Document:

Exhibit 10.23

 

CHINA ENERGY CORPORATION

 

INDEPENDENT DIRECTOR AGREEMENT

 

 

This INDEPENDENT DIRECTOR AGREEMENT (the “Agreement”)
is made and entered into as of this 5th day of September 2011, effective as of the 1st day of June 2011 (the “Effective
Date”), by and between China Energy Corporation., a Nevada corporation whose shares are publicly traded (the “Company”),
and Paul Li, a citizen of the United States, with the following address: Building 3, China Central Place. Jianguolu 89. Beijing,
China (the “Independent Director”).

 

WHEREAS, the Company desires to re-engage
the Independent Director, and the Independent Director desires to serve, as a non-employee director of the Company, subject to
the terms and conditions contained in this Agreement.

 

NOW, THEREFORE, in consideration of the mutual
promises and covenants contained herein, the receipt of which is hereby acknowledged, the Company and the Independent Director,
intending to be legally bound, hereby agree as follows:

 

1.DEFINITIONS.

 

(a)“Corporate Status”
describes the capacity of the Independent Director with respect to the Company and the services performed by the Independent Director
in that capacity.

 

(b)“Entity” shall
mean any corporation, partnership, limited liability company, joint venture, trust, foundation, association, organization or other
legal entity.

 

(c)“Proceeding” shall
mean any threatened, pending or completed claim, action, suit, arbitration, alternate dispute resolution process, investigation,
administrative hearing, appeal, or any other proceeding, whether civil, criminal, administrative or investigative, whether formal
or informal, including a proceeding initiated by the Independent Director pursuant to Section 12 of this Agreement to enforce the
Independent Director’s rights hereunder.

 

(d)“Expenses” shall
mean all reasonable fees, costs and expenses, approved by the Company in advance and reasonably incurred in connection with any
Proceeding, including, without limitation, attorneys’ fees, disbursements and retainers, fees and disbursements of expert
witnesses, private investigators, professional advisors (including, without limitation, accountants and investment bankers), court
costs, transcript costs, fees of experts, travel expenses, duplicating, printing and binding costs, telephone and fax transmission
charges, postage, delivery services, secretarial services, and other disbursements and expenses.

 

(e)“Liabilities”
shall mean judgments, damages, liabilities, losses, penalties, excise taxes, fines and amounts paid in settlement.

 

    	 

    	 	

    
 

(f)“Parent” shall
mean any corporation or other entity (other than the Company) in any unbroken chain of corporations or other entities ending with
the Company, if each of the corporations or entities, other than the Company, owns stock or other interests possessing 50% or more
of the economic interest or the total combined voting power of all classes of stock or other interests in one of the other corporations
or entities in the chain.

 

(g)“Subsidiary” shall
mean any corporation or other entity (other than the Company) in any unbroken chain of corporations or other entities beginning
with the Company, if each of the corporations or entities, other than the last corporation or entity in the unbroken chain, owns
stock or other interests possessing 50% or more of the economic interest or the total combined voting power of all classes of stock
or other interests in one of the other corporations or entities in the chain.

 

2.SERVICES OF INDEPENDENT DIRECTOR.
While this Agreement is in effect, the Independent Director shall perform duties as an independent director and/or a member of
the committees of the Board, be compensated for such and be reimbursed expenses in accordance with the Schedule A attached to this
Agreement, subject to the following.

 

(a)The Independent Director will
perform services as is consistent with Independent Director’s position with the Company, as required and authorized by the
By-Laws and Articles of Incorporation of the Company, and in accordance with high professional and ethical standards and all applicable
laws and rules and regulations pertaining to the Independent Director’s performance hereunder, including without limitation,
laws, rules and regulations relating to a public company.

 

(b)The Independent Director is
solely responsible for taxes arising out of any compensation paid by the Company to the Independent Director under this Agreement,
and the Independent Director understands that he/she will be issued a U.S. Treasury form 1099 for any compensation paid to him/her
by the Company. The Independent Director acknowledges and agrees that because he is not an employee of the Company the Company
will not withhold any amounts for taxes from any of his payments under the Agreement.

 

(c)The Company may offset any
and all monies payable to the Independent Director to the extent of any monies owing to the Company from the Independent Director.

