Development, whether because of my physical or mental incapacity or for any other reason whatsoever, and hereby irrevocably designates and appoints the Corporation and its duly authorized officers and agents as my agent and attorney-in-fact, to act for and in his behalf and stead to execute and file any such application or applications or other documents and to do all other lawfully permitted acts to further the prosecution and issuance of patent, copyright or trademark registrations or any other legal protection with the same legal force and effect as if executed by him.  

(d)

The employee further agrees that during the course of his employment or at any time after termination, he/she will not disclose or make accessible to any other person, the Corporation's products, services and technology, both current and under development, 

promotion and marketing programs, lists, trade secrets and other confidential and proprietary business information of the Corporation or any of its clients.  The employee agrees: (i) not to use any such information for himself or others; and (ii) not to take any such material or reproductions thereof from the Corporation's facilities at any time during his employment by the Corporation, except as required in the employee's duties to the Corporation.  The employee agrees immediately to return all such material and reproductions thereof in his possession to the Corporation upon request and in any event upon termination of employment.  The foregoing notwithstanding, the parties acknowledge and agree that the confidential and proprietary information of the Corporation and/or its clients shall not include the following:  (a) information already in the public domain or hereafter disclosed to the public through no fault of the employee; including but not limited to knowledge of (i) the business of other companies in the field, (ii) general business methods and structures useful in operating biotechnology companies, (iii) the status of patents and other technology in the field other than those of the Company; (b) general knowledge about the biotechnology field obtained through the employee's professional and academic experience, or (c) specific ideas and projections of the biotechnology field's evolution that are not the property of the Corporation.

(e)

Except with prior written authorization by the Corporation, the employee agrees not to disclose or publish any of the confidential, technical or business information or material of the Corporation, its clients or any other party to whom the Corporation owes an obligation of confidence, at any time during or after his employment with the Corporation.

(f) 

employee acknowledges that all original works of authorship that are made by him (solely or jointly with others) within the scope of his employment and that are protectable by copyright are being created at the instance of the Corporation and are “works made for hire,” as that term is defined in the United State Copyright Act (17 USCA, Section 101).  If these laws are inapplicable or in the event that all or a part of any works are determined by a court of competent jurisdiction not to be a work made for hire under the United States copyright laws, this Agreement will operate as an irrevocable and unconditional assignment by him to the Corporation of all of his right, title and interest (including without limitation all rights in and to the copyrights throughout the world, including the right to prepare derivative works and the right to all renewals and extensions) in the works in perpetuity.

Sincerely,

Jeff Wolf

CEO

Heat Biologics, Inc.

Agreed and Accepted,

Jennifer Harris, Ph.D.

FIRST AMENDMENT OF THE EMPLOYMENT AGREEMENT BETWEEN

Jennifer Harris (“Harris”) and Heat Biologics Inc. (“Heat”) dated November 3, 2011

Effective May 1, 2013, the terms of employment will be changed as follow:

1.

Harris shall receive a base salary of $75,000 per year, payable bi-weekly beginning May 1, 2013.

2.

Heat shall grant Harris an additional grant of 20,000 ten-year options to purchase common stock in Heat at the most recent fair market value for Heat’s common stock as determined by its Board, which is estimated to be $0.97 per share, pursuant to  Heat’s 2009 Stock Incentive Plan.  These options will vest quarterly over a 4 year period.

3.

Heat shall pay Harris the balance of her current accumulated vacation pool, which amount is ________ hours, distributed evenly over the remaining pay periods of 2013 beginning with the pay period following the effective date of this agreement.

4.

Vacation will be accrued at 10 days per year beginning May 10, 2013. 

5.

All other terms of the original employment agreement shall remain in full force and effect including Heat’s grant of the Incentive Stock Option for 50,000 shares, which grant has been documented by Notice of Incentive Stock Option under the 2009 Stock Incentive Plan showing a grant date of November 22, 2011(“Grant”), and Heat agrees to honor the vesting schedule set forth in the Grant and all other rights given to Harris therein.

Heat Biologics, Inc.

By:  

Title: CEO

Jennifer Harris, PharmD

___________________________AMENDMENT TO LICENSE AGREEMENT

EXHIBIT 10.18

AMENDMENT TO LICENSE AGREEMENT (UM97-14) 

Amendment to the License Agreement (the "Amendment") dated the 11th day of July, 2008 (the "Effective Date"), by and between the University of Miami and its School of Medicine ("LICENSOR"), and HEAT BIOLOGICS, INC., a Delaware corporation ("LICENSEE"), under the direction of Dr. Eckhard Podack, to wit: LICENSE AGREEMENT relating to the technology and product identified as the Podack Cancer Vaccine (VM97-14) , and hereinafter referred to as "License Agreement". 

