Document:

Exhibit

AGREEMENT AND GENERAL RELEASE
This Agreement and General Release (hereinafter, the “Agreement”) offered to Mark Powers (the “Executive”) by JetBlue Airways Corporation (the “Company”) is dated as of September 13, 2016.
WHEREAS, the Executive desires to retire from his position with the Company as Chief Financial Officer on November 1, 2016 (the “Retirement Date”).
WHEREAS, the Company desires to retain the Executive as a Senior Advisor on an at will basis for a period of time of 12 months starting on November 1, 2016 (unless extended or terminated by either party sooner); and
WHEREAS, this agreement, when executed by the Executive and the Company, shall be effective as of the Retirement Date; and
NOW THEREFORE, in consideration of the mutual covenants and conditions set forth below, and intending to be legally bound thereby, the Company and the Executive covenant and agree as follows:
1.Retirement.  The Executive agrees to retire from his position of Chief Financial Officer of the Company by executing the letter attached as Appendix A to this Agreement as of the Retirement Date.

2.Payment and Benefits.  In consideration for the Executive’s obligations herein, the Company shall provide the following payments and benefits:

		
	a.
	Payments to Executive:

(i)    The Executive shall continue to receive his Base Salary at the annual rate of FOUR HUNDRED AND TWENTY-FIVE THOUSAND DOLLARS AND ZERO CENTS ($425,000.00), less all applicable withholdings and deductions, from the Retirement Date through the termination of employment as a Senior Advisor (the “Advisory Period”).

(ii)     No later than April 1, 2017, the Executive shall receive a lump sum payment of NINETY-FIVE THOUSAND DOLLARS AND NO CENTS ($95,000.00), less all applicable withholdings and deductions.

(iii)    The Advisory Period shall be intended to continue until November 1, 2017 (“Advisory End Date”), although either the Company or the Executive may terminate employment as a Senior Advisor at will at any time.  During the Advisory Period, Executive shall continue to be actively employed by the Company with duties to be mutually agreed upon by the parties.

(iv)    The parties agree that Executive may be based in New Orleans, Louisiana, and may perform his duties remotely, at Company headquarters in Long Island City, New York, and wherever he can best fulfill his duties to the Company, as determined by the Executive in consultation with the Company.  All reasonable travel and related expenses incurred by the Executive in the fulfillment of his duties hereunder will be reimbursed in accordance with the applicable expense reimbursement policies and procedures of the Company as in effect from time to time.

Page  1

(v)    At the end of the Advisory Period, the Executive’s employment shall terminate and he shall receive a lump sum payment of TWENTY-FIVE THOUSAND DOLLARS AND CENTS ($25,000.00) less all applicable withholdings and taxes, in consideration for and subject to the Executive executing the Updated General Release attached as Appendix B to this Agreement (the “Lump Sum Payment”).  The Lump Sum Payment shall be made within 15 business days of the Executive’s execution and non-revocation of the Updated General Release attached as Appendix B. 

(vi)    Notwithstanding the foregoing, should the Executive obtain full-time employment, with substantially equivalent benefits, during the Advisory Period, should the Company terminate Executive’s employment as a Senior Advisor or should the Executive die, the Company shall convert any remaining salary payments due to him through the Advisory End Date into a lump sum payment (less all applicable withholdings and deductions), to be made within 15 business days of the Executive’s execution and non-revocation of the Updated General Release attached as Appendix B payable to Executive (or his designated beneficiary).  The Executive shall notify James G. Hnat, Executive Vice President and General Counsel, within 5 days after he obtains full-time employment. Upon his acceptance of such employment, the Executive’s employment with the Company shall end and any and all benefits discussed in this Paragraph 2 that are continuing during the Advisory Period shall terminate; provided, however, the Flight Benefits set forth in 2(e) shall continue and the Executive shall receive the Bonus, payable as set forth in Section 2(b) below.

b.    Bonus.  The Company shall pay Executive a pro rata bonus payment in respect of his service for the 2016 calendar year for the time period between January 1, 2016 through the Retirement Date at target and as determined by relevant plan documents.  The bonus shall be paid at the same time that annual bonuses are otherwise paid to employees generally, but in no event later than March 15, 2017.  The Executive specifically acknowledges and agrees that his employment during the Advisory Period will not otherwise be bonus eligible.

c.    401(k).  The Company shall continue to make 401(k) matching contributions, if any, on behalf of the Executive during the Advisory Period, subject to the terms of the applicable plan.

d.    Benefits.  The Company agrees to continue the Executive’s existing medical and dental benefits during the Advisory Period, subject to the terms and conditions of the plans.

e.    Flight Benefits.  Regardless of the terms of this Agreement, it is understood and agreed by the Company that the Executive is entitled to his current JetBlue CrewTravel privileges during the Advisory Period and lifetime positive space flight benefits on JetBlue and standby on OALs subject to the terms of JetBlue’s pass travel programs and any future changes to those programs including, but not limited to any changes as may be required by Section 409A of the Internal Revenue Code.