 

(d)The rules and regulations
of the Company notified to the Independent Director, from time to time, apply to the Independent Director. Such rules and regulations
are subject to change by the Board in its sole discretion. Notwithstanding the foregoing, in the event of any conflict or inconsistency
between the terms and conditions of this Agreement and rules and regulations of the Company, the terms of this Agreement control.

 

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3.REQUIREMENTS OF INDEPENDENT DIRECTOR.
During the term of the Independent Director’s services to the Company hereunder, Independent Director shall observe all applicable
laws and regulations relating to independent directors of a public company as promulgated from to time, and shall not: (1) be an
employee of the Company or any Parent or Subsidiary; (2) accept, directly or indirectly, any consulting, advisory, or other compensatory
fee from the Company other than as a director and/or a member of a committee of the Board; (3) be an affiliated person of the Company
or any Parent or Subsidiary, as the term “affiliate” is defined in 17 CFR 240.10A-3(e)(1), other than in his capacity
as a director and/or a member of a committee of the Board; (4) possess an interest in any transaction with the Company or any Parent
or Subsidiary, for which disclosure would be required pursuant to 17 CFR 229.404(a), other than in his capacity as a director and/or
a member of a committee of the Board committees; (5) be engaged in a business relationship with the Company or any Parent or Subsidiary,
for which disclosure would be required pursuant to 17 CFR 229.404(b), except that the required beneficial interest therein shall
be modified to be 5% hereby.

 

4.REPORT OBLIGATION. While this
Agreement is in effect, the Independent Director shall immediately report to the Company in the event: (1) the Independent Director
knows or has reason to know or should have known that any of the requirements specified in Section 3 hereof is not satisfied or
is not going to be satisfied; and (2) the Independent Director simultaneously serves on an audit committee of any other public
company.

 

5.TERM AND TERMINATION. The term
of this Agreement and the Independent Director’s services hereunder shall be from the Effective Date to the one-year anniversary
of the Effective Date, unless terminated as provided for in this Section 5 (the “Term”). This Agreement and the Independent
Director’s services hereunder shall terminate upon the earlier of the following:

 

(a)Removal of the Independent
Director as a director of the Company, upon proper Board or stockholder action in accordance with the By-Laws and Articles of Incorporation
of the Company and applicable law;

 

(b)Resignation of the Independent
Director as a director of the Company upon written notice to the Board of Directors of the Company; or

 

(c)Termination of this Agreement
by the Company, in the event any of the requirements specified in Section 3 hereof is not satisfied, as determined by the Company
in its sole discretion.

 

6.LIMITATION OF LIABILITY. In no
event shall the Independent Director be individually liable to the Company or its shareholders for any damages for breach of fiduciary
duty as an independent director of the Company, unless the Independent Director’s act or failure to act involves intentional
misconduct, fraud or a knowing violation of law.

 

7.AGREEMENT OF INDEMNITY. The Company
agrees to indemnify the Independent Director as follows:

 

(a)Subject to the exceptions
contained in Section 8(a) below, if the Independent Director was or is a party or is threatened to be made a party to any Proceeding
(other than an action by or in the right of the Company) by reason of the Independent Director’s Corporate Status, the Independent
Director shall be indemnified by the Company against all Expenses and Liabilities incurred or paid by the Independent Director
in connection with such Proceeding (referred to herein as “Indemnifiable Expenses” and “Indemnifiable Liabilities,”
respectively, and collectively as “Indemnifiable Amounts”).

 

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(b)Subject to the exceptions
contained in Section 8(b) below, if the Independent Director was or is a party or is threatened to be made a party to any Proceeding
by or in the right of the Company, to procure a judgment in its favor by reason of the Independent Director’s Corporate Status,
the Independent Director shall be indemnified by the Company against all Indemnifiable Amounts.

 

(c)For purposes of this Agreement,
the Independent Director shall be deemed to have acted in good faith in conducting the Company’s affairs as an independent
director of the Company and/or a member of a committee of the Board of the Company, if the Independent Director: (i) exercised
or used the same degree of diligence, care, and skill as an ordinarily prudent man would have exercised or used under the circumstances
in the conduct of his own affairs; or (ii) took, or omitted to take, an action in reliance upon advise of counsels or other professional
advisors for the Company, or upon statements made or information furnished by other directors, officers or employees of the Company,
or upon a financial statement of the Company provided by a person in charge of its accounts or certified by a public accountant
or a firm of public accountants, which the Independent Director had reasonable grounds to believe to be true.