WHEREAS, LICENSOR and LICENSEE entered into that certain Stockholders Agreement dated the 11th day of July, 2008, granting to the LICENSOR certain rights to participate in future stock offerings by the LICENSEE (hereinafter referred to as the "Stockholders Agreement"); and 

WHEREAS, LICENSOR is the owner and holder of eight percent (8%) of all issued and outstanding common stock of LICENSEE in each class and series on a fully­diluted basis pursuant to the terms and conditions of the License Agreement; together with the University of Miami Investor Rights Agreement effective July I 1, 2008, and the Common Stock Subscription Agreement dated July 1, 2008; and 

WHEREAS, LICENSEE has a past due and outstanding license issue fee obligation to LICENSOR, as set forth in section 8.1(a) of the License Agreement, as follows: 

One hundred fifty thousand ($150,000.00) dollars obligation, past due and outstanding, to wit: Payable within thirty (30) days of the Effective Date, on or before August 11, 2008; and 

WHEREAS, LICENSEE has past due and outstanding patent fees and costs obligations to LICENSOR in the amount of eleven thousand seventeen and 09/1 00 ($11, 017.09) dollars pursuant to section 5.1 of the License Agreement; and 

WHEREAS, LICENSEE has a past due and outstanding license issue fee obligation together with past due and outstanding patent fees and costs obligations to LICENSOR pursuant to the License Agreement, in the total amount of one hundred sixty one thousand seventeen and 09/100 ($161,017.09) dollars; and 

WHEREAS, LICENSEE has requested an extension of the payment dates for past due license issue fees together with past due patent fees and costs, and LICENSOR desires to extend the foregoing payment dates. 

NOW THEREFORE, for the mutual promises and other good and valuable consideration contained herein, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

LICENSOR agrees to extend the payment dates of the foregoing past due license issue fee together with past due patent fees and costs owed by LICENSEE pursuant to the License Agreement, under the following terms and conditions: 

1.

LICENSOR shall extend the payment deadline of all past due license issue fees and past due patent fees and costs under the License Agreement, in the total amount of one hundred sixty one thousand seventeen and 09/100 ($161,017.09) dollars to August 11, 2009 (the "Extension Date") 

2.

LICENSOR shall be issued two and one half percent (2.5%) fully-dilutable common shares of the total number of LICENSEE common shares issued and outstanding, which stock issuance shall be evidenced as follows: 

Section 8.5 of the License Agreement is hereby amended and restated in its entirety to read as follows: 

As partial consideration for the license granted pursuant to this Agreement, LICENSEE shall issue to LICENSOR a fully paid, nonassessable number of common shares equal to eight percent (8%) of the total number of LICENSEE issued and outstanding common shares in each class and series on a fully-diluted basis, at all times until and including the later of such time that LICENSEE has received more than two million dollars ($2,000,000) in cash proceeds after the Effective Date of this Agreement from equity investments by parties unaffiliated with LlCENSEE as of the Effective Date of this Agreement ("Qualified Investment"). For the avoidance of doubt, such anti-dilution protection for the foregoing shares shall continue to apply through the duration of and until immediately after, the Qualified Investment pursuant to this Agreement and any Amendments thereto, whichever is later. Furthermore, LICENSEE shall issue to LICENSOR fully-dilutable common shares equal to two and one half percent (2.5%) of the total number of LICENSEE common shares in each class and series issued and outstanding. LICENSEE shall affect the issuance of the foregoing fully-diluted shares by concurrent execution of an appropriate Stockholders Agreement, Investor Rights Agreements, and Common Stock Subscription Agreement, together with appropriate Amendments thereto evidencing the foregoing issuance of such fully-dilutable common shares to LICENSOR, the terms of which are incorporated by reference herein. 

3.

LICENSEE shall pay LICENSOR, as additional consideration for the payment Extension Date granted by LICENSOR under this Amendment, the sum of twelve thousand five hundred ($12,500.00) dollars, to be due and payable on or before such Extension Date. 

4.

LICENSOR hereby reserves the right, at its sale and absolute discretion, to seek any and all remedies available at law or in equity, for the nonpayment by the LICENSEE of any and all license issue fees together with patent fees and costs due and payable by the Extension Date. 

5.

LICENSOR and LICENSEE mutually agree and confirm that the following sections of the License Agreement remain in full force and effect, and agree to be bound by the terms and conditions specified therein: section 6. entitled INDEMNIFICATION, section 21. entitled AMENDMENT, and section 25. entitled ENTIRE AGREEMENT. LICENSOR and LICENSEE further mutually agree and confirm that in all other respects the License Agreement shall remain in full force and effect in accordance with all other terms and conditions specified therein, and agree to be bound by the terms and conditions set forth therein. 

This Amendment is entered into and made effective as of the last signature date set forth below. 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date set forth below. 

LICENSOR: 

UNIVERSITY OF MIAMI 

			
	By: 

	/s/ Bart Chernow

	 

	 
	Bart Chernow, M.D. 

	 

	 
	Director of UM Innovation Vice Provost of Technology

	 

Date: _______ Advancement 

LICENSEE: 

HEAT BIOLOGICS, INC. 

			
	By: 

	/s/ Jeffrey Wolf

	 

	 
	Jeffrey Wolf 

	 

	 
	President

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