Page  2

f.    Restricted Stock Units/Performance Shares Units.  The Company agrees that outstanding Restricted Stock Units and Performance Share Units held by the Executive will vest per the terms and conditions of the applicable plans and agreements.

g.    Executive Physical.  The Company agrees to pay Executive the cost of an Executive Physical during his Advisory Period, subject to the applicable policies governing Executive Physicals.

h.    Career Transition.  Executive shall be reimbursed up to $40,000 to be used for career transition support as determined by Executive during the Advisory Period.

i.    Moving Expenses and Sale of Residence.  The Company agrees to pay reasonable costs for a white glove move of Executive’s belongings from his New York residence (the “New York Residence”) to his home in New Orleans.  The Company further agrees to reimburse Executive for up to Ten Thousand Dollars ($10,000.00) for real estate consulting service fees.

j.    The Company agrees to pay Berke-Weiss Law PLLC for legal services rendered to the Executive in connection with the negotiation of this Agreement.

3.No Other Payments of Benefits.  Except for the payments and benefits provided for in Paragraph 2 of this Agreement, and those accrued but unused benefits and obligations to which the Executive is entitled, the Executive hereby acknowledges and agrees that the Executive is not entitled to any other compensation or benefits of any kind from the Company, including, but not limited to, any claims for salary, bonuses, severance, or any other payments or benefits whatsoever under any Company plan or program.  The Executive’s equity grants shall be governed by the terms of the applicable plans as may be amended from time to time.

4.Release.  In consideration of the obligations of the Company herein, specifically some of the payment and benefits described in Paragraph 2 of this Agreement, of which the Executive acknowledges that the Executive is not otherwise entitled, the Executive hereby fully and forever unconditionally releases and discharges the Company and all of its past and present officers, directors, employees, insurers, agents, subsidiaries, successors and assigns (hereinafter referred to collectively as the “Releasees”), from any and all manner of actions and causes of action, suits, debts, dues, accounts, bonds, covenants, contracts, agreements, judgments, charges, claims and demands whatsoever which the Executive, the Executive’s heirs, executors, administrators and assigns has, or may hereafter have against the Releasees arising out of or by reason of any cause, matter or thing whatsoever occurring on or before the Effective Date of this Agreement, including, but without limitation to, any or all matters relating to the Executive’s employment by the Company and the separation thereof, the Executive’s benefits, and all matters arising under any international, federal, state, or local statute, rule or regulation or principle of contract law or common law, in law or in equity, including, but not limited to, claims arising under Title VII of the Civils Rights Act of 1964 , the Age Discrimination in Employment Act of 1967, the Employee Retirement Income Security Act of 1974, the Americans with Disabilities Act of 1990, the Family and Medical Leave Act of 1993, all as amended, and any other federal, state or local laws regarding employment discrimination, excepting only claims for worker’s compensation, unemployment compensation and rights under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”).  

Page  3

Nothing in this agreement prohibits Executive from reporting possible violations of federal law or regulation to any governmental agency or regulatory authority, including but not limited to the U.S. Securities Exchange Commission, or from making other disclosures that are protected under the whistleblower provisions of federal law or regulation.  The Executive does not waive or release any rights arising after the Effective Date of this Agreement.

5.Restrictive Covenants

a. Non-Compete.  The parties agree that during the Advisory Period, if the Executive engages in Competitive Activity, which shall be defined as directly or indirectly owning, managing, operating, joining, controlling or participating in the ownership, management, operation or control of, or be employed by, any air carrier with its base of operations in North, Central or South America (the “Competitive Airlines”), the Executive’s employment shall terminate, the Company’s obligation to make and/or continue future payments and benefits under this Agreement shall terminate, and the Executive shall be required to repay to the Company any payments and benefits previously paid to him under this Agreement within 3 business days of him engaging in the Competitive Activity.  The Executive must notify James G. Hnat, Executive Vice President and General Counsel, within 5 business days of engaging in Competitive Activity.  Subject to the terms herein, during the Advisory Period, the Executive shall not be precluded from working for any airline consulting firms (provided that the Executive may not be placed at a Competitive Airline or directly or indirectly perform full time duties for a Competitive Airline), freight carriers, airline investment banking firms, regional airlines, manufacturers, air taxi services, fractional jet operators, foreign airlines, and other similar companies.

b. Non-Solicit.  Unless the Company agrees and provides written consent to the contrary , the Executive agrees that during the Advisory Period, the Executive shall not directly or indirectly (i) interfere with or attempt to interfere with any person who is, or was during the then most recent 12-month period, an employee, officer, representative or agent of the Company or its affiliates, or solicit, induce or attempt to solicit, induce any of them to leave the employ of the Company or its affiliates or violate the terms of their contracts, or any employment arrangements, with the Company or its affiliates; (ii) induce or attempt to induce any employee of the Company or its affiliates to leave the employ of the Company or its affiliates, or interfere in any way with the relationship between the Company or its affiliates and any employee of the Company or its affiliates; or (iii) induce or attempt to induce any customer, supplier, licensee or other business relation of the Company or its affiliates to cease doing business with the Company or its affiliates, or in any way interfere with the relationship between the Company or its affiliates and any of their respective customers, suppliers, licensees or other business relations.  As used herein, the term “indirectly” shall include, without limitation, the Executive’s permitting the use of the Executive’s name by any competitor of the Company to induce or interfere with any employee or business relationship of the Company.

c. The Parties understand and agree that notwithstanding Executive’s duties hereunder, he may engage in teaching, serve on corporate and non-profit boards, and engage in other consulting activities.