 

8.EXCEPTIONS TO INDEMNIFICATION.
Director shall be entitled to indemnification under Sections 7(a) and 7(b) above in all circumstances other than the following:

 

(a)If indemnification is requested
under Section 7(a) and it has been adjudicated finally by a court or arbitral body of competent jurisdiction that, in connection
with the subject of the Proceeding out of which the claim for indemnification has arisen, (i) the Independent Director failed to
act in good faith and in a manner the Independent Director reasonably believed to be in or not opposed to the best interests of
the Company, (ii) the Independent Director had reasonable cause to believe that the Independent Director’s conduct was unlawful,
or (iii) the Independent Director’s conduct constituted willful misconduct, fraud or knowing violation of law, then the Independent
Director shall not be entitled to payment of Indemnifiable Amounts hereunder.

 

(b)If indemnification is requested
under Section 7(b) and

 

(i)it has been adjudicated finally
by a court or arbitral body of competent jurisdiction that, in connection with the subject of the Proceeding out of which the claim
for indemnification has arisen, the Independent Director failed to act in good faith and in a manner the Independent Director reasonably
believed to be in or not opposed to the best interests of the Company, including without limitation, the breach of Section 4 hereof
by the Independent Director, the Independent Director shall not be entitled to payment of Indemnifiable Amounts hereunder; or

 

(ii)it has been adjudicated finally
by a court or arbitral body of competent jurisdiction that the Independent Director is liable to the Company with respect to any
claim, issue or matter involved in the Proceeding out of which the claim for indemnification has arisen, including, without limitation,
a claim that the Independent Director received an improper benefit or improperly took advantage of a corporate opportunity, the
Independent Director shall not be entitled to payment of Indemnifiable Expenses hereunder with respect to such claim, issue or
matter.

 

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9.WHOLLY OR PARTLY SUCCESSFUL.
Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that the Independent
Director is, by reason of the Independent Director’s Corporate Status, a party to and is successful, on the merits or otherwise,
in any Proceeding, the Independent Director shall be indemnified in connection therewith. If the Independent Director is not wholly
successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues
or matters in such Proceeding, the Company shall indemnify the Independent Director against those Expenses reasonably incurred
by the Independent Director or on the Independent Director’s behalf in connection with each successfully resolved claim,
issue or matter. For purposes of this section, the termination of any claim, issue or matter in such a Proceeding by dismissal,
with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

10.ADVANCES AND INTERIM EXPENSES.
The Company may pay to the Independent Director all Indemnifiable Expenses incurred by the Independent Director in connection with
any Proceeding, including a Proceeding by or in the right of the Company, in advance of the final disposition of such Proceeding,
if the Independent Director furnishes the Company with a written undertaking, to the satisfaction of the Company, to repay the
amount of such Indemnifiable Expenses advanced to the Independent Director in the event it is finally determined by a court or
arbitral body of competent jurisdiction that the Independent Director is not entitled under this Agreement to indemnification with
respect to such Indemnifiable Expenses.

 

11.PROCEDURE FOR PAYMENT OF INDEMNIFIABLE
AMOUNTS. The Independent Director shall submit to the Company a written request specifying the Indemnifiable Amounts for which
the Independent Director seeks payment under Section 7 hereof and the Proceeding of which the Independent Director has previously
notified the Company and approved by the Company for indemnification hereunder. At the request of the Company, the Independent
Director shall furnish such documentation and information as are reasonably available to the Independent Director and necessary
to establish that the Independent Director is entitled to indemnification hereunder. The Company shall pay such Indemnfiable Amounts
within thirty (30) days of receipt of all required documents.

 

12.REMEDIES OF INDEPENDENT DIRECTOR.

 

(a)RIGHT TO PETITION COURT. In
the event that the Independent Director makes a request for payment of Indemnifiable Amounts under Sections 7, 9-11 above, and
the Company fails to make such payment or advancement in a timely manner pursuant to the terms of this Agreement, the Independent
Director may petition the appropriate judicial authority to enforce the Company’s obligations under this Agreement.

 

(b)BURDEN OF PROOF. In any judicial
proceeding brought under Section 12 (a) above, the Company shall have the burden of proving that the Independent Director is not
entitled to payment of Indemnifiable Amounts hereunder.

 

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(c)EXPENSES. The Company agrees
to reimburse the Independent Director in full for any Expenses incurred by the Independent Director in connection with investigating,
preparing for, litigating, defending or settling any action brought by the Independent Director under Section 12 (a) above, or
in connection with any claim or counterclaim brought by the Company in connection therewith.

 

(d)VALIDITY OF AGREEMENT. The
Company shall be precluded from asserting in any Proceeding, including, without limitation, an action under Section 12 (a) above,
that the provisions of this Agreement are not valid, binding and enforceable or that there is insufficient consideration for this
Agreement and shall stipulate in court that the Company is bound by all the provisions of this Agreement.

 

(e)FAILURE TO ACT NOT A DEFENSE.
The failure of the Company (including its Board of Directors or any committee thereof, independent legal counsel, or stockholders)
to make a determination concerning the permissibility of the payment of Indemnifiable Amounts or the advancement of Indemnifiable
Expenses under this Agreement shall not be a defense in any action brought under Section 12 (a) above.

 

13.PROCEEDINGS AGAINST COMPANY.
Except as otherwise provided in this Agreement, the Independent Director shall not be entitled to payment of Indemnifiable Amounts
or advancement of Indemnifiable Expenses with respect to any Proceeding brought by the Independent Director against the Company,
any Entity which the Company controls, any director or officer thereof, or any third party, unless the Company has consented to
the initiation of such Proceeding. This section shall not apply to counterclaims or affirmative defenses asserted by the Independent
Director in an action brought against the Independent Director.

 

14.INSURANCE. The Company will
use commercially reasonable efforts to obtain and maintain a policy or policies of director and officer liability insurance, in
an amount not less than $5,000,000, of which the Independent Director will be named as an insured, providing the Independent Director
with coverage for Indemnifiable Amounts and/or Indemnifiable Expenses in accordance with said insurance policy or policies (“D&O
Insurance”). Notwithstanding the foregoing, while the D&O Insurance is valid and effective, the Company agrees that it
shall indemnify the Independent Director for the Indemnifiable Amounts and Indemnifiable Expenses, to the extent that any Proceedings
are coverable by D&O Insurance, but in excess of the policy amount, or otherwise not covered by the D&O Insurance, in accordance
with Sections 7-13 of this Agreement.

 

15.SUBROGATION. In the event of
any payment of Indemnifiable Amounts under this Agreement or the D&O Insurance, the Company or its insurance carrier(s), as
the case may be, shall be subrogated to the extent of such payment to all of the rights of contribution or recovery of the Independent
Director against other persons, and the Independent Director shall take, at the request of the Company, all reasonable action necessary
to secure such rights, including the execution of such documents as are necessary to enable the Company to bring suit to enforce
such rights.

 

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16.AUTHORITY. Each party has all
necessary power and authority to enter into, and be bound by the terms of, this Agreement, and the execution, delivery and performance
of the undertakings contemplated by this Agreement have been duly authorized by each party hereto:

 

17.SUCCESSORS AND ASSIGNMENT. This
Agreement shall (a) be binding upon and inure to the benefit of all successors and assigns of the Company (including any transferee
of all or a substantial portion of the business, stock and/or assets of the Company and any direct or indirect successor by merger
or consolidation or otherwise by operation of law), and (b) be binding on and shall inure to the benefit of the heirs, personal
representatives, executors and administrators of the Independent Director. The Independent Director has no power to assign this
Agreement or any rights and obligations hereunder.

 

18.CHANGE IN LAW. To the extent
that a change in applicable law (whether by statute or judicial decision) shall mandate broader or narrower indemnification than
is provided hereunder, the Independent Director shall be subject to such broader or narrower indemnification and this Agreement
shall be deemed to be amended to such extent.

 

19.SEVERABILITY. 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, or any clause thereof, shall be determined by a court of competent jurisdiction to be illegal,
invalid or unenforceable, in whole or in part, such provision or clause shall be limited or modified in its application to the
minimum extent necessary to make such provision or clause valid, legal and enforceable, and the remaining provisions and clauses
of this Agreement shall remain fully enforceable and binding on the parties.

 

20.MODIFICATIONS AND WAIVER. Except
as provided in Section 18 hereof with respect to changes in applicable law which broaden or narrow the right of the Independent
Director to be indemnified by the Company, no supplement, modification or amendment of this Agreement shall be binding unless executed
in writing by each of the parties hereto. No delay in exercise or non-exercise by the Company of any right under this Agreement
shall operate as a current or future waiver by it as to its same or different rights under this Agreement or otherwise.