6.Company Property.  The Executive shall retain use of all Company property in the Executive’s possession during the Advisory Period.  Thereafter, the Executive shall return all Company property.  

Page  4

After giving effect to the return of the property discussed above, the Executive represents and warrants that the Executive has no Company records or copies of records or correspondence or copies of correspondence, other than non-confidential documents relating to the Executive’s own employment by the Company.

7.Non-Disparagement.  The Executive agrees that the Executive will not publish or communicate to any person or entity Disparaging (as defined herein) remarks, comments or statements concerning the Releasees.  The Company and its officers shall not publish or communicate to any person or entity any Disparaging remarks comments or statements concerning the Executive.  “Disparaging” remarks, comments, or statements are those that impugn the character, honesty, integrity, morality, or business acumen or abilities in connection with any aspect of the operation of the Company’s business or the Executive.

8.Protection of Confidential Information.  The Executive hereby acknowledges that Executive remains subject to and agrees to abide by any and all existing duties and obligations respecting confidential and/or proprietary information of the Company.

9.Non-Assignment of Rights.  Executive warrants that the Executive has not assigned or transferred any right or claim described in the general release given in Paragraph 4 above.

10.Voluntary and Knowing.  The Executive represents and warrants that the Executive fully understands the terms of this Agreement and that the Executive knowingly and voluntarily, of the Executive’s own free will without any duress, being fully informed, after due deliberation and after consultation with the Executive’s own counsel, accepts its terms and signs the same as the Executive’s own free act.

11.Revocation Period and Effective Date.  Executive acknowledges that the Company has provided the Executive the opportunity to review and consider this Agreement for at least twenty-one (21) days from the date the Company provided the Executive this Agreement.  Executive represents that he was advised by the Company to review this Agreement with an attorney before signing.  If Executive executes this Agreement prior to the expiration of twenty-one (21) days from the date the Company provided the Executive with this Agreement, the Executive voluntarily and knowingly waives any right the Executive may have, prior to signing this Agreement, to additional time within which to consider the Agreement.  The Executive may revoke this Agreement within seven (7) days after he executes this Agreement by providing written notification of the intended revocation to James G. Hnat, Executive Vice President and General Counsel, at the Company.  This Agreement becomes effective on the eighth day after it is executed by both parties, provided that it is not revoked by the Executive prior to that date (the “Effective Date”).

12.No Exit Incentive.  The payments provided under this Agreement are no offered in connection with any specific exit incentive or other employment termination program.

13.Governing Law.  This Agreement shall be governed in all respects, whether as to validity, construction, capacity, and performance or otherwise by the laws of the State of New York.

Page  5

14.Entire Agreement.  This Agreement constitutes the sole and entire agreement between the Company and the Executive and supersedes any and all understandings and agreements (including, without limitation, the Employment Agreement) made prior hereto, if any.

15.Modification.  No provision of this Agreement shall be amended, waived, or modified except by an instrument in writing signed by the parties hereto.

16.Counterparts.  This Agreement may be executed in counterparts, both of which together shall constitute the original agreement.  This Agreement may also be executed by facsimile signature.

17.No Admission of Liability.  It is understood and agreed that the execution of this Agreement by the Company is not to be construed as an admission of any liability on its part to Executive other than to comply with the terms of this Agreement.

ACCEPTED AND AGREED:
Date: September 13, 2016
	
				
	MARK POWERS
	 
	JETBLUE AIRWAYS

	/s/ Mark D. Powers
	 
	CORPORATION

	 
	 
	 
	 

	 
	 
	 
	Michael Elliott

	 
	 
	By:
	/s/ Michael Elliott

	 
	 
	Title:
	EVP People

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

Page  6

APPENDIX A
Robin Hayes
President and Chief Executive Officer
JetBlue Airways Corporation
27-01 Queens Plaza North
Long Island City, NY 11101

Dear Robin,
Effective __________, 2016, I hereby resign my position as Chief Financial Officer of JetBlue Airways Corporation.
Sincerely,
Mark Powers
__________, 2016