 

21.NOTICES. All notices, requests,
demands and other communications hereunder shall be in writing and shall be deemed to have been duly given (a) when delivered by
hand, (b) when transmitted by facsimile and receipt is acknowledged, or (c) if mailed by certified or registered mail with postage
prepaid, on the third business day after the date en which it is so mailed:

 

If to Independent Director, to: Paul Li,
Building 3, China Central Place. Jianguolu 89. Beijing, China.

 

If to the Company, to: WenXiang Ding,
President, China Energy Corporation, No. 57 Xinhua East Street, Hohhot, Inner Mongolia, People’s Republic of China, 010010,
or to such other address as may have been furnished in the same manner by any party to the others.

 

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22.GOVERNING LAW. This Agreement
shall be governed by and construed and enforced under the laws of the State of Delaware.

 

23.CONSENT TO JURISDICTION. The
parties hereby consent to the jurisdiction of the courts having jurisdiction over matters arising in Delaware for any proceeding
arising out of or relating to this Agreement. The parties agree that in any such proceeding, each party shall waive, if applicable,
inconvenience of forum and right to a jury.

 

24.AGREEMENT GOVERNS. This Agreement
is to be deemed consistent wherever possible with relevant provisions of the By-Laws and Articles of Incorporation of the Company;
however, in the event of a conflict between this Agreement and such provisions, the provisions of this Agreement shall control.

 

25.INDEPENDENT CONTRACTOR. The
parties understand, acknowledge and agree that the Independent Director’s relationship with the Company is that of an independent
contractor and nothing in this Agreement is intended to or should be construed to create a relationship other than that of independent
contractor. Nothing in this Agreement shall be construed as a contract of employment/engagement between the Independent Director
and the Company or as a commitment on the part of the Company to retain the Independent Director in any capacity, for any period
of time or under any specific terms or conditions, or to continue the Independent Director’s service to the Company beyond
any period.

 

26. ARBITRATION. Any dispute, controversy
or claim arising out of or relating to this Agreement or the breach thereof, shall be settled by arbitration, before one arbitrator
in accordance with the rules of the American Arbitration Association then in effect and judgment upon the award rendered by the
arbitrator may be entered in any court having jurisdiction. The arbitrator will be selected, by the parties, from a panel of attorney
arbitrators. The parties agree that any arbitration shall be held in New York, New York. The language of the arbitration shall
be in English. The arbitrator will have no authority to make any relief, finding or award that does not conform to the terms and
conditions of this Agreement. Each party shall bear its own attorneys’ or expert fees and any and all other party specific
costs. Either party, before or during any arbitration, may apply to a court having jurisdiction for a restraining order or injunction
where such relief is necessary to protect its interests. Prior to initiation of arbitration, the aggrieved party will give the
other party written notice, in accordance with this Agreement, describing the claim as to which it intends to initiate arbitration.

 

27.ENTIRE AGREEMENT. This Agreement
constitutes the entire agreement between the Company and the Independent Director with respect to the subject matter hereof, and
supersedes all prior understandings and agreements with respect to such subject matter.

 

 

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IN WITNESS WHEREOF, the parties hereto have
executed this Independent Director Agreement as of the day and year first above written.

 

 

	 	 
	AGREED	AGREED
	 	 
	China Energy Corporation	Independent Director
	 	 
	 	 
	 	 
	/s/ WenXiang Ding                               	/s/ Paul Li                                     
	Name:  WenXiang Ding	Name: Paul Li
	Title:   President and CEO	 
	 	 

 

 

 

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SCHEDULE A

 

I.COMPENSATION:

 

A. Fees. For all services rendered
by the Independent Director pursuant to this Agreement, both during and outside of normal working hours, including but not limited
to, attending all required meetings of the Board or applicable committees thereof, executive sessions of the independent directors,
reviewing filing reports and other corporate documents as requested by the Company, providing comments and opinions as to business
matters as requested by the Company, the Company agrees to pay to the Independent Director a fee in cash of Twenty-Two Thousand
Dollars ($22,000) during the Term (the “Base Fee”), so long as the Independent Director is serving on the Board of
Directors. The Base Fee (or such prorated portion thereof) shall be paid in cash to the Independent Director in equal, quarterly
installments no later than the 30th  day following the end of the Company’s fiscal quarter during the Term (beginning
the fiscal quarter ending August 31, 2011).

 

In addition to the Base Fee, the Company
agrees to pay the Independent Director (i) a Eight Hundred Dollar ($800)
fee for each board or committee meeting attended by telephone; (ii) a Two Thousand Five Hundred Dollar ($2,500) fee for each board
or committee meeting attended in person. The fees in Section I(A)(i) and (ii), above, shall be paid no later than the 30th
day following the end of the Company’s fiscal quarter in which those fees are accrued.

 

B.
Stock Option. On the Effective Date the Independent Director shall be granted a 10-year option to purchase Twenty
Thousand (20,000) shares of common stock of the Company, with an exercise price equal to the fair market value of a share of the
Company’s common stock on the date of the grant of the option. Such option shall vest in equal, quarterly installments on
the last of the Company’s fiscal quarter during the Term (beginning with the fiscal quarter ending August 31, 2011). The
Independent Director must be actively serving as a member of the Board of Directors of the Company as of any applicable vesting
date to receive any stock grant as of such date. The Independent Director’s rights in respect to any grant shall be determined
solely by the Board or, if applicable, the Compensation Committee thereof, and are subject to execution by Independent Director
of any applicable agreements as established and requested by the Company.

 

C. Expenses. During the term of the
Independent Director’s service as a director of the Company, the Company shall promptly reimburse the Independent Director
for all expenses incurred by him in connection with attending (a) all meetings of the Board or applicable committees thereof, (b)
executive sessions of the independent directors, and (c) stockholder meetings, as a director or a member of any committee of the
Board, which are approved by the Company in advance. The Company will only reimburse the Independent Director for economy class
airplane tickets. In addition, the Independent Director shall rely on the Company to arrange all hotel accommodations in connection
with any such meetings the Independent Director must attend. The amount of such expenses eligible for reimbursement by the Company
during a calendar year shall not affect such expenses eligible for reimbursement by the Company in any other calendar year, and
the reimbursement of these expenses shall be made on or before the 30th day following the end of the Company’s fiscal quarter
in which the expense was incurred.

 

  

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D. No Other Benefits Or Compensation.
The Independent Director acknowledges and agrees that he is not granted and is not entitled to any other benefits or compensation
from the Company for the services provided under this Agreement except expressly provided for in this Schedule A.

 

 

	 	 
	AGREED	AGREED
	 	 
	China Energy Corporation.	Independent Director
	 	 
	 	 
	 	 
	/s/ WenXiang Ding                              	/s/ Paul Li                                
	Name:  WenXiang Ding	Name: Paul Li
	Title:   President and CEO	 
	 	 

 

 

    	11Exhibit 10.7

 

RELEASE OF CLAIMS AND RESTRICTIVE COVENANTS
AGREEMENT

 

THIS
RELEASE OF CLAIMS AND RESTRICTIVE COVENANTS AGREEMENT (the “Release Agreement”) is made and entered into by
Rahul Singhvi (“Employee”) and Novavax, Inc.
(“Employer” or the “Company”) as of April 19, 2011.

 

WHEREAS, Employer
and Employee entered into that certain Amended and Restated Employment Agreement, dated as of July 20, 2009, as amended (the “Employment
Agreement”); and

 

WHEREAS, Employer
and Employee will terminate their employment relationship effective as of April 19, 2010 and pursuant to a letter (the “Termination
Letter”) to Employee from Stanley C. Erck, President and Chief Executive Officer of the Company, dated April 19, 2010 (the
“Termination Date”).

 

NOW,
THEREFORE, in consideration of the premises and the mutual promises set forth herein,
Employee agrees as follows:

 

1.          Consideration.
Employee is entering into this Release Agreement in consideration of Employer’s offer of separation pay (in the gross
amount of $681,831), as well as other good and valuable consideration
including the transfer of ownership of Employee’s Apple laptop computer and mobile phone. Employee hereby accepts the severance
offer, and agrees to be bound by this Release Agreement.