Page  7

APPENDIX B
UPDATED RELEASE
This Updated General Release (hereinafter the “Release”) is dated this _____ day of _____________, 2017).
WHEREAS, the Executive and the Company entered into an Agreement and General Release in ____________, 2016 (the “2016 Agreement”) whereby Executive retired from his employment with the Company as Chief Financial Officer and became employed as a Senior Advisor through DATE; and
WHEREAS, the Executive now desires to resign from his position as a Senior Advisor and to terminate his employment with the Company.
1.Release. Therefore, in consideration of the obligations of the Company set forth in the 2016 Agreement, to which the Executive acknowledges that the Executive is not otherwise entitled, the Executive hereby fully and forever unconditionally releases and discharges the Company and all of its past or present officers, directors, employees, insurers, agents, subsidiaries, successors and assigns (hereinafter referred to collectively as the “Releasees”), from any and all manner of actions and causes of action, suits, debts, dues, accounts, bonds, covenants, contracts, agreements, judgments, charges, claims and demands whatsoever which the Executive, the Executive’s heirs, executors, administrators and assigns has, or may hereafter have against the Releasees arising out of or by reason of any cause, matter or thing whatsoever occurring on or before the Effective Date of this Release, including, but without limitation to, any or all matters relating to the Executive’s employment by the Company and the termination thereof, the Executive’s benefits, and all matters arising under any international, federal, state, or local statute, rule or regulation or principle of contract law or common law, in law or in equity, including, but not limited to, claims arising under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, the Employee Retirement Income Security Act of 1974, the Americans with Disabilities Act of 1990, the Family and Medical Leave Act of 1993, all as amended, and any other federal, state or local laws regarding employment discrimination, excepting only claims for worker’s compensation, unemployment compensation and rights under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) and the obligations set forth in the 2009 Agreement.  The Executive does not waive or release any rights arising after the Effective Date of this Release.
2.Revocation Period and Effective Date.  Executive acknowledges that the Company has provided the Executive the opportunity to review and consider this Updated General Release Agreement for at least twenty-one (21) days from the date the Company provided the Executive this Release.  Executive represents that he was advised by the Company to review this Release with an attorney before signing.  If Executive executes this Release prior to the expiration of twenty-one (21) days from the date the Company provided the Executive with this Release, the Executive voluntarily and knowingly waives any right the Executive may have, prior to signing this Release, to additional time within which to consider the Release.  The Executive may revoke this Release within seven (7) days after he executes this Release by providing written notification of the intended revocation to James G. Hnat, Executive Vice President and General Counsel, at the Company.  This Release becomes effective on the eighth day after it is executed by both parties, provided that it is not revoked by the Executive prior to that date (the “Effective Date”).

Page  8

ACCEPTED AND AGREED:

Date: ____________, 2016

	
				
	MARK POWERS
	 
	JETBLUE AIRWAYS

	/s/ Mark D. Powers
	 
	CORPORATION

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	By:
	 

	 
	 
	Title:
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

Page  9EX-10.1

 Exhibit 10.1 

SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

This Second Amended and Restated Employment Agreement (the “Agreement”) is entered into effective as of January 1, 2017 by and
between Mateon Therapeutics, Inc. (f.k.a. OXiGENE, Inc.), a Delaware corporation (the “Company”), and Dr. David Chaplin, an individual (the “Executive”). 

W I T N E S S E T H : 

WHEREAS, the Company previously retained Executive to serve as the Company’s Chief Executive Officer pursuant to the terms of an
Employment Agreement dated May 16, 2014, which was amended by Amendment No. 1 to Employment Agreement dated August 7, 2014 and which was amended and restated by that certain Amended and Restated Employment Agreement on May 12,
2015 (as amended, the “Prior Agreement”); and 
 WHEREAS, the Company and Executive desire to enter into this Agreement to set
forth the terms and conditions on which Executive will continue to serve as the Company’s Chief Scientific Officer, which shall supersede and replace in its entirety the Prior Agreement; 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby mutually acknowledged, the Company and
Executive hereby agree as follows: 
 1. Employment. 

1.1 Executive shall serve in the capacity of Chief Scientific Officer, and shall have the duties, responsibilities and authority assigned to Executive by the
Company’s Chief Executive Officer and Board of Directors, to whom he shall report. Executive shall remain on the Board and shall serve in that capacity until such time as the termination of his employment with the Company. Executive agrees
that, upon the effective date of his termination, he shall resign any and all Board positions, with such resignation to take effect on the effective date of his termination. 

1.2 In addition, the Executive will agree to serve at the Company’s request from time to time as a research scholar or guest lecturer at the academic
institutions with which the Company maintains a business relationship, including without limitation, Baylor University, UT Southwestern, the University of Florida and/or Albert Einstein College of Medicine, Yeshiva University. 

1.3 Executive, so long as he is employed hereunder, (i) shall devote substantially all of his full professional time and attention to the services
required of him as an employee of the Company, except as otherwise agreed and except as permitted in accordance with paid vacation time subject to the Company’s existing vacation policy, and subject to the Company’s existing policies
pertaining to reasonable periods of absence due to sickness, personal injury or other disability, (ii) shall use his best efforts to promote the interests of the Company, and (iii) shall discharge his responsibilities in a diligent and
faithful manner, consistent with sound business practices. 
 1.4 Notwithstanding the above, Executive may continue to serve as a consultant/advisor for the
entities listed on Exhibit A provided that such service does not create any conflicts, ethical or otherwise, with Executive’s responsibilities to the Company and further provided that Executive’s time commitments do not unreasonably
interfere with his fulfillment of his responsibilities hereunder, as determined by the Company. 
 2. Term. 

The term of Executive’s employment under this Agreement shall commence on the date hereof and shall continue until terminated by either party in
accordance with Section 6 hereof (the “Employment Term”). 

 3. Base Salary; Annual Bonus; Stock Options. 

3.1 During the Employment Term, Executive initially shall be paid an annual base salary in the amount of $220,000 (such amount as adjusted, from time to time,
the “Base Salary”), payable in biweekly (26) installments in accordance with the Company’s payroll schedule from time to time in effect. The Base Salary will be subject to review annually or on such periodic basis (not to exceed
annually) as the Company reviews the compensation of its other senior executives and may be adjusted upwards in the sole discretion of the Company’s Board of Directors (the “Board”) or its designee. 

3.2 Executive will be eligible during each year of the Employment Term for consideration for an annual bonus (the “Annual Bonus”) equal to up to
thirty-five percent (35%) of his then-current Base Salary, based upon the Company’s assessment of the performance of Executive and the Company, at its sole discretion, to be paid prior to March 15th of the year following the year in
which the Annual Bonus is earned. The Annual Bonus is based on the achievement of individual and Company written goals established on an annual basis and on overall Company performance. The Board may in its discretion award Executive a more generous
bonus. 
 3.3 Executive will be eligible to receive equity-based awards pursuant to and in accordance with the terms of the Company’s 2015 Stock Plan
and to participate in any equity compensation plan that may be established by the Company for Executive or its executive team generally. 
 4.
Benefits. 
 Executive shall be entitled to participate in employee benefit plans and arrangements made available by the Company generally to its
employees of comparable title or responsibilities during the Employment Term. In addition, the Company shall (i) reimburse Executive or pay on his behalf the costs of living expenses when travelling on Company business, and (ii) reimburse
Executive or pay on his behalf the cost of one, business class roundtrip ticket between San Francisco and London per month. 
 5. Business Expenses.

 Executive shall be entitled to receive an American Express Corporate Card (or other card should the Company change to another card issuer), for business
related expenses and prompt reimbursement will be made for all reasonable and customary expenses incurred by him in performing services hereunder during the Employment Term, provided that such expenses are incurred and accounted for in accordance
with the policies and procedures established by the Company. 
 6. Termination. 

6.1 Executive’s employment will terminate effective on the date of his death. 

6.2 The Company may terminate Executive’s employment upon thirty (30) days’ prior written notice if Executive becomes Disabled. Executive will
be considered Disabled if he is unable to perform the essential functions of his position as Chief Scientific Officer, with or without a reasonable accommodation, for a period of ninety (90) calendar days, whether or not consecutive, within any
rolling twelve (12) month period. 
 6.3 The Company may terminate Executive’s employment on contemporaneous written notice for Cause. Cause
means: (a) Executive’s substantial failure to perform any of his duties as Chief Scientific Officer or to follow reasonable, lawful directions of the Chief Executive Officer or the Board; (b) Executive’s willful misconduct or
willful malfeasance in connection with his employment; (c) Executive’s commission of, conviction of, or plea of nolo contendere to, any crime constituting a felony under the laws of the United States or any state thereof, or any
other crime involving moral turpitude; (d) Executive’s material breach of any provision of this Agreement, the Company’s bylaws or any other written agreement with the Company; (e) Executive’s engaging in misconduct that
causes significant injury to the Company, financial or otherwise, or to its reputation; or (f) any act, omission or circumstance constituting cause under the law governing this Agreement. 

6.4 The Company may terminate Executive’s employment without Cause on sixty (60) days’ prior written notice to the Executive. 

  
 2 

 6.5 Executive may resign his employment without Good Reason on thirty (30) days’ prior written notice
to the Company. 
 6.6 Executive may resign his employment for Good Reason, provided that within ninety (90) days following the occurrence of the event
of Good Reason, Executive gives the Company written notice of the event pursuant to Section 16, the Company has thirty (30) days after the date the Company receives the notice to cure the event, and if the Company fails to cure the event,
Executive resigns his employment within sixty (60) days of the notice date. Good Reason means the Company: (a) materially reduces Executive’s title, or responsibilities; (b) relocates its U.S. headquarters more than sixty
(60) miles from their current location (unless the relocation results in the headquarters being closer to Executive’s residence); (c) materially reduces Executive’s Base Salary; or (d) breaches a material term of this
Agreement. Good Reason must also meet the requirements for a good reason termination in accordance with IRS Code Treasury Regulation §1.409A-1(n)(2), and any successor statute, regulation and guidance thereto. 

6.7. Executive agrees to resign any and all Board and officer positions upon the termination of his employment for any reason, which resignations shall take
effect on the effective date of the termination of his employment. 
 7. Payments on Termination. 

7.1 If the Company terminates Executive’s employment for Cause under Section 6.3, because of Executive’s death under Section 6.1 or
because Executive becomes Disabled under Section 6.2, or Executive resigns his employment without Good Reason under Section 6.5, the Company shall provide to Executive the following termination compensation: 

(a) a payment equal to the portion of Executive’s Base Salary that has accrued prior to the termination that has not yet been paid; 