 

2.          General
Release of Claims. For himself and his heirs, executors, administrators, assigns, agents and beneficiaries, if any, Employee
does hereby agree to execute and be bound by the following general release of Claims (“Release”):

 

I, Rahul Singhvi,
waive, release, and forever discharge Employer (as defined below) of and from any and all Claims (as defined below) arising from
the beginning of time up to and including the date of this Release. I agree not to file a lawsuit or arbitration to assert any
such Claim. Further, I agree that should any other person, organization or entity file a lawsuit or arbitration to assert any such
Claim, I will not seek or accept any personal relief in such action.

 

/s/ RS [Initial]

 

Notwithstanding
any other provision of this Release, the following are not barred by the Release: (i) Claims relating to the validity
of this Release Agreement; (ii) Claims by either party to enforce this Release Agreement; and (iii) Claims which legally may not
be waived. In addition, this Release will not operate to limit or bar Employee’s right to file an administrative
charge of discrimination with the Equal Employment Opportunity Commission (EEOC) and to participate in an investigation by the
EEOC, although the Release does bar Employee’s right to recover any personal relief if Employee or anyone on his behalf seeks
to file a subsequent lawsuit or arbitration on the same basis as the charge of discrimination.

 

For
the purpose of this Release, “Claims” include without
limitation all actions, rights or demands of any kind that Employee
now has, or may have or claim to have in the future. More specifically, Claims include rights, causes of action, damages, penalties,
losses, attorneys’ fees, costs, expenses, obligations, agreements, judgments and all other liabilities of any kind or description
whatsoever, either in law or in equity, whether known or unknown, suspected or unsuspected. The nature of Claims covered by this
Release includes, without limitation, all actions or demands in any way based on my employment with Employer, the terms and conditions
of such employment or my separation from employment. More specifically, all of the following are among the types of Claims which
are waived and barred by this Release as and
to the extent allowable under applicable law:

 

    	 

    	 

    

 

		·	Contract claims, whether express or implied;

		·	Tort claims, such as for defamation or emotional distress;

		·	Claims under federal, state and municipal laws, regulations, ordinances
or court decisions of any kind including, but not limited to, any action under the Maryland Wage Payment and Collection law as
codified at Ann. Code. Md. Labor and Employment, 3-501, et seq.;

		·	Claims of discrimination, harassment or retaliation, whether based on race, color, religion, gender,
sex, age, sexual orientation, handicap and/or disability, national origin, whistleblowing or any other legally protected class;

		·	Claims under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964,
as amended, the Americans with Disabilities Act, the Family and Medical Leave Act, and similar state and local statutes, laws and
ordinances;

		·	Claims under the Employee Retirement Income Security Act, the Occupational Safety and Health Act,
the False Claims Act, and similar state and local statutes, laws and ordinances;

		·	Claims for wrongful discharge; and

		·	Claims for attorneys’ fees, including litigation expenses and/or costs.

 

The
foregoing description of Claims is intended to be illustrative rather than
exhaustive.

 

For the purpose
of this Release, “Employer” includes without limitation Novavax, Inc. and its respective past, present and future parents,
owners, affiliates, subsidiaries, divisions, predecessors, successors, assigns, employee benefit plans and trusts, if any. It also
includes all past, present and future managers, members, principals, directors, officers, partners, agents, employees (except Rahul
Singhvi), attorneys, representatives, consultants, associates, fiduciaries, plan sponsors, administrators and trustees of each
of the foregoing.

 

3.          Restrictive
Covenants. Employee acknowledges and reaffirms his obligations under Sections 9, 10, 11and 12 of the Employment Agreement
regarding the business of Employer, the assignment of intellectual
property, confidentiality, non-competition and non-solicitation.

 

4.          Additional
Covenants. In addition to the covenants and obligations contained in the Employment Agreement, Employee further agrees
as follows:

 

(a)          Not
to engage in any activities or make any statements that may disparage or reflect negatively on Employer or any of its respective
directors, officers, managers or employees;

 

(b)          Not
to disclose the terms and conditions of this Release Agreement or
any matters concerning or relating hereto or to Employee’s separation
from Employer, except (1) the fact of Employee’s termination and (2) the terms and conditions of this Release Agreement to
Employee’s legal counsel and financial advisor, if any, subject to their agreement not to disclose any of same to
others.

 

(c)          Employee
acknowledges and reaffirms the Non-Disclosure, Proprietary Information
and Invention Assignment Agreement executed between Employer and Employee. In addition to existing contractual and common law obligations
to do so, Employee agrees to keep and not to disclose any and all confidential information (whether written, graphic, oral, committed
to memory or otherwise in his possession), including, without limitation, such information regarding the operations, licensing
and collaborative transactions, product status, strategies and potential plans and personnel information of Employer, and
agrees to maintain the foregoing in strict confidence so long as such
information has not been published in a manner generally available to the public.