(b) to the extent required by law and the Company’s written vacation policy, an amount equal to the value of the Executive’s accrued
but unused vacation days; 
 (c) the amount of any expenses properly incurred by Executive on behalf of the Company prior to the termination
and not yet reimbursed; and 
 (d) the Annual Bonus related to the most recently completed calendar year, if earned and not already paid ((a)
through (d) collectively, the “Accrued Obligations”). 
 The payments described in Sections 7.1(a), (b) and (d), shall be payable on
Executive’s last day of employment, or as otherwise allowable by law. The expense reimbursement described in Section 7.1(c) shall be payable on Executive’s last day of employment, or on the earliest practicable date after Executive
provides proof of the expenses and their business purpose. 
 7.2 If the Company terminates Executive’s employment without Cause under Section 6.4
or Executive resigns his employment with Good Reason under Section 6.6, the Company will provide Executive the following termination compensation: 

(a) the Accrued Obligations, payable in accordance with terms of Section 7.1 above; 

(b) payments equal to Executive’s then-current Base Salary for a period of twelve (12) months, payable on the Company’s normal
paydays; 
 (c) should Executive timely elect and be eligible for COBRA coverage, payment of Executive’s COBRA premiums for Executive
and Executive’s immediate family’s medical and dental insurance coverage for a period of twelve (12) months; provided, that the Company shall have no obligation to provide such coverage if Executive becomes eligible for medical and
dental coverage with another employer, provided that if the payment of the Executive’s premiums would violate the nondiscrimination rules or cause the reimbursement of claims to be taxable under the Patient Protection and Affordable Care Act of
2010 or Section 105(h) of the Code, the 

  
 3 

 
Company paid premiums shall be treated as taxable payments and be subject to imputed income tax treatment to the extent necessary to eliminate any discriminatory treatment or taxation under the
Patient Protection and Affordable Act or Section 105(h) of the Code. Executive shall give prompt written notice to the Company on attaining such eligibility; and 

(d) the Gross Up (as defined in Section 8), for the calendar year in which the termination of employment occurs. 

7.3 If the Company terminates Executive’s employment without Cause under Section 6.4 or Executive resigns his employment with Good Reason under
Section 6.6 in the one year period following the effective date of a Change in Control, the Company will provide Executive the following termination compensation: 

(a) the Accrued Obligations, payable in accordance with terms of Section 7.1 above; 

(b) A lump sum payment of an amount equal to twelve (12) months of Executive’s then current Base Salary; 

(c) all stock options, stock appreciation rights, restricted stock, and other incentive compensation granted to Executive by the Company shall
vest and be immediately exercisable and Executive may exercise all such vested options and rights, and shall receive payments and distributions accordingly; 

(d) should Executive timely elect and be eligible for COBRA coverage, payment of Executive’s COBRA premiums for Executive and
Executive’s immediate family’s medical and dental insurance coverage for a period of twelve (12) months; provided, that the Company shall have no obligation to provide such coverage if Executive becomes eligible for medical and dental
coverage with another employer, provided that if the payment of the Executive’s premiums would violate the nondiscrimination rules or cause the reimbursement of claims to be taxable under the Patient Protection and Affordable Care Act of 2010
or Section 105(h) of the Code, the Company paid premiums shall be treated as taxable payments and be subject to imputed income tax treatment to the extent necessary to eliminate any discriminatory treatment or taxation under the Patient
Protection and Affordable Act or Section 105(h) of the Code. Executive shall give prompt written notice to the Company on attaining such eligibility; and 

(e) the Gross Up for the calendar year in which the termination of employment occurs. 

Change in Control means: (i) any “Person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended)
becomes the “Beneficial Owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting power represented by the Company’s then
outstanding voting securities (excluding for this purpose any such voting securities held by the Company or its affiliates or by any employee benefit plan of the Company) pursuant to a transaction or a series of related transaction which the Board
of Directors does not approve; (ii) a merger or consolidation of the Company whether or not approved by the Board of Directors, other than a merger or consolidation which would result in the voting securities of the Company outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or the parent of such corporation) at least 50% of the total voting power represented by the
voting securities of the Company or such surviving entity or parent of such corporation, as the case may be, outstanding immediately after such merger or consolidation; (iii) the stockholders of the Company approve an agreement for the sale or
disposition by the Company of all or substantially all of its assets; or (iv) a change in the composition of the Board of Directors, as a result of which fewer than a majority of the directors are Incumbent Directors, and provided in each such
case the Change in Control also meets the requirements of a “Change in Control Event” within the meaning of Section 409A(a)(2)(A)(v) of the Code and Treasury Regulation Section 1.409A-3(i)(5). “Incumbent Directors” mean
the directors who either (A) are directors of the Company as of the date of this Agreement, or (B) are elected, or nominated for election, to the Board of Directors with the affirmative votes of at least a majority of the Incumbent
Directors at the time of such election or nomination (but shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company). 

  
 4 

 7.4 The payments described in Sections 7.2(b), (c) and (d), and Sections 7.3(b), (c), (d) and (e),
shall be paid or commence to be paid within ninety (90) days of Executive’s termination of employment, provided that prior to the expiration of the ninety (90) day period, Executive has delivered to the Company a general release of
claims in a form determined by the Company and the release has become enforceable and irrevocable. If the ninety (90) day period begins in one tax year and ends in the following tax year, the payments will commence in the following tax year. In
all cases, the first payment will include all amounts that would have been paid to Executive under Sections 7.2(b), (c) and (d), and Sections 7.3(b), (c), (d) and (e), between the date the termination of Executive’s employment became
effective and the first payment date. 
 7.5 The foregoing payments upon Executive’s termination shall constitute the exclusive payments due Executive
upon termination of his employment with the Company under this Agreement or otherwise, provided, however that except as stated above, such payments shall have no effect on any benefits which may be payable to Executive under any plan of the Company
which provides benefits after termination of employment. 
 8. Taxes. 

Any amounts or benefits payable or provided to Executive under this Agreement shall be paid or provided to Executive subject to all applicable
taxes required to be withheld by the Company pursuant to relevant federal, state and/or local law. Executive shall be solely responsible for all taxes imposed on Executive by reason of his receipt of any amounts of compensation or benefits payable
hereunder. The Company makes no representation, warranty or promise regarding the tax treatment of any payment or benefit provided to Executive. Notwithstanding the foregoing, to the extent that the provision of any in-kind benefit or reimbursement
by the Company of any of Executive’s living or travel expenses constitute taxable income (the “Taxable Benefits”) to the Executive under the laws of the United States, then the Company shall pay to the Executive an amount (the
“Gross Up”) to compensate the Executive for the economic cost of the federal, state and local income and payroll taxes payable with respect to the Taxable Benefits. The calculation of the amount of the Gross Up shall insure that, after
payment by the Executive of the federal, state and local income and payroll taxes with respect to the Taxable Benefits and the Gross Up, the Executive will be in substantially the same economic position after all taxes as if the Taxable Benefits
were not includable in income. For purposes of determining the amount of the Gross Up, the Executive shall be deemed to pay federal, state and local income and payroll taxes at the highest marginal rate of taxation in the calendar year in which
Executive received the Taxable Benefits. The Gross Up will be paid no later than December 31 of the year in which the Executive received the Taxable Benefits. Except as otherwise provided for in this Agreement, Executive must be employed as of
the payment date in order to receive the Gross Up. 
 9. Confidentiality; Non-Solicitation. 

9.1 The Confidentiality and Inventions Agreement previously signed by Executive shall continue in full force and effect in accordance with its terms. 

9.2 While Executive is employed by the Company, and for a period of twelve (12) months following the termination of his employment, neither Executive nor
any Executive-Controlled Person (as defined below) will, without the prior written consent of the Company, directly or indirectly solicit for employment, or make an unsolicited recommendation to any other person that it employs or solicits for
employment any person who is or was, at any time during the one (1) year period prior to the termination date, an officer, Executive or key employee of the Company or any affiliate of the Company. As used in this Agreement, the term
“Executive-Controlled Person” means any company, partnership, firm or other entity as to which Executive possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such entity, whether
through the ownership of voting securities, by contract or otherwise. 
 9.3 Executive agrees that the provisions of this Section 8 are reasonable and
necessary for the Company’s protection and that they may not be adequately enforced by an action for damages and that, in the event of a material breach of this Section 8 by Executive or any Executive-Controlled Person, the Company shall
be entitled to apply for and obtain injunctive relief in any court of competent jurisdiction to restrain the breach or threatened breach of 

  
 5 

 
such violation or otherwise to enforce specifically such provisions against such violation, without the necessity of the posting of any bond by the Company. Executive further covenants under this
Section 9 that the Company shall be entitled to an accounting and repayment of all profits, compensation, commissions, remuneration or other benefits that Executive directly or indirectly has realized and/or may realize as a result of, growing
out of or in connection with any such violation. Such remedy shall, however, be cumulative and not exclusive and shall be in addition to any injunctive relief or other legal equitable remedy to which the Company is or may be entitled. 

10. Indemnification 
 The Company, to the extent
permitted by its Articles and By Laws, shall indemnify Executive for all claims, losses, expenses, costs, obligations, and liabilities of every nature whatsoever incurred by Executive to any third party as a result of Executive’s acts or
omissions as an employee of the Company, but excluding from such indemnification any claims, losses, expenses, costs, obligations, or liabilities incurred by Executive as a result of Executive’s bad faith, willful misconduct or gross
negligence. 
 11. Attorney’s Fees and Expenses 

The Company and Executive agree that in the event of litigation arising out of or relating to this Agreement, the prevailing party shall be entitled to
reimbursement from the other party to the prevailing party’s reasonable attorney fees and expenses. Reimbursements under this Section 11 will be paid within sixty (60) days from the date it is determined that Executive is entitled to
payment under this Section 11. 
 12. Amendments 

This Agreement may not be altered, modified or amended except by a written instrument signed by each of the parties hereto. 

13. Assignments 
 Neither this Agreement nor any of the
rights or obligations hereunder shall be assigned or delegated by any party hereto without the prior written consent of the other party; provided, however, that any payments and benefits owed to Executive under this Agreement shall
inure to the benefit of his heirs and personal representatives. 
 14. Waiver. 