 

    	 

    	 

    

 

5.          Consideration
Period. Employee acknowledges that he has carefully read and understands
the provisions of this Release Agreement. Employee has been provided with a consideration period consisting of twenty-one (21)
calendar days to consider the terms of this Release Agreement from the date this Release Agreement was first
presented to him on April 19, 2011. Employee agrees to notify Employer of his
acceptance of this Release Agreement by delivering a signed and notarized copy to Employer, addressed to the attention of John
Herrmann, Novavax, Inc., 9920 Belward Campus Drive, Rockville, Maryland 20850 on or before May 10, 2010.

 

Employee
understands that he may take the entire consideration period to consider this Release Agreement.
Employee acknowledges that if he signs and returns this Release Agreement before the end of
the consideration period, he will have knowingly and voluntarily waived his right to consider the Release Agreement
for the full consideration period and that he will have executed
this Release Agreement voluntarily and with full knowledge of its significance, meaning and
binding effect. Employee may return this Release Agreement in less than the full consideration
period only if his decision to shorten it was knowing and voluntary and was not induced in any way by Employer.

 

6.          Revocation
Period. Employee has seven calendar days from the date he signs this Release Agreement to revoke it if he chooses to do
so. If Employee elects to revoke, he must give written notice of such revocation to Employer by delivering notice of such revocation
to John Herrmann, Novavax, Inc., 9920 Belward Campus Drive, Rockville, Maryland 20850 in such a manner that it is actually received
within the seven (7) calendar day period. Employee understands that if he revokes this Release Agreement, he will not be entitled
to the benefits offered as consideration for this Release Agreement.

 

7.          Advice
to Consult Legal Representative. Employer recommends that Employee consult with an attorney of his own choosing, at his
own expense, with regard to entering into this Release Agreement.

 

8.          Severability.
If any provision of this Release Agreement is or shall be declared invalid or unenforceable by a court of competent jurisdiction,
then such provision will be modified only to the extent necessary to cure such invalidity, with a view to enforcing the parties’
intention as set forth in this Release Agreement to the fullest extent
permissible. All remaining provisions of this Release Agreement shall not be affected thereby, and shall remain in full force and
effect.

 

9.          Choice
of Law. This Release Agreement shall be governed by the laws of the State of Maryland, without giving effect to the
choice of law principles of any state, except to the extent superseded by federal law (e.g., ERISA).

 

10.         Employee
Certification; Validity of Agreement. Employee certifies that
he has carefully read this Release Agreement and has
executed it voluntarily and with full knowledge and understanding of its significance, meaning and binding effect. Employee
further declares that he is
competent to understand the content and effect of this Release Agreement,
and that his decision to enter into this Release Agreement has
not been influenced in any way by fraud, duress, coercion, mistake or misleading information. Employee has
not relied on any information except what is set forth in this Release Agreement. 

 

    	 

    	 

    

 

11.         Effective
Date. Employee understands that this Release Agreement shall not
become effective or enforceable until the expiration of the revocation period set forth above, provided that he does
not timely elect to revoke it.

 

12.         Breach
of Agreement. If Employee breaches any of the obligations set forth in this Release Agreement, in addition to all of the
remedies available to Employer, Employee will reimburse Employer all amounts paid to Employee as severance, viz., the
gross amount of $681,831 (said amount not to include any earned
salary paid hereafter to Employee through the last date of employment
and all accrued and unused vacation time). Employee further agrees
that upon any breach of this Release Agreement by Employee, Employee will reimburse Employer for all expenses incurred in connection
with any legal action necessary to enforce this Release Agreement as well as any expenses incurred
as a result of Employee’s breach of this Release Agreement, including attorney’s fees and costs. (As required under
the regulations issued by the EEOC, the foregoing sentence does not apply with respect to a claim asserted pursuant to the
Older Workers Benefit Protection Act).

 

IN WITNESS WHEREOF, and with the intention of
being legally bound hereby, Employee has executed this Release Agreement on the 26th day of April, 2011.

 

	 	/s/ Rahul Singhvi	 
	 	Rahul Singhvi

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