Waiver by any party hereto of any breach or default by any other party of any of the terms of this Agreement shall not operate as a waiver of any other breach
or default, whether similar to or different from the breach or default waived. 
 15. Severability 

In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein shall not be affected thereby. 
 16. Notices 

All notices and other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered
or when mailed by registered mail, return receipt requested, postage prepaid, addressed as follows: 
 If to Executive: 

Dr. David Chaplin 
 14, Plowden Park 

  
 6 

 Aston Rowant 

Watlington 
 Oxfordshire OX9 5SX 

United Kingdom 
 If to the Company: 

Mateon Therapeutics, Inc. 
 701 Gateway Boulevard, Suite 210 

South San Francisco, CA 94080 
 Attn: Chief Executive Officer 

Or to such other address or such other person as Executive or the Company shall designate in writing in accordance with this Section 16, except that
notices regarding changes in notices shall be effective only upon receipt. 
 17. Headings 

Headings to Sections in this Agreement are for the convenience of the parties only and are not intended to be a part of, or to affect the meaning or
interpretation of, this Agreement. 
 18. Governing Law; Venue 

This Agreement shall be governed by the laws of the state of California without reference to the principles of conflict of laws. Each of the parties hereto
consents to the exclusive jurisdiction of the federal and state courts of the state of California in connection with any claim or controversy arising out of or connected with this Agreement, and said courts shall be the exclusive fora for the
resolution of any such claim or controversy. Service of process in any such proceeding may be made upon each of the parties hereto at the address of such party as determined in accordance with Section 16 of this Agreement, subject to the
applicable rules of the court in which such action is brought. 
 19. All Other Agreements Superseded 

This Agreement and the Executive’s Confidentiality and Inventions Agreement collectively contain the entire agreement between Executive and the Company
with respect to all matters relating to Executive’s employment with the Company and, as of the date hereof, supersede and replace any other agreements, written or oral, between the parties relating to the terms or conditions of Executive’s
employment with the Company including, without limitation, the Prior Agreement. 
 20. Compliance with Code Section 409A 

20.1 If any of the benefits set forth in this Agreement are deferred compensation under Section 409A of the Internal Revenue Code of 1986, as amended, or
any successor statute, regulation and guidance thereto (“Code Section 409A”), any termination of employment triggering payment of such benefits must constitute a “separation from service” under Code Section 409A before
distribution of such benefits can commence. For purposes of clarification, this paragraph shall not cause any forfeiture of benefits on the part of Executive, but shall only act as a delay until such time as a “separation from service”
occurs. 
 20.2 It is intended that each installment of the payments and benefits provided under this Agreement shall be treated as a separate
“payment” for purposes of Code Section 409A. Neither the Company nor Executive shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Code
Section 409A. 
 20.3 Any reimbursements or direct payment of Executive’s expenses subject to Code Section 409A shall be made no later than
the end of the calendar year following the calendar year in which such expense is incurred by Executive. Any reimbursement or right to direct payment of Executive’s expense in one calendar year shall not

  
 7 

 
affect the amount that may be reimbursed or paid for in any other calendar year and a reimbursement or payment of Executive’s expense (or right thereto) may not be exchanged or liquidated
for another benefit or payment. 
 20.4 Notwithstanding any other provision of this Agreement to the contrary, the Agreement shall be interpreted and at all
times administered in a manner that avoids the inclusion of compensation in income under Code Section 409A(a)(1), such that if a provision is ambiguous and may be interpreted in a manner that complies with Code Section 409A(a)(1), the
parties intend that interpretation to apply. For purposes of clarification, this Section 20.4 shall be a rule of construction and interpretation and nothing in this Section 20.4 shall cause a forfeiture of benefits on the part of
Executive. 
 20.5 Notwithstanding any other provision of this Agreement to the contrary, if any amount (including imputed income) to be paid to Executive
pursuant to this Agreement as a result of Executive’s termination of employment is “deferred compensation” subject to Code Section 409A, and if Executive is a “Specified Employee” (as defined under Code
Section 409A) as of the date of Executive’s termination of employment hereunder, then, to the extent necessary to avoid the imposition of excise taxes or other penalties under Code Section 409A, the payment of benefits, if any,
scheduled to be paid by Company to Executive hereunder during the first six (6) month period following the date of a termination of employment hereunder shall not be paid until the date which is the first business day after six (6) months
have elapsed since Executive’s termination of employment for any reason other than death. Any deferred compensation payments delayed in accordance with the terms of this Section 20.5 shall be paid in a lump sum after six (6) months
have elapsed since Executive’s termination of employment. Any other payments will be made according to the timing provided for herein. 

[Signature page follows] 

  
 8 

 IN WITNESS WHEREOF, the Company and Executive have caused this Agreement to be executed as of the
date first above written. 
  

									
	MATEON THERAPEUTICS, INC.	 		 	DAVID CHAPLIN, PH.D.
				
	By:	 	/s/ William D. Schwieterman	 		 	/s/ David Chaplin, Ph.D.
		 	 Name: William D. Schwieterman, M.D.
 Title:
President and Chief Executive Officer
	 		 	

 Exhibit A 

ACCEPTABLE ONGOING OUTSIDE SERVICES 
 Services for International
Discovery Services and Consulting pursuant to consulting agreement with International Discovery Services and Consulting, Michigan 
 Services as director
for Smart Matrix, Ltd., United Kingdom 
 Services as director for PHusis Therapeutics, Inc., California

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00263-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00263-of-00352.parquet"}